A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
U.S. President Donald Trump has signed orders designed to advance construction of the Keystone XL pipeline from Canada into the U.S. and the Dakota Access pipeline.
Both had been blocked by his predecessor Barack Obama over environmental concerns.
The Keystone project had been a long-standing point of dispute between Republicans and Democrat Obama, who rejected it after years of review in 2015 because of climate change concerns.
The proposed Keystone XL pipeline was slated to have carried oil from Canada's tar sands in Alberta to the Midwestern state of Nebraska, where an existing pipeline would carry the Canadian oil to refineries in Texas.
The Dakota Access Pipeline was the site of protests last year by Native American groups concerned about the impact on their lands and water.
Last month, the U.S. Army Corps of Engineers blocked the construction, calling for alternate routes to be considered.
The trail of Mr Olisa Metuh has suffered another adjournment at an FCT High Court on Tuesday.
Metuh, the former Peoples Democratic Party's spokesman, was arraigned by the Economic and Financial Crimes Commission (EFCC) on a two-count-charge of destruction of evidence.
The Judge, Justice Ishaq Bello, on Oct. 10, 2016, adjourned till Nov. 22 for the defence to open its case and also adjourned till Jan. 24 for defence' case.
Mr Sylvanus Tahir had earlier called three witnesses to testify in order to prove his case then closed his case, for Metuh's (defence) to open his.
On Tuesday, Metuh was not in court, but his counsel Mr Emeka Etieba appeared.
Mr Sylvanus Tahir, the prosecuting counsel was also present.
Tahir said that he was informed that Metuh was admitted in the National Hospital, Abuja, for spinal cord injuries.
The court adjourned the case again to March 2 for the defence to open its case.
Mr Eugene Odo, the former Speaker, Enugu State Assembly and more than 1,000 of his followers on Tuesday defected to the All Progressives Congress (APC).
Odo's defection to the APC is coming barely 48 hours after former Senate President Ken Nnamani announced his defection to the party.
Odo, who formalised his membership of the party after registration at Ukehe Ward 2 in Igbo-Etiti LGA of the state, was received by Dr Ben Nwoye, APC chairman in Enugu state.
Addressing his supporters, the former speaker said he defected with more than 1,000 supporters.
He said that though he was not unmindful of the fact that Enugu is predominantly a PDP state, he was encouraged that the leadership of the APC was making efforts to encourage the people of the South-East to join the party.
Eugene Odo
"The beauty of democracy is the ventilation of ideas and we have found succour in the APC.
"Part of the attraction is the fact that APC is striving hard to encourage our people in the South-East to join the party.
"I can assure you that before the end of June this year, it will be difficult to recognise PDP anywhere in Enugu state.
"The PDP has created a big burden to local politicians and what we now have in Enugu state PDP are temporal landlords," Odo said.
The former speaker in the immediate past administration said the PDP had derailed from the aspirations of its founding fathers.
Receiving the new members, Nwoye described the former speaker as `a democrat' who was vilified by the immediate past PDP administration in the state.
"This is a signal that the end of PDP in Enugu State is here,'' the APC chairman said.
Former councillors and other political appointees in Igbo-etiti local government area joined Odo to defect to the APC.
The new Assistant Inspector General of Police (AIG) , Zone 2, Kayode Aderanti, on Tuesday gave an assurance that the kidnapped students and staff of the Nigeria Turkish International School, Isheri, Ogun, would be released within 24 hours.
Aderanti gave the assurance while speaking with newsmen shortly after his visit to former President Olusegun Obasanjo at his hill top residence in Abeokuta.
Eight students and staff of the Nigeria Turkish International College in Ogun were recently abducted from the school by unknown gunmen.
The AIG, however, said that he spoke with the leader of the search team shortly before his visit and that he got a positive response from him.
He denied rumours that the families of the victims had been paying ransom, insisting that "no ransom has been paid.''
Aderanti commended the state's Commissioner of Police, Ahmed Iliyasu, for putting in place an effective security system in the state.
He urged residents of Ogun to partner with the police to ensure that lives and property were properly secured.
Pastor Enoch Adeboye, Overseer, Redeemed Christian Church of God, said he could have graduated from the University of Nigeria Nsukka (UNN) if not for the outbreak of Nigerian civil war in 1967.
Adeboye made the disclosure in Nsukka on Tuesday after being conferred with Honorary Degree of Doctorate of Divinity.
He said he gained admission into UNN in 1963 and his matriculation number was 1800.
He said: "It was the order of the then governor of the Eastern region Chief Odumgwu Ojukwu that non Igbos should leave the East; that was why I finished at the University of Ibadan.
"I am happy that a governor of Enugu state accompanied me today to UNN while the then governor of the Eastern region sent me packing because of civil war; that is God for you.
"I am happy that the first degree I missed in UNN has been replaced with honorary doctorate degree.
"I thank UNN for finding me worthy of this award.''
Adeboye urged Nigerians who had not given their life to Jesus Christ to do so, stressing that life is meaningless without Christ.
"Please if you have not given your life to Christ; do not waste time; do so immediately as you come to the prayer rally I am holding in this University after this award."
In his remarks, UNN Vice Chancellor, Prof. Benjamin Ozumba, said the University created the special convocation to reward excellence
"This is award is to an alumnus of UNN in the department of mathematics until 1966.
"Today special convocation is to reward excellence to a man who through the anointing of Jesus has imparted much to humanity.
"Adeboye is man whose accomplishment speaks more eloquently and reverberates more clearly than the voice of orator," the VC said.
Ozumba said Adeboye was conferred with the honorary degree because of his immense contributions to mankind especially Christianity.
Gov Ifeanyi Ugwuanyi of Enugu state was among important dignitaries who graced the occasion.
Gambia's National Assembly on Tuesday revoked a state of emergency declared by Former Leader Yahya Jammeh in an attempt to stay in power.
The move comes shortly before President Adama Barrow is expected to return to Gambia from neighbouring Senegal, where he sought refuge for security reasons.
West African troops were meanwhile securing the capital, Banjul, in preparation for Barrow's arrival.
Jammeh, who ruled the small West African nation for 22 years with an iron fist, caused weeks of political impasse when he refused to step down after losing the Dec. 1 presidential election to Barrow.
Jammeh left for Equatorial Guinea on Saturday, after weeks of pressure from West African leaders to step down.
An Upper Area Court sitting in Gwagwalada on Tuesday sentenced one Moses Habilah, 29, to two years' imprisonment for having canal knowledge of a six-year-old girl.
The presiding Judge, Alhaji Alhassan Kusherki, sentenced the convict after he had pleaded guilty to the offence.
He however, gave the convict an option to pay N50,000 fine.
The Prosecution Counsel, Mr Abubakar Tanko, told the court that Habilah, of Passo Village, was arraigned on a one count charge of procuring a minor.
He said that the act resulted to injury in her virgina, adding that N7,300 was spent at the University of Abuja Teaching Hospital on her treatment.
Tanko said the offence contravened the provisions of section 275 of the Penal Code was reported at the Gwagwalada Police Station by one Queen Emmanuel of Passo village.
A Federal High Court in Lagos, on Tuesday, fixed Feb. 16 to deliver judgment in a suit by the Economic and Financial Crimes Commission (EFCC) seeking forfeiture of funds linked to a former Minister of Petroleum Resources, Diezani Allison-Madueke.
Justice Muslim Hassan fixed the date after hearing arguments from counsels representing parties in the suit.
Justice Hassan had on Jan. 6, issued an interim order of forfeiture of the sum of 153.3 million dollars to the Federal Government, following an exparte application by EFCC seeking similar relief.
The EFCC had initiated the exparte application seeking an interim order, for the temporary forfeiture to the Federal Government of the sum, which it claims is linked to Diezani.
The court had also issued 14 days to any interested party to appear and prove the legitimacy of the monies, failing which the funds would be permanently forfeited to the Federal Government.
At the resumed hearing of the case on Tuesday, Mr Charles Adeogun announced appearance for Lawal, who is joined as respondent in the suit.
On the other hand, Mr Rotimi Oyedepo announced appearance for the EFCC. Oyedepo informed the court that in line with its interim orders of Jan. 6, the EFCC had served same on Lawal.
He also informed the court that the order was also published in the Independence Newspaper of Jan. 12, in compliance with the orders of the court.
In response, counsel to Lawal, (Adeogun) confirmed the position, and added that he had filed a counter affidavit deposed to by Lawal, challenging the said forfeiture orders.
Arguing his application, he urged the court to issue an order, directing a refund of the sum of N9.08billion to his client on the grounds that same was obtained by coercion.
He argued that before such forfeiture orders could be made, two essential elements must be satisfied namely: "that the property in question is unclaimed, and that such property or funds forms proceeds of an unlawful act.''
He said: "We became aware of the forfeiture order when the interim order was served on us; My client was never confronted with these sets of facts during his incarceration at the EFCC.
"After service of the orders, I requested for the statement of my client to the commission, but same was never given to me," he said.
He argued that his client admitted having received the sum of 25 million dollars in clear dispensation of his duties, but was coerced by the commission to further admit receiving a total of 65 million dollars.
According to him, the sum of 40 million dollars was therefore, taken as an overdraft from his bank to offset the alleged extra sum.
He therefore urged the court to order the immediate refund of the sum to his client.
In his reply, Oyedepo submitted that the tenure of Section 17 of the Advanced Fee Fraud and Other Related Offence Act made a property, which is reasonably suspected to be proceeds of crime forfeitable to the Federal Government.
"Going by the facts and circumstances of this particular case, can it be said that the sum of N9.08 billion which is the naira equivalent of 40 million dollars was not reasonably suspected to form proceeds of a crime," he queried.
He argued that Paragraph 4 of the applicant's reply affidavit shows a meeting of the minds of some staff of the Nigeria National Petroleum Corporation (NNPC) and the respondent to launder funds.
"My lord, Paragraph 4 of our reply affidavit shows a meeting of the minds of one Gbenga Komolafe, former group Managing Director, Crude Oil Marketing Division NNPC, Prince Haruna Momoh, former group Managing Director, Petroleum Product Marketing Company, Umar Farouk Ahmed, Group Managing Director, Nigerian Product Marketing Company and Dauda Lawal, to launder funds on behalf of former petroleum minister, Diezani Allison Madueke.
"It will amount to contesting the obvious for Lawal to argue that he had no knowledge of the said sums,'' he said.
Oyedepo argued that it was uncommon for a law enforcement agency like the EFCC to detain a person in its custody in perpetuity without an order of the court, adding that the statement of Lawal was lawfully obtained.
"The respondent was duly cautioned before he voluntarily made his statement at the commission, and his lawyer even appended, his signature further attesting to the fact that the statements were obtained voluntarily.
"So having freely volunteered a statement, he cannot urge my lord not to attach full probative value to his statement.
"I submit that the appropriate order in the circumstance is for the court to order a final forfeiture of the sum of N9.08 billion already surrendered by the respondent, to the Federal Government.
He also urged the court to order the forfeiture of other sums to which no claim had been laid.
"I urge the court to so hold," he said.
After listening to the submission of counsels, Justice Hassan fixed Feb. 16 for judgment.
A maiden flight of Imo Air owned by the Imo State Government, Tuesday, landed at the Sam Mbakwe Cargo Airport Owerri with the first set of passengers, and with the State governor, Owelle Rochas Okorocha, members of the State Executive Council and thousands of Imo people at the airport to celebrate the feat.
The 140-Seater plane with Imo Air written boldly on the body landed at the Sam Mbakwe Cargo Airport at exactly 11.42 pm, and is being operated for the State by DANA Airline because according to the governor, Owelle Rochas Okorocha the State has not got the license to operate full – blown airline.
Read more at: http://www.vanguardngr.com/2017/01/okorocha-inaugurates-imo-air-says-imo-not-affected-by-recession/
The Maiden Imo Air at the Sam Mbakwe Cargo Airport on Tuesday, January 24, 2017.Governor Rochas Okorocha with the Captain of the Maiden Imo Air, Mr. George Komander (3rd from right), Nneoma Nkechi Okorocha (2nd right), Speaker Acho Ihim (1stright), DANA Air Chief Operating Officer, Mr. Mbanuzuo Obi (2nd from left), Deputy Governor Prince Eze Madumere (1stfrom left), at the launching of Imo Air and celebration of the maiden flight at the Sam Mbakwe Cargo Airport on Tuesday, January 24, 2017.Governor Rochas Okorocha and wife, Nneoma Nkechi Okorocha alighting from the First Imo Air Flight on Tuesday, January 24, 2017.Governor Rochas Okorocha addressing the crowd at the Sam Mbakwe Cargo Airport when he inaugurated the Maiden Imo Air on Tuesday, January 24, 2017. With him; Nneoma Nkechi Okorocha (1ST right), Speaker Imo House of Assembly, Rt. Hon Acho Ihim (2nd right), Chairman State Council of Ndi-Eze, HRM Eze Samuel Ohiri (3rd right), Deputy Governor Prince Eze Madumere (1st left), a representative of DANA Airline, Mr. Mbanuzuo Obi (2nd left), and the Captain of the maiden flight Mr. George Komander (3rd left).
The staff and students of Turkish International Colleges, NTIC, located in the Isheri area of Ogun State who were kidnapped last week have been released.
Read more at: http://www.vanguardngr.com/2017/01/sporadic-gunshots-heralded-kidnapping-staff-students-principal-turkish-intl-school/
The Federal Government has directed the National Broadcasting Commission (NBC) to investigate the circumstances surrounding the reported shooting in South Africa of the ongoing Big Brother Nigeria Reality Show.
In a statement in Abuja on Tuesday, the Minister of Information and Culture, Alhaji Lai Mohammed directed the NBC to determine whether Multi-Choice, by shooting the show in South Africa, has breached the Nigerian Broadcasting Code in any way.
He said the commission should also investigate the issue of possible deceit, since the viewing public was never told that the event would be staged outside Nigeria.
"As a country of laws, only the outcome of the investigation will determine our next line of action,'' he said.
The minister said concerned Nigerians had bombarded his office with calls to complain about what they regard as an anomaly of shooting outside the country a show meant for Nigerians.
He urged them to remain calm while the NBC investigates the issue and submits its findings.
The Minister of Women Affairs and Social Development, Sen. Aisha Al-hassan, on Tuesday called on Nigerian women to take advantage of the Federal Government's social intervention programmes to improve their living standards.
Al-hassan made the call in Abeokuta, the Ogun capital, at a town hall meeting with women groups where she sensitised them on the various empowerment initiatives of government for vulnerable and impoverished Nigerians, particularly women.
The programmes, according to the minister, are the Home Grown School Feeding programme, the Conditional Cash Transfer programme and the Job Creation programme tagged N-power.
Others are the Student Bursary programme known as STEM and the Government Enterprise and Empowerment programme (GEEP).
She informed them that the GEEP, which is a micro- credit programme for men, women, boys and girls, is being directly supervised by her ministry in collaboration with the Bank of Industry (BOI).
According to her, N 1.6 billion has been set aside exclusively for women from the GEEP fund.
Al-hassan said that the GEEP was aimed at providing micro-credit loans, skills development, training and business support for men and women, particularly in the rural areas.
She explained that GEEP was for men and women who are artisans , farmers and market women engaged in productive enterprise.
"Each beneficiary can get between N10,000 and N 100,000 as loan which is repayable in six months with one month of grace after disbursement.
" Each beneficiary must belong to a co-operative society, trade or other registered organisations with a minimum and maximum of 10 and 20 members respectively.
"The loans are interest free and no collateral is required but a five per cent administrative charge applies to cover bank's expenses.
" Generally, payback period is six months and a weekly recovery plan has been prepared to ease repayment for beneficiaries.
"Government is still working out a special repayment plan for beneficiaries engaged in farming, poultry business, fish farming and other business activities that require longer payback periods," she said.
The minister, however, stressed that defaulters would be sanctioned and denied use of banking facility in the country.
The wife of former President Olusegun Obasanjo, Bola, stressed the need for women economic empowerment to enable them contribute their quota to the socio-economic development of the country.
Gov. Ibikunle Amosun , who commended President Muhammadu Bihari over the programme, also announced plans by his administration to empower 17,100 people across the state with N25,000 each.
The House of Representatives, on Tuesday, gave its committees on Anti-Corruption, Environment and Habitat six weeks to investigate former President Gooodluck Jonathan's "Clean Stove For Rural Women scheme", contract of about N9.287 billion.
The resolution followed a motion by Rep. Abiodun Faleke (APC-Lagos), which was unanimously adopted by members through a voice vote.
Faleke noted that the Federal Executive Council (FEC) had approved a contract for the supply of 20 million units of clean stove and wonder bags under the clean stove scheme for rural women.
He added that the contract was at a unit cost of N464.00, amounting to about N9.287 billion.
The lawmaker said that following the approval of FEC, the Federal Ministry of Finance released the sum of N5 billion to the Federal Ministry of Environment for the execution of the project.
Jonathan- clean stoves, reps
He further disclosed that Integra Energy Renewable Services Limited was awarded the contract for the supply of the 20 million units.
Faleke also said that the company was paid the sum of N1.3 billion out of the N5 billion released by the Ministry of Environment as mobilisation fee without due process.
The lawmaker expressed concern that less than 750,000 units were said to have been assembled and delivered at the velodrome of the National Stadium, Abuja, which was commissioned by former Vice President, Namadi Sambo.
He noted that there was no beneficiary present at the commissioning nor was anyone later given the stove to achieve its intended purpose.
The mandate of the committee saddled with the investigation will be to find out details of the contract, number of units supplied, their mode of distribution and names of beneficiaries on a State by State basis.
The committees would also determine the status of the balance of N952 million with the contractor, since 750,000 units of the clean stoves were supplied at a unit cost of N464 at the value of N348 million out of the N1.3 billion paid out.
The status of the balance of N3.7 billion which was outstanding from the initial payment to the Federal Ministry of Environment will also be confirmed by the committee.
The committees would also determine whether or not the clean stoves and wonder bags project had assisted in eradicating desertification in Nigeria for future consideration.
The Federal Government says it will slash the price of Nitrogen, Phosphorus and Potassium (NPK) fertiliser to N5,000 per bag to encourage farmers to boost agricultural production in the country.
A bag of NPK is currently being sold between N7, 500 and N9, 000 in the open market.
The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said this in an interview with newsmen in Abuja on Tuesday.
Ogbeh explained that the plan was to make food production easier and enhance profit for farmers in the country.
He disclosed that the government would take delivery of the first shipment of 800,000 tonnes of NPK fertiliser from Morocco by Jan. 27.
According to him, we want the blending to take place everywhere in the country, so that the farmer can have access to fertiliser at the lowest possible cost.
Fertilizer
"We expect the first shipment of phosphate from Morocco to arrive by Friday in Lagos and then the blending will be done here.
"We are bringing the price of fertiliser to N5, 000 per bag.
"We want to ensure that every blender in the country who has the capacity will blend and even those that their machines are not in order, we are going to support them.
"If we can bring the prices of fertiliser to N5, 000 per bag, food production will become easier and farmers will enhance their profit.
"That is why the King of Morocco (Mohammed VI) came to Nigeria and that is why President Muhammadu Buhari also went to Morocco.
"The target we have is about 700,000 to 800,000 tonnes of fertiliser per annum from Morocco but the problem we have is that we do not only satisfy Nigeria, our neighbours always come in and take a bit.
"We cannot deny them entirely but we have to satisfy ourselves first,'' the minister said.
Dangote Group and the OCP Group of Morocco had in December 2016, signed an agreement to import more than two million tonnes of customised fertiliser into Nigeria.
The agreement was meant to boost fertiliser production and businesses in the country within the next three years.
The OCP Group is a global leader in phosphate and phosphate derivatives market.
The Redeemed Christian Church of God, RCCG, has warned its Pastors and members against participating in the ponzi scheme, Mavrodi mondial Moneybox, MMM and others like it.
In a memo issued by the General Secretary of the church, Pastor Johnson Odesola, to all Pastors in charge of regions and provinces, it said any pastor or member found participating in any of the ponzi schemes or found to have used the churches name or platform to participate in any of the schemes would be vehemently dealt with.
The memo which said the doctrine of the church does not support "get rich quick schemes" equally said that its members had no course participating in any of the ponzis giving that "God is and remains our supplier…"
"Please be informed that the doctrine of the church does not support get rich quick schemes, gambling, betting, etc in any form.
"God is and remains our supplier by the application of biblical principles of working diligently with our hands.
Sergey Mavrodi of inventor MMM
"All senior pastors are hereby authorised to ensure no one uses the pulpit or any platform of the RCCG to promote any such schemes."
Recall that last week, founder, Apostle Johnson Suleiman of the Omega Fire Ministries, OFM, Worldwide, fired one of his Pastors, Joseph Aiyedun, for using the ministry's name to participate in popular money doubling scheme, Mavrodi Mondial Movement, MMM.
The pastor was fired after many investigations were conducted and ascertained that he did not only participate in the scheme but also used the churches name to register with the scheme.
According to a statement signed by the Head of Administration of the church, Pastor David Apelorioye, it said, "The management of Omega Fire Ministries Worldwide is using this medium to react to a news making the rounds on the social media regarding one of his pastors who used the ministry's name to register for the MMM scheme."
"Ordinarily, the church would not have reacted to the story because of falsehoods being published regularly by some blogs and news websites whose credibility are questionable." "But after a thorough investigation by the church authority, it was established that one of our branch pastors in Aba, Pastor Joseph Aiyedun, indeed participated in the scheme."
"The church authority decided to expel Pastor Aiyedun not because he registered for the ponzi scheme but because he involved the ministry's name in the satanic adventure."
"And we discovered that he was able to use the ministry's name because he had access to the account of his branch which itself is against the church's guidelines and a fraud likely to have been carried out in connivance with the branch's account department. We are still investigating further to unravel the whole activities."
"Of the OFM's 200 churches in Nigeria alone and its 800 branches in 51 nations of the world, it is possible for any of the pastors to go astray and be corrected. In fact, we discovered that Pastor Aiyedun, including some other members of OFM, did the scheme before our father, Apostle Johnson Suleman made the warning last year against MMM, but Pastor Aiyedun was fired because he did it with the ministry's name as the OFM rules forbid any of its pastors access to the account except people in the account department."
Following the Omega Fire Ministries'pastor's saga, many churches have become worried and anxious that many of their members and or pastors may have or are still involved in the ponzi schemes reigning in Nigeria.
Recall also that many Nigerians invested in MMM before it blocked all its participants access to requesting for financial help, known as Get Help (GH) before the yuletide celebrations. The reason it gave was that it wanted to prevent a situation whereby many would rush to GH, thereby over-working the system. Although it made a come-back after a month as it said it would by unfreezing the frozen access (Mavros), up till now, many of the participants are still complaining that they have not been able to get help.
Against the backdrop of speculations about the true state of health of President Muhammadu Buhari in a London hospital, Inspector General of Police, Ibrahim Kputom Idris, on Tuesday led a high powered police delegation to visit the President in London.Mr. Ibrahim Idris beaming with smiles following his confirmation as the substantive IGP by the Council of State on Wednesday, September 7, 2016.
Reliable sources told Vanguard that the IGP was accompanied by the DIG in charge Finance and Administration, Mr. Shuiabu Gambo, Commissioner of Police in Charge Monitoring Unit, CP Umar Garba and other top ranking officers who left the Nnamdi Azikiwe International Airport early Tuesday morning.
Asked reasons for the impromptu visit, the source declined comments but confirmed the trip was a top secret and planned at short notice.
Recall that President Buhari left Nigeria last Thursday for 2-week holiday in London, though his Special Adviser on Media, Femi Adesina said that he will use the opportunity to undergo a medical check-up.
Speculations have been rife about the true health status of the president with the presidency insisting weekend that the President is hale and hearty, that he only went on vacation to rest.
The Central Bank of Nigeria (CBN), Tuesday, disappointed operators in the nation's money market and other interests pushing for an interest rate cut, as it retained the Monetary Policy Rate (MPR) at 14 per cent with +/- 200 and 500 asymmetric corridor.
Briefing the press at the end of 2017’s first Monetary Policy Committee (MPC) meeting in Abuja, the CBN Governor, Mr. Godwin Emefiele, said that the Cash Reserve and the Liquidity Ratios were also retained at 22.5 per cent and 30 per cent, respectively.
Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele He disclosed that the nation’s foreign reserve has inched to $28.9 billion, but that the nation could still not afford to be reckless with the management of its foreign exchange.
Explaining the rationale for the decision to retain the rate, Mr. Emefiele said, "Conscious of the prevailing market sentiments in favour of a rate cut, the Committee reasoned that most of its decisions in 2016 were informed by the need to address the delicate balance between price stability and growth.
"Noting that the pressures on consumer prices were yet to abate and even as the economy continued to be in recession despite the intervention support by the Central Bank, the Committee stressed that it was not oblivious of the full ramifications of the economic challenges facing the country.
"The MPC was concerned that the current situation was not amenable to simplistic analyses and quick fixes such as have found expression and increased attention at different fora and the media.
"The domestic economic challenges which include a chronically import dependent consumption culture, lack of competitiveness of many sectors of the economy and yawning infrastructural gap, have combined with an unfavorable external environment to complicate the macroeconomic policy environment.
"The Monetary Authority had on many occasions, and to the extent feasible, taken extra-ordinary steps to support other policies as well as compensate for aspects of structural gaps in the economy even at the expense of its core mandate."
Q & A
Power sector qualifies for manufacturers 60% forex allocation
According to the governor, the policy of setting aside 60 per cent of total foreign exchange available to banks for the manufacturing sector would continue, even as he added that operators in the nation's electricity sector qualified for the 60 per cent forex priority for manufacturers and should take advantage of it.
His words, "The 60 per cent that has been set aside of all fx that is available to all the banks to manufacturers . we did that for a purpose because we felt that there is need to support manufacturing sector. There is need to ensure that foreign exchange is made available to those that will provide jobs and get the manufacturing and industrial outputs to look positive. And I am happy that the recent data released by the Nigerian Bureau of statistics has started to show that the PMI is looking upward.
"The 60 per cent that is set aside for the manufacturers, I dare say that those in the power sector also qualify for that because they are importing plants and equipment or components for their transformers and generators for their machines. I don't mean generators that people will put in their houses and generate electricity for themselves. We will appeal to the banks to look in their directions increasingly."
Reserve hits $28.9 b
On the nation's foreign reserve he said, "I am happy to say that het reserve today is $28.9 billion. It is exciting to see this happen. But is there a need to float the Naira? It is important to note that we have to manage the reserve. That means from time to time we will intervene in the market to make sure the exchange rate does not go beyond our expectations and those interventions will be to moderate the rates as necessary.
"The fact that we have begun to see some accretions to the reserves does not mean we have to be reckless. We will continue the policy of ensuring that foreign exchange is made available to those who are importing raw materials, plants and equipment, those supporting agricultural sector and not those who want to engage in what I can regard as less important sectors."
Mr. Emefiele, said that the apex bank would continue to work wotards closing the gap between the interbank and parallel market rates.
"Extra measures to close the gaps between the interbank rate and the parallel markets. We will continue to increase our interventions to make forex more available to the priority sectors and we believe that as we continue to do that the urge for people to continue to go to what I would regard as illegal market would continue to reduce," he said.
The CBN boss, however decried criticisms of the exchange rate regime which he claimed many people erroneously considered as multiple.
His words, "It is important that I must not gloss over some of the things I have heard and read in the press regarding multiple rates: I have heard about Budget Rate, I have heard about black market rate and parallel market rate, I have heard about pilgrims rate , I have heard about airlines rate and all that.
"It is unfortunate and it is unfair that some of those we have read discussing this issue are those who have direct access to the CBN. What we would have expected is that they would talk to us. But I know that they know the objectives that they are pursuing is best known to them.
"Budget rate is forecast rate. Forecast rate or budgfet rate has always been there from history and it the rate that is used just to determine the budget and like you have heard, a budget is a forecast. It is tentative. That is why I don't understand why people would use the byudget rate and say it determines the exchange rate in the market.
"The parallel and BDCs (Bureaux de Change) as far as I am concerned is one rate and I don't understand the duplicity about the rate. "
According to him, "the rising wave of nationalistic ideologues across the West, the re-evaluation of trade agreements and the possibility of rapid monetary policy normalization in the United States", could have adverse consequences for other countries, including Nigeria.
"The uncertainties underpinning the implementation of Brexit and the apparent retreat from globalisation and free trade were also important points of reflection.
"In recognition of the seemingly inevitable structural shift in the global economy, the Committee reiterated the need to be more inward looking and hasten efforts towards economic diversification to support the domestic economy and improve life for the Nigerian people. Consequently, members acknowledged the imperative of sectoral policies and greater coordination of monetary and fiscal policy," he said.
General Electric, GE, a US multinational company, Tuesday in Abuja, proposed to invest in the nation's three refineries located in Port Harcourt, Warri and Kaduna.
GE, in a presentation to NNPC GMD, Dr. Maikanti Baru and his team stated that the company's teams of partners, including its consortium involving the Engineering, Procurement and Construction (EPC) partners, off-takers, traders and some financiers would be engaged in the initiative.
GE, which Headquarters is in Boston, Massachusetts, is worth 493 billion dollars in asset and its business focus areas include oil and gas, power, water supply, aviation, healthcare, transportation and capital.
''We were involved in the tenders that started around last year which was subsequently withdrawn but our commitment to bringing the refineries on-stream is still very deep and we are very serious about it. We propose that work commences either with the Warri or Port Harcourt Refinery as a pilot, as we set a target to improve the refinery capacity before the end of 2017,'' the Company stated in its presentation.
GMD NNPC, Dr. Maikanti Kacalla Baru with Chairman/CEO, General Electric (GE), Mr. Jeff Immelt.
GE's desire to partner with NNPC on the rehabilitation of the three refineries came on the heels of a similar proposal by the Italian company, Eni, to establish cooperation with NNPC for the Rehabilitation and enhancement of Port Harcourt Refinery as contained in the company's release in Rome yesterday July 23, 2017.
Leading a high powered delegation to the NNPC Towers, Jeff Immelt, GE Global Chairman and Chief Executive Officer, said as part of the offering, GE and NNPC have identified some major national power projects in the country and are currently developing the scope of intervention in the projects which have a potential combined capacity of about 4.4 gigawatts.
GE further pledged its readiness to work with the NNPC to make production in the Off-shore fields profitable for the benefit of both companies and other stakeholders, expressing the hope to consolidate on its existing working relationship with the Corporation to expand the prevailing power business and help NNPC achieve its vision of becoming the leading power company in Nigeria.
Welcoming the GE team to the NNPC Headquarters in Abuja, Group Managing Director of the Corporation, Dr. Maikanti Baru expressed delight in the interest GE had to intervene in some vital operational areas of the Corporation.
Dr Baru noted that GE's offer of a package that includes projects financing would greatly improve collaboration and initiate the power projects rapidly.
The NNPC GMD also welcomed GE's offer for support to boost the nation's offshore production and raise crude oil reserve ratio replacement, urging the company to also tap into the opportunities on offer in medical supplies as the NNPC moves to commercialise the services of its 52 hospitals and clinics spread across the country in the years ahead.
The Joint Military Task Force in the Niger Delta, Operation Delta Safe, has raided a militants' camp in Bayelsa, killing two suspected militants in a gun duel.
A statement issued on Tuesday by Lt.-Col. Olaolu Daudu, the spokesman of Operation Delta Safe, confirmed that two of the suspected militants died in the raid.
"Troops of Sector 2 (Bayelsa) Operation Delta Safe deployed in Obama flow station acting on a tip off by locals and a vigilance group raided a militant camp.
"One of the suspects is a notorious leader of criminals popularly known as Labista who is on security agencies' watch list,'' he said.
He said the gang leader had at various times engaged in high profile kidnapping, killing of security personnel, piracy, armed robbery and other criminal activities.
"Labista and his cohorts dived into the river in a bid to escape while the raid was ongoing and were engaged by our troops.
"At the end of the operations, the bodies of two notorious criminals were found floating on water.
"They were recovered and deposited at Government Morgue. Items recovered were two single barrel guns, cutlass and four speed boats," the statement read in part.
He said that the Commander of Operation Delta Safe, Rear Admiral Apochi Suleiman, had assured the people of the Niger Delta region of their safety and security as they go about their legitimate businesses.
Apochi encouraged them not to condone any form of sabotage, vandalism or acts of criminality because of the negative effects on the environment and economy.
The commander thanked the people for their continued support and cooperation, urging them to report any act of criminality promptly to the Joint Task Force.
He restated that Operation Delta Safe would remain focused on its mandate of checking oil theft, protecting oil and gas assets as well as providing security for legitimate economic activities.
A 38-year-old divorce seeking woman, Mrs. Jacinta Ezeja, on Tuesday showed a Grade 1 Area Court, Mararraba, Nasarawa State,wounds and scars inflicted on her by the husband.
Ezeja, who is seeking the dissolution of the eight-year-old marriage, accused her husband, Kelvin Ezeja, of constantly beating her and the children at the slightest excuse.
"As I stand here, I am afraid of going back to the house because I do not even know what he will to me after this court sitting," she stated.
She said that the last incident involved their last son of about two years.
"He beat the little boy so mercilessly and flung him to the ground, leaving him with bruises on his forehead," Jacinta said.
She begged the court to come to her relief because the husband had proved that he was not ready to live in peace.
Ezeja said that she had never known peace and happiness in the marriage, and alleged that the man usually destroy household items and threatened to kill her.
"At every slight argument or provocation by me or an outsider, he transfers the aggression on me, my children and destroys any valuable item in the house; incidentally, the items were bought with my money.
"He does not give money for our upkeep; he rather collects the little one I have, or in my absence, he will sell the goods in my shop and squander the money."
She said that the husband had never loved or appreciated her "despite giving him four children and devoting my life and love to him all these years".
"I do not want to live with him anymore; I do not want him to kill me. Even his parents are tired of his attitude towards me."
The respondent, Kelvin, did not deny the allegations but told the court that Jacinta was fond of provoking him.
"She always starts the fights," he claimed.
The presiding judge, Albert Maga, adjourned the case to Feb. 8, to give the couple more time to settle out of court failing which hearing will continue.
No comments:
Post a Comment