A group of youths under the aegis of the Amalgamation of PDP Youth, loyal to Ahmed Markafi, the chairman of the National Caretaker Committee, have sacked both Ali Modu Sheriff and Makarfi even as they locked up the Wadata Plaza, which houses the national secretariat of the party.
The placard-carrying protesters asked the policemen drafted to the secretariat to steer clear of the melee and not to dare them.
Speaking on behalf of the group, their leader, Adeyemi Olusegun, said that he has assumed the position of the chairman of the party and therefore asked both Markafi and Ali Modu Sheriff to stay away from the secretariat.
After evacuating all staff in the four-story building, protesters locked up the main gate with a new padlock and handed over the key to the Board of Trustees chairman, Walid Jibrin, for safe keeping.
Report reaching us said that the secretariat has been deserted and remains under lock at the time of reporting.
The protesters promised to return on Thursday even as they vowed not to allow Ali Modu Sherrif to enter the office. The controversial chairman was not in the office when the drama was going on. [myad]
The Central Bank of Nigeria (CBN) has announced what it termed the “automatic adjustment mechanism of the exchange rate” in a flexible foreign exchange regime aimed at reducing the pressure on the Naira.
CBN has been under immense pressure to devalue the Naira for a while, which has been resisted by both the monetary and fiscal authorities, claiming that past devaluations did not benefit the economy, which is import dependent.
Emefiele said: “the Central Bank of Nigeria has always maintained that it would continue to monitor situations on the ground and ensure that the Bank’s policies reflect these facts and developments rather than the sentiments of any groups or sectors.
“It is in light of this principle that we now believe that the time is right to restore the automatic adjustment mechanism of the exchange rate with the re-introduction of a flexible inter-bank exchange rate market.
“The workings of this market will be consistent with the Bank’s objectives of enhancing efficiency and facilitating a liquid and transparent Foreign Exchange Market.”
The CBN governor said that highlights of the flexible regime under the new regime, include the fact that market would operate as a single market structure through the inter-bank/autonomous window Below are the highlights of the new regime:
*The Exchange Rate would be purely market-driven using the Thomson-Reuters Order Matching System as well as the Conversational Dealing Book.
*The CBN would participate in the Market through periodic interventions to either buy or sell FX as the need arises.
*To improve the dynamics of the market, we will introduce FX Primary Dealers (FXPD) who would be registered by the CBN to deal directly with the Bank for large trade sizes on a two-way quotes basis.
*These Primary Dealers shall operate with other dealers in the Inter-bank market, amongst other obligations that will be stipulated in the Foreign Exchange Primary Dealers (FXPD) Guidelines, which would also be released immediately after this Press Briefing.
*There shall be no predetermined spread on FX spot transactions executed through the CBN intervention with Primary Dealers, while all FX Spot purchased by Authorized Dealers are transferable in the inter-bank FX Market.
*The Forty-One (41) items classified as “Not Valid for Foreign Exchange” as detailed in a previous CBN Circular shall remain inadmissible in the Nigerian FX market.
*To enhance liquidity in the market, the CBN may also offer long-tenored FX Forwards of 6 to 12 months or any tenor to Authorized Dealers In addition:
*Sale of FX Forwards by Authorized Dealers to end-users must be trade-backed, with no predetermined spreads;
*The CBN shall introduce non-deliverable over-the-counter (OTC) Naira-settled Futures, with daily rates on the CBN-approved FMDQ Trading and Reporting System.
This is an entirely new product in the Nigerian Foreign Exchange Market, which would help moderate volatility in the exchange rate by moving non-urgent FX demand from the Spot to the Futures market;
*The OTC FX Futures shall be in non-standardized amounts and different fixed tenors, which may be sold on any dates thereby ensuring bespoke maturity dates;
*Proceeds of Foreign Investment Inflows and International Money Transfers shall be purchased by Authorized Dealers at the Daily Inter-Bank Rate; and
*Non-oil exporters are now allowed unfettered access to their FX proceeds, which shall be sold in the Inter-bank market. Timelines
*Selected FX Primary Dealers would be notified by Friday 17th June 2016. All other non-Primary Dealers would remain valid and eligible to participate in the market *Inter-bank trading under the new guidelines will begin on Monday 20th June 2016; and
*The tenors and rates for the OTC Naira-settled FX Futures will be announced on Monday, June 27, 2016. Depleted foreign reserves The CBN, the governor said, had to take the measures sine the nation “witnessed a significant decline in our Foreign Exchange Reserves from about US$42.8 billion in January 2014 to about US$26.7 billion as of 10th June 2016.
“In terms of inflows, the Bank’s foreign exchange earnings have fallen from about US$3.2 billion monthly to current levels of below a billion dollars per month.”
He blamed the poor foreign exchange receipts on the over 70 percent drop in the price of crude oil, which contributes the largest share of our Foreign Exchange Reserves; Global growth slowdown and geopolitical tensions along critical trading routes in the world; and Normalization of Monetary Policy by the United States’ Federal Reserve.
The CBN boss explained, “the interplay between reduced FX Supply and rising FX demand accounted for a substantial reduction in our foreign exchange reserves.”
Emefiele, assured, however, that “Our Reserves, despite having fallen, is still robust and is able to cover about 5 months of Nigeria’s imports as against the international benchmark of 3 months.” He said that his team at the CBN would ensure transparency in the new regime and that there would be no place for speculators.
His words, “Let me note that the Central Bank is strongly determined to make this market as transparent, liquid, and efficient as possible.
Therefore, we would neither tolerate unscrupulous behaviour nor hesitate to bring serious sanctions on offenders.
“The CBN expects all authorized dealers particularly to display the highest level of professionalism. We expect them to understand the spirit and letter of this transition to a market based system.
The CBN will not allow the system to be undermined by speculators and rent-seekers.
*Permit me to emphasize that any attempt to breach any aspect of this new framework will be heavily sanctioned by the CBN and this may indeed result in the suspension or withdrawal of the FX dealing license of an offending Authorized dealer.”
The governor explained that the Primary Dealers would be about eight or ten and banks with the capacity to go to the market with as much as $10 million. [myad]
Nigeria is at a crossroads. Just over a year ago, people voted in a historic democratic election to end corruption and business as usual, opting instead to build an economy that delivers for all Nigerians. President Buhari departs Abuja for London on a 10-day vacation President Buhari The old order was based on an unsustainable commodities supercycle. While the boom had many positives and contributed to Nigeria becoming Africa’s largest economy, it fostered an epidemic of corruption and inefficiency. Foreign businesses and financial institutions also benefited as some people spent and sometimes hid huge sums abroad, lifted by the rising tide of oil exports and dollar revenues. Now we are living in a new world of low energy prices. The economy has slowed while unemployment and inflation have jumped. Longstanding structural imbalances and overdependence on imports have been cruelly exposed. We are an oil-rich nation that imports most of our gasoline. We are a farming nation that imports most of our basic food staples. This is simply not acceptable or sustainable. Our solutions must be in proportion to the challenges. Fundamental change takes time and we are driving not one but three changes to reposition Nigeria for inclusive growth. Restore Trust we have begun to tackle the endemic corruption and mismanagement that is crippling our economy and corroding trust in our institutions. The anticorruption fight is at the heart of combating poverty and improving security. We have stepped up enforcement and new prosecutions to get our house in order, and I have called for foreign governments to work with us to identify where funds stolen during previous administrations are lodged and for multistate cooperation to combat oil theft. Fighting corruption is not enough. We need accountable government and a public sector that can do more with less. We have already taken initial steps by bringing all government finances into a single treasury account where we can monitor spending and impose discipline, implementing zero-based budgets and benchmarks targeted at waste and fraud, and establishing electronic platforms for government agency interface. Rebalance Our Economy In a world of lower oil prices and dollar revenues, the only sustainable path is to reduce Nigerians’ overreliance on imports. We must rebalance our economy by empowering entrepreneurs and producers, big and small, to create more of what their fellow Nigerians demand. The supply of foreign exchange to the economy must be increased. This requires radically increasing exports and productivity and improving the investment climate and ease of doing business. Nigeria’s growth and job creation will be led by the private sector. We are a young, entrepreneurial society with vibrant success stories in new industries such as telecommunications, technology and entertainment. Government is doing its part to lower taxes on small businesses, eliminate bureaucracy to bring the informal economy out of the shadows and provide development funding for priority sectors such as agriculture. The central bank has moved to introduce greater flexibility in our exchange-rate policy. These actions are a downpayment on our people’s ability to succeed. Regenerate Growth We must reposition our economy by attracting investment in domestic industries and infrastructure. Nigeria has huge untapped gas reserves and also a critical shortage of electricity. Our private sector loses too much of its revenue due to brownouts and power outages. Half of my fellow Nigerians have no access to the power grid. Investment in our power infrastructure, restructuring of the state-run oil-and-gas sector and development of other industries such as solid minerals, metals and petrochemicals will help to create a virtuous circle of growth and exports while creating jobs and reducing poverty. I am optimistic that our actions are providing the breathing room Nigeria needs during this period of fundamental change. But we cannot improve living conditions and restore fiscal health without making people feel safe and secure—just as we cannot defeat militancy without reducing poverty and dislocation. One of our main achievements this past year has been to unite regional and global allies to push back Boko Haram. What we do in the next three years to build an economic bridge to Nigeria’s future will be just as important for bringing lasting peace and prosperity.
-President Muhammadu Buhari who is currently in London, United Kingdom, on a 10-day vacation wrote this article yesterday on the American Wall Street Journal. myad]
MTN Group has announced its plan to spend more than double in its capital spending in Nigeria in the 2016 fiscal year.
In a presentation in Johannesburg on Wednesday, posted on its website, the Telecommunication giant said that it would spend 11.1 billion rand ($726.13 million) to upgrade its network in Nigeria. The figure is substantially higher than nearly 5 billion rand spent last year.
MTN’s plan will see the rollout of 3G network population coverage from 67.23 per cent to about 90 per cent, it said in the presentation.
“The aggressive rollout of fibre to six Nigerian cities by the end of 2016 will enable the connections,’’ it said.
The company said it expected higher revenues in Nigeria supported by reconnecting subscribers and the introduction of new services in May.
The capital spending is coming days after agreeing to pay a heavily reduced penalty for missing a deadline to deactivate more than 5 million unregistered SIM cards.
Johannesburg-based MTN said on Friday, after months of talks, that it had agreed to pay a heavily reduced fine of 1.7 billion dollars or a third of the initial penalty.
MTN is the largest mobile phone operator in Nigeria with 57 million subscribers, and the country accounts for about a third of its revenues. [myad]
The National Cashew Association of Nigeria (NCAN), has said that Cashew export generated $253 million (about N50.4billion) in foreign exchange for the country in 2015.
President of the association, Tola Faseru, said in a statement that the nation produces about 160,000 metric tonnes of cashew yearly, during the cashew planting season.
Faseru said the target is to move production to 500,000 tonnes by 2020, and to be able to develop a processing capacity of 70 per cent which is about 350,000 metric tons.
According to him, Nigeria is the sixth largest cashew producer in the world after Ivory Coast, India, Vietnam, Tanzania and Guinea Bissau.
He said cashew is currently grown in over 21 states of the federation, including Ebonyi, Kogi, Kwara, Enugu, Anambra, Imo, Abia, Cross River, Edo, Nassarawa, Benue, Taraba, Ogun, Oyo, Osun , Ondo, Ekiti, Delta, Akwa Ibom , FCT and Niger states.
He said that cashew can be grown in all parts of the country, describing it as one of the 13 non-oil Strategic Export Products (NSEPs), to be used to diversify the economy under the Nigerian Industrial Revolution Plan of the Federal Ministry of Trade and Investment.
He expressed satisfaction with the promptness of implementation of the first phase of the four-year cashew development road map in Osun state, which is to scale up its production. [myad]
The House of Representatives has directed its Committee on Federal Capital Territory (FCT) to investigate the Abuja Centenary City Project to ascertain if it is being executed in line with extant laws and regulations.
The Centenary City Project was embarked upon by the last administration in 2014 to mark 100 years of the amalgamation of Nigeria.
The resolution to investigate the project followed a motion sponsored by Honourable Golu Timothy (Plateau PDP), for alleged irregularities.
Golu alleged that the project, located along the airport road, has cost the government billions of naira and loss of thousands of hectares of land.
“It was to showcase Abuja as a modern city. Government was not supposed to be part of it. People were meant to be compensated. There is restiveness as there has been no compensation given,” Golu said.
The committee is expected to report back in four weeks. [myad]
A national media intervention programme to give voice to the role of families in nation building is the theme of a dialogue session scheduled for Friday, June 17th.
A statement from the management said that the dialogue session will be held at the conference hall of the Institute of Directors, 53 Glover Road, Ikoyi Lagos.
It said that former Nigerian High Commissioner to the United Kingdom, Dr. Christopher Kolade will declare the event open at 11am.
Other speakers expected to speak at the event include Mrs. Amina Oyagbola HR/Corporate Services Executive MTN Nigeria, Mrs. Nimi Akinkugbe, CEO Bestman Games Limited, Ayodele Adeboye Country Representative, Econet Wireless International and Mrs. Bola Odetokun, Founder Parenting Resources and Initiatives Atlanta USA.
The statement said that topics that are expected to feature are Work-life Balance Imperatives for Parenting; Money, Values and Children; Parenting by Example and Critical Life Values; as well as the Realities of Diaspora and expanded citizenship, and their interface with nation building.
According to the statement, Premium Times is collaborating with Today’s Woman (TW), one of the nation’s leading voices in female journalism on the project.
Premium Times’Director of Partnership Development and Engagement, Ms. Ime Enang, said: “the event is to bring back in focus, the centrality of the family as the principal object of nation building, which is consistent “with our core mission as a to deliver value through dialogue, informed debates and intelligent exchanges on the future of our nation and the families that give her meaning.” [myad]
Authorities of the University of Nigeria Nsuka, Enugu Campus (UNEC) on Wednesday officially shut down the school indefinitely. This followed protests by students over alleged poor academic environment.
The university’s authorities have also suspended the Students Union Government (SUG).
In a statement signed by the Deputy Vice-Chancellor, Enugu Campus, Professor Smart N. Uchegbu, the school announced the immediate and indefinite closure of the university following last Monday’s students’ protests that halted academic activities.
“This is to bring to the notice of the University Community that in the light of the violent protest and monumental destruction of properties on 13th June, 2016, the Vice Chancellor has approved the implementation of the measures listed below:
“Immediate suspension of the Enugu Campus Students’ Union Government and closure of the University of Nigeria, Enugu Campus indefinitely.”
Students of the university had last Monday disrupted academic and other activities in the Enugu campus of the university for one week over alleged poor academic environment.
The angry students blocked the main entrance gate of the university, demanding improvement in the basic amenities and learning conditions in the school.
The students, who complained against absence of water, electricity, among others, prevented lecturers and non-academic staff from carrying out their normal duties in their offices.
Apart from the poor academic environment, the students also complained that they now buy a bucket of water for N30.00.
The students turned out in their numbers at the school gate during the protest.
They lamented that they have not had steady power supply for three months now and relied only on generator and intermittent power supply from EEDC. [myad]
The Nigeria Labour Congress (NLC) has threatened to embark on a nation-wide strike if within the next 14 days six banks which recently sacked their workers failed to recall all such workers.
The NLC said in a letter to the managements of the six banks, signed by the Deputy General Secretary, Chris Uyot, on behalf of the President, Ayuba Wabba, that the congress decided to issue the ultimatum having been informed by the National Union of Banks, Insurance and Financial Institutions Employees that the banks embarked on arbitrary mass sacking of workers without adherence to labour laws.
The banks are Fidelity Bank, Diamond Bank, First City Monument Bank, First Bank, Ecobank and Skye Bank.
The NLC accused the management of the affected banks of preventing unionization of workers in spite of efforts to resolve the issue amicably.
Uyot said that the NLC would ensure the closure of all branches of the banks across the country if all sacked workers were not recalled and workers allowed unionizing at the expiration of the ultimatum expected to take effect from June 16, 2016.
“I have been directed to notify you that we have been informed by our affiliate union, the National Union of Banks, Insurance and Financial Institutions Employees that your bank has arbitrarily sacked a large number of workers contrary to laid down procedures and the country’s extant labour laws.
“In addition, you have also resisted unionization of workers in your bank despite spirited efforts by the union to amicably engage you in the process.
“By this letter, we are giving your bank fourteen days ultimatum commencing from Thursday 16th June, 2016 to immediately recall all workers so sacked and allow unionization of workers in the bank or face industrial action, which may include closure of your banks and all its outlets nationwide.
“While hoping our request meets your kind consideration, please, accept our goodwill and best regards.” [myad]
The All Progressives Congress (APC) has told the Peoples Democratic Party (PDP) that it is the past sins it committed against Nigerians that are now haunting it even as the party wanted Nigerians to ignore its allegation that it planted Senator Ali Modu Sheriff to destroy it.
The APC was reacting to what it described as baseless and laughable allegations from the Ahmed Makarfi-led faction of the PDP that the APC was using Senator Ali Modu Sheriff to destabilize the former ruling party.
In a statement signed by its National Secretary, Mallam Mai Mala Buni, the APC said the PDP should be ignored, adding that the party’s problems are traceable to sins it committed during its years as the leading party.
“For the umpteenth time, the APC wishes to state that instead of joining issues with the baseless and laughable allegations, the APC would rather join issues that will bring about all-inclusive development in the country.”
Malam Buni put it on record that the PDP forced on itself whatever crisis it is troubled with today due to its politics of imposition and other undemocratic practices that the APC abhors.
He called on the PDP to put its house in order rather than playing to the gallery and blaming others for their sins, which have come to hunt them.
“Also, it is evident that the PDP has chosen to employ diversionary tactics because of its inability to produce credible candidates for the forthcoming elections in Edo and Ondo States.” [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.
A group of youths under the aegis of the Amalgamation of PDP Youth, loyal to Ahmed Markafi, the chairman of the National Caretaker Committee, have sacked both Ali Modu Sheriff and Makarfi even as they locked up the Wadata Plaza, which houses the national secretariat of the party.
The 3 Changes Nigeria Needs, By Muhammadu Buhari
Nigeria is at a crossroads. Just over a year ago, people voted in a historic democratic election to end corruption and business as usual, opting instead to build an economy that delivers for all Nigerians. President Buhari departs Abuja for London on a 10-day vacation President Buhari The old order was based on an unsustainable commodities supercycle. While the boom had many positives and contributed to Nigeria becoming Africa’s largest economy, it fostered an epidemic of corruption and inefficiency. Foreign businesses and financial institutions also benefited as some people spent and sometimes hid huge sums abroad, lifted by the rising tide of oil exports and dollar revenues. Now we are living in a new world of low energy prices. The economy has slowed while unemployment and inflation have jumped. Longstanding structural imbalances and overdependence on imports have been cruelly exposed. We are an oil-rich nation that imports most of our gasoline. We are a farming nation that imports most of our basic food staples. This is simply not acceptable or sustainable. Our solutions must be in proportion to the challenges. Fundamental change takes time and we are driving not one but three changes to reposition Nigeria for inclusive growth. Restore Trust we have begun to tackle the endemic corruption and mismanagement that is crippling our economy and corroding trust in our institutions. The anticorruption fight is at the heart of combating poverty and improving security. We have stepped up enforcement and new prosecutions to get our house in order, and I have called for foreign governments to work with us to identify where funds stolen during previous administrations are lodged and for multistate cooperation to combat oil theft. Fighting corruption is not enough. We need accountable government and a public sector that can do more with less. We have already taken initial steps by bringing all government finances into a single treasury account where we can monitor spending and impose discipline, implementing zero-based budgets and benchmarks targeted at waste and fraud, and establishing electronic platforms for government agency interface. Rebalance Our Economy In a world of lower oil prices and dollar revenues, the only sustainable path is to reduce Nigerians’ overreliance on imports. We must rebalance our economy by empowering entrepreneurs and producers, big and small, to create more of what their fellow Nigerians demand. The supply of foreign exchange to the economy must be increased. This requires radically increasing exports and productivity and improving the investment climate and ease of doing business. Nigeria’s growth and job creation will be led by the private sector. We are a young, entrepreneurial society with vibrant success stories in new industries such as telecommunications, technology and entertainment. Government is doing its part to lower taxes on small businesses, eliminate bureaucracy to bring the informal economy out of the shadows and provide development funding for priority sectors such as agriculture. The central bank has moved to introduce greater flexibility in our exchange-rate policy. These actions are a downpayment on our people’s ability to succeed. Regenerate Growth We must reposition our economy by attracting investment in domestic industries and infrastructure. Nigeria has huge untapped gas reserves and also a critical shortage of electricity. Our private sector loses too much of its revenue due to brownouts and power outages. Half of my fellow Nigerians have no access to the power grid. Investment in our power infrastructure, restructuring of the state-run oil-and-gas sector and development of other industries such as solid minerals, metals and petrochemicals will help to create a virtuous circle of growth and exports while creating jobs and reducing poverty. I am optimistic that our actions are providing the breathing room Nigeria needs during this period of fundamental change. But we cannot improve living conditions and restore fiscal health without making people feel safe and secure—just as we cannot defeat militancy without reducing poverty and dislocation. One of our main achievements this past year has been to unite regional and global allies to push back Boko Haram. What we do in the next three years to build an economic bridge to Nigeria’s future will be just as important for bringing lasting peace and prosperity.
-President Muhammadu Buhari who is currently in London, United Kingdom, on a 10-day vacation wrote this article yesterday on the American Wall Street Journal. myad]