₦airaland Forum

Raphafire101:
Pls I filled the form but after typing the code, if I type send it won't show any thing,what do I do

Sorry about that...... just check well there must be a prompt telling you to correct a wrong data, maybe your email didnt match.

salewa01:
Dis nairaland is full of funny things . A boy of 24 beating chest of 2 cars, a house! . Sorry to ask are u yahoo boys?, money ritualist? Or arm robbery?
Are u not living in Nigeria?
Which year did u graduate from sch?
What is ur parent background?

All ur ranting na wash jor jeytee.
Bring gala we don tire of bread

You guy should pls take easy on yourselves...........

The Minister of Education, Malam Adamu Adamu, has restated the Federal Government’s resolve to use Polytechnics as agent of industrial and technological growth.

The minister, who was represented by Dr Masa’ud Kazaure, Executive Secretary of the National Board for Technical Education, stated this on Saturday at the 14th combined convocation of the Federal Polytechnic, Bida.

Adamu said that the Polytechnics would serve government’s drive of making the teeming youth educated and self-employed instead of job seekers.

He added that this would also translate into reducing the level of corruption through engagement of citizens, especially the youths.

Adamu challenged Polytechnics in the country to make Nigeria a producer nation rather than a consumer one.

He, therefore, charged the polytechnic to imbibe high sense of probity, adding that they should continue to play crucial roles in improving the nation’s economy.

“You will agree with me that corruption is the bane of our society as this has eaten deeply into its fabric.

“The administration of President Muhammadu Buhari will not relent in using every instrument available to totally extricate this vice from our nation,” he said.

He commended the Federal Polytechnic, Bida for planning to introduce new courses in Agricultural Technology, stressing its importance in the agricultural chain.

Similarly, Gov. Abubakar Bello of Niger, charged the Polytechnic to leverage on its strength of skill development to reduce unemployment in the country.

Bello, who was represented by his Deputy, Alhaji Muhammad Ketso, said that the Polytechnics would, however, perform optimally with due attention from government.

“Once polytechnics remain focused and receive the desired attention, the disturbing high-level of unemployment being experienced in this country today would be drastically reduced.

“This is because of the various innovative and incentive skills being acquired by polytechnic graduates like Entrepreneurial education is the bedrock of socio-economic development and societal transformation,” he said.

Earlier, the Rector of the Polytechnic, Dr Abubakar Dzukogi, stated that new courses would be introduced by next session.

He revealed that the course would include Information and Communication Technology as well as various agricultural course to boost the state agriculture potential. (NAN)

http://www.financialwatchngr.com/2016/04/03/fg-use-polytechnics-agent-industrial-technological-devt/

United States Secretary of State, John Kerry, has revealed during the US-Nigeria Bi-National Commission (BNC) meeting a few days ago in Washington DC, that the US has earmarked $600 million in development assistance to Nigeria.

The development assistance comes on the heels of an economic crunch occasioned by plummeting crude oil prices, a commodity that accounts for over 80 percent of Nigeria’s earnings.

“The United States is here to help to meet your needs, to listen to you carefully, to understand what it is that you believe is necessary, and to work with you where we can to implement. Our development assistance this year will top $600 million, and we are working closely with your leaders – the leaders of your health ministry – to halt the misery that is spread by HIV/AIDS, malaria, and Tuberculosis,” Kerry said.

Kerry reiterated the willingness of the US government to support Nigeria in weathering the storm- ranging from economic, security to health challenges- sweeping through the country, as the government bolsters effort for economic diversification.

“The United States is very encouraged by President Buhari’s commitment to an economy that is more diversified and less-dependent on a single commodity for export earnings. That means we need to develop sustainability. Sustainable growth depends on a climate that is welcoming to investment and respectful of the environment and of workers’ rights.”

“We have learned in these last 25, 30 years that it is never a competition between the environment and development. That is a false choice – completely false, and particularly in the context of today’s challenge of climate change. You can develop in ways that protect the environment and in ways that are competitive and provide jobs for people,” Kerry said.

The US Secretary of State also revealed his country’s unwavering support towards curbing insecurity in Nigeria, which has ripple effects on the African largest economy.

“In recent months, our governments have been collaborating on new ways to institute security measures, including counter-IED equipment, improved information sharing, training and equipping two infantry battalions,” he said.

However, Kerry warned that the security aid is predicated on the understanding that security forces set the standard with respect to human rights, even when countering a group as ruthless as Boko Haram. In his words, “one abuse does not excuse another.”

In line with his recognition of Nigeria as a responsible international partner, well positioned to contribute to the regional and global problem-solving, Kerry concluded that the United States is committed to fighting corruption by supporting institutions like Nigeria’s Economic and Financial Crimes Commission (EFCC) to prosecute corruption cases; as well as back the role of civil society and of the media in exposing corruption and in advocating for greater transparency.

Geoffrey Onyeama, Nigeria’s Foreign Affairs minister, expressed his appreciation to the US in working hand-in-hand with Nigeria to restore the most populous black nation on a path of sustainable economic and political development.

He attributed the enormous security challenges the country faces to the Boko Haram insurgency and was convinced the partnership between the US and Nigeria offers a ray of hope to combating terrorism.

“Terrorism is interlinked around the world. So our {cooperation} to address a terrorist challenge is absolutely key and vital for the global community. And we cannot thank you enough for the support you have provided to us in that context,” Onyeama said.

The minister, who believes that the insurgency has drained a lot of resources meant to address economic growth, anticipates economic resuscitation as a domino effect of disintegrating Boko Haram- a deadly terrorist group that has killed and displaced millions in Nigeria.

“We have been a mono-economy, dependent exclusively on oil, which should really not have been the case. We really should have diversified such a long time ago. We are now faced with this challenge and are really looking to diversify into other areas – agriculture, solid minerals, and other extractive industries.

“Foreign direct investment is absolutely key and we have to do a lot more to make Nigeria an attractive place for business. We have to work on the new brand. Mr. President is determined to do that, to have a more transparent environment for foreign direct investment,” the minister said.

http://www.financialwatchngr.com/2016/04/03/us-earmarks-600m-development-assistance-nigeria/

salewa01:
Plz can i edit the form to make correction to a mistake that the person that help to register made in specialised field?

there is no provision for editing after submission and you cannot apply twice...... but sure we all know that during screening and selection process its possible to make adjustments that is if you are shortlisted. sorry about the mistake though.

networkrecharg:
thank God, i just applied....@ 6:03pm

congrats

Integrated Oil and Gas Ltd. on Saturday, said its 116 million dollars modular refinery would come on stream before the end of 2016.

Group Managing Director of the company, Mr Anthony Iheanacho, told newsmen in Lagos that the company had been given provisional licence to commence preliminary work for a 20,000-barrel capacity modular refinery.

Iheanacho, who conducted the newsmen on tour of site of the proposed refinery at Tomaro Island Port, off Takwa Bay, Lagos, said that the preliminary approval was received from the Department of Petroleum Resources (DPR).

He said that work had commenced on the Environmental Impact Assessment (EIA) and other necessary requirements to facilitate the final approval for the refinery.

He said that funds for the project would be sourced from local and foreign financial institutions

Iheanacho explained that the refinery would produce Automated Gas Oil (AGO) otherwise known as diesel, kerosene, export quality aviation fuel and fuel oil.

According to him, the refinery does not have the capacity to produce Petroleum Motor Spirit (PMS) also known as petrol.

“Tomaro Island with about 90 hectares is designed as one-stop shop which will comprise refinery, flour mill, ship repair yard, helipad site and resort centres.

“It will also create massive employment for our teeming youths. Crude would come to the refinery through vessels for refining,‘’ he said.

The GMD said that the company was still awaiting some documents to start construction on the island, contrary to claims by one resident of the area, who petitioned that work had commenced at the site.

“We have not even started construction by the way; we are just going through the pre-application process.

“I am ready to stand by the truth and what is right at all times. I am not the one to go and appropriate property to build a refinery.

“I am not going to put my hands in your pocket and force money out of it. I am not going to force you to tell me what you do not know about building refineries.

“ Refineries are very important infrastructure in the country and it will enhance the image and prestige of the country.

“If I think that I can articulate a business plan, that I can talk to the bank and they will then lend me money to build the refinery, while will I not do it? I do not want anybody to be deceived or fooled by fake or funny stories,” he said.

Iheanacho, however, appealed to Federal Government to support indigenous oil companies which are striving to grow the oil and gas sector, adding that government should also support local companies with funding.

“We are in absolute support of growing indigenous capacity in every facet of our oil and gas industry.

“This is because the local companies are paying their taxes, reinvesting their capital and creating enormous job opportunities for the larger community.

He said that with such encouragement, Nigeria’s participation in the industry would rise significantly in line with government’s aspirations with the Nigerian Content Act. (NAN)

http://www.financialwatchngr.com/2016/04/02/integrated-oil-gas-116m-refinery-ready-2016-gmd/

The term "inflation" refers to rising prices of essentials such as wheat, milk, meat, clothing, medical services, coffee, electricity, etc. or, alternatively, the decline in value of money so that it takes more dollars to buy the same goods and services. A high inflation rate is anything over the 3% to 4% annual range, which is considered benign. But, as a new investor, what are the specific effects of inflation? Why should you be concerned about its spectre haunting the economy?

Inflation Begins with Money Losing Value

To understand the effects of inflation, I want you to think about a few numbers:

• A $1.00 bill in 1971 had the same purchasing power as $5.24 does today. That is, what we call $1.00 would only buy 18¢ worth of goods in 1971.

• A £1.00 bill in 1971 had the same purchasing power as £10.60 does today. That is, what we call £1.00 today would only buy £0.09 worth of goods in 1971.

As you can see, the major effect of inflation is that a nation's nominal currency loses value.
That is, it takes more Dollars, or Pounds Sterling, or Euros, or Yen, or Swiss Francs, to buy the same quantity of goods.

Inflation Transfers Money from Savers and Investors to Debtors

If you follow the implications of this, you come to realize there are two other major effects of inflation.
1. The effect of inflation on savers and investors is that they lose purchasing power. Whether you've buried your money in a coffee can in the back yard or it is sitting in the safest bank in the world, it is becoming less valuable with the passage of time.

2. The effect of inflation on debtors is positive because debotrs can pay their debts with money that is less valuable. If you owed $100,000 at 5% interest, but inflation suddenly spiked to 20% per year, you are effectively watching 15% of your debt get paid off each year, totally free to you. At some point, you'd be able to get a minimum wage job at McDonald's for $100 per hour and just obliterate your debt.

The net effect of inflation is that it serves to transfer money from savers and investors to debtors. It punishes those who postpone their enjoyment and invested in building roads, schools, factories, and businesses and gives their reward to those who are in debt. It is a severe moral injustice, mostly caused by governments printing money to cover expenses that cannot be paid out of the general treasury revenue.

Another major effect of inflation is the damage it can do to the pocketbooks of average workers. Wages and salaries can lag cost of living increases, making families struggle to keep up as the price of everything form cornflakes to tuition increases faster than the take-home pay they receive from employers.

So in essence pulling money from circulation by CBN will reduce inflation and its damaging consequences on the economy.

The Central Bank of Nigeria has disclosed it readiness to pull out up to N1 trillion from circulation in a bid to stabilise the economy.

Already N525 billion has been pulled out less than one week after the policy which seeks to tighten money supply, while additional N219 billion is slated to be pulled out next week

Banks’ treasury executives said they are preparing their treasury plans for more mop ups of about N300 billion .

The Central Bank Monetary Policy Rate, was increased to 12 per cent from 11 per cent while Cash Reserve Requirement, CRR, was hiked to 22.5 per cent from 20 per cent at its last meeting

Meanwhile, the International Monetary Fund said that it has again cut its growth forecast for Nigeria as the oil exporter faces substantial challenges from low crude prices.

In its annual review of Nigeria’s economic situation, the IMF said that gross domestic product growth will slow to 2.3 percent in 2016 from an estimated 2.7 percent in 2015.

It added that Nigeria’s general government deficit will grow further after doubling to 3.7 percent of GDP last year.

The IMF executive board said Nigeria needed to urgently implement policies to safeguard fiscal sustainability, reduce external imbalances and advance structural reforms that promote more inclusive growth.

http://www.financialwatchngr.com/2016/04/02/cbn-pull-n1trillion-circulation/

The websites of the Nigerian Police Force and the Police Service Commission are down, obviously because thousands of Nigerians interested in joining the police are logging on to access the application forms.

Many attempts made by our reporter this morning failed to access the two sites. While the NPF site http://www.npf.gov.ng. opened partially, the Police Service Commission’s site, http://www.psc.gov.ng/ just simply refused to respond, indications that the two sites are unable to cope with the upsurge in traffic. Certainly, they were not prepared to handle such huge traffic.

Last night, our reporter visited the two sites effortlessly and found that the free application forms to be filled by applicants for the 10,000 police jobs have not been uploaded.

Instead, visitors were told to watch out for newspaper advertisements on the 10,000 jobs, approved by President Muhammadu Buhari last year.

Here was the full message on the two sites:

“POLICE SERVICE COMMISSION: This is the only acceptable medium to submit your application for recruitment into the Nigeria Police Force.

We have not started receiving applications! We shall advertise in National Dailies.”

The Police Service Commission headed by Sir Mike Okiro had announced last week it would begin the process to fill the vacancies in the police today, launching to boot a new portal, to be linked to the PSC and NPF sites.

Here is the address of the portal, which we advice you link direct instead of going through the NPF and PSC site: http://www.npfcareers2016.net/

On Thursday, the PSC reinforced its readiness to begin the recruitment process by warning its staff against compromising the exercise.

In a statement issued by Mr Ikechukwu Ani, Head, Press and Public Relations of the commission, PSC staff were warned not to compromise the integrity of the exercise.

It warned that any staff involved in any misconduct during the exercise would be sanctioned in line with the Public Service Rules and may be prosecuted for sabotage.

The statement said the staff must live above board as the commission was ready to make a huge success of the presidential assignment.

It also warned the candidates to desist from indulging or inducing the staff as anyone caught would be arrested and prosecuted.

The statement further warned that there would be no short-cut in the exercise as everything had been put in place to ensure that the integrity of the process was preserved.

But as things are, the cyberspace is giving the exercise its greatest test of integrity.

http://www.financialwatchngr.com/2016/04/01/police-recruitment-npf-psc-websites/

Congratulations! you have successfully submitted your application, you will soon become an officer of the Nigerian Police Force (NPF).

Congrats, the form finally shows up with an officer standing there by you to assist (Really police is your friend).

The form has four sections as follows:

Personal details: Here you give information about yourself, the first question is select your preferred cadre, if you are for general duties (that is you can be assigned any duty) click on general, but if you are a professional like doctor, engineer, electrician, carpenter etc and you want to perform that special duty click on “special duties”. Then the rest fields on the section are on your personal information. Please ensure all your information are correct.
Educational Qualifications: This section requires you fill in your educational qualifications.
Next of kin: fill your next of kin details as required
Affirmation: Kindly agree that the information you imputed are correct to the best of your knowledge, then confirm you are human by checking the letters into the box.
Then click on send, if everything is correctly filled this congratulation page will show up:

http://www.financialwatchngr.com/2016/04/01/apply-police-service-recruitment-2016/

The police is becoming more friendly, they want you to reconfirm your position of choice, again make sure its the appropriate position according to your qualifications. Click on your choice and proceed, then the form finally shows up like this depending on the one you click, but this is for CADET INSPECTOR POSITION:

Looks like the police wants you to reconfirm if you understand what you read previously, well if not go back and clarify, if you do accept and proceed, then this page shows up:

Go through the warning and adhere to it strictly, or else there will be a mistake……… when you have read and understood, then click on the pink link below to proceed. Then this page comes up:

This is the instruction page and you should take your time to read it so you will get acquainted with what is required. Right under are three boxes that contains available positions, take a good look at it to know where your qualifications falls into, it will be a huge mistake to apply for a position higher or below your qualifications.

After going through the positions click on the one that you qualified for, a warning page will show up like this:

It is now official, as promised the portal for application into the Nigeria Police Service opened today, April 1st, 2016. Candidates who wish to join the police force can now apply. In this article i am going to walk you through the application process in order to avoid costly mistakes.

To get started kindly click on this link: http://www.npfcareers2016.net/
http://www.financialwatchngr.com/jobs-2/

The link will take you to this page:

Gov. Aminu Masari of Katsina State on Thursday called on wealthy Nigerians to assist the government in reducing unemployment rate in the society.

Masari made the call in Katsina at the graduation ceremony of trainees of Katsina Vocational Centre.

The governor said the call became necessary because youths play vital role in nation building.

Masari, represented by the Commissioner for Commerce and Industry, Alhaji Abubakar Yusuf, said many youths indulged in criminal acts due to unemployment.

‘’I am calling on wealthy individuals to assist us in training youths in various vocational skills to make them self-reliant.

‘’The youths should also stop waiting for white-collar jobs because government cannot give employment to all,’’ he said.

The governor said that the state government had given youths empowerment top priority as over 40 per cent of the youths constituted the population of the state.

The Speaker, Katsina House of Assembly, Alhaji Aliyu Sabiu, in his remarks, commended the centre for complementing the effort of the state government in reducing unemployment.

Sabiu said the assembly would continue to join hands with the executive arm to make the youths self-reliant.

Earlier, the Coordinator of the centre, Malam Muhaammad Danjuma, said the centre had trained 350 youths, including the physically challenged in various trades.

Danjuma said the centre provided tailoring machines to 150 trainees, 50 knitting machines to the graduands to set up their businesses.

Some of the beneficiaries who spoke to NAN expressed appreciation to the centre and promised to use the machines for the purpose intended. (NAN)

http://www.financialwatchngr.com/2016/04/01/gov-masari-urges-wealthy-nigerians-reduce-unemployment/

The U.S. Government would invest 600 million dollars as development assistance to Nigeria in 2016, the U.S. Secretary of State, John Kerry, said.

The U.S. Secretary made this known in a statement issued by the Public Affairs Unit of the U.S Embassy in Abuja on Thursday.

Kerry was quoted as saying this at a bilateral meeting between Nigerian and U.S. officials in Washington D.C.

The U.S. Secretary said “our development assistance this year will top 600 million dollars.

“We are working closely with your leaders, the leaders of your health ministry, to halt the misery that is spread by HIV/AIDS, by malaria, and by TB.”

Kerry then lauded President Muhammadu Buhari’s actions in the area of security and the attempt to diversify the economy.

He said “the U.S. is very encouraged by President Buhari’s commitment to diversify the Nigerian economy in order to make it less dependent on a single commodity for export earnings, and that means we need to develop sustainability.

“Sustainable growth depends on a climate that is welcoming to investment and respectful of the environment and of workers’ rights.”

He added that the U.S. Power Africa Initiative was aimed at strengthening the energy sector, where shortage in electricity frustrated the population and

impeded growth.

Kerry said that the U.S. Young African Leaders Programme which many Nigerians participate in, was preparing the next generation to take the reins of responsibility.

He noted that the U.S. was working with Nigeria in the area of education to fight illiteracy, especially in the Northern part of the country.

“We are working together to fight illiteracy, especially in the country’s north, where the lack of opportunity has been holding people back and Boko Haram murdered thousands and disrupted million lives.”

The statement quoted Nigeria’s Foreign Minister, Geoffrey Onyeama, as commending the U.S. support to Nigeria.

Onyeama said the President Muhammadu Buhari-led administration had put in place measures to diversify the nation’s economy.

“We’re really looking to diversify into areas such as agriculture, solid minerals and other extractive industries.

‘’We have to promote our manufacturing sector and look at sustainable economic growth.

“For sustainable economic growth, we appreciate that we have to also develop a manufacturing base.”

The foreign minister said that Nigeria was also placing emphasis on Foreign Direct Investment which he said was key to the economy and

stressed the need for Nigeria to do a lot more to make it an attractive place for business. (NAN)

http://www.financialwatchngr.com/2016/04/01/u-s-invest-600m-nigeria-2016-official/

A leading fertility clinic in Nigeria, Bridge Clinic, has welcomed the first baby boy, Tiwatope, conceived through the oocyte (egg) freezing protocol.

Cryopreservation refers to the cooling of cells and tissues to sub-zero temperatures in order to stop all biological activity and preserve them from future use. Human oocyte cryopreservation (egg freezing) is a process in which a woman’s eggs (oocytes) are extracted, frozen and stored. Later, when she is ready to become pregnant, the eggs can be thawed, fertilised, and transferred to the uterus as embryos.

This offering is being delivered to many women in the developed world and is now being offered in Nigeria by The Bridge Clinic at a cost more affordable than what is obtained abroad.

Tiwatope’s mother had her eggs frozen, using the vitrification, also known as flash-freezing, process. This is the cutting edge technology in cryobiology, where the eggs or oocytes of a woman are dehydrated and the water content is replaced with “anti-freeze” solution (cryoprotectants) before freezing. This will prevent the formation ofice crystals which could destroy the cell.

Tiwa’s birth is significant in many respects. He puts Nigeria on the global map as regards the practice of oocyte cryopreservation, a new offering in the in-vitro fertilization (IVF) space.

Before his birth on 16 February, 2016, this new practice seemed to be an exclusive preserve of the developed world of Europe and North America.

It is even more significant, considering that since the report of the first pregnancy through this protocol in 1986, the practice has resulted in the birth of only about 5,000 babies worldwide.

“At the Bridge Clinic, we celebrate Tiwa’s birth as it is a further demonstration of our coming of age in the practice of assisted reproductive technology. It is a show of the sum of our strengths – our people, our process and our infrastructure. It demonstrates our commitment to global best practices which ensures that our offerings are in tandem with what is obtainable in the developed world, both in variety and in quality.” Said Emmanuel Owie, fertility physician at The Bridge Clinic.

On Tiwa’s mother’s readiness for pregnancy, Emmanuel said “we fertilised the eggs using a standard technique known as Intra Cytoplasmic Sperm Injection (ICSI) in order to overcome the egg shell which normally gets hardened with freezing. The fertilised egg was subsequently transferred into her womb, resulting in the pregnancy with Tiwa. She had her ante natal care in her family hospital and delivered the baby boy through caesarian section.”

“The baby and his mother are in good health to the delight of the family and friends but do not want to put their faces to the names due to the sensitivity that still goes with novel developments like IVF, understandably.

“ They have however, given us permission to use the real name of the baby boy (not surname) as well as the photographs of the new baby,” said Ekundayo Omogbehin, corporate marketing and consumer relations coordinator, Bridge Clinic.

The Bridge Clinic is of the opinion that one day, Tiwa’s parents will overcome the sensitivities and come out to encourage other women who may be in need of this offering to come for it.

Cryopreservation has always played a central role in assisted reproductive technology. The first cryopreservation of sperm was in 1953 and of embryos in 1983. Christopher Chen of Singapore reported the world’s first pregnancy in 1986 using previously frozen oocytes.

These eggs were frozen using a slow-freeze method. This report stood alone for several years, indicating a much lower success rate than that of traditional in vitro fertilisation (IVF) techniques using fresh oocytes. Then came a new direction in cryobiologyin 1999, called vitrification, a flash-freezing process used by Lilia Kuleshova, to achieve a live birth from frozen human oocytes.

Generally, egg freezing is viewed as a way to thwart a “ticking biological clock” of women who when they grow older, are more likely to produce eggs that will have chromosomal abnormalities that can make it harder or impossible for them to conceive and carry pregnancies to term.

According to Emmanuel, “egg freezing is particularly recommended for the following women diagnosed with cancer that may lose their fertility during chemotherapy, women with a family history of early menopause, women with objections to storing frozen embryos for religious and/or moral reasons and women who want or need to delay childbearing in order to pursue some personal goals.”

Based on studies, egg thaw rates of 75% and fertilisation rates of 75% are anticipated in women up to 38 years of age. Thus, if 10 eggs are frozen, 7 are expected to survive the thaw, and 5 to 6 are expected to fertilise and become embryos. Usually 3-4 embryos are transferred in women up to 38 years of age. It is recommended that ten eggs be stored for each pregnancy attempt.

http://www.financialwatchngr.com/2016/04/01/first-baby-conceived-cryopreservation-emerges-bridge-clinic/

Nigerians in the Diaspora have remitted the sum of $21 billion to the country in 2015 according to a report by the Global Knowledge Partnership on Migration and Development (KNOMAD).

Ekpo Nta, chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), who made this known at a Board Meeting of the International Anti-Corruption Academy (IACA) in Austria, called on Nigerians in the diaspora to collaborate with ICPC in the fight against corruption.

Given the Government’s zero-tolerance for corruption this was the best time to complement the Federal Government’s job creation effort by investing in cottage industries, especially in their home communities.

“Such industries, he opined should be targeted at manufacturing hitherto imported items for the huge local market and refining local products for export.

“ICPC would continue to treat all petitions from NIDO members expeditiously through continuous investigation, prosecution and conduct of Corruption Risk Assessments in relation to any person or public institution that creates corruption bottlenecks for their investments, especially in the areas of property acquisition and business partnerships”, he said.

Nta who was a Special Guest of Honour during their Extraordinary Annual General Meeting at the official flagging off of Nigerians In Diaspora (NIDO) Germany Anti-corruption Campaign for Nigerians in Germany, said that ICPC’s mandate was to promote strong public institutions

“Even if we successfully prosecute and jail every looter, ghost worker and other economic saboteur, there is every risk that those caught will only be replaced by persons who are just as bad, or worse – unless we radically strengthen our systems and institutions”, he added.

NIDO Chapter Presidents from other European countries who were in attendance called on the ICPC to enter into similar partnerships with them.

Thereafter the ICPC chairman inducted all participants as members of the National Anti-corruption Volunteers Corps (NAVC) of ICPC and decorated them with special arm bands.

http://www.financialwatchngr.com/2016/03/31/diaspora-nigerians-remit-21bn/

Nigeria’s parliament might need another week to work out details of the 2016 record budget bill passed last week, a senior lawmaker said on Wednesday.

Reuters reports that the budget for Africa’s top oil producer has been delayed for months as President Muhammadu Buhari had to withdraw in January his $30 billion bill due to an unrealistic oil price assumption and flaws in the draft.

Last week lawmakers approved an amended bill but Buhari has not signed it yet as parliament has so far only sent highlights of the budget to his office, but no details, a government official told Reuters on Tuesday.

Abdulmuminu Jibrin, chairman of the House of Representatives’ budget committee, said lawmakers needed more time to make sure the draft this time contained no mistakes.

“In view of the inconsistencies, errors, omissions … that characterized the 2016 budget, it would be unpatriotic of the National Assembly to forward the budget details without being extra-careful, meticulous and cautious,” he told reporters.

“In any case, the budget details are usually sent within a week or two (to the president) after passing the budget,” he said.

Buhari hopes the bill calling for record spending will revive the economy but officials have left it open how it would be funded.

Officials previously suggested up to half of the estimated deficit of 3 trillion naira would be funded through the sale of Eurobonds or loans from China and international agencies. But no such deal has publicly emerged.

Oil revenues, which make up about 70 percent of Nigeria’s income, have slumped, hammering the currency, halting development projects and leaving budget funding uncertain.

In January, Finance Minister Kemi Adeosun Nigeria said Nigeria planned to borrow up to $5 billion from multiple sources, including the Eurobond market, but officials have not provided an update since then.

Nigeria has held exploratory talks with the World Bank and tried to secure funding from the African Development Bank and China’s export bank, but without any apparent result.

http://www.financialwatchngr.com/2016/03/31/national-assembly-might-need-another-week-work-budget-details/

The Kaduna State Government on Monday chided the organised labour on threats to proceed on strike if the government failed to stop ongoing verification of workers.



A statement by Gov. Nasiru El-Rufa’i through his media aide, Samuel Aruwan, on Monday in Kaduna warned that any worker that failed to participate in the verification exercise would be removed from payroll.

It said the that the verification was compulsory, as it would aid the administration in updating its pay record.

On the threats by labour, the government stressed that “public servants first became employees before they became union members.

“Cooperation with the employer to verify the status of every worker is expected. It cannot be made a reason for industrial action.

“Refusal to participate in verification will result in the concerned persons being removed from the payroll.



“The labour leadership seems to be afraid that workers will opt-out of joining unions.

“If that be the case, the unions should seek ways to increase their attraction to workers, including persuading them to opt for continued membership.

“Inciting workers against a legitimate process of updating their personnel records is counter-productive.”

The News Agency of Nigeria (NAN) reports that the Nigeria Labour Congress and Trade Union Congress in the state had urged workers to ignore government’s directive to indicate whether to belong to unions or not.

The labour unions said on Saturday that they regarded the exercise as a deliberate attempt strangle labour movement in the state.(NAN)

http://www.financialwatchngr.com/2016/03/22/verification-gov-el-rufai-chides-labour-warns-workers/

Three major high profile economic meetings are scheduled to hold this week as the economic situation of the country has called for serious measures from all quarters of stakeholders in the policy making organs of the government.

An emergency national economic conference organized by National Economic Council will be in a retreat to be chaired by Professor Yemi Osinbajor, who is chairman of the forum, is expected to preside over the event that will commence by 9:00am local time at the Old Banquet Hall, Presidential Villa. Thirty-six state governors will be attending.

President Muhammadu Buhari is scheduled to deliver the keynote address at the two-day retreat. The Central Bank Governor and the Budget and Planning Minister are among those expected at the forum.

The Monetary Policy Committee of the Central Bank of Nigeria will hold its second meeting for the year this week slated for Monday and Tuesday.

At the two-day meeting, market watchers expect the increase in the February inflation rate and the issues surrounding the foreign exchange market to top the agenda.

They are also of the opinion that an increase in key rates and adjustment in the exchange rate may reduce speculative demand for foreign exchange.

Also Senate President, Bukola Saraki, disclosed yesterday that the National Assembly would host a round table session on the economy today.

According to Saraki, the inaugural National Assembly Business Environment Roundtable, NASSBER, would hold in Abuja with key stakeholders drawn from the executive, legislature and the private sector to seek workable solutions to the nation’s economic problems.

With these meetings in the works for the week, it is expected that by Tuesday reports of the outcome will be made public.

It could also mark the beginning of a new era as it promises to tackle the economic situation of the country.

http://www.financialwatchngr.com/2016/03/21/state-emergency-economy-three-high-profile-economic-meetings-hold-week/

Duncan Smith, Britain’s labour minister, has quit his position over planned cuts to disability welfare payments, further deepening the rifts in Prime Minister David Cameron’s Conservative party.



His replacement, Stephen Crabb, was appointed by the prime minister on Saturday.

Smith, a Conservative cabinet minister who opposed Cameron’s campaign for Britain to stay in the EU ahead of an in-out referendum, described the proposed cuts as “a compromise too far.”

“While they are defensible in narrow terms, given the continuing deficit, they are not defensible in the way they were placed within a budget that benefits higher earning taxpayers,” Smith said.

Cameron said he was “puzzled and disappointed” by the one-time Conservative leader’s decision to quit.

Defence Minister Michael Fallon said that the budget had been approved by all cabinet ministers ahead of a speech by Chancellor of the Exchequer George Osborne.



Osborne said that Duncan Smith’s own ministry had suggested the cuts.

Osborne, who had overseen a service of public spending cuts since taking office in 2010, presented the budget to parliament on Wednesday.

Cuts to benefits for disabled people and the chronically ill foresaw annual savings of around 1.3 billion pounds (1.9 billion dollars).

The measures drew strong criticism from the opposition, with Labour leader Jeremy Corbyn accusing the minister of fuelling “more poverty and inequality.”

The race to succeed Cameron, who said he would not run in 2020 general elections, had already begun in Britain.

Osborne, also a Conservative, has been tipped as Cameron’s favourite but faces internal party opposition. (NAN)

http://www.financialwatchngr.com/2016/03/20/british-labour-minister-resigns-protest-cuts-disability-welfare/

The banking system in Nigeria has in nearly a decade been revolutionized and has since then joined the committee of other nations in rendering acceptable services and products to customers. It is also true to say the industry effectively earned the trust of their loyal customers as a result of the capitalization of 2009 as well as various mergers and acquisition that took place in 2011/2012.

The confidence financial institutions enjoyed over the past couple of years can also be attributed to the strong control and compliance the Central Bank Of Nigeria (CBN) wielded over commercial banks in order to ensure the safety of customers deposits and investment. This is true in regards to the harmonization of bank charges the CBN effectively imposed on banks in 2012.

Prior to the harmonization of bank charges, between 2011 downwards, commercial banks had the responsibility of initiating and deducting charges at will from customers account, this especially created a loophole for obnoxious and roguish deductions. Customers were placed at a disadvantage because of various charges commercial banks introduced such as monthly account maintenance fees, SMS alert charges as high as ten naira per alert, requests such as reference letter, bank statements, verification of signature and other such requests were charged at the various bank’s discretion thereby creating a room for overcharging the process.

In the face of the above circumstance customers bitterly complained about the charges and a lot of partitions were written against some commercial banks to the CBN which gave rise to the apex bank intervening.

How the CBN Intervened On Bank Charges In 2012

Following the outcry of bank customers, the CBN rolled out some policies to checkmate charges on customers account. Some of the policies are:

1. Harmonization of bank charges, which means that bank charges will now be set by the central bank.
2. Review of CoT which stipulated that it should stand at N3.00 per mile for 2013, N2.00 per mile for 2014, and N1.00 per mile in 2015, meaning that when 2016 dawns, CoT will be zero naira.
3. All dispensed and online banking errors must be resolved within 48hours
4. SMS alert became N4.00 across all banks
5. Elimination of N100.00 interbank ATM withdrawal
6. Elimination of monthly account maintenance charges.

The above are just a summary of some of the laudable policies that once again returned confidence to commercial banks in Nigeria. Customers became aware of what they are to be charged across all banks as a result of the laudable policies by the CBN in 2012.

The End Of CoT Marked Another Era Of Inflated Bank Charges

With the CoT regime billed to end in 2016, it appeared as though customers can now transact without charges, at least that was the original plan as per the policy of 2012, but soon enough the CBN dived into what could be described as a step forward and two step backward. The CBN indirectly reintroduced a negotiable Commission on Turnover (CoT) as a current account maintenance fee across all commercial banks.

According to a circular sent by the CBN on Wednesday, January 20th, banks are to charge nothing more than N1 per every N1,000 as CoT for every current account transaction, “in respect of all customer-induced debit transactions.”

The reintroduction of the CoT adds to the unclear monetary strategy of the CBN following the earlier imposition of a compulsory stamp duty of N50 on all non-self-current account transactions. Last year, the CBN announced, in a circular titled “Implementation of Revised Guide to Bank Charges –Commission on Turnover,” that a zero-commission on turnover would commence in January 2016 stating, affirmatively, that there was no going back on the implementation of the policy. However, it appears the CBN failed to take into consideration how much banks could lose from the implementation of this policy.

Despite strong protest by banks following this decision, the CBN remained adamant on the zero CoT policy which would see banks lose about N100 billion (out of N550 billion) in annual revenue. The reintroduction of the CoT as current account maintenance shows a confused CBN which probably needs a minister that can foretell the future in its policy implementation.

The CBN further complicated the issue by insinuating a “negotiable charge’” thereby handing commercial banks once again the right to fix bank charges, taking customers back to the era of obnoxious and roguish deductions. Commercial banks are profit oriented institutions, just like every other business, they are constantly looking for loopholes in the system to explore in order to maximize profit, and this they have always done to the letter.

Bank Customers React

Fresh off from the imposition of N50 stamp duties by the federal government on credit transactions up to N1,000 from third parties, the stage is now set for chaos. To add salt to injury, commercial banks simultaneously capitalized on their newly bestowed authority for “negotiable charges” cashing in on it leading to excess charges on customers account.

Earlier this month, bank customers staged a “no banking day protest” to register their displeasure towards excess bank charges by commercial banks. The protest was led by Consumer Advocacy Foundation of Nigeria (CAFON) under the leadership of Mikail who spoke in support of the protest against Excessive Bank Charges. Mikail said that the Central Bank of Nigeria (CBN) directed all commercial banks to charge customers N50 on deposits from N1, 000 and above, as part of Nigeria’s stamp duties law on financial transactions.

“Apart from this, there are other silent charges administered by Nigerian banks” he said.

He said there was need to alert the Federal Government on these excessive charges by Nigerians banks.

Mikail suggested that government should come up with a good economic blue print on how to restructure the economy.

He described the charges as another way of imposing extra tax on the masses, adding that the policy would discourage people from banking.

Mikail said that at present, “Nigeria is largely under-banked especially in rural areas’’.

“So, this type of policy will worsen the situation; in particular for traders doing business in the rural areas.

“It will have negative effects on the cashless monetary policy that is already in place as it is also another way of imposing extra tax on the masses.

“It would discourage people from keeping money in the banks as Nigeria is largely under-banked, especially the rural areas.

‘So, this type of policy will worsen the situation, in particular for traders doing business in the rural areas

“It will have negative effect on the cashless monetary policy that is already in place.

“The CBN should jettison this method of taxation and come up with a monetary policy that will strengthen the naira to grow the economy, instead of putting another tax burden on the people.

He said that in order to put the CBN and banks on the right track, I plead with all banks users not to carry out any banking transactions on March 1, 2016.

“All bank users should not visit banks to transact any business; we should not use our ATM from 12 am to 12 midnight on March 1.

Although the impact of the protest is yet to be seen, but the fact remains we are yet to see the end of this.

The Way Forward

Recounting the ramifications surrounding the present challenge of excess bank charges, this can be attributed to a matter of making binding and sustainable policies by the apex bank. The CBN needs to understand one fact, that the moment they hand commercial banks the right to fix bank charges through “negotiable charges” as they call it, the right is bound to be abused as a result of the insatiable desire for more profits by commercial banks even if it is at the expense of their most beloved customers.

The CBN need to act decisively by taking over their responsibility of micro-managing the administration of all bank charges as done previously, as we all know that as it stands now the integrity of our commercial banks cannot be trusted and as such lack the moral right to handle “negotiable bank charges” as they will always cash in on it to reap customers off their hard earned money.

Rather than making new policies that are not sustainable, the CBN should up their game in following due diligence in the process of implementing existing laws and policies, considering the fact that the blue print set by the same apex bank which restored sanity in the system was abandoned.

http://www.financialwatchngr.com/2016/03/11/cbn-complicated-bank-charges-unstable-polices/

As crippling dollar shortage continues to pressure the local currency of Nigeria and other African countries, the Central Bank of Egypt made a bold move to slash the value of its currency to 8.85 pounds to the US dollar from the previous exchange rate of 7.73



The Central Bank of Egypt, like that of Nigeria, faces the challenge of spending foreign reserves in effort to prop up the national currency

After a prolong resistance, Egypt on Monday devalued its currency by 13 per cent and announced it would adopt “a flexible exchange rate” in a major policy change, aimed at relieving a crippling dollar shortage that is strangling the country’s already enfeebled economy.

Economists see the devaluation as a necessary step to boost Egypt’s competitiveness and bringing back foreign investors.



However, many Egyptians express concern the measure would cause a surge in prices. The country’s stock market jumps on announcement of more flexible currency policy

The EGX-30 Benchmark index jumped by nearly 7 percent on the news, recording its biggest single day rise since July 2013. Similar to trends in Nigeria, Egypt’s foreign currency reserves have plunged by over 50 percent since 2011, but with the recent devaluation, its central bank is focusing on increasing reserves to $25 billion by the end of the year.

A short dollar supply has strangled businesses and restricted Egypt’s capacity to import essential goods. The Central Bank of Egypt, has a better foreign reserve position than Nigeria’s, sold $198m to commercial lenders at E£8.85 to the dollar, up from E£7.73, the rate for the past nine months.

In a statement the bank said it “will not hesitate to use all the tools and authority at its disposal to maintain order in the currency market and stability in price levels in the medium term”, suggesting there could be further changes to the rate.

“This is a good move and it is overdue,” said Simon Kitchen, a strategist for EFG-Hermes, the Cairo-based regional investment bank. “People will now want to see if it is the beginning of a series of reforms that can drive economic growth rather than a temporary move to reduce pressure.”

Egypt’s foreign currency reserves have tumbled from $36bn on the eve of the 2011 revolution to $16.5bn at the end of February, enough for just over three months of import cover.

A sharp drop in tourist arrivals after the downing by Isis of a Russian airliner in Sinai in November exacerbated the dollar crunch in recent months, threatening the country’s ability to pay for vital imports including medicines.

Currency restrictions imposed by the central bank to protect reserves and rationalise their allocation have squeezed local businesses, even forcing General Motors to suspend production for a week last month because it could not access dollars to pay for imported parts. Several foreign airlines complained in recent weeks that they could not repatriate funds back to their home countries.

Kitchen said investors will be looking to see more clarity on the currency and on other, deficit reduction measures, such as the introduction of a long-promised value added tax and further reductions to the country’s costly fuel and food subsidy regime.

“This is a great decision that will boost the economy and the stock exchange,” said Naguib Sawiris, the Egyptian telecoms tycoon who has recently acquired Beltone Financial, a local investment bank, and is buying another, CI Capital, to create the country’s second-largest investment bank in what is seen as a bet on the country’s economic recovery

The overvalued currency and capital restrictions in place since 2011 have been blamed for discouraging foreign investment in Egypt

Capital Economics, the London based Consultancy said in a note on Monday that “the pound has a bit further to fall” and that a level of E£9.50 to the dollar “would help to restore external competitiveness”. It added that the shift to a more flexible rate suggested that the currency was likely to “steadily depreciate in the coming weeks”

It also warned that there would be some “short-term pain” in the shape of rising inflation that would erode real incomes and weigh on consumer spending.

Commercial International Bank, the country’s biggest private lender offered dollars to its customers on Monday at E£8.95.

http://www.financialwatchngr.com/2016/03/15/egypt-beats-nigeria-relieve-dollar-shortage-devaluation/

News making rounds in the media has it that the minister of Information and communication, Alhaji Lai Muhammed said in an interview aired on FRCN radio link that the present economic situation is beyond President Muhammadu Buhari.



Thisdaylive in a story entitled: “Economy Gone Out of Buhari’s Control, Says Lai Mohammed” published on Saturday 12th of March, 2016 claimed that the minister made the emphatic statement insinuating the government is helpless in the present state of the economy.

A closer look at the interview excerpt reveals that the minister was quoted out of context, responding to the question: “The free fall of the Naira in the last three weeks has been very discomforting and a lot of people are asking a lot of questions and some people even say wow, it has never been so bad. Has government been able to discover (the source of) this untoward development”, the minister responded in the exact words below:

Lai Mohammed: I think it is clear why the naira is today in a free fall. You see, what are the factors that determines the exchange of the naira? It is your export and import; your trade balance and the general economy. Unfortunately we have not been fortunate in any of these, which is about 70 percent of all our total earnings. Before now, oil was selling for about N100 per barrel; today it is about N30 per barrel. And if you look at the cost of production, it has remained about the same.



We have lost about 70 percent of all our income and not only was oil responsible for all our income, it was also responsible for about 90 percent of all our foreign exchange, which makes between 90 -80 percent of our source of foreign exchange.

And naturally there will be more pressure on the Naira and less dollars and more naira chasing the dollars and now look at the balance of trade – it is negative. What do we do with trading and how much did we buy from Britain, for instance, and how they buy from us,. Unfortunately, it is negative. We take more from them than they take from us. If a country suddenly loses about 80 percent for its source of forex, clearly that currency will be in trouble.

The only way out is what the government is doing, which is strengthening the economy, diversifying it, plugging all the loopholes and making sure that only the essential things are imported. It will be extremely difficult, no doubt, but we are also in a state of emergency economically. You see, take for instance, your earnings reduced from N100 to N30 per month, something will have to give way…like relocating to a smaller house and I mean this is a reality.

The fact that the government is even still managing this situation, I give credit to the government, because the situation is completely beyond their control, and this is where people have been mischievous…

Today we live in a global community, Nigeria cannot determine the price of oil or gas. And that is why the presiident has gone spending countless nights lobbying, rallying other oil-exporting countries on how do we stabilize the oil price….

The Minister was specifically asked about the exchange rate situation. He tried to explain the factors that influence the rate making reference to oil price. He simply said the SITUATION (exchange rate) was beyond the president since he does not control oil price. He never said the ECONOMY was beyond the President’s control as misrepresented by the media.

The minister clearly responded to a question bordering on foreign exchange, using the oil price as a point in his explanation as to why the naira is in a free fall, since the federal government cannot directly influence the price of crude oil, it is obviously out of their jurisdiction to stabilize the naira considering the fact that about 80% of our foreign exchange is from crude oil. This obviously is not referring to the nation’s economy, rather on the challenge of the naira free fall which logically is beyond the FG control at the moment.

Having a professional journalist in a national newspaper as THISDAYLIVE lacking in English comprehension is a matter of unethical and professional delinquency. It could also be as a result of the influence of a sensational storyline tied to a matter of national interest that involves a personality of a minister of the federal republic.

The minister through his personal assistant has since clarified his statement, but then the overzealous reporter further exposed his ignorance by again claiming the story should be taken serious. This is absolutely a matter of comprehension and reporters should pay attention to context before arriving at a conclusion.

http://www.financialwatchngr.com/2016/03/14/lai-muhammeds-interview-misrepresentation-facts-thisdaylive/

The already frosty bilateral relationship between Nigeria and South Africa may linger over the hard stance of the National Assembly on the vexed issue of N780b fine imposed on MTN Nigeria by the Nigerian Communications Commission (NCC).

It would be recalled that South Africa’s President Jacob Zuma met with President Muhammadu Buhari to agree on a payment schedule.

In his first public comment on the matter, President Buhari said Nigeria was not concerned about the money, but the security implication of MTN’s failure to disconnect unregistered lines.



He said the company chose to go to court rather than negotiate with the authorities.

“MTN had withdrawn their case from the court and decided to go back and renegotiate the fine, which they consider very stiff, with NCC to find ways the fine can be reduced and given time to pay gradually,” Buhari said.

A cross-section of stakeholders observed that there is need for the Federal Government to ensure that the issues are resolved in a most amicable way possible to forestall further breakdown in bilateral relations by both countries.

In the view of Dr. Fabian Uzor, a public affairs analyst, both countries will be at the receiving end if the relationship between the countries become estrange.

Echoing similar sentiments, the President of National Association of Telecommunications Subscribers (NATCOMS), Chief Deolu Ogunbanjo, urged the Federal Government to accept the N50 billion payment by MTN Nigeria as the total fine.

Ogunbanjo said that the N50 billion payment made by MTN was okay and somewhat seemingly agreeable with international best practices.

“The Nigerian Communications Commission (NCC) and indeed the Federal Government should now show some magnanimity in accepting the payment in good faith. “This will ensure that MTN continues to be in business in Nigeria. “Our fines must be corrective and not as penal as to close down foreign investment interests in Nigeria. “Nigerian regulators must not be excessively harsh in order not to send wrong signals to investors interested in Nigeria,” he said.

http://www.financialwatchngr.com/2016/03/13/n780b-mtn-fine-threatens-nigeria-south-africa-bilateral-relations/

The Nigerian National Petroleum Corporation (NNPC) has announced new appointments, redeployment and secondments into key positions of the organisation.

In a press statement by the management of the Corporation, these appointments take effect immediately. The new unit heads are expected to resume fully by April 1 2016”.

The appointments are part of the recent reorganization by the management of the corporation.

They are as follows:

Appointed GEDs/COOs
Upstream – Bello Rabiu
Downstream – Henry Ikem–Obih
Refineries – Anibor Kragha
Gas and Power – Saidu Mohammed
Ventures – Babatunde Adeniran
Finance & Accounts – Isiaka Abdulrazaq
Corporate Services – Isa Inuwa

GGMs Strategy & Execution (Supporting the GEDs/COOs)
Downstream – Surajdeen Afolabi
Refineries – Ugochukwu Afamefuna Vitalis
Gas and Power – Yusuf Matashi
Ventures – Ladipo Fagbola
Finance and Accounts – Ahmadu Sambo
Corporate Services – Modupe Bammake
Strategic Business Unit Heads
Upstream MD IDSL – Roland Ewubare

Downstream MD Retail – Esther Nnamdi-Ogbue
MD Nigeria Petroleum Marketing – Ahmed Farouk
GGM Marine Logistics – Dalhatu Makama

Refineries MD PHRC – Bafred Enjugu
MD WRPC – Adewale Ladenegan
MD KRPC – Idi Mukhtar

Gas & Power MD Gas & Power Investments – Samuel Ndukwe
MD NGMC – Mazadu Bako
MD NGPTC – Babatunde Bakare

Ventures MD Properties – Danny Sokari George
MD Shipping – Saidu Abdulkadir
MD NETCO – Aliyu Sikiru
MD NOFS – Lawrencia Ndupu
GGM RED/Frontier Exploration Services – Rabiu Suleiman
GGM Medicals – Oyetunde Olubunmi Oyekan

GMD’s Office MD Trading – Inuwa Waya
GGM COMD – Mele Kyari

Corporate Services Unit Heads
Finance & Accounts Financial Controller – Mike Balami
GGM Treasury – Dapo Segun
GGM Liabilities Management – Godwin Okonkwo
NNPC Capital – Aliyu Zubair Sambo
MD Pensions – Danbello Naadiyalle
GM Insurance – Mrs. Izilen Okosun

GMD’s Office GGM NAPIMS – Dafe Sejebor
GGM Govt. and Labour Relations – Ndu Aghumadu
GM Efficiency Unit – Bala Wunti
GGM CSLD – Chidi Momah
GGM CSR – Ohi Alegbe

Corporate Services GGM ITD – Inuwa Danladi
GGM HR – Adekemi Akitoye
GGM GPAD – Mohammed Deen Garba
GGM ETD – Farouk G. Sa’id
GM SCM – Sophia Mbakwe
GM Group Security – Sam Otoboeze
GM HSE – Maduebo Mbakwe
GM Group Admin Services – Eziaha Uchendu

Ventures
GGM NNPC Leadership Academy – Ayatode Oyinlola

Secondment
E& P Dr M Baru– Technical Adviser Gas (Ministry of Petroleum Resources)
Abubakar Mai-Bornu Sadeeq (formerly MD NPDC to DMD NLNG)
R& T Engr. Nnamdi Ajulu – Consultant Refinery & Infrastructure (Ministry of Petroleum Resources)

http://www.financialwatchngr.com/2016/03/11/nnpc-appoints-new-unit-heads/

Nigeria’s economic growth data confirmed what the Nigerian government and its backers have been loath to admit: that currency controls are hurting the economy and slowing it down.

Growth in Africa’s biggest economy and oil exporter slowed to 2.8 percent last year, the weakest level since the advent of civil rule in 1999 and down from 6.2 percent recorded in 2014.

Industrial output contracted 2.2 percent last year, compared with expansion of 6.8 percent in 2014.

Tumbling oil prices have battered Nigeria, a country that relied on crude for two-thirds of government revenue but government inertia and its controversial policies have helped to inflict woes on the economy. Capital controls and restrictions on currency trading imposed backed by President Muhammadu Buhari have made matters worse. Rather than benefiting manufacturers, as government has claimed, the GDP data show industries such as food and vehicle production continue to suffer.

The figures “confirm widespread fears of a slowdown, possibly even a recession,” Alan Cameron, an economist at Exotix Partners LLP in London, said in an e-mailed note. “The lack of investment and access to imported inputs has hamstrung the corporate sector, and is increasingly being felt by the man on the street.”

Gross domestic product rose 2.1 percent in the fourth quarter from a year earlier, the statistics office said on Tuesday, down from 2.8 percent in the previous three months and lower than the 2.9 percent median estimate of 11 economists surveyed by Bloomberg.

The central bank’s measures have effectively pegged the naira at 197 to 199 against the dollar since March last year and hindered the ability of manufacturers to pay foreign suppliers. They’ve also caused investors such as Aberdeen Asset Management Plc and Ashmore Group Plc to sell naira bonds and stocks.

Nigeria’s main stock index has fallen 9.8 percent this year, more than any other bourse in Africa apart from Zimbabwe’s. Forwards prices suggest the naira will drop 31 percent to 288 in a year, while the black market rate is around 320 to the dollar.

Buhari, 73, became the first opposition leader to win power in Nigeria last year, riding on a wave of optimism that he would fix an ailing economy, end an insurgency by Boko Haram in the northeast and combat rampant corruption. While he has scored some successes in fighting the militants and tackling graft, investor confidence in his economic policies or absence of same have waned.

“We see some scope for faster growth, forecasting the economy to expand by 3.8% this year,” David Faulkner, an economist at HSBC Holdings Plc in Johannesburg, said in a note to clients. “However, much will depend on Nigeria’s exchange rate policy, with the current foreign exchange and import restrictions — imposed to stabilize the naira — having a detrimental effect on economic activity and growth.”

Lower oil output and prices contributed to the industry contracting 8.28 percent in the fourth quarter compared with expansion of 1.1 percent in the third quarter, the statistics office said. Growth in the non-oil industry, which accounts for 90 percent of GDP, was little changed at 3.1 percent.

There is little to suggest the economy has improved so far this year, according to Manji Cheto, an analyst at Teneo Intelligence in London. While the government plans to boost growth with a record $30 billion budget, lawmakers are yet to pass it.

“Growth for the first quarter of this year could be worse because nothing has happened,” Cheto said by phone. “Government hasn’t yet ramped up spending since we don’t have a budget. The performance in this quarter will drag growth down for the rest of the year. It confirms that Buhari’s government has been very slow off the line.”

http://www.financialwatchngr.com/2016/03/10/gdp-confirms-what-nigeria-denies-naira-peg-hurting-economy/

Mr Kayode Fayemi, the Minister of Solid Minerals Development, has promised to revoke all dormant mining licences this week.

Fayemi announced this during a one day working visit to Kurupka site in Chanchaga Local Government Area of Niger on Monday.

He said the administration would no longer accept operators who kept their licences from the purpose they were issued, adding that they would be revoked and issued to genuine mining investors.

He noted that most of the land that were allocated as mining sites to miners had been acquired illegally.

NAN recalled that the Mining Cadestre Office under the ministry had said that more than 500 mining licences would be revoked due to non compliance with the 2007 Mining Act.

He said the ministry would begin formlisation of illegal miners into a structure to enable them to earn their livelihood in a safe environment and according to the world standard .

“We want them to form a cooperative to enable us to give them a structure that the ministry can work with and anybody that refuses to be part of the structure will face the law.

“We are not going to allow illegal mining to continue; we will bring it to an end; we are not depriving them, but we want to meet up with the Mining Act of 2007,” he said.

He promised that the Federal Government would devise means of assisting them with necessary equipment and financial support among others.

According to him, Gold which is a vital mineral, is not on the record of the Federal Inland Revenue Services (FIRS) and is being mined in the site.

“Gold is being smuggled out of the country to other countries without tax, record and revenue to show on a daily basis from the mineral that we are endowed with; this will no longer be acceptable.

Speaking at the site, Mr Aliyu Taguwagi, Niger Commissioner for Environment, expressed support to the minister to revoke non-functional mining titles.

He said such titles should be re-issued to serious mining investors; he appreciated the ministers’ plans to legalise the activities of illegal miners in the state.

Mr Edward Danladi, the Vice Chairman, Miners Association of Nigeria, called for synergy among the federal, states and other stakeholders to help tackle illegal mining in the state and other parts of the country.

Danladi called on the ministry to provide adequate inspection vehicles for its staff in the state for effective monitoring of areas under exploration lists.

He explained that the illegal miners were mostly sponsored by the Chinese, Botswana, Cameroonians and Niger Republic citizens.

The Emir of Minna, Alhaji Farouk Bahago who received the minister and the ministry’s minister of state in his palace, expressed appreciation of their plans to legalise mining in the state.

Bahago urged the minister to assist the people with loans and standard equipment to perform their mining activities.

NAN reports that no fewer than 1,000 illegal miners are conducting illegal mining operation on the site with manual equipment such as diggers and shovels.

The Minister for State, Solid minerals Development, Alhaji Abubakar Bwari and other top officials of the ministry were on the entourage.

http://www.financialwatchngr.com/2016/02/23/fg-to-revoke-dormant-mining-titles-formalise-illegal-mining/