CIBN Counsels CBN On Fraudulent Transactions

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December 15, 2023

The Chartered Institute of Bankers of Nigeria says the Central Bank of Nigeria ought to come with policies that can check fraudulent transactions within the banking industry.

Making the call was the Ogun State Chairman of CIBN, Isaac Arokun. He said this at venue of a debate organised for higher institutions in the state at as part of activities marking the Annual Bankers’ Week.

CIBN Launches Agency Banking Certification Programme

Speaking to newsmen, he said, “The CBN can bring a lot of policies that will ensure that it does not allow frivolous transactions in the banking industry. CBN should also engage in advocacy and public enlightenment to ensure that policies that are put in place are explained to the people for them to protect their funds in the bank.

“They should also encourage banks to bring policies on cyber security so that they can protect their website and all the transactions passing through the banks should be secured to ensure that intruders are not invading personal information.”

Somalia Gets World Bank, IMF $4.5bn Debt Relief

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Rhoda Onuzulike

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December 15, 2023

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Somalia Prime Minister, Hamza Barre, disclosed that the country has been granted a debt relief of $4.5 billion by the International Monetary Fund (IMF) and the World Bank.

Barre noted that the relief is “equivalent to relieving every Somali person of a debt of more than $300,” adding that it’s a “testament that our country and our people are financially viable, attracting foreign investment, and we are no longer debt-ridden.”

The PM said the relief is monumental as it will allow Somalia to invest in development programs, revitalise the economy and borrow money from international lending institutions.

Reports had it that the Somalia government held celebrations in the capital, Mogadishu after the debt relief announcement.

IMF Secures Sufficient Pledges To Provide Comprehensive Debt Relief To Sudan

In 2005, to accelerate progress towards the United Nations’ Sustainable Development Goals, the HIPC Initiative was supplemented by the Multilateral Debt Relief Initiative.

This allows countries completing the HIPC Initiative process to receive 100 per cent relief on eligible debts by the IMF, the World Bank, and the African Development Fund.

The IMF and the World Bank, in a joint statement titled, ‘IMF and World Bank Announce US$4.5 billion in Debt Relief for Somalia,’ revealed that their executive boards “have approved the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point for Somalia, which provides total debt service savings for the country of US$4.5 billion.”

The statement noted that “Somalia’s external debt has fallen from 64 per cent of GDP in 2018 to less than 6 per cent of GDP by end 2023.”

According to reports, in 1996, the IMF and the World Bank launched the Heavily Indebted Poor Countries Initiative to ensure that no poor country faces an unmanageable debt burden.

EU Partners With Nasarawa State To Diversify Economy

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Rhoda Onuzulike

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December 15, 2023

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The European Union (EU) has disclosed plans to collaborate with the Nasarawa State Government in the fields of digital economy and green energy to guarantee the state’s economic diversification for growth and development.

The European Union Ambassador to Nigeria, Samuela Isopi, made the disclosure during her maiden visit to the Nasarawa State Governor, Abdullahi Sule, at the Government House, Lafia.

According to her, the purpose of the visit was to deepen the relationship with the state and engage in a multi-dimensional partnership that included climate change issues, economic relations, cooperation on democratic governance, peace and security, among others.

Isopi, who is also the EU Ambassador to ECOWAS, explained that the EU’s interest was to work together closely to support each other in addressing challenges affecting them.

She said, “We are an important development partner, definitely the first development partners of Nigeria in terms of grants.

“We have a multi-dimensional cooperation which goes from peace, security, governance and migration to human development, education and health to green and digital economy.

“We will support in agriculture, which is a very important sector for the economy of Nasarawa State. We will also support in the field of green energy, innovation and many other fields.

“We are also active in renewable energies through a project, through which we support rural electrification and we work in particular with a few partners in the state.”

The EU Ambassador, therefore, called on the Nasarawa state government to support them in order to actualise their set goals in the state.

On his part, Governor Abdullahi Sule expressed gratitude to the EU Ambassador for the visit, noting that Nigeria and Nasarawa State share the same values with the EU, such as peace and security, as well as upholding the tenets of democratic process and social cohesion.

Sule said the state was welcoming investment in oil and gas, agriculture, clean energy, and solid mineral development, with a focus on lithium development.

He noted that in order to address unemployment and help young people become self-reliant, the state was supporting education, skills, and vocational training.

INEC declares Governor Sule Winner of 2023 Gov election in Nasarawa

The Governor highlighted some of the agricultural potentials in the state that investors could take advantage of to invest.

According to him, Nasarawa is number one in sesame production in the country with a lot of investors already showing interest in sesame processing with immense benefit to the state and the people.

“By early next year, we are going to have the first sesame seed processing company in the state,” he said

He also mentioned the potential in cassava and sugar cane production with the Dangote Sugar Company coming on board to attract investors interest in ethanol production for energy generation.

Governor Sule, therefore, assured that the state government would work closely with the EU in order to promote the economic development of the state, among others areas.

Investors Gain N86bn on Positive Market Sentiment

By

Rhoda Onuzulike

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December 15, 2023

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The pattern of positive trading on the Nigerian Exchange Limited entered the fifth day on Thursday resulting in N86bn gain for investors.

The NGX has been trading positive since Friday and has sustained the mood into the fourth trading session in the week, despite bearish sentiments in some sectors.

Both the All-Share Index and the market capitalisation rose by 0.21 per cent to close at 72,455.83 and N39.649tn, steadily bringing it closer to the historic N40tn milestone.

Although the volume of traded stocks increased by 3.09 per cent to 446,582,797, the value of traded stocks declined by about 10 per cent to N7.26bn compared to the previous day’s record of N8.08bn. The shares were exchanged in 6,845 deals. The number of stocks traded closed at 123.

Market Breadth which measures investors’ sentiment was slightly flat resulting in 26 gainers and 27 losers.

NGX Benchmark Index Sustains Upward Trend

The advancers include Infinity Trust Mortgage Bank which gained 9.83 per cent to close at N2.57 per unit, John Holt gained 9.73 per cent to close at N2.03, Ikeja Hotel’s shares rose by 9.20 per cent to close at N4.75, Daar Communications gained 7.69 per cent to close at N0.42 and ETranZact gained 7.69 per cent to close at N7 per unit.

Leading the losers’ table was RT Briscoe with a 9.84 per cent decline to close trading at N0.55. UPDCREIT lost 9.78 per cent to close at N4.15. The stocks of Mutual Benefit shed 9.43 per cent of their value to close at N0.48 per unit, Omatek lost 7.79 per cent to close at N0.71 and Sovereign Insurance lost 7.69 per cent to close at N0.36.

For the fourth trading session this week, banking stocks dominated as the top five traded stocks on Thursday include AccessCorp with 77.25 million units of shares worth N 1,75bn traded, followed by FCMB with 45.24 million shares valued at N318.61m. Zenith Bank saw 37,289,741 units of its shares worth N1.38bn exchanging hands, United Bank for Africa had 29,300,628 units of shares amounting to N724.06m and Fidelity Bank saw 27512103 units of its shares valued at N257.28m traded.

Federal Govt. Plans Mortgage Scheme for Diaspora Nigerians

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Rhoda Onuzulike

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December 15, 2023

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The Minister of Housing and Urban Development, Ahmed Dangiwa, says the mortgage scheme for Nigerians in the United Kingdom, United States and Canada will be launched in February, 2024.

Dangiwa stated this ahead of the proposed launch in February 2024 of the Diaspora Mortgage Housing Scheme in the UK, USA and Canada, when he received the Chairman, Nigerians in Diaspora Commission Hon. Abike Dabiri-Erewa, and some management staff in his office in Abuja.

The minister, in a statement signed by Gabriel Odu from the Protocol Unit, NiDCOM, on Wednesday, said “The overall goal is to ensure that as our brothers and sisters sojourn abroad, they also have a decent shelter over here in Nigeria to call their home.”

427,962 Nigerians in Diaspora Get NIN

Dangiwa added that the Federal Housing Authority was also committed to delivering on the tripartite mandate of a Diaspora City Project in partnership with NIDCOM, FHA and FCT.

“The project is situated at Maitama 2, with over 675 hectares of land,” the statement noted.

NLC Rejects Proposed Privatisation of TCN

By

Rhoda Onuzulike

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December 15, 2023

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The Nigeria Labour Congress has kicked against the proposed plans by the Federal Government to restructure the Transmission Company of Nigeria.

In a communiqué signed by the President of NLC, Joe Ajaero, said that the proposed privatisation plan of TCN would portend great danger to the power sector and hold great fear and trepidation for major stakeholders within the sector.

Ajaero said, “The intended power sector policies would create the same mistakes past administrations made and it would create deeper consequences if power sector policies were not reversed by the Federal Government.

“It imperils the ability of the state to control, always regulate and guarantee the safety of the nation’s grid system.”

The Federal Government through the Bureau of Public Enterprises announced plans to sell off 40 per cent shares of the government in electricity distribution companies on the capital market in 2024.

Power Minister Tasks TCN Board On Quality Service To Nigerians

Similarly, the government also noted that it was unbundling the TCN in line with the Electricity Act.

According to the NLC president, these same stories that Nigerians have heard over the years have largely yielded no significant results except the increased suffering that the exercise caused for Nigerian people and the economy.

He further explained that the motive behind the plans for the proposed restructuring was to prepare the TCN for eventual takeover by the cronies and lackeys of the ruling elite.

“NLC believes that the President is making the same mistake previous administrations have made with the policy direction his Minister of power is trying to follow in seeking to unbundle TCN for privatisation,” he stated.

Ajaero stated that NLC had thought that the President would have convened a genuine national stakeholders’ forum to critically review the privatisation exercise in the sector which the government itself agreed had failed to attain any of its major objectives.

He asserted that the disaster that would befall the nation’s power sector would be multidimensional.

“The quest to ultimately hand over the transmission infrastructure would expose the nation to blackmails and weaken the ability of the sector to transmit and distribute power around the country. Privatising it will create the same crisis prevailing within the Discos and Gencos and will impact the quality-of-service deliverance by the Power sector to Nigerians.

“We protested against a nation that was hell-bent on committing suicide in the power sector 10 years ago, alongside the consequences that privatisation exercise was going to be for the power sector and for Nigerians, but it was not heeded,” he noted.

According to Ajaero, Nigerians have witnessed a 500 per cent tariff increase yet; there is no improvement in services to Nigerians.

“The power sector remains stagnant as no significant investment was made by those who bought the GENCOs and DISCOs through proxies. What we are reaping today are the unfortunate outcomes of the errors of yesterday and it is obvious that we are bent on going the same route,” he claimed.

According to the NLC President, the power sector has been handed over to banks due to proxy

“The government’s plans, especially given Nigeria’s current status as a power poverty leader, will worsen the nation’s power sector and have significant negative effects on the overall economy and socio-economic condition,” he explained.

Tinubu Sacks Aviation Directors, After CEOs’ Removal

By

Rhoda Onuzulike

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December 14, 2023

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The Federal Government of Nigeria has sacked all directors of Aviation less than 24 hours after the removal of all heads of aviation agencies from their offices.

The government said this in a statement signed by Odutayo Oluseyi, the spokesperson for the Minister of Aviation and Aerospace Development, Festus Keyamo, on Thursday in Abuja.

The government directed the affected directors to hand over to the most senior officers in their various directorates immediately.

Tinubu Sacks FAAN, NAMA MDs, Four Others

The statement partly read, “Following the change in the leadership of the Aviation and Aerospace Development Agencies’ CEOs and MDs aimed to reposition the Aviation industry and ensure safety and efficient air travel experience by Nigerians in line with the Renewed Hope agenda of President, I am directed to inform all DIRECTORS of the following agencies that they have been relieved of their appointments forthwith and should hand over to the most senior officer in their various directorates with immediate effect”.

The directors of the affected agencies, which include the Federal Airport Authority of Nigeria, Nigeria Metrological Agency, Nigeria Airspace Management Agency, Nigeria Civil Aviation Authority, and Nigeria Safety and Investigation Bureau have been instructed to hand over their duties to the most senior personnel in their respective directorates without further delay.

The statement clarified that the agencies’ board secretaries and legal advisers remain unaffected by this directive.

“All affected directors have been urged to adhere strictly to the instructions provided,” Oluseyi said.

The LN247 reports that President Bola Tinubu on Wednesday sacked the heads of various agencies in the aviation sector, replacing them with acting and substantive heads.

They include Kabir Mohammed of the Federal Airports Authority of Nigeria; Tayib Odunowo of the Nigerian Airspace Management Agency; Akinola Olateru of the Nigerian Safety Investigation Bureau; Prof. Mansur Matazu of the Nigerian Meteorological Agency; and Alkali Modibbo, the Rector of the Nigerian College of Aviation Technology.

He also suspended the Director-General of the Nigeria Civil Aviation Authority, Captain Musa Nuhu.

Sanwo-Olu Budgets N2.246trn for 2024 Fiscal Year

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Rhoda Onuzulike

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December 14, 2023

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Lagos State Governor, Babajide Sanwo-Olu on Wednesday presented a budget proposal of N2.246 trillion to the State House of Assembly for approval for the 2024 fiscal year.

The 2024 budget is N478 billion higher than the 2023 budget which stood at N1.768 trillion.

The proposal, tagged “The Budget of Renewal,” has a Recurrent Expenditure of N1.021 trillion and a Capital Expenditure of N1.224 trillion.

Gov Sanwo-Olu Takes Oath of Office for 2nd Term

Presenting the budget before the State House of Assembly on Wednesday, Sanwo-Olu said the proposal comprising a Total Revenue of N1.847 trillion and Deficit Financing of N398.283 billion.

“Total Revenue comprises our Internally Generated Revenue and Total Federal Transfers as follows: Total IGR (N1.251,322 Trillion), and Total Federal Transfer (N596.629 Billion).

“We equally propose a recurrent expenditure of N1.021 Trillion, comprising total overhead, total personnel cost and recurrent debt service,” he said.

A breakdown of the recurrent expenditure shows that Total Overhead Cost is put at N527.782 billion, comprising Overhead (N304.753 billion), Subventions (N123.010 billion); dedicated Funds amounting to N100.02 billion; Total Personnel Cost of N319.230 billion and Recurrent Debt Service of N174.94 billion.

The capital expenditure of N1.224 trillion is broken down into Capital expenditure, N856.387 billion and Repayments of N367.893 billion.

The sectoral allocation shows that Economic Affairs has the largest share of N535 billion, followed by Education, which has N199 billion and Health, which has N156 billion.

Others are Environment, N94 billion, social protection, Public Order and Safety, N84 billion and Social Protection, N50 billion.

“The budget size is made up of recurrent expenditure of N1.021,954trn (45%) and capital expenditure of N1.224,280 (55%). The deficit financing shall consist of external and internal loan and bonds which are well within our fiscal sustainability parameters,” Sanwo-Olu stated.

The governor said better times are coming for Lagosians, saying that the people had gone through some very difficult times, “but while the pain is temporary, the dividends of the necessary investments we are making will be here to stay.

“We are working closely with the Federal Government to ramp up relief measures to help the people of Lagos State alleviate the pains of the subsidy removal and the impact of high inflation.

“We are especially concerned about transportation and food costs, and in 2024 we will be keying into the targeted Food Security initiatives of the Federal Government.

“For transportation, we are fully on board with the Federal Government’s CNG-powered buses initiative, which will deliver sizable numbers of these buses to each State, for public transportation,” he said.

Recall that the Federal Government, in the Appropriation Bill, gave an average crude oil production benchmark of 1.78 mb/d, and a crude oil price benchmark of 77.96 dollars.

Crude Oil Production, Price Benchmark, Possible–NNPC

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Rhoda Onuzulike

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December 14, 2023

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The Nigerian National Petroleum Company Ltd. (NNPCL) has assured that projections on crude oil production and price benchmark for the 2024 Budget were realistic and realisable.

The Group Chief Executive Officer (GCEO) of the Company, Mele Kyari, gave the assurance during an interactive session with the Senate Committee on Finance at the National Assembly, Abuja, on Wednesday.

A statement by the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye noted that Kyari made the remarks while speaking on the dynamics of the market in relation to the projected budget benchmark price of 77.96 dollars per barrel.

“With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see 70 dollars per barrel oil in the market.

“The oscillation we are seeing, sometimes you do see prices coming down to 75 dollars to the barrel and sometimes it goes above it, overall, benchmarks are averages.

“We think that the proposal by Mr President around the 77.96 dollars is still realisable in 2024,” he said.

On the crude oil production projection, he said Nigeria had 1.785 million barrels per day (bpd) as the cumulative of all oil produced in the country.

The GCEO said the figure was inclusive of all production activities, including crude oil and condensate.

“I need to make this clarification because of the reports in the media that our Organisation of the Petroleum Exporting Countries (OPEC) quota is 1.5 million barrels per day.

“The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable,” he said.

He expressed optimism that though there were challenges such as security and force majeure, the measures being deployed by the Federal Government would be able to take care of them to guarantee the projected level of production.

FG to Increase Crude Oil Output to 2M Per Day

The GCEO also assured that NNPCL would maintain the level of dividends remittance to the Federation Account as stated in the Medium-Term Expenditure Framework.

He added that the projected dividends from the Nigeria Liquefied Natural Gas Ltd. was also realisable and would flow directly into the Federation Account as stipulated by the law.

On the Company’s Road Tax Credit Scheme, Kyari explained that all the roads being undertaken under the scheme would be duly completed.

He explained that the scheme was anchored by the Ministry of Works while the Federal Inland Revenue Service and NNPCL were only playing supervisory roles to ensure that value was delivered for every kobo paid.

Earlier, Chairman, Senate Committee on Finance, Sen. Mohammed Musa, said the interactive session was to deepen conversations on the projections in the 2024 Appropriation Bill to help the lawmakers determine adjustments.

He expressed satisfaction with the explanations offered by the NNPCL’s helmsman.

Scarcity: CBN Assures of Adequate Cash Supply

By

Rhoda Onuzulike

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December 14, 2023

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The Central Bank of Nigeria (CBN) has reassured Nigerians of enough Naira notes in circulation to cater for their cash needs.

CBN’s Acting Director, Corporate Communications, Hakama Ali gave the assurance in a statement on Wednesday, December 13 2023, following the complaints of a perennial shortage of Naira notes by bank customers across the country.

Ali said that Naira notes in circulation had increased from one trillion Naira in February to N3.4 trillion in December.

This, according to her, indicates that there is sufficient cash in circulation, except that the cash is in the hands of individuals who are apprehensive due to their previous experiences.

NEW NAIRA: CBN Launches Cash Swap programme for Underserved Communities

She said that the apex bank was addressing the reported cases of cash scarcity in some major cities across the country.

Ali attributed the situation to the hoarding of the Naira by some persons due to challenges experienced during the Naira redesign project.

She said that the CBN was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).

“The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians.

“We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond,” she said.

She urged Nigerians to continue to accept all Naira banknotes for their daily transactions, while urging the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.