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Saturday, 30 January 2016

Arsene Wenger Speaks about Transfer of Nigerian duo Nwakali& Chukwueze to Arsenal

Arsene Wenger, has confirmed that two Nigerian youngsters, Kelechi Nwakali and Samuel Chukwueze, are on course to join Arsenal football club.

Wenger according to ESPN said talks were “progressing well” but that the pair were still waiting for the required paperwork to be sorted out.

“Of course there are work permit issues. There are medical issues because they have to make medicals, but it’s progressing well,” Wenger said at his news conference ahead of Saturday’s FA Cup game against Burnley.

“If we can get it over the line now during this transfer period, we will do it. We identified Nwakali as the player of the tournament basically, and as a top player,” Wenger said.

Nwakali was named the best player at the last FIFA U-17 World Cup in Chile and was understandably pursued by a number of top European clubs, including Manchester City and Bayern Munich among others.

Lai Mohammed Replies Goodluck Jonathan On Arms Deal Probe

Nigeria's Minister of Information and Culture, Alhaji Lai Mohammed has former president Dr. Goodluck Jonathan will be probed if found implicated in the arms deal scandal.

The ex-president had mentioned the minister when he addressed a world press conference in Geneva on Wednesday,27th January 2016.

"As for the Information Minister(Lai Muhammed), you quoted, I was not president in 2006 but in 2010.He said about 15 former governors of states were corrupt. I believe for the Minister of Information to say that, he must name the 15 governors. I also believe the list must be with our security network. The truth will still come out."

Lai Mohammed however replied on Friday at the Obafemi Awolowo University (OAU) Ile-Ife where he delivered a speech at the Faculty of Arts Distinguished Guest Lecture with the theme "Nexus between Corruption and Under-development of the Nigeria State".

"The presidency does not micro-manage the anti-graft agencies and the presidency does not decide who to be probed at any point in time. The anti-graft agency will probe him if they feel that he has questions to answer and they would do their job at the appropriate time.” he said.

Friday, 29 January 2016

Nigerians Should Expect New Electricity Tariffs From Monday - NERC

The new tariffs approved for electricity consumers across the country will become effective on Monday and will enable the power distribution, generation and transmission companies to acquire needed infrastructure, the acting Chairman of the Nigerian Electricity Regulatory Commission, Dr. Anthony Akah, has said.

Akah, who said this when he led top executives of the regulatory agency on a courtesy call on the National Orientation Agency in Abuja on Thursday, also said there was no going back on the new tariffs.

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He said the Nigerian power sector reform must provide an appropriate pricing template, which had been lacking, leading to deficiency in revenues from power.

This, he added, necessitated the new Multi-Year Tariff Order to enable the generating, transmission and distribution companies to provide the needed infrastructure for higher generation and supply of electricity to meet the needs of consumers.


Sports: Super Eagles Players' May Boycott National Assignments; Sunday Oliseh Warns

Super Eagles coach, Sunday Oliseh has disclosed that the players may have lost confidence in playing for their fatherland, saying most of them complain they are “poorly motivated”.

This is as a result of the football federation's inability to pay the players' match bonuses and allowances to the various national teams.

Reports also reveal that the Eagles have not been paid the bonus for a 2-0 home win over Swaziland in a 2018 World Cup qualifier in Port Harcourt in October.

The team also did not receive any cash from the NFF leading up to their shock exit from CHAN 2016 at the hands of Guinea on Tuesday.

“I have one big fear – I hope when we call the players they will not refuse to play for Nigeria. It’s scary but real. I have received phone calls from them asking about what they are being owed,” warned Oliseh, who blamed sagging morale for his team’s ouster in Rwanda.

“We need better motivation and if we don’t get it right and in time, we will struggle.” Africanfootball
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Arms Deal: EFCC Arrests Nigeria's Ex Chief of Air Staff 'Adesola Amosu'

Nigeria's immediate past Chief of Air Force, Adesola Amosu, has been arrested by the EFCC over N29bn arms deal fraud.

Air Vice Marshal Amosu, who was retired last year, alongside other military chiefs, are allegedly being detained over allegation of corruption in arms procurement during his tenure.

The Arms deal probe panel report, as released by presidential spokesperson, Garba Shehu, on January 15,had said, “A major procurement activity undertaken by ONSA for NAF was that concerning the contracts awarded to Societe D’ Equipment Internationaux (SEI) Nig Ltd.

“Between January 2014 and February 2015, NAF awarded 10 contracts totalling Nine Hundred and Thirty Million, Five Hundred Thousand, Six Hundred and Ninety US Dollars ($930,500,690.00) to SEI Nig Ltd.

“Letters of award and End User Certificates for all the contracts issued by NAF and ONSA respectively did not reflect the contract sums. Rather, these were only found in the vendor’s invoices, all dated 19 March 2015.

Additionally, some of the award letters contained misleading delivery dates suggesting fraudulent intent in the award process. The observed discrepancies are in clear contravention of extant procurement regulations.
See Why EFCC Arrested & Detained Former Chief Of Air Staff Adesola AMOSU

How Nigerians are Enriching Ghanaian Govt with Their Fake Yellow Fever Cards

A Leadership article has stated that Nigerians are enriching the Ghanaian government with their fake yellow fever cards.

According to the report, Nigerians travelling to Ghana, or travelling out of Ghana are being made to take Yellow Fever vaccines at all Ghanaian airports, as many of them have fake yellow cards.

Ghana’s Health Service has turned eruption of fake Yellow Fever cards from Nigerian airports into a money spinning venture, by insisting that travellers (who are mostly Nigerians) bearing fake International Certificates of Vaccination, otherwise known as yellow fever card are vaccinated at the airport as part of completing immigration rules at the rate of N3,000.

Each day, about half a thousand Nigerians are stopped while going through immigration processes at Ghana’s airports for having the wrong yellow fever vaccination card, meaning that the Ghana Health Service may be raking in about N1.5 million (19,500 cedis) daily at just the Accra airport, into the country’s government coffers. From only Accra airport, the country can earn N45 million (585,000 cedis) in one month and possibly N540 million (7.02 million cedis) in a year.

Moreover, there are other major airports in Ghana such as Kumasi, Tamale, Takoradi and the Sunyani airports and there would be other nationals, including Ghanaians who may have gotten their yellow cards from the airports in Nigeria.

Nigeria: President Buhari Speaks About Naira Devaluation

Speaking from Kenya, Nigeria's President Muhammadu Buhari has addressed concerns about Naira devaluation.

Buhari said he was yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira.

“We will use our foreign exchange for industry, spare parts and the development of needed infrastructure," he said.

He also reaffirmed his conviction that about a third of petroleum subsidy payments under the previous administration was bogus.

“They just stamped papers and collected our foreign exchange,” he said.

The president appealed to Nigerians studying abroad to bear with his administration as it strives to address the challenges they are facing as a result of new foreign exchange measures.

According to him, the Nigerian economy will stabilize soon with the efficient implementation of measures and policies that have been introduced by his administration

Telecoms Operators May Shut Down Operations in 7 States

Telecom operators have threatened to shut down network services in seven different states over closure of Base Transceiver Stations (BTS) by the state governments.

According to the Association of Licensed Telecommunications Operators of Nigeria (ALTON) Chairman, Engr. Gbenga Adebayo, yesterday, said Ogun, Ondo, Akwa Ibom, Ebonyi, Osun and Kaduna states are treating telecoms industry as an extractive sector by imposing myriads of taxes on operators and closing down the BTS sites arbitrarily.

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ALTON’s chairman said many sites in the listed states have been shut down or about to be shut by agents of government not minding the security and economic implications on their states.

Adebayo said the association has resolved that its members will not reopen any sites closed by state or local government authority.

“The arbitrary sites closure without following the Nigeria Communications Commission, (NCC) guidelines and best practices will no longer be tolerated,” he added.



Buhari Reveals How Banks, Govt Officials Rip Nigeria Off via BDCs

Nigeria's President Muhammadu Buhari has rejected suggestions that the Central Bank of Nigeria should resume the sale of foreign exchange to Bureaux de Change (BDCs).

According to him, the Bureau de Change business had become a scam and a drain on the economy.

“We had just 74 of the bureaux in 2005, now they have grown to about 2,800,” President Buhari noted.

He alleged that some bank and government officials used surrogates to run the BDCs and prosper at public expense by obtaining foreign exchange from government at official rates and selling it at much higher rates.

“We don’t have the Dollars to give to the BDCs. Let them go and get it from wherever they can, other than the Central Bank,” President Buhari said.

CHANGE: See How Naira Fared Since Buhari Became President of Nigeria

The Nigerian Naira is currently going through one of its darkest times in the parallel market.

Since Muhammadu Buhari was sworn in as President of Nigeria, the naira has gone through several stages of depreciation culminating in its current price of around N305 per dollar.

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It's been a journey of change from when Nigeria was kicked out by JP Morgan in September to the realization that external reserves can no longer support yearnings.

The situation further deteriorated sometime in November after the CBN introduced a rash of policies that further reduced access to the dollars by the BDCs. Things got worse this year after the CBN kicked the BDC’s out of its forex markets and after the President affirmed it has not seen any reason to devalue.

CBN has refused to devalue the naira for the third time since 2013. This is as the parallel market continues to depreciate the value of the naira following demand by speculators and those who genuinely need it for transactions.

Things are unlikely to change even if the CBN decides it wants to devalue today. The pent-up demand cannot be met especially if oil prices continue to dip.

[LIST] 3 Programs Buhari Wants to Use to Revive Nigeria's Education Sector in 2016

Three programs have been made provision for in the 2016 budget which are geared towards reviving the education sector and giving it a face lift in the year 2016.

Science & Tech free education programme

In December, the FGN disclosed plans to offer free education to science technology students through a cash-transfer programme; this would be carried out in phases. It is likely that the FGN expects to execute this from the N500bn (US$2.5bn) social welfare intervention earmarked in this year’s proposed budget.

Free daily meal to primary school pupils

Another means of giving the education sector a facelift include the daily meals to primary school pupils across the country via the Home Grown School Feeding programme.

Teach Nigeria Scheme
The federal government has proposed hiring 500,000 graduates under the Teach Nigeria Scheme.

Buhari's New Anti-Corruption Laws: What You Should Know

President Muhammadu Buhari, yesterday, sent his first two executive bills to the Senate, seeking to prohibit money laundering and criminal activities in the country.

The bills are: ”The Money Laundering (Prevention and Prohibition) Bill, 2016″ and “The Mutual Legal Assistance in Criminal Matters Bill, 2016.”

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See the content of the Bill:

1. Repeal of Money Laundering (Prohibition) Act 2011 as amended in 2012:

the bill would “make comprehensive provisions to prohibit the laundering of criminal activities, expand the scope of money laundering, and provide protection for employees of various institutions, bodies and professions who may discover money laundering”.

2. Seeks to facilitate the provision and obtaining by Nigeria of international assistance in criminal matters:

It includes the provision and obtaining of evidence and things, and the making of arrangements for persons to give evidence or assist in criminal investigations.

President Buhari further stated that the bill seeks “the recovery, forfeiture or confiscation of property in respect of offences, the restraining of dealings in property or the freezing of assets that may be recovered, forfeited or confiscated in respect of offences.”

Thursday, 28 January 2016

Boko Haram: Kabiru Sokoto Lashes out at Federal Govt of Nigeria

Convicted Boko Haram member, Kabiru Umar (also known as Kabiru Sokoto) is infuriated with agents of the Federal Government for their actions which are allegedly frustrating his efforts to appeal his conviction and sentence.

Sokoto was on December 20, 2013 sentenced to life imprisonment by Justice Adeniyi Ademola of the Federal High Court, Abuja in connection with 2011 Christmas day bomb blast that killed about 44 persons and wounded 75 others at St. Theresa’s Catholic Church, Madalla, Niger State.

In a fresh motion on notice filed before the Federal High Court, Abuja by his lawyer, Sheriff Okoh, Sokoto alleged the Comptroller of Prisons and his men have made it impossible to access his lawyer, to enable him perfect his appeal process.


Boko Haram: Kabiru Sokoto Lashes out at Federal Govt of Nigeria

Convicted Boko Haram member, Kabiru Umar (also known as Kabiru Sokoto) is infuriated with agents of the Federal Government for their actions which are allegedly frustrating his efforts to appeal his conviction and sentence.

Sokoto was on December 20, 2013 sentenced to life imprisonment by Justice Adeniyi Ademola of the Federal High Court, Abuja in connection with 2011 Christmas day bomb blast that killed about 44 persons and wounded 75 others at St. Theresa’s Catholic Church, Madalla, Niger State.

In a fresh motion on notice filed before the Federal High Court, Abuja by his lawyer, Sheriff Okoh, Sokoto alleged the Comptroller of Prisons and his men have made it impossible to access his lawyer, to enable him perfect his appeal process.


Buhari Still Fighting Boko Haram With the Equipment I Bought - Jonathan

Former President Goodluck Jonathan said in Geneva yesterday, that the current administration is prosecuting the war against insurgency with the arms which were procured under his government.

Jonathan told France 24, that insurgency caught the country unaware but his government laid a solid foundation for terrorism to be defeated.

“The new government is working hard and I believe they are still using the equipment we procured.”

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"Though the budget is still being debated, no new equipment has been bought, so even those equipment the president is using to prosecute the war against Boko Haram are those equipment we procured,” he said.

“When Boko Haram started in Nigeria, we had no terror experience. Yes we had armed robbery and other common crimes, but terrorism was different because the people involved were not afraid to die.



BUSINESS;Sim Shagaya Resigns as CEO of Konga Nigeria, Joins Board of Directors

Sim Shagaya, founder of Konga, one of Nigeria's leading online store, has resigned his position as CEO of the e-commerce store.

This follows his appointment as the new chairman by the Board of Directors.

In a mail sent to Konga staff, Shagaya said the development came following a visit to the company’s investors in Amsterdam.

For now, Shola Adekoya, Chief Operating Officer at Konga, will take over as the interim CEO, until the board appoints completes its search and appoints a new CEO.

In his new role, Shagaya will become less involved in the day-to-day running of the company and focus more on the long term vision and strategy of the company.

Nigeria Missing From Top 10 Most Corrupt Countries in The World - Report

Britain is one of the least corrupt countries in the world, with UK public officials seen as some of the most honest anywhere, according to a comprehensive new report.

Transparency International, a global charity with over 100 national chapters, ranked 168 countries’ corruption in the public sector on a scale of 0 to 100, with lower scores reflecting levels of corruption and higher scores being seen as very clean. It canvasses experts views’ of graft among state employees.

The 10 least corrupt:


  1. Denmark

  2. Finland

  3. Sweden

  4. New Zealand

  5. Netherlands

  6. Norway

  7. Switzerland

  8. Singapore

  9. Canada

  10. Germany, Luxembourg and UK (tied)
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The 10 most corrupt:


  1. North Korea and Somalia (tied)

  2. Afghanistan

  3. Sudan

  4. Angola and South Sudan (tied)

  5. Iraq and Libya (tied)

  6. Haiti, Guinea-Bissau and Venezuela (tied)

  7. Eritrea, Syria, Turkmenistan and Yemen (tied)

  8. Uzbekistan

  9. Burundi, Cambodia and Zimbabwe (tied)

  10. Chad, Democratic Republic of Congo, Myanmar (tied)
Mr Barrington said: “Britain has a Prime Minster who is talking a good game on anti-corruption with plans for a global summit on it in May. Whether he delivers on that remains to be seen.”

He added there had been few major corruption scandals in the UK in 2015 with the exception of in banking, “though the public seem to have become used to these as they have become so frequent”.

NNPC Gives Comforting News About Nigeria's Refineries

NNPC GMD Emmanuel Ibe Kachikwu on Tuesday gave some comforting news concerning the operation of Nigeria's refineries.

A recent bomb attack on pipelines by militants had forced the shutdown of two of the nation’s refineries, resulting to a power cut of about 1,000 megawatts. The country was also losing millions of naira daily due to the closure of the refineries.

However, the cheering news is that a truce has been reached with the community and repair work would resume.

Kachikwu said that there had also been some guarantees from the communities for protection and that in the next one month, the refineries would resume production.

He also added that the issues of vandalism and falling prices in the oil sector could be a blessing in disguise for Nigeria if the country engages effective management systems across board.

Wednesday, 27 January 2016

Nigeria: President Buhari Unveils New Anti Corruption Laws

Nigeria's President Muhammadu Buhari has sent two executive bills tailored towards fighting corruption and its framework in the country to the National Assembly.

The bills are Money Laundering Prevention and Prohibition Bill 2016 and the Criminal Matters Bill 2016.

The letters forwarding the two bills to lawmakers were read by the President of the Senate, Bukola Saraki, on Wednesday at plenary.

They are believed to be part of the enhanced legal approach to Mr. Buhari’s anti-corruption war and their details remain unknown at the moment

Nigeria: CBN Announces Decision on Naira-Dollar Exchange Rate

The Central Bank of Nigeria, CBN, on Tuesday rose from it's Monetary Policy Committee meeting on Tuesday with a decision to keep its benchmark interest rate at 11 percent and leave the naira exchange rate fixed despite a dive on the parallel market.

Central Bank Governor Godwin Emefiele announced there had been no changes to the official naira rate to the dollar which has come under tremendous pressure due to a drying up of vital oil revenues, Nigeria's lifeline.

He said the 12 members of the bank's Monetary Policy Committee voted unanimously to keep the rate unchanged. The bank also held the cash reserve ratio for commercial banks at 20 percent.

"The committee reiterated its unyielding commitment towards achieving a stable exchange rate regime to ensure more flexibility for sustainable inclusive economic growth in the medium to long term," he said.

He added that Nigeria was looking at "different scenarios" if the oil price dropped further but did not elaborate.

Emefiele also defended controversial import restrictions for hundreds of goods aimed at preserving the dwindling currency reserves. He said sales for locally produced food such as fish have been rising. "It has been positive," he said.

Nigeria: CBN Announces Decision on Naira-Dollar Exchange Rate

The Central Bank of Nigeria, CBN, on Tuesday rose from it's Monetary Policy Committee meeting on Tuesday with a decision to keep its benchmark interest rate at 11 percent and leave the naira exchange rate fixed despite a dive on the parallel market.

Central Bank Governor Godwin Emefiele announced there had been no changes to the official naira rate to the dollar which has come under tremendous pressure due to a drying up of vital oil revenues, Nigeria's lifeline.

He said the 12 members of the bank's Monetary Policy Committee voted unanimously to keep the rate unchanged. The bank also held the cash reserve ratio for commercial banks at 20 percent.

"The committee reiterated its unyielding commitment towards achieving a stable exchange rate regime to ensure more flexibility for sustainable inclusive economic growth in the medium to long term," he said.

He added that Nigeria was looking at "different scenarios" if the oil price dropped further but did not elaborate.

Emefiele also defended controversial import restrictions for hundreds of goods aimed at preserving the dwindling currency reserves. He said sales for locally produced food such as fish have been rising. "It has been positive," he said.

Tuesday, 26 January 2016

Forex Restriction: Nigeria Loses 50% of Cargo Imports to Cotonou

The Shippers` Association of Lagos State 50 per cent of cargoes meant for Nigerian ports were being diverted to Cotonou port as a result of the Central Bank `s forex restriction on some imported items.

According to the President of the association, Mr Jonathan Nicol there were less restrictions on imports in the West African country.

“When the CBN forex restriction policy came into being, we appealed to the Federal Government to review the policy and remove some critical items because it is hurting our business and the country`s revenue.

“The reflection of that restriction is beginning to show up because we are having fewer cargoes in our ports.

“Rather than shippers bringing their cargoes to Lagos, they prefer Cotonou and they do their foreign transactions there because Benin Republic does not have such restrictions as we have.

“In fact our country have been depleting in cargoes to the extent that we have lost 50 per cent cargoes to the Republic of Benin, helping to make the Cotonou ports the largest in West Africa.

“The Federal Government should kindly remove some critical items from the list to boost shipping business in the country and attract revenue to the country“ he told NAN.

Nicol decried what he called the incursion of foreign shipping lines into the freight forwarding business in the country, saying the development was not good for the economy.

“If foreigners with better resources and expertise are allowed to intrude into the business, it might render no fewer than 100,000 Nigerian freight forwarders jobless.

“We do not understand why a foreigner will suddenly come from nowhere, claiming to be a Nigerian company and make incursion into the freight forwarding business.

“Many Nigerians are engaged in this area and we think we might lose about 100,000 jobs to this problem.

“The Federal Government has a Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) and the mandate of the council is to train freight forwarders on the best standards.

“Since we have people who can do this job locally, I do not think we should tolerate foreigners.

“The government should ensure the business is reserved for our people to protect their jobs, “ the shipper said.

Oil Crash: Iran Reacts to Nigeria's Call for Emergency OPEC Meeting

Following the depreciation of several oil dependent nations' economy, Group Managing Director of Nigeria's state oil company, Ibe Kachikwu, has joined other concerned nations to call for an emergency OPEC meeting.

"There is a lot of energy around trying to meet earlier. Obviously, some of that is a panic reaction. Do we just sit back and watch or do we put more efforts in talking to countries, like Russia, to try to get some consensus of what we need to be doing?" he said at the World Economic Forum in Davos.

However, other prominent OPEC members, such as Iran, disagree with the premise of an emergency meeting. Bijan Zanganeh, Iran's oil minister, stated that the organization currently has little intention of making a drastic change.

"There should be an intention to make a firm decision in such a meeting; otherwise, the meeting will have negative impacts on world oil markets. The important thing is that there must be an intention for change, but we have not yet received such a signal," the oil minister said according to Reuters.

Pipeline Bombings: Nigerian Army Arrests Fishermen in Delta as Militants

Nig Army

Soldiers combing some communities in the Niger Delta geopolitical zone for vandals who bombed oil and gas installations in the area, have arrested two suspected pipeline bombers on Monday.
The Commander, Operation Pulo Shield, Maj. Gen. Alani Okunlola, told journalists in Warri on Monday that the suspects, though claimed they were fishermen, were arrested around Gbasamadu community in Delta State while allegedly supervising oil exploration in the area.
Okunlola, who spoke at a gas pipeline in Egwa Community, Warri South West Local Government Area of the state, said the action of the vandals was a ploy to sabotage the nation’s economy.
He said the military would not fold its hands and allow the perpetrators to get away with crime.
Okunlola urged the government and community leaders to give security agencies working in the Niger Delta useful information that could lead to the arrest of the vandals.
The commander assured Niger Delta residents of Operation Pulo Shield’s determination to wipe out all acts of illegalities in the region.
Meanwhile, Governor Ifeanyi Okowa of Delta State and the Ijaw Youth Council Worldwide have condemned attacks on oil facilities in some parts of the state.
Okowa’s condemnation was contained in a statement issued and signed by his Chief Press Secretary, Mr. Charles Aniagwu, and made available to the News Agency of Nigeria in Asaba on Monday.
In the statement, he called on the people of the state to cooperate with the security agencies to unmask the criminals behind the crime.
Okowa also urged the security agencies to intensify their surveillance over the oil facilities while urging the youths to shun any temptation to be lured into such an act.
The statement quoted the governor to have pledged his administration’s commitment to support all measures aimed at restoring the confidence of all stakeholders in the oil and gas industry operating in the state.
“These attacks should be condemned by all well-meaning Nigerians, particularly, the compatriots from the Niger-Delta region.
“This is an attack on our souls, the state is bleeding again and its implication for the economy and image of Delta State is grave,” he said in the statement..


Nigerian Army Releases Statement on Buratai's Alleged Role in Arms Deal Scandal

The Nigerian Army has issued a statement on alleged role of the Chief of Army Staff, Lieutenant General Tukur Yusuf Buratai in the $2.1billion arms deal fraud.


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See statement below:

PRESS RELEASE:SAVE THE NATION MOVEMENT A GROUP OF BLACKMAILERS AND MISCHIEF MAKERS

The Nigerian Army has noted with dismay the attempt to rubbish the hard earned name and reputation of the Chief of Army Staff, Lieutenant General Tukur Yusuf Buratai and the Nigerian Army by a faceless group that called itself Save the Nation Movement (STNM) through orchestrated campaign of calumny in the media. In a release signed by Steven Chilaka, its National Secretary on Sunday, they wanted the Chief of Army Staff to be included among those indicted in the ongoing probe of abuse of funds meant for the procurement of arms simply because he was the Director of Procurement at the Defence Headquarters (DHQ).

The public will recall our earlier warning of this type of campaign of calumny against the Nigerian Army and the Chief of Army Staff. This has reared its ugly head again. Unfortunately, the movement could not get their facts right as has always been the case with people with dubious intents.

Contrary to their mischief, it should be noted that General Buratai was Director of Procurement at Defence Headquarters from March 2014 to May 2015, not from 2012 to 2015 as they wished to mislead the public. Furthermore, there is the need to educate the ignorant group that, Defence Procurement in Nigeria is decentralised each Service is responsible for its procurement. It is advisable for the group to look elsewhere if they want to attack the Chief of Army Staff. For the avoidance of doubt, the Chief of Army Staff has never been involved in any questionable act throughout his career as military officer let alone when he was at the DHQ.

As a matter of fact, the Chief of Army Staff has always been a reference point in exemplary conduct, probity and integrity. It is on record that he voluntarily declared his assets both as Commander MNJTF and as Chief of Army Staff. In addition, he has directed all Nigerian Army officers to do so. One wonders what the faceless groups motive is and why they are in a hurry to rubbish the good name of the Chief Army Staff and the Nigerian Army, when there is a Presidential Panel already working selflessly. Why is the group trying to jump the gun. Let these mischievous elements which Steven Chilaka represents, allow the Panel to discharge its duties dispassionately as it is doing.

It is advisable also that the faceless group should get their facts right and not just merely speculate or disturb us with their wishful thinking. They should further understand that whatever mischievous intentions they have against the Chief of Army Staff and indeed, the Nigerian Army, both would not be deterred, we shall remain focused and never to be distracted. Consequently, the public is please requested to disregard the so called Movements evil machinations which would surely fall back on them.

Thank you.

Colonel Sani Kukasheka Usman
Acting Director Army Public Relations
 

Former Northern Military Officer expose plans to massacre Niger Deltans

In what appears to be the shocker of the year, a retired  northern military officer, Colonel Hassan Sabo has voiced a plot to massacre  Niger Deltans using Obasanjo’s crime against  humanity,  the worthless  Odi example
Rtd Col. Hassan Sabo  threatened to level communities in the Niger Delta just as former President Obasanjo leveled Odi in Bayelsa state.
Sabo made the threat on live television during Channels TV Programme ‘Sunrise Daily’ while reacting to renewed bombing of oil pipelines. He said, “If I have my way, the Obasanjo levelling of Odi will take place in some of these ND communities if they don’t fish out those boys”
“Niger Delta communities should hand in the criminals else they should be dealt the Odi treatment”

Enough of this change mantra Okogie tells Buhari

e Archbishop Emeritus of the Catholic Archdiocese of Lagos, Anthony Car­dinal Olubunmi Okogie, yesterday, urged President Muhammadu Buhari, to re­tool and lead by example on all fronts or risk plunging Nigeria into a state of despondency.
In a statement by the Director of Social Com­munications of the Diocese, Monsig­nor Gabriel Osu, Okogie accused the pres­ident of acting disdainfully towards the judicial authorities while millions of Nigerians are abandoned to face unimaginable social problems.
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Okogie said, “He (Buhari) must retool, re­focus and aggressively face the so­cial, economic (fiscal and monetary) problems we have head-on, without letting the anti-corruption drive look like a political distraction.
“A snail-paced and disordered methodology in governance, his ap­parent disdain for judicial authorities and decisions, a lost today and found tomorrow 2016 Budget debacle, and a rather rudderless and confused Central Bank of Nigeria (CBN) with an unclear monetary policy strategy (inevitably increasing the economic uncertainties being faced by Nigeri­ans), have set alarm bells ringing in my mind and in the minds of many discerning Nigerians.
“Indeed, his perceived discord­ant relationship with the leadership of the Legislature has many naysayers chuckling and remarking that Pres­ident Buhari’s government is head­ing into his comfort zone, a one man show.”
Okogie also noted that “a lot of Nigerians are beginning to feel that Buhari is fast transforming this na­tion into a police state where the president, the Economic and Finan­cial Crimes Commission (EFCC) and the Department of State Secu­rity (DSS) rule the day.
“What they say is given lurid headlines in the me­dia, and it seems to all that some of the defendants cum accused persons are being tried in the press with in­formation conveniently slipping into the hands of the press, presumably from the security agencies, even be­fore such people have been charged to court.”
Frowning at the President’s refusal to heed the court pronouncements on the bail grant­ed to the Director of Radio Biafra and Leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu and former National Security Adviser (NSA), Col. Sam­bo Dasuki (retd) the eminent cleric said: “The pro-Biafran activ­ist, Nnamdi Kanu and the erstwhile NSA, Sambo Dasuki, were granted bail by the courts but such bails were disregarded by the security agents under Buhari’s watch.
“Unfortunately, democracy is difficult and this government must realise that democracy pervasive­ly coloured with impunity, arbitrar­iness and highhandedness, cannot be used to fight and correct the finan­cial impunity and reckless abandon of the previous administration, even if it is more difficult to do so; the rule of law must be obeyed and be the or­der of the day.
“If Buhari wants to leave a cred­itable legacy come 2019, he should retool the bureaucracy. For instance, the roof of the Central Bank is leak­ing water.
“Governors, who arm-twisted Okonjo-Iweala into signing out our reserves held by Central Bank, are today ministers in the All Progres­sives Congress (APC) government.
“We are still talking about change and corruption when old things refuse to pass away! These political gimmicks can only car­ry away gullible or naive Nigeri­ans. President Buhari should beam his flashlight on policies and pro­grammes that will lift up the masses.
“Existing industries are almost dead and they call for urgent revital­isation. The budget ought to aid so­lutions to the mass unemployment, rural-urban migration, skewedness in the distribution of income, abject rural poverty and industrialisation of rural economy.
“The 774 local government cap­itals should be linked to their state capitals. Even the mindboggling in­frastructure deficits can take the en­tire tenure to address.”
“The weakness in the bureau­cracy has not been addressed. The problem the APC government is trying to solve is bound to re-occur because it is treatment of effect rath­er than the cause,” he said, adding that causative factors are being to­tally ignored or glossed-over while institutional weakness pervades the Ministries Departments and Agen­cies (MDAs), offices of the Account­ant-General, Auditor-General and the Central Bank.”
Irked by the continuous change mantra, Cardinal Okogie said: “Our Change must change something. How could we continue to talk of change in a static system? How could we be talking of change when the same crew are governors, ministers, senators, and members of the House of Representatives? This is a cyclical devolution of power to the same people who are never out of power!
“What sort of change is the Pres­ident talking about? When will the youth take over when even a gov­ernor does not take a bow and go? When shall we plan for the replace­ment of delinquent leadership? This is what constitutes change. Change is not changing from Jonathan to Buhari.”
Continuing, he said: “Change is be­havioural and pervades all levels of society including the family, the church, the mosque, schools, market women and business men. When we talk of change, we talk of positive-salutary, healthy growth and devel­opment oriented change that cuts across the entire gamut of the so­ciety.
“What sort of change is this that ignores the glaring unequal distribu­tion of national income? It is absurd that the same government that is un­able to pay N18,000 per month to the lowest grade of labour can afford to pay N1.8 million per month to anyone in the economy. Why must tax payers’ money be used to feed Mr. President and his family?
“Why must the tax payers’ mon­ey be used to buy brand new exotic vehicles for the legislature, judges, ministers and governors when they are heavily paid?
“Why don’t they use loan finance or mortgage finance to buy their cars and houses? This is also a form of looting and it is the cause of grounding the economy and calling in an IMF spin-doctor all the time.
“Precisely two years ago this same President Buhari rejected off-hand this use of a spin doctor to heal the ailing economy. He pre­ferred the use of counter-trade and inward looking policies like cutting down costs and flamboyant exotic life styles.
“Today, I am not so sure we have the same Buhari. I do hope he has not changed all the colours of the rainbow. The ruling elites are living a luxurious lifestyle while the mass­es are in abject poverty and yet we are all Nigerians. Enough of this change-conundrum,” Okogie warned.

Buhari’s Economic Policies Are Foolish - Financial Times UK

The Financial Times UK has described the economic policies of the President Muhammadu Buhari administration as the ‘height of foolishness’.
The Financial Times UK has faulted President Muhammdu Buhari’s economic policies
The leading international business publication in an article by Steve Johnson, the deputy editor of the Financial Times, said the economic policies of the Buhari administration is doomed to fail because it is tailored after Venezuela’s exchange rate policy and China’s failed equity market strategy.
The article faulted the circuit breaker on the Nigerian stock exchange which pauses trading for 30 minutes if stock prices fall 5 per cent and will cease for the day if it is triggered twice in a session, or after 1.45pm.
It noted that this month, Beijing abandoned a similar policy after just four days, stating that in a falling market the existence of the circuit breaker encouraged more selling as traders rushed to exit while they could.
Quoting John Ashbourne, Africa economist at Capital Economics, it said:
“It is hardly confidence-inspiring that Nigeria is copying a Chinese policy that is widely seen to have failed.”

Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession.

Buhari is Hurting our Businesses in Nigeria - American Govt.

According to US Commerce Secretary Penny Pritzker, the Nigerian government's foreign exchange policies over the past year are hindering the ability of US companies to do business in Nigeria.

US companies have “been quite explicit it’s a barrier to trade,” Pritzker said in an interview on Monday in Lagos.

The CBN, with Buhari’s backing, has tried stop the currency weakening amid a rout in prices of oil, by restricting imports and foreign exchange trading.

The apex bank has pegged the naira at 197-199 since March and foreign investors have sold naira bonds and stocks to avoid a devaluation they see as all but inevitable. Experts say the currency will weaken 20% to 249.5 per dollar in three months, while the black market rate fell to a record 305 this month.

The policies also hurt Nigerian manufacturers because they import about 52% of their inputs and need dollars to pay for those, she said.

“It sounds like you’re starting to see factory lay-offs,” Pritzker said. “That’s not good for Nigeria. And, of course, President Buhari is focused on inclusive growth. So, pointing out some of the contradictions between objectives and policies is part of the conversation we’ll have.”

Pritzker said she will raise the issue with President Muhammadu Buhari and Vice President Yemi Osinbajo in Abuja, the capital, on Tuesday.

CBN Directs Banks To Accept School Certificates, BVN As MSME Fund Collaterals

The Central Bank of Nigeria (CBN) has instructed banks to accept school certificates and Bank Verification Number (BVN) as collaterals from enterprising young school leavers.
According to the reviewed guideline, for its N220 billion micro, small, and medium scale enterprises development fund (MSMEDF), this will encourage entrepreneurial ventures and new businesses in the country to develop and thus create jobs for school leavers.
The decision to allow business start-ups borrow from the fund is aimed at boosting graduate employment by encouraging banks to lend to graduates intending to set up businesses.
The CBN governor, Mr Godwin Emefiele, while addressing the just concluded 7th annual Banker’s Committee Retreat, had announced that the apex bank would soon introduce measures to generate one million graduate employments.

He said: “In 2016, the CBN is contemplating a programme that would support SMEs at concessionary pricing to our young graduates. We need to get more people to be employed. The Central Bank would, over the next few weeks, work out the initiative to create employment for at least one million graduates in Nigeria in 2016. That would entail the support from Nigerian banks and our development partners.”
The banking sector regulator stated that collateral requirements from start-ups by Participating Financial Institutions (PFIs) shall be educational certificates, such as SSCE, National Diploma (ND), Nigerian Certificate in Education (NCE), National Business and Technical Examination Board (NABTEB), Higher National Diploma (HND), university degree (NYSC certificate, where applicable) and a guarantor.
For the start-ups to access the MSMEDF, they must present their BVNs.
Part of the 23-page new revised guidelines that was posted on the CBN’s website stated that incentives would be given to start-ups that apply for the fund.
In addition, the CBN also reduced interest rate it charges PFIs accessing the loan from three per cent to two per cent.
“All PFIs shall access funds at an interest rate of two per cent per annum and on lend [to bank customers] at nine per cent per annum, inclusive of all charges. The interest rate chargeable under the MSMEDF may be reviewed by the Central Bank of Nigeria from time to time,” it added.
It also stated that PFIs are expected to accept charges on fixed and floating assets of the financed projects as collateral for start-ups.
Previously, only existing businesses could borrow from the fund through their banks. The new guidelines, however, removed this limitation stating, “Participating Financial Institutions (PFIs) are required to fund start-up projects under the MSMEDF. To encourage Deposit Money Banks (DMBs) and Development Finance Institutions (DFIs), some incentives shall apply.
According to the central bank, Venture Capital Firms (VCFs) that wish to finance start-ups in the form of equity participation shall be eligible to access the MSMEDF at two per cent for investment in start-up projects. The collateral for such facility to the VCF shall be bank guarantee.
The CBN also said that banks and other finance institutions that lend to business start-ups under the fund would be allowed to access the fund at zero interest rate.

CBN Introduces New Charges for Current Account Holders in Nigeria

The Central Bank of Nigeria, CBN, has announced that bank customers are now mandated to pay a maintenance fee on current account transactions.

The new fee is a negotiable current account maintenance fee not exceeding N1 per mille (N1 per N1,000,000) may be charged in respect of all customer-induced debit transactions, a circular from CBN's Financial Policy and Regulation Department Director Kelvin Amugo, said.

In the circular titled: “Introduction of Negotiable Current Account Maintenance Fee not Exceeding N1/mille”, Amugo said the negotiable current account maintenance fee was in furtherance of the mandate to promote and safeguard a sound financial system.

He reminded lenders that 2016 zero COT regime as jointly agreed during the 311th Bankers’ Committee meeting of February 12, 2013 had come into effect and must be complied with.

“The CBN noted that while the gradual phase out was being observed, some banks continued to charge account maintenance fees in addition to the reduced COT rate, which in effect amounted to double coincidence of charges,” he said.

The fee came weeks after the regulator struck out Commission on Transaction (COT) fee, which contributed significantly to lenders’ profitability.
The Central Bank of Nigeria on Thursday explained some misconceptions among members of the public on the implementation of stamp duty on bank transactions. The CBN had, in a circular on Tuesday, urged Deposit Money Banks and other financial institutions to support the Federal Government in boosting its revenue through the collection and remittance of statutory charges on receipts to Nigerian Postal Service under the Stamp Duties Act. Speaking with journalists in Abuja, the Director, Corporate Communications, CBN, Mr. Ibrahim Mu’azu, said the guidelines simply advised banks and other financial institutions operating in the country to commence the collection of N50 on eligible transactions only. According to him, such eligible transactions include all receipts given by a bank or financial institution in acknowledgment of services rendered in respect of teller deposits and electronic transfers for the value of N1,000 and above. Mu’azu hinted that the implementation of the stamp duty at this point in time emanated from a Federal High Court order that the CBN should direct the DMBs under its supervision to commence the collection of the duty on behalf of the Federal Government, in compliance with the provisions of the Stamp Duty Act 2004 and the Federal Government of Nigeria Financial Regulation of 2009.

Read more at: http://www.abelabel.com/2016/01/cbn-clarifies-n50-stamp-duty-on-bank-transactions/