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Expert Calls for Increased Monetary, Fiscal Policies Convergence

A Strategist & International Consultant, who is also the CEO, Espera Global Corporation, Dr. Glenn S. Prince-Abbi, has stressed the need for improved monetary policy and fiscal policy convergence and coordination, saying that policy actors must act with more decisiveness with an eye on the ball to quickly put the economy in growth mode. He pointed out that at a time when economic slowdown continues to affect the condition of living in the country, the federal government as well as the Central Bank of Nigeria (CBN) must pursue policies that would ameliorate the pains of Nigerians. Prince-Abbi who said this in a speech made available to THISDAY, insisted that policy makers must act with all sense of urgency, “to calibrate the fundamentals the best we can.” According to him, the action of the Monetary Policy Committee on Tuesday to retain all the key monetary policy indicators was worrisome. He said he was particularly concerned that the high interest rate regime (deriving from MPR at 14 per cent) was retained without a concretely convincing premise. Prince-Abbi noted that achieving stable macroeconomic fundamentals was inexorably integral to Nigeria’s economic growth which currently is in limbo and both monetary policy and fiscal policy actions must coalesce to lift the economy. “I am however worried to observe that this coalescence is at least in one way impeded by the decision to retain in particular the high interest rate regime which in any situation tends to stifle production and by extension economic growth. “Yes, monetary policy instruments alone cannot engender or trigger economic growth but they can contribute to stifling growth and worsening unemployment if they are wrongly structured as they deny producers of goods and services, i.e. the key economic players, the latitude they need when they are already hedged in by a chain of other factors such as, as well noted by the MPC, high cost of power and energy, transport, production factors, as well as rising prices of imports all of which are visited on consumer prices. “It goes without saying that the high interest rate regime which is retained has not allowed any form of reduction in the costs that producers are already contending with. A reduction of the interest rate would improve their cost structure as it makes the cost of capital cheaper. They use capital for everything from equipment procurements, to operational costs and working capital expenses. The likely impact of this is that headline inflation which is already at a ceiling breaking 18.33% will remain so if not worsen. I strongly disagree with the CBN on this score,” he added. However, stated that that government actions at both national and subnational levels in fulfilling payment obligations on salaries, contracts, and release of money for infrastructure will surely help in this regard. Source: Thisday

Black Market Currency Dealers Go Undergound

On the teeming streets of Lagos, the Nigerian mega-city of 15 million people, the once omnipresent money-changers are going underground. They’ve become the latest target of authorities desperate to bolster the naira and crush a black market for foreign currency that’s boomed since the crash in oil prices strangled the inflow of dollars and battered the economy. This month, the Central Bank of Nigeria capped prices that Bureau De Change (BDC) can charge their customers for foreign exchange, effectively pegging the black-market rate, with intelligence agents threatening to jail anyone who doesn’t comply. The activities of the security agents is creating a parallel market within the black market, according to analysts at Lagos-based Afrinvest West Africa Limited stated. One trader in the Lagos suburb of Surulere, who asked not to be identified as he feared arrest, told Bloomberg that he would continue using the old rate with trusted customers and refuse to sell dollars to others. Anyone he doesn’t know may be a government spy, he said. “The black market will go further underground,” an analyst at Afrinvest, OmotolaAbimbolasaid. “The fact they went as low as getting security forces on the streets shows a new level of desperation.”Nigeria’s interbank market sets the naira’s official value and is meant to serve businesses. But the scarcity of foreign-currency has forced many to go to licensed bureaux de change and the unofficial, or black, market of informal street traders, both of which sell dollars at a higher rate. The central bank has made several attempts to defend the naira after it plunged in late 2014along with crude prices.Stock and bond investors are staying away from Nigeria, pointing to the wide gap between the official exchange rate and the black-market one of about N470 to a dollar. Forward prices suggest the naira will depreciate further on the official market, with 12-month contracts trading at 441 against the greenback. Source: Thisday

SON impounds N100m worth of suspected substandard LPG products

The Standards Organisation of Nigeria (SON) has impounded six container loads of Liquefied Petroleum Gas (LPG) products worth about N100 million, suspected to be substandard in nature. The consignment which was impounded following a tip-off from the men of the Customs included gas cookers, gas cylinders of 12.5 kgs and 6kgs, as well as top burners cylinder and sittings, with the brand name “Amaze”. According to the agency, the consignments are suspected to have been imported from China. Director, Inspectorate and Compliance Directorate of the SON, Bede Obayi, who conducted newsmen round the compound where the impounded containers were kept, said the consignment were brought in by a company not known to SON despite the fact that the SON logos were marked on the cylinders.According to him, the manner of packaging and bringing in of the product raised suspicion.He noted that with the volatile nature of LPGs, the SON had a stringent standard procedure for the importation of LPGs and its components and that non-adherence by importers portended danger for Nigerians and the country as a whole.He added: “When we got the information, we decided to put the products on hold for further investigation, which includes knowing the actual importer and whether the products were actually authorised by SON”Obayi said although preliminary observation has shown that the company has a brand name that is known to the agency, the importer had not shown that SON authorised the importation, saying that there is suspicion of an intention to falsify or cheat.He said SON decided to intercept the consignments in the interest and safety of Nigerians, adding that the management of the agency would take a decision what next to do.According to Obayi, SON is undertaking many efforts in sensitising Nigerians on substandard products generally and LPGs particularly on account of its combustible nature, and the implication of substandard ones to the lives of Nigerians and the economy.Obayi reassured Nigerians on the readiness of the agency to continue to safeguard lives and properties. Source: Guardian

FMBN urges N500b recapitalisation, seeks compliance with housing scheme

National Housing Fund (NHF) Acting Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Richard Esin, has urged the Federal Government to re-capitalise the FMBN from its current capital base of N2.5 billion to N500 billion. Owning a home is one of the biggest challenges facing workers due to funding and land acquisition issues, which made the government, set up the FMBN to promote the growth of viable primary mortgage institutions to service the need of housing delivery in all parts of Nigeria.Esin also called on the Nigerian Customs Service (NCS) a government revenues collector, to assist the Bank clear and take possession of some 16 containers of building materials trapped at the port meant for a housing project in Abuja, which had accumulated demurrage to the tune of N171 million. He further urged the Customs Service to assist the Bank in enforcing compliance with the provisions of the National Housing Fund (NHF) Act, a scheme, to which workers are to contribute 2.5 per cent of their monthly salary annually. Esin, who spoke during a visit to the Customs Service, in efforts by the Bank’s management to collaborate with other relevant government agencies towards achieving its mandate urged the Customs to ensure compliance by any business entity, private or public, seeking or doing business with the Service.Esin commended the Service for full compliance with NHF remittance, stating that compliance is mandatory for all workers, adding that employers should be encouraged to remit monthly contributions of their employees to the Bank on time.He encouraged the officers in the Customs to take advantage of the existing 95 estates funded by the Bank across the country at various stages of completion to become home owners, which in turn would improve staff productivity in the Service.He also noted that home ownership is a major tool for fighting corruption, given that it satisfies the fundamental human need for shelter, while conferring socio-economic advantage and a safety net for otherwise vulnerable. Source: Guardian

Economy underperforming due to weak SMEs sector

To address the underperformance of the Small and Medium Enterprises’ (SMEs) sector to the nation’s economy, the Bank of Industry (BoI) has earmarked N300 billion for the development of the sector over the next three years. It said the move was to make funds accessible for entrepreneurs to start up and expand their businesses in the country.The acting Managing Director, BoI, Waheed Olagunju, explained that the Development Finance Institution (DFI) had so far disbursed about N15 billion to SMEs, creating about 600,000 jobs in the country.Indeed, BoI emphasised the need to develop the SME sector, adding that most economies of the world have been able to transform their economies paying serious attention to SME growth.He noted that the Nigerian economy has underperformed over the past years due to the weak SME sector while urging entrepreneurs to take advantage of investment opportunities in the nation’s power, construction and other sectors begging for investment.Olagunju, during the 20th yearly public lecture organised by the Chartered Institute of Personnel Management of Nigeria (CIPMN), tagged: “SMEs as catalyst for sustained economic growth in Nigeria”, said Nigeria must promote SMEs using areas where the nation has competitive and comparative advantage.He, however, commended the federal government policies instructing that certain percentages of government purchases must come from patronizing SMEs in the country, saying this would bring some increased level of relevance to the sector.“We are going to help in building capacity for those SMEs to ensure that they are competitive in terms of quality and in terms of price. Our products have to be competitive and of the right quality,” he said.He stated that the sector is still faced with myriad of challenges ranging from market access, weak local patronage of made-in-Nigeria goods, power supply, finance, information and lack of technology as a result of over-dependence on expensive sophisticated imported technology.His words: “. Source: Guardian

FG defies court as banks continue stamp duty collection

The Federal Government and its agencies have continued to defy the ruling of the Court of Appeal that the deduction of stamp duty on bank deposits is illegal. Investigation by our correspondent showed that the Technical Committee on Stamp Duty had advised the Central Bank of Nigeria to issue a circular to the banks to stop collecting stamp duty of N50 on deposits into current accounts with value of N1,000 and above. Although the court ruling was given on April 21, investigation showed that the apex bank had yet to issue the circular. The duty is projected to yield N2.5tn to the Federal Government per annum. Some bankers, who spoke to our correspondents on the condition of anonymity, said they had yet to get any circular from the CBN to stop the collection. The spokesperson for the CBN, Mr. Isaac Okoroafor, told our correspondent on the telephone on Thursday that the apex bank had nothing to do with the stamp duty. He asked our correspondent to refer every question on the subject to the Nigerian Postal Service. The spokesperson for NIPOST, Hajiya Simbiat Lawal, was indisposed when our correspondent called her on Thursday, but she had earlier said if there was a court ruling, the organisation, as a law abiding entity, would abide by the decision of the court. The CBN had in a January circular issued to the Deposit Money Banks in the country directed them to deduct N50 for stamp duty on every deposit in a current account amounting to N1,000 and above beginning from January 1, 2016. The circular, which has. Source: Punch

Eagles Back in Africa’s Top Ten

The Super Eagles returned to African top 10 in the November FIFA Rankings released yesterday.The three-time African champions are ranked seventh in the continent and 50th in the world thanks to the impressive unbeaten run under new Franco-German coach, Gernot Rohr. The coach has chalked up three straight wins over Tanzania, Zambia and Algeria in competitive games played under his watch. Nigeria’s World Cup rivals Algeria and Cameroon dropped in thelatestratings.Algeria are 38th in the world, three places down from their previous ranking, while Cameroon are 65th, six places below the position they enjoyed last month. Zambia moved to 91st position, three spots up from last month’s ranking. Bogus online publications had a fortnight ago dismissed Eagles achievements under Rohr with a false ranking that listed Nigeria outside Africa’s top ten. Source: Thisday Heartland’s crisis festers, as Etuemena rejects new head coach The crisis and face-off between the Chairman of the Imo State government owned Heartland Football Club (FC), Goodfaith Etuemena, and the Deputy Speaker of Imo State House of Assembly/Supervisor of the side, Ugonna Ozuruigbo, deepened yesterday when the club boss dissociated himself and the board from the appointment of a new head coach for the team. Source: Guardian

Falconets Stranded in Abuja Hotel

Players of the national Under-20 female team, the Falconets were the victim of the cash squeeze plaguing Nigeria Football Federation (NFF) as they were left stranded yesterday in their Serob Hotel in Abuja following the failure of the federation to cough out transport fares and allowances owed them. The Falconets returned to Nigeria on Wednesday from Papua New Guinea after their early exit from the FIFA Under-20 Women’s World Cup. THISDAY learnt last night that federation officials led by General Secretary, Mohammed Sanusi, haggled for more time with players to raise the transport fares of N20, 000 per player but the Falconets insisted they would not vacate their hotel rooms unless they were paid all their bonuses and allowances. Sanusi pleaded with the players to see reasons with the federation which was cash strapped and could not pay the transport fares and allowances. THISDAY further learnt that the harsh financial times made things difficult for the team as they survived on a zero-budget in Papua New Guinea in the Pacific region. “NFF secretary pleaded for more time to raise money for the transport fares to enable us return to our clubs. Source: Thisday

Champions League: Record 12-goal Show Excites Tuchel

Marco Reus was delighted to have netted a hat-trick on his comeback in Borussia Dortmund’s record 8-4 hammering of Legia Warsaw in the Champions League after six months out on Tuesday night. “That was an important step for me, it’s how you imagine your first day back will go,” said Reus with a grin.“I’ve worked hard for this moment and I am pleased that I could help the team.”The Germany winger led the way in a record-goal haul for a Champions Leaguegame. The 12 goals in Dortmund on Tuesday bettered the competition’s previous record of 11 set when Monaco beat Deportivo de La Coruna 8-3 in November2003. With Dortmund already through to the last 16, the huge win keeps them top of Group F, two points clear of Real Madrid with one match to go.Dortmund’s Shinji Kagawa and Legia’s Aleksandar Prijovic also finished with two goals each thanks to some poor defending by bothteams.Reus, who captained Dortmund, made his return after 185 days out with an adductor injury which sidelined him for June’s European championships. It was his first match since Dortmund lost the German Cup final to Bayern Munich on penalties inBerlinonMay21.Dortmund coach Thomas Tuchel was delighted with Reus’s return as he welcomed back one of his key stars on a night when the goals flowed. “You couldn’t have expected him to score three times in his first game back,” enthusedTuchel.“This is extraordinary and a fantastic performance,” he added in praisinghisteam.“. Source: Thisady

Cargo examination: Regulators, operators blame corrupt importers

Regulatory agents and terminal operators have blamed corrupt practices by importers for their presence and high level of physical examination of cargo at the nation’s seaports. Multiple agencies and physical cargo examinations waste time and are reportedly responsible for the high cost of doing business in Nigeria. Some importers, according to the regulators and operators, are dubious and this makes Customs officials to suspect any cargo they bring into the country. The spokesperson for the Seaports Terminal Operators Association of Nigeria, Mr. Bolaji Akinola, in an interview with our correspondent said, “One of the challenges we have at the ports right now is high level of physical examination of cargo where containers are opened and cargo examined one after the other by the Customs. “They are doing this because Nigerian importers are dishonest. They short-change the system by importing without making proper declaration and importing what they should not import.  “They are not helping government to realise its fiscal objective and because of that, the Nigeria Customs Service has become very suspicious and wants to check everything thoroughly.” The Director, Ports Inspection Directorate, National Agency for Food and Drug Administration and Control, Mrs. Maureen Ebigbeyi, corroborated Akinola’s observations while explaining the presence of NAFDAC at the ports during a recent maritime stakeholders’ forum. She said that in the process of inspecting containers carrying regulated products at the ports, agents had stumbled on false declaration and forged documents by importers. She said, “The level of false declaration that we see at the ports is amazing. At one time, 13 containers carrying wrong strength and dosage of drugs arrived in Port Harcourt under the guise of clothing materials.  “I have seen manifest from the Nigerian t. Source: Punch

Rivers Rerun: INEC Has Handed over Original Result Sheets to Amaechi, Wike Alleges

Rivers State Governor, Nyesom Wike, has alleged that the leadership of the Independent National Electoral Commission (INEC) has handed over original copies of result sheets to the Minister of Transportation, Chibuike Amaechi, for the planned rigging of the December 10 rerun elections. Wike made allegation yesterday while flagging off the construction of the Ulakwo II-Afara–Nihi in Etche Local Government Area of the state. Wike stated that Amaechi made the disclosure on Tuesday in Abuja during a meeting with the leaders of the state chapter of the All Progressives Congress (APC). The governor said he was possession of the proceedings of the Abuja “illegal meeting” of the APC at Abuja.Wike stated that Amaechi assured the state APC leaders at the Abuja meeting that the original result sheets supplied by INEC would be used for the December 10 rerun elections to facilitate victory for; unpopular APC candidates. He said: “While we are working for the people of Rivers State to convince them to vote for us, the APC is busy working with INEC to rig the rerun elections. “Amaechi told them at the illegal meeting that (Senator Ali Modu) Sheriff is working for them (APC) and that they have finished PDP. Sheriff cannot finish PDP,hecanonlyfinishhimself.“On December 10, follow your results bumper to bumper. Don’t allow anyone to swap results. I urge the Etche people to follow their results.” The governor disclosed that the state APC members who were arrested printing fake result sheets for INEC were transferred to Zone 6 Police Command headquarters in Calabar where arrangements had been concluded to take them to Abuja for the Director of Public Prosecution at the Federal Ministry of Justice to formally release them in line with the request of APC. He assured the people of Etche Local Government Area that he would stand with them to.” Source: Thisday

Obasanjo is grandfather of corruption in Nigeria –Reps

For describing the National Assembly as being peopled by a gang of unarmed robbers, the House of Representatives has lashed out at ex-President Olusegun Obasanjo, calling him the grandfather of corruption. The Reps described Obasanjo as the most corrupt Nigerian that ever held a public office, adding that he, however, saw himself as the only clean human being. Specifically, the House called Obasanjo the “grandfather of corruption” in Nigeria. It added that a reason Obasanjo would never like the members of the National Assembly was the fact that they foiled his third term ambition in 2007 after taking his money and displaying it publicly to put him to shame. The House accused Obasanjo of churning out outright lies and mischievous innuendos against the National Assembly. On Wednesday, Obasanjo had attacked the legislature on several fronts, including their salaries/allowances and the alleged diversion of constituency projects. He had stated, “Once you are a member, you are co-opted and your mouth is stuffed with rottenness and corruption that you cannot opt out as you go home with not less than N15million in a month for a senator and N10m a month for a member of the House of Representatives. The National Assembly is a den of corruption by a gang of unarmed robbers. “If the judiciary is being cleaned, what of the National Assembly, which stinks much worse than the judiciary? Budget padding must not go unpunished. “It is a reality, which is a regular and systemic practice. Nobody should pull the wool over the eyes of Nigerians. Ganging up to intimidate and threaten the life of a whistle-blower is deplorable. Source: Punch

ENTREPRENEURSHIP DEVELOPMENT PROGRAMME FOR PROFESSIONAL MEMBERS OF THE INSTITUTE

Dear Sir/Madam,

ENTREPRENEURSHIP DEVELOPMENT PROGRAMME FOR PROFESSIONAL MEMBERS OF THE INSTITUTE

We are pleased to invite you to participate at the Entrepreneurship Development Programme (EDP) for Professional Members of the Institute scheduled to take place as follows:

Date:           Friday, December 9, 2016

PC 19, Adeola Hopewell Street

                   Victoria Island, Lagos

Time:           9.00 a. m.

Mrs. Tara Fela-Durotoye, Founder & CEO, House of Tara International and Mr. Tayo Oviosu, Founder & CEO, Paga have been invited as Guest Speakers to speak on “Surmounting the First Challenge: Your Start-Up as an Entrepreneur” and “Essential Tools for Small and Medium Business: The Critical Success Factors” respectively. Also, Mrs. Florence Seriki, MFR, Founder/Chief Executive, Omatek Ventures Plc will be the Special Guest of Honour.

The highlight of the Programme will be the Public Presentation of Practice Licence/Seal to 21 (two one) members whose applications for the Institute’s Practice Licence/Seal were approved by the Governing Council.

 

The attendance of the Programme which attracts 5 Credit Unit under the Compulsory Continuous Professional Development (CCPD) is free of charge. Certificate of attendance will be issued to participants.

 

To enable us to make adequate arrangements, we shall be grateful to receive a confirmation of your willingness to attend on or before December 5, 2016. Please forward your name as you expect it to be written on the Certificate to Peter on peterejeomo@cibng.org / 08028444550.

We look forward to welcoming you at the programme.

Yours sincerely

Segun Shonubi

Group Head, Membership Services 

Pictures from 2016 Annual Bankers' Dinner

THE CBN GOVERNOR WITH THE CIBN OFFICE HOLDERS DURING THE 2016 ANNUAL BANKERS’ DINNER

THE CBN GOVERNOR WITH THE CIBN OFFICE HOLDERS DURING THE 2016 ANNUAL BANKERS’ DINNER

Senate condemns 2017 draft budget, says assumptions unrealistic

The 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper sent to the National Assembly by President Muhammadu Buhari for legislative approval narrowly escaped being rejected again at the Senate on Wednesday. The upper chamber of the National Assembly condemned the projections in the documents as unrealistic, even though it said the Presidency had set December 1 for the presentation of the 2017 Appropriation Bill to the legislature. The senators, who took turns to criticise the new version of the MTEF/FSP as well as the officials who prepared the documents during the day’s plenary, submitted that it should be sent back to the Executive to include the “correct” figures showing the true state of the economyThe MTEF/FSP, which will form the basis for the national annual budget for the next three years, had earlier been rejected by the Senate over the failure by the Executive to include some critical details in the document. The Majority Leader, Senator Ali Ndume, had described the first version of the MTEF and FSP as “empty.” Members of the Senate, however, agreed that rather than send the MTEF/FSP back to the Executive, the legislature was bound to tinker with the projections to make the proposal “realistic.” Ndume explained in a written document that the MTEF/FSP articulated government’s revenue and spending plan as well as its fiscal policy objective over a period. Represented by the Deputy Majority Leader, Senator Bala Ibn Na’Allah, Ndume noted that Section 11 of the Fiscal Responsibility Act, 2007 required the Minister of Finance to prepare the MTEF/FSP and lay it before the Federal Executive Council .” Source: Punch

Recession: FG plans tax relief for manufacturers

The Federal Government, in a bid to ease the burden of the current economic recession on the manufacturing sector, is planning some form of tax relief for the sector. The Minister of Finance, Mrs. Kemi Adeosun, dropped the hint on Wednesday in Abuja while responding to questions from journalists at the end of the Federation Account Allocation Committee meeting. She said the tax relief was part of measures by the Federal Government to reduce the negative impact of the foreign exchange crisis on the sector. Based on the Gross Domestic Product report for the third quarter released by the National Bureau of Statistics, the manufacturing sector’s growth rate was recorded at -2.93 per cent year-on-year. This is lower by 1.02 percentage points than what was recorded in the second quarter of the year. The report had blamed the decline in manufacturing activities to the continued drop in the naira to dollar exchange rate, which has made industrial inputs more expensive. Adeosun said since the sector was one of those badly hit by the economic crisis, the Federal Government would support it with some form of incentives next year. In addition, she said massive investments in infrastructure would be made to reduce the operating costs of the manufacturing sector. The minister stated, “It is clear from the figures that the manufacturing sector is the one that is really challenged and the challenge in the sector is clearly that of foreign exchange availability. I think that the sector will benefit from more consistency of the foreign exchange policy. “On the fiscal side, we are rolling out a number of measures to support the manufacturing sector in terms of tax reliefs and other measures that will allow the balance sheet of the sector to be repaired. They (manufacturers) have taken quite a hit and we will continue to try and support them through it.“We have a fiscal road map that we will be rolling out and it includes a number of measures around revenue mobilisation, tax reliefs and the fiscal instrument, which will be issued in 2017 to get the economy back to recovery.” Responding to a question on the position of the Central Bank of Nigeria t. Source: Punch

Reps increase Buhari’s virement to N208bn

The House of Representatives has increased the N180bn virement sought for by President Muhammadu Buhari to fund critical recurrent and capital items by N28bn, taking it to N208.821bn. The president had written the National Assembly on Oct. 26, seeking for the approval of the legislature to vire N180.8bn from the funds appropriated for special intervention in the 2019 budget. The intervention is to fund critical recurrent and capital items. The report of the House Committee on Appropriation was presented to the House on Wednesday by its Chairman, Rep. Mustapha Dawaki (APC- Kano). In the report was the request for the Ministry of Foreign Affairs (foreign missions), increased from N14bn to N16.34bn. Also, increased was the request for statutory transfer (Public Complaints Commission), which had been increased from N1.2bn to N2.5bn. All other items were retained as requested. While presenting the report to be debated and approved on Thursday, Dawaki disclosed that the committee, on Nov. 17 and Nov. 21, met with the relevant stakeholders and brainstormed on the proposal.He said it was established that the affected MDAs justified the need for intervention and approval of the virement for their respective agencies. He said, “The committee observes that there are other areas of critical needs with potential for development and stimulating the economy and for which additional funds could be provided through virement from the Special Intervention Programme” Details of the recommended proposal for approval showed that under Recurrent, the Service Wide Vote: Public Service Wage Adjustment takes N71.80bn, Service Wide Vote: Contingency N1.20bn. Similarly, Service Wide Vote: Margin for increase in Cost N2bn, Ministry of Interior: Cadet feeding-Police Academy, Wudil, Kano N932,4m, Service Wide Vote: Amnesty Programme N35billion. Also,Service Wide Vote: Internal Operations of the Armed Forces N5.20bn, Service Wide Vote: Operation Lafiya Dole N13.93billion, Ministry of Youth and Sports Development: NYSC N19.79bn. Ministry of Foreign Affairs: Foreign Missions N16.34bn, Federal Ministry of Education: Augmentation of Meal Subsidy/Direct Teaching & Laboratory Cost N900m. Also recommended for approval under Statutory Transfer is Public Complaints Commission N2.5billion Source: Punch

PwC expresses optimism on economy

Despite the harsh economic conditions, PricewaterhouseCoopers (PwC), a multinational professional services network has expressed optimism over Nigeria’s economy, saying it’s going to recuperate within two years. Speaking at the cocktail event organised for its alumni to showcase the firm’s new office in Lagos on Monday, the Chief Operating Partner, PwC Nigeria, Pedro Omontuemhen, said the firm is not surprised at the latest report released by the National Bureau Statistics (NBS). He noted that the rate of inflation, which measures the general movement in the prices of goods and services, is on the increase, even as there is no corresponding increase in workers’ salaries. Indeed, many state governments are unable to pay their workers for many months despite Federal Government bailouts Omontuemhen also noted that due to the devaluation of the currency, the prices or goods and services, necessarily had to rise, saying: “We also noticed recently that people are now exporting everything exportable.“We believe that the price of basic food items would continue to increase and what the Bureau has revealed is that price of commodities is higher compared to the selling period last quarter.”   He also believed that the country and Nigerians are “going to go through some part of tough times before we begin to recover; we estimate between one and two year before we see a full recovery of the economy.”He however explained that what is happening is not peculiar to Nigeria alone, as the same phenomenon is happening to many other economies of the world that are dependent on crude oil for survival. “The price of crude oil has fallen down and for us as a country, the volume of crude oil we produce for a long time dropped not until recently we have continued to increase the volume. The drop in price of crude oil plus the drop in volume affected the local economies,” he expounded. He urged government to accelerate its diversification process, as it essential at this period to reflate the economy. “Government has always talked about diversification of economy; I think this is the time to really do it, this is the real time to roll up our sleeves and look for something else we can do besides depending on crude oil,” Omontuemhen said. Source: Guardian

KPMG Seeks More Collaboration Between Financial Institutions, Fintechs

One of the leading providers of tax, audit and advisory services in Nigeria, KPMG has called for the partnership between financial institutions and Fintechs in order to bridge the gap between the growing need of customers, their user experience and the institutions as a whole. This call was made at a one-day Fintech summit held in Lagos Nigeria.According to them, this collaboration is important as it is the key to lending, getting information in the credit registry, getting connected to BVN amongst others, as it is important to have an innovative mind set, which should be open to collaboration.Partner and Head, Financial Services Sector, KPMG, Mr. Ayo Othihiwa, noted that regulators needed to be accessible particularly to enable regulations as there are some fintech themes like the block chain which are very controversialHe stated that: “The government is important as they need to understand that Fintechs bring value to the society and development to the nation as a whole. They need to roll out incentives in other to aid this space. They also need to support the Fintechs as they are fragile and still need nurturing Source: Thisday Heritage Bank Launches Biometric Identity Card for PMAN Accessibility, security, trust, convenience and cost effectiveness are key defining features of a new partnership between Heritage Bank Plc and the Performing Musicians Employers’ Association of Nigeria (PMAN) with the launch of an exclusive biometric identity card. The development, which deepens an already existing relationship with the PMAN led to the introduction of the PMAN Membership Biometric Identity Card (PMBIC), a multipurpose card specially designed for Nigerian artistes and allied operators in the entertainment industry, thus making Heritage Bank, Nigeria’s most innovative banking service provider, a pioneer in the biometric card services in the industry. Renewable annually, the PMBIC will serve as the official PMAN identification card that qualifies the holder as a genuine member of the association and entitles the artiste to enjoy the myriad benefits and privileges due to registered members. According to a statement from the bank which explained these benefits, the scheme was to create a robust and protective platform for all Nigerian singers, back-up singers, instrumentalists, dancers, comedians, script writers, film producers, actors and actresses, distributors, marketers, Disc Jockeys (DJs) and artiste managers among others. Source: Thisday

Diamond Bank Offers High Interest Yielding Savings Plan

Diamond Bank has opened a window of money management opportunity that enables parents and guardians plan and save for the future of their children through a simplified and high interest yielding target savings plan. The financial product, known as ‘Diamond Future’ according to a statement from the bank, does not only enable parents to save, but also to teach their children to develop healthy savings habit and build prudent expenditure profile and diverse investment portfolio. According to the bank, Diamond Future was created and launched into the market in 2014 but now refreshed to help parents meet set savings targets for their children and easily accomplish their future financial goals and needs with excitement. Information about the financial product revealed that it is a savings account designed for children between ages 0-17 years, and offers a well guided and structured plan with the opportunity of earning high interest rates. The plan is known as Diamond Future Target Savings Plan. The bank’s chief spokesperson, Chioma Afe, stated that a major reason for creating the product is to instill in children the value and dignity of starting early to chart healthy financial course in life, and also deepen financial inclusion by integrating the children into the banking community. “We want young people to know that Diamond Bank is not just for adults, Diamond Bank is your Bank too. We have worked hard to be the bank that understands the financial needs of parents and their children and to provide the right products and support to help them save to achieve their dreams,” Afe said. The new offerings in the refreshed savings plan, provides customers with an opportunity to be rewarded with an additional interest accrual on agreed monthly savings. The reward increases as the number of years the customer has set in the savings plan increase. Source: Thisday

Governing Council Approves New Group Life Insurance for Members

As a means of ensuring that the Group Life Insurance Policy covers all the professional members of the Institute, the Governing Council at its meeting of December 3, 2015, approved a review of the policy which was introduced in 2012. To this end, all professional members who are up to date in the payment of their annual subscriptions will be covered under the new policy which has a sum assured of N1,000,000 (One Million Naira). The new policy is expected to take off from January 2016. With the new policy, most members can enjoy financial peace of mind, safe and secure in the knowledge that the immediate needs of their loved ones are taken care of in case of any eventuality.

For enquiries/comments, pleased contact Funmbi Akinluyi at: olufunmbiakinluyi@cibng.org/ 0816 873 0986 or Peter Ejeomo at: peterejeomo@cibng.org/ 0802 844 4550 

Brain implants allow paralysed monkeys to walk

For more than a decade, neuroscientist Grégoire Courtine has been flying every few months from his lab at the Swiss Federal Institute of Technology in Lausanne to another lab in Beijing, China, where he conducts research on monkeys with the aim of treating spinal-cord injuries. The commute is exhausting — on occasion he has even flown to Beijing, done experiments, and returned the same night. But it is worth it, says Courtine, because working with monkeys in China is less burdened by regulation than it is in Europe and the United States. And this week, he and his team report the results of experiments in Beijing, in which a wireless brain implant — that stimulates electrodes in the leg by recreating signals recorded from the brain — has enabled monkeys with spinal-cord injuries to walk. “They have demonstrated that the animals can regain not only coordinated but also weight-bearing function, which is important for locomotion. This is great work,” says Gaurav Sharma, a neuroscientist who has worked on restoring arm movement in paralysed patients, at the non-profit research organization Battelle Memorial Institute in Columbus, Ohio The treatment is a potential boon for immobile patients: Courtine has already started a trial in Switzerland, using a pared-down version. Source: Guardian

Nigeria at Risk of Zika Virus

With the recent alarm raised by the Nigerian Centre for Disease Control that the Zika virus vector is widely circulating in Nigeria, experts are of the opinion that the government must step up measures against the deadly disease. Martins Ifijeh writes When Brazil, in June last year experienced an outbreak of Zika virus, a relatively unknown pathogen, not many people referred to it as a public health challenge requiring utmost priority, until it took a new turn and was becoming deadly, forcing the World Health Organisation (WHO) in February 1 this year, to declare it an international health emergency, requiring new and urgent tool to eradicate. But as Nigerians continue to see it as American and Asian health challenge, recent development suggests Nigeria and other malaria endemic nations are at risk of the deadly virus since its transmitter, the Aedes mosquitois a common strain of the mosquito family known to exist in Nigeria and other countries battling with malaria. In fact, in a more direct statement by the Director General and Chief Executive Officer of the Nigerian Centre for Disease Control (NCDC), Dr. Chikwe Ihekweazu, Zika virus is already widely circulating in the country. Shockingly, he said there was the absence of continued surveillance or periodic national surveys, with the epidemiology of the virus still poorly understood in the country. Though an uncommon disease, it is not strange to Nigeria and Africa at large. In 1960, the country experienced the first human case of the virus, according to WHO records; that is 27 years after it was first documented in monkeys in Uganda, an East African country, known to be a breeding region for mosquitoes, just like Nigeria. But the world did not take the 76 years old virus seriously because its outbreaks were sporadic and tiny, and the disease seemed to do little harm to humans, until recently with its recent manifestation in South America and Asia, starting with birth deformities in newborn, among other clinical features.The virus. Source: Thisday

Local plants’ combo could provide diabetes cure

There is no cure for diabetes! But recent studies suggest that a combination of local plants with lifestyle changes especially increase in physical activities and skipping dinner could be used to prevent the onset of type 2 diabetes and effectively manage and stop complications in those already with the disease. CHUKWUMA MUANYA writes on the combination of local plants that could provide the next novel drug for the condition. Several studies have shown that there is rise in cases of diabetes in the country with the attendant complications including kidney damage, limb amputation, irreversible blindness, erectile dysfunction, hypertension to mention but a few. But a new study has shown that a combination of scent leaf (Ocimum basilicum), stonebreaker (Phyllanthus niruri) and mistletoe (Viscum album) may provide the remedy. Earlier studies had validated bitter leaf (Vernonia amygdalina), bitter kola (Garcinia kola) and bitter gourd or melon (Mormodica charantia) for the treatment of type 2 diabetes. According to the Second Edition of Handbook of African Medicinal Plants by Maurice Iwu, a peptide designated as P-insulin has been reported from Mormodica. A preparation of Vernonia amygdalina has also received United States Patent for treatment of diabetes and cancer.The new study titled “Antidiabetic property of some Nigerian medicinal plants” was published in Journal of Medicinal Plants Research. The authors were led by Prof. Maurice M. Iwu of the International Centre for Ethnomedicine & Drug Development (INTERCEDD), Nsukka, Enugu State;Michel K. Tchimene of the Department of Pharmacognosy & Environmental Medicine, Faculty of Pharmaceutical Sciences, University of Nigeria, Nsukka; and Charles O. Okoli of the Department of Pharmacology & Toxicology, Faculty of Pharmaceutical Sciences, University of Nigeria, Nsukka.The. Source: Guardian

Anambra governor donates N10m to IfeanyiUba

Anambra State Governor  Willie Obiano  on Wednesday donated N10m to  Premier League club IfeanyiUbah for winning the 2016 Federation Cup, the News Agency of Nigeria reports. Obiano announced the donation when he received the Nnewi  team during their victory tour of the state at the Governor’s Lodge in Awka. The Anambra Warriors  on November  6 defeated Nasarawa United 5-4 on penalties to lift the Federation Cup  trophy at the Teslim Balogun Stadium, Lagos. The governor, who praised  the team, urged them to win  the CAF Confederation Cup in 2017. He said if the team could come home with the prized silverware, the administration would quadruple the donation and allocate land to members of the team. Obiano noted that the Federation Cup win  was important for  the state, describing it as “one of its kind in recent times’’. He promised to support the team and urged the  management to remain focused. The owner of the club, Ifeanyi Ubah, lauded the governor for his gesture and promised to bring more honours  to the state. NAN reports that there was gridlock on the major roads of the state capital following the large number of people who came out to catch a glimpse of the trophy.Source: Punch

Omagbemi blames referee

Nigeria coach Florence Omagbemi  has questioned  South African referee Akhona  Makalima over her  decision not to award the Super Falcons a penalty against Ghana in their Cameroon 2016 African Women’s Cup of Nations Group B clash in Limbe on Wednesday. Black Queens’ Portia Boakye turned  Asisat Oshoala’s shot into her own net in the 19th minute to give Nigeria the lead. But Elizabeth Addo beat Nigeria goalkeeper Alaba Jonathan from the sport three minutes before the recess  to keep the score level at 1-1. Omagbami, who rued the Falcons’ missed chances in the encounter with their fierce rivals, praised the opponents for their showing. “The game was great and both teams played well,” the versatile  former Nigeria captain, who won the tournament in 1998, 1998, 2000 and 2002, told Cafonline after the game. “Ghana gave us a good match and it was an impressive game. The foul on Asisat Oshoala was a clear penalty in my own assessment. “I was disappointed in the referee  for not making the call. We were not over confident after the 6-0 victory over Mali. “Today, we played against a good team and it was a good match by both teams. A draw  is not a bad result.” Her Black Queens counterpart  Yusif Basigi said he was not happy with the outcome of the clash, saying his team.”. Source: Punch

Cargo examination: Regulators, operators blame corrupt importers

Regulatory agents and terminal operators have blamed corrupt practices by importers for their presence and high level of physical examination of cargo at the nation’s seaports. Multiple agencies and physical cargo examinations waste time and are reportedly responsible for the high cost of doing business in Nigeria. Some importers, according to the regulators and operators, are dubious and this makes Customs officials to suspect any cargo they bring into the country. The spokesperson for the Seaports Terminal Operators Association of Nigeria, Mr. Bolaji Akinola, in an interview with our correspondent said, “One of the challenges we have at the ports right now is high level of physical examination of cargo where containers are opened and cargo examined one after the other by the Customs. “They are doing this because Nigerian importers are dishonest. They short-change the system by importing without making proper declaration and importing what they should not import.  “They are not helping government to realise its fiscal objective and because of that, the Nigeria Customs Service has become very suspicious and wants to check everything thoroughly.” The Director, Ports Inspection Directorate, National Agency for Food and Drug Administration and Control, Mrs. Maureen Ebigbeyi, corroborated Akinola’s observations while explaining the presence of NAFDAC at the ports during a recent maritime stakeholders’ forum. She said that in the process of inspecting containers carrying regulated products at the ports, agents had stumbled on false declaration and forged documents by importers. She said, “The level of false declaration that we see at the ports is amazing. At one time, 13 containers carrying wrong strength and dosage of drugs arrived in Port Harcourt under the guise of clothing materials.  “I have seen manifest from the Nigerian. Source: Punch

Rivers Rerun: INEC Has Handed over Original Result Sheets to Amaechi, Wike Alleges

Rivers State Governor, Nyesom Wike, has alleged that the leadership of the Independent National Electoral Commission (INEC) has handed over original copies of result sheets to the Minister of Transportation, Chibuike Amaechi, for the planned rigging of the December 10 rerun elections.
Wike made allegation yesterday while flagging off the construction of the Ulakwo II-Afara–Nihi in Etche Local Government Area of the state. Wike stated that Amaechi made the disclosure on Tuesday in Abuja during a meeting with the leaders of the state chapter of the All Progressives Congress (APC). The governor said he was possession of the proceedings of the Abuja “illegal meeting” of the APC at Abuja.Wike stated that Amaechi assured the state APC leaders at the Abuja meeting that the original result sheets supplied by INEC would be used for the December 10 rerun elections to facilitate victory for; unpopular APC candidates. He said: “While we are working for the people of Rivers State to convince them to vote for us, the APC is busy working with INEC to rig the rerun elections. “Amaechi told them at the illegal meeting that (Senator Ali Modu) Sheriff is working for them (APC) and that they have finished PDP. Sheriff cannot finish PDP,hecanonlyfinishhimself.“On December 10, follow your results bumper to bumper. Don’t allow anyone to swap results. I urge the Etche people to follow their results.” The governor disclosed that the state APC members who were arrested printing fake result sheets for INEC were transferred to Zone 6 Police Command headquarters in Calabar where arrangements had been concluded to take them to Abuja for the Director of Public Prosecution at the Federal Ministry of Justice to formally release them in line with the request of APC. He assured the people of Etche Local Government Area that he would stand with them to.” Source: Thisday

Obasanjo attacks Buhari, knocks N’Assembly members

Former President Olusegun Obasanjo on Wednesday came hard on President Muhammadu Buhari, urging him to fix the country’s economy as he promised during electioneering rather than expressing frustration at the gloomy economic situation. Obasanjo spoke during a lecture he delivered at the First Akintola Williams Annual Lecture in Lagos titled, “Nigeria yesterday, today and tomorrow: Governance and accountability.’’ He said that it would have been needless for Nigerians to cry for a change of government if things were rosy in the country before Buhari took over. The ex-President also faulted the proposed borrowing of US$30bn by the Buhari administration, arguing that such would amount to taking the soft option capable of hurting the country in future. Besides, he cautioned Buhari against castigating his administration alongside previous ones, describing such as uncharitable, fussy and uninstructive.According to Obasanjo, if the current administration does not fix the economy to relieve the pain and anguish of many Nigerians, the gains recorded in fighting insurgency and corruption will pale into insignificance.Obasanjo stated, “It is easier to win an election than to right the wrongs of a badly fouled situation. When you are outside, what you see and know are nothing compared with the reality. And yet once you are on seat, you have to clear the mess and put the nation on the path of rectitude, development and progress leaving no group or section out of your plan, programme and policy and efforts. The longer it takes, the more intractable the problem may become. “I understand President Buhari’s frustration on the state of the economy inherited by him. It was the same reason and situation that brought about cry for change, otherwise o. Source: Punch

CALL FOR SUBMISSION OF MEMORANDUM ON CIBN ELECTORAL PROCESS

Dear Member,

CALL FOR SUBMISSION OF MEMORANDUM ON CIBN ELECTORAL PROCESS

The Ad hoc Committee on Overall Review of the CIBN Electoral Process hereby invites members to submit memoranda on issues concerning the administration of elections to facilitate the attainment of a more robust and acceptable electoral system.

The Adhoc Committee constituted by the Governing Council at it meeting of September 15, 2016 has the following Terms of Reference:

1.      Ensure that the Electoral Process and Guidelines of Election conform to International best practices.

2.      Propose strategies for attracting the active participation of qualified members in the process

3.      Review the Electoral process with the aim of broadening the scope to enrich the Institute with the best qualified Members

4.      Work out the Modalities for introducing an appropriate electronic system to enfranchise qualified members irrespective of location without compromising the integrity of the process

5.      Consider all other matters referred to it by Council

Members are to kindly click here to complete the CIBN Electoral Process Review Form and submit not later than Friday, December 2, 2016.

All inquiries or clarifications should please be directed to:

The Secretary,

Adhoc Committee on Overall Review of CIBN Electoral Process

The Chartered Institute of Bankers of Nigeria

PC 19, Adeola Hopewell Street, Victoria Island, Lagos

Telephone: 08033082332

E-mail: segunshonubi@cibng.org

Invitation to participate in our CCPD Programme on Operational Risk and the Potentials of its Management

INVITATION TO PARTICIPATE IN OUR PROGRAMME

The Chartered Institute of Bankers of Nigeria (CIBN) is pleased to invite you to participate in our Compulsory Continuing Professional Development (CCPD) Programme on Operational Risk and the Potentials of its Management scheduled as follows:

Date:                Thursday 8 - Friday 9 December, 2016          

Time:               8.30 a.m daily

Venue:             Bankers House, PC 19 Adeola Hopewell, Victoria Island, Lagos

The programme attracts a CCPD Credit Rating of 10 units and a discounted participation fee of N25,000.00 (Twenty Five Thousand Naira only) per participant, N20,000 (Twenty Thousand Naira only) per participant for group of 3 -5 participants and N15,000 (Fifteen Thousand Naira Only) for group of 6 and above. The fee covers workshop Materials, Tea/Coffee, Snacks and Lunch. Certified bank cheque/draft should be drawn in favour of The Chartered Institute of Bankers of Nigeria or e-payments to CIBN GTBank Plc Account No: 0000845015.

We hope that the programme will enhance participant’s managerial competence, knowledge and skills on the subject matter as well as achieving a fraction of the mandatory 35 units CCPD credit hours for the year.  While we look forward to a favourable nomination, please contact Ndidi (08023185048) or email ndidiolaosegba@cibng.org or Udochi (08127465565) udochiunegbu@cibng.org for further enquires.

We thank you for your support and cooperation in the promotion of financial and investment education in Nigeria.

Yours sincerely

Babatunde Apena                               

Group Head, CCPD & E-Learning