Workers’expectations in 2018, by Wabba

By ‘Tope Fasua
To workers, the outgoing
year is tough. Many lost
their jobs; some were not
paid salaries. On another
front, the continued fall of
the naira and the rise in
inflation, among others,
made life difficult for them.
However, labour is
optimistic that 2018 will be
better, writes TOBA
AGBOOLA.
outgoing year has been very
challenging.
The economy, was troubled
and the citizenry, workers
particularly, feet the pains.
The workers are, however,
optimistic that the incoming
year will be better. Nigeria
Labour Congress (NLC)
President Ayuba Wabba, in
this interview, listed
workers’expectations in 2018.
He said they expected the
government to tackle
unemployment, unpaid
salaries and pension and
introduce a new minimum
wage.
The NLC chief pledged that
the sector would witness robust
labour activities aimed at
improving workers’welfare
Wabba said the congress would
recommit itself to leading the
oppressed. In doing this, he said,
the NLC leadership will conduct
itself responsibly.
The congress, he said, would
liaise with her allies to engage
the government and other
critical stakeholders. Wabba
asked for the support of
workers and the masses for a
better Nigeria.
He said the outgoing year was
eventful and challenging for
workers due
to some developments in the
polity, which tested their
resilience.
Job creation
Following the thousands of jobs
lost last year, Wabba said the
workers expected the
government to invest in job
creation initiatives in the new
year.
Wabba said: “Crisis of
unemployment in the new......

To organised labour, the

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DECEMBER 29, 2017 VOL 05

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Bringing all your financial & business news

CBN’s interventions to keep naira stable in 2018- Page 5

By Ezekiel Enejeta
The naira will be stable next year as
the Central Bank of Nigeria (CBN)
continues its regular dollar injections
into the foreign exchange market,
traders said.
Retail Secondary Market Intervention
Sales (SMIS), wholesale spot and
forwards auction segments,
agricultural, airlines, petroleum
products and raw materials and
machinery sectors among others.

The naira has been hovering at 360 to a
dollar for investors, around the same
level as in the parallel market. On the
official market, it has been quoted at
306.05, a level at which the CBN has
been intervening.
Series of dollar injections into the
economy totaling about $8 billion since
February have helped the CBN to
achieve long-term naira stability and
curb volatility in the foreign exchange
(forex) market.
The CBN has in the last nine months,
sustained its weekly dollar
interventions in the forex market, a
large part of it go into the interbank
market, bureau de change (BDCs),
The dollar injections were made to
enable stakeholders in these
segments secure enough forex for
their operations, and in the
process boost naira’s stability.
Noteworthy, the gap between
official and black market rates
started to shrink since February
20, when the CBN resumed dollar
interventions in key segments of
the economy.
In line with its intervention policy,
the CBN had recently injected
$287.89 into the SMIS.
. ...Continue on Page 5

FirstBank plans youth mentoring

with Awosika
By Princewill Ekwujuru knowledge of money management,

FirstBank of Nigeria Limited

has announced it is convening a
Youth Mentoring Session,
themed “Building a Financially
Literate Tribe”. The event which
will be hosted by its Chairman,
Mrs. Ibukun Awosika, is being
organised to drive a culture of
financial literacy among the
youth and create a consciousness
of financial efficiency in their
daily activities; in business,
entrepreneurship, career and
personal lives.
The mentoring session which is
scheduled for today at 10am at
the Harbour Point, Wilmot Point
Road, Victoria Island, Lagos
would convene about 1,000
youths to equip them with the
entrepreneurship skills, and
financial independence, thereby
securing their future and placing
them on the path to financial
freedom and productivity.
Awosika would be speaking at the
event along with the Managing
Director, dkbMarkets, Remi
Banjoko as well as Founder and
Chief Executive Officer of Bestman
Games Ltd, Nimi Akinkugbe.
They would share practical
experiences on the art and finesse
of money growth, investments and
entrepreneurship with
participants to build a financially
literate tribe that would sustain
the culture of financial literacy
amongst their friends, class mates,
and associates.
NNPC owes Petrol marketers N800b
By Cynthia Adigwe According to him, the essence of our initial ‘Press Release’ is
to throw light on salient issues surrounding the shortfall in
The Nigerian National Petroleum Corporation, NNPC is
current petrol supply which is solely being handled by NNPC.
owing the Depot and Petroleum Products Marketers
Association (DAPPMA) N600billion.
“It was not an attempt to join issues with PPMC/NNPC with
which we are partners.
Executive Secretary of the association, Mr Olufemi Adewole,
revealed in a statement on Thursday, but the assurance of
“NNPC’s view about our press release stating our side of the
members readiness to help the NNPC give Nigerians regular
story and seeking to defend marketers for the very first time
supply of petrol.
against the unwarranted accusations of hoarding and
profiteering is rather unfortunate.
Adewole said that apart from the N600 billion the NNPC
owed DAPPMA members, it also owes the marketers another
“It is an undisputable fact that DAPPMA members have paid
N200billion, making its indebtedness N800 billion.
for petrol supply (with bank funds) for over one month, the
value of which is in excess of N90 billion, yet PPMC/NNPC
“Marketers have continued to sacrifice to keep the country
has no cargo to allocate to them.
wet with fuel, despite over N600 billion debts owed our
members and over N800 billion owed marketers as a whole,’’
“We again reject any attempt to blame marketers for the
Adewole said.
shortfall in supply, as it is not our making since NNPC has
been the sole importer since October 2017.
He said that in spite of the unsettled debts, members of the
association were still distributing petrol to every part of the
NNPC also accused DAPPMA of owing N26.7 billion on
country.

‘Union Bank is transforming and in good position’

By Fisayo Soyombo
Union Bank celebrated its 100th
anniversary this year. If there were
doubts about the bank achieving the
objectives of its Transformation
Agenda, they have been cleared,
going by the resounding success
recorded since the transformation
journey began. The Bank’s
Transformation Director, Joe Mbulu,
in this chat with Group Business
Editor SIMEON EBULU, says it all.
Transformation Director is a new
nomenclature in Nigeria’s banking
sector. What is it meant to achieve
for the bank and its customers?
The Transformation Director is
responsible for driving the
transformation of an organization,
in this case Union Bank. So the task
is clear; it is about translating the
bank’s strategic goals into actionable
initiatives, setting up a
transformation governance structure
to ensure success, communication
and engagement around the
transformation initiatives and
ultimately delivering results.
We have seen elaborate modernization
in your branches across the country.
How impactful has this been?
It has been very impactful as
measured by improved business
indicators as well as feedback from
our customers, stakeholders and even
our competitors. We have not just
modernized our branches but have
used the opportunity to relocate to
In his words, “The machines are not
centers of new business. We have
also managed our spaces better for
greater efficiency in line with the
current, more technologically
focused needs of our customers.
For example, we have Smarter
Banking Centers in some
universities and higher institutions
of learning and other busy hubs. At
these centers, customers are able to
perform all banking services
electronically and have the
opportunity to engage our Contact
Centre for assistance via video
conferencing when necessary.
In unveiling these new branches
and locations across the country,
we have developed a high number
of new business relationships as
well as deepening of existing
relationships. This has been aided
by the parallel launch of our
innovative targeted savings
products such as UnionKorrect and
UnionGoal.

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In unveiling these new
branches and locations
across the country, we have
developed a high number of
new business relationships
as well as deepening of
existing relationships. This
has been aided by the
parallel launch of our
innovative targeted savings
products such as
UnionKorrect and
UnionGoal.
How far do you intend to go
with this Transformation
Agenda, any timeline?
Our Transformation has no
end-date. What we have
built over the past three
years is a deep foundation
on which the bank will
continue to evolve and
remain relevant to its
customers. We have built on
a foundation of quality; this
includes the quality of our
talent, platforms, customers
and also the quality of
customer experience.
How has this positioned the
bank for competition and
profitability?
We measure our success
using leading indicators and
are assured that we are on
the right path. For instance,
we have grown active
customer base by over 40
per cent in two years. We
have more than doubled the
number of customers on our
UnionOnline and
UnionMobile platforms. We
have seen electronic
transactions increase four-
fold over the same period.
The quality of our channels
is reflected in the simple
fact that Union Bank ATMs
are preferred by non-Union
Bank customers as
indicated by the Nigerian
Interbank Settlement
System (NIBSS) statistics.
We had to make a lot of
changes to get here. You
know change can be tough
but with good Change
Management techniques we
were able to manage the
transformation successfully.
We had to change ourselves,
our products and services.
When we were sure we had
made good progress, we
started to engage the public
by unveiling our new brand
image and tag line, ‘building
a simpler, smarter bank’,
now ‘your simpler, smarter
bank’.
We have been profitable
since we started the
Transformation and will get
stronger.
Union Bank is celebrating
its 100 years of operation.
What does it look like being
around for a century?
Obviously, no current
employee has been around
that long! However, we see
Union Bank as an
institution with a legacy
that is worth sustaining and
building on. At some point,
there was the temptation to
change the bank’s name but
it became clear to the board
and management that in
Union Bank, we have a
‘trusted partner’ legacy that
is worth holding on to.
With our transformation, we
can say we are a ‘100-year
old youthful bank.’ We are
proud of our legacy in
Nigeria and will remain
committed to our esteemed
customers, who have been
loyal through thick and
thin.
How come this
transformation left the
bank’s name intact?
Being here for a hundred
years means Union Bank is
known across the country
and even beyond. The legacy
of Union Bank is one of
trust, reliability and
strength. This year, we
organized centenary
celebration events across
the country just to meet
with and appreciate our
loyal customers and many of
them had very inspiring
stories of what Union Bank
means to them and how it
helped them achieve their
dreams and goals.
FINANCIAL WATCH
NSE to introduce guidelines on derivatives trading
By Ezekiel Enejeta
The Nigerian Stock Exchange, NSE, said
it would soon introduce guidelines for
creation, listing and trading of derivative
products on its platform.
The Exchange disclosed this in a notice
signed by Tinu Awe, General
Counsel/Head Regulation of the NSE. The
Exchange said the framework would also
regulate the activities of the trading
members and other market participants in
the Exchange Traded Derivatives market.
According to the Exchange, the plan is in
line with its objective of increasing the
number of asset classes traded on its
platform and in recognition of the need for
risk management.
It noted that the creation would facilitate
hedging of investment risks and
diversification of asset portfolios within
the market.
It said: “In the cash markets, investors are
typically exposed to asset price risk. In the
absence of short selling and the supportive
securities lending options, investors are
highly susceptible to significant
diminution in portfolio values once there
is a reversal of a bull trend.
“Thus, investors engage in aggressive
efforts to lock-in unrealised profits –
thereby resulting in a self-reinforcing
market downturn,
MTN Foundation lauded on skills empowerments
By Haruna Magaji
Friends of The Disabled (FOTD)
Vocational and Educational Centre have
lauded MTN Foundation for having
empowered 96 youths with disabilities in
the past four years to establish their own
businesses.
The centre trains people with disabilities
in different skills in shoemaking, sewing,
catering, fish farming, among others
Speaking during the graduation ceremony
of skilled and empowered youths with
disabilities, at the Oja-Oba Vocational
Centres Lagos Island, Mrs Christy Orduh-
ED/Founder Friends of the Disables
(FOTD) said: “FOTD was established to
develop the talents of youths with
disabilities in order to make them valued
and useful adults in the society.
SEC, Journalists to partner on investor education
By Ezekiel Enejeta
The Securities and Exchange Commission
(SEC) has pledged to work with Finance
Correspondents to ensure proper reportage of
the capital market and properly educate the
investing public.
Dr Abdul Zubair, the Acting Director-General of
SEC, said this in a statement on Wednesday in
Abuja.
Zubair made the pledge when a group of Abuja-
based newsmen visited him in Abuja.
He commended the journalists for their
assistance so far in propagating the initiatives
of the commission while enjoining them to
continue to support the SEC in its quest to
educate the investing public.
He named some of the initiatives by the SEC to
include direct cash settlement,
dematerialisation, consolidation of multiple
accounts and e-Dividend Mandate Management
System.
He said that the initiatives had helped to
promote transparency, protect and enhance
investors’ confidence in the capital market.
“We have rolled out a number of initiatives
among which is the e-dividend campaign where
investors will now be paid their dividends
directly to their bank accounts.
” E- dividend simply refers to an online system
of paying dividends to investors when
companies declare dividends, which are the
profits meant for investors.
“Rather than send it by post, Registrars will
just wire it to the investor’s bank account
directly.
“This will help in no small measure, reduce the
which negatively impacts investor
confidence, and trading volumes.
Derivative instruments enable investors
to hedge their portfolios against adverse
price movements which can result in
unexpected losses”.
Highlighting some of the disadvantages of
absence of derivatives instruments in a
stock market, the Exchange said that the
absence contributes to persistent inability
of risk-averse economic agents to guard
themselves against uncertainties arising
out of fluctuations in asset prices and
leads to lacklustre activity in the
underlying cash market, particularly in
“We appreciate MTN foundation who took
the bold steps to train about 96 of our
students here in four years.”
According to her, the beneficiaries have
conquered the challenges of depending on
others and of being idle through the skill
you have learnt.
“You have gotten enough training and
advices that can make you establish your
own business. We are here for
consultations and activities that
rehabilitate you. Two of you have been
consulted as instructors, and one other as
sign language teacher.
Let us know where you are and how you
are adjusting to the society. FOTD also
remain grateful to National Directorate of
Employment, NDE, which gave the
organisation the first start-up equipment
and tools and have collaborated with us to
date.
problem of unclaimed dividends and also
ensure that investors receive the benefits of
their investments in the capital market timely.
“We also have the direct cash settlement,
dematerialisation, Nigerian Capital Market
Development Fund (NCMDF), National
Investors Protection Fund (NIPF) among others.
Abuja motorists get more free fuel as NNPC, DPR, seal stations
By Haruna Magaji
Some motorists in Abuja on Wednesday got more
free petrol as the Nigerian National Petroleum
Corporation (NNPC) and the Department of
Petroleum Resources (DPR) sealed more
stations.
The team had sealed the Khalif Civic Centre
and Investment Limited at Kubwa, a suburb of
Abuja on Tuesday.
”This is an effort of government to continue to
identify all those who are a hindrance to the
supply of petroleum products.
”Incidentally, this filling station is owned by the
same perpetrator of yesterday and to our
dismay, not only is he selling to people at N250
per litre, but he’s also under-dispensing at half
the volume as testified by one of the motorists.
”DPR confirmed yesterday that he did not have
licence and they have handed over the station to
civil defence for appropriate action.
”Today, this one has more volume about 15,000
litres so we are dispensing 5 litres to every
motorcycle and 20 to every car and this will
continue,” Maikanti Baru, NNPC boss, said.
He said there were also vehicles that had
December 29, 2017
times of stressed economic and
market conditions.
The NSE added that absence of
derivatives products also result in
lack of confident market participants
and volatility in Exchange’s revenue.
A derivative is a contract between
two or more parties whose value is
based on an agreed-upon underlying
financial asset (like a security) or set
of assets (like an index). Common
underlying instruments include
bonds, commodities, currencies,
interest rates, market indexes and
stocks.
“We thank Lagos Island Local
Government for their support,
SNEPCO, Society of Petroleum
Engineers (SPE), Individual Partners,
UBEC, Women Affairs, Sage
Foundation Nigeria, Nigeria Institute
of Oceanography and Main Research,
Victoria Island, small world Nigeria
and other sponsors,” she said.
She explained that the focus of the
centre now is not only empowerment
but also rehabilitation with jobs that
can fetch them income with what they
have learned.
“Two of our ex-students have recently
been rehabilitated. One is into
continuing education here and
features as a tailor too while the other
works with a bone craft centre for
income generation,” she added.
“All in consonance with the present
administration’s economic strategy,
focused on deepening the capital market
as a vehicle for encouraging a private
sector-led economy with enhanced
productivity,” the director-general said.
Zubair therefore enjoined shareholders to
take advantage of the initiatives
introduced in the capital market aimed
refurbished tanks and could take more
than 300 litres, thereby depriving other
motorists the oportunity to fuel on time
and ration available product.
”They go and siphon the tank and come
back. The civil defence has arrested
several and will continue to do so.
”Those who are in the habit of instaling
extra tanks should beware.
”As at noon, we have gotten 110 trucks
distributed to Abuja and environs,” he
said.
He said about 24 marketers that had
diverted products had been apprehended
and it would be a continuous exercise.
The Abuja Zonal Operations Controller,
DPR, Mr Mohammed Abba, advised that
the station should be demolished.
”We have advised the civil defence to
apprehend him, they have put that in
motion but he is in hiding.
”If you look at this station, it is an illegal
station, there is no way we will give
licence to a station within a community
because it has not satisfied all the
DECEMBER 29, 2017
Obasanjo becomes UN
envoy to Liberia
By Haruna Magaji
UN Secretary-General, António Guterres, has
announced that he is sending former Nigerian
President Olusegun Obasanjo to Liberia to
support the transfer of power peacefully to a
democratically-elected president.
Another Nigerian former leader, Goodluck
Jonathan is at present in the country, at the
head of a monitoring group.
Guterres, who announced Obasanjo’s
appointment as an envoy on Wednesday in
New York through his spokesperson,
Stephane Dujarric, also welcomed the
peaceful conduct of the second round of the
presidential election in Liberia.
Liberians on Tuesday, voted in a second round
of elections, deciding between Vice-President
Joseph Boakai and George Weah, a politician
and former soccer star.
This would be Liberia’s first peaceful transfer
of power from one democratically-elected
leader to another in more than 70 years.
“The Secretary-General hopes that the will of
the Liberian electorate will be respected and
that a seamless transfer of power will take
place within constitutional timelines,” the
statement said.
Guterres had requested Mr Obasanjo, who is
a member of the Secretary-General’s High-
Level Advisory Board on Mediation, to travel
to the capital, Monrovia, from Thursday, Dec.
28 to Saturday, Dec. 30 Dec.
The first round of elections in the west African
country was held in October.
A runoff was originally scheduled for
November, but was delayed due to allegations
of voter irregularities by a third candidate.
Obasanjo is one of 18 global leaders, senior
officials and experts on the high-level board
created earlier this year to advise the
Secretary-General on mediation and back
those efforts around the world.
The former President of Nigeria was involved
in mediation efforts in Angola, Burundi,
Mozambique, Namibia and South Africa,
among others.
The high-level board is part of the Secretary-
General’s pledge for the UN to embark on a
“surge in diplomacy for peace.”
The idea, according to Tarja Halonen, former
President of Finland and also a high-level
board member, is to prevent wars by “hybrid
peace-building.”
Speaking at the UN General Assembly in
September, outgoing Liberian President Ellen
Johnson Sirleaf, said that the polls would
signal an “irreversible course” towards
democracy in the country.
Sirleaf, the first woman elected as head of an
African country, took office in 2006, ending a
civil war that erupted under the leadership of
her predecessor, Charles Taylor.
primarily at strengthening the market and
accelerating economic development.
Earlier, leader of the delegation, Nduka
Chiejina, pledged the support of his
colleagues in assisting the commission to
inform, educate and enlighten investors on
the benefits of the Nigerian Capital Market.
requirements.
”Look at the power lines and high tension
cables all around.
Moreover, when we spoke yesterday we gave
him a concession but I think the owner of
this filling station does not need pity from
any government.
”The way he situated this, if there is any
accident, the amount of lives that would be
lost would be massive.
”We advise that instead of giving this fuel
free, the station should be demolished, it
should not exist at all.
”Under no circumstance should the station
be allowed to exist within this community
because it is very dangerous.
” We call on development control that its
Certificate of Occupancy should be revoked.
Mr Aminu Abdullahi, Assistant
Commandant-General, Operations of the
Nigerian Security and Civil Defence Corps
told newsmen appropriate action was being
taken against illegal dealers.
Page 3
 FINANCIAL WATCH
NEWS
...Cont’d from page 1
year, and monumental
unemployment will remain with
us.”
He said though the All
Progressivess Congress (APC)
government at the centre made
clear its promise in its manifesto
of delivering three million jobs
yearly, he expressed sadness
that after two years in the
saddle, it is, perhaps, time to
ask the government to give a
scorecard to the Nigerians that
went through a lot of odds to
elect this government.
He said: “How many jobs has
the Federal Government and the
23 states controlled by the ruling
party created in furtherance of
its pledge to Nigerians during
the electioneering campaign.
“We had stated in our past new
year’s messages, as well as
other policy pronouncements,
that we have some ideas on
how we can create new and
sustainable jobs.
‘’Unfortunately, no one in the
government has thought it
necessary to give us a hearing
on what these ideas are, and
what they entail.
“At present, we are not even
sure which ministry or agency of
the government is the focal point
on job creation.
“What we have said of the ruling
APC party, applies in large
measures as well to the Peoples
Democratic Party (PDP) and the
states they control.
“We will in the new year
continue to knock on the doors
of all organs of government and
put on the agenda the massive
unemployment situation the
country is facing.”
Trade Union Congress (TUC)
President, Comrade Bobboi
Kaigama, appealed to the
Federal Government to
remember its “change mantra”,
adding that it makes no sense
accusing and condemning the
previous administrations for
corruption only for the recovered
money to be re-looted.
“Mere leaving a political party for
the ruling party must not make
anybody a saint. Anti-graft
agencies and the judiciary must
prosecute those who were
caught with our money. We
know corruption is fighting back
but we are confident that the
war over evil will always emerge
victorious. The world is watching
and waiting for the pride of
Africa and most populated black
nation to blossom. The Federal
Government’s economic
recovery plan must not fail. No
more excuses,” he said.
Unpaid salaries and
pensions/retrenchments
The NLC president said in the
preceding year, the union
tackled some state governments
over non-payment of
outstanding wages and pension
of workers and pensioners.
He said one of the legacies of
the misrule of the preceding
years is the irregular and non-
payment of retired civil servants,
which, he said amounted to 12
months’arrears in many states.
Wabba said: “In fairness to the
Federal Government, President
Buhari had made consistent
efforts to bail out state
governments to pay workers’
wages in the states as 27 of the
36 states were in default at the
inception of the administration in
Mays 2015.
“In the New Year, the Congress
would work with state councils
of the NLC to engage state
governments to pay up pension
arrears of their retired
employees, and to conclude
arrangements to join the
Contributory Pension Scheme
as provided for in the Pensions
Reform Act of 2014.
“In the same vein, we shall
mobilise for all employers to pay
the new pensions contribution of
18 per cent of total pay which
came into effect with the signing
of the new Pension Act into law
in July 2014.”
He also said the congress anti-
casualisation campaigns would
be intensified in the New Year.
He said the NLC would continue
its campaign against the
incidence of non-payment of
salaries.
FINANCIAL WATCH
Fuel scarcity: Niger gets only a truck in 2 days
By Haruna Magaji
Minna – The lingering petrol scarcity
continues on Wednesday across Niger State as
only one truck was allocated to the state in the
past two days.
Mr Sunday Senchi, Head of Department of
Petroleum Resources operations (DPR)
disclosed this in an interview shortly after
inspecting some filling stations in Minna
metropolis.
He said that only three filling stations
dispensed petrol on Tuesday.
Senchi explained that as at 12 noon on
Wednesday no allocation has been sent to the
state.
The DPR official said that the state needs an
allocation of about 30 to 40 trucks daily to end
the scarcity.
He explained that the department is
monitoring filling stations to ensure that those
with petroleum products dispense to
motorists.
The Niger State has two NNPC depots in
Minna and Suleja towns.
Senchi warned that the department would not
hesitate to dispense products free to motorists
from any filling station caught hoarding.
According to him, the department will also
ensure that no filling station sell above the
government approved prices of N145 per litre.
At the Maitumbi area of Minna, stations such
as Muhabat, First Ja’az Global Resources
limited and Mutmusa Nig limited were selling
above pump price when NAN correspondent
visited the area on Wednesday.
Meanwhile, investigation by NAN indicates
that motorists spend days at the
NEPZA Licences Three
New Free Trade Zones
By Samson Gabriel
The Nigeria Export Processing Zones
Authority (NEPZA) has licensed three new
Free Trade Zones (FTZs).
This announcement was made wednesday
by its Managing Director, Emmanuel Jime.
In a statement signed by the Head,
Corporate Communications of the agency,
Simon Imobo-Tswam, NEPZA said it had
secured for the country over $2.751billion
in Foreign Direct Investments. (FDIs)
The new FTZs are Quit Aviation Services,
Nasco Town FTZ and Tomaro FTZ.
Jime said apart from the juicy FDI in flows,
about 50,000 direct jobs will be provided by
the three FTZs.
“Under my stewardship, we have so far
been able to licence three new industrial
parks i.e. Nasco Town Free Zone, which is
valued $2,086billion. It is estimated, at
completion, to be able to provide 50,000
direct jobs.
“The second is Quit Aviation Services Free
Zone, valued at $215million, and is
estimated to provide jobs in their
thousands. And there is: Tomaro Industrial
Park, in Lagos, valued at $450million. It
would also provide jobs running into the
thousands,” the statement said.
Jime said when he resumed office, he met
staff who were low in morale in addition to
other challenges including, inter-agency
rivalry, delayed promotions and poor
investor-confidence.
According to him, with the cooperative
support of his management team, he had
succeeded in making appreciable impact.
He similarly described as false the claims
that the authority padded its 2018 budget
estimates, saying that NEPZA has neither
padded her budget proposal nor inflated its
personnel cost.
“It is true that the Personnel Cost in
NEPZA’s 2017 budget is N638million and
the proposed budget for 2018 is
N710million, but it is grossly incorrect to
insinuate or suggest that the budget was
over bloated or state that ‘there is a
N205million surplus discovered in the 2018
budget estimates of NEPZA.
The statement clarified that Authority’s
gross monthly salary figure is over
N53million while staff pensions, PAYE,
NHIS and other deductions are made at
source at the Office of the Accountant-
General of the Federation (AGF).
NNPC Mega station, which is the only one
selling at N145 per litre.
Kabiru Abdullahi, a resident of Sauka
Kahuta, said that he spent two nights to
get the product at the NNPC Mega station.
He said that the scarcity was affecting the
daily activities of residents.
Abdullahi called on the Federal
Government to constitute a mobile courts
to prosecute those found hoarding and
selling the product above official pump
price.
”If you go to Tunga, Bosso, Old Airport and
Maitumbi in the metropolis, you see
children selling the product openly.
”I just bought a four litres fuel for N2,500.
‘N20b fraud’: EFCC quizzes ex-UBEC
boss Dikko, others
By Ezekiel Enejeta
Economic and Financial Crimes
Commission (EFCC) detectives have
quizzed a former Executive Secretary of
the Universal Basic Education
Commission (UBEC), Mallam Suleiman
Dikko, for alleged N20billion fraud.
Also grilled were contractors and top
directors of UBEC, including those in
charge of Finance and Procurement.
Dikko’s and some contractors’ passports
have been impounded “to ensure
unhindered investigation”.
The probe, said a source, who pleaded
not to be named, is to unravel how funds
meant for primary education and Unity
Schools were either diverted or
converted to private use.
“The fraud involves over N20 billion,
allegedly siphoned through the purchase
of science and technical equipment and
MDGs’ books for some 104 Unity Schools
between September 2012 and 2014.”
The Principals of the “beneficiary
schools” denied receiving the books and
equipment listed against their schools, it
was learnt.
“They claimed that they only received
MSMEs reckon 2017 as Year of better
access to funding, forex access
By Samson Gabriel
OPERATORS in the Micro, Small and
Medium Enterprises (MSMEs) have
reckoned 2017 as the “Year of better access
to funding and foreign exchange.”
In a review of the outgoing year, and
outlook for 2018, Kuti George, President
Lagos Chapter of Nigerian Association of
Small Scale Industries, NASSI, said: “2017
is a turbulent year and things can only get
better; the stability of the naira is good even
though we are expecting it to improve, but
it is not as volatile as before.
“The Lagos State Employment Trust
Fund, LSETF, has helped small businesses
in the area of funding and the Bank of
Industry, BoI, is also doing its job.
December 29, 2017
DECEMBER 29, 2017
”Government should investigate how the attendants to buy the product.
product got to the hands of black
marketers.” NAN reports that many petroleum
marketers in Minna metropolis closed their
Malam Bashir Musa of Maitumbi told stations, while the few that opened, sold
the product at official pump price but
NAN that ”all the filling stations in collect extra money before selling.
Maitumbi have the product but are selling
at N400 per litres. Hawkers were seen around filling stations
making brisk business as five litres of
”It’s really business for the black marketers petrol was sold at N3,500 to N 4,000
as they are making brisk profit at the depending on the location.
expense of motorists.”
Abdulkarim Bello of Ahmadu Bello way told
Musa called on the task force set up by the NAN that the task force set up by the
Nigeria Security and Civil Defense Corps NSCDC should redouble their efforts at
(NSCDC) to investigate how the product ending scarcity.
was diverted to black markets.
He also called on the state government to
Ishaku Idris, a commercial driver, said that continue to monitor the products
he slept for two days at the NNPC filling distribution to end diversion by marketers.
station and pays extra money to petrol
between 20 to 30 per cent of the by some members of the National
equipment and books purportedly Assembly.“
delivered to their schools, whereas
the contractors were paid in full,” the Some of these projects have been
source said. traced to a principal officer of the
House of Representatives.”
Some former executive secretaries
and directors of the commission have The projects in UBEC are: One block
been quizzed. of three classrooms at Eru Primary
School, Igbide (N9,180,835.45); one
There are indications that the block of three classrooms at Ivori
N20billion contract scam is part of Primary School, Isoko (N9,887,778);
the cases for which the anti-graft construction of three classrooms at
commission is investigating Dikko. Egburie Primary School, Ozoro; and
construction of six classrooms on
Another source said: “The ongoing January 21, 2016 at Olordo Primary
probe of UBEC has many School, Ozoro (N9, 300,000).
dimensions. We have also discovered
many contracts duly paid for but
abandoned between 2012 and 2014. The others are: supply of customised
Some fake contracts were awarded in library equipment to selected schools
order to acquire slush funds for in Isoko North Local Government
purposes known only to the former Area at N16,050,000; Supply of
UBEC Secretary and the accomplice instructional materials in Isoko North
directors. /South Federal Constituency(N14,
650,000); supply of customised
“There were also reckless awards of equipment to selected schools in Isoko
contracts under the guise of Federal Constituency(N15, 950,000);
constituency projects between 2012 rehabilitation of six classrooms at
and 2014. Egware Primary School, Ozoro
(N9,200,928,90); and construction of
“For instance, many unexecuted six classrooms and toilets as well as
constituency projects were awarded supply of furniture at Itebighe
by UBEC to some companies owned Primary School (N12, 988.099.23).
“We are not yet there but it will get better. Is not being felt by the common-man; there are
We are moving in the right direction now.” still signs of the recession everywhere; if things
continue this way, it will be very difficult for
According to him, more awareness is being business owners to survive.
created about Made-in-Nigeria products and
more and more people are looking inward “We are also looking up to the government to
now.
continue to promote the ease of doing business
which in the long run will help the MSMEs to
Femi Egbesola, National President thrive better. Those are the things we are
Association of Small Business Owners,
looking forward to, come 2018,” he concluded.
ASBON, also noted: “2017 is one of the
toughest and most challenging years for the Also, the Small and Medium Industries (SMI)
MSMEs sector in Nigeria. Group of Manufacturers Association of Nigeria
(MAN) looked back at the year in review and
“A lot of business had closed shops because said 2017 was better in terms of the Federal
of the harsh economic situation in the Government series of intervention programmes
country but we are hopeful that it will introduced to improve the performance of the
improve; we are looking forward to a sector.
situation where power supply will improve.
“We are also looking forward to a situation
Frank Jacobs, MAN President, stated:
whereby the recession will leave our system.
“Obviously, 2017 was much better than last
We are told that the recession has left but
year.
that
Page 4
 FINANCIAL WATCH
NEWS
Cont’d from page 1
n line with its intervention
policy, the CBN had recently
injected $287.89 into the SMIS.
Data received from the CBN
revealed that the figure was in
favour of the agricultural,
airlines, petroleum products and
raw materials and machinery
sectors.
The bank’s Acting Director,
Corporate Communications
Department, Isaac Okorafor
confirmed the figures, noting
that the releases were targeted
at sustaining liquidity in the
market as well as boosting
production and trade.
He reiterated that the bank
remained committed to ensuring
liquidity in the inter-bank sector
of the market and would
continue to intervene in order to
drive growth in the economy and
guarantee stability in the
market.
With Friday’s rates hovering
around N359 and N360/$1.
Okorafor was upbeat that the
bank’s forex intervention had
effectively checked speculations
around the Naira.
He, however, disclosed that the
Bank would continue to ensure
enforcement through utilisation
report and market intelligence.
It will be recalled that the CBN
had last Monday, also intervened
in the inter-bank Foreign
Exchange Marketto the tune of
$210 million comprising of $100
million for the wholesale
segment and $55 million.
Private refinery vows to end fuel scarcity
By Cynthia Adigwe
Bayelsa industrial businessman,
Dr. Azibapu Eruani has rekindled
hope in Nigerians that the hydra-
headed malaise of fuel scarcity and
acute unemployment would be
reduced to its barest minimum, if
not eradicated as licensed
privately owned refineries
commences operation.
Eruani, President of the Azikel
Group, conglomerate comprising
Azikel Petroleum, Azikel
Dredging, Azikel Power and Azikel
Air said this while speaking with
journalists in Yenagoa.
Decrying the yearly fuel scarcity
debacle, particularly during festive
periods in the country, he pointed
that this challenge has become
embarrassing and biting, as it has
virtually crippled economic
activities in the country.
The company disclosed this in a
statement on Wednesday.
Accordingly, Eruani noted that the
challenge persists in the country
because the efficiency level of
existing refineries is low to satisfy
consumers demand; just as the
nation depends solely on the
importation of fuel for local
consumption.
The Azikel Group President
averred that the present
administration led by President
Muhammadu Buhari took a
pragmatic step to redress low
supply, importation of fuel and
price hike, by issuing licenses to
privately own refineries to
Nigerian businessmen, Azikel
Group inclusive.
He noted that Azikel Petroleum
has achieved 65% completion; and
that it would soon begin operation,
even as he noted that when all
licensed privately owned refineries
begin to dispense fuel it would
shore up production capacity and
fuel scarcity and insufficiency
would be outlawed, and Nigeria
would be like other countries
where availability of petroleum
product would no longer be an
issue.
Said he ‘’Azikel Petroleum
refinery, phase 1, 12, 000 bpsd
hydro-skimming refinery would
produce, premium motor spirit,
liquefied Petroleum gas, heavy fuel
oil, Kerosene and diesel, which is
scalable as it will increase
geometrically in the phase 2 level
of production with over 50,000
bpsd.
‘’Azikel Group is irrevocably
committed to bridging the
industrial deficit in Bayelsa, we
are on a fast lane of making
history, building the first hydro
FINANCIAL WATCH
DECEMBER 29, 2017
AfDB invests in
green energy
2017 Calabar's bikers carnival in Photos
By Ezekiel Enejeta
The African Development Bank
has achieved a 100 per cent
investment in renewable energy
in 2017, a major landmark in its
commitment to clean energy and
efficiency.
Power generation projects with a
cumulative 1,400 megawatts
exclusively from renewables were
approved during the year, with
plans to increase support for
renewable energy projects in
2018 under the New Deal on
Energy for Africa.
AfDB President, Akinwumi
Adesina said: “We are clearly
leading on renewable energy. We
will help Africa unlock its full
energy potential, while
developing a balanced energy mix
to support industrialisation. Our
commitment is to ensure 100 per
cent climate screening for all
Bank financed projects.’’
The share of renewable energy
projects as a portion of the Bank’s
portfolio of power generation
investments increased from 14
per cent in 2007 to 2011, to 64 per
cent in 2012 to 2016.
The Africa Renewable Energy
Initiative (AREI) whose goal is to
deliver 300 Gigawatts (GW) of
renewable energy in 2030 and 10
GW by 2020, is now based within
the Bank, as requested by African
Heads of State and Government.
The G7 has promised to commit
US$10 billion to support the
initiative.
-skimming privately owned
refinery in the state and the
Niger Delta, and as we pioneer
this course others would follow,”
Eruani submitted.
‘’it might be difficult yesterday,
but
we have move beyond the point of
difficulty to success, and we
believe that fuel scarcity in
Nigeria would be a thing of the
past soon.
He dismissed the erroneous
impression that Bayelsa is a
militant state, stressing that the
people are enterprising and a
whole lots of small and medium
business is also thriving in the
state.
Eruani alluded that the
multiplier effect of adequate
supply of petroleum product in
the country would drastically
reduce the problem of
unemployment, which is
responsible for brain drain, illegal
means to greener pasture,
particularly the Libya returnees,
as well as other in pathetic
conditions faced by young
Nigerians in other countries.
He shared the optimism that
synergy between the private
sector and government at all
levels is needed to advance
technology driven
industrialization to absorb
graduates from our universities,
as a well as create room for
middle and low class manpower.
The Azikel Group President noted
that subsidiaries under the group
have created industrialization in
Bayelsa and the Niger Delta,
stressing that with over 1000
employees from the six geo-
political zones and still counting,
we have reduced unemployment
challenge in the state, Niger
Delta and in the country.
‘’We do not want Bayelsans, Niger
Delta youths and Nigerians to be
idle, we don’t want them to
become illegal migrant begging
for jobs and been lured into
abominable social vices, such as
prostitution and drug addict,
cultist and robbery.
To this end, Eruani noted that an
industrialised state and nation is
the cardinal key to stable
economic prosperity, which would
in turn create institutions that
would stamp out unemployment,
even as he pointed that Azikel
Group is on a mission to create
the right values towards
industrial growth, bring
unemployment to its lowest ebb
and promote financial freedom
among all Nigerians.
December 29, 2017 Page 5
 FINANCIAL WATCH
NEWS
Germany based Nigerian engineer tasks FG on energy conservation
By Ezekiel Enejeta
Leading environmental expert and Germany based
Nigerian engineer, Victor Aruwah, has called on the
Nigerian government through the ministry of
environment to adopt new ways of ensuring an increase
in awareness and action towards energy conservation in
Nigeria.
He made the call in Germany after he successfully led
some students to implement an energy saving initiative
at the the US Army Department of Public Works in
Germany.
The initiative, called the Green Boot competition,
according to a report on US Army website, was to
encourage staff implement the best daily practices to
conserve energy.
And to implement the program, seven student experts
from Ramstein High School Environmental Club in
Germany were invited to examine the two sections of the
Department of Public Works building and provide
feedback on energy saving levels within the period of the
competition.
The Ramstein High School Environmental Club,
according to the report, achieved Green Boot certification
in 2016 after reducing energy consumption at their
school building by five percent over the course of one
school year, saving thousands of dollars in the process.
With energy reduction and awareness as its primary
focus areas, the environmental club has already
continued its energy reduction efforts in 2017 by
initiating a plastic water bottle reduction campaign,
encouraging students and teachers to recycle their
plastic water bottles and switch to reusable ones.
According to the organizers of the competition, to further
contribute to energy conversation outside of their school
environment, the student were tasked to bring their
experience and expertise to the US Army garrison and
were required to inspect the two buildings competing in
the challenge, accompanied by the Department of Public
Works Senior Facility Engineer Gregory Williams and
engineers Konstantin Gross and Engineer Victor
Aruwah.
During the inspection, the students made suggestions
about how staff of the Department of Public Works could
better conserve energy. Some of the suggestions included
unplugging appliances such as toasters and microwaves
when not in use, turning off or reducing the lights in a
room when natural light is coming in through the
windows and turning off monitors at vacant desks.
Police Parade 30 Inter-State
Robbers, Kidnap Suspects In
Lokoja
By Samson Gabriel
The Police on Wednesday in Lokoja paraded 30 inter-
state armed robbery and kidnap suspects terrorising
Kogi and the neighbouring states.
Parading the suspects, the Force Public Relations Officer,
Jimoh Moshood (CSP) said those arrested included some
who allegedly kidnapped and killed an expatriate
engineer with Dangote Cement Company.
Moshood said at the Kogi Police Command headquarters
that the arrests were in response to the Inspector-
General of Police (IGP) Ibrahim Idris’ directive to rid the
nation of crime.
“The IGP directed the Commissioner of Police in the
state, Ali Said Hangs to quickly address armed robbery,
kidnapping, social miscreants, cattle rustling, cultism on
Auchi-Okene-Lokoja, Lokoja-Ajaokuta-Anyigba, Kabba-
Oshokoshoko-Obajana highways.
“Effort of the commissioner and his team through vigour,
dedication, utmost professionalism and passion for the
job, led to the arrest of the 30 suspected criminals and
recovery of several weapons, he said.
He said four of the suspects were alleged to have on Oct.
23, kidnapped an expatriate, Mr Jose Machada, a
construction engineer with Dangote Cement Company,
Obajana.
Moshood said that the suspects killed the expatriate
when the ransom they demanded was not forthcoming.
“Police operatives attached to Special Anti-Robbery
Squad, Kogi State Command, in synergy with the DSS
promptly swung into action and arrested the four
suspects,’’ he said.
He said one of the suspects killed a senior staff of
Dangote Group of Companies, Istifanus Bello, for
allegedly trying to shortchange his kidnap gang.
The company worker was said to have been killed for
paying them N5 million instead of N7 million ransom for
the release of another staff earlier abducted by the
suspect and his gang.
The police image maker said two other suspects were
arrested on Kano road, Idah, for terrorising the residents
through cultism while another was arrested in Okene for
kidnapping and cattle rustling.
He noted that during interrogation the suspects
confessed to participating in the killing one Haruna
Baso, a resident of Achoze, and carting away the cattle of
the deceased.
Moshood listed items recovered from them to include, 11
AK-47 rifles, two Beretta pistols, two Revolver pistols,
334 rounds of AK-47 live ammunition, a dagger, a cutlass
and military camouflage uniforms. The force public
relations officer said the suspects would soon be
prosecuted and called on parents to monitor their wards.
FINANCIAL WATCH
In his analysis, engineer Victor
Aruwah showed the students that
he had installed meters in each
building which measured
consumption levels prior to the
Green Boot competition, without
staff knowing, so that he could get
an accurate baseline
measurement. “In comparison,
consumption levels during the
Green Boot competition decreased
in both the garrison building and
the Department of Public Works
building —
Drastically in the latter”,
Aruwah said.
In his statement following the
successful implementation of the doing this here, I am also thinking
energy saving and
environmental awareness
program, engineer Victor
Aruwah called on the Nigerian
Ministry of the Environment and their role in preserving energy and
others concerned to look at the
possibility of putting in place
similar initiative in Nigeria with and other relevant bodies in
a view to instilling
December 29, 2017
environmental preservation
consciousness in the minds and
hearts of young people of school
age in Nigeria. He said “while I am
about how similar initiative can be
implemented in Nigeria. I strongly
believe this kind of program will
help our young people understand
in keeping the planet safe”. He
called on environmental agencies
Nigeria to see the possibility of
DECEMBER 29, 2017
providing energy saving education and need to
increase environmental awareness among school
children in both private and public schools.
environmental preservation consciousness in the
minds and hearts of young people of school age in
Nigeria. He said “while I am doing this here, I am
also thinking about how similar initiative can be
implemented in Nigeria. I strongly believe this kind
of program will help our young people understand
their role in preserving energy and in keeping the
planet safe”. He called on environmental agencies and
other relevant bodies in Nigeria to see the possibility
of providing energy saving education and need to
increase environmental awareness among school
children in both private and public schools.
SEC restates commitment to
investor education
By Cynthia Adigwe
The Securities and Exchange Commission has
pledged to work with the media to ensure proper
reporting of the capital market in order to enlighten
and educate the investing public.
The Acting Director-General, SEC, Dr. Abdul Zubair,
stated this while addressing financial journalists in
Abuja.
Zubair commended the media for their assistance so
far in propagating the initiatives of the commission
and enjoined them to continue to support SEC in its
quest to educate and enlighten the investing public,
as means of further deepening the market.
Some of the initiatives, he stated, included direct cash
settlement, dematerialisation, consolidation of
multiple accounts and e-dividend Mandate
Management System; as they promote transparency,
protect and enhance investors’ confidence in the
capital market.
Zubair said, “We have rolled out a number of
initiatives among which is the e-dividend campaign
where investors will now be paid their dividends
directly to their bank accounts. E- dividend simply
refers to an online system of paying dividends to
investors when companies declare dividends, which
are the profits meant for investors. Rather than send
it by post, registrars will just wire it to the investor’s
bank account.’’
“This will help in no small measure, reduce the
problem of unclaimed dividends and also ensure that
investors receive the benefits of their investments in
the capital market timely.
“We also have the direct cash settlement,
dematerialisation, Nigerian Capital Market
Development Fund, National Investors Protection
Fund, among others, which are all in consonance with
the present administration’s economic strategy
focused on deepening the capital market as a vehicle
for encouraging a private sector-led economy with
enhanced productivity.”
The SEC boss, therefore, enjoined all shareholders to
take advantage of the initiatives introduced in the
capital market, which are aimed primarily at
strengthening the market and accelerating economic
development.
Ecobank CEO praises
Okpekpe road race upgrade
By Ezekiel Enejeta
The Managing Director/CEO, Ecobank Nigeria
Limited, Charles Kie, has commended Pamodzi
Sports Marketing, organisers of 10 kilometre
Okpekpe International Road Race on the
recent upgrade of the Road Race to silver Labe.
The upgrade was done by International
Association of Athletics Federations (IAAF).
He said the elevation does not only lend
credence to the standard and popularity of the
Race, but also represents a milestone in the
development of sports in Nigeria.
Kie said the upgrade further justifies
Ecobank’s consistent support to the annual
event. He reiterated that the Okpekpe’s vision
of a top quality competition that affords top
athletes from across Africa the opportunity to
compete and socialize ties with the bank’s pan-
African posture.
He maintained that the bank supports and
encourages creativity and excellence among
Africans, especially the young people, who are
the future of the continent.
In his words “we are delighted to be a strong
part of the success story of the Okpekpe Road
Race, especially on this latest elevation to the
Silver Label Race, which is the first to be so
recognised in West Africa”.
The annual Okpekpe international 10km Road
Race has had Ecobank Nigeria as its major
banking partner. The Road Race is the first
and only road race in Nigeria that has been
granted full membership of Association of
International Marathons and Distance Races
(AIMS) and recognised as one of the
prestigious road races in the world.
Page 6
 FINANCIAL WATCH
NEWS
FG reduces
exposure in
domestic
borrowing – DMO
By Haruna Magaji
The Debt Management Office
( DMO ) says the Federal
Government is reducing its
exposure in the domestic
market to pave way for
borrowings by corporate
entities.
Ms Patience Oniha, the
DMO’s Director-General, told
newsmen in Lagos that
government had reduced its
exposure in the bond market
for corporate entities to raise
funds.
“We are reducing the amount
we borrowed in the domestic
so that there will be space for
corporate bodies,’’ the
director-general said.
She said apart from the
government decision to reduce
domestic borrowing, the
Securities and Exchange
Commission ( SEC ) and the
Nigerian Stock Exchange (
NSE ) had issued new
guidelines and reduced fees
for people to borrow.
Oniha said that apart from
issues of infrastructure for
trading in fixed income
securities, the market
regulators had done a lot of
ground work to make the
market attractive.
She said DMO was a friend
with all regulators, noting
that they work in teams and
groups to get to “where we are
today’’.
“We want to see varieties of
products to be traded in the
market apart from
government bonds for people
to have more varieties of
products to trade on.
“We are expecting
development in the market;
we want to see corporate
bodies to raise bonds in the
market for people to have
more products to buy apart
from the government bonds,’’
Oniha said.
The director-general said that
borrowing from the bond
market would make books of
corporate entities to be
balanced instead of
concentrating on banks’ loans.
She said that the fixed income
market had grown when
compared with what we had
10 years ago.
Oniha said that government
expected the fixed income
market to develop
significantly long time ago.
The director-general had
recently said the Federal
Government would focus more
on external borrowings to
reduce debt servicing.
She said that in order to go
forward the debt office would
concentrate more on external
borrowings at cheaper rates.
Oniha said that government
had decided to borrow more
externally to repay Treasury
Bills ( TBs ) that mature
every now and then.
“Going forward as we do more
borrowing based on the
Appropriation Act, what can
we do to make sure that debt
servicing at least, if it does
not come down, remains
manageable.
“We have decided to do more
of external borrowings at
cheaper rates,’’ Oniha said.
FINANCIAL WATCH
Cloud Printing Seamless on G Series, says Canon Director
By Ezekiel Enejeta
In this interview, the Regional Sales
Director (Middle East) at Canon,
Somesh Adukia, shared insights on the
essence of digital technology and
cloud innovation on Canon G.series
printers.
Why has Canon decided to introduce
Pixma G Series printers to the Nigerian
Market?
The demand for cost effective office
printers have significantly increased in
Nigeria for offices where high yield
printing is the norm. There has also
been a boom in demand for home users
who enjoy printing all their best
photographs. With the Canon Pixma
Series, our customers in Nigeria get to
enjoy efficient cost effective printing.
How do this new printers work?
The G1400 is a single function printer,
while the PIXMA G2400 and PIXMA
G3400 & G4400 are all-in-one printers
offering print, scan and copy
functionalities. We are in an age where
internet connectivity drives our day to
day personal and professional lives.
The G series range are Wi-Fi enabled
and offer printing without wires from a
PC, as well as smartphones or tablets,
with full compatibility with Canon’s new
PRINT app.
This Cloud printing lets you send
documents and photos to print from
anywhere in the world, and remotely
print from popular services including
Instagram, Google Drive, Facebook,
Dropbox and Flickr.
For truly creative photo printing the G
series range are also compatible with
Canon’s Easy-PhotoPrint+ and are
accessible from tablets or a web
browser, the software accesses your
photos and lets you edit them before
printing creative projects such as
greeting cards or calendars.
Fuel scarcity will end soon, DPR assures Nigerians
By Cynthia Adigwe
The Department of Petroleum
Resources ( DPR ) on Thursday assured
Nigerians that the lingering scarcity of
petrol being experienced across the
country will come to an end in the next
few days.
Mr Mordecai Ladan, the Director of
DPR, gave the assurance after his
inspection visit to some private depots
in Lagos.
Ladan said: “Petroleum products are
coming in gradually; in most of the
depots visited, some are being
discharged, while there is assurance
that some will come in again within 48
hours.
“I think with all we have seen now in
the depots visited, petrol should be
available in all filling stations across
the country in few days time.
“The scarcity of petrol will soon ease
out in days to come,” he assured
Nigerians.
Ladan appealed to the depots to focus
more supply on the independent
marketers’ filling stations, saying that
they were most affected by scarcity of
petrol.
He said that independent marketers
have filling stations in most major
locations in the country, and most of
them had not received supply for
weeks.
The DPR inspection team visited
Folawiyo Energy Ltd., and NIPCO
Tank Farm in Apapa.
At NIPCO, a vessel was discharging
over 23 million litres of petroleum as at
the time DPR team reached the tank
farm.
Mr Taofeek Lawal, the Head, Corporate
Communications of NIPCO, said that
about 300 petroleum tankers were
waiting to load the product.
Lawal said that with 23 million litres of
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petrol, the company would load over
600 tankers in two days.
He said that NNPC had assured the
company that another vessel carrying
the product would arrive on Saturday.
Lawal assured the DPR team that the
company would work tirelessly to
ensure that scarcity of petrol was ease
Nigerian Airports Record 9.2m Passengers In 9 Months
By Cynthia Adigwe
The Federal Airports Authority of
Nigeria (FAAN) says that a total of 9.2
million passengers passed through
Nigerian airports in 140,552 aircraft
movements between Jan. and Sept.
2017.
A statistics obtained by the News
Agency of Nigeria (NAN) from FAAN in
Abuja on Thursday, revealed that 6.38
million domestic and 2.8 international
passengers passed through the airports
during the period.
The data also showed that 110,220
domestic and 30,332 international
flights were operated across the
nation’s 22 airports during the period
under review.
It further revealed that 4.6 million
passengers arrived in the country in
70,680 flights, while 4.5 million
passengers departed in 69,872 flights.
The total cargo movement during the
period according to FAAN stood at
128.37 million tons per kilogram.
The statistics indicated that 86.11
million tons per kilogram arrived in the
country through the airports, while
42.26 million tons departed during the
period.
A look at the four major airports in the
country shows that Murtala
Muhammed Airports (Domestic and
International Wing) recorded the
December 29, 2017
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out in few days.
At Folawiyo Energy Ltd., Mr Dipo
Makanjuola said that the depot had
about six million litres of petrol and
had been operating 24 hours to ensure
that Nigerians get the product.
Makanjuola said that the product
belonged to the Nigerian National
Petroleum
Highest passengers and aircraft
movement during the period.
The data indicated that Lagos airport
recorded 4.5 million passengers, with
2.4 million passengers on domestic
routes and 2.03 million on the
international routes.
The Nnamdi Azikiwe International
Airport, Abuja recorded 2.4 million
passengers even though the airport was
shot for six weeks in March and April.
The airport also recorded 1.9 million
passengers on domestic routes, while
the international routes recorded
485,481 passengers during the nine
months period.
FAAN also disclosed that Port Harcourt
International Airport recorded 684,859
passengers comprising 622,780
domestic passengers and 62,079
international passengers.
Aminu Kano International Airport,
Kano, according to the report, recorded
312,792 passengers during the period
under review comprising 167,391
domestic and 145,404 international
passengers.
The monthly breakdown of the
statistics shows that 987,844
passengers were transported through
Nigerian airports in January
comprising 494,716 arrivals and
493,128 departures with 16,141
aircraft movements.It revealed that in
February, a
DECEMBER 29, 2017
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allowing it to be a key market for
Canon.
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Corporation ( NNPC ) and they
were loading the product
according to the directive of the
corporation.
According to him, the last time
we received the product from
NNPC was on December 23 and
that is what we are loading; we
hope to get another supply by
Saturday.
Total of 843,343 passengers
comprising 415,542 arrivals and
427,801 departures in 14,051
aircraft movements were
recorded.
The statistics also showed that
738,314 passengers comprising
366,997 arrivals and 371,317
departures in 12,499 aircraft
movements were recorded in
March.
It further revealed that 974,081
passengers comprising 544,574
arrivals and 429,507 departures
in 13,721 aircraft movements
were recorded in April.
The month of May saw 1.05
million passengers comprising
535,133 arrivals and 515,067
departures in 17,161 aircraft
movements, while 1.01 million
passengers comprising 507,597
arrivals and 501,824 departures
were transported in June.
The statistics indicated that there
were 15,758 aircraft movements
in June, while 1.14 million
passengers comprising 571,813
arrivals and 575,349 departures
were transported in July in
16,717 aircraft movements.
It further showed that the highest
traffic was recorded in August
with 1.26 million passengers
comprising 607,277 arrivals and
660, 575 departures in 17,453
aircraft movements.
Page 7
 FINANCIAL WATCH
NEWS
Withholding tax: EFCC recovers N27.7b from six banks
By Ezekiel Enejeta
The Economic and Financial Crimes
Commission (EFCC) has recovered
over N27.7billion from six banks
being unremitted withholding tax on
dividends.
Also, about seven more banks were
said to be on the radar of the anti-
graft agency for similar infractions.
According to a fact-sheet obtained by
our correspondent, the EFCC was
expecting recovery of more
withholding tax.
The document reads: “The Economic
and Financial Crimes Commission
(EFCC) has recovered a staggering
sum of N27, 712,334,455.06 as
withholding tax on dividends
payment by six Nigerian banks.
“The banks are Zenith Bank Plc, First
Bank Plc, Access Bank Plc, Standard
Chartered Bank, Unity Bank Plc and
StanbicIBTC Bank.
“The recovery by the Bank Fraud
section of the Lagos office of the
Commission was made through direct
intervention by the Commission and
indirectly through the assistance of
the Federal Inland Revenue Service
(FIRS), the Internal Revenue Service
(IRS) of some states as well as the
Revenue Mobilization Allocation and
Fiscal Commission (RMAFC).
“Zenith Bank alone allegedly
accounted for more than 80 percent of
the amount as a whooping N26,
468,223,358.24 was recovered from
the bank between November and first
week of December, 2017.
“Of the sum, the EFCC directly
recovered N4, 207,235,701.06 from
the bank, while N22, 260,987,657.24
Jail break: DSS, police after escapees
By Cynthia Adigwe
Following a Prison break at Ikot
Ekpene Prison in Akwa-Ibom State
on Wednesday where four inmates
were killed and 36 were said to have
escaped, 14 of them have been
recaptured.
Controller Prisons, Akwa-Ibom State role over the jail break which according
Command, Alex Oditah who disclosed to the source is embarrassing.
the development to our
correspondent through a telephone
conversation said men of the
Department of State Services, ( DSS
), police, prisons armed and other
security agencies are combing the
state to fish out the remaining
escapees.
The prisoners on Wednesday
attacked the prison’s kitchen staff
that was on duty seizing an axe from
fellow inmate attached to the kitchen revenue stream from Nigeria to the
and inflicted a deep cut on the
inmates’ head in the process and
immediately made for the rear
entrance to the prison.
They broke the door with the axe and
engaged the staff that chased after
them in battle.
At the end of the scuffle, 4 of them
that sustained gun shots lost their
lives while 7 were recaptured.
Oditah was optimistic that the
search parties that have been
activated to effect their recapture of
the remaining inmates are not
resting on their oars.
Meanwhile, the Controller of Prisons
Akwa Ibom State Command, Alex
Oditah told The Nation that the
Controller General of the Nigeria
Prison Service (NIS), Ja’faru
Muhammed has constituted a four
–man investigation committee to look
into the circumstance surrounding
the unfortunate incident.
His words: “14 were recaptured
yesterday. The Controller General
has set up a four-man committee to
carry out a comprehensive
FINANCIAL WATCH
came through the intervention of FIRS,
the Lagos State Internal Revenue
Service, the Internal Revenue Service of
other states and the RMAFC.
“The balance of N1, 244,111,097.43 was
recovered from the other five banks.
The investigation is still ongoing.
“Seven other banks are currently under
the Commission’s radar with respect to
withholding tax on dividends.
“We are certain to record more recovery
by the time the investigation is
completed.”
Meanwhile, the EFCC has arrested 13
suspected internet fraudsters for
conspiracy, possession of fraudulent
documents and obtaining money under
false pretence.
The suspects are- Badejo Tobi; Abiola
investigation as to the cause of the jail
break. As soon as the investigation is
completed you will get to know. Our
men and other security operatives are
still all over the place combing then
state.”
A highly placed source in the Ministry of
Interior told The Nation that heads may
The source said: “This is a sad
Report: Nigeria Loses 72% Internet Revenue to US
By Cynthia Adigwe
A research report conducted on the
registration and use of the .ng domain
name this December by a web-hosting
company, HUB8, shows huge loss of
United States, as a result of the
number of business operating websites
in Nigeria that are being hosted and
managed in the United States(US).
According to the report, Nigeria is
losing up to 72 per cent of the revenue
it should be generating from the
hosting of such local websites that are
currently being hosted in the US.
The .ng domain name is Nigeria’s
country code Top Level Domain
(ccTLD), which is the country’s identity
in the cyberspace, but most businesses
still prefer to register their companies
with foreign domain names, while those
who decided to register with the local
.ng domain name, chose to host the
website abroad, for security reasons
which bothers on fear of losing their
data to hackers.
According to the report, out of the
34,000 sites, less than 1,000 are located
in Nigeria, which is only 2.3 per cent of
the total. “The dominant countries
where site hosting often occurs were
determined for the .ng and .com.ng
domains. The overwhelming number of
sites are located in the US (72 per
cent),” translating into
Dimeji; Anthony Godwin; Osoba
Adeboye; Adeleken Abiodun and
Awokoya Oriyomi Yusuf.
Others are – Oyatayo Ismail; Coffie
Meschark; Sylvester Amaddin; Olawale
Farouk; Adeniran Tolani; Taiwo
Michael and OyekanmiAyodeji.
According to the Commission, the
suspects were arrested on Saturday,
December 16, 2006 in some parts of
Lagos and Ogun States, following
intelligence report received by the
Commission about their activities.
The EFCC said: “The suspects
allegedly confessed to be involved in
phishing, love scam, forgery, spoofing
and business email compromise, among
other offences.
“Phishing is an attempt to obtain
sensitive information such as
usernames, passwords and credit card
development. How would the authority
explain this? Is it that there is no tight
security? I am sure more people will dance
to the music where proper investigation is
concluded. Government
will not let this issue go without adequate
punishment. The prison boss has been
ordered fro above to carry out a proper
investigation and aside that another
investigation is ongoing that is not known
to the prison authority. The Minister of
Loss of 72 per cent hosting revenue for
Nigeria, according to the report.
This is coming just as the Nigeria
Internet Registration Association (NiRA),
managers of the country’s domain names
system (DNS) ecosystem, declared it has
so far registered 100,973 domains in .ng
domain zone as at November 30, 2017.
Meanwhile, HUB8 report was based on
89,165 domain names in the .ng domain
zone with particular focus on the details
of the usage of .ng domains as it relates
to website hosting.
The report, however, does not include
data on premium domains (about 2,000)
and some special domains that are
technically registered though not used by
end users.
On the distribution of the domain zones,
the report revealed that most popular
domain zone is .com.ng, having almost 70
per cent of all national domains
registered.
The .ng domain zone, according to the
report, comes next although within the
zone a domain name is shorter “but
domain registration here costs several
times more than in .com.ng while .org.ng,
which is usually used by non-profit
organisations, ranks third with an age
backlog.
The number of zones identified by the
study include .com.ng; .ng; .org.ng;
.gov.ng and .edu.ng with number of
December 29, 2017
details (and money), often for malicious
reasons, by disguising as a trustworthy
entity in an electronic communication.
“Spoofing, on the other hand, is a type
of scam where an intruder attempts to
gain unauthorized access to a user’s
system or information by pretending to
be the user.
“Some of the suspects, who live
flamboyantly without any known
sources of income, were said to have
bought houses and exotic cars from the
proceeds of their criminal activities.
“They were allegedly found to be in
possession of forged contract papers of
multinational oil and gas companies,
banks’ instruments and forged data
page of international passports of
foreign nationals, among other
documents.
Interior is concerned about this and
would not allow this act to continue.”
Meanwhile, findings revealed that
security has been tightened in prison
formations across the country
following the incident.
A visit to Kuje Prison by our
correspondent showed that more
military men have been deployed to
the facility with strict search.
“Domains being 61,609 (69.1 per cent);
15,353 (17.2 per cent); 6,077 (6.8 per
cent); 1,738 (1.9 per cent and 996 (1.1
per cent) respectively,” the report said.
Others such domain zones include
.net.ng; .name.ng; .sch.ng; .i.ng;
.mobi.ng and .mil.ng, all which have
less than one per cent market share.
In terms of active websites, the HUB8
report noted that there are currently
38,864 websites in the .ng domain, not
including the sites that fail to open to
the connection timeout, redirects and
the ones throwing an error (page is not
found). “The existing sites are hosted
only in half of the .com.ng and one-
third of the .ng domains,” the report
said. Commenting further on the
findings of the report, Director for
Emerging Markets at HUB8, Mr.
Dmitry Deniskin, said often used
Content Management System (CMS)
was detected in the existing websites,
stating that the most popular CMS is
expected to be WordPress, being
installed on every one in three sites in
the .ng and .com.ng domains.
“WordPress has a 78 per cent share of
all used CMS. Blogging is currently
very popular in Nigeria: almost 1, 500
domains are affiliated with
Blogger.com. “Specialised CMS utilised
for e-commerce; such as Magento,
Prestashop, Shopify, WooCommerce,
nopCommerce, oSCommerce and X-
Cart use about 500 sites in the .com.ng
and .ng zones,” Deniskin said.
DECEMBER 29, 2017
Senate Interrupts
Recess, Summons
Kachikwu, NNPC
Boss Over Fuel
Crisis
By Cynthia Adigwe
The Nigerian Senate has
directed its Committee on
Petroleum Resources
(Downstream) to cut short
its recess and immediately
convene a meeting with
stakeholders in the
petroleum industry.
Senate President Bukola
Saraki gave the directive on
Thursday amid the ongoing
fuel scarcity across the
country, especially that of
Premium Motor Spirit
(PMS), also known as petrol.
A statement from Saraki’s
media office said the order
was in a bid to end the crisis
and the untold hardship it is
unleashing on innocent
Nigerians.
Chairman of the Senate
Committee, Senator Kabiru
Marafa, also briefed
reporters on the steps taken
following the directive in
Abuja, the Federal Capital
Territory.
Senator Marafa said the
committee has summoned
the Minister of State for
Petroleum, Dr Ibe
Kachikwu, and the Group
Managing Director of the
Nigerian National Petroleum
Corporation (NNPC), Dr
Maikanti Baru.
According to him, the
minister and the NNPC boss,
as well as other relevant
stakeholders in the
petroleum sector are to
attend a crucial meeting on
Thursday, January 4, 2018.
The lawmaker further noted
that the meeting would take
place inside the Senate
Hearing Room 221 where its
proceedings would be
broadcasted live.
He informed reporters that
the discussion would address
the lingering fuel scarcity
bedevilling the nation in the
last few weeks with a view to
putting a complete stop to
the unsavoury situation.
The Senate is presently on
Christmas and New Year
break.
The Upper House is billed to
resume committee work for
budget defence on Tuesday,
January 9, 2018, and
commence plenary on
January 16, a week later.
Meanwhile, the NNPC has
assured Nigerians that the
fuel scarcity would be over
before the weekend as it was
already winning the war.
Baru, who addressed
reporters on Thursday
during an unscheduled visit
to errant filling stations in
the nation’s capital, said
they have uncovered five
illegal stations in two days.
He said illegal stations
operating were also
responsible for fuel crisis, as
they rely on diverted
products for supply.
“What I want the public to
know is that in two days, we
are able to identify five
illegal stations that have
products that obviously have
been diverted; because we
will not be giving products
(to them) under a normal
approved procedure of the
NNPC.
Page 8
 FINANCIAL WATCH
OIL & GAS
DPR dispense 57,000 litres free to motorists
By Cynthia Adigwe
A team of officials from
Department of Petroleum
Resources (DPR) Nigerian
National Petroleum Corporation
(NNPC) and security agencies on
Thursday dispensed 57,000 litres
of petrol free to motorists.
Mr Umar Ajiya, the Managing
Director, Nigerian Product
Marketing Company, NPMC, also
known as PPMC, had on Dec. 13,
warned illegal profiteers to desist
or face losing their products.
The News Agency of Nigeria
(NAN) reports that the team,
which was on its fifth day of
monitoring, got more information
from anonymous Nigerians and
made good on its promise to give
out petrol free from any filling
station that sold above the N145
approved cap.
The first station visited by the
team on Thursday was
Mcmanakai Global Services in
Bassa, a village in Abuja airport,
which had 39,000 litres of petrol,
while the handlers of the second
station absconded when they
learnt of the presence of the team.
The team also visited a third
petrol station also in Bassa, FCT,
where it sealed
Enesi Petroleum because the
facility was selling a mixture of
petrol and kerosene to
unsuspecting motorists.
It had 9,750 litres of petrol and
4,750 litres of kerosene.
Another unnamed filling station
in Soka, FCT, which was selling at
N240, had
18,000 litres of petrol that was
dispensed free to motorists on
queue.
At Mcmanakai petrol station, the
NNPC Group Managing Director,
Dr Maikanti Baru, told newsmen
that “DPR and Civil Defence
identified this station on
Wednesday
as an illegal, unregistered station.
“The station has products and is
selling above the 145 cap. DPR
stopped the managers from selling
at that rate on Wednesday but the
handlers resumed selling at N245
today (Thursday).
DPR clamdown on marketers in Anambra State
By Ezekiel Enejeta
The Department of Petroleum
Resources (DPR) on Thursday
continued its clampdown on
petroleum products marketers who
refused to sell the petrol at the
official price of N145 per litre.
The team, led by Mr Anthony Douji
from Enugu office, stormed eight
filling stations which were selling at
N250 per litre and forced them to
revert to the official rate of N145 per
litre.
The DPR team monitored the
stations as they dispensed the
product at official rate to the delight
of motorists in Awka and its
environs.
However, Stanel filling station, near
Nnamdi Azikiwe University and
NNPC mega filling station at
Amawbia near Awka, were both
selling at N145 with long queues of
vehicles that caused traffic hold up
on the Enugu-Onitsha expressway.
A marketer in Nanka, Orumba
North, Pilar Pole filling station, had
his outfit sealed for allegedly
diverting two trucks of 40,000 litres
each allocated to him as contained
in the manifest of the DPR.
Neither the owner nor the manager
of the station showed up while the
FINANCIAL WATCH
“So, the same punishment we meted out Security and Civil Defence Corps
to other stations would be done
here and elsewhere found to be doing
same.
He assured that trucks of petrol coming depending on the gravity of the offence
into Abuja and other cities had been
increased to ensure that with 24-hour
operations, the queues disappeared by
weekend.
The Abuja Zonal Operations Controller
of DPR, Mr Mohammed Abba, told
newsmen, that “we received information
about illegal activities of petrol stations
from good Samaritans, otherwise we
may not know the existence of some of
these filling stations.
“We asked them to revert to N145 so
that the product would be accessible.
We didn’t want to stop business for
handlers of these stations: we wanted
them to just follow the rules but they
refused.
“We had no option than to direct that
product be given to the public free and
we sanction the owners of the station
and hand them over to Nigeria
NNPC and DPR on restoration mission
team was there but the pump
attendants were busy selling at the
exorbitant rate of N250.
The station was sealed and charged
with diversion and hoarding of the
product.
Speaking on the development, Douji
regretted that most marketers in
Anambra were selling the product
between N250 and N280 per litre and
vowed that the DPR would make them
to revert to the normal rate.
He said those who lifted PMS from the
NNPC were supposed to sell at N145,
noting that refusal to comply with the
directive would attract sealing their
stations and charging them fine.
He challenged the marketers to show
proof that they procured the product at
above the depot price unless they did
not have excuses to fleece their
customers.
“We have the manifest here, anybody
who sells above the normal price will
be made to revert and if after we leave,
they go back to their practice, we will
seal the station.
“It is a continuous exercise until
normalcy is restored in the system.
“How can somebody get allocation for
80,000 litres from NNPC and he is still
(NSCDC) for prosecution.
Abba said DPR would not just seal
stations with products in Abuja,
committed, but would ask the
marketer to revert to approved price
except when such marketers proved
recalcitrant.
Mr Aminu Abdullahi, the Assistant
Commandant-General, Operations,
NSCDC, told newsmen that the corps
was trained to tackle the situation.
He said all suspects would be tried
under the Petroleum Distribution and
Sabotage Act and if found guilty,
defaulters would be charged.
He added that “we have confirmed the
illegality of the various operations and
we are going to take measures legally
to prosecute suspects.
“Any oil marketer who refused to
revert to the approved price, our men
are on ground to ensure compliance,’’
he said.
selling at N250; that was why we have
to seal Pilar Pole for diversion and
hoarding.
“For those claiming that they bought at
an exorbitant rate, all we demand is a
proof that a particular depot is selling
at an existing depot price and
government will face such depots,” he
said.
Chief Ikechukwu Etele, Managing
Director of Ifenna Petroleum which
was selling at N250 but was made to
sell at N145, said he was being
targeted for a crime he did not commit.
Etele said the product he had was
procured at N245 from independent
marketers.
He said that he, together with the
marketers in the South East, had
never bought the product from NNPC
since about 14 years when the Enugu
depot at Emene broke down.
“We have been sourcing petroleum
products from Lagos, Port Harcourt,
Warri and other places.
He said petrol scarcity and price hike
would best be managed if NNPC
expanded the supply channel beyond
the major oil marketers.
In a related development, petroleum
marketers in Anambra said they would
December 29, 2017
A motorist who got 20 litres of the free
petrol, Peter Umar, told newsmen that
“I am happy. They (marketers) are
cheating government and cheating us
too. This is stealing.
“People who are supposed to travel
cannot and they are blaming
government for a situation that is
caused by our fellow Nigerians.”
Hadi Bashir, a motorcyclist who also
got five litres of the free product, told
NAN
that “I pray that Baba Buhari lives
longer in good health and prosperity
because this is the first time this
situation (getting free petrol) is
happening to me.”
NAN reports that at the entrance of
the team in the three filling stations
in Bassa and one in Soka, all in FCT,
cars and motorcyclists quickly queued
up when they learnt of the mission of
the team.
The fuel queues, which begun on Dec.
7, were yet to abate.
no longer condone the auctioning of
their members’ products by the
Federal Government in the bid to
normalise price.
Chairman of the marketers in the
state, Chief Cletus Obiokafor, said
marketers could no longer be bearing
the brunt for the inefficiency in the
sector.
Obiokafor said they would shut down
their filling stations if the
clampdown on them continued until
they would able to buy at rates that
would be profitable at N145.
“The fault is not with us, it at the
points where we load products; as I
am talking to you I bought the
products I am selling now at N235
and the content was short of 1,800
litres after it was discharged and I
have paid.
“As Chairman of marketers in
Anambra, I cannot lie to you;
anybody who tells you we are buying
products at normal price and selling
at N250 is not truthful.
“If they continue to sell our members’
products at N145 without making it
possible for us to buy at normal rate,
IPMAN and other stakeholders shall
meet and close down our filling
stations; we cannot incur that loss
anymore.
DECEMBER 29, 2017
Petrol diversion:
NNPC urges
Nigerians to expose
any ilegal station
By Ezekiel Enejeta
The Nigerian National
petroleum Corporation (NNPC)
has called on Nigerians to join
every effort to ensure all illegal
fuel stations in the country
were exposed.
Dr Maikanti Baru, Group
Managing Director of NNPC
made call while on continuous
monitoring of fuel station on
Thursday in Abuja.
He attributed the major cause
of the scarcity to product
diversion and hoarding by some
markers.
The News Agency of Nigeria
(NAN) reports the team visited
about four illegal fuel stations
in Bassan and Sango villages,
outskirts in Abuja and dispense
petrol free to motorists in the
territory.
Two of the stations could be
identified as mcmanakai Global
service, Enesi oil PLC, while
the other two were nameless.
“NNPC has been saying that
there are lots of diversions and
hoarding of products, such
structures are being used as
places for this diversion and
hoarding.
“We in our record indicate that
we have several days’
sufficiency but most of these
products have been diverted by
marketers and have been kept
into these kinds of illegal
storages.
“So, they are not made
available to the public and the
important thing is that we have
to make this places open and
the product sold to the public, ”
he said
Baru insisted that all illegal
structures in the country must
be fished out to avoid a repeat
of scarcity in the country.
“We have to stop this illegal
structures and diversion from
taking place.
“As indicated earlier by the
Nigerian Security and Civil
Defence Corps and Department
of Petroleum Resources, we
want to trace back who and who
is supplying these products.
“On our own side as NNPC,
through the War room, we are
doing daily monitoring of every
truck that moves and we are
going to give sanctions to erring
marketers that are found
diverted products or the trucks
have not shown to turn in
places they have been loaded to.
“This we are going to effect
immediately,” he said
‎
The GMD further noted that
through the War room it had
identified some diversion
adding that appropriate
measure had been taken on it.
He noted that If the diversions
were abated, the queues would
disappears.
This, he said would also help
trucks to take products to
correct locations.
He reassured the public that
NNPC would continue to work
hard to ensure normalcy in the
sector.
Page 8
9
 FINANCIAL WATCH
NEWS
Airlines count losses as bad weather disrupts flights nationwide
By Ezekiel Enejeta
Inclement weather occasioned by the
harmattan haze has forced many domestic
carriers to cancel flights from the Lagos
Airport into Port Harcourt, Enugu,
Calabar, Uyo, Benin, Warri, Asaba ,
Ibadan and Ilorin.
The harmattan haze resulting in poor
visibility is preventing airlines from
operating flights into airports less than
800 meters approved weather minima by
aviation regulatory agencies.
Airports in South South and South East
are worst hit by the inclement weather.
Airlines are losing revenue.
Air Peace and Arik Air, the biggest
operators by volume of flights, are hugely
affected.
Air Peace Corporate Communications
Manager Mr Christian Iwarah told The
Nation that the airline was badly affected
by the weather; it cancelled six flights on
Wednesday.
Iwarah said the cancellation of flights into
Benin, Calabar, Uyo, Enugu, Port
Harcourt and Akure has hugely
Bitcoin slumps through $15,000 after biggest rally
By Cynthia Adigwe
The bitcoin fell below $15,000 after the
cryptocurrency’s biggest rally in two
weeks ended a rout that wiped more
than $9,000 off the price.
Cryptocurrencies including the bitcoin
have become a subject of controversy in
Nigeria and the Central Bank of Nigeria
has said it is studying the situation.
The largest digital coin dropped 6.5 per
cent to $14,874 at 11:44 a.m.in New York
on Wednesday, having earlier climbed as
much as 3.6 per cent.
Among rival digital currencies, ripple
rose by eight per cent, while ethereum
and litecoin fell, according to data
compiled by Bloomberg.
The relatively quiet day for bitcoin came
on the heels of a five-day slump that
reached 44 per cent at its depths and
took the coin below $11,000 on Friday.
Just four days earlier, it rose within
striking distance of $20,000 after a torrid
advance that started in early December.
Investors continued to snap up shares in
companies often seen as a safer
alternative to investing directly in
cryptocurrency itself.
Digital Power rose in early trading after
saying it was boosting its computing
infrastructure to mine digital coins. On
Track Innovation also advanced.
Bitcoin futures on the CME Group
exchange slipped by 3.6 per cent.
Bitcoin’s volatility is adding to an
ongoing debate about how to value the
digital coin which has surged about
1,600 per cent this year.
“Nobody knows the ultimate value of this
underlying asset,” the President of the
American Institute for Economic
Research, a Massachusetts-based
research group, Edward Stringham, said
on Bloomberg Television.
“We cannot predict whether it’s going to
FINANCIAL WATCH
complicated its schedules with the
attendant revenue loss and fidelity to on
time performance.
He said most passengers have refused to
show understanding that the delays and
cancellations are beyond the airlines but
forces of nature.
He said :” The inclement weather is
seriously affected our operations . We have
no choice but to either delay or cancel
some flights because we will not fly into
any airport below the approved weather
minima.
“This is forcing us to lose money and our
name because passengers will not
understand . This could even force some
passengers to attack our staff, we think
the relevant security agencies should
provide security for our workers and
equipment .
“Whatever has happened, we are Lodi g h
eavily on all sides. How do we handle the
backlog of passengers, issues about refund
and other challenges.”
He said airline only operated flights today
into Lagos , Accra, Owerri, Abuja and Port
Harcourt.
be zero or $1m or anything in between.”
For skeptics doubting whether
individuals and businesses will truly
start using bitcoin as a medium of
exchange — as opposed to some
officially backed digital currency — the
short-lived
Investors sell off shares after Yuletide celebration
By Haruna Magaji
As businesses opened on Wednesday after
the Yuletide holiday on Monday and
Tuesday, investors in the Nigerian
equities market started the week on a
negative note as share sell-offs
characterised trading.
The Nigeria Stock Exchange market
capitalisation dropped by N225bn to close
at N13.483tn from N13.708tn recorded on
Friday.
A total of 425.959 million shares worth
N2.121bn exchanged hands in 2,937
deals.
The equities market recorded a 1.6 per
cent decline at the end of trading on
Wednesday to buck a three-day gaining
streak; thus, paring the benchmark index
year-to-date return to 41 per cent.
Dangote Cement Plc was the major drag
to performance after it shed 3.9 per cent;
although selling pressure were also
observed in large-cap stocks within the
consumer goods, banking and agriculture
sectors. However, activity level waxed
stronger as volume and value rose by
103.9 per cent and 37.9 per cent to
N416.9bn and N2.1bn, respectively.
Sector performance was mixed as three of
the five major NSE indices closed in the
red. The industrial goods index led the
losers chart, plunging by 2.6 per cent on
account of sell-offs in Dangote Cement
while the consumer goods index trailed,
closing 1.2 per cent lower, following price
depreciation in Nigerian Breweries Plc,
which declined by 4.3 per cent.
On his part, Arik spokesman, Ola
Adebanji said the airline could not
operate flights into Asaba, Benin, Warri ,
Ilorin and Ibadan.
He said :” This poor visibility is
impacting negatively on our flights
because the airline is loosing revenue.”
DANA Air spokesman Kingsley Ezenwa
said though the airline operated flights ,
but it had to monitor the prevailing
weather that it meets the prescribed
minima.
He said: “Though DANA Air did not
cancel any flights, but we experienced a
lot of delays .”
Investigations reveal that many
passengers remain stranded at airports
waiting airlines to announce boarding for
flights.
Some domestic and international airlines
yesterday delayed or cancelled flights at
the Nnamdi Azikiwe International
Airport, Abuja, due to adverse weather
conditions.
The News Agency of Nigeria (NAN)
Bloomberg Television. Rebound from the
past week’s selloff portends further
declines.
“It’s much more likely once you’ve made a
big downward movement like the one we
made last week that you have a bigger and
more complex correction,” a Sydney-based
analyst at CMC Markets, Ric Spooner, told
Similarly, the banking index lost 0.3 per
cent — pressured by Ecobank
Transnational Incorporated and United
Bank for Africa Plc, which shed 2.8 per
cent and 0.8 per cent, accordingly.
On the other hand, the insurance index
closed one per cent higher as investors
positioned in NEM Insurance Nigeria Plc
and Axa Mansard Insurance Plc, which
gained four per cent and 0.5 per cent,
accordingly, while the oil/gas index gained
0.5 per cent, solely on account of Mobil
Nigeria Plc, which appreciated by 4.9 per
cent.
Investor sentiment weakened as indicated
by market breadth which retreated as 14
stocks gained while 23 declined.
Cadbury Nigeria Plc, Mobil Nigeria Plc
and Fidelity Bank Plc topped the gainers’
chart, appreciating by 9.9 per cent, 4.9 per
cent and 4.6 per cent, respectively while
Okomu Oil Palm Plc, Presco Plc and
Nigerian Breweries led the losers’ chart,
sliding by five per cent, 4.9 per cent and
4.3 per cent, respectively.
“Given the significant rise in oil prices in
recent times and the broadly bullish
outlook for commodity prices for 2018, we
maintain our positive short — to medium-
term perspective for equities,” analysts at
Afrinvest Securities said in a draft.
In the Treasury bonds space, the average
yield declined marginally by 0.009 per
cent to close at 14.06 per cent. Yield
advancements were recorded on two
tenors as yields on five tenors declined
while all others traded flat.
December 29, 2017
reports that the affected flights
involved Air Peace, Dana Air, Arik
Air, Azman and Air France.
NAN reports that the affected cities
are Port Harcourt, Owerri, Enugu
and where both out-bound and in-
bound passengers are currently
stranded nationwide.
The Nigerian Meteorological Agency
(NiMet) had on Tuesday predicted
that dust haze weather conditions in
horizontal visibility range of one to
three kilometres would prevail over
most parts of the county on
Wednesday.
NiMet also predicted a reduced
localised visibility of less than
1000m over many cities throughout
the forecast period.
When NAN visited the airport
yesterday, there were series of flight
announcements on either
cancellation or delay of different
flights. At about 10 a.m. it was
announced that Dana flight to Port
Harcourt had been cancelled due to
prevailing bad weather conditions
across the country.
“Once a market like this one locks
into those patterns it becomes
pretty good” to follow via chart-
based analysis, he said.
Spooner said it was possible
bitcoin could drop to $5,700 or
$8,700 in coming months.
Bullish investor sentiment also
prevailed in the Treasury bills space,
as the average T-Bills yield declined
by 0.44 per cent to settle at 13.86 per
cent. Yield declines were recorded on
the one-month, three-month and six-
month tenors, while the nine-month
and 12-month tenors recorded
respective yield advancements of 0.39
per cent and 0.57 per cent.
The average money market rate shed
0.63 per cent to settle at 5.38 per cent
as the open buy-back and overnight
rates declined by 0.67 per cent and
0.58 per cent, respectively.
Heritage Bank, Group
partner on pageant
By Ezekiel Enejeta
Heritage Bank Plc has partnered with Folio
Media Group, publishers of the Daily Times, to
organise the 60th anniversary of Miss Nigeria
and the 2017 edition of the beauty pageant.
Miss Ehiguese Mildred Peace, representing
Adamawa State, emerged Miss Nigeria at the
grand finale of the beauty pageant held at Eko
Convention Centre in Lagos. Miss Rita Chinedu,
representing Delta State and Miss Benjamin
Anne Ufuomanefe, (Ondo State) were first and
second runners-up.
Miss Cross River, Ana Victoria Lawrence
emerged as Miss Emerald Queen, after winning
the task organised by Heritage Bank, which
centred on assessing the contestants on their
knowledge, complement, fluency, articulation,
appearance based on ingenuity and creativity of
the Nigerian contemporary hairstyles. Whilst,
DECEMBER 29, 2017
Profit-taking drags
equities to N225b loss
By Haruna Magaji
Nigerian equities reopened yesterday with a
tinge of bearishness as profit-taking
transactions on many large-cap stocks dragged
the overall market position to a net loss of
N225 billion.
The two main value-based indices at the
Nigerian Stock Exchange (NSE) closed on the
negative, underlining that the decline was due
to price depreciation. The All Share Index
(ASI) dropped by 1.64 per cent to close at
37,889.57 points. The market capitalisation of
all quoted equities declined by N225 billion to
close at N13.484 trillion.
The downtrend was due to widespread profit-
taking transactions, especially losses recorded
by large-cap stocks such as Dangote Cement,
Nigerian Breweries, Okomu Oil, Presco and PZ
Cussons Nigeria.
There were nearly two losers for every gainer
with 14 gainers and 24 losers. Cadbury Nigeria
recorded the highest gain, in percentage terms,
with 9.91 per cent to close at N15.75 per share.
11, formerly Mobil Oil Nigeria, gained 4.89 per
cent to close at N178.31. Fidelity Bank
appreciated by 4.62 per cent to close at N2.49
per share. Law Union and Rocks Insurance
went up by 4.23 per cent to close at 74 kobo
while NEM Insurance appreciated by four per
cent to close at N1.56 per share.
On the negative side, Okomu Oil led the losers’
chart by five per cent to close at N67.69 per
share. Omoluwabi Micro Finance Bank shed
4.88 per cent to close at 78 kobo. Presco
depreciated by 4.86 per cent to close at N68.50
per share. MC Nichols dropped by 4.76 per cent
to close at N1.20 while Nigerian Breweries
declined by 4.26 per cent to close at N134.04
per share.
The momentum of activities however improved
as total volume traded appreciated by 103.9 per
cent to 425.96 million shares worth N2.12
billion in 2,937 deals. Transactions in the
shares of Transnational Corporation of Nigeria
topped the activity chart with 107.1 million
shares valued at N154.77 million. Fidelity
Bank followed with 94 million shares worth
N220.75 million while Skye Bank traded 51.65
million shares valued at N25.82 million.
Analysts at Afrinvest Securities Limited said
they remained optimistic on the outlook for
equities.
“Given the significant rise in oil prices in recent
times and the broadly bullish outlook for
commodity prices for 2018, we maintain our
positive short- to medium-term perspective for
equities,” Afrinvest Securities stated.
Miss Ifidon Sarah representing Edo
State Miss Onyeabo Amarachi
representing Abia State, emerged
first and second runner ups,
respectively. The award given to her,
which was an artefact (African queen
bronze head in a moulded box),
speaks of African culture and
symbolic of the Bank’s pride of its
heritage.
Miss Nigeria focuses on issues that
affect Nigerian women; she is an
ambassador of culture, of purpose, of
the environment. The ambition of the
new beauty queen is to provide
medical and psychological help for
women who are victims of rape as
well as empower them.
Speaking with journalists
immediately after the crowning of the
new pageant queen, Fela Ibidapo,
Head of Corporate Communications
of Heritage Bank said, “We are
partnering with Folio Group to
empower women”, adding that this is
what the Daily Times used to be
known for and we wants to help them
to revive it. “Our involvement in this
is not because of beauty per se, it’s
primarily to empower ladies and
women generally; to encourage them
to always put in their best in
whatever they do to make a living.”
Ibidapo agreed that the impact of the
initiative might not be so visible in
the short-term period, but he was so
optimistic that it would impact
positively on their contributions to
the nation-building process in the
long run. Also speaking, chairman of
Folio Media Group, Mr. Fidelis
Anosike said the group would use the
Miss Nigeria pageant to create a
strong female platform, remarking
that the group has signed a
partnership deal with the National
Agency for the Prohibition of
Trafficking in Persons (NAPTIP) over
the next five years to tackle the
scourge of human trafficking.
Page 10