₦airaland Forum

FEDERAL GOVERNMENT BEGINS ROAD REPAIR WORKS AT NIGHT
source: http://www.eyesoflagos.com/2018/02/federal-government-begins-road-repair.html

The federal government has said it has commenced rehabilitation of failed portions of the nation’s road at night to avoid traffic congestions that are associated with day time repair. The Federal Road Maintenance Agency (FERMA) Federal Road maintenance Engineer in charge of the FCT, Engineer Ambrose Omame stated this at the weekend while carrying out repair works on several portions of the Abuja-keffi road. Omame who led a team of engineers and other staff of FERMA to repair failed portions of the roads said the decision to work at night was parts of resolve taken by the Managing Director of FERMA, who according to him is relentless in ensuring that roads across the federation are motorable at all times. He noted that FERMA would continue to fix failed portions on the Abuja-keffi road until when the federal ministry of works carry out the planned holistic expansion of the already congested dual carriageway. While commending the Gaurds brigade unit of the Nigerian army for providing them with adequate security at night and the men of the federal Road safety commission for controlling traffic flow, he identify some logistic challenges associated with late night rehabilitation of roads. The portions of the road rehabilitated includes a long stretch at the popular sharp corner, just opposition The Young Shall grow Motors and the failed portions between the Nyanya interchange and the popular MOPOL junction. EYES OF LAGOS reports that the FCT FERMA team had earlier worked on the the kugbo slope, just between Mogadishu barracks and Karu overhead bridge.

MILITARY ROUTS BOKO HARAM MEMBERS IN SAMBISA
source: http://www.eyesoflagos.com/2018/01/military-routs-boko-haram-members-in.html

Nigerian Air Force (NAF) fighter aircraft has killed several Boko Haram terrorists who were poised to interfere with ongoing operations in the Sambisa general area. According to the report gathered by EYES OF LAGOS source revealed, how the NAF fighter aircraft bombarded the insurgents in the Bambisa area. A statement issued by the NAF’s director of Public Relations and Information, Air Vice Marshal Olatokunbo Adesanya, said NAF’s Intelligence, Surveillance and Reconnaissance (ISR) platform had sighted several Boko Haram members on vehicles and gun trucks, which were carefully concealed in a forested area. “Consequently, three NAF fighter aircraft were detailed to provide close air support to our surface forces, which also engaged the insurgents. “The fighter aircraft launched a bomb attack on the insurgents’ defensive positions while another wave of bomb attacks was launched at the insurgents’ gun trucks and vehicles, causing one of them to go up in flames,” the statement said. Adesanya said one of the aircraft strafed a Boko Haram vehicle with rockets, destroying the gun truck in the process. “The NAF aircraft destroyed not only the vehicles but also the workshop previously used by the insurgents to repair and retrofit their vehicles and equipment,” the statement added. Meanwhile, the Nigerian Army has alerted the residents of the north-eastern states of Borno, Adamawa and Yobe to watch out for wounded Boko Haram terrorists fleeing the onslaught from the Operation Deep Punch ll launched against the insurgents in Sambisa Forest and other parts of northern Borno which had recorded success. The Army gave this warning yesterday in a statement issued to newsmen in Maiduguri by its spokesman, Brig Gen Sani Usman. The Army added that during the onslaught, the troops of Operation Lafiya Dole involved in the operation killed seven terrorists, wounded several others and recovered several caches of ammunition. It, however, noted that two soldiers, who were wounded in action, had been evacuated by NAF and were responding to treatment. Usman said: “Troops of Operation Lafiya Dole involved in Operation Deep Punch II have continued to deal decisively with remnants of Boko Haram terrorists hibernating in Sambisa Forest and other parts of northern Borno State with tremendous success. “On Friday, January 26, 2018 afternoon, the troops with effective support from the Nigerian Air Force (NAF) had contact with the terrorists while advancing into Sambisa Forest. During the encounter and further exploitation, the troops destroyed Boko Haram terrorists’ equipment, make-shift accommodation around Camp Zairo, Improvised Explosives Device (IEDs), booby traps, and other delaying obstacles and devices. “The troops also neutralised seven Boko Haram terrorists and wounded several others. In addition, the gallant troops recovered 1 gun truck, 1 anti-aircraft gun, 1 machine gun, a pistol, large quantity of anti-aircraft gun ammunition, a 120mm mortar base plate and a dane gun.” According to him, the trrops also destroyed 11 gun trucks, 12 Hilux vehicles, 3 canter trucks, 2 double barrel rifles, 30 bicycles, power generating sets, cylinders, printers, military kits and an IED making workshop. “Impressed with the unprecedented performance, the Commander Sector 1 Operation, Lafiya Dole, who is also the General Officer Commanding (GOC) 7 Division, Major General IM Yusuf, has visited the troops harbour location. “He conveyed the Chief of Army Staff’s and Theatre Commander’s commendations to the troops for the wonderful job of annihilating the remnants of Boko Haram terrorists inside Sambisa Forest and encouraged them to sustain the tempo of the offensive until they have eliminated all the Boko Haram terrorists wherever they might be hibernating,” Usman said. He noted that the GOC, who was flown by Nigerian Air Force, was accompanied by the Commander, 26 Task Force Brigade, Brigadier General I.M. Obot, and had meeting with the various field commanders. According to him, the successes recorded have boosted the morale of the troops who expressed enthusiasm in sustaining the onslaught against the terrorists, even as he warned residents of the areas to be on the watch out for fleeing terrorists. “The people of Borno, Adamawa and Yobe states are requested to report any fleeing Boko Haram terrorist seen around their communities. They should also look out for the wounded terrorists and report to the nearest military or Nigeria Police Force location,” Brig Gen Usman said.

Sprumbabafather:

DIEZANI IN TROUBLE AGAIN OVER WITHDRAWAL OF $1.3B FROM NNPC ACCOUNTS
source: http://www.eyesoflagos.com/2018/01/diezani-in-trouble-again-over.html

THERE seems to be no end to the alleged mind-boggling financial misappropriation in the former President Goodluck Jonathan administration.
In the centre of it all is, according to records unearthed by investigators, former Minister of Petroleum Resources Mrs. Diezani Alison-Madueke.
Economic and Financial Crimes Commission (EFCC) detectives have just uncovered the withdrawal of $1.3billion from the accounts of the Nigerian National Petroleum Corporation (NNPC), ostensibly to fight kidnapping and other security threats in the Niger Delta.
The withdrawal was neither authorised by the National Assembly nor the Federal Executive Council (FEC).
The former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, is also believed to be unaware of the deductions from the NNPC accounts.
The ex-Minister only relied on a memo from ex-President Goodluck Jonathan without recourse to the board of the NNPC.
A former Group Executive Director, Finance and Accounts of NNPC, Mr. Bernard Otti, has been quizzed by Economic and Financial Crimes Commission (EFCC) detectives.
Otti is said to have also made available to the EFCC some documents, including approvals to withdraw the $1.3billion by Mrs Alison-Madueke.
In two other instances, Jonathan wrote on two other requests mandating the former minister to take part of the cash from either NNPC Security Vote Account or from the “Gas Fund”.
According to Eyes Of Lagos source, EFCC operatives were almost closing up the probe of the ex-Minister when the withdrawal of the $1.3billion was uncovered.
About $1.4billion was requested by the Office of the National Security Adviser (ONSA) via three memos, for “Intervention for Urgent National Security Projects.”
About $1.3billion was released from NNPC accounts but it was unclear what became of the $100million balance as at press time.
ONSA had requested for $1.4billion between March 27, 2014 and May 5, 2014 when approval was given and cash backed.
About three memos were sent to ex-President Jonathan on March 27, 2014, 31st March 2014 and May 5, 2014.
In the first memo, of March 27th, 2014, the former National Security Adviser, Mr. Sambo Dasuki, requested for $1billion to fight kidnapping, crude oil theft and petroleum pipeline vandalism.
The memo to Jonathan, which was titled “Request for intervention for urgent National Security Projects”, said: “Your Excellency, apart from the insurgency in the Northeast, the country is also contending with some other security challenges, such as crude oil theft, sea piracy, kidnapping as well as petroleum pipeline vandalism.
“These challenges have greatly affected revenue profile of the nation and our international image.
“Our gas pipeline network has also come under serious threat as the scourge of vandalism has spread to the gas sector. Apart from the volatility of gas and its potential for collateral damage, especially environmental degradation, shortage of gas will constitute a serious setback to Government’s power generation efforts.
“Additionally, Mr. President had promised during the 30th meeting of NEPAD Heads of State and Governments Orientation Committee that the Trans-Saharan Pipeline Project from Nigeria to Algeria will be completed in 2015. The security of the Nigerian end of this pipeline network is critical to the success and smooth running of this gas project.
“Further to Mr. President’s support so far in our fight against terrorism, there is urgent need to raise our intelligence gathering efforts to more strategic levels.
“It is therefore pertinent that a holistic approach is applied to solving these challenges highlighted above. To ameliorate the above mentioned challenges, some reputable companies have been identified to provide the following:
(a) An integrated maritime domain awareness platform that can be integrated into enforcement platform of the Navy and other agencies to help check crude oil theft, sea piracy and kidnapping as well as Offshore pipeline vandalism.
(b) An Onshore petroleum and gas pipeline surveillance and monitoring solution.
(c) Unmanned aerial platforms for strategic intelligence gathering.
(d) Mobile radars for aerial coverage by the Nigerian Air Force
(5) In view of the foregoing, Mr. President is kindly requested to approve the provision of $1billion intervention funds to enable the urgent provision of the above-mentioned services. Please accept, Your Excellency, the assurances of my highest esteem.”
Commenting on the ONSA memo, ex-President Jonathan on March 31, 2014 approved the release of $1billion. He said: “HMPR, NSA, Paragraph approved.”
A follow-up memo on March 31, 2014 to Mrs. Alison-Madueke and the ex-NSA conveyed the approval.
The memo, signed by a former Senior Special Assistant (Admin) Matt Aikhionbare, said: “RE: Request for intervention projects for urgent National Security Projects.” Reference: (A) Letter NSA/SH/600/A dated 27th March 2014 on the above subject matter. I am directed to forward Reference A to you and to convey to you Mr. President’s approval of Paragraph (5). Humbly submitted for your further action sir.”
In spite of the initial approval, ONSA on April 9, 2014, via a memo NSA/SH/600/A asked for a fresh $200million.
The second memo said: “Your Excellency, please refer to your letter PRES/88-3/MPR/716/149/NSA/ 634 of 31st March 2014 on the above subject. During our review of the process, we realised a few gaps in the assessment of the protection of the gas pipelines, which will likely render the entire protection plan incomplete as the inland gas network was not considered.
“In view of this, I crave the indulgence of Mr. President to please approve an additional $200million only to enable a thorough security of the pipelines. Please, accept, Your Excellency, the assurances of my highest esteem.”
Following the receipt of a second memo, the ex-President wrote: “Approved. Honourable Minister of Petroleum Resources to release funds from the “Gas Fund”.
In a third memo of May 5,2014(NSA/SH/ 600/A), the ex-NSA applied for additional $250million to be sourced from the account of the National Petroleum Investment Management Services (NAPIMS), which is a subsidiary of NNPC.
The memo states: “Your Excellency, in our efforts to continue building capacity for our counter-terrorism efforts, it is pertinent we appropriately and speedily respond to challenges thrown up by the insurgents. This is in addition to several proactive measures already in place by government through the security forces. In view of the above, there is need for urgent intervention in the following areas:
(a) Provision of at least 15,000 ballistic vests and helmets to be issued to all troops in the operations
(b) Provision of 15 mobile scanners to cover entrances to Abuja and strategic cities in the North.
(c) Purchase of urgently needed ammunition for the Nigerian Air Force.
(d) Purchase of ammunition for the Nigeria Police
(e) Purchase of Night Vision Goggles for both the Army and the Air Force.
“To achieve the above-listed objectives, it is estimated that the sum of $250million only will be required. The money could be released from the security funds held by the National Petroleum Investment Management Services (NAPIMS).
“In view of the above, Mr. President is kindly requested to direct the release of $250million only for the above-mentioned subject. Please accept the assurances of my highest esteem.”
In his response, the ex-President directed as follows: “Please, release US$200m only from NNPC Security Vote.”
A highly-placed source in EFCC, who spoke in confidence, said: “Investigation so far confirmed the withdrawal of the $1.3billion from some accounts of the NNPC abroad. But there are sufficient clues of suspected money laundering by the ex-Ministers of Petroleum Resources and some government agencies who used ONSA as a platform.
“There is no evidence of projects executed with the cash. Instead, some of the cash were wired into a few banks by these individuals.
“We have also grilled a former Group Executive Director, Finance and Accounts of NNPC, Mr. Bernard Otti who has cooperated with our investigators by making necessary documents available. We will keep you posted on this case.”

The Nigeria Immigration Service has promoted 8821 Officers
source: http://www.eyesoflagos.com/2018/01/nis-promotes-8821-officers.html

The Nigeria Immigration Service (NIS) , has promoted 8821 Officers and Men. The senior officer’s promotion list which was approved by the Civil Defence, Fire, Immigration and Prison Service Board (CDFIPB) at its 59th meeting held on the 16th January, 2018 has a total of 5070 newly promoted officers which comprises 23 Assistant Comptrollers General (ACG) and 58 Comptrollers of Immigration Service (CIS) The further breakdown of the promotion list has 79 Deputy Comptrollers of Immigration (DCI), 269 Assistant Comptrollers of Immigration (ACI) and 249 Chief Superintendent of Immigration (CSI). Others are 662 Superintendent of Immigration (SI), 423 Deputy Superintendent of Immigration (DSI), 152 Assistant Superintendent of Immigration 1 (ASI1) and 108 Assistant Superintendent of Immigration 2 (ASI2). Also on the list are 100 Chief Inspectors of Immigration 1 (CII1), 187 Chief Inspectors of Immigration (CII), 233 Deputy Chief Inspectors of Immigration (DCII), 363 Assistant Chief Inspectors of Immigration (ACII), 409 Principal Inspectors of Immigration (PII), and 1757 Senior Inspectors of Immigration (SII). On the Junior Cadre, the list as approved by the Comptroller General of Immigration (CGI) has a total of 3751 Men who were promoted to the next ranks. In a statement made available to Eyes Of Lagos by NIS spokesperson, S. James, the Comptroller General of Immigration Muhammad Babandede MFR congratulated the newly promoted Officers and Men and urged them to key into the change agenda of the Federal Government as promotion entails more commitment and hard work.

$1.5BN LAGOS-IBADAN RAIL PROJECT BEHIND SCHEDULE – ROTIMI AMAECHI
source: http://www.eyesoflagos.com/2018/01/15bn-lagos-ibadan-rail-project-behind.html

The Federal Government on Tuesday revealed that due to too many encumbrances on the projects right of way, the $1.5bn Lagos-Ibadan rail project earlier scheduled for completion by December 2018, might no longer be feasible.
This is even as 1400 houses inside Harmony Estate, not far from Oke-Mosan, in Abeokuta have already been identified for demolition due to the right of way issues.
According to Eyes Of Lagos investigation, Addressing journalists after an on the spot assessment of the project in Abeokuta, the Hon. Minister of Transportation, Rotimi Amaechi, explained that negotiations are ongoing with some villages along the projects right of way in Ewekoro area of Ogun State.
According to Amaechi, “we are driving now to Abeokuta because we have some challenges over there. The contractor has identified over 1400 buildings to be demolished in communities along the projects right of way right inside Abeokuta in Ogun State.
“I will have to meet with the Ogun State Governor to discuss with him.
“In Lagos, we still have issues with some gas pipelines and water pipelines. The Army has given us the barracks at Yaba area, so work can commence.
“We are rushing to make sure that we complete all the civil works on the project before the rainy season, because if we don’t, then the civil works will have to wait until after the rainy season.
“The NNPC, Water Corporation and Army were all with us. It is just a challenge to build a project like like through a cosmopolitan area.
“As regards compensation, there is a huge cost overrun. With what we have in store for compensation and what we are meeting with on the projects right of way, the cost overrun is huge.
“On the job done so far, I am satisfied, even though the contractor is now behind schedule. Before, they were meeting up with the time schedule, but now they are not; and the excuse they are given me is that if we remove all the issues on the right of way, they wouldn’t be behind schedule.
“Because sometimes, we have to wait for days and weeks to get some of this issues sorted, we are now running behind the time of the project completion.
” However, I won’t be able to address the issue of lateness or not until December 2018, which is actually our target. Don’t forget, this is a three-year project that we are trying to force into a one year project.
“The civil works is what they are currently battling with, and they cannot finish the civil works if the issues on the right of way are not sorted.

FCDA DEMOLISHES PATIENCE JONATHAN’S PROPERTY
source: http://www.eyesoflagos.com/2018/01/fcda-demolishes-patience-jonathans.html

According to Eyes Of Lagos investigation, Federal Capital Development Authority (FCDA) through the Abuja Metropolitan Management Council (AMMC) yesterday demolished a multimillion-naira property, belonging to Dame Patience Jonathan, wife of former President Goodluck Jonathan, for allegedly contravening FCT development control regulations. Officials under the supervision of AMMC coordinator, Umar Shuaibu pulled down the structure, which is still at roofing stage, under the name of A. Aruera Reachout Foundation/Women for Change Development Initiative, located in Mabushi area of Abuja metropolis. In particular, the AMMC officials accompanied by a joint team of security personnel forcefully gained access into the premises and demolished a multi-purpose hall, along with illegal structures behind the main building, for flaunting development control regulations in the territory. The Abuja Metropolitan Management Council (AMMC) has said that it demolished a property belonging to Dame Patience Jonathan, wife of former President Goodluck Jonathan because the structure contravenes development control regulations. The coordinator, AMMC, Umar Shuiabu explained that the former first lady’s building in Mabushi and all the other structures removed by his organisation in Wuse II were illegal ones. According to Shuaibu, “If they have approval, we would not have been there. Everyone must have approval before commencing any development in the FCT. When our officials go on inspection and discover that a structure is being put up, they would request to know whether there has been an approval prior to commencement of the development or not.”

Yeligray:
This is a clear case of tribalism, nepotism and godfatherism.. Lol, the southerners no get sense.. And as for buhari, i expected less.

all is a deceit . Were is the change

FEDERAL GOVT TO SUPPORT INDIGENOUS METER MANUFACTURERS – BABATUNDE FASHOLA
source: http://www.eyesoflagos.com/2018/01/federal-govt-to-support-indigenous.html

The Minister of Power, Works and Housing, Mr Babatunde Fashola, on Thursday, said the Federal Government had concluded plans to involve more Nigerians in meter manufacturing.
Eyes Of Lagos gathered that, Fashola spoke while inspecting the National Meter Test Station in Oshodi, Lagos.
He said that the measure would reduce the pressure on Electricity Distribution Companies on meter supply.
“The core business of DISCOs is to transport energy; their business is not to supply meters.
“The government will address metering more vigorously this year with regulations which will open up business in metering to more investors.
“This will reduce the pressure on DISCOs so that they can concentrate more on their core business.
“So, we will open up the business to other people who want to play in the sector once the meter regulations are completed this year,” he said.
Fashola said that Nigeria’s meter journey from 1950 showed that consumers depend on meters from foreign countries.
“We have seen Nigeria’s meter journey; the meters from 1950 to date, meters from Greece, Japan, Britain and China. This has shown that how our industry totally depends on meters from foreign countries.
“But now, we are beginning to see meters from local manufacturers like Mojec and Moman; that is a good place to be.
“At present, we have over 100 million telephone subscribers in Nigeria, but let me ask you, how many telephones are made in Nigeria?
“We spend millions of naira to buy telephones from China and still we will go back and borrow money from China.
“So, we want to change that in the meter industry; we are happy that some Nigerians are manufacturing meter in Nigeria and we promise to support them,” he said.
He added that the National Meter Test, under Nigerian Electricity Management Service Agency was to test the accuracy of meters before installation.
According to him, the accuracy tests are in two steps, so that the DISCOs will not cheat consumers and consumers do not cheat DISCOs.
The minister reiterated the FG’s plan to roll out meters to Nigerian consumers soon.
He said: “We plan to roll out meters, and we must”.
The Managing Director/Chief Executive Officer of NEMSA and Chief Electrical Inspector of the Federation, Mr Peter Ewesor, said all meters being used by the DISCOs passed through the centre before installation.
According to him, it is not possible for the meters that passed through the centre to shortchange consu

FUEL SCARCITY: IPMAN URGES FG TO BUTT MULTIPLE CHARGES BY NIMASA, NPA
source: http://www.eyesoflagos.com/2018/01/fuel-scarcity-ipman-urges-fg-to-butt.html

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the federal government to reduce the multiple charges instituted for importation of fuel products, saying it will provide a permanent solution to the lingering scarcity and stabilize the price of fuel in the country. National President of IPMAN, Elder Chinedu Okoronkwo stated this in Abuja while speaking to National Assembly correspondents, Thursday. He said the unabated fuel scarcity situation has caused hardship to the generality of people. He explained that, besides the multiple charges which he said are issued illegally by Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA), in dollars, are hampering ease of doing business, it is also making petroleum products inadequate and unavailable to solve the needs of the people. Noting that the non-functionality of oil refineries in the country is major challenge to the oil sector, the association urged the federal government and other business moguls like Aliko Dangote to ensure that the industries are revamped and be made to enhance petroleum refining. Eyes Of Lagos gathered that, According to Okoronkwo, if the multiple charges are reduced, it will further, not only ease the cost of landing of petroleum products but make the price of fuel cheaper and stable. He hinted that, already, more than 50 vessels are betting in Nigeria and that if the refineries start working, it will ameliorate the fuel scarcity situation. Emphasizing that there is uncertainty hovering in the oil industry which has propelled most of the fuel scarcity situations, the IPMAN President maintained that unless the Petroleum Industry Bill (PIB) is passed into law before a permanent solution to the fuel crisis be achieved.

DANGOTE SUGAR GROWS 227% TO EMERGE 2017 BEST PERFORMING STOCK
Source: http://www.eyesoflagos.com/2018/01/dangote-sugar-grows-227-to-emerge-2017.html?m=1

In the outgone year 2017, the best performing stock on the Nigerian Stock Exchange (NSE) was Dangote Sugar Refinery Plc. Last year was a very good one for the local bourse and a number of equities performed relatively well at the market. For the first time in three years, the Nigerian stocks market closed the year in the positive territory, as the NSE All-Share Index (ASI) returned 42.30 percent year-on-year. Consequently, market capitalisation advanced significantly to close at N13.61 trillion in contrast to N9.25 trillion as at the end of 2016. Eyes Of Lagos gathered that, A report by CNN, a global news platform, revealed that the Nigerian stock market was the third best performing market in the world in 2017, doing better than the United States market. Performance across sectors was broadly impressive, with 65 stocks posting price appreciation, while 32 stocks recorded price declines. Dangote Sugar Refinery recorded highest capital appreciation as it closed the year at N20, from N6.11 it opened, leaving its shareholders 227.33 per cent better. Another stock that did well was International Breweries Plc, which recorded a 194.59 percent growth, Fidelity Bank Plc increased by 192.86 percent in 2017, Fidson Healthcare Plc went up by 189.06 percent, while Dangote Flour Plc advanced by 185.88 percent last year. The company’s share price close the year higher ahead of analysts’ projection. Analysts at Cordros Capital Limited, in November projected a target price (TP) of N19.03 at full year 2017, while analysts at Cardinal Stone Finance, another Lagos based investment house, put their TP for Dangote Sugar at N16.29. But both projections were beaten by huge margins with the stock closing the year at N20. However, analysts at both institutions as well as others had given a bullish perspective to the nine-month 2017 financial results and other business facts of the sugar giant, a major factor in stimulating the ensuing bullish position on the stock by investors in the period. Dangote Sugar in third quarter financial results for the period ended September 30, 2017 reported impressive earnings of N 26.5 billion, which is already 1.8 times higher than N10.1 billion reported in full year of 2016. Reflecting on this performance, analysts at CardinalStone had stated “given this run rate, we believe the company is on track to deliver its strongest earnings in full year 2017.” Focusing on the third quarter, despite a 0.95 per cent year-on-year (YoY) decline in revenue, earnings rose by 244.3 percent YoY as a result of a faster decline in cost of sales. This largely steered the 2,153 bases points (bps) YoY increase in third quarter 2017 gross margin. Likewise, on a quarterly basis, gross margin expanded albeit modestly by 68bps, also driven by lower production costs. Industry commentators noted that Dangote Sugar continues to benefit from easier accessibility to foreign exchange (for its imported inputs), relatively improved gas supply as well as currently soft raw sugar prices in international markets. It would be recalled that on the 2016 full year earnings call, management of Dangote Sugar said it plans to achieve 20 per cent gross margin in 2017 full year versus 13.5 per cent in 2016 full year, assuming forex is purchased at a relatively lower average rate and higher output is realised from Savannah where margins are higher. Last week, analysts at Cordros Capital had placed Hold on Dangote shares, meaning investors should hold on their shares, having potentials to grow higher. According to them, the shares of Dangote Sugar appreciated by 1.83 per cent toN20.00. Dangote Sugar trades at forward Price Earning (PE) of 6.5x, lower than its five-year historical average of 7.5x. They noted that Dangote Q3, 2017 result, showing revenue declined one per cent year-on-year, while Earnings Before Interest Tax Depreciation and Amortization (EBITDA) and profit after tax grew strongly by 226 per cent and 244 per cent year-on-year, respectively. According to Cordros Capital, continued stronger gross margin and tamed operating expenditure (Opex), primarily, in addition to higher investment income, was the lever for earnings growth. The decline in revenue, was driven by lower sales volume, which more than offset the relatively higher price. Compared to 2016, sales volume has closed lower in all three quarters in 2017 in response to the sharp increase in price. “The management reduced the per bag price of sugar by N1, 000, effective in April, to help support sales. Despite cuts to sales estimates, we raise Dangote Sugar’s 2017 full year EBITDA and net profit by 50 per cent each, and for 2018 and 2019 full year by 55 per cent and 56 per cent respectively. The upward revision follows better margin outlook on declining per tonne production cost, which we expect will offset price cuts. “Our revised estimates translate to EBITDA and net profit growth of 158 per cent and155 per cent respectively in 2017 full year and three per cent and five per cent average growth in 2018 to 2019 full year. “We cut revenue estimates for 2017 to 2019 full year by 10 per cent average, on downwardly revised volume and selling price estimates Sales volume has been hit by weakened demand and more recently, by both the influx of smuggled sugar and the terrible condition of the road to the Apapa factory” the analyst firm said. They also foresaw better performance of the sector following better energy efficiency and stronger exchange rate, stable outlook of global raw sugar prices and positive mix from growing contribution of higher margin Savannah. A further financial analysis and forecast by CardinalStone gives more investor information on positioning in the sugar giant’s stock in the short-to-medium term. The analysts stated, “Dangote Sugar continues to carry a modest debt balance sheet thus, in the absence of finance cost pressures as well as sustained efforts to contain operating expenses, we expect the benefits of expanded gross margin to filter through to earnings, and project full year 2017 EPS (earnings per share) at N3.14, representing a 161.7 per cent increase over full year 2016. “In the last three years, Dangote Sugar has on average paid 48 per cent of its earnings as dividend. Given this, we estimate a final dividend of N1.00, bringing our estimated total dividend to N1.50. The company paid an interim dividend of 50 kobo following the release of its first half 2017, earnings. In 2018, they expect the impact of lower production costs to reinforce earnings on the back of sustained foreign exchange (FX) stability, strengthened by improved crude oil output and higher crude oil price and favourable raw sugar prices, which is expected to remain lower in the near term on improved harvest in Brazil and India

SENATE CUTS SHORT RECESS TO ADDRESS FUEL SCARCITY
Source: http://www.eyesoflagos.com/2017/12/senate-cuts-short-recess-to-address.html?m=1







The Senate yesterday cut short its three-week recess to convene a meeting with stakeholders in the oil sector, with a view to addressing the fuel scarcity which appears to have defied solutions.

This is as the Senate has vowed to unveil forces or factors behind the fuel scarcity which has caused Nigerians untold hardship in lasted last three weeks.

Consequently, its committee on Petroleum Resources (Downstream), has summoned relevant stakeholders in the Industry to appear before it next week Thursday (January 4, 2018) at an investigative public hearing session.

A terse statement signed by the chairman of the committee, Senator Kabiru Marafa (APC Zamfara Central) yesterday, said there would be public hearing which would have in attendance, the minister of state for Petroleum, Ibe Kachikwu, the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC) Maikanti Baru, heads of other petroleum parastatals and marketers.

According to the reports gathered by Eyes Of Lagos that, Senator Marafa insisted that the public hearing would be televised live by the Nigeria Television Authority (NTA) for Nigerians to get a glimpse of what is happening.

He added that the meeting which will be held in the Senate Hearing Room 221 is meant to address the lingering fuel scarcity bedeviling the nation in the last few weeks with a view to putting a complete stop to the unsavory development.

“The planned meeting with critical stakeholders in the industry, aims at unraveling forces or factors behind the current fuel crisis and possible way out in the interest of Nigerians,” he said.

It would be recalled that efforts made so far by NNPC management and independent marketers to end the scarcity within the last two weeks, have proved abortive as long queues of vehicles at filling stations across the country and exorbitant sales of the commodity at black markets remain unabated.

The Senate, which is presently on Christmas and New Year break, is billed to resume committee work for budget defence on January 9 and commence plenary on January 16.

GOVERNOR AMBODE APPOINTS ONIBON AS MOCPED ACTING PROVOST
Source: http://www.eyesoflagos.com/2017/12/governor-ambode-appoints-onibon-as.html?m=1






Lagos State Governor, Mr. Akinwunmi Ambode on has approved the appointment of Dr. Nosiru Olajide Onibon as the Acting Provost of the Michael Otedola College of Primary Education (MOCPED), Noforija, Epe.
Eyes Of Lagos gathered that, Special Adviser to the Governor on Education, Mr. Obafela Bank-Olemoh in a statement on Thursday said the appointment takes immediate effect.

Onibon’s appointment follows the demise of the former Provost, Professor Olurotimi Sikiru Akeusola who passed on early this year.

Born on October 13, 1967, Onibon attended Ansar-Ud-Deen Primary School Epe (1974-1980), before proceeding to Alaro Community High School, Iraye-Oke also in Epe (1980-1985).

He bagged his First Degree in Arts, Arabic Language and Literature from the Lagos State University (1992) and then his M.sc in International Relations (1998) and Arabic Language Studies (2000) from the University of Ibadan and Lagos State University respectively.

The Acting Provost also holds a Ph.D in Arabic Language Studies from the International Islamic University, Malaysia and has published many research publications and books.

Bank-Olemoh in his statement also expressed confidence that given his qualifications and prior experience, Dr. Onibon will transition well into his new position as the Acting Provost and capably manage the affairs of the institution.

POLICE SHOOT DEAD MEMBER OF ROBBERY GANG WHO SHOT OGUN DPO
source: http://www.eyesoflagos.com/2017/12/police-shoot-dead-member-of-robbery.html

According to the reports gathered by Eyes Of Lagos, The Ogun State Police Command on Tuesday says it has gunned down a member of armed robbery gang who shot and injured the Divisional Police Officer of its Ogbere Divisional headquarters, Adeyinka Akingbade.
The police said the slain robber had escaped and fled to Delta State shortly after the gang shot and injured Akingbade, who had led a team of policemen to a hotel in Itele-Ijebu, to answer a distress call.
The incident happened in September last year when the robbers ambushed the DPO and his team.
The state Police Public Relations Officer, Abimbola Oyeyemi, said luck ran against the slain robber as he sneaked into Ijebu Ife, on Monday, December 25, 2017.
He said the suspected robber had been on the police wanted list and the command has been on his trail since then.
Oyeyemi said, “Luck, however, ran against him on Christmas day when police operatives received an information that he was sighted in a beer parlour at Itawade area of Ijebu Ife.
“Upon the information, the policemen swiftly moved to the place, but before getting there, he has left the place.
“He was, however, traced to his in-law’s house where the police operatives caught up with him. Having realised that the game was up, he brought out a pistol and started firing at the policemen.
“The operatives were left with no other alternative than to fire back, consequence upon which he was shot dead.”
Items recovered from him, Oyeyemi said were a locally made pistol, a machete, assorted charms and a Toyota Highlander with two different number plates.
He said the injured DPO is still recuperating in the hospital till date.
Meanwhile, the state Commissioner of Police, Ahmed Iliyasu, has commended the resilience of his men in making sure that the last member of the gang was finally brought down.
He warned would- be criminal to stay away from the state as “no crime committed in Ogun State will go undetected.”

FEDERAL GOVERNMENT BORROWS N5TRN FROM PENSION FUNDS
source: http://www.eyesoflagos.com/2017/12/federal-government-borrows-n5trn-from.html

The federal government has borrowed a whopping N5 trillion from the N7.3 trillion pension funds saved since the commencement of the Contributory Pension Scheme (CPS) in 2004.
Eyes Of Lagos investigations revealed that the N5 trillion was loaned to the government by the pension fund managers to fix its infrastructural deficits and meet its financial obligations as and when due.
It was learnt that, while the money has allowed the government to build new roads, repair the rail system, fix some of the power challenges, pay salaries of its workforce, among others, it has also in return lead to economic growth and development.
Findings by correspondents showed that the Pension Fund Administrators (PFAs) invested N3.87 trillion, amounting to 54 per cent of the pension funds, in federal government bonds, while the pension operators also invested N1.27 trillion, representing 17.7 per cent of the pension funds in government treasury bills in a bid to rescue the federal government from illiquidity.
This means the pension industry has granted 71 per cent of the pension assets as loans to the federal government through bonds and treasury bills.
Since federal government bonds and treasury bills are less risky, the pension operators decided to invest heavily in them, while the new scheme has generated about N2.5 trillion as investment income from some of the investments PFAs made.
Speaking on this development, the chairman, Pension Funds Operators of Nigeria (PenOp), Eguarekhide Longe said, “With about N5 trillion invested in infrastructural development through bonds, it shows you that the pension fund has been active. So, the philosophy of managing this money is to add to it. It means that the money has been used profitably”.
He expressed dismay over the comments made by some lawmakers and government officials that the pension fund is lying idle, noting that most of the fund still resides with government.
He disclosed that, while the pension fund operators are ready to invest more of the fund in infrastructure, the federal government must come out with infrastructure bond, which it is yet to do.
“We are ready to invest in infrastructural bonds whenever the government decides to float them to finance key developmental projects”, Longe added.
Promising that the pension fund managers are ready to engage with government to expand the economic space, though it is not their primary objective, he added that care must be taken not to invest pension fund in a project that will not regenerate it.
“If you put pension fund in a project that does not regenerate it, the money is gone and in many cases as we have found, the project has not been delivered because it was not properly conceived”, Longe noted.
He said the managers had requested the investment banking community to come out with products that abide by the investment guidelines in the Pension Act, which operators can finance.
Longe continued: “The fact is that there are ample provisions in the investment guidelines that allow for investment in projects, so to say, infrastructure, private equities and real estates, bonds, among others.
“But what has happened is not that the money is idle in the PFAs or that the fund managers have not looked for those projects. It is not their jobs to go and create projects, but we have actively sort the investment banking community to develop products that we can invest in”.
In the same vein, the former Chairman of PenOp, Dave Udeanu, called on the government to come up with projects that are backed up with adequate guarantee, stressing that most states have already invested part of the pension funds in infrastructure.

SEE THE SHOCKING NUMBER OF PEOPLE LIVING WITH HIV IN LAGOS STATE
source : http://www.eyesoflagos.com/2017/12/see-shocking-number-of-people-living.html

The Chief Executive Officer (CEO) of the Lagos State AIDS Control Agency (LSACA), Dr Oluseyi Temowo, has said that the State has recorded a drop in HIV/AIDS prevalence.
Eyes Of Lagos gathered that, He revealed this during the recent World AIDS Day celebration saying: “We know that there is a drop of 1.7 percent, and the screening done among communities the prevalence rate is 0.3 percent, whereby 576, 406 were screened at different health facilities, and 29, 010 were screened at communities.
‘’The figure on positive expectant mothers at antenatal in 2014 is four percent but now, we have 1.4 percent.’’
He added that there are about 217, 658 positive people in the state, and about 64, 554 who are on Anti-retroviral (ARV).
Furthermore, Temowo said the state was planning to screen physically challenged people living with for HIV, starting with the deaf and the blind.
“This set of people were neglected before but the decision to enlist them is to ensure nobody is left behind in ensuring that the state captured everybody for an HIV/AIDS state,” he said.
He, however, urged non- governmental organisations to collaborate with the state on HIV/AIDS to focus on villages, communities and rural areas to achieve the set target of eradicating the virus by 2030.
Meanwhile, Temowo said the agency would screen for HIV in some markets at Ikorodu and Epe divisions as well as some parts of Ikeja and Alimosho divisions.
“The market HIV intervention will continue after the World AIDS Day on December 1.We are targeting the market because it is an all-inclusive thing to achieve 90:90:90,” he said.

1,500 PDP MEMBERS DEFECT TO APC IN LAGOS
source : http://www.eyesoflagos.com/2017/12/1500-pdp-members-defect-to-apc-in-lagos.html

No fewer than 1500 members of the Peoples Democratic Party (PDP) in Oshodi-Isolo Local Government Area of Lagos State on Friday defected to the All Progressives Congress (APC).
Eyes Of Lagos reports that the defectors were received by Mr Olusola Sokunle, representing Oshodi-Isolo Constituency I at the Lagos State House of Assembly and the APC Chairman in the LGA, Alhaji Olamide Kasali.
Sokunle, who was elected into the Assembly on the platform of PDP, had in February, alongside six other lawmakers, defected to the ruling party on the floor of the House.
The lawmakers had cited the performance of Gov. Akinwunmi Ambode and the leadership style of the Speaker of the Assembly, Mr Mudashiru Obasa, as reasons for their defection.
The new defectors were led by a PDP chieftain in the council, Mr Fola Mosaku, and four councillorship candidates of the party in the July 22 council polls in the state.
Sokunle, receiving them, said: “APC is a party to belong to, where our political aspirations can be achieved. So, endeavour to frequently attend political meetings in your wards.
“Let us thank Governor Ambode for giving Oshodi a facelift. More projects are still on the way.
“The door is still open for other interested PDP members to join us.”
He said that the APC-led government had performed beyond expectations, with various development projects executed in different parts of the state.
Also welcoming the defectors, Kasali assured them that APC would ensure their interests were protected.
The party chairman said that the party would soon begin its membership registration in the wards.
He urged all new and old members to go to their various wards for registration immediately the exercise commences.
Speaking on behalf of the defectors, Mosaku said: “We dumped the PDP for APC because of the performance of our Honourable Sokunle.
“We are also motivated by the performance of APC government in Lagos; we will not make any u-turn back to the PDP.
“Four councillorship candidates in the last local government election and I are leading other members of PDP to APC today.
“We are joining APC permanently,” Mosaku said.
Mr Ayodeji Ogungbayibi, one of the defectors, who was a councillorship candidate in the July council poll in Mafoluku Ward, said the PDP was not functioning in the state again.

NCC, CENTRAL BANK MOVE TO TACKLE E-BANKING FRAUD
source : http://www.eyesoflagos.com/2017/12/ncc-central-bank-move-to-tackle-e.html

The Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) have stated their resolve to tackle issues of fraud on bank customers who use the electric banking system.
The two institutions also expressed worries over the activities of individuals that use the platform to defraud bank customers, vowing that they would tackle the menace through effective synergies and monitoring.
The institutionssaid this, on uesday, at a workshop on Electronic Banking Fraud in Nigeria – Challenges and way forward’, organised by the institutions, held in Port Harcourt, Rivers State.
Stakeholders at the workshop believed that effective collaboration by government agencies and private organisations was a tool to tackling the scourge, which has bedeviled financial institutions.
Eyes Of Lagos gathered that, Speaking, the Executive Commissioner, Technical Services, NCC, Engr. Ubale Maska, expressed concerns over the activities of fraudsters who take on bank customers using smart phones for transactions.
He added that NCC has involved the CBN, Nigeria Police Force and other relevant agencies in the fight against e-banking fraudsters.
Maska, who spoke through the Director, Technical Standard and Network Integrity, Dr. Fidelis Onah, said: “Everyone of us must have experienced fraud or somebody you know has. When this issues of e-banking fraud was raised by banks, the CBN and NCC saw the need to collaborate to fight it.
“We have developed frameworks, but after analysis, we still noticed some loopholes. So, we raised the issue of authentication period. We have decided to also embark on consumers awareness.
“There is need for prudence among people. People should place restrictions on what they do and how they do it. We are on check and if anyone is caught, such person will face the wrath of the law”, he vowed.
Meanwhile, Dr. Adewale Banijoko, a Principal Consultant, Forensic Consultant Limited, in his sensitisation lecture, pointed out that effective collaboration among major stakeholders in the industry, and education of the bank, as well as telecommunications customers, were means through which e-banking fraud could be nipped in the bud.

CENTRAL BANK OF NIGERIA , STAKEHOLDERS HARP ON N500BN NON-OIL INTERVENTION FUND
source : http://www.eyesoflagos.com/2017/12/central-bank-of-nigeria-stakeholders.html


With its determination to boost the nation’s economy through diversification, the Central Bank of Nigeria (CBN) has mapped out plans to revive moribund firms in the non-oil export business through its N500 billion export stimulation facility.
The apex bank has realised the non-oil sector insignificant contribution to Nigeria’s Gross Domestic Product (GDP), and has shown desire to support President Muhammadu Buhari-led administration in diversifying the economy away from oil & gas sector.
Since the drop in global oil prices, the CBN and federal government had been thinking of various resources to raise its non-oil income so as to be able to withstand shocks, create jobs and stabilise the foreign exchange market.
Data from the National Bureau of Statistics (NBS) on Foreign Trade in Goods Statistics revealed that Crude oil exports continued to grow faster than non-crude oil exports this year.
The NBS report stated that export trade is still dominated by crude oil exports, which contributed N2.9 trillion or 83.17 per cent to the value of total exports in third quarter of 2017.
“Non-oil products only contributed to 3.54 per cent of total exports in the quarter,” the Bureau had reported.
In the sector contribution to GDP, the bureau explained that non-oil sector grew by negative 0.78 per cent in real terms in third quarter of 2017, lower by negative 0.79 per cent compared to the rate recorded same quarter of 2016 and negative 1.20 per cent point lower than second quarter of 2017.
The Agriculture (crop) has been the major driver in non-oil sector contribution to GDP and CBN is targeting cocoa produce, but the funding would pass through the apex bank to the commercial banks or through Nigeria Export-Import Bank (NEXIM), and goes through the exporters to the primary farmers.
Also, cash crops like rubber, can earn foreign exchange to lubricate and run the economy as demands from European countries and Asia has significantly increased.
For instance; a technically specified natural rubber valued at N922.87 million was exported to Spain, N554.94 to Netherlands, N527.41 million to France, N477.83 million to South Africa and N472.60 million to Italy.
There has been increased demand of cocoa shells, husks, skins and other cocoa waste from Germany, Spain, China, Malaysia and Netherlands.
Emefiele had maintained, “ to many cocoa farmers, primary rubber producers or palm oil producers who are in the villages or in the communities, we are saying that we are going to develop a framework that would make finance available to them through NEXIM and through the framework to be set up, where they can access some intervention funds”.
The CBN Governor also disclosed plan to set up an Anchor Borrowers’ Programme (ABP) for non-oil exporters.
“So, we are saying that the source of revenue into the country should not just be oil, neither should it just be foreign portfolio investments or foreign direct investment alone,” he stated.
Eyes Of Lagos gathered that, the President, Manufacturing Association of Nigeria (MAN), Dr. Frank Jacobs commended the CBN for its motivation to revive the moribund manufacturing companies in the country.
He hinted that the association was ready to work with CBN in identifying those challenges and implement its polices on non-oil export sector growth.
According to him, “To revive the moribund manufacturing sector is a welcome idea by the CBN governor since those were the things we have been expecting. There are several strategic companies that are moribund across the country.
“For CBN to acknowledge this is a welcome development. It is our hope that CBN would have to carry MAN along. We can point to them those strategic moribund companies that have needed to be revived,” he said during the weekend.
Emefiele this year has maintained its position interest rate and expectations are high over possible reduction by 2018.
Also supporting the comment of MAN president, the President, Abuja Chambers of Commerce and Industry, Prince Adetokunbo Kayode, welcomed the CBN plans to revive the manufacturing sector, lamenting over the challenges of funding.
He said, “Pumping of these funds to the commercial banks will not work. Commercial banks are obstruction to manufacturing development. Commercial banks are looking for short-term funds and not interested in long-term funds which the manufacturing sector is not used to.
“CBN needs to work on its lending mechanism via lending directly to those manufacturing sector. Before CBN pushes out the funds, they need to sit down with the appropriate stakeholders and deliberate.
“The CBN must consider finance leasing to those in the manufacturing sector and agriculture. The real growth in any economy is Agriculture and Small and Medium Enterprises (SMEs)”.
Before now, the CBN had issued a guideline on non-oil Export Stimulation Facility (ESF), established to support the diversification of the economy away from oil & Gas sector and to expedite the growth and development of the non-oil export sector.
According to the guidelines for operating the fund, the CBN is expected to invest in a N500 billion debenture to be issued by NEXIM in line with section 31 of CBN Act.
Objectives of the facility include to improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets; attract new investments and encourage re-investments in value-added non-oil exports production & non-traditional exports and shore up non-oil export sector productivity and create more jobs.
Others are to support export-oriented companies to upscale and expand their export operations as well as capabilities; and broaden the scope of export financing instruments.
The guideline stated that eligible transactions of the ESF include Export of goods processed or manufactured in Nigeria; Export of commodities and services, which are allowed under the laws of Nigeria; Imports of plant & machinery, spare parts and packaging materials, required for export-oriented production that cannot be sourced locally, among others.
The guidelines by CBN further stated that the facility was essentially designed to redress the declining export credit and reposition the sector to increase its contribution to revenue generation and economic development.
“It will improve export financing, increase access of exporters to low interest credit and offer additional opportunities for them to upscale and expand their businesses in addition to improving their competiveness.
“It shall be responsible for the day-to-day administration of the Facility and rendition of periodic reports on the performance of ESF to CBN.
“Facilities with a tenor of up to three years would be granted at a maximum all-in interest rate of seven and half per cent (7.5 per cent) per annum; Facilities with tenor of over three years, would be granted at a maximum all-in interest rate of nine percent per annum.
Furthermore, the guideline stated that the facility shall not exceed 70 percent of the total cost of the project or transaction subject to a maximum of N5 billion.
“The ESF shall have a tenor of up to 10 years and shall not exceed the 28th of December, 2025. Stocking facility shall be for a maximum tenor of one year with the option of roll-over not exceeding twice. However, this shall attract an additional fee of 0.25 per cent per annum of the loan amount and is subject to approval of CBN. Working capital facility shall be for a maximum tenor of one year with the provision of roll-over not exceeding twice. However, this shall attract an additional fee of 0.25 per cent per annum of the loan amount and is subject to approval of CBN.
According to the CBN, the beneficiary shall utilize the funds for the purpose for which it was granted; Adhere strictly to the terms and conditions of the loan and comply with all relevant laws and regulations; Provide periodic reports on the status of the project in prescribed format as well as periodic financial statements in line with extant company registration regulations and repay maturing loan obligations in line with approved repayment schedule, among others.
Director General, Lagos Chamber Of Commerce and Industry (LCCI), Mr. Muda Yusuf, said “The N500billion intervention is a welcome development. We commend the CBN for the move but access to the funds should be facilitated.
“It is one thing to have the N500 billion fund, it is another thing to have access to it. The way to have access to it is by CBN easing its conditions. If the CBN will have to put in place a credit guaranty scheme, or credit insurance scheme, that will be a welcome development so that the risk of lending to manufacturing sector by the commercial banks will reduce.
“Generally, commercial banks perceive that the manufacturing sector is a risk sector because of the harsh operating environment which can affect their sustainability. We have had experience in the past where we have the funds and it could not be accessed. It has happened in the SMEs, Manufacturing and Agriculture. So, the bottleneck to access must be addressed by the CBN.”

NOLLYWOOD ACTRESS MERCY JOHNSON’S HUSBAND, OTHERS DEFECT TO APC IN EDO
source: http://www.eyesoflagos.com/2017/12/nollywood-actress-mercy-johnsons.html

Husband of Mercy Johnson, Prince Odianosen Okojie, on Monday led hundreds of his supporters in the Peoples Democratic Party (PDP) to defect to the All Progressive Congress (APC) in Uromi, Esan North East local government area.
Eyes Of Lagos gathered that, Other leaders that defected alongside 700 former members of the PDP included PDP leader in Ward 2, Mr. John Ehiaguina Iyoha, Chief Ase of Uromi Kingdom and Mercy Johnson’s father in-law, Chief Okojie.
The defectors were received by the APC leader in Esan North East, Prince Joe Okojie and APC chairman in Uromi, Mr. Vasco Agui.
Speaking after his defection, Prince Odianosen said he left the PDP because it is a sinking ship.
Prince Odianosen said he decided to unite with his relatives in the APC to ensure victory for the APC in future elections in the locality.
He said the people that made Esanland stronghold of the PDP are now in the APC.
His words, “I was a member of the PDP. I join politics to deliver and develop people in the locality. The PDP is now a sinking ship and I am not the captain of that ship. I had to run away from the sinking ship because of what Governor Obaseki is doing.
“Obaseki has a good vision for the state. He has roll out his development plans and by the time he finishes, Edo State will be something else and I want to be part of that team. It is people that Esanland PDP. We are going to reverse it and deliver votes for the APC in all elections.
“The people of Uromi know me, I will keep doing what I have been doing to make them happy.”
His father, Chief Okojie, assured APC supporters and leaders that elections in Ward 5 will now be a work over for the APC.
“My son and I came for something good for the APC. It is for peace to reign. There will be progress and development with the APC.”
Presenting brooms to the defectors, Prince Joe Okojie, assured them that there are no new comers to the APC.
Prince Okojie said they would be treated equally as what the party wants is victory in every elections.

LAGOSIANS REACT TO LAWMA PROBLEMS
source: http://www.eyesoflagos.com/2017/12/lagosians-react-to-lawma-problems.html

Recall that earlier this year, Governor Akinwunmi Ambode directed the Lagos State Waste Management Authority (LAWMA), to stop the collection of waste bills, while instructing that all payments should be referred to the office of Private Sector Participation (PSP) operators.
He also transferred the waste pickup to the Private Sector Participation (PSP) operators, as expected, mainlanders believed that the changes was for good and where hoping for a better Lagos.
According to reports by Eyes Of Lagos, Following the changes that were made by the State Government on waste management in Lagos, Mainlanders are yet to see a positive outcome from the changes made.
Some Mainlanders have taken to social media to call the attention of the state government to the way the waste management operators delay in picking up waste in the areas of the state.
While some complain on how long they have to store waste, others complain of how the major roads in Lagos have been turned into waste dumping sites, leaving the streets of Lagos in an unsanitary and inhabitable state.
Read comments below:

cc: lalasticalala , mynd44

NIGERIAN FACEBOOK BIG GIRL MYSTERIOUSLY DIES, FRIENDS SAY SHE WAS USED BY “YAHOO BOYS” FOR RITUALS (VIDEO/PHOTOS)
source: http://www.eyesoflagos.com/2017/12/nigerian-facebook-big-girl-mysteriously.html

A lady on Facebook with the name, Princess Lavish but real name, Tanwa, has reportedly lost her life – but the aura surrounding her death is what is quite baffling right about now.
It’s speculated that Princess Lavish may have been jinxed which led to her death – according to a Facebook user, Iam KayKay, who decided to use her as a point of reference to other girls, he says Princess allowed them to “use” her and now she’s lost her life.
Further investigation into Princess revealed that she actually was a lavish person, as she usually led that life on social media – one of her photos had her showing off exotic mobile gadgets, iPhone 7 & 8 which butresses her expensive lifestyle.
According to friends too, it’s said that Princess was used by “yahoo boys” which has caused people to have mixed reactions – after the post Iam KayKay shared, people have come for him asking why he’d even post such about a dead person… but in his defense, he meant no offense but was only trying to warn other ladies if apparently, Princess’s story is true.

He wrote:
#RIPTOTHECOMPETITION
You allowed them to use you too bad. Girls of now a days want to use iphone8 and your father doesn’t have have Nokia torchlight. Today LEKKI tomorrow IKEJA….they claim slay queens. She named herself PRINCESS LAVISH and now she has lavished her life so painful. I’m sorry if I have hurt anyone’s feelings, i’m just trying to pass a message to other girls to be very careful….. I get frightened and upset when I see young people dying.
#Waitforyourshine #Thegrassisntgreenerontheotherside #NobeeverythingweydeyshinebeGOLD #Shakaragosoonend
See tributes from her friends;

NECO RELEASES 2017 NOV/DEC EXAM RESULTS
source: http://www.eyesoflagos.com/2017/12/neco-releases-2017-novdec-exam-results.html

The National Examinations Council (NECO) has released 2017 November/December External Senior School Certificate Examination results.
Prospective candidates are expected to purchase NECO result checking scratch card before proceeding to check their results online,
Cards are available in all NECO offices.
How To Check Result…
1)Go to NECO result checking portal http://www.mynecoexams.com/results/default.aspx
2)Select your examination type i.e. Nov/Dec
3)Select your year of examination i.e. 2017
4)Enter the result checking scratch card PIN number in the required column
5)Enter your examination number
Finally, click on Check My Result button to access your 2017 NECO GCE result.

FG AMNESTY ON TAX DEFAULTER ENDS MARCH 2018 – FOWLER

source: http://www.eyesoflagos.com/2017/12/vaids-fg-amnesty-on-tax-defaulter-ends.html

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler has said federal government tax defaulters have until March 2018 to declare assets and income via the Voluntary Assets and Income declaration Scheme (VAIDS) or face the consequence.
Eyes Of Lagos gathered that, Fowler speaking at the media workshop programme in Lagos, recently, said the scheme would change financial profile of Nigeria as more income and declaration of assets will aid government spending in economic development.
He said the scheme was a change needed for a commonwealth of every Nigerians, stressing that individuals and corporate companies have started making amendment to the VAIDS.
According to him, federal government believed that Nigerians will be truthful in their assets and income declaration, stressing that the tax collector agency is ready to assist in documentation.
He called on Nigerians to embrace VAIDS in order to benefit from the forgiveness of overdue interest and penalties before its expiration on March 31, 2018.
The Managing Consultant, Pedabo Professional Services, Mr. Albert Folorunsho at the workshop said the scheme was part of federal minister of finance to grow tax contribution to Gross Domestic Product (GDP).
Folorunsho speaking on ‘Tax amnesty programme in Action’ said VAIDS is an amnesty programme that redresses tax declaration in Nigeria.
He said Nigeria tax GDP ratio is about six percent, one of the lowest in the world, when compared to India that has 16 per cent, Ghana, 15.9 per cent and South Africa, 27 per cent.
He explained that Nigeria’s tax compliance has been very low compared to developed countries that have increased tax contribution to their GDP.
According to him, the federal government amnesty on tax payment was driven based on database on corporations and individuals that have defaulted in paying taxes.
He noted that through the Biometric Verification Number (BVN), the government knows tax defaulters and are expected to take actions once the March, 2018 deadline expires.
In his words, “the FIRS has information on corporate accounts holders and individuals that are not remitting tax. Tax payers in Nigeria are given nine months amnesty and they are expected to comply before March 2018.
“Interest will not be charged for late payment of previous years taxes. There is no new tax law but a scheme that will enforce compliances. VAIDS is just a plea for defaulters to come forward and declare their assets and income.
“It is something that should be embraced by all tax payers. It is expected that tax payers declare its taxpayers in the last six years because VAIDS has to do with previous years,” he said
According to him, individuals are to pay their state of residence, while corporate, FIRS.
Also speaking, Deputy Director, Tax Policy and Advisory Department, FIRS, Mr Grabriel Ogunjemilusi, said that the scheme was not new as some countries had used it in the past to generate more revenues for developmental purposes.
He said Indonesia, one of the countries which had used the scheme was able to generate up to$12 billion in three different amnesty schemes.
He said that South African government also used the scheme to broaden the citizens’ compliance culture and the tax payers’ base.
The deputy director said that the country, being a member of Automatic Exchange of Information (AEOI) and the nation’s compliance to International Financial Reporting Standards (IFRS) would help to reduce tax evasion.

HOUSE OF REPS TO PROBE TCN OVER $300M POWER PROJECT
source: http://www.eyesoflagos.com/2017/12/house-of-reps-to-probe-tcn-over-300m.html

The House of Representatives says it will investigate the delay in the execution of 300 million dollars Nigeria Electricity and Gas Improvement Project (NEGIP) by the Transmission Company of Nigeria (TCN).
In a resolution which followed a motion on matters-of-urgent-public-importance by Rep. Yunusa Abubakar (Gombe-APC) at plenary on Tuesday, the house mandated its Committee on Power to immediately probe the interim management of the company.
Eyes Of Lagos gathered that, The motion is entitled “Transmission Company of Nigeria Management and the Future of the Electric Power Sector Reforms in Nigeria: The Urgent Need to Facilitate Swift Action in the Management of TCN through Investigation.’’
Moving the motion, Abubakar expressed worry that the TCN had not been able to implement the NEGIP project.
“The House is concerned that there was negotiation between TCN and the World Bank of the sum of 468 million dollars IDA for the proposed Nigeria Electricity Transmission Project (NETAP).
“The project scheduled for August 29 had been postponed due to changes made to the staffing of the Project Management Unit (PMU) for World Bank-assisted projects in the TCN,’’ he said.
Abubakar noted that the non-compliance by the interim management of TCN with the changes to the PMU would not only affect the future projects but may also impact negatively on the implementation of ongoing projects.
He said that it may also affect the technical assistance in NEGIP to support the power sector recovery programme.
The motion was unanimously adopted by members when it was put to a voice vote by the Speaker, Mr Yakubu Dogara.

NAIRA DROPS TO N307/$ AT INTERBANK RATE – CBN
source: http://www.eyesoflagos.com/2017/12/naira-drops-to-n307-at-interbank-rate.html

The Central Bank of Nigeria (CBN) on Monday disclosed that naira for the first time weakened marginally to N307 against the dollar at the official interbank market. Traders attributed the drop to gradual move to merge its multiple exchange rates.
The West African country now has at least five exchange rate including the official one which the bank used to mask pressure on the currency. In April it allowed foreign investors to trade the naira at market determined rate, which has weakened the currency to around 360.
Eyes Of Lagos gathered that, The apex bank has sold $500,000 almost on daily basis on the official spot market since creating several exchange rates to alleviate dollar shortages. However it had sold the currency at rates of between N305 and N306 for months before Monday’s move.
”It’s possible the central bank is working towards a gradual convergence of rates, one trader told Reuters. Earlier this month the bank sold dollars at N306 for the second time after maintaining a level of around N305 on the spot market for two months.
Dollar shortages gripped Africa’s biggest economy as crude sales, Nigeria’s mainstay, plunged at the start of an oil price rout in 2014. That triggered a recession last year and frustrated businesses, which had to find dollars on the black market as a result.

HUMAN RIGHT LAWYER, FEMI FALANA, FILES N100M LAWSUIT AGAINST FG AFTER BREAKING HIS LEG IN A MANHOLE HE FELL INTO IN ABUJA
source: http://www.eyesoflagos.com/2017/12/human-right-lawyer-femi-falana-files.html

HUMAN RIGHT LAWYER, FEMI FALANA, HAS MADE GOOD HIS THREAT TO FILE A LAWSUIT AGAINST THE FEDERAL GOVERNMENT AFTER HE BROKE HIS LEG IN A MANHOLE HE FELL INTO WHILE ON HIS WAY TO WORK IN ABUJA A FEW WEEKS AGO.


On November 14th, Falana disclosed that he will be taking the Federal government to court after he fell into a manhole along the Shehu Shagari way in Abuja while heading to his office
“I am sure you saw me limping and using a walking stick when I was coming in. It is because I fell into a manhole while walking to my office on Shehu Shagari Way. I broke my leg and I am even wearing Plaster of Paris and I was even hospitalized. So, I won’t like the ordinary Nigerian leave it to God. I have decided that tomorrow I will sue the Federal Government.” he told the participants at the National Stakeholders Summit on Whistleblowing in Abuja.
Falana has now filed a N100 million lawsuit against the Federal Capital Development Authority. The lawyer who has been appearing in public with the aid of a walking stick, is seeking N100m damages for the injuries he allegedly sustained. In the court papaers filed at a Federal High Court in Abuja, Falana said that he has so far spent N209,580 on his medical treatment. He said he now had to endure carrying a POP cast about and walking with the aid of crutches for at least four weeks, on the advice of his doctor. He said apart from the fact that the accident disrupted his business, he had to pay N209,580 as the medical bill at the National Hospital, Abuja where he was rushed to and admitted. Falana is seeking a court declaration that the FCDA failed in its responsibility of either ensuring that the manhole was properly covered up or putting up a caution sign to warn road users.
“The defendant ought to know that leaving a manhole open in the middle of the road was dangerous for all road users, especially pedestrians. The defendant owes the plaintiff a duty of care to ensure his safety while walking on Sheu Shagari Way, Maitama District, Abuja. The defendant is the Federal Capital Development Authority, a body established by an Act of the National Assembly with a duty to construct and maintain such roads, railways, sidings, tramways, bridges, reservoirs, watercourses, buildings, plant and machinery and such other works as may be necessary for, or conducive to, the discharge of its functions under the Act establishing it.”
He wants the court to order the defendant to refund his medical bill of N209, 580 and pay him N100m in damages. He also asked the court to order the FCDA to immediately ensure that all the manholes in Abuja are covered up.
The suit is yet to be assigned to any judge.

MAN FORCES OTAPIAPIA DOWN WIFE’S THROAT IN OWOROSHOKI
source: http://www.eyesoflagos.com/2017/11/man-forces-otapiapia-down-wifes-throat.html

A 28 year old banker, Olaoluwa Adejo has been arrested by the State Criminal Investigation and Intelligence Department, Yaba, Lagos Mainland, for the murder of his wife identified as Maureen Adejo.
It was learnt that Olaoluwa tortured the 28 year old wife and a mother of three with machete and belt after which he forced a local insecticide down her throat.
According to reports gathered by Eyes Of Lagos, the couple’s five year old son, Richard who witnessed the incident narrated how his father maltreated the deceased.
Richard told security operatives that: “My daddy said my mummy should get out of the house. My mummy said no. In the night, my daddy woke my mummy up and said, ‘Mosquito is too much, let me go and buy otapiapia’. My daddy forced my mummy to drink it. She shook her head. She vomited.
“My daddy slapped my mummy. My mummy did not do anything to him. My daddy gave her one blow. My daddy kicked her. My daddy told her to get out of the house and carry her load. Small blood came out. My daddy slapped her, kicked her, machete her, blow her, and put otapiapia in her mouth and in the food.”
Meanwhile the mother of the deceased, Mrs. Kate Jonathan told the Police about her assurances that her daughter was killed stressing that things between her daughter and her husband were not good prior to her death. She added that Maureen had moved out of their home five days before the incident.
“It was at the Police station I was told that Olaoluwa had reported the case and claimed that his wife committed suicide by consuming poisonous substance,” Mrs. Jonathan said.
The suspect who had already deposited the body of his wife in the Gbagada General Hospital mortuary and had allegedly gone to obtain court documents to enable him to bury her was apprehended by the Police after he was asked to return to the station for a certain document. This was after his mother-in-law’s had reported the case to the security operatives.
Presently, investigations are ongoing with the Police ordering the removal of the corpse from the Gbagada General Hospital mortuary to the morgue of the Lagos State University Teaching Hospital, Ikeja, Lagos Mainland.
While the mother of the deceased battles the custody of Maureen’s three children, Richard, five; Henry, three; and Omowunmi, six months, be released to her, Olaoluwa has been transferred to the State Criminal Investigation and Intelligence Department, Yaba. Lagos Mainland.
Speaking on the incident, SP Chike Oti, the State Police Public Relations Officer, confirmed that the matter is presently at the SCIID, Panti.

TERRIBLE ACCIDENT ON THIRD MAINLAND BRIDGE – SEE PHOTOS
source: http://www.eyesoflagos.com/2017/11/terrible-accident-on-third-mainland.html

A terrible auto accident involving a yellow commercial bus has occurred on the usually busy Third Mainland Bridge.
According to the officials Lagos state Traffic Management Authority (LATSMA) that shared the news on social media, the accident occurred earlier today, November 27, 2017.
The bus involved in the accident was said to be conveying about 14 passengers from an unknown destination on the Lagos Mainland to the Island before the incident occurred.
The commercial bus reportedly lost its front tire rim while on motion which led to the car somersaulting on the expressway.
Presently, the officials of the traffic management authority have cleared the affected vehicle off the road to ensure ease of traffic flow.
Meanwhile, Eyes Of Lagos cannot confirm if any life was lost incident. It was however learnt that injured victims have been rushed to the nearest care point for urgent medical attention.