Naira hits 400/dollar on CBN’s investors FX window

The naira traded at 400 to the United States dollar in deals for investors on Monday, traders told Reuters, two weeks after the Central Bank of Nigeria introduced the Investors FX Window

The window was designed to allow investors, trade in the currency at market-determined rates.

Trading sources said investors were demanding rates above N400/dollar while locals were quoting rates as low as N350/dollar.

The sources said traders held a conference call last Friday with market regulator FMDQ OTC Securities Exchange to discuss the wide range of quotes on the naira for investors, although the meeting did not produce any resolutions.

FMDQ provides daily opening and closing quotes on the naira.

Traders, worried about IL-liquidity in the currency market despite making the exchange rate market-determined for investors, said no resolution was reached at the meeting.

“We have done deals around N400/dollar levels,” one trader said, adding that, “Some of the off-shores investors are insisting on N400/dollar.”

The CBN had in April said it would allow investors to trade the naira at market-determined rates, a move intended to improve the dollar supply and attract foreign investors who bolted from Nigeria at the start of the latest naira crisis.

The move introduced yet another exchange rate to the five existing ones. Still, analysts doubted it would be enough to draw more hard currency into the economy.

Investors have questioned the over-the-phone trading system for lack of price discovery and transparency.

SOURCE: http://punchng.com/some-power-firm-managers-award-inflated-contracts-to-relatives-fashola/

Some power firm managers award inflated contracts to relatives –Fashola

The Minister of Power, Works and Housing, Mr. Babtunde Fashola, on Monday alleged that the managers of some power distribution firms were awarding inflated contracts to their relatives.

He also threatened to sanction the firms for their continued inability to deliver on agreed terms.

While condemning the recent statements by the firms, a visibly angry Fashola declared that the power firms had failed in many aspects.

According to him, allegations of obsolete infrastructure in the power sector by the companies are unnecessary because they were aware of the state of the facilities when they purchased the assets.

The minister, who spoke during the 15th monthly meeting of power sector stakeholders in Jos, Plateau State, also demanded that participants should cast a vote on whether to carry on with the meeting every month or to put an end to it, as he expressed worry over the poor attendance at the forum.

Fashola was particularly pained by the actions of the power distribution companies, who according to him, are bent on frustrating the stakeholders’ meetings, adding that the Discos had failed in providing meters and electricity feeders, as well as remitting very poor revenue to the market and making false allegations against the government, among others.

The minister, who chaired the meeting, also lamented the electrocution of seven persons at a football viewing center in Calabar, Cross River State recently, and blamed it on man-made errors of the power companies.

“Whilst the accident is regrettable and the consequences very saddening, they were clearly man-made and avoidable; and if we must learn any lessons from the accident, it is to honestly and truthfully admit that it occurred as a result of non-compliance with laws and regulations,” he said.

On how the Discos frustrate efforts of the government, Fashola said the firms had formed themselves into an association of power distribution companies and had persistently issued statements on issues they either did not present for discussion at meetings, or which contradicted the communique jointly agreed and released after each meeting.

The minister, however, declared that his ministry reserved the right to recognize or deal with the Discos as a body, adding that the Nigerian Electricity Regulatory Commission and the Nigerian Bulk Electricity Trading Plc would communicate a similar position to the firms.

SOURCE: http://punchng.com/some-power-firm-managers-award-inflated-contracts-to-relatives-fashola/

Buhari begins fresh medical vacation in London

President Muhammadu Buhari yesterday night left for London, United Kingdom (UK) to meet with his doctors. The presidency said the length of his stay in London would be determined by his medical team. He transmitted a letter to the National Assembly in this respect.

A statement by his spokesman, Femi Adesina, said the president had planned to depart yesterday afternoon, but delayed the trip by some hours to receive the 82 Chibok girls.

The new development may have eventually confirmed the speculations that Buhari has been gravely ill and that he needs to see his doctors instead of worsening his condition by attempting to meet his presidential responsibilities.

The president wishes to assure all Nigerians that there is no cause for worry. He is very grateful for the prayers and good wishes of the people, and hopes they would continue to pray for the peace and unity of the nation. The length of the president’s stay in London will be determined by the doctors.

“Government will continue to function normally under the able leadership of the vice president,” the statement read in part. However, ‎State House correspondents, who had been waiting since 2:00 p.m. to cover the meeting with the girls, were barred from the venue when the latter, led by officials and security agents, eventually arrived at the Villa at 7:04 p.m.

But the Minister of Information and Culture, Alhaji Lai Mohammed, said the restriction was due to space constraint in the president’s official residence as well as the need to “control the ‎narrative.”

Only government-owned media organisations, including the Nigerian Television Authority (NTA), Federal Radio Corporation of Nigeria (FRCN) and Voice of Nigeria (VON) as well as the president’s photographer were allowed to cover the event.

The newsmen, who were at the Council Chambers ahead of the earlier announced 4:00 p.m. time, had earlier been restricted to the entrance of the residence with a provison that they would get access only if granted permission.

But, this was not to be ‎as security agencies barred them to cover the ceremony, which lasted about 45 minutes. Accompanied by the Minister of Women Affairs, Hajiya Aisha Alhassan along with plainclothes security aides, the girls were driven straight into Buhari’s official residence in two tinted Marcopolo luxury bus‎es belonging to the Nigerian Army.

But the main opposition Peoples Democratic Party (PDP) has expressed concern over the freed members of the terrorist group. In a statement last night by the spokesman to the caretaker committee, Dayo Adeyeye, the party noted that though it welcomed the release of the girls, the freedom granted to the insurgents would further embolden the group to unleash mayhem on innocent Nigerians.

“The suspected terrorists by the release have escaped justice. And all the efforts made by security agencies to bring them to book have come to nothing,” it said.

Briefing newsmen shortly after the ceremony, presidential spokesman, Femi Adesina, restated the government’s commitment to facilitate the rehabilitation and education of the girls.

Expressing the joy of his boss at their return, he pledged that government would also ensure that the parents have access to them‎ as soon as possible. He declined comments on the number of swapped Boko Haram members, saying it was within the purview of the security agencies.

‘Nigeria lost N523 billion to gas-flaring in two years’

The Federal Government has lost N523 billion to gas-flaring between 2015 and 2016, data from the Department of Petroleum Resources (DPR) and Nigerian National Petroleum Corporation (NNPC) has shown.

While DPR figures showed $850 million (N306 billion) loss to gas-flaring in 2015, NNPC latest report put losses to gas-flaring in 2016 at N217 billion. According to the NNPC, oil and gas firms flared a total of 244.84 billion standard cubic feet of natural gas in the whole of 2016.

Besides, the country has lost $14.298 billion between April 2008 and October 2016, which the International Oil Companies (IOCs) failed to pay as penalty for gas-flaring.

In a similar vein, the Nigerian Extractive Industries Transparency Initiative (NEITI), in its latest oil and gas audit report, has said that oil firms operating in the country have failed to abide by the regulation stipulating penalty of $3.5 for every 1,000scf of gas flared in the country.

Efforts to get the IOCs to state the reasons for non-payment of penalty were successful as none of them was willing to comment on the issue. But the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said that the Federal Government would set up an independent tracking mechanism to ascertain the actual volume of gas being flared in the country.

He said: “There is an urgency to drive the policy that will enable us get out of gas-flaring. We are putting up an independent tracking mechanism not relying on figures from the IOCs and the DPR to find out really what is the flare volume. My feeling is that there is a lot of management of those figures to suit the cap of the penalties being charged for gas-flaring.”

Also, Deputy Director and Head, Upstream, DPR, Pat Maseli, while speaking at the 10th yearly sub-Saharan Africa oil and gas conference in Houston Texas, said that the high level of gas-flaring had led to a loss of 3,500 megawatts of electricity and about $400 million carbon credit value.

She expressed worries over the scale of gas-flaring in the country. In another development, the Executive Secretary of Nigerian Content Development and Management Board, Simbi Wabote, has said that the content development initiative in the last six years attracted investment of over $5 billion (N1.8 trillion) into the country’s oil and gas sector.

Speaking at the Nigeria content investment forum organised by SweetcrudeReports, in conjunction with the Nigerian Content Development and Monitoring Board and Guardian Newspapers Limited at the sideline of the Offshore Technology Conference in Houston, Texas, Wabote said that the policy had enabled indigenous companies to build capacity of international standards.

Buhari off to London

President Muhammadu Buhari left last night for London to consult with his doctors, the Presidency said yesterday.

He has empowered Vice President Yemi Osinbajo to preside over government businesses in his absence.

The President, according to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, has also notified the National Assembly of the development.

After returning on March 10 from a 50-day medical vacation in the United Kingdom (UK), President Buhari disclosed that he would be returning for further medical checks.

The statement did not specify the length of stay, but it said that the President’s return to the country will be determined by his doctors in the UK.

The spokesman said that the President, who had planned to leave yesterday afternoon, shifted his flight till the night for the reception of the 82 Chibok schoolgirls, who arrived in Abuja earlier yesterday.

The statement reads: “”The President wishes to assure all Nigerians that there is no cause for worry. He is very grateful for the prayers and good wishes of the people, and hopes they would continue to pray for the peace and unity of the nation.

“The length of the President’s stay in London will be determined by the doctors. Government will continue to function normally under the able leadership of the Vice President.

“President Buhari has transmitted letters about the trip to the Senate and the House of Representatives, in compliance with Section 145 (1) of the 1999 Constitution.”

SOURCE: http://thenationonlineng.net/buhari-off-london/

Ogun demolished structure owners get N1bn compensation

The Ogun State Government has announced the payment of over N1bn as compensation to owners of structures demolished to pave way for the development of the state.

A statement by the state government quoted the Director-General, Bureau of Lands and Survey, Mr. Biyi Ismail, as saying that the turnout of the recipients at the bureau’s office in Oke-Ilewo, Abeokuta was impressive and showed that the people were happy with the government.

Ismail, while presenting the cheques to the beneficiaries, said the compensation was being paid to affected persons in Abeokuta, Sango, Ojodu, Ijebu-Ode, Mowe, Akute, Oke-Aro and Ofada, among others.

“It is very tough for someone to accept his or her structure being demolished, but the state government is using this opportunity to compensate those whose houses, shops, workshops or whatever they had gave way for infrastructure development,” he stated.

SOURCE: http://punchng.com/ogun-demolished-structure-owners-get-n1bn-compensation/

BoI approves N300m for creative industry

The Bank of Industry has sealed a Memorandum of Understanding with the National Council for Arts and Culture to provide N300m in loans to the creative industry operators.

The agreement, which was signed in Abuja, will enable the bank to provide the loans at a single digit interest rate to be repaid in three to five years.

The Acting Managing Director, BoI, Mr. Waheed Olagunju, signed the agreement on behalf of the bank, while the Director-General, NCAC, Chief Olusegun Runsewe, signed on behalf of the council.

Olagunju described the agreement as a milestone as it would change the face of the arts and culture industry in Nigeria.

He said the management of the bank was excited to provide funding to the sector owing to its huge job creation potential.

He explained that with the focus of the Federal Government to diversify the economy away from oil, any support to small-scale businesses in the non-oil sector would go a long way in reducing the level of poverty and unemployment in the country.

Olagunju stated, “The MoU will enable us to provide a total sum of N300m as take-off point to support businesses in the art and culture industry. We will be lending to the sector at a single-digit interest rate for a period of three to five years.

“We see this sector as an important sector to stimulate economic activities owing to its job creation potential, and we call on all stakeholders to also support the SMEs by providing a competitive environment so that their operating expense can be reduced.”

SOURCE: http://punchng.com/boi-approves-n300m-for-creative-industry/