Tuesday, 11 December 2012

China Exposes Importers of Inferior Goods as States Received N899bn in November 2012



Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidentialhttp://www.facebook.com/economicmagazine and Linkedin: http://www.linkedin.com/in/economicconfidential  also Twitter : http://twitter.com/economicng

Saraki: Godfather of Kwara Politics is Gone
Tributes and more tributes pour in as former Senate leader and strongman of Kwara politics Dr. Abubakar Olusola Saraki breathed his last yesterday morning at his Lagos residence. A victim of


China-Nigeria Trade Volume Now Over $8bn- Chinese Ambassador
The Chinese Ambassador to Nigeria, Deng Boqing grants an exclusive interview to the Economic Confidential magazine where he talks on the existing bilateral relationship between the countries as well as the aggressive investments of China in the African continent. While exposing those behind importation of inferior materials, he gives tips for securing Chinese visa. Excerpts: http://economicconfidential.net/new/interviews/1186-sino-african-trade-hits-163-bn-chinese-ambassador-

How They Shared N899bn in November 2012
While most of the states claim they do not have enough funds to pay government workers' salaries, for contributing NOTHING to the federal purse, a total sum of N899bn was shared to the 3 tiers of government at the meeting of the Monthly Federation Account Allocation Committee in November 2012 in Abuja. In documents obtained by the Economic Confidential, the amount comprises of N35.5bn from Foreign Excess Crude, N7.6bn from NNPC Refund and N713bn from Statutory and VAT among others. The tables are presented by the Economic Confidential in its Facts and Figures: http://economicconfidential.net/new/financial/facts-a-figures

The Economic Cost of Terrorist Attacks in Nigeria
The increase in terrorist activities has complicated the Nigerian business climate and made it investor-unfriendly. The impact on the Nigerian economy has been intense creating a lot of distortions in the economic activities in the northern region which includes declining investor confidence and reductions in foreign direct investment. Read: http://economicconfidential.net/new/features/1195-the-economic-cost-of-terrorist-attacks-in-nigeria

Reducing Civil Service, Scrapping LGAs: Mere Surface Scratching

I once lived in the same compound with a couple. one would have thought that they were still in the labour market. They hardly ever go to the office. Another tenant on return from foreign posting he was yet to be given any schedule for three years. Every month end however, he went to the bank to cash his salary.However there are some civil servants who never leave office until 7pm most days. If you visit their offices by 6pm, there is still frenzy as if the day is just starting. They work hard as if it is the private sector they serve. Read: http://economicconfidential.net/new/features/1193-reducing-civil-service-scrapping-lgas-mere-surface-scratching

Convergence of Spokespersons in Government

The occasion was auspicious. The personalities were news-creators from diverse critical government ministries, department and agencies (MDAs) and the host is the Embassy of the United States of America in Nigeria. The 24 selected spokespersons of critical MDAs in Nigeria represented security agencies, financial institutions and regulatory bodies who were invited to a Four-Day Spokespersons Training Workshop organised by the Public Affairs Section of the embassy in collaboration with Washington-based Edel Communication. Read: http://economicconfidential.net/new/features/1194-convergence-of-spokespersons-in-government-

Jonathan, Dickson and death penalty for thieves

The fact is that President Jonathan does not have the moral authority, courage, or the prestige to probe anyone in Nigeria or elsewhere. He can't and he knows it. In fact, I doubt if there is a dozen private and or public citizens in Bayelsa State who can attest to Jonathan's uprightness insofar as his handling of the state was concerned. Read: http://economicconfidential.net/new/features/1185-jonathan-dickson-and-death-penalty-for-thieves-


NDIC, Journalists Seek to Promote Financial Inclusion
Convinced that banks may not be able to perform their catalytic role of providing access to financing unless the majority of citizens use their services, the Nigeria Deposit Insurance Corporation (NDIC) recently gathered over 100 financial correspondents and business editors including NDIC staff from across the country in Dutse, Jigawa State for its 2012 edition of annual workshop to brainstorm on how to ensure financial inclusion in the economy. Read: http://economicconfidential.net/new/news/national-news/1179-ndic-journalists-seek-to-promote-financial-inclusion-

Ben Ezra Dikki: Another Acting of DG BPE

The new acting Director General of the Bureau of Public Enterprises (BPE), Mr. Benjamin Ezra Dikki, was until his appointment by President Goodluck Jonathan the Director of Industries and Services at the agency. Born on December 30, 1958, Dikki is a 1980 accounting graduate of Ahmadu Bello University (ABU), Zaria. He also holds an M.B.A from ABU and has attended several courses and seminars in Nigeria and abroad. He became a licensed stockbroker in June 1993. Read: http://economicconfidential.net/new/profile/1187-ben-ezra-dikki-another-acting-of-dg-bpe

For more, please visit our websites for more:

Economic Confidential
Factual, Authoritative and Accessible
Nigeria's Economic Magazine




Thursday, 15 November 2012

Saraki: Godfather of Kwara Politics is Gone as Oil Moguls Fight Ribadu

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidentialhttp://www.facebook.com/economicmagazine and Linkedin: http://www.linkedin.com/in/economicconfidential  also Twitter : http://twitter.com/economicng

Saraki: Godfather of Kwara Politics is Gone
Tributes and more tributes pour in as former Senate leader and strongman of Kwara politics Dr. Abubakar Olusola Saraki breathed his last yesterday morning at his Lagos residence. A victim of cancer, he has since been buried according to Muslim rites. Read: http://economicconfidential.net/new/news/national-news/1173-abubakar-olusola-saraki-1933-2012-departure-of-a-strongman

Ribadu report: Oil moguls fight back
Following the brouhaha that followed President Goodluck Jonathan's New Year 2012's increment of the price of premium motor spirit (pms) from N65 to N141, the executive arm of government through the Minister of Petroleum Resources, Mrs. Deziani Alison Madueke established some committees including Petroleum Revenue Special Task Force ostensible aimed at instilling the culture of transparency and accountability in the oil industry. Read: http://economicconfidential.net/new/features/1142-ribadu-report-oil-moguls-fight-back

CBN to punish banks that reject voters' card as identification
Nigerians, especially those in the informal sector who normally have difficulty identifying themselves during banking transactions can now heave a sigh of relief with the central bank adopting voters' registration card as a formal form of identification. Read: http://economicconfidential.net/new/financial/monetary/1166-cbn-to-punish-banks-that-reject-voters-card-as-identification-

Again FIRS Exceeds Target, Generates N3.81trn
As it continues to improve its tempo of operations, the Federal Inland Revenue Service (FIRS), under its Acting Chairman and Chief Executive Officer, Alhaji Kabir Mashi, has once again exceed its set target, generating N3.81 trillion as revenue in nine months, beating its provisional target of N3.6 trillion. Read: http://economicconfidential.net/new/financial/tax-matters/1151-again-firs-exceeds-target-generates-n381trn

Cross Rivers Gets Political Solutions Over Oil Wells

A meeting on how to resolve the economic logjam created by the loss of 76 oil wells by Cross Rivers State was recently held at the Presidential Villa, Abuja and was presided over by Vice President Arc Mohammed Namadi Sambo. Read: http://economicconfidential.net/new/news/state-news/1164-cross-rivers-may-get-political-solutions-over-oil-wells

FG to boost non-oil export trade with ECOWAS countries
The Federal Government has said that it has put structures in place to boost trade between Nigeria and other member states of the Economic Community of West Africa (ECOWAS). Minister of Trade and Investment, Mr. Olusegun Aganga, said this during the opening ceremony of the 3rd Nigerian Non-Oil Export Conference Exhibition and Awards, in Abuja. Read: http://economicconfidential.net/new/news/national-news/1155-fg-to-boost-non-oil-export-trade-with-ecowas-countries-

Again, Ineptitude Kills 9 Miners in Zamfara
At least nine miners were confirmed dead when a mining pit collapsed on them at Dogon Daji village of Maru Local Government Area, Zamfara State, Nigeria. Unfortunately, the dead are among the hordes who take advantage of the chaotic mining sector in the country to engage in illegal mining activities. Read: http://economicconfidential.net/new/news/state-news/1163-again-ineptitude-kills-9-miners-in-zamfara

Ajimobi promises discount on lands to UK investors

Governor Abiola Ajimobi of Oyo State has promised at least 80 per cent discount on lands for investors in the agriculture sector, as an incentive to bringing them to the state. Read: http://economicconfidential.net/new/news/state-news/1161-ajimobi-promises-discount-on-lands-to-uk-investors-

Kwara to create 16 more parastatals

As part of efforts to energise the workings of the government with a view to meeting the ever increasing demands of the people, the Kwara State Government is poised to create 16 more boards of parastatals in the state. The state Governor, Dr. Abdulfatah Ahmed, disclosed this while receiving the Chairmen of Boards of Parastatals and Agencies of the state who paid him a visit at the Government House, Ilorin, the state capital. Read: http://economicconfidential.net/new/news/state-news/1158-kwara-to-create-16-more-parastatals-

Anambra to Revive Onitsha Mineral Water Industries
Anambra State Government has initiated measures to resuscitate the collapsed Nigeria Mineral Water Industries, Onitsha. The state Governor, Mr. Peter Obi disclosed this intention during an inspection tour of the facility in company of some top government officials and a team of foreign investors from South Africa. Read: http://economicconfidential.net/new/news/state-news/1159-anambra-to-revive-onitsha-mineral-water-industries-

FCT Area Councils Share N1.89bn
The Federal Capital Territory Area Councils Joint Account Allocation Committee (JAAC) has distributed a total sum of N1,894,400,916.45 among the six area councils being revenue and Subsidy Reinvestment and Empowerment Programme (SURE-P) allocations for the month of September. Read: http://economicconfidential.net/new/news/state-news/1160-fct-area-councils-share-n189bn-

To be black, to be African
Many Africans – especially Nigerians – who came to the US as toddlers or as teenagers, also tend to deny their African heritage. Many have gone on to anglicise their African names. It is also not uncommon to find those, whose parents and grandparents are Nigerians, say "my parents are Nigerians, but I am an American." It is as if to be a Nigerian is a sin. Read: http://economicconfidential.net/new/features/1144-to-be-black-to-be-african

Oil economy: Between Nigeria and Ghana
Much has been written in recent times on how Ghana has been getting it right on many fronts, notably politics and economy. The decision of the United States President Barack Obama to choose Ghana as one of the very few African countries he visited in 2009 was another strong statement on the place of Ghana in this region. Read: http://economicconfidential.net/new/features/1147-oil-economy-between-nigeria-and-ghana

Rising Anarchism And Its Socio-Economic Implications
The ongoing accelerating cases of deadly attacks involving kidnapping, rape, and bombing across the land have posed series of unbearable challenges to governments, individuals, security personnel, and other stakeholders as they are backpedalling political and socio-economic efforts toward the achievement of the Vision 20:20:20. Read: http://economicconfidential.net/new/features/1143-rising-anarchism-and-its-socio-economic-implications

Does Nigeria Need a Revenue Crisis?
I am thinking about a situation when crude oil prices do not exceed 40 US dollars a barrel and the demand for Nigeria's oil drops, partly because the US (a country that imports about 40 percent of Nigeria's crude oil) cuts down significantly on imports of the product from Nigeria as from other exporters of crude oil to that country. Read: http://economicconfidential.net/new/features/1141-does-nigeria-need-a-revenue-crisis

For more, please visit our websites for more:

Economic Confidential
Factual, Authoritative and Accessible
Nigeria's Economic Magazine


Monday, 12 November 2012

Nigeria Gets $5bn FDI from US as Embassy Reduces Visa Waiting Time; FG, States Share N712bn in October

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidentialhttp://www.facebook.com/economicmagazine and Linkedin: http://www.linkedin.com/in/economicconfidential  also Twitter : http://twitter.com/economicng

Nigeria Receives $5 bn FDI from US as We Reduce Visa Waiting Time - Ambassador McCulley
Ambassador Terence P. McCulley, the United States Ambassador to Nigeria recently granted an interview to the Economic Confidential magazine in Abuja. He speaks on various economic, socio-political issues affecting Nigeria and USA and efforts being made to address challenges of securing US Visa by Nigerians. Read: http://economicconfidential.net/new/interviews/1140-nigeria-as-giant-of-africa-receives-5-billion-fdi-from-us--ambassador

EFCC arraigns eight fuel subsidy fraud suspects
The Economic and Financial Crimes Commission (EFCC) has arraigned another eight suspects in connection with part of a multi-billion dollar fuel subsidy scam.The eight suspects, working for five companies, were charged with involvement in about N3.7 billion ($23.57 million) worth of fraud. Read: http://economicconfidential.net/new/news/national-news/1128-efcc-arraigns-eight-fuel-subsidy-fraud-suspects

Canada's Confidence In Nigerian Economy Stronger -Envoy

The Canadian High Commissioner to Nigeria, Mr. Chris Cooter, has said that Canada is currently working on strategies aimed at increasing its foreign direct investment in Nigeria within the next few years due to enhanced confidence in the Nigerian economy. Read: http://economicconfidential.net/new/news/national-news/1154-canadas-confidence-in-nigerian-economy-stronger-envoy-

Rivers Loses 117 oil wells and N17bn
Rivers State government has raised the alarm over the loss of 117 oil wells and accused the Federal Government of paying N17bn Rivers money to Bayelsa. The money was expected to remain in a special account until the land/oil well dispute between the two states was resolved. Read: http://economicconfidential.net/new/news/state-news/1165-rivers-loses-117-oil-wells-and-n17bn

Kano Builds Governors' College, First Ladies' College
In its efforts to improve education in the state and encourage more children's enrolment in schools, Kano State Government has commissioned a new secondary school, known as the Governors' College and will soon commence the construction of its feminine counterpart to be christened First Ladies' College. Read: http://economicconfidential.net/new/news/state-news/1157-kano-builds-governors-college-first-ladies-college-

CAC Launches 24 Hours Service, 2 Hours Business Registration
Minister of Trade and investment, Mr. Olusegun Aganga has launched the Corporate Affairs Commission's (CAC) ``start to finish 24-hour incorporation service" at a ceremony in Lagos. The Minister, who also inaugurated the Lagos office of the agency at Alausa, said the step was part of government's efforts to improve investment climate in the country. Aganga, while lauding the achievement of 24-hours business registration said that the business registration target in the country was for two hours. Read: http://economicconfidential.net/new/news/state-news/1156-cac-launches-24-hours-service-2-hours-business-registration-

Libya: The tragedy of replacing a despot with tyrants
One year ago, Libya's Muammar Ghaddafi was killed in his hometown of Sirte. His death marked a new phase in the history of the country he had ruled for about 42 years. It was also a seeming end to the rebellion that sought, for nearly eight months, to consume his government and 'free' Libyans from his dictatorship. Today, Libya is in ruins and the prospect looks very grim. Read: http://economicconfidential.net/new/features/1150-libya-the-tragedy-of-replacing-a-despot-with-tyrants

Flood in the Eyes of the President
While most of the utterances and actions of President Jonathan over the flooding are commendable, the establishment of the Dangote's committee should have been in consonance with the enabling laws. As former Chairman of the governing council of NEMA, the President would recall that there is a provision envisaging such development in the law that established NEMA: Act 12 as amended by Act 50 of 1999. Read: http://economicconfidential.net/new/features/1145-flood-in-the-eyes-of-the-president

IMF's poisoned pill
President Goodluck Jonathan indicated in the 2013 budget proposal that "the benchmark price is based on a well-established econometric methodology of estimating oil price moving averages". Indeed, Dr. Okonjo-Iweala has similarly maintained that "benchmark pricing is not a thing you just sit down and concoct; they are based on some fundamental economic analysis. And we actually have a model we use to project Nigerian oil benchmark price over the past three years." Read: http://economicconfidential.net/new/features/1149-imfs-poisoned-pill

How To Create Credible Jobs in Nigeria
Nigeria is currently witnessing some of the worst scenarios of joblessness especially of her productive populace who come out of formal educational trainings without any sustainable hope of gaining credible and well paying jobs. Read: http://economicconfidential.net/new/features/1146-how-to-create-credible-jobs-in-nigeria

Of Sandy, Flooding And Disaster Management In Nigeria And The US
For the last month or so, Nigeria, this land that nature so spoils with love, has reeled from the effect of massive flooding. The flooding, a result of heavy rainfall, was not unexpected. NEMA, Nigeria's equivalent to America's heroic FEMA, actually surprised even itself by predicting correctly that there would be massive flooding this year. Read: http://economicconfidential.net/new/features/1148-of-sandy-flooding-and-disaster-management-in-nigeria-and-the-us

How FG, States Share N712bn in October 2012
FAAC: How They Share N658bn as Statutory Revenue and VAT Revenue in October 2012
The Economic Confidential magazine provides here the distribution of a total sum of N658billion being the statutory and VAT allocations shared to all tiers of government at the meeting of the monthly Federation Account Allocation Committee (FAAC) in October, 2012. From the total disbursement of nets after deductions, the highest recipients are from the oil producing states with Akwa Ibom N17.6bn, Rivers receiving N14.4bn, Delta N14.4bn and Bayelsa N9.8bn. The highest recipients from non-oil –producing states are Lagos N13.8bn and Kano N10.6bn. Read: http://www.economicconfidential.net/new/financial/facts-a-figures/1170-faac-how-they-share-n658bn-as-statutory-revenue-and-vat-revenue-in-october-2012

Excess Crude Account: How They Share N35.54bn in October 2012
The Economic Confidential magazine provides the detailed table of the distribution of N35, 549,235,691.43 from Excess Crude Saving Account being Sure-P for October, 2012. See the table: http://www.economicconfidential.net/new/financial/facts-a-figures/1169-excess-crude-account-how-they-share-n3554bn-in-october-2012

NNPC Refund: How They Share N7.6bn in October 2012
The Economic Confidential provides the table of distribution of N7,617,431,250.00 to States & Local Government Councils in October, 2012 being 14th refund made by the Nigeria National Petroleum Corporation (NNPC). Read: http://www.economicconfidential.net/new/financial/facts-a-figures/1172-nnpc-refund-how-they-share-n76bn-in-october-2012

Budget Differential: How They Share N13bn in October 2012
The Economic Confidential provides the table of the distribution of N13,007,902,267.90 to States and Local Government Councils in Nigeria from excess oil revenue account being difference between budget & actual in October, 2012. Read: http://www.economicconfidential.net/new/financial/facts-a-figures/1171-budget-differential-how-they-share-n13bn-in-october-2012

For more, please visit our websites for more:
Economic Confidential
Factual, Authoritative and Accessible
Nigeria's Economic Magazine





Thursday, 18 October 2012

Ex-Governors for Retrial at Tribunal as FG, States Shared N691bn in September 2012

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidentialhttp://www.facebook.com/economicmagazine and Linkedin: http://www.linkedin.com/in/economicconfidential  also Twitter : http://twitter.com/economicng

Ex-Governors may face re-trial as Code Tribunal
…Assumes jurisdiction to try LG Chair for cultism
Indications have emerged that former state governors who were let off the hook on account of jurisdiction and Section 3 of the Conduct Bureau (CCT)/Code of Conduct Tribunal (CCB) Act 1989 may be re-tried as the Code of Conduct Tribunal declared the section as being in contravention of the 1999 Constitution.Read... http://economicconfidential.net/new/news/national-news/1139-ex-governors-may-face-re-trial-as-code-tribunal-knocks-off-section-3-of-ccbcct-act

Federation Account: How They Share N691bn in September 2012
Before the recent October meeting of the Federation Account Allocation Committee, the Economic Confidential had obtained the detailed breakdown of how Federal Government, States and Local government Councils shared a total of N691bn at a previous meeting in September 2012. The tables of the distributions include N632bn for the statutory allocation, N35bn from the Excess Oil Revenue Account, N26bn from the Domestic Excess Crude Account and N7.6bn from NNPC Refund... For all the tables click: http://economicconfidential.net/new/financial/facts-a-figures

The Incorruptible Civil Servant and National Honours
In a country where everybody is perceived as corrupt, especially in the public service, Mr. Muhammad TahirZakari has distinguished himself as an incorruptible civil servant. He was among the 148 individuals who were conferred with Nigeria's National Honours Awards by President Goodluck Jonathan on September 17, 2012. Read.. http://economicconfidential.net/new/component/content/article/1105-the-incorruptible-civil-servant-and-national-honours

Before Sanusi, CBN governor becomes the Emir
A few months after he became Governor of the Central Bank of Nigeria, he was asked to comment on conversations in cyberspace linking him with presidential ambition, MallamLamidoSanusiLamido said it was not true. "Do you have any presidential ambitions?" "No, I don't. I have ambitions to be the emir of Kano", he quipped.Read: http://economicconfidential.net/new/financial/monetary/1104-before-sanusi-cbn-governor-becomes-the-emir

Still on Controversial N5000 Note
In defence of this obnoxious monetary policy as seen by the majority of Nigerians, many of whom are seasoned economists and financial gurus, not in exclusion of some ex-Heads of the Nigerian State and Government, the leadership of the apex Band is still recalcitrant and neck deep to go ahead and introduce same in spite all oppositions. Read: http://economicconfidential.net/new/features/1110-still-on-controversial-n5000-note

Sustainable development diplomacy: The way forward for PDP
Recently I was in Driebergen, Netherlands as a Nigerian participant at the 19th International Programme on Managing Sustainability (IPMS 2012) where participants from different countries had the opportunity of sitting together to cross-fertilise ideas, improve and build capacity on managing sustainability. Read... http://economicconfidential.net/new/features/1111-sustainable-development-diplomacy-the-way-forward-for-pdp

Between Nigerians and Inclement Weather
The year 2012 has brought with it the worst weather calender in the history of Nigeria's existence as a geographical and/or geopolitical territory since the amalgation of the Southern and Northern Protectorates by the then British colonial masters in 1914 led by the late Lord Lugard. Read... http://economicconfidential.net/new/features/1109-between-nigerians-and-inclement-weather

The United States and the Cost of Blasphemy
Admittedly, in the US anything goes and everyone has their fair share to express his view, but that freedom of expression is of course not limitless. Thus,  it  is  something to be restricted within the bound of reason and  mutual respect. There is no gain saying the fact that Islam as a religion, profoundly teaches, promotes and enjoins tolerance. Read... http://economicconfidential.net/new/features/1107-the-united-states-and-the-cost-of-blasphemy

Why the North must devise a survival strategy
Except for the North, nearly everyone is either clamouring for secession or regional autonomy. And because the North appears reluctant on this matter it has been repeatedly dubbed a parasite and drawback on the entire nation. But the North cannot afford to continue to be silent and take in every insult. It must take a stand; one that would determine its own survival. Read... http://economicconfidential.net/new/features/1108-why-the-north-must-devise-a-survival-strategy

Sani-Sidi and Volunteerism in Disaster Management
In the last two years, many stakeholders both within and outside Nigeria would have noticed the miraculous changes in the sphere of disaster management in the country which could be attributed to the tireless and dedicated efforts of the Director General National Emergency Management Agency (NEMA), Alhaji Muhammad SaniSidi who was appointed in September 2010. Read... http://economicconfidential.net/new/features/1106-sani-sidi-and-volunteerism-in-disaster-management

VTNetwork Receives License to Rollout Vcash Mobile Payment in Nigerians
The Central Bank of Nigeria (CBN) has provided its final regulatory approval to VTNETWORK Limited (VTNETWORK) to rollout mobile payment services across Nigeria. Holding CBN's final approval letter in his hand, Peter Ojo, VTNETWORK CEO announced, "it has been a very long journey, not just for us, but for our agents, super agents and subscribers. We can take the reins off our VCASH service; it is fully live." Read... http://economicconfidential.net/new/financial/monetary/1115-vtnetwork-receives-license-to-rollout-vcash-mobile-payment-in-nigerians


For more, please visit our websites for more:

Economic Confidential
Factual, Authoritative and Accessible
Nigeria's Economic Magazine

Tuesday, 16 October 2012

Nigeria's SMEs Gets N23bn - NEXIM Boss, Still on So-Called National Honours

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidentialhttp://www.facebook.com/economicmagazine and Linkedin: http://www.linkedin.com/in/economicconfidential  also Twitter : http://twitter.com/economicng

Nigeria's SMEs Receives N23bn as the investment climate is fully liberalised- NEXIM boss
Robert Orya the Managing Director/Chief Executive Officer of the Nigerian Export-Import Bank (NEXIM Bank) speaks to the Economic Confidential on how entrepreneurs, manufacturers, importers and exporters and including movie producers could benefit from the bank's facilities. He also discloses that SMEs has so far received N23 billion from the bank. Read the full interview…

Still on Controversial 2012 Nigeria's National Honours for Office Holders
The Economic Confidential can report that about 75 percent of the 148 award recipients actually occupy top public offices either as appointed or elected figures in the executive, judiciary and legislative arms of government. They include Ministers, governors, legislators, judges and politicians. Some of the awards are actually reserved for some offices too. The credentials for the awards are on the official positions of the recipients rather than other deserving merits. See the table and read the full: http://economicconfidential.net/new/financial/facts-a-figures/1134-2012-nigerias-national-honours-awards-to-office-holders

Africa's economies assumes middle income status-World Bank
Safe for widespread mismanagement of their resources, most African countries should now in a position to feed their citizens and grow out of poverty, a new World Bank report has indicated. Read: http://economicconfidential.net/new/features/1125-africas-economies-assumes-middle-income-status-world-bank

NIMC to Pay N30b for 4000 sacked workers
The Federal Government has approved N30 billion for the sacked 4,029 workers of the National Identity Management Commission, NIMC.  Director General and chief executive of NIMC, Barr. Chris Onyemenam disclosed this recently. Read: http://economicconfidential.net/new/news/national-news/1123-nimc-to-pay-n30b-for-4000-sacked-workers
 
RMAFC Committed to Economic Diversification
The Revenue Mobilization Allocation and Fiscal Commission has reiterated its commitment to strengthening economic diversification in the country for increased revenue generation to complement oil revenue earnings and provide governments at all levels adequate funding for the execution of vital projects and infrastructure. 
 
FERMA to Support Oil and Gas Trade And Investment Forum 2012
The Chairman, Federal Roads Maintenance Agency (FERMA) Engr. Ezekiel OlajideAdeniji has assured members of the organizing Committee of the Oil & Gas Trade and Investment Forum 2012 of its organization's support through the rehabilitation of the bad potions of the road along Eleme to Onne junction in Port Harcourt. Read: http://economicconfidential.net/new/news/national-news/1113-ferma-to-support-oil-and-gas-trade-and-investment-forum-2012
 
Agric Devt: FCTA Provides N250m Revolving Loan for Farmers
…Farmers Want Timeline for Empowerment Scheme Extended to 3yrs
The Federal Capital Territory Administration (FCTA) has provided about N250 million community empowerment agriculture revolving loan for 385 poor communities across the six Area Councils of the FCT. Read: http://economicconfidential.net/new/news/state-news/1114-agric-devt-fcta-provides-n250m-revolving-loan-for-farmers
 
Despite challenges, Union Bank remains on top- Oscar Onyema
Despite its recent challenges, Union Bank of Nigeria has retained its leadership role among banks lending to the agricultural sector of the economy. Read: http://economicconfidential.net/new/business/1130-despite-challenges-union-bank-remains-on-top-oscar-onyema
 
More as Alison-Madueke, Adoke, Otunla Stall House $1.1b OPL 245 Scandal Probe
ON August 16, 2011, which was the eve of Dr. Ngozi Okonjo-Iweala's resumption as Minister of Finance, the Finance Minister of State, Dr. Yerima Ngama and the Minister of Justice, Mr. Muhammed Adoke authorised the transfer of about $1.1 billion from an offshore account of the Government into the account of Malabu Oil, owned by former Minister of Petroleum, Mr. Dan Etete. Several months after however, news of the transfer filtered to the media and tongues began wagging as to the propriety of the action. Read: http://economicconfidential.net/new/business/1132-alison-madueke-adoke-otunlastall-house-11b-opl-245-scandal-probe
 
Again, NCC warns against pre-registration of SIM cards
…Seals off four companies
Miffed about the refusal of telecommunications companies to abide by its warnings on illegal and fraudulent registration and sale of activated SIM cards, the Nigerian Communications Commission has again warned of dire consequences awaiting offenders. Read: http://economicconfidential.net/new/business/1126-again-ncc-warns-against-pre-registration-of-sim-cards
 
FIRS Issues 1.5 million Tax Numbers
THE Federal Inland Revenue Service (FIRS) has so far issued 1.5 million Tax Identification Numbers (TIN) to eligible tax payers.  TIN is used by the FIRS in the administration of tax laws. It is also known as taxpayers' identification number. Read:  http://economicconfidential.net/new/financial/tax-matters/1124-firs-issues-15-million-tax-numbers


For more, please visit our websites for more:

Economic Confidential
Factual, Authoritative and Accessible
Nigeria's Economic Magazine



Nigeria's SMEs Gets N23bn as Investment Climate Liberalised- NEXIM Boss

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidentialhttp://www.facebook.com/economicmagazine and   also Twitter : http://twitter.com/economicng

Nigeria's SMEs Receives N23bn as the investment climate is fully liberalised- NEXIM boss
Robert Orya the Managing Director/Chief Executive Officer of the Nigerian Export-Import Bank (NEXIM Bank) speaks to the Economic Confidential on how entrepreneurs, manufacturers, importers and exporters and including movie producers could benefit from the bank's facilities. He also discloses that SMEs has so far received N23 billion from the bank. Read the full interview…
 
NIMC to Pay N30b for 4000 sacked workers
The Federal Government has approved N30 billion for the sacked 4,029 workers of the National Identity Management Commission, NIMC.  Director General and chief executive of NIMC, Barr. Chris Onyemenam disclosed this recently. Read: http://economicconfidential.net/new/news/national-news/1123-nimc-to-pay-n30b-for-4000-sacked-workers
 
RMAFC Committed to Economic Diversification
The Revenue Mobilization Allocation and Fiscal Commission has reiterated its commitment to strengthening economic diversification in the country for increased revenue generation to complement oil revenue earnings and provide governments at all levels adequate funding for the execution of vital projects and infrastructure. 
 
FERMA to Support Oil and Gas Trade And Investment Forum 2012
The Chairman, Federal Roads Maintenance Agency (FERMA) Engr. Ezekiel OlajideAdeniji has assured members of the organizing Committee of the Oil & Gas Trade and Investment Forum 2012 of its organization's support through the rehabilitation of the bad potions of the road along Eleme to Onne junction in Port Harcourt. Read: http://economicconfidential.net/new/news/national-news/1113-ferma-to-support-oil-and-gas-trade-and-investment-forum-2012
 
Agric Devt: FCTA Provides N250m Revolving Loan for Farmers
…Farmers Want Timeline for Empowerment Scheme Extended to 3yrs
The Federal Capital Territory Administration (FCTA) has provided about N250 million community empowerment agriculture revolving loan for 385 poor communities across the six Area Councils of the FCT. Read: http://economicconfidential.net/new/news/state-news/1114-agric-devt-fcta-provides-n250m-revolving-loan-for-farmers
 
Despite challenges, Union Bank remains on top- Oscar Onyema
Despite its recent challenges, Union Bank of Nigeria has retained its leadership role among banks lending to the agricultural sector of the economy. Read: http://economicconfidential.net/new/business/1130-despite-challenges-union-bank-remains-on-top-oscar-onyema
 
More as Alison-Madueke, Adoke, Otunla Stall House $1.1b OPL 245 Scandal Probe
ON August 16, 2011, which was the eve of Dr. Ngozi Okonjo-Iweala's resumption as Minister of Finance, the Finance Minister of State, Dr. Yerima Ngama and the Minister of Justice, Mr. Muhammed Adoke authorised the transfer of about $1.1 billion from an offshore account of the Government into the account of Malabu Oil, owned by former Minister of Petroleum, Mr. Dan Etete. Several months after however, news of the transfer filtered to the media and tongues began wagging as to the propriety of the action. Read: http://economicconfidential.net/new/business/1132-alison-madueke-adoke-otunlastall-house-11b-opl-245-scandal-probe
 
Again, NCC warns against pre-registration of SIM cards
…Seals off four companies
Miffed about the refusal of telecommunications companies to abide by its warnings on illegal and fraudulent registration and sale of activated SIM cards, the Nigerian Communications Commission has again warned of dire consequences awaiting offenders. Read: http://economicconfidential.net/new/business/1126-again-ncc-warns-against-pre-registration-of-sim-cards
 
FIRS Issues 1.5 million Tax Numbers
THE Federal Inland Revenue Service (FIRS) has so far issued 1.5 million Tax Identification Numbers (TIN) to eligible tax payers.  TIN is used by the FIRS in the administration of tax laws. It is also known as taxpayers' identification number. Read:  http://economicconfidential.net/new/financial/tax-matters/1124-firs-issues-15-million-tax-numbers


For more, please visit our websites for more:

Economic Confidential
Factual, Authoritative and Accessible
Nigeria's Economic Magazine


Sunday, 9 September 2012

As FAAC Shares N913bn/$1bn, DG, provost, lawyer, others Face Trial at Code Tribunal

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidentialhttp://www.facebook.com/economicmagazine and   also Twitter : http://twitter.com/economicng

Federation Account: How They Share N913bn and $1bn in August 2012
Again Economic Confidential provides facts and figures tables of the distribution of revenue to all tiers of government from the Federation Account at the meeting of the Federation Account Allocation Committee in August 2012. While a single state received a whopping N19 billion and and $52bn, another state merely received about N3.7bn and $8bn respectively. The allocations were made from $1 billion from Foreign Excess Crude Account, N27bn from Forex Differential and N886bn as Statutory and VAT All all in August 2012. For full details of the disbursement check Facts and Figures pages of the Economic Confidential or click:  http://economicconfidential.net/new/financial/facts-a-figures

DG, Provost, Lawyer, Others in Soup as Code of Conduct Tribunal begins trial

A Director General will this week face trial at the Code of Conduct Tribunal for allegedly recruiting over 60 percent of his staff from a particular section of the country while other public officers would be arraigned for manipulating the award of contract procedures, membership of secret cults, double remunerations and non-declaration of assets while in public office. For more click: http://economicconfidential.net/new/news/national-news/1103-dg-provost-lawyer-others-in-soup-as-code-of-conduct-tribunal-begins-trial

CBN converts more dollar reserves into Chinese yuan

Following continued relevance of China as a global financial player and western financial crises, the Central Bank of Nigeria has decised to convert more foreign reserves from the dollar into the Chinese renminbi or yuan.Read: http://economicconfidential.net/new/financial/monetary/1090-cbn-converts-more-dollar-reserves-into-chinese-yuan

FIRS Generates N524 Billion in July
The Federal Inland Revenue Service (FIRS) has realised a total sum of N524 billion through oil and non-oil tax revenue as at July 2012. In an information obtained by the Economic Confidential, the agency has surpassed its target in the month compared with its monthly target of N302 billion. Read: http://economicconfidential.net/new/financial/tax-matters/1086-firs-generates-n524-billion-in-july

FCT Area Councils Share N1.78b Revenue, SURE-P Allocations
The Federal Capital Territory Administration (FCTA) has disbursed N1.786 billion to its six area councils being funds received from the Federation Account Allocation Committee and the Subsidy Reinvestment and Empowerment Programme (SURE-P) for the month ofJuly, 2012. The six area councils are also expected to share $1,597,048.73 from the Excess Crude Proceed Account. Read: http://economicconfidential.net/new/news/national-news/1098-fct-area-councils-share-n178b-revenue-sure-p-allocations

Interfaith Relations: An Encounter with Sheik Khalid Yasin
Sheik Yasin is not just a religious scholar; he is a motivational speaker who is very mindful of his topic and his target audience. He is articulate and sincere but careful never to hurt the feelings of his audience, whether Muslims or non-Muslims. From our close interactions and discussions, one could see an advocate who strongly believes that Muslims and Christians should embrace tolerance and brotherliness saying both faiths are connected. Read: http://economicconfidential.net/new/features/1084-interfaith-relations-an-encounter-with-sheik-khalid-yasin

Using Tourism to Drive Nigeria's Economic Potential
Tourism the world over is seen as an instrument of economic regeneration and stability. Tourism, when properly accessed, can be used to create wealth, empower the people and generate employment. It is an integral part of the economy with direct positive impact on the people. Also, it is an everlasting product that serves as alternative source of revenue and discourages over-dependence on perishable and exhaustible products like oil. It is, also, an alternative source of income as it creates additional jobs and creates foreign currency. Read: http://economicconfidential.net/new/features/1075-using-tourism-to-drive-nigerias-economic-potential

State Police or State Social Security?

State police may give us a psychic victory but it is another band aid that will haunt us in the immediate future. If current socio-economic trends continue and we hit population of 230 million in the next two decades, the clamour will shift to village police. Let's invest in social security such as basic health, education, housing and income, to combat insecurity because the next insurgency may not be based on a wacko ideology of Boko Haram but how to get rid of the 1 percent that monopolizes 80 percent of our wealth. Read: http://economicconfidential.net/new/features/1088-state-police-or-state-social-security

For more, please visit our websites for more:

Economic Confidential
Factual, Authoritative and Accesible
Nigeria's Economic Magazine

Wednesday, 5 September 2012

Jaiz Bank Hits N10bn and Goes National, as CBN Faces Stiff Oppositions on N5000 Note

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidentialhttp://www.facebook.com/economicmagazine and   also Twitter : http://twitter.com/economicng

We Are Going National as Our Capital Base Hits N10bn – MD Jaiz Bank
The Economic Confidential recently met with the Managing Director of Jaiz Bank Plc, Alhaji Mohammed Mustapha Bintube for an exclusive interview where he discloses the strenght of the bank, the antics of detractors with de-marketting campaigns. He also discloses the intention of the bank to open new branches in all major cities among other topical issues. Read: http://economicconfidential.net/new/interviews/1073-we-are-going-national-as-our-capital-base-hits-n10bn-md-jaiz-bank

Unrelenting opposition as CBN plans N5,000 note
In the past, central banks issued much higher currency denominations but with increasing incidences of counterfeiting, money laundering and drug business, there has been a deliberate policy to issue lower denominations and encourage electronic transactions.And so when CBN Governor SanusiLamidoSanusi told financial journalists of plans to introduce the N5,000 denomination and coin N5, N10 and N20, little did he know that he was stirring the hornest's nest for the umpteenth time within the few years that he has occupied the office. The policy is like reversing gains and standing logic on its head. Read: http://economicconfidential.net/new/financial/monetary/1085-unrelenting-opposition-as-cbn-plans-n5000-note

Yusuf Alli: The Investigative Editor
Mallam Yusuf Alli is an editor by designation but a celebrated investigative reporter in Nigeria by design. He is widely traveled with a high network of connection among the elites, security agencies, civil society groups, traditional institutions and minority groups. He also exposes corrupt practices from his exclusive stories. Read: http://economicconfidential.net/new/financial/monetary/1085-unrelenting-opposition-as-cbn-plans-n5000-note

Nigeria Partners Iran on Security and Infrastructure
Vice President Mohammed NamadiSambo has expressed Federal Government's desire for added support that will improve Nigeria's security situation. He made this known when he hosted the Iranian Ambassador to Nigeria, Saeed, Koorechi in his office at the State House, Abuja. Read: http://economicconfidential.net/new/news/national-news/1099-nigeria-partners-iran-on-security-and-infrastructure

Six Governors in Berlin to Understudy Fiscal Federalism
Rivers State Governor Rotimi Amaechi is leading the governors of Enugu, Plateau, Borno, Katsina and Niger states on a trip to understudy the workings of the federal system of the German government with a view to replicating best practices in their respective states. Read: http://economicconfidential.net/new/news/state-news/1094-six-governors-in-berlin-to-understudy-fiscal-federalism

Oyo Governor canvasses removal of LGs from constitution
Governor Abiola Ajimobi of Oyo State has called for the removal of local governments from the constitution to make it a residual responsibility of the state.He also advocated for the review of the revenue allocation formula to emphasise the derivation principle and allocation of larger percentage of resources to states. Read: http://economicconfidential.net/new/news/state-news/1081-oyo-governor-canvasses-removal-of-lgs-from-constitution-

Anambra joins league of Oil Producing States
President Goodluck Jonathan has commissioned the commencement of oil drilling activities at Orient Oil Resource Centre, near Aguleri in Anambra state where high quality, sodium-free oil has been extracted from the wells. Read: http://economicconfidential.net/new/news/state-news/1080-anambrajoins-league-of-oil-producing-states-

Terrorism, Society and the Rest of Us
As a politician and a three-term member of the National Assembly, I cannot but be disturbed by the floundering state of security in Nigeria in recent times. I know a lot of our compatriots also feel the same angst, consternation and 'confoundment'. It is indeed disheartening that innocent Nigerians are being murdered in a manner that is too serial and sectarian for comfort.
Read: http://economicconfidential.net/new/features/1076-terrorism-society-and-the-rest-of-us

Nigeria : Opportunistic People; Opportunistic Nation
NGOZI Okonjo-Iweala, the internationally acclaimed Economist from Nigeria who nearly won the coveted seat of the President of the World Bank but for the manipulation of international politics of the United States Government, is the current coordinating Minister of the Economy and the Nigeria's Minister of Finance and is a distinguished woman whom I have described as 'one tree that can truly make the forest.' Read: http://economicconfidential.net/new/features/1077-nigeria--opportunistic-people-opportunistic-nation

Understanding Sanusi Lamido on New Naira Notes
Recently, the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi announced the introduction of a new currency series under which the existing denominations of N50, N100, N200, N500 and the N1, 000 notes will be redesigned with added security features while the lowest denominations of N5, N10 and N20 are to be coined. Meanwhile a new denomination of N5000 would also be introduced. Read: http://economicconfidential.net/new/features/1087-understanding-sanusi-lamido-on-new-naira-notes


For more, please visit our websites for more:

Economic Confidential
Factual, Authoritative and Accessible
Nigeria's Economic Magazine