₦airaland Forum

Ghana owes a total of $160m for gas supplied to its largest power producer, Volta River Authority, from Nigeria through the West Africa Gas Pipeline, our correspondent has learnt.

N-Gas Limited, a company owned by the Nigerian National Petroleum Corporation, Chevron and Shell, buys gas from oil companies in Nigeria and transport it to Ghana through the $1bn WAGP.

The pipeline, which is operated by the West Africa Pipeline Company Limited, was built to supply natural gas from Nigeria to customers in Benin, Togo and Ghana.

N-Gas has an off-take agreement with Ghana to supply 120 million standard cubic feet of gas per day to the VRA. But supply to the country had fallen short of the contractual volume in recent years.

“There is a current arrangement between the gas suppliers and the off-taker that the volume will be 60mmBtu,” the General Manager, Corporate Affairs, West Africa Gas Pipeline Company Limited, Harriet Wereko-Brobby, told our correspondent in response to questions sent via a text message.

She said the off-taker (VRA) had established a payment security arrangement for gas consumed to halt “debt accumulation going forward.”

“There is still an outstanding debt of around $160m to be paid to the supplier, N-Gas, and it is expected that about $30m will be paid shortly,” Wereko-Brobby added.

GhanaWeb recently reported that the volume of gas supplied to Ghana from Nigeria for power production had reduced by about 50 per cent.

It said the situation had been attributed to the inability of Ghana to settle its long-standing debts as stipulated in the gas supply contract, and vandalism of gas pipelines in Nigeria.

The Board Chairman, VRA, Kweku Awotwi, was quoted to have said, “We are at about half of what we have been contractually promised, which is not good enough. There are many reasons for that: the vandalism of pipelines and the fact that we have not paid our bills. We owe them about GH180m; what do you expect them to do?

“Now, we are getting the gas because the VRA is pre-paying for that gas. We are putting in Letters of Credit to get the gas.”

In 2016, Nigeria saw a resurgence of militant attacks in the Niger Delta that caused the nation’s oil production to plummet to a near 30-year low and disrupted gas supply to power plants.

Commenting on the debt owed by Ghana for the supply of gas through the pipeline in May last year on the sidelines of an event in Badagry, the Managing Director, WAPCo, Mr. Walter Perez, told our correspondent, “We are delivering gas now because we have put arrangement in place for Ghana to prepay for the deliveries that they receive, and so that is working. We have every expectation that this will continue to work.”

http://investorsking.com/ghana-owes-160m-for-gas-supply-from-nigeria/ mynd44

Lafarge Africa Plc, a sub-Saharan African building materials company, on Monday announced a loss after tax of N34.601 billion for the year ended December 31, 2017, compared with a profit after tax of N16.898 billion in 2016.

The audited results showed that Lafarge recorded revenue of N299.153 billion, up 36 per cent from N219.714 billion in 2016.

Gross profit stood at N50.759 billion in 2017, compared with N40.662 billion in 2016. Administrative expenses jumped from N23.737 billion to N41.595 billion in 2017, while finance cost rose from N38.216 billion to N43.216 billion due to high charges on over draft and bank borrowings. Lafarge Africa’s total loans and advances increased to N256.546 billion, from N104.709 billion in 2016.

The company ended the year with a loss of N34.601 billion as against a profit of N16.898 billion. Despite the loss, the directors have recommended a dividend of N13.010 billion, which translates to 150 kobo per share, up from 105 kobo paid the previous year.

According to the company, a detailed review of key projects in Nigeria such as the Road in Calabar and of mothballed assets in South Africa led to an impairment of N19.1 billion.

“The combination of these impairments and the net loss in South Africa of N187b billion led to a group net loss of N34.6 billion compared to a profit of N16.8 billion N in 2016,” the company said.

However, the Chief Executive Officer of Lafarge Africa Plc, Michel Puchercos attributed the strong margins in the Nigerian business to cost initiatives and more favorable pricing.

According to Puchercos, Lafarge Africa Plc’s industrial operations in 2017 were stable with plants operating at high reliability levels.

He also noted that the energy optimisation plan for the company has been successful with increased use of Alternative Fuel and Coal to offset gas shortages in operations in the West while plant operations in the eastern and northern part of the country relied mainly on gas and coal. He said these logistic, commercial and operational initiatives helped to sustain market share in the year under review.

“The South African business thrived in a challenging business environment, operations are set to stabilize in year 2018. The Lichtenburg plant returned to normal operations in the course of the year. A turnaround plan was initiated in order to transform the company’s operations,” the company said.

Looking ahead, Puchercos said: “In 2018 we shall implement a continuous improvement programme that will see us building on EBITDA margins above the 35 per cent benchmark.”

http://investorsking.com/lafarge-africa-reports-n35bn-loss-full-year-2017/

The Federal Government is aiming to create a total of 570,000 jobs through the implementation of the focussed labs under the Economic Recovery and Growth Plan.

The Minister of Budget and National Planning, Senator Udo Udoma, said this in Abuja during the ERGP Mid-Lab syndication meeting.

A statement from the minister’s Media Adviser, Akpandem James, quoted Udoma as saying that the government was optimistic that given the number of projects that were likely to be ready for approval by the end of the lab process, the aim of resolving inter-agency bottlenecks, which is one of the cardinal objectives of the labs, would have been achieved.

He said the purpose of setting up the labs was to identify and unlock investments from the private sector by resolving complex inter-agency problems that acted as barriers to private sector investments.

The minister stated, “By bringing you, the investors and heads of critical agencies of government, into a confined environment, the government is offering you a platform to finalise your business decisions in the fastest possible manner.

“Data from the three labs show that in the past three weeks, we are on course to meeting our target of $25bn investment commitment.

“So far, we have identified 59 projects that are four- and five-star. There are several other projects rated one- to three-star. We will continue to work with these categories of investors to improve the ratings of their projects to five-star projects.”

Vice President Yemi Osinbajo, who also spoke at the event, said he was particularly impressed by the level of commitment, enthusiasm and interest shown by the participants to fast-track the growth and development of the country.

He noted that even though regulatory processes were necessary in order to protect institutions and streamline activities, the government appreciated the fact that it was necessary to limit bureaucratic tendencies so that they would not get in the way of progress.

This, he added, was why the government decided to embark on the labs to address challenges that could stand in the way of investments.

Osinbajo said he was encouraged by the fact that Nigeria had what it takes to realise set goals.

“We have made remarkable progress and working together, we can achieve so much,” he added.

http://investorsking.com/fg-targets-570000-jobs-ergp-labs/

The Federal Government has made a total of N1.27tn from the payment of operating surpluses by its agencies in the 10 years of operation of the Fiscal Responsibility Act, investigation has shown.

A table prepared by the Fiscal Responsibility Commission, entitled: ‘List of Schedule Corporations and Operating Surplus Remittance to FGN Consolidated Revenue Fund,’ showed that between 2007 and 2016, the scheduled organisations paid a total of N1.27tn into the coffers of the government.

The Fiscal Responsibility Act, 2007 requires listed government agencies to remit 80 per cent of their annual operating surpluses to the Consolidated Revenue Fund.

The operating surplus is made up of revenues accruing to government agencies above what they are approved to spend at the beginning of the budget year.

The table showed that compliance with the payment of the operating surplus had been increasing over the years with more funds coming in the later years. Between 2007 and 2010, which were the formative years of the FRC, a total of N151.95bn was paid by the agencies.

In 2011, a total of N13.85bn was paid into the Consolidated Revenue Fund as operating surplus. This jumped to N132.47bn in 2012 and N153.51bn in 2013.

According to the table, the Federal Government received a total of N244.99bn in 2014. The figure increased further to N323.56bn in 2015, while the collection came down to N253.61bn in 2016. Thus, the highest amount accruing to the Federal Government from operating surpluses in a single year occurred in 2015.

The FRC attributed the increment in the payment of operating surpluses to its monitoring and intervention activities.

The commission said, “In 2016, the commission continued its monitoring of the remittance of the operating surpluses of the scheduled corporations. As usual, a corporation’s annual report from which operating surplus/deficit is determined is prepared in the year succeeding the one being reported on.

“It is instructive that the sum received by the Federal Government as its share of operating surpluses from the corporations has recorded year-on-year increase since 2007 to 2012. It is not in doubt that this improvement in returns to the Federal Government was engendered by the interventions of the FRC.

“However, the sum accruing to the CRF has been on a relative decline as a result of lackadaisical attitudes of agencies to compliance. In order to secure greater compliance, especially in the remittance of operating surplus, the commission intensified efforts at implementing operating surplus template for the calculation of operating surplus liabilities across scheduled corporations.”

It added, “It is hoped that full compliance with the Treasury Single Account will greatly enhance operating surplus remittance as the treasury will have direct access to the funds available to every agency.

“As opposed to chasing corporations for remittances to the CRF, the Office of the Accountant General of the Federation will be advised on what to recover from corporations once the appropriate liability has been ascertained and agreed.”

With a payment of N780.4bn, the Central Bank of Nigeria made the highest remittance of operating surplus to the Federal Government. Other agencies with high remittances include the Nigerian Ports Authority, with N115.58bn; and the Nigerian Communications Commission, N111.22bn.

The Nigerian National Petroleum Corporation is one of the most prominent organisations that has not made a single contribution as operating surplus.

http://investorsking.com/fg-makes-n1-27tn-from-operating-surpluses-in-10-years/

BluntBoy:
I used to think Wilder was a fraud until his last fight where he showed heart. I want to see him fight AJ. We need someone to expose AJ even more, not necessarily knock him out. So far, his advantage has been heights and by extension reach. Let us see him against taller opponents like Wilder and maybe Tyson Fury.

He will beat Wilder, he will outpunch him and comfortably walk through his punches like fit Stiverne did against Wilder in their first bout, and he wasn't anywhere near AJ. While casuals might be disappointed with tonight performance, AJ shows he can box, move 12 rounds without gassing out, and extreme improvement with his jab, something klitschko brothers are known for, hence, I believe the rumour that he reached out to them before this fight.

However, Parker gave a good account of himself, evade punches, move a lot and fight mostly on the back foot. The fight was a very technical one, and we expect this fight to be tougher than Deontay's because of Parker's boxing fundamental. Deontay has no boxing skill just right-hand power. Ortis even managed to nullify it before he was knocked out, a young fit AJ will handle it way better and he would have taken Wilder out in that round 7 because he hit way harder than Ortis or why do you think Dillian Whyte, Shannon Briggs, etc are calling him out? Because he has just one weapon nothing else. AJ is a complete boxer.

The Federal Government has announced plans to embark on massive exportation of goods using the Lekki Deep Seaport when it becomes operational in 2021.

Vice-President Yemi Osinbajo stated this on Thursday while inaugurating the Lekki Deep Seaport project in Lagos.

He explained that the development of the Lekki Deep Seaport was critical to the creation of special economic zones, which would serve as models for others across the country.

He said, “In the past two budgets, we have provided an average growth of N90bn for development of SEZs and we are developing the special Lekki economic zone as a model for other economic zones specifically targeting export.”

He noted that the ceremony was a landmark event towards driving the Federal Government’s Economic Recovery Growth Plan and the present administration’s emphasis on supporting game changing infrastructure projects directed at making major impact on trade and commerce

He said, “We were told by the promoters of this project that they are targeting about 1.5 million 20 feet equivalent unit container capacity annually, which we expect to grow to about 2.7 million and 4.7 million TEUs when the project operations commence. With this feat, the Lekki Deep Seaport will be one of the largest deep water seaports in our region and serve as a hub for port operations in the whole of West Africa.’

“We have been told that very large crude carriers will now be able to visit the port and greater efficiency and economies of scale will generate significant economic revenue for the Nigerian economy with the Federal Government earning a significant portion.”

According to him, the event was also a reflection of the government’s commitment to economic philosophy to private sector leadership to achieve economic development, stressing that the business of government is to contribute by way of equity where necessary, but more importantly, create the enabling environment for the private sector to do business.

“We must move ahead with ensuring the speedy completion of this project; there will be problems, but we assure you that the federal and state governments will be with you every step of the way to ensure that we give all the support required to make this dream come to fruition,” he stated.

Earlier, the Lagos State Governor, Akinwumi Ambode, represented by the Deputy Governor, Lagos State, Idiat Adebule, said the maritime sector had the potential to become a major revenue earner with significant contribution to the Gross Domestic Product of Nigeria.

He said the Lekki Deep Seaport had an adequate space for container storage with modern equipment to facilitate port operations and would tremendously relieve Apapa and Tincan ports of pressure.

He said the port would impact greatly on the development of the Lekki free trade zone while also commending the promoters of the project for their confidence in choosing Nigeria as an investment destination.

The Minister of Transportation, Rotimi Amaechi, said the Lekki seaport would be the first deep seaport in Nigeria and give the country the ability to receive very large crude carriers.

He added the ability to accommodate large vessels would the nation a regional hub.

“I hope this would help us generate outward cargoes because we have been having problems in raising outward cargoes. We must also work hard to make sure that we send out commodities to other countries.”

The Managing Director, Nigerian Ports Authority, Hadiza Usman, said the project was in line the with Federal Government’s commitment to promote private investment.

She said that the NPA fully paid share capital of five per cent, which was the minimum investment enough to give the private investor confidence, without having undue interference as a regulator.

She said the vision of the NPA was to provide an enabling environment for the operators, stressing that Nigeria being the largest exporter and importer of cargo in West Africa subregion required a deep seaport, which would receive large vessels.

“These big ships move cargo more efficiently. We will work with all stakeholders to see the deep seaport become a world-class facility,” she said.

The Managing Director, Tolaram Group, Haresh Aswani, said the project would change the future of the nation’s maritime sector and serve as a catalyst for economic development and the general well-being of Nigerians.

He said when completed, it would create about 170,000 direct and indirect jobs while also generating about N360bn under the concession including over N200m in tax revenue for both the Lagos State Government and Federal Government.

http://investorsking.com/fg-plans-massive-export-lekki-deep-seaport/

Powergas Nigeria has struck a partnership with an Austrian clean tech company, ETEFA, to facilitate the conversion of city buses and trucks in Lagos and the Niger Delta to run on natural gas, as part of efforts to reduce gas flaring in the country.

The companies announced the alliance during a briefing on flare gas recovery in Nigeria organised with the support by the Austrian Development Agency and the Commercial Section of the Austrian Embassy in Nigeria.

They said gas flare monetisation projects could potentially save Nigeria over $2.5bn per year by reducing fuel costs in the transportation and power generation sectors by over 30 per cent.

According to a statement, Powergas will provide the necessary infrastructure for the CNG supply and ETEFA will supply gas engines and associated technology.

“Eventually, ETEFA intends to locally manufacture gas-fired buses, trucks and engines in Nigeria with its Nigerian partners,” it said.

The Managing Director, Powergas Nigeria, Mr. Pulak Sen, said, “As a company, Powergas is committed to providing an environmentally friendly fuel source to spur economic growth and industrialisation in conjunction with reducing the carbon footprint.

“We believe that natural gas-fired power generation emits up to five times less nitrogen oxides compared with diesel generation and near-zero particulate matter. Today, Nigeria’s annual diesel importation is the same as the natural gas being flared.”

According to Sen, Powergas has long been promoting natural gas as a preferable substitute to conventional liquid fuels, cleaner and cheaper than petrol or diesel, and offers both financial savings and environmental benefits.

“Powergas partners with Cummins Power Generation Nigeria, which is also championing cleaner gas-fired power generation. Cummins lean burn gas generators meet emission criteria in even the most environmentally sensitive areas including California and USA,” he said.

The Chief Executive Officer, ETEFA GmbH, Mr. Johann Rieger, said, “The quality of the imported diesel, according to United Nations Environment Programme, hardly fulfils Euro 1 emission standards because of its high sulphur content.

“Diesel imports are the US dollar-dependent; hence, increasing the cost of fuel and decreasing the country’s scarce foreign exchange reserves.”

With reserves of 188 Trillion cubic feet, Nigeria had the largest gas reserves in Africa, Rieger noted.

“As a domestically available natural resource, effective utilisation is extremely important for import substitution (of liquid fuels) and forex savings. Gas Flare Reduction Programme-sponsored projects can clean and process flared gas into natural gas, along with other by-products such as propane, butane and the LPG,” he added.

According to him, If all of the gas being flared in Nigeria is captured and processed, it can power up to 200,000 city buses (public transport) or 200,000 trucks (commercial transport), or even double Nigeria’s power generation capacity, while significantly improving the quality of the air (lower carbon and particulate emissions).

Rieger said, “In other words, recovery and utilisation of flared gas will contribute positively to the Nigerian economy by bringing down fuel and energy costs – which will have a trickle-down effect on food prices, transportation costs and ultimately rein in Inflation.

“And the good news is that with the available gas reserves, it is still not too late. The introduction of gas-fired city buses for public transport will significantly lower ticket prices for passengers. This will especially have a positive impact on the lower income populace who spend up to 40 per cent of their monthly income on public transport.”

http://investorsking.com/nigerian-austrian-firms-make-vehicles-run-gas/

Former President Olusegun Obasanjo has decried the failure of President Muhammadu Buhari to sign the Africa Continental Free Trade Area agreement, expressing hope that he will change his mind before it is too late.

Obasanjo poured out his mind on the AfCFTA during a presidential panel, titled: ‘When Leaders Make History’ at the Africa CEO Forum in Abidjan, Cote d’Ivoire on Tuesday. He was joined by the President of Zimbabwe, Emerson Mnangagwa.

Obasanjo said, “That President Buhari didn’t sign the free trade agreement in Kigali is disappointing; I hope he signs it before it is too late.

“Egypt started the discussion on the formation of the Organisation of African Unity but didn’t conclude it and Nigeria took over. Nigeria was also central to the discussion of the free trade agreement, but I am surprised that the country withdrew from signing.”

The AfCFTA treaty is one of the flagship projects of the African Union Agenda 2063, and is aimed at creating a single continental market for goods and services, with free movement of business persons, investments and a single currency.

Also, the agreement commits countries to removing tariffs on 90 per cent of goods and to liberalise services, while items identified as sensitive, which make up the balance 10 per cent, will also be phased out later as tariff-free.

But the President, Manufacturers Association of Nigeria, Dr. Frank Jacobs, said the government’s enforcement mechanism in the area of enforcement of rules of origin needed to be clearly defined before local producers could support the agreement.

It is believed that the AfCFTA treaty would improve intra-African trade and enhance economic growth and sustainable development.

The Federal Government had delayed the signing of the treaty to allow for more deliberations and input from stakeholders and had set up a committee on the issue before the President would sign the treaty.

Speaking on the need for increased youth and women participation in politics in Africa, Obasanjo, who zeroed in on Nigeria, stated, “In our own part of the world, we have not done enough in this regard. Since independence, we have never had any woman as president and VP; no woman has contested governorship election and won.

“In the coming dispensation, all organs of political parties should have 30 per cent slots for women, 30 per cent for the youth, and 40 per cent for the others.”

He said it was disheartening that the number of the women in the National Assembly was still very insignificant.

http://investorsking.com/obasanjo-slams-buhari-not-signing-africa-free-trade-deal/ mynd44

frob0genius:
@olamil34

Can you suggest good python programmers on github? So I can learn by reading their codes.

Exercises, do a lot and check to see the preferred solution and compare. Below are links to the one I am currently using, started less than a month ago.

https://www.practicepython.org/

https://github.com/zhiwehu/Python-programming-exercises/blob/master/100%2B%20Python%20challenging%20programming%20exercises.txt

Despite Central Bank of Nigeria’s (CBN’s) effort to promote financial inclusion, the Nigeria Inter-Bank Settlement System (NIBSS) banking industry statistics shows that the number of customers using financial services reduced in 2017.

The statistics obtained by the News Agency of Nigeria (NAN) from the NIBSS website yesterday, showed that the total number of bank customers dropped from 61 million in 2016 to 59 million in 2017.

Similarly, active bank accounts reduced from 65 million in 2016 to 63.5 million accounts in 2017.

According to NIBSS, the banking sector, however, made great strides in linking customers’ account using the Bank Verification Number (BVN).

The report showed that linked BVN accounts grew from 26 million in 2016, to 41.3 million in 2017.

According to a banking industry source, the reduction in banking customers is not unconnected to the federal government’s anti-graft battle.

“When Buhari assumed office, many people abandoned their accounts, especially civil servants because of fear of investigation.

“While some closed down their accounts outright, others opted for gradual withdrawal so as not to raise the alarm,’’ the source said.

The source, who works at one of the top banks, blamed the BVN for the low patronage of banking products, especially in the rural areas, where awareness was very low.

A bank customer, Olaitan Alagbe told NAN that she closed some of her accounts due to unnecessary and illegal charges by banks.

“First of all, the interest rate is next to nothing, so there is little reason to keep your money at the bank when you can turn it over doing other businesses,” she said.

Another customer, who preferred to remain anonymous said he opened several accounts during the Ponzi scheme boom in the country, but was forced to abandon them after the schemes crashed in late 2016 and early 2017.

However, a source at the CBN told NAN that the reduction in the number of banking customers was caused mainly by the introduction of BVN.

“The reduction may not necessarily be a bad thing. For example, many people opened accounts using different variations of their names.

“A person bearing Musa Salisu Mohammed, may have other accounts as Salisu Mohammed or Musa Salisu.

“So with the introduction of BVN, such customers were forced to regularise their names, however, some opted to close down their accounts, which resulted in the reduction of active bank accounts and customers,’’ the source said.

The CBN source was, however, optimistic that the financial inclusion strategy of the bank would succeed in bringing in more people into the formal banking system.

The Financial Inclusion strategy aims to ensure that major bulk of the money in the economy remains within the banking sector.

A major challenge in the financial inclusion process is how to ensure that the poor rural dwellers are carried along considering the lack of financial sophistication among this segment.

The CBN, Money Deposit Banks, Micro Finance Banks and other stakeholders are currently implementing different policies designed to enhance financial inclusion in the country.

http://investorsking.com/bank-customers-drop-two-million/

President Muhammadu Buhari on Thursday inaugurated a 100,000-tonne capacity sugar plant belonging to the Flour Mills Nigeria Plc.

The plant located at Sunti, Niger State and built at a cost of over N50bn, occupies 17,000 hectares of land out of which 10,000 hectares are devoted to sugarcane.

The event was witnessed by the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, the Governor of Niger State, Sanni Bello; his Kebbi State counterpart, Atiku Bagudu; the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele; the Etsu Nupe, Alhaji Yahaya Abubakar; a former Minister of Information, Prof. Jerry Gana, among other dignitaries.

Speaking at the inauguration, Buhari said that the project was timely and coincided with the exit of Nigeria from recession and gradual growth of the economy.

He said sugar was critical to national security, adding that the investment would save the country a lot of revenue in foreign exchange and enhance rural industrialisation as well as create wealth among the rural poor.

He said, “One of the cardinal objectives of this administration is to look inwards as we focus on our natural endowments in agriculture and other non-oil sector for inclusive growth and development.

“The level of work and magnitude of investment we are witnessing here today is a clear indication that our policies on economic diversification are on the right path and attracting the right kind of attention.”

He said that since 1960, the FMN had shown commitment to Nigeria, adding that this was central to his administration’s determination for an inclusive economy.

He said that the investment would be significant to the development of the nation’s economy especially with its location along the River Niger because most of the people along that belt derived their livelihood from the river.

“This is the time to convert the area into a commerce and industry hub and I urge other business owners to follow the example of the Flour Mills and invest in the area.”

Buhari also called on the private sector to rehabilitate the Mokwa-Jebba road as part of their corporate social responsibility initiative.

The Chairman, FMN Plc, John Coumantaros, said that the establishment of plant was an indication of the firm’s belief and support for the Federal Government’s sugar master plan.

He added that it was the single largest most substantial investment the company had made in Nigeria and would save Nigeria $100m in foreign exchange annually.

He said it also would impact on the lives of 50,000 people in Niger State.

He said, “Sunti Golden Sugar Estates is for our company, more than a dream come true; it is the realisation of a strategic investment designed to produce made-in-Nigeria sugar. It is in line with our mantra, which is feeding people everyday. In Flour Mills Plc, we believe that reliance on imported raw materials for factory processes should be behind us.”

Coumantros commended the CBN for supporting the project, noting that without the apex bank, the sugar plant would not have happened.

Also speaking, the Niger State Governor, Bello, said that the plant was the biggest of its kind and one of only two plants capable of producing refined sugar from sugar cane.

He said that it would produce 450,000 metric tonnes of sugar daily.

He said, the visit of Buhari, being his first major official visit to the state after his election, was an indication of his love for Niger people and his commitment to the transformation of agriculture.

He said, “It is our belief that to achieve a hunger fire Nigeria, agriculture must play a prominent role by generating income, employment and feeding people.”

Bello disclosed that the Niger people were proud farmers of millet, sorghum, sugar cane and shea butter for local consumption and export.

He said, “Agriculture has been our top priority and has received support from the government. We have acquired 200,000 hectares of land to train youths and built 15 rehabilitation centres for irrigation scheme, while 2,000 farmers have been registered in the soya bean, cotton and rice sector and 2018 was declared the year of industrial revolution in the state.

http://investorsking.com/buhari-inaugurates-100000-tonne-flour-mills-sugar-plant/ mynd44

WASHINGTON — The Trump administration on Thursday sanctioned a number of Russian entities for a wide range of behavior that U.S. officials say has sought to disrupt Western governments — including the attempts to interfere in the 2016 presidential election.

Among the five entities sanctioned by the Treasury Department Thursday is the Internet Research Agency, which was indicted by a grand jury last month as part of Special Counsel Robert Mueller's investigation into possible Trump campaign collusion with Russian efforts. Officials say it's a propaganda outfit that used fake identities to pose as Americans on social media, in order to sew divisiveness during the campaign.

Treasury Secretary Steven Mnuchin said the new round of sanctions shows that the Trump administration is "confronting and countering malign Russian cyber activity, including their attempted interference in U.S. elections, destructive cyber-attacks, and intrusions targeting critical infrastructure."

Also cited in the sanctions: the NotPetya cyber-attack, which affected hospitals and disrupted shipping and was been attributed to the Russian military in February.

The sanctions freeze any assets of the Russian agents held in U.S. dollars, and block U.S. citizens from engaging in business with them.

It's the first round of sanctions announced by the United States since Congress passed a Russia sanctions bill last year — a bill President Trump signed only reluctantly in the face of a veto-proof congressional majority.

Officials said the sanctions had been in the works for weeks, but the timing comes just as the United States condemned Russia for its use of nerve agent to poison a double agent in the United Kingdom, signing on to a joint statement as a sign of solidarity with European allies.

That statement closes a gap that had emerged between the United States and the United Kingdom in recent days, as the White House appeared to stop short of blaming Russia for the attack.

Sergei Skripal and his daughter, Yulia, were poisoned in the southern English town of Salisbury earlier this month. The attack had all the fingerprints of a Russian spy operation, especially in its use of a military-grade nerve agent developed by Russia and banned by an international treaty on chemical weapons.

"We share the UK assessment that there is no plausible alternative explanation, and note that Russia´s failure to address the legitimate request by the UK government further underlines its responsibility," the four allied countries said in the joint statement. "We call on Russia to address all questions related to the attack in Salisbury."

Earlier this week, the White House pointedly declined to finger Russia for the attack. On Wednesday, White House press secretary Raj Shah took a step further, saying it appeared that "Russia did commit this act based on all the evidence that Britain has available."

On Wednesday, the U.K. expelled 23 Russian diplomats in retaliation for the attack.

http://investorsking.com/u-s-sanctions-russia-2016-election-interference-cyber-activity/ mynd44

Guaranty Trust Bank Plc sustained growth momentum in 2017 despite headwinds that clipped other lenders, the audited financial report filed with the Nigerian and London Stock Exchanges showed.

The bank announced a profit before tax of N200.2 billion for 2017, up from the N165.1 billion reported in the corresponding year of 2016.

A break down of the report showed the lender recorded positive performance across all financial indices as gross earnings rose from N414.6 billion reported in December 2016 to N419.2 billion in 2017, primarily driven by interest income as well as revenue generated from e-payment services.

Also, customer deposits surged by 3.8 percent to N2.062 trillion in the year, up from N1.986 trillion recorded in 2016, while loan book fell 8.9 percent from N1.59 trillion in December 2016 to N1.449 trillion in December 2017.

The bank's balance sheet remained strong with its total assets growing by 3.9 percent to N3.845 trillion and shareholders' funds stood at 625.2 billion.

In terms of assets quality, non-performing loans increased from 3.7 percent in 2016 to 7.7 percent in 2017, largely due to the classification of a single exposure within the Nigerian telecommunications industry.

However, the lender expects the non-performing loans to moderate to 4.6 percent, below the regulatory threshold. Overall, asset quality remained stable with adequate coverage of 119.6 percent, while capital remains strong with Capital Adequacy Ratio of 25.7 percent.

Speaking on the report, the Managing Director/Chief Executive officer, Mr. Segun Agbaje said the “2017 was a pivotal year for the bank. We delivered a strong result in a challenging environment; achieving record growth in earnings, carefully managing cost margins and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

http://investorsking.com/gtb-announces-n200bn-profit-tax-2017/ lalasticlala mynd44

Self-piloted flying taxis are being tested in New Zealand as part of a project backed by Google co-founder Larry Page that supporters say will revolutionise personal transport.

New Zealand regulators on Tuesday approved plans for Zephyr Airworks, a subsidiary of Page’s company Kitty Hawk, to develop and test the futuristic air taxis.

Known as Cora, the electric aircraft has a dozen lift fans on its wings, making it capable of vertical take-off and landing like a helicopter.

But developers say it is much quieter, meaning it could transport passengers in urban areas using rooftops and car parks as landing pads.

“We are offering a pollution free, emission free vehicle that flies dependably, we think this is the logical next step in the evolution of transportation,” Zephyr chief executive Fred Reid said.

The Cora prototype being tested in New Zealand’s South Island uses three on-board computers to calculate its flight path and is capable of carrying two passengers.

It has a range of 100 kilometres (62 miles) and can fly at 150 kmh at an altitude of up to 900 metres (3,000 feet).

Zephyr said using the air taxi would be a simple experience for passengers, similar to taking a ride-share in a car.

“You wouldn’t have to know anything about flying a plane. Cora could fly for you,” it said in a promotional video.

“And it would be all-electric, helping to build a sustainable world.”

It said Cora took eight years to design but then developers needed a suitable environment to safely test the new technology.

They settled on New Zealand because of its uncongested airspace and rigorous regulatory environment, with Reid saying local officials had embraced the idea.

“We had no idea what to expect,” he said.

“They could have laughed us out of the room. We were pitching something that sounded like science fiction.”

Cora has been given an experimental airworthiness certificate from the New Zealand Civil Aviation Authority.

Trialling the flying taxi service will reportedly take six years, with operations based around the city of Christchurch.

“This aircraft represents the evolution of the transport eco system to one that responds to a global challenge around traffic and congestion, and is kinder to the planet,” Christchurch mayor Lianne Dalziel said.

http://investorsking.com/google-guru-page-tests-flying-taxis-new-zealand/ mynd44

The crude oil and gas export receipts of the Nigerian National Petroleum Corporation increased by $275.14m (N84.46bn at N307 to a dollar) in December 2017, the oil firm announced in its latest monthly financial and operations report released on Tuesday.

According to the report, the NNPC recorded total export receipts of $476.25m in December 2017 from the sale of crude oil and gas, as against $201.11m in November.

The oil firm stated that while receipts from crude oil amounted to $342.16m, gas and miscellaneous receipts accounted for $94.85m and $39.24m, respectively.

On naira receipts, the report showed that domestic crude oil and gas sales in the month amounted to N96.68bn, consisting of N89.11bn from crude oil and N7.57bn from gas.

It stated that the sum of N77.57bn was transferred to the Federation Account in the month under review, while N19.11bn was paid for Joint Venture Cash Call, being a first line charge, to guarantee continuous flow of revenue stream to the Federation Account.

The report further showed that from January to December 2017, the NNPC remitted a total of N857.36bn to the Federation Account; N644.05bn for JV financing; and N19bn to the Federal Government for debt repayment.

In terms of natural gas off-take, commercialisation and utilisation, the report indicated that out of the 234.08 billion cubic feet of gas supplied in December 2017, a total of 138.99BCF was commercialised, comprising of 39.53BCF and 99.46BCF for the domestic and export markets, respectively.

This translates to a total daily supply of 1,275.09 million standard cubic feet of gas to the domestic market and 3,209.7mmscf of gas supplied to the export market.

The report also showed that 60.89 per cent of the average daily gas produced was commercialised, while the balance was re-injected, used as upstream fuel gas or flared.

A total of 828mmscf of gas per day was delivered to the gas-fired power plants in the month under review to generate an average of 3,342 megawatts, representing 11.4 per cent increase over the November gas-to-power delivery of 743mmscf to generate 3,115MW.

http://investorsking.com/nnpcs-crude-gas-export-receipts-rise-n84-46bn/

Nigeria’s trade balance peaked at N1.23 trillion in the third quarter of 2017, indicating the highest figure posted since 2014, the National Bureau of Statistics (NBS) has said.

In its foreign trade statistics report for the third quarter of 2017, the NBS also disclosed that total imports value of N2.234 trillion posted in the third quarter of 2017 represented a 10.51 per cent decline over the second quarter, and 4.68 per cent lower than the third quarter of 2016.

According to the NBS, the positive trade balance was attributable to an increase in exports and a decline in imports.

Providing further data, the statistical agency said that the N1.23 trillion trade balance exceeded the N506.5 billion recorded in the previous quarter.

The NBS said in the report that the country’s exports in the third quarter of 2017 stood at N3.57 trillion, marking a 13.19 per cent increase over the figure recorded in the second quarter.

It added that the N3.57 trillion also represented a 35 per cent increase over the amount posted in the corresponding period in 2016.

Raw materials export value, the report added, increased by 16.88 per cent in the third quarter of 2017 compared to raw materials exports in the second quarter of 2017 and 70.42 per cent higher than the third quarter of 2016.

In addition, the NBS report stated that the value of solid minerals exports increased by 85.3 per cent in the period under review compared to the second quarter of 2017 and was 78.72 per cent higher than the third quarter of 2016.

It also showed that the value of Nigeria’s total imports in goods decreased by 10.51 per cent in the third quarter of 2017 from the N2.6 trillion recorded in the second quarter of 2017 to N2.3 trillion.

Total imports (goods) were 4.68 per cent lower than the N2.4 trillion recorded in the third quarter of 2016.

Aggregate trade for the third quarter stood at N5.93 trillion, showing a 3.94 per cent and 23.86 per cent rise over the value posted in the second quarter of 2017 and the third quarter of 2016, respectively.

Also, the value of imported agricultural goods stood at N232.2 billion, a 0.05 per cent increase over the N232.1 billion recorded in the second quarter of 2017 and 16.91 per cent higher than the value recorded in Q3 2016.

The value of exported agricultural goods stood at N21.47 billion, indicating a 38.43 per decrease over the N29.71 billion recorded in the second quarter of 2017.

It was however 25.29 per cent higher than agriculture exports in the third quarter of 2016.

Manufactured goods exports, valued at N50.13 billion, were 62.68 per cent lower than the N1.24 trillion recorded in Q2, 2017, but 22.98 per cent higher than the value recorded in Q3 2016.

Manufactured goods imports in the third quarter of 2017, valued at N1.2 trillion, were 4.08 per cent higher than the N1.1 trillion recorded in the second quarter of 2017 and 2.79 per cent lower than the value documented for the third quarter of 2016.

Other oil products exports valued at N474.9 billion in the third quarter were 13.53 per cent lower than the N539 billion recorded in the second quarter of 2017 and 37.22 per cent higher than the value recorded in the third quarter of 2016.

Crude Oil exports in Q3 2017 stood at N2.9 trillion, representing an 18.40 per cent increase and 34.13 per cent hike over the N2.43 trillion recorded in Q2 2017 and the value posted in Q3 2016, respectively.

“Exports in the third quarter were still dominated by crude oil, with the commodity accounting for 83.17 per cent of total exports,” the report stated.

NBS in another report on banking sector data also revealed yesterday that the deposit money banks in the country extended a total of N15.83 trillion in credit to the private sector in the third quarter of 2017.

The NBS said in a report on select banking sector data for Q3 2017 that 213,693,964 transactions valued at N19.33 trillion were recorded in Q3 2017 on electronic payment channels in the Nigerian banking sector.

NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded.

The report showed that 97,530,856 NIP transactions valued at N13.96 billion were recorded in the quarter under review.

In terms of credit to the private sector, of the N15.83 trillion extended by the banks, the oil and gas and manufacturing sectors got N3.54 trillion and N2.27 trillion, respectively during the third quarter, the report stated, while the total number of bank staff increased by 9.16 per cent from 75,607 in the second quarter of 2017 to 82,531 in the third quarter of 2017.

http://investorsking.com/nigerias-trade-balance-hits-n1-2tn-imports-decrease-10-51/

Global crude oil prices declined on continuous rising U.S. crude inventories.

U.S. crude stockpiles rose by 3.02 million barrels to 423 million last week, representing the fourth increase in five weeks, according to the Energy Information Administration report released on Wednesday. The highest level since December 2017 and more than the 3 million barrels projected by analysts.

Brent crude fell by 1.99 percent to $63.44 a barrel on Thursday, the lowest in two weeks. While West Texas Intermediate dipped by 1.74 percent to $60.57 a barrel. Crude oil has now erased most of the 2018 gains on rising U.S. production.

In November, U.S. production rose to a record high of 10.057 million barrels a day, surpassing Saudi Arabia capacity and trailing Russia, the world’s largest crude oil producer. The figure exceeded the 10.044 million barrels per day recorded in November 1970.

This, the U.S. government predicts to reach 11 million barrels per day later this year. Meaning, if OPEC and Shale producers failed to reach an accord on how to better manage global supplies, oil prices may drop below $55 a barrel.

“We’ve got a lot more oil to produce and we’ll be through that 11 million barrel-per-day threshold much sooner than expected,” said Phillip Streible, senior market strategist at RJO Futures in Chicago.

Again, the U.S. dollar has started showing a tight relationship with crude oil movement, gaining against most commodity-dependent currencies immediately the report was published before declining on new tariffs due to be announced later on Thursday by President Donald Trump. A move that could see importers of steel and aluminum paying 25 percent and 10 percent tariffs, respectively.

Meanwhile, Mohammad Barkindo, OPEC’s secretary general, will be meeting with Shale executives on Monday in Houston to discuss how to manage global supplies.

“One of the lessons learned from this oil-price cycle is that as producers we are all in the same boat,” Mohammad Barkindo said in an interview earlier this week.

http://investorsking.com/crude-oil-declines-rising-u-s-stockpiles/

The National Broadcasting Commission (NBC), the broadcast industry regulator has sanctioned 86 broadcasting stations in nine zones of the country for various offenses resulting in contravention of the provisions of the Nigeria Broadcasting Code.

The stations were fined N11.8 million, with each getting up to N100,000 fine.

Head Public Affairs at NBC, Mrs. Maimuna Jimada, who confirmed the sanction, said the contraventions included breaches of the rules on vulgar lyrics, unverifiable claims and hate speech among others.

According to her, “The Commission wishes to re-iterate to all broadcasters that they have a duty to promote the socio-economic well-being of the Nigerian state and abide strictly by the provisions of the Nigeria Broadcasting Code.”

A detailed list of the errant stations and the sanctions applied, showed that NBC investigated 10 zones across the country and discovered that broadcast stations from nine of the 10 zones contravened the Nigerian Broadcasting Code. The zones investigated included Abuja, Benin, Enugu, Ibadan, Jos, Kaduna, Lagos, Maiduguri, Sokoto and Uyo. Among the 10 zones, only one zone, which is the Sokoto zone complied fully with the broadcasting code and was not fined.

While 19 broadcasting stations in Abuja zone were fined a total of N2.4million; four broadcasting stations in Benin zone were fined N500,000; 20 broadcasting stations in Enugu zone were N2.8 million; 12 broadcasting stations in Ibadan zone were fined N1.3 million, and only one station in Jos zone was fined N100,000.

In Kaduna zone, 12 broadcasting stations were fined N1.8 million; three stations fined N1.05 million in Lagos zone; another three stations fined N300,000 in Maiduguri zone, while 12 stations were fined N1.6 million in Uyo zone, totaling N11.8 million from 86 broadcasting stations in all nine zones that were investigated.
Having sanctioned the broadcasting stations, NBC directed them to pay their fines without delay.

The Commission also advised other stations that have complied with the broadcasting code, to continue to do so in the interest of the country, and warned those stations that erred to amend their ways immediately.

The NBC also warned against unprofessional broadcasting that could incite the people against each other, especially as the country is preparing for its 2019 general elections.

The Director General of NBC, Is’haq Modibbo Kawu, had warned broadcasters not to broadcast contents that are not factual and capable of destabilising the Nigerian economy. “Permit me to remind our broadcasters, that as we approach the electioneering period, stations must do everything professional to promote democracy. Broadcasters are reminded that they have a duty to respect all extant laws related to the reportage and coverage of the electoral process. Don’t broadcast campaigns when the period for commencement of campaigns have not commenced.

We are disturbed by the pattern of insensitive and inflammatory broadcasts emanating from some broadcast stations, especially in their coverage of national crises, like the Herdsmen/Farmer crises,” Kawu said recently.

According to him, “We have observed that some stations deliberately and repeatedly air very inciting contents long after the events break. We have warned stations that they must follow the tenets of the Broadcasting Code. Having warned broadcasters, we shall follow up with appropriate sanctions should any station continue to violate the Broadcasting Code.

http://investorsking.com/nbc-sanctions-86-broadcasting-stations/ mynd44

The National Bureau of Statistics on Wednesday released the sectoral report for Value Added Tax for the 2017 fiscal period, stating that the country generated a total of N972.34bn from VAT.

An analysis of the VAT report showed that the amount was collected from 28 sectoral activities during the period under review.

A breakdown of the amount showed that the sum of N204.77bn was generated in the first quarter, while the second third and fourth quarters recorded N246.3bn, N250.56bn and N254.1bn, respectively.

In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale, the bureau said the manufacturing sector generated the highest amount of VAT revenue at N119bn.

This was closely followed by the professional services sector with N87bn.

On the other hand, the report stated that the mining sector generated the least VAT revenue of N168m in the one-year period.

The report read in part, “Sectoral distribution of VAT data for Q4 reflected that the sum of N254.1bn was generated as VAT in Q4 as against N250.56bn in Q3 and N207.35bn in Q4 2016, representing 1.41 per cent increase quarter-on-quarter and 22.55 per cent increase year-on-year.

“Other manufacturing generated the highest amount of VAT with N28.19bn, and closely followed by professional services and commercial reading, both generating N22.34bn and N12.87bn, respectively, while mining generated the least with N32.5m.

“Out of the total amount generated in Q4 2017, N121.09bn was generated as non-import VAT locally, while N79.44bn was generated as non-import VAT for foreign. The balance of N53.57bn was generated as Nigeria Customs Service import VAT.”

The framework under which VAT is administered allows the Federal Government to get 15 per cent of the revenue, while the states and local governments receive 50 per cent and 35 per cent, respectively.

The Minister of Finance, Mrs. Kemi Adeosun, had said that 55 per cent of the revenue generated by the Federal Government from VAT receipts was being collected from Lagos State.

Adeosun, had during a meeting with the Progressive Governors’ Forum, explained that the balance of 45 per cent was being generated from the remaining 35 states of the federation and the Federal Capital Territory.

Giving a breakdown of the receipts from VAT, she said while Lagos accounted for 55 per cent of the revenue, 20 per cent was coming from the FCT.

She added that Rivers, Kano and Kaduna accounted for six per cent, five per cent and one per cent of VAT collection, respectively.

http://investorsking.com/nigeria-earned-n972-3bn-vat-2017-nbs/ mynd44

mexxmoney:
Everyone knows the story of Judith in the bible and those white you were claiming did the same picture were just depicting a scene in a biblical story of judith beheading General holefoenes just like depicting David beheading Goliath. What Mr Wiley did on the other hand had no relationship whatsoever to the bible story, he simply painted a portrait of a black woman beheading a white woman. Can u pls point me to anywhere in the biblical judith story that a woman beheaded another woman or even in the entire Bible where that happened? It was a racist artwork simple. If he had even painted a black Judith killing a white Gen. hoelefoenes, I would have even accepted it as a protest against the constant depiction of biblical heroes as white but to substitute Gen. Holefoenes with the head of a white woman totally disconnected his painting from the bible story, it turned the picture to what it is now been seen as i.e a racist painting of a black woman beheading a white woman with all the attendant wrong messages people could get from such a painting

From the horse mouth “The games I’m playing have much more to do with using the language of power and the vocabulary of power to construct new sentences,” Wiley says. “It’s about pointing to empire and control and domination and misogyny and all those social ills in the work, but it’s not necessarily taking a position. Oftentimes it’s actually embodying it.”

...and when next you see a white man ask him why his people colonized us, his answer, diplomatic or not, is racism/imperialism reconstruct.

mexxmoney:
I hope we won't come here to start celebrating someone who is currently been universally condemned for his racist artworks

How is he racist? You need to learn about his work, what the Caucasians are calling racism is a work that has been done over and over again by the same white, using white Judith picture (the Jewish Widow). All did was to use black painting for Judith (black Judith), like his other works.

The Federal Government earned N1.226 billion from crude oil during the last quarter of 2017, according to the Central Bank of Nigeria (CBN).

Besides, about N115.58 billion was allocated to the 13 per cent Derivation Fund for distribution among the oil-producing States during the period under review.

This was lower than both the proportionate quarterly budget estimate and the receipts in the preceding quarter by 9.1 per cent and 3.5 per cent, respectively.

CBN in its fourth quarter economic report, said the decline in oil revenue in oil revenue relative to the proportionate quarterly budget estimate was attributed to the fall in receipts from crude oil/gas exports.

The apex bank blamed the drop in crude oil production to leakages and shut-ins/shut-downs at some Nigerian National Petroleum Corporation (NNPC) terminals.

Out of the N637.73 billion received by the Federal Government as revenue during the period under review, State and Local governments received N323.47 billion and

N249.38 billion, respectively, while the balance of N115.58 billion was allocated to the 13 per cent Derivation Fund for distribution among the oil-producing states.

According to the CBN, Nigeria’s crude oil production, including condensates and natural gas liquids, averaged 1.80 million barrels per day (mbd) or 165.60 million barrels (mb) in the review quarter.

This, it said, represented a decline of 0.03 mbd or 1.8 per cent, compared with 1.83 mbd or 168.36 mb recorded in the preceeding quarter. The development was due to shut-ins/shut-down in some of the production facilities.

It stated: “Crude oil export stood at 1.35 mbd or 124.20 mb, representing 2.4 per cent decline compared with 1.38 mbd or 126.96 mb in the preceding quarter.

“The development was due, mainly, to continued commitment by OPEC and Non-OPEC countries to avoid flooding the global market, despite the exemption of Nigeria from the production cap agreement. Allocation of crude oil for domestic consumption was maintained at 0.45 mbd or 41.40 million barrels in the review quarter.”

The CBN explained that the average spot price of Nigeria’s reference crude oil, the Bonny Light rose from $52.92 per barrel in the third quarter of 2017 to $62.48 per barrel in the review quarter.

This, it noted, represented an increase of 18.1 per cent. The increase was attributed to the production-cut agreement, demand growth from China and increased refining activity in the United States. “The UK Brent, at $61.69 per barrel, the West Texas Intermediate at $55.47, and the Forcados at $62.60 per barrel exhibited similar trends as the Bonny Light.

“The average price of OPEC basket of fifteen selected crude streams was $59.35 per barrel in the fourth quarter of 2017. This represented increase of 18.8 per cent and 24.9 per cent relative to the average of $49.97 per barrel and $47.52 per barrel in the preceding quarter and the corresponding quarter of 2016, respectively,” it added.

Group Managing Director of NNPC, Dr. Maikanti Baru, said that the corporation is eyeing massive investments in the nation’s oil and gas industry with a view to improving the nation’s revenue and creating jobs for the citizenry.

Baru said the inland basins exploration was also in line with the goal of fulfilling the presidential mandate of increasing Nigeria’s oil and gas reserves.

“Upon successful discovery of oil in the nation’s inland basins, we will be able to attract huge oil and gas investments which will not only improve the nation’s revenue streams but also create more business and employment opportunities for Nigerians,” Baru stated.

http://investorsking.com/nigeria-earned-n1-2b-oil-fourth-quarter-2017/

Raindrops1:
Baba God, i'm tired of thinking....how can one man be this rich? the 40billion topping the #440billion will remove me and my family from all our financial problems..

Life is hard already, to make things even worst, i ended up in a hell country

Well, this is my first comment in nairaland....i'm sorry for the complain intro...

In every generation, there is an era of change, the known one in Nigeria was in the early 80s, it gave birth to present billionaires. However, for Jeff Bezos it was globalization, dot com bubble of the 90s. But it wasn't a smooth ride, what people don't know is that mere 5 companies survived dot-com bubble when it busted, amazon was lucky because it had raised more than $600 million a month before the 2000 crash. Hence, when the crash happened there was enough fund to sustain operation for awhile, even though Amazon shares plunged from over $100 to $6.

But we are in another ere of change now, for developed nations its race for data, huge data. For us, its innovation, just like Jeff was one of the first few people to see the potential of ecommerce, even when people like Bill Gates said its not going to work. Nigerian youths must channel their creativity towards change, economic productivity, and enhance standard of living to live like Jeff Bezos. Money is just a reward.

The Nigerian National Petroleum Corporation on Thursday announced that it had programmed to bring in two cargoes of petrol per day for the rest of this month in order to boost supply and eradicate the fuel queues that had resurfaced in many cities across the country.

It said each of the cargoes would carry 50 million litres of petrol, making a total of 100 million litres that would be brought in daily for the rest of February to increase supply and replenish strategic reserves.

“Also, to enhance supply, 45 million litres of petrol were discharged from ships into jetties across the country yesterday (Wednesday),” the corporation said in a statement issued by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, in Abuja.

It stated that prior to the discharge of 45 million litres, there were 324 million litres of petrol on land and 432 million litres in marine storage, making a total of 756 million litres, enough to last for 22 days at 35 million litres daily consumption rate.

“The jetties that received the 45 million litres shipment include NACJ, Apapa; Bop, Apapa; Techo Jetty, Lagos; Dutchess, Oghara; Vine Jetty, Calabar; Chipet Jetty, Lagos; and ECM Jetty, Calabar,” the statement added.

It further stated that to ensure efficient distribution of the product to depots in the hinterland, the Nigerian Pipeline and Storage Company, a midstream subsidiary of the NNPC, had been mandated to fix relevant pipelines to facilitate seamless pumping, in addition to the trucking arrangement that was in place.

The corporation assured motorists and other users of petrol that with the measures in place, the fuel queues being experienced in many cities would soon be a thing of the past.

Although it assured Nigerians that the queues would disappear, our correspondent observed that the fuel scarcity situation in Abuja and neighbouring states did not improve on Thursday.

Massive queues formed by desperate motorists were still seen at the few petrol stations that dispensed the commodity in the Federal Capital Territory as well as Niger, Nasarawa and Kaduna states.

Many filling stations, especially those operated by independent oil marketers, were shut, as fuel attendants stated that they had no product to sell.

Petrol queues in the listed areas have persisted since the end of the fourth quarter of 2017, and motorists in these locations now factor in the number of hours to spend in filling stations as they struggle to purchase the product.

http://investorsking.com/fuel-scarcity-nnpc-import-100-million-litres-daily/

A cargo of crude oil has sailed from Nigeria’s Bonga terminal for the first time since mid-January as operator, Shell, ramps up production, according to oil analytics firm, Vortexa.

The Suezmax Narmada Spirit left the terminal with a one million barrel cargo and is expected to sail to the Mediterranean, Reuters quoted Vortexa to have said.

The last cargo to leave the terminal, the Sea Garnet, departed on January 17 and discharged at Fos Sur Mer in France.

Bonga operator, Shell Nigeria, said production was gradually increasing after a “brief shutdown” from January 16 to 28 for repairs on a piping system.

Another Suezmax, the Arctic, is set to begin loading at the Bonga terminal on Wednesday and is expected to sail to Europe.

Bonga has a capacity to produce 225,000 barrels per day of oil and 150 million standard cubic feet of gas.

http://investorsking.com/first-vessel-sails-nigerias-bonga-crude/

The Nigerian Ports Authority on Tuesday declared a total revenue of N299.56bn for the 2017 fiscal year.

The 2017 revenue exceeded the previous year’s N162.20bn by 84.65 per cent and was the highest generated by the agency in the past five years, according to a statement by the General Manager, Corporate and Strategic Communications, NPA, Mr. Abdullahi Goje.

The statement gave a breakdown of the revenue generation in the past five years, with the NPA making the sum of N154.50bn in 2013. This increased to N159.30bn and N180.50bn in 2014 and 2015, respectively. The agency’s revenue, however, dropped to N162.20bn in 2016.

It noted that the 2017 figure was made up of revenues from traffic, harbours, administrative and other sources in the sums of N136.04bn, N66.80bn, N86.06bn and N10.75bn, respectively.

Earlier, Usman had expressed concerns about the condition of the port access roads and its impact on revenue generation for government, adding that more revenue would have been generated if the roads were not so bad.

http://investorsking.com/npa-declares-n300bn-revenue-2017/

The Nigerian banking sector carried out a total of 461,980,541 transactions in the final quarter of 2017, according to the National Bureau of Statistics.

The transactions valued at N29.44 trillion were recorded by Electronic Payment Channels, with Automated Teller Machine (ATM) dominating the larger volume of the transactions. A total of 239,692,229 transactions valued at N1.833 billion were done via ATM in the quarter.

In terms of credit, the banking sector issued N15.74 trillion worth of credit to the private sector in the fourth quarter. The Oil & Gas sector got the most credit, N3.58 trillion or 22.72 percent of the total credit issued in the quarter, while the manufacturing sector was allocated N2.17 trillion or 13.79 percent in the quarter.

According to the report, N528 million or 3.36 percent of the total credit was issued to the agricultural sector while power and energy got N454 million or 2.88 percent of the total credit issued in the quarter.

The total number of job creation in the banking sector rose by 9.9 percent from 82,840 jobs in the previous quarter to 90,453 jobs in the fourth quarter.

http://investorsking.com/banking-sector-461m-transactions-done-q4-2017/

asuustrike2009:
School varies.

No, this is one of those leadership programs anyone with money can attend. Harvard MBA program is 2 years and no be beans.

The Nigerian manufacturing activities dipped slightly in January, according to the data released by the Central Bank of Nigeria on Wednesday.

Manufacturing Purchasing Managers’ Index declined from a record high of 59.3 in December to 57.3 in January. While this was slower than the preceding month, it represents the tenth consecutive month of expansion. A reading above 50 levels indicates expansion.

According to the report, 13 of the 16 subsectors surveyed recorded growth in the following order: computer and electronic products, nonmetallic mineral products, cement, textile, apparel, leather and footwear, printing and related support activities, appliances and components, primary metal, petroleum and coal products, food, beverage and tobacco products, furniture and related products, paper products, fabricated metal products, plastics and rubber products.

While electrical equipment, chemical and pharmaceutical products, and transportation equipment contracted in the month.

However, manufacturing production index stood at 59.6, with 11 of the 16 subsectors recording expansion, while 3 remained unchanged in the month and 2 declined. Despite declining from 63.2 in December, manufacturing production has now expanded for eleventh consecutive months.

Employment gauge showed hiring drop slightly from 53.9 points recorded in December to 53.3 in January.

“Improved economic activities are yet to reflect on the labour market, another indication of over-concentration on money market by both domestic and foreign investors. Therefore, while business confidence is growing among established manufacturers, new investment in the sector is low, hence, lack of new job creation,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.

http://investorsking.com/manufacturing-activities-decline-marginally-january/

The Federal Government has perfected plan to build a $5.8 billion hydro-power plant in the eastern Mambila region in 2018, following a loan agreement with China’s Export-Import Bank.

“We hope to break ground this year if we can conclude the financing,” Power, Works and Housing Minister Babatunde Fashola said in a Jan. 23 interview in the capital, Abuja. “Contracts are in place. We are good to go.”

Fashola told reporters in August that the Chinese lender would finance 85 percent of the cost, and the Nigerian government the remaining 15 percent. China Civil Engineering Corp. will build the 3,050-megawatt power station over five years, and the facility will include four dams measuring 50 meters (164 feet) to 150 meters high, and 700 kilometers (435 miles) of transmission lines, he said.

Nigeria, a country of 180 million people living with daily power cuts, is seeking to expand electricity generation to drive growth after the economy contracted in 2016 for the first time in 25 years. Fashola, a former governor of Lagos State, the nation’s bustling commercial hub, was appointed in 2015 by President Muhammadu Buhari to take charge of the troubled power sector.

The government expects power-production capacity to increase to 8,600 megawatts in a year from 7,000 megawatts currently, Fashola said in the interview. In comparison, South Africa, with a third of Nigeria’s population, has a power-generating capacity of more than 40,000 megawatts.

Distribution Capacity

Nigeria also plans to improve distribution capacity, currently at about 5,000 megawatts. Since the country is able to produce more electricity than it can distribute, some production-capacity will remain idle until the government expands the network.

The government is looking to partner with private companies to invest in mini-grid projects and generate an additional 3,000 megawatts of electricity over five years, Fashola said. Investors are showing interest, he said, without further details.

A number of planned solar power projects have failed to secure funding and should be reassessed, according to the minister. State-controlled Nigeria Bulk Electricity Trading Plc signed preliminary power-purchase agreements in 2016 with private companies for 14 solar projects meant to generate 1,125 megawatts of electricity, but there have been issues over payment-related guarantees, Fashola said.

These should be redesigned to sell electricity not only to the government via the national grid but to customers in remote areas directly, according to the minister.

“They should rethink their models and begin to look at estates and communities,” he said.

The government is also working on regulations to license suppliers of electricity meters to stop some distribution companies from billing arbitrarily, Fashola said.

http://investorsking.com/fg-build-5-8-billion-hydro-power-plant-2018/

Nigerian equities reopened yesterday on a bullish note as investors responded positively to impending release of corporate earnings and dividend recommendations by major quoted companies. The board of directors of United Bank for Africa (UBA) Plc met yesterday and approved the audited reports and dividend payment for the year ended December 31, 2017.

With More than three gainers to every loser, equities rallied average return of 1.22 per cent, equivalent to net capital gain of N191 billion. The sustained rally nudged the average year-to-date return to 15.85 per cent.

The All Share Index (ASI)-the value-based benchmark index that tracks share prices at the Nigerian Stock Exchange (NSE) rose from its opening index of 43,773.76 points to close at 44,306.48 points. Aggregate market value of all quoted equities also rose from its opening value of N15.692 trillion to close at N15.883 trillion.

Most sectoral indices closed positive, underlining the widespread bargain-hunting that dominated transactions yesterday. The NSE Industrial Goods Index led the gainers with a gain of 1.7 per cent. The NSE Banking Index followed with a gain of 0.9 per cent. The NSE Insurance Index rose by 0.6 per cent while the NSE Oil & Gas Index appreciated by 0.3 per cent. However, the NSE Consumer Goods Index was the only contrarian index with a drop of 0.7 per cent.

There were 46 gainers against 15 losers. Dangote Cement- NSE’s most capitalised stock, led the gainers with a gain of N7.94 to close at N268. Stanbic IBTC Holdings followed with a gain of N1 to close at N45. Forte Oil and UAC of Nigeria rose by 60 kobo each to close at N50 and N17.60. Eterna added 43 kobo to close at N5.89. FBN Holdings rose by 37 kobo to close at N14 while Lafarge Africa and Union Bank of Nigeria gathered 35 kobo each to close at N52.35 and N8.10 respectively.

Total turnover stood at 573.35 million shares valued at N5.88 billion in 6,756 deals. FCMB Group was the most active stock with a turnover of 169.12 million shares valued at N547.03 million. Access Bank followed with a turnover of 42.53 million shares worth N553.48 million while United Bank for Africa (UBA) placed third with 39.52 million shares worth N513.68 million.

On the downside, Guinness Nigeria led the losers with a loss of N2 to close at N110. Nigerian Breweries followed with a drop of N1.75 to close at N150. Dangote Sugar Refinery declined by N1.01 to close at N20.95. Flour Mills of Nigeria dropped by 52 kobo to close at N30.90 while Guaranty Trust bank slipped by 30 kobo to close at N48.70 per share.

“The market gradually recovered from the oversold region with bargain hunting by investors particularly in stocks that declined in prior sessions. Bargain hunting by investors will drive market performance in coming sessions in anticipation of 2017 earnings seasons,” FSDH Securities stated.

http://investorsking.com/equities-rally-n191b-gains-opening-trades/

National Bureau of Statistic failed once again, last month this same agency released 3Q unemployment rate of 18.8 percent and put the total number of job loss from January through September at 4.1 million with youth underemployment/unemployment of 52.65 percent.

A month later, the same agency claimed unemployed persons now stood at 16 million in a quarter, were they not part of the cumulative unemployment rate of 18.8 percent? How come the unemployment rate remained unchanged at 18.8 percent, even though the total number of unemployed has gone up according to the current data?.

One of the importance of data analysis is accuracy because people are making important business decisions based on it. NBS needs to do more.