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 Politics › Nigeria To Stop Fuel Importation By 2019 – Kachikwu by Truth234(op): 5:40am On Feb 08, 2017 |
Nigeria will stop importing refined petroleum products by 2019. The Minister of State for Petroleum Resources, Mr Ibe Kachikwu, said on Tuesday in Abuja at a public hearing on the review of petroleum pricing template for Premium Motor Spirit organised by the House of Representatives. He said that within two years, the Federal Government revived refineries that were non-functional to contribute about eight million out of over 20 million litres of petrol consumed in the country daily. He explained that the Federal Government initiated a model which attracted foreign investors to partner with the Nigeria National Petroleum Corporation to repair the country’s refineries within the two years period. He said, “This has consistently served as a target for this government so that by December 2018, NNPC must be able to deliver on some of the terms given them, one of which is to reduce petroleum importation by 60 per cent. “By 2019, we should be able to exist completely on the importation of petroleum products in this country. “Cognisant of the fact that Dangote is building one refinery, we expect to have an excess situation.” The minister said that Nigeria must also have the capacity to stop exporting crude oil. According to him, selling crude oil is not different from selling agricultural produce in an unprocessed manner. He said, “The world is leaving that, every member of OPEC is leaving that because of the prizing, volume and market challenges is now shifting from selling crude to selling refined petroleum products. “That is what this country must do and there is a template we are working on.” He further said that the ministry intended to create an enabling environment that would promote local refining of crude oil. He said, “The issue is not giving licences to illegality, the issue is how do we ensure that we create an investment environment that pulls individuals from illegal creek activities to legal business activities. “We are looking at modular refineries, about 60 licences were given out just before this government came in and none of that was utilised because it requires a lot of money, land and crude security. “But now we are going out to identify refineries, get individuals who can build refineries on the same platforms where our refineries are and identify some key specific modular refineries backed up by foreign investments working with state governments. “Hopefully this will address the restiveness you see in the Niger Delta.” On the possibility of reducing the fuel pump price, Kachikwu said there was no padding in the petroleum pricing template for PMS currently sold at N145 per litre. According to him, 71 per cent of the cost is for the production and freight, 18 per cent balance is covered by depot charges and retailers margin. He said, “In other words, the storage tanks, the amount you get by verge of operating a filling station takes another 18 per cent, the output of those is already taking you to roughly about 90 per cent. “The transportation is less than 10 per cent; we probably can do better; the templating is an insignificant 1 per cent or 2 per cent but that’s not where the problem is. “The problem is with foreign exchange rate. “There are two key elements in the template, how much you buy it is internationally fixed, it is not a Nigerian issue the cost of foreign exchange is a monetary policy issue. “So, at the time we did the template the Central Bank of Nigeria monetary policy was N245, that was the basis upon which we calculated the pricing, today N305 is the exchange rate. “And what we have tried to do is to ensure that anybody who sells us foreign exchange follows basically the instructions of the CBN in terms of the amount.” http://investorsking.com/nigeria-stop-fuel-importation-2019-kachikwu/ 1 Like 1 Share
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| Politics › Bayelsa Loses N2.6bn Annually To Payroll Fraud by Truth234(op): 10:05am On Feb 07, 2017 |
The Bayelsa State government is losing about N2.61 billion to unauthorized employment, the Judicial Commission of Inquiry into the state’s payroll alleges. Presenting the volume one of its reports in Yenagoa, the Commission also discovered 6,280 unauthorized employments at the eight constitutionally recognized local council areas and the 32 Rural Development Authorities. The Chairperson of the Commission, Hon. Justice Doris Adokeme, blamed the over bloated wage bills on the activities of fraudsters in the system. The commission, in its findings, discovered 3,243 unauthorized employees at the Rural Development Authorities and 3,037 at the eight constitutionally recognized Local Council Areas of the State. Ekeremor top the chat with 1,162 employees followed by Southern Ijaw, Yenagoa, Ogbia and Brass. The Justice Adokeme-led Commission gave Kolokuma/Opokuma local Council and the RDA a clean bill of performance, with the employment of 505 staffers, adding that, in spite of their strength, the workers are putting up optimal performance. The commission attributed the over bloated wage bill at the third tier of the government to illegal transfer of service, substitution of names of retirees, illegal substitution of names of dead employees and back dating of appointment. It, therefore, called for a holistic implementation of the recommendations of the Commission, stressing that, it is the only way to curb the activities of pay roll fraudsters and reduce the wage bill. Receiving the report, Governor Dickson commended the efforts of the Commission’s Chairperson and its members for the painstaking manner they have carried out their assignment and assured that the government would look into it and take necessary steps. Governor Dickson asked the commission to beam its searchlight on the education sector, describing it as another critical sector that is giving the administration sleepless nights. The governor said his administration is waiting to receive other volumes of the reports, especially reports on the mainstream civil service. He stated that a committee would be inaugurated to carry out the re-organization in the Ministry of Environment and announced the commencement of the employment of sanitary inspectors. http://investorsking.com/bayelsa-loses-n2-6bn-annually-to-payroll-fraud/ |
| Politics › Re: Lagos To Become Africa’s 3rd Largest Economy By 2020 by Truth234(op): 7:56am On Feb 07, 2017*. Modified: 8:26am On Feb 07, 2017 |
Fremancipation:How would the US government pay its debt if all immigrants moved back with Trump rigid immigration stance? Don't forget US debt to GDP ratio is 77 percent. This simply means there is little to no space for fiscal stimulus should shock to the economy occur. While Lagos debt to GDP ratio is about 3 percent. Oga, both the US and Lagos remain attractive because of their industrialization, it wasn't the population that make Lagos, it was the commercialization of the city that brings about increase in population that further aid its growth. And if you think otherwise I see no reason your likes should be supporting Donald Trump because by your submission the economy will plunge into recession without means to pay debt and generate revenue via tax. 1 Like |
| Politics › Lagos To Become Africa’s 3rd Largest Economy By 2020 by Truth234(op): 6:23am On Feb 07, 2017 |
Lagos State Governor, Mr. Akinwunmi Ambode, monday disclosed that the prime goal of his administration is to grow the state from fifth to third largest economy in Africa by 2020. Consequently, the governor added that it had become imperative to also end the operation of yellow commercial buses known as danfo on roads in the Lagos metropolis before the end of this year. He disclosed this at the 14th annual lecture of Centre for Values in Leadership (CVL) held at MUSON Centre, Onikan, Lagos with a theme: ‘Living Well Together, Tomorrow: The Challenge of Africa’s Future Cities’. The lecture, which organised by a renowned development expert, Professor Pat Utomi, was chaired by former Governor of Cross River State, Liyel Imoke, and attended by the Director of the Centre for the Study of African Economies, Oxford University, Prof. Paul Collier, among others. Ambode explained the significance of infrastructure projects his administration had been executing in strategic sectors of Lagos economy, noting that it was directed at up scaling the status of the state. He explained that the establishment of massive lay-bys, rehabilitation of inner-city roads and the construction of flyovers in different parts of the state were designed to end the challenges of urbanisation. Specifically, the governor noted that the main objective of his administration remained the growth of Lagos from fifth to third largest economy in Africa, which he said formed the heart of his government. To realise this prime goal, Ambode insisted that yellow buses would be removed from Lagos roads for a more efficient, well-structured and world class mass transportation system that would facilitate ease of movement within the city. He said the present connectivity mode in the state was not acceptable and befitting for a mega city, and as such, a well-structured transportation mode would soon be put in place to address the challenge. Ambode said: “When I wake up in the morning and see all these yellow buses, commercial motorcycles and all kinds of tricycles, and we claim we are a mega city, that is not true. We must first acknowledge that that is a faulty connectivity that we are running. “We have to look for the solution. That is why we want to banish yellow buses this year. We must address the issue of connectivity that makes people to move around with ease and that is where we are going. “For instance, people going from Ikorodu to CMS have started leaving their cars at home because the buses are very convenient. So, why can’t we do that for other places? “Yes, we do not have the money to do everything now but we can go to the capital market and then improve on the technology of collection of fares. That will encourage investors and then the city will change.” Also, the governor said the state government was also embarking on massive reform in waste management system, expressing optimism that the plan “will be actualised by July this year. “We are also embarking on massive reform in the waste and sanitation management system. I don’t like the way the city is and the Private Sector Participants (PSP) collectors are not having enough capacity to do it but again should I tax people to death, the answer is no. “I do not want to tax people, and so we need this partnership with the private sector so that it can invest in the sanitation management of the city and in no time, maybe by July, the city will change forever.” Also speaking, Utomi said the idea behind the formation of the group was to get young people to begin to appreciate early what leadership is all about, which is service to the people. Utomi, founder of CVL, said Lagos remained the best governed state in Nigeria in the last 18 years, and a good example of what the country should be beyond and without oil. He thus commended Ambode on his leadership style, and particularly congratulated Lagos for being named by the Rockefeller Foundation as one of the 100 most resilient cities in the world. On his part, Director of Centre for African Economies, Oxford University, Collier, said from his over 30 years’ experience of coming to Nigeria, Ambode has proven himself to be the third excellent governor in a row in Lagos. Collier, who was the keynote speaker, said judging by the population projection of Nigeria by 2050, now is the time for the country to start building its cities to conform to modern trend. He said Nigeria’s oil had been a curse which messed up the economy, and so there was need to start proper planning for development. Collier, therefore, suggested alliance between the business community and political actors, saying to build a city that works, attention must be focused on energy and connectivity. http://investorsking.com/lagos-become-africas-3rd-largest-economy-2020-ambode/ |
| Business › NSE Market Capitalisation Loses N74bn In One Day by Truth234(op): 4:56am On Feb 07, 2017 |
Activities on the Nigerian Stock Exchange opened for the week on Monday on a downward trend with the market capitalisation losing N74bn, amid profit taking embarked upon by investors. The market capitalisation which opened at N8.892tn lost N74bn or 0.83 per cent to close at N8.818tn. Similarly, the All-Share Index shed 215.45 points or 0.83 per cent to close at 25,587.09 against 25,802.54 achieved on Friday. Total recorded the highest loss to lead the losers’ chart, dropping by N6 to close at N262 per share. Dangote Cement trailed with a loss of N2.99 to close at N165.01 and GlaxoSmithKline dipped 75k to close at N14.25 per share. PZ industries was down by 67k to close at N12.87, Guinness declined by 28k to close at N66.70 per share. Conversely, Nigerian Breweries led the gainers’ table, gaining 39k to close at N133.50 per share. United Capital followed with a gain of 17k to close at N3.72 and Guaranty Trust Bank gained 6k to close at N23.08 per share. Dangote Sugar Refinery appreciated by 4k to close at N6.05; Livestock added 3k to close at 78k per share. However, the volume of shares closed higher as investors bought and sold 152.39 million shares worth N903.53m transacted in 2,706 deals. This was in contrast with a total of 144.63 million shares valued at N1.22bn exchanged in 2, 350 deals on Friday. FBN Holdings emerged the most traded stock, exchanging 25.24 million shares worth N88.24m. Staco Insurance followed with 20 million shares valued at N10m, while Fidelity Bank traded 13.55 million shares worth N12.10m. FCMB Group accounted for 13.26 million shares valued at N16.68m, while Zenith International sold 12.18 million shares worth N187.32m. http://investorsking.com/nse-market-capitalisation-loses-n74bn-one-day/ |
| Business › Re: First Bank, Gtbank, Others Among Top 500 Globally by Truth234(op): 8:52am On Feb 06, 2017*. Modified: 10:13am On Feb 06, 2017 |
awelekiti:It is not their bank, its government monetary policy that allows their bank gives cheap loans or interest-free loan to businesses. The problem lies with the Central Bank of Nigeria, not the bank. For instance, let CBN institute an interest-free loan like the European Central Bank and Bank of Japan if manufacturing sector and unemployment rate won't take a huge hit. It's our rigid fiscal and monetary policy. 2 Likes |
| Business › First Bank, Gtbank, Others Among Top 500 Globally by Truth234(op): 4:32am On Feb 06, 2017 |
First Bank of Nigeria Limited, Guaranty Trust Bank Plc, Zenith Bank Plc, Access Bank Plc and the United Bank for Africa Plc have been named among ‘The Top 500 Banking Brands’ of The Banker magazine of the Financial Times and Brand Finance, London, United Kingdom. In a statement on Sunday by the Country Representative, Nigeria, The Banker magazine, Mr. Kunle Ogedengbe, First Bank led the four other Nigerian banks in the global ranking. As a result, First Bank was named The Most Valuable Banking Brand in Nigeria in The Top 500 Banking Brands. With $301m brand value, First Bank ranked 357, leading GTB which ranked 395 with a brand value of $258m; Zenith Bank ranked 414 with a brand value of $247m; Access Bank ranked 476 with a brand value of $182m; and UBA with a brand value of $172m ranked 487 in the world. According to the Chief Executive Officer, Brand Finance, David Haigh, the brand value is the amount a third party will need to pay in using the brand name. As for the methodology of the ranking, the Editor, The Banker magazine, Brian Caplen, was quoted as saying, “Brand Finance employs a discounted cashflow technique to discount estimated future royalties at an appropriate rate to arrive at a net present value of a bank’s trademark and associated intellectual property – its brand value.” He noted that the approach was used for two reasons: it is favoured by the tax authorities and the courts because it calculates brand values by reference to documented third-party transactions and it can be done based on publicly available financial information. http://investorsking.com/first-bank-gtbank-others-among-top-500-globally/ 2 Likes 1 Share |
| Politics › Re: Tuface Protest: Nigerian Democracy Fails First Real Test by Truth234(op): 9:03am On Feb 05, 2017 |
jaybanfa:Nobody can blame Tuface, he did his best. But there were way too many hindrances and oppositions. Even from the oppressed that failed to see the protest is for them. |
| Politics › Re: Tuface Protest: Nigerian Democracy Fails First Real Test by Truth234(op): 8:33am On Feb 05, 2017 |
gabazin080:Tuface is not Fela, but to think he is not a leader is wrong. He is a leader and the face of modern Nigerian music, which has given birth to some of our favourite tunes. Go and listen to Spiritual healing, Go down there, I wanna be free etc, you will understand that Tuface has always been an activist. Maybe different kind of activist, but he is one. |
| Politics › Re: Tuface Protest: Nigerian Democracy Fails First Real Test by Truth234(op): 8:22am On Feb 05, 2017 |
lytech1:The truth is the damage this cancellation done to our democracy outweighs even the protest itself. This protest would have given birth to a new Nigerian democracy and restored power to the people. 1 Like |
| Politics › Re: Tuface Protest: Nigerian Democracy Fails First Real Test by Truth234(op): 8:13am On Feb 05, 2017 |
sirteayeni:If you receive the kind of insults and series of personal attacks he received since the protest was announced you will likely do the same. |
| Politics › Tuface Protest: Nigerian Democracy Fails First Real Test by Truth234(op): 8:06am On Feb 05, 2017 |
So Tuface cancelled the protest, wow! Nigerian democracy just failed its first real test. And to those that think Tuface lacked the moral to convey such protest because he failed to prove his commitment to the Nigerian economy by doing his wedding in Dubai, please think again. This is a man that has generated more forex for the economy than the seating president, in fact, his Itune revenue generation and that of other musicians (that he helped put on global stage) are part of what is sustaining the economy right now. This is a man that has performed on over 2,000 stages across the world in pigin English. Common, if that is not made in Nigeria in its purest form, I really don't know what it is. To even question such commitment shows we have a long way to go as a people. I see no reason, a man that has generated forex for the nation for over 19 years, 988 weeks, 6935 days can't take 3 days off in Dubai for his wedding after all the president is still in London. Yet he has generated no single forex for this nation, apart from spending the little that is left. A lot of people may not know this, what just happened is bigger than Tuface, this is a Nigerian Call that was not obeyed, trampled upon by the same 1 percent that has consistently sabotaged the progress of this nation. Lastly, this is a huge blow to the Nigerian democracy, and once again affirmed the fact that the people are still not free and that the power remains centralised. 4 Likes |
| Business › Naira Falls To N500 Per Dollar At Parallel Market by Truth234(op): 7:30am On Feb 04, 2017 |
The Naira on Friday depreciated further to N500 to a dollar at the parallel market after it had remained stable for nearly three weeks. The Pound Sterling and the Euro traded at N616 and N530 respectively at the open market. The Nigerian currency, however, remained stable at the Bureau De Change segment of the market exchanging at N399 to a dollar, while the Pound Sterling and the Euro closed at N617 and N527, respectively. The Naira also remained stable at the interbank window exchanging at N305.25 to a dollar. Traders at the market said that the scarcity of the greenback was far from being over. In spite of the weekly sale of forex to BDCs by the apex bank, the Naira could not resist the temptation to fall. http://investorsking.com/naira-falls-n500-per-dollar-parallel-market/ 1 Like 1 Share |
| Politics › Economy Of Lagos Is Expanding, Outlook Bright by Truth234(op): 12:01pm On Feb 03, 2017*. Modified: 7:12am On Feb 04, 2017 |
While Nigeria’s economy is thought to have contracted in 2017, the commercial capital Lagos continued to expand. CNBC Africa’s Wole Famurewa spoke to Steve Ayorinde, Commissioner for Information and Strategy for Lagos State and discussed the spending plan and outlook for the state’s economy. Recession is a word that we approach cautiously in Lagos because you also have to be sensitive to the general feelings in the country, but the way you look at the Lagos economy is that last year Lagos State actually generated more money than the year before it, when there was no recession. Is that internally generated revenue by Lagos State? Absolutely. And if you also look at the budget we’ve passed into law, N812 billion, which means that you can see that in about two years of Governor Akinwunmi Ambode’s Administration, the governor has almost doubled the budget size that he met in 2015, which means that the economy of the state is expanding. Lagos State is now an oil producing state, it has the largest petrochemical industry, the largest fertilizer west Africa, the largest refinery in Africa in a year or two will all be happening here. It means that something is happening and work has started and without a doubt, this is the fifth largest economy in Africa. It has two of the most lucrative ports in Nigeria are in Lagos, so you can’t discount the fact that financially speaking, there’s actually no recession in Lagos state, but as I said we have to be sensitive to the general mood of the nation and what is going on. But while we’re not trying to be insensitive to the broader country’s plight with the recession. I think it’s important to really highlight what is going on in Lagos. Like you mentioned, we’re looking at doubling the budget size in 2 years. So let’s get a sense of where that spending is going and the impact that you’re expecting. Infrastructure. I say to people, one of the most iconic features of Lagos is the Lekki Ikoyi bridge. The one that Mark Zuckerberg jogged on. That image went viral all over the world. That bridge, as fantastic as it is, came at the 6th year of Fashola’s administration. In Governor Ambode’s first two years 2 similar bridges are on their way, not just to serve as iconic structures but to ease traffic in two of the most densely populated areas in Lagos. Those two fly over bridges will be ready before the 27th of May as part of the legacy and iconic projects that we thought are necessary to celebrate Lagos at 50. As we’re commissioning those two, work will be starting on another bridge to serve Agege. Work is progressing. In terms of infrastructure, roads are a major concern of this administration. For a state that has about 9,000 roads, 6000 belong to local government and local council development areas means that there’s a lot crying for attention in these areas. This was why last year, we embarked on 114 roads, the first of its kind in Nigeria, we’re concentrating on inner and local government community roads. That’s 2 per local government and LCDA. This year we expanded the scope to 181 roads. This means that the least that any LCDA will get is two, but we realise that there are other areas that require more than two because of the nature of the road network. We don’t just want to fix roads, we want roads that will add to the economic activity; that will lead from one point till the other; that will connect to the express ways and the major roads. That’s why we said 181 roads. All will be delivered in addition to the other roads. You need to go to Epe and see the kind of road infrastructure that we’re putting on there. So, our area of focus is road infrastructure is without a doubt. In addition to this we’re working in the hospitality and creative sectors. We’re building 6 theatres across Lagos in all the divisions of Lagos state, Epe, Badagry, Ikorodu. Areas that have otherwise been neglected, because we see that Lagos is not just about Lagos Island or Ikeja. Let every part of Lagos feel development under Ambode. It sounds like a really great project that you’re putting out there, and the government is spending quite a bit, but then, we’ve heard a lot about what the government is doing, let’s move over to the private sector investment. It’s a difficult environment because of all the forex issues but tell us about that, the types of flows of private sector capital that we’re seeing into Lagos. You know the beauty of what Lagos is enjoying is that practically everything that Lagos initiates involves a buy in from the private sector. Take for example the Security Trust Fund. You can’t have a mega city with 21 million people and counting without adequate provisions for security. the bulk of the money that goes into the Lagos state security trust fund actually comes from the private sector. It’s the same thing that we have applied with the Lagos State Employment Trust Fund. It’s a N25 billion, 4 year project but what we’re trying to say is that Lagos is partnering with the private sector to ensure that a sort of soft loan goes out to a number of young entrepreneurs to start up businesses and everything. The job of government is to provide an enabling environment for businesses to thrive, for salaries to be paid and for activities to flower. And that’s what Lagos state is trying to achieve with the way we’re softening all the laws that pertain to registration of businesses. We have the Lagos global office of home office affairs, serving as a one stop shop for people and businesses. But are there any major projects coming from Lagos that we can anticipate this year? A lot. Take for example the oil and gas sector. The Tunde Folawiyo oil and gas initiative. People say Lagos is an Oil and Gas state now, but it’s a private sector driven thing. Yes Lagos will gain statutory benefits as an oil and gas producing state, but who will derive the greatest benefit? It’s the Tunde Folawiyo company that will employ people and ensure that money is coming into the state and into the pockets of people that will be employed. It’s not coming to government directly but we’re ensuring that support is provided to the private sector. The whole idea is to partner with the private sector. If the economy is not, booming. If civil servants, are not getting their salaries, the rippling effect touches practically everybody. http://investorsking.com/economy-lagos-expanding-outlook-bright/ Lalasticlala Mynd44 seun Dominique |
| NYSC › CBN, BOI To Grant Loans To NYSC Members by Truth234(op): 8:53am On Feb 03, 2017 |
The National Youth Service Corps (NYSC) has signed a memorandum of understanding with the Central Bank of Nigeria (CBN) and the Bank of Industry (BOI) to provide loans to serving NYSC members across the country, who underwent skills acquisition and entrepreneurial trainings at orientation camps to set up small scale businesses after the service year. The NYSC Director General (DG), Brigadier General Suleiman Zakari Kazaure disclosed this on Wednesday when he visited the 2, 384 Batch B, Stream two NYSC members undergoing orientation at Wailo camp in Bauchi state. He explained that the gesture was part of measures by the NYSC to surmount the problem of unemployment faced by teeming graduates in the nation. The DG who admitted that government could not provide jobs to all youths being produced by universities and polytechnics yearly, opined that corps members should pay serious attention to the skills acquisitions training taking place at camps to enable them start their own trades to earn a living and be self-reliant after the national service. “We are trying to establish six skills acquisition centres in the six geo-political zones of the country where we will be training our corps members from all sides. Already we are into collaboration with CBN and Bank of Industry and they agreed to give loans to our corps members. So start-up funds is not a problem to us,” he pointed out. Kazaure, who advised the corps members deployed to the state to respect the culture of the locals and to always move in groups for security purpose, also challenged them to initiate or facilitate community development projects in their host communities which are some of the cardinal objectives of the scheme. Earlier in his address, the Bauchi state coordinator of NYSC, Mr. Afolayan Adeola James appealed to the people in the state to be helpful and hospitable to the youths so that they would feel at home throughout their one year compulsory service and contribute their quota in nation building. http://investorsking.com/cbn-boi-grant-loans-nysc-members/ Lalasticlala Mynd44 seun Dominique |
| Politics › FG Saves N152.4bn From Oil Products Sales, Opens 128 Bids by Truth234(op): 4:37am On Feb 03, 2017 |
The Group Managing Director of the Nigeria National Petroleum Corporation, Dr Maikanti Baru, on Thursday said the corporation saved $500m (N152.4bn) from oil products sales. Baru disclosed at the opening of bid for the Direct Sale Direct Purchase at the NNPC Towers in Abuja. DSDP is a model introduced in 2016, carried out through direct sales of crude oil to refiners or consultants who in turn supply NNPC with equivalent worth of products. 128 Indigenous and International Oil and Gas companies indicated interest to participate in the 2017 DSDP programme. The batch over which the bids were opened is scheduled to last for the next one year, starting from April 1. He said, “The DSDP programme has also recorded significant cost savings of over half a billion dollars through major reduction in the amount we paid for both demurrage and the product themselves. “It ensures that the supplies from refineries are fully augmented to meet the national supply as well as a sustained over 30 days sufficiency particularly with petrol. “The programme is very transparent and the major instruments on the partnership between the NNPC and the product supplies both local and international, we have as part of this programme.” In an interview with newsmen on the sideline of the bidding process the GMD said the requirement was that the bidder must have physical presence in Nigeria. He said, “The major drive here is to ensure that Nigerians are not left out and to ensure that those that emerge, whether consortium or single, must have physical presence in Nigeria. “That means they must have depots or retail outlets as a minimum or they must be involved with exploration or production of crude oil. “So we will ensure that most of them are domiciled here in Nigeria. This year’s programme for DSDP is about 800, 000 barrels at most.” He said the tenders will be based on West African quality specifications and we will maintain the latest which is 50 per cent of sulphur content. The corporation saved a billion dollars from the DSDP programme in 2016. http://investorsking.com/fg-saves-n152-4bn-oil-products-sales-opens-128-bids/ |
| Business › Investment Inflow To Nigeria Drops To 10-year Low by Truth234(op): 2:47am On Feb 02, 2017 |
The Nigerian economy recorded its worst investment inflow in 10 years with the country attracting a total investment of $5.12bn in the 2016 fiscal period. The $5.12bn investment figure, when compared to the $9.64bn that the economy attracted in 2015, represents a decline of $4.52bn or 46.86 per cent. The decline was confirmed in the Capital Importation Report, which was released on Wednesday by the National Bureau of Statistics. There are three major categories of investment that make up the total investment inflow into the country. They are portfolio investment, which attracted $1.81bn in 2016; foreign direct investment, which attracted $1.04bn; and $2.26bn in other investments. The bureau explained in the report that investor apathy about the Nigerian economy was symptomatic of the economic crisis currently being experienced in the country. For instance, it said that the weak value of the naira was one of the reasons for the low investment inflow into the country, adding that this affected the level of portfolio investment negatively. The report stated, “The total value of capital imported into Nigeria in the fourth quarter of 2016 was estimated to be $1.54bn, which represents a decrease of 15 percent relative to the third quarter, and a fall of 0.52 percent relative to the fourth quarter of 2015. “The level of capital imported was similar in each month of the quarter, but the highest was in December at $555.37m. In the year 2016, capital importation fell by 46.86 per cent from $9.64bn in 2015 to $5.12bn. “This was the lowest value since the series started in 2007, which reflects the numerous economic challenges that afflicted Nigeria in 2016. The weakening of the naira may have had an impact, as a weaker naira means more can be purchased with each dollar and, therefore, investment projects requiring naira payments cost less in dollar terms.” The report stated that portfolio investment was the most badly affected investment class in 2016 as it recorded a decline of 69.81 per cent owing to the current market conditions. It stated that foreign direct investment followed with a decline of 27.83 percent last year. However, the report stated that other investments recorded a marginal increase of 3.48 percent, adding that the increase in loans was a major reason for the rise. In terms of country of origin of the investment inflows, the report stated that the country from which Nigeria imported by far the most capital was the United Kingdom, which accounted for $482.89m or 31.18 percent of the total. It added that since 2010, the UK had accounted for the highest value of capital importation to Nigeria. This was followed by the Netherlands, which accounted for $296.52m, or 19.14 percent of the total. http://investorsking.com/investment-inflow-nigeria-drops-10-year-low/ |
| Business › Re: January Manufacturing PMI Fell To 48.2 by Truth234(op): 8:30am On Feb 01, 2017 |
Sibrah:Purchasing managers index, its the aggregate of manufacturing managers' purchases within the period under review. 2 Likes |
| Business › January Manufacturing PMI Fell To 48.2 by Truth234(op): 7:49am On Feb 01, 2017 |
The country’s manufacturing activity fell to 48.2 index points in January 2017, down from 52.0 recorded in December, the Central Bank of Nigeria said in its Purchasing Managers’ Index released on Tuesday. The report showed that while the manufacturing PMI dropped to 48.2 index points, the non-manufacturing PMI stood at 49.4 points, indicating a slower decline compared with the 47.1 points recorded for December 2016. In the PMI report posted on its website, the CBN said, “A composite PMI above 50 points indicates that the manufacturing/ non-manufacturing economy is generally expanding, 50 points indicate no change and below 50 points indicate that it is generally declining.” Though the manufacturing PMI grew in December 2016, it had recorded declines for eleven consecutive months and averaged 45.2 in the last 12 months. The report showed that 10 of the 16 subsectors surveyed recorded decline in the month under review while the remaining six subsectors expanded. The six sectors are: petroleum and coal products; appliances and components; nonmetallic mineral products; food, beverage and tobacco products; textile, apparel, leather and footwear; and computer and electronic products Despite the decline in manufacturing activity, however, the report showed that the production level index for the manufacturing sector grew for the second consecutive month, standing at 51.3 points, indicating a slower growth when compared to the 57.6 points in the month of December 2016. But this did not have any impact on new orders as well as suppliers’ delivery time during the period as they both declined with the latter standing at 48.5 index points while the former stood at 47.9 points. Also, the report showed that the employment level index for the January manufacturing PMI stood at 45.3 points, indicating a decline in employment level for the 23rd consecutive month. Similarly, the report showed that the employment level index for the non-manufacturing sector PMI declined for the 13th consecutive month in January 2017. However, the report stated that at 45.6points, the index declined at a slower rate compared with the 43.8 points recorded in December 2016. http://investorsking.com/january-manufacturing-pmi-fell-to-48-2-cbn/ Lalasticlala Mynd44 seun Dominique |
| Phones › Re: Telecoms Subscriber Rises To 154.5m In Q4 2016 - NBS by Truth234(op): 5:09am On Feb 01, 2017*. Modified: 7:07am On Feb 01, 2017 |
Horus:But if policy makers go ahead with proposed tax policy, it will slow investments in the sector. We need a holistic approach to sustain current growth rate, and government must support the industry to aid job growth and revenue generation. Btw are you Jimi Horus? 1 Like |
| Phones › Telecoms Subscriber Rises To 154.5m In Q4 2016 - NBS by Truth234(op): 4:44am On Feb 01, 2017 |
The mobile telecommunications subscribers’ base rose to 154.53 million as at the end of the fourth quarter of 2016 compared to 153.29million subscribers in September same period, the National Bureau of Statistics (NBS), stated Tuesday. This represented a 0.8 percent increase in mobile subscribers. The NBS in its report on the telecoms sector further stated that over the past decade, the total number of subscribers increased rapidly, noting that at the end of 2005, there were 19.51 million subscribers. But by the end of 2015, however, there were 151.07 million subscribers which is equivalent to an increase of 13.14 million subscribers every year, it added. However, the NBS report stated that growth in the sector has been declining more recently, as a result of high market penetration leaving less room for large expansion. It said: “In December 2016 – the end of the fourth quarter, there were 154,529,780 subscribers, compared with 153,299,535 in September 2015, which represents a quarterly increase of 0.80 per cent. “Growth had continued unabated since April, before which subscriber numbers had fallen for several months. The yearly increase in total subscriber numbers was 2.33 percent, which is slightly higher than the yearly increase of 1.75 percent recorded in the previous quarter.” It said the largest quarterly increase recorded by any GSM provider was Airtel, whose number increased by 4.09 percent from 32.77 million to 34.11 million subscribers. By contrast, Etisalat according to the report, recorded its largest quarterly decrease, declining by 7.65 percent to 20.81 million subscribers as against 22.53 million subscribers in the third quarter. It added that Etisalat was the only company to record a decrease in the fourth quarter of last year. The report stated that Globacom and MTN had 37.35 million and 61.84 million subscribers respectively, and recorded quarter on quarter growth of 1.06 per cent and 2.12 per cent. http://investorsking.com/telecoms-subscriber-rises-to-154-5m-in-q4-2016/ 1 Like |
| Politics › Nigeria Gains $22m From Bonny Light Crude In December by Truth234(op): 8:13am On Jan 31, 2017 |
The price of Nigeria’s Bonny Light crude oil was the second highest in December among members of the Organisation of the Petroleum Exporting Counties (OPEC), rising from $42.20 in November to $53.91 per barrel. This means the country gained about $11.71 per barrel in December. Nigeria therefore, may have added $22 million to its foreign exchange earnings when multiplied by current production of 1.9 million barrels per day in December. The gain also boosts Nigeria’s capacity to fund its N7.3 trillion 2017 budget, and if the gains continue, may reduce the dependence on external borrowings to fund the budget and other development projects. Besides, the World Bank expects oil prices to average $55/barrel in 2017, an increase of 29 per cent above the 2016 average price.Also, Global crude oil balances is expected to tighten through 2018, the United States Energy Information Administration (EIA) said last week in a statement. Analysis from OPEC reference basket revealed Abu Dhabi’s Murban crude oil as the only blend ahead of Bonny Light at the international market in December. Giving a full year analysis of the price movement, OPEC said the light sweet crude from West and North Africa’s Basket components, Saharan Blend, Es Sider, Girassol, Bonny Light and Gabon’s Rabi, gained $8.53, or 19.1 per cent, to $53.10 during the month under review. Speaking on rebalancing the oil market, the Secretary-Generals of OPEC, Muhammad Barkindo, said it is essential that all producers, both OPEC and non- OPEC, take coordinated action to return stability to the market. “This is not only vital for the short term, but the long term too, as our industry looks to fund investment in new exploration and production, arrest decline rates in existing fields, expand midstream and downstream capacity, and hire, train and support the people that will continue to drive this industry forward in the years ahead.” Meanwhile, the World Bank said in its Commodity Markets Outlook for 2017 released last Wednesday, that the increase largely reflects partial compliance to the recent agreement between OPEC and non-OPEC producers. According to World Bank, the market is expected to tighten in 2017, particularly in the second half of the year, which would reduce the large stock overhang. It added that onshore U.S. lower-48 states oil production, including shale, is projected to bottom out in the second quarter of 2017, and rise moderately thereafter. The Bank noted that prices may increase to $60 barrels in 2018, assuming a balanced market and no additional OPEC supply restraint.It stated: “Crude oil prices jumped 10 per cent in the fourth quarter, averaging $49.1 barrels, following agreements by both OPEC and non-OPEC producers to reduce output by nearly 1.8 million barrels per day in the first half of 2017. “The oil market continues to rebalance amid steady demand growth, while sharply lower in- vestment in non-OPEC countries has led to lower production, notably in the U.S. shale oil sector.” Also, the EIA estimates that crude oil and other liquids inventories grew by two million barrels per day (bpd) in the fourth quarter of 2016, driven by an increase in production and a significant, but seasonal, drop in consumption. Global production and consumption are both projected to increase through 2018, but consumption is expected to increase at a faster rate than production. As a result, global balances are expected to tighten. The EIA noted that the production increase in the fourth quarter of 2016 largely reflects members of OPEC ramping up production in advance of implementing the November agreement on production cuts. Nigeria’s Petroleum Resources Minister, Dr Ibe Kachikwu, had expressed optimism that the price of crude would rise to a level that is neither too high nor too low. He said although crude oil appears to have fallen into bad times because of prevailing low price and the campaign against the use of fossil fuels for environmental reasons, the product would soon rise up to take its place as the prime global energy source. http://investorsking.com/nigeria-gains-22m-from-bonny-light-crude-in-december/ 1 Like 1 Share |
| Business › Naira Rebounds Slightly From Record Low by Truth234(op): 3:58am On Jan 31, 2017*. Modified: 7:51am On Jan 31, 2017 |
The Naira rebounded slightly from a record low, after previously trading at N500 a dollar during the early trading hours on Monday. The local currency gained N2 during the intra-day trading to close at N498 to a US dollar. According to the traders, the low dollar liquidity continued to pressure the Naira, but with the Central Bank of Nigeria intermittent sales of the dollar to the Bureau De Change operators, they are optimistic the Naira would improve going forward. “Confidence is gradually returning to the forex market as a result of improved foreign exchange reserves, dollar sales by international money transfer agents and the central bank assurance it will continue to support the local currency,” one trader told Reuters. At the interbank market, the Naira closed at N305 to a dollar, the same level it has traded since August 2016. The CBN last week, reiterated its commitment to strengthen the economy by continuing to provide forex for manufacturing industries that need to import raw materials. However, analysts are divided over the outlook of the Naira this year. While at Investors King analysts believed “The Naira will improve moderately in the second half of the year, partly due to the surging global oil prices and the implementation of the 2017 budget.” But others like, the Chief Executive Officer of Cocosheen Nigeria Limited, Mr. Henry Boyo have said the Naira might crash to almost 1000 a dollar at the parallel market this year if the monetary framework is not checked. An investment bank and research advisory firm, Afrinvest West Africa Limited, said the official rate of the local currency would tumble by about 31 percent to 400 a dollar before the end of this year. “If you think about the monetary policy environment, we think that the CBN will be forced by the market to make a change. Currently, the naira is pegged at 305/dollar; we see it moving towards 400/dollar by the end of the year,” the Group Managing Director, Afrinvest, Mr. Ike Chioke, said at a press conference announcing the firm’s economic outlook for 2017. http://investorsking.com/naira-rebounds-slightly-record-low/ Lalasticlala Mynd44 seun Dominique |
| Politics › China Exim Bank Approves N408bn For Lagos-ibadan Rail Project by Truth234(op): 7:47am On Jan 30, 2017 |
About a week after the Federal Government announced the release of N72bn as its counterpart fund for the construction of the Lagos-Ibadan standard gauge rail line, the Export-Import Bank of China has approved $1.275bn (about N408bn) loan for the project on behalf of the Chinese government. While Nigeria is to bear 15 per cent of the cost of the project, China will shoulder 85 per cent for the first phase fast rail that will eventually terminate in Kano. The Managing Director, Nigerian Railway Corporation, Mr. Fidet Okheria, said on Sunday that with the approval of the funds by the Chinese Exim bank, all was set for the commencement of the construction of the modern rail line from Lagos to Ibadan. “The Exim bank of China has now approved the loan and the next stage is for the Minister of Finance to sign it to signal the beginning of the project,” he said. He, however, told our correspondent that the final signing by the Chinese government for the project to commence could only come after two weeks when the country’s new year holiday would have been over. The Minister of Transportation, Mr. Rotimi Amaechi, had last Monday said the Federal Government decided to release the N72bn as its counterpart funds in full was to ensure that there would be no delay in the implementation of the project. “On the construction of Lagos-Ibadan railway line, the Minister of Finance has been kind enough to release the counterpart funding in full. I think in the history of Nigeria, this is the first time that we are releasing counterpart funds in full so that there will be no delay,” he had said. The contract was awarded to the China Civil Engineering Construction Corporation last year by the Federal Government and both parties had signed an agreement to that effect. The new Lagos-Ibadan rail, spanning 156.65 kilometres, is a double line, which is the first phase of the new Lagos-Kano standard gauge line. The contract for the 2,733km new Lagos-Kano rail was first awarded by the former President Olusegun Obasanjo administration in 2006 at a cost of $8.3bn to the CCECC, but could not be executed due to paucity of funds. It was rewarded to the same contractor by the President Goodluck Jonathan administration in 2012 for execution in six phases, starting with the Lagos-Ibadan stretch. It was learnt that the new rail line would be built on the corridor of the existing narrow gauge Lagos-Kano rail line and but it would accommodate only modern locomotives and other rolling stock meant for standard gauge rail for faster movement. http://investorsking.com/china-exim-bank-approves-n408bn-for-lagos-ibadan-rail-project/ Lalasticlala Mynd44 seun Dominique 5 Likes 1 Share |
| Politics › Vehicle Ban: Nigeria Loses N1.36bn in One Month by Truth234(op): 4:34am On Jan 30, 2017*. Modified: 7:30am On Jan 30, 2017 |
One month after the Federal Government prevented imported vehicles from entering Nigeria through the land borders, stakeholders across board have started counting their losses. Our correspondent gathered at the Seme border that the losses ran into billions of naira on the part of the government and the importers. On Monday, December 5, the Nigeria Customs Service announced a ban on the importation of vehicles through the land borders in a move that followed a previous ban on the importation of rice through the same route. The ban on vehicle importation through the land borders took effect on January 1, 2017. It was gathered that the Seme Customs Command that was making a daily revenue of over N45m before the ban had lost over N1.36bn revenue in the past one month as vehicles coming through the land borders were no longer being cleared. The command generated N1.2bn in November and N1.52bn in December 2016. On the average, it made N45.3m daily during the period. Importers of about 50 vehicles that were trapped at Seme on the first day of the ban have still not been cleared to leave the border. The owners were said to have started documentation and the vehicles escorted from Benin Republic to Seme on December 31, 2016, a few hours before the ban became effective. The Public Relations Officer, Seme Customs Command, Mr. Selechang Taupyen, told our correspondent that the vehicles were in the NCS custody, adding that by the time they were brought in, the official deadline had elapsed. “There is nothing we can do about the cars; we can only wait for directive from the headquarters to release them since we had already started enforcing the ban on their importation through the land borders according to the directives given to us,” he explained. He added that the stakeholders had written a letter to the Presidency seeking the release of the vehicles, noting that if the letter had come to the command officially, it would have been forwarded to the Customs headquarters for directive on their release. A licensed clearing agent, Mr. Khally Momodu, told our correspondent that the owners of some of the vehicles had started documentation and even had their files with item, but they still could not get clearance to move their cars. He said the reason was because most of the Customs officers who served in the command in 2016 when the vehicles were escorted there from Cotonou had been transferred out of the command and new officers who knew nothing about them were the ones currently serving there. But the Deputy Comptroller of Customs at Apapa Area Command, and former Customs PRO, Wale Adeniyi, who had earlier maintained that the policy did not extend to people who started their documentation before January 1, 2017, gave an assurance that the NCS headquarters would release the vehicles since they had crossed over to Seme before the deadline. In addition to the 50 vehicles, our correspondent learnt also that more than 1,000 others meant for the Nigerian market were trapped in neighbouring towns and villages to Cotonou after being removed from the port. “There are many of these vehicles in Cotonou. The importers cannot send them back or bring them into Nigeria. So, they are kept in car parks and the owners have to pay for people to keep watch over them pending when they can be allowed to bring them in,” Momodu said. On the loss of government revenue through the land borders, Adeniyi noted that the borders were not meant for revenue generation but were supposed to be for security, adding, “It is only people who have recently turned the borders to revenue generating organs. The seaports are there to generate revenue for the government.” According to the Managing Director, Nigerian Ports Authority, Hadiza Usman, from 2010 to 2015, the country’s ports saw a gross tonnage of 144.2 million. She added that in spite of the economic recession, an annual growth rate of about two per cent was expected through the next five years. “The direct contribution of the ports to the Gross Domestic Product presently stands at 0.01 per cent. Revenues have seen growth from N57bn in 2005 to N184bn in 2015. It can be more,” Usman said. Meanwhile, the Public Relations Officer, PTML Customs Command, Tin Can Island, Lagos, Mr. Steve Okonmah, noted that it was too early to gauge the impact of the policy on the seaports. But our correspondent gathered from terminal operators that the ban on vehicle importation through the land borders might not drive any significant volume of traffic to the seaports. The Managing Director, PTML, which is the largest terminal for vehicles in Africa, Mr. Ascanio Russo, noted that the ban might not increase traffic of imported vehicles to the seaports because of the high cost of clearing vehicles. Russo said while the ban was laudable, the government needed to follow it up by reviewing downward the import tariffs on cars as approved by the former administration as part of the National Automotive Policy. An importer at the Tin Can Island Port, Emeka Harrington, told our correspondent that the cost of clearing a 2001 model of Sport Utility Vehicle before the hike in import tariff was about N300,000, adding that with the new tariff, the amount had increased to about N500,000. In 2014, the government raised the import tariff on vehicles from 22 per cent to 70 per cent, a situation, which led to a drastic reduction in the number of cars that came through the nation’s ports and 85 per cent loss in revenue for the terminal operators. The imposition of the new tariff, which also affects imported used vehicles, according to the government, is to encourage local assembling/production of vehicles. But Russo argued that three years after the introduction of the policy, there had been no significant increase in the production or sale of locally assembled vehicles, adding that the vehicles were simply too expensive for the average Nigerian. “The only way it can work is if the government created a finance scheme for people to be able to buy new cars,” he said. Senators, during their recent plenary session, had criticised the ban, describing it as anti-poor. In a motion moved by senators Barau Jubrin (Kano North), Kabiru Gaya (Kano South), Sabi Abdullahi, (Niger North), Shehu Sanni, (Kaduna Central) and Ali Wakili (Bauchi South), the lawmakers rejected the policy and asked the NCS to immediately suspend its implementation. http://investorsking.com/vehicle-ban-nigeria-loses-n1-36bn-in-one-month/ Lalasticlala Mynd44 seun Dominique |
| Politics › Reps Threaten To Arrest CBN Gov, AGF Over Oil Bloc Sale by Truth234(op): 4:35am On Jan 28, 2017 |
The House of Representatives has threatened to issue warrant of arrest on the Governor of Central Bank of Nigeria, Mr Godwin Emefiele, and the Accountant-General of the Federation, Mr Ahmed Idris, over oil licenses. According to the House, the threat is in respect of the sale of Oil Prospecting Licenses (OPLs) and Oil Mining Leases OMLs to some international oil companies (OICs). The Chairman of the House AdHoc Committee on OPLs/OMLs, Rep. Gideon Gwani (PDP-Kaduna), issued the threat while briefing newsmen on Friday in Abuja. He said the committee’s mandate was to carry out investigation of all the OPLs and OMLs granted by the Federal Government. Gwani further said that in the course of the investigation, the committee discovered that there were many anomalies in the process of the award of the oil blocs to IOCs by the government. The lawmaker said that other issues being investigated by the committee include the award of marginal fields and signature bonuses among others. Gwani also said that no production activity took place in some oil blocs awarded to the IOCs over 30 years ago. He said that though there were pieces of evidence that about 26.2 dollars were invested by the government, no evidence of payment for the signature bonus was made in respect of the payment. “Our findings have shown that 1.4billion dollars may be lost by the Federal Government on the OPLs/OMLs deal,’’ he said. He also said that the committee needed clear evidence that the signature bonuses for the marginal fields were paid for by the IOCs. Gwani said the officials would be arrested if Ministry of Petroleum Resources, CBN and AGF Office failed to provide evidence of payment of the signature bonuses on the sale of the oil blocs. He said, “It is also worth mentioning that in the course of the investigation, the committee discovered a lot of issues being investigated to arrive at a conclusion. “Some of the discoveries include the award of oil blocs by persons other than those prescribed by the petroleum Act. “Other issues are the guidelines and the processes of the award where oil blocs were awarded to persons or companies other than those that participated at the bid rounds. “The other one is the award of marginal fields for life.” He said that some of the oil blocs were renewed and assigned to other companies without the approval of the president as spelt out in the petroleum Act. http://investorsking.com/reps-threaten-to-arrest-cbn-gov-agf-over-oil-bloc-sale/ 2 Likes |
| Foreign Affairs › Putin, Trump To Speak By Phone On Saturday by Truth234(op): 1:57pm On Jan 27, 2017 |
US President Donald Trump and Russian counterpart Vladimir Putin will on Saturday hold their first phone conversation since the American leader’s inauguration, the Kremlin said.http://investorsking.com/putin-trump-to-speak-by-phone-on-saturday-kremlin/ |
| Business › Nigeria, India Trade Falls To $12bn In 2016 by Truth234(op): 8:32am On Jan 27, 2017 |
Indian Acting High Commissioner, Mr Kaiser Alam, has said that the trade volume between Nigeria and India dropped to $12 billion in 2016. Alam said this at a reception to mark the 68th Republic Day of India in Abuja on Thursday. The envoy explained that the trade volume dropped from $16 billion in 2015 to $12 billion in 2016 due to the fall in oil prices. “The decrease was because of the change in oil prices; we were importing the same amount but the oil prices came down. “Above all, our trade was the same and the trade surplus was in favour of Nigeria” he said. He said that 2016 marked a significant year in bilateral relations, adding that both countries sought to expand relations in all areas. “Our Vice President, Mr Hamid Ansari, came to Nigeria in September 2016 and cooperation in agriculture was discussed in great detail. “Nigeria’s Ministry of Agriculture will visit India in March and we hope the ministry will utilise the visit to discuss cooperation further and implement ideas. “We want a holistic approach in our relations so was we can increase our cooperation; we have a defence cooperation that is very robust. “In bilateral relations, there is always room for improvement that is why our leaders visit to expand relations,” he said. The envoy said that the scholarship slots for short term courses under the India Technical and Economic Cooperation had been increased from 200 to 300. Alam added that the increase would open up more opportunities for Nigerian government officials to participate in such opportunities to improve their skills in various areas. He recalled that India had released a Line of Credit (LoC) of $100 million dollars for power projects in Lagos, Kaduna and Enugu States. The envoy added that this was in line with an agreement signed by both countries in 2014. Also speaking, Minister of Foreign Affairs, Mr Geoffrey Onyeama urged the Indian Government to facilitate the process of accessing the LoC by Nigeria and also Indian companies wishing to invest in Nigeria. Onyeama said this would hasten Nigeria’s infrastructural development and economic diversification. The minister was represented by Mr Mohammed Suleiman, Director, Regions of the ministry. He also urged both countries to strengthen economic relations to reduce trade imbalance. “This can be addressed through creating the enabling environment for Nigerian products to gain access into the Indian market and encouraging Indian companies operating in Nigeria to engage Nigerians in their companies, ” he said The minister added that India emerged the largest buyer of Nigeria’s crude oil. He said that more than 100 Indian companies operated in the country in different sectors and there were about one million Indian citizens in Nigeria. “There are estimated 50,000 Nigerian citizens in India, majority of who are students”, he said. http://investorsking.com/nigeria-india-trade-falls-to-12bn-in-2016/ |
| Politics › Re: UK Court Blocks Niger Delta Pollution Claims Against Shell by Truth234(op): 6:05pm On Jan 26, 2017 |
Timelezz:That was why I said LAWYERS, multinational companies have the best in the world on their side. With similar case won in the past, a competent law firm will win this case. |
| Politics › Re: UK Court Blocks Niger Delta Pollution Claims Against Shell by Truth234(op): 5:56pm On Jan 26, 2017 |
Timelezz:Bro still NO, Shell Nigeria has lost in the U.K. to Bobo community and pay 55 million pounds. https://www.theguardian.com/environment/2015/jan/07/shell-announces-55m-payout-for-nigeria-oil-spills |
| Politics › Re: UK Court Blocks Niger Delta Pollution Claims Against Shell by Truth234(op): 5:37pm On Jan 26, 2017 |
Timelezz:Shell Nigeria has lost a similar case in the Netherland to Ogoni people and ordered to pay compensation. http://www.bbc.com/news/world-africa-21258653 Similarly, Shell Nigeria had to beg to settle out of court with ogoni people in 2009 in New York, USA. https://www.theguardian.com/environment/cif-green/2009/jun/09/saro-wiwa-shell The difference in this case is the lawyers and the rigid UK law. |
| Politics › Re: UK Court Blocks Niger Delta Pollution Claims Against Shell by Truth234(op): 4:57pm On Jan 26, 2017 |
Timelezz:No, its operation doesn't take precedence. The difference was the lawyers, Shell and other multinational companies always boast of having some of the best lawyers. |
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