Friday 23 February 2018
(Business News (Ng) 07/18/13)
THE Petroleum Equalisation Fund Management Board (PEFMB) has blacklisted 12 petroleum marketers fingered for trying to cheat government by seeking payment of ‘bridging payment’. Meanwhile, the nation’s major oil marketers have refuted reports of their being fully paid arrears of verified claims for this year. The General Manager, Corporate Services of PEFMB, Goddy Nnadi, disclosed to The Guardian Tuesday, that the marketers, currently being investigated, have been banned from all bridging and equalisation transactions for the next six months. According to Nnadi, all the directors of the companies have also been barred, and will not be accepted under different company names. He added: “Staff of the blacklisted companies were fingered in the stealing of tags affixed on petroleum tankers under...
( 07/18/13)
Forty-seven percent of Nigerians visiting India in the year 2012 did so to get medical attention, while the remaining 53 percent did so for other reasons, figures released by the Indian High Commission have shown. The 47 percent of Nigerians who visited India for medical purposes amounted to 18,000 persons and they expended N41.6 billion ($260 million) in scarce foreign exchange in the process. This trend results from the inequality in access to healthcare and dearth of medical facilities which have remained major upsets to Nigeria’s healthcare indices. The trend of referring patients from health institutions in Nigeria to similar institutions in India has been a common practice. This development has made many Nigerians lose confidence in the ability of...
(Dw-World 07/18/13)
Ahead of Mali's July 28 elections,regional body ECOWAS meets to discuss the situation there and in Guinea-Bissau where the absence of a functional government has allowed drug trafficking to flourish. Mali is battling an islamist insurgency, while Guinea-Bissau seeks to recover from a coup. Regional leaders from the Economic Community of West African States (ECOWAS) grouping have used diplomacy, sanctions and a plan for military intervention to nudge Mali towards a restoration of constitutional order. The case is much worse for Guinea-Bissau which has been nicknamed the ‘narco state'. ECOWAS needs to commit to a common strategy to help the coup-plagued country implement security, justice and electoral reforms needed to escape its status as a link in drug trafficking to...
(This Day Live 07/18/13)
The presidency has accused international oil companies (IOCs), some of their indigenous staff and some oil-bearing communities of complicity in the oil theft that is threatening Nigeria’s economy. The Special Adviser to the President on Niger Delta Affairs, Kingsley Kuku, told State House correspondents on Tuesday night that the federal government was serious about tackling the incident. He also alleged that highly-placed individuals and groups were sponsors of those stealing the nation’s crude oil. According to him, the process of illegally extracting crude oil from pipelines in the coastal areas requires highly technical and mechanical expertise, which ordinary Nigerians or residents of the oil-producing communities do not have. But he absolved Niger Delta governors of complicity in the crude theft,...
(Reuters (Eng) 07/18/13)
(Reuters) - Mobile phone services returned in Nigeria's northeastern Yobe state on Wednesday, residents said, ending two months of signal blackout after a state of emergency was declared in areas struck by Islamist insurgents. President Goodluck Jonathan declared a state of emergency in Borno, Yobe and Adamawa states on May 14, ordering extra troops in to try to crush Islamist sect Boko Haram, whose insurgency has killed thousands of people in the past three years. Authorities cut the mobile network to the three states in the same week to disrupt Boko Haram's operations. Service returned to Adamawa last week but there is still no signal in Borno, the state worst affected by Boko Haram's violence. Satellite phones have also been...
( 07/18/13)
Some unusual visitors were at the Government House, Maiduguri, the troubled Borno State capital, on Tuesday night. Fifty in all, the visitors —Orphans all — were guests of Governor Kashim Shettima, who broke his fast with them. They were orphans of Boko Haram victims. Besides the fine meal, they bagged all-round sholarship to pursue their education. According to a statement by the Special Adviser to the governor on Media and Communications, Alhaji Isa Gusau, the governor said the scholarship would cut across orphans from both Muslim and Christian homes. He promised to also host orphans from Christian homes during Christmas. The statement said: “The governor told his guests that they should regard him as their father and that he will...
(The Nigerian Voice 07/18/13)
The First Lady, Mrs Patience Jonathan, Wednesday threw more light into the political crisis rocking Rivers State, her home state, explaining that her disdain for Governor Rotimi Amaechi started about four years ago when he demolished a part of Okrika and imposed a 9-month curfew in the area against her counsel. Mrs. Jonathan spoke on Wednesday during a courtesy visit to the Presidential Villa by 16 bishops, led by Bishop God-Do-Well Awomapara, Chairman, Niger Delta Bishops Forum, South-South geo-political zone. She said, “Rivers state issue is one thing I’ve committed to prayer because I believe there is nothing God cannot do. God restored me and I’ll do His work without the fear of man. “The truth will always remain the...
(The Sun 07/17/13)
Nigeria’s inflation rate, which has consistently tumbled in recent months, again dipped to 8.4 percent in June from 9.0 percent, reported in May this year. A Consumer Price Index Report released by the National Bureau of Statistics (NBS), indicated this was 0.6 percentage points lower than the 9.0 percent rate recorded in May. Also compared with January this year, rates continue to trend lower across all three indices including the headline, as well as the core and food sub-indices when they were recorded at 9.0 percent, 11.3 percent and 10.1 percent respectively. The report also noted that lower rates are further reflected in average rates over the first half of this year. “During the period, the headline, core and food...
(This Day Live 07/17/13)
Nigeria's Consumer Price Index (CPI), which measures the level of inflation in the country dropped to 8.4 percent in June, compared to the 9 per cent it attained in May, figures from the National Bureau of Statistics (NBS) showed Tuesday. NBS explained core and food indices in June averaged 8.9 percent and eight percent respectively, compared to the 12.5per cent and 14.1 per cent recorded respectively in the previous months. The NBS attributed the drop in inflation in inflation rate to "slower rises in all Classification of Individual Consumption According to Purpose (COICOP) classes, except the food and non-alcoholic beverages class." Although this resulted into the muted rise in the core sub index, food prices, however, increased at a faster...
(Standard Digital 07/17/13)
President Uhuru Kenyatta and his Nigerian counterpart Goodluck Jonathan Tuesday at State House Abuja, Nigeria witnessed the signing of three bilateral agreements to help boost ties between the two countries. The agreements were signed by Foreign Affairs Cabinet Secretaries Amb Amina Mohamed and her Nigerian counterpart Mr Olugbenga Ashiru. The three agreements signed are on the establishment of a Joint Commission for Cooperation, a Protocol on consultations between Ministry of Foreign Affairs and International Trade of Kenya and Nigeria’s Ministry of Foreign Affairs and an MOU on mutual cooperation between the Foreign Service Institute of Kenya and the Foreign Service Academy of Nigeria. The agreements establish an enabling framework for enhancing bilateral cooperation between the two countries in diverse areas...
(This Day Live 07/17/13)
Co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, Tuesday said contrary to the perception in some quarters, the executive had been diligently implementing the 2013 Appropriation Act and was not waiting for the amendment it proposed to the National Assembly. Okonjo-Iweala stated this when she met with the Joint House Committees on Appropriation and Finance to clarify some of her statements on the state of the economy. The minister debunked the accusations that she predicted the collapse of the economy, stressing that she only warned of the consequences of the non-passage of the budget amendment bill currently pending before the National Assembly. Okonjo-Iweala also reiterated her earlier position that the federal government may run into difficulties...
(Standard Digital 07/17/13)
President Uhuru Kenyatta has encouraged Nigerians to visit and invest in Kenya. Speaking during a meeting with President Goodluck Jonathan at State House Abuja, Uhuru said Nigeria has a large middle class population, which would enjoy the numerous tourist attractions in Kenya. “We want to see Nigerians stopping in Kenya for business and tourism not just transiting through Nairobi,” he said. The Head of State also encouraged Nigerian entrepreneurs to take advantage of the attractive investment opportunities available in Kenya to conduct businesses. He announced that Kenya Airways will soon commence direct flights to Abuja in Nigeria to encourage frequent exchanges in the tourism and trade sectors. The President said the recent review of Bilateral Air Services Agreement between the...
( 07/17/13)
The services sector, also known as the invisible sector, consumed the largest chunk of foreign exchange, up to 102.0 percent in first quarter 2013. Analysts are of the view that importation of items for production of goods suffered, as Nigerians spent huge amounts of forex for services, particularly travelling abroad for health services, education and tourism. The invisible sector includes business services, communications, construction and related engineering services, distribution, education, environmental services, financial services, health related and social services, tourism and travel related services, recreational services and transport services. Samir Gadio, an emerging markets strategist at Standard Bank, London said, “We will need to have a more detailed synopsis of the sub-sectoral forex demand from the invisibles group in Q2:13,...
(Ventures-Africa 07/17/13)
VENTURES AFRICA- As part of the mordernisation and upgrade exercise of its outlet at Apapa, Lagos, the Nigerian unit of APM Terminals has commenced the construction of a $10 million multi-level tracking system that will facilitate the process of physical examination of containers. Managing Director of APM Terminals, Dallas Hampton said the new facility which is under construction in China is expected to convert the terminal to full Rubber-Tyred-Gantry (RTG) operations. The ongoing project include the purchase of additional container handling equipment, a new customer service building, new employee amenities buildings, an office for Nigerian Customs, a new Customs container inspection area and state of the art terminal control systems including a satellite-based container positioning system. APM Terminals will also...
(Voice of America 07/17/13)
West African regional leaders plan to open an extraordinary two-day summit on Wednesday in Nigeria’s capital, Abuja. Sonny Ugoh, communications director for the Economic Community of West African States (ECOWAS), says the leaders will consider the latest political and security situation in Mali in the run-up to that country’s July 28 presidential election. “They will review the political health of the organization and member states, the economic health of the region, and give directive as to what initiative they think we should take, in order to address whatever challenges they determine that we need to address,” said Ugoh. He says Burkinabe President Blaise Compaoré will brief other heads of state about the situation in Mali. Mr. Compaoré mediated talks between...
(Ventures-Africa 07/17/13)
VENTURES AFRICA – The President of Nigeria’s Association of Small Business Owners (ASBON), Dr. Femi Egbesola says for SMEs to develop in the country, the government has to set aside its seven-point agenda and focus on a two-point agenda of power supply and provision of motorable roads. Nigeria’s seven-point economic agenda include the provision of adequate power and energy, food security, wealth creation through diversified production especially in the agricultural and solid mineral sector, reformed transportation sector, land reforms, adequate security and strategic educational development (education). Egbesola told Local newspaper, Punch, on Tuesday, that the continuous focus on the seven-point agenda would not be feasible in the short-term as some of the targets of government could not be achievable in...
(National Mirror Online 07/17/13)
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, yesterday insisted that the Federal Government is experiencing shortfalls in funds required to implement the 2013 budget. Okonjo-Iweala also stated that an amendment to the 2013 Appropriation Act is necessary even as she disclosed that the capital component of the budget has been implemented by 67 per cent. This means that about N670bn has already been spent. The minister spoke before the House of Representatives’ Committees on Appropriation, Finance and Legislative Compliance where she debunked allegations that the Executive had jettisoned the budget as passed and signed by President Goodluck Jonathan in the first quarter of this year. She also sought the legislators’ approval to divert the...
(This Day Live 07/17/13)
The House of Representatives yesterday summoned the Minister of Justice and Attorney-General of the Federation, Mr. Mohammed Adoke, over a letter he purportedly wrote to a foreign organisation, Global Witness, stating that the House had cleared him of any wrongdoing in the controversial Malabu oil deal. The summon occurred the same day the House passed a resolution condemning the recent attack and burning down of several Itsekiri communities in Warri North Local Government Area. The lower chamber of the National Assembly had some months ago, raised the red flag on the disposal of the Oil Prospecting Lease (OPL) 245 following allegations that there were breaches in the deal that saw the sale of the block by Malabu Oil and Gas...
(National Mirror Online 07/17/13)
President Goodluck Jonathan yesterday summoned to the presidential villa the National Chairman of the Peoples Democratic Party, PDP, Alhaji Bamanga Tukur and chairman, PDP special national convention, Prof. Jerry Gana over the face-off that led to the cancellation of the August 31 rescheduled date of the convention. The meeting which was still holding as at press time yesterday was expected to be a platform for the President to settle the humiliation that Gana and his secretary, Senator Ike Ekweremadu suffered last week when they were locked out at the residence of the National Chairman on his directives. A Presidency source told National Mirror that the President will overrule the National Chairman over the cancellation of the August 31 date earlier...
(Punch 07/17/13)
The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, has inaugurated a steering committee on financial literacy to help financially excluded individuals to know, understand and access financial products and services at affordable costs. The committee, which is headed by Sanusi, is made up of representatives of relevant institutions in both the public and private sectors of the economy. Speaking at the event, the CBN governor said the need to empower individuals to make better spending, savings and investment decisions informed the financial literacy policy. Other objectives are to increase awareness for individuals to have personal financial plans, prioritise their spending as well as help consumers to minimise credit risks in the financial system. Sanusi said the central...

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