₦airaland Forum

Peoples Democratic Party (PDP) chieftain Raymond Dokpesi’s United States (U.S.)visa has ben revoked because his name is on the looters list released by the Federal Government, the media mogul has said.

He has sued Minister of Information and Culture Alhaji Lai Mohammed, who announced the list, seeking payment of N5billion damages.

No date has been fixed for hearing the suit filed on Monday before the High Court of the Federal Capital Territory.

He is seeking N5billion damages for alleged defamation of character.

Dokpesi said the defendants allegedly sent his name as a looter to the United States Embassy, which in turn notified him on March 16 that his visa had been revoked.

The US Embassy, he said, told him it was because his name was among a looters list submitted to it by the Federal Government.

The plaintiff said the publication of his name as a looter was malicious since he has not been convicted by any court of competent jurisdiction.

Dokpesi prayed that the retraction and apology to him be published both in the social media and in newspaper and televisions stations.

He is also praying for an order compelling the defendants, including Attorney-General of the Federation Abubakar Malami (SAN), to publish a full retraction of the defamatory publications and to apologise to him.

In the suit by his lawyer Chief Mike Ozekhome (SAN), Dokpesi is also praying for a perpetual injunction restraining the defendants or their agents from further making any defamatory publications against him, and N50million as cost of the action.

The publications, he said, have prejudiced his constitutionally guaranteed rights to presumption of innocence until proven guilty, and that his right to fair hearing as enshrined in the Constitution has been blatantly violated.

“The defendants’ defamatory publications are malicious and calculated to overreach and prejudice my fair trial and for purposes of stampeding and cowing the court to convict me at all cost by agreeing with the defendants’ skewed position,” the plaintiff said.

Dokpesi said on March 30, the defendants allegedly defamed him by publishing his name as treasury looter in a news conference on the basis that he is on trial for allegedly receiving N2.2billion from the office of the National Security Adviser (ONSA).

https://www.financialwatchngr.com/2018/05/02/pdp-chieftains-u-s-visa-revoked-over-looters-list/

Mynd44, Lalasticlala, Seun

Read more @ https://www.financialwatchngr.com/2018/05/01/police-recruitment-buhari-orders-employment-of-6000-officers/

President Muhammadu Buhari has approved the recruitment of 6,000 additional policemen as part of fresh measures to address the nation’s security challenges including the farmers/herdsmen clashes across the country.

The President made this known in a special interview session with Voice of America, Hausa service, in Washington, United States on Tuesday morning.

President Buhari, who is in the U.S. on the invitation of the American President Donald Trump, revealed that additional security measures were being put in place to check cases of insecurity in Nigeria.

“We will put in place more measures to check insecurity in the country including increasing the number of policemen and train them.

“I have approved the recruitment of 6,000 policemen by the police authorities and I directed that those recruited must come from all the 776 local government areas of the federation.

“Even if it means recruiting one person each from the 776 they should do that instead of going to motor parks, railway stations or market for the recruitment exercise.

“I gave (Police authorities) them this directive,’’ he said.

The president, who expressed reservation on the call for the establishment of state police as being advocated by state governors, said Nigerians must abide by constitutional provision in regard to the matter.

It would be recalled that the Chairman, Nigeria Governors’ Forum, Governor Abdulaziz Yari, had in February said creation of state police would help in addressing the spate of insecurity in the country.

Yari, who is also the Zamfara State Governor, said this at the end of a two-day summit organised by the Senate Ad hoc Committee on Review of Current Security Infrastructure in Nigeria.

He said: “Today we have reiterated the position of Vice President Yemi Osinbajo.

“And the position of the security summit we held in August, that there is a need for the state police; we can say it is the only answer.”

However, President Buhari maintained that the creation of state police would not augur well for the finances of the states, adding that some of them were finding it difficult to meet their financial obligations to workers and other state needs.

“We must carefully look at the position of the nation’s constitution on the issue of state police before we take a final decision on the matter if the constitution allows state police so be it.

“But don’t forget that many times the Federal Government gave out what we referred to as bail out to state governments for payment of workers’ salaries. How many states can pay salary promptly? and you want to add more financial burden to the states.

“It is not proper to employ a person, train him on how to handle weapons and then refuse to pay him – you can imagine what would happen in such situation,’’ he said.

https://www.financialwatchngr.com/2018/05/01/police-recruitment-buhari-orders-employment-of-6000-officers/

Mynd44, Lalasticlala, Seun

Urhobo Liberation Force, ULF, a militant group in Niger Delta, has threatened to carry out a bloody operation that will throw the country into another financial slump if the Federal Government failed to make satisfactory budgetary provision for the Federal University of Petroleum Resources, FUPRE, Effurun, Delta State, in the 2018 Appropriation Bill within two weeks.

The group in a combined statement by the GOC, Operations and GOC, Defence, “General” Orubu Ekpe and “General” Mike Agbalele respectively, said: “We are giving 14 days ultimatum to the Federal Government to make adequate budgetary provision for the Federal University of Petroleum Resources, Effurun (FUPRE) as stated in the Act establishing the university accented to by the President, His Excellency, President Muhammadu Buhari on the 17th October, 2107. If not, the oil and gas facilities in Urhobo land will be blown off.”

“We, the Urhobo Liberation Force, will be ready to return the country to zero oil and gas production and force the country into another recession if adequate provision is not made within this period of the 14 days of our ultimatum,” it warned.

The militant group asserted: “The Urhobo nation is the fifth largest ethnic nationality in Nigeria, very rich with oil and gas. It has been marginalized in the administration of President Buhari. The Buhari Administration refused to give Urhobo nation a ministerial appointment and any viable position in the oil and gas sector. And a budgetary provision for financial implementation of the petroleum university in Urhobo land was deliberately left out in the 2018 Appropriation Bill (2018 Budget) sent by the President to the National Assembly.”

“While N45 billion was captured in the 2018 budget for North East Development Commission NEDC, it will interest you to note that NEDC Act was accented to a week after the Federal FUPRE Act by the president.

“We appreciate His Excellency for signing the FUPRE bill to an Act and the smooth take off of academic activities of the Nigerian Maritime University, Okerenkoko in Delta state. We will appreciate the federal government more if it makes quick U-turn to direct the National Assembly to allocate funds to the university, especially with the recent increase of oil benchmark from $45 per barrel to the current $72 per barrel- yielding an excess of about N152 billion derived from Urhobo nation,” it added.

ULF stated: “It has come to our notice that the plot of the federal government for not making budgetary provision for the smooth take-off of the university is as a result of the northern agenda to relocate the university to Kaduna, a parasitic state that has no single oil well and contribute nothing to the nation’s treasury. We recall that, the National Institute of Petroleum, Policy and Strategic (NIPPS) and the National College of Petroleum, Kaduna was established to kill FUPRE, which plot has failed in several attempts made.”

“ These are institutions that are trying to kick-off without students at the moment, but were given the sum of N15 billion and N10.4bilion respectively by PTDF, yet FUPRE that has graduated students and running for 11 years now has no single funding from PTDF . This is to show the level of federal government’s bias towards the Niger Delta.

“We call on all militant groups with genuine intent towards the development of the Niger Delta region to join forces with us to correct this wicked and devilish agenda of this administration aimed at under developing the oil-rich Niger Delta.

“We also call on the leadership of the Pan Niger Delta Forum, PANDEF, to wade into this issue as a voice of the Niger Delta people with our entire mandate. If we strike, we will not listen to their call for peace. This should not be taken as a threat but all necessary machinery to carry out this operation has been put in place.

“All oil and gas facilities in the upland will be blown off, we advise all oil and gas companies operating the upland to take note because this operation shall be bloody,” the militant group stated.

https://www.financialwatchngr.com/2018/04/30/niger-delta-militants-threaten-to-return-nigeria-to-recession/

nice

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Ekiti state Governor Ayodele Fayose of has called on youths to expect another round of insult from President Muhammadu Buhari as he visits US President Donald Trump on Monday if a speech is not written for him (Buhari).

Recall that Buhari had during a Commonwealth function claimed that many youths in the country do not want to work but looking for free things.

The comment attracted backlash from Nigerians who described it as unwelcoming.

In a tweet on Sunday, Fayose wrote: “This one that President Buhari is going to meet President Trump tomorrow, they should write a speech for him so that he won’t go and say Nigerian youths are lazy again.”

https://www.financialwatchngr.com/2018/04/30/buharis-u-s-visit-expect-another-insult-from-buhari-fayose/

Mynd44, Lalasticlala, Seun

A breakaway Boko Haram faction known as the Islamic State in West Africa has seized some towns in Borno and Yobe states, providing protection to Muslim residents and collecting taxes from them, Reuters reports.

The Federal Government and the Defence Headquarters have, however, described the report as a tissue of lies.

ISWA, which is led by Abu Musab al-Barnawi, the son of Boko Haram founder, Muhammed Yusuf, reportedly, gives out seeds and fertilisers and provides safe pasture for herdsmen for a fee.

According to herdsmen who spoke to Reuters, ISWA provides safe grazing for about N2,500 ($ a cow and N1,500 ($5) for smaller animals. ISWA also runs slaughterhouses for the cattle, taking a cut for each animal, as well as from other activities like gathering firewood.

The group, which is said to have between 3,000 and 5,000 fighters, is believed to have strong links with the Islamic State of Iraq and Syria, the world’s most notorious terrorist organisation.

Its fighters have the power to carry out targeted attacks like the February kidnapping of 100 schoolgirls from Dapchi and a deadly raid on a Nigerian military base in March.

A map produced by the United States development agency in February and seen by Reuters shows how ISWA territory extends more than 100 miles into Borno and Yobe, where the Federal Government claims terrorists have been ‘technically defeated.’

The US map paints a similar picture, with ISWA operating in much of Borno.

“Islamic State has a terrible reputation for being so brutal around the world, and people can’t imagine an Islamic State faction could be more moderate (than Boko Haram),” said Jacob Zenn, of The Jamestown Foundation in Washington D.C.

The Lake Chad countries – Nigeria, Niger, Chad and Cameroon – have long neglected the region, allowing ISWA to create a stronghold from which to launch attacks. Its gains contrast with setbacks for ISIS.

ISWA’s territory is not completely secure, however, as the Nigerian Air Force often bombs, and troops from Lake Chad countries attack the insurgents’ domain around its shores and islands.

The military has announced an operation “to totally destroy Boko Haram locations in the Lake Chad Basin” – ISWA’s domain – and end the insurgency within four months.

But ISWA has so far proven intractable in its Lake Chad bases, where troops have been unable to make effective inroads, according to a Western diplomat who follows the group. The Nigerian military had “completely lost the initiative against the insurgency,” they said.

The diplomat said ISWA was ready to cede less important areas because the military cannot hold them. “However, they maintain absolute control over the islands and immediate areas near them where they train, live, etc.”

According to the report, ISWA protects locals from Boko Haram, something the Nigerian Army cannot always do. That, according to one of the people with knowledge of the insurgency, has won the group local backing and eroded support for the military.



ISWA’s leaders are low-profile, not appearing in videos or claiming responsibility for attacks, possibly to avoid the international media, and the ire of regional governments. Reuters was unable to contact the group for comment.

The report adds that Boko Haram and ISWA are bloody rivals, but some travellers in ISWA territory feel safer than elsewhere in Nigeria’s North-East.

“They have checkpoints for stop and search, and if you are a regular visitor they know you,” said a herdsman, adding that ISWA has spies everywhere, including informers who alert them to military attacks.

However, the Minister of Information and Culture, Alhaji Lai Mohammed, told our correspondent on the telephone that the report was ‘absolute nonsense.’

Mohammed, who is the official spokesman for the Federal Government, urged Nigerians to disregard the report, insisting that it was based on falsehood.

He said, “The report is absolute bunkum. The report is false and there is no place where taxes are being collected or terrorists are in control. I just spoke with the theatre commander and he also denied it.”

Also speaking with our correspondent, the Director of Defence Information, Brig. Gen. John Agim, rubbished the report, insisting that there was a conspiracy by some western interests to frustrate the war against terror through propaganda.

Agim said, “There is no territory that is under the control of the terrorists. Find out from the political leaders in the state if there is any local government under Boko Haram territory. There is none that is under the control of terrorists.

“I know that they have been driven into the Sambisa Forest and because of the size of the place, the military cannot remain there because it is 10 times the size of Lagos and each time we clear the place, terrorists always return to the place.

“But there is no local government that is under Boko Haram. A lot of international bodies are doing a lot to discredit the military and ensure that Nigeria does not overcome Boko Haram. Most of these international bodies are doing a lot to ensure that Nigeria doesn’t clear Boko Haram.”

https://www.financialwatchngr.com/2018/04/30/boko-haram-collects-taxes-from-captured-towns-in-borno-yobe/

The ruling All Progressives Congress has denounced a portal purported to belong to it and alleged to be for members’ registration.

In a tweet on its official Twitter handle @OfficialAPCNg, the party warned members of the public to be wary of the said web site, saying it is a scam.

“The attention of @OfficialAPCNg has been drawn to a purported membership registration website, http://www.apcregistration.com . The website is unauthorised and a scam,” the tweet reads.

Meanwhile, a visit to the website, http://www.apcregistration.com/index.php/new_member complete with the party’s logo, encourages visitors to register with details such as full name and address, date of birth, email address and INEC Voter Registration ID, among others.


https://www.financialwatchngr.com/2018/04/29/apc-alleges-fraudsters-behind-party-registration-website/

Mynd44, Lalasticlala, Seun

The Minister of Information and Culture, Alhaji Lai Mohammed, has assured the international community that President Muhammadu Buhari is healthy and fit to seek re-election in 2019.

Mohammed, who has been on tour of major media houses and think-tank in the U.S., said there was nothing to fear about Buhari’s health as he declared his intention to seek re-election.

The minister was first in Washington, D.C. and later in New York, where he explained that Buhari’s administration had done very well and recorded so many achievements in less than three years.

He visited CNN, New York Times, Voice of America, Washington Post, Washington Times; Al Jazeera, Reuters, Wall Journal Street, and the Atlantic Council and the Foreign Relations Council.

“I think the exchange has been quite robust. We’ve spoken on a wide range number of issues from security to the economy to the fight against corruption.

“In particular, the interview dwelt more on insecurity and also they were interested to know why the president wants to seek re-election and whether he is fit to run given the concerns about his health.

“Of course, I explained to them that it is those who have a morbid fear about president coming back in 2019 that are flying this kite about his health.

“But his health is very good, since he came back in August, he’s feeling very well, he’s never missed one single Federal Executive Council meeting or cancelled any schedule and his schedules have been very hectic.

“He has faced his presidential duties with vigour, urgency and purpose. Therefore, there’s nothing to fear about his health,” Mohammed told the Correspondent of the News Agency of Nigeria (NAN).

According to him, most people have raised the issue of the president’s health, adding many who have raised the issue are not being sincere.

“Mr President, yes was ill, has recovered very well,” the minister stressed adding, “so on the grounds of his health, there’s nothing to fear about his health”.

Mohammed said the president would find his campaign much easier in 2019 because he would campaign on what he has been able to achieve in three years.

“Of course I told them that he’s going to campaign largely about his achievements in the areas of economy, fighting corruption, investing in people and that we are very confident that the people of Nigeria, whose lives has touched, will respond positively.

“And by the time his campaign starts, I think he would have even more to speak about in all the areas he promised during 2015 campaign.

“He can beat his chest and say ‘I have delivered on revamping the economy, I have delivered on fighting insecurity, I have delivered in fighting corruption’.

“He’s only going to consolidate on these things in his second term,” he said. (NAN)

https://www.financialwatchngr.com/2018/04/29/2019-fg-assures-international-community-buhari-is-healthy/

– As father lies in mortuary

Accident kills Michael Okpara varsity student – A 400 level student from the department of Agricultural Economics of Michael Okpara University of Agriculture, Umudike (MOUAU) yesterday lost his life to vehicle accident.

It was gathered the victim whose father is lying in the mortuary died after an overspending bus belonging to Akwa-Ibom Transport Company (AKTC) trying to overtake a trailer hit him close to city base filling station while returning to his lodge after buying fuel.

Eyewitnesses said the bus driver was trying to escape military checkpoint after hitting a car which led to the tragic death of the student who is also an only son of a father lying in the mortuary.

Below are photos of the victim before his demise:

https://www.financialwatchngr.com/2018/04/28/accident-kills-michael-okpara-varsity-student/

Mynd44, Lalasticlala, Seun

Ecobank says it has begun applications for start-ups and developers in the 54 countries in Africa to apply for its 2018 fintech challenge.

The financial institution announced this challenge which is in its second year via its website, ecobankfintech.com on Thursday.

The initiative gives African start-ups the chance to promote their fintech solutions, and potentially to partner with Ecobank in rolling-out their solutions across 33 countries where the bank operates.

According to the Group CEO, Ecobank Transnational Incorporated (ETI), Mr Ade Ayeyemi, who reiterated Ecobank’s dedication to support innovations in banking and finance across the continent, via the website.

“We, at Ecobank, believe that the current winds of change led by technology and innovation will redefine how banks do business, and indeed the relationships people have with their money.

“We want to be at the forefront of this change, in partnership with Africa’s rising start-ups, and that is why we created the Ecobank Fintech Challenge,” he said.

Mr Eddy Ogbogu, Ecobank Group Executive for Operations and Technology, who spoke of the initiative, said the bank was looking forward to another successful competition.

“The maiden 2017 edition of the challenge proved that Africa has an impressive army of highly capable fintech start-ups.

“Ecobank is looking forward to another successful competition,” he said.

The statement on the website showed that 10 finalists will be selected to participate in an Awards and Innovation Fair at the global headquarters of Ecobank in Lomé, Togo in July 2018.

All 10 finalists with the most commercially viable start-ups can launch their products in Ecobank’s 33 countries across Africa and also become pan-African service partners within Ecobank’s ecosystem.

The finalists will be conferred with Ecobank Innovation Fellows for a year, which grants them access to networking and mentoring from Ecobank’s vast global network of technology leader’s fintech experts, investors and management coaches.

According to the statement, after a series of pitches from the finalists, a panel of judges will select the top three winners, who will receive cash prizes worth 10,000 dollars, 7,000 dollars, and 5,000 dollars respectively.

Applications for the competition will close on May 20.

CLICK HERE TO APPLY https://www.f6s.com/ecobankfintechchallenge/apply

Read more @ https://www.financialwatchngr.com/2018/04/28/apply-for-ecobank-2018-fintech-challenge-for-african-start-ups/

Traders has been left stranded as the popular Ile-Epo Foodstuff Market in Agbado/ Oke-Odo Local Council Development Area, Abule Egba area of Lagos was demolished yesterday to pave way for a modern market befitting a mega city.

FINANCIAL WATCH gathered armed personnel of the Lagos State Task Force on Environmental Sanitation supervised the demolition exercise in order to contain resistance from the traders.

Bulldozers were seen pulling down structures in the market at around 8.00am, while others used sledge hammers in demolishing the market.

Thousands of traders were seen frantically trying to evacuate their ware as the police gave them ample time to do so. Traders were seen running helter and skelter trying to salvage their goods.

Many packed their ware on the median and roads, causing traffic gridlock

The demolition was carried out by the Agbado Oke-Odo LCDA, in conjunction with the developer, Total Value Integrated Limited.

A trader, who simply identified himself as Zakariya lamented that he did not know where to go after his shop had been demolished, but admitted that the traders were given notices to vacate the market.

Mrs.Augustina Egbuonu, 68, who claimed to be the Financial Secretary of the Ile-Epo Market Association, said she had been in the market for 20 years and that invested N18 million in the market, but lamented that her investment had with the demolition.

But the Managing Director, Total Value Integrated Limited, Chris Onyekachi said the traders were giving 18 months’ notice to vacate the market for redevelopment, but that while some had left the market, others refused to do so.

https://www.financialwatchngr.com/2018/04/28/traders-stranded-as-council-demolishes-ile-epo-market-in-lagos/

Mynd44, Lalasticlala, Seun

A female National Youth Service Corps (NYSC) member serving in Kwara State has lost her life. She died at the NYSC camp in Yikpata, Edu local government area.

The deceased, Amadi Eva Ichechukwu with registration number KW/18A/0135, Batch A, from Rivers State, was said to have died due to injuries she sustained during a “Man-O-War” drilling exercise at the ongoing orientation camp.

The deceased who studied Oil and Gas at University of Port Harcourt, it was gathered, was said to have been full of life before her mobilisation for the one year mandatory service to father land.

Investigations revealed that the deceased was said to have fallen off the string in the course of Man-O-War drilling exercise at the orientation camp.

A source said after falling off the string, she was hurriedly rushed to the NYSC clinic at the camp for medical attention where she was attended to by medical personnel who are also corps members.

However, it was also gathered that when the deceased condition worsened, NYSC management rushed her to General Hospital in Ilorin for further medical attention where she reportedly died.

https://www.financialwatchngr.com/2018/04/28/nysc-corps-member-dies-during-man-o-war-exercise-in-kwara-state/

The Nigerian Communications Commission on Thursday said it had remitted N49.79bn to the Federal Government’s Consolidated Revenue Fund in the first three months of this year.

According to a statement made available by the commission, this figure represents “payment on account” in respect of operating surplus for the year 2018.

The statement explained that according to the Fiscal Responsibility Act, 2007, such payments were to be made every year after the preparation of audited accounts.

However, the NCC added that it had taken the initiative to be making payments on account as it generates revenue.

Section 22, sub section 1 of the FRA states, “Notwithstanding the provisions of any written law governing the corporation, each corporation shall establish a general reserve fund and shall allocate thereto at the end of each financial year, one fifth of its operating surplus for the year.”

The statement added that Section 22, subsection 2 of the Act explained, “The balance of the operating surplus shall be paid into the Consolidated Revenue Fund of the Federal Government not later than one month following the statutory deadline for publishing each corporation’s account.”

The statement said the amount remitted was besides spectrum assignment fees, which are remitted 100 per cent to the Federal Government in line with Section 17, subsection 3 of the Nigerian Communications Act, 2003.

It added that the section stated that “the commission shall pay all monies accruing from the sale of spectrum under Part 1 of Chapter VIII into the Consolidated Revenue Fund.”

https://www.financialwatchngr.com/2018/04/27/ncc-remits-n49-7bn-surplus-to-fg-in-q1-2018/

Mynd44, Lalasticlala, Seun

The Nigerian Postal Service generated a total of N7.04bn from its core operations in 2017, data available to our correspondent have shown.

With another N13.58bn generated from electronic stamp sales, the postal organisation actually made a total of N20.62bn in the 2017 fiscal year.

A breakdown of the data showed that NIPOST generated N1.58bn from Expedited Mail Services, otherwise known as Speedpost.

From stamp proceeds, the postal organisation generated a total of N1.33bn, while it made N1.28bn from parcel clearance and delivery fees.

Other items that yielded revenue for NIPOST in the year under review included international mail income, from which it made N715.82m; and bulk post service, from which it garnered a total of N537.06m.

From fees charged on renewal of post office boxes, the postal organisation generated N448.04m, while it made a total of N361.44m from the sale of stamp/taxed items.

On premises and leased spaces, it generated a total of N172.7m; and from unidentified miscellaneous sources, the postal organisation made a total of N601.53m.

The addition of N13.58bn generated from electronic stamp sales takes the revenue profile of NIPOST to N20.62bn, N11.71bn higher than the N8.91bn made from all sources in 2016.

Electronic stamp sales is another name for the controversial stamp duty paid on electronic fund transfers, which the Central Bank of Nigeria had directed the banks to charge on electronic fund transfers with a value of at least N1,000 from January 1, 2016.

The fund is currently warehoused in a stamp duty/Treasury Single Account with the apex bank as the postal organisation makes efforts to legalise the duty, which has been challenged at the Appeal Court. It is not yet clear whether NIPOST has now gained access to the fund.

The Postmaster General of the Federation, Mr. Bisi Adegbuyi, had at a recent public hearing on a bill seeking the reformation of NIPOST and the creation of a new postal commission for the regulation of the postal and courier industry, anchored the fate of the postal organisation on new business opportunities created by electronic commerce as well as expanding its horizon to offer financial inclusion services.

https://www.financialwatchngr.com/2018/04/27/nipost-generates-n20-62bn-in-2017/

Mynd44, Lalasticlala, Seun

The Senate yesterday resolved to demand sanction against officials of the Nigerian National Petroleum Corporation (NNPC) involved in illegal payment of fuel subsidy in 2017.

The upper chamber said over N216.9 billion was frittered away by NNPC officials under the guise of payment for oil subsidy.

It also asked the NNPC to halt forthwith illegal payments without appropriation.

It mandated state-owned oil firm to make a formal request to the National Assembly for appropriation for the illegal payments.

These are part of the recommendations of the Senate Public Accounts Committee in its report on the investigation into alleged illegal subsidy payments.

The recommendations were adopted by the Senate in plenary yesterday.

Chairman of the committee, Matthew Urhoghide, who presented the report, noted that the Federal Government spent N3.8 trillion on subsidy between 2010 and 2016.

The Senate asked its Committee on Appropriation as well as Public Accounts to liaise with the Executive to submit the appropriation for subsidy to be included in the 2018 budget estimates.

The Auditor General of the Federation, it said, should carry out a forensic audit of NNPC’s account over the last five years.

Other recommendations of the committee also adopted included the need for the Federal Government to pay oil marketers the outstanding subsidy arrears owed them prior to 2017 as well as giving local refineries maximum attention to enable them function in optimal capacity.

Senator Urhoghide said: “The NNPC declared operating losses in 2018. Why can’t we have functional refineries in Nigeria for our produce? A lot of money has gone into turn-around maintenance of old refineries. Why can’t we just build new ones?

Senator Victor Umeh noted that “we first have to tackle the corruption in this area so that Nigerians can benefit fully from it.”

Senators George Akume, Chukwuka Utazi and Binta Masi Garba in their separate contributions expressed concern about the recommendations of the committee.

They noted that there was no serious sanction for those who approved payment of the subsidy without recourse to the National Assembly.

Senator Utazi specifically said: “The 2018 budget has no provision for subsidy. We cannot live a lie here. What is the role of the Minister of Finance and who does the Ministry of Petroleum Resources report to? This has to be addressed.”

Senator Godswill Akpabio wondered NNPC’s operational costs that they can throw away N216 billion in a year without asking for a refund? The NNPC needs to be indicted.”

The panel chairman who gave breakdown of the N3.8 trillion subsidy payment, said while the government spent N491 billion in 2010, it paid N245 billion in 2011 and N888 billion in 2012.

Other payments, the panel said were N1.9 trillion in 2013 and 2014, N100 billion in 2015 while 2016 gulped N150 billion.

It said: “In 2017, NNPC imported 9.8 billion litres of Premium Motor Spirit at the cost of $5,483,634,448.91 amounting to N1,672,508,506,917.55 at the exchange rate of N305. In the previous years, all importers including the Nigerian National Petroleum Corporation had collected subsidy for differentials.”

The panel concluded: “It is therefore curious that NNPC will in year 2017, describe the differentials as ‘operating cost’ and a loss but will not demand for refund.”

Senate President, Abubakar Bukola Saraki said it was obvious that the NNPC had constituted the body as law onto itself.

Saraki added that the corporation had continued to engage in monumental illegality by taking the law into their hand.

He said the law is clear that no money should be spent without appropriation.

Saraki said: “As some of you know I spent a lot of time on the issue of subsidy in the seventh Assembly. The recommendation on illegal payment is what is creating the problem because they are requesting for appropriation for illegal payments. The appropriation we are asking for is appropriation for 2018. The issue of illegal payment, that is a different subject matter on its own which we can decide how we are going to address.

“The important thing is that NNPC cannot continue going forward making those payments without appropriations because definitely there is subsidy going on now and it needs to be backed by law which has always been the case since 1999. There has been appropriation for fuel subsidy.

“It stopped briefly, but now NNPC is using the absurd word ‘Operational Costs’ to justify this expenditure — and we all know this is not operational cost, this is fuel being imported. How that becomes operational cost is even an insult on the integrity of Nigerians.

“I think we need to bring up the issue of legality. This is because, when the IMF sees these kinds of reports, it is an embarrassment to us as a country. There are two issues here, illegal payments that have been made is one.

“Going forward, for 2018, we should put the figure that will capture the entire subsidy for 2018 so that when they do make these payments, they are no longer illegal payments as it will be backed by an appropriation. If we agree that they should pay outstanding arrears, then Government will put that as part of the subsidy.

“We are coming to the end of the budget exercise and that is my concern. It is better we quickly rectify this for the 2018 budget and stop the deception to Nigerians and do the right thing. By doing the subsidy also it means private companies will participate and it will even be more efficient.

“Now, the NNPC is the only importer of PMS and Government has never been an efficient agency anyway. Who knows, if private sector are importing, the subsidy might even come down.

“Distinguished Colleagues if we agree, let us move to the recommendations and on the issue of sanctions we can talk about additional prayers. We were hoping that today, Thursday, the Appropriations Committee will submit their report.

“They were planning to lay it sometime next week. If we can quickly get government to come with a figure and we know that item is in budget, that stops this illegal payment going forward.”

Additional recommendations adopted by the Senate included:1. The NNPC should stop the illegal payments without appropriation henceforth; 2. The NNPC through Mr. President, should make a formal request to the National Assembly for 2018; 3. There is need for the Federal Republic to pay all marketers their standing arrears of subsidy owed in 2017; 4. Local refineries should be given maximum attention to enable them function in full capacity; 5. The DG should carry out a full audit on the NNPC; and 6. Direct the committee to recommend appropriate sanctions for officers and personnel who have carried out this illegal payment.”

Saraki said that “If the report from the Auditor General is not satisfactory, then we can talk about setting up an Ad-hoc Committee.

“We also need to ensure that the Office of the Auditor General is properly funded in the 2018 budget so that they can carry about these jobs properly. Chairman Appropriations should follow up to ensure that the Government submits the budget for the fuel subsidy over the next few days so it can be submitted to us next week.

https://www.financialwatchngr.com/2018/04/27/senate-seeks-sanction-against-nnpc-over-n216b-subsidy/

Mynd44, Lalasticlala, Seun

There is nothing spiritual about masturbation

About 5,916 youth across Nigerian will soon get a disbursement of N8.6 billion from the world bank in the Graduate Unemployment Youths Support Scheme.

FINANCIAL WATCH gathered Kwaji Daguru, the Chairman of FADAMA GUYS Implementation Committee, disclosed this in an interview with newsmen today in Abuja.

Mr Daguru, who is also Procurement Specialist for FADAMA III (AFII) Programme, said the programmes is aimed at improving agriculture in the country and has targetted 5,916 youth in 23 states.

The states includes Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Ebonyi, Ekiti, Jigawa, Katsina, Kebbi, Kogi, Niger, Ogun and Ondo States.

Others include Osun, Oyo, Plateau, Sokoto, Taraba and Zamfara states as well as the Federal Capital Territory (FCT).

He said that the move to involve the youths in agriculture is in a bid to improve food security for the country, provide employment and boost capacity building.

The enrollment for the programme ended on May 15, 2017 with the aim of selecting the beneficiary youth would boost job creation in the 23 states.

Mr Daguru, assured that the money earmarked for the project was intact, even though the disbursement was yet to start.

He, nonetheless, said that the disbursement would be made through the Grant and Funds category of the project.

“We have applied to the federal government, through Federal Ministry of Finance for permission to reallocate funds from other categories like Consultancy, Training, Civil Work into the Grant and Funds category.

“Any moment from now, disbursement will take place, especially to those who would engage in rainy season agricultural activities because they have completed the grant agreement and submitted their land documents.

“The Phase One is expected to gulp about N8, 675, 013, 679.12 to fund the business plans of the 5,916 candidates in 23 states.

“If the resources permit in the last segment of the project, we will be able to upscale to other states in the second phase.’’

Mr Daguru said: “The objective of the programme is to work with government in three areas of job creation, while building capacity of our youths and aiding efforts to keep the foreign exchange rates low.

“We are making sure we import low quantities of rice and tomatoes, while putting less pressure on our Naira (currency) so as to make our economy strong.’’

He said that the target beneficiaries were those with ages between 18 and 35 as well as graduates and undergraduates of higher institutions.

“The programme would support all aspects of agricultural production in a business or commercial manner; right from crop and livestock production, inputs support supply and advisory services.

“It would also assist extension services and post-harvest production services like storage, warehousing, marketing and products distribution.’’

Mr Daguru said that a two-week intensive training in business and technical fields in the states would be conducted for candidates after the screening exercise.

“During the application process, candidates would be allowed to choose specific enterprises of their choice in the agricultural value chain and they would be trained in the ventures accordingly.

“At the end of the training, they would be asked to submit business plans on their chosen enterprises; we will then invite professionals to review the business plans and come up with standard modules.

“We have 5,916 trainees and they have opened bank accounts with two selected commercial banks that are used by the FADAMA Coordinating Offices in the states.’’

https://www.financialwatchngr.com/2018/04/24/nigerian-youths-get-world-bank-attention-set-to-receive-n8-6bln/

Senator representing Kogi West, Dino Melaye, who was arrested Tuesday morning by operatives of the Nigeria Police drawn from its Special Anti-Robbery Squad, SARS, is at present being moved to Lokoja, Kogi State capital.

At Lokoja, is expected to be paraded later this evening among other hardened criminals who implicated him in the crime that necessitated his arrest.

Our correspondent learnt that the senator who was taken into SARS detention facility, located opposite the old Central Bank of Nigeria, CBN junction along the Area 1 expressway, Abuja, was moved out around 12 noon today in police vehicle heavily manned by SARS operatives.

https://www.financialwatchngr.com/2018/04/24/police-to-parade-dino-melaye-with-criminals-in-lokoja/

Nigerians in diaspora has set an all-time record in remittances home following a record $22 billion remitted in 2017, largest in Africa and fifth largest remittance by immigrants, the World Bank has said.

FINANCIAL WATCH gathered Egypt received $20 billion from its citizens abroad, according to figures published by the bank.

The World Bank said payments from immigrants back to their home countries rebounded to reach a new record last year but the costs of transferring funds also increased.

The stronger-than-expected recovery in remittances — payments that are key to supporting the economies of many poor countries — was driven by growth in Europe, Russia and the United States (U.S), the World Bank said in a report.

The bank estimates that the officially recorded remittances to low and middle-income countries reached $466 billion in 2017, an increase of 8.5 per cent over $429 billion in 2016. The remittances are expected to increase by about four per cent this year.

Remittance inflows improved in all regions. The top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria and Egypt followed.

The global average cost of sending $200 was 7.1 per cent in the first quarter of the year, and sub-Saharan Africa remains the most expensive place to send money to, where the average cost is 9.4 per cent.

“While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money,” the lead author of the report, Dilip Ratha, said.

The bank urged countries to take steps to simplify the process to reduce the costs, including “introducing more efficient technology”.

By region, Europe and Central Asia saw the biggest growth last year, jumping 21 per cent, while sub-Saharan Africa rose 11 per cent.

East Asia and the Pacific saw the biggest inflows of $130 billion, as South Asia received $117 billion, followed by Latin America with $80 billion.

https://www.financialwatchngr.com/2018/04/24/nigerians-abroad-remit-22b-largest-in-africa-5th-in-the-world/

Mynd44, Lalasticlala, Seun

Nice

– As Workers Demand Removal Of Interim Head

There is widespread panic brewing at the Abuja Investment Company Limited (AICL) over the proposed sack of over 80 per cent of its workforce on the ground of incompetence by the interim management.

The aggrieved staff, however, called for the removal of Isyaku Bashir, the head of the interim management team of AICL, for peace to reign in the company.

FINANCIAL WATCH gathered in August 2017, the interim management team of the company was entangled in salary controversy over the N5 million monthly salary paid to Bashir as the head of interim management without seeking approval from the FCT Administration.

This development, our correspondent learnt, led Muhammad Bello, the FCT Minister, to revert the salary to N500,000 per month, with a strong ministerial directive to make refund of the May and June 2017 salary arrears collected by the interim management team.

Last week, the interim management team and staff were at each other’s jugular again as activities were paralysed over series of allegations bordering on industrial harmony, our correspondent learnt.

Some aggrieved staff told newsmen that Bashir had written to the newly constituted board of AICL to sack 80 per cent of its personnel on ground of ‘incompetence’, a development they vowed to resist.

They also alleged that the interim head had intensified efforts to lobby the new board members to confirm his interim management team at the expiration of their tenure.

One of the aggrieved staff who spoke on condition of anonymity described the development as “frivolous and unacceptable”, stressing that since the revelation of the interim management team’s bogus salary to the media and some anti-corruption agencies, industrial harmony between staff and the interim management team has become a mirage.

“I want to state it very clear that the head of the interim management team has not been comfortable with the presence of most workers since August last year when their dubious salary scale was made public. The man is not comfortable with us because he felt that the present crop of staff would not allow him to carry on with his illegalities on the guise of fighting corruption.

“To achieve his aim, he wrote to the newly constituted board seeking approval to sack 80 per cent of the present staff on the ground of incompetence. These are staff who have spent over 10 to 15 years in AICL. In the real sense, between his interim management and us, who is incompetent? What is the criterion used to arrive at that judgment? What extraordinary innovation has he brought on board to improve the capital base of the company since assumption of office in May last year? These are basic questions that are begging for answers.

“The naked truth is that the man sees some of us as whistleblowers and he wants to do away with us on flimsy excuse of incompetence. In fact, the board should remove him for industrial harmony to be restored,” he affirmed.

He, however, called on the intervention of the FCT Minister to end the crisis.

All efforts made by our correspondent to reach Bashir proved unsuccessful as calls put across to his phone were not answered.

https://www.financialwatchngr.com/2018/04/16/mass-sack-panic-unsettles-abuja-investment-company/

Rigel95:
wrestling was better in the days of Hulk Hogan, Hitman et all but these days, when I tune in and see the apology they call wrestling,I just shake my head.

Back then wrestling was cartoonist, it lacked the reality it has today. Wrestling today is better than the 80's, and 90's. Back then it was all about gimmick and unreal moves, but now we have pure wrestling and less gimmick with great storytelling. I was part of the oldies vs now and I can say for sure that now is better.

Timoleon:
how is what u said different from the person u quoted? entertainment? sports entertainment?

Read in between lines

Mynd44:
Wrestling is not real. It is basically entertainment; what you see is like watching a movie.

So u can call movies fake cos is acting? Wrestling is sports entertainment and their athletes are called performers. Americans pay money to watch it cos it entertains.

Wrestlemania weekend is like Christmas eve

The CBN, deposit money banks, licensed mobile money operators and super agents announced today that they have reached an agreement to fund the expansion of a shared agent network to deepen financial inclusion in Nigeria as well as job creation in Nigeria.

FINANCIAL WATCH gathered the Central bank of Nigeria (CBN), Nigerian banks, mobile money operators and super agents agree to roll-out a 500,000 shared agents network to accelerate financial inclusion in Nigeria.

The agreement entails an aggressive rollout of a 500,000 agent network to offer basic financial services, such as cash-in, cash-out, fund transfer, bill payments, airtime purchase, government disbursements as well as remote enrolment on BMS infrastructure (BVN) to an estimated 50 million Nigerians that are currently under-banked or unbanked.

Ten licensed mobile money operators and super agents are expected to immediately deploy financial services agents’ outlets in underserved urban and rural areas in Nigeria, with higher priority to the northern geo-political zones where financial exclusion is most predominant. The approved CBN-Bankers committees’ roll out ratio is as follows: North-east 30%, North-west 30%, north-central 20%; south-south 7.5%, south-east 7.5%, and south-west 5%. Some of the pre-qualified CBN licensed operators include Capricorn digital limited, Cellulant Nigeria limited, eTranzact limited, Innovectives limited, interswitch, financial inclusion service limited, Inlaks limited, Paga Tech limited and unified payments Nigeria Plc.

According to the plan, the CBN and deposit money banks will over the new few months also rollout new initiatives, products and services to accelerate and deepen financial inclusion in Nigeria. Over the next few years, Nigerian banks aim to on-board and formally bank 60 million additional Nigerians, an average of 20 million yearly as well as enrol 40 million Nigerians for BVN. To this end, renewed focus will be given to driving low cost of digital access, broadening financial literacy campaigns, and creating micro insurance and micro investment products for the benefit of the excluded, underserved and low income Nigerians.

Commenting on the shared agent network expansion program, the chairman of the body of bank CEOs, Mr Herbert Wigwe, CEO of Access Bank Plc said; “this agreement reflects our commitment to aggressively pursue the CBN 2020 financial inclusion target in an integrated way with minimal systemic risk to the financial system. This initiative will also generate over 500,000 new jobs over the next few years”.

Commenting on behalf of the mobile money operators, Tayo Oviosu, founder and CEO of Paga, said “to significantly grow financial inclusion in Nigeria we need to offer truly effective digital financial services that operate on all mobile telecom networks and a robust nationwide network of agents for convenient access. The share agent network expansion program supports our plans to rapidly scale up the agent network over the next year. With this expansion program, the entire financial industry will reach deeper into even more communities and give millions of Nigerians convenient access to financial services”.

https://www.financialwatchngr.com/

https://www.financialwatchngr.com/2018/03/27/nigerian-banks-roll-out-plans-to-creates-500000-jobs-deepen-financial-inclusion/