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Friday, December 9, 2016

Eid-El Maulud: FG Declares Monday Public Holiday

The federal government yesterday declared next public holiday to mark the Eid-El-Maulud celebration.
This was contained in a statement signed by the acting Permanent Secretary of the Ministry of Interior, Mr. Muhamadu Maccido, on behalf of the Minister, Lt. Gen. Abdulrahman Dambazzau (rtd), in Abuja.
The minister enjoined all Muslim faithful and Ni
gerians in general to cooperate and join hands with President Muhammadu Buhari, as he works tirelessly to build a strong, united and peaceful nation.
Dambazau, also urged Nigerians to use the occasion to pray for peace across the nation, while calling on all to be patient and supportive of the present administration for the successful implementation of its programmes.


India Seeks to Import 11m Metric Tonnes of Nigerian Crude in 2017

Barely one month after the Minister of State for Petroleum, Dr. Ibe Kachikwu, negotiated a $15 billion crude-for-cash swap deal with India that would see the Indian government making an upfront payment to Nigeria for crude purchases, Indian refiners have indicated interest in increasing Nigerian crude imports from nine million metric tonnes in 2016 (MMTPA) to 11 million metric tonnes in 2017.
By the terms of the deal, which are yet to be agreed, the $15 billion would be repaid on the basis of firm term crude contracts over some years and in consideration for Indian public sector (PSU) companies collaborating in the refining sector.
Other methods of repayment include: exploration and production activities on a government-to-government basis by Indian PSU companies, and long-term contracts for the supply of crude to Indian PSU companies from Nigeria.
Successful bidders for Nigeria’s crude oil term lifting contracts for 2017 will emerge by the middle of this month.
Indian refiners such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) currently have crude oil lifting contracts for 2016 with the Nigerian National Petroleum Corporation (NNPC).
However, NNPC’s Group Executive Director, Refineries, Anibor Kragha, told S&P Global Platts in an interview on the sidelines of the Petrotech conference in New Delhi on Monday that the Indian state-run refiners were pushing for an increase in crude oil allocations from Nigeria.
“Three Indian companies said that they were looking for a combined total of 11 million metric tonnes in 2017 from nine million mt this year,” Kragha said.
About seven barrels of crude make one metric ton.
“Now what they will get is a balance between term contracts and (spot) sales contracts,” he added.
“We just came out of a meeting with key Indian oil companies and they are pushing to get incremental allocations for the term contracts. We explained to them that there needs to be a balance.
“Once Nigerian output recovers, it will increasingly look towards India as the major buyer of its crude. Indian demand is very positive for us. A vibrant Indian economy is good for us,” Kragha explained.
Under the crude term contracts, Nigeria exports around 1.17 million bpd of Nigerian crude, out of the 2.2 million bpd production that is sold by contract holders to end-users, refiners and other buyers.
The country’s production dropped in recent months to a 20-year low as a result of renewed militancy in the Niger Delta.
However, Kachikwu also told journalists on the sidelines of the New Delhi conference that the total production was around 1.9 million bpd, including 300,000 bpd of condensates.
Kragha said negotiations were ongoing and that if the deal is successful and Nigerian output recovers, the country would “increasingly look towards India” as the major buyer of its crude.
“Indian demand is very positive for us. A vibrant Indian economy is good for us,” he added.
In 2015-16, India imported nearly 23.7 million metric tonnes of crude (nearly 12 per cent of India’s overall imports) and over 2MMTPA of LNG from Nigeria.
Following the $15 billion negotiation, the two countries agreed to work on a Memorandum of Understanding (MoU) to facilitate investments by India in the Nigerian oil and gas sector; specifically in areas such as the term contracts, participation of Indian companies in the refining sector, oil and gas marketing, upstream ventures, the development of gas infrastructure, and in the training of oil and gas personnel in Nigeria.
The MoU is expected to be firmed up this month during PETROTECH-2016.
According to a source from an Indian refiner, “Nigerian crude is a must have for most of our refineries, especially the older ones, which have been designed to run light sweet crude.
“Despite all the militancy issues, we still buy Nigerian crude, as our refineries need it. We will continue to buy Nigerian crude, but we want them to supply us with more,” he said.
India, which is one of the world’s fastest growing economies, has seen its gasoline and gasoil demand climb sharply over the past few years.
This has encouraged Indian refineries to buy more Nigerian crude. - The Guardian

Emefiele: Digital Financial Services Can Create Three Million Jobs by 2025

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has said that increased adoption of Digital Financial Services (DFS) in Nigeria has the potential to create three million new jobs in Nigeria by 2025.
Also, for financial services providers, Emefiele said DFS has been estimated to reduce the cost of providing financial services by 80 to 90 per cent compared to the cost of a traditional bank branch.
Emefiele gave the advice in a keynote address he delivered at the 2016 BusinessDay Financial Inclusion Summit in Lagos yesterday. He also advised ministries, departments and agencies of governments as well as firms in the country to further digitise current cash payments.
He noted that the economy is presently going through a time of economic challenges, saying that Digital Financial Services have substantial potential to promote financial inclusion, increase productivity and support economic growth in our country.
Therefore, he urged all stakeholders to step up initiatives to successfully advance the movement in order to achieve the financial inclusion target by 2020 and boost economic growth in Nigeria.
“Digital financial services refer to financial services, such as payments, savings, loan or insurance products, which are provided through electronic platforms, such as mobile phones, the Internet, or electronic cards. Digital financial services can promote financial inclusion, because they are capable of dismantling the existing barriers to financial inclusion.
“One key barrier to financial inclusion, as defined in Nigeria’s National Financial Inclusion Strategy, is the remoteness of access to financial services. Several people do not use financial products because they live too far away from a physical financial access point such as bank branch, an insurance agent or ATM.
“Digital financial services transcend such physical barriers as they can be availed through virtual channels such as mobile phones, which today are ubiquitous. We have noted commendable innovations in the industry today, thereby financial institutions have begun to leverage the mobile platform to open accounts and conduct transactions, enabling existing clients and previously excluded population to access financial services in a more convenient manner.
“Digital financial services can also reduce other barriers to financial inclusion, such as high cost of transaction or transportation costs while also saving valuable travel time,” the CBN governor said.
Furthermore, Emefiele said DFS can also bring about substantial benefits for financial services providers, and can boost the country’s GDP significantly and more sustainably.
For instance, a McKinsey study postulated that digital financial services can increase Nigeria’s GDP by 12 percent or US$88 billion by the year 2025. - The Guardian


FG advises Nigerians to brace for telecom data price increase

Adebayo Shittu, communications Minister has asked Nigerians to brace for a price rise while making a case for telecom service providers, which according to the minister were operating under unfriendly business environment including lack of electricity and increasing security challenges.
But the Nigeria Communications Commission (NCC) said it intervened with an interim price floor for data services to avert a looming price war in the telecommunications sector.
The regulatory commission said it feared that the price war could eventually lead to a monopoly in the telecom industry that would force small operators to shut down.

It said that monopoly in the telecom sector could also push the country back to the days of NITEL – the troubled government-owned telco – to the detriment of small operators.
Prof. Umar Dambatta, NCC executive vice chairman stated this when he appeared before the Senate Committee on Communications.’
The committee was mandated to investigate the proposed data tariff hike said to have been ordered by the NCC.
But the minister, said the reality was that telecom service providers are operating in an unfriendly business environment, including lack of electricity and increasing security challenges.
He said: “This is one area that I believe that we all must face the reality… If you look at the NCC law, it is positioned to reflect experiences, expertise and all of that and I want to believe that there must not be too many interventions in the activities of the NCC.
“I am a political office holder. I am not an expert, so I cannot venture to say whether they did wrong or right, except they say that the constitution has granted them the role of a supervisor of a direct regulatory authorities, particularly relating to the activities in the telecoms industry.
“The only area I feel they were deficient was in the area of communicating with the people of this country, particularly because of the sensitivity that has been imposed on Nigerians by the harsh economic situation.
“I know that if you want to make omelet you must break eggs. Unfortunately in this country, we fail to appreciate the transformation role that ICT has brought about in the lives of Nigerians.
“So, I am not supporting at this stage or not supporting the price increase with regards to the floor. But what I am saying is, these are technical issues whose decision must be taken having regard to all the factors that are important before a decision can be taken.- The Guardian

Angola awaits successor to long-ruling leader Dos Santos

Angola is expected to formally announce the end of President Jose Eduardo Dos Santos’ controversial 37-year rule Saturday, and name a successor to lead the ailing African oil-producing country.
News of the veteran leader’s impending retirement, announced on state radio on December 2, has made front page news in Angolan newspapers all week.
But the ruling Popular Movement for the Liberation of Angola (MPLA), in power since 1975, has officially remained silent on the matter.

On Saturday, on the 60th anniversary of its founding, the party is expected to confirm that Dos Santos, 74, will not seek another term as president in the 2017 party elections.
It will also likely announce that he will be succeeded as head of the party by his current defence minister, Joao Lourenco, 62.
Angola does not directly elect a president, but rather the leader of the winning party automatically becomes head of state.
In all likelihood, the retired general Lourenco will succeed Dos Santos -– one of the longest ruling leaders in Africa -– after the party elections next August.
The departure, announced in a closed-door meeting of the MPLA’s central committee last week, does not come as a complete surprise.
Dos Santos himself announced in March his intention to end his political career.
“President dos Santos had been planning to step down in 2018,” said Alex Vines, Africa program director at the British think tank Chatham House.
“But I think a combination of Angola’s economic conditions and less good health brought his plans forward.”
After years of spectacular growth thanks to an oil boom, like many crude-producing nations Angola has suffered a sudden downturn in the last two years due to a prolonged drop in oil prices.
Last week, national oil company Sonangol, managed by Dos Santos’ daughter Isabel, announced it would not be paying out dividends to the state this year -– a first for the country’s main source of foreign currency.
– ‘Nothing will change’ –
While it will be a new page in the history of Angola, the departure of the former Marxist guerilla fighter is unlikely to shake up the running of the country.
This is to the chagrin of critics who have been denouncing Dos Santos’ “dictatorship” for years.
“Nothing will change with people who, when they could have, didn’t dare –- whether out of fear or self-interest -– to make a difference,” said journalist William Tonnet, a critic of Dos Santos.
Expected successor Lourenco is an ex-artillery general who was trained in the former Soviet Union. He is seen as a true son of his party, as is interior minister Bornito de Sousa, who is expected to become his deputy.
“These are two apparatchiks, two pure products of the party who remain under its control,” said Benjamin Auge of the French Institute of International Relations.
“The room to manoeuvre will be extremely limited. They will defend the president’s record, without starting a revolution.”
However, Angola-watchers notice both men do not have ties to the oil industry, a sector considered to be closely guarded by the president’s family.
“Joao Lourenco is one of those rare leaders in the MPLA who hasn’t dirtied his hands in this corruption business,” said activist Nuno Alvaro Dala, who was recently convicted and then pardoned for an alleged coup attempt.
Some have suggested that Dos Santos’s retirement was purposefully instigated by a hostile faction within the MPLA.
The announcement could be “the expression of discontent within the party, particularly over the position of the president’s children,” said Didier Peclard, a professor at the University of Geneva.
“If that were the case, then hypothetically it could be a way of precipitating a transition.”
Award-winning journalist and writer Rafael Marques refuses to believe this, and disputes the idea of a more palatable faction within the inner circle of the MPLA.
“Angolans will move from one dictator to the next,” he said. “Change is not coming tomorrow.” - The Guardian

Ronaldo publishes details of 225m-euro income

Cristiano Ronaldo published his financial records on Thursday which showed the Real Madrid star declared income of more than 225 million euros in 2015 as he battled accusations of tax evasion.
An international consortium of media organisations claimed that a huge data leak involving 18 million documents showed the Portuguese skipper hid 150 million euros ($160 million) from image rights in the British Virgin Islands.
But the 31-year-old has released details of his income in 2015 which he had already passed on to the Spanish tax authorities.

The procedure, known as a ‘Model 720’ and which was apparently presented to tax chiefs in March, showed that Ronaldo earned 203.7 million euros outside of Spain and 23.5 million inside the country.
“This document confirms that Spain’s Tax Agency is knowledgeable of all of Cristiano Ronaldo’s assets and income. From now on, the player will not make any further statement on this subject,” said a statement released by his management company, Gestifute.
“As reported in recent days, the player has been aware of his tax obligations right away from the beginning of his professional career in all of the countries in which he has resided, and has not and has never had any issue with the tax authorities of any of those countries.
“This communication, which was not required by law, constitutes irrefutable proof that Cristiano Ronaldo and his representatives are in good faith and cooperate with the authorities in a spirit of transparency and compliance with legality.”
Earlier Thursday, Ronaldo seemingly resorting to a proverb to plead his innocence of any wrongdoing.
“You believe I am worried? He who owes nothing, fears nothing,” said the superstar after being approached by Portuguese TV station RTP to respond to the allegations after Real Madrid’s Champions League clash with Borussia Dortmund on Wednesday evening.
On Wednesday, his club side also came out in his defence.
“Real Madrid demand the maximum respect for a player like Cristiano Ronaldo, whose behaviour has been exemplary during his entire time at our club,” Madrid said in a statement.


I have been a little bit frustrated, Moses confesses

Until four months ago, Victor Moses was the unwanted player in the Chelsea squad, with successive managers sending him out on loan rather than giving him the opportunity to prove his worth at the Bridge. But all that has changed with the arrival of Antonio Conte, who has ‘recreated’ the former Wigan man into a formidable asset to the club’s chase for the English Premiership title this term.
Moses joined Chelsea from Wigan in 2012 after a very productive season, but he spent much of that time on loan to other clubs, including Stoke, Liverpool and West Ham. And the Super Eagles’ forward yesterday admitted that he found his situation frustrating.
Speaking to Sport Magazine, Moses, who is now one of the first names in Conte’s matchday list, said of his loan days, “I’ve been a little bit frustrated, I’m not going to lie.

“You spend about a month-plus in the hotel before you find your own place to stay – stuff there kind of plays in your head, and obviously the kids have to go to another place, go to school.
“I’ve not actually had time to relax. When the season finishes, you have to move back to London again, and those kind of things play in a footballer’s head.”
Moses, who won the EPL Fans’ player of the month award for November, has been touted as one of the candidates for the player of the year award.
His profile has risen so suddenly that European giants, Barcelona, have shown interest in taking him to Nou Camp.
But the Nigerian has remained firmly determined to make the best use of his new lease of life in Chelsea.
He attributes his success in his new role as a wingback to help from some of his team mates, especially Cesar Aspilicueta.
According to Moses, “He understands it more than I do, so he’s constantly talking to me, making sure that I’m in the right place and that really helps me.” - The Guardian