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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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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Wednesday, 10 June 2015

Bribery, Nepotism Rock Promotion in Para-Military Agencies

Latest from the Economic Confidential

30 Key Quotes From President Buhari's Inaugural Speech
The Economic Confidential presents 30 Key issues raised by President Muhammadu Buhari of Nigeria in his Inaugural Speech at the swearing-in ceremony on Friday May 29, 2015. The issues raised are loaded with powerful messages and brilliantly delivered in quotable quotes by the new President of the most populous nation in Africa. Read: http://economicconfidential.com/30-key-quotes-from-president-buharis-inaugural-speech/
 
Bribery, Nepotism, Irregularities Rock Promotions In Para-Military Agencies
…Officers Pay N2m For Promotion …Victims Urge Probe
A strange combination of dejection and a spirit of rebellion now pervade the air around the paramilitary agencies of the Federal Government under the Ministry of Internal Affairs and directly superintended by the Civil Defence, Fire, Immigration and Prisons Services Board despite the recent mass promotion. Read: http://economicconfidential.com/bribery-nepotism-irregularities-rock-promotions-in-para-military-agencies/
 
A.P Moeller-Maersk To Build $2billion Port In Badagry
A.P Moeller-Maersk A/S is at the verge of winning a lucrative contract to build a new port worth over $2billon in Badagry area of Lagos state, Nigeria. The Danish company which has expanded its African operations is waiting for final sign-off on the contract according to its company's senior vice president for Africa, Lars Reno Jakobsen. Read: http://economicconfidential.com/a-p-moeller-maersk-to-build-2billion-port-in-badagry/
 
U.S. To Resume Oil Export 40 Years After
A bipartisan group of U.S. Senators led by Lisa Murkowski and Heidi Heitkamp introduced a bill Wednesday to lift a 40 year long ban on U.S. crude exports. Read: http://economicconfidential.com/u-s-to-resume-oil-export-40-years-after/
 
Dangote Cement Declares N74.7bn Profit For First Quarter Of 2015
Nigeria's largest cement producer, Dangote Cement, has announced a gross profit of N74.7 billion for the three months ended March 31, 2015. This represents an increase of 10.5 per cent over N67.63 billion recorded in the same period in 2014. Read: http://economicconfidential.com/dangote-cement-declares-n74-7bn-profit-for-first-quarter-of-2015/
 
How Agric Is Restoring Nigerian Economy To Glory
Prior to now, agriculture used to be considered as the nerve of every nation's economy and Nigeria was not an exception. However, what used to be the pivot for growth and development in the past has suddenly been neglected because of oil boom. Read: http://economicconfidential.com/how-agric-is-restoring-nigerian-economy-to-glory/
 
Is Nigeria Really Broke?
Few months ago Nigerians were told by the Finance Minister that Nigeria was not broke but now it is evident that Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed. Read: http://economicconfidential.com/is-nigeria-really-broke/
 
The Fraud In FCT Mass Housing Initiatives
Investigation by Economic Confidential have revealed myriad headwinds that make Nigeria to be about 17 million in housing unit deficit, according to the Government's figure, and underdeveloped world vis-a-vis inadequacy of decent shelter for the citizens. Read: http://economicconfidential.com/the-fraud-in-fct-mass-housing-initiatives/
 
 
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Monday, 14 July 2014

Companies to Introduce Terrorism Insurance as FG, States Share N1 trillion

Latest from the Economic Confidential

Interview
Companies Now To Introduce Terrorism Insurance- Fola Daniel
Commissioner for Insurance and Director General, National Insurance Commission, Mr. Fola Daniel answered questions on nagging issues the industry during the retreat held for insurance correspondents at the Le' Meridien Ibom Hotel, Uyo, Akwa Ibom State. Managing Editor, SANYA ADEJOKUN was there...  Read: http://economicconfidential.com/2014/07/companies-now-to-introduce-terrorism-insurance-fola-daniel/
 
States, Councils Get 35.5% Of Federation Account In June
…As FAAC Disburses N1.1tn For May
The Federation Accounts Allocation Committee last month (June) disbursed a total N1 trillion to the three tiers of government and other agencies for the month of May 2014. A careful analysis of the disbursements however, revealed that contrary to the existing revenue formula which stipulates 52.68 percent to federal, 26.72 percent to states and 20.6 percent to local government, both states and local governments actually got less than 30 percent during the month under consideration... Read: http://economicconfidential.com/2014/07/states-councils-get-35-5-of-federation-account-in-june/
 
Unclaimed Dividends Hit N50.94Bn in 2013
The quantum of unclaimed dividends in lying in the account of quoted companies in Nigeria has been on a gradual decline, because various stakeholders have been actively engaged in efforts in this direction. At the end of December 2013, unclaimed dividend in the books of capital market registrars dropped to N50.94 billion... Read: http://economicconfidential.com/2014/07/unclaimed-dividends-hit-n50-94bn-in-2013/
 
At CBN, Its Business As Usual
Sanya Adejokun here looks at the first one month of Central Bank of Nigeria under Godwin Emefiele and concluded that except for rhetoric and temperament, it is business as usual. With his new appointment, the former Zenith Bank Plc chief executive has assumed the mantle as the 11th CBN chief as well as its 10th indigenous governor. His approach in the handling of the job is expected to be measured and conservative, he would face the challenging task of managing pre-election spending and maintaining price stability amid Nigeria's declining external reserves... Read: http://economicconfidential.com/2014/07/at-cbn-its-business-as-usual/
 
Nigeria's GDP Rebasing and Intra-Africa Trade Boosting
Data released by the Nigerian Bureau of Statistics following the recent rebasing of the country's Gross Domestic Product shows that the Nigerian economy is much more diversified than we had thought or acknowledged... Read: http://economicconfidential.com/2014/07/nigerias-gdp-rebasing-and-intra-africa-trade-boosting/
 
Power of Apology and Constructive Engagement
At a recent private engagement with the media, a prince of the Sokoto caliphate, former aide de camp to former President Ibrahim Babangida and current National Security Adviser (NSA), Col. Sambo Dasuki (retired) lamented that terrorists have succeeded in changing the way Nigerians see and relate with each other but observed the only way to defeat them is for all of us to remain united in constructive engagements and mutual dialogues and confront their threat as one united nation under God... Read: http://economicconfidential.com/2014/07/power-of-apology-and-constructive-engagement/
 
Niger Delta: Of Durable Peace And Political Settlement
In June 2009, President Umaru Yar'Adua granted "amnesty and unconditional pardon to all persons who have directly or indirectly participated in the commission of offences associated with militant activities in the Niger Delta." Militants, insurgents and justice seekers who protested against the government and multinational oil companies had until Sunday, October 4, 2009, to either accept the presidential pardon or face the wrath of the Federal Government... Read: http://economicconfidential.com/2014/07/niger-delta-of-durable-peace-and-political-settlement/
 
EU Looking To Nigeria For Gas Supply
With Russia in conflict with the European Union and Nigeria looking to expand business frontiers especially with United States depending more on Shale oil, Nigeria has agreed on terms to support long-term gas supply security with the European Union... Read: http://economicconfidential.com/2014/07/eu-looking-to-nigeria-for-gas-supply/
 
FIRS sets deadline for Tax remittances Energy Companies
The Federal Inland Revenue Service, FIRS, and the National Electricity Regulatory Commission, NERC, have set June 30 as the deadline for the remittance of taxes by power sector operators in the Nigerian Electricity Supply Industry, NESI... Read: http://economicconfidential.com/2014/07/firs-sets-deadline-for-tax-remittances-energy-companies/
 
 
Boko Haram, Muslims and Northerners
Sometimes the silence of Northerners and Muslims over monumental atrocities being committed in some parts of the North, is being viewed either as a sign of complicity or endorsement of atrocities being perpetrated by insurgents. The reality however, is that most of the victims of the attacks are actually Northerners and many are even notable traditional rulers and Islamic clerics who dared to condemn such activities just like the killing of Emir of Gwoza.... Read: http://economicconfidential.com/2014/07/boko-haram-muslims-and-northerners/
 
Segun Olugbile: Dedicated to Clean Cyberspace
Concerned about cybersecurity in Nigeria, critical stakeholders recently met and suggested input into the country's policy framework on cybersecurity at the First National Cybersecurity Forum.The technical consultant to the successful hosting of the conference is Olusegun Olugbile, the Managing Partner of Continental Project Affairs Associates (CPAA). ... Read: http://economicconfidential.com/2014/07/segun-olugbile-dedicated-to-clean-cyberspace/
 
How Boko Haram Beats Efforts To Choke Its Financing
When Washington imposed sanctions in June 2012 on Boko Haram leader Abubakar Shekau, he dismissed it as an empty gesture. Two years later, Shekau's skepticism appears well founded: his Islamic militant group is now the biggest security threat to Africa's top oil producer, is richer than ever, more violent and its abductions of women and children continue with impunity... Read: http://economicconfidential.com/2014/07/how-boko-haram-beats-efforts-to-choke-its-financing/
  
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Wednesday, 19 March 2014

Bankers Stole N3.8bn Customers' Money in 6 Months as Ulama to Declare Fatwa on Boko Haram

Latest from your Economic Confidential

Bankers stole N3.8 billion Customers' Money between January and June 2013
The wave of corruption and stealing in the public service appears to be also gaining fast momentum in the banking industry as bankers stole N3.8 billion from their customers and their banks in the first half of 2013. Read: http://economicconfidential.com/2014/03/bankers-stole-n3-8-billion-customers-money-between-january-and-june-2013/
 
Ulama to Declare Fatwa on Boko Haram Insurgents, 40 Convicted So far
After successful military campaigns where over 700 armed Boko Haram kingpins' and hardened members were killed during recent confrontations, the National Security Adviser (NSA), retired Colonel Sambo Dasuki has rolled out the soft approach to countering terrorism in Nigeria. Read: http://economicconfidential.com/2014/03/ulama-to-declare-fatwa-on-boko-haram-insurgents-40-convicted-so-far/
 
Full Text of Sanusi's Response over Suspension from CBN as Governor
I am compelled to make this public statement to address the various allegations levied against the Central Bank of Nigeria (CBN) and cited as the reasons for my suspension from office as the Governor of the CBN on the 19th of February 2014. Read: http://economicconfidential.com/2014/03/full-text-of-sanusis-response-over-suspension-from-cbn-as-governor/
 
Nigeria's Turnover on Investment High and Attractive- Trade Minister
It has been disclosed that turnover on investment in Nigeria is high and very attractive to investors all over the world. Read: http://economicconfidential.com/2014/03/nigerias-turnover-on-investment-high-and-attractive-trade-minister/
 
NESG to Review 45yrs Old Nigeria Education Policy Foundation
The Federal Government has challenged the National Economic Summit Group (NESG), to review the policy foundation of Nigeria's education sector developed in 1969 to meet current realities. Read: http://economicconfidential.com/2014/03/nesg-to-review-45yrs-old-nigeria-education-policy-foundation/
 
Nigeria's debt: The House vs Okonjo-Iweala - Les Leba
In a recent online interactive programme with Nigerian youths, the Finance Minister and the Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, gave the assurance that Nigeria does not have a debt problem, as the ratio between our debt and our nation's total output (GDP) is a mere 21 per cent. Read: http://economicconfidential.com/2014/03/nigerias-debt-the-house-vs-okonjo-iweala-les-leba/
 
Nigeria's current image is well deserved- Sabella Abidde
In early March 2014, domestic media houses reported that the Jonathan administration had earmarked N300 million to combat damaging publicity by foreign news outlets. The amount would be spent on "external publicity/media insertions in foreign media. Read: http://economicconfidential.com/2014/03/nigerias-current-image-is-well-deserved-sabella-abidde/
 

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Sunday, 2 March 2014

How International Rivalry Fuels Boko Haram as FG Stops Foreign Training for Civil Servants

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential.
 
CBN Governor: The Rise and Fall of Sanusi Lamido
Devoid of politics, there have been serious allegations of financial irregularities against Mallam Sanusi Lamido Sanusi as Governor of the Central Bank of Nigeria (CBN) but the timing of his removal by President Goodluck Jonathan sent wrong signals across the world. The real political intracies since 2013 till the suspension is unveiled by the Economic Confidential. Read: www.economicconfidential.com/2014/03/cbn-governor-the-rise-and-fall-of-sanusi-lamido/
 
Exposed: How International Rivalry Fuels Boko Haram Insurgency
Intelligence reports have continued to indict a neighbouring country and another foreign government of conspiracy in the continued harassment of Nigerian towns and villages in the north eastern parts of the country by Islamists Boko Haram terrorists. Read: www.economicconfidential.com/2014/03/how-international-rivalry-fuels-boko-haram-insurgency/
 
Cash Strapped FG Stops Foreign Training for Civil Servants
Concerned about dwindling revenue and corrupt practices, the Federal Government has finally stopped further overseas training for its officers at least for the foreseeable future. Read: www.economicconfidential.com/2014/03/cash-strapped-fg-stops-foreign-training-for-civil-servants/

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