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Politics › Re: UK Court Blocks Niger Delta Pollution Claims Against Shell by Truth234(op): 4:40pm On Jan 26, 2017

Timelezz:
All the aforementioned you listed committed financial fraud by acquiring properties illegally and also proved guilty of money laundering in the UK. So British Court had jurisdiction via location of crime.

Not so with Shell.

Shell has offices in the U.K. and subject to U.K. laws per adventure their oversea activities violate the international law of ethics and ethos.

Politics › Re: UK Court Blocks Niger Delta Pollution Claims Against Shell by Truth234(op): 4:25pm On Jan 26, 2017

Timelezz:
Who are the fools taking that litigation to the UK. I doubt they have jurisdiction.

Bring the litigation home or take the to the Hague!

They have no Jurisdiction, yet they can preside over Alamieyeseigha, Allison, Ibori, etc.

1 Like

Politics › Re: UK Court Blocks Niger Delta Pollution Claims Against Shell by Truth234(op): 4:13pm On Jan 26, 2017

When an international company is fighting to have its case presided over in Nigeria. This how you know Nigeria is super corrupt.

Politics › UK Court Blocks Niger Delta Pollution Claims Against Shell by Truth234(op): 3:46pm On Jan 26, 2017

A British court on Thursday blocked pollution claims against Anglo-Dutch energy giant Shell by more than 40,000 Niger Delta residents demanding action over decades of oil spills in the region.

Members of the Ogale and Bille communities had applied for the case to be heard in Britain, arguing they could not get justice in Nigeria.

But the High Court in London said it did not have jurisdiction in the case.

“Our community is disappointed but not discouraged by this judgement,” King Emere Godwin Bebe Okpabi, ruler of the Ogale Community, said in a statement.

“This decision has to be appealed, not just for Ogale but for many other people in the Niger Delta who will be shut out if this decision is allowed to stand.

“Shell is simply being asked to clean up its oil and to compensate the communities it has devastated,” he said.

The firm’s lawyer Peter Goldsmith told judge Peter Fraser during a hearing in November that the cases concerned “fundamentally Nigerian issues”, and should not be heard in London.

However, Daniel Leader from legal firm Leigh Day, representing the claimants, responded that the spills had “blighted the lives of the thousands”.

He said they had “no choice” other than to seek legal redress in London.

Goldsmith also argued that the case involves Shell’s Nigerian subsidiary SPDC, which runs a joint venture with the Nigerian government.

He claimed that the case was aimed at establishing the High Court’s jurisdiction over SPDC, opening the door for further claims.

– ‘Strange diseases’ –

Leigh Day had argued that Shell was “ultimately responsible for failing to ensure that its Nigerian subsidiary operates without causing environmental devastation”.

“At the moment these communities have no choice — they have to take them to court to get them to act,” Leader said earlier.

Okpabi told AFP in an interview in November: “Shell is Nigeria and Nigeria is Shell”.

“You can never, never defeat Shell in a Nigerian court. The truth is that the Nigerian legal system is corrupt,” he claimed.

Holding up a plastic bottle containing contaminated water from his community in Nigeria, the tribal king said “my people are drinking this water”.

“There are strange diseases in my community — skin diseases, people are dying sudden deaths, some people are impotent, low sperm count,” he added.

“I can afford to buy water. But can I afford to buy for everybody? No.”

SPDC claims that the main sources of pollution in Ogale and Bille are “crude oil theft, pipeline sabotage and illegal refining”.

The first claim was brought on behalf of 2,335 individuals from the Bille Kingdom, who are mostly fishermen who claim their environment has been blighted by oil spills.

The second claim was brought on behalf of the 40,000 members of the Ogale Community, who say they have suffered repeated oil spills since at least 1989.

AFP

http://investorsking.com/uk-court-blocks-niger-delta-pollution-claims-against-shell/

Business › Re: CBN To Sell Dollars In Special Auction To Clear Backlogs by Truth234(op): 5:52am On Jan 26, 2017

Afriifa:
Nice Move, but the opportunity cost is likely to be very high as many government expenditures will be cut short, in other to avail much dollars.

I just hope they are really going to do it. This govt is full of Lies, the information minister itself can bear me withness

They are already doing it, this is just an addition to what they've started.

Its not going to impede government expenditures as we are currently generating more from the surge in global oil prices. Hence, the move to ease economic gridlock.

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Business › CBN To Sell Dollars In Special Auction To Clear Backlogs by Truth234(op): 5:28am On Jan 26, 2017

The Central Bank of Nigeria (CBN) has asked banks to bid in a special currency auction to clear a backlog of dollar obligations that businesses owe, traders said on Wednesday.

The central bank asked commercial lenders to submit backlog dollar demand from fuel importers, airlines, raw-materials producers, and makers of agricultural chemicals and machinery for manufacturers.

In a notice to commercial lenders, the central bank said it would hold a retail foreign exchange auction on Wednesday to sell two- to five-month dollar forwards. The amount of dollars to be sold was unspecified, Reuters said.

Last December, the central bank sold around $1 billion on the forward market to clear a similar backlog of dollar obligations, in an effort to support production in Africa’s biggest economy.

Meanwhile, investors are lining up to buy dollar bonds Nigeria is expected to issue soon despite the country’s first recession in a quarter of a century, a currency crisis and budget shortfalls driven by low oil prices.

On the face of it, the $1 billion of bonds Nigeria hopes to sell by the end of March might seem unattractive, especially at a time sentiment towards African debt has soured after Mozambique missed a coupon payment.

But a Reuters report yesterday indicated that investors hungry for higher returns in a low interest rate environment reckon Nigeria’s benign debt levels, recovering foreign exchange reserves and a potential yield above seven per cent are reasons enough to look beyond the country’s economic woes.

“Nigeria’s starting position is one of low debt so if they price it attractively they will be able to get it done,” said Claudia Calich, who manages an emerging market bond fund at M&G Investments.

Nigeria’s Eurobond has been a long time coming. A year ago, Nigeria appeared to have shelved the idea in favour of a loan from China, but it embarked on an investor roadshow for the bond late last year in the United States and Britain.

Nigeria is Africa’s biggest economy, a member of the Organisation of the Petroleum Exporting Countries and vies with Angola for the position of top oil producer, but that also means it is very exposed to fluctuations in the oil market.

The last time Nigeria issued dollar-denominated bonds in July 2013, oil was comfortably above $100 a barrel but the slump in prices from $115 in June 2014 to just $28 a barrel by January 2016 has hurt the West African country’s economy.

http://investorsking.com/cbn-to-sell-dollars-in-special-auction-to-clear-backlogs/

Lalasticlala Mynd44 seun Dominique

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Politics › 2019: Stop Playing God, Northern Youths Tell Obasanjo by Truth234(op): 4:28am On Jan 26, 2017

A youth political interest group, the Northern Progressives Youth Initiative, has asked former President Olusegun Obasanjo to stop playing God over his penchant to always make recommendations on the leadership of the country.

Referring to his recent pronouncement that the South-east would produce the country’s president in 2019,the group described such move as unbecoming, adding that it portrays him as having foreknowledge of the future.

The group in a statement signed by its Secretary-General, Mallam Gazali Abdullahi, said the statement credited to the former president was

The statement noted that “while President Muhammadu Buhari is on vacation and with so much fuss over the president’s decision to undergo medical examinations during his vacation, it is confounding to find an elder in the status of a former president needlessly criss-crossing the length and breadth of the country and discussing a successor to a sitting president.

“In his days as a sitting president, everyone knew that such a crass remark would have passed as a felony by Obasanjo’s own standards. And, for someone who had publicly claimed to have retired from politics, one wonders on what auspices Obasanjo thinks he can unilaterally determine which region produces the president for a country of almost 180 million people, or if integrity has any interpretation in Obasanjo’s dictionary.”

The statement pointed out that judging by his conduct after his exit from the presidency, Obasanjo has clearly shown that he is not to be a friend of the North.

“In the trying times of late former President Umaru Musa Yar’Adua, it was the same Obasanjo who said all manner of unprintable things against the late president even when he was battling for his life on his hospital bed.

“This time again, Obasanjo has shown his hands that he is neither a friend of President Buhari nor is he a friend of the North. But as far as 2019 is concerned, we want to make it equivocally clear that only God, through the ballot of majority of Nigerians, and not one man can decide who the president of Nigeria will be in 2019,” the statement said.

http://investorsking.com/stop-playing-god-northern-youths-tell-obasanjo/

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Business › Re: Foreign Exchange Inflows Surge By 82.5% by Truth234(op): 9:24am On Jan 25, 2017

NOETHNICITY:
unintelligent minds will be like; $55-$60? U don't mean it!

Anything above $60/barrel will bring us back to where we started as Shale and other big producers will resume production. Hurting current progress by increasing global supply.

3 Likes

Business › Re: Foreign Exchange Inflows Surge By 82.5% by Truth234(op): 8:35am On Jan 25, 2017

NOETHNICITY:
We ve invested sooooooo much time and effort trying to enlighten the dull brains especially on NL, that the recession was caused by lack of savings and low crude oil price, but argued like the dummies they re, blinded by hate for PMB.
Pple like Obailala is sEverely hated by a section of NL critic over his position that the current recession was caused by low oil price.
I can bet my last buck that if Oil pRice hits 70$/barrEl Niaja will automatically slide out of recession.

$70/barrel is even too much, we just need a stable $55 - $60 price range for the next two-quarter. The Foreign reserves would have been above $40 billion, going by current progress, and we will be able to support the economy comfortable with 2.2 trillion stipulated in the 2017 budget.

Regardless of the situation, we should be out of recession in the second half of the year, provided the militant cease attacks.

4 Likes

Business › Re: Foreign Exchange Inflows Surge By 82.5% by Truth234(op): 6:42am On Jan 25, 2017

feldido:
So without oil we won't grow as a nation?

But then Our Boss said He's diversifying

Without oil we will grow, but after we've successful diversify the economy.

We need the oil to diversify.

10 Likes 1 Share

Business › Foreign Exchange Inflows Surge By 82.5% by Truth234(op): 5:30am On Jan 25, 2017*

The Nigeria’s capital importation increased significantly in the last month of the year, following a surge in global oil prices, according to the Central Bank Governor, Mr. Godwin Emefiele.

The foreign exchange inflows rose 82.45 percent in December 2016 owing mainly to OPEC production cut that saw crude oil prices trading above $50 a barrel.

The governor further stated that the foreign exchange policy of the apex bank was well crafted to aid speedy economic recovery. For instance, the 60 percent of the available foreign exchange allocated to the manufacturing sector had started yielding based on the current manufacturing index released by the National Bureau of Statistics, the governor stated.

Currently, the external reserves stood at $28.9 billion, adding about $2 billion dollars within two weeks, from $27 billion recorded two weeks ago.

On the issue of surging inflation, Emefiele said, “The committee noted that inflationary pressures would begin to subside as non-oil output recovers and the Naira exchange rate stabilises.” This projection is in line with the Investors King analysis that inflation pressures will start to subside in the first quarter of 2017.

However, the governor stated that until then, a rate cut would worsen the current progress and undermine the outlook of foreign exchange market.

“The committee also feels that doing so will further aggravate demand pressures, while undermining the existing income levels in the face of the already expansionary monetary policy and increasing inflationary pressure, which will make the economy unattractive for foreign and domestic investment.”

“Given these limitations, the committee was reluctant to lower the policy rate on this occasion, but remains committed to doing so when the conditions permit.”

This means that the 10 member committee that made up the Monetary Policy, who attended the monetary policy meeting between Monday and Tuesday voted to maintain the current monetary policy rate at 14 percent, while Cash Rate remains 22.5 percent.

http://investorsking.com/foreign-exchange-inflows-surge-82-5-cbn/

Lalasticlala Mynd44 seun Dominique

2 Likes

Politics › Nigeria’s Petrol Import Drops By Nine Million Litres In 2016 by Truth234(op): 6:29am On Jan 24, 2017*

The volume of importation of Premium Motor Spirit (PMS) also called petrol, dropped from 14 billion litres in 2015, to 4.89 billion litres in 2016, according to the National Bureau of Statistics (NBS).

The difference in the volume of petrol import in the country was only possible through federal government’s ongoing reform of the downstream sector, which eliminated fraud in the system.

At the pump price of N145 per litre, Nigeria effectively saved a whopping N1.3 trillion from the nine billion litres dip in importation.

Analysts believe that import volumes can be drastically reduced even further, if government revamped the local refineries, while new ones are underway.

With the five existing refineries performing below their installed capacities, Nigeria currently imports more than 90 per cent of her domestic fuel needs estimated at over N3 trillion annually, almost half of the national budget.

For decades the country has struggled with getting the refineries to work at optimum capacity without much success, as the turnaround maintenance (TAM) for the refineries were abandoned for almost the same length of time, which plunged them into the current state of dilapidation.

But the Nigerian National Petroleum Corporation (NNPC), owners of four of the refineries, has promised to get them to work to at least 60 percent of their installed capacity this year, amid serious scepticism, while the fifth refinery, a private plant of just 1,000 barrels daily only produces automotive gas oil (AGO) or diesel.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had earlier disclosed that the present administration was able to block unaccounted fraud impacted volume for petrol in 2016, which is nearly 40 per cent of the country’s consumption.”

Savings from fraud-impacted volume, Kachikwu said, could be directed toward infrastructure development in the country’s downstream sector.

According to him, “We noticed that the consumption of PMS has shifted from over 50 million litres a day to about 28 million per day. This means we have been able to take away unaccounted fraud impacted volume of petrol, which is nearly 40 per cent of the country’s consumption.”

Meanwhile, the NBS report the highest importation of petrol in May 2016, with 2.02billion litres worth N249.88billion.

This coincided with the Federal Government’s announcement of the partial deregulation of the PMS sub-sector on May 11, 2016, aimed at improving its supply nationwide.

Statewide distribution of truck-out volume for Q4 2016, showed that 4.83billion of PMS, 1.00 billion litres of AGO and 182.95 million litres of kerosene were distributed nationwide during the period under review.

Specifically for the Q4 2016, 4.83billion litres of PMS, 1.00 million litres of AGO and 182.9 million litres of HHK, valued at N629.6billion, N136.1billion and N24.7billion respectively, were imported into the country.

The Group Managing Director of NNPC, Dr Maikanti Baru, revealing his strategy to achieve 60 percent capacity utilisation, said: “We are putting together various programmes to ensure that we achieve at least 60 per cent local refining by the end of this year. It is the procedure or methodology that we are changing a little bit, we are focusing on the process licensors to come and audit our processes and they have already started auditing most of our process units in the various refineries.

http://investorsking.com/nigerias-petrol-import-drops-by-nine-million-litres-in-2016/ mynd44

Politics › EFCC Dehumanised Me Just To Implicate Jonathan, Says Dudafa by Truth234(op): 2:27am On Jan 24, 2017

Waripamo-Owei Dudafa, a former Special Assistant on Domestic Affairs to ex-President Goodluck Jonathan, has pleaded with the Federal High Court in Lagos not to judge his case based on a series of statements he wrote while in the custody of the Economic and Financial Crimes Commission.

Dudafa, who is being prosecuted for an alleged fraud of N5.1bn, told Justice Mohammed Idris, before who he is being tried, on Monday that using those statements would occasion injustice against him, claiming that he did not voluntarily make them.

He told the judge that the anti-graft agency locked him up for about two months and subjected him to what he described as dehumanising treatments, thereby giving him no other option but to write and sign the statements against his will in order to secure his freedom.

Dudafa stated this while being led in evidence by his lawyer, Mr. Gboyega Oyewole, during a trial-within-trial to test the authenticity of the confessional statements and asset declaration form he filed while in the EFCC custody.

“After the 13th of May, 2016, they took me back to the cell and they continued taking me out each day so that I could go through agony.

“In the cell, I was isolated. I was not treated like any other detainee. All other detainees had access to their phones and food but me. My family members were stopped from bringing food to me and I accused the EFCC of planning to poison me.

“They wanted to break me down, to make me implicate some people. They asked me questions about former President Goodluck Ebele Jonathan; they said I was not their targets and made all sorts of overtures but I said over my dead body,” Dudafa said.

Earlier, Dudafa, who now limps, narrated to Justice Idris how he got his spinal cord dislocated in the EFCC cell, adding that the condition deteriorated because the EFCC allegedly shunned the recommendation of the military hospital to transfer him to a specialist for treatment.

“The ailment I have today, a spinal cord dislocation, I want to state that it was within that period of torture and agony that my spinal cord got dislocated for sitting all through from morning till night and no one would talk to you, it was excruciating.”

He claimed that the EFCC also rejected the offer by his family to take him out for treatment and foot the bill.

He further claimed that no fewer than 30 of his friends and family members were arrested because of him.

He claimed that by the time they had frozen all his bank accounts, that of his wife and his children and he could not pay the tuition of his child studying in the US, while he was still in serious daily pain due to his dislocated spinal cord, he succumbed to pressure.

He said after being detained for many weeks he was taken before the EFCC’s Deputy Director of Operations, Mr. Iliyasu Kwarbai, who threatened and then made overtures to him that he would be released if he could cooperate.

“Eventually I had no objection to what he said, because I needed my freedom.

“I was dying at that time; my son was stranded in the university; my wife and children were hungry, everything became a yardstick to my freedom.

“These statements were largely dictated based on my freedom. The entire so-called asset declaration is a sham.

“I want to conclude that it will be unfair to use these statements against me. These statements that they themselves orchestrated and teleguided is what they want to use against me in a court of law? It was bad.

“Statements that were made under such dehumanising, agonising conditions are what they want to use against me in the temple of justice,” Dudada said.

Under cross-examination by the EFCC lawyer, Mr. Rotimi Oyedepo, Dudafa maintained that his statements were not voluntary despite the cautionary words written and read to him before he wrote the statements.

Justice Idris adjourned till Tuesday (today) for continuation of cross-examination.

http://investorsking.com/efcc-dehumanised-me-just-to-implicate-jonathan-says-dudafa/

Politics › EFCC Chairmanship: Court To Hear Suit Against Magu On February 13 by Truth234(op): 3:47pm On Jan 23, 2017

A Federal High Court in Lagos on Monday fixed February 13 to hear a suit filed against Ibrahim Magu, challenging his continued stay in office as Chairman of the Economic and Financial Crimes Commission.

A lawyer and human rights activist, Ebun-Olu Adegboruwa, had urged the Court to forthwith, restrain Magu, from parading himself as acting chairman of the commission.

In his new suit filed on January 16, Adegboruwa is also asking the Senate not to entertain any further request for the confirmation of Magu as Chairman.

The defendants in the suit are the Senate, the Attorney-General of the Federation, the EFCC and Magu.

When the case was mentioned on Monday, Adegboruwa announced appearance for the plaintiff.

On the other hand, there were no representative for the defendants.

The trial judge, Justice Mojisola Olatoregun consequently, adjourned the suit to Feb. 13 and ordered service of processes on the defendants.

In a 39 paragraphs affidavit deposed to by Adegboruwa, he traced the appointment of Magu back to Nov. 9, 2015, contending that he had been functioning in acting capacity as EFCC Chairman, beyond the six months allowed by law.

Adegboruwa contended in his suit that since the Senate had rejected Magu as substantive chairman of EFCC, he could not thereafter be illegally functioning in acting capacity.

Citing the provisions of section 2 (3) of the EFCC Act, Adegboruwa argued that the section makes confirmation by the Senate, a condition precedent to the appointment of the EFCC chairman.

He argued that since the provision of section 2 (3) of the EFCC Act was activated by forwarding the nomination of Magu to the Senate, he could not defy the decision of the Senate, which rejected him for the substantive appointment.

Adegboruwa stated that notwithstanding the clear decision of the Senate not to confirm Magu, he has continued to parade himself in office as EFCC Chairman.

He said that example of such act was when he met with representatives of the United States Embassy on Jan. 6, 2017, clearly defying the decision of the Senate.

Adegboruwa is therefore, asking the court to restrain the EFCC and all other authorities, from recognizing, treating or in any other manner, dealing with Magu as the Chairman of EFCC, either in acting or substantive capacity.

He also seeks a declaration that given his conduct in office so far, he is not a fit and proper person to function in office as chairman of EFCC.

Consequently, Adegboruwa is asking the court to give an order forthwith directing Magu to vacate and relinquish his office as EFCC Chairman, whether in acting or substantive capacity.

The lawyer also wants the court to declare void, all actions taken by the EFCC under the tenure of Magu, especially charges and information preferred in court.

NAN

http://investorsking.com/efcc-chairmanship-court-to-hear-suit-against-magu-on-february-13/ mynd44

Politics › Nigerian-born WYO President-general Assumes Office by Truth234(op): 12:20pm On Jan 23, 2017

Nigerian-born Adeniyi Adeyemi, the newly elected President-General of the World Youth Organisation, would on Monday assume duty at the United Nations headquarters in Geneva, Switzerland.

This was contained in a statement issued on Sunday by his spokesperson, Adeola Badru, and made available to the News Agency of Nigeria in Ibadan.

NAN reports that the WYO is the youth organ of the United Nations Organisation.

Adeyemi, who would lead the affairs of youths across the globe for the next five years, would be received by diplomats, government officials, heads of missions as well as Civil Societies and NGOs

Adeyemi stated that his first assignment on assumption of office would be to seek the approval of the Security Council to appoint 967 nominees that would work with him across the globe.

He said he had commenced official duty upon election by establishing five organs for the organisation–General Assembly, Security Council, Economic and Social Council, Trusteeship and Secretariat.

“ The 967 nominees will work with my office across the globe.

“ This will enable the organisation to function effectively and bring coordination across the world,’’ he said.

Among the positions to be occupied are the Chief of Staff to the President- General, Principal Secretary, Envoys, Special Representatives and Senior Special Advisers.

Others are Senior Special Assistant, Personal Assistant, Head of Parastatals and Agencies.

Adeyemi said the listed officers would enable him to touch every lives across the world to achieve the United Nations Sustainable Development Goals(SDG) before 2030.

NAN reports that Adeyemi recently won the admiration of UN workers and leaders, when he spearheaded the passage of the Youth Empowerment Schemes bill into law.

“The scheme will make provision for adequate compensation to all categories of youth workers in the public and private sectors and their dependants.

“This will cater for incidence of injury, sickness, disability or death arising in the course of employment,” he said.

NAN recalls that Adeyemi was elected as the new WYO at a World Youth Conference held on Nov. 12, 2016, in New Delhi, India.

He had contested the election with nine others and won with 1,679 votes, while the first runner up from the U.S. secured 501 votes.

Adeyemi was a former aide of the eighth and former United Nation’s Secretary General, Mr Ban Ki-moon, before his new position.

The new WYO President was a graduate of Agronomy from Ladoke Akintola University of Technology (LAUTECH), Ogbomoso in Nigeria, and Accounting from the Western University of Ontario in Canada.

Adeyemi, a Chartered Accountant, was the former Accounting Officer to the late Ooni of Ife, Oba Okunade Sijuwade.

NAN

http://investorsking.com/nigerian-born-wyo-president-general-assumes-office/ mynd44

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Business › Re: Travelex Sells Dollars At N356 To Travellers by Truth234(op): 6:55am On Jan 23, 2017

def111:
so without bvn card I can't buy ?

You need your BVN card

Business › Re: Travelex Sells Dollars At N356 To Travellers by Truth234(op): 6:49am On Jan 23, 2017

BADNEAT:
heard they didn't sell late December , do you know anyone that has gotten this year ??and are they still asking for bvn card

I don't have anyone that has gotten it this year, but I am certain late December was off period, the CBN stopped dollar sales to BDCs but they've resumed last week.

http://investorsking.com/cbn-resumes-sales-forex-bdcs/

Business › Re: Travelex Sells Dollars At N356 To Travellers by Truth234(op): 6:37am On Jan 23, 2017

BADNEAT:
Are they still selling ??

Yes

Politics › FG Considers Tax Holiday Extension For Power Sector Investors by Truth234(op): 6:01am On Jan 23, 2017

There are strong indications that the federal government is considering granting further tax holiday to investors in the power sector in its bid to help stimulate investment in the sector.

A top government source said the Minister of Finance, Mrs. Kemi Adeosun, recently set up a committee to look into the matter. The outcome of the committee meetings would guide the federal government in decision-making, the source added.
Following the 2013 divestiture of the federal government from the Power Holding Company of Nigeria (PHCN), the successor companies – distribution companies (Discos) and Generation Companies (Gencos), were granted pioneer status, which is likely to expire this year.

Pioneer status takes the form of five-year tax holiday to qualifying industries anywhere in the federation. The grant of pioneer status to an industry is aimed at enabling the industry concerned to make a reasonable level of profit within its formative years. The profit so made is expected to be ploughed back to facilitate expansion and growth of the industry.

“I am aware that the Minister of Finance has set up a committee to review the pioneer status of the power sector firms. So, we are waiting for the outcome, “the source said.

Attempts to confirm the development was unsuccessful as the minister of finance declined to respond to several text messages sent to her phone.

Since the Power Sector Reform Act was enacted in 2005, transferring public control of the Nigerian Electricity Power Authority (NEPA) to the PHCN, the federal government has made frantic efforts to attract private investors while also taking various steps towards the restructuring of the Nigerian power sector, all in a bid to establish an electricity supply that is efficient, reliable and cost-effective throughout the country. However, it has seemed like a herculean task as power supply is yet to improve was expected since the privatisation.

http://investorsking.com/fg-considers-tax-holiday-extension-power-sector-investors/

Business › Naira To Remain Below 500/dollar This Week —experts by Truth234(op): 4:12am On Jan 23, 2017

Currency retailers and experts have said the naira will trade slightly below 500 per United States dollar this week despite the commencement of the sale of foreign exchange to Bureau De Change operators by the Central Bank of Nigeria last week.

The CBN had through the International Money Transfer Organisations resumed the sale of dollars to BDCs on Thursday, after stopping it for almost a month due to the Yuletide holiday.

Travelex, one of the IMTOs in the country, sold about $20m to 2,500 BDCs with each getting $8,000, the President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said.

According to a Reuters report, the naira is seen unchanged on the parallel and official forex markets in the coming days even as the IMTOs continue the sale of dollars to the BDCs this week, boosting greenback liquidity.

The naira was quoted at 498/ dollar at the parallel market on Friday, down from 497 on Thursday. It traded flat at 497/dollar between Monday and Wednesday

On the official market, commercial banks quoted the naira at 305.75 a dollar on Friday, around the same level the local currency has traded at since August last year.

“Once dollar liquidity improves in the market I see the naira trading around 380-400 a dollar in the short-term,” Gwadabe said told Reuters.

The BDC operators are quoting the naira at 399 to the dollar.

But a professor of Economics, Akpan Ekpo, said the naira might not rise above 425/dollar on the parallel market over the next one year, even if crude oil price and production went up further.

Meanwhile, the Kenyan shilling is seen trading broadly stable in the coming days, helped by tight local currency liquidity.

The Zambia’s kwacha is expected to firm this week on improved currency inflows from a Treasury bill auction.

However, the Tanzanian shilling is expected to come under continued pressure against the US dollar in the days ahead, weighed down by a surge in demand for greenbacks from the energy sector and a slowdown in inflows.

Reuters reported that the Ghana’s cedi could stabilise in coming weeks on expected forex inflows for the purchase of a five-year 600m cedi ($138m) domestic bond at the end of the month and plans by the central bank to auction $120m of cocoa loans to banks.

The local unit had been fairly stable since December but came under pressure last week on surging dollar demand by local businesses.

The Ugandan shilling is expected to stay within a stable range over the coming days, helped by a mop up of 211bn shillings ($58.69m) of excess liquidity by the central bank and by commercial banks trimming their positions.

“We’re seeing some banks unwinding positions … and the removal of excess liquidity, I think we’ll see some support from these two (factors) ,” a trader at a leading commercial bank said.

http://investorsking.com/naira-to-remain-below-500dollar-this-week-experts/

Politics › UK Gets Evidence Against Diezani - Saharareporters by Truth234(op): 2:41pm On Jan 22, 2017

The United Kingdom (UK) is now in possession of a pile of evidence against former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, courtesy of the Economic and Financial Crimes Commission (EFCC).

A team of EFCC detectives was on standby yesterday to proceed to London to interrogate the ex-minister.

Sources familiar with her investigation by the EFCC told The Nation that all the evidence gathered by the anti-graft agency on Diezani had been handed over to UK investigators. The Acting Chairman of the EFCC, Mr. Ibrahim Magu accompanied by some detectives took the evidence to the National Crime Agency in the UK. “The evidence includes an inventory of more than 15 choice properties at home and abroad, her account status, documents and vital video clips,” the source said. “The evidence was taken to London in preparation for her trial.

In fact, one or two persons indicted in the fuel subsidy scandal are already in detention in the UK ahead of her trial.

Responding to a question, the source added: “We are also sending some EFCC detectives to the UK to interrogate Diezani on some issues. We need to obtain her statement too on certain allegations against her in Nigeria.

“We learnt that she has substantially ‘recovered’ and we want our team to interview her in London.

“When the trial begins, Nigerians will have a full insight into our findings against the ex-minister.”

Continuing, the EFCC source said: “We have placed some of these properties under temporary asset forfeiture. We are still investigating some properties allegedly bought by the ex-minister through some proxies.

“But we have submitted a documentary on all these assets to investigators in the UK. We also discovered a box which was full of jewelry and expensive wrist watches in one of the properties with price tags.

“Some detectives who visited Nigeria from the UK inspected this box which we may transfer to the UK.

“On the $115million poll bribery scandal, we have video clips of how electoral officials and politicians were hauling cash from banking halls.

EFCC does not engage in a personal vendetta. Nigerians will know the truth at the end of the trial either in Nigeria or in the UK.”

http://investorsking.com/uk-gets-evidence-against-diezani/

Science/Technology › Tsunami Warning As Magnitude 8 Quake Hits Near Papua New Guinea by Truth234(op): 7:27am On Jan 22, 2017

A tsunami warning was issued after a magnitude 8 earthquake struck 40 kilometers (25 miles) west of Panguna in Papua New Guinea on Sunday, the United States Geological Survey said.

Hazardous tsunami waves are forecast for some coasts, the Pacific Tsunami Warning Center warned in an advisory shortly after the quake hit at 3:30 p.m. Sydney time. Earlier, the center said tsunami waves up to 1 meter above the tide level are possible for the PNG and Solomon Island coasts.

The Joint Australian Tsunami Warning Center said there is no tsunami threat to Australia.

PNG and the Solomon Islands sit on the Pacific Ring of Fire, a belt of volcanic and seismic activity that rings the Pacific Ocean.

http://investorsking.com/tsunami-warning-as-magnitude-8-quake-hits-near-papua-new-guinea/

Politics › Re: Nigeria’s Crude Oil Output Increases By 403,900bpd Now 1.94m Bpd by Truth234(m): 12:36pm On Jan 20, 2017

ephi123:
Yes o, continue to scream GEJ until the 4 years are complete. Carry on. The next govt will be waiting for you guys.

Inflation is 18%+, Pounds which was N260 barely 3 years ago is now N600, none of you can point to any tangible step the CURRENT ADMINISTRATION has successfully taken, and you are here yammering on "we will continue to scream GEJ". The concept of taking responsibility must be totally alien to you guys. Totally.

The problem is not this administration but your inability to see economics as a 'blockchain.' It will be wrong to engage you further.

1 Like

Politics › Re: Nigeria’s Crude Oil Output Increases By 403,900bpd Now 1.94m Bpd by Truth234(m): 12:18pm On Jan 20, 2017

ephi123:
Please please and please, you guys should learn to face the topic at hand. Who gives a hoot about GEJ, let the man rest and stop calling his name about, it's almost 2 years he's handed over. We are talking about the present, kindly face it.

I don't know the fking point of reserves increasing when the average man on the street is far poorer than he's ever been.

If GEJ has done the right thing, the nation won't be stuck. And for your information, the low reserves is what led to forex illiquidity, which gave birth to the high foreign exchange rate, surging inflation, and record-high unemployment rate. As long as the nation is in recession, we will continue to scream GEJ. You can't discuss or resolve an economic issue in isolation.

Politics › Re: Nigeria’s Crude Oil Output Increases By 403,900bpd Now 1.94m Bpd by Truth234(m): 11:41am On Jan 20, 2017

ephi123:
Output increasing. Oil price increasing. Yet poverty and recession is increasing in the country. What kind of unbalanced equation is this?

Output is not increasing, this information is wrong. Most of this writers are not financial experts and don't know how to check these data. Shell shutdown one of the two key pipelines this month and its on their website that production has further dropped by about 200,000 bpd to 1.4mbpd. We've not produced at 1.9mbpd in recent months. Yet, this administration has increased our foreign reserve to $27.2 billion, almost what we saved when oil was $107 a barrel under GEJ.

Politics › Re: Nigeria’s Crude Oil Output Increases By 403,900bpd Now 1.94m Bpd by Truth234(m): 11:14am On Jan 20, 2017*

As at this January, Nigeria output is about 1.4mbpd, after shell shutdown Trans Niger Pipeline, one of two major pipelines transporting the Bonny Light crude grade for export. This information is wrong.

1 Like

Politics › President Buhari Departs Abuja On Medical Vacation, Hands Over VP Osinbajo by Truth234(op): 12:32pm On Jan 19, 2017

President Muhammadu Buhari has abruptly left Abuja on a medical visit to the United Kingdom a few minutes after sending a letter to the Senate requesting for a 10-day leave.

A letter read at the plenary of the Senate on Tuesday had claimed the President was going on leave starting from Monday, January 23, 2017, but aides to the President were abruptly summoned to the airport today to see the President off sparking general concern that the president might be sick.

SaharaReporters had reported last year that President Buhari would be attending to medical issues in the UK that would require a long stay in the hospital.

SaharaReporters

http://investorsking.com/president-buhari-departs-abuja-medical-vacation-hands-vp-osinbajo/ mynd44

Business › Re: CBN Resumes Sales Of Forex To Bdcs by Truth234(m): 7:52am On Jan 19, 2017*

Anijay1212:
Abeg e go bring dollar down?

Yes, to some extent.

Politics › States Generated N3.5tn IGR In 66 Months – NBS by Truth234(op): 5:55am On Jan 19, 2017

A total sum of N3.5tn was earned as Internally Generated Revenue by the 36 states of the federation within a 66-month period from January 2011 to June of 2016, figures obtained from the National Bureau of Statistics have revealed.

An analysis of the states’ IGR report made available showed that the IGR of the 36 states recorded a sharp increase between 2011 and 2013, after which it declined steadily up to 2016.

For instance, the sum of N499.08bn was earned by the states in 2011. The figure rose to N567.99bn and N800bn in 2012 and 2013, respectively.

However, in 2014 and 2015, the states’ combined revenue dropped by N92.15bn and N25.18bn to N707.85bn and N682.67bn, respectively.

For the first half of 2016, the report stated that the sum of N317.7bn was generated by 29 states as IGR, adding that seven states had yet to report their half-year IGR figures. The states are Abia, Anambra, Bauchi, Ebonyi, Oyo, Rivers and Sokoto.

The NBS stated in the report that the IGRs were generated from five main sources.

They are Pay-As-You-Earn; direct assessment; road taxes; Ministries, Departments and Agencies of government; and other revenues.

The IGRs made by the states excluded the monthly allocations, which they received from the Federation Accounts Allocation Committee.

Further analysis of the revenue showed that Lagos State, with a total of N1.35tn generated in the 66-month period, led the IGR collection chart.

The N1.35tn, when further broken down, showed that the state earned N202.76bn in 2011; N219.20bn in 2012; while the sums of N384.25bn, N276.16bn and N268.2bn were generated as IGR in 2013, 2014 and 2015, respectively.

For the first half of last year, Lagos State raked in N150.59bn as IGR.

Rivers State followed on the revenue chart with a total collection of N377.54bn within the period.

The amount was earned as follows: N52.71bn in 2011; N66.27bn in 2012; N87.91bn in 2013; N89.12bn in 2014; and N82.1bn in 2015.

The state has yet to submit its IGR figure for 2016 to the NBS.

Ogun State, according to the bureau, came third by generating a total sum of N145.1bn in the period. It was able to grow its IGR from N10.8bn in 2011 to N56.2bn by 2016

On the other hand, the report stated that Nasarawa, Ekiti and Borno states, with sums of N22.72bn, N17.61bn and N15.49bn, generated the lowest revenue within the period.

Further analysis of the report revealed that Benue State’s IGR decreased from N11.13bn in 2011 to N7.63bn in 2015, while the revenue for the first six months of 2016 was put at N8.89bn.

The IGR for Kogi State increased from N2.84bn in 2011 to N7.78bn in the first half of 2016, while that of Kwara State increased from N8.82bn in 2011 to N16.46bn in the first six months of last year.

The IGR for Bauchi State, according to the report, rose from N4.46bn in 2011 to N5.39bn in 2016. The state has not supplied its 2016 half-year IGR report, according to the NBS.

Similarly, Kano State’s IGR increased from N6.62bn in 2011 to N34.46bn in 2016, while Gombe State’s rose from N3.15bn in 2011 to N3.57bn in 2016.

The IGR for Osun State increased from N5.02bn in 2012 to N8.96bn in 2016.

http://investorsking.com/states-generated-n3-5tn-igr-66-months-nbs/

Business › Re: Naira Stabilises At N497 To Dollar by Truth234(op): 8:36am On Jan 17, 2017

ezechinwa2:
what about students paying their school fees, will they use parrallel rate or interbank

The BDCs

Business › Re: Naira Stabilises At N497 To Dollar by Truth234(op): 8:30am On Jan 17, 2017

Amoto94:
I'm quite impressed with your submission and some of the FG's policies on economic diversification, but my fear is how sustainable it is considering the Nigerian factor which can often prove destructive. Take for instance we need oil money to diversify our ailing economy but there's growing unrest in the oil producing region?

That is our collective fear, the FG will need to reach a workable consensus with the militants to enjoy the current surge in oil prices. Because we need to increase our output from present 1.4mbpd to about 2.2mbpd if we must end recession by the second half of this year.

Politics › External Reserves Rise By $1bn In Two Weeks by Truth234(op): 8:23am On Jan 17, 2017

The country’s external reserves have hit $26.968bn, nearing the $27bn mark, the latest statistics posted on the Central Bank of Nigeria website have shown.

The reserves rose to $26.968bn on January 13 from $26.765bn on January 11, having hit $26.658bn and $26.552bn on January and 10 and January 11, respectively.

Between December 30, 2016 and January 12, 2017, the foreign exchange reserves rose from $25.8bn to $26.8bn, indicating an accretion of $1bn in two weeks, the CBN data showed.

The foreign exchange reserves have been rising significantly in recent weeks following the gradual increase in crude oil price and production output.

Experts said the slowdown in foreign exchange allocation to forex markets by the CBN might have contributed to the reserves accretion.

Within the space of three days, the reserves rose by $300m from $26.2bn on January 6 to $26.5bn on January 9.

The foreign exchange reserves had hit $26.0bn on January 3, 2017, up from $25.8bn on December 30, 2017, the CBN statistics revealed.

The reserves ended last year with $25.84bn on December 30, 2016.

The foreign exchange reserves had risen to over four-month high of $25.7bn on December 28, up from $25.4bn on December 23.

However, currency and economic experts are not sure if the current accretion in the external reserves’ is sustainable amid a falling naira and acute shortage of dollar in the foreign exchange markets and the economy.

The CBN had spent $4bn from the nation’s external reserves to defend the local currency in the last 12 months, despite the staggering fall in the value of the naira against the United States dollar and other major foreign currencies last year

The controversial defence of the naira by the CBN has come under severe criticism from economists, who believe that the forces of demand and supply should be allowed to determine the exchange rate of the naira, at least to a considerable level.

The country’s reserves had recorded $23.89bn low on October 19. The reserves dropped by 15.9 percent between 2015 and 2016.

http://investorsking.com/external-reserves-rise-by-1bn-in-two-weeks/ mynd44

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