THE NATI ON TUESDAY. NOVEMBER 20.20l2 Pl"(ffipediYt' inVr.i!0l5 must
E·mall
BUSINESS
busslnesselhenallononllnon9 net
CBN to sell
N116.2b TBs, DMO, NSOb bonds • Naira drops to two-month low HE Central Bank of Nlgeria(CBNj, which §ells bills 10 help miUlilgl' cu~ supply wlthm Ihe markel,is offering Nt 16.2 billion (5733 mLI~ lion) of treasury bills on Thursday, No\'ember, 22
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No;o billion of IO-~ar and <;e'Vt'n-year bonds n~t week, according to Bloomberg
news.
Meanwhile. the naira dedint'd iI~ilmsl the dollar on the mterb"nk markel, vesterdilY. reaching a twomonlh low and capping the worst wee. ... In 1_2. as foreign Inflow~ and od company foreign-exchange sale's wen' said to be limited It retreated 0,3 perrent to NI5852 a dollar. the lowest do:;mg level since September 5, It retreated 0.7 petcent thio; week. according to data compiled by Bloombe:rf: ·It'.. a temporary shortfall 10 c:ufpl'l' thiS week,· Samn GadlO. a London-bilsed emerlting markets strategist al 5tandard Bank Group Limited. said 10 an emailed rerlv to questions yesterdilY ~I don't think there were Significant forelgn-ellchange sales from oil' companies and foreign inflows han' been less robus'" Oil-producing comparues, which sell dol1ars to meet domestic expenses, are the second-biggest source of foreign currency after the Centrllli Bank, whICh sells dollar ... on Mondays ilnd Wednesdays to keep Ihe naira withlll a three percent bimd around N155.per dollar.
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-0..2958
:i~:~ -156
:~79 -10.472
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GDP grows by 6.48% as inflation rate hits 11.7% N
1GERIA'5 Gross Do mes I icProd uct's (GDP'5) growth rail.' when measured on i1ggregRie MsIS, grew by 6.48 percent in tht" third quarler of 2012, iI5 agilinst the 7:s7 pucent recorded in the corresponding period of lOll, it was learnt resterday. Asamst government's efforts 10 keep mnallon rate at II smgle digit, the Compositl' l>r~ Index (CPI) for October rose to 11.7. compared IVlth the 11.3 percent rate in Ihe pr~ding monlh.
n!~i:n~!a~~~t~~tti:;~~~e~ eral, Dr )emi Kale. the Nationill Bureau of Stalistics (NDS) said the new GOP and inflation growth rate trend. which were among the ma-
From Gbengll Omokhunu , -. jor economic highlights, showed thai in the quarter under review, the oil sector outperformed the non-oil sector m GDI' outputs for the first lime In thl' last four quarlers The NBS report indicated that the nominal GOP for the third quarter of 2012 W/IS estllnated ilt NIO, 967,272.89 million as against
sec tor recorded 510wer growth rilte as a result of iledmes in nO\l+oil sector Rrowth, which was driven growth in acth'llies re-corded in the building and construction, cement, hotel Imd restaurant, lind electricIt)' seclors According to the Bureau, the a\'erage daily crude oil production stood ill 2.52 million (mbpd) in Ihe third quarler of thiS yeM,
or
N9, 856,176.33 million dur-
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It added that the o\'endl performance of Ihe economy III GOP outpul from bolh oil and non-oil
201lhllsed on data reo-ived from the Nigeriiln National Petroleum Corporation (NNPC). Thl'S(' figures indicated
:~~ ~~201Icsponding quar-
that the sector grew in real terms by 0.08 per cent in oil GOP co mpared with the -0_26 per cent for Ihe 5llml.' quarter last rear. De5pite its ebbing growth mte, the statistical aseney noted that the non011 sector is still a major dril'er of the economy, as it recorded 7_55 per cent growth 10 reililerms in the quarter under review compared With 8.76 per cent growth rail.' it recorded 10 ihe corresronding period of 2011 The decline, according to NBS. was largely attributed to declines In output in the Agriculture. TelecommUnications. Wholesale and Relilil trade and Real Estate sectors
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'NCP never
reco mmended can ce ll ation of Ma n itoba's contract I
lIAIRMAN of the Technical Committee of Ihe NaliOllilI Coundl on Prin'tisalion (NCP), Mr Aledo Peterside, has denit'd o;toriec: making the roundc:, which falselv suggestt"d that hiS Technical Committee recommended the cancellation of Manitoba Hydro Intenlilhonal 's Management Contract, to manage the Triln~mlsslon Company of Nigeria (TCN). He said, "It 1:'\ sad that deliberate fal5l!hoods are being peddled and planted in selected medii! houses in order 10 diKredit his TKhnical Committee members. He ad\'~ honest reporters and edilors to please seek to verify st'nsltl\'e stones of thiS natureso they do not end being used by opponents o reform and r~ress. ~ I' resi d en tGood I u c k Jonathan had also on Sunday while fielding que5hon5 from a pilnel ('f editors durin~ a rrec:idential media chat monitored on Nifttma Telenslon AuthorIty (NTA), said Ihl' Manito-
C
ur
~!~O;tr~:i6~~I~il'nno:hb:-~'~:~ ,'oked He said he had given "II relennl agencies up lillieda), (Tuesday) 10 lid)' the tl7ms.,ctic-n
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• From tefl, Group H .... d, LlabilltJ' Ptodurl, SI<".lln8 Bank Pte, M. John Aklngbad",: ~bn,"ge., Nalionat Lollery Comminlon. M. It. C.li-. .n orfi ci.l of Ih", 8r.nd Man'g",ment .nd Communk.llon Depntm",nl of the bank, M .... K.I", Edoho .nd CEO, Adntu<", Bnndlng. Mnk",Ung.Communlulion. M. Ch'Iriu Monwubll, II Ih'" -4th P.omo, in ugos.
d~aw
of Ih", ongi ns Slut ing Bank S...-u' ,
Appeal Court <?rders NIMASA to pay N 6.8b Judgment debt
T:
IE Appeal Courl,has ordered the Nigerian Maritime Administration and Safety Agency, (NLMASA) to pal' a judgmenl debl of N6.8 bi lion into an interest yielding account in the name of ils Registrar, ~ndmg the de termmiltion o( Its appealilgainst the judg-
\I,enl
-N&.5OJ trimon -ZS. I1 Ztrlll ion -$lO.M trillion -(61.67 trillion
M nry caruuJ. SeY~raJ fund ma nagers are only oul lo dupe unsuspecting me.mbt!ll!" of the public. They use diflerenl lilclks to hue u nsuspeding inveslol'l. Members of the public should contad SEC before parting wilh thrit
The couri gave tht' order yesterday in Ca~05 while ruJIngoo NTh-1ASA s"pplialtion challen_gmg an earlier order, by JuSI1ce OkOil Aball~ of the tedernlHighCourt.dlrecting the payment of the judgment debt into an interest yiclding account pending a~, The three-man Jusllces' panel of the appellale court
By Eric tkhllae
Jed by Justia> Adamu lauro, held unanimously thaI tM liP: plicahon failed and ordered NlMASAlopaythejudgment debt owed to a shil'ping firm. to Hensmor Nigena llinited, into an accounl with First Bank.. The court fixed Febru· ary II neAt ),ear for h.eanng of the substantive appeal Before the oiling. lawyer to NIMASA.Adegboyega Awomolo (SAN), told the cotlrtlh<tlhisclicntrefusedthe pa}mentofthejudgmentdebt as ordered by the trial court due 10 its pending appeal and
in which one of its bankers, First City Monumenl Bank: Pic (FCMB) was joined. The debt arose from a judg+ menl gi\'en IHte last year by lushce Abang in a suit by J lensmor, who daimed thiil NIMASA arrested its ship, MT Aigbomien. for five years from March l~. 2006, durmg which its content, a conSignment of kerosene ~~asd stolen ilnd the ship wenl 1M
In the suil,Hensmor claimed that whilt" the ship was under NIMASA"s aTrest, ils 63 metric tons of dual purpose kerosene
(DPK) content was siolen, it lost a daily income estimated al $7,000 and the vessel valued at$25million rendered unserviceable. NIMASA appealed the Judgmenl and hIed an application (or stay of execution pending appeal, which WilS gr-anled-by the trial court on condition thai NJMASA paY51he judgment debt into an account opened in the name of the lower court's Deputy Reglstrar_ R'eilhsing that NIMASA was unwilling to obey the judgment. Hen.smor lOiti+ ated a garnishee proceedings. resulting 10 iln order nisi madt> by the court on Mily IS this year
Fed Govt spends N600b on wheat import T : tE Federal lnstitule-of Industrial Research , Oshodi(FlIRO)hasexplumed thai part of the reason~ the Federal Govemmenl 5tepped up the U5t! of cassava bread in the country was to cui the N600billion spenl imports which the for-
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From r.yo Johnson,
1boId...
ing for <;Outhwest Master Bakers on 20 " er cenl 10crt>ase in high quality cassava flour In breild produclion. called on bakers to embrace the cassava bread technology and incre3Sl.' the lise of cassava Rour in pmduchon to improve prices. Olumeko, represented by ~~~~~--'F~I~ IR~O~·~'''''~~k~Of~r'''''~~I'''~C~... ~_
sava Value Chain, Titus EIuntoye, said the use of casSliva flour could reduce bread prices by 65 per cenl and bOost foreign exchange. III.' 5llid increa!.ed use of cas.sava flou r will heir: bakers as it would lead to lower cost of produclion and incrt'asI.' demand. Olumeko said: "Government i5 trying 10 ensure food ~rily in the country hence
the iniliati\'e, ImportalKlfl 01 wheat i~ wei,t;hing heavily ~ gO"f'1Tlment s resources 115 It spends over N6«hiIlion an-
n'!~rro~~si7:Fr:e~!':ht.have db;coveroo lhat we are able to substitute wheat flourwith cassava flour which has a higher nutritional \'illue than the former due 10 Its lower glycerin index responsible for dtabl.' tes.·
Five Star boss urges N PA on proj ects
F
IVE Star log is. tiCS has Implored Ihe manage ment of Nigenan Ports Authority (NPA) 10 hasten the completion and repairs of quay wall around the pori for seamle!Os movement of goods and trucks. The Executi"e Chainnan of Comet Group of Companies. owners of the cumpillly, MUSi\ Danjuma, mitdt' the tall m a spe«h he delivered at the launching of the company's latest asset, a 124 metric tOllJll.'S mobile liebbher crane 1heevenl, whkhheld ill tM Ro-Ro Terminal in lagos, attracted notable personalities in 1M nlanllme SE'Ctor. The Clane, can lift 124 lonnes Weight ItCIUS5 a rndlUS of 48 meten. [)anjumil Silid thecompany made investment in PUrsUit of the Feder.ll Government's desire to make Nigeria the f:a1~~ri!for West and Cent.1anaging DirKlor of Comet Groor of Companies, Mr Pier LUlgt Carrodaoo, obsen'ed thai tht" new !!Tane wwoold be more than Fuffident to mt'et d~t'5 present and immediate f~tu,1.' needs,· adding that thecrane can pick containers from ship's deck uplo 16row~, Ihe size of I'osl-Panamu Cont-ainer Liner. Therefore, it promises to boost container handling and bulk operabans ill the ever busy ~I ••1