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/

How Africa can deploy CFTA in removing trade barriers

An industrial policy aimed at strengthening African nations’ capacity in designing, implementing, monitoring and evaluating appropriate strategies to facilitate the structural transformation of the continent’s economies is key, as preparation for the Continental Free Trade Area (CFTA) commences, experts have said.

According to the African Institute for Economic Development and Planning (IDEP), the need to green Africa’s industrialization as a way of achieving sustainable and inclusive growth remains a major challenge that should be addressed.

IDEP Director, Karima Bounemra Ben Soltane, said more needs to be done to empower senior civil servants working on policies that impact Africa’s socio-economic development “Industrial policies, she said, should not only consider local issues but also regional value chains and cross-border cooperation, among others”, she added.She spoke about the Continental Free Trade Area (CFTA) which is expected to be in place by October 2017, bringing together 54 African countries with a combined population of more than one billion people and a combined gross domestic product of more than US $3.4 trillion.

With the CFTA, African leaders aim to, among other things, create a single continental market for goods and services, free movement of business persons and investments and expand intra-African trade. The CFTA is also expected to enhance competitiveness at the industry and enterprise levels.

“Our philosophy of development should be revamped as we yearn for competitiveness at the industry and enterprise levels,” said Ms. Soltane, adding the diversity of participants attending the course had enriched discussions on Africa’s industrial policies.

Source: http://guardian.ng/business-services/industry/how-africa-can-deploy-cfta-in-removing-trade-barriers/

CBN lifts Naira with $482.6m

In the first trading day of the week, the Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank market with $482.6 million just as the series of injection may have cost the nation’s foreign reserves $493.72 million in 21 days.

A breakdown of Tuesday’s interventions shows that the retail Secondary Market Intervention Sales (SMIS) was allocated the sum of $285,779,350, while the $100 million was offered in the Wholesale SMIS auction window. The Small, Medium and Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance (PTA), medicals and tuition fees, among others, was allocated the sum of $45 million.

According to the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, the interventions are in line with the bank’s resolve, echoed by the Governor, Godwin Emefiele, at last week’s briefing of the Monetary Policy Committee (MPC) meeting.

While expressing pleasure that the intervention of the bank had ensured stability across all segments of the forex market, Okorafor voiced his optimism that the bank’s objective of exchange rate convergence would be achieved soon. Okorafor, therefore, reiterated his call to all stakeholders to play their respective roles in ensuring a smooth running of the foreign exchange market for the overall benefit of the economy.

Meanwhile, surveys in Abuja, Lagos, Kano and Port-Harcourt on Tuesday indicated that the dollar traded to the Naira at an average rate of N375/$1. But market regulator, FMDQ OTC Securities Exchange, said that the local currency was quoted at N380.33 per dollar at the investor window, while other reports said it was quoted at N382 a dollar on the black market, while commercial lenders quoted the local currency at 305.85 per dollar on the interbank market.

Recall that CBN has been intervening on the official market with a view to narrowing the spread between the official interbank and parallel markets. It has so far sold about $4 billion since February.

Meanwhile, the country’s foreign reserves has dipped by 0.87 per cent to $30.49 billion by May 25 from a month ago.This indicates that the reserves have shed a total of $493.72 million in the past 21 days.

According to data from the Central Bank of Nigeria (CBN), the reserves swung from a little over $30.988 billion on May 4, 2017 to $30,495 billion as at the close of business on Thursday May 25.

Within the same period, the CBN made numerous interventions in the foreign exchange market to keep the naira stable at about 375 to 380 per dollar at the parallel market.

SOURCE: http://sunnewsonline.com/cbn-lifts-naira-with-482-6m/

Iheanacho: City insists on buy-back clause

Manchester City is being careful over the sale of her 20 -year -old Nigerian international, Kelechi Iheanacho.

The club has therefore resolved to put in place a buy-back clause to the sale of the player who is wanted by at least three English Premier League sides.

According to the latest reports coming out of London, City does not want to be left in the same situation as Chelsea, who allowed Romelu Lukaku to leave without inserting an option to buy back the striker at a set price.

Iheanacho has struggled to play under Pep Guardiola, having only started five Premier League games all season.

The Nigerian has previously spoken about his need to play to build his confidence.

West Ham will want any buy-back fee to be at least double what they pay, though City will likely argue it should be closer to the £30m mark or less. The total can vary depending on what Iheanacho achieves at a new club.

Despite that limited opportunity Iheanacho still managed seven goals and three assists, with those strikes coming at an average rate of one every 128 minutes.

Meanwhile, the Manchester City wonder-kid has re-joined the Super Eagles at their get-together in the French capital, ahead of tomorrow’s international friendly against Togo.

Iheanacho, who scored Nigeria’s equalizer against hosts Corsica on Friday night, was allowed to fly back to England when the team landed in Paris from Ajaccio yesterday afternoon.

SOURCE: http://sunnewsonline.com/iheanacho-city-insists-on-buy-back-clause/