Monday, 9 May 2016

While President Reassures Nigerians, Militants Destroy Oil and Gas Pipelines

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
We'll Do Our Best for Better Nigeria – Buhari
President Muhammadu Buhari has assured Nigerians that he would do his best to turn around the fortunes of the country through the effective utilisation of available resources. He explains further
 
Nigeria loses N100b to export pipeline disruption
While Nigeria may lose over N100 billion between February and June to the vandalised Forcados pipeline that conveys over 400,000 barrels per day, attack on Chevron V Platform costs N8.3b monthly.
 
Court Awards N10mn Damages Against EFCC Over Unlawful Detention of Austrian Businessman
An Abuja High Court orders EFCC to pay a sum of N10m damages to an Abuja based foreigner and security expert Mr. Wolgang Reinl over his unlawful detention and seizure of his Passport.
 
Federal Civil Service Recruits 4,916 illegally
The Federal Civil Service Commission (FCSC) recruited 4, 916 workers illegally in a new report that indicate preferential treatment to some states.
 
Power Supply Drops to 2,500MW after Militant Attacks
The twin attacks, on Chevron's oil and gas facilities in the Escravos area of Delta State has resulted in a drop in power generation from about 3,600 megawatts (MW) to 2,500MW, translating to a loss of 900MW.
 
N23.3b bribe: INEC chiefs, Directors to face disciplinary panel
Name of some Independent National Electoral Commission (INEC) officials who were involved with the alleged N23.29billion bribe have been named and now being probed by EFCC.
 
Niger Delta Avengers: Shell evacuates staff from major facilities
The activities of Niger Delta Avengers, the new militant group in the oil-rich region, have forced Royal Dutch Shell to evacuate most of its staff from its production facility, Eja OML 79.
 
2016 Budget will be implemented till May 2017 – Presidential aide
The Senior Special Assistant to President Muhammadu Buhari on National Assembly matters, Senator Ita Enang has disclosed how the 2016 budget will be implemented.
 
Militants list terms for truce, seek funding of Amnesty Scheme
Apparently undeterred by Presidential Muhammadu Buhari's order to the military to crush them, militants under the aegis of Niger Delta Avengers (NDA), demanded some conditions
 
Japan seeks pact with Nigeria on infrastructure investments
To deepen financial intermediation and technology supply for infrastructural development in the country, the Japanese government has expressed interest in partnering with Government.
 
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Wednesday, 4 May 2016

TSA Hits N3trn, Lagos Join Oil-States as NNPC Explores Oil in Chad Basin

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Savings in TSA hits N3trn – AGF
The total inflow into the Treasury Single Account (TSA) was N3 trillion ($15 billion) as at March ending while the number of Ministries, Departments and Agencies on single account has risen to 976, the Accountant General of the Federation (AGF), Alhaji Ahmed Idris, has said.
 
Lagos joins oil-producing states as Aje field begins production
Twenty years after it was discovered, the Aje field located in Oil Mining Lease 113 has achieved its first oil, putting Lagos on the list of oil-producing states in the country.
 
Exploration in Chad Basin Top Priority- Kachikwu
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) Dr.Ibe Kachikwu says the commitment of the Federal Government and the NNPC to explore for oil and gas in the inland basins especially Chad Basin and the Benue Trough in Northern Nigeria is unwavering and is on the front burner.
 
Nigeria's external reserves fall by $753m
Nigeria's external reserves diminished by a total of $753 million to close at $27.123 billion as at April 28th, compared with the $27.859 billion it was as at April 1.
 
IMF forecasts low growth for Nigeria
The International Monetary Fund (IMF) in a report released on Monday stated that the growth forecast for this year, represents the lowest for the region in the past 15 years.
 
30-day fuel imports can build 15 modular refineries — Don
A university don has argued that the cost of importing petroleum products for 30 days is capable of building up to 15 modular refineries in the country, even as he urged the federal government to tap from the technology of illegal refineries instead of destroying them.
 
Fed Govt subsidises petrol with N12.88 per litre
The Federal Government has said it would pay subsidy on petrol from the recoveries made in the first quarter of this year.
 
Pension fund: 'Only N5.3trn, not N20trn contributed by employees'
Ten years after the introduction of the contributory pension scheme in Nigeria, only 6.9 million Nigerians out of over 170 population have keyed into the scheme.
 
Nigeria can generate N5tn annually from Mining-Fayemi
The Minister of Solid Minerals Development, Dr. Kayode Fayemi, has said that Nigeria can generate about N5tn annually if it opens up the sector.
 
FG to generate 7,000mw of electricity next year
As Nigerians continue to experience epileptic power supply, Vice President Yemi Osinbajo has given the assurance that in the next one and a half years, Nigeria will be able to generate 7,000 megawatts of electricity.
 
General Buratai: An Encounter with Soldiers' Soldier
After his words, I realise that there is an urgent need for a thorough, independent and unbiased investigation on Zaria carnage to unravel the mystery behind the sad incident.
 
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Friday, 29 April 2016

Again Govs Beg PMB on ECA as Refineries Commence Productions

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine


 
Compensation: NAIC Pays N1.3bn to Farmers
In this Interview with the Economic Confidential the CEO of Nigeria Agricultural Insurance Corporation (NAIC), Bashir Binji explains how Nigerian farmers have benefitted and can benefit from the insurance scheme of the agency...
 
Port Harcourt, Warri refineries producing 7m litres/per day of PMS –Kachikwu
The Nigerian National Petroleum Corporation, has stated that the newly re-opened Port Harcourt and Warri refineries are now producing seven million litres of Premium Motor Spirit, PMS, also known as petrol per day.
 
Fuel scarcity: KRPC begins 2m litres daily supply of PMS
Alhaji Idi Mukhtar, Managing Director, Kaduna Refining and Petrochemical Company (KRPC), has disclosed that the company will begin daily release of 2 million litres of Premium Motor Spirit (PMS).
 
Govs Beg Buhari on Excess Crude Account
The 36 state governors have told President Muhammadu Buhari to approve the sharing of funds in the Excess Crude Account among the three tiers of government in order to improve the liquidity position of the states.
 
NASC launches $800,000 Rice Seed Up-Scaling Project
The Director-General, National Agricultural Seed Council (NASC), Mr Olusegun Ojo,  said the launching of 800,000 US dollar Rice Seed Up-Scaling Project would boost local production of rice in the country.
 
FG to Save N1bn Annually from Board Meetings
……Cuts Board meetings from 8 to 4 per annum
The reduction in the frequency of meetings by such bodies followed a review by the Unit and the discovery that the average annual expenditure on honorarium and sitting allowances between 2012 and 2014 was N12.8 billion.
 
World Bank Raises 2016 Oil Price Forecast
The crude oil market rebounded from a low of $25 per barrel in mid-January to $40 per barrel in April following production disruptions in Iraq and Nigeria and a decline in non-Organization of the Petroleum Exporting Countries production, mainly U.S. shale. A proposed production freeze by major producers failed to materialize at a meeting in mid-April.
 
First Bank to sack 1,000 workers
FBN Holdings Plc, the parent company of First Bank Nigeria Limited, is planning to cut about 1000 jobs and focus less on providing loans to the oil industry in a bid to reverse the 2015 financial year's 82 per cent slump in profit.
 
FG receives $33b from NLNG
The Federal Government has reaped over $33 billion from the Nigeria LNG Limited (NLNG) initial investment of $2.5 billion.
 
2016 Tourism, Culture Summit: Experts give tips for development
Mr Bertram Azuwike, the Director of Macro-economy and Statistics Department of National Bureau of Statistic (NBS) said there was need to develop a data bank for the culture and tourism industry.
 
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Monday, 18 April 2016

The Good, the Bad of Buharinomics as Chinese Yuan Forces US Dollars to Retreat

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
FAAC Distributes N345bn In March 2016
The Federation Account Allocation Committee has shared the sum of N345 billion among the three tiers of government in March 2016 being the statutory allocation for the month of February, this year.
 
Chinese Yuan Deal Forces US Dollar To Retreat
The federal government's plan to increase the availability of renminbi (Yuan) was already favouring the Naira against the dollar, going by latest development.
 
Nigeria seeks $2.5bn loan from World Bank, others
The Federal Government, on Sunday, said it was in discussion with the World Bank and the Islamic Development Bank, IDB, for a $2.5 billion concessionary loan to support the country in the implementation of this year's budget.
 
The Good, The Bad Of Buharinomics
The administration of President Muhammadu Buhari came into power on May 29, 2015, and in less than two months now, the administration would be one year old.
 
Why Dollar Rules Nigeria
Nigeria's current financial and economic community is quick to point out the realities of her currency, the gyrations, floundering and nose-diving in all ramifications of suggesting an economic meltdown.
 
Hotbeds: Reconstructing North-East and Niger Delta
The most striking feature of Nigeria today is that it is wracked by violence in most parts while some others are still recovering from conflicts.
 
Can Nigerian Banks Save the Real Sector?
There is no gain saying the fact that banking sector is the nerve centre of any economic that aspires to stand tall among its global counterparts.
 
Economics of Grass Importation for Animal?
The federal government says it is considering importing improved pasture seeds for intensified cultivated pastures and not grass for the direct feeding of cattle.
 
Implication of Nigeria's currency swap deal with China
For diverse stakeholders in the economy, the Federal Government's recent currency swap deal with China holds both bright prospects and grave implications for Nigeria.
 
U.S. to give Nigeria $480m Abacha family loot
United States has agreed to repatriate to Nigeria about $480million believed to have been stolen by the late Head of State, Gen. Sani Abacha and his family. But the conditions for the repatriation of the cash and other details are something else:
 
Senator Udoma Udo Udoma: Planning to meet the Nation's Challenges
There is something quite unique about Senator (Dr) Udoma Udo Udoma. His experience spans in both the public and private sector. A lawyer, administrator, former legislator, an institutional investor, and board room guru.
 
Asset Declaration: The Plights of Civil Servants
What is the fate of civil servants considering the of Senate President, Senator Bukola Saraki, who has been battling with the Code of Conduct Tribunal (CCT) over allegation of false asset declaration and other charges that allegedly violated the Code of Conduct Bureau (CCB)?
 
Cleaning Ogoniland: The Myths And Realities
Recently, the Minister of Environment, Amina Mohammed, announced that President Muhammadu Buhari was set to launch the cleanup of Ogoniland.
 
Economic Terrorism and Nigeria's Quest for Growth
Nigeria's Minister of Justice, Mr. Abubakar Malami recently disclosed difficulties in the nation's forex market as result of unethical struggles by "unscrupulous elements hiding under the cloak of market forces" whose negative activities on the economy are more destructive than Boko Haram terrorism.
 
Improving Governance Via CSR
Since he assumed duty as the Accountant-General of the Federation (AGF), Ahmed Idris has improve other social service through Corporate Social Responsibility (CSR).
 
 
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Thursday, 10 September 2015

FAAC Distributes N600bn... Hezbollah Connection: Amigo and Wonderland Park Change Names


Latest from the Factual, Authoritative and Accessible Economic Confidential

Hezbollah Connection: Amigo Supermarket, Wonderland Park Change Names
Why did popular Amigo Supermarket and Wonderland Amusement Park in Abuja change their name? Economic Confidential provides the details: Read: http://economicconfidential.com/hezbollah-connection-amigo-supermarket-wonderland-park-change-names/
 
FAAC Distributes N600bn for July at August Meeting
Again Akwa Ibom got highest allocation N16bn, folows by Lagos N15bn, Delta, Kano, Rivers got 11bn each. The lowest recipients are Gombe, Ekiti, Ebonyi State who got N4bn each from Federation in August. Read: http://economicconfidential.com/faac-distributes-n600bn-for-july/
 
Go To Hell: CBN Tells JP Morgan
The Central Bank of Nigeria (CBN) has reacted angrily to decision by JP Morgan to phase out the country from the Government Bond Index for Emerging Markets (GBI-EM). Read: http://economicconfidential.com/go-to-hell-cbn-tells-jp-morgan/
 
Danteni Mordecai: Championing Efficiency in DPR
In less than two months of his appointment as the most senior and competent officer in his agency, the Director Petroleum Resources, Ladan Danteni Baba Mordecai has made huge impact in the oil and gas industry. Read: http://economicconfidential.com/8395-2/
 
Exploring Potentials of Tourism as Revenue Spinner
Tourism, one of the earliest industries known to man, essentially involves travelling from one place of interest to another, either for sight-seeing, leisure, adventure, picnic, relaxation/ recreation, holidays, business or just for peace and quietness. Read: http://economicconfidential.com/exploring-potentials-of-tourism-as-revenue-spinner/
 
World Bank to Disburse US$140m for Community Development In Nigeria
The new World Bank president, Jim Yong KimThe World Bank assisted Community and Social Development Project (CSDP) is now set to start disbursing additional $140million (about 30 billion naira) to twenty six states and FCT for community driven projects. Read: http://economicconfidential.com/world-bank-to-disburse-us140m-for-community-development-in-nigeria/

When WTO and Greek Ambassador Visit NEXIM
The Deputy Director of General of the World Trade Organization, Mr.Yonov Fred Agah paid a courtesy visit to NEXIM Bank on Wednesday the 26th of August 2015 to discuss and explore areas of collaboration and synergy between the two organizations. Read: http://economicconfidential.com/when-wto-and-greek-ambassador-visit-nexim/
 
Exploitative DISCOs and Ambiguous National Grid
Although there has been noticeable improvement in electricity supply in the country in recent time, this however, cannot obscure the fact that the power generation and supply targets envisaged under the privatization arrangement has not been met. The private firms handling the business are more concerned about profit making at expense of the State and citizens' comfort.Read: http://economicconfidential.com/exploitative-discos-and-ambiguous-national-grid/

Nigeria Power Sector: The Pains And The Gains, What Next?
Power generation in Nigeria was 1,750 MW in 1999 when the military exited the stage for democratic governance. The issue became worse after the transition of government in 1999 from the military regime to civilian regime. Read: http://economicconfidential.com/nigeria-power-sector-the-pains-and-the-gains-what-next/

Ministers, CEOs Of MDAs Must Declare Assets Publicly – Ex-Finance Minister
A former Minister in Jonathan's administration advocates Payment of 10% offorfeited undeclared assets to whistle blower because Nigeria's Culture of Impunity Is Bane of Endemic Corruption. He explains he resigned from Jonathan's Cabinet... Read: http://economicconfidential.com/curbing-corruption-ministers-ceos-of-mdas-must-declare-assets-publicly-ex-finance-minister/
 
Buhari, Service Chiefs And Three Months Deadline
Can the new security service chiefs meet the three months Presidetial directive to to finish the Boko Haram terorists by November 2015? Some current indices and factors regarding the operation are quite clear on how President Buhari intends to achieve the mission. Read: http://economicconfidential.com/buhari-service-chiefs-and-three-months-deadline/

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Sunday, 9 August 2015

FIRS Generates N2Trillion in 6 Months- Ogungbesan

Latest from the Factual, Authoritative and Accessible Economic Confidential
 
FIRS Collects N2 Trillion In Six Months- Ogungbesan
Chairman of the Federal Inland Revenue Service (FIRS), Mr. Samuel Ogungbesan has disclosed that the service generated an unprecedented N1.97 billion into the federation account within the first six months of 2015 in spite of harsh economic conditions. How providing how the revenue was generated with collection of N746bn in June 2015 as the highest in a single month. Read: http://economicconfidential.com/firs-collects-n2-trillion-in-six-months-ogungbesan/
 
Deposit Insurance Now Taught In Nigerian Universities
The Nigeria Deposit Insurance Corporation (NDIC) has introduced deposit insurance system (DIS) into the curricula of Nigerian universities and other tertiary institutions as part of the on-going efforts toward enhancing public awareness on its mandate and operational activities. Read: http://economicconfidential.com/deposit-insurance-now-taught-in-nigerian-universities/
 
FAAC Shares N630Bn In July 2015
Good times may just be here for beneficiaries of the federation account as there was relative increase in the distributable revenue for the month of June shared in July despite continuous drop in global oil prices. Exclusive documents available to Economic Confidential revealed that a total of N630bn. The highest and lowest recipients are also listed.  Read: http://economicconfidential.com/faac-shares-n630-732bn-in-july/
 
Buhari Lambasts Mines and Steel Officials
This is the worst briefing I have received! President Muhammadu Buhari berated officials of the Federal Ministry of Mines and Steel Development for failing to properly manage the affairs of the sector. "This is one of the most demoralizing briefs I have received. The biggest threat to this country besides the Boko Haram is unemployment and the mining sector is key to employment creation."
 
Forex Restriction and National Interest
The Central Bank of Nigeria (CBN) has again, tighten the noose on the economy by denying importers of certain goods access to foreign exchange at the official market, emphasizing the need to curtail indiscriminate importation of some goods that could be produced.
 
Despite Serving Poison, Chocolate Royale Got VIP Treatment From NAFDAC
A tweet from an apparent member of the Moussalli family, Saada Elias Moussalli has caused outrage over the shutting and unprecedented quick reopening of Chocolate Royale and its sister restaurants in Lagos by the National Agency for Food Drugs Administration and Control (NAFDAC). Tweeting under the ashtag @saada_et, she wrote "You are all ignorant Nigeria is not made on newshpapers" and "So expired food for 20 years and nobody get sick so this is fantastic we all should go for expired food haha"
http://economicconfidential.com/despite-serving-poison-chocolate-royale-got-vip-treatment-from-nafdac/
 
Wilmar Under Scrutiny For Land Grab In Nigeria
A new report scrutinizes leading global palm oil trader Wilmar International Ltd. (WLIL.SI) for abuses of human and environmental rights in a large-scale land acquisition in Cross River State. The report, jointly released by Friends of the Earth U.S. and Environmental Rights Action-Nigeria, exposes Wilmar's destruction of High Conservation Value areas, including community food-producing areas and water sources essential to local communities.
 
Sambo Dasuki: An Encounter With The Spymaster
Dasuki disclosed how himself and two young military officers (they are still alive) travelled to Jos to brief Major General Buhari who was then the GOC of 3rd Armoured Division on the furtherance of the planning of the 1983 coup which made Buhari the major beneficiary of the ouster of the elected President Shehu Shagari. Read: http://economicconfidential.com/sambo-dasuki-an-encounter-with-the-spymaster/
 

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Factual, Authoritative and Accesible
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Wednesday, 24 June 2015

How GEJ, NASS Killed Yar'Adua's 2009 Salary Review Efforts as States N418bn June 2015

Latest from the Factual Authoritative and Accessible Economic Confidential

Exclusive: How Jonathan, NASS Killed Yar'Adua's 2009 Salary Review Efforts
17,474 Political Officers Earn N1.1 trillion annually
In an exlusive report, the Economic Confidential gathered that a report was submitted to President Yar'Adua for the review of salary and allowances of public officers, which he promptly forwarded to the National Assembly in form of bills for legislation. Unfortunately, the legislators were never debated upon until the death of President Yar'Adua. Read: http://economicconfidential.com/exclusive-how-jonathan-nass-killed-yaraduas-2009-salary-review-efforts/
 

Federal Allocation For The Month Of May 2015 Is N418.452billion.
The Federal Government, State governments and Local government Councils have shared a total of N418.452billion as Federal allocation in June 2015. A communique issued by the Federation Accounts Allocation Committee  (FAAC) indicated that the Gross Revenue received for the month of May,2015  was N324.061billion.  Read: http://economicconfidential.com/federal-allocation-for-the-month-of-may-2015-is-n418-452billion/

FG Insists On Recovering Stolen Funds From Past Officials
President Muhammadu Buhari on told past officials of government who looted the treasury but felt that they have been forgiven their sins to perish such thoughts. President Buhari vowed that funds stolen by government officials who abused their offices in the recent past will be recovered and systemic leakages stopped: Read: http://economicconfidential.com/fg-insists-on-recovering-stolen-funds-from-past-officials/
 
Succour As NLNG Pays $1.6 Bn Tax To FG
A major financial succour came the way of newly inaugurated administration of General Muhammadu Buhari from the Nigerian Liquefied Natural Gas (NLNG) in the form of $1.6 billion tax paid to the Federal Inland Revenue Service (FIRS). http://economicconfidential.com/succour-as-nlng-pays-1-6-bn-tax-to-fg/
 
Nigeria Produced 1.91m Barrels Of Crude/Day In April
Nigeria's crude oil production, including condensates and natural gas liquids averaged 1.91 million barrels per day (mbpd) or 57.30 million barrels in April 2015, figures from the Central Bank of Nigeria (CBN) indicate. The figure represented an increase of five per cent above the level of 1.82 mbd or 56.42mbpd recorded in the preceding month. Read: http://economicconfidential.com/nigeria-produced-1-91m-barrels-of-crudeday-in-april/
 
NDIC Gives Clean Health Bill To Nigerian Banks
The Nigeria Deposit Insurance Corporation (NDIC) says Nigerian banks are in good financial position to carry on banking activities.Read: http://economicconfidential.com/ndic-gives-clean-health-bill-to-nigerian-banks/
 
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Nigeria's Economic Magazine
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