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The purpose of the N701 billion bailout by the Central Bank of Nigeria (CBN), to the power generation companies and gas suppliers, may have been defeated,due to low remittance levels by the 11 electricity distribution companies (Discos)

Following the declaration last week by the federal government through the Permanent Secretary, Ministry of Power, Mr. Louis Edozein, that the government might soon discontinue its payment of financial shortfalls to the Gencos, in view of the market records from the Nigerian Bulk Electricity Trading Plc (NBET) ,which indicated that the intentions of the bailout scheme may not be met after all.

From the analysis of the market records obtained Thursday in Abuja, the original intentions of the bailout funds was to support the Gencos to continue to produce electricity for at least two years when the Discos would be able to pay substantially for power sold to them.

However, there are strong indications that this objective may not be achieved because the Discos remit an average of 25.5 per cent monthly to the NBET for power sold to them as against 80 per cent remittance target by the end of 2018.

The development, it was learnt, means that the 80 per cent Discos remittance level the NBET anticipated at the end of the disbursement of the N701 billion in December 2018 would not be feasible.

The inability of the Discos to hit the 80 per cent remittance target in 2018 will also potentially weaken the capacity of NBET to repay the N701 billion in 10 years.

The NBET obtained the N701 billion facilities from the CBN in 2017 to guarantee payments for electricity generated and supplied by power generation companies (Gencos).

The bailout was intended to bridge the payment shortfalls to Gencos and gas suppliers, and ultimately sustain electricity supply to Nigerians.

It was expected that at the end of the disbursement of the bailout between January 2017 and December 2018, the monthly remittances of the Discos for power supplied to them would have come up to 80 per cent.

But the market remittances indicated that on the average the Discos paid 25.5 per cent monthly, thus jeopardising the intention of the bailout.

https://www.financialdigest.com.ng/blog/2019/02/22/n701bn-power-sector-bailout-in-jeopardy-as-discos-remit-only-25-5/

By Johnson Eyiangho

The Iranian Government, suspected main financier of detained Sheikh Ibrahim El-Zakzaky and his Islamic Movement in Nigeria (IMN), has withdrawn its support to the group, a top Federal Government official has revealed.

The source told News Agency of Nigeria (NAN) on Thursday in Abuja that the withdrawal of support was sequel to “secret engagements, discreet contacts and cultivations’’ by Nigerian and Iranian governments’ officials in the last one year.

According to the source, the engagements were facilitated by the Office of National Security Adviser (ONSA) and High Command and Supreme Leadership Council of the Islamic Republic of Iran.

The source disclosed that the engagement centred on how to contain and manage “the violence, menace and confrontations of IMN’’ with constituted authority.

“IMN is seen as the benefactor and vehicle for the import of Iranian Shia ideology in Nigeria and West African sub-region,’’ the source said.

He also revealed that series of meetings between officials of Rasuul Aaazam Foundation (RAAF), a Shia group in Nigeria, and Federal Government intelligence officials led to the breakthrough.

The source explained that RAAF operated under Hujjatul Islam, led by Sheikh Muhammad Nur Dass, with headquarters in Kano and branches across northern Nigeria.

He said that Dass was the highest ranking Shia cleric in Nigeria, with mandate to adjudicate religious and temporal issues in the Ja’afari Shia School.

“This makes him higher in the Shia school and hierarchy than El-Zakzaky, who is not a cleric and has never been to any Shia Theology School.’’

The source recalled the confrontations between IMN and security forces, especially the army, in Zaria, Kaduna, Abuja, Nasarawa and said that they “necessitated a change of tactics and strategy and adoption of non-Kinetic warfare’’.

On Nov. 20, 2018, the IMN clashed with security forces in Abuja and it led to the death of many people.

The source disclosed that a senior Iranian cleric, Ayatollah Movahedi Kermani, the “Ephemeral Tehran Friday Prayer Imam’’, condemned the killings and urged clerics to step in to avoid further clashes and bloodshed.

He said that after the incident, Dass stepped up his intervention, first by declaring support for President Muhammadu Buhari, and called on Shia adherents to eschew violence and confrontation with constituted authority.

The source said that over the last 30 years, El-Zakzaky’s IMN had been seen as a vehicle for projecting Iranian foreign policy with demonstrations and burning of American and Israeli flags.

He, however, said the resolve by the Iranian regime to distance itself from IMN and El-Zakzaky “will certainly improve its relations with Nigeria’’.

https://www.nan.ng/news/iran-withdraws-support-for-imn-el-zakzaky-source/

derealj:
Lol these people thinks election is mathematics. Atiku is a northerner for crying out loud. Buhari cannot defeat him with that kind of margin I.e if he could.

with 52%?

https://storage.googleapis.com/thisday-846548948316-wp-data/wp-media/2018/12/1d1f529e-abdulaziz-yari-696x522.jpg

-Notifies commission of Appeal Court ruling


Onyebuchi Ezigbo in Abuja

Following the ruling of an Appeal court in Sokoto, the All Progressives Congress (APC) has submitted the list of candidates from Zamfara State that will take part in the general election to the Independent National Electoral Commission.



While confirming the move in an interview with journalists at the APC headquarters in Abuja Wednesday night, the Governor of Zamfara State, Abdulaziz Yari, said the party acted based on the latest ruling of the Appeal Court sitting in Sokoto which he claimed upheld the earlier judgement of the Zamfara State High Court ordering INEC to accept the party’s candidates.

Yari said: “We in Zamfara State are happy at the development because we knew that we did the right thing and conducted our primaries.”

He said the Appeal Court had only reaffirmed the position of the lower court in Zamfara State.

Also confirming the development, the APC National Legal Adviser, Babatunde Ogala, said the party had officially forwarded the ruling of the Appeal Court to INEC for consideration.

“What we owe INEC is to officially notify it of the new ruling of the Appeal Court on the Zamfara State matter which is what we have done. We have forwarded copies of the court order to INEC and for it to reflect the names of our already submitted candidates on the ballot paper when the election starts on Saturday,” he said.

https://www.thisdaylive.com/index.php/2019/02/14/apc-submits-zamfara-candidates-list-to-inec/

https://www.financialdigest.com.ng/wp-content/uploads/2019/02/moneyLaundering-920x425.jpg

Nigeria, Ghana, Saudi Arabia and Panama were named in a proposed European Union blacklist of nations seen as posing a threat because of lax controls on terrorism financing and money laundering, the E.U. executive said on Wednesday.

The move is part of a crackdown on money laundering after several scandals at E.U. banks but has been criticised by several E.U. countries including Britain worried about their economic relations with the listed states, notably Saudi Arabia.

Nigerian and Ghanaian officials are yet to react to the proposed blacklist.

The Saudi government said it regretted the decision in a statement published by the Saudi Press Agency, adding: “Saudi Arabia’s commitment to combating money laundering and the financing of terrorism is a strategic priority”.

Despite pressure to exclude Riyadh from the list, the commission decided to list the kingdom, confirming a Reuters report in January.

Panama said it should be removed from the list because it recently adopted stronger rules against money laundering.

Apart from reputational damage, inclusion on the list complicates financial relations with the E.U.

The bloc’s banks will have to carry out additional checks on payments involving entities from listed jurisdictions. The list now includes 23 jurisdictions, up from 16. The commission said it added jurisdictions with “strategic deficiencies in their anti-money laundering and countering terrorist financing regimes”.

Other newcomers to the list are Libya, Botswana, Ghana, Samoa, the Bahamas and the four United States territories of American Samoa, U.S. Virgin Islands, Puerto Rico and Guam.

The other listed states are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

https://www.financialdigest.com.ng/blog/2019/02/14/eu-proposes-to-blacklist-nigeria-ghana-and-saudi-arabia-for-money-laundering/

SternProphet:
Adamawa, Benue and Akwa Ibom for Buhari. Yes Atiku is from Adamawa and was Gov there for less than two months. Yes Benue was a victim of herdsmen but it's aldo the land of new farmer millionaires. Akwa Ibom has internal tribal issues, Akpabio is strong and GEJ is not on the ballot

I do not think Buhari can win Adamawa,Benue and Akwa Ibom.

Great stuff.

I just voted,q difficult to manipulate.

yehmy:
There's a state in Nigeria called Kano state and it is governed by APC and Buhari endorse the Governor for 2nd term
What do u have to say about that?





P.S : Don't result to insult just answer the question

So Buhari should have endorsed PDP governorship candidate,when Ganduje won APC primaries,abi?Even Jesus and Mohammed dinned with sinners.

Clowns everywhere

.

muykem:
What is the killing of cows has to do with rally?

Vote and crowd buying a

One week to determine the accuracy of this projection..

Waiting for PDP reaction and reactors

Where is our own share?

So what do local governments do with our money?
I understand they too have security vote,hmm...

Larufa:
"Yobe people, vote for Atiku on March 16!" ~Uche Secondus (63 yrs)

Is the PDP Chairman Suffer from DEMENTIA too ?

He is suffering from DEMENTIA SECONDUS

Ernezee:
continue to give the lifeless one hope when doura na him sure for am pass

Wailer spotted!

olujastro:
This is the closest to what to expect from results next week.
However the flaws are:
South East: Ipob members boycotting the elections means lower turnout in the SE.
Voters turnout in the SE will be around 40% or less. And I expect to see APC get around 15% while PDP gets 80%, others including APGA...5%.

South South: APC will do far better than 19%. APC will get at least 30% here.
No GEJ on the ballot so APC might win Edo.
Akpabio is on the ballot on the same day, while Uyo has always been an APC stronghold. APC should get at least 40% in AKS.
Omo-Agege is on the ballot in Delta Central, Udughan is on the ballot in Delta South, both on the same day. APC should get at least 30% in Delta.
If Rivers court cases is finally sorted out, the current senators will be on the ballot apart from Magnus Abe. Plus, Rivers elections are always about federal might and control of security. Amaechi will likely repay Wike and APC should get 50% or more.

North East: Atiku will lose Adamawa. At best he'll get 45%.

Extra: Nasarawa, Plateau....too close to call.

Lagos has cosmopolitan voters so Others - Sowore, Muoghalu and Durotoye should score 15% put together while APC gets 45% and PDP 40%.
Apart from Lagos; Sowore, Muoghalu and Durotoye will get Lalasticlala 's Jamb scores in the remaining 35 states.

Peter Obi factor is stronger than Ipob factor.The SE will have the highest turn out.

senatordave1:
Very plausible and credible.its the worst case scenario for buhari.

Agreed.