President Buhari Eying $30 Billion Foreign Loan To Fund Infrastructure

October 25, 2016

President Muhammadu Buhari has asked the National Assembly to approve plans to borrow $30 billion abroad to fund infrastructure plans until 2018.

According to a letter from the President, which was read out on Tuesday in the assembly, the borrowing plans included the sale of Eurobonds worth $4.5 billion and a planned budget support of $3.5 billion, according to the letter from Buhari.

“The projects cut across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation, poverty reduction,” said the letter read out in both chambers by Senate President Bukola araki and House of Representatives Speaker Yakubu Dogara.

“It has become necessary to resort to prudent external borrowing to bridge the financing gap,” Buhari said in the letter. The borrowing was for the period until 2018, he added.

Nigeria, an OPEC member, slipped into recession for the first time in more than 20 years in the second quarter largely due to low global oil prices. Crude oil sales account for about two-thirds of government revenue.

Meanwhile the President had since sent a draft budget for 2017 to parliament for approval, detailing plans to spend a record 6.866 trillion naira ($22.55 billion) aimed at pulling Africa’s biggest economy out of recession.

The planned spending is up from this year’s 6.06 trillion naira budget and seeks to stimulate growth by funding infrastructure development to increase manufacturing, create jobs and reduce costly imports.

The government has held talks for months with the World Bank, China and other institutions to fund a 2016 budget deficit of 2.2 trillion naira but so far only the African Development Bank has publicly confirmed a planned loan of $1 billion.

Nigeria also wants to sell $1 billion in Eurobonds by the end of the year although as of Friday no bank to arrange the issue had been appointed yet.

Problems related to oil prices have been exacerbated by militant attacks on energy facilities that have cut crude production, which was 2.1 million barrels per day (bpd) at the start of 2016, by 700,000 bpd.

Output had improved to 1.9 million bpd, the petroleum ministry said in a tweet late on Monday, without giving details. [myad]

Dangote Invests In 6 Projects, To Generate $15 Billion Annually

Greenbarge Reporters

October 25, 2016

Pan-African conglomerate, the Dangote Group has announced that it is currently driving six major projects which will generate foreign exchange earnings of about $15 billion annually for the nation.

According to the President of the Group, Aliko Dangote, the Company is investing a total of $20 billion on the six key projects. He spoke at an interactive session wih students of Executive MBA and Owner Manager Programme of the Lagos Business School in Lagos on the topic: “The Role of Business in Driving Sustainable Development in Africa-The Story of The Dangote Group.”

He listed the projects as Refinery and Petrochemicals, Sub-Sea Gas pipeline, Fertilizer, local Rice production, local Sugar Production and Cement capacity expansion.

Alhaji Dangote said that the refinery and petrochemical project with capacity to process 650, 000 bpd and which will gulp $11 billion will ensure fuel sufficiency for Nigeria, while the petrochemical plant will produce 1.3M mtpa polypropylene and polyethylene

“The fertilizer project at a cost of $2 billion will contribute to national food security and sufficiency for Nigeria. It will produce 2.8 Million Tons of Urea Per Year.

“The EWOGGS pipeline project on which $3 billion will be sunk and located near Bonny Island to Lekki Free Trade4 zone will unlock significant gas supply for industry and supply gas to generate 12,000 MW of power.

“The rice project, a fully integrated rice production and processing operation with capacity to produce 960,000 MT of milled rice per annum, will meet 16 per cent of Nigeria’s rice needs. It has two rice mills of 240,000 MT / season, two crop seasons in a year”

Dangote said that the rice projects estimated to gulp $1 billion will cover 150,000 Ha across Adamawa, Edo, Jigawa, Kano, Kebbi, Kogi, Kwara, Nasarawa, Niger, Sokoto, Taraba and Zamfara states. 40 per cent of paddy to be provided by Dangote Rice Outgrower Scheme

On the sugar backward integration project, the Dangote Group President said this will ensure self-sufficiency in sugar. “The Sugar projects covers 150,000 Ha across Adamawa, Sokoto, Kebbi, Jigawa, Taraba, Kogi and Kwara States and will produce 1.5 mn MT refined sugar per annum. We are investing $1 billion and the approach is to have two phases over the next 10 years. The project has the Potential to discourage insurgency in the North East through massive job creation”

The company’s cement capacity expansion has been a continuous process and has seen it establishing its presence in some 19 countries of the world with the ambition to the six largest cement producers in the world in 2019 with 77 mmtpa capacity across board.

Dangote said that not until Nigeria becomes a producing nation and reduce import, her economy would continue to grope in the dark noting that his company would continue to take the lead in any sector that requires the nation to look inward.

He said Nigeria has no business with importation of some products the production of which the nation has raw materials to produce. He gave an example of milk lamenting that 80 per cent of milk consumed in Nigeria is imported, a situation he described as unacceptable.

Dangote therefore promised that he would be venturing into diary production to reverse the trend saying Nigeria can produce the amount of milk needed for her citizenry.

It would be recalled that the business mogul had indicated that his new $12 billion three in one project, the refinery, petrochemical and fertilizer plants currently under construction would create a minimum of 235,000 new jobs, both direct and indirect jobs, as it becomes operational in the first quarter of 2019.

Dangote is optimistic that there will be market for the refined products because even in Africa, only three countries have effective functioning refinery with others importing from abroad.

Dangote said gas from the Gas Pipeline Project can supply fuel to Central Power Plants to generate electricity for households and Nigeria will save over $7.5billion for Nigeria annually, through import substitution. [myad]

INEC Decides PDP Candidate For Ondo Governorship Poll Thursday, October 27

Greenbarge Reporters

October 25, 2016

The Independent National Electoral Commission has fixed Thursday, October 27, for the publication of the list of nominated candidates to represent political parties and the official Register of Voters for the Ondo State governorship election.
The election is scheduled for November 26, 2016.
INEC said that it is doing this as statutorily provided for.
Section 34 of the Electoral Act, 2010 (as amended) provides that INEC should publish the list of nominated candidates by political parties at least 30 days before the day of an election.
Similarly, Section 20 of the Electoral Act, 2010 (as amended) provides that the Commission should publish the official register of voters for an election, not less than 30 days before the election.
The publication of the names of candidates would be more interesting for the Peoples Democratic Party (PDP) where two lawyers: Jimoh Ibrahim and Eyitayo Jegede, are yet to settle the rift over who will be the party’s candidate.
Jegede and Ibrahim emerged from two parallel primaries of the two factions of the party.
While the faction loyal to Senator Ali Modu Sheriff threw up Ibrahim, that of Senator Ahmed Makarfi, produced Jegede.
Ibrahim had last week obtained a court order declaring him as the PDP candidate. [myad]

Corruption Depends On The Issue Raised In The Media Every Day – Ex President Jonathan

Greenbarge Reporters

October 25, 2016

Former President Goodluck Ebele Jonathan has said that corruption “depends on the issue raised in the media every day.”

He went to say: “I am not saying there is no corruption in Nigeria. There is corruption.
“If you look at corruption, there is almost no country that is free. The degree varies, the perception varies.
“Transparency International talks about the way corruption is being perceived in different economies. Why do we talk about the way corruption is being perceived?

“You will see that it has become a major topic whenever there is a change of government….”

Ex President Jonathan who was responding to a question after his lecture on Youth Entrepreneurship at the famous Oxford Union in the United Kingdom, insisted that allegations of corruption are not unique to his administration or Nigeria.
He admitted that there were some issues about the ongoing probe of some of those who served under him, especially, the former National Security Adviser, retired Sambo Dasuki, but that some of them were over blown.
“I’d say exaggerated and they give a very bad impression about our nation.
“They said the National Security Adviser (Sambo Dasuki) stole $2.2 billion. I don’t believe somebody can just steal $2.2 billion.
“We bought warships, we bought aircraft, we bought lots of weapons for the Army and so on and so forth and you are still saying $2.2 billion. So where did we get the money to buy all those things?
“You cannot say the National Security Adviser stole $2.2 billion. It is not just possible.”
Jonathan said that since some of the corruption cases are in court, he would allow the legal processes to reveal the facts of the matter.
“One thing about the issue of corruption is that these matters are in court. Let’s allow some of these processes to end.
“Lately, some judges’ (homes) were also invaded. There are so many things involved and we have to follow up these matters to conclusion before we know the fact.
“I don’t want to be seen as a former president challenging what the sitting government is doing so I have decided to keep quiet for the court to look into them.” [myad]

President Buhari Raises Task Force To Rebuild Boko Haram Ravaged North East

Greenbarge Reporters

October 25, 2016

President Muhammadu Buhari is reported to have okayed a Task Force to rebuild North East with the mandate to restore the infrastructural facilities that have been ravaged by the Boko Haram insurgency in the North Eastern states within six months.
The Minister Health, Professor Isaac Adewole, who announced this when he visited the Deputy Governor of Borno State, Alhaji Usman Mamman Durkwa, over the weekend, said that the task force would look at health, nutrition, water and environmental challenges and provide quick solutions to the problems.
The task force is to be coordinated by the office of the Vice President, Professor Yemi Osinbajo, while the Minister of Budget and National Planning, Senator Udoma Udo Udoma, is the Chairman.
Adewole said that each of the components – Water, Health, Environment – is headed by a Minister, adding that the Minister of Health is coordinating health and nutrition components of the task force.
He said that the task force would work in Borno ,Yobe and Adamawa States with more emphasis on Borno State.
He added that budget for the programme had been approved, stressing that they were now developing work plan to swing into action and provide the necessary facilities in the States.
The Minister said the Task force would work under the umbrella of the Presidential Initiative for the North East, which would be inaugurated by President Buhari soon.
Adewole further said that the Federal Ministry of Health in her capacity has provided health commodities worth about N1.2 billion to Borno State.
The first consignment, for about N400,000 million, was already in Maiduguri, adding that the second batch would follow later.
He said that the Ministry would continue to partner with Borno State in the area of healthcare delivery.
He added that the challenges of Borno State and other North Eastern States affected not only North East, but the whole country.
In his remarks, Durkwa appreciated the efforts of the Federal Government in re-building Borno State.
He also commended the Federal Ministry of Health for providing health commodities to the state.
He promised that the Government of Borno State remains committed to partner with the Federal Government and Development Partners to ensure that Borno State was rebuilt again. [myad]

President Buhari Promises To End Violence Against Children

Greenbarge Reporters

October 25, 2016

President Muhammadu Buhari has promised children in Nigeria to end all forms of violence against them as quickly as possible.

“I say to children in Nigeria – on this historic day, we make a pledge: we commit to protecting each and every one of you from violence.”

The President, who was represented by Secretary to the Government of the Federation, Babachir Lawal, today, Tuesday, launched an ambitious campaign to End Violence Against Children by 2030.

This is against the background of the fact that millions of children are reported to be suffering some form of physical, emotional or sexual violence every year in Nigeria. A survey carried out last year by the National Population Commission, with support from UNICEF and the US Centers for Disease Control and Prevention revealed that approximately 6 out of 10 Nigerian children experience one of these forms of violence before they reach 18.

The 2030 End Violence Against Children Campaign, supported by UNICEF and USAID, builds and expands on the success of just-ended Year of Action to End Violence Against Children, launched by the President in September 2015.

President said at the launch: “the Year of Action has created a wonderful momentum to end violence against children. We have a clear moral, legal and economic imperative and a global obligation to take action to end the suffering of children who live under the shadow of violence.”

During the Year of Action, Lagos, Cross River, Benue and Plateau States all heeded the President’s call to launch their own State campaigns; Bayelsa became the 23^rd State in Nigeria to domesticate the Child’s Rights Act and nine States joined hands to develop a model child protection system to put the Child’s Rights Act into practice.

The Sustainable Development Goals, agreed last month by all members of the United Nations, including Nigeria, include a call on every country in the world to end all forms of violence against children by 2030.

To achieve the Sustainable Development Goal to end violence against children, the Federal Ministry of Women Affairs and Social Development announced that it will convene representatives from key Government Ministries, Departments and Agencies, as well as Civil Society and Faith Based Organizations to develop a National Plan of Action.

UNICEF’s West and Central Africa Regional Director, Manuel Fontaine, said: “Ending violence against children is everybody’s business,” “With this campaign, Nigeria has shown it is determined to mobilize political will and resources to tackle all forms of violence against children wherever it happens” [myad]

EFCC Arrests Ex Jonathan Spokesman, Reuben Abati

Greenbarge Reporters

October 24, 2016

The Economic and Financial Crimes Commission (EFCC), has arrested Dr. Reuben Abati, Special Adviser to ex-President Goodluck Jonathan on Media.

An official in the commission hinted this evening, Monday that Abati was brought to the commission’s office in the early hours of the afternoon.

Abati, who was arrested on allegation of receiving some undisclosed amount of money from former National Security Adviser (NSA), retired Colonel Sambo Dasuki, is expected to spend at least Monday night at the office of the anti-graft agency.

Dasuki is currently being tried by the EFCC for his management of arms funds under him, in what is now known as #Dasukigate.

Abati’s arrest brings to at least three, the former aides of Jonathan who are currently in EFCC custody.

A former minister of state for defence is still with the commission since last week Monday when he voluntarily surrendered himself after staying away for months from the country; while Femi Fani-Kayode, a former Jonathan campaign spokesperson, was arrested on Friday and is still with the commission. [myad]

Yes, I Belong In Kitchen, Living Room, Other Room – Gov Wike’s Wife, Justice Eberechi

Greenbarge Reporters

October 24, 2016

The wife of the Rivers State Governor, Justice Eberechi Suzzette Nyesom-Wike has supported President Muhammadu Buhari who said that his wife, Aisha belongs in his kitchen, the living room and the other room, saying that she belongs to the kitchen, the living room and every room created by God.

She was speaking at the 10th Biennial Diocesan Women’s Guild Conference Thanksgiving Service of the Anglican Diocese of the Niger Delta North in Saint Thomas Anglican Church, Diobu, Port Harcourt on Sunday.

Justice Suzzette Nyesom-Wike said: “All women have been through a lot as they strive to build the society. Our contributions to societal development cannot be underestimated.

“I belong to the kitchen, I belong to the living room and I belong to every room created by God. So also other women. We are created by God to do more. In my own case as a judicial officer, I also belong to the courtroom. Other women belong to different rooms, depending on their professional calling.”

“Women are very important to the development of any community. They form a larger percentage of the workforce that keeps the society.”

It would be recalled that the President reactions was in response to an ‘explosive’ interview his wife granted the BBC, where she stated that she may not support her husband in the 2019 Presidential election if he decides to go for second term.

In his response, President Buhari, who was in Germany on a three-day visit, laughed and replied, “I don’t know which party she belongs to, but all I know is that she belongs to my kitchen, the living room and the other room.” [myad]

Chinese Are Coming With $1Billion Investment In Nigerian Economy – Innoson Chairman

Greenbarge Reporters

October 24, 2016

Chairman and Chief Executive Officer of Innoson Group, Chief Innocent Chukwuma has said that some Chinese firms have indicated interest in investing about one billion dollars in the Nigerian economy within the next 12 to 24 months.

Chukwuma made this known today, Monday when he had a meeting Vice President Yemi Osinbajo at the Presidential Villa, Abuja, with a delegation from the Innoson Group and some Chinese business interests, including Shangdong Broadcasting Group.

Innoson Group Chairman said that his company is collaborating with three Chinese firms: Shangdong Broadcasting Group, and Shangdong Cable Interactive Services regarded as leading biggest TV operators, and Inspur Group, said to be China’s foremost leader in Cloud Computing solution suppliers and IT service provider.

Chief Chukwuma detailed the investments intended by the Chinese firms to include:

*a credit facility of $300m for local production and supply of 5-8 million Set-Top Boxes for the Digital Switch-Over in broadcasting in the country to meet a target date of June 2017.

*an investment of $100m to establish technology-based Direct-To-Home Digital Bing Television Stations.

*a further investment of $600m for Smart City CCTV camera and IT solutions for taxation, both using Cloud Computing, and E-Education IT solutions with big data centers in all federal universities and polytechnics in the country.

According to the Chairman of Innoson Group, “every plan to make a success of all these projects have been concluded between our two parties.”

Responding, Vice President Osinbajo said that the Muhammadu Buhari administration would continue to actively pursue a plan for the massive manufacturing and production of goods in the country as much as possible.

He said that in doing so, the government will collaborate with business interests that can facilitate the plan, adding that manufacturing in Nigeria is a primary objective of the government.

He said that it is because of the administration’s commitment to spur manufacturing and local production in the country that the initiative of Innoson Group to work with Chinese partners is being addressed as a strategic collaboration.

The Vice President said: “the initiative is bound to yield very good fruits and do very well,” adding also that the timing is right “as we are at a point that we must engage technological solutions in our development plans.”

Professsor Osinbajo said that the importance of competition and competitive pricing in such an effort cannot be overemphasized, saying: “in all we try to do, we believe there must be competition, competitive prices and plans.”

The Deputy Minister of the Communist Party in Shandong Province and Chairman of the Shandong Broadcasting Group, Mr. Liu Baoju, and Mr. Huang Gang, Senior Vice President of Inspur Group were among dignitaries in the business delegation at the meeting. [myad]

I Won’t Demand Any Loyalty From My Successor, Governor Oshiomhole Swears

Greenbarge Reporters

October 24, 2016

Edo State Governor, Adams Oshiomhole, who will bow out of office after eight years, has made it clear that he did not intend to be any kind of godfather to the incoming governor, whom he helped to win the recent governorship poll under the All Progressives Congress (APC).

Answering questions from news men at the Presidential Villa, Abuja today, Monday, Oshiomhole said that having dealt a fatal and final blow on godfatherism in the state’s politics, he would not want to be identified with it.

Oshiomhole said that the governor-elect, Godwin Obaseki, will not be under compulsion to be loyal to him, saying his loyalty should be to the people of the state.

“I am not the state, I am only one out of about four million Edo people. So his obligation and his loyalty should be to the people of Edo State.

“The oath of office he is going to subscribe to says that he will defend the Constitution of Nigeria, he will do everything to uplift the quality of life of Edo people.

“Nothing in his oath of office will include ‘I shall not betray my predecessor’ because I have no interest to be betrayed.

“For me, I have presided over Nigeria Labour Congress for eight years and I had a successor, there was no story of me having conflict with my successor because conflict only arise when you refuse to accept that when your tenure is over, it is over.”

Oshiomhole said that there is nothing wrong in him campaigning for Obaseki during the campaign period.

He savored the moment he presented the staff of office to the new Oba of Benin, Oba Ewuare II, saying that it remained the greatest moment of his eight years tenure as the governor

He said that the excitement he derived from the event was next to the one he experienced when he was signing his oath of office at the beginning of his first term in 2008.

“It was a great moment for me when I presented the staff of office to the new Oba of Benin. I was full of excitement that was only next to the one I experienced when I was signing my oath of office.” [myad]

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