Monday, June 27, 2016

[News Update] IGR Data Exposes Rich and Poor States in Nigeria as EFCC Goes After Banks

 

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Nigeria's Richest States: Lagos Leads in IGR, 15 States Not Viable
An investigation by the Economic Confidential shows that 15 States may go bankrupt as their Internally Generated Revenues (IGR) in 2015 were far below 10% of their Federation Account Allocations (FAA) in one year from June 2015 to May 2016. See the table of the Rich and Poor States in Nigeria:
 
Why FG is Not Probing APC Members for Corruption- SGF
The Secretary to the Government of the Federation, SGF, Mr. Babachir Lawal, has said given reasons why the All Progressives Congress, APC-led Federal Government is not focused on probing members of the party for now.
 
Looting: We'll Soon Go After Banks— EFCC Chair Magu
Economic and Financial Crimes Commission (EFCC) Chairman Ibrahim Magu  has vowed  that the agency would go after banks being used for the looting of the nation's treasury and money laundering.

Avengers: Buhari to Talks With Niger Delta Leaders
President Muhammadu Buhari offers to personally meet with governors, elders and other stakeholders from the Niger Delta as part of his efforts to seek peace in the region following renewed sabotage of oil and gas pipelines by militants.
 
Banks Borrow N420b to Ease Liquidity Pressure
The nation's Deposit money banks at the weekend, raised their cumulative borrowings from the Standing Lending Facility of the Central Bank of Nigeria (CBN) to the tune N420 billion at 14 per cent.
 
NEITI, EFCC Go After Oil Firms Over Unremitted $11 Billion
The Economic and Financial Crimes Commission (EFCC) will soon embark on probe of erring oil firms in Nigeria over unremitted oil revenue to the Federal Government.
 
CBN Forex Policy: Customs Loses N138.9bn in 5 Months
Controller General of the Nigeria Customs Service, Col. Hameed Ali, retd, has said Nigeria lost a total of 138.9 billion, representing 35.5% in income generation expected from the agency between January and May, 2016.
 
NCC Wants Increased Girl Participation in ICT
The Executive Vice Chairman, Nigerian Communications Commission, Prof. Umar Danbatta, has called on girls across the country to explore new career opportunities in Information and Communications Technology in order to bridge the gender gap in technology.
 
Dangote Clarifies Forex Allocation to Refinery, Fertilizer Plant
Africa's richest man and President of Dangote Group, Aliko Dangote, has clarified that his refinery, petrochemical and fertilizer plant did not collect as much foreign exchange from the Central Bank of Nigeria (CBN) as some people have speculated.
 
For more, please visit our websites:

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posted by Economic Confidential at 9:46 AM 0 comments

IGR Data Exposes Rich and Poor States in Nigeria as EFCC Goes After Banks

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Nigeria's Richest States: Lagos Leads in IGR, 15 States Not Viable
An investigation by the Economic Confidential shows that 15 States may go bankrupt as their Internally Generated Revenues (IGR) in 2015 were far below 10% of their Federation Account Allocations (FAA) in one year from June 2015 to May 2016. See the table of the Rich and Poor States in Nigeria:
 
Why FG is Not Probing APC Members for Corruption- SGF
The Secretary to the Government of the Federation, SGF, Mr. Babachir Lawal, has said given reasons why the All Progressives Congress, APC-led Federal Government is not focused on probing members of the party for now.
 
Looting: We'll Soon Go After Banks— EFCC Chair Magu
Economic and Financial Crimes Commission (EFCC) Chairman Ibrahim Magu  has vowed  that the agency would go after banks being used for the looting of the nation's treasury and money laundering.

Avengers: Buhari to Talks With Niger Delta Leaders
President Muhammadu Buhari offers to personally meet with governors, elders and other stakeholders from the Niger Delta as part of his efforts to seek peace in the region following renewed sabotage of oil and gas pipelines by militants.
 
Banks Borrow N420b to Ease Liquidity Pressure
The nation's Deposit money banks at the weekend, raised their cumulative borrowings from the Standing Lending Facility of the Central Bank of Nigeria (CBN) to the tune N420 billion at 14 per cent.
 
NEITI, EFCC Go After Oil Firms Over Unremitted $11 Billion
The Economic and Financial Crimes Commission (EFCC) will soon embark on probe of erring oil firms in Nigeria over unremitted oil revenue to the Federal Government.
 
CBN Forex Policy: Customs Loses N138.9bn in 5 Months
Controller General of the Nigeria Customs Service, Col. Hameed Ali, retd, has said Nigeria lost a total of 138.9 billion, representing 35.5% in income generation expected from the agency between January and May, 2016.
 
NCC Wants Increased Girl Participation in ICT
The Executive Vice Chairman, Nigerian Communications Commission, Prof. Umar Danbatta, has called on girls across the country to explore new career opportunities in Information and Communications Technology in order to bridge the gender gap in technology.
 
Dangote Clarifies Forex Allocation to Refinery, Fertilizer Plant
Africa's richest man and President of Dangote Group, Aliko Dangote, has clarified that his refinery, petrochemical and fertilizer plant did not collect as much foreign exchange from the Central Bank of Nigeria (CBN) as some people have speculated.
 
For more, please visit our websites:

posted by Economic Confidential at 9:46 AM 0 comments

Wednesday, June 22, 2016

[News Update] Nobody is Planning Coups in Nigeria- Army Warns Mischief Makers

 

Latest from the Economic Confidential, the factual Economic Magazine and PRNigeria, the No 1 Press Release Platform in Nigeria
 
Nobody is Planning Coup- Nigerian Army Warns Mischief Makers
The Nigerian Army has distanced itself from this weighty allegation of coup, stressing that the speculation is a dangerous distraction to efforts in fighting insurgency and criminalities.
 
Customs Arrests Notorious Job Scammer
2The Nigerian Customs Service (NCS) has arrested Abubakar Rilwan  one of most notorious fraudsters involve in online advertising scams on non-existing vacancies in government agencies.
 
MNJTF Launches Operation to Flush out Terrorists in Region
THe Multinational Joint Taskforce (MNJTF) has launched a new Operation to Flush out Terrorists from the Lake Chad region that has four countries.
 
Dangote Loses $3.7billion on Plunging Naira
Nigerian billionaire and Africa's richest person, Aliko Dangote, fell 25 places on the Bloomberg Billionaires Index as the naira tumbled on its first day of trading without a peg to the United States dollar.
 
Nigeria-China Council Urges FG to Ban importation of Prepaid Meters
The Nigeria-China Business Council has called on the Federal Government to ban the importation of prepaid meters to promote indigenous production of the device.
 
Afreximbank pledges $400m to promote African trade with Belarus
The sum of $400 million has been pledged by African Export-Import Bank (Afreximbank) to finance and promote trade between African countries and Belarus.
 
BPE Commends NATCOM, new owners of Nitel/Mtel on Roll out successes
BPE boss), Dr. Vincent Onome Akpotaire has commended NATCOM Consortium, owners of NITEL/MTEL now NTEL taking over of the once moribund enterprises turning it around in short time.
 
In 15 Years NDDC Awards N2.4trn Projects – Report
The Niger Delta Development Commission (NDDC) awarded a total of 8,557 infrastructure development projects valued at N2.4 trillion between 2001and March 18, 2016 a report says.
 
North-West Region to Benefit from AfDB's $175m Agricultural Transformation Agenda
The Country Director, African Development Bank (AfDB), Dr Ousmane Dore, has earmarked 175 million dollars for Agricultural Transformation Agenda Support Programme (ATASP-I) in North-West.
 
Poor Metering: NERC to sanction Discos from October
Power distribution companies that fail to provide meters for all maximum demand customers on their networks not later than the last quarter of this year will be sanctioned, the Nigerian Electricity Regulatory Commission has said.
 
For more, please visit our websites:
Economic Confidential: www.economicconfidential.com

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Posted by: Economic Confidential <editor@economicconfidential.com>
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posted by Economic Confidential at 11:16 PM 0 comments

Nobody is Planning Coups in Nigeria- Army Warns Mischief Makers

Latest from the Economic Confidential, the factual Economic Magazine and PRNigeria, the No 1 Press Release Platform in Nigeria
 
Nobody is Planning Coup- Nigerian Army Warns Mischief Makers
The Nigerian Army has distanced itself from this weighty allegation of coup, stressing that the speculation is a dangerous distraction to efforts in fighting insurgency and criminalities.
 
Customs Arrests Notorious Job Scammer
2The Nigerian Customs Service (NCS) has arrested Abubakar Rilwan  one of most notorious fraudsters involve in online advertising scams on non-existing vacancies in government agencies.
 
MNJTF Launches Operation to Flush out Terrorists in Region
THe Multinational Joint Taskforce (MNJTF) has launched a new Operation to Flush out Terrorists from the Lake Chad region that has four countries.
 
Dangote Loses $3.7billion on Plunging Naira
Nigerian billionaire and Africa's richest person, Aliko Dangote, fell 25 places on the Bloomberg Billionaires Index as the naira tumbled on its first day of trading without a peg to the United States dollar.
 
Nigeria-China Council Urges FG to Ban importation of Prepaid Meters
The Nigeria-China Business Council has called on the Federal Government to ban the importation of prepaid meters to promote indigenous production of the device.
 
Afreximbank pledges $400m to promote African trade with Belarus
The sum of $400 million has been pledged by African Export-Import Bank (Afreximbank) to finance and promote trade between African countries and Belarus.
 
BPE Commends NATCOM, new owners of Nitel/Mtel on Roll out successes
BPE boss), Dr. Vincent Onome Akpotaire has commended NATCOM Consortium, owners of NITEL/MTEL now NTEL taking over of the once moribund enterprises turning it around in short time.
 
In 15 Years NDDC Awards N2.4trn Projects – Report
The Niger Delta Development Commission (NDDC) awarded a total of 8,557 infrastructure development projects valued at N2.4 trillion between 2001and March 18, 2016 a report says.
 
North-West Region to Benefit from AfDB's $175m Agricultural Transformation Agenda
The Country Director, African Development Bank (AfDB), Dr Ousmane Dore, has earmarked 175 million dollars for Agricultural Transformation Agenda Support Programme (ATASP-I) in North-West.
 
Poor Metering: NERC to sanction Discos from October
Power distribution companies that fail to provide meters for all maximum demand customers on their networks not later than the last quarter of this year will be sanctioned, the Nigerian Electricity Regulatory Commission has said.
 
For more, please visit our websites:
Economic Confidential: www.economicconfidential.com

posted by Economic Confidential at 11:16 PM 0 comments

[News Update] Arms Panel Scandal: Bugatti, Ferrari, US Dollars Recovered from Member

 

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Arms Panel Scandal: Bugatti, Ferrari, US Dollars Recovered from Member
DSS discovers $1.5 million cash and 18 luxury cars including a Rolls Royce, Ferrari and Bugatti, among others during a raid in the home of a member of Arm Purchase Panel.
 
Naira Stabilises at N284 after CBN's $100m Intervention
The Nigeria's Naira stabilises at N284.83 to a dollar on the second day of trading on the interbank spot market on Tuesday.
 
Nobody Can Seize My property— Billionaire Jimoh Ibrahim 
The Group Chairman of NICON Investment Limited, Mr. Jimoh Ibrahim, has said that nobody in Nigeria can seize his properties.
 
Avengers Denies Ceasefire as Barkindo of OPEC Suggests Soft-Approach
The Niger Delta Avengers has denied entering into a ceasefire agreement with the Federal Government as the new OPEC Secretary Mohammed Barkindo suggests Carrot and Stick approach.
 
IPSAS: Governments begin disclosure of financial transactions
Governments at all level have begun implementation of IPSAS process designed to lead to full disclosure of their financial transactions and enhance transparency in public finance.
 
Finance ministry workers' protest stops FAAC meeting
The protest by the workers of the Ministry of Finance has prevented the monthly meeting of the Federation Account Allocation Committee (FAAC), which had been earlier scheduled to hold.
 
FG sacks striking resident doctors
Resident doctors have been sacked by Minister of Health, Prof. Isaac Adewole, for "abandoning" their training programme.
 
N35.6bn inadequate for national housing – Fashola
Minister of Works, Power and Housing, Babatunde Fashola has faulted the N35.6bn provided for the National Housing Programme in the 2016 budget.
 
Still on the Freezing of Gov. Fayose's Bank Account- Ajulo
It is the law that to freeze an account, there must be an order of court for the attachment of the bank account.
 
For more, please visit our websites:

__._,_.___
Posted by: Economic Confidential <editor@economicconfidential.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (1)
Have you tried the highest rated email app?
With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.
Sharing factual, timely and authoritative economic news, analyses and data, especially on Nigeria's economy from reliable sources.

.

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posted by Economic Confidential at 12:06 AM 0 comments

Arms Panel Scandal: Bugatti, Ferrari, US Dollars Recovered from Member

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Arms Panel Scandal: Bugatti, Ferrari, US Dollars Recovered from Member
DSS discovers $1.5 million cash and 18 luxury cars including a Rolls Royce, Ferrari and Bugatti, among others during a raid in the home of a member of Arm Purchase Panel.
 
Naira Stabilises at N284 after CBN's $100m Intervention
The Nigeria's Naira stabilises at N284.83 to a dollar on the second day of trading on the interbank spot market on Tuesday.
 
Nobody Can Seize My property— Billionaire Jimoh Ibrahim 
The Group Chairman of NICON Investment Limited, Mr. Jimoh Ibrahim, has said that nobody in Nigeria can seize his properties.
 
Avengers Denies Ceasefire as Barkindo of OPEC Suggests Soft-Approach
The Niger Delta Avengers has denied entering into a ceasefire agreement with the Federal Government as the new OPEC Secretary Mohammed Barkindo suggests Carrot and Stick approach.
 
IPSAS: Governments begin disclosure of financial transactions
Governments at all level have begun implementation of IPSAS process designed to lead to full disclosure of their financial transactions and enhance transparency in public finance.
 
Finance ministry workers' protest stops FAAC meeting
The protest by the workers of the Ministry of Finance has prevented the monthly meeting of the Federation Account Allocation Committee (FAAC), which had been earlier scheduled to hold.
 
FG sacks striking resident doctors
Resident doctors have been sacked by Minister of Health, Prof. Isaac Adewole, for "abandoning" their training programme.
 
N35.6bn inadequate for national housing – Fashola
Minister of Works, Power and Housing, Babatunde Fashola has faulted the N35.6bn provided for the National Housing Programme in the 2016 budget.
 
Still on the Freezing of Gov. Fayose's Bank Account- Ajulo
It is the law that to freeze an account, there must be an order of court for the attachment of the bank account.
 
For more, please visit our websites:

posted by Economic Confidential at 12:06 AM 0 comments

Wednesday, June 15, 2016

[News Update] CBN Introduces One Window Forex as FG Bars States from Bank Loans

 

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
CBN Introduces One Window Forex Structure
Following the introduction of a flexible exchange rate regime three weeks ago, the Central Bank of Nigeria (CBN) has unveiled the much anticipated guidelines paving the way for the one window foreign exchange structure.
 
FG Bars States From Bank Loans
The Federal Government has barred banks in the country from giving loans to state governments. The decision was taken in line with the Fiscal Sustainability Plan, FSP, which has been agreed to.
 
FG Releases N280bn to Six Ministries, 50 Agencies
The Federal Government has announced that it had so far released N280bn from the N350bn set aside for capital projects as contained in the 2016 budget. It will be disbursed to six ministries and over 50 agencies.
 
US Fund to Raise $2bn for Nigerian Infrastructure
United State fund manager, Pecora Capital, says it will raise $2bn over the next 18 months for Nigerian infrastructure projects, a rare show of investor confidence during a period of deep crisis in the country.
 
$12.9bn NLNG Dividends: NNPC Says Proceeds is in TSA
The Nigerian National Petroleum Corporation (NNPC) said that parts of the $12.9 billion dividends it received from the Nigeria Liquefied Natural Gas (NLNG) Ltd are now captured in the Treasury Single Account stationed at Central Bank of Nigeria.
 
Inflation Hits 80-Month High at 15.6% – NBS
The deregulation of the downstream sector of the oil industry, which resulted into an increase in the pump price of Premium Motor Spirit from N87 to N145 per litre has pushed the country's inflation rate to an 80-month high of 15.6 per cent.
 
FG Announces N90bn Bond for States
The sum of N90 billion has been announced for states by the federal government as part of its Fiscal Sustainability ‎Plan (FSP) for the nation. Through the FSP, the sum of N50 billion for three months would be shared across all the participating States‎ and then N40 billion for 9 months‎.
 
Sokoto Customs Nets N860m in Five Months
The Customs Area Command, which comprises Sokoto/Kebbi/Zamfara states has recorded unprecedented revenue generation strive by netting a total of N860,354,297 between January and May this year.
 
Single Currency by 2020 Feasible- ECOWAS
ECOWAS has said notable progress has been made in its plan to establish a single currency by 2020 and the adoption of a single biometric identity card for member states.
 
Delivering On The 2016 Budget Through Effective Tracking And Implementation
When President Muhammadu Buhari on May 6th signed the 2016 appropriation bill into law, it doused tensions and raised the expectations of most Nigerians that better days are ahead.
 
With This Anti-graft Fight, Can Nigerians See A Better Tomorrow?
The issue of corruption in Nigeria is no longer news to anybody in the global community. As matter of fact, even unborn babies are aware of this in Nigeria mothers' womb.
 
IMF: Nigeria Opts For Home-grown Solution
When the IMF Managing Director, Ms. Christine Lagarde, visited Nigeria earlier in the year, she said only Nigeria can help herself out of her economic quagmire, because of her reliance on proceeds from crude oil.
 
North-east's Chad Basin And The Politics Of Oil Discovery
The windfall from oil initiated what should be appropriately described as "a curse" it instantly obliterated the middle class and extended the consumption pattern of the upper class, thus creating an illusion among the lower class.
 
Economic Downturn: Bad Loans Rise to N1.3tr
The economic situation in Nigeria has affected payment of banks' loans, with the non-performing loans, otherwise known as bad loans, jumping from around N600 billion, last year, to N1.38 trillion in April, 2016.
 
For more, please visit our websites:

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Posted by: Economic Confidential <editor@economicconfidential.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (1)
Have you tried the highest rated email app?
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Sharing factual, timely and authoritative economic news, analyses and data, especially on Nigeria's economy from reliable sources.

.

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posted by Economic Confidential at 12:01 PM 0 comments