News
IBB Must Face Probe Over $12.4bn Oil Windfall, Says SERAP
A rights advocacy group, the Socio-Economic Rights and Accountability Project, has called on the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), to reopen the unresolved case of the “missing $12.4bn oil windfall.”
According to the group, the money was spent between 1988 and 1993 by the government of a former military dictator, Gen. Ibrahim Babangida.
SERAP urged Malami to use his office and power under Section 174(1) of the Constitution and sections 104-106 of the Administration of Criminal Justice Act to establish the truth about what happened to the money and to prosecute anyone found culpable. Punch
PDP Leaders Resume Talks as Former Scribe Seeks Buhari’s Intervention
In spite of the several law suits occasioning many contradictory rulings and judgments from courts of coordinate jurisdiction, the Peoples Democratic Party (PDP) leaders indicated yesterday that they would resume talks aimed at settling their squabbles out of court.
The Chairman of the PDP Board of Trustees (BoT), Walid Jibrin, told THISDAY in a telephone conversation that the peace plan the body initiated weeks before the botched August 17, 2016 National Convention of the party in Port Harcourt would be put into action, adding that the warring parties would be recalled for discussion within the next few days. Thisday
Buhari Was Handed Nigeria on A Stretcher — Badaru
Governor Mohammed Badaru Abubakar of Jigawa State explains why the economic policies of President Buhari must be supported. He also spoke about the crisis at the National Assembly as well as ongoing efforts at diversifying the economy of his state. Daily Trust
Mastermind of Abakaliki Jail Break, Awaiting Trial since 2007- Prisons Boss
The mastermind of last Thursday’s attempted jailbreak at the Abakaliki Prisons in Ebonyi state has been at the facility since 2007 awaiting his trial, Vanguard has learned.
Controller-General of the Nigeria Prisons Service NPS, Ja’afaru Ahmed announced this in a statement issued Sunday morning in Abuja.
Abakaliki jail-break Prisons authorities did not immediately give further details about the ring-leader including his name, offences and whether he was among the inmates killed in the crossfire. Vanguard
We Aren’t Sure Chibok Girls Are In Sambisa Forest –Air Chief
The Chief of Air Staff, Air Marshal Sadique Abubakar, says the Nigerian Air Force has no intelligence on whether the Chibok girls are in Sambisa Forest or not.
Abubakar, who spoke during an interactive session with journalists in Abuja on Saturday, however, said the NAF was working round the clock to rescue the girls and other Nigerians abducted by Boko Haram.
The NAF chief also commented on the operation of the force in the South-South, saying the air force would not bomb Niger Delta. Punch
Business News
Islamic Development Bank Opens Nigeria Office Today
IsDB headquarters in Jedda, Saudi Arabia
The Minister of Finance Mrs. Kemi Adeosun along with the President of the Islamic Development Bank (IsDB) Dr. Ahmad Mohamed Ali will formally inaugurate the Country Gateway Office (CGO) of IsDB in Abuja today.
A statement by Mr. Abdullah Kiliaki, the Director of the CGO, said the ceremony will take place at the CGO premises, Central Business District (CBD), Abuja. The president of the IDB has since arrived for the event. Daily Trust
Banks’ Returns on FX Utilization Show Reduction in Capital Outflows
The returns on foreign exchange (FX) utilization published by some of the international banks have revealed that the pressure on capital outflows has gradually subsided.
Unlike in the past when FX purchases for repatriation of capital used to feature prominently on returns of FX utilization published by Stanbic IBTC and Standard Chartered, the report for the week ended August 12, 2016 published last week showed gradual easing of FX outflows.
For instance, while Stanbic IBTC returns on FX utilization showed that the bank sold $62,646,491.70 to 135 customers (both individuals and corporates), the FX purchased by foreign portfolio investors that included The Northern Trust Company, SNNL/JP Morgan Chase Bank, HSBC Bank Plc, and the Bank of New York Mellon was just $2,699,545.98. Previously, FX transactions by the aforementioned investment banks used to dominate Stanbic IBTC’s FX returns publication. Thisday
Volkswagen Says Cuts 28,000 Workers’ Hours over Supply Woes
German auto giant Volkswagen said on Monday it would halt production at six plants for several days as a legal dispute with two key suppliers deepened.
Around 27,700 workers at factories in Emden, Zwickau, Kassel, Salzgitter, Brunswick, and the firm’s home base of Wolfsburg would see their work hours slashed by the end of August, the group said in a statement.
VW had been forced to take the drastic measures at the factories that produce some of its most popular models including Passat sedans and Golf compacts after the two suppliers of gearbox parts and seat covers halted deliveries. Vanguard
Banks Paid N33.8tn in Seven Months – NBS
A total of 463.1 million financial transactions worth N33.87trn were settled by the banking sector between January and July this year, figures released by the National Bureau of Statistics have revealed.
The NBS stated this in a report on the electronic payment channels in the banking sector for the first seven months of this year, which was released on Sunday.
In the report, the NBS stated that the Nigeria Interbank Settlement Instant Payment System, with a total amount of N19.33tn, accounted for the highest settlement made by banks. Punch
CBN, NBET Negotiate Fresh N180bn Fiscal Stimulus for Power Sector
The Nigerian Bulk Electricity Trading Plc (NBET) and Central Bank of Nigeria (CBN) are currently negotiating new financial stimulus worth N180 billion to support electricity operators in Nigeria’s power sector, THISDAY has learnt.
The paper gathered from an exclusive interview with the acting Managing Director of NBET, Mr. Waziri Bintube, at the weekend in Abuja that negotiations on the new package had advanced with the CBN favourably disposed to it.
NBET is a government agency responsible for the bulk purchase of electricity from generation companies (Gencos) for resell to distribution companies (Discos). It acts as a financial stabilizer in power trades between the Gencos and Discos. Thisday
NLC Rejects Okorocha’s Two-Day Farming Policy for Workers
The Nigeria Labour Congress has condemned the Imo State government’s three-day work and two-day farming for workers, as recently introduced by Governor Rochas Okorocha.
NLC President, Ayuba Wabba, gave this indication while fielding questions at the News Agency of Nigeria Forum on Sunday in Abuja.
Wabba said that the policy which implied forcefully sending workers to farm was against the International Labour Organization Convention and also against the rules and procedures in service. Punch
AMCON: Aero Crisis Worsens, May Sack Workers
Aero Contractors, one of Nigeria’s largest domestic airlines, is set to lay off some of its workers as its financial crisis becomes worsened.
Already, the airline is in talks with aviation unions on how to cut down on the number of workers in its employ.
It was gathered on Sunday that the airline, which met with officials of the Air Transport Services Senior Staff Association of Nigeria last Thursday on the issue, would continue with the meeting this week. Punch
AG Leventis Set to Raise Fresh Fund, Engages Foreign
There are indications that AG Leventis Plc will soon raise fresh capital to boost its business and turn around its dwindling performance occasioned by the economic meltdown. The Executive Vice Chairman/ Chief Executive Officer AG Leventis, Michael Economakis confirmed to Vanguard that plans are underway for the company to inject fresh capital given the present low economic activities in the country.
However, he said “Very soon we will disclose how much we intend to rise and the method of raising the fund. We are still discussing.”
Meanwhile, speaking at the company’s fact behind the figures on the Nigeria Stock Exchange (NSE) Economakis said “We are discussing with foreign investors, hopefully there will be capital inflow very soon, this capital inflow will assist us in having better cash flow, there will be reduction in our cost of find and we will be able to expand our products portfolio”, he said. Vanguard
Spectrum Fees Exorbitant, Airtel Tells NCC
A leading mobile telecommunications operator, Airtel, has asked the Nigerian Communications Commission to review its spectrum pricing template in line with prevailing economic situation in the country.
Airtel made the call in response to the NCC invitation to stakeholders to submit comments and observations on its licensing proposal for 38GHz and 42GHz spectrum bands as well as re-planning of 23GHz spectrum band.
In its submission obtained from the NCC’s web portal on Sunday, Airtel urged the regulatory agency to review spectrum fees and pricing to reflect the present economic realities.Punch
Power Sector Faces Collapse as Banks Halt Loans
The Deposit Money Banks are no longer willing to support power companies with loans due to the inability of the firms to meet their contractual obligations, amongst other issues, OKECHUKWU NNODIM reports
The inefficiencies in the privatized power sector has made the Deposit Money Banks unwilling to provide loans to electricity generation and distribution firms, an investigation by our correspondent has shown.
It was learnt that some banks were shunning the loan requests of the power firms as the financial institutions appeared no more convinced about the viability of investing in the power sector, judging by the happenings in the Nigerian Electricity Supply Industry. Punch