News
Okupe: Tinubu’s influence is diminishing but don’t cry for him
Doyin Okupe, former senior special assistant to ex-President Goodluck Jonathan on public affairs, says the influence of Bola Tinubu, former governor of Lagos state, in the south-west is diminishing.
Reacting to the outcome of the All Progressives Congress (APC) primary election in Ondo state, Okupe said the emerging political crisis in the region should be a source of concern.
He congratulated Rotimi Akeredolu, a former president of the Nigerian Bar Association (NBA), who beat Olusegun Abraham, the candidate endorsed by Tinubu, for the primary. The Cable
Nigerian government rejects call to increase fuel price
The Nigerian government will not increase the pump price of petrol despite a demand that it should do so, officials have said.
The forum of former Group Managing Directors of the Nigerian National Petroleum Corporation, NNPC, on Sunday called for the price increase by calling for a removal of price cap in the pricing template.
A removal of the price cap would mean that marketers would be free to sell petrol at their desired price, based on several factors such as the exchange rate and international crude price. With the Naira exchange rate going down by over 50 per cent to about N412 since the current petrol price was fixed, approving the recommendation would have meant Nigerians pay more for petrol. Premium Times
Recession: FG moves to reduce cost of doing business
As part of measures to buoy Nigeria’s depressed economy, the Federal Government has commissioned 28 additional centres for the production of Combined Expatriate Resident Permit and Aliens Card, CERPAC.
The development which brings to 36, the number of such centres in the country is aimed at automating the operations of the Nigeria Immigration Service,NIS, for the issuance of resident permits to expatriates residing and working in the country.
Commissioning the centres in Abuja, Minister of Interior, Abdulrahman Dambazau who noted that Borno and Yobe states were yet to have CERPAC centres, however added that the current structure would ease the stress of doing business in Nigeria. Vanguard
Mimiko free to return to Labour Party, says party leader
Mrs Ladi Iliya, the Deputy National Chairman of Labour Party (LP), says Gov. Olusegun Mimiko of Ondo State is free to return to Labour Party.
Iliya made the offer in an interview in Akure on Monday.
Mimiko was elected Ondo State governor under the platform of Labour Party in 2007 and 2012, but defected to Peoples’ Democratic Party (PDP) on Oct. 3, 2014. Iliya, who did not say whether Mimiko had shown interest to return to Labour Party, described the governor as a “politician of repute.’’ Vanguard
Again, social intervention programs gets N500bn in 2017 budget
The Federal Government said it would again set aside the sum of N500bn in the 2017 budget for social intervention programs for that fiscal period.
The amount when added to the N500bn earlier approved for the same purpose this year would bring the total budgetary allocation for social intervention programs to N1tn in two years.
The Minister of State for Budget and National Planning, Mrs. Zainab Ahmed gave the N500bn budgetary provision figure for next year while speaking at a media briefing in Abuja on the national nutrition week. Punch
Business News
Firstnation Airways returns to scheduled flight operations Sept 15
FirstNation Airways has promised its traveling passengers that the airline would return to normal scheduled flight operations by Sept. 15.
A statement by the Head, Corporate Affairs of the airline, Mr Rasheed Yusuff stated that the carrier’s current fleet was undergoing engine maintenance for safety operations, in line with global practice in the industry.
It denied reports that the company was on the verge of folding up, stressing that taking aircraft out for maintenance was not the same as winding up operations. Vanguard
CPC probes Resort Savings & Loans Limited over alleged diversion of deposits, loans
The Consumer Protection Council (CPC) has begun probe operations of Resort Savings and Loans Limited (RSL) over allegations of diversion of depositors’ monies and mortgage loans, following inundated complaints from the bank’s customers to the council.
The Director General of the CPC, Mrs. Dupe Atoki in Abuja on Monday, said the Council is determined to investigate the operations of the company as well as engage in other legal steps in line with its enabling law with a view to protecting the consumers of the services of the primary mortgage company.
CPC disclosed that it had already communicated the details of the complaints from the aggrieved depositors and mortgage contributors to the company for full response and that failure of the company to respond appropriately has placed the option of the prosecution of the firm’s principal officers before it. Vanguard
Register your hotels or face sanctions, LASG tells operators
The Lagos State Government (LASG) has advised operators of hotels, hospitality centres and other recreational facilities to register them or face sanction.
The state Ministry of Tourism, Arts and Culture, who gave the advice, said the registration would afford the state government to monitor activities at such places.
The ministry’s spokesman, Mr Ganiyu Lawal, said that hotels and facilities centres must comply before the end of the year or face sanctions. Vanguard
News
Nigeria deeply divided, says UN report
A REPORT just released by the United Nations, UN, on Nigeria’s Common Country Analysis, CCA, has revealed a deeply divided society on the basis of the plurality of ethnic, religious and regional identities that had tended to define the country’s political existence.
The report also painted a gloomy picture, with most of the development and social indices in the country registering at levels unacceptable.
The report, which was read during a consultative meeting on the formulation of the UN Development Assistance Framework IV (UNDAF IV) for the South East geo-political zone in Awka observed that for decades, different segments of Nigeria’s population had, at different times, expressed feelings of marginalization, of being short –changed, dominated, oppressed, threatened, or even targeted for elimination.Vanguard
$458m Abacha loot: AGF denies demanding kickback from US-based attorney
The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, has denied allegation that he demanded kickback from United States-based attorney, Mr. Godson Nnaka, who is laying claim to 40 per cent of $458 million loot the US government seized from late military dictator, General Sani Abacha.
Malami said the only communication his office had with Nnaka or his counsel was “only out of professional courtesy.”
According to him, “allegations of a kickback demand are untrue and simply reek of desperation.” Vanguard
Ekiti to decentralise state, LG workers’ payments
Ekiti State Government has hinted that it may stop the central payment of state and local government workers’ salaries, saying local governments will be encouraged to pay their workers.
Governor Ayodele Fayose spoke in Ado Ekiti, the state capital, during a meeting with directors of finance and accounts, directors of administration, chief internal auditors and others from across ministries, departments and agencies in the state.
Fayose, in a statement by his Chief Press Secretary, Mr. Idowu Adelusi, in Ado Ekiti on Sunday, also warned public servants against signing documents without thoroughly going through them. Punch
Adamawa Governor Dragged Before Buhari, Islamic Council over N34 Billion Worth Estate
Siblings of the Governor of Adamawa State, Mohammed Umaru Jibrila Bindow, have dragged the governor before President Muhammadu Buhari and the Supreme Council of Islamic Affairs over alleged moves to convert a large chunk of the estate of their late father, Alhaji Umaru Jibrilla, to himself.
In a letter dated August 30, 2016 and signed by Alhaji Mustapha Umaru Jibrilla on behalf of the family, the governor’s relations said that the properties, which include residential and commercial buildings in Abuja, are valued at N34 billion.
‘’Though we have been challenging this ungodly move in the courts, we are seriously disturbed by the utterances of Bindow Jibrilla who severally bragged that no one can take those properties away from him, and his effort to gag some of us who dare to talk about this issue’’, the letter stated. Thisday
ARFESPON urges FG to pay 30-month pension arrears
The Association of Retired Senior Public Officers of Nigeria has pleaded with the Federal Government to pay its members all outstanding pension benefits and erase every disparity in the payment of pensions between its members and their serving counterparts.
In a statement on Sunday, the association made up of retired management level officers from salary grade level 14 to permanent secretaries, comptrollers-generals of Customs, Immigration and Prisons and career ambassadors, said currently, government is owing its members 30-month arrears of benefits from the 53.4 per cent salary increase it effected on federal workers in 2010.
It stated that by the stipulations of the law of the federation, this should be effected on the retirement benefits of pensioners. Punch
Business News
Marketers ask FG to remove fuel price cap
The marketers expressed support over the decision reached at a gathering of former Group Managing Directors of the Nigerian National Petroleum Corporation (NNPC) on the removal of the price cap on petrol in the country in Abuja on Saturday.
NNPC’s present and past GMDs, as well as the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, at the end of their one-day meeting noted that the N145 per litre fuel price did not reflect the price-determining components of the commodity and the fluctuations of the foreign exchange rate.
Sources close to the major oil marketers association told our correspondents yesterday that they were yet to start importing fuel since the fuel price had been pegged at N145/litre. DailyTrust
Nigerian banks lead in equities’ N372b loss
Banking stocks suffered the most among 25 top losers in the equities’ market as share price decline left investors with a net capital loss of N372 billion.
There were 10 banking stocks among the top 25 that lost 30 per cent and above in the past eight months. Some of the top losers recorded as much as 60.1 per cent in equities price reduction.
Conversely, only one banking stock made the few top gainers’ within the period. Altogether, there are 15 banking stocks quoted on the Nigerian stock market. The Nation
Interbank rate rises to 16%
The nation’s overnight naira interbank lending rate eased to 16 per cent on Friday, down from 20 per cent recorded the previous Friday.
This follows improved naira cash liquidity after the disbursal of July budgetary allocations to Federal Government agencies.
The Federal Government distributes revenues from crude exports and taxes among the three tiers of government every month.Punch
NPA, LASG on Collision Course over Wharf Landing Fees
The Lagos State Government (LASG) and the Nigerian Ports of Authority (NPA) may be on a collision course following moves by the Managing Director of NPA, Ms. Hadiza Bala Usman, to stop the collection of Wharf Landing fee currently being collected by the state government on every container of cargoes that comes in to the country through the ports in Lagos.
Wharf land fee is the payment made on cargoes that passes through the Lagos ports.
While N500 is paid on a 20 foot container, N1, 000 is paid on a forty foot and N300 on every vehicle imported through the ports. Thisday
Attah Takes Over at NLNG, Pledges to Deliver on Train-7 Project
The change of leadership baton at the Nigeria Liquefied Natural Gas Limited (NLNG) was formally completed at the weekend when Babs Omotowa, immediate past Managing Director of the company, handed over the ‘NLNG key’ to his successor, Tony Attah at a farewell and welcome ceremony in Abuja.
Taking over from Omotowa, Attah said his team will work to deliver on the NLNG’s planned Train-7 project which has remained without a final investment decision (FID) for long now.
According to the 2016 facts and figures report of the NLNG, plans for building Train-7 which will lift the total production capacity of the plant to 30 metric tonnes per annum (mtpa) of LNG are currently progressing with some preliminary early site preparation work initiated and further work on an FID from the shareholders. Thisday
Recession: FG’s non-oil revenue shrinks by N134bn
The current economic challenges facing the country have taken its toll on the non-oil sector as earnings from exporters witnessed a decline of $438.82m in the second quarter from $1.02bn recorded in the first quarter of this year to $576.97m.
When converted based on the official N305 exchange rate of the Central Bank of Nigeria, the $438.82m translates to a total of N133.8bn.
Statistics obtained from the CBN revealed that the decline of $438.82m (N133.8bn) by the sector represented a drop of 43.2 per cent when compared to the amount earned within the first quarter of the year. Punch