Kogi State governor, Yahaya Bello has hit back at the leaders of the All Progressives Congress (APC) on which platform he became governor, describing allegations of anti-party activities levelled against him as frivolous and malicious. He said that it is a plot by enemies of the state to undermine the development of the state.
According to the governor, such ‘enemies’ have continued to plot one form of distraction or the other aimed at bringing the government down, vowing that they will not succeed because majority of the people in the state have decided to support his administration to turn around the fortunes of the state.
In a statement by the governor, signed by his special adviser, Media and Strategy, Mallam Abdulmalik Abdulkarim, the governor insisted that members of the APC are well represented in his administration against the background of his earlier statement that he would run an all inclusive government.”
The governor stressed that it is unfortunate that some persons see themselves as the only people fit to hold public office in the state and be in control of government, and see anything outside that as either anti-party or given another negative connotation to give the present administration a bad name.
“Before now, this administration has stressed that owing to the endemic underdevelopment in the state and the need to quickly jumpstart our economy, we are open to allowing all Kogites make inputs in this administration. We are prepared to operate an all inclusive government and move ahead with a combination of politicians and technocrats that will drive our idea of where we want to take Kogi State to.
“Any aggrieved member of the APC that is not happy with the present situation to ventilate his anger but join the new direction train that is blind to ethnic, religious and political sentiments. The recent appointment of commissioners could be seen to be an example of all inclusiveness. For instances, the commissioner for Agriculture, Dr. Tim Nda Diche hailed from Bassa local government.” [myad]
Embattled National Chairman of the Peoples democratic Party (PDP), Senator Ali Modu Sheriff wish to condemn as shameful acts of hooliganism and brigandage being employed by the Illegal Caretaker Committee led by senator Ahmed Makarfi. Modu Sheriff viewed the sack on the national secretariat of the party on Wednesday by hoodlums which he said, were under the directive of the so called Caretaker Committee as a sad reminder of the days of lawlessness, impunity and brigandage for which sponsors of the Caretaker committee have been known over the years. In a statement on Wednesday by his spokesman, Inuwa Bwara, Modu Sheriff called on his supporters to remain calm and law abiding in the face of the various provocations, by allowing the law to take its course. Senator Modu Sheriff implored security agencies to stop taking sides in political matters, as demonstrated by some policemen deployed to secure the PDP Secreteriat. He viewed the acts of desperation on the part of the so-called Caretaker Committee to confer a semblance of legitimacy on Senator Ahmed Makarfi and his co travelers as unfortunate, seeing that they have resorted to blatant lies and blackmail of his person. It would be recalled that Dayo Adeyeye, who spoke on behalf of Senator Makarfi had alleged that, Modu Sheriff is being sponsored by the Presidency and the All Progressives Congress (APC), and that there was no court order granting him leave to operate his office. “Ridiculous as it may sound, given the fact that right thinking Nigerians know that, Makarfi and the cabal that has been sponsoring him are merely crying wolf, where there was none, having come face to face with the truth, law and reality, it is imperative to state some facts, for the records. “Makarfi and his sponsors want to create the wrong impression that Sheriff is not reliable, whereas it is an open secret that Sheriff has given credible and honest leadership to his state, to Nigeria and to the PDP, even for the short period he has been in the saddle of leadersip that Ahmed makarfi. “Be that as it may, we wish to challenge Ahmed Makarfi to name the date, venue and names of those in attendance at the so called meeting sheriff allegedly had with some Governors from the APC. Again how Sheriff could have been a stooge when he remains the only PDP stalwart that speaks out against the APC since the party lost the 2015 elections? “For the avoidance of doubt, we wish to state that Ali Modu Sheriff left the APC at its formative stage, and has never had anything to do with the party or any of its stalwarts since his departure. One wonders how Ahmed Makarfi and his cohorts could tell lies just to divert attention from the real issues at stake. “The issues at stake remain the presence of a cabal in the PDP, desperately trying to hijack the structure of the party and continue the perpetuation of acts of lawlessness and impunity, which Ali Sheriff resisted. “While we e consider it most uncharitable that Makarfi will attempt to smear our revered National Chairman by leveling frivolous allegations, in the hope that he can divert attention from the real agenda of the group leading him by the nose, we make bold to state that his own ambition to become the Presidential candidate of the PDP in 2019 is an open secret.. “We have noticed that, besides playing to the gallery, telling lies is gradually becoming their mode of operation, while acts of hooliganism and brigandage are their modes of expression; different from the lawful and dignified approach to issues of senator Ali Sheriff in securing his mandate. “While restating that Ali Sheriff remains the lawful National Chairman, no matter their antics, nor acts of brigandage, it is becoming clearer to Nigerians that, the Caretaker Committee are becoming more violent, in the tradition of their paymasters, and the law enforcement agencies have the duty to stop them. Sheriff relies on the orders of the Federal High Court in suit number FHC/L/CS/613/2016, delivered on 24th May, 2016.” [myad]
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]
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Kogi State governor, Yahaya Bello has hit back at the leaders of the All Progressives Congress (APC) on which platform he became governor, describing allegations of anti-party activities levelled against him as frivolous and malicious. He said that it is a plot by enemies of the state to undermine the development of the state.
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]