Thursday 2 March 2017
Posted by Editor. at 20:23
The unending story of the MMM scam sorry scheme. so report has it that N18b was lost to the scheme. A whole N18BILLION, If only this money is invested in a legitimate scheme, the return would have set families on the path to riches and wealth.
Posted by Editor. at 19:42
The federal government of Nigeria has approved an investment of N701b in the power sector. This is a massive boost to power generation in the country. The investment is said to enable the GENCO's pay for their gas supply.
Read the full report below..
Read the full report below..
Power supply, which stands at 4,000 megawatts, is set for a major boost.
The Federal Executive Council (FEC) yesterday approved N701 billion Power Assurance Guarantee for the Nigeria Bulk Electricity Trading (NBET)—to ensure a better supply of gas to the power plants. This will in turn improve power supply.
One of the major problems of the sector has been the lack of gas for power plants and the complaints about access to funding by the Generating Companies.
Minister of Power, Works and Housing Babatunde Fashola announced the FEC approval after yesterday’s meeting chaired by Acting President Yemi Osinbajo.
With him at the briefing were Minister of Information Lai Mohammed and Minister of Agriculture Audu Ogbeh.
Fashola said the Central Bank of Nigeria (CBN) facility will guarantee payment for the evacuation of power produced by Generating Companies (GenCos) for the national grid.
It will be drawn monthly to tackle the GenCos liquidity challenges.
NBET will pay GenCos, which have been unable to pay their gas suppliers, in arrears of electricity generated as a deliberate step to boost their confidence and that of intending investors in the sector.
Fashola said: “You will recall that a few weeks back we announced the approval of council for early works for the second Niger Bridge. That bridge at some time was part of a PPP initiative. You will also recall that at the same time, some private agreements were signed to build the Lagos-Ibadan express way.
“The first memo is to brief council on the PPP status of those infrastructure projects and present options to government, which was essentially that where those PPPs are having problems, government must lead and finance the infrastructure while continuing to engage the private sector. Government remains committed to having private participation in infrastructure renewal.
“But government, as a matter of strategy; thinks that it can continue until financial closures, agreements and all of that are put in place when PPPs become ready and viable to help deliver. So, it was a strategy memorandum, the conclusion essentially which is that government is committed to doing short financing as much as possible and encouraging PPP as much as possible.
“The second memorandum is in another area of critical importance, which is power. Part of the challenges there were addressed in the memo that was presented to Council to solve some of the liquidity problems, especially as it relates to NBET.
“NBET as you know, is the government’s own company, that is the Bulk Trader Electricity which buys power from the GenCos. The liquidity problems that have characterized the market have affected NBET’s ability to deliver on its PPP obligations through the GenCos.
“So, going forward, in order to strengthen NBET, CBN is proving a payment assurance guarantee for any energy produced by any GenCos, so that the Gencos can pay their gas suppliers when they get paid. So that the hydros can continue to operate.
“What we seek to achieve here is to bring some stability to the production side of the power value chain and also give confidence to investors who want to come in, who are concerned about how to recover their money. Payment assurance and also people who are planning to invest in the gas sector, which is being championed by the Ministry of Petroleum, also are saying the same thing in terms of payment for gas produced.
“So, the approval of Council was to provide this guarantee for NBET, which is a 100 per cent government owned company to pay on a monthly basis its obligations for energy actually produced on to the grid to the GenCos that are its customers,” he said.
Fashola said the government was expanding transmission capacity regularly because it wanted to generate more power.
He said: “I have been here to announce to you transmission projects that have been approved by council and over the last one year plus the transmission capacity has grown to almost 7,000 from 5,000 and is continuing to grow with every project.
“So, it is not the problem of taking power; it is actually a problem of getting power from generation. If you recall just about a few weeks ago, you were reporting that power supply had dropped to a little over 2000mw. It’s back now at over 4000mw.
“We have solved the transmission problem in Ikot Ekpene largely, to evacuate over a thousand. But the gas suppliers were being owed so they were not supplying gas for the power producers.
“As to the quantum of the guarantee, it is for two years from January this year right through to December 2018. It is capped at a maximum of N701 billion but it is to be drawn monthly. It is possible it may not reach that. But we are projected on the total cost that NBET will likely to pay. And that is why it is for power generated onto the grid only.
“So, if the power generated does not meet that cost, we don’t pay for it. It is paid in arrears at the end of the month not in advance. So, it is for actually what gets onto the grid. And this is part of the reforms that we have briefed you about that we were planning to undertake.”
Fashola said he briefed the cabinet on the Public-Private Partnership (PPP) status of the Second Niger Bridge and Lagos-Ibadan Expressway.
Ogbeh said the FEC approved N263 million for three research institutions to produce gum arabic seedlings for farmers and for export.
He said Nigeria earned as much as $43 million from export of gum arabic last year, and that more will be earned with increased production, more so as the commodity is in high demand in 17 countries.
Posted by Editor. at 19:24
Nollywood actor, Emeka Ike and his wife, Suzanne Emma, have parted ways. A Lagos Island Customary Court, South West Nigeria today dissolved their 17 year-old marriage.
The three-man panel presided over by Chief Awo Awosola, dissolved the marriage in a judgment following a petition filed by Suzanne. Other members of the panel of judges were: Mrs. Opeyemi Olanrewaju and Mr Kehinde Jacob Olayinka.
“From all evidence before the court, the marriage between the couple had broken down, and it is irreconcilable, consequently, the marriage is hereby dissolved”, said the court.
The court granted Emeka the custody of the four children, but ordered that Suzanne should be granted unhindered access to them. Either Suzanne or Emeka Ike has 30 days to appeal.
The court also received a photocopy of a bank draft of N300 dated July 20, 2016, which the Suzanne used in refunding the bride price, paid to her family during their marriage. Suzanne in the petition filed before the court accused Emeka of incessant beating, molestation, and torture, which she said she could no longer endure.
But Emeka in his response denied beating, molesting or torturing his wife. He urged the court not to dissolve the marriage. He also informed the court that his wife had moved out of their matrimonial home five times without any reason. He also told the court that the only time ‘devil’ entered their marriage, was when his wife paid for the children’s school fees.
Posted by Editor. at 18:55
The deal which was sealed after much speculation came after American rap artists Drake and Skepta released a remix of WizKid’s 2015 hit ‘Ojuelegba’ which was a global sensation and gave the singer worldwide recognition.
According to twitter handle @RCARecords, RCA Records chairman and CEO Peter Edge while welcoming the ‘Ojuelegba’ crooner said, “We are thrilled to welcome WizKid to the RCA Records family.
Wizkid, also Head of Starboy Records to BillBoard, said, “It’s hard for me to describe what I do since I work with rhythms from Afro-Beat, reggae, hip-hop, dance hall and others.
“What’s important to me is for music to be real, authentic, raw and timeless. I don’t wanna (want to) be boxed in to any one genre.”
“He has become a superstar in the African music scene and will be a game-changer in bringing African music to the world. We are extremely excited to have him as a part of RCA and are eager for the journey ahead.”
Speaking on the deal, Sony Music International president of Northern & Eastern Europe and Africa Adam Granite said, “We couldn’t be more excited to welcome WizKid to the Sony Music family.
“This is an incredibly important signing as we look to make Africa a major source of repertoire for the world. WizKid is a key ambassador for this movement and we look forward to helping him conquer the globe.”
The Afrobeats star who is a recent Grammy nominee for his songwriting contribution on American musician Drake’s ‘One dance’ joins the league of Nigerian musicians who have been signed by the label.
Posted by Editor. at 18:33
As we all know the ban on shipping used cars (popularly called Tokunbo) to Nigeria is no longer news. This single policy has changed the landscape of the automobile industry. It has separated the men form the boys in the industry. Many have had to search for other means of income. Here are some reports from those in the business. Read it below.
Many dealers of fairly-used imported cars otherwise known as “tokunbo” in Kano have resorted to other businesses since the Federal Government banned the importation of vehicles through the land borders.
Some of the dealers said on Thursday that they found it necessary to shift to other businesses in order to survive the current economic recession.
The dealers said that the Federal Government’s ban on importation of vehicles through the land borders has negatively affected their business, forcing many to switch to other businesses.
One of the dealers, Alhaji Nura Sheka, said he had been in the business for the past 10 years but never had it so bad like this year, following the introduction of the new policy.
He said, “I lost four cars because I could not clear them before the deadline given by the government to clear our goods and the ones I have on ground have not been sold due to lack of patronage.”
Another dealer, Alhaji Haruna Babba, said following the introduction of the new policy, he had since joined his brother at the Sabon Gari Market where they were currently selling food items.
He said, “I can no longer rely on a business which has no future anymore. I have some cars on display in my boss’s shop at Olusegun Obasanjo Way in the metropolis.”
Babba said that his decision to take to food business was borne out of his belief that the business would always be profitable because people must eat under whatever situation.
“Business of food items is profitable and thriving because people must eat under whatever situation they find themselves,” he said.
Babba said that the few who were still in the business had to travel to Lagos to clear their imported vehicles, pointing out that most of those who remained in the business were used to Lagos.
Alhaji Ja’afat Jikamshi said most of the car dealers who switched to other businesses were those with small capital.
“Some dealers who cannot go to Lagos, now prefer to buy used cars from people in the town, repair them and sell to interested buyers,’’ Jikamshi said.
According to him, there were many other dealers who were happy with the new policy.
He said that such dealers found it easier and less stressful to go and conduct their business in Lagos because of its proximity.
“Even though the recession has adversely affected the business, many car dealers are still happy with the new policy as it is less stressful for them, ‘’ Jikamshi said.
Posted by Editor. at 18:15
Contrary to various publications on the social media and some dailies based on allegations by Mr Babatunde Gbadamosi on the illegal sales of foreign currencies at ridiculous rates were responsible for the change in forex policy. The CBN has disputed the allegation.
You can read CBN's response here,
The Central Bank of Nigeria said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention.
The acting Director, Corporate Communications of the CBN, Mr Isaac Okoroafor, on Thursday in Sokoto refuted the claim that the allegations by Mr Babatunde Gbadamosi on the illegal sales of foreign currencies at ridiculous rates were responsible for the change in forex policy.
Gbadamosi, a Lagos businessman and former governorship candidate, made allegations of racketeering against the CBN and disparity in allocation of foreign exchange to cronies of the present administration.
He further accused the CBN of selling dollars to some people for as low as N3 to a dollar.
The CBN, however, released a statement clarifying that the transactions in question were third party transactions like Japanese Yen to the South African Rand or Euros to U.S Dollars.
The CBN also directed banks to file returns on the sale of foreign currencies in dollars to avoid ambiguities and misinterpretations in future.
Okoroafor said also that the appreciation of the Naira was in no way connected to the allegations of Gbadamosi.
He said, “I want to state categorically that there is no relationship whatsoever between the allegations by the so-called person [Gbadamosi] that dollar was being sold at 61 kobo and the current appreciation of the Naira.
“What led to the appreciation of the Naira includes the following:
“The CBN has done its intelligence work on the market and we came to the realisation that much of what was driving the demand on the BDCs and the parallel market was speculation.
“We reasoned that since there is a lot of pressure on the two segments from people seeking to buy foreign currencies for BTA, tuition and medical, that if we successfully address that, the pressure will come down.
“Also, before now, the level of our reserves was not enough to make us comfortable to really do the kind of intervention that is required.
“We decided to do so now because we are a bit more comfortable with our level of reserve.”
Okoroafor said that since the new forex policy, the CBN had intervened with about $591m in the market which had led to Naira gaining strength.
He said, “Let me also state as proof that when we placed $500 in the market only $370 was taken.
“That tells you that the real demand is $370m. When we placed $230m in the market, only $221m was taken.
“Anybody who has run afoul of the law, and the security agencies have caught up with him, should go and face his or her case and stop causing confusion amongst participants in the market.”
Posted by Editor. at 18:07
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