Quantcast
Channel: Nigeria – THISDAYLIVE
Viewing all 26843 articles
Browse latest View live

Militancy: FG, N’Delta Avengers Make Contacts

$
0
0
•   MEND wades in, appoints Ajumogobia, others to negotiate
By Bolaji Adebiyi and Ejiofor Alike   
Prospects for peace in the troubled oil-rich Niger Delta region brightened at the weekend as the federal government, using back channel communications, may have established contacts with the militant group, the Niger Delta Avengers, whose violent activities had shut in about 800,000 bpd of the country’s crude oil production.
Faced with the huge production setback resulting in huge revenue losses to the nation’s purse, the federal government had set up a team under the auspices of the National Security Adviser, Maj-Gen. Babagana Monguno, and the Minister of State for Petroleum Resources, Ibe Kachikwu, to reach out to the militants and other relevant stakeholders and discuss ways of appeasing the restive youths and bring peace to the region.
To pave the way for the work of the committee, Acting President Yemi Osinbajo had met with the governors of the region, including Seriake Dickson (Bayelsa); Adams Oshiomhole (Edo), Ifeanyi Okowa (Delta); Nyesom Wike (Rivers) and Olusegun Mimiko (Ondo) last week, stating the federal government’s position to stand down the military that had been drafted to the area to enforce law and order.
Thisday learnt yesterday that the peace efforts were yielding fruits as Kachikwu might have established some contacts with some of the commanders of the NDA, who had initially repudiated the move, preferring to hang on to its demand for self-determination for the Niger Delta.
The contacts, Thisday further learnt, might have been responsible for the cessation of bombings of oil installations in the last few days, as the avengers were being prevailed upon by FG’s back channels contacts to give peace a chance by embracing dialogue.
Sources close to the process, told Thisday that evidence that progress was being made was the Movement for the Emancipation of Niger Delta’s (MEND) consistent calls for dialogue instead of violence.
Using its own channels, MEND was said to have intervened on behalf of Kachikwu’s team, reaching out to its fellow militants to give the federal government a listening opportunity.
MEND said yesterday though that it was taking advantage of the olive branch offered by the federal government for dialogue and had appointed a former Minister of State for Petroleum, Odein Ajumogobia; a former senator, Florence Ita-Giwa; Bismark Rewane and four others as members of its team that will hold talks with the government on the crises in the Niger Delta.
The spokesman for MEND, Jomo Gbomo, said in a statement yesterday that it looked forward to the talks, stating that while Ajumogobia would represent Rivers State in the negotiating team, Rewane and Ita-Giwa would represent Delta and Cross River States, respectively.
According to the statement, other members of the team, it tagged Aaron Team, are Timipa Jenkins Okponipere (Bayelsa); Ibanga Isine (Akwa Ibom); Ledum Mitee (Rivers) and Lawson Omokhodion (Edo State).
It said the seven provisional members had accepted to serve on the team, adding that the remaining members of the team would be made public in due course after due consultations with relevant stakeholders.
“Following useful exploratory discussions held with high ranking officials of the current administration, the Movement for the Emancipation of the Niger Delta (MEND) has constituted ‘Aaron Team 2’ to dialogue with the Federal Government on the immediate, medium and long-term future of the Niger Delta region,” the group said, adding: “The team is made up of patriotic and selfless men and women of proven track record, integrity and character; and drawn from different parts of the Niger Delta region, members of the MEND Aaron Team 2 are by no means members of MEND.”
MEND recalled that it had in the past 10 years of its existence taken up arms against the federal government and the International Oil Companies (IOCs) with a view to bringing to national and international attention, the pitiable paradox of the Niger Delta region.
It said it declared a ceasefire on 30 May, 2014 in response to former President Goodluck Jonathan’s Democracy Day speech of the previous day.
According to MEND, the ceasefire was an indication of the group’s belief in dialogue and diplomacy as means of settling disputes.
MEND invited the NDA to agree to a ceasefire and join in the negotiation with the federal government, warning that unless they both embraced peace, the Niger Delta’s struggle for development would be hijacked, once again, by selfish interests for their own personal aggrandizement.
It cited the recent purported demand of the NDA made through the region’s governors that the federal government should drop charges of corruption against certain individuals and politicians from the region as an indication that the struggle had been hijacked and described the demand as absurd, ridiculous and far removed from the Niger Delta struggle.
MEND said: “Our message to the Niger Delta Avengers (NDA) is simple: The Niger Delta struggle is beyond attacks on oil installations. Indeed, prior to the MEND ceasefire; the group had, among numerous daring attacks, on Thursday June 19, 2008 successfully carried out the spectacular attack on Royal Dutch Shell’s offshore Bonga oilfield, which is located at a whooping distance of 120 kilometres (75miles) south-west of the Niger Delta.
“However, with the benevolent benefit of hindsight, the group realised that, after the initial euphoria of each successful attack, the gargantuan problems which confront our region; including environmental pollution and political corruption, increased geometrically. If indeed your cause is to avenge the injustice done to the Niger Delta region; then, we urge you to agree to a ceasefire and join us on the table of negotiating with the Federal Government.”

Challenged CBN Releases Flexible Forex Guidelines This Week

$
0
0
 • Says banks’ deposits decline by N1.02tn, bad loans increase to 10.1%  
 • Industry assets now at  N27.43tn
 • Banks liquidity ratio above limit
James Emejo in Abuja, Obinna Chima in Lagos   
Any time this week, which analysts believe may be Friday, when the Central Bank of Nigeria usually takes bids from authorised dealers of foreign exchange, the apex bank will unveil its much awaited guidelines on flexible foreign exchange regime.
This is coming after two weeks of intensive consultations with major stakeholders, including investors, bankers, fund managers and money market operators in a bid to strike an equilibrium and produce a workable policy that will bring price stability to the naira.
The CBN had been heavily hamstrung by dwindling oil revenue receipts, brought about by the violent activities of militants in the Niger Delta, which have reduced the country’s monthly oil sales income from the all-time high of $3.2bn just 15 months ago to about $500,000 in April.
Experiencing great difficulties in funding the nation’s imports as a result of scarce foreign exchange, a situation that had put a heavy pressure on the naira, sending it on a free-fall, the CBN had to think up a workable solution that would open up the forex market while maintaining a robust forex reserve.
The dilemma for the apex bank, however, is how to hold on to the current reserves level of about $28bn and maintain price stability in the foreign exchange market in the face of dwindling oil receipts.
The dollar is currently trading at N365.
“I think the guidelines would be released latest by Friday,” a source very close to the apex bank told Thisday on Sunday.
At the last monetary policy committee (MPC) meeting held 20 days ago, members agreed to hold all policy rates constant and introduce greater flexibility in managing forex rate. As a result of this, a lot of investors were cautiously optimistic and indeed excited.
The CBN Governor, Godwin Emefiele, had said the central bank resolved to introduce greater flexibility in the foreign exchange market structure and to retain a small window for critical transactions for prospective investors.
“With the foreign exchange market framework now ready, the MPC voted unanimously to adopt greater flexibility in the exchange rate policy to restore the automatic adjustment properties of the exchange rate,” he had explained.
Since then, the central bank has been consulting with stakeholders in the economy on the policy.
Actually, the Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane, had predicted that the much awaited guidelines might be released today.
Rewane, also known for his research works for the apex banking institution, had in a report to the Lagos Business School earlier in the month predicted today as the most likely day for the release of the guidelines for the flexible exchange rate policy.
But Bismarck had stated that a flexible exchange rate policy would have a long term impact of attracting capital inflows. “CBN is preparing guidelines but caught between a rock and a hard place. External reserves minus arrears are lower than desirable. There is the fear of a run as soon as cap is removed. Funding sources for a second forex window in doubt,” he said.
Creating possible outcomes on the planned flexible exchange rate, he predicted that the critical window rate could be N220/$; Interbank – N280/$ and parallel market– N320/$.
On their part, analysts at Afrinvest West Africa Limited, in a report at the weekend said it expects that the CBN would adopt “a crawling band system which will consist of an adjustable official rate at which the Bank intervenes and a corridor around the rate to moderate fluctuations in the interbank market.”
“This would still be marked improvement over the current fixed peg system but concerns would still remain on how the CBN would be adjusting its intervention rate (i.e. would it toe the parallel rate in lockstep manner or be fixed?) and how wide the width of the (a) symmetric corridor would be,” Afrinvest added.
Speaking in an interview with THISDAY, the CEO of Maxifund Securities Limited and a former CEO of the defunct Citizen International Bank, Mr. Okechukwu Unegbu, said the decision to introduce a flexible exchange rate was because of the weakening macroeconomic environment.
“We have tried so many types of exchange rate systems in this country. From the Wholesale Dutch Auction, Retail Dutch auction, and several others. From my understanding, the flexible exchange rate system means that our forex policy would be in tandem with developments in the economy.
“If the economy is strong, the central bank would want the exchange rate to be in tandem with the state of the economy at that time and if the economy is weak, they would want to adjust it. But the central bank is very right by not following the International Monetary Fund and World Bank advice to devalue our currency.
“There are reasons for devaluation and one of it is that you want to have more volume in your export, but here we don’t have anything to export. IMF and World Bank policies do not suit our environment,” he added.
Banks’ deposits decline by N1.02tn
Meanwhile, the CBN has stated that the sustained low crude oil price and supply constraints at the foreign exchange market as well as other macroeconomic conditions impacted negatively on the quality of bank loans, raising their non-performing loans (NPLs) ratio to 10.1 percent in April 2016.
The current ratio is well above the prudential limit of five percent and further raises concerns over banks’ asset quality.
According to the apex bank, the implementation of the Treasury Single Account (TSA) caused a decline of N1.02 trillion in banks’ total deposits, which dropped to N17.51 trillion in April 2016 compared to N18.54 trillion in April 2015.
Also, industry total assets decreased by 0.6 percent or N158 billion to N27.43 trillion in April 2016 from N27.58 trillion in the corresponding period of 2015.
According to the CBN, industry Gross credit fell 0.3 percent to N13.36 trillion in the period under review compared to N13.40 trillion the previous year.
According to figures provided by CBN Deputy Governor, Economic Policy, Sarah Alade, industry Cash Adequacy Ratio (CAR) further deteriorated to 16.5 percent in April 2016 from 17 percent in 2016 following decline in the total qualifying capital-occasioned by regulatory deductions, retirement of Tier II capital, impairment as well as increase in the total task weighted assets.
In her presentation to the Bankers’ Committee on the state of the economy and update on the regular Monetary Policy Committee (MPC) meeting, a copy which was obtained by THISDAY,  banks’ unaudited profit before tax for the period ended April 2016 decreased by 10.8 percent or N24 billion to N198 billion from N222 billion in 2015.
She said bank’s return on equity (ROE) and return on assets (ROA) both fell to 2.17 percent and 16.17 percent in 2016 from 2.42 percent and 19.39 percent respectively.
“The decline was driven largely by a decrease in both interest and non-interest income, which declined by 6 percent or N50 billion and 5.4 percent or N259 billion respectively,” she stated.
It further emerged that industry liquidity ratio (LR) stood at 46.3 percent in 2016 compared to 39.78 percent in 2015-and showed that banks operated far above the minimum requirement of 30 percent.

Police Seal PDP Headquarters Again

$
0
0

The police have again sealed the Peoples Democratic Party, PDP,  secretariat known as Wadata Plaza,  Abuja.

Although no official reason has been given,  it may not be unconnected with the intention to prevent the sacked acting National Chairman of the party,  Senator Ali Modu Sheriff,  from gaining access to the place.

A report monitored on radio indicated that Sheriff was locked out of the premises and was standing by the gate,  having stormed the secretariat as early as 7am.

Further details later

Ambode Inaugurates Sole Administrators for 57 Local Councils

$
0
0
·         Warns against corruption, abused use of office
By Gboyega Akinsanmi
Lagos State Governor, Mr. Akinwunmi Ambode, on Monday inaugurated the newly appointed Sole Administrators for 20 Local Government Areas (LGAs) and 37 Local Council Development Area (LCDAs).
The governor, also, cautioned all the sole administrators that were sworn in against corrupt practices and abused use of public offices, which he said, could incur them the wrath of the state government.
He swore the appointees in at Lagos House, Alausa, Ikeja, alongside the Deputy Governor, Dr. Oluranti Adebule; Secretary to the State Government, Mr. Olatunji Bello, the state’s Attorney General & Commissioner for Justice, Mr. Adeniji Kazeem and a lawmaker from Lagos West senatorial district, Sen. Olamilekan Solomon.
At the inauguration, Ambode charged the sole administrators to see their appointment as “a call to service of the people. You are relay runners on a journey of reform that will ultimately culminate in the election of accountable people that will carry on the baton of good governance for our people.”
 
He, also, urged them “to run the race efficiently with diligence and not to betray the trust that has been placed in you. Your job is to go to the local governments you have been posted and make a difference to the lives of the people.
FURTHER DETAILS LATER

Army Makes Clarification on Number, Reasons for Retirement of Senior Officers

$
0
0
•As some officers protest over list
  By Senator Iroegbu in Abuja

The Nigerian Army has made clarifications in the compulsory retirement of some senior officers recently disengaged from the service by the Council.

The Director of Army Public Relations (DAPR), Col. Sani Usman, made the clarifications on Monday in response to the growing speculation and rumours regarding the number and names of the senior Army officers affected in the recent retirement.

Usman said it “is worrisome as some individuals and media houses went to the ridiculous extent of publishing outrageous figures and names of serving officers as being retired.

“This is unethical and unfair. It is therefore necessary to inform the public to please disregard such inaccurate lists”.

Usman, who still did not reveal the names of the affected officers, however confirmed that only 38 senior officers were affected by the retirement exercise.

For the avoidance of doubt, he said,  the following is the statistics of the officers retired compulsorily – nine Major Generals, 10 Brigadier Generals, seven Colonels, 11 Lieutenant Colonels and a Major.

“We are quite aware that some mischievous elements are trying to whip up sentiments. This is quite unfortunate because all the affected officers were retired based on Service exigencies and in line with the Armed Forces Act, CAP A20 Laws of the Federation of Nigeria 2004,” he added.

Usman noted that the Nigerian Army is a professional institution  that is based on highest standards of discipline and conduct.

Consequently, he said,  its personnel must remain professional, neutral and apolitical at all times.

FURTHER DETAILS LATER

Buratai: Due Process Followed in Retirement of Army Officers

$
0
0

 


By Dele Ogbodo in Abuja

The Chief of Army Staff, Lt Gen Tukur Buratai, on Monday said the retirement of some 38 senior army officers followed due process.

The COS made the disclosure during a courtesy visit to the Minister of Communications, Mr. Adebayo Shittu, in Abuja.

He said: “There cannot be a better time than now to retire these officers. It took us a painstaking procedure so that innocent persons are not mistakenly retired.”

He said their retirement, which took many people by surprise, followed the necessary enquiry, legal investigation with a report and recommendations to the higher authority before they were retired at the weekend.

EFCC: Freezing of Suspects Bank Accounts, Backed by Law

$
0
0
  By Senator Iroegbu in Abuja

The Economic and Financial Crimes Commission (EFCC) has asserted that the recent freezing of the bank accounts of suspects under investigation is backed by law.

The Head, Media and Public Relations, EFCC, Wilson Uwujaren, stated this on Monday in response to the interest  generated by the action of the Commission in freezing the accounts of suspects that were investigated or are currently being investigated.

Uwujaren said that some commentators have tended to ascribe vindictive motives to the  action, adding that clarification is needed to prevent misinformation, and explain the reason behind the Commission’s actions in this regard.

According to him, “Freezing of accounts suspected of being used for commission of financial crimes is a mandatory investigative step backed by law.”

Indeed, he said,  Section 34 (1) of the EFCC Act 2004 empowers the Commission to free any account suspected of being used for financial crimes.

The EFCC spokesman said that the “section stipulates that the Chairman of the Commission or any officer authorized by him may, if satisfied that the money in the account of a person is made through the commission of an offence under this Act or any enactment specified under Section 6(2) (a)-(f) of this Act, apply to the Court ex-parte for power to issue or instruct a bank examiner or such other appropriate authority to freeze the account”.

Similarly, he said,  the provisions in the Money Laundering Prohibition Act 2012 (as amended) also empowers the EFCC Chairman or his representative to place a stop order on any account or transaction suspected to be involved in any crime.

FURTHER DETAILS LATER

N450m Campaign Fund: Again, EFCC Quizzes Chime, 2 Other PDP Chieftains

$
0
0

Christopher Isiguzo in Enugu
For the second time in a week, the former governor of Enugu state,  Barrister Sullivan Chime, on Monday kept an appointment with the Economic and Financial Crimes Commission (EFCC) in continuation of the ongoing investigations into the $115m (N23bn) allegedly disbursed by a former Minister of Petroleum Resources, Diezani Alison-Madueke,  in the course of the 2015 presidential election.
Chime had been questioned by officials of the anti-graft agency at its South-East Zonal office in Enugu last week Wednesday. The questioning  reportedly centred on how he handled the N450 million that he received.
Apart from the former governor who was sighted at the commission’s office located at the Independence Layout,  Enugu, other notable chieftains of the Peoples Democratic Party (PDP), including former party chairman, Ikeje Asogwa, the chairman of the party’s 2015 campaign organization, Chief Charles Egumgbe, were also seen coming out of the EFCC’s office.
The party leaders were linked to the said said N450 million. The Secretary of the 2015 Campaign organisation and Commissioner under Chime, Rita Mbah was however not sighted at the commission’s office.

Chime had arrived the EFCC zonal office in a black Ford sports utility vehicle with Enugu registration number, CV 950 ENU, at about 10:58 am, and left about 13 minutes afterwards.

In the same way, his other colleagues, Asogwa and Egumgbe left separately later.
Neither Chime nor Asogwa spoke to the press, but Egumgbe who managed to crack some jokes with some journalists around wjo congratulated him for “coming out of the place without being detained” simply said “I’m happy to he out” and left in his black SUV.
Efforts to get an official of the commission to speak with the media on what transpired while Chime and the ywo other PDP leaders were with them failed as none elected to comment.
However, sources told ThisDay that Chime and others had already been granted administrative bail during their earlier interrogation but only kept to the terms of their bail to maintain constant contact with the commission by coming to the commission’s office from time to time.
FURTHER DETAILS LATER

Hijab: Christian Youths Allege Islamization of Osun State

$
0
0

By Yinka Kolawole in Osogbo.

The youths wing of the Christain Association of Nigeria, CAN, Osun State, has noted that
Governor Rauf Aregbesola has mapped out plans to erase all traces of Christians’ heritage in the state particularly in public schools.

In a communique issued at the end of their meeting and signed by the state Chairman, Owo-Ofe, A.N, and the state Secretary, Evangelist Timilehin Popoola, the youths also opined that Aregbesola is already working towards a process of Islamization of the state which they said was earlier stated in 2012 by the Directorate of Military
Intelligence and corroborated by OSCAN in 2014.

The youths who noted that they would oppose this dubious agenda of Aregbesola urged the Governor not to implement the judgement of  Justice Saka Falola which he delivered on Friday 02 June, 2016, that female pupils in all public schools should be allowed to wear hijab to schools without any harassment.

FURTHER DETAILS LATER

Ondo Guber: No Zoning in APC Constitution – Aspirant

$
0
0


By James Sowole in Akure

As the controversy over the call for zoning of the All Progressives Congress (APC) gubernatorial ticket ahead of the November 2016 Election in Ondo State rages, a leading aspirant, Boye Oyewunmi, on Monday faulted the advocates of the arrangement, saying the party’s constitution does not make provision for zoning.
Oyewunmi made the clarification in Akure, the state capital, during an interactive session with journalists on his programmes if elected the governor of the Sunshine State.
The aspirant said those advocating for the zoning of the party’s ticket were only saying that  as a gimmick to exclude quality aspirants from the race.
He said the high number of aspirants jostling for the gubernatorial ticket of the party showed the vitality of the APC because people were already tired of the current administration and the party in power.
Oyewunmi , who allayed the fears that the APC may witness crisis after the primary said the party already has mechanism in place to resolve any issue that may arise after the shadow election.
To ensure a free and fair primary where all interests would be taken care off, Oyewunmi said a new congress should be held to decide on the party delegates for the gubernatorial primary.
According to him, the new congress would enable new members of the party to participate in the party’s selection activities in the spirit of true democracy rather than just excluding some people automatically from participating in the process.
FURTHER DETAILS LATER

Buhari Backs CBN Flexible Forex Policy, Says It’s Down Payment for Success

$
0
0
  • Market awaits details
  • UBA Leads Utilisation as CBN Sells $131m to Banks

Obinna Chima with agency report

The flexible foreign exchange policy of the Central Bank of Nigeria got a presidential nod again yesterday as President Muhammadu Buhari said it would help the country’s economy, which had been badly hit by a slump in oil revenues.

“The central bank has moved to introduce a greater flexibility in our exchange rate policy. These actions are a down payment on our people’s ability to succeed,” Buhari said in an essay he published on the website of The Wall Street Journal. (See back page for full text)

Although the President did not give details of the policy, he explained that Nigeria needed it to boost its supplies of foreign exchange, adding that the country would need to radically increase its exports and productivity as well as improve the investment climate and ease of doing business.

The president’s essay could raise more anxiety about the details of the policy that Thisday reported yesterday might be unveiled this week. The paper had said its informed analysts believed the details might be released this Friday, being the day the CBN receives bids from authorised forex dealers.

Meanwhile, the CBN last week sold $131,323,071.09 to 11 commercial banks and three merchant banks, the returns of forex utilisation published by the respective financial institutions have shown..

However, dollar purchases by Dangote Flour Mills – $2,444,843; Dangote Sugar Refinery -$1,555,156.62; and IATA -$1,500,000; which were UBA’s biggest customers during the week under review, buoyed its performance in forex returns.

Also, with a total of $17,538,818, Stanbic IBTC came in second. The bank sold the greenback to a total of 147 customers. Out of this amount, 94 of the firms that Stanbic IBTC sold dollars to were institutional investors and foreign portfolio investors who were divesting from the country’s equities, bonds and treasury bills instruments.

FirstBank of Nigeria Limited held the third position with a total of $14,424,749.46 forex allocation it got from the central bank. The bank sold the dollars to 788 customers. FirstBank’s biggest customers were Dangote Cement Plc which purchased $2,000,000.

Guaranty Trust Bank Plc (GTbank) held the fourth position with a total of $13,119,712.75, just as Zenith Bank Plc with a total forex allocation of $13,110,393.04 came in fifth. Zenith Bank sold the greenback to a total of 496 customers. Also, Zenith Bank’s biggest customers in the week under review was the Dangote Group (Dangote Agro Sacks Limited, Dangote Flour Mills and Dangote Sugar Refinery Plc), which purchased a total of $2,000,000 from the bank.

Also, Standard Chartered Bank Limited held the sixth position with a total forex allocation of $11,601,339, Diamond Bank Plc came in seventh with a total forex allocation of $11,166,213.01, and Ecobank Nigeria got a total forex allocation of $8,377,592.95 from the central bank to be in the eight position.

Meanwhile, a Bloomberg report indicated that the banking sector regulator will probably make a pronouncement in a circular to banks, said a person, who asked not to be identified discussing the private talks held June 9 in Abuja, the capital.

Analysts including those at Renaissance Capital Limited have said they expect the central bank to allow the naira to weaken around a trading band in the interbank market, while allocating dollars at a fixed rate to industries the government deems strategic.

The central bank is still working out details of the policy, the person said, and may also reinstate a minimum holding period for foreign investors buying naira bonds.

CBN Governor Godwin Emefiele has faced calls for more than a year to devalue the currency, as other oil exporters from Russia to Kazakhstan and Angola have done, amid a rout in crude prices since mid-2014 to around $50 a barrel.

Investment into Nigeria has shrivelled as foreigners are put off by capital controls needed to defend the peg, while local businesses have struggled to import raw materials and equipment.

Naira three-month forwards rose to N301 against the dollar yesterday in London, poised for a record close and suggesting traders see the currency falling to about that level from the spot price of N198.5. Forward contracts maturing in a year traded at N340, also a record high.

Africa’s biggest economy removed a requirement for foreign investors to hold local-currency debt for at least one year in mid-2011. That led to Nigeria’s inclusion the following year in JP Morgan Chase & Co.’s local-currency emerging market bond indexes, tracked by more than $200 billion of funds, and also prompted naira yields to plummet.

The country was kicked out of the indexes last September because JPMorgan said the currency restrictions made it hard for investors to trade naira bonds.

Nigeria has held the naira at N197-N199 per dollar since March 2015, with Emefiele and President Muhammadu Buhari both insisting that a weaker currency would leave consumers facing higher prices. That’s already happened, with inflation accelerating to an almost six-year high of 13.7 per cent in April. The statistics bureau is due to announce figures for May this week.

The naira has plummeted to around N365 per dollar on the black market as shortages of the greenback worsened.

The black market rate may strengthen if the official one is weakened and inflows from investors pick up, according to the president of the Bureau de Change Operators of Nigeria, Aminu Gwadabe.

“The naira might trade around N300 to a dollar on the black market after the announcement, because we expect supply to improve,” he said, adding that “in the past weeks, the central bank created doubt in the market, which triggered another round of speculation.”

Niger Delta Avengers Embraces Dialogue, Gives Condition for Peace

$
0
0
  •  Kachikwu’s back channel diplomacy may be paying off
  •  NPDC loses N60bn to Forcados pipeline break in three months

Chineme Okafor in Abuja, Emmanuel Addeh in Yenagoa and Sylvester Idowu in Warri

The federal government’s efforts to restore peace in the troubled oil-rich Niger Delta region recorded a significant gain yesterday as the Niger Delta Avengers, the group that had been responsible for recent serial attacks on oil and gas pipelines in the region, said it was ready to discuss its grievances with the government.

The militant group’s turning of a new leaf, Thisday learnt monday, was largely due to pressure from the back channel contact made by the federal government’s negotiating team, headed by the Minister of State for Petroleum, Ibe Kachikwu.

THISDAY had reported monday that the heavy loses to the nation’s purse, arising from the violent activities of the NDA had forced the federal government to explore the use of back channels to reach out to the militants for dialogue.

The group’s offer of dialogue was, however, predicated on International Oil Companies (IOCs) operating in the region committing to send independent mediators to the dialogue, saying that was the only way it could have confidence in talk that is expected to chart the way forward for peace in the region.

The federal government’s team, which also include the National Security Adviser, Maj-Gen. Babagana Monguno, is mandated to reach out to the militants and other stakeholders in the region and find a way to end the violence that had adversely affected oil production output of the country, which had dwindled from 2.2m bpd to about 1.6m bpd.Only yesterday, the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Company (NNPC), said it had lost N60 billion in three months, owing to the break in its Forcados pipeline bombed by the NDA.

The NPDC’s loss is only a part of the general loss to the nation’s overall revenue loss manifested in the shut-in of over 800,000bpd since the NDA hostility began in February.

But in a statement by Mudock Agbinibo, the group’s spokesperson, it said it would cease fire to enable it discuss with the federal government’s team. It, however, demanded absolute sincerity on the part of government, warning that it would not allow the discussion to be turned into a political jamboree.

“We are warning this government of President Muhammadu Buhari not to turn the essence of genuine peace talk and dialogue to political jamboree that is prevailing now where all manner of social media agitators and criminals have been sponsored by the job seeking corrupt political class to save faces before the government of the day,’’ the NDA said.

As guarantees, the group said while it would not blow up more pipelines, it insisted that repairs to all bombed trunk lines must be put on hold until the dialogue is over, threatening to sink in the deep waters two large vessels belonging to the oil companies if its conditions were disregarded.

THISDAY had reported exclusively yesterday that the federal government, using its back channel communication had established contact with the militants with a view to urge them to embrace its offer of peace.

The approach had been preceded by the government’s stand-down order given to the military that had been deployed in the Niger Delta to enforce law and order.

The immediate gain of the approach was the buy-in by the Movement for the Emancipation of the Niger Delta (MEND), which in a statement yesterday said it was accepting the federal government’s offer of dialogue and invited the NDA to follow suit.

The MEND, in fact, set up a negotiating team to be headed by a former Minister of State for Petroleum, Odein Ajumogobia, to hold talks with the government team on the way forward for peace to reign in the region.

NPDC Losses N60bn in Last Three Months

Meanwhile, the NPDC has lost about N60 billion oil sales revenue in the last three months due to the delay in the repair of vandalised Forcados crude oil export line, the NNPC has said.

The NDPC is the exploration and production subsidiary of the NNPC. The corporation, however, disclosed this in the April 2016 edition of its monthly operations and financial report which was released last week.

It maintained that up till now, the export line which was vandalised in February with 300,000bpd of crude oil production deferred was still down, three months after.

The Shell Petroleum Development Company of Nigeria Limited (SPDC) had on February 21, 2016, declared a force majeure on oil liftings from Forcados following the February 14, 2016 disruption in its terminal’s subsea crude export pipeline.

But following NNPC’s disclosure in its latest publication that NPDC was still unable to earn N20 billion monthly oil income because of the development, in addition to the last two publications in February and March which THISDAY reviewed, it was discovered that NPDC may have cumulatively lost N60 billion within the last three months.

In February, NNPC said in the report: “The huge deficit in the month of February 2016 was due to production shut-in occasioned by vandalism of Forcados export line. This situation denied NPDC the opportunity to earn revenue from crude oil sales of about N20 billion.”

In March, it stated: “The recent declaration of force majeure by SPDC due to vandalism of 48-inch Forcados export line resulted in production shut-in of about 300,000bpd. This adversely impacted on the nation’s February 2016 production, leading to a loss of about N20 billion of NPDC oil revenue.”

And in April, it explained that: “The NPDC’s crude sale for the month is still hampered by Forcados pipeline vandalism which continued to deny NPDC of monthly crude oil revenue of about N20 billion.”

While Shell said in February that it was intensifying efforts to repair the damaged pipeline, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated in March that repairs on the line might take up to May.

NNPC also said in the report that its leadership was already diligently addressing its key business and operational challenges.

Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC) has said the timing that Nigeria and Canada began to see unplanned oil production outages in their oil fields is ideal to buoy market sentiment.

OPEC, which kept its world oil demand unchanged in its June Monthly Oil Market Report (MOMR) which was released monday, reiterated that outages in Nigeria and Canada helped to keep oil futures for May on a bullish trend.

“Oil futures surged sharply again in May to close to $50/b on bullish market sentiment coming from supply outages, both planned and unplanned.

“Wildfires knocked out some 700,000 b/d of Canadian production in May, while Nigerian output slumped to levels not seen in over a decade on the back of a wave of militant activity coupled with some technical issues,” said the MOMR.

It then stated: “The timing of these unplanned outages was ideal to buoy market sentiment, as they came just ahead of a seasonal, and therefore widely expected, global period of tightening in 3Q16.”

It noted that world oil demand growth for 2016 remained unchanged from the previous report at 1.20 million barrels per day (mbpd) to average 94.18mbpd.

The report said Asia, led by India, is anticipated to be the main contributor to oil demand growth in 2016, with the bulk of growth coming from transportation fuels, supported by healthy vehicle sales and the low oil price environment.

It also said the forecast for non-OPEC oil supply in 2016 remained unchanged, with a contraction of 0.74mbpd expected to average 56.40mbpd.

Sheriff, Staff Desert PDP National Secretariat

$
0
0
By Onyebuchi Ezigbo in Abuja

In the aftermath of the forceful takeover of the national secretariat of the Peoples Democratic Party ( PDP ), the premises on Tuesday appears deserted as normal activities at the place remained at their lowest ebb; even the ousted national chairman, Senator Ali Modu Sheriff, deserting his office which he had forcefully occupied on Monday.

Most members of staff stayed away from duties apparently due to the uncertainties surrounding the status of the party’s leadership.
Some of the staff who came to work however failed to enter their offices, but preferred to stay outside discussing in hushed voices  the latest conflict bedevilling the party.
Meanwhile, Sheriff, who on Monday staged a comeback to occupy the secretariat, came to his office and after a brief moment drove out in company of the former National Vice Chairman of the PDP (South-South), Dr. Cairo Ojougboh.

More details as situation unfolds

34 Years Old Declares Aspiration for PDP National Chairmanship

$
0
0

By Ibrahim Shuaibu in Kano

An oil magnate from Gombe state,  Alhaji Sadiq Bello Sardauna, has declared interest in the chairmanship of the Peoples Democratic Party and pledged to reunite the organisation and relaunch it to winning ways.

He said: “If given the mandate by our  party men during the forthcoming national congress of the party,  surely I will reunite all the factions.”

Addressing reporters in Kano on Tuesday, Saudauna said that his candidacy offers a window of opportunity for self-rediscovery by the party.

“Participatory democracy usually provides a platform for both the youth and the old to exhibit their leadership potentials, and we felt this is the time to step out and make the change,” he said.

Sapele Power Plant Promises Additional 1,000MW Electricity Generation

$
0
0
*Also recovery of lost Installed capacity

By Adibe Emenyonu Benin City

To expand its capacity base to generate more electricity in Nigeria, the management of Sapele Power Plant has said it has put the necessary machinery in place to recover the plant’s installed capacity of 1,020MW and at the same time inject new generation capacity of 1000MW within the next five years.

The Sapele power plant which was built from 1978 – 1982 has an installed capacity of 1,020MW but presently generates 150MW before it was privatised in February 2014 and sold to a private initiative, Eurafric Group,

Managing Director (Downstream)  of the plant,  Mr. Onoriode Odjeba, who made the disclosure during a stakeholders’ workshop with host communities in Sapele, said the expansion would come in two forms: recovery of installed capacity and introduction of new generation capacity

He said the management of the power plant, the second largest power plant built before it was privatized, has a plan to inject an additional 1000MW in the next five years in addition to refurbishing of selected turbines of 300MW as well as purchase of new Gas’s turbine to bring an addition 900MW of its lost capacity.

Odjeba further disclosed that one of the means they intend to achieve this capacity expansion would be the installation of gas turbine on badges.

MORE DETAILS LATER

Police Wade into Murder of Ex-Envoy

$
0
0

By Dele Ogbodo in Abuja

The Federal Capital Territory (FCT) Police on Tuesday said it has commenced investigation into the gruesome murder of the former Nigerian envoy to South Africa, Mr. S.S. Yusuf, in the early hours of Monday in zone 6 district of Abuja.

Speaking with THISDAY on telephone on the update on the murder, the FCT Command Public Relations Officer, Assistant Superintendent of Police (ASP), Anjuguri Manzah, said the Command’s Homicide department has begun investigation into the cause of the death of the former Nigerian High Commissioner to South Africa.

Manzah however said that while the investigation is ongoing, it is improper to pre-empt the cause of his death and promised to carry the media along as soon as investigation is concluded.

The incident, according to an eye witness who resides at the area, involved the diplomat being pushed out through the veranda of his apartment by assailants who forced their way into his apartment.

MORE DETAILS LATER

10 MASSOB Members Arrested in Cross River

$
0
0
By Bassey Inyang in Calabar
Ten members of the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB),have been arrested by the police in Cross River State.
Information has it that the MASSOB members were arrested on Monday in Ikom and Ogoja towns.
Mr.Okon Archibong,who claimed to be the spokesman of MASSOB in the state,disclosed to journalists in Calabar on Tuesday that those arrested was the State Coordinator of the Movement, Samuel Okah.
Archibong said others arrested  include Shedrack Chinelo, Chief Joseph Ekperebi, Michael Adah, James Ekeme and Adah Johnson.
He said they were  arrested in Ikom and Ogoja on Monday night and detained at the Ikom police station.
Archibong said no reason was advanced for their arrest.
“We have not had any other activity outside  the May 30th commemoration of Biafra Anniversary day, but last night the police from Ikom Division went to the home our State Coordinator, Samuel Okah and nine other persons and arrested them.
“I have gone to see them at the Ikom police station this morning and they are in the cell and I asked what offence they committed because during our anniversary march, we did not engage in any confrontation with anybody or group, not even with the police.”
MORE TO FOLLOW

Police Arrest Couple for Alleged Kidnap of Reverend Sisters

$
0
0

By James Sowole in Akure

For allegedly participating in the kidnap of two Reverend Sisters,  Perpetual Apo and Bukola Funmilade, and their driver, Mr. Zwugwa Zibai,  the Ondo State Police Command has arrested a couple, Ayodeji Muyijimi and Adebimpe Muyijimi .

The couple and others, one of whom has been paraded along with other suspected criminals, were alleged to have played different roles in the kidnapping of their victims at Kajola Village on Benin-Sagamu Expressway in Odigbo Local Government Area of Ondo state in May .

Speaking on the arrest of the couple, the Commissioner of Police for the Ondo State Command, Mrs Hilda Harrison, who said the suspects had participated in a series of kidnappings in the state in recent times, said the couple was arrested in Okitipupa town in Okitipupa Local Government Area of the state.

She said they had confessed to the commission of the crime, adding that they would be arraigned in court as soon as the police concluded investigation on the matter.

It was gathered that the physically-challenged husband, Ayodeji did not actively participate in the kidnappings due to his health condition but he allegedly gave out information about their victims to the other members of the gang while his wife, Adebimpe kept the arms and ammunition the members used to carry out the abduction.

MORE TO FOLLOW

Sokoto Announces 70% Subsidy on Fertilizer

$
0
0
Governor Aminu Waziri Tambuwal and Sultan of Sokoto, Muhammad Saad Abubakar on Tuesday flagged off the sale of fertilizer for the 2016 cropping season in Sokoto state.
Speaking at the event, which took place at Silami LGA, Tambuwal announced that the state government has subsidized the cost of the commodity by 70 percent to enable farmers enhance production.
He said the government has procured three types of fertilizer – Urea, NPK and SSP brands.
“This year, Urea brand, bought by the government at N6859, will be sold to farmers at the price of N2,300; NPK, which was procured at the cost N6,400, will be sold at the rate of N2,200 while SSP, also bought at the rate of N6,400, will be sold to our farmers at the rate of N2,100,” the Governor said.
Tambuwal added that is administration would not relent on efforts to improve agriculture.
According to him, government has also procured 19,620 bags of rice seeds of 50kg size to be distributed to rice farmers for the 2016 wet and dry season farming.
“In the same vein, certified seeds of onions and lettuce have been sourced for distribution to vegetable farmers in Goronyo, Rabah, Wurno, Kware, Tambuwal, Wamakko, Silame, Kebbe, Sokoto North and Shagari LGAs,” he added.
Tambuwal said government will continue to explore avenues to enhance water management especially for the two major dams in the state, in order to mitigate flooding and its negative consequences, and at the same time improve wet and dry season farming.
About 9,000 metric tones of fertilizer was procured by the government for the 2016 cropping season.

Dialogue with Niger Delta Avengers, B’Haram, Abdulsalami Tells FG

$
0
0
By Laleye Dipo in Minna
Former Head of state, General Abdulsalami Abubakar, has joined the league of Nigerians that have called on the federal government to enter into dialogue with all aggrieved groups in the country, particularly the Niger Delta Avengers and the pro-Biafra groups.
He also said that the talks between the federal government and representatives of the radical Muslim group, Boko Haram, should be reopened.
Abdulsalami made the call in Minna on Tuesday when he received in audience the speaker of the Niger state House of Assembly and other legislators that called to congratulate him on his 74th birthday.
The former Nigerian military ruler turned 74 on Monday June 13.
According to him, ‘Lasting peace can return to the country with roundtable discussions and dialogue by government with various insurgency groups including the Niger Delta Avengers militants.’
MORE DETAILS LATER
Viewing all 26843 articles
Browse latest View live