CBN Boss Tells National Economic Council: 18 States Already Benefited From Special Intervention Fund

September 17, 2015

Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has said that 18 state governments have so far benefited from the Special Intervention Fund aspect of the presidential relief package which was earlier approved by President Muhammadu Buhari.
The President’s package is a relief designed to help states pay backlog of salaries as well as to ease their financial challenges that were caused by the drop in federal allocation.
Briefing the National Economic Council (NEC) meeting today at the Presidential Villa, Abuja, presided over by the Vice President, Professor Yemi Osinbajo, the CBN governor said that a number of other states are currently being processed for the soft loan facility.
This was even as the Director-General of the Debt Management Office (DMO), Mr. Abraham Nwankwo also informed the NEC that the second phase of the debt restructuring offered to the states is now operational, adding that 13 states are being considered, with 12 banks involved.
He said thia this is in addition to 11 states whose debts were restructured last month.
Nwankwo who also told the Council 23 states are now involved in the restructuring. Said that a total of over N322 Billion of states loans were restructured last month, even as about N252 Billion have been restructured this month.
It would be recalled that the presidential relief package has three core elements. These are:
*The sharing of about $2.1B in fresh allocation between the states and the federal government. The money was sourced from recent LNG proceeds to the federation account, and its release okayed by the president leading to the sharing of federal allocation twice for month of June.
* A Central Bank-packaged special intervention fund that will offer financing to the states, to the range of about ranging around from N300B. This is a soft loan available to states to access for the purposes of paying backlog of salaries.
*A debt relief program designed by the Debt Management Office, DMO, which is now helping the states restructure their commercial loans put at over N660B, and extend the life span of such loans while reducing their debt-servicing expenditures.
The NEC also received an ongoing report from its Ad-Hoc Committee of five governors, on the management of the Excess Crude Account and related Federation Account issues.
The Committee told the Council that it has observed a lack of transparency and accountability in the operation of the Federation Account, and that there were no checks and balances in the running of the ECA in the recent past.
The five governors on the Ad-Hoc Committee are that of Edo State, Comrade Adams Oshiomhole; Gombe State, Alhaji Ibrahim Dankwambo; Kaduna State, Mallam El Rufai; Akwa Ibom State, Mr. Emmanuel Udom and Lagos State, Mr. Akinwunmi Ambode.
The Council also received a report on the issue of refund requested by states who repaired federal roads under the past administration.
A briefing by both the Federal Ministry of Works and the office of the Accountant-General of the Federation showed that 13 states have fully complied with the reimbursement requirements, while eight states have partially complied as 21 states have not shown compliance with federal reimbursement requirements.
The Council which meets monthly was attended by state governors and several top officials from the federal and state governments. [myad]

HUAWEI Management Team Presents ICT FOR CHANGE To Osinbajo

Greenbarge Reporters

September 17, 2015

A team of management of HUAWEI, today, presented the ‘ICT FOR CHANGE’ concept, under the Huawei Empowerment Training Scheme for 2,000 Nigerian Youths at the cost of N1,000,000,000.00, to Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

From right is : The Vice President of Nigeria, Prof. Yemi Osinbajo, Vice President, West Africa ( Huawei technologies) & Director Nigeria Representative Office, Engr. Lanre Odekunle and Vice President of Huawei Technologies West Africa, Mr Caoaijun, during the presentation of the ‘ICT FOR CHANGE ‘ Scheme at the State house Abuja.

From Left :Senior Product Manager, Mr. Eason Song, Solution Expert Engr. Yomi Olurishe, Vice President , Mr. Milo Liang Ting, Director Nigeria Representative Office, Engr. Lanre Odekunle, The Vice President of Nigeria, Prof. Yemi Osinbajo, Vice President of Huawei Technologies West Africa, Mr Caoaijun, Director of Business Enterprise, Li Teng and Senior Product Manager, Li Yafeng, during the presentation of the ‘ICT FOR CHANGE’ Scheme at the Presidential Villa, Abuja. [myad]

Coup: Burkina Faso Names New Leader, As ECOWAS, UN, AU Demand Release Of PM, Others

Greenbarge Reporters

September 17, 2015

Military authorities in Burkina Faso have named Gilbert Diendere, a General who served as top military aide to former dictator, Blaise Compaore for three decades, as the leader of a new junta, called National Council for Democracy, after a coup that sacked the West African nation’s interim government.

This is even as the Economic Community of West African States (ECOWAS), African Union and United Nations, which jointly chair the International Follow-up and Support Group for the Transition in Burkina Faso, have condemned the abduction by the presidential guards, of the President of Burkina Faso, Michel Kafando, the Prime Minister, Yacouba Zida, and transitional Ministers.

Under Compaore, the new leader, Diendere, played a central role in negotiating the release of Western hostages seized by Islamist groups in the arid Sahel, reports Reuters.

The military had earlier announced the dissolution of the transitional government, a day after personnel from the country’s elite presidential guard unit arrested the interim president and prime minister.

President Michel Kafando and Prime Minister Yacouba Zida were detained by soldiers who stormed a cabinet meeting, plunging the poor West African country into chaos and uncertainty.

Protesters took to the streets to protest the military takeover amid reports that 10 people had been shot dead by the presidential guards.

The military’s action came days after a government committee recommended dissolving the elite military unit, an arm that helped Mr. Compaore stay in power for so long.

A spokesperson for the coup leaders, Lt. Col. Mamadou Bamba, said on television that the interim president, Mr. Kafando, had been stripped of his functions and the government dissolved.

“We have put in place a national democracy council tasked with organising democratic and inclusive elections,” he said.

Moumina Cheriff Sy, the speaker of the transitional parliament, called the coup “a blow to the republic and its institutions”.

He called on the larger military to halt a coup by elite unit, and said he would assume leadership until the president was released, Reuters reported.
The United Nations Secretary General Ban Ki-moon condemned the coup, and called for the immediate release of the leaders.

The United States also called for the immediate release of the interim president, prime minister.

French President Francois Hollande condemned the coup. He called for the release of the president and prime minister, and the continuation of the electoral process.

The choice of Mr. Diendere as the leader of the military junta is seen by many as the return of Compaore, through the back door.

A communique read by the coup leaders appeared to give boost to that speculation.

The statement said the electoral process was discriminatory and had created “divisions and frustrations amongst the people”, a reference to a policy that barred loyalists of Mr. Compaore and those who backed his tenure elongation bid, from being part of the election.

“The transition has progressively distanced itself from the objectives of refounding our democracy,” the statement said.
The coup leader, Mr. Diendere, however, denied the coup was sponsored by Mr. Compaore. He said he had “no contact” with the former ruler.

“All change of this type can lead to violence. I am conscious of that … everything will be done to avoid violence that could plunge the country into chaos,” Diendere said on France 24 television.

In a joint statement today, ECOWAS, AU and UN strongly condemned what they called the gross violation of the Constitution and the Charter of the Transition and demanded that the defence and security forces submit to the political authorities and in this case, the transition government.

“ECOWAS, African Union and United Nations call for the immediate release of the hostages. They emphatically state that the abductors will answer for their actions and will be held responsible for any physical harm to the President of Burkina Faso, the Prime Minister and other persons being held hostage,” the statement added.

The three organisations reaffirmed their full support to the Transition at this critical time, for the conclusion of its mission with the conduct of elections scheduled to hold on October 11, 2015.

They reiterated their determination, in support of the national authorities, to spare no effort in ensuring the successful completion of the transition process in Burkina Faso. [myad]

Abia Governor Sets Up Committee To Determine Amount Owed Workers, Manage State N14 Billion Bailout

Greenbarge Reporters

September 17, 2015

Abia State Governor, Dr. Okezie Ikpeazu has set up a Committee to manage the N14.152 billion being expected from the Central Bank of Nigeria as Federal Government approved Bailout Funds for payment of outstanding salaries in the State.

The seven-member committee is being charged with determining the exact amount the state is owing the public servants in Abia State the actual duration of backlogs owed the workers and to apply the Bailout funds for its original intendment. The committee will also determine any other issue incidental to salary arrears in the state

A statement by Sam Hart, Senior Special Assistant to the governor on public communication said that though the funds were yet to arrive in the State but that the Bailout fund committee will be inaugurated by the Secretary to the Abia State Government by Monday, September 21, ahead of the funds arrival.

“Information available is that the money has been released to the designated Abia State account but it is undergoing normal internal banking processes before it is credited as cash.

“The Governor in keeping with his pledge that the money will be deployed solely for the original intendment of defrayment of salary backlogs has therefore taken this step to ensure that the process of disbursement of the funds is transparent.

“It is also pertinent to note that the Integrated Payroll Verification System which was introduced by the Ikpeazu administration upon assumption of office has so far saved the State over N300million from incidences of Ghost Workers, padding of salaries and other underhand practices during computation of wages.

“The practice in the civil service, whether money is available for payment or not, salaries are computed monthly and sent for payment. Thus, all the outstanding salaries previously computed in the past and sent in without payment which presently constitute the bulk of these backlogs will contain these anomalies and discrepancies that have been observed in recent times.

“It is therefore the work of this committee to take a second look at these outstanding salary claims and pass them through the fine comb that has enabled the state save N300million so that all excesses and irregularities are combed out before payment is made.

“The Okezie Ikpeazu administration is committed to using the bailout funds for the purpose of payment of salary backlogs. But only genuine salary backlogs owed to actual Abia State workers will be paid at the end of the exercise.

“The bailout fund is not free money. It is actually a loan with a 20-year repayment period at low interest rate so the Governor has a responsibility to ensure its judicious utilisation for the benefit of the people of Abia State.

“The Governor has given a commitment that by Friday, October 30, 2015, all outstanding arrears would have been offset. This is therefore a call to all concerned to support the Governor in this noble quest to rid the system of all unscrupulous elements who collude with themselves to defraud the system.

“In the event that any section of the workforce chooses to make trouble in the course of this process, chances are that they are being instigated by the elements who want to stampede the government to pay backlogs that include salaries to Ghost workers and outrageous paddings of salary claims.”

The Bailout fund committee is made up of the representative of the Head of Service of Abia State,. Chairman of the Nigeria Labour Congress, Abia State Chapter, Chairman of the Trade Union Congress, Abia State Chapter, state Auditor-General or his Representative, state Accountant General or his Representative, state Statistician-General and Special Adviser to the Governor on Economic Affairs. [myad]

Nigeria Labour ‘Polices’ Governors On How They Spend The N338 Billion Bailout Fund

Greenbarge Reporters

September 17, 2015

The Nigeria Labour Congress (NLC) has directed the leadership of its States outlets to be on the lookout and immediately report to its headquarters any attempt by State governors to divert their share of the N338 billion bailout funds provided to them by the federal government to offset salaries of workers.

NLC said in Abuja that it will also partner with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to monitor the disbursement of the N338 billion bailout funds in the 27 affected States, to ensure that salaries owed to workers are completely paid off.

The central labour house said in a statement that was signed by its President, Ayuba Wabba, that its members in the States are now expected to serve as ‘whistle blowers’ in the disbursement process, to ensure that none of the 27 governors misappropriates the fund.

NLC’s vigilance call on its members also came at a time members of the Academic Staff Union of Polytechnics (ASUP) indicated their intention to go on strike in demand for payment of salary arrears owed its members in some states.

ASUP in a press briefing also raised several issues it claims affect its members and Nigeria’s polytechnics, and which it wants the new government of President Muhammadu Buhari to address in his expected reform of the country’s education sector. [myad]

Court Disgraces Lawyer: Remands Him In Prison, Seizes His Certificate, Over N13 Million Alleged Fraud

Greenbarge Reporters

September 17, 2015

A Lagos Magistrates’ Court sitting at Tinubu, has ordered a 49-year-old lawyer, Shina Ibrahim to be remanded in prison even as it also seized his certificate of call to Bar, over an swindling of one Mrs. Idowu Ayodeji of N13 Million under the pretence of selling a landed property located on Lagos Island to her.

The lawyer was also accused of threatening the life of his victim and was remanded alongside his alleged accomplice, Falilulai Sarumi, 67. The two were arraigned on seven counts.

In the charge before the court, the police alleged that Ibrahim and Sarumi, with others at large, conspired among themselves and committed the offence at about 10am on September 2, 2015.

According to police prosecutor, Francesca Okere, the landed property which the accused purportedly offered for sale to Ayodeji belonged to one Mrs. Elizabeth Olajide.

Ibrahim was accused of tricking the victim into paying N13m into his bank account while presenting Mrs. Olajide’s property to the victim, with the full knowledge that the said property was not for sale.

As for Sarumi, the police alleged that in connivance with some persons still at large, he aided Ibrahim in defrauding Ayodeji, by obtaining, through his sky bank account, a sum of N12.3m from Ibrahim, while posing as the agent on the landed property purportedly put up for sale.

The two were also accused of making an attempt on the life of the victim, when upon suspicion, she demanded for the refund of her money.

They were also accused of storming Mrs. Olajide’s house, threatening to kill her tenants, and in the process vandalising the doors, windows and the roof of the house in a bid to eject the occupants.

The seven counts leveled against Ibrahim and Sarumi bordered on conspiracy, stealing, obtaining under false pretence and threat to life.

The prosecutor said: “My Lord, the accused have violated sections 409, 312, 285, 337 and 56 of the Criminal Law of Lagos state of Nigeria 2011 and are liable to punishment under the same laws.”

The two accused however pleaded not guilty.

They were subsequently admitted to bail in the sum of N750,000 each with two sureties in like sum.

The presiding magistrate, Mr. L.A. Owolabi, said the sureties must be up to 40 years of age, a blood relation, to show evidence of tax payment for three years and with their addresses verified.

He also ordered Ibrahim to deposit his certificate of call to the Nigerian Bar into the custody of the court.

The magistrate ordered the remand of the accused pending the perfection of their bail terms.

The matter was adjourned to October 6 for mention. [myad]

Boxer Dies After First Round Knockout In South Africa

Greenbarge Reporters

September 17, 2015

A South African boxer, Mzwanele Kompolo has died after being knocked out in the first round of a bout with Siphenathi Qampi.

The South African sports ministry said yesterday that Kompolo died in the hospital in the town of Frere in the Eastern Cape province.

Kompolo, who the ministry described as an “up and coming'” fighter, lost by TKO in the first round against Siphenathi Qampi.

The ministry said Kompolo then collapsed in the ring and was taken to Frere hospital, where he went into a coma. He died on Tuesday. The ministry did not say how old Kompolo was.

The sports ministry is still investigating the death of another boxer, a female, Phindile Mwelase late last year. Mwelase died after being in a coma for two weeks following a fight in the capital, Pretoria. [myad]

Nigeria Commercial Banks Face Liquidity Challenges, As They Move N1.2 Trillion To Single Account

Greenbarge Reporters

September 17, 2015

Commercial Banks in Nigeria are set to face liquidity drain as they transferred in bulk, a total sum of N1.2 Trillion to the Central Bank of Nigeria in line with the Federal Government directive on Treasury Single Account (TSA).

President Muhammadu Buhari had ordered that all revenues be paid into the “Treasury Single Account” (TSA) as part of efforts to aid transparency.

The deadline for the implementation of the Treasury Single Account for MDAs elapsed on Tuesday, September 15, and as such, Nigerian banks scurried to sort out accounts of MDAs the CBN circulated among banks to identify which of the accounts was domiciled in their banks.

As a result, of this, there was no trading between banks and no bids made on the inter-bank money market yesterday.

“No trading is currently going on because no bank was willing to put out quotes until there is a clearer direction with the implementation of the Treasury Single Account,” one dealer said.

“The market is frozen right now, as no trading is going on,” a bank treasurer said.

Meanwhile, analysts have predicted that implementation of the government policy will drain liquidity from the banking system, potentially putting some banks in a dire situation. [myad]

Kidnappers Free Deputy National Scribe Of Supreme Council For Islamic Affairs

Greenbarge Reporters

September 17, 2015

Kidnappers have today, Thursday, freed the Deputy Secretary-General of the Nigerian Supreme Council for Islamic Affairs (NSCIA), Sheikh Adam Idoko, a week after he was kidnapped.

Sheikh Idoko, who is also the Chief Imam of Central Mosque of University of Nigeria, Nsukka, was kidnapped last Thursday at Ogurite town of Igboeze-North Local Government Area of Enugu State, while attending a meeting.

The kidnappers had earlier demanded payment of N20 million ransom for his release but was not immediately known how much was eventually paid before he was left off the hook.

Secretary General of the Nigerian Supreme Council for Islamic Affairs, Ishaq Oloyede confirmed the release of his second-in-command, saying that he was released this morning in Enugu and has been taken to a hospital.

Oloyede would not speak on how much was paid as ransom to get him released, saying: “at this time, what is important is his release.” [myad]

Kidnappers Let Toyin, The Sun Deputy MD’s Wife, Off The Hook

Greenbarge Reporters

September 17, 2015

Mrs. Toyin Nwosu, wife of the Deputy Managing Director of The Sun newspapers, Steve Nwosu, has been set free by her abductors.
Information reaching Greenbarge Reporters showed that the kidnappers dropped Mrs. Nwosu off near Zenith Bank by Festac Bridge in Lagos State at about 2.30am and sped off in their boat. Festac shares a boundary with Amuwo Odofin.
Mrs. Nwosu was taken away in a boat by armed kidnappers who stormed their residence in the Amuwo Odofin area of Lagos at about 2am on Monday, September 14.
The kidnappers had on Tuesday, demanded N100 million ransom but it was not known how much was eventually paid to secure the release of the mother of four whose kidnap sparked outrage across Nigeria.
The Management of Sun has confirmed that Mrs Nwosu was released in the early hours of today. [myad]

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