BUHARI CONGRATULATES ACE MOVIE PRODUCER, TUNDE KELANI AT 70
source: http://www.eyesoflagos.com/2018/02/buhari-congratulates-ace-movie-producer.html

President Muhammadu Buhari has joined the media and entertainment industry in congratulating renowned movie producer, filmmaker and photographer, Tunde Kelani, on his 70th birthday. According to reports gathered by Eyes Of Lagos, President Buhari in a statement by his special adviser, Media, Femi Adesina felicitated with all family members, friends, professional colleagues and the teeming fans of the artiste, who started out as a journalist before mastering the art of storytelling through the stage and tube, and rising steadily to become one of Nigeria’s foremost directors and producers in Nollywood. The President commended Kelani’s uncanny story telling skills and his ability to breathe life into scripts and translate literature to movies, thereby enhancing understanding of the rich cultural heritage of the country and consistently updating the narrative of a unified and progressive nation. As the ace producer turns a septuagenarian, President Buhari believed the rising profile of the Nigerian film industry around the world testifies to the hard work, creativity and passion of artistes like Kelani, who toiled earnestly to attract global viewership, recognitions and awards. The President affirmed that Kelani, through sacrifice, discipline and diligence, has contributed immensely to national development, especially his mentoring of younger Nigerians in the film industry. President Buhari prayed that God would bless Kelani with good health and strength to continue in his noble trade.

#BBNAIJA: KHLOE SPEAKS ON LIFE AFTER BIG BROTHER NAIJA
source: http://www.eyesoflagos.com/2018/02/bbnaija-khloe-speaks-on-life-after-big.html

Former Big Brother Naija 2018 housemate, Khloe, has opened up on her relationship with fellow housemate, Leo.
Khloe, while in the house, made her strategic partner, K-brule jealous as she had a close relationship with Leo.
She was also quoted as saying that if she is to date anyone this year, it would be Leo, even if he has a girlfriend she will break his relationship.
Recall, Khloe , was disqualified along side her partner K-brule for breaking the house rules.
However, in an Interview with Pulse, Khloe said what she shared with Leo was not a relationship.
She said ”It was never a relationship, obviously. I can’t be with him during the day and still sleep with K.Brule [her paired partner] on the same bed. “It’s obvious that it’s not a relationship and I’m sure that he (Leo) is smart enough to know that it’s not a relationship.” When asked on her next move in her career, Khloe said she intends to continue her fashion line, Koko by Khloe.
She also said she plans to explore other business opportunities.

EX-PRESIDENT OBASANJO IS A PATHOLOGICAL LIAR, BETRAYER – MASSOB


Movement for Actualization of Sovereign state of Biafra (MASSOB) Monday berated former President Olusegun Obasanjo for his alleged hatred of Igbos and for claiming to be what he is not.

Obasanjo, who visited former President Goodluck Jonathan last week, had claimed that he believed in truth, noting that only the truth shall set a person free.
Eyes Of Lagos gathered that, But MASSOB in a statement issued in Abakaliki by its leader, Comrade Uchenna Madu, described Obasanjo as a pathological liar, betrayer and deceiver who has continued to cover his hatred of Igbos.

The pro-Biafra group also attacked Obasanjo for not attending the burials of the two Igbo elder statesmen – Late Odumegwu Ojukwu and Dr. Alex Ekwueme or sending condolence messages over their demise, which it said, confirmed his hatred of Igbos.

The statement reads: “Obasanjo knows the truth that General Chukwuemeka Odumegwu Ojukwu was right in all his activities that involved Biafra, he knows the truth that Ndigbo were schemed out of political reality in Nigeria, Obasanjo knows this truth that he hates Biafra and her people, he also knows the truth that all his dealings with Ndigbo are all camouflaged and hypocritical.

“Olusegun Obasanjo openly without shame proved his pathological hatred and sadisms on Ndigbo when Eze Igbo Gburugburu died, Obasanjo did not attend the burial of Dim Chukwuemeka Odumegwu Ojukwu and he did not send condolence. He always sees Ojukwu as his enemy even in death and whosoever that hates Dim Chukwuemeka Odumegwu Ojukwu hates Ndigbo; such a person can never be a friend to the people of Biafra, Ndigbo can never enter into alliance with such a hater.
“Again, Olusegun Obasanjo did not attend the burial of Dr Alex Ekwueme, former vice president of Nigeria, his absence during the week-long national burial of most distinguished national leader again proved his pathological hatred of Ndigbo. Obasanjo hates everything concerning Ndigbo.

“Today, Nigeria is unworkable and unfixed because devilish minded people like Obasanjo and his fellow cabals hold the country down for their selfish purposes and interests. Obasanjo knows the truth about Nigeria’s faulty foundation, which was schemed to subject Igboman to political, economical, academic, religious, cultural and social slavery, a scheme that will forever subject Ndigbo to second class citizens in Nigeria.”

Source: http://www.eyesoflagos.com/2018/02/ex-president-obasanjo-is-pathological.html

CENTRAL BANK LIFTS FOREIGN EXCHANGE MARKET WITH $210M
source: http://www.eyesoflagos.com/2018/02/central-bank-lifts-foreign-exchange.html

The Central Bank of Nigeria (CBN) has provided fresh 210 million dollars to meet customers’ requests in various segments of the foreign exchange market.
Eyes Of Lagos gathered that, The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor in a statement on Monday in Abuja, said that 100 million dollars was offered to authorised dealers in the wholesale segment of the market.
Okorafor said that the Small and Medium Enterprises (SMEs) segment got 55 million dollars, while customers in need of foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), were allocated 55 million dollars.
Okorafor reiterated the CBN’s commitment to continuous intervention in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.
He said that the CBN would continue to strategically manage the foreign exchange market with a view to reducing the country’s import bills and halting depletion of its foreign reserves.
On Feb. 12, the CBN had intervened to the tune of 210 million dollars to cater for requests in the various segments of the market.
Meanwhile, the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau De Change segment of the market.

CENTRAL BANK WANTS SHELL BANKS ABOLISHED IN NIGERIA
source: http://www.eyesoflagos.com/2018/02/central-bank-wants-shell-banks.html

The Central Bank of Nigeria (CBN) has called for the abolition of shell banks in the country, saying they serve as institutions for money laundering.
Shell banks are institutions that carry out activities where they are not licensed.
Eyes Of Lagos gathered that, The CBN Governor, Godwin Emefiele, made the request in Abuja on Tuesday at a public hearing organised by the House of Representatives Committee on Banking and Currency on a Bill to amend the Banking and Other Financial Institutions Act (BOFIA) and other bills.
He said that the shell banks, apart from being used for money laundering, distort the banking system and might pose a problem to regulatory agencies.
Mr. Emefiele, represented by the Director, Legal Services Department, Johnson Akinwunmi said “we wish to propose the introduction of new subsections 3(6) and (7) for the proscription of shell banks in response to the latest recommendations of the Financial Action Task Force (FATF) on money laundering.”
Similarly, the CBN is also seeking additional powers to revoke licences of banks and “power to inject funds into a falling bank by way of equity participation up to a level that guarantees control by CBN”.
The additional powers, according to the governor, is to enable the CBN acquire equity investment institutions and its ability to ensure a sound financial system.
The CBN also backed the House of Representatives in imposing stiffer penalties and terms of imprisonment of certain offences on erring commercial banks and their staff.
But in his presentation, the Director of Legal/board secretary, Nigeria Deposit Insurance Corporation (NDIC), Belema Taribo, opposed the proposed fines saying they were too high.
“The NDIC, as a deposit insurer supports the passage of the bill into law as the current fine of N1000 does not meet contemporary realities.
“However, it is our submission that the proposed penalty of N200,000 is above 100 per cent increment from the current penalty. In view of the above, we propose a fine of N5000.”
On the issuance of licence, NDIC proposed that the CBN should seek its consent before granting any application for banking licence.
“This is to enable the corporation have a prior evaluation of the applicants with regard to insurance of deposits.”
In his welcome address, Chairman of the House Committee on Banking and Currency, Jones Onyereri, said that increase in penalties to the bank operators would streamline the operations of such banks to conform to international best practices.
He said that the proposed amendments to the Bofia Act 2017 was initiated by three lawmakers, which include Daniel Reyeneiju (Delta-PDP), Betty Apiafi (Rivers-PDP) and himself.
Some of the penalties in the proposed amendments to the BOFIA Act 2017 include a fine of N20 million on banks that fail to comply with the conditions of the licence, a fine of N20 million on any director that fails to declare any property he/she owns that runs contrary to the Act.
“A fine of N10 million against a director or manager that fails to keep a book of account and a fine of N2 million on banks that fail to publish its annual report of its general meeting in two reputable national dailies among others.”
While declaring the public hearing opened, the Speaker, Yakubu Dogara, said the House opted for stiffer penalties of millions of Naira as fine for commercial banks which engaged in illegal deduction of spurious charges on customers’ accounts domiciled in such banks.
Mr. Dogara, who was represented by the House Deputy Minority Leader, Chukwuka Onyema, said that the process of law making was dynamic noting that bank customers have not stop compiling of spurious charges on their accounts.

MAN SMASHES NEIGHBOUR’S HEAD IN EBUTE – META
source: http://www.eyesoflagos.com/2018/02/man-smashes-neighbours-head-in-ebute.html


Chukwuekezie was docked on a one-count charge of killing his neighbour, Comdavies Okeke, by banging his head on the wall.
Eyes Of Lagos gathered that, The Deputy Director of Public Prosecutions (DDPP) Mrs A. Oshinusi said the defendant committed the offence around 8: 00 pm on December 5, 2015, at 10, Okoluwa Street, Ebute Meta, Lagos Mainland.
Oshinusi said a fight broke out during an argument between the defendant and Okeke. The defendant allegedly hit Okeke’s head on a wall. Okeke slumped and was rushed to a hospital where he was confirmed dead.
According to the prosecutor, the offence contravened Section 227 of the Criminal Law of Lagos State, 2011.
In his defense, Chukwuekezie pleaded not guilty to the offence.
Justice M. A. Okikiolu did not take Chukwuwuekezie’s bail application because of a disagreement between Oshinusi and defence counsel, Mr R. Asuquo.
The court was told that the defendant was first arraigned before Justice Sybil Nwaka, who now sits in Ikeja.
The case was transferred to Justice Okikiolu following Justice Nwaka’s transfer to Ikeja.
According to Asuquo, the defendant filed his application on December 12, 2017.
But the prosecution claimed that it was only aware of the defendant’s December 9, 2017 application which was refused by Justice Nwaka.
Justice Okikiolu remanded Chukwuekezie in Ikoyi Prison and adjourned till March 19, for “proper direction.”

FEDERAL GOVERNMENT SPENT N1.19TRN ON STATES – OSINBAJO
source: http://www.eyesoflagos.com/2018/02/federal-government-spent-n119trn-on.html

Vice President Yemi Osinbajo revealed yesterday that the federal government supported the 36 states of the federation with whopping N1.19 trillion as at September 2017. He said the funds were made available to enable the states meet the challenges of shortage of funds for the execution of programmes in their respective states. Osinbajo who stated this in Lokoja, the Kogi State capital, during the maiden Kogi State economic and investment summit said the funds had enabled some state governments to embark on capital expenditures. According to him, the funds were made available through the excess crude account, the Paris Club refund, and loans, among others to the states. Eyes Of Lagos gathered that, He explained that parts of the funds were the entitlements of the state, which they legally had access to, while some of them were loans to be repaid. The vice president noted that the present administration had the highest capital expenditures in two years, adding that these are evident in the ongoing railway line construction, road construction and hydropower projects. He said the summit came at a right time the country was trying to reduce its dependence on oil and increase its non-oil income by shifting focus on promotion of agriculture and the abundant solid mineral resources across the country. Osinbajo noted that Kogi State is strategically blessed with vast mineral resources that could make it a hub of commercial activities, adding that the summit was capable of reinvigorating and inspiring the people. On his part, the state governor, Alhaji Yahaya Bello, said the summit was packaged to change the identity of the 27-year-old state from a civil service state to an industrialised one. He said his administration had in the last two years prepared the ground for economic and industrial breakthroughs for the state by solving the problems that had been hindering economic growth in the state. Bello said the state was now safe for investors and investments, adding that the problem of security had been tackled. He said, “We are changing the toga of a civil service state to an economic and commercially viable one and we want investors to collaborate with us and contribute to the prosperity of the state. “Kogi State is now open for business. We want to be signing MoUs. I invite the private sector to collaborate with us in our bid to develop the state. Kogi State is for serious business”. The minister of solid minerals development, Dr Kayode Fayemi, in his presentation, said the bulk of the revenue of Kogi State should be internally generated based on the abundant mineral resources in the state. He however said mining was not a business that should be tied to the tenure of any executive, as it is a long-term investment that outlives the maximum two-term tenure of any executive.

STRIKING NON-ACADEMIC STAFF WARN UNILAG TO POSTPONE CONVOCATION
source: http://www.eyesoflagos.com/2018/02/striking-non-academic-staff-warn-unilag.html

There are strong indications that the University of Lagos may postpone its 50th convocation ceremonies scheduled to commence on February 19, as the effects of the ongoing strike embarked upon by non-academic staff at the university bite harder.
It was gathered by Eyes Of Lagos that the workers, under the aegis of Senior Staff Association of Nigerian Universities, the Non- Academic Staff Union of Universities and the Associated Institutions and the National Association of Academic Technologists, have shut some administrative buildings on the university campus.
The striking workers have also extended their protest to the UNILAG Staff School, causing panic among pupils and parents.
Speaking to newsmen, the chairman of NASU-UNILAG, Kehinde Ajibade, said the university authorities have been warned to postpone the convocation.
He noted that the striking workers might not supply social amenities needed during the convocation.
He said, “The stand of the union is that the university management should suspend the (convocation) operations.
“There is no way to do that (the convocation) when the three unions are on strike.
“The environment is not going to be conducive, no water and electricity, among others. The management of the UNILAG is expected to do the needful and they should postpone the convocation ceremony.”
When contacted on the telephone on Monday, the university’s Principal Assistant Registrar, Information Unit, Mrs. Taiwo Oloyede, expressed uncertainty over the organisation of the convocation as scheduled.
She said, “I cannot say anything categorical on that. We are having a management meeting today and I hope that we will resolve all issues relating to the convocation.”

ABDUCTOR OF CHIBOK GIRLS BAGS 15-YEAR JAIL TERM
source: http://www.eyesoflagos.com/2018/02/abductor-of-chibok-girls-bags-15-year.html

Eyes Of Lagos gathered that, A Federal High Court sitting in Wawa Cantonment, Kanji in Niger State has sentenced 35-year-old Haruna Yahaya for terrorism offences, including the abduction of over 200 secondary school girls in Chibok community of Borno State. Yahaya, whose left arm and left leg are crippled, was convicted for being a member of the proscribed Boko Haram terrorist group. He was alleged to have participated in the abduction of the Chibok schoolgirls in 2014. The convict was also said to have participated in the group’s attacks in Chibok, Chibok local government area of Borno State and Gabsuri town in the Damboa local government area of the state. Yahaya had yesterday pleaded guilty to the two counts charges preferred against him by the federal government. He however, pleaded for leniency, saying he was forcefully conscripted into the terrorist group. But the judge who sat in one of the four special courts established by the Federal High Court to fast track the trial of over 1,000 suspects said the court was “not fooled” by Yahaya’s story. The court noted that the convict was merely “using the misfortune of his handicap to draw sympathy”. The judge ruled that the 15-year sentence passed on the convict who had been in detention since 2015 began yesterday (Monday).

video : Lagos police accidentally killed a man while chasing a commercial bus
source: http://www.eyesoflagos.com/2018/01/pics-video-lagos-police-accidentally.html




According to reports gathered by Eyes Of Lagos reporter at the scene of the incident confirmed that the innocent man was hit by the police van during the ugly chase of a commercial bus . Riot and chaos has started at Adura alagbado Lagos abeokuta expressway, as residents and area boys protest for justice . More details coming soon

see video


https://www.youtube.com/watch?v=R1sECWXxk5A

cc : mynd44

OVER 25,000 PENSIONERS NOT ON FG PAYROLL – NUP
source: http://www.eyesoflagos.com/2018/01/over-25000-pensioners-not-on-fg-payroll.html


More than 25,000 pensioners are still excluded from the Federal Government’s payroll of retirees, according to the Nigerian Union of Pensioners (NUP).
Lagos Chapter Chairman of NUP, Joseph Dele, told the News Agency of Nigeria (NAN) on Sunday that the affected pensioners were not among over 300,000 paid under Defined Benefits Scheme and Contributory Pension Scheme.
The NUP urged federal government to mandate the Pension Transitional Arrangement Directorate (PTAD) to conduct verification exercise for the affected pensioners to enable them get gratuities for their long years of service.
He described allegations that officials of the union were involved in pension fund scam as an excuse not to pay NUP members excluded from the payroll system.
“The Attorney General of the Federation, Abubakar Malami, alleged that the pension fraud was perpetrated by public officials with the active connivance of NUP, Association of Federal Public Service Retirees, among others.
“NUP did not collude with anyone to list 16,238 ghost pensioners to siphon N839 million to fictitious pensioners monthly.
“Over 25,000 and not 16,238 members were still excluded on the payroll.
“They are not fictitious pensioners as claimed by the AGF and as we speak they are not on federal government payroll,” he said.
Dele explained that only one per cent of monthly pensioners’ fund was remitted to the NUP secretariat for maintainance and other ad-hocs services.

NIGERIA NEEDS OVER 120,000KM OF FIBER NETWORK TO BOOST BROADBAND —NCC
source: http://www.eyesoflagos.com/2018/01/nigeria-needs-over-120000km-of-fiber.html

The Nigerian Communications Commission (NCC) says the country needs more than 120,000 kilometres of metropolitan fiber networks interconnected across the country to achieve its goal pervasive broadband penetration.
Eyes Of Lagos gathered that, Prof. Umar Danbatta, Executive Vice Chairman of NCC, said this in a statement issued in Abuja on Sunday.
Danbatta said this when he received a delegation from the Nigeria Industrial Policy and Competitiveness Advisory Council led by Ms. Edirin Akemu.
According to him, only 38,000 kilometres have been covered so far.
He, therefore, called on the Federal Government to ensure that all the 36 states governments of the federation adhere to the resolution of National Economic Council on the Right of Way charges.
The charges, according to him, stipulate N145 per metre for laying fiber network in every part of the country.
“The right of way issue is something that refuses to go away despite the existence of a document guiding what should be charged. Presently, nobody is complying with the provision of that document.
“We cannot compel the state governments to charge N145 per metre for fiber.
“The Federal Government can, however, meet with the governors and extract a commitment from them to ensure that NEC’s provision is strictly adhered to,” he said.
The NCC boss also called for more Information and Communications Technology (ICT) capacity building in the country in order to fully take advantage of the digital transformation taking place globally.
He said that while Nigeria strives to build the needed ICT infrastructure, the efforts would be in vain “if there is no critical mass of ICT adoption and use to drive the digital revolution”.

UNILAG BECOMES FIRST NIGERIAN UNIVERSITY TO GET TV LICENSE
source: http://www.eyesoflagos.com/2018/01/unilag-becomes-first-nigerian.html

The prestigious University of Lagos (UNILAG) located in the heart of Akoka, Yaba, Lagos Mainland, has become the first Nigerian University to get a television license after getting the nod of Nigeria’s President, Muhammadu Buhari.
According to reports gathered by Eyes Of Lagos, President Muhammadu Buhari , Thursday, January 18, 2017, approved the license for the institution.
The development was disclosed after a meeting with the Special Adviser to the President on Media and Publicity, Femi Adesina, and the Senior Special Assistant, Garba Shehu, at the Presidential Villa.
The Vice Chancellor of the university, Prof. Oluwatoyin Ogundipe, while speaking on the development said the approval of the TV station was a confirmation of the president’s position on promoting free press and unhindered access to information.
Ogundipe said the TV station would enhance research-oriented education and ease communication within and outside the university campus.
“It is now on record that the present administration signed the first campus TV license and we remain deeply grateful to the president.
“The university is a brand. We want the university to be the research hub in Africa, and we are working towards being among the best three in the entire continent,’’ he said.
Adesina, while congratulating the vice chancellor on the new development, said President Buhari was fully committed to improving the standard of education in the country.

DJ CUPPY SHARES ADORABLE PHOTO OF HER BILLIONAIRE DAD, FEMI OTEDOLA KISSING HER GRAND-MOTHER
Source: http://www.eyesoflagos.com/2018/01/dj-cuppy-shares-adorable-photo-of-her.html?m=1


Below is a picture of Billionaire Nigerian oil mogul, Femi Otedola and his mother.
His daughter, popular DJ Cuppy shared the photo via Snapchat,

INFLATION RATE DECLINES TO 15.37% IN 2017 – NBS
source: http://www.eyesoflagos.com/2018/01/inflation-rate-declines-to-1537-in-2017.html


The National Bureau of Statistics (NBS) has disclosed that the nation’s inflation rate slowed down to 15.37 per cent in 2017, making it the 11th consecutive decline year-on-year since January 2017. The Bureau, in its Consumer Price Index (CPI) December 2017 report, said inflation rate slowed by 0.53 per cent points, lower than 15.90 per cent rate recorded in November. A review of 2017 inflation rate showed that the rate opened at 18.72 per cent in January 2017 to close at 17.78 per cent in February. In March, inflation rate closed at 17.26 per cent, the second decline recorded in two months. The bureau had explained that growing prices in Housing, Water, Electricity, Gas and other Fuels, Education and Transport contributed to hike in inflation rate in the first quarter of 2017, following the unstable foreign exchange market. Economy indicator had revealed that, while economy growth declined, the rise in inflation was inevitable as falling exchange rate and rising foreign prices passed through directly to domestic prices. However, the inflation rate closed April at 17.24 per cent, 16.25 per cent in May 2017 and 16.10 per cent in June. In the third quarter, the inflation rate slowed marginally to 16.05 per cent in July, 16.01 per cent in August and 15.98 per cent in September. Towards the end of 2017, October to be precise, Inflation rate moved to 15.91 per cent in October and 15.90 per cent in November. According to Eyes Of Lagos investigation, The report released by NBS yesterday noted that on a month-on-month basis, the headline index increased by 0.59 per cent in December 2017, 0.19 per cent points higher from the rate of 0.78 per cent recorded in November. It said the percentage change in the average composite CPI for the twelve month period ending in December 2017 over the average of the CPI for the previous twelve month period was 16.50 percent, showing 0.26 percent point lower from 16.76 percent recorded in November 2017. The Central Bank of Nigeria (CBN) Mr. Godwin Emefiele at the Annual Bankers’ Dinner in November had said, “Monetary policy stance could change when the underlying fundamentals become supportive. If the pace of disinflation becomes adequate and we see inflation at predicted levels, I am very optimistic that MPC may begin to see strong justification for an easing of monetary policy, which may further accelerate the recovery process. “We believe that it may return to very low double digit or high single digit levels during the next year. Though the base effect had diminished, I expect that as the socio-economic factors that are driving food inflation are resolved the inertia therein would dissipate and the pace of headline disinflation will grow”. Analysts at InvestmentOne Research said December 2017 Inflation report may further confirm expectations for the rise in consumer prices to moderate in 2018, on the back of the high base effect of 2017 as well as the willingness of the present administration to curtail any potential increase in energy and food prices, given the negative impact it may have on re-election prospects. The InvestmentOne Research noted: “Our view remains that as we see headline inflation moderate towards the CBN’s target (11-12per cent) we are likely to see the Apex bank move to a more accommodative monetary policy. “Nonetheless, we see the on-going scarcity of PMS, which contributed to the +18per cent m/m increase in the average PMS price paid by consumers in December 2017 (c.N172/litre), as a potential downside risk to our outlook, as well as disruptions to activities in the Agriculture sector and election spending”. Elaborating on the implications, they said potential for a further decline in the rate of increase in consumer prices should be a positive for company performances in 2018, which should be a supportive of the equities market. While speaking in Lagos, Minister of Budget and National Planning Sen. Udoma Udo Udoma said, “There is so much potential in the country and it is this potential and the results of our initiatives that make the 2018 outlook so positive. “So, we are targeting a GDP growth rate of 3.5 per cent for this year and 7 per cent by 2020, and an inflation rate of 12.54 per cent for 2018 and single digit inflation of 9.9 per cent by 2020”

EQUITIES MARKET CAPITALISATION HITS N15TRN
source: http://www.eyesoflagos.com/2018/01/equities-market-capitalisation-hits.html

The All-Share Index gained 10.2 per cent week-on-week to settle at 42,898.90 points while year-to-date return expanded to 12.17 per cent, with investors gaining a total of N1.5 trillion in value, as market capitalisation closed at N15.368 trillion. The federal government’s effort at reviving and sustaining Nigeria’s economic growth has received commendations from investors, analysts and economic experts even as the market recorded highest weekly gain in 20 months. Eyes Of Lagos reports gathered that, The stakeholders, who said the nation’s economy has benefited from good work of the current Economic Management Team headed by Vice- President Yemi Osinbajo said the federal government has been deploying a mixture of fiscal and monetary policies to put the economy on the path of sustained growth. The Nigerian stock market has continued to react to the positive market fundamentals and improving macroeconomic outlook since the beginning of the year 2018. Last week, the NSE ASI recorded a distinction of 10.21 per cent week-on-week (WoW) and has a year-to-date gain of 12.17 per cent. The Nigerian stock market in 2017 recorded a growth of 42.30 per cent. Also, in the World Bank’s latest rankings on Ease of Doing Business in Nigeria released in October 2017, the country moved up 24 places to 145 in ease of doing business. The performance has been attributed to improved flexibility with regards to administrative structure of the FX market, particularly the introduction of the Investors’ & Exporters’ Window, which marked a turning point in FX market stability and investors’ perception of the Nigerian market. Resilient corporate earnings further bolstered sentiment, recovery in the oil market and improved domestic oil production, which moderated the risk profile of the Nigerian economy. The Cordros report on the weekly economic and marker report said, “According to the World Bank January 2018 report on Global Economic Prospects, Nigeria is forecasted to grow by 2.5 per cent in 2018, supported by improved commodity prices, investments, trade, and expectation that oil reserves will continue to recover and reforms will lift non-oil sector growth. “It is safe to expect improved growth from both oil, supported by increased domestic production and price; and non-oil sectors bolstered by sustained FX stability, likely reforms, and strengthening consumer and business confidence”. The managing director of HighCap Securities Limited, Mr. David Adnori said, the economy is improving and since the stocks market all over the world is the barometer of the economy, the improvements have been seen in the market activities. He also noted that the international confidence in Nigeria is the outcome of the positive World Bank report on Ease of Doing Business in Nigeria, saying Nigeria has been rated as one of the improved economies in the world. He noted that the Economic Recovery and Growth Plan (ERGP) and other reforms, including Nigeria Industrial Revolution Plan (NIRP), which deployed innovative approaches has improved the economy. The managing director of APT Securities and Funds Limited, Mallam Kurifi Garuba added that Nigeria’s capital market remains a sweet and attractive spot for both foreign and local investors. He added that although performance in the past year had been hampered by FX challenges, the improvements that have been witnessed since the introduction of better FX management policies suggest that the market still has potential to attain new heights. On his part, the chief operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion, said that since May 2015, government has embarked on intensive policy reforms and initiatives to align the industrial sector with stakeholders driven implementation process, specific deliverables, measurable outcomes and key performance indicators. Also, the president of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Nike Akande at a forum recently said the World Bank’s Ease of Doing Business report on Nigeria was delightful news for the OPS and the government. She said that the report has shown that the short to medium term outlook for the Nigerian economy was much better than what it was this time last year. The LCCI president traced the country’s economic improvement to the outcome of the series of new policy initiatives, engagements and consultations with key stakeholders and some positive developments in the external sector. “We appreciate the setting up of the PEBEC under the chairmanship of the vice president. We applaud the recent executive orders taken by the administration to enhance the country’s investment climate and improve the ease of doing business in Nigeria”, she said. Akande noted that the reforms of the current administration, especially the Executive Orders on Ease of Doing Business in the country were good for economic recovery. Nigerian Stock Exchange (NSE)-All-Share Index (ASI) recorded a distinction of 10.21 per cent week-on-week in the second week of the year, following continued buying spree across sectors. In line with the bullish performance, sector performance was broadly positive as all indices advanced week-on-week. The Industrial Goods Index led the gainers chart, up 12.98 per cent, consequent on price appreciation in Wapco and Dangote Cement. The Banking and Oil and Gas indices followed, adding 12.9 per cent and 7.5 per cent, as Guaranty Trust Bank, Zenith Bank, Conoil and Seplat recorded sustained buying interest. Similarly, the Insurance and Consumer Goods indices closed 6.5 per cent and 5.6 per cent northwards on the back of a rally in Linkage Assurance, Mansard Insurance, Nigerian Breweries and Guinness. Investor sentiment as measured by market breadth significantly improved as 66 equities appreciated in price during the week, higher than 55 of the previous week. Seven equities depreciated in price, lower than 12 equities of the previous week, while 99 equities remained unchanged lower than 105 equities recorded in the preceding week. The top performers for last week were Honeywell Flour with a gain of 39.7 per cent, Skye Bank with 37.7 per cent and Champion Breweries with 36.6 per cent. On the other side, DN Meyer led the losers’ chat by 12.9 per cent, Glaxosmith declined by 2.7 per cent and Dangote Sugar shed 2.65 per cent. In the same vein, activity level strengthened as average volume and value traded rose 66.2 per cent and 193.3 per cent to 5.021 billion shares worth N68.974 billion in 41,542 deals in contrast to a total of 2.417 billion shares valued at N18.813 billion that exchanged hands previous week in 20,874 deals. The Financial Services Industry, measured by volume, led the activity chart with 3.417 billion shares valued at N31.649 billion. The Conglomerates Industry followed with 894.357 million shares worth N2.180 billion, while Consumer Goods Industry traded a turnover of 380.493 million shares worth N26.243 billion. This week, capital market analysts anticipated bargain-hunting activity to continue on positive investors’ sentiments. Analysts at APT Securities and Funds Limited also said, “We expect the positive mood to continue in this trading week as there is still more room for an upturn, though we might see a minimal drop to accommodate speculators on profit taking”. Cordros Capital Limited also stated: “Following last week’s strong rally, the possibility of profit taking is high this week. We reiterate that still-positive market fundamentals and improving macroeconomic conditions suggest legroom for further gains”.

MERCY AIGBE, DANIEL K DANIEL, OGE OKOYE IN NEW MOVIE, ‘WETIN WOMEN WANT’
source: http://www.eyesoflagos.com/2018/01/mercy-aigbe-daniel-k-daniel-oge-okoye.html

The New Year is set to witness great movies from every corner of the industry. Joining the league of great movies to be screened from February 2018 is Abiodun Jimoh’s directed, ‘Wetin Women Want.’ The movie is an expose on what women want in a relationship and the confusion that comes with understanding the needs of women. Few Nollywood movies veer into relationships and marriages as much as they swerve into sex and romance. ‘Wetin Women Want’ laces out what women want in a dramatic and romantic fashion. The movie stars are some of Nollywood’s best in creating cinema magic that can get the audience glued to their screen till the final credits are rolled. Some of the notable actors in the movie are Daniel K Daniel, Katherine Obiang, Mercy Aigbe, Oge Okoye, Adaora Ukoh, Anthony Monjaro, and Jumoke Odetola. The new movie enjoys the credibility of award winning director, Abiodun Jimoh who has won two Africa Magic Viewers Choice Awards in 2016 with the movie, ‘Bisola Ofege’ and 2017 with the movie, Somewhere in the Dark. Will ‘Wetin Women Want’ raise the award plaque numbers to three in 2018? Time will tell. Speaking on the new movie, the director,Eyes Of Lagos gathered that, Mr Abiodun Jimoh, expressed excitement and optimism on the opportunities the movie has at the cinema. “We have made a very good movie. We have put into consideration the fans who will part with their hard earned money to watch this movie and we believe that we have created magic that can keep them glued to their seats at the cinemas till the end credits roll in”, he said. While speaking on the distinguishing factor of the movie from other competitors, he said “Wetin Women Want’ is not a regular Nollywood movie of romance but a movie that delves into managing relationship and depicting what women want in various fashion. “It opens in the cinemas from February 9, 2018 and I am promising that everyone who comes out to see this movie will be blown away”, he concluded. The movie was produced by Seun Oloketuyi and directed by Abiodun Jimoh. It will finally open in major cinemas nationwide from February 9, 2018.

FG RAISES N7BN FROM SAVINGS BOND IN 10 MONTHS
source : http://www.eyesoflagos.com/2017/12/fg-raises-n7bn-from-savings-bond-in-10.html

The federal government has raised a total sum of N7.3 billion in the past 10 months from its savings bond introduced in March 2017 to boost domestic investors’ participation in the bond market.
The government, this year, planned to use the savings bond to finance the budget deficit but investors’ appetite for investment in the savings bond diminished in the fourth quarter of 2017.
The December allotment figure shows that N246.41 million had been raised, which is the lowest savings bond the Debt Management Office (DMO) generated this year over drop in coupon rate.
Analysts attributed the drop in savings bond coupon to improved macro economy.
The Managing Director, Highcap Securities Limited, Mr. David Adnori said, “The savings bond coupon rate dropped due to improvement in macro economy as interest rate is on decline in the economy. Rates on bonds and Treasury Bills (T-Bills) are all declining”.
The coupon rate allocated were 11.738 per cent for FGNSB DEC 2019, which is a two-year bond and 12.738 per cent for FGNSB DEC 2020, representing a three-year bond.
For November allotment, the figures show that N256 million had been raised through 12.091 per cent (FGNSB NOV 2019) two-year bond and 13.091 per cent (FGNSB NOV 2020) three-year bond.
Subscription in November was the second lowest as investors’ appetite started dropping.
Before November and December, the average coupon rate on FG’s savings bond was pegged at an average 12 per cent to 13 per cent, with a two-year and three -year bonds.
In October, the saving bond allotment dropped by 5.6 per cent to N389.19 million from N412.7 billion, following the slowdown in coupon rates.
The coupon rate assigned to a FGNSB OCT 2019 and FGNSB OCT 2020 in October was at 12.059 per cent and 13.059 per cent respectively, while in September, the coupon rate was at 13.817 per cent (FGNSB SEP 2019) and 14.817 per cent (FGNSB SEP 2020)respectively.
Before the last quarter of 2017, there was increased participation at the debt market in the first quarter as demand for T- Bills, FGN Bonds and the Savings bond increased relative to supply
Specifically, in March the debt office had raised N2.068 billion from the 13.01 per cent two years debt with 2,575 total number of successful subscriptions.
According to Eyes Of Lagos findings, data from Debt Management Office (DMO) showed that the initial auction of the savings bond still had the largest participation in the first quarter and started dropping in the second and third quarter.
At the end of first quarter in April, DMO raised N1,288.02 billion that comprises of N419.33million and N868.69 million for a 12.794 per cent and 13.794 per cent, two- year and three-year savings bond respectively.
In May, it raised N791.15 billion with yields rising to 13.189 per cent for the two-year paper and 14.189 per cent for the three-year allotment.
The yield remained the same in June but the amount raised dropped to N607.26 million.
However, an increased yield failed to spike interest in July, as only N400.57 million was raised from the two-year and three-year paper, although the yield for the papers were raised to 13.386 and 14.836 per cents respectively.
By August, investors’ interest in the savings bond increased along with the yield offered.
The two-year bond was offered at 13.535 per cent, while the three-year Savings bond was offered at 14.535 per cent, just as the DMO was able to raise N738.14 million through the Savings Bond.
Analysts maintained that many retail investors traded with caution following the yuletide celebration, while some diverted funds to the equity market, foreign exchange market, as yield on savings bond and T-Bills are not attractive.

LAGOS GOVT ESTABLISHES 6 NEW PRIMARY SCHOOLS
sourcee: http://www.eyesoflagos.com/2017/12/lagos-govt-establishes-6-new-primary.html

The Lagos State Government on Tuesday said it had approved the establishment of six new public primary schools under the State Universal Basic Education Board (SUBEB).
According to the reports gathered by Eyes Of Lagos, The Executive Chairman, Lagos State Universal Basic Education Board, Dr Ganiyu Sopeyin, who announced this in a statement, said the development was in line with the new government policy on education.
The new schools are Community Primary School, Ibasa, and Community Primary School, Ajewanwa, both in Ojo Local Government Education Authority (LGEA).
Also established are Oladele Aĺaka Primary School, Ejigbo, Oshodi-Isolo LGEA and Iju Ajuwon Primary School, Ifako-Ijaiye LGEA.
The remaining are Osho Sholu Primary School, Ewu Oloye, Erunwen, Ikorodu LGEA and Correctional Home for Boys, Oregun, Ikeja LGEA.
Sopeyin said the policy was to make qualitative and quantitative education available to the teeming children population of school age in the state.
He also said that the Akinwunmi Ambode administration had bridged the gap between public and private primary schools in the state.
Sopeyin said that public primary schools were now better than their private counterparts, stressing that the standard in public schools had improved tremendously given the improved academic performance of the pupils.
He further said that the state government had decided to pay attention to all children, irrespective of origin, adding that desks, chairs and other educational facilities had been approved for procurement.
Sopeyin added that with the new schools, the total number of government primary schools in the state was now 1,016.

LAGOS ROUNDABOUTS REMOVAL SAVES RESIDENTS N87BN YEARLY – REPORT
source: http://www.eyesoflagos.com/2017/12/lagos-roundabouts-removal-saves.html


A report carried out by a construction giant, Planet Projects Limited on junction improvement work in Lagos has revealed that the removal of six roundabouts along the Lekki-Epe Expressway has saved residents and motorists in the corridor about N87billion yearly.
The Lekki-Epe road, as at the time it was reconstructed, was designed to accommodate about 30,000 vehicles per day, but the vehicular movement along the axis had since increased to over 50,000 daily, thus necessitating plans to mitigate the impact on traffic.
The traffic situation in the area was further worsened by the delays occasioned by the humongous roundabouts along the corridor with average size of about 2,800sqm which is four plots of land.
As part of the junction improvement works and traffic system management of Governor Akinwunmi Ambode led administration designed to enhance free flow of traffic, the state government had commissioned the removal of the roundabouts with the view to freeing up more space for traffic.
Six roundabouts were removed including Ikate, Chisco, Jakande, Igbo Efon, Chevron and Victoria Garden City (VGC).
Eyes Of Lagos investigations revealed that, The report of the surveys carried out by Planet Projects after the completion of the project showed that the removal of the roundabouts had saved residents about N240million daily and N87billion yearly based on journey time and fuel saving analysis.
Giving details, the firm in the report said: “Average travel time from the Abraham Adesanya to Lekki Admiralty Tollgate was about 2hours characterized by huge delays especially at the roundabouts.
“This unpalatable and unacceptable traffic situation prompted Mr. Akinwunmi Ambode, the Governor of Lagos State to commission the removal of the roundabouts under the Junction Improvement Works (JIW) project.
“The project involves detailed traffic surveys (Manual Classified Count, Turning Movement Count, Journey Time and Delay survey, e.t.c), Conceptual, Detailed Engineering Designs and Construction executed by Planet Projects Limited (PPL).
“Pre and Post JIW traffic surveys carried out by PPL shows that journey time between Abraham Adesanya and Lekki Admiralty Tollgate has reduced drastically from 2hours to about 36minutes, thus, saving Lekki – Ajah residents (with 60,487 Average Daily Traffic) about N240million daily and N87billion yearly based on journey time and fuel savings analysis,” the report highlighted.

POLICE DECLARES BADOO CULT KINGPIN, ALAKA WANTED
source : http://www.eyesoflagos.com/2017/12/police-declares-badoo-cult-kingpin.html

In a direct response to the recent gruesome killing of a family in Ibeshe Community, Ikorodu, Lagos Mainland, by men suspected to be members of the dreaded Badoo cul group, the Lagos State Police Command has declared a popular independent oil marketer and prime suspect of the Badoo cult killings in Ikorodu and Epe axes of the State, Alhaji Alaka Abayomi Kamal, wanted.
Eyes Of Lagos gathered that, According to the Police, the 51-year-old suspect, who is the owner of Alaka Petroleum, is wanted in connection with series of well-orchestrated killings and nefarious activities of the Badoo cult group.
Recall that the notorious activities of the dreaded cult group had sent many to their early graves with cruel killings through the smashing of mortar and pestle on victims’ heads.
In a Special Police Gazette Bulletin issued under the authority of the Inspector General of Police, Ibrahim Idris, with reference number CR 07/2017, Alaka who had earlier been arrested and released on bail by the police, was said to have frustrated attempts to rearrest him.
His declaration as a wanted man followed a warrant of arrest duly obtained from a Lagos State Magistrate Court.
According to the bulletin: “The above-named person (Alhaji Alaka Abayomi Kamal “M”) is hereby declared wanted by the Nigeria Police Force on CRO Form “5” issued by the Office of the Deputy Commissioner of Police, Criminal Intelligence and Intelligence Department, Musiliu Smith Street, Yaba, Lagos.

The suspect, Alhaji Alaka
“He (Alaka) is wanted for the offence of Badoo Cult Killings in Ikorodu and Epe areas of Lagos State. He was once arrested, and released on bail; since then it has been impossible to rearrest him.
“He is 5ft 8ft tall, dark in complexion, stout in stature, no tribal marks, speaks Yoruba and English. A Yoruba by tribe, 51 years of age. Home Address – No 22, PSSDC Magodo Estate, Shangisha, Lagos State. A businessman with good set of teeth, brown eyes, oval face, small head, low forehead and always on white kaftan.
“If seen should be arrested and handed over to the office of the Deputy Commissioner of Police, Musiliu Street, Yaba, Lagos or any nearest Police Station or call 08068169076 and 08125151772.”
It should be noted that the State Government and the State Police Command had earlier uncovered and demolished the alleged Badoo shrine belonging to Alaka in Agbowa area of Ikorodu on September 20, 2017 in an operation led by the Commissioner of Police, Mr Imohimi Edgal.

GANDUJE APPOINTS SACKED APC CHAIRMAN AS COMMISSIONER
source : http://www.eyesoflagos.com/2017/12/ganduje-appoints-sacked-apc-chairman-as.html

Eyes Of Lagos gathered that, Shortly after his sack from the position of Chairman of the All Progressives’ Congress in Kano State, the Kano State governor, Abdullahi Umar Ganduje appointed Abdullah Abass as his Commissioner for Special Duties. Abdullahi Abbas is seen as a friend to the Governor.
Under the new arrangement, Alhaji Abdullahi Abbas, the immediate past acting chairman of the state chapter of APC, is to steer the affairs of the Special Duties Ministry, while Alhaji M. I. Kwankwaso, moves to the new Ministry of Rural development.
Both Alhaji Abdullahi Abbas and Alhaji Musa Iliyasu Kwankwaso had served as Commissioners of Environment and Rural Development under past civilian administrations in the state.
Announcing the changes shortly after Alhaji Abdullahi Abbas was sworn in by the state Attorney General, Barr. Ibrahim Mukhtar at Africa House, Governor Ganduje explained that the change was in accordance with his administrations’ “continuity, consolidation, fine tuning and injection of new ideas principle”.
“We have embarked upon this exercise in order to energize, consolidate and push harder towards the success of the set objectives of our administration”, Governors Ganduje maintained.
The governor, therefore, urged all stakeholders in the state especially civil servants to cooperate with the new Commissioners to enable them succeed in the task ahead.
Meanwhile, the governor publicly presented the new Acting APC Chairman in the state, Engr. Bashir Yahaya Karaye.
Governor Ganduje introduced that Acting chairman, alongside the letter mandating him (the Acting chairman) to serve in that capacity, which was duly signed by the APC National Secretary, Mai Mala Buni.
The governor said the letter has brought to rest the leadership tussle in the state chapter APC, pointing out that with the new development, the party would re-position itself for sustainable.

fire fighter

TOMATO FACTORY: DANGOTE, KUBAU COMMUNITIES TO RESOLVE LAND DISPUTE
source : http://www.eyesoflagos.com/2017/12/tomato-factory-dangote-kubau.html

Following concerted efforts by the Dangote group of companies over the proposed establishment of tomato factory in Kubau local government area of Kaduna State, six communities in the area whose lands have been marked for the factory, have agreed to dialogue with officials of the Dangote Group to reach an amicable agreement.
Meanwhile, the site for the project which cuts across six communities of Karreh, Gajagaja, Tudun Gaya. Kwadaro, kacita and Ganiwa all in Kubau Local Government has been marked for clearing ahead of the project.
Members of the community had initially opposed the idea of siting the plant in their communities, saying it will deprive them of their farmlands which were inherited from their forefathers.
Eyes Of Lagos gathered that, A stakeholders meeting between leaders of the communities, the local government caretaker chairman, Kaduna State government officials and the Dangote Group which held at the local government headquarters Anchau was able to resolve the dispute as members of the communities who were opposed to the project agreed to make themselves available for a final discussions on the project.
Managing Director of Dangote Tomatoes, Abdulkareem Kaita, who led officials of the company to the meeting which held at the local government secretariat in Anchau, said the people of the community stand to benefit a lot from the project when it commences.
He said, having established that members of the community are good in tomato farming, his company decided to site the factory there in order to enhance productivity and boost harvest.
Alhaji Kaita said the project would involve members of the community who would be supported to do the farming while the company provides other forms of support that will increase yields and profit.
He said the project does not stop them from having their own individual farms as they fear and they would be allocated alternative land for farming on another site if they desire.

SEE LOCATIONS OF THE NEW TECHNICAL COLLEGES AMBODE JUST APPROVED
source: http://www.eyesoflagos.com/2017/12/see-locations-of-new-technical-colleges.html

Lagos State Governor, Mr. Akinwunmi Ambode has approved the immediate establishment of three additional Technical Colleges for the State, increasing the number of Technical and Vocational Colleges from five to eight.
The Deputy Governor of the State, Dr. Idiat Oluranti Adebule, disclosed this yesterday, Monday, December 18, 2017, while speaking at the 2016/2017 graduation ceremony of the five Technical Colleges held at Agidingbi, Ikeja, Lagos Mainland.
According to Dr. Adebule, the proposed Technical Colleges is a way to help train the youths and unemployed graduates in the state to acquire new skills and opportunities to help them create jobs and be independent.
Eyes Of Lagos gathered that, She mentioned that the State government has invested heavily in the development of technical and vocational education in recognition of the role technical and vocational education plays in the provision of quality services and development in the state.
“The fact remains that the best way by which we can help create employment opportunities, stimulate economic growth in our State and Nation and alleviate poverty is to equip our youths with skills by which they can use in creating jobs for themselves and become self-reliant”, she said.
She added that the technical colleges would be situated at Ibeju, Badagry and Alimosho, Lagos Mainland.

EQUITIES MARKET LOSES N170BN
source: http://www.eyesoflagos.com/2017/12/equities-market-loses-n170bn.html

The Nigerian equities market, yesterday lost N170 billion, beginning the week in the red.
In summary, the All Share Index (ASI) shed 478.12 absolute points, representing a decline of 1.24 per cent to close at 37,957.96 points. However, the market capitalisation shed N170 billion to close at N13.508 trillion.
Eyes Of Lagos findings revealed that, The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, international Breweries, Nascon and Allied industries, Cadbury and Flourmill Nigeria.
Analysts at Afrinvest Limited said, “Despite yesterday’s negative performance, market breadth strengthened. Hence, we expect a rebound in subsequent trading sessions as investors take position in anticipation of year-end rally.”
However, market breadth closed at par, recording both 19 gainers and 19 losers. Presco recorded the highest price gain of 8.81 per cent, to close at N72 per share. UAC Property followed with a gain of 5.66 per cent to close at N2.80, while Champion Breweries and Vitafoam appreciated by five per cent, each to close at N2.10 and N2.94 per share, respectively. Union Bank up by 4.90 percent, to close at N7.92 per share.
On the other hand, Cadbury Nigeria led the losers’ chart by 5.89 per cent, to close at N13.90 per share, while Eterna and international Breweries followed with a decline of five per cent, each to close at N3.99 and N52.10 per share, respectively. Nascon and Allied Industries declined by 4.97 percent, to close at N18.34 and Caverton declined by 4.38 per cent to close at N1.31 per share.
Investors traded a total of 752.11 million shares valued at N127.93 billion in 3,576 deals. The surge in volume and value can be primarily attributed to trades in Dangote Cement, topping the activity chart with 550.09 million shares valued at N124.1 billion. Guaranty Trust Bank followed with 41.33 million shares worth N1.65 billion, while Zenith Bank traded 35.3 million shares valued at N904.26 million.
FBN Holdings traded 21.73 million shares valued at N192.29 million, while UBA sold 21.5 million shares worth N218.1 million.

FMBN APPROVES N360M LOAN FOR 451 CIVIL SERVANTS IN ADAMAWA
source: http://www.eyesoflagos.com/2017/12/fmbn-approves-n360m-loan-for-451-civil.html

The Federal Mortgage Bank of Nigeria (FMBN) has approved N360 million loan for 451 civil servants of Adamawa, an official has said.
Mrs Rahimatu Aliyu, Executive Director, Loans and Mortgage Services of the bank, disclosed this in Yola on Monday at the presentation of cheques to beneficiaries of the FMBN Home Renovation Loan in Adamawa.
Aliyu said that the gesture was in line with one of the cardinal agenda of President Muhammadu Buhari’s administration which was the provision of housing.
She said that the bank had so far disbursed N4.7 billion to 6,000 beneficiaries across the country.
The director said that the bank had funded two estate development projects in the state.
According to her, ”we have so far funded 400 houses in Wauru Jabbe in Jimeta and another 88 houses at Konan Waya on Ngurore-Yola road of the state.
The executive director said that all the projects were aimed at providing affordable housing for Nigerian workers.
Aliyu commended the commitment of the Adamawa Government in processing documents that led to the approval of funds for civil servants in the state.
She noted that the gesture was a clear demonstration of the concern of the administration for the welfare of workers through partnership that would address their housing needs.
The director also expressed the determination of the bank to support the state government to achieve the task of providing affordable housing for its workers.
Presenting the cheques, Gov. Mohammed Bindow directed the Ministry of Lands to provide adequate land for the organised labour for development of housing for workers.
Bindow said that his administration would continue to support any initiative that could enhance welfare of workers in the state.
The governor, while commending the bank for the provision of the loan, said it was first of its kind in the history of the state.
According to him, nobody has given any civil servant, a one-million naira loan to pay back within five years.
He urged civil servants to work hard as their elevation to the rank of permanent secretaries would be considered on merit.
Dr Louis Mandama, Head of Service of the state, commended the bank for such an opportunity.
Mandama said that the gesture was unprecedented as it would impact positively on the living condition of civil servants in the state.
He commended the governor for rehabilitation of roads within the state secretariat and other infrastructure development across the state.
Mandama assured the governor of improved and efficient service delivery on the part of the civil servants in the state.
He urged beneficiaries of the loan to use them judiciously and advised the organised labour and tertiary institutions in the state to take advantage of the window and develop houses for their members.
One of the beneficiaries who spoke to Eyes Of Lagos, Mrs Florence Zira of the Ministry of Health, expressed gratitude for the gesture.
Zira, who received a cheque for N1 million, said that she did not expect that her aspiration for having her own house would come to a reality.

THIERRY HENRY ROCKS IGBO ATTIRE AS HE’S CORONATED THE ‘IGWE OF FOOTBALL’ (SEE PHOTOS)
source: http://www.eyesoflagos.com/2017/12/thierry-henry-rocks-igbo-attire-as-hes.html

According to the report gathered by Eyes Of Lagos that, Football legend, Thierry Henry, arrived Nigeria for the first time earlier today. The former Arsenal star arrived Lagos today as part of the Guinness Made of Black programme.
Henry rocked an Igbo attire as he was coronated the ‘Igwe of football’ at an event in Lagos.

ONLY 40M NIGERIANS PAY TAXES – KEMI ADEOSUN
source: http://www.eyesoflagos.com/2017/12/only-40m-nigerians-pay-taxes-kemi.html

Out of 70 million taxable adults in Nigeria, only 40 million of them pay taxes, the Minister of Finance, Kemi Adeosun, has said that out of 70 million taxable adults in Nigeria, only 40 million of them pay taxes.
Adeosun spoke at the first annual lecture of the Lagos State Professorial Chair of Tax and Fiscal Matters held at the Ade-Ajayi Auditorium of the University of Lagos.
Adeosun who chaired the lecture, said about 13 per cent of the active tax payers have their taxes deducted at source under the Pay as You Earn (PAYE) category.
She said tax policies cannot be rigid and needed regular reviews so that many more of the 30 million defaulters pay their taxes.
“I have kept asking why the 30 million people have refused to pay taxes. Another major challenge is the fact that many Nigerians have other sources of income, yet they are only taxed only through the PAYE. Yet, they earn so much from part-time jobs, and extra businesses.”
Eyes Of Lagos gathered that, According to the minister, new tax policies in the country must capture online businesses, entrepreneurship and others such as the film industry, otherwise regarded as nollywood.
Mrs. Adeosun, who reiterated the importance of taxation to national development, noted that every developed country has a well developed tax policy and that Nigeria cannot be an exception.
In his lecture titled: “Policy, Legal and Administrative Imperatives in the Quest for Eradicating Multiplicity of Taxes (MOT) in Lagos State” Prof Abiola Sanni of the UNILAG Law Faculty, lamented the intractable nature of “the phenomenon called multiplicity of taxes in Nigeria despite the effort aimed at addressing it and need to consider fresh interventions from the dimension of tax policy.”
Sanni said Lagos State had nine tax laws from which the government gets income but a review revealed that only three of them – hotel occupancy and restaurant law, land fees and land use charge, and wharf landing fees law are currently been administered in the state.
He further said the Federal Government should admit that an important aspect of Value Added Tax (VAT) on intra-state supply of goods and services was within the taxing powers of states and should be allowed to use it.