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 Business › Re: Travelex To Commence Sales Of Forex To Bdcs Today by Truth234(op): 6:03am On Oct 07, 2016*. Modified: 5:10pm On Oct 07, 2016 |
modath:That is why Travelex introduced compulsory biometric registration before selling to BDC operators. It will curb their activities to some extent and help boost liquidity in the market. Maybe that is why some of the BDC operators are reluctant to register. Don't forget Travelex also sell dollars as well, so this move will ease the economic gridlock. Just the announcement already bolstered Naira value on the parallel market. Edited When I said the above this morning, I didn't know it will be this fast. Travelex has dropped price from N470 to N356 per dollar within 12 hours. Better days ahead modath. 18 Likes 2 Shares |
| Business › Travelex To Commence Sales Of Forex To Bdcs Today by Truth234(op): 4:07am On Oct 07, 2016*. Modified: 4:28am On Oct 07, 2016 |
Travelex, an international money transfer agent, will commence the sales of forex to the 3,000 registered Bureaux De Change operators in the country on Friday. According to the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, the sum of $15,000 will be disbursed to each of the 3,000 BDC operators in the country, and estimated that about $45 million will flow into the system. He further stated that the improvement from the previously approved $10,000 weekly, would strengthen the Naira against the dollar and ease forex scarcity. “Remittances have direct positive and significant impact on consumption, investment, and demand in the country as it can be used to address short-run output shocks, and even long-run growth,” Gwadabe explained. The integrity of Travel would be key in getting the dollars to the BDC operators and “urged BDC operators” to visit the CBN branches in their respective region for biometric data capturing by Travelex. “The biometric data capturing would enable the BDC operators to access the International Money Transfer Operators /Travelex dollars window, which would start very soon,” he added. “We want to commend the CBN for reaffirming the country’s commitment to building an enabling environment and a level-playing field for international money transfer services to Nigeria. By increasing the number of the IMTOs from three to 14, the CBN under its Governor, Godwin Emefiele, will set the economy on the path of development in the medium to long term and restore integrity in the international money transfer business.” “This is commendable, and should boost economic activities in the country,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd. http://investorsking.com/travelex-to-commence-sales-of-forex-to-bdcs-today/ 3 Likes |
| Business › Nigerian Stock Exchange Dips N27.4 Bn in September by Truth234(op): 6:09am On Oct 04, 2016 |
The Nigerian stock exchange market declined by N274 billion in the month of September to N9.733 trillion from N9.760 trillion. Investment in the market has dropped by 1.1 percent Year to Date, YtD, while the gauge of the market declined by 0.3 percent to close at 28,335.40 points from 28,419.92 points at the beginning of the trading month. Mr. Mustapha Chike-Obi, former boss of Asset Management Corporation of Nigeria, AMCON said it is a liquidity issue that the market currently trades about ten million dollars’ worth of securities daily but has the capacity to do more. He further stated that the issue of liquidity must be addressed to record substantial growth in the Capital market. "There is need to look inward and that the Government must begin to address those things that impede growth," he added. Accordingly, the bond market closed on a bearish note last week as profit taking along the yield curve pulled yields lower. However, some traders have said the increase in demand for blue chip companies will likely boost the attractiveness of the market this week. “This week we expect to see mixed signals with positive sentiments driven by a rally in oil prices, while other investors book profits in order to bid at the PMA on Wednesday.” "The economy is going through recession, it is normal for the stock exchange market to respond likewise, but as soon as a series of measures put in place by the CBN and FG crystallized, and OPEC go through with the proposed production cut in November. The economy should record some progress and ease up," said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd. http://investorsking.com/nigerian-stock-exchange-dips-n27-4-bn-in-september/ |
| Business › Re: Forex Trading Alerts - Season 16 by Truth234(m): 8:26am On Oct 03, 2016 |
Forex Weekly Outlook October 3-7 The US dollar retreated against the Euro-single currency on Friday, after the Deutsche Bank was said to have reached an agreement with the US Department of Justice (DOJ) to pay $5.4 billion to settle its mortgage-securities investigation instead of the original proposition of $14 billon. However, other factors contributed to the drop in the exchange rate of the US dollar, even though the consumer confidence (104.1) rose to its highest in 9-year and second quarter GDP was revised upward to 1.4 percent from 1.1 percent previously estimated. The Federal Reserve chair, Yellen Janet failed to convince the market that the decision to held interest rates at record-low wasn’t politically motivated, after Donald Trump accused the Fed chair of creating “a big, fat, ugly bubble” by leaving interest rates this low. Again, three members of her own rate-setting group announced last week that they preferred to raise the federal funds rate by 25 basis points, which in turn validated the notion of disenchantment in the group. Nevertheless, the economy continued to create jobs at a solid pace but unemployment rate remains between 4.7 – 4.9 percent — which signifies that as some are being employed some are leaving for whatever reasons. Read more http://investorsking.com/forex-weekly-outlook-october-3-7/ |
| Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 10:24pm On Oct 02, 2016 |
barleeh:I can't really tell, but as you know ATM withdrawal attract charges and sometimes those banks' rates are like parallel market. Maybe you should buy some dollars and still bring your ATM. |
| Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 8:02am On Oct 02, 2016 |
barleeh:They don't have black market, but Bureau de Change. It changes, I don't know today's rate but should be around 4.2 to a dollar. Don't change at the bank, their rates are lower, Bureau De Changes are usually better. |
| Business › Re: Meet South African Youngest Millionaire At 23 by Truth234(m): 6:05am On Oct 01, 2016 |
This guy? a huge lie. Too many controversies. |
| Business › Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Truth234(m): 12:59pm On Sep 30, 2016 |
This may not hold because of Iran reaction to the consensus barely 24 hours later. Barely 24 hours after OPEC members reached consensus, Iranian Oil Minister Bijan Zanganeh has debunked the agreement saying the figures used by OPEC are too low compared to the current production in Iran. |
| Career › ACCA Accredits Babcock University by Truth234(op): 6:53am On Sep 28, 2016 |
Following its signing of a memorandum of understanding with Babcock University, the Association of Certified Chartered Accountants (ACCA) has announced that the institution has emerged as the first ACCA accredited private university in Nigeria.http://investorsking.com/acca-accredits-babcock-university/ |
| Business › Naira Slides Further As Demand Outweigh Supply by Truth234(op): 5:45am On Sep 28, 2016*. Modified: 6:04am On Sep 28, 2016 |
The Naira plummeted further on Tuesday as demand outweigh supply. The local currency which traded at N445 to the US dollar on Monday slid to N452 at the parallel market on Tuesday. While on the interbank market, the Naira depreciated to N312 against the dollar from the N308 it was traded on Monday. Experts have said the current rate is not a true reflection of the Naira value, and attributed the development to the activities of speculators. Some traders have expressed optimism that once Travelex finalize its arrangement to sell directly to Bureau de Change Operators (BDCs), the Naira will rebound. While others have said the continuous ban of the importers of 41 items contributed to the current situation as they are also sourcing for the dollar to import for the normal end of year sales. The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said it will take Travelex few days to process biometric registration and funding of BDCs accounts. Harrison Owoh, a bureau de change operator expressed his delight at the Travelex move by the central bank and called on other bureau de change operators to key into the new Travelex arrangement by registering on Travel biometrics. A foreign exchange research analyst at Investors King Ltd., Samed Olukoya said "Normally, the announcement of Travelex arrival to the Bureau de Change segment would have halted further decline of the Naira, but with the present situation the central bank would have to do more." 1 Like |
| Business › Naira To Strengthen As Travelex Begins Forex Distribution by Truth234(op): 5:03am On Sep 26, 2016 |
The Nigerian Naira is expected to improve against the dollar when Travelex commences operation on Monday. Travelex, an international money transfer agent was first mentioned as an alternative dealer to the Bureau de Change operators in January when the central bank announced its decision to discontinue the sales of forex to the BDCs early this year. It is believed that the introduction of Travelex to Bureau de Change segment will help close the gap between the parallel market and bank’s rate, and facilitates even distribution of forex to the Bureau de Change operators in Nigeria. According to the president of the Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, Travelex has the technology to sell forex to over 1,000 Bureau de Change operators within a few hours, which he said is a major advantage and he assured that the distribution would be efficient and uniform across ABCON members, unlike what was obtained in the past. However, the Naira slid again at the parallel market on Sunday to N440, following the drop in forex liquidity in that segment. While, at the interbank market, the Naira appreciated from N312 it was traded on Tuesday to N307.79 on Friday. Although, experts have said the drop in the Naira value have nothing to do with the decision of the MPC to leave interest rate at 14 percent. But that tighter monetary policy has increased the attractiveness of the fixed income market as investors continue to take advantage of higher yields, leading to weak sentiment towards equities. A situation analysts at Investors King Ltd agreed may persist. http://investorsking.com/naira-to-strengthen-as-travelex-begins-forex-distribution/ 3 Likes 1 Share |
| Business › Re: Guinness Reports First Annual Loss In 30 Years by Truth234(op): 1:56pm On Sep 21, 2016 |
helovesme:So paying taxes is not contributing to the economy? Only when they generate foreign exchange? This is what is wrong with this nation, over dependent on foreign exchange due to almost not existing manufacturing sector. The exact reason Guinness is not sourcing locally because local companies do not have the capacity. Until the Fg aggressively spend to diversify the economy, this will continue. Guinness is not the issue here, FG is please. |
| Business › Re: Guinness Reports First Annual Loss In 30 Years by Truth234(op): 1:43pm On Sep 21, 2016 |
helovesme:Nothing you say? Well, from the article they paid over N347 million in taxes in one financial year. Also, they have been creating jobs and pay better than most companies, which translate to increase consumer spending. Please the economy is struggling because of our leaders failure to devise succinct growth model, and not because these companies are importing raw materials. Better still, can you give us name of local manufacturing company that can meet Guinness daily demand for raw materials. |
| Business › Re: Guinness Reports First Annual Loss In 30 Years by Truth234(op): 1:15pm On Sep 21, 2016 |
billyG:Your reason? |
| Business › Guinness Reports First Annual Loss In 30 Years by Truth234(op): 4:09am On Sep 21, 2016 |
Guinness Nigeria Plc on Tuesday reported a loss for the year ended June 30, 2016. The document filed with the Nigerian Stock Exchange (NSE) revealed that turnover declined by 14 percent from N118.49 billion recorded in 2015 to N101.973 billion in 2016. While operating profit dropped by 72 percent from N15.667 billion to N4.415 billion. The company ended the year with a pretax loss of N2.347 billion and loss after tax of N2 billion, making it its first full-year loss in 30 years, compared with pretax profit of N10.795 billion and profit after tax of N7.79 billion recorded in 2015. Speaking to reporters, the Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Mr. Peter Ndegwa, said that the challenging economic environment coupled with Naira devaluation had a profound impact on Guinness Nigeria’s overall performance. “Our performance this year was impacted by two major factors, one being the very tough economic challenges around consumer spending, driving consumer preferences towards value brands across the sector, the other, and more significant factor being the effect of foreign exchange policy and the devaluation of the Naira. When you take out the impact of the latter, our underlying performance for the year was broadly in line with the prior year in spite of the pressure on the top line.” Speaking in the same vein, Chairman, Guinness Nigeria Plc, Mr Babatunde Savage, said: “Despite the continuing deterioration in the operating environment, the Board is pleased to note that our core brands of Guinness FES and Malta Guinness are in growth and we now have a strong participation in the growing value segment of the market through Satzenbrau and Dubic. We have also started to see early signs that our decisions to acquire the distribution rights in Nigeria to the International Premium Spirits brands of Diageo and to invest in local capacity for spirits manufacturing are the right ones for the business.” http://investorsking.com/guinness-reports-first-annual-loss-in-30-years/
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| Business › Re: Nigerian Central Bank Leaves Interest Rate Unchanged At 14% by Truth234(op): 1:44am On Sep 21, 2016 |
To even think the CBN will focus on inflation, when unemployment is high, consumer spending weak and manufacturing sector almost not existing. Is disturbing, the CBN need to spend aggressively to revamp this economy. |
| Business › Nigerian Central Bank Leaves Interest Rate Unchanged At 14% by Truth234(op): 4:42pm On Sep 20, 2016*. Modified: 5:08pm On Sep 20, 2016 |
The Central Bank of Nigeria (CBN) left the official cash rate unchanged on Tuesday, as the apex bank seeks to support the falling Naira and attack surging inflation while propping up the economy simultaneously. The Monetary Policy Committee, led by the CBN Governor Godwin Emefiele left the benchmark rate at 14 percent, according to the Governor on Tuesday in Abuja, Nigeria. That was against most analysts call for monetary expansion. The governor explained that while challenges in the economy remain, that monetary policy alone cannot sustain growth. Lowering interest rates is not advisable and the decision will help limit inflation. Nigeria’s inflation rose to 17.6 percent in August, it highest in 11 years, following the continuous fall in global oil prices that has erased about 40 percent of Naira’s value against the dollar. The CBN had earlier unpegged the currency on June 20 in an effort to lure foreign investors into the country to offset deficit created by forex scarcity. Unfortunately, increase in global risks and uncertainties due to the Britons decision to leave the European Union three days later impacted the policy and further plunged the Naira against the dollar. The economy contracted by 2.06 percent in the second quarter, from -0.36 percent in the first quarter and on track to record its first full-year contraction in 25 years. http://investorsking.com/nigerian-central-bank-leaves-interest-rate-unchanged-at-14/ lalasticlala, dominique, Mynd44 |
| Business › Naira Appreciates At The Interbank Market by Truth234(op): 4:31am On Sep 20, 2016 |
The Nigerian Naira appreciated against the US dollar at the interbank market on Monday, as investors await the decision of the Monetary Policy Committee on the state of the economy. The currency improved by 0.5 percent to trade at N307.25 to the dollar, from N308.69 it exchanged on Friday. It, however, remains unchanged at the Bureau de Change segment, closing at N422 against the dollar, N549 to the pound and N470 against the Euro-single currency. Trading at the parallel market, the Naira stabilised at N425 against the dollar, a figure it has maintained for three days, while it exchanged against the Pound and Euro at N550 and N470 respectively. Currency traders hope that the MPC would reconsider its forex policy with a view to rescue the nation’s currency, while attacking unemployment by lowering borrowing cost to boost the manufacturing sector. “The central bank will have to expand its monetary policy and combine it with realistic fiscal policy to ease economic gridlock, while making non-oil sector priority,” said Samed Olukoya, a Foreign Exchange Research Analyst at Investors King Ltd. “Considering global oil glut, increasing oil production won’t help the nation recover from economic recession, but pushing through with diversification will help create jobs, fight importation and encourage youth participation, since they are the most unemployed going by NBS report,” he added. http://investorsking.com/naira-appreciates-at-the-interbank-market/ 1 Like 1 Share |
| Business › Re: Forex Trading Alerts - Season 16 by Truth234(m): 11:19am On Sep 19, 2016 |
Forex Weekly Outlook September 19 – 23 The US dollar gained against all the major currencies last week, following better than expected inflation report released on Friday. This, coupled with the comments from Federal Reserve officials bolstered the attractiveness of the US dollar as investors/traders jumped on it in anticipation that the Federal Open Market Committee (FOMC) will raise borrowing cost. While, speculations formed the bulk of the unsustainable dollars’ gains. It is imperative to note that the dollar’s gains was partly the reason import prices dropped from an increase of 0.1 percent in July to a decline of-0.2 percent in August, this drop in prices is expected to weigh on September consumer price index and damped August recorded progress. Again, the drop in consumer spending (-0.3%) and worse than expected producer prices (0.0%) record in August are pivotal to Fed’s rate decision — especially with industrial production (-0.4%) and capacity utilization (75.5%) declining at the same time. Hence, the disconnection between macro data and current dollar bullish run should be closely watched per adventure the Bank of Japan decided as that will either shift current dollar gains to the Yen or boost it even further. This week, volatility is expected as the FOMC meets to announce economic projection and federal funds rate on Wednesday. Read more http://investorsking.com/forex-weekly-outlook-september-19-23/ |
| Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 2:31pm On Sep 18, 2016 |
This reminds me my experience with some Nigerians at the Nigerian Embassy in 2014. A student from FTMS claimed she was denied a US visa because she was a Nigerian, while others with similar experience jumped in and together they agreed that Malaysians hate us. I was surprised because not only did she lied, she made others believed it was true, whereas Malaysians don't interview you at the American embassy, Americans do. To the new students coming to Malaysia, there are three types of Nigerians in Malaysia: Those that don't know. Those that pretend to know and will defend their stance vehemently. And the very subtle few that knows. If you are a student, be an A student. American Embassy sees result first, at least in my own case and that of my friends. There may not be jobs in Malaysia, but this place holds substantial opportunities for good students with sponsors. Do your research! 1 Like |
| Business › Naira Falls Against US Dollar by Truth234(op): 6:02am On Sep 17, 2016 |
The Nigerian Naira depreciated on Friday, following limited forex liquidity in most major segments of the foreign exchange market. The local currency dropped N2.24 against the US dollar to trade at N308.69 at the interbank market, from Thursday closing of N306.93 against the greenback. While at the Bureau De Change segment, the Naira closed at N420 to the dollar, N550 to the U.K. pound and N465 against the Euro single currency. At the parallel market, the local currency lost N2 from Thursday's N423 to trade at N425 against the US dollar on Friday. Both the Pound and Euro were traded at N545 and N470 respectively. Traders have said despite the decrease in demand for the greenback for school fees payment this summer that the Naira continued to fall. This, they attributed to the surge in demand for dollars for importation, as it outstripped the available liquidity in the market. Samed Olukoya, a Foreign Exchange Research Analyst at Investor King Ltd. said "the situation is pervasive and require more than conventional means to curb, CBN needs to be proactive. Intermittent intervention won’t do much henceforth.” However, the high exchange rate continued to weigh on consumer prices as the data released by the National Bureau of Statistics on Thursday, showed that the inflation rate jumped to 17.6 percent on a yearly basis in August – from 17.1 percent recorded in July. Accordingly, businesses continued to downsize to control costs, while seeking alternative means of production locally. So far, unemployment rate remained 13.3 percent, while youth unemployment/underemployment is 49.5 percent, according to the National Bureau of Statistics. http://investorsking.com/naira-falls-against-us-dollar/ 1 Like |
| Business › Nigerian Stock Exchange Appreciates By N22bn by Truth234(op): 5:21am On Sep 15, 2016*. Modified: 5:39am On Sep 15, 2016 |
The Nigerian Stock Exchange (NSE) appreciated on Wednesday, following resumption from two-day public holiday declared by the Federal Government. The stock market gained N22bn to close at N9.495 trillion from N9.473 trillion recorded on Friday, while the gauge, All-Share Index, appreciated from 27,577.52 basis points to close at 27,642.13 basis points. Despite 20 stocks closing in the red. A total of 182.298 million shares valued at N1.788 billion was traded in 2,776 transactions. The Nigerian Stock Exchange All Share Index rose 0.23 percent, after shares across industrial and consumer goods companies appreciated. Industrial goods sector climbed 0.48 percent, boosted by 0.87 percent gain from dangote Cement. While, consumer goods sector rode on the back of stocks of Unilever Nigeria Plc (4.99 per cent), Champion Breweries Plc (0.241 per cent) and Dangote Flour Plc (2.37 per cent gain). However, the financial services sector declined, with shares of Diamond Bank Plc leading with -5.83 percent, sterling Bank Plc -4.95 percent and FCMB Group Plc -4.48 percent. The oil and gas sector was flat, even after a 10.17 percent rally from Conoil Plc and a 2 percent advance in Oando Plc. The sector was weighed upon by a decline in Seplat Petroleum Development Company Limited. http://investorsking.com/nigerian-stock-exchange-appreciates-by-n22bn/ 1 Like |
| Politics › Nigeria Custom Generates N95.7Billion In August by Truth234(op): 4:33am On Sep 14, 2016 |
The Nigeria Custom Service (NCS) generated over N95.7 billion last month, its highest revenue in a single month in almost 10 years. According to NCS public relations unit report on its website, "The Service generated N95,760,763,642.04, a feat that points to the efficacy of the Comptroller-General’s policy thrust. The Service recorded the highest revenue in 10 years despite the Forex difficulty, low imports and general economic downturn.” The surge in revenue has been attributed to the strong position of the Comptroller-General, Col. Hammed Ibrahim Ali (rtd) on the issues of discipline, integrity and strict adherence to customs codes and clearance procedures, the statement reads. “Col. Hammed Ibrahim Ali (rtd) on assumption of office as the Comptroller-General of Customs August last year arrived with a three prone Presidential Mandate namely:- reform, restructure and raise revenue.” “To achieve these, he drew his policy thrust, which harped, on honesty, integrity and transparency as bases for achieving the mandate. Starting from the Headquarters and then to all customs formations across the country." “Knowing that reform and restructuring are activities within the Nigeria Customs Service, while raising the much needed revenue requires cooperation and compliance from the part of stakeholders, the CGC embarked on stakeholders visitations to secure their buy into the new way of doing business with the service. “After one year at the helm of affairs, the NCS, revenue generation profile has continued to be on the rise. “Last month, August 2016, the service recorded the highest revenue in 10 years despite the forex difficulty, low imports and general economic downturn. The service generated N95,760,763,642.04, a feat that points to the efficacy of the CG’s policy thrust. “The strong stance of the CG on issues of discipline, integrity and strict adherence to customs codes and clearance procedures is yielding positive results in the areas of suppression of smuggling and revenue collection.” It should be recalled that Apapa Command of Nigeria Customs Service also announced similar success in August when it reported revenue of N35 billion - the highest monthly recorded revenue by any customs command in the country in a decade. http://investorsking.com/nigeria-custom-service-generates-over-n95-7-billion-in-august/ 7 Likes 4 Shares
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| Agriculture › Re: CBN Provides N1.9bn Loan To 12,405 Farmers by Truth234(op): 5:48am On Sep 12, 2016 |
todayboy:Did you even read it? Southern state, Edo, got more than any Northern states. Also, the analysis revealed that 31 states and Federal Capital Territory benefited from the scheme, with Edo state getting the highest, N518 million (26 percent), while Taraba state got the lowest, N0.7 million (0.05 percent). 15 Likes |
| Agriculture › CBN Provides N1.9bn Loan To 12,405 Farmers by Truth234(op): 5:29am On Sep 12, 2016 |
The central bank is pushing ahead with diversification agenda, offers farmers cheap loans of 1.99 billion in an effort to speed up economic recovery and diversify the economy, according to a CBN report.http://investorsking.com/economic-diversification-cbn-provides-n1-9bn-loan-to-12405-farmers/ 2 Likes 2 Shares
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| Business › Re: Forex Trading Alerts - Season 16 by Truth234(m): 4:04am On Sep 12, 2016 |
Forex Weekly Outlook September 12 – 16 Early last week the US dollar slid after data revealed that the services sector that have been supporting the economy contracted from 55.5 in July to 51.4 in August, before gaining back part of its losses as the odds of the Federal Reserve raising rates this month increases. While the majority of analysts have favoured September rate hike, I have my reservation for several reasons, one, the weak manufacturing sector and contraction in the activities of the services sector are some of the key criteria mentioned by the Fed Chair Janet Yellen during Jackson Hole speech for rate decision. Two, even though the unemployment rate (4.9%) is near a record low and employers are said to be having trouble finding qualified and skilled workers, and are hesitant to dismiss employees, average hourly earnings rose less than expected in August. All these coupled with worse than expected second quarter economic growth rate (1.1%) are likely to compel the Federal Open Market Committee to hold back, at least to monitor improvement this third quarter before increasing borrowing cost. Nevertheless, the retail sales that came out flat (0.0%) in July is due this week and expected to drop even further to -0.1 percent by economists, while the producer price index that measures consumer inflation is expected to rise just 0.1 percent in August from July 0.4 percent decline. Read more.. http://investorsking.com/forex-weekly-outlook-september-12-16/ |
| Celebrities › Re: AY: My Shows Are Always Sold Out, Yet They Say My Jokes Are Dry by Truth234(m): 5:22pm On Sep 11, 2016 |
He doesn't understand that his show has evolved as a lifestyle, something trendy guys/ladies like to attend to show off. 19 Likes 2 Shares |
| Politics › Buhari Spends N5bn On Presidential Fleet by Truth234(op): 4:24am On Sep 10, 2016 |
Despite the harsh economic situation in the country, the Federal Government has reportedly spent the sum of N5bn on the 10-aircraft Presidential Air fleet since coming to power, a document obtained from the Presidency showed. According to the document, the Presidency has so far spent N5bn since the inception of this administration in May 2015. The breakdown showed N2.3bn was released between May and November 2015 for PAF by the office of the Accountant-General of the Federation. Also, the figure includes personnel costs, overheads and capital expenditures, a total of N99.715m was spent on spares, maintenance and subscription services. While the sum of N98.5m was spent on operations, a total of N165.373m was spent on training and N85.5m on personnel medicals and overheads. The document also revealed that PAF spent N1.350bn to settle outstanding liabilities of the past administration, while N500m was refunded to the NSA for financial support rendered for the maintenance of the Fleet prior to release of funds. According to industry experts, airlines spend between 15 and 20 percent of the cost of an aircraft on its operation yearly and a little less than one-fifth of the plane is spent every year on insurance, flight and cabin crew, maintenance, fuelling, catering and training. Using a conservative percentage of 15 percent, it means that about $52.11m (N15.92bn) must have been spent on the PAF by May 29, 2016. The General Secretary, Aviation Round Table, an industry pressure group, Group Captain John Ojikutu, said “It is high time the Presidency reduced the number of aircraft in that fleet. We can’t be spending our scarce forex to maintain a large fleet of 10 aircraft.” Spending a N5bn on maintenance of 10 aircraft at a time when many states “cannot pay salaries and dozens of families going hungry across most parts of the country is insensitive and a hallmark of an anti-people regime,” said Mr. Debo Adeniran, Chairman Coalition Against Corrupt Leaders. He said, “Spending that type of money on maintenance of aircraft is not the best at this time. It is profligacy, it is unnecessary and smacks of insensitivity on the part of the regime that is supposed to effect positive change in the lives of the people.” “A few days ago the Federal Government launched the ‘Change begins with me’ campaign but I disagree with the government that because it is like shifting the goalpost to Nigerians. This administration has not shown us that it has good plans. All the policies that have been implemented so far – both fiscal and monetary – are anti-people. This is not the type of government that we yearned for. “They criticised Goodluck Jonathan of keeping a large fleet of aircraft but they are also doing the same thing. I think Buhari is alone in his anti-corruption fight because most of his cabinet members have not been able to detach themselves from the lifestyle of the past regime.” A former Governor of old Kaduna State, Alhaji Balarabe Musa, said President Buhari administration “is as wasteful as the administration of former President Goodluck Jonathan.” “They should sell off some of the jets in order to reduce wastage of our economic resources and also to demonstrate the change they are talking about,” he added. Meanwhile, on Thursday, Senior Special Assistant on Media and Publicity to the President, Presidential Garba Shehu, hinted that there was a committee already deliberating on trimming the presidential fleet. He made the revelation in a reaction to a tweet by blogger, Japheth Omojuwa, who asked why the Presidency has yet to reduce the 10 aircraft on its fleet. “There is a government committee already in place, working to reduce the number of aircraft in the presidential fleet,” Shehu said. http://investorsking.com/buhari-spends-n5bn-on-presidential-fleet/ |
| Politics › Re: Apapa Customs Generates A Record N35bn In August by Truth234(op): 6:55am On Sep 09, 2016*. Modified: 7:45am On Sep 09, 2016 |
SmartChoices: |
| Politics › Apapa Customs Generates A Record N35bn In August by Truth234(op): 6:14am On Sep 09, 2016*. Modified: 7:01am On Sep 09, 2016 |
The Apapa Command of Nigeria Customs Service (NCS) announced a record monthly revenue of N34,923,757,810.77 in August. The revenue was about N8 billion higher than N27 billion generated in July, and it is the highest monthly reported revenue by any customs command in the country in the last 10 years. According to Willy Egbudin, a customs area controller of the command,“A remarkable feature of this is that it was made at a time the ports were said to be having low volume of trade and shipping companies reported to be leaving the country in the face of some trade restrictions and high exchange rate regime.” However, he said the increase was a result of increased supervision, closer monitoring and regular outreach to importers and agents, “on the need to comply while issuing demand notices for infractions like under-declaration detected.” He further stated that “We have persistently urged officers of the command to continually work to redouble their efforts in maximum revenue collection, speed in legitimate trade facilitation and uncompromising enforcement of all customs laws.” ”The Comptroller General’s directives are very clear on matters affecting our duties. We must not in any way act outside the law or encourage people to do so. Importers and agents who violate the law will face the full wrath of it and I can assure you all that I will not spare any customs officer collaborator. Any attempt to shortchange the government under my watch here will not be treated with kid gloves” the Controller warned recently.” http://investorsking.com/apapa-customs-generates-a-record-n35bn-in-august/ 2 Likes 1 Share |
| Business › Re: Harvard Graduate To Start Nigeria’s First Online Lender by Truth234(op): 5:29am On Sep 09, 2016 |
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Go and look at the copy of their annual accounts and see their staff strength in nigeria. The bulk of their workforce is contract/temporary staff. 1 2 3 4 5 6 7 8 ... 47 48 49 50 51 52 53 54 55 (of 79 pages)