Renewed crisis threatens Nigeria’s Russia 2018 World Cup chances

Unless elders of the country wade into the renewed crisis over the leadership of the Nigeria Football Federation (NFF), the nation may not realize its ambition of hoisting its flag at the Russia 2018 FIFA World Cup.

FIFA at the weekend banned Sudan and Guinea from all its activities following alleged government interference in the administration of their football. And the same fate may befall Nigeria if the renewed court battle over NFF leadership is allowed to affect the administration of the game.

Last Monday, the Supreme Court gave the NFF, led by Amaju Pinnick, and followers of a claimant to the federation’s presidency, Chris Giwa, notice to await further directives on when it would deliver judgment on the suit between the parties.

Equities’ investors risk losing dividends over banks’ Eurobonds

The prevailing high domestic interest rate which has spurred banks’ increased appetite for external borrowings through Euro-bonds has become a source of worry to capital market operators.

The operators urged the government to maintain stability in exchange rate to enable them to service their obligations and avoid impact of such borrowing on equities’ investors dividends.

Due to the collapse of the equities primary market and the high cost of issuing long-term domestic debt, four Nigerian banks have devised alternative means to access cheaper long-term funds from the international capital market. They plan to raise over $3 billion to close the gap in their foreign currency balance sheet.

NAICOM releases draft guidelines on microinsurance operations

The National Insurance Commission has released a draft of revised guidelines for micro-insurance operations in Nigeria.

NAICOM sent the draft guidelines to the chief executive officers of insurance and reinsurance companies, the Nigerian Insurers Association, the Nigerian Council of Registered Insurance Brokers and other bodies to make their inputs.

The commission also gave them the deadline to make the necessary contributions to the draft.

NAICOM also said it had received the 2016 financial reports of 49 insurance companies.

It disclosed that accounts of 39 companies had been approved; accounts of eight companies were undergoing a review; and the remaining two companies had been queried for various reasons.

SOURCE: http://punchng.com/naicom-releases-draft-guidelines-on-microinsurance-operations/

Lagos State government pays 218 retirees benefit with N684 million

Addressing the retirees at the 40th Retirement Benefit Bond Certificate Presentation in Lagos, the Director-General- LASPEC, Folashade Onanuga, gave the retirees, His Excellency’s goodwill message stated that the retirees having contributed their quota to the development of Lagos State deserve to be treated like elder-statesmen with right to receive their pension early as active workers also receive their salaries on time. She implored the beneficiaries to be gentle with life. “Maintain a low profile, eat healthy and exercise well as this is what your body needs. Let moderation be your watchword”, she said.

                  

She also explained that even though there is two options available for receipt of monthly Pension entitlements i.e. the Programmed Withdrawal and life annuity options, not many insurance companies have received PENCOM’s nod to transact Annuity business. However, Lead-way Assurance plc, FBN Insurance Custodian Life and ARM life have gotten approval. Only Lead-way assurance & ARM life are for now given approval to provide Annuity services for Lagos State Government retirees.

Manufacturers’ raw materials inventory rises on steady Forex supply

With the Central Bank of Nigeria (CBN) sustaining its foreign exchange intervention in the real sector for importation of key raw materials, the manufacturing sector’s raw materials inventory index grew for the third consecutive month to close at 52.3 points.

This is just as the Manufacturing Purchasing Managers’ Index (PMI) increased to 52.9 index points in June 2017, showing expansion in the manufacturing sector for the third consecutive month.

Since March the CBN has stepped up its sales of Forex to importers, small and medium enterprises and retail (for invisible). The consequences for the sector have been far greater availability of raw materials and naira appreciation on the parallel market, with the food and beverages segment being the main beneficiary.

According to latest PMI report by the Central Bank of Nigeria (CBN), the PMI is an indicator of the economic health of the manufacturing sector, and is based on five major indicators: new orders, inventory levels, production, supplier deliveries, and the employment environment.

A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally declining

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Kadiri commended the apex bank’s efforts in intervening to ensure that manufacturers access foreign exchange to import their raw materials, even as he sought the bank’s understanding in addressing certain gaps and demands that are yet to be met in some sub-sectors.

Recession: FG enlists foreign firms to enhance recovery

The Federal Government is hiring the United States technology giants such as Oracle Corporation and Microsoft Corporation as it steps up efforts to save costs and fight corruption.

An initiative led by Redwood, California-based Oracle, has helped the Federal Government to remove 50,000 ghost workers, or fake entries, from the payroll, according to a statement from the Presidency.

Other companies interested in taking on more work in Nigeria included IBM Corporation and Sweden’s Ericsson AB, the Managing Director of government-owned Galaxy Backbone, which provides technology services to the government, Yusuf Kazaure, said.This followed Oracle’s decision to open an office in Abuja in May.

Kazaure said Galaxy Backbone’s budget had increased by 30 per cent to N4bn this year, Bloomberg reported on Tuesday.

According to him, government funding for the company will probably increase at a similar annual rate for the foreseeable future.

The Federal Government is investing about 50 per cent more on Information and Communications Technology infrastructure this year, totaling about N41bn, according to budget data.

The country is seeking to recover from its worst economic downturn in more than two decades and is using technology to improve government revenue collection and attract investment.

NFF clears Gernot Rohr, 26 other coaches’ salaries

The Nigeria Football Federation (NFF) yesterday revealed that it has settled all the outstanding salaries of its current and past coaches through the recent agreement it entered with Aiteo Group.

A statement by the federation indicate that the payment was from the first batch of monies meant for the payment of salaries of coaches of the national teams in the N2.5 billion, five-year partnership agreement with the energy solution company.

The coaches are Salisu Yusuf, Alloy Agu, Fatai Amao, David Ngodigha, Ann Chiejine, Bala Mohammed, Kabiru Baleria, Emeka Amadi, Peter Dedevbo, Toyin Ayinla, Wemimo Oni, Auwal Bashir, Manu Garba, Bala Nikyu, Lateef Yusuf, Nduka Ugbade, Jolomi Atunne Alli, Ernest Salolomo, Queen Dolyn Akpan, Adamu Audu Ejo, Godwin Okon, Justin Madugu, Gidado Usman, Florence Omagbemi, Perpetua Nkwocha, Emmanuel Amuneke and Christopher Danjuma.    

Quoting NFF’s Second Vice President/LMC chairman, Mallam Shehu Dikko, who is also Chairman of the NFF Sponsorship, Marketing and Television Advisory Committee, thenff.com said “the first tranche of payment received from the energy solution company, about N100 million has been used to offset all outstanding salaries of 27 coaches in all, including a number that had been owed for services rendered during the tenure of previous administrations.

“The salaries of the Super Eagles’ Technical Adviser, Mr. Gernot Rohr, have also been settled up-to-date from the forex component of the transaction with Aiteo. All the payments were made direct to the accounts of the beneficiaries through NFF’s Financial Consultants (Financial Derivatives Company), appointed to manage the funds from the sponsors upon verification of the processes by NFF external auditors, PWC and payment instructions from the NFF secretariat.

“It is our joy that the coaches can finally smile to the bank. A laborer deserves his wages, and that is why the present NFF administration worked assiduously hard to ensure the realization of this partnership. The NFF is grateful to Aiteo Group for this breakthrough in making our coaches happy.”

 SOURCE: http://guardian.ng/sport/nff-clears-gernot-rohr-26-other-coaches-salaries/