The Central Bank of Nigeria (CBN), today, Friday, injected the sum of $287.89 Million into the Retail Secondary Market Intervention Sales (SMIS) in continuation of its resolve to guarantee liquidity in the foreign exchange market. Data obtained from the CBN today revealed that the figure is in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors. The Bank’s Acting Director in the Corporate Communications Department, Mr. Isaac Okorafor confirmed the figures, and said that the releases were targeted at sustaining liquidity in the market as well as boosting production and trade. He reiterated that the Bank’s commitment to ensuring liquidity in the inter-bank sector of the market and that it would continue to intervene in order to drive growth in the economy and guarantee stability in the market. With Friday’s rates hovering around N359 and N360/$1, Mr. Okorafor, was upbeat that the Bank’s forex intervention had effectively checked speculations around the Naira. He, however, disclosed that the Bank would continue to ensure enforcement through utilization report and market intelligence. It will be recalled that the CBN earlier in the week on Monday, November 20, 2017, intervened in the inter-bank Foreign Exchange Market to the tune of $210,000,000, comprising of $100million for the wholesale segment and $55 million each for the Small and Medium Enterprises (SMEs) and invisibles segment. Although the naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Friday, November 24, 2017, there is growing anticipation that the objective of the CBN to achieve rates convergence might be met before the end of December 2017 through a combination of factors such as Diaspora repatriation of funds and continued accretion to the country’s reserves.[myad]
“Events of the intervening years have shown that like any other human and like many other Nigerians, I was fallible. “While other parties have purged themselves of the arbitrariness and unconstitutionality that led to fractionalization, the All Progressives Congress has adopted those same practices and even gone beyond them to institute a regime of a draconian clampdown on all forms of democracy within the party and the government it produced.” These were the words of former Vice- President and chieftain of the All Progressives Congress (APC), Alhaji Atiku Abubakar, who just, today, Friday, turned in his resignation from the APC. Atiku, in the resignation notice he personally signed, recalled the circumstances that led to his leaving his erstwhile Peoples Democratic Party (PDP). “On the 19th of December, 2013, I received members of the All Progressives Congress at my house in Abuja. They had come to appeal to me to join their party after my party, the Peoples Democratic Party, had become factionalized as a result of the special convention of August 31, 2013. “The fractionalization of the Peoples Democratic Party on August 31, 2013 had left me in a situation where I was, with several other loyal party members, in limbo, not knowing which of the parallel executives of the party was the legitimate leadership. “It was under this cloud that members of the APC made the appeal to me to join their party, with the promise that the injustices and failure to abide by its own constitution which had dogged the then PDP, would not be replicated in the APC and with the assurance that the vision other founding fathers and I had for the PDP could be actualized through the All Progressives Congress. “It was on the basis of this invitation and the assurances made to me that I, being party-less at that time, due to the fractionalization of my party, accepted on February 2, 2014, the hand of fellowship given to me by the All Progressives Congress. “On that day, I said “it is the struggle for democracy and constitutionalism and service to my country and my people that are driving my choice and my decision” to accept the invitation to join the All Progressives Congress.” Atiku also recalled that only last year, a governor that was produced by the APC wrote a secret memorandum to the president which ended up being leaked, saying that in that memo, the un-named governor admitted that the All Progressives Congress had “not only failed to manage expectations of a populace that expected overnight ‘change’ but has failed to deliver even mundane matters of governance.” The aggrieved Atiku still quoted the un-named governor as having said: “Mr. President, Sir Your relationship with the national leadership of the party, both the formal (NWC) and informal (Asiwaju Bola Tinubu, Atiku Abubakar, Rabiu Musa Kwankwaso), and former Governors of ANPP, PDP (that joined us) and ACN, is perceived by most observers to be at best frosty. Many of them are aggrieved due to what they consider total absence of consultations with them on your part and those you have assigned such duties.” He said that since that memorandum was written up until today, nothing has been done to reverse the treatment meted out to those of them that were invited to join the All Progressives Congress on the strength of a promise that has proven to be false. “If anything, those behaviours have actually worsened. “But more importantly, the party we put in place has failed and continues to fail our people, especially our young people. How can we have a federal cabinet without even one single youth. “A party that does not take the youth into account is a dying party. The future belongs to young people. “I admit that I and others who accepted the invitation to join the APC were eager to make positive changes for our country that we fell for a mirage. Can you blame us for wanting to put a speedy end to the sufferings of the masses of our people? “Be that as it may be, after due consultation with my God, my family, my supporters and the Nigerian people whom I meet in all walks of life, I, Atiku Abubakar, Waziri Adamawa, hereby tender my resignation from the All Progressives Congress while I take time to ponder my future. “May God bless you and may God bless Nigeria.” [myad]
The Economic and Financial Crimes Commission (EFCC) has accused the Nigerian Senate of scandalizing it by alleging that the officials of the Commission shared 222 properties which Maina’s Panel seized from pension fund thieves”.
“This sweeping allegation, coming from a Senate Committee is disturbing more so as no attempt was made to verify the information from the Commission.
“The EFCC was never invited by the Committee and given the opportunity to educate it on the status of assets seized from suspected pension thieves.
“Yet the Committee was comfortable to scandalize the EFCC with the public disclosure of unverified claims by unknown interests.”
In a statement reacting to the Chairman of the Senate Ad Hoc Committee investigating the controversial reinstatement of Abdulrasheed Maina, Senator Emmanuel Paulker, EFCC lamented the dearth of knowledge on the part of Senator Paulker and wished he had approached the agency for clarifications before going on air.
The statement said: “there are no 222 properties anywhere that were shared by anybody” and that “the EFCC did not receive a single property from Abdulrasheed Maina..
“The attention of the Economic and Financial Crimes Commission, EFCC, has been drawn to comments attributed to the Chairman of the Senate Ad Hoc Committee investigating the controversial reinstatement of Abdulrasheed Maina, Senator Emmanuel Paulker, alleging that officials of the Commission shared 222 properties which Maina’s Panel seized from pension fund thieves.
“For the avoidance of doubt, there are no 222 properties anywhere that were shared by anybody. The EFCC did not receive a single property from Abdulrasheed Maina.
“All the pension fraud assets that are in the recovered assets inventory of the Commission were products of independent investigation by the EFCC, for which Maina and his cohorts had no clues.
“If Maina or any government official witnessed the sharing of any recovered pension assets by any official of the EFCC, they should be willing to name the official, the assets involved; when and where the ‘sharing’ took place.
“As far as the EFCC is concerned, there is no controversy regarding the status of assets recovered from suspected pension thieves.
“The record of all the recovered assets from both the Police Pension and the Pension Office of the Office of the Head of the Civil Service of the Federation as well as their current status are intact, and have been communicated to the relevant organs of government.
“However, in view of the consistent display of public ignorance about the profile of recovered assets by even those who should know, it is important to state that it is impossible for anybody to share a property that is subject of interim forfeiture by court.
“Of all the properties seized from pension fraud suspects, it is only properties that are linked to John Yusuf, who was convicted under a plea bargain arrangement that had been forfeited permanently and handed to government.
“All the others, with the exception of Brifina Hotel, are subject of interim forfeiture. And the cases are ongoing in courts. [myad]
Ezenachukwu Okwudili, who claimed to be the new leader of the Indigenous People of Biafra, (IPOB), has said that the era of Nnamdi Kanu has ended.
In a broadcast on Radio Biafra, Okwudili said: “like the Robert Mugabe era, the Nnamdi Kanu era has come to an end. Those who benefited from inciting young Igbo youth to violence and death, the time of reckoning has come.”
“We are putting an end to blood-shed while continuing with our struggle. Kanu has fled to London using his British passport and he is hiding after our successful takeover of the Radio and IPOB Leadership.”
Okwudili also accused Law Mefor, the brother of Uche Mefor, Kanu’s former deputy, of collecting money from Igbo traders and businessmen as under the pretence of being IPOB’s treasurer and converting same into his personal use.
“Those who live by the sword know the final judgment, therefore people like Uche Mefor and his brother Mr Law Mefor along with Emma Powerful, should know that..
“The time when rabble-rousers loot IPOB treasury, share it with their family and friends has come and gone.
“Money collected so far is in excess of N300million Naira and we are still counting as information about contributors continues to trickle in.” [myad]
A woman, identified as Catherine Mwaura, stormed the St Benedict’s Catholic Church in Thika Superhighway, Kenya at the weekend to virtually halt wedding ceremony where the man he claimed to be her hsband was getting married to another.
Catherine was said to have arrived with her three children whom she claimed to have for the husband, stressing that she is still married to him. She lamented and sought for the help of the people around, even as she accused the other woman of stealing her husband from her.
The man who was said to have hired more than 20 police officers in anticipation of the melodrama, quelled the situation by deploying the police men even when the aggrieved woman engaged in physical fist scuff with her new rival. [myad]
President Muhammadu Buhari has began the process for the new minimum wage for the Nigerian workers by approving the appointment of a 30-member tripartite National Minimum Wage Committee for the negotiation of a new National Minimum Wage for the Country.
In a statement today, Thursday by the Deputy Director in the Federal Ministry of Labour, Prince Samuel Olowookere, Ama Pepple was named as the Chairman of the Tripartite National Minimum Wage Committee.
The Minister of Labour and Employment, Senator Chris Ngige, will serve as the Deputy Chairman, while the Chairman, National Salaries, Income, and Wages Commission, Chief Richard Egbule, will serve as the Secretary of the committee.
According to Olowookere, by its tripartite nature, the committee is made up of persons from the public sector, (Federal and State Governments) and the private sector, made up of the largest private employer group, the Nigeria Employers Consultative Association (NECA), Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) and Nigerian Association of Small and Medium Enterprises (NASME).
Other members of the committee are: Udo Udo Udoma , Minister, Budget and Planning; Mrs. Kemi Adeosun , Minister, Finance; Mrs. Winifred E. Oyo – Ita ; Head of the Civil Service of the Federation; and Dr. Roy Ugo – Permanent Secretary, General Services Office, Office of the Secretary to the Government of the Federation
To represent the Nigeria Governors’ Forum (NGF) are Governor Rauf Aregbesola – Osun State (South West); Governor Rochas Okorocha – Imo State (South-East); Governor Hassan Dankwambo – Gombe State (South East); Governor Nyesom Wike – Rivers State (South-South); Governor Simon Lalong – Plateau State (North Central); Governor Abubakar Atiku Bagudu – Kebbi State (North West); while A.. B. Okauru, Esq., Director General (DG,) NGF will serve as observer.
The Trade Union Side will be represented by Comrade Ayuba Wabba, the President, Nigeria Labour Congress (NLC), Peters Adeyemi – NLC, Kiri Mohammed – NLC, Amechi Asugwuni – NLC, Dr. Peter Ozo-Eson – NLC.
Others from the Labour side are: Comrade Bobboi Bala Kaigama – President, Trade Union Congress TUC), Sunday Olusoji Salako – TUC, Alade Bashir Lawal TUC, and Igwe Achese, the President, Nigeria Union of Petroleum and Natural Gas Workers (NUPENG)
From the Employers’ Side are: Mr. Olusegun Oshinowo – Director General, Nigeria Employers’ Consultative Association (NECA), Timothy Olawale – NECA, Chuma Nwankwo – NECA, Mrs. Olubunmi Adekoje – Director General, Federation of Construction Industry (FOCI), Alhaji Ahmed Ladan Gobir , Chairman, Kaduna East Branch, Manufacturers’ Association (MAN), Otunba Francis Oluwagbenro – MAN, Hajia Muheeba Dankaka, President, Kano Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Prince Degun Agboade President, Nigeria Association of Small and Medium Enterprises (NASME) .
The Committee will be inaugurated on Monday 27th November 2017 at the Council Chambers, Aso Rock Presidential Villa, State House, Abuja.
The federal government has identified 500 prominent Nigerians who have not been paying their taxes and gave them up to March next year to voluntarily pay such taxes or face prosecution.
This decision came up today, Thursday, during the Monthly meeting of the National Economic Council (NEC) presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja.
Briefing members of the Council, made up of the governors of the 36 States of the federation and other relevant economic stakeholders, the Finance Minister, Mrs. Kemi Adeosun, confirmed that names of such 500 Nigerians with property and trusts abroad have been compiled and their tax compliance status at home is being determined.
She advised such people to take advantage of the Voluntary Assets & Income Declaration Scheme (VAIDS), provided by the government to settle past taxation defaults.
She said that letters would soon be going out to those Nigerians, including a number of prominent ones, asking them to take advantage of the tax amnesty in order to avoid prosecution and fines by simply paying up their tax defaults.
“The amnesty is available till March next year.”
Highlights of today’s NEC meeting are reproduced here:
• The NEC Ad-hoc Committee set up in September, 2017 to advise Council on export promotion submitted its report.
• The report dwelt extensively on an export promotion plan geared towards achieving government’s policy on the “Zero Oil Plan”.
The Committee recommended, among other things;
• The establishment of a National Committee on Export Promotion, chaired at the Presidency level.
• A Technical Committee involving Federal and States MDAs to help provide technical information and direction to the proposed Committee.
• The Ad-hoc Committee also recommended;
(a) That Export procedures and documentation be streamlined.
(b) The identification of existing domestic investors and engagement plan for output expansion.
(c) The establishment of more laboratories and tasting centres to help improve quality and standard of export.
(d) The domestication of the Office of Technical Regulation (OTR) as recommended by UNIDO.
(e) On Market for Nigerian products, the Committee recommended the Deepening of Commercial diplomacy, one-stop shops for export and a National Export Portal to generate global orders to link suppliers to buyers.
(f) On Value Chain Development, the Committee recommended the development of clusters along product value chain, market driven research and development, and the provision of seeds and seedlings.
(g) On Financing, the Committee recommended the recapitalization of NEXIM Bank, the provision of Export Development Fund, in line with NEPC Act, a five-year financial window on export expansion grant and funding scheme for exporters similar to the CBN Anchor Borrowers programme.
• The Ad-hoc Committee also recommended a one-state-one-product approach based on comparative advantage for export drive.
• The establishment of State Committees on “Zero Oil Plan Implementation” with State Governors as Chairmen was also recommended.
B. INTERIM REPORT ON THE FORENSIC AUDIT OF REVENUE ACCRUED FROM REVENUE GENERATING AGENCIES INTO FEDERATION ACCOUNT, EXCESS CRUDE ACCOUNT AND CONSOLIDATED REVENUE FUND BY GOVERNOR OF GOMBE STATE, CHAIRMAN OF THE AD-HOC COMMITTEE
• The forensic audit covers the period from 2010 – May 2015.
• The Council was informed that there were possible significant under-remittances from certain Revenue Generating Agencies to the Federation Account, among other accounts.
• Council was also informed of questionable loans granted by some of the Revenue Generating Agencies.
• Out of the 18 Agencies in which forensic audit was conducted, the Committee completed work on 13 Agencies, 2 are ongoing and 3 are not revenue generating.
.The 13 include: NIMASA, NNPC, NPA, FIRS, NPDC, DPR, etc. The 2 outstanding agencies are the Customs Service and NCC.
• Council directed the Committee to conclude its report under 4 weeks and fully report back to Council in the next meeting
C. PRESENTATION OF A PROPOSAL BY THE NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE (NASENI) ON SOLAR-POWERED ELECTRONIC VOTING SOLUTION, WITH CLOUD-BASED COLLATION OF ELECTION RESULTS
• The Executive Vice Chairman/CEO of the NASENI presented a home-grown proposal to the NEC for the replacement of the “Card Reader” in the conduct of elections in the country.
• The proposal is a made-in-Nigeria “Solar-Powered Electronic Voting System” to effectively mitigate current electronic woes.
• The new proposed robust e-voting device will minimize human interference with the electoral process.
• The same proposal, which has already been presented to INEC, is also expected to be presented to the National Assembly.
D1- UPDATE ON STATE OF THE ECONOMY BY BUDGET AND PLANNING MINISTER
The Minister of Budget and National Planning gave an update on the economy as follows:
• Signs of recovery had been observed since Q3 2016 and the Recovery consolidated in Q3 2017, with GDP doubling to 1.40%
• Non-oil GDP contracts in Q3 2017 increased by 0.76% after growing in Q1 R Q2 2017, while the Services Sector is still in the negative; the Manufacturing Sector was negative in Q3 2017 also.
• Due to high inflationary pressures, household consumption expenditures remain constrained, though it appears such pressure is easing.
• Headline inflation has declined since January – reflecting tight monetary policy.
• Food price increases have remained persistent but slowing down.
• The total value of capital importation at the end of Q3 2017 stood at $4.14 billion (131.3% growth year-on-year).
D2. REPORT ON EXCESS CRUDE ACCOUNT (ECA)
• The Accountant General of the Federation informed Council that balance in the ECA as at November 17, 2017, stands at $2,309,693,583.35
B. UPDATE ON THE BALANCE OF THE STABILIZATION FUND ACCOUNT
• The Accountant General informed Council that as at November 17, 2017, the balance in the (SFA) stood at N6,689,072,836.11
D3. UPDATE ON NATURAL RESOURCES DEVELOPMENT FUND
ACCOUNT
• The Accountant General informed Council that the balance as at November 17, 2017 stand at N100,314,169,190.23
D4. UPDATE ON BUDGET SUPPORT LOAN FACILITY
• The Accountant-General reported to Council that approval has been received and CBN has been directed to pay N800 million to each of the 35 States of the Federation.
• Governors expressed appreciation to the Federal Government for the restoration of the Budget Support Loan Facility for July and August, 2017.
ANY OTHER BUSINESS (AOB)
A. ANAMBRA GOVERNOR ELECTION
• The Governor of Anambra State commended President Muhammadu Buhari for the conduct of free, fair and credible elections in the State.
B. VAT
• The Honourable Minister of Finance informed Council that the month of October 2017 has recorded the highest amount of VAT collections ever recorded in the country in a single month, standing at over N89 billion.
• She told Council that Government is targeting N120 billion on a monthly basis in the coming years.
C. VAIDS
• Is progressing very well and the target is likely to be met.
• A list of about 500 Nigerians who are believed to have under-declared their assets has now been obtained.
• VAIDS offers an amnesty opportunity for such and all tax defaulters.
D. BURIAL OF FORMER VICE PRESIDENT
• The SGF, Boss Mustapha, informed Council that the FG has set up a National Burial Committee for former Vice President Alex Ekwueme.
• The Committee would be chaired by the Office of the SGF with the full participation of the Anambra State Government and the Ekwueme family.[myad]
The Oba of Benin, His Royal Majesty, Oba Ewuare II led a powerful members of his Kingdom to Aso Rock Presidential Villa, Abuja, today, Thursday and had audience with President Muhammadu Buhari.
In the picture are Oba Ewuare II and his team.
President Buhari (M) flanked by Oba of Benin, His Royal Majesty Oba Ewuare II left and Chief of Staff, Mallam Abba Kyari, fct minister, Muhammad Musa Bello, SGF, Mr Boss Mustapha and others during the visit. Photo by Sunday Aghaeze.[myad]
Joe Parkinson of The Wall Street Journal has been scheduled to deliver a keynote speech at the American University of Nigeria on Saturday, November 25 as part of the activities marking the university’s 12th Founder’s Day.
The keynote speech is among other activities lined up to honor the Founder and celebrate the values and vision of Africa’s first university to focus on entrepreneurship and development.
The Wall Street Journal, based in New York City, is America’s most circulated newspaper with more than two million copies daily (including digital subscriptions).
Announcing the choice of Mr. Parkinson, the AUN President, Dawn Dekle said: “the university community is deeply honored to have him on our beautiful campus, and as the twelfth speaker at our annual Founder’s Day.”
Mr. Parkinson is an award-winning journalist who has covered revolutions, conflicts, and economic crises in more than 40 countries. As bureau chief, he leads a team of correspondents chronicling business, policy, and geopolitical trends across the continent from his base in Johannesburg, South Africa. Mr. Parkinson and his team cover the political and economic changes sweeping the continent, from elections in Kenya to revolutions in the Gambia, and the war against radical terrorism.
He has a particular passion for Nigeria, coming to the country as often as he can to study the continent’s most exciting nation. In the past year alone, he has written extensively about Nigeria’s economy, the oil industry, and the battle against terrorism.
Before moving to Africa, Mr. Parkinson was WSJ’s Bureau Chief in the Middle East, reporting on the so-called Arab Spring uprisings and the global migration crisis. He was in Libya during the revolution that toppled Colonel M. Gaddafi and reported extensively on Syria’s uprising and the rise of Islamic State in Iraq. His work covering Syria’s refugee crisis won The European Press Prize in 2015, and his coverage of the failed coup in Turkey was a finalist for the 2017 Pulitzer Prize.
Most recently, he was on the front lines as Zimbabwe eased out President Mugabe from power, and his coverage of the story was on the front page of the Wall Street Journal. His comments were widely re-tweeted and shared on social media worldwide. His passion for journalism goes further back: He started a school newspaper when he was 12. Mr. Parkinson holds two degrees from the London School of Economics.
He is expected to show his Nigerian passion and field experience to the celebration of the founding, development, and remarkable progress of the American University of Nigeria. The day coincides with the November 25 birthday anniversary of Nigeria’s former Vice President, HE Atiku Abubakar, GCON, whose unparalleled vision, philanthropy, and love for education led to AUN’s birth in 2003.
AUN emerged from HE Atiku Abubakar’s response to the yearning for an excellent center of learning in sub-Saharan Africa. He founded AUN in collaboration with other local and international political and academic leaders, with a mission to build leaders who will be prepared to tackle societal challenges.
It has become a yearly tradition since 2010 to celebrate the man who believes in education as the mechanism to provide solutions to the numerous economic and social challenges of Nigeria, Africa, and the world at large. Founder’s Day is a tradition of American universities.
“As we count down to this Saturday’s celebration of our Founder and his contributions to higher education in Nigeria,” continued AUN President Dekle, “we deem it a great honor to be associated with a man who received the first Harry Wofford Global Citizen Award in 2011 at the American Peace Corps 50th Anniversary celebration for his uncommon generosity and support to higher education.”
Other side events lined up for the annual celebration include an official graduation ceremony on Thursday, November 23, of the AUN Feed and Read program through which the university prepares street children (almajiri) for formal schooling.
In addition, The Atiku Center for Leadership, Entrepreneurship & Development, currently housed at AUN, will hold its ninth lecture in a series starting since the center’s inception in 2013.
The guest lecturer, a distinguished research professor, Paul E. Lovejoy, of York University’s Department of History, will present on “Said Muhammad Ali: A Bornu Slave Who Ended Up A US Civil War Veteran.” [myad]
Dr. Maryam Ali, the wife of the former National Chairman of the Peoples Democratic Party (PDP), Senator Ahmadu Ali, has left her husband in the PDP and joined the All Progressives Congress (APC).
Dr. Mrs. Maryam Ahmadu Ali renounced her membership of the PDP today, Thursday and declared her allegiance to the APC at a brief ceremony at APC National Secretariat, in Abuja.
She said that her decision to join the APC was borne out of a desire to continue to render service to her people. [myad]
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
The Central Bank of Nigeria (CBN), today, Friday, injected the sum of $287.89 Million into the Retail Secondary Market Intervention Sales (SMIS) in continuation of its resolve to guarantee liquidity in the foreign exchange market.
Ezenachukwu Okwudili, who claimed to be the new leader of the Indigenous People of Biafra, (IPOB), has said that the era of Nnamdi Kanu has ended.
The federal government has identified 500 prominent Nigerians who have not been paying their taxes and gave them up to March next year to voluntarily pay such taxes or face prosecution.
