Nigeria makes top class in World Bank 2017 PPP ranking By Cynthia Adigwe
Group (WBG). Ms Yelena Nigeria is one of Osipova-Stocker, the top four leading Communications voices in Public Officer for Private Infrastructure, Partnerships (PPP) in the 2017 ranking of the World Bank
PPPs and Guarantees Group of the WBG, disclosed this in a statement on Sunday.
She said that 2017 was a busy year in the world of infrastructure and public-private partnerships at the
Concession Regulatory World Bank Commission (ICRC) Group: Yelena said that came top four in the Leading voices in Nigeria’s the field category . Infrastructure She said that ...Cont. On page 3
Political spending may threaten Naira stability in 2018 – ABCON -Page 8
JANUARY 1, 2018
VOL 08
FINANCIAL WATCH Bringing all your financial & business news
External reserves hit $38.7bn, rise by 50% in one year - Page 9 By Ezekiel Enejeta The nation’s external reserves, also known foreign exchange reserves, rose by 50 per cent in the last one year to hit $38.73bn on December 28, 2017, the Central Bank of Nigeria data showed on Sunday. This means that the foreign reserves gained $12.9bn between December 2016 and December 2017. Between January and October 2017, the reserves rose by $8bn, indicating a 30.9 per cent increase when it recorded $33.83bn on October 31. The CBN latest statistic showed that as of December 22, 2017, the Nigeria’s foreign reserves stood at $37.92bn. Relative stability in the Niger Delta, uptick in the global oil prices, improvement in Diaspora Continue on Page
FG to stem job loses in 2018, says Ngige By Helen Okolo
government is doing everything possible The Minister of to stem job loses, Labour and while creating new Employment, ones in 2018. Senator Chris Ngige The National has assured Bureau of Statistics Nigerians that the recently said that
about four million Nigerians lost their jobs in 2017, an information that has led to wide criticism of the Buhari led APC government that
promised to create three million jobs per annum. In his new year message, Ngige asked Nigerians not to
worry over the recent statistics on job losses released by the National Bureau of Statistics(NBC) Cont. On page 5
TGNYES 2017: Nigerian Youths Enlighten on Innovation, Entrepreneurship By Haruna Magaji
into the new year, this, The Generation Next Ten (10) tech start up with Youth Empowerment viable businesses will be Summit (TGNYES) has enjoying business support facilitated. services and anothor 20 These beneficiaries female techprenuers will emerged from the 2017 be enjoying soft loan going edition of TGNYES held
recently in Abuja which had over 1000 Niagerian youths drawn from the six geopolitical Zones of the country in attendance. The Summit, an initiative of Elbativeni
Foundation and Elbativeni Impressions and Consult also had in attendance angel investors, business developers, notable dignitaries with motivational speakers
including, His Excellency, Ambassador Leopoldo Rovayo Verdesoto, of the Embassy of the Federal Republic of Ecuador to Nigeria, ...Cont. On page 4
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Focus on productivity, experts tell CBN By Ali Sam
development using effective, efficient and transparent implementation of monetary The muchawaited 2018 is exchange rate policy and here with lots of management of the financial sector. promises and opportunities for Financial pundits have the economy. advised the CBN to focus less Financial on keeping inflation low, but pundits want lift productivity, drivers like the Central Bank of Nigeria Small and Medium Enterprises (SMEs), (CBN) to focus less on inflation manufacturing, agriculture control which is and other real sector He commended the CBN’s “Parallel market rate has stifling growth, operators have suggested. efforts at stabilising the appreciated 34.6 per cent sustain foreign naira at both the official year-to-date; the Impressed by the rate of the exchange and parallel market. He introduction of the economy’s recovery, the CBN interventions said although the CBN has Investors and Exporters’ Governor, Godwin Emefiele, and lift not fully succeeded Forex Window in the is confident that the country productivity restoring the local market, accretion in will return to single digit drivers like currency’s lost glory, but the external reserves and inflation rate. Small and regulator has won a major improved stability in the Medium part of the battle. forex market all Former Executive Director, Enterprises contributed to a stable Keystone Bank, Richard (SMEs) and For the first time in nearly exchange rate in 2017. manufacturers, Obire, said the CBN should Depreciated against the eight months, the local stop selling treasury bills at through pound by 0.2 per cent to currency sustained its improved credit attractive rates, which has close at N484/£ while it stability against the made it easier for banks to access, writes closed flat against the greenback. Managing invest and declare huge COLLINS Euro to close at N426,” he Director, Financial profits without contributing NWEZE. said. Derivatives Company to economic growth. Limited, Bismarck Rewane, At the interbank market, No one wishes the naira appreciated explained that at the “Banks should in the New to see the marginally to close at parallel market, the naira challenges that Year support productive N306.05/$ from N306.25/$ traded flat against the put the economy sectors of the economy and on December 14. The dollar at N364/$ on not just invest in treasury in jeopardy in external reserves level December 28. The naira the last year in bills. The CBN should also increased by 2.9 per cent depreciated against the this brand new leave inflation to take care of ($1.07 billion) during the dollar to N365/$ before itself. The Ease of Doing 2018. But period, to close at $37.92 Business should be improved appreciating to N364/$ as realising this billion on December 22. the demand pressure from on while the foreign exchange wish would This was due to the increased liquidity and interventions should be require proceeds from the foreign investors exiting sustained,” he said. proactive and their positions intensified. Eurobond issuance. intelligent decisions by the economy managers, especially the mprovement in Lagarde said the “In 2017, for the Central Bank of By Cynthia Adigwe first time in a long favourable climate 2018, to 3.7 percent. Nigeria’s lent itself to time, we revised International (CBN’s) In Lagarde’s native implementing our growth Monetary Fund mandate to keep France, seen for reforms. forecasts upwards chief Christine the inflation years as one of whereas previously Lagarde has urged low, achieve Europe’s weak “When the sun is we used to lower stable exchange France and other links, the recovery shining you should them,” she said. rate and ensure countries to push take advantage to kicked in in earnest through reforms that interest this year. fix the roof,” she Global growth of “while the sun is rate is positive said, using one of 3.6 percent was shining” on the (above inflation From 1.1 percent in both “stronger and her favourite global economy. rate) to 2016, growth is maxims. more widely encourage more expected to rise to shared” in 2017, In an interview people to save 1.9 percent in 2017 This year’s global she said, noting with France’s Le and enhance — still short of the growth is on a par that developed Journal du banks’ drive to with the average of 2.4 percent forecast economies were Dimanche grow the for the eurozone as now growing again the two decades published Sunday economy. a whole but better leading up to the under their own Lagarde said the than the 1.6 percent global financial steam and no strength of the The CBN’s role initially forecast in crisis of 2007-2008. longer merely global economic is to deliver the eurozone’s recovery had taken being pulled along price, financial second-largest The IMF has by demand in system stability the IMF by economy. forecast a further emerging markets. and sustainable surprise. slight i economic
Make reforms while sun shines on world economy – Lagarde
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January 1, 2018
...Cont’d from page 1 Nigeria was recognised for being the first country to launch the PPP Contracts Disclosure Web Portal. Reacting to this, the acting Director-General, ICRC, Mr Chidi Izuwah, said that the portal had improved investor confidence in the country. He said that within the first 100 days of President Muhammadu Buhari’s administration, he had earlier stressed his commitment to attracting the private capital and expertise needed to address Nigeria’s infrastructure deficit. He said that the president’s commitment led to a renewed engagement between the World Bank Group and Nigeria to enhance the attractiveness of PPP in the country. Izuwah said that the portal helped to fulfill President Buhari’s goals of fostering transparency and accountability in PPPs, to attract the much needed foreign capital and expertise. He said that this would help scale up Nigeria’s infrastructure development through PPPs and promote sustainable growth and development. “One major PPP transparency initiative is the study conducted by the World Bank Group’s PPP team between September 2016 and April 2017, using the Framework for Disclosure in PPPs. ” The team came up with a PPP Disclosure Diagnostic Report for Nigeria that examined the political, legal and institutional environment for disclosure of PPPs,” he said. Izuwah said that the report made specific recommendations to improve disclosure in Nigeria by creating an enhanced framework for the scheme, applicable to all Federal Government PPP contracts.
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TGNYES 2017: Nigerian Youths Enlighten on Innovation, Entrepreneurship ...Cont’d from page 1
noting that he had faced challenges over and Nigerian the course of 7 years, Communications implementing an idea Commission’s Executive that would employ Vice Chairman’s (EVC) over 15000 people. Senior representative, The Ambassador of Ms Olawaiye Olasumbo. the Republic of Others were: MD of Ecuador to Nigeria, Nanet group, Mr Ini H.E Leopoldo R Akpabio; Nigeria’s Verdesoto shared Former Minister of varied experiences information, Mr Frank both as a According to Nweke Jnr.; CEO of him, “I have served Elbativeni Foundation abroad in three and Elbativeni different places, all of Impresions and Consult, them nice from my Ms Destiny Ruth point of view but they Obiakoeze; CEO of O&S were considered not Services, Mr Oba easy. One of the fact Boniface, CEO of Media that I carry my career Range Ltd, Mr Hassan and I am very proud of Abdul; Flex NG’s Mr it is some people didn’t Kabir Bayo Shittu; want to go to the Ocean Hill’s Mr places that they had Chinonso Opurum; offered me to go but I Speaker Arnold Pms say okay because for Arnold Ayomide me, it’s a privilege to Afolayan amongst serve my country and I others. go! No Wahala on it” The Project’s mission The Managing to build youth leaders Director of Nanet and empower them with Group and Nanet right resources, world Hotels, Mr Ini class speakers, job Akpabio, success Icon opportunities, grants, of the maiden edition loan facilities, and patron of the entrepreneurship ideas Summit spoke on “The and available physical roles of youths in a gifts and tools to united Nigeria”. He enhance their lives. raised salient issues of According to the unity stressing that Nigeria’s former Nigeria had lots of minister of information, things threatening to Mr Frank Nweke Jr. divide her. who was ‘Success Icon’ Speaking on some of for the forum the take home for appreciated the the youths at the Summit organisers as partners in Mr Ini Akpabio said Nigeria’s development “The Youths are very and emphasized that “I powerful so the first say this because more thing they must do is often than not, we find to recognize their many people who believe power. The youths that they have no role to don’t know how play in national powerful they are. In development. So when I exercising their power, meet young people like they will be able to Destiny and her team make changes. The who envision this kind of changes I have been empowerment advocating are those programmes and it has that can be embedded encouraged others on in our constitution. We what must be done; one should have a must duff his hats, one percentage set must respect them. So I aside…maybe like pay my due respect to 25%, and say that at them”. all levels of He spurred on governance, that 25% participants to ask must go to the youths; themselves hard defined as people questions and stressed between the ages of 15 on the need for passion to 35. and drive and the desire Earlier in her to push against all odds welcome address, the FINANCIAL WATCH
Nigeria’s Former Minister of information, Mr Frank Nweke Jnr.; CEO of Elbativeni Foundation and Elbativeni Impresions and Consult, Ms Destiny Ruth Obiakoeze; CEO of O&S Services, Mr Oba Boniface, CEO of Media Range Ltd, Mr Hassan Abdul; Flex NG’s Mr Kabir Bayo Shittu; Ocean Hill’s Mr Chinonso Opurum; Speaker Arnold Pms Arnold Ayomide Afolayan.
CEO of Elbativeni Foundation and Elbativeni Impressions And Consult the hosting organizations of the youth Summit, Ms Destiny Ruth Obiakoeze, explained that the youth Summit was to bring people of different sectors and proffer ideas and actions capable of helping the young people move forward. Nigerian Communication Commission’s Executive Vice Chairman (EVC) who was represented by the Principal Manager in the public affairs department, Ms Olasumbo Olawaiye said that since the youths make up a huge percentage of the telecom consumers ‘the Generation Next Youth Empowerment Summit’ was indeed a great platform to enlighten them on the various
telecom issues. The Commission had earlier in March 2017 flagged off the ‘year of the Telecom Consumer Campaign’ focused on the needs and satisfaction of the Nigerian Telecom Consumer of which part of its purpose is to inform and educate the consumer with the sole intent of protecting and empowering them to make the right decisions and from unfair practices of network operators. In a session on Brand Power, the CEO of Media Range Ltd, Mr Hassan Abdul taught that there were series of things that were important to becoming more marketable as personal and business brands and it is indeed important to increase performances in them. Attributes that differentiate individuals and business in the industry must be
developed and improved. According Mr Hassan Abdul, Personal branding can accelerate communications strategy, ease career transitions, increases long term career and business objectives as well as expected outcomes. He spoke on the essence of communications and branding to individuals and business and how to leverage its capacities in life and business. Mr. Peter Oluka, IT Correspondent with the Nigerian Communications Week coordinated the ‘opportunities Panel‘ with CEO of MicroFlex,Mr Kabil Shittu; CoFounder of Ocean Hill, Mr Nonso Oprum; Representative of Elbativeni Foundation, Ms Biodun Ogundipe where opportunities for soft loans.
CBN rewards FirstBank’s fight against e-fraud By Ezekiel Enejeta FirstBank has won two of the three awards in the keenly-contested Nigerian Electronic Fraud Forum (NeFF) Annual Dinner and Awards Night held at the Federal Palace Hotel, Lagos.
customers in every nook The awards prove that and cranny of the investment in security of country. customer’s funds does have its rewards. Following the appointment of Dr. Adesola Kazeem .
Adeduntan as FirstBank MD/ CEO, FirstBank FirstBank FraudDesk management embarked emerged as the “Best on reengineering of the FraudDesk” and the “most The winner was bank’s technology, Cooperative FraudDesk” in generated through an operations and upscaling the Industry. the skill of its personnel online survey carried out by the Central Bank with security of its These are recognition of customer’s funds as key of Nigeria in the bank’s efforts in priority, given the bank’s partnership with combating e-fraud as well NIBBS. massive investments in as curbing cyber-crime, alternate electronic thereby frustrating all transaction channels and The bank with the forms of criminal activities majority of votes across technology targeted at its valued all sectors won. January 1, 2018
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New Year Eve tragedy: Five dead, 13 injured on LagosIbadan Expressway
Cont’d from page 1
Statistics(NBC) as the development is effectively modulated by a similar release by the By Ezekiel Enejeta Central Bank of Nigeria(CBN) which The Federal Road Safety indicates over a Seven Corps has said that five Million job growth in persons died and 13 the Agricultural sector others injured in an during the year. accident that occurred He said: “I wish to on the Lagos-Ibadan assure Nigerians that expressway on Sunday. 2018 will not be as Ogun Sector bleak as 2017 in terms Commander of FRSC, of job losses as the Mr. Clement Oladele, Federal Government told the News Agency of has put enough checks Nigeria in an interview to forestall a repeat of in Ota, Ogun, that the what was encountered accident occurred at in 2017. Wazobia, at about 9.00 “As a matter of fact, the a.m. figure released by the NBC must be placed Oladele said two alongside statistics by vehicles and 18 persons the Central Bank of were involved in the Nigeria which shows accident that resulted in that over seven Million the death of five jobs have been created persons, while 13 others in the Agricultural sustained various Sector. This is the only degrees of injuries. way to arrive at a balanced job situation The sector commander in the country”. explained that a He said the Federal commercial bus with Government will work registration number harder in the new Year MGD 129 ZF coming to create more jobs and from Ibadan to Lagos sustain the current lost control and veered efforts at protecting the off the road and collided existing ones, with a trailer with sayingsame,” Ngige registration number stated. DDA 121 XA that was parked by the road side.
TEF opens entry for $100m entrepreneurship programme
By Ezekiel Enejeta
provides critical tools for business success, The Tony Elumelu including: 12 weeks of Foundation says it is now intensive online training accepting applications for which guides business ideas that can entrepreneurs on transform Africa. creating and managing The programme, which a business; mentoring: a is in its fourth cycle, is world-class mentor to TEF’s 10-year, $100m guide during the early commitment to identify, transformation stages of train, mentor and fund the business; funding: 10,000 African $5,000 in seed capital to entrepreneurs by 2024, prove the concept, plus according to a statement access to further by the foundation. funding; and network The foundation said access to the largest prospective applicants network of African startcould visit its website to ups and TEF’s own apply before the global contacts.” expiration of the deadline The TEF Founder, Mr. on March 1, 2018. Tony Elumelu, was The statement read in quoted as saying, “When part, “The programme we launched the TEF
programme and committed $100m to empowering Africa’s entrepreneurs, I knew we would create impact, but I never imagined it would be impact of this magnitude. “We have unleashed a movement of African entrepreneurs – a force so strong, so inspiring, that I am confident will collectively transform Africa. We need Africa’s best and brightest entrepreneurs to come learn, grow their businesses and build our continent.” “Our 3,000 alumni are already growing their businesses and improving lives.
Fayose’s aide quits, protests deputy gov’s anointing as successor
By Tosin Adesoji The Special Assistant on General Matters to Governor Ayodele Fayose of Ekiti State, Segun Akinwumi, has resigned his appointment.
“The corpses of the victims had been deposited at the mortuary in Ipara General Hospital, while the survivors are also receiving treatment at Sagamu and Victory Hospital, Ogere,’’ he said Oladele said the driver of the commercial bus absconded immediately after the accident occurred. FINANCIAL WATCH
Akinwumi had earlier served as Director General/Special Adviser on Procurement Matters before his redesignation. In his December 29 resignation letter, Akinwumi did not state any reason for his action. The five-paragraph letter reads: “I hereby tender my resignation with immediate effect. “Sir, you would recall that on 24th October,
2014, you appointed me Director General/Special Adviser on Procurement Matters in your government, the position I held until I was redeployed as Special Assistant, General Matters, till today, December 29, 2017. “I thank you most sincerely for giving me the rare opportunity to serve at both appointments. Please, accept the assurances of my kindest regards.” But in a telephone chat with journalists on Sunday, Akinwumi said he took the decision to quit because the governor reneged on his promise to leave with his deputy, Prof. Kolapo Olusola, who had been anointed as the PDP governorship candidate in the state. January 1, 2018
He claimed that Fayose had first told him and other aides to work for a former Attorney General and Commissioner for Justice, Mr. Owoseni Ajayi; and later, for former Commissioner for Works, Mr. Kayode Oso, as his successor. Akinwumi said, “I am a product of establishment for the past 39 years and under the tutelage of Baba Awolowo. People were brought in under establishment, it was Baba Ayo Fasanmi that brought us into politics. “Bringing somebody (Olusola) from nowhere, bringing somebody from the sidelines will not work. It is someone within the system that we want in the PDP.
“Fayose should stop playing God in our party, let the national leadership and people that matter tell him not to play God again in our party because you cannot mock God. “Fayose had told us that he would serve out his tenure together with his deputy. No God has spoken to anybody about it, no one can play God, no matter how highly placed; and anyone that plays God will become an ex-person. When contacted on Sunday for his reaction, Fayose’s Special Assistant on New Media and Public Communication, Lere Olayinka, said there was no reaction to Akinwumi’s claims since he didn’t state that in his resignation letter. Page 5
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NEWS By Haruna Magaji The Nigeria Labour Congress (NLC ) has said that the failure and inability of President Muhammadu Buhari led government to address the infrastructural deficit and other related problems, especially in he oil industry has dashed the hope placed on the change promised Nigerians by the APC led government. The congress said Nigerians have continued to be at the receiving end, with over 4 million Nigerians losing their job in 2017 according to statistics provided by the National Bureau of Statistics as against the three million jobs annually promised the party. In his new year message to Nigerians, NLC President, Comrade Abubakar Wabba lamented that rather than work to create jobs and improve the condition of Nigerian working people and Nigerians in general, leading elements in the ruling APC government, like Governor Nasir elRufai, have been taking measures to further chastise and ruin Nigerians by throwing tens of thousands of workers into the already saturated unemployment market and wretchedness. According to him, 2017 saw the working people, pensioners and other Nigerians facing series of daunting socio-economic and security challenges, “even though we had hoped that the year would offer succour for the masses of the people.” Wabba said the deplorable economic situation in 2017 is aptly captured by the statistics recently released by the National Bureau of Statistics (NBS) which indicated that over 4 million Nigerians lost their jobs in 2017. He said: “Against the background of the campaign promise of the ruling All Progressives
FINANCIAL WATCH
Nigerians losing hope on change promised them-NLC despondent group in an economy that even the well-to-do are groaning and struggling to survive. No wonder, our country is one of the worst, known for having many hungry people in the world according to the World Hunger Index report 2017.” He stressed that in recent times, Nigerians have witnessed one of the worst shortages in federation, coupled Congress (APC) measures to further the supply of petrol in with additional government to create chastise and ruin the history of the three million jobs Nigerians by throwing payment of three country in spite of tranches of windfall, annually, this statistics tens of thousands of Federal Government’s (Paris Club debt from the NBS workers into the repeated claim that with refunds), states like underscores the grave already saturated the complete removal of and depressing situation unemployment market Kogi, Osun, Benue, subsidy on petroleum Ekiti, Bayelsa and of the Nigerian economic and wretchedness. several others entered products, scarcity of landscape in 2017. 2018 with huge arrears petroleum products “In the same vein, spanning up to ten (10) would become a thing of “Rather than work to despite the huge the past. create jobs and improve revenue that the states or more months of wages and pensions. the condition of Nigerian have received through Wabba said that the working people and the Federal position of the congress “Under these Nigerians in general, Government regarding the prevailing conditions, Nigerian leading elements in the intervention funds to situation in the ruling APC government, clear arrears of unpaid workers, pensioners petroleum industry has and their families like Governor Nasir elsalaries and pensions been that the crisis in remained the most Rufai, have been taking in many states of the the industry is due to the inability or refusal of our ruling elite to refine all petroleum needs in Nigeria, adding that Nigeria remain the poor education, and By Cynthia Adigwe of life is the case of only major producer of predominantly stigma. people who are crude oil in the world A Psychiatrist, Dr depressed and because that depends on “People know that they Kenneth Uwaje, says the mortality is not so feel sad, bad, tired for no high, the illness persists importation of refined many depressed products from abroad. apparent reason, and people in Nigeria are for so long. they do not enjoy what not seeking medical He said “For us in the they used to enjoy. help due to “These are some of the Congress, and for misunderstanding, implications of not majority of working “They have negative poor education and treating depression on people in Nigeria, the thoughts of the past, stigma. the social setting, “ he hope placed on the present and future, and said. capacity of President they begin to feel Uwaje, who is a resident doctor at the hopeless, helpless and Uwaje said that hospital Buhari to bring about sometimes worthless, Federal Neurowas the safest place for positive change is being undermined by his even to the point where Psychiatric Hospital, people who were government’s inability they contemplate taking depressed to visit. Yaba in Lagos, spoke to address the their lives, “ he said. in an interview with the News Agency of He said: “In Nigeria, we infrastructural deficit and other related The psychiatrist said that do not have the three Nigeria (NAN) on problems in the oil if depression was not Sunday in Lagos. tiers of health system industry, such as treated, it could lead from fully active. making our existing moderate to severe He said studies show depression with psychotic “Otherwise, the primary refineries work at that 14 per cent, optimal capacity by symptoms. which translates to healthcare centres refining products for about 22 million should be able to cater domestic consumption. According to him, these people, are clinically for some to an extent, symptoms are associated then moving to the depressed in the with bizarre country. secondary and tertiary. “Not only is government unable to achieve this manifestations including for almost three years hearing strange voices “However, these now, but moving and seeing faces; but it people rarely seek “It is also, noncan lead to suicide. medical help; this is communicable and it is forward more refineries, especially modular founded on treatable. “ ...Continue on Page 10 “Overall impaired quality misunderstanding,
Why depressed Nigerians don’t seek medical help – Psychiatrist
January 1, 2018
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NEWS Army commences 77 Regular Recruitment – Spokesman By Haruna Magaji The Nigerian Army says it has commenced its online registration for the 77 Regular Recruit Intake for both Trades, Non-Tradesmen and women from Dec. 29 to Feb 9, 2018.
The army spokesman, Brig.-Gen. Sani Usman, said in a statement on Saturday that the exercise was aimed at selecting able bodied Nigerians and would take place in all states. “Interested applicants must be Nigerians between the ages of 18 to 22 for non-tradesmen and women, while tradesmen and women must be between 22 to 26 years by 1st March 2018. “Applicants are to visit the Nigerian Army official website http://recruitment.army.mil.ng to apply online,” Usman said. He aid that the application was free. “For more details, applicants are to contact 08038575725 or 08037234828. “Further details are contained in Daily Sun and Leadership newspapers of tomorrow Sunday 31st December 2017.” ‘Stop deporting comfortable Nigerians in Libya’ By Haruna Magaji Some Nigerians who were recently deported from Libya have urged the federal government to focus on securing the release of Nigerians languishing in various prisons a rather than deporting Nigerians doing well in the country. They said it was wrong for Nigerians who owned their houses and doing well are deported when thousands of Nigerians are in prisons Matthew Ereyemwen, who spoke to newsmen in Benin City shortly after he was lodged in a hotel by the state government said it was better for the government to concentrate on how to evacuate Nigerians who are languishing in various prisons in Libya. He noted that the deportation of Nigerians living comfortably in their various houses has ruined the chances of those who are in dire need of coming back to Nigeria. According to him “I travelled to Libya and I knew what I passed through there. Our people are still suffering over there. “Those people who are living in their living houses which is their comfortable houses are oppressing us. They are living comfortably in Libya and are not in prisons. “Those who are living in their living homes are not part of us. Those people that came back from Libya with luggage. We that came from prisons we do not have luggage but only shirt. “This is the way we dress those of us in prisons. So anybody you see like this with unkempt hair are those who have been kept in prisons for a long time. ” It was not their intension to keep their hair unkempt but it was because they never had combs to comb their hair. “We do not have our bath and we eat once in a day but those who they have brought along with us who are living in their comfortable houses are not like that”
Another returnee, James Itama appealed to the federal government to concentrate on how to evacuate Nigerians in Libya prisons before concentrating on those living in their comfortable houses in Libya.
“Our people are suffering in Libya prisons. They are more than 2,000 of them in prisons and they are dying. FINANCIAL WATCH
LASG promises spectacular one Lagos Fiesta finale KSA, Wizkid, Davido, Olamide, Others Headline Eko Atlantic’s Grand Concert
State Lauds Sponsors For Supporting Ambode’s Tourism Vision
By Tosin Adesoji The Lagos State Government on Saturday promised Lagosians and visitors a world-class, spectacular finale for the ongoing One Lagos Fiesta holding simultaneously across the five divisions of the state. An array of A-list artistes, a new set of talented youths that emerged from the Lagos Grows Talent (LGT) competition and a spectacular display of fireworks are some of the “special effects” lined up for the countdown concert, which will usher in the new year and draw the star-studded fiesta to a close at the Eko Atlantic City in Victoria Island, Agege Stadium, Ikorodu Town Hall, Badagry Grammar School and Epe Marina waterfront. In a press statement signed by the State’s Commissioner for Information and Strategy, Mr. Steve Ayorinde, the 8Day, 5-Centre fiesta has again highlighted Governor Akinwunmi Ambode’s passionate commitment to the promotion of art and culture, development of entertainment and tourism and using the creative sector to engage and empower the teeming youths in the State. An estimated 300,000 people have thronged the five locations of the fiesta on a daily basis in a multi-dimensional arrangement that has made it Africa’s biggest end-of-the-year artistic event. “It is a fiesta that has provided direct, indirect and induced jobs to more than 6,000 people like musicians, dancers, technicians, stall owners, brand ambassadors, food and beverage sellers
as well as security guards and transport services owners,” Ayorinde said. He added that the Victoria Island zone for tomorrow’s grand finale will hold inside the sprawling Eko Atlantic City as against the Bar Beach end where the first seven days fiesta held since December 24. According to the Commissioner, the fiesta train is needed to move from Bar Beach to Eko Atlantic City in order to better appreciate the spectacular display of fireworks that will herald the New Year at exactly 12 midnight on Sunday. He assured that adequate parking provision has been made for those coming in their cars while shuttle buses would be available at the Bar Beach
“The Governor is impressed and happy that citizens’ participation in the fiesta has been exemplary across the five zones and that in spite of the unprecedented turn-out, crowd control has been effective; people have conducted themselves responsibly and no untoward incident has happened,” he said.
end from 6pm to take guests into the Eko Atlantic venue where some of Nigeria’s biggest artistes like King Sunny Ade, Wizkid, Davido, Olamide, Falz the Bad Guy, Adekunle Gold, Simi, Humble Smith and Osupa Saheed among others will stage a world-class performance that will be broadcast live on various national and international television and online stations.
The statement conveyed the Governor’s best wishes to Lagosians and urged them to continue in this orderly and peaceful manner till the end of the fiesta tomorrow.
Ayorinde added that the same high standard that will be experienced at Eko Atlantic will be seen at the other four venues to give Lagosians a memorable countdown/crossover night experience, in tandem with Governor Ambode’s electoral promise that every part of the State would be carried along in all of government activities.
The Governor also expressed gratitude to NBplc, South Energy X, Eko Atlantic, GTBank, Access Bank Plc, Eko Hotels LTD, Pepsi, Dangote Group and JMG among other sponsors and partners whose support has not only made the OLF 2017 incomparable, but has also further developed the creative economy of the State.
Nigeria’s trade balance increases from deficit in 2016 – Presidency Presidential Spokesman, Mr Femi Adesina says that Nigeria’s trade balance increased from deficit in 2016. Adesina, the Special Adviser on Media and Publicity, made this known when he unveiled 17 achievements of the President Muhammadu Buhari’s administration in 2017. According to him, Nigeria’s foreign exchange reserves grew by 12 billion dollars, reaching the highest level since 2014. He revealed that Nigeria, this year, added additional 250 million dollars to its Sovereign Wealth Fund (SWF). Adesina said Nigeria exited its worst recession in decades and rose 24 places on the World Bank’s Ease of Doing Business. “Nigeria exited its worst recession in decades. After five quarters of negative growth, the economy bounced back into positive territory. “Also, Inflation fell for ten consecutive months during 2017 (February to
November),’’ he said. The presidential aide said agriculture was one of the stars of 2017, posting consistent growth levels even throughout the recession. Also, Inflation fell for ten consecutive months during 2017 (February to November). The Nigeria Customs Service (NCS), he said, recorded its highest-ever revenue collection among other things. “The Nigeria Customs Service recorded its highest revenue collection, crossing the one trillion naira mark, the target for 2017 was N770 billion, and 2016 collection was just under N900 billion.’’ Adesina noted that on the back of a stable Naira and increased investment inflows, Nigeria’s stock market emerged one of the best-performing in the world, delivering returns in excess of 40 per cent. He also stated that the country witnessed bumper food harvests,
“especially in rice, which local production continues to rise significantly (States like Ebonyi, Kebbi, Kano leading the pack, with Ogun joining at the end of 2017).’’ According to him, the price of a 50kg bag of rice, a staple in the country has fallen by about 30 per cent since the beginning of 2017, as local production has gone up. Adesina further stated that the Federal Government had inaugurated a N701 billion Intervention Fund (‘Payment Assurance Programme’) aimed at supporting power generation companies to meet their payment obligations to gas and equipment suppliers, banks and other partners. He said the impact was being felt, adding that the amount of power being distributed was steady at about 4,000MW – higher than previously recorded. By March 2018, the Federal Government’s inauguration of a Tax Amnesty scheme is expected to raise hundreds of millions of dollars in additional revenues for investment in the country.
He also listed the payment of pensions to police officers who were granted Presidential pardon in 2000 after serving in the former Biafran Police during the Nigerian Civil War as part of the Buhari administration’s achievement in 2017. According to him, the officers and their next of kin have waited for their pensions for 17 years since the Presidential pardon. The Federal Government’s fight against corruption took a new turn in 2017 as the successful implementation of a Whistleblowing Programme saw millions of dollars recovered as another achievement in 2017. “To change the narrative on infrastructure deficit, the government successfully issued two Eurobonds (US$4.5 billion), a Sukuk Bond (N100 billion), a Diaspora Bond (US$300 million), and the first Sovereign Climate Bond in Africa, raising billions of dollars for infrastructure spending.
The Saraki Senate: Stability in the face of storm By Emmanuel Aziken In the face of difficult challenges on the part of the executive branch of government, the Saraki Senate has In the face of difficult challenges on the part of the executive branch of government, the Saraki Senate has acted as a stabilising factor in keeping the ship of state steady but then not without its own contradictions. It was an unprecedented step for Senator Bukola Saraki when he last Thursday ordered members of the Senate Committee on Downstream Petroleum to cut short their Yuletide Holidays to address the crippling fuel crisis that has paralysed movements across the country in the last few weeks. Senators often take delight in spending the yuletide holidays with their constituents and failure to do so is often seen as an act of arrogance or indifference to the situation of constituents. The action by the Senate President reconvening the committee underlined the seriousness with which the Saraki leadership of the Senate is considering the crisis. Even more, it again showed how the Senate, nay,
National Assembly has in the present dispensation repeatedly stepped in to steady the ship of state in the face of overwhelming odds against the executive branch of government. The seeming collaboration between the National Assembly and the executive branch, however, did not start with such concerted gestures. After Saraki’s emergence as Senate President against the prescription of All Progressives Congress, APC chieftains, the stage became set for conflict between the two arms of government. The attacks which at the beginning were wholly one-sided against the legislature saw the quizzing of the wife of the Senate President by operatives of the Economic and Financial Crimes Commission, EFCC. She was not charged with any offence. Following that was the arraignment of the Senate on charges of false assets declaration. That was later followed by the arraignment on the charge of forgery, a charge that was subsequently withdrawn upon the assumptions of its hollowness in the charges. Against the background of such assaults, expectations
January 1, 2018
that Saraki would use his travails as an excuse to fight back at the executive have not materialised. If anything, the National Assembly and the Senate in the outgoing year played significant roles to stabilise the polity in the face of the vulnerability of the executive branch of government. The challenges for the executive were there from the beginning of the year, 2017 when President Muhammadu Buhari went on his first medical leave of the year. Unarguably, the most testing aspect of the relationship between the Saraki Senate and the presidency were the two medical vacations Buhari took in the year. When the president took his first leave on January 19, he had written the Senate and the House of
Representatives that he would be away for ten days. However, that vacation eventually stretched into six weeks raising commotion among stakeholders. However, when the president went on the indefinite medical leave in May, it inevitably provoked constitutional questions. By the time he proceeded on his second medical leave, the issues around the 2017 budget of the country had yet to be settled. The matter of who would sign the budget was the least of the concerns given the suspense the absence of the president cast on the polity. Seven years earlier when President Umaru Musa Yar‘adua was in a near similar situation, the Senate acted differently. ...Continue on page 9
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NEWS
Political spending may threaten Naira stability in 2018 – ABCON
Cont’d from page 6
By Haruna Magaji
refineries which can be built between 12 and 18 months are required to address the reoccurring challenge of fuel scarcity and price hike in Nigeria and stop the exploitation of ordinary Nigerians.
Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), has warned that spending by politicians ahead of the 2019 General Elections may threaten the stability of the naira. Gwadabe told the News Agency of Nigeria (NAN) on Sunday in Lagos that the propensity to hoard dollars now, to be spent during political campaigns, was not new to the nation’s political history. “Political spending may affect exchange rate stability in 2018. “Electioneering starts early this time and the tendency for people to hoard the dollar now, to be spent during the campaigns, was not new,’’ Gwadabe said.
The ABCON chief, therefore, called on the regulatory authorities and security operatives to ensure that currency hoarders and speculators do not leverage on the 2019 elections to erode the gains recorded in the nation’s foreign exchange market. Gwadabe noted that the Central Bank of Nigeria (CBN) had spent about eight billion dollars in a
series of interventions at the FOREX market, leading to the flattening of rates across board. According to him, Bureau De Change (BDC) operators, as critical stakeholders in the FOREX market, are committed to playing by the rules in ensuring that the Naira remained stable. NAN reports that since
FRSC, Police, Fire service avert disaster on Niger Bridge situation and fire service, hundreds of people Rescue efforts by men of trapped on the bridge would have been Anambra Fire Service, Police and Federal Road consumed by fire. Safety Corps (FRSC) on Sunday prevented a fire “The incident caused disaster at the middle of traffic on the bridge as the Niger Bridge linking motorists had to wait for about two hours before the Delta and Anambra. smoke was put out and the vehicles towed away by The News Agency of personnel of FRSC,” the Nigeria (NAN) reports source said. that this followed a head-on collision of two Confirming the incident, articulated vehicles laden with petrol coming FRSC Sector Commander from both sides of Asaba in Anambra, Mr Sunday Ajayi, said that no fire or and Onitsha on the death was recorded in the bridge. accident, adding that An eyewitness said the traffic had returned to normalcy on the bridge. incident occurred at about 10 a.m. at the ever “There was an accident busy bridge. caused by break failure of According to the source, one of the tankers but the two vehicles have been one of the articulated vehicles started emitting removed by our tow truck and there is now free flow smoke which triggered panic among commuters of traffic on the bridge,” the commander said. plying the bridge. By Ezekiel Enejeta
“If not for the prompt response of men of the FRSC, Police, who used helicopter to monitor FINANCIAL WATCH
He advised vehicle owners to always keep their vehicles in shape to meet minimum safety standards during accidents. Meanwhile, the National Publicity Secretary of Campaign for Democracy (CD), Mr Dede Uzor, has urged the Federal Government to expedite action on the second Niger Bridge to avert such dangers. “This has further reiterated the need for the Federal Government to stop playing politics with the second Niger Bridge and rather expedite action to save lives.
“Nigerians will see the completion of the second Niger Bridge as one of the dividends of democracy under President Muhammadu Buhari’s administration,” Uzor told NAN in a telephone interview. He commended He advised vehicle owners the FRSC and Police for ensuring free flow of traffic to always keep their and security of lives during vehicles in shape to meet minimum safety standards the Yuletide in the state. during accidents. January 1, 2018
February, when the Naira exchanged at N520 to the dollar, the CBN had intervened aggressively to ensure it remained stable at about N360 to the dollar.
Efforts by the CBN and critical stakeholders like the BDCs led to the convergence of rates between the parallel market and the BDC segment.
Buhari to broadcast to nation on Monday By Ezekiel Enejeta President Muhammadu Buhari will make a national broadcast to the nation to mark the New Year on Jan. 1, at 7.00 a.m.
The President’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu, disclosed this in a statement in Abuja on Sunday. He advised television and radio stations to hook up to the network services of the Nigerian Television Authority (NTA) and Radio Nigeria for the broadcast.
The inherent corruption in the system has made this impossible for more than three decades and should be addressed headlong.”
On the new minimum wage, Wabba said the tripartite committee recently inaugurated should expeditiously conclude its assignment and ensure that a new minimum wage is put in place before the third quarters of the year and urged the National Assemboy to give accelerated hearing g to the bill that will be produced by the committee.
On local government autonomy the NLC President said: “Congress appreciates the recent passage of three core bills on Local Government autonomy in Nigeria by the National Assembly.
It is our belief that the passage of the constitutional amendment to guarantee Local Government autonomy will promote good governance and deepen democratic culture at the grassroots level. Page 8
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NEWS
Green bonds as a lifeline for Nigeria’s degraded environment By Opara Stanley The green bond market has enjoyed strong growth in the last two years, with issuance jumping by over 105 per cent in 2016 alone to a record $81bn. Nigeria’s recent move into the space presents a huge respite for its fast degrading environment, STANLEY OPARA writes Up until five years ago, Nnanna Ejekwe, a subsistence farmer residents in Amator-Ifakala area of Mbaitoli Local Government Area of Imo State, South-East Nigeria, always had good yams in his barn throughout the year. He also never lacked food items like cocoyam, melon, processed cassava (otherwise called garri) and beans in his household year-on-year. But today, Ejekwe, a father of six, laments that over 70 per cent of his earnings is spent on buying the food stuffs he hitherto had in abundance. His farms that are all located close to the Amafor River have suddenly become unproductive owing to massive soil erosion that has continued to ravage the community after the Umuaku Forest (the biggest in Amafor-Ifakala) was hijacked by a timber company, which claimed to have secured a warrant to harvest timber from the forest. Now, the Umuaku Forest is a shadow of its former self as one can effortlessly count the number of trees still standing. It is in the bid to check cases like this and secure the future of small farmers like Ejekwe that the idea of the Green Bond became topical, among many other antienvironmental activities that have become very evident in the life of the Nigerian people. Many Nigerians have been forcefully dragged into the poverty net by deforestation, and the story is not changing either as the many consequences of deforestation have continued to plague the country with many other anti-environmental activities springing up and gaining momentum. According to the Debt Management Office, bonds are debt securities issued by governments, government agencies and corporate bodies in order to raise capital, while Green Bonds are bonds that are used to raise capital specifically for environmental-friendly projects, i.e. projects that are climate-friendly and leave little or no adverse effect on the environment.
(forestry, agriculture and aquaculture);conservation (biodiversity and natural ecosystems); clean transportation (rail, mass transit system, Bust Rapid Transit schemes); and sustainable water management (water treatment plants, water distribution infrastructure, water capture and storage infrastructure). Current state of affairs Against the background that electricity consumers in Nigeria remain grossly underserved with the country having one of the lowest energy-per-capita rates in the world, the renewable energy option is seen as a huge opportunity for the country to close the embarrassing gap. PricewaterhouseCoopers, in its Nigeria Power Sector Report released in July 2016 and entitled: ‘Powering Nigeria for the Future’, says the country’s per capita power consumption was one of the lowestwithin the African region and globally, as it is only 151kilowatts hour (kWh) per year. According to the United Nations Economic Commission for Africa’s Chief Sub-regional Officer, Mr. Bakary Dosso, Nigeria is home to enormous energy resources such as petroleum, natural gas, coal, nuclear power and tar sands. Other resources include solar, wind, biomass and hydropower, which he notes are not being tapped at a time the epileptic nature of power supply makes the country not only one of the harshest environments for business, but also very uncompetitive. In September this year, Nigeria’s first building energy efficiency code was officially launched by the Minister for Power, Works and Housing, Babatunde Fashola, after many years of energy wastage.The programme is a partnership with German Development Agency (GIZ), Nigerian Energy Support Programme and the Federal Ministry of Power, Works and Housing. Fashola had said the move would drive cost and power consumption savings, explaining that the adoption of energy efficiency in building construction would lead to job creation as retrofitting old and non-compliant buildings could create a new crop of jobs that previously were non-existent. The Minister of the Federal Capital Territory, Muhammad Bello, says the government has started the process of evolving a mechanism that will lead to a workable policy on waste management, stressing that waste generation and management are priority areas for the sustainable and liveable cities in the globe, and as such, must not be ignored.
administration of President Muhammadu Buhari. According to him, it is high time everybody graduated from the “collect and dump” approach and incorporate meaningful strategies into the nation’s waste management stream for the development of the country. Bello states that effective utilisation of resources from waste will empower the people by tapping into the valuable aspects of waste management. “I have this believe, that waste is no waste at all, but ways through which other useful resources can create wealth,” he adds. The Chief Executive Officer, Mezzagers Environmental Services, Mr. AbidemiSanusi, notes that only 40 per cent of generated waste is collected in Nigeria, adding that to collect about 90 to 95 per cent of waste, there is the need for a national waste policy. According to him, an effective waste policy will provide the guidelines for everybody and make people know what is expected of them in terms of their generated waste. Sanusi says waste generation and management has become such an important issue in building He explains, “Efficient waste management impacts on public health, the economy and social well-being of the people. Municipal wastes, which are wastes collected and treated by or for municipalities, cover wastes from households, similar wastes from commerce and trade premises, office buildings, institutions and small businesses. “Based on the World Bank estimate of waste generation by countries and regions of the world, Nigeria’s total generated waste is estimated to be 25 million tonnes annually, out of which urban waste generation per day is 40,959 tonnes per day.”
The Mezzagers Environmental Services boss warns that without substantial infrastructure, investment, process management and policies, the effects of continuous growth of municipal waste can be overwhelming and pose great danger to the Nigerian populace. The World Bank has also thrown its weight behind Nigeria’s current environmental challenges. Its Practice Manager for Africa and Environment Resources, Benoit Bosquet, says that sustainable land and water management are adaptation mechanism of climate actions that can be used to address the devastating impact of climate change. Experts have traced climate change to some environmental changes around the world and the desertification and drying up of Lake Chad. The north-eastern region of Nigeria, which has been the hotbed of Boko Haram insurgency, shares border towns that host the shrinking Lake Chad with other countries in the subregion. The current state of the lake is believed to have made unemployed youths vulnerable to the insurgency, which has led to thousands of deaths and displacement of millions of people across the region, creating one of the largest humanitarian disasters in the world. Bosquet says the use of adaptation as climatic action is simply “the economic adjustment to ecological problems as it occurs by building necessary infrastructure and systems that can address climate change as well as prevent its impact.” He, therefore, urges Nigeria to utilise sustainable land and water management to address desertification across the country. “Nigeria needs to build resilience now for the harsher climate of the future. If this is not addressed in time, climate change can worsen Nigeria’s vulnerability to weather swings and limit its ability to achieve and sustain the objectives of the Vision 20:2020,” he adds. Bosquet calls for efficient resource management, stressing that some of climate change impacts like flood and erosion, among others, are stirred by human factors.
Urban waste generation, Sanusi says, is estimated to grow by about 147 per cent (101,307 tonnes per day) in the year 2025; of which the per-capital waste generation is also expected to grow from 0.56kg/capital/day to 0.8kg/capital/day.
The Director-General, Nigerian Conservation Foundation, Adeniyi Karunwi, says all hands must be on deck to ensure both fauna and flora preservation in the country.
According to Waste Atlas, presently, only about 60 per cent of Nigeria’s waste is being collected, while the country still has 100 per cent of unsound disposal with recycling rate hovering around zero per cent.
“Our efforts in communities and protected areas over the years brought over 700,000 hectares of forestland and more than six species of endangered animals (elephants, chimpanzees, pangolins, mandrills and vultures, among others) under our direct management in Nigeria,” Karunwa reveals, adding that the NCF
The Federal Government, through the Ministry of Environment (FMEnv) ,explains that qualifying or eligible green projects include but are not limited to investments in the following: Renewable energy (solar, wind, hydropower); energy efficiency (efficient buildings, energy management); sustainable waste management (pollution prevention and control); sustainable land use
Then, there was no law binding the president to give notice in writing to the National Assembly on his intention to proceed on medical leave. In 2010 the Senate had to postulate a Doctrine of Necessity to empower Dr. Goodluck Jonathan, as acting president. However, when he left the country on May 7, 2017, the president inevitably stirred constitutional issues when his letter dated the same day sought to confer on his deputy, Osinbajo, limited powers. In his letter to the Senate President dated May 7, 2017, Buhari said: “In compliance with Section 145 (1) of the 1999 Constitution, as amended, I wish to inform the distinguished Senate that I will be away for a scheduled medical follow-up with my doctors in London. The length of my stay will be determined by the doctor’s advice. “While I am away, the vice president will coordinate the activities of the government. Please accept the distinguished Senate president the assurances of my highest consideration.” FINANCIAL WATCH
The Chairman, National Executive Committee of the NCF, Chief Ede Dafinone, says, “It is common knowledge that Nigeria can barely boast of a seven per cent forest cover despite its historical affluence of about 40 per cent forest cover in the years preceding the oil boom. “The marked decline in forest cover in just a space of about 40 years is enough evidence and proof to stress that Nigeria can become a ‘forestless’ nation. “The beauty of ‘green’ has been substantially replaced with the ‘grey’ of concretes to such an extent that Nigeria may be in the peril of importing fuelwood and timber from neighbouring countries if we fail to develop modalities for securing the future of the forestry sector in the country.”
The 2017 Multiple Indicator Cluster Survey released by the National Bureau of Statistics shows that many Nigerians are exposed to life-threatening environment due to poor sanitation and drinking water. The report shows that 42.1 per cent of households in Kano State, North-West Nigeria, do not use improved sources of drinking water and only 0.7 per cent of households using unimproved drinking water use an appropriate water treatment method ...Cont. On page 10
...Cont’d from page 1 Relative stability in the Niger Delta, uptick in the global oil prices, improvement in Diaspora remittances and establishment of the Investors and Exporters Foreign Exchange Window by the CBN in April 2017 have led to significant growth in the country’s external reserves especially in the second half of the year.
This means the external reserves have risen by about 10 per cent in one month. The foreign exchange reserves had reached $23.6bn low in October 2016, from $40bn high in January 2014.
The Saraki Senate: Stability in the face of storm Of course, there were significant differences between that development in 2010 and the Buhari situation in 2017.
He reiterates the NCF’s commitment to supporting afforestation and reforestation projects across Nigeria.
The breakdown of the latest figure showed that the reserves gained $3.8bn in almost one month, rising from $34.9bn on November 30, 2017 to $38.7bn on December 28, 2017.
These, it explains, include projects that reduce or cause no pollution of land, water or air; reduce carbon emission and/or conserve natural resources.
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aims to restore the nation’s forest cover to at least 25 per cent within the next three decades.
The reference that the vice-president will coordinate the activities of the government inevitably stoked passions as it was alleged that some presidency minders drafted the letter in a way to limit the powers of the vicepresident while the president was away. Some senators had sought to impute mischief in the letter, but their inference was quickly addressed by the Senate President who relying on Section 145 of the Constitution ruled that the transmission of the letter to the Senate President and the Speaker of the House of Representatives was enough to convey acting power to the vice-president. Just before the president proceeded on his second medical leave of the year, an issue that had tested the might of the legislative body came to fore when the Senate received the report of the Senate Ad-hoc Committee on Mounting Humanitarian Crisis in the North-East. The committee had investigated claims that the Secretary to the Government of the Federation, Mr. Babachir Lawal misused his office in awarding contracts to his companies. Remarkably, Mr. Lawal refused the summons from the Senate Committee even after outside factors sought to mediate. Just before the president proceeded on his second medical leave, the Senate received the report
of the committee which indicted Lawal and recommended his dismissal.
Doing Business Bills which aim to invigorate private enterprise.
The faceoff with Lawal was a clear demonstration of how the Senate could apply grit on an issue it is well at grips with. Lawal was eventually suspended before the president proceeded on leave and finally dismissed after the president returned in August.
The Ease of Doing Business bills include the Credit Bureau bill which was passed in May 2017 and the Secured Transactions in Moveable Assets bill.
An indication of the Senate’s readiness to push through measurable legislations that would impact positively on the populace was the initiative from the Senate President to push through the long pending legislative proposals to reform the oil industry. Senator Saraki’s approach was to push through the Petroleum Industry Governance Bill, PIGB which sought to address key operational issues of the industry while at the same time skirting around the more controversial ones. The personal involvement of the Senate President helped to push the bill to passage. Other notable legislative proposals that passed through the Senate in the last year included the Northeast Development Bill, aimed at rehabilitating the Northeast following the Boko Haram insurgency, the Not Too Young To Run Bill which brought down the age qualification into political offices, the Ease of
December 29, 2017 30, January 1, 2018
The Senate also passed the Whistleblower Protection Bill aiming to protect Nigerians who provide leads for the recovery of public assets, the Nigerian Financial Intelligence Unit (NFIU) Bill which aims to vest independence to the unit for the purpose of meeting the standards of the global financial watch body, the Financial Action Task Force, FATF.
However, the crowning jewel of the Senate in its lawmaking affairs was the amendment of several provisions of the 1999 Constitution. Among the most fundamental proposals adopted from the 33 clauses proposed were the ones that stipulated that the president must provide a portfolio to nominees for ministerial nominations, independent candidature in elections, affirmation of democracy in the local governments, and autonomy for local governments.
In September 2008, the country’s foreign exchange reserves hit $62bn, with the Federal Government spending $12bn to settle external debts. In his remarks on the nation’s external reserves, the CBN Governor, Mr. Godwin Emefiele, had in November, said, “It is my belief that if we remain resolute with our efforts, policies and actions, we can attain a foreign exchange reserves position of about $40bn by end of 2018.” Emefiele had in December disclosed that the nation’s foreign reserves rose to $38.2bn with the issuance of Eurobonds by the Federal Government. He regarded the external reserves figure as the highest in 39 months. In November, the Federal Government raised $3bn through Eurobonds, which was oversubscribed by about $11bn and split across 10-year and 30year tranches at issuance yield of 6.5 per cent and 7.625 per cent, respectively.
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NEWS
Max Air signs agreement with FG to evacuate Nigerians from Libya equipment for the movement of large number of people from Nigeria to any part of the world through its chatter arrangement. The News Agency of Nigeria (NAN) reports that the Federal Government had earlier appointed the Med-View Airline, through the National Emergency Management Agency (NEMA), to participate in the evacuation of 5,037 Nigerians from Libya. The Airline’s Executive Director, Business Development and Max Air Ltd., says it has Dahiru said that the Commercial, Mr Isiaq contract agreement was “The airline has also signed contract Na’Allah, and Mr Ibrahim been involved in the signed between the agreement with the Farinloye, the spokesman evacuation of Nigerians National Emergency Federal government to Dahiru said that of NEMA, South-West Management Agency evacuate 3,184 of the recently, Niger Republic from Libya and Egypt Zone, confirmed the recently as well as the (NEMA) and the 5,037 Nigerians engaged the Airline to development in Lagos on movement of many expected to return from representative of Max evacuate over 5, 000 Saturday. Airline, Malam Shehu Libya. Nigeriens which it did Nigerians, especially sports men and women Wada, in Abuja. successfully. NAN reports that the and military personnel. Alhaji Ibrahim Dahiru, agreement was signed “With this development, “Max Air Ltd. has also the airline’s Public between the parties on Relations Manager, said Max Air is expected to been the leading Airline The airline has the Friday in Abuja. manpower and in a statement in Kano operate six flights to747- in Hajj and Umrah 400 series aircraft.
By Cynthia Adigwe
on Sunday.
bring in 3,184 Nigerians from Libya, using its large fleet of Boeing
Operations in the last 11 years in Nigeria.
Mark d’Ball: Food vendors, others make brisk business in Otukpo By Haruna Magaji Food vendors in Otukpo, Benue, are smiling to the bank after a steady boom in their businesses following the return of Mark d’Ball basketball competition in the town. The News Agency of Nigeria (NAN) reports that the competition could not hold in December 2016 following an eviction notice served on the organisers to vacate the premises used for the event. The competition eventually returned in 2017 following the donation of a new basketball arena by former Senate President David Mark who is the sole sponsor of Mark d’Ball. Some of the food vendors who spoke to NAN expressed appreciation to FINANCIAL WATCH
the organisers saying organisers of the that their businesses competition and pleaded thrived in 2017 for it to be sustained. compared to 2016 when the event couldn’t hold. Another vendor who specialised in preparing indomie noodles with A vendor, Mrs Gloria egg, but only gave his Samuel, said she sold a name as Simeon, told quarter bag of rice NAN that he enjoyed every day. This, she celebrating his said excluded what she Christmas in Otukpo makes from selling because of the brisk other foodstuffs. business during Mark d’Ball. “Some days I go home with N50,000 and at times N45,000. I always rely on this competition (Mark d’Ball) to prepare for the New Year.
around,” Simeon said. Simeon who sold a plate of two indomie noodles packs and two eggs for N350 said he sold up to four cartons every day. Mr Malik Adejoh, the manager of Leach Hotel situated in the Government Reserved Area of Otukpo, did not hide his joy for the competition, as his hotel rooms were fully booked.
“I am from Plateau State. In the last five years, I have been going home on Jan. 1 because I “Mark d’Ball is one wait till the end of Mark tournament we rely on every year to make up d’Ball. for the lost periods during the year. “I couldn’t travel last year (2016) Christmas “Last year (2016) because Mark d’Ball December was tough “I have managed this didn’t hold and I didn’t because the hotel for about 15 have enough money to competition didn’t hold; spend when I travel. years and I can tell planning for the New you what we have Year was difficult for benefitted from this “In fact, I have already my family but I thank competition. People called my people that I God things are normal am coming on New Year come from different again,” she said. day because I know I can parts of the country to take care of expenses at lodge here. She commended the home this time January 1, 2018
“I have some basketball teams and Nigerian artists that are lodging in this hotel and we also hosted the “Miss Idoma” beauty pageant in this arena. “As I am talking to you now, we don’t have any room that is free; they have all been booked until Mark d’Ball comes to a close on Dec. 31 night, and this happens every year apart from 2016. “I know what we lost when it didn’t hold in 2016 but I thank God we are here again,” Adejoh said.
Famous musicians Majek Fashek, Tuface Idibia, Terry G, P-Square, Ambassador Wahala, Aboki for Christ, Fred Bright and Chuks the General are some of the entertainers that performed at Mark d‘Ball events. Others are Ice Prince, Tekno, Okey Bakassi, Ibu, Pastor Nicodemus and Klint da drunk. Page 10