Thursday, May 23, 2019

Patronise ‘Made In Aba’ Goods, Abia Govt Begs Nigerians

Abia State Governor, Okezie IkpeazuThe Abia State Government has pleaded with Nigerians to patronize goods that are produced in Aba area of the state.
Governor Okezie Ikpeazu made this appeal on Thursday while receiving the House of Representatives Committee on the Niger Delta Development Commission at the government house in Umuahia, the state capital.
Speaking through his deputy, Mr Ude Chukwu, the governor said it is highly important for the NDDC to carry the State along is important to keep them abreast of the projects being executed in the state.
“I must not fail to appreciate the recognition of the ‘ Made in Aba’ products by the federal lawmakers, and I request the National Assembly to assist the state in convincing Nigerians to appreciate and patronize the ‘Made in Aba’ products.
“I maintain that the products made in Aba are of high quality. The communities where the NDDC projects are being carried out are supposed to be put on notice and should be involved in the scheme of things.

Reps Okay States Foreign Borrowings

File photoLegislators at the Lower House of the National Assembly have approved the planned foreign borrowing of 492.4 million dollars for Ogun, Katsina, Jigawa and Plateau states.
The approval by the House comes after the consideration of a report of its committee on “aids, loans and debt management”, which was prepared on request under the medium term external borrowing rolling plans of the Federal Government for 2016 to 2018.
The breakdown of the foreign loans shows a 32.4 million dollars facility for Jigawa state from the Islamic Development Bank for integrated rural development.
Katsina state also plans to source 110 million dollars from the Islamic Bank for healthcare, while Plateau state wants 50 million dollars from the French Development Bank for its third national urban water project.
Ogun State on the other hand is sourcing 350 million dollars for its water development from the World Bank.
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NNPC Vows To Revive Nigeria’s Refineries

NNPC, GMD, Dr Maikanti Baru
The Nigerian National Petroleum Corporation (NNPC) has vowed to get the nation’s four refineries back to their optimal, working capacities.
Group Managing Director of the corporation, Dr. Maikanti Baru made the promise at the weekend, shortly after receiving the Man of the Year Award from a Lagos-based daily.
According to a statement signed on Monday by the NNPC’s General Manager Public Affairs Division, Ndu Ughamadu, Baru said the corporation had been holding far-reaching discussions with some consortia to get the best funding options towards the refineries’ overhaul.
He added that the corporation, under his watch, had recorded remarkable progress in resuscitating some of the nation’s critical downstream infrastructure, a development which had ensured a seamless supply of products Nationwide, until the recent past hiccups which are now under control.
“Since coming on board, we have made the revamp of our abandoned assets and critical downstream infrastructure a key component of our corporate vision of 12 Business Focus Areas (BUFA),” he stated.
Dr. Baru said over the last few months, several crude oil, petroleum products and natural gas pipelines were resuscitated while more than half of the nation’s 21 strategic depots were also upgraded.
He, however, decried acts of pipeline vandalism, crude oil theft and sabotage which he noted had resulted in huge loss of revenue, lives and property as well as damage to the environment.
The NNPC boss, therefore, called on the security agencies and other stakeholders nationwide to collaborate with the corporation in its on-going campaign against act of sabotage on the nation’s oil and gas facilities.
While attributing the recent fuel challenges faced in parts of the country to the nefarious acts of hoarders, diverters, profiteers and smugglers, Dr. Baru stressed that the corporation was working with relevant stakeholders to ensure the sufficiency currently witnessed nationwide is sustained.
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LIVE: NASS, SEC, Others Hold 2nd Capital Market Forum

The National Assembly, the Securities and Exchange Commission and other regulatory agencies, are holding their second Stakeholders’ Forum on the Capital Market.
According to the Chairman of the House of Representatives’ Committee on Capital Market and Institutions, TeeJay Yusuf, the theme of this year’s conference is, “capital Market As A Catalyst for Economic Growth and Development.”
Some of those at the event include the DG of Debt Management Office, Ms. Patience Oniha, Chairman, Senate Committee on Finance, Senator John Eno and Acting DG of SEC, Ms Mary Uduk.
The CEO of NSE, Mr. Oscar Onyema, the Minister of Finance Mrs Kemi Adeosun, Ministers of Agriculture, Economic Planning, Trade and Investment and Works, Power and Housing, state governors, Senate President, Bukola Saraki, are among others who are expected at the evenht.
Follow the link below to watch the event live.
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Amosun Present N345.42bn Appropriation Bill For 2018

File PhotoOgun State Governor Ibikunle Amosun has presented the 2018 appropriation bill of a total of N345.42 billion to the State House of Assembly in Oke-Mosan, Abeokuta the state capital.
In the proposed budget tagged the ‘Budget of Accelerated Development,’ a total of N223.72billion was earmarked for capital expenditure, which represented 64.77 percent of the estimates, while N121.69 billion would be for recurrent expenditure, representing 35.23 percent.
READ ALSO: Amosun Urges Ogun Athletes To Make State Proud At National Youth Games
At the budget presentation to the house on Tuesday, November 21, the governor promised to expedite actions on his five cardinal programmes with more focus on agriculture that will lead to industrialisation.

Global Entrepreneurship Week: Panelists Say Youths Must Be Innovative

File photoPanelists at the grand finale of the Global Entrepreneurship week, have advised youths to be creative, innovative, and purpose-driven in order to be self-reliant.
This formed the core of the event which took place in Osogbo, the Osun state capital.
According to the panelists, there is a need for youths to be goal oriented, sharpen their skills and be empowered to harness ready potentials in Osun state to turn it into wealth.

Morocco Regulator Bans Bitcoin Payments

Morocco’s currency regulator has announced a ban on transactions in bitcoin and other virtual currencies, in a country where foreign exchange flows are tightly controlled.
“Transactions via virtual currencies constitute a breach of regulations, punishable by penalties and fines,” the Offices des Changes said in a statement on its website.
The announcement came a week after Moroccan digital services company MTDS said it would accept payment in bitcoin.
MTDS said it was the first time the regulator had taken a clear position on bitcoin payments.
MTDS head Karl Stanzik said the company had dropped its proposal in order to “comply with Moroccan law” but that it would be “very difficult to control” bitcoin transactions due to the currency’s secretive nature.

Nigeria’s Economy Grows By 1.4% In Third Quarter

Nigeria’s economy continued its recovery from recession, rising 1.4 percent in the third quarter of this year on increased oil production, official data showed Monday.
The National Bureau of Statistics (NBS) said it was the second quarter of consecutive growth since the country emerged from recession.
“This growth is 3.74 percentage points higher than the rate recorded in the corresponding quarter of 2016 (-2.34 percent) and higher by 0.68 percentage points from the rate recorded in the preceding quarter (of 2017),” it said.
The agency said daily oil production rose in the third quarter, averaging 2.03 million barrels per day (bpd), compared to 1.87 million bpd in the preceding quarter.
“Real growth of the oil sector was 25.89 percent (year-on-year) in Q3 2017. This represents an increase of 48.

Okowa Signs 2018 Appropriation Bill Into Law

Delta State Governor, Ifeanyi OkowaThe Delta State, Ifeanyi Okowa, has signed the Delta State 2018 appropriation bill of three hundred and eight billion naira into law, with an assurance that his administration will ensure full implementation of the budget.
The Speaker of the Delta State House of Assembly, Hon. Sheriff Oborevwori, accompanied by other principal officers of the state legislature presented the appropriation bill to the governor at a short ceremony in the Government House, Asaba.
Hon Oborevwori also, presented the Delta State remunerations, salaries, allowances, gratuities and pensions of certain public office holders and bodies amendment bill 2017 which was also, signed into law by the governor.
While lauding the synergy that exists between the three arms of government in the state, especially, between the executive and the legislature, Governor Okowa described the budget as “realistic and realizable.

Court Reverses Decision To Freeze Accounts Without BVN

A Federal High Court judge in Abuja who granted an order for bank accounts not linked to Bank Verification Numbers (BVNs) to be frozen has reversed his decision.
Justice Nnamdi Dimgba explained that he later learned that his October 17 order created an “awkward and unfortunate result.”
The reversal means that those who have not linked their bank accounts will now be able to do so at their convenient time.

Obaseki To Present N140bn 2018 Budget Proposal

File Photo: Godwin ObasekiThe Governor of Edo State, Mr Godwin Obaseki, will on Wednesday, November 29, present the budget proposal for 2018 fiscal year to the Edo State House of Assembly for consideration.
The budget is expected drive growth and progress in all sectors of the state. It has N73.9 billion for capital vote while N66.2 billion is proposed for recurrent expenditure. This brings the budget size to N140.1 billion.
According to Obaseki, the budget will boost industrial activities following the implementation of the 2017 budget, which laid the foundation for economic revolution in the state.
READ ALSO: Libyan Deportees Arrive Edo, Narrates Ordeal
Reviewing the activities of the outgoing year, the governor said that, “despite the challenges posed by the economic recession, the state was able to meet its salary and pension obligations to civil servants, constructed several roads across the state and kick-started the development of the N200billion Benin Industrial Park amongst other achievements.

BREAKING: FG Unveils Name, Logo Of New National Carrier

The Federal Government has unveiled the name and logo of the much awaited National Carrier which will be called Nigeria Air.
The Minister of State for Aviation, Hadi Sirika on Wednesday disclosed the name and logo at the Farnborough International Airshow in London.
The Minister during the unveiling said the National Carrier will be private sector driven and not a “social service”.
He said the government will not be involved in its running or decided who runs it rather investors will be responsible for it.
Details coming..
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NNPC Opens 2018/2019 Crude Oil Contract Bid

Maikanti BaruMore than 200 companies have submitted bids to lift Nigeria’s crude and that’s according to the Nigerian National Petroleum Corporation.
The Group Managing Director of the NNPC, Maikanti Baru says the bidding process is an indication of President Muhammadu Buhari’s drive for transparency and accountability in the conduct of government business.
Mr Baru assured that the best practices would be adopted in the selection of bidders, as he promised fairness and just treatment in the process.
“I wish to remind the general public that the Crude Oil Term Contract is not a Procurement Contract but a process of selecting partners for the sale and procurement of NNPC Equity crude oil volumes,’’ Dr Baru clarified during the bid opening session.
Providing further insight into the 2018/2019 crude term bid exercise, Group General Manager, Crude Oil Marketing Division, Malam Mele Kyari, informed that potential off-takers must be able to fulfil a long list of stringent requirements which include minimum annual turnover of $500 million for 2016 and a Net worth of $250 million for 2016.
He added that apart from the possession of 2015 & 2016 audited accounts, aspiring off-takers must demonstrate the ability to establish an irrevocable Letter of Credit (LC) subject to contract terms.
On the marketability of Nigeria’s crude in the international market, Malam Kyari said Europe remained the major destination of Nigerian crude grades, accounting for 36.59 percent of the total sales, with Asia and the Far East receiving 28.43 percent.
He said 16.57 percent of Nigeria’s crude grades were exported to North America, 13.17 percent to Africa, 2.84 percent to South and Central America, while the rest of the world served as beneficiaries for the rest.
He informed that the sustained reforms in the marketing and disposal of Nigeria’s equity crude had eliminated the ugly incidents of ‘briefcase’ companies as witnessed in the past.
Representatives of the DPR, NEITI, NCDMB and the civil society expressed satisfaction with the level of transparency of the exercise.
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Reps Summon 9mobile, Other Telecom Chiefs

File photoThe House Of Representatives ad-hoc committee investigating the operations of telecommunications service providers in the country, on Thursday summoned some company heads over allegations of non-payments of taxes and the required percentages of their profits to the Federal Government.
According to Chairman of the Committee, Ahmed Abu, the heads of 9mobile, Etisalat Nigeria and Globacom Nigeria, are being summoned following their failure to appear before the committee despite repeated invitations.
Moving the motion during the meeting, Mr Darlington Nwokocha requested that bench warrants by issued to compel their appearance.
The committee, however, resolved to summon them instead.
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Buhari Asks Committee To Base New Minimum Wage On Social Justice

President Muhammadu Buhari has asked the Tripartite National Minimum Wage Committee to ensure its duties are carried out based on social justice and equity.
The President said this on Monday during the inauguration ceremony of the committee at the Council Chambers of the Presidential Villa in Abuja.
“Minimum wage is the minimum amount of compensation an employee must receive for putting in his or her labour and as such, should be anchored on Social Justice and Equity,” he said.
President Buhari compared the workers in the country to those in other parts of the world, saying they are important elements that determine the growth and development of any country.
He also said it was necessary for each tier of government to improve workers’ welfare by targeting more than their basic social protection floor.
Read the President’s full speech below;
We are gathered here today to address issues concerning the welfare of the Nigerian people.