Group Seeks Probe of NNPC on Planned New Greenfield Refineries

President Muhammadu Buhari has been asked to investigate the reason behind the abandonment of Nigeria’s greenfield refineries earlier announced for Kogi, Bayelsa, and Lagos States for which feasibility studies had already been fully paid for and completed.  In a statement, Nigeria's civil technology organisation, BudgIT said it was wrong for the government to plan another round of greenfield refineries project while the one it spent huge scares...

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World Bank Boosts Nigeria's Education Sector With $611 Mln Grant

Nigeria education sector has received a boost as the World Bank Group hasapproved a grant of $611 million to strengthen the country's Universal Basic Education (UBE) and tackle challenges in the education sector.Adamu Adamu, minister of education expressed government gratitude to the Bank for the initiative on Wednesday at the launch of Better Education Service Delivery For All (BESDA) in Birinin Kebbi State.The minister, who was represented...

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How competition is reshaping the Nigerian Beer Market

Earlier in the year, we highlighted that intense rivalry, following the entry of AB-InBev, and a new fixed rate charge on alcoholic beverages, which became effective in In June 2018, were the factors to watch in the Nigeria beer market in 2018.  Looking at the Q3-18 earnings, we note that increased competition has actually constrained price increases despite government levy on beer.With the completion of its new plant in Shagamu, AB-InBev...

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Ghana Shops For Airline’s Investors

Ghana is looking for credible private partners to invest in its planned new national air carrier.The government would not hold more than 10 per cent shares in the proposed company.The Minister of Aviation, Joseph Kofi Adda, said the government was not interested in taking huge shares because it does not want the company to be under state control.“What we are looking at is not more than 10 per cent, that is the extent to which the government will...

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Why Most Household In Short Of Power Supply In Nigeria

At least 15 power plants in the country are currently idling away as many Distributions Companies (DISCO) reject supply from generating firm, plunging generation down to 2,390 Megawatts.Reports from the Ministry of Power, Works and Housing indicated that power generation has nosedived to about 2,390 Megawatts from around 4,000 it has hover in recent months.This development explains while supply from DISCO has remained abysmal in recent time with...

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Nigerian Army Recovers Body Missing General Alkali

The Nigerian Army has recovered the body of the missing Gen. Idris Alkali from an abandoned well around the village where his vehicle was found.Announcing the discovery, Brigadier General Umar Mohammed said the body of the retired general was found in an abandoned well in Guchwet, Jos South local government. The retired military officer was declared missing in September, after leaving Abuja for Bauchi.He did not reach his destination.Early in October,...

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Fear Grips Opposition As Buhari Meets Four PDP Govs In Aso Rock

Fear grip some members of the main opposition party on Tuesday as four governors from the stable of the Peoples Democratic Party (PDP) met behind closed doors with President Muhammadu Buhari of the ruling All Progressive Congress (APC).All the governors are from the South-South region of the country.The meeting was held inside the President’s office at the Presidential Villa, Abuja shortly after Buhari returned from his condolence visit to Kaduna...

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Nigerian Governors Offer Workers 22,500 naira Minimum Wage, Labour Kicks

Rising from a meeting on Tuesday, governors of the 36 states in Nigeria said they are willing to pay a national minimum wage of 22,500 naira to their workers against the 30,000 naira being demanded by representatives of workers. According to the chairman of Nigeria Governors’ Forum (NGF)and Governor of Zamfara State, Abdul’aziz Yari the decision was arrived at after a briefing from the forum representatives at the Tripartite Committee.He said that the welfare of all Nigerians is the ultimate concern of the governors, saying in all our states,...

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PDP Candidate, Atiku Says Earn Paltry 20 mln Naira yearly

Atiku Abubakar, the candidate of Peoples Democratic Party (PDP) in the February 2019 presidential election in Nigeria who is believed to be a multi-billionaire has declared a paltry yearly personal income of 20 million naira. According to papers filed with the Independent National Electoral Commission (INEC) in compliance with the electoral law. Atiku, who prides himself as a businessman and job creator said...

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President Buhari Refuses To Submit Academic Credentials To INEC

Nigeria’s President Muhammadu Buhari has refused to submit his academic credentials to the Independent National Electoral Commission (INEC) ahead of the forthcoming 2019 general election.A list of presidential candidates released by INEC on Thursday identified 70 out of 91 political parties fielding candidates for presidential elections in 2019 including Buhari who failed to attach necessary documents as required for his re-election bid.Buhari,...

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Nigeria's Diamond Bank directors quit, paving way for recapitalisation

The board chairman of Diamond Bank, Oluseyi Bickersteth and three other directors have resigned from the commercial lenders with immediate effect, the bank said on Wednesday. This sudden resignation of the four directors of the bank would pave way for the lender to be repositioned for new investors to inject fresh fund into the mid-tier lender.Diamond Bank shares rose to their highest in almost two months in late trading on Wednesday, gaining 9.45...

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Nigeria Seeks Population curb To Address Economic Challenges

Nigeria is planning a major policy on population growth management to address the challenges of increasing population in line with its economic recovery measures. Finance minister Zainab Ahmed said in Abuja the government is proposing to put a limit on the number of children a woman could have to curb rapid population growth in the country. However, the measure, which was meant to placate the large Muslim community in the country and seek their...

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Ex-Delta Governor Ibori Loses Appeal Against UK Corruption Conviction

A former governor of the oil-rich Delta State, James Ibori, who was jailed in Britain for laundering tens of millions of dollars in stolen public funds through British banks and properties lost an appeal against his conviction in London on Wednesday.The Court of Appeal’s ruling against Ibori is a relief for the British authorities at a time when they are trying to stem the flow of dirty money from overseas through London.Ibori, who in his heyday...

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Senate Approves $2.78 bln Eurobond Issue for President Buhari

Nigeria's Senate has approved President Muhammadu Buhari's request to raised $2.78 billion in Eurobond to fund part of this year's budget deficit, however, counsel the government on the need to exercise restraint on excessive external borrowing.Lawmakers said the new bond issue will raise foreign borrowing to 32 percent of Nigeria’s total debt from 30 percent at June 2018. The Senate said it approved the issuance but warned against accumulating too much foreign debt. “The federal government should do everything...

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NNPC Denies Holding $3.5bn Subsidy Fund

The Nigerian National Petroleum Corporation (NNPC) has denied claims that it has in its custody 3.5 billion dollars Subsidy fund.NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, disclosed this in a statement in Abuja on Tuesday.He explained that at the hit of the shortage of products supply at the close of last year, the National Assembly asked the NNPC to do everything possible to stem the hiccups.Ughamadu said the corporation...

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Ethiopia Names 50 Pct Female Cabinet In Government Overhaul

Ethiopian Prime Minister Abiy Ahmed named Ahmed Shide his finance minister in sweeping changes to the Horn of Africa nation’s government that included appointing women to half of cabinet posts.Abiy appointed Aisha Mohammed as defence minister and created the Ministry of Peace that will be headed by Mufuriat Kami, making them two of 10 women in his cabinet. Others include Adanech Abeebe to head the Ministry of Revenue and former deputy mayor of the...

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Nigeria Parliament Moves To Probe NNPC Over $3.5 Bln Fuel Subsidy

Nigeria’s upper house of parliament plans to investigate an alleged $3.5 billion fuel subsidy fund at state-oil firm NNPC, lawmakers said on Tuesday.The Senate alleges NNPC used the fund to subside the price of imported petrol without the house’s approval, the lawmakers said.Fuel subsidies are a contentious issue in Nigeria, where prices are kept artificially low at 145 naira ($0.48) per litre, often as a populist tool.That has meant that as fuel prices increase globally, it has become unprofitable for private petrol marketers to import, forcing...

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Why ex-President Obasanjo Forgives Atiku, Back His Presidential Bid

(Full text of the remarks made by former President Olusegun Obasanjo during the reconciliatory visit by the PDP presidential candidate, Atiku Abubakar, to Abeokuta on October 11, 2018.)I am happy to welcome the distinguished leaders of goodwill who have led the PDP Presidential Candidate and my former Vice-President, Atiku Abubakar, to my humble abode and I welcome the Presidential Candidate himself.Let me start by congratulating President-to-be,...

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These Are the Best Countries to Live and Work in—And to Boost Your Salary

Moving abroad boosts the average worker’s income by $21,000, with the best-paid staff found in Switzerland, the U.S. and Hong Kong.That’s the conclusion in a survey showing that 45 percent of expats said their existing job paid more internationally and 28 percent changed locations for a promotion. In Switzerland, famous for both sky-high mountains and prices, the annual income boost totaled $61,000. Expat salaries there averaged $203,000 per year...

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Nigeria’s economy performing poorly – IMF

Growth prospects in Africa are being held down by poor economic development in Nigeria, South Africa and Angola, the International Monetary Fund has said. The Breton Woods institution, which said this at the Annual General Meetings of the IMF/World Bank currently going in Bali, Indonesia, also revised downwards growth prospects for Nigeria in 2018 from 2.1 per cent to 1.9 per cent. Speaking to journalists in Bali, the Deputy Director, Research, IMF, Gian Maria Milesi-Ferretti, said the largest economies on the continent were holding down economic...

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Nigeria needs President who understands economy – Obasanjo

Former President Olusegun Obasanjo on Tuesday harped on his argument that Nigeria requires a President with a sound knowledge of the economy to make a headway.This, he said, was what a former German Chancellor, the late Helmut Schmidt, who was one of his international friends, told him during a discussion about African countries.He argued that there was no way that a President with a poor knowledge of the economy could meet the needs of the citizens,...

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Nigeria To Borrow $2.78 Bln Via Eurobond, President Seeks Parliament Approval

Nigeria plans to raise $2.78 billion from the International Capital Market (ICM) to finance the deficit in the 2018 budget, a letter from President Muhammadu Buhari requesting National Assembly approval and read at the plenary by the Senate President on Tuesday showed. According to the letter, President Buhari, the fund would be used to finance deficits and key infrastructure projects in the 2018 budget.The amount being requested will be raised through Eurobonds and other securities in the international capital market, the president said. In the...

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How courts can help AMCON recover N5.4 trillion debts – Onnoghen, Bulkachuwa

Chief Justice of Nigeria, Walter Onnoghen, and the President of the Court of Appeal, Zainab Bulkachuwa, have tasked the nation's 'bad bank' the Asset Management Corporation of Nigeria (AMCON) to leverage on the Alternative Dispute Resolution (ADR) infrastructure in courts in its debt recovery mandate. The two justices’ spoke on Monday in Abuja at the interactive session between Justices of Supreme Court; Court of Appeal, AMCON and National Judicial Institute (NJI). The discussion, which centred on how AMCON can effectively recover its outstanding...

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Nigeria central bank may reduce $8.1 bln MTN repatriation demand

The Central Bank of Nigeria (CBN) may slash the amount it has ordered South African telecoms firm MTN to repatriate as part of ongoing negotiations and review of its decision on the illegally transferred funds by the telecoms firm outside the country. CBN Governor, Godwin Emefiele said during a visit to London that the regulatory bank's decision will soon be reviewed and the issues settled amicably. “I don’t think it will be staying at $8.1 billion,” Emefiele said, adding he expected the issue to be dealt with “amicably and equitably”. “I...

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Saudi Arabia Targets $600 bln Sovereign Wealth Fund

Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom’s main sovereign wealth fund (PIF) will surpass its target of increasing its financial clout to $600 billion by 2020, as part of the efforts to wean the economy off oil. “We are now above $300 billion, we’re getting close to $400 billion. Our target in 2020 is around $600 billion. I believe we will surpass that target in 2020,” the prince said in a Bloomberg interview published on Friday. He added that the fund, with more than 50 percent of its investments located in Saudi Arabia...

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Nigeria Ex Vice President Atiku Clinches PDP Presidential Ticket

Nigeria's former vice president, Atiku Abubakar emerged the presidential candidate of the main opposition Peoples Democratic Party (PDP) at the end of the count of the votes at the presidential primary of the party on Sunday. The former deputy to ex-President Olusegun Obasanjo polled 1,532 to clinch the ticket.The Fulani-born Waziri of Adamawa, businessman and politician beat 11 other contestants to face another tribesman, incumbent President Muhammadu...

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Nigeria's Cenbank Wants MTN To Pay 15 Pct Interest On Fund Illegally Transferred Abroad

The Central Bank of Nigeria (CBN) is seeking a court directive to the local unit of South Africa's telecoms firm MTN to pay 15 percent interest on the fund illegally repatriated outside the country, court paper showed the regulatory bank counter claim filed against the telecoms giant. The regulatory bank has fined four banks 5.8 billion naira in July for helping MTN to transfer forex outside the country and directed the telecoms firm to return $8.1 billion so illegally taken out of the country. MTN in rejecting the CBN directive has filed a court...

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Out-of-school children increases from 10.5m to 13.2m, says UBEC

Hamid Bobboyi, Executive Secretary, Universal Basic Education Commission (UBEC), has said that the number of out-of-school children increased from 10.5 million to 13.2 million between 2010 and 2015.Bobboiyi made this known in Abuja on Thursday at a Pre-conference briefing on Northern Nigeria Traditional Rulers Conference on Out-of-school children.Bobboyi, who was represented by Mr Bello Kagara, Director, Social Mobilisation, said the Demography...

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World Bank cuts sub-Saharan Africa's 2018 growth forecast to 2.7 pct

The World Bank has cut its economic growth forecast for sub-Saharan Africa this year to 2.7 percent from an earlier forecast of 3.1 percent, mainly because of slower-than-expected growth in the continent’s bigger economies, the bank said on Wednesday.The region, which had posted a fairly fast average growth rate in the years leading up to 2015, suffered a loss of momentum in economic output after commodity prices crashed in 2015-16.In April, the...

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