ICYMI: 10 important news you may have missed last week

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Stanbic IBTC and NIRSAL partner on N50b Agric financing

To further the efforts in place to boost agricultural productivity and modernization, the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has entered an agricultural financing partnership worth N50 billion with Stanbic IBTC bank.

Stanbic IBTC has already committed N10 billion for the take-off of the scheme for the 2017/2018 dry and wet season. This scheme is anticipated to drive inclusive economic growth through agriculture in fulfillment of the NIRSAL’s mandate to attract private sector finance to agriculture.

Labour demands reversal of appointment in NIMET

Nigerian Labour Congress (NLC) has demanded that the Federal government reverse the appointment granted to non career professionals in some key technical and scientific directorate position in Nigerian Meteorological Agency (NIMET).

The Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employess (AUPCTRE), expressed their displeasure over the appointments after an emergency meeting in Abuja and threatened to cause havoc in the sector if the Federal Government did not reverse it.

Niger senator, Senator Mustapha Sani defrauded

Buhari Mohammed and Fatima Mohammed are being tried at a Minna Chief Magistrate’s court for allegedly defrauding Niger senator, Senator Mustapha Sani of N400, 000.

The senator lodged a complaint that he received a call in July from someone who claimed to be the Emir of Lapai, Alhaji Umaru Tafida, requesting financial aid for the running of his palace. The caller had sent an account number to which the senator paid in N400, 000.

The senator realized he had been duped when in August he visited the emir who denied any such transaction. Investigation led to Buhari and Fatima who both pleaded not guilty. The case has been adjourned and bail set at N100, 000

MAN to receive bulk of N2.5trillion capital expenditure for locally made goods

Manufacturers Association of Nigeria (MAN) has been assured by the National Assembly that a bulk part of the N2.5 trillion set aside for capital expenditure in the 2017 budget, will be used in the procurement of Made-in Nigeria products.

The Senate President, Dr. Bukola Saraki, made this assurance during MAN’s 45th Annual General Meeting (AGM) held in Lagos yesterday. He said that the Nigerian economic growth can only be sustained if the people learn to rely less on imported goods.

EFCC to extradite former Petroleum Minister, Diezani Alison-Madueke

On Thursday, the Economic and Financial Crimes Commission (EFCC), confirmed their intentions to extradite former petroleum minister, Diezani Alison-Madueke. The EFCC Acting Chairman, Ibrahim Magu, said in his statement to journalists, civic groups and others “I want you to know that nobody will go unpunished. We are even seeking to extradite Diezani, but investigations are still ongoing. We have reached a level where nobody can stop us in the fight against corruption, but we all must realize that we are all stakeholders, and this fight is for the future generation.”

Nigeria’s SMEs record 27% International trade

Nigeria’s Small and Medium scale Enterprises (SMEs) recorded about 27% international trade in the 1st and 2nd quarter of the year ahead of other firms grouped together in the Middle East and Africa (MEA). Nigeria had 27% followed by Egypt at 25%, South Africa at 17% and Israel at 15%

Oil production exceeds OPEC’s 1.8million bpd restriction target

The country has exceeded the allocated crude oil production level by the Joint Organization of OPEC-Non-OPEC Technical Committee (JTC) as the oil production increased by 138,300 barrels per day from the 1.723 million barrels per day in July to 1.861 million barrels per day. This is according to the latest report from the Organization of the Petroleum Exporting Countries (OPEC).

According to OPEC, Nigeria’s crude oil production has consistently increased from 1.511 million bpd in the first quarter to 1.616 million bpd in the second quarter; from 1.710 million bpd in June to 1.723 million bpd in July.

Inflation rate continues decline says NBS

The National Bureau of Statistics report revealed that this is the seventh consecutive month of decline in Nigeria’s inflation rate. The report stated “The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09% points from 16.04% recorded in July, and the rural index increased by 15.91% in August from 16.08% in July. Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28% (year-on-year) in July, up by 0.37% points from the rate recorded in June (19.91%)”

Western Lotto Nigeria gives Mega Upgrade Promo winners N7.1m

A gaming and entertainment company, Western Lotto Nigeria Ltd, gave 142 out of 414 customers a sum of N50, 000 each amounting to N7.1million. This was prize won in the company’s ongoing Mega Upgrade Promo. The Managing director of the company, Yomi Ogunfowora, said that they had only called on 142 (who won through the company’s brand ambassadors) out of the 414 winners in order to be able to properly manage the outing.

The event was held to show transparency to an otherwise doubtful crowd given the ‘online’ nature of the company. Ogunfowora went further to announce and introduce their new sets of games, Lotto Race and Kashman.

Kaduna zone Customs generate N17 billion Revenue

Nigerian Customs Service, Zone B, Kaduna, generated revenue of about N17billion between January and August 2017. The Assistant Comptroller-General of the Zone, Aminu Dahiru, said that the figure represents 73.4% of the zone’s target revenue for 2017. Aminu attributed their achievement to the commitment of the personnel to duty and concrete measures to ensure diligence in collecting revenue due to government. He expressed confidence in their ability to meet the N24billion revenue target by the end of the year.



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