₦airaland Forum

The Central Bank of Nigeria (CBN) yesterday pegged maximum daily transactions through mobile phone- Unstructured Supplementary Service Data (USSD)— at N100,000. The implementation of the policy starts June 1.

Due to absence of set rules on USSD transactions, many commercial banks allow various limits, ranging from N100,000 to N500,000 and above in some cases, depending on customers’ risk absorption levels. This has exposed many customers’ transactions to high risk, with billions of naira lost to fraudsters.

The new framework signed by CBN Director, Banking & Payments System Department, ‘Dipo Fatokun said vast applications of the USSD technology, in terms of available services have raised the issue of the risks inherent in the channel.

The USSD technology is a protocol used by the GSM network to communicate with a service provider’s platform. It is a session based, real time messaging communication technology, which is accessed through a string, which starts normally with asterisk (*) and ends with a hash (#). It is considered cost effective, more user-friendly, faster in concluding transactions, and handset agnostic.

The framework noted concerns on the likely exposure of CBN approved entities to the possible breaching of the USSD accessed financial services in view of likely vulnerabilities in the technology and the ever growing threats.

Fatokun said the policy shift was in furtherance of CBN’s mandate to develop and enhance security of the electronic payment system. The implementation of the policy starts June 1, 2018.

Fatokun had in a circular to banks, switches, Mobile Money Operators (MMOs), Payment Solution Service Providers, Microfinance banks, among others, Fatokun said although the N100,000 limit per customer, per day for transactions applies, customers desirous of higher limits shall execute documented indemnities with their banks or MMOs.

The CBN, he said, has also mandated the use of an effective second factor authentication by customers for all transactions above N20,000. This, he said, shall apply in addition to the Personal Identification Number (PIN) being used as first level authenticator, which applies to all transaction amounts.

According to the framework, banks shall not send the second factor authentication to the customer’s registered GSM number or device; and it shall not be generated or displayed on the USSD menu.

Banks, it added, are also required to install a Behavioural Monitoring system with capability to detect SIM-Swap/Churn status, user location, un-usual transactions at weekends, among others. This shall be achieved by 31st October 2018.

The framework said financial Institutions shall be responsible for setting up dispute resolution mechanism to facilitate resolution of customers’ complaints and shall treat and resolve any customer related issues within three working days. Also, non-compliance shall be subject to penalty, as may be prescribed by the CBN, from time to time.

“There shall be Service Level Agreement between the Financial Institutions and MNOs/VAS & aggregators, benchmarked against the Nigeria Communication Commission Quality of Service (QoS) regulation and service availability requirements of electronic payment services of the CBN,” it said.

It said service providers should put in place systems that enable users/subscribers to block their account from operating USSD service and that no USSD financial service should be activated for customer unless the deactivation mechanism is put in place with effect from June, 2018.

On penalties for infractions, it said the appropriate Regulator (CBN and/or NCC) as applicable shall impose appropriate sanctions for any contravention on any participant that fails to comply with this framework.

The new framework is in exercise of the powers conferred on the CBN by Section 47(2) of the CBN Act, 2007, to promote and facilitate the development of efficient and effective system for the settlement of transactions.

https://www.financialwatchngr.com/2018/04/27/cbn-sets-daily-limit-of-n100000-on-mobile-ussd-transactions/

Mynd44, Lalasticlala, Seun

The organised labour on Thursday in Lagos asked for a new minimum wage of N66,500 for all workers in the country.

The organised labour made the demand at the ‘Public Hearing on National Minimum Wage for Nigerian Workers,’ organised by the Tripartite Committee on the National Minimum Wage for the South-West zone in Alausa, Ikeja.

Presenting the memoranda of the Nigerian Labour Congress, and the Trade Union Congress, Agnes Sessi, the chairman, Political Committee, NLC, Lagos State, said the current wage structure could not sustain any worker.

According to her, the two labour bodies had agreed that there should be an upward review of the minimum wage to meet the current economic realities.

She said, “Based on the current realities, the two labour unions want a new monthly national minimum wage of N66,500, which is approximately the average of the implied minimum wages derived under three approaches.”

“The approaches are: Comparative analysis based on minimum wages in some African countries, an estimate of the monthly minimum cost of providing basic needs to a family of six and two dependants, as well as an analysis based on rising cost of living over time.”

The Association of Senior Civil Servants of Nigeria, Lagos branch, aligned with the NLC and TUC in asking for N66,500 new minimum wage.

The spokesperson for the association, Akeem Kazeem, said the upward review of the national minimum wage was long overdue.

In his address, the Lagos State Governor, Akinwunmi Ambode, represented by the state Head of Service, Folasade Adesoye, said there was the need for workers to be reasonably remunerated.

“The issue, however, which I believe is more peculiar to the public sector, is striking a balance between what goes into recurrent expenditure — of which salaries and allowances are a major component — and the ability of government to fulfil its obligations to the larger society.”

He said stakeholders should be flexible in their demands in the overall interest of everyone.

Earlier, the Chairman, Tripartite Committee on the National Minimum Wage and the Governor of Kebbi State, Atiku Bagudu, who was represented by the Deputy Governor, Col. Samaila Dabai (retd.), said the tripartite committee would still organise more public hearings.

https://www.financialwatchngr.com/2018/04/27/minimum-wage-labour-settles-for-n66500-nationwide/

Tyre dealers under the aegis of Association of Tyre Marketers on Thursday inaugurated a N2bn Africa Tyre Village at the International Trade Fair Complex, Lagos.

Described as the biggest in West Africa, the tyre village made up of 1,000 shops with 32 personal plazas, was said to have been built by the traders without any bank loan or support from any group.

The Minister of State for Industry, Trade and Investments, Hajia Aisha Abubakar, commended the marketers for their ability to set up such village.

Abubakar, who was represented by the Chief Executive Officer, Lagos International Trade Fair Complex Management Board, Mrs. Lucy Ajayi, promised the Federal Government’s support to ensure continued success of their business.

She expressed concern about the poor state of the trade complex road and solicited the cooperation of the tyre dealers in fixing the road.

She hailed the harmonious relationship among the traders despite their different ethnic groups, stressing that the government was in support of what they were doing.

“Government is proud of what you’ve done at this Africa Tyre Village and we shall support you in whatever way we can to ensure the continued success of your business,” Abubakar said.

Ajayi, in her capacity, said that she was very happy that good things such as the tyre village happened during her regime and that the trade fair complex had been transformed.

The President of ANTM, Africa Tyre Village, Alhaji Issa Akanbi, said, “Everything you are seeing here is completely our sweat; no bank loan, no support or sponsorship from any organisation or an individual.”

He said, with over 2,000 registered members, the association decided to move from their former Enu-Owa area at Idumota in Lagos Island because the area became so unbearable due to activities of shylock developers and landlords.

Akanbi said beside the need to effectively coordinate their members and business for proper supervision by the relevant regulatory agencies, there was also the need to give listening ear to the government.

https://www.financialwatchngr.com/2018/04/27/tyre-dealers-unveil-n2bn-africa-tyre-village-in-lagos/

Mynd44, Lalasticlala, Seun

The Academic Staff Union of Universities has announced a conditional suspension of its strike action.

The ASUU President, Prof Biodun Ogunyemi, announced this in Abuja late on Monday.

https://schoolnewsngr.com.ng/2017/09/18/ASUU-finally-call-off-nationwide-strike/

Mynd44, Lalasticlala, Seun

THE National Examinations Council on Thursday released the June/July 2017 Senior Secondary Schools Examination results.

The Council says out of the 1,051,472 who sat for the examinations, only 745,053 of the candidates got at least five credits including Mathematics and English Language.

The Registrar of the Council, Prof. Charles Uwakwe, while announcing the results at the headquarters in Minna, Niger State, said a total number of 50,586 candidates (4.81 percent) were involved in examination malpractices, representing a 0.52 percent increment compared to 2016.

Uwakwe said the comparative analysis of candidates’ performance in the examination for 2016 (69.74%) and 2017 (70.85%) shows that there is a 1.11 percent improvement in the general performance of candidates.

According to him, out of the 1,055,988 candidates who registered for the examinations in Nigeria and other countries only 1,051,472 sat and only 745,053 (70.85 percent) got 5 credits and above including Mathematics and English Language.

“We have 50,586 (4.81 percent) candidates involved in examination malpractice and this represents 0.52% increment compared with 2016 that had 43,905 cases (4.29%).

“A total of 276 schools were involved in mass cheating in 34 states and 6 schools have been de-recognised with 23 supervisors blacklisted for aiding malpractice.”

https://schoolnewsngr.com.ng/2017/09/14/check-neco-2017-junejuly-results-via-mynecoexams-com/

African magic: You think she is an old woman? close your eyes on it and see her smile!

Former first Lady Patience Jonathan Explains How She made $15m, Says “i saved for 15 years”

http://www.financialwatchngr.com/2016/10/20/former-first-lady-patience-jonathan-explains-made-15m-says-saved-15-years/

Dame Jonathan, wife of former Nigerian President has explained in graphic details how she accumulated in 15 years $15million in several bank accounts linked to her by the Economic and Financial Crimes Commission.

The explanation was given in court papers filed by a group that has sued Socio-Economic Rights and Accountability Project (SERAP) on her behalf. SERAP had filed a suit in court to compel the attorney-general of the Federation to take a legal action against Mrs. Jonathan.

Union of Niger Delta Youth Organization for Equity, Justice and Good Governance now suing for themselves and on behalf of Mrs Dame Patience Jonathan filed a suit number FHC/L/CS/1349/2016 before a Federal High Court in Lagos, alleging “campaign of calumny against her.

“The funds in question were legitimate gifts from her friends and well-wishers over the last 15 years which she had been saving in order to utilize to upgrade family businesses and concerns which had been somewhat dormant by reason of the long period of her husband service as a public officer in Nigeria.”

“The gifts were given in small contributions by several persons some of whom she cannot even now recall over this period of 15 years sometimes in as small a gift as N250,000 Naira. In order to preserve the value of these funds which she did not require for any purpose at the time she changed them into foreign exchange and kept them as cash for a long period in her home safe in Port Harcourt and Abuja.”

“It was when the family home in Otuoke was burnt down by hoodlums under the instigation of political adversaries in 2010 that she began to think about banking these gifts which had now grown to large sums in United States Dollars. In 2010 she therefore summoned one of her husband’s domestic aides, Waripamo-Owei Emmanuel Dudafa to assist her in opening bank accounts into which the funds could be deposited.”

“Unknown to her the said Dudafa in a bid to be discreet about the owner of the funds decided to bank the funds in the names of companies owned by him. When she discovered this she was constrained to continue with the names of the companies when she was advised that it did not make any difference as to the ownership of the funds since the director of the company would appoint her as sole signatory to the accounts in question.”

“When in 2016 Dudafa was arrested and detained she had no fear for the funds as she realized that the funds could not be attributable to him once it was discovered that she was the sole signatory to the said accounts. It was therefore a rude shock to her when she discovered that a no transaction order had been placed on the accounts by the EFCC in the belief that the funds belonged to Dudafa.”

“She instructed her solicitors to further write to the EFCC to inform them that the funds belong to her and that they formed a part of her legitimate earnings over the last 15 years. It was this letter that was leaked by the EFCC to the media that became sensationalized and led to the plaintiff’s vilification and attack by ignorant persons who had no information about the matter.”

“SERAP is playing to the public gallery in order to gain the notoriety it has achieved over the past years. SERAP has done this mostly by intervening in high profile issues without regard to the rights of persons it claims to protect. SERAP jumped into the fray of ignorant accusations being made against Mrs Dame Patience Jonathan in the public media and has begun a campaign of calumny against her using online, print and electronic media to publish to the public unfounded and malicious allegations that she stole the funds in question and ought to be prosecuted.”

The suit accuses SERAP of using online, print and electronic media to publish to the public unfounded and malicious allegations that she stole $15m (US) and ought to be prosecuted.

SERAP executive director Adetokunbo Mumuni the organisation said the organisation received Patience Jonathan’s court papers dated 6th October 2016 from a bailiff on Tuesday.

“The court papers also indicate a prayer for an order of interim injunction restraining SERAP from taking any further steps in further vilification, condemnation and conviction of the Former First Lady Mrs Dame Patience Jonathan, in all public media and in the use of the judicial process for that purpose by the extremely publicised pursuit of any application for the coercion of the Attorney General of the Federation to prosecute the Plaintiff/Applicant for owning legitimate private property, pending the hearing and determination of the Originating Summons.”

“The suit is seeking an order directing SERAP to stay all action and to desist forthwith from proceeding against Mrs Dame Patience Jonathan, with any process whatsoever, pending the hearing and determination of the Originating Summons.

Mumuni said, “SERAP categorically rejects these misleading and entirely unfounded accusations against us by Mrs Patience Jonathan and her group, and we will vigorously oppose the suit in court. SERAP will never, in the discharge of its mandates, succumb to any intimidation, harassment and attacks in any way, shape or form. We are now consulting with our lawyers and will be preparing shortly our defence in court.”

“At no time did SERAP suggest or even hint that Mrs Jonathan was guilty of the allegations against her. On the contrary, what SERAP has said is that the fact that the $15m found in the four accounts belong to Mrs Jonathan raises serious suspicion or at the very least a prima-facie case of unexplained wealth/illicit enrichment, and imposes an obligation on Mrs Jonathan to explain and justify the source(s) of the $15m.”

“To be sure, SERAP is not engaged in any campaign against Mrs Jonathan or any other politically exposed persons for that matter. Our suit was filed against the Attorney General of the Federation and Minister of Justice Mr Abubakar Malami, SAN, and not Mrs Jonathan. It’s a joke to accuse SERAP of trying to coerce the Attorney General to perform his constitutional duty, as this is for the court to decide.”

http://www.financialwatchngr.com/2016/10/20/former-first-lady-patience-jonathan-explains-made-15m-says-saved-15-years/

Barring any last minute change in plans, truck owners would suspend transportation of petroleum products across the country, beginning from today. The truck owners had last week, issued a seven-day ultimatum within which to withdraw their services over alleged unpaid bridging claims and reduction of freight rate paid to its members by the Petroleum Equalisation Fund, PEF.

At a joint press briefing addressed by the leaderships of the National Association of Road Transport Owners, NARTO, and the Petroleum Tanker Drivers, PTD, branch of the National Union of Petroleum and Natural Gas Workers, NUPENG, the groups threatened to withdraw their services at the expiration of the seven-day.

National President of NARTO, Alhaji Kassim Ibrahim Bataiya, who was assisted by PTD’s Comrade salimon Olatidi at the media briefing, demanded that the management board of the PEF must immediately commence the full payment of transporters’ claims.

The truck owners warned that they will suspend their services of movement of petroleum products from one destination to the other through out the country, should the management of the Petroleum Equalisation Fund, PEF, continue to default in payments of transporters’ claims.

Alhaji Bataiya asked the management board of PEF to immediately commence the full payment of transporters’ claims as well as the accumulated outstanding claims in respect of the period January 1, 2011 to May 11, 2016 at the rate applicable from 2011 to December 31, 2015. He further asked the PEF management board to immediately conclude the review of the freight rate from May 12, 2016 to date, in accordance with the bridging fund approved by the government.

http://www.financialwatchngr.com/2016/07/26/truck-owners-threaten-to-withdraw-services-may-lead-to-fuel-scarcity/

Minister of Education, Malam Adamu Adamu, has reiterated the resolve of the present administration to end the dichotomy between the Higher National Diploma, HND and the Bachelor of Science Degree, B.Sc. holders.

The minister said President Muhammadu Buhari was doing everything possible to end the vexed dichotomy, stressing that it makes little to place one above the other.

Speaking as the visitor to the 32nd combined convocation and diamond jubilee celebrations of Kaduna Polytechnic, on Saturday, the minister said‎ “the present administration is aware of the dichotomy between Higher National Diploma, HND and the Bachelor of Science Degree, B.Sc. holders and has taken all necessary steps toward bringing an end to the issue.”

Nigerian Pilot Sunday recalls that the dichotomy is mostly applied in the civil service where holders of polytechnic degrees are placed on the lower rung of the ladder and do not go beyond the level 14 in the service, irrespective of competence and performance.

Before now, previous administrations had promised to end the dichotomy but none had the gut to implement it.

Also, he appealed to the polytechnic unions to be patient with the present government as efforts are being made to address all their demands within available resources.

While appreciating the government and good people of Kaduna State for their immense contribution to the growth and development of education in Nigeria, he noted that good education is a veritable tool for the growth and development of any nation.

Represented by the Executive Secretary National Board for Technical Education, NBTE, Dr. Masa’udu Adamu Kazaure, the Minister charged the management of Kaduna Polytechnic to build on their achievements to ensure that the institution maintains her pride of place in the hallmark of fame for outstanding institutions in the country.

He challenged the alumni of the polytechnic to contribute to the speedy attainment of the technological development of the country by initiating meaningful projects on campus as a way of fast tracking the growth and development of their alma-mater.

In his address, Kaduna State Governor, Nasir Ahmad El-Rufai corroborated the minister’s position and reiterated that “no meaningful development can be achieved without a sound education.”

On his part, the Rector of the polytechnic, Dr. Mohammed Bello Ibrahim informed that the polytechnic was convocating 10 sets of 67,403 graduands from 2004 academic year to 2014/2015 academic year.

Highlight of the convocation was the Fellowship awards to selected personalities and to graduands who emerged overall best during the sessions under consideration.

http://www.financialwatchngr.com/2016/07/24/fg-end-discrimination-b-sc-hnd-holders-minister/

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Boko Haram jihadists killed at least four villagers on Tuesday and kidnapped three women near the northeastern Nigerian town of Chibok where the group snatched more than 200 girls two years ago, residents and survivors said.

Boko Haram fighters attacked the Kautuva village at dawn, set houses ablaze and fired on residents, according to villagers and a member of a vigilante group working with the army.

“Some of us were lucky to survive and ran to Chibok,” said a man who gave his name as Ali Pagu. Another resident said the jihadists had kidnapped three women.

Kautuva lies near Chibok, a town from where Boko Haram seized 276 girls from a school in April 2014, part of a seven-year-old insurgency to set up an Islamic state in the north. It has left some 15,000 people dead and more than 2 million displaced.

In May, authorities said a first of the missing Chibok girls had been found, and President Muhammadu Buhari vowed to rescue the rest of them.

Dozens of the girls escaped in the initial melee in 2014 but more than 200 remained missing. Parents accused former president Goodluck Jonathan, Nigeria’s leader at the time of the kidnappings, of not doing enough to track down the girls and bring them home.

Boko Haram, which last year pledged loyalty to the radical group Islamic State, has kidnapped hundreds of men, women and children in their campaign to carve out an Islamist caliphate.

Under Buhari’s command and aided by Nigeria’s neighbors, the army has recaptured most territory once lost to Boko Haram, but the group still regularly stages suicide bombings.

http://www.financialwatchngr.com/2016/06/15/boko-haram-kidnaps-three-women-near-chibok-town-north-nigeria/

The Central Bank of Nigeria (CBN) will today Wednesday officially devalue the naira just as it plans to unveil the new flexible foreign exchange regime.

“The Naira will be officially devalued tomorrow and going forward, the exchange rate will be market-driven as done anywhere else in the world,” a source with knowledge of the policy said on condition of anonymity.

The CBN had set the official rate at between N197 and N199 but the scarcity of foreign exchange due to the crash in the global price of crude oil, which accounts for the bulk of the nation’s foreign exchange inflow, has forced the Naira down at the parallel market (black market) to between N365 and N370, mostly due to speculative trading in anticipation of the implementation of the new policy.

Analysts are positive that the new policy would stabilize the forex market, calm nervous foreign investors and ease the flow of foreign exchange in and out of the country.

http://www.financialwatchngr.com/2016/06/15/cbn-to-officially-devalue-naira-today/

A website providing answers to subject questions in the ongoing West African Senior School Certificate Examination (WASSCE), www.solutionclass.com has expunged all the answers it earlier uploaded on the site for purpose of cheating by students in the examination organised by the West African Examination Council (WAEC).

The removal of the answers from the site was a swift reaction by the pretentious online education solutions provider to a report by LEADERSHIP on Tuesday, which exposed the dirty deals of the website.

Our correspondent who is investigating the website gathered that the answers were removed on Tuesday afternoon by the owners of the website to remove evidence of its crimes after the report by LEADERSHIP which was also uploaded by other webs went viral.

However, LEADERSHIP has stored up saved web pages from the site since it began upload of the answers, which it normally does a few hours before examination begins for each subject at a fee of between N1000 and N400.

All the students sitting for the ongoing 2016 WASSCE who were sampled by LEADERSHIP admitted knowledge of the existence of www.solutionclass.com where they readily go for help during examinations such as WASSCE, NECO, Junior School Certificate Examination, the Universities and polytechnic matriculation examinations (JAMB) and other related examinations. When our correspondent visited the website yesterday, all the answers had been removed. The website only left information suggesting that its business is a harmless provision of education solutions, such as providing assistance for securing admission in schools.

overseas, providing answers to past questions and helping admission seekers make better choices.

It however stated that students can still pay N4000 for all WAEC answers to 2015 questions to First Bank, without providing account numbers.

It stated, “Pay the solution fee of just N4,000 for the whole subjects to Promzy’s (proxy) Bank Account Below!

http://www.itutorngr.com/2016/04/21/waec-expo-website-removes-answers-leadership-report/

Gunmen abducted Temitope Kuteyi, a correspondent of Channels Television, in Owerri, Imo state capital on Monday, and demanded N15million ransom for his release.

He was abducted in his house located along Umuguma Specialist Hospital, Owerri, in the early hours of Monday, and his whereabouts has been unknown.

One Thomas, who witnessed the incident, said the bandits numbering about eight, scaled through the fence into the victim’s compound.

“I was in the security room with my brother when someone opened the window and pointed a gun at us and ordered us to open the gate, but I refused,” he said.

“While I was arguing with them, I didn’t know that other members of the gang had climbed into the compound through the fence; they broke into my ‘oga’s’ house and brought him out.

“After that, they entered into the next bungalow and smashed all the window glasses, but the man there escaped through the fence at the back.

“They took his car and drove away with my Oga.”

Meanwhile, the abductors who later contacted a friend of the victim, demanded a ransom of N15 million.

In a press statement issued by Sam Onwuemeodo, chief press secretary to Rochas Okorocha, governor of Imo, the government said it was aware of the incident.

The statement reminded the kidnappers that the victim was only a reporter, accusing them of deciding to inconvenience the victim and his family.

“A journalist cannot afford to pay any ransom. To us he must have been a victim of mistaken identity,” the statement read.

http://www.financialwatchngr.com/2016/04/11/channels-tv-reporter-abducted-gunmen-demands-n15m-ransom/

The Minister of Information, Mr Lai Mohammed on Sunday empathized with Nigerians on the pains they have gone through over the last one month owing to fuel scarcity across the states.



Speaking on Channels Television’s Sunday Politics, he said that federal authorities were doing everything within their powers to normalize the situation.

“I have said it on many fora that the government is keenly aware of the hardship and difficulties Nigerians have gone through in the last couple of weeks and we do empathize with them.

“Not only do we empathize with them but we appreciate their perseverance and we have also been working round the clock to ensure that we are able to bring the situation back to normal,” he said.

He stated further that the efforts so far made by the federal government have paid off as the fuel situation was gradually being normalized with cargoes of refined product being discharged in major cities across the country.

In addition, the Warri refinery, according to the Minister of Information has since been working and has 19 million litres of the product, helping to put the quantity of product in the reserve to 430 million litres.

“As from tomorrow we are going to deploy 1,300 trucks of all over Nigeria to ensure that the fuel situation gets much better,” he said, expressing confidence that this quantity being distributed daily would put an end to the fuel scarcity.

“We empathize with Nigerians, we salute their courage and perseverance and I want to assure them that the change they voted for is real, that change will come and that all the challenges we are facing today are very temporary,”the Minister said.

He also said that the federal government plans to build modular refineries.

http://www.financialwatchngr.com/2016/04/11/fg-apologizes-nigerians-fuel-scarcity/

The Federal Government has commenced the release of Premium Motor Spirit (PMS) known as petrol to Independent Petroleum Marketers Association of Nigeria (IPMAN).



Information on the release is contained in a statement issued by Mr Lawson Ngoa, the Secretary, IPMAN Reconciliation Committee, on Sunday in Abuja.

It would be recalled that the Minister of State for Petroleum Resources, Dr Ibe kachikwu, constituted a 14-man committee to resolve IPMAN crisis and to ensure end to fuel scarcity in the country.

The statement quoted the committee secretary as saying the release of the product was part of efforts to settle the 7,000 pending loading tickets of IPMAN.

He stated that some marketers had confirmed that they started loading the products from some depots in Lagos as a result of the efforts of the Committee.

He noted that IPMAN controlled over 80 per cent of the petroleum products’ retail outlets in the country and that members were not getting products from the Nigerian National Petroleum Corporation (NNPC) due to internal leadership crisis since last two years.

Ngoa said the Committee had taken steps to ensure that products were available all over the country.

He thanked Nigerians for the patience and understanding during difficult period and assured that with the support of the minister of petroleum resources and his team, the scarcity would soon be over.

He further called on stakeholders to shun unnecessary rancor and join hands with the Committee to restore peace and normalcy in petroleum distribution. (NAN)

http://www.financialwatchngr.com/2016/04/11/fuel-scarcity-respite-fg-releases-petrol-independent-marketers/

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has assured genuine investors of cooperation and support toward self-sufficiency in local production of essential goods and the economic diversification drive.



The assurance is contained in a statement made available to newsmen on Sunday in Abuja by the bank’s Acting Director, Corporate Communications, Mr Isaac Okorafor.

According to the statement, Emefiele said this during the facility tour of the newly completed Sunti Golden Sugar factory in Sunti, Niger.

The CBN governor said “the bank invested about N26 billion in the project in order to encourage import substitution and backward integration strategy.

“Such investments are geared toward self-sufficiency, generate employment and create wealth.”

Emefiele urged small scale sugarcane farmers in the area to leverage on the presence of the Sunti Golden Sugar factory



to boost production, as the company would now buy all their produce.

Also, the Chairman of the Flour Mill of Nigeria Group, owners of Sunti Golden Sugar Company, Mr John Coumantaros, expressed appreciation for the uncommon support which the CBN gave the company.

He said the CBN’s support had led to the scheduled completion of the project.

Coumantaros said the N45 billion sugar-refining project was expected to create over 15,000 jobs, including 3,500 direct jobs and 3,000 small scale out-grower farmers.

According to him, the sugar company will save over 50 million dollars in foreign exchange for the country annually.

He added that “Nigeria presently produces 1.7 million tonnes of raw sugar which is about two per cent of her needs whereas countries like Benin Republic, Senegal and Mali currently produce 26 per cent, 48 per cent and 28 per cent of their needs.

“As such, the planned 100,000 tonnes of raw sugar to be produced by Sunti Golden Sugar Company will augment the supply gap, create jobs and save foreign exchange for the country.

“This is in addition to generation of 10 megawatts of electricity , animal feeds and fertiliser from the sugarcane residue.”

In his remarks, the Niger Governor, Alhaji Abubakar Bello, commended the management of the CBN for providing the much-needed fund for the projects.

He urged Nigeria Flour Mills to fulfill its obligations to the host community by providing access roads, boreholes, electricity and health facility.

According to him, the project is expected to be inaugurated in May 2016 by President Muhammadu Buhari. (NAN)

http://www.financialwatchngr.com/2016/04/11/economic-diversification-cbn-will-invest-create-jobs-wealth-emefiele/

Business observers say Aba, the unofficial capital and manufacturing center of Abia state, will likely see a struggle for land on the back of an expected influx of small, medium and large industries looking for cheaper and constant power supply, following the resolution of the long-drawn dispute between Geometric/Aba Power Limited and Interstate Electrics.



Observers say the expected long hours of uninterrupted power supply per day will create jobs, lower production cost and make local products more competitive in the local and international markets, shooting up the nation’s foreign exchange earnings.

They further say the big rush to Aba follows on an expected delivery of 12 to 18 hours of electricity supply per day, when Geometric, the beneficiary of the conflict resolution, kicks-off power generation in the area in four months, although the company promises about 23 hours power supply per day in the first instance.

“We will deliver uninterrupted power to Aba once we commence operations in a few months time,” said Bart Nnaji, chairman, Geometric Power/Aba Power Limited and former minister of Power. Nnaji added that gas supply will not be an issue, as there is already an agreement in place with Shell Nigeria for guaranteed gas supply, through a 27-kilometer dedicated gas pipeline from the power plant to Shell’s flow station at Owaza.

Another benefit will be a reduction of rural-urban migration, as the area offers a huge growth in employment opportunities.

“If this arrangement provides steady power to Aba, the ingenuity of businessmen and manufacturers in that area will blossom. This, to me, will turn Aba into the ‘Japan of Africa’,” said Frank Udemba Jacobs, president, Manufacturers Association of Nigeria (MAN) in a telephone interview with our correspondence.



“One of the problems industries in Aba and other parts of the South-East have is steady power. They have the ingenuity; all they need is the enabling environment, like adequate and steady power,” Jacobs said.

With the Federal Government’s intervention, Geometric and Interstate signed an agreement carving out the ring fence from Enugu DISCO.

Aba is renowned for the ingenuity and the industry of its people in handcrafts, including shoe-making, fashion and design, steel works and fabrications, textiles, pharmaceuticals, plastics, and cosmetics, amongst others.

Epileptic power supply over the years has whittled down the number of the industries operating in the city from 165 in 2005 to less than 30 currently, with attendant massive job losses.

According to analysts, the successful resolution of this dispute will provide between 12 and 18 hours of electricity, spiking the $200 million shoes and garment industry in the city.

This will further reduce the production costs of manufacturers of shoes, bags, belts trunk boxes and other industries in the city and state, which employ over 80,000 people, while enabling them to supply more of their products to the African market to earn foreign exchange.

Some analysts add that Aba will now have more industrial clusters, as more real sector businesses will likely spring up.

“With improved power supply, cost of maintenance will reduce. Also, when you are expanding, you don’t need to spend money to acquire bigger generators. The tendency is that you can now produce more at a cheaper rate, because one of the biggest and important inputs for every production is power,” said Julius Ndukuba, chief operating officer (COO) Starline Industries Limited, which manufactures pharmaceuticals, perfumes and packaging.

Nigeria’s businesses allot 30 to 40 percent of their expenditure on alternative power sources, according to the Lagos Chamber of Commerce and Industry (LCCI). The business community says long hours of power supply will support small businesses in Aba, especially fashion designers and textile makers, who will be able to sew quality wear and export to Nigeria’s neighbours to earn foreign exchange and reduce forex scarcity in the country.

This will also lead to upsurge in other small businesses, thus creating jobs in the South-East region, which suffers huge unemployment crisis.

“Improved power supply will have great impact in commercial activities in Aba. The Aba business community is eagerly waiting for the day the Geometric plant will be turned on,” said Eleanya Okoroji, past president, Aba Chamber of Commerce, Industry, Mines and Agriculture (ACCIMA). According to Okoroji, constant power supply will resurrect dead industries and attract fresh ones.

The situation will likely have a multiplier effect on real estate developers in Aba, who have now foreseen an upsurge in the demand for land and rise in rents.

Akamnonu Azubuike, an Aba-based real estate and housing marketing consultant, said constant electricity would stimulate industrialisation in Aba, thereby spurring real estate activities, noting that several estate developers are already jostling to invest in Aba, which currently has a huge housing deficit.

Already in Aba, a plot of land in the Government Reserved Area (GRA) now goes for between N20 million and N30 million. In Umungasi and Abayi, it is a minimum of N4 million. In Ogbor Hill, the cost is between N2.5 million and N3 million, while in Osisioma it ranges between N2.5 million and N3 million.

This is particularly good news for the Abia State Government, as it will now raise more revenue in the form of taxes. Analysts say the development will challenge the state to provide more social services, as a significant growth in population is anticipated to stem from migration.

This will further task the state to create better security for businesses, build better drainages, rehabilitate roads, as well as provide water and health services.

Analysts further anticipate a sprouting of satellite towns to accommodate Aba land owners displaced in the rush for land, as well as migrants. “There is no doubt that some Abia people and indeed people from the region may be willing to come back home,” said Frank Umeh, president, CEO of a small-scale drug firm in Enugu State.

The deal to carve out Aba Ring Fence from Enugu DISCO is further seen by analysts as an affirmation of government’s respect for contract/concession agreements which will also reassure doubting investors and spur offshore financing sources for power sector projects.

With this project, Nigeria’s power sector will also benefit as power originally consumed by Aba will be displaced and pushed into the national grid.

With over $500 million investment in electricity infrastructure, Geometric Power Limited is guaranteeing at least 95 percent uninterrupted power supply in Aba, the commercial hub of Abia State and its environs.

So far, the company has completed three power plants with a combined capacity of about 141 megawatts of electricity in its first phase, built new distribution lines, four new substations and rehabilitated another three, previously used by the former Power Holding Company plc.

It is expected from the beginning of this revelation that Nigerians and Africans can careless about the scandal, what do you expect? haven't we be faced with more brazing, glaring and widespread corruption than a Panama global scandal? We are overwhelmed already with a known currupt personae occupying the third highest office in the land, maybe when he resigns Nigerians can now worry about #PanamaPaperLeak

Global rights group, Amnesty International has called for the abolition of death penalty in Nigeria.

The Country Director of Amnesty International, Mr Mohammed Ibrahim, on Wednesday, sought the abolition of death penalty laws in the country.

Speaking at a news conference in Abuja, Mr Ibrahim said, “The issue of death penalty is a constitutional matter which calls for the concern of all Nigerians irrespective of religious or economic status.”

He expressed concern that 10 states have so far signed the death penalty bill on kidnappings.

“Amnesty International Nigeria is worried about the growing number of state assemblies passing bills imposing death penalty for kidnapping and related offences.

“There are currently about 10 states in Nigeria, which had either passed a bill in the assemblies imposing the death penalty for kidnapping or in the process of passing such bills,” he said.

Thankgod Ebhos, who had been convicted to death, narrated what he went through for 19 years.

“I went to gallow to be executed along with four others. While in the gallow room, they hung four persons waiting for my turn, before they said no.

“The prison staff insisted that nobody from the gallow room has ever left there alive.

“Many of the prisoners are there because they don’t have lawyer or they don’t have people to ask of them,” he said.

An Aide to the Minister of Justice, Sylvester Imanobe, gave the Federal Government’s position on the ma

“Nigeria is certainly moving towards the reformist philosophy of administration of criminal justice, that is why you find out that a renewed administration of criminal justice of 2015 laid emphasis on non custodial punishment.

“We are even moving faster from death penalty to discourage non-prison terms,” he said.

Death sentences in the sub-Saharan Africa fell from 909 in 2014 to 443 in 2015 mainly due to a decrease by Nigeria.

http://www.financialwatchngr.com/2016/04/07/amnesty-international-seeks-abolition-death-penalty/

The Nigerian Electricity Regulatory Commission (NERC) on Wednesday asked consumers whose Distribution Companies (DISCOS) over-billed them through estimated bills tocomplain with valid documents to its office.

Dr Anthony Akah, Acting Chairman of NERC, made the appeal when the President of Nigeria Association for Energy Economics (NAEE), Prof. Wumi Iledare, paid him a courtesy visit in Abuja

“NERC is mindful of Nigerians, especially the un-metered customers, over the vexing issue of alleged wrongful billing or crazy estimated billing to customers.

“To that extent as a regulator, we have set up all necessary regulatory mechanisms, including monitoring, asking Nigerians to submit such complaints with evidence to our various offices.’’

According to him, the commission has recently come out with jingles and news publications in the newspapers to sensitise consumers to the issue of over-billing by DISCOS.

“It is totally unacceptable for any electricity distribution company to estimate any un metered customer without strict adherence to NERC regulations on estimated billing.’’

He said that the act of crazy billing of consumers was because the metering gap was much, adding that GENCOS, DISCOS and TCN went through privatisation uninformed roughly about 30 months ago.

Akah advised customers who volunteered to buy their own meters through Credit Advancement Metering Payment Implementation (CAMPI) that NERC had issued a directive that DISCOS must meter them within 60 days.

He explained that before the privatisation, the sector was in a very bad shape, noting that the networks were totally dilapidated and even investment in the sector was insignificant.

He added that where the DISCOS did not give consumers meters within 60 days, DISCOS could not estimate their bills or disconnect them.

The acting chairman said that it was the mandate of NERC to protect its consumers interest and at the same time, provide a conducive environment for the investors.

He explained that NERC had gone further to partner Consumer Protection Council because of its nationwide platform to deal with issues on consumer complaints and this would strengthen NERC’s mechanism to protect consumers.

He appealed to everybody not to vandalise the pipelines because the act would affect everybody in the country, adding that the decline in power generation was due to vandalism.

Akah explained that the gas supply issue was being taken care of, also vandalised pipelines were rapidly being repaired, adding that there was hope that Nigeria would soon start having incremental power.

Iledare said the association came to partner NERC to ensure that there was adequate and reliable power supply to Nigerians.

He assured the commission that the association was prepared to assist NERC in all aspects of energy economics to move the country forward.(NAN)

http://www.financialwatchngr.com/2016/04/07/nerc-asks-consumers-complain-estimated-billing-issues-office/

According to a new PricewaterhouseCoopers’s survey on the rise of new technologies in the financial services (FS) sector and their impact on market players reveal 25 percent of bank’s market share is at risk to financial technology firms (Fintechs).

The survey report reveals that 83 percent of respondents from traditional financial services (FS) firms believe part of their business is at risk of being lost to standalone Fintech companies, while a staggering 95 percent of bank respondents believe so.

The report titled, ‘Blurred Lines: How FinTech is shaping Financial services’, features the responses of 544 CEOs, Heads of Innovation, Chief Information Officers (CIOs) and top management involved in digital and technological transformation across the financial services industry in 46 countries.

Incumbents believe 23 percent of their business could be at risk due to further development of FinTech who anticipate capturing 33 percent of the incumbents’ business.

Fintech firms use technology to make financial services more efficient for clients and enterprise users. They offer payment/transfer platforms and automated payment solutions.

According to the report, respondents from the fund transfer and payments industry anticipate that in the next five years, they could lose up to 28 percent of their market share to them, while bankers estimate they are likely to lose 24 percent. This compares to around 22 percent in the case of asset management and wealth management and 21 percent in insurance.

It further states that two-thirds (67 percent) of financial services companies ranked pressure on profit margins as the top FinTech-related threat, followed by loss of market share (59 percent).

“One of the key ways in which FinTechs support the margin pressure point through innovation is step function improvements in operating costs. For instance, the movement to cloud-based platforms not only decreases up-front costs, but also reduces ongoing infrastructure costs,” noted the report.

Andrew Nevin Partner and Financial Services Advisory leader at PwC Nigeria says: “Nigeria is just as threatened by Fintech companies as their global counterparts. We expect Nigeria to leap frog and adopt the rapidly changing technologies as they emerge, driven primarily by consumers’ demands”.

The report also considered block chain, a distributed ledger technology, and noted it represents the next evolutionary jump in business process optimisation technology.

According to PwC, it could result in a radically different competitive future in the FS industry, where current profit pools are disrupted and redistributed towards the owners of new, highly efficient blockchain platforms.

However financial institutions are responding to the threat. CB Insight Data reports that six other American banks have made strategic investments in 30 Fintech start-ups since 2009.

Nigerian banks funded technology start-ups in the early 90s. Fintech companies such as Interswitch, ValuCard and ATMC were bank rolled by consortium of Nigerian banks.

Nevin gives insights on dealing with disruptive technologies, ““When faced with disruptive technologies, the world’s leading companies succeed by rapidly weaving them into their DNA, as part of their ‘business as usual’ process.

In our view, the lack of understanding of blockchain technology and its potential for disruption poses significant risks to existing business models and the firms that do not take the time to understand the impact will underestimate the opportunities and threats that blockchain can provide.”

PwC says its Global Blockchain team has identified over 700 companies entering this space, 150 of whom it says are ‘ones to watch’ and 25 of which it expects will likely emerge as leaders.

Steve Davies, EMEA FinTech Leader at PwC comments: “FinTech is changing the FS industry from the outside. PwC estimates within the next 3-5 years, cumulative investment in FinTech globally could well exceed $150bn.”

http://www.financialwatchngr.com/2016/04/07/financial-technologies-may-take-25-commercial-banks-market-share-says-pwc/

Four ships laden with Premium Motor Spirit (PMS) otherwise known as petrol, have arrived Lagos ports waiting to discharge.

The Nigerian Ports Authority (NPA) stated this in its publication – `Shipping Position’, – a copy of which was made available to the News Agency of Nigeria (NAN) on Tuesday in Lagos.

The document indicated that two other ships had arrived the ports waiting to discharge aviation fuel.

NPA noted that 33 other ships containing petroleum products, food items and other goods were being expected at the ports from April 5 to April 26.

The publication stated that eight of the expected ships would arrive with petrol.

It explained that other expected ships contained general cargoes, frozen fish, bulk sugar, buck wheat, containers and steel products.

NAN reports that 13 other ships are at the ports discharging wheat, general cargoes, petrol, bulk coal, containers and Low Pour Fuel Oil (LPFO). (NAN)

http://www.financialwatchngr.com/2016/04/06/4-ships-laden-petrol-arrive-lagos-ports/

The Comptroller-General, Nigeria Customs Service (NCS), Retired Col. Hameed Ali, said on Tuesday that the service had a revenue shortfall of N230 billion in the last quarter of 2015.

Ali made the disclosure during a Consultative Forum between Customs and the Manufacturers Association of Nigeria (MAN) held at the Customs Training School, Ikeja, Lagos.

He attributed the shortfall to the Central Bank of Nigeria’s (CBN) policies, adding that service pleaded for sympathetic consideration by the CBN to review the policies.

“Customs had also made progress in getting the necessary approval for clearance of a huge backlog of imports.

“Imports in respect of which forms `M’ were opened before the commencement of the CBN foreign exchange restriction of some imported items.

“Importers of such goods could not finalise Customs clearance due to inability to obtain the Pre-Arrival Assessment Report (PAAR).

“Relief has come for such importers as we (Customs) have secured the go- ahead to waive the formalities and allow them to pay duty,’’ the News Agency of Nigeria (NAN) quotes Ali as saying.

The comptroller-general said that the service had re-organised the Dispute Resolution Units and designated experienced comptrollers to head the units for quick resolution of disputes.

He said that all disputes arising from valuation and classification were now referred to the units for resolution.

Ali said that the service had been receiving complaints about rates of duty and documentation processes which differed from one port to the other.

He said that there was also the issue of different rates among terminals in the same port.

The comptroller-general said emphasis would be on professionalisation of Customs’ jobs, saying that the vision of the management was to build a pool of highly-skilled specialists.

He said specialisation would be in core areas like Valuation, Classification, Rules of Origin, Excise, Enforcement, Customs IT and Investigation.

Ali said that the activities of MAN could not be over-emphasised, adding that collaboration with the Organised Private Sector (OPS) like MAN would be an important pillar of Customs administration.

“We will therefore appreciate your feedback on our performances and government policies.

“We (Customs) encourage MAN to express its concerns about policy formulation and implementation.

“We assure you that under my watch, such contributions will form valuable inputs to our periodic reviews aimed at fine-tuning such policies for better result.

“I started operations last year. I am aware of strategic importance of Zone “A’’ to customs’ overall operations

“I will not remain the Comptroller-General of Abuja. I will be showing more presence in Lagos and the zones,’’ he said.

Ali urged manufacturers who were having challenges in clearing their consignments before he assumed office, to lodge their complaints genuinely so that customs would handle such complaints.

He also advised members of MAN to inform the service earlier on issues concerning documentation before arrival of their consignments for quick clearance.

Ali also urged manufacturers who sought refund of charges which had accumulated on their duties in the last few years to be rest assured that it would be looked into.

He said that the service had processed the refunds.

Ali, however, urged members of MAN to assist the service on intelligence information gathering to reduce smuggling of products and encourage genuine importers and exporters.

The President of MAN, Dr Udemba Jacobs, pledged to support the comptroller-general to enable him achieve the revenue target set for the service.

Jacobs said that MAN would support Customs on intelligence information gathering, adding that the information would assist the service to achieve success.

He urged the Customs chief to look into reviewing the 41 restricted items and to also address the challenge faced by manufacturers in obtaining Form `M’ and avoid paying demurrage.

“Customs should also look into compliance with rules on importation of goods and should stop any importer not complying with cargo clearance procedures.

Also speaking, the Executive Director, GONGONI Company Ltd., Mr Kingsley Onwukwe, urged customs to look into importation of goods coming into the country.

Onwukwe said that many goods meant to be exported were being imported, adding that this had affected exporters.

A member of MAN and Chairman, Midland Galvanising, Mr Olufunmilayo Sunday, said N95 million was over- charged on different imports made by his company between 2012 and 2013.

Sunday said that all efforts to get back the amount overcharged by the Customs service had proved abortive.

He urged the Customs management to assist him in getting a refund of the amount overcharged.

(NAN)

http://www.financialwatchngr.com/2016/04/06/customs-revenue-falls-n230bn-due-cbns-policies-c-g/

Salary is a wage given to a worker in form of money for services rendered. The word salary comes from a Latin word salsalis literary meaning sword. It came about from the practice of ancient Roman soldiers paying with sword because it is the most valuable item in that era. That was replaced with cash when money became accepted as a medium of exchange.

Over the years, there has been several salary structures and reviews in the country. However, a cursory look indicates that the nation is yet to arrive at an equitable salary structure. For example, there is no harmony in the salaries paid by the federal and state governments to civil servants even though the qualifications and requirements for entry into the nation’s public service are the same. It is disturbing that people with the same qualifications but employed in different offices of public service receive different salaries, a times double or even triple that of their counterpart. Even more worrisome is the disparity between salaries of the core ministries and those of departments and agencies.

This has reflected in the huge gap in salaries variations of the NNPC, CBN, FIRS, customs, paramilitary agencies and the core civil servants. Those who fix salary structures which are the cause of the wide gap forgot that all government employees buy from the same Nigerian market.

Of note also is the wider gap in salaries of permanent secretaries and directors general and their immediate subordinate. Their salaries are quite bogus compared to others who are next in rank with them. There is a compelling need for the incomes salaries and wages commission to urgently take a look at these gross anomalies and rectify it immediately.

This sorry situation was neither the norm in the first republic nor in the second republic. This practice started during the military regime from 1985 to 1998 as well as the lopsided and sadistic salary reviews that was carried out between 2005 and 2006 that ushered in this unfair practice.

In developed nations, wages are fixed based on academic and technical qualifications and allowances are fixed according to the nature of the job. Unfortunately in Nigeria, the case is not the same. In many agencies funded by the same federal budget, it is shocking to discover that a junior officer with a lower qualifications in some organizations earn higher salaries than most directorate cadre staff in many ministries and parastatals.

Under the present remuneration package, especially for elected officials, a local government chairman whose required qualifications is a secondary school certificate earns a higher salary than a university professor who have spent at least two decades in serious academic research.

Worthy to note also is the case of primary and secondary school teachers who have remained the least paid under the Nigerian salary system. It is imperative for all stakeholders to consider the human capacity development which these teachers facilitate is superior to the production of raw money which those who fix the unfair salary system in Nigeria use as a criteria.

For instance, if the NNPC, CBN and the other well paid staff are not trained by these school teachers, they wouldn’t be in position to earn any salary. Past federal governments did constitute a committee for the harmonization of wage disparity in the public service, but till today nothing has been heard of its reports or recommendations. The various labor leaders must take on the problem of wage disparity and ensure its elimination promptly.

The benefits to be derived from the correction of these anomalies are unquantifiable, it will track unnecessary job mobility and corruption. It will enthrone fairness, equity, motivation and higher productivity among workers. The private sector will also borrow a leaf from such a fair practice.

The present administration of President Muhammadu Buhari must take a step to rectify these anomalies in the salary structure of public service in the country. Let there be platform for fixing salaries, allowances can be fixed according to job demands and performances. Government must do away with all such old practices and come up with a solution to these taught provoking issues like the consolidation of salaries for various sectors, this is to ensure equity for all public servants in the country.

http://www.financialwatchngr.com/2016/04/06/need-eliminate-wage-disparity-nigerian-public-sectors/