Tuesday, 4 January 2011

Jumbo Payment to Bayelsa Suspended, CBN Extends Deadline to Bank Customers

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.

RMAFC suspends Jumbo Concession to Bayelsa from Derivation Funds
The newly appointed members of the Revenue Mobilisation Allocation and Fiscal Commission, at an emergency plenary session in Abuja has suspended special concession granted to Bayelsa State for  derivation fund from three oil wells which made it the leading oil producing state in Nigeria. I t has so far earned over N15bn over and above what it could have normally earned from derivation fund... Read:

CBN Extends Deadline on Update of Bank Accounts
The Central Bank of Nigeria (CBN) has extended the deadline it gave customers of banks to update their information with the financial institutions from December 31, 2010 to January 31, 2011. In a press release from the spokesperson of the bank, Mr. Mohammed Abdullahi said that... Read:

Pension fund assets hit N1.8trn
The National Pension Commision (PenCom) has disclosed that the cumulative pension fund's assets stood at N1.8 trillion in 2010. The Director General of the Commission, Muhammad Ahmad who made the disclosure in Lagos at a conference of directors of licensed pension operators, listed the asset classes as equities, government securities, money market, corporate bond and real estate, among others... Read:

More Agitations against Multiple Taxation as Tax revenue hits N2tr
The Chairman of Federal Inland Revenue Service (FIRS), Ifueko Omoigui Okauru has disclosed that multiple taxation are inimical to economic development, just as the said that the economic reforms have pushed tax revenue to N2.2 trillion despite all odds... Read:

Femi Ajayi: An International Civil Servant for NDLEA
The newly appointed Director General and Executive Secretary of National Drug Law Enforcement Agency (NDLEA), Mr. Femi Ajayi is a multi-disciplinary professional who is biochemist, journalist and international law expert. Born July 14, 1957 in Ekiti State, he was before his new appointment... Read:

New Revenue Formula Coming Soon- Chairman RMAFC
The newly appointed Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) recently, after an inaugural meeting of the Commission addressed the press. He was a former Commissioner of Works and Housing in Ebonyi State before becoming Finance Minister of State and Chairman of the Federation Account Allocation Committee (FAAC). He talks about the major issues the Commission would soon addressed. The Economic Confidential was there and presents here the excerpts of the session:

Bomb Blasts and Conflicting Figures
Every figure released after any disaster whether from identified official channels or anonymous official sources are obviously based on one or combination of factors such as security implications, political consideration and factual reality... We should know that politicians have ways of sending positive and negative signals to their supporters as well as opponents in a season of do-or- die politics, we should therefore not play into their hands... Read:

Impacts of Global Meltdown on Mortgage Institutions
About three years ago, President Barak Obama of the United States said "Subprime lending started off as a good idea -- helping Americans buy homes who previously couldn't afford."  Opinion of this nature reflects effectiveness in the operations of Mortgage sector. However, the impacts of the global financial meltdown have also affected the sector which is now faced with many shortcomings resulting to the stagnant in its operations... Read:

The good old days
An editor once referred to the 1980's as better than present times. Ironically, the rapid technological advancement of the present time evolved from the desires to make life better and more comfortable.  But how much of these truly affect the lives of the ordinary Nigerian... Read:

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Monday, 3 January 2011

How They Share 1 Billion Dollars Before Parties' Primaries

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.


New Year Bonus: How a Billion Dollar Was Shared to States Before Primaries of 2011 elections
In what could be considered as Manna from Heaven, the Economic Confidential provides the details of how a total sum of $1 billion was shared from Excess Crude Oil Savings Account among the tiers of government on the eve of New Year 2011. It was at an Emergency Meeting of the Federation Account Allocation Committee (FAAC) on December 31, 2010 were the allocation was shared in a foreign currency, US Dollar... Read:

Economic Confidential and 4 Years After
As the world witnesses another New Year, so also is the Economic Confidential which clocks Fourth Anniversary of its simultaneous online and print editions since January 2, 2007. It is a brainchild of seasoned finance journalists and economic writers. Currently our print edition which is largely by subscription and available in selected distribution's outlets, is monthly circulated to all Federal legislators, Commissioners of Finance, AG of States, members of RMAFC, NNNPC, CBN, PENCOM, NEITI, DMO, NDIC, SEC, PTDF, NPC, BPE, OAGF, FIRS, World Bank, Banks' MDs ...Read:

Again Finance Minister Defends 2011 Budget, Says Overhead Cuts Are to Reduce Deficit
The Federal Government has its decision to cut overheads in the 2011 Appropriation Act by about 30 percent is in line with its Fiscal Consolidation Policy to reduce budget deficit and avoid domestic debt accumulation... Read:

FG to Monitor MDAs on Budget Implementation
In its bid to realize the goals and objectives of attaining Vision 20:2020, the Nigeria's Government  has again restates it commitment to ensuring transparency and accountability in the spending of the nation's resources within the scope of a performance based budgeting as espoused in the 2011  appropriation  bill presented  by the President to the National Assembly recently...Read:

Posting of Federal Permanent Secretaries
The Head of the Civil Service of the Federation, Professor Oladapo Afolabi, has announced the deployment of Permanent Secretaries in the Federal Civil Service as approved by President Goodluck Ebele Jonathan. In the posting circular released in Abuja , three recently appointed Permanent Secretaries received postings; ten have been redeployed while others retained their current postings... Read:

Governor Shekarau presents N109b Budget for 2011
Governor Ibrahim Shekarau of Kano State has presented a budget proposal of N109.5billion for 2011 before the state Assembly which he tagged a 'Budget of Continuity.' He said the 2011 budget is intended to serve as a base for the incoming administration to pursue development objectives based on a long term plan... Read:

Governor Akpabio Presents N309 billion for 2011 budget
Governor Godswill Akpabio of Akwa Ibom State, has presented a total sum of N309.509 billion for the 2011 appropriation bill of to the State House of Assembly with special emphasis on industrialization, security, healthcare, education, completion of ongoing people-oriented projects among others... Read:

Governor Geidam of Yobe Present N64bn for 2011 Budgets
Governor Ibrahim Geidam of Yobe State has presented a total sum of N64, 264, 000, 000 for the 2011 budget, which represents a decrease of N873, 209, 386 or approximately 1.4 per cent compared to what was budgeted for in 2010... Read:

Still on Zero Interest Banking in Nigeria
Nigeria experienced a tremendous lift in its financial sector with the giant strides and people-oriented reforms by the Central Bank of Nigeria (CBN). Although there are mixed feelings about this reforms in some quarters, others opined for a banking regime that will compliment the ills of the commercial banking with a zero interest based banking system also known as the Islamic Banking System... Read:

2011 Election: Working People Must Have Genuine Political Voice
The coming 2011 elections is being heralded by bourgeoisie politicians with public statements canvassing that it is a period in which the history of the country will be rewritten .As matters stand,the mass voters' registration by January is being canvassed as opportunity for working masses to put their electoral rights into use... Read:

Herbs as Healing Spices for Cooking
This column "The Homemaker" in the first month of the News Year 2011, looks at herbs and healing spices for cooking delicious meal at homes. Essentially, spices are dried seeds, fruits, roots, or vegetative substances used nutritionally. Some are leafy in nature in the forms of bay leaves, peppermint leaves among others, and they have their wonderful usages... Read:

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Monday, 20 December 2010

RMAFC Meets over Jumbo Pay, Special Derivation Fund to Bayelsa

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.

RMAFC Meets over Jumbo Pay and Special Derivation Fund to Bayelsa
The controversial jumbo packages being enjoyed by political office holders in the country as well as the contentious concession granted to Bayelsa State to enjoy special derivation funds to be decided by the newly appointed members of the RMAFC. Read @:

Anti-Graft War: US Canvasses More Powers For EFCC
The American government has canvassed for more powers for EFCC to enable it overcome the current challenges of fighting graft in the country. Read @: http://www.economicconfidential.com/x/index.php/national-news/569-anti-graft-war-us-canvasses-more-powers-for-efcc

Chartered Accountant Jailed over Tax Fraud, Forgery
For conniving, with three staff of Skye Bank Nigeria Plc, to defraud the Federal Inland Revenue Service, FIRS of N7.3 million, a chartered accountant, Mr. Abayomi Sofolayan, is to spend 18 months in jail. Read @:

NEMA Moves Relief Materials to Niger Delta, Leads World Bank to the North
After undertaking underground assessments on the needs and plights of displaced people from the clashes between Nigerian security forces and the John Togo group in Ayokoromor, in Burutu Local Government Area of Delta State, the National Emergency Management Agency (NEMA) has directed its zonal offices in Port-Harcourt and Enugu to immediate move relief materials to the victims. Read @:

When Jonathan Discredits IBB's Educational policy
The importance of education to national development cannot be over emphasized; this underscores the effort made by successive administrations in Nigeria to ensure that the sector is improved. A brief history of the country's educational policies and programmes goes to prove this fact. Read @:

WikiLeaks: How It all Began
In January 2007, the website stated that it had over 1.2 million leaked documents that it was preparing to Publish. Our interest is not in the leaked secret documents, but on how WIKILEAKS was and is able to secure classified and top secret government dossier worldwide through the radical exploitation of cyberspace vulnerabilities. Read @:

My Problem With Nigerians
To what shall I compare this generation? I sang a serenade and they did not dance; I played a dirge and they did not mourn. To an average Nigerian, the greatest problem of Nigeria is …

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Sunday, 12 December 2010

CCTV Cameras for 2011 Elections and on the Most Corrupt Institution in Nigeria

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.

CCTV Cameras for 2011 Elections
The INEC is billed to install Closed-Circuit Television (CCTV) cameras in critical polling units to deter rigging and criminal activities during the 2011 election. There are feelers that ballot boxes can be bugged with taping devices and the use of tiny surveillance equipment as small as pens and phones that use batteries and solar energy. There is presently 120,000 Polling Units in Nigeria. Read more on this and polling units per state from this link:

How NDIC Protects Depositors' Funds in Banks - Acting MD/CE
The Banking Industry in Nigeria has witnessed some transformation lately through the reform initiatives by the Central Bank of Nigeria (CBN) and its collaborative effort between the CBN and The Acting Managing Director of Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim shed light  on recent developments in the banking sector including  the challenges facing the CBN/NDIC, Islamic banking' the strategies that have been mapped out to protect depositors and also facilitate the safety, soundness and stability of the Nation's banking system. The interview was granted to the Economic Confidential magazine:

The Nigerian Millionaires 45 Years Ago
This article was originally published in the Time of Friday, September 17, 1965 that stated that "before Britain withdrew, Nigeria had a flourishing trade, exporting peanuts, cotton, palm kernels and cocoa and importing in exchange manufactured goods, foods and tobacco The first native millionaires made their money by competing with the white man for his trade. Nigeria's millionaires included Sanusi Dantata 46, Sir Odumegwu Ojukwu, Sir Mobolaji Bank-Anthony, Emmanuel Akwiwu, Chief Shafi Lawal Edu…

Federation Account: How States Shared N490bn in November 2010
Guess how much your state got from the Federation Account in November 2010 when Akwa Ibom received N14.3bn, Rivers receiving N14.2bn, Delta N11.7bn and Bayelsa N11.5bn' Lagos N10.3bn' Kano N8.8bn while Gombe got N3.5bn, Ebonyi N2.9bn and Ekiti N3.7bn. The full detail is a table from this link:


List of Confirmed New RMAFC Chairman and Federal Commissioners
The Senate of Federal Republic of Nigeria has screened and confirmed the nomination of Engr. Elias Mbam as the Chairman of the Revenue Mobilization, Allocation and Fiscal Commission, RMAFC, and 20 other federal commissioners for the organization with two other nominees from Abia and Enugu States still pending.

Most Corrupt: Between politicians and civil servants in Nigeria
The public is aware of how elections are rigged and how unqualified and unscrupulous candidates are given political appointments, while the fate of civil servants is left in the hands of this calibre of public officers to determine who gets what in terms of political and financial patronage. Corruption in the civil service is influenced by the political class including Bankole's legislature who turn the oversight functions into money-spinning ventures. http://www.economicconfidential.com/x/index.php/features/564-most-corrupt-between-politicians-and-civil-servants-in-nigeria

Sanusi: A Long Misunderstood Patriot
This is the same Senate we have had a political appointment nominee fainting while facing, the Senate that has intimidated public officers into incoherence in the past, the same Senate that has made otherwise fine technocrats look silly in the past. But this was not Lamido Sanusi. The man came out not only unscathed, he also made the Senators look stupid.

Strengthening the Banking Reform with Economic Liberalization
Over the few years, the success of the banking reform and the on-going strides by the Central Bank of Nigeria (CBN) suggests a complementary approach in liberalizing the economy to encourage the needed growth in all sectors. Of course, an economy with a buoyant banking sector without articulated growth on other service sectors could be seen as only an "end to a means".

NITDA: Straddling the line between performance and culpability
No one is better placed to effect the necessary reforms in the aforementioned realms than the head of NITDA. The Professor, in his official role, must accept that the buck stops with him and the use of the excuse of lack of a political will as a fig leaf to hide poor performance is not acceptable.

Internal Debts as threats to economic Development
Internal debt is easier –because regardless  if you are a democracy or dictatorship, you are always have the option to publicly say: sit down and shut up people...we are pulling a lot of health benefits, public education funds etc. If you don't like this, then move somewhere else" (anonymous).

How Shekarau secures N3.8bn Hospital for Kano
As some people may likely suppose, this is not a fruit of the famous Public Private Partnership (PPP) cliché, nor the nectar of omnipotent monthly grants each component of the federating unit is receiving. Rather, the N3.8 billion project came into fruition through concerted effort of Kano State governor Malam Ibrahim Shekarau, who travelled around many parts of the world in order to negotiate the compensation. 

Odey Commends Ecological Office as he appeals for environmental best practices
The Minister of Environment, Mr. John Odey has commended the Ecological Fund Office for its internal re-engineering just as he appealed to Nigerians to fight against unhealthy practices and behaviours that are not environmental friendly. 

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Monday, 22 November 2010

Finally, Atiku is the Consensus Aspirant as Hackers Attacks NITDA Website

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.

Finally, Atiku is Consensus Presidential Aspirant
Finally the Northern Wise-men for the selection of the consensus Presidential aspirant from the region have chosen former Vice-President Atiku Abubakar as the consensus presidential aspirant of Peoples Democratic Party to slug it out with President Goodluck Jonathan for the primary election. Other aspirants for the consensus congratulate him. Read: http://www.economicconfidential.com/x/index.php/national-news/547-finally-atiku-is-consensus-presidential-aspirant

Internet Hackers Attacks NITDA Website for Months
Internet Hackers have continued to attack the website of the National Information Technology Development Agency (NITDA) which is the clearing house for IT projects in the public sector in Nigeria. The hackers who have debases several pages of the official website of NITDA with offensive materials, according to the finding of the Economic Confidential magazine, the agency is yet to rectify and address the problems even when it has ICT professionals in its workforce as of this morning. Read: http://www.economicconfidential.com/x/index.php/national-news/546-internet-hackers-attacks-nitda-website-for-months

EFCC Raises Alarm Over Fresh Blackmail Plot
The Economic and Financial Crimes Commission has described as cheap blackmail and an act of desperation by disgruntled elements a widely circulated statement credited to the anti-graft agency in which spurious and ridiculous allegations were made against the Attorney General of the Federation , Mr Mohammed Bello Adoke, SAN as well as the EFCC Chairman, Mrs Farida Waziri. Read: http://www.economicconfidential.com/x/index.php/national-news/544-efcc-raises-alarm-over-fresh-blackmail-plot

American Legislators Commends CBN's Banking Reforms
They say:"We were fascinated by the CBN Governor, and impressed by the tough, decisive and transparent actions that he and his colleagues had taken in Nigeria in a way that many Americans wish had also been done here with the leaders of financial institutions that benefitted from tax-payer funded bail-outs."Read: http://www.economicconfidential.com/x/index.php/monetary/542-amercican-legislators-commends-cbns-banking-reforms

Amos Adamu's Travails: the Consequences of Greed and Corruption
On Saturday 16 October 2010, Complete Sports magazine did a poll to its readers titled: "Is Dr. Amos Adamu A Curse Or A Blessing To Nigerian Football?" I took my time to trawl through all the comments and feedback left by Nigerians. The result? The overwhelming majority of respondents concluded that, Dr Amos Adamu, erstwhile (now suspended) Nigerian representative on the Board of FIFA, world football's ruling body, was not only a curse to Nigerian football, but was also a disaster waiting to happen. Read: http://www.economicconfidential.com/x/index.php/features/545-amos-adamus-travails-the-consequences-of-greed-and-corruption


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Sunday, 14 November 2010

Accountants from Nigerians Spend N430mn for Malaysia Summit

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.


Malaysia Jamboree: 900 Accountants from Nigeria Spends N430mn in a Week
At the recent World Congress of Accountants (WCOA) which took place in Kuala Lumpur Conference Centre, Malaysia over 900 Nigerian Accountants attended the congress that attracted about 6,500 delegates from 157 members and associates of IFAC in about 123 countries. Read: 

Face to Face with Alamieyeseigha
It is an experience this writer will not forget in a hurry. It is such an experience that makes one to wonder about life, its pleasure, its vanity and what forms inner contentment and fulfilment. It was on a trip to Bayelsa state. Read:

Drum of Third World War Beats Louder
Two men to decide the fate of the embattled mankind in a matter of weeks are Benjamin Netanyahu of Israel and Mahmoud Ahmadinejad of Iran. The issue at stake is Iran's determination to achieve deliverable nuclear weapons, which has the inherent potential to spark off the dreaded Third World War. This is presumably so with the Israeli readiness to attack Iran as early as this November 2010. Read:

FIRS Tasks Tax Payers on their rights for better services
Taxpayers have been advised to come together, form associations and pressure groups to address common issues, press for their rights and channel their demands to the government and obtain better services. The Executive Chairman, Federal Inland Revenue Service, Mrs. Ifueko Omoigui Okauru, said this would encourage a two-way communication between the government and taxpayers. Read:


AMCON Board Authorises Purchase of Non-performing Loans
The Board of the Asset Management Corporation of Nigeria (AMCON) concluded its first board meeting today in Abuja, during which it reiterated its mission to acquire non-performing loans across the banking industry, recapitalise the rescued banks and manage the acquired assets. Read:

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Monday, 8 November 2010

Rich and Poor States: How They Share N1tr in Six Months

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.

Rich and Poor States: How States Shared N1 trillion Between January to June 2010
The 36 states in Nigeria shared a total sum of One trillion between January and June 2010. In a summary of federal allocations to the states obtained by the Economic Confidential, the online intelligence magazine, within the period South-South states that are mostly oil-producing received the highest total allocation of N386.8billion followed by North-West N162.5billion and South-West N160.7billion. Other regions like North-East got N119.7 billion, North-Central N117.2billion and South-East received N99.4 billion. The full detail of the disbursements and the ranking of rich and poor states is in a table provided by the economic Confidential where for instance Akwa Ibom state alone received a total sum of N104 billion while its neighbour, Cross River only got N18 billion in the six month of the year. Read more and table:

How We Manage Ecological Funds- Odusote
The head of the National Ecological Fund Office is Mrs. Ibukun Abimbola Odusote who is a Permanent Secretary, granted an interview to the Economic Confidential on how her agency manages Ecological Funds. Read more:

Aliyu K. Belgore: An Accomplished Banker for AMCON
In Nigeria the name Belgore is synonymous to law at highest level, but unlike other popular Belgores from the Ilorin Emirate who are lawyers, magistrates and judges, Aliyu Kola Belgore is a thorough bred and an accomplished banker of repute. He was recently confirmed by the Senate of the Federal Republic of Nigeria as the Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON). Read more:

Intellipharmaceutics: A Nigerian owned Company at NASDAQ
This is cheering news to Nigerians as Dr. Isa Odidi and his wife, Dr. Amina Odidi based in Canada were recently honoured by NASDAQ. They were invited by a stock exchange based in the United States of America (NASDAQ) to ring the opening bell before trading began in New York City. They are top pharmaceutical scientists and prolific inventors in Canada whose pharmaceutical company Intellipharmaceutics, has become a success story. Read more:

Nigeria Tasks Commonwealth Citizens On Taxes
At a meeting of 46-member countries of Commonwealth Association of Tax Administrators (CATA), President Goodluck Jonathan tasked citizens of commonwealth countries including Nigerians to pay their taxes so as to have moral justification to hold governments accountable on implementation of development programmes. Read more:


Features
The following features can be accessed from the Homepage: www.economicconfidential.com:

Wanted: change driver, not jingoist by Chijama Ogbu
Pension: A Retirement Income Strategy by Salim Salihu Muhammed
Renaissance Professionals: A Post Mortem by Suraj Oyewale
Cybernetic Solutions to Economic Problem by Oluwaseyi Akanni Olumuyiwa
Sani-Sidi and the Way Forward in NEMA by Manzo Ezekiel
Memories of Colonial Africa: A Nigeria Without Oil by Philip Emeagwali
Mittee Report as Key to Security and development by Law Mefor
Expo 2010 and Greater Port Harcourt Mega city by Prince Nwaokugha Ikeokwu
Tackling Zamfara Lead Poisoning Threat by Bashir Bichi
Poor Northerners! by Aliyu Tilde
An evil that created economic imbalances by Gbenga Okubadejo
Government and Social Responsibility Service by Toyeen Ojo
Book Review: My Country My Home by Abubakar Jimoh

 
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