₦airaland Forum

Appleyard:
The game is now set for the big boys to rob shoulders. The only regretable thing is that, it is going to increase the level of escalation on all fronts , particularly for the rebels.

But what do you expect when the big boys strive to outwit one another in their pipelines geopolitics! God help the poor.

This is serious.

Syria may turn to level playing ground for MEN

superior1:
Atleast APC conducted an election unlike PDP who eliminated other contenders and gave unchallenged ticket

And you are proud of the at least conducted election.

Leaders of tomorrow.

May God help us

luvinhubby:
Nigeria will still ask for this man.
Quote me.

Though not perfect.

Aa a human his legacy shall live on even he is gone(not my prayer)

Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, yesterday in Warri, Delta State, issued a 7- day ultimatum to the Federal Government on the unresolved issues affecting Chevron contract workers over anti-labour practices



The union in a statement by its President, Igwe Achese, warned that if the Federal Government failed to intervene in the unresolved anti – labour practices of Chevron on the expiration of the ultimatum, it would commence a nationwide strike immediately.
The statement said it had watched with keen interest the resolution reached with Chevron and the Federal Ministry of Labour which unfortunately had not stopped was an ongoing termination of the jobs of its members.
According to the union, despite the intervention of the Federal Ministries of Labour and Petroleum Resources, Chevron and its labour contractors had not deemed it fit to honour the resolutions reached at all its meetings.
It lamented some of the unresolved issues included job categorization of members who have workers as contract staff for over 25 years.
The statement noted that “Chevron Nigeria Limited in their bid to deplete the numerical strength of NUPENG, introduced an obnoxious criteria of using remuneration to determine which union the contract workers should belong to in the company. Other issues include the massive retirement of members by management of the various Chevron Labour Contractors without due process.”
The union stated that some of the workers transited from the former six contractors to the new 16 were not paid their full entitlements as documented by NAPIMS and were, therefore, short paid. NUPENG added that all agreements reached with the Federal Ministry of Labour were reneged upon by Chevron, noting it even refused to appear in a meeting convened by the Group Managing Director of the NNPC in Abuja last week.
The union added that the company had begun “secret recruitment of workers to phase out NUPENG members and that will be resisted at all cost.”
We call on the Federal Government, and its agencies, the Federal Ministry of Labour, NNPC to intervene or face a nationwide strike at the expiration of the 7- day ultimatum. The Union will not issue any fresh ultimatum over this matter.

Source:http://www.nairausd.com/2015/09/nupeng-threatens-nationwide-strike-over.html?m=1

Twitter@nairausd

Exchange Rate for B Pound-Naira, 23rd Wednesday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-b-pound-naira-23rd.html?m=1

Exchange Rate for Euro-Naira, 23rd Wednesday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-euro-naira-23rd.html?m=1

Exchange Rate for Dollar-Naira, 23rd Wednesday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-dollar-naira-23rd.html?m=1

Seun.

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, is coming under fire from economists and investors as the economy reels from the collapse in oil prices, Financial Times has reported.



Emefiele had introduced a range of currency controls in recent months to try to halt the decline of the naira, which has lost about 22 per cent of its value since the oil price collapse began in July 2014.

But critics say the measures are inflicting pain at the worst time for Nigeria. They fear that Emefiele is jeopardising the hard-won credibility of the country as an attractive frontier market.

The governor’s recent policy moves “break the rules of Economics 101”, says one Nigerian economist.

More than a dozen Lagos- and London-based economists, investors and analysts told the Financial Times last week they thought the central bank should allow the currency to find its market value.

They estimate this should be between 10-20 per cent lower than the official interbank rate, which is between 197 and 199 naira per dollar.

President Muhammadu Buhari, who took office in May, has yet to outline a fiscal policy and observers say this has increased Emefiele’s influence.

“The new administration has not been engaging at the macro level in the past three months or so and this has caused this pressure on the naira and on the central bank”, the Chief Executive Officer, Economic Associates, a consultancy in Lagos, Ayodele Teriba, said.

“Rather than comforting us this has rather made us more worried.”

Emefiele defends the new measures, which include the effective banning of 41 imports including key goods such as rice and steel pipes. He says the currency is appropriately priced and argues that “people are expecting the abnormal to happen in Nigeria”.

“We can’t continue to pursue a policy of indeterminate depreciation of our currency,” he says, noting that fellow African oil producers Angola and Ghana have devalued by slightly more than Nigeria — 23 per cent and 25 per cent respectively.

China has been roiling global markets all summer as its authoritarian leaders try to stop a huge stock bubble from bursting and its slowing economy from stalling

Tony Elumelu, a prominent Nigerian businessman, agrees. He advocates conserving foreign reserves by removing fuel subsidies that cost the government an estimated $3bn a year — a move Mr Buhari has for now ruled out.

Emefiele’s predecessor, Lamido Sanusi, was widely praised for reforming Nigeria’s banking sector and increasing transparency at the central bank. He was suspended by former president Goodluck Jonathan just days after he exposed an alleged $20bn in “missing” oil revenues.

There are concerns that the central bank may be influenced by the presidency. Buhari last week commented that he did not think the naira should be devalued further.

“The central bank needs to be seen as an institution which is operating with the very highest global standards, to reassure investors that the path of the bank is in keeping with the best practices in central banking”, a Nigerian economist and chief executive of AGH Capital Group, Charles Okeahalam, said.

Sarah Alade and Joseph Nnanna, deputy central bank governors, have publicly stated that there is insufficient liquidity in the market to meet dollar demand and say the bank needs to allow freer

“The issue of obtaining dollars has become ludicrously difficult. If he is right that the price (of the naira to the dollar) is right, then there should not be a shortage”, Paul Clark of Ashburton Investments in South Africa said.

Clark and other investors predict the impact of the central bank’s policies will be long lasting and fear that the ejection this month of Nigeria from JPMorgan’s influential emerging markets bond index will be the first of a number of blows to the country’s reputation.

The governor’s policies

Source:http://www.nairausd.com/2015/09/emefiele-under-fire-over-currency.html?m=1

Twitter @nairausd

IbokUtoroh:
change get tu face na, black n white face.
Maybe they were promising them black face change.

Hey if na joke, stop am or l go report you to the the change agents.

You no no say APC change na the real change. To comot GEJ na one the change.

APC agents abi na lie de lie

francizy:
This is terrible men. I noticed one normal trend in Nigerian state governance. Even governors that seems to be working Miracles only concentrate on the state capitals while leaving other parts of the states to rot.

Nigeria is surely a failed entity..

That is what I don't understand.

M4gunners:
Blame Jonathan for this.

Plus pepe jo

Skillbobralph:
But isn't this the party that promised change? Abi I non read am well. And come to think of it Oshiomole the once human activist and Labour leader. Once you test sone people with power you know their true color.

Didn't you know that the change APC promised is a different one.

Wait a minute are really expecting change as in real change.

lalasticlala.
Seun
Demdem
Temitemi
Tonyebarcanista

Exchange Rate for B Pound-Naira, 22nd Tuesday September 2015


http://www.nairausd.com/2015/09/exchange-rate-for-b-pound-naira-22th.html?m=1

Exchange Rate for Dollar-Naira, 22nd Tuesday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-dollar-naira-22th.html?m=1

Exchange Rate for Euro-Naira, 22nd Tuesday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-euro-naira-22th.html?m=1

Naira on Monday sustained stability against the dollar, closing at N199.05k/$ at the interbank foreign exchange as dealers and analysts await the decision of the Monetary Policy Committee (MPC) today.



The MPC commenced its fifth session this year yesterday and will conclude today to review developments in the global and domestic economy, together with the financial market since its last meeting in July 2015.

Consequently, the local currency strengthened against dollar by N4 or 1.79 percent at the Bureau de Change segment of the foreign exchange as it closed at N220/$ compared with N224/$ on Friday last week. It also gained N3.50k or 1.55 percent against the dollar, closing at N222/$ on Monday from N225.50k/$ last week Friday at the parallel market.

Against other currencies, naira closed stable against the pounds sterling, closing at 338 pounds at the BDC and 350 pounds at the parallel market.

Meanwhile, analysts expect no major policy change on the naira after the MPC meeting today. “Given the authorities preference for a strong naira, we expect the fixed peg of about N199/$1 to be left unchanged,” Yvonne Mhango, Renaissance Capital’s sub-Saharan Africa (SSA) economist, said.

Adesoji Solanke, banking analyst at Renaissance Capital, noted that the naira deposits moved to the TSA amounted to N345 billion, significantly lower than (or 53% of) the N652 billion in federal naira deposits we were expecting to move.

We do not have figures on the value of federal FX deposits that were moved to TSA (1Q15 system numbers put FX federal deposits at NGN570 billion; added to federal naira deposits, this amounts to NGN1.2 trillion), according to Solanke.

Source:http://www.nairausd.com/2015/09/naira-sustains-stability-at-interbank.html?m=1

Twitter@nairausd

kITATITA:
The caption. Is misleading. They have just being pardoned and reinstated. They were not in the employment of the Army during the period they were considered dismissed so the issue of payment will take time to be sorted out.

Thanks for easy understanding

WhiteTechnology:
Is this for real


Israel please help them

My bro l am really surprised.

Anyway sha na condition make crayfish bend

Let justice be done.

Simple

Intelligence at it peak.

An ideal role model to the upcoming generation especially the women folks

Exchange Rate for Dollar-Naira, 21th Monday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-dollar-naira-21th.html?m=1

Exchange Rate for Euro-Naira, 21th Monday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-euro-naira-21th.html?m=1

Exchange Rate for B Pound-Naira, 21th Monday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-b-pound-naira-21th.html?m=1

talktimi:
Oshiomole is a corrupt liar - Buhari

This is beautiful

LadyExcellency:
Goodluck Jonathan was sincere and wanted a legacy bridge and not just any other bridge.


Waiting for its completion

Hmm

TonyeBarcanista:
Where are those Lying Liars?

They went for a meeting

Cc.lalasticlala, obinoscope, tonyebarcanita, truckpusher, ishilov

Nigeria Sovereign Investment Authority (NSIA) has given a breakdown of the cost and commitments of the Second Niger Bridge project, which has been a subject of controversy in recent times.



According to a document THISDAY obtained from NSIA, the Second Niger Bridge project, which is being undertaken by Julius Berger Nigeria Plc-NSIA Motorway Investment Company Ltd (JB-NMIC) Consortium was estimated to cost $700 million- that is, N108 billion (at the then exchange rate of N154/$). NMIC is a transport subsidiary of NSIA.

The Second Niger Bridge project comprises Phases 1, 2a and 2b and includes a southern bypass of both Asaba and Onitsha cities with an approximate total length of 44km. The phase 1 of the project, which is the bridge and adjacent roads, is approximately 11.9 kilometres and will be constructed and operated under a Design, Build, Finance, Operate and Transfer (DBFOT) basis under a Public Private Partnership (PPP) scheme.

The bridge will comprise a 3.31 kilometre-long road section on the Delta side, including a 500 metre-long toll plaza; a 1.59 kilometres tolled concrete box-girder bridge with two superstructures; and a 7.0 kilometre-long road section on the Anambra side. It is expected that the bridge would be constructed and delivered in 48 months. When completed, the bridge and approach roads will have six lanes with three in each direction. Phase 2a is connected to the Asaba-Benin Expressway while Phase 2b is connected to the Onitsha-Enugu Expressway. Phases 2a and 2b together constitute the feeding approach roads.

Out of the N108 billion project cost, the Federal Government has already made a commitment to contribute N30 billion, which represented 28 per cent. The JBI-NMIC consortium would raise the remaining funds for the construction, operation and maintenance of the bridge and adjacent roads of Phase 1 under a 25-year concession.

The Federal Government has, till date, contributed N18.31billion out of its commitment of N30billion, comprising N8.464billion from SURE-P budget in August 2014 for early works II and a further $50million (about N9.8billion) from its Eurobond loan for the execution of early works III.

According to NSIA, otherwise called Sovereign Wealth Fund (SWF), about N10.4 billion of the fund allocated by the Federal Government has so far been disbursed, leaving a balance of about N7.94 billion of government contribution with the sponsors. Funds have only been disbursed to the contractor upon successful attainment of construction milestones, which have been verified by the Technical Advisor of the Project (WSP Group) and rigorously scrutinised by NSIA.

The document, titled: ‘NSIA Detailed Project Update on Second Niger Bridge’, revealed that JB-NMIC as the developers, budgeted $5million for the development of the project, split into $2.5million each.

It also revealed that “the consortium assembled a team of advisers with proven capabilities and global experience in PPP infrastructure projects to ensure the Project gets first-class advisory services. This is required to enable the project to reach financial close - the point at which private capital is successfully raised.

“The consultants were engaged through a rigorous and competitive procurement process. To date the NSIA has spent the sum of $2.21million on consultancy services provided by its team of advisers. An initial US$247,586 was spent on due diligence exercise to determine the viability of the project. “

NSIA listed the advisers for the due diligence phase to include: FBN Capital (Nigeria) - Financial Advisor, Murty International Limited (Nigeria) – Technical Advisor, White & Case LLP (UK) – Legal Advisor, WSP Group Africa (South Africa) – Technical Advisor, and Zephyrgold International (Nigeria) – Technical Advisor

And for the project development phase, the agency listed the advisers as: Africa Finance Corporation (Nigeria) - Financial Advisor, Clifford Chance LLP (UK) – Legal Advisor, Templar

Source:http://www.nairausd.com/2015/09/swf-provides-details-of-700m-second.html?m=1

Twitter@nairausd

This man don't know what he is saying though partially right but the end shall justify the. .....

FreeGlobe:
you are a big fool... Lets compare obiano's 1 year with obi's wasted 8 years and see who is the rochas? I hope you will kill yourself if obiano wins second term. Keep fooling yourself in Peter obi's paradise

Kai who con bring this comparison.

Madam please just small kekere love for pete sake to Peter.

I will go for Peter Obi