Lawmakers Bicker over Buhari’s ‘Sickness’

The use of the word “sickness” degenerated into a heated argument among lawmakers during plenary at the House of Representatives tuesday, leading to the disruption of proceedings for some minutes.

The lawmakers disagreed on whether it was appropriate to say President Muhammadu Buhari, who is currently on a prolonged vacation in the United Kingdom for medical reasons, is “sick” or is on “medical vacation”.
The main contenders were the Majority Leader of the House, Hon. Femi Gbajabiamila and the Chief Whip, Hon. Alhassan Ado Doguwa, both vocal supporters of the president.

Doguwa (Kano APC), while opposing a motion completely unrelated to Buhari, had described the president as sick.
The motion moved by Hon. Aliyu Madaki also from Kano, was calling for an investigation into the alleged harassment of members of the Kwankwasiya movement, a political group loyal to the former governor of Kano State, now Senator Rabiu Kwankwaso.

Madaki belongs to the Kwankwaso camp in the crises enveloping the ruling All Progressives Congress (APC) in Kano, while Doguwa has shifted loyalty from Kwankwaso to incumbent Governor Abdullahi Ganduje. Kwankwaso is rumoured to be eyeing the presidency in 2019.
Doguwa, in his argument, accused the Kwankwasiya group of fomenting trouble in the state and raising tension in an environment already on the edge due to the absence of Buhari.
He also considered it unwise that campaigning by the Kwankwaso group for the 2019 presidential polls in “a state as volatile as Kano” had already commenced.

“Our beloved president is sick abroad. These partisan activities are completely unnecessary. The sponsor of the motion failed to lay the facts of the issues as they are,” Doguwa said.
However, his use of the word “sick” did not go down well with Gbajabiamila who shouted “point of order”.
Recognised to speak by the Deputy Speaker, Hon. Yussuff Sulaimon Lasun, who was presiding, the majority leader demanded that Doguwa withdrew the contentious word.

“There is no factual basis for what he is saying, that Buhari is sick. The president is not sick. At best, he can say that the president is on medical vacation.

“There is a difference between being sick and going on a medical vacation,” Gbajabiamila said.
His point of order was what threw proceedings into a turmoil, as lawmakers raised their voices, with some saying there was no difference between going on a medical vacation and being sick.
Above the uproar, some said the president was sick, while others shouted that he was not.
It took several minutes to restore order at the plenary and resume proceedings.
Eventually, Lasun sustained the point of order, but elicited laughter from the lawmakers when he also used the word “sickness” while speaking about the president.

“Let me sustain the leader’s point of order. Ado-Doguwa, you should not lay emphasis on the sickness of our president because of the security implications,” Lasun said.
Madaki, speaking earlier on his motion, had accused the Ganduje administration of using the police to harass opponents and critics of the administration.

“This is like inviting anarchy and we must act quickly before the situation implodes. Even in Bauchi State, the police are stopping groups from conducting themselves peacefully,” he said.
Contributing to the motion, Minority Leader, Hon. Leo Ogor backed the argument that the police were being used by the powers that be.

He recalled that the police, without any justification, stopped a meeting of the Ahmed Makarfi-led members of the Peoples Democratic Party (PDP) two weeks ago.
“We came together as a party to review the decision of the Federal High Court (sic) on our party. The police came and blocked the whole place. I wept,” Ogor said.

Other members also accused the police of harassment in several states including Rivers and in the Federal Capital Territory (FCT).
The arguments led the House to summon the police commissioners of Kano, Rivers and the FCT.

Dangote Ends Nigeria’s Dependence on Imported Cement

Having ramped up cement output from its factories within Nigeria to nearly 30 million tonnes per annum, the Dangote Group tuesday announced that it had officially ended the nation dependence on imported cement.

The company also hinted that it exported 400,000 tonnes of the product to other nations in 2016.
In its 2016 full year audited results presented on the floor of the Nigerian Stock Exchange (NSE) in Lagos yesterday, Dangote Cement sold 8.6 million metric tonnes of cement outside Nigeria, which is 54 per cent more than what was sold in 2015.
Analysts said the export is significant, given that the nation used to be a net importer of cement.
As at 2011, Nigeria was one of the world’s largest importers of cement, buying 5.1 million metric tonnes of foreign cement at huge expense to the country’s balance of trade.
The company’s Pan-African cement plants continued to perform well, contributing significantly to its turnover and profitability.
While presenting the results, the company’s Chief Executive Officer, Onne van der Weijde, assured the investors of better returns on their investment in the Dangote Cement.
According to him, “The new year has started well and we expect much higher profitability in Nigeria in 2017, even though we may not see the volume growth we achieved in 2016. I am confident that we will deliver an even stronger performance in 2017 as we increase market share and extend our reach across Africa.”
The economic challenges notwithstanding, Weijde revealed that Dangote Cement achieved sales and revenue growth of 25 per cent and consolidated its position as Africa’s leading producer of cement.
While sales from Nigerian operations increased by 13.8 per cent to nearly 15.1 million metric tons at a growth rate far higher than the country’s GDP, which fell in 2016, its total revenue leaped by 25.1 per cent to 615.1 billion
To the delight of the investors, Dangote Cement earnings per share increased by 4.5 per cent to 11.34 and the dividend payout to the shareholders also increased significantly by 6.3 per cent to N8.5 kobo per share.
Dangote Cement is Africa’s leading cement producer with nearly 46 million metric tons’ capacity across Africa.
It is a fully integrated quarry-to-customer producer with production capacity of 29.25Mta in Nigeria; Obajana plant in Kogi State is the largest in Africa with 13.25Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue State has 4Mta.
The company has also concluded arrangements to build new factories in Ogun State (3-6Mta) and Edo State (6.0Mta). Through its recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into a net exporter of cement serving neighbouring countries.
In addition, the company has invested several billion dollars to build manufacturing plants and import/grinding terminals across Africa. Its operations are in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.0Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import), South Africa (3.3Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

CBN Black Market Attack is Just a Stopgap Until Nigeria Floats the Naira

VIEW FROM ABROAD

Don’t be fooled by the biggest black-market gain in a year for Nigeria’s naira.

The rally, sparked by increased sales of foreign exchange forwards and looser capital controls, is contingent on the central bank continuing to sell down its reserves. And until it devalues or makes a clear switch to a free-floating currency, Africa’s most-populous country will struggle to lure back foreign investors, according to JPMorgan Chase & Co. and Renaissance Capital.

Forwards suggest more declines to come, investors are shunning naira assets, and a web of alternative exchange rates only adds to the confusion over the currency’s real value.

After sales of $600 million of one- and two-month forwards last week, the naira’s black market rate rose 13 per cent to 460 per dollar from an all-time low of 520. It appreciated another 2.2 per cent to 450 on Monday after the central bank sold $100 million of 60-day forwards. That narrowed the gap with the official rate, which the central bank has kept at around 315 since August, to the smallest since September.

The number of exchange rates in the country “further complicates” an already convoluted system, according to John Ashbourne of London-based Capital Economics.

Nigeria, which has always managed its currency tightly, charges people different prices for foreign exchange depending on their needs. Last week, Nigerians going on business trips abroad or paying overseas medical and school bills were lured away from the black market with a rate 20 per cent above the official interbank level, equating to about 370 per dollar.

Even after the rebound, the currency remains 32 per cent weaker on the black market than on the official one. Naira forward contracts maturing in three months trade at 357 per dollar, suggesting the currency will drop 12 per cent in the period. Naira six-month contracts are quoted at 385.

Nigeria’s Eurobond yields have dropped to the lowest since May 2015, showing that investors are keen to get more exposure to the nation amid higher oil prices and waning pipeline attacks by militants in the Niger River delta. It’s a different story for naira-denominated assets. Local-currency bonds average 16.4 percent, the second highest after Egypt among 31 major emerging markets tracked by Bloomberg.

It’s the same story with equities. Nigerian stocks, languishing near a 10-month low, are the cheapest in Africa, with a price-to-earnings ratio based on estimates for the next 12 months of 7.6, barely half the level of South Africa. Yet the market capitaliSation of the dollar-based Global X MSCI Nigeria Exchange Traded Fund, listed in New York, has more than doubled in the last year to $35 million. That suggests investors are keen on Nigerian stocks, just not in naira.

South African Government Deports 97 Nigerians

The South African government yesterday deported 97 Nigerians resident in that country to Nigeria, just as the National Assembly condemned in strong terms the xenophobic attacks against African immigrants, particularly Nigerians, and resolved to send a delegation to meet with the South African parliament on measures to be adopted to stop the attacks.
The deportation of the 97 Nigerians may be a fallout of the recent xenophobic attacks against African immigrants in the Southern African country.
THISDAY learnt that the 97 Nigerians were deported for civil and criminal offences.
Of the total, six of the deportees were said to have been returned to the country for drug offences, 10 were arrested and deported for criminal offences while others committed immigration offences.
According to Nigerian Immigration sources, who spoke to THISDAY tuesday, the deportees arrived the Murtala Muhammed International Airport (MMIA), Lagos, onboard a chartered aircraft with registration number GBB710 from Johannesburg, South Africa.
The deportees comprised 95 males and two females.
Those deported for drug and criminal offences were immediately handed over to the police for prosecution while those with civil cases were left to go home after screening by the officials of the Nigerian Immigration Service (NIS) at the airport.
But as Nigerians were being deported to Nigeria from South Africa for alleged criminal and immigration offences, the National Assembly was condemning in strong terms the recent resurgence of xenophobic attacks against African migrants in the Southern African country, particularly Nigerians, who have lost properties valued at millions of dollars.
The federal lawmakers in both chambers of the National Assembly also resolved to send a delegation to South Africa to meet with the country’s parliament to agree on measures to stop the attacks.
At plenary yesterday, the Senate decried the resurgence of the xenophobic attacks and what it described as the extra-judicial killings of Nigerians by both the South African police and South Africans.
The Senate also advised the federal government to reconsider Nigeria’s diplomatic ties with South Africa with a view to averting the recurrence of the xenophobic attacks and extra-judicial killings of Nigerians in South Africa.
It also resolved to send a delegation to South Africa to engage their fellow parliamentarians on the matter.
Moving a motion on the issue, Senator Rose Oko (Cross River North) expressed concern over recurring xenophobic attacks and extra-judicial killings of Nigerians in South Africa.
She said on February 18, South Africans attacked and looted businesses belonging to Nigerians in Pretoria, pointing out that the acts violated Article 5 of the United Nations Universal Declaration on Human Rights, which provides that “no one shall be subjected to torture or cruel, inhuman or degrading treatment”.
She also recalled that in 2016, 20 Nigerians were killed under similar circumstances over allegations of drug trafficking without recourse to legal processes and the principle of fair hearing.
But while appearing before the joint National Assembly Committee on Foreign Affairs yesterday, the Minister of State for Foreign Affairs, Mrs. Khadijat Abbah Ibrahim, denied claims that Nigerians were killed in the recent wave of attacks.
According to her, available information showed that there was no record that any life was lost in the recent xenophobic attacks which began on February 18.
But the chairman of the joint committee, Senator Monsurat Sunmonu, said henceforth attacks on Nigerians in South Africa would be handled on a “tit for tat basis”.
She said if the attacks continued, South Africans and the country’s businesses should be prepared for reprisals in Nigeria, insisting that their firms would also suffer similar attacks being meted to Nigerian businesses in South Africa.
Also, the House of Representatives constituted a delegation yesterday to meet with the South African parliament over the recent xenophobic attacks on Nigerians and their businesses in Pretoria.
The delegation will be led by Majority Leader, Hon. Femi Gbajabiamila.
Gbajabimaila and five other members, including the Chairman of the House Committee on Foreign Affairs, Hon. Nnenna Elendu-Ukeje, are expected to interface with the South African parliament on how to stop further attacks on Nigerians in the country.
The House last week condemned the recurring attacks on Nigerians living in South Africa, despite Nigeria’s contribution to the liberation of the country from apartheid.
Ukeje had suggested an inter-parliamentary interface, stating that legislators are the closest arm of government to the citizens and would be able to assist with the reorientation of their citizens on the role played by Nigerians in the liberation of South Africa.
Other members of the delegation are Hon. Sadiq Ibrahim (Adamawa APC), Hon. Henry Nwawuba (Imo PDP), Hon. Nasiru Zango Daura (Katsina APC) and Hon. Shehu Aliyu Musa (Bauchi APC).

Senate to Screen Onnoghen Tuesday

The Senate will today screen the acting Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, three weeks after acting President Yemi Osinbajo sent his name to the parliament for confirmation.
Onnoghen, who will be screened before the Committee of the Whole Senate, may also be confirmed today as the substantive CJN, almost four months after the former CJN, Justice Mahmud Mohammed, bowed out of service having attained the mandatory retirement age of 70.
His screening and possible confirmation will lay to rest the tension which arose from the failure of the Muhammadu Buhari administration to send Onnoghen’s name to the Senate for confirmation ahead of the retirement of the immediate past CJN last year.
Weeks before Justice Mohammed’s retirement, Justice Onnoghen was recommended to Buhari for appointment as CJN by the National Judicial Council (NJC).
Following the recommendation, Buhari was in accordance with the constitution, expected to send Justice Onnoghen’s name to the Senate for confirmation.
But the president did not, raising speculations that he was not favourably disposed towards his emergence as the CJN.
The perception was further fuelled by the president’s decision to swear him in as acting CJN on November 10, 2016.
However, in view of constitutional provisions that the acting CJN can only serve in this capacity for three months, concern was raised early last month that Justice Onnoghen’s tenure may be short lived.
However, in the heat of the controversy, Osinbajo, on the instructions of Buhari, sent Justice Onnoghen’s name to the Senate for confirmation as the substantive CJN.
It is expected that the Senate will expeditiously screen and confirm Justice Onnoghen today as the substantive CJN.
The Senate will also today take a motion focusing on the alleged diversion of N5.1 trillion subsidy funds by the Nigeria National Petroleum Corporation (NNPC).
Raising a point of order during yesterday’s plenary, Senator Dino Melaye (Kogi West), said every month, between five and 10 cargoes of refined products are imported into Nigeria while the equivalent of five cargoes are refined locally in the country.
He said whilst the federal government had been prosecuting only private sector oil marketers whom he said have been importing only 49 per cent of refined petroleum products since 2006, the NNPC which accounts for 51 per cent of the refined products imported into the country, is not being investigated for false subsidy scams.
According to him, whereas subsidy proceeds accruable to marketers amounted to only about N3.83 trillion, NNPC collected N5.1 trillion on subsidy, lamenting that “this has never been investigated; this has never been looked at and we are busy chasing independent marketers”.
After presenting his point of order, the Senate resolved to formally adopt a motion on the matter today and consequently refer it to a committee for investigation.

Nigerian Economy Contracts by 1.5% in 2016, Marginally Beating IMF Forecast

The Nigerian economy contracted by 1.5 per cent in 2016, the first full-year contraction since 1991, and slightly beat the forecast by the International Monetary Fund (IMF), which initially predicted a contraction in the country’s Gross Domestic Product (GDP) by 1.8 per cent, but later revised it to 1.7 per cent.
In contrast, the Nigerian economy grew by 2.8 per cent in 2015.
GDP data released tuesday by the National Bureau of Statistics (NBS) also showed that the economy shrank by 1.30 percent in the fourth quarter of last year (Q4 2016), compared to -2.26 per cent in the previous quarter.
Though the decline was less severe than the contraction in the previous quarter, it was lower than the 2.11 percent growth attained in Q4 2015.
Reacting to the latest growth data from the NBS tuesday, the presidency stated that there were indications that the country was on its way out of the recession, considering the overall contraction in 2016 and the NBS data showing that the contraction in the last quarter of 2016 had slowed down.This is just as the Nigerian National Petroleum Corporation (NNPC) announced that the country’s oil output has risen to 2.1 million barrels per day (mbpd), signaling the in-roads the federal government has made in restoring peace in the Niger Delta, where attacks by militants on oil installations last year slashed Nigeria’s production to 1.3mbpd.
According to the NBS, in real terms, Nigeria’s GDP was valued at N18.29 trillion in Q4 2016, compared to N18.53 trillion in Q4 2015.
For the full year, NBS said GDP contracted by 1.51 per cent, indicating a real GDP of N67.98 trillion.
However, nominal GDP in Q4 2016 was valued at N29.29 trillion at basic prices, representing a year-on-year nominal growth of 12.97 per cent.
For the entire year, aggregate nominal GDP stood at N101.59 trillion, compared to N94.14 trillion in Q4 2015.
In contrast to real growth, this was 5.84 per cent higher than Q4 2015, implying that the GDP deflator increased faster than the earlier period, the NBS stated.
The contraction in the quarter under review, it added, reflected “a difficult year for Nigeria, which included weaker inflation-induced consumption demand, an increase in pipeline vandalism, significantly reduced foreign reserves and a concomitantly weaker currency, and problems in the energy sector such as fuel shortages and lower electricity generation”.
Quarter-on-quarter, real GDP increased by 4.09 per cent, which partly reflected seasonal factors, as well as a rise in the general price level, NBS added.
Oil production was estimated at 1.90mbpd in Q4, 0.27mbpd higher than the 1.63mbpd production volume in the previous quarter but lower than Q4 2015 estimates by 0.25mbpd when output was put at 2.16mbpd.
For the full year 2016, however, oil production was estimated at 1.833mbpd, compared to 2.13mbpd in 2015.
The oil sector contracted by 13.65 per cent in the year, representing a more significant decline of -5.45 per cent in 2015.
The oil sector’s share of real GDP also declined to 8.42 per cent in 2016 compared to 9.61 per cent in 2015.
According to the NBS, “This reduction has largely been attributed to vandalism in the Niger Delta region. As a result, the sector contracted to -13.65 per cent, a more significant decline than in 2015 of -5.45 per cent.”
The oil sector also declined to -12.38 per cent in real terms (year-on-year) in Q4, indicating an improvement relative to the previous quarter, when the sector declined to -22.01 per cent, but a more severe decline than in Q4 2015, when a contraction of -8.23 per cent was recorded.
Quarter-on-Quarter, real oil sector GDP grew by 8.07 per cent and represented 7.15 per cent as a share of the economy, compared to 8.19 per cent in Q3 2016 and 8.06 per cent in Q4 2015.
On the other hand, the non-oil sector shrank by 0.33 per cent in real terms in Q4, but increased its share of GDP to 92.85 per cent from 91.94 per cent in Q4 2015.
In 2016, the sector shrank by 0.22 per cent in real terms, compared to a growth rate of 3.75 per cent in 2015, a difference of 3.97 per cent.
A breakdown of the non-oil sector showed that real estate shrank by 9.27 per cent and contributed –0.77 per cent to year-on-year growth in total real GDP.
According to the NBS, manufacturing, construction and trade also shrank, ameliorated slightly by continuing strong growth in agriculture especially crop production.
Mining and quarrying contributed 7.32 per cent to real GDP in Q4, representing a decline of 0.89 per cent relative to the corresponding quarter of 2015 and a decline of 1.02 percentage points relative to the third quarter of 2016.
Agriculture contributed 25.49 per cent to overall GDP in the quarter under review, higher than its share of 24.18 per cent in Q4 2015, but less than its share in the previous quarter of 28.65 per cent.

For 2016 as whole, agriculture increased its share relative to 2015 to 24.43 per cent due to relatively strong growth in the sector.However, the contribution of manufacturing to nominal GDP was 8.34 per cent, lower than the 9.09 per cent in the corresponding period of 2015, and 8.59 per cent in the third quarter of 2016.
Real GDP growth in manufacturing remained negative in Q4 2016, contracting by 2.54 per cent (year-on-year).
For 2016, the manufacturing sector in real terms contracted by 4.32 per cent compared to a decline of 1.46 per cent in 2015.
According to the NBS, this was reflective of the number of challenges faced by manufacturing in 2016 such as higher costs of imported inputs as a result of the exchange rate and higher energy costs as a result of the fall in electricity generation and more expensive fuel.
Recession Has Bottomed Out
In its reaction to the latest GDP data from the NBS tuesday, the presidency expressed confidence that the country was on the mend, considering the overall contraction in 2016 and data showing that the contraction in the last quarter of 2016 had slowed down.
The Presidential Adviser on Economic Matters, Dr. Adeyemi Dipeolu said this in a statement released by Mr. Laolu Akande, media aide to acting President Yemi Osinbajo.
Dipeolu said a review of the GDP figures released tuesday by the NBS showed a contraction of 1.30 per cent in the fourth quarter of 2016, translating to an estimated economic growth rate of -1.51 per cent for the full year.
According to him, these figures reflected the slowdown in the economy for most of 2016, but also showed that the recession may have bottomed out because of improving trends in several key sectors.
He said: “The Nigerian economy actually performed better overall last year as the growth rate was higher with a contraction of -1.5 per cent, compared to -1.8 per cent predicted by the International Monetary Fund (IMF), raising hopes that the recession may have bottomed out with the improving trends in several key sectors of the economy including agriculture and mining.“Overall, the Nigerian economy performed better than expected, even though we are still in the early stages of recovery. It is indeed noteworthy.”
He said government was also optimistic that with the ongoing engagement with the oil producing communities in the Niger Delta, increased oil production will be sustained.
“In a similar vein, the ongoing implementation of the Social Investment Programme (SIP), significant infrastructure spending of the federal government, and possible early passage of the 2017 budget, are all expected to trigger a positive multiplier effect on the Nigerian economy,” he added.
Dipeolu said government would not relent in its efforts and comprehensive approach to bring about the full recovery of the Nigerian economy and set it on a solid path of sustainable growth.
“Our work continues and we renew the pledge to do it with diligence and the firm commitment it deserves,” he stated.
He noted that even though the oil sector contracted to -12.38 per cent on a year-on-year basis, this, he said, was a relative improvement compared to the third quarter when the decline amounted to -22.01 per cent.
He said: “This outcome was due mainly to the increase in (oil) production such that the quarter-on-quarter growth for the oil sector between the third and fourth quarters was 8.07 per cent.
“The non-oil sector however declined by 0.33 per cent after showing some resilience in the third quarter when it grew by 0.03 per cent at the height of the recession.”
The NBS figures showed that agriculture grew at 4.03 per cent in the fourth quarter of 2016, a marginal decrease over the 4.54 per cent growth in the third quarter, he said.
Dipeolu explained that this was mainly because agriculture (especially crop production, which accounts for the bulk of agricultural production) is seasonal, with growth in the third quarter of the year usually higher than others.
He observed that the overall outcome for the year showed that the agricultural sector grew by 4.11 per cent, higher than 3.72 per cent in 2015.
He further observed that manufacturing actually grew on a quarter-on-quarter basis by 1.89 per cent but declined over the year by 4.32 per cent, reflecting the problems that the sector faced in the course of the year due to a combination of factors including the depreciation of the naira and higher energy costs.
“The metal ores sub-sector grew by 7.03 per cent in Q4 of 2016, compared to 6.93 per cent in the last quarter of 2015, thus justifying the priority that the federal government continued to give to solid minerals.
“The services sector, which accounted for 53.55 per cent of GDP in 2016, experienced a decline in growth to -0.82 per cent over the year, compared to a growth of 4.78 per cent in 2015.Dipeolu explained that this slowdown in the services sector arose from generally fragile economic conditions.
“This is because its fortunes depend to a large extent on consumer spending and government expenditure which were both adversely affected by difficult economic conditions,” he added.
He explained that the Social Investment Programme of the federal government, relatively high level of infrastructure spending in late 2016, as well as 2017 capital spending plans should begin to have a multiplier effect on the economy.
He stated that the data for nearly all the sectors showed an improvement in growth in nominal terms although such effects were outweighed by inflationary factors.
“The expectation is that this trend and the slowing down of month-on-month inflation will enable an early return to positive growth in the economy. This positive trajectory will also receive a boost from the positive news emerging from other parts of the economy,” he observed.
He cited the approval and release of the Nigerian Economic Recovery and Growth (NERG) plan by the Federal Executive Council, which sets the stage for the government’s economic reform programme, as being critical to the country’s recovery path.
Dipeolu also expressed hope that the likely early passage of the 2017 budget estimates would also lend further momentum to economic growth.
“Similarly, the recent Eurobond issue of $1 billion which was oversubscribed by almost 8 times will reinforce the trend of increasing reserves.
“Indeed, foreign reserves rose from $23.9 billion in October 2016 to $27.8 billion in January 2017,” he added.
In his views, the outlook for revenue from the petroleum sector was also positive, adding: “This improved outlook for the oil and gas sector is closely linked to the ongoing engagement and dialogue between the federal government and various communities in the Niger Delta.”
Analysts React
Also commenting on the fourth quarter GDP figures released yesterday, Chief Economist for Africa, Standard Chartered Bank, Razia Khan, while acknowledging that she was expecting a full-year contraction, the -1.5 per cent growth rate recorded for 2016, was marginally better than expectation of -1.7 per cent year-on-year.
Khan, in a note yesterday, said: “The very shallow contraction in non-oil GDP growth in Q4 2016, raises hope for a more meaningful recovery in non-oil GDP in Q1 2017, buoyed both by improved budget spending and some improvement in FX availability.
“We have not yet seen a sufficient turnaround in oil production, but even in Q4 last year, the extent of contraction had lightened. This is a good sign.
“Recovery in the oil sector in 2017 will be driven by higher prices and production gains. A continued double digit contraction in the oil sector, especially given the weak base, is unlikely.
“So while today’s GDP release for Q4 confirms the full year contraction in Nigerian GDP, recovery is nonetheless underway.
“How quickly the Nigerian authorities put in place much-needed reforms will determine the strength of that recovery.”
The Chief Executive Officer of Cowry Assets Management Limited, Mr. Johnson Chukwu also said the slow pace of economic contraction was an indication that there was some improvement in the performance of the economy.
He, however, said if the appropriate policies are put in place, the economy might fully recover latest by the end of the second quarter of the year.
Chukwu stressed that for the economy to fully recover, the government must facilitate business transactions.
“There is need to continue to liberalise the forex market as we have seen with the new forex policy, to make forex easily accessible by businesses.
“The sectors that experienced a decline are sectors that are heavily dependent on forex, such as manufacturing, telecommunications, and others.
“So, we need to stimulate those sectors that account for eight per cent and above of GDP. The government also needs to ensure that peace and tranquility is restored in the Niger Delta so that our oil production would continue to recover,” Chukwu added.
Also, Research Analyst at FXTM, Lukman Otunuga said that the country’s full-year economic contraction of 1.5 per cent for 2016 highlighted how the terrible combination of depressed oil prices, foreign exchange shortages, and overall sluggish economic fundamentals exposed the nation to downside shocks.
“While the outlook for Nigeria still remains bearish in the short term, it must be kept in mind that markets have acknowledged that the nation is currently in the process of a critical structural transformation.
“Since the start of the year, the positive report of a successful Eurobond issue coupled with recent interventions from the CBN have bolstered the investor risk sentiment towards the nation.
“It should be understood that Nigeria’s web of alternative foreign exchanges remains a major stumbling block to sustainable economic recovery while also effectively repelling foreign direct investment (FDI).
“While recent reports of the CBN releasing an additional $180 million to the forex market in an effort to ease business transactions may strengthen the naira further, speculation is rife on the central bank’s devaluation of the local currency to improve liquidity and regain more stability,” the Cyprus-based analyst added.
Oil Production RisesMeanwhile, NNPC tuesday announced that Nigeria’s oil production has risen to 2.1mbpd as a result of the government’s sustained peace initiatives in the Niger Delta.
The state-run oil firm also stated that with the current peaceful atmosphere in the oil-rich region, it was expecting tthe country’s oil production to grow above 2.2mbpd, effectively exceeding the 2017 budget benchmark of 2.2mbpd.
The Group Managing Director of NNPC, Dr. Maikanti Baru, stated this when he spoke on the corporation’s commercial strategy and priorities at the 2017 Nigeria Oil and Gas Conference and Exhibition in Abuja.
Baru’s remarks came at the same time the Minister of State for Petroleum Resources Dr. Ibe Kachikwu described Nigeria’s continued importation of petroleum products as shameful and fraudulent.
Kachikwu equally stated that the country’s refineries in Warri, Kaduna and Port Harcourt have continued to operate below profitability levels, adding that their inoperative condition had resulted in the waste of crude oil and human capacity.
The minister said the country has an oil sector infrastructure gap of over $45 billion which would need to be bridged within the next five years to reactivate the efficiency levels of Nigeria’s oil and gas sector.
Baru, in his presentation at the conference, said: “Crude production declined to as low as 1.5mbpd in July 2016, but this has steadily increased to 2.1mbpd in recent times due to the strategic steps taken by the NNPC and her partners to produce from assets that were affected by pipeline vandalism.
“We must also mention that the improvement in production is also as a result of the success of the recent dialogue held by the federal government in the Niger Delta areas.
“We are hoping that by the end of Q2, 2017, we should ramp up production above the budget benchmark of 2.2mbpd.”
He stated that NNPC encountered considerable challenges that impacted on its operations in the past year, adding however that the final resolution of joint venture cash call obligations in December 2016 re-established the confidence of joint venture partners in the business capacity of the corporation.
“The problem of the joint venture cash calls has been addressed after rigorous negotiations with our joint venture partners.
“The initial sum of about $8.1 billion was reduced to about $5.1 billion that will be paid over five years through incremental production. This notable achievement has saved the nation about $3 billion.
“The resolution of cash call arrears is expected to increase the confidence of JV operations in the system and therefore ginger more investments in new capital projects,” Baru stated.
Kachikwu also said that the infrastructure gap was limiting productivity levels in the sector.
In an apparent plea for a revision of the government’s policy of holding on to oil and gas sector assets, which it cannot fund, he said for Nigeria to bridge the gap, the nation would have to attract and allow private investment in the upgrade of most of the oil assets that are moribund.
“There is a sense of urgency needed here on infrastructure. The government is not in a position to fund most of the infrastructure and so we are left with little alternatives than to bring in private investors and work out terms that will enable us to begin to massively address the $45 billion infrastructure gap.
“Over the next four or five years, we have to find a way of bringing into this country an average of about $10 billion every year and that is essential whether in infrastructure, in pipelines, refineries or depots.
“We also have to be bold enough to take steps that have not been taken before, and they are steps that could be challenged by people but make a lot of commercial sense.
“It is no longer profitable to handhold all the assets, we have got to release those assets to the private sector under some operational and corporation mechanisms that enable us to reactivate those assets, charge the right tariff and get them to work efficiently.
“Whether it is for the gas pipelines, crude pipelines or refined products pipelines, the time has come to move away from the old model.”
On the importation of petroleum products and government’s commitment to end it, Kachikwu said: “Importation of petroleum products would have to cease, there is absolutely no reason why a country with the resources that we have will continue to import petroleum products.
“It is a shame to this country, it is fraud on the system and we have got to end it. We are committed to do this by 2018/2019.
“The refineries are not performing in the capacity they are supposed to perform. It is waste of crude and a waste of everybody’s intellectual capacity.
“If we do that, the downstream sector will survive. But if we don’t, by the first quarter of 2020 when the Dangote refinery would have come on stream, then we will have an issue in our hands.”

Tinubu Prepares for Presidential Run, Dumps PDP, Mega Party Alliance

Bolaji Adebiyi and Tobi Soniyi in Abuja with agency report

The National Leader of the All Progressives Congress (APC), Chief Bola Tinubu, has been holding a series of meetings and consultations for his bid for the presidency in 2019,

According to sources close to the former Lagos State governor, he is also putting together a team, preparatory for the race and has developed an elaborative strategic plan to make a bold bid for the coveted office.
In so doing, Tinubu, sources confirmed, has abandoned his initial plan of aligning with the opposition Peoples Democratic Party (PDP) to build a mega party to take on the APC in 2019.
Instead, Tinubu, the sources volunteered, has decided to remain in the APC, a party that he played a pivotal role setting up in 2013 and leading it to a historic victory in the 2015 elections.
Tinubu had hinted of his interest to contest for the presidency in Akure last Friday when he told reporters during the inauguration of the new governor of Ondo State, Chief Rotimi Akeredolu (SAN), that he could run for the office in 2019.
“There is nothing wrong with such ambition,” he said, adding: “It depends on the timing, the environment and what the political leadership dictates. I will not brush aside such an aspiration.”
Following his brushes with the leadership of the APC and his perceived marginalisation in the Muhammadu Buhari administration, he was said to have opted for building a huge alliance, using the PDP and some other parties to form a new mega party that would serve as a counterweight to the ruling APC and wrest power from it in 2019.
But Tinubu, according to sources, has had a change of mind and has decided not to leave a house he helped to build for others.
Although Buhari’s absence and concerns over his health, which may rule him out of the contest in 2019, may have played a role in Tinubu’s decision to contest for the presidency on the platform of the APC, sources informed THISDAY that the former Lagos governor’s mind is made up to make a go for the presidency.
According to a source in the know, “Asiwaju would actually prefer that the president recovers and returns hale and hearty, but he does not seek a second term.
“But even if Buhari decides to seek a second term, Asiwaju’s mind is made up, as he will contest for the post in the APC under any circumstances.
“He is tired of being a kingmaker and has decided that he will contest under any prevailing circumstances.”
In this regard, the source said Tinubu remains on course to build a strong counter force within the APC, first in South-west, by stepping up his efforts to reconcile with all his erstwhile political associates, including former Governors Segun Osoba and Gbenga Daniel, as well as other political leaders like Ekiti State Governor, Ayodele Fayose.
His goal, according to THISDAY sources, is that a reinvigorated alliance in the South-west would help him checkmate his estranged younger associates, including former Governors Kayode Fayemi and Babatunde Fashola, as well as Governor Ibikunle Amosun of Ogun State, who he believes are being used to clip his political influence in the region.
With the South-west tidied up, the presidential aspirant is said to be consulting widely in the North, reaching out to the region’s political heavyweights and sourcing for alliances that will strengthen his hand in building a strong base in that part of the country.
Already, Tinubu’s team has pencilled down three names as possible running mates, a source close to the APC leader disclosed.
They are Governor Aminu Tambuwal of Sokoto State due to name recognition and political considerations; Senator Abu Ibrahim who represents Buhari’s Katsina South Senatorial District, to placate the president’s people and power bloc; and possibly the Emir of Kano, Alhaji Muhammad Sanusi II, his well-known political associate and an expert on economic reforms that could prove very useful to a Tinubu presidency.
However, as Buhari’s absence opens the field for contenders for the presidency on the platform of the APC, his aide responsible for political affairs, Babafemi Ojudu, has raised the alarm over an alleged plot by those in the opposition to cause a division between Buhari and his deputy, Professor Yemi Osinbajo.
Ojudu, who spoke with State House correspondents in Abuja on Monday, said all the successes recorded by Osinbajo while acting as president were programmes already initiated by Buhari before he left for the United Kingdom on vacation.
He also dismissed as baseless the claim by some clerics in Katsina that Buhari was poisoned and cautioned journalists to be careful of what they pick from the social media.
He said: “The way I will react to that is that those of you in the media should be careful what you pick from the social media now, it is becoming a factory for fake news in the Nigeria.
“A lot of things you see on the social media can never be true. I saw that, I read it and I assessed it using the prism of these factors – those indices we use to analyse stories in the media and found out that it cannot be true.
“For example, they said someone stashed N77 trillion somewhere, imagine that. What is the total value of Nigeria’s economy that they decided to use the N77 trillion as the reason for some people to poison him (Buhari), so that they can inherit the money?
“I mean we have a president that nobody in this country can question his integrity. As a young officer, a middle officer, a senior officer and as a head of state, till now, nobody has been able to tarnish his image or come up with anything.
“For me, this is not even worth responding to. As soon as I read it, I dismissed it because it is so ridiculous.
“Again it is the handiwork of our enemies, the problem is that fake news has almost become global and universal, and other countries are experiencing it.
“Those who want to destabilise the country, they come up with all kinds of stupid stories, some kind of unimaginable stories so we should just discountenance those things.”
While warning mischief makers not to cause divisions within the presidency, he insisted that most of the achievements attributed to Osinbajo were programmes already initiated by Buhari.
He cited the acting president’s visits to the oil producing states to consult with stakeholders, saying that the idea was Buhari’s.
He described those making the comparison between the president and his deputy as mischief makers.
He said: “Those people do not wish this country well. They are always promoting a crisis. Persons who will not allow the people to benefit from this democracy are the ones promoting these kind of divisive tendencies.”
When asked to elaborate on the comparison of the performance of Osinbajo with that of Buhari, which has the social media agog, he said: “I think it is thoughtless. I also see it as a ploy by the opposition to cause an unnecessary division.
“It is joint ticket, the president and the vice-president were elected based on the manifesto of the party and since they were sworn in, they have been committed to implementing that manifesto.
“The same people who said we never had an economic team, no policy, nothing, are the ones saying this. It is now the policies we are implementing are maturing and they are seeing the result? So it is not a question of one person being better than the other person.”
According to him, there was nothing that has been done since the vice-president started acting that was not already in the works before Buhari’s vacation in London.
“A good example is the Niger Delta initiative: the president called the vice-president and said I am giving you the mandate, go into the Niger Delta meet with everyone who is a stakeholder, all the communities, talk to the militants and make sure you solve this problem for the benefit of Nigerians.
“And the president had said unless and until we resolve this problem, we would not get out of the recession. So the VP took up the mandate and went to the Niger Delta. In effect, it is the initiative of Mr. President not that of the vice-president,” he added.

LOjudu also revealed that Osinbajo consults with Buhari almost everyday, especially when major decisions are to be taken, adding that Buhari remains the president.
He said: “He (Buhari) is in charge but, like I said earlier on, this is a joint ticket and the president of Nigeria remains the president of Nigeria. He (Osinbajo) is acting because it is one and the same.
“Buhari is more experienced, he has been in the game longer than the vice-president and if there are major issues that he needs to take a decision on, he could call on him and say sir, ‘what do you think about this we are about to take decision on it, do you have an opinion’. So that does not mean he (Osinbajo) is not in charge.”
Ojudu restated that he had seen some publications aimed at causing divisions within the presidency.
“Some people who have been condemning everybody in the past, I see them on Twitter and on Facebook and generally on social media. Some people are trying to promote divisions and we are not going to allow that.
“This president and vice-president work together and in tandem and I know they both have confidence in this nation,” he added.
Lai Mohammed: Buhari Not Critically Ill
Meanwhile, the Minister of Information and Culture, Alhaji Lai Mohammed, also said on Monday that Buhari was neither critically ill nor in a life threatening situation and there was no cause for alarm.
The minister reiterated this position in Umuahia at the second town hall meeting for the South-east and the launch of the national reorientation campaign, “Change Begins With Me’’ in Abia.
The minister, who was asked to tell the country about the health of the president and whether there was need for regular briefings on his health, restated that there was no reason for such briefings.
Mohammed disclosed that the president spoke with him on Saturday in the afternoon and there was no reason for Nigerians to be worried.
“I can say here very boldly and confidently that there is absolutely no cause for alarm.
“Mr. President called me at 2.43 p.m. on Saturday and we spoke.
“If Mr. President is in the hospital or is critically ill, as Minister of Information, I will give daily bulletins on his health.
“Mr. President is neither critically ill nor in the hospital and there is nothing life threatening about the checks he is going through,” he said.
Speaking on the economy, the minister blamed corruption for the spike in commodity prices.
He said no economy in the world could survive the blind and reckless looting perpetrated by the previous administration.
“If one person was found with almost $10 million in an uncompleted house and another with $136 million in a fake account and another with N7 billion, how can the economy survive that kind of looting.
“Naturally, the price of commodities will go up.
“These are funds meant for the development of infrastructure and for the provision of services.
“That is why you cannot do anything with the economy without first facing corruption squarely.
“But the good news is that the government is doing both together, as we are fighting corruption, we are also making sure that we get out of recession by investing heavily on infrastructure,” he added.

Police inspector arrested with 75 bags of cannabis

The Kogi State Command of the National Drug Law Enforcement Agency has arrested a serving police inspector with a police truck loaded with 75 bags of substances suspected to be cannabis.
Forty-three-year-old
The state Commander, Muhammed Bello, put the street value of the over 800 kilogrames of the cannabis found with the inspector at N4m.
The suspect was said to have gone to Okpila in Edo State using the Force headquarters, Abuja, welfare bus to transport the cannabis.
“When he got to the Crusher area of Lokoja, luck ran out on him as he was apprehended together with the truck, with number plate NPF 7973 C,” Bello said.
The command also paraded three suspects arrested by the army with 190 bags of substances suspected to be cannabis.They were said to have been arrested along Crusher Road on their way to Abuja.
Their vehicle, a Honda car, marked, Kano BC 737 KMC, was apprehended by men of the Army Record, Lokoja.
The commander said he would not tolerate the excuse of joblessness, adding that drug peddling aided other crimes.

Abali Zagi was among the 14 suspected drug peddlers paraded on Monday at the Kogi State Command of the NDLEA.

Herbal and Natural Therapies Herbal remedies usually assist in lowering blood glucose levels

Many
A number of clinical studies have been carried out in recent years that show potential links between herbal therapies and improved blood glucose control, which has led to an increase in people with diabetes using these more 'natural' ingredients to help manage their condition.
What herbal therapies are available?
Plant-based therapies that have been shown in some studies to have anti-diabetic properties include:

    Aloe vera
    Bilberry extract
    Bitter melon
    Cinnamon
    Fenugreek
    Ginger
    Okra
While such therapies are commonly used in ayurvedic and oriental medicine for treating serious conditions such as diabetes, many health experts in the west remain sceptical about their reported medical benefits.
In fact, because certain herbs, vitamins and supplements may interact with diabetes medications (including insulin) and increase their hypoglycemic effects, it is often argued that use of natural therapies could reduce blood sugars to dangerously low levels and raise the risk of other diabetes complications.
Whatever your intended reasons for using these specific herbs, you must always discuss your plans with your doctor and diabetes healthcare team first to ensure they are safe for your condition and determine a suitable dose.
Further herbal therapies
The herbs and plant derivatives listed below have been employed traditionally by native people in the treatment of diabetes, in the areas in which they grow.
Many suffer from an inadequate knowledge base.
Allium
Allium sativum is more commonly known as garlic, and is thought to offer antioxidant properties and micro-circulatory effects. Although few studies have directly linked allium with insulin and blood glucose levels, results have been positive.
Allium may cause a reduction in blood glucose, increase secretion and slow the degradation of insulin. Limited data is available however, and further trials are needed.

common herbs and spices are claimed to have blood sugar lowering properties that make them useful for people with or at high risk of type 2 diabetes.

Malabu: Adoke, ex-finance minister under fresh probe, says EFCC

The anti-graft agency said in a court process filed on Friday that it was investigating Adoke along with an unnamed former Minister of Finance.
 According to the EFCC, Adoke and the former Finance Minister conspired to “fraudulently” use “the Federal Government’s escrow account to receive $1.2bn bribe paid by Shell and Agip to Malabu Oil & Gas Limited.”
 The EFCC said this in a counter-affidavit, which it filed before Justice John Tsoho of  the Federal High Court in Abuja .
The counter-affidavit was filed in opposition to the applications by oil giants, Shell Nigeria Exploration & Production Company Ltd. and Nigerian Agip Exploration Limited, asking the court to discharge its order of interim forfeiture on the controversial Oil Prospecting Licence 245, which is at the centre of the $1.2bn scam.
The OPL 245, an oilfield believed to be the largest in Africa with over nine billion barrels of crude, was said to have been fraudulently acquired from the Federal Government by Malabu Oil and Gas Limited in 1998 and afterwards offered to oil giants, Shell and Agip, in an alleged shady deal.
The EFCC had on December 20, 2016, charged nine suspects, including Adoke, before Justice Ahmed Mohammed of the Federal High Court in Abuja with respect to the $1.2bn scam.
The other accused persons named in the charges were a former Minister of Petroleum, Dan Etete, Aliyu Abubakar, Malabu Oil & Gas Ltd., Rocky Top Resource Ltd., Imperial Union Ltd., Novel Properties & Dev. Co. Ltd., Group Construction Ltd. and Megatech Engineering Ltd.
The anti-graft agency, in the charges with suit number, FHC/ABJ/CR/268/2016, accused Adoke of illegally transferring over $800m purportedly meant for the purchase of the OPL 245 to Etete,  Malabu Oil & Gas Limited from a Federal Government account.
The EFCC also accused Aliyu, an oil magnate, who is the Chairman of A. A. Group and Rocky Top Services, of receiving $336,456,906.78.
The EFCC, subsequently on January 26, obtained an ex parte order for the interim forfeiture of the OPL 245 to the Federal Government.
Shell and Agip subsequently applied to Justice Tsoho asking the judge to vacate the interim forfeiture order on the basis that the EFCC obtained the order through suppression of material facts.
Justice Tsoho heard the applications by Shell and Agip as well as the EFCC’s objection to the motions on Monday.
He fixed March 13 for ruling.
In response to the motions by Shell and Agip, the EFCC through its investigator, Mr. Ibrahim Ahmed, stated in the counter-affidavit that OPL 245 was a subject of criminal investigation.
It stated that through the OPL 245 scam, Adoke, then as the AGF, and the unnamed Minister of Finance, fraudulently used the Federal Government’s escrow account to receive $1.2bn bribe allegedly paid by Shell and Agip to Malabu Oil & Gas Limited.
The counter-affidavit stated that Adoke and “the Minister of Finance” were under investigation for the alleged crime.
Arguing the EFCC’s objection to the application for the discharge of the forfeiture order on Monday, the anti-graft agency’s lawyer, Mr. Johnson Ojogbane, urged the court to dismiss the applications for lacking in merit.
Ojogbane said contrary to the contention by the applicants, OPL 245 was a tangible asset which was a subject of criminal investigation and prosecution.
Ojogbane said, “On the constitutionality of the order, the position of the learned SANs is completely misconceived.
“Section 44(2)(k) of the constitution allows the temporary taking of property for the purpose of any examination or inquiry.
“So, it does not, in any way, offend the constitution.”
Shell, represented by Prof. Konyinsola Ajayi (SAN), argued that the OPL 245 was not such property that could be seized by an order of court as contemplated under sections 28 and 29 of the EFCC Act.
The SAN maintained that by virtue of sections 28 and 29 of the EFCC Act, the Chairman of the EFCC, in whose name the ex parte application filed by the anti-graft agency was initiated, was not the proper person to institute the action.
 According to him, sections 28 and 29 of the EFCC Act envisage that the ex parte application for interim forfeiture would be filed in the name of the EFCC and not its chairman.
On his part, Agip’s lawyer, Mr. Babatunde Fagbohunlu (SAN), maintained that an order of forfeiture could not be granted through an ex parte motion except through a motion on notice.
He added that according to the EFCC Act, application by the anti-graft agency must be brought under the rules prescribed by the Attorney General of the Federation.
But he said the AGF had yet to prescribe any rules and as such no application for forfeiture could be filed by the commission.
Ruling on the applications was adjourned until March 13.

FG Targets 4,000 Metric Tonnes as It Starts Production of Fertilizer

The Presidential Fertilizer Initiative of the Muhammadu Buhari administration has started yielding results, with the production of more than 4,000 metric tonnes of locally-blended fertilizer in the first week of operation.

This was contained in a statement issued monday in Abuja by the Senior Special Assistant to the Acting President on Media and Publicity, Mr. Laolu Akande.
The initiative was approved by President Buhari in December 2016, to achieve the local production of one million metric tonnes of blended nitrogen, phosphorous and potassium (NPK) fertilizer for the 2017 wet season farming.

Prior to December 2016, Nigeria’s stock of blended fertilizer was shipped into the country as fully-finished products, even though urea and limestone, which constitute roughly two-thirds of the component of each bag, are available locally.
The objective of the presidential initiative is to procure the 4 constituent raw materials for NPK Fertilizer – locally-sourced urea, locally-sourced limestone granules (LSG), Diammonium Phosphate (DAP) imported from Morocco, and Muriate of Potash (MOP) sourced from Europe – and blend these locally to produce NPK Fertilizer at a much reduced cost.

Akande said the fertilizer would be delivered to farmers at a starting price of about N5,500 per bag, compared to the N8,000 – N9,000 cost of imported fertilizer.
The Presidential Fertilizer Initiative is being executed by the Nigeria Sovereign Investment Authority (NSIA) through a Special Purpose Vehicle that would roll out the one million tonnes of NPK Fertilizer in five batches of 200,000 metric tonnes each.

Production of the first batch is expected to be completed by the end of March.
Beyond the broader goal of ensuring food security for the country by providing high-grade fertilizer to enhance harvest in the 2017 farming season, the Buhari Administration is by this initiative reinforcing its commitment to reviving and diversifying the economy, and creating growth, through a focus on agriculture.
The Presidential Fertilizer Initiative is expected to stimulate local production of NPK Fertilizer by resuscitating moribund fertilizer plants, and reviving the local blending Fertiliser industry.
It is also expected to make fertilizer available to Nigerian farmers at affordable prices and in time for the 2017 wet season farming.

Government also planned to save US$200 million in foreign exchange, and 60 billion in budgetary provisions for fertilizer subsidy while also creating thousands of jobs.
In a related development, Akande said the federal government has announced plans to build a gas industrial park valued at about $20 billion through a Public-Private Partnership model in the Niger Delta.

Akande, who disclosed this in another statement he issued yesterday said the park was a result of recent engagement between the federal government and stakeholders in the Niger Delta.
Tagged: ‘Gas Revolution Industrial Park, (GRIP)’ and envisaged to be a regional hub for all gas-based industries, the project, Akande said, would cover 2700 hectares with fertilizer, methanol, petrochemicals, and aluminium plants located in the park that has already been designated as a Tax Free Zone by the federal government.
The plant will be sited at Ogidigen in Delta State.
He quoted Osinbajo as saying that the Buhari administration “is committed to the development of the Niger Delta, and the importance of this project is underlined by the presidential attention it is attracting. The presidency is very interested.”

Before he went on vacation, President Muhammadu Buhari had mandated the Vice President to embark on visits to oil-producing communities to demonstrate the resolve of this administration to the pursuit of a new vision for the Niger Delta.
“The building of an industrial gas hub in Delta State was one of the feedbacks that was received during the visit to the state,” Akande said.

Akande said Osinbajo had already met with international developers and investors in the project. Those who attended the meeting alongside Osinbajo were: the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu;the Nigerian National Petroleum Corporation Group Managing Director, Dr. Maikanti Baru and other top government and NNPC officials.
Akande said group of international investors and developers put together under a consortium by Dubai-based firm, AGMC would handle the project.

The consortium is made up of Fortune 500 companies like the GSE&C of South Korea, the China Development Bank, Power China and several others global operators from Asia and the United Arab Emirates in the Middle-East.

He said: “Under the plan presented today by the consortium to the Acting President, about $20 billion would be invested to develop the Gas Revolution Industrial Park, and generating 250,000 direct and indirect jobs in the process.”

He said the park would be a cluster for several industries in one location benefiting from an efficient, cost-competitive and abundant supply of natural gas, proximity to a deep sea port and centralized utilities and services such as uninterrupted power, world class telecommunications and processed water.
Akande said: “The park, originally conceived by NNPC, is located about 60km from Warri, and is about 1km away from the operational base of Chevron Nigeria Limited.

“It will be connected to over 18 trillion Cubic Feet of gas reserves in fields such as Odidi, Okan, Forcados, located within a 50km radius. It is equally planned that the park will be connected to Nigeria’s most dominant gas pipeline network-ELPS, enabling supply of gas to and from the park.”
Akande quoted the Acting President as saying that the project’s steering committee chaired by the Minister of State for Petroleum Resources had already been put in place and that shows the level of our commitment.

The Acting President said: “We are unwavering.
“We take the project very seriously and glad to see you are committed and ready to make several other commitments. This is a process that we intend to see happen.”
In his own remarks, Kachikwu expressed confidence that the GRIP would bring the much needed succour to the people of the Niger Delta, and the oil-producing states.
Speaking earlier the leader of the group of investors and developers, Sheik Mohammed Bayo stated the commitment of the consortium, adding also that the project is im

Nigerian Leaders Lack Focus, Commitment, Says Obasanjo

Former President, Chief Olusegun Obasanjo, has said Nigerian leaders lack focus, commitment, continuity and sometimes, proper knowledge about economic and development issues.
He declared that one of major problems facing the country which urgently needs to be corrected is poor leadership.
“Nigerian leaders lack focus, commitment, continuity and sometimes, proper knowledge about economic and development issues, hence we have not been able to achieve meaningful result,” Obasanjo said.
He lamented that “another problem is that we take one step forward and another step backward.”
Obasanjo said: “Nigerian leaders must be tough and ready to bite the bullet, because Nigeria cannot have it easy and until we get the right leadership, the problem will continue.”
The former president spoke yesterday in Kaduna at a one-day seminar on ‘Promoting Public Private Partnership as panacea for accelerated growth and development,’ organised by the Kaduna Chambers of Commerce, Industry, Mines and Agriculture ( KADCCIMA) to flag off the 38th Kaduna International Trade Fair.

Expressing displeasure over inconsistency in policies, Obasanjo said as a military Head of State, his administration banned the importation of toothpick in 1977, “because it was the most stupid thing to import when we can produce it here.”
He regretted however, that “about 40 years after, one of the presidents that came after me, I won’t mention his name, unbanned toothpick. Then, I put on my Babanriga and went to Abuja to express my shock about the policy, but to my greatest surprise, the president told me he signed the document unbanning toothpick without reading it.
“Another thing is that, he came in saying he will generate additional 30,000 megawatts to the 3,500megawatts we left behind, and I told him, don’t trouble yourself, if you can add 3,000 megawatts to the one we left behind, you will receive the best of awards. But, to my greatest shock, he couldn’t add one megawatt before leaving office.”
Speaking further on the economic challenges facing the country, Obasanjo said lack of synergy in public and private sectors was responsible for the setbacks in the nation’s economy and growth.
He noted that the public sector perceives the private sector as a profit making Industry that reaps where it does not sow, stressing that in actual fact, they are two legs that when brought together can accelerate development in all sectors of the economy.
He stressed that for the nation to witness accelerated growth and development, the two sectors must work together.
“When we were in office, we privatised NNPC and sold to Dangote and partners, but the government that succeeded me revoked it and that is why till today, NNPC cannot work optimally.
“But today the same Dangote that was denied ownership of NNPC is building a refinery that can produce in excess of what NNPC can produce and what Nigeria can consume. So, it means he will even export,” Obasanjo said.
Also in a lecture he presented at the occasion, former Minister of Finance, Dr. Shamdudeen Usman, maintained that lack of continuity in governance and poor will by political leaders to complete projects started by their predecessor was responsible for the nation’s underdevelopment.
He noted: “Delay in budgetary approval process and padding of the budget attributes to the slow acceleration of growth and development experienced in the

South Africans Attack More Nigerians

The Nigerian community in South Africa monday said that another shop belonging to a member was looted in the latest xenophobic attack at Jeppestown, Johannesburg.
Mr. Ikechukwu Anyene, President of the Nigeria Union, South Africa, told the News Agency of Nigeria (NAN) on the phone from Pretoria that the shop was looted on Sunday night.
“We have received information that there was an overnight attack on shops belonging to foreigners at Jeppestown, a business district in Johannesburg.
“A shop belonging to a Nigerian was affected.
“The goods in the shop were looted by the attackers. The Nigerian was not hurt during the attack.
“We also learnt that shops belonging to other foreigners were also looted,” he said.
Anyene stated that attempts made to loot another shop belonging to a Nigerian failed as the owner called the police.
He said the value of items lost in the affected shop had not been ascertained while the incident had been reported to the Nigerian Mission and the South African police.
“We have told Nigerians to adopt protective measures to save their businesses and homes.
“The union is in touch with the Nigerian mission and our chapters in the nine provinces of South Africa are also on alert.
“They have been directed to sensitise our people on the situation in the country and to be cautious in all their endeavours,” he said.
The South African police monday said no fewer than 100 people ransacked shops in Johannesburg overnight, in a fresh wave of xenophobic attacks in South African cities, reported Reuters.
“We are following up on leads and we are expecting to make more arrests,” police spokesman Brig. Mathapelo Peters said.
She said she did not know the nationalities of the shopkeepers and the police were waiting for owners to come forward, so that they could open cases of violence and damage to property.
Similar incidents have taken place in Pretoria this month, but the police have been reluctant to characterise the attacks as being directed against foreigners.
Anti-immigrant violence has flared sporadically in South Africa against a background of near-record unemployment, with foreigners being accused of criminal activities and taking jobs from locals.
Home Affairs Minister Malusi Gigaba on Friday acknowledged violence had flared up against foreigners this year, saying that “unfortunately, xenophobic violence is not new in South Africa”.
On Friday, police fired tear gas, water cannon and rubber bullets to disperse marches by hundreds of anti-immigrant protesters in Pretoria, after mobs looted stores believed to belong to immigrants.
More than 150 people were arrested. Also, a Reuters witness said doors and windows were smashed in, and food and other items were strewn on the floor in stores believed to belong to immigrants in Jeppestown, an area in the central business district.
“We’ve been stuck inside here until the police came,” Abdul Ebrahim, a Somali shop owner, said after emerging from his store, where a number of his colleagues had barricaded themselves.
“No one told us what they were looking for,” he added when asked why the mob had attacked his shop. At least one person was arrested.
The Nigerian Government on Thursday urged the South African government to put in placemeasures to end the incessant xenophobic attacks on Nigerians in that country.
Minister of State, Foreign Affairs, Khadija Abba-Ibrahim, gave the directive in Abuja when she met with the High Commissioner of South Africa to Nigeria, Mr. Lulu Aaron-Mnguni, for the second time on the issue.
The ministry had on Monday, February 20, summoned the South Africa High Commissioner over the same matter.
Nigerian buildings, property and places of worship worth millions of dollars were destroyed by South Africans on February 5 and 18.

Imo, Sokoto, Kaduna PDP Reject Sheriff

Makarfi, Sheriff trade barbs over reopening of party’s secretariat
Onyebuchi Ezigbo in Abuja,
Amby Uneze in Owerri, Mohammed Aminu in Sokoto and John Shiklam in Kaduna
The crisis rocking the Peoples Democratic Party (PDP) continued yesterday with the Imo, Sokoto and Kaduna State chapters of the party rejecting Senator Ali Modu Sheriff as their National Chairman.
They also pledged to support the Senator Ahmed Makarfi-led faction of the party.
In Imo State, critical stakeholders of the party, including a Board of Trustees (BoT) member, Chief Emmanuel Iwuanyanwu; former Governor of the state, Chief Achike Udenwa; former Deputy Speaker of the House of Representatives, Hon. Emeka Ihedioha; former Woman Leader, Ambassador Kema Chikwe; former and present members of the national and state assembly unanimously rejected the Court of Appeal which reinstated National Chairman of the party, Sheriff.
In a communiqué issued at the end of her meeting yesterday in Owerri, the Imo State capital, where the leaders reviewed the state of the party in the state and at the national level in view of the recent Court of Appeal judgment in Port Harcourt, the stakeholders passed an absolute vote-of-confidence on the Mafarfi-led National Caretaker Committee.
They also pledged support to the Charles Ezekwem-led state executive committee under whose leadership they reaffirm their total loyalty and commitment.
The communiqué which was signed by Iwuanayanwu, Ihedioha, Udenwa, Kema Chikwe, Athan Achonu, Jerry Alagbaoso, Ezeani ThankGod, Edie Mbadiwe, Chudi Uwazurike, Ezenwa Onyewuchi and 25 others, resolved to be focused and work in harmony with the ultimate objectives of returning PDP to power in the state by 2019.
“The leaders hereby resolve to be focused and work in harmony with the ultimate objectives of returning PDP to power in Imo State in 2019, to consult periodically in matters concerning the party, and that the Ezekwem-led state executive should initiate meetings in all wards, local government areas and zones with the view to properly briefing and communicating party faithful in the state,” it stated.
The communiqué further stated: “We reaffirm our confidence in the judiciary. In furtherance to our objective and in consonance with the desire of the people of Imo State to recapture Douglas House in 2019, we disassociate ourselves wholly and entirely from both Sheriff and his cohorts who are established agents of opponents.”
In Sokoto State, the party unanimously endorsed the decision of its stakeholders in Abuja to recognise Makarfi as the authentic national chairman of the party instead of Sheriff that was favoured by the verdict of the appeal court recently.
Its state Chairman, Alhaji Ibrahim Milgoma, made this known to journalists shortly after a meeting with state executive members of the party and the 23 local government areas party chairmen in Sokoto.
Milgoma described those supporting Sheriff in the state as impostors and charlatans who are bent on destroying what they did not build.
He said the leadership of the party, including its elders, party state executive members, chairmen from wards to local government areas and their supporters are solidly behind Makarfi as the only known and authenticated national chairman.
“We endorsed the decision taken by our leaders, including the resolution to seek redress at the Supreme Court.
“To appeal the irrational judgment of the Appeal Court of Port Harcourt, where it gave our party to a group that has no business whatsoever with our survival.
“Therefore, we abide by the resolution of the majority of our leaders and governors, including the Board of Trustees (BoT) of the party to support Senator Ahmed Makarfi as the party’s national chairman,” Milgoma averred.
Also, in Kaduna State, the party declared its loyalty to Makarfi.
In a communique issued at the end of its state executive meeting, it maintained that the reinstatement of Sheriff as the national chairman by the Appeal Court was an act of impunity which is against the constitution of the party.
According to the statement, the state executives and members of the PDP in the state said they would remain loyal and answerable to Makarfi’s national caretaker committee until the decision of the Supreme Court on the matter.
The communique signed by the chairman of the communique drafting committee, Dr. John Ayuba, said the party stands by the judgment of the Federal High Court in Port Harcourt which endorsed the decision of the May 21, 2016, national convention.
The communique said PDP in Kaduna State viewed the decision of the Court of Appeal in Port Harcourt which nullified the decision of the national convention of May 21, 2016 and reinstated the Sheriff-led National Working Committee (NWC) as a miscarriage of justice and complete negation of the party’s constitution.
“The Kaduna State chapter of the PDP views the reinstatement of the former Sheriff-led NWC of the party by the appellate court as an act of impunity which is against the principles of the PDP constitution hence, an attempt to derail the democratic governance of our country. “Members of the PDP in Kaduna State should not lose focus of where we are going as we know where we are coming from. We must face the current challenges headlong to ensure that we change the change in 2019”
“The PDP in Kaduna State remains united, strong, resolute, steadfast and solidly loyal and answerable to the national caretaker committee under the leadership of Makarfi.
“The stakeholders and leaders of the party are enjoined to go back to their senatorial districts, local government areas and wards to convene meetings of the party and disseminate the foregoing to members.
“However, members are to remain calm, law abiding as they await the verdict of the Supreme Court on the matter,” the communique said.
Meanwhile, the factions in the party have continued to accuse each other of breaching the law.
The renewed altercation came just as dozens of policemen yesterday successfully blocked pro-Makarfi protesters from gaining entrance into the national secretariat of the PDP where Sheriff has commenced renovation work.
Apparently aware of the planned protest, the police authorities deployed two truckloads of anti-riot policemen to disperse the pro-Makarfi PDP youths who stormed the secretariat early morning yesterday.
Addressing journalists at the temporary office of the Makarfi- led National Caretaker Committee, its spokesman, Prince Dayo Adeyeye, accused Sheriff of occupying the PDP national secretariat illegally.
He said the police and the lovers of peace and democracy should prevail on Sheriff and his group to respect the on-going litigation processes.
The PDP spokesman said the police should ensure that Sheriff and his group do not occupy the national secretariat in order to avoid breakdown of law and order.
According to Adeyeye, since the party led by the National Caretaker Committee has filed appeal against the recent judgment of the Appeal Court, the status quo ante remains until the determination of the appeal to the Supreme Court.
“We are calling on the police and the general public and lovers of peace and democracy to ask Sheriff and his followers to respect the on-going litigation processes. The police should ensure that Sheriff and his followers do not occupy the National Secretariat in order to avoid breakdown of law and order. We have noticed that the Police have taken sides in this matter perhaps because of directives from the APC but “a stitch in time saves nine.”
While accusing Sheriff of forcefully breaking into the National Secretariat of the party, Adeyeye said the caretaker committee wants him to immediately vacate the party premises. Adeyeye said Sheriff has perfected plans to receive non-serving state executive committees at the National Secretariat in order to mislead unsuspecting members of the public that he has been accepted by the party’s organs.
He urged party supporters to remain calm and steadfast pending the determination of the appeal before the Supreme Court.
The National Caretaker Committee spokesman again accused the ruling party, All Progressives Congress (APC), of complicity, adding that it has it on good authority that “the Minister of Transportion, Rotimi Amaechi, has deployed his former Abuja Liaison Officer Mr. John Enebeli, among others to lure some members of staff in support of Sheriff by promising them huge sum of money to offset their outstanding allowances.”
However, the former adviser to ex-president Goodluck Jonathan on Political Affairs, Ali Ahmed Gulak, has defended Sheriff’s action, saying he is keeping to an agreement reached by party stakeholder that whoever wins at the appeal should unite the party and organise a national convention.
Speaking to journalists at his private office in the Wuse area of Abuja, the former presidential aide accused Makarfi of distorting the facts on the gentleman agreement reached between him and Sheriff.
“Our leaders called all parties together and they agreed that in order to pursue genuine reconciliation that once the Port Harcourt Appeal Court judgment comes, that we all should come together and nobody should appeal the judgment because we believe that even if you have a legal victory in court, you still need political solution.
“It was agreed all that whichever side that wins at the Appeal Court, we should unite the party and organise a national convention where new national officers will be elected. But instead of keeping to the agreement, some of the stakeholders of the party were encouraged by Makarfi to go on national television to say they are appealing against the judgment at the Supreme Court,” he said.
He said Sheriff leadership is not afraid of the supreme court because the apex court does not belong to those that grandstand and make statements as if the supreme court belongs to them.
Gulak who was appointed deputy national chairman (North) by Sheriff in the wake of the crisis, said that takeover of national secretariat was lawful since Sheriff leadership has been affirmed by the Appeal Court.
“You know as a fact, the former Inspector General of Police (IG), Solomon Arase, reached agreement with both factions to lock up the secretariat of the PDP because there was a conflicting court order from several high courts of coordinate jurisdiction.
“So because of be conflicting judgments that were brewing violence and in order to avert breakdown of law and order, the police in their wisdom called all the parties concerned and they all agreed that the secretariat be closed until we have a judgment from a superior court,” he said.
Speaking Sheriff’s plans, Gulak said he is going to lead the NWC to conduct a new national convention where new national officers will emerge but that he (Sheriff) would not contest the office of the chairman

Nnamani C’ttee Mulls Barring Officials with Pending Election Petitions from Being Sworn in

The Chairman of the Constitution and Electoral Reforms Committee, Senator Ken Nnamani, has said that the ongoing reform of his committee will discourage the swearing-in of elected officials with pending cases at the election tribunals.
Nnamani, a former president of the Senate, who spoke o Monday at the South-east zonal public hearing on constitutional and electoral reforms in Enugu, said that the measure would discourage attempts by politicians to win at all costs.
He said politicians were in the habit of deploying unwholesome means to be declared winners, following which they would wait for their opponents to go to the tribunal.
He stressed that the need for a new Electoral Act could not be over emphasised, as laws are dynamic and must change with the dictates of time.
This came just as the Chief Judge of Enugu State, Justice Ngozi Emehelu, advocated the extension of the 180 days statutory period within which election petitions are adjudicated, insisting that the stipulated timeframe was inadequate for petitioners to prove their cases.
The former lawmaker said: “We want to come up with a new system whereby no one can be sworn into office if they have election petitions hanging on their necks. Politicians are fond of fighting to win and saying, ‘Let’s go to court’.”
Nnamadi said it was sad that the prosecution of election cases had become more expensive than campaigns, as according to him, “Experience has shown that a majority of the cases in our courts are either pre-election or post-election matters and we want to find a way out of this.”
The former Senate president observed that the committee would ensure that future elections are credible such that no court would be able to upturn such elections, noting that this would also discourage unnecessary litigation.
He said that the prevailing circumstance where elections are won in the courtrooms was discouraging, noting: “We want to ensure that after a candidate has spent time to campaign and been given the mandate by the electorate such mandates will not be dropped at the court by way of losing in the case.”
He said the work of the committee would not go the way of others before it, adding that President Muhammadu Buhari, being a victim of electoral fraud, has shown enough political will to implement the outcome of his committee’s recommendations.
“The president has been a victim, so Nigerians should not entertain any fear whether or not the report of this committee will be implemented.
“I can assure you that if the president remains in office, he is most likely to implement the outcome of our work. The easiest thing anyone can do is to criticise but we are here to listen to the public,” he said.
In her remarks, Justice Emehelu who also made a presentation at the session, said that petitioners appear to have an uphill task proving their cases because of limited timeframe, suggesting that some areas of the Electoral Act needed to be tinkered with to make more time available for adjudication.
“The Electoral Act gives 180 statutory days within which to conclude petitions, but there are certain things that need to be put in place even before the adjudication starts.
“It does appear that petitioners have an uphill task, because time is not on their side, so there is need to tinker with some aspects of the law,” she said.
Justice Emehelu said that the Constitution and Electoral Act also need to empower tribunals to make consequential orders in the course of adjudication to accommodate the reliefs not sought by petitioners.
“There have been cases where petitions were well fought, but were lost because the proper reliefs were not sought by parties.
“We recommend that the tribunal be given legal teeth to make consequential orders to grant such reliefs not sought,” she said.
The chief judge said that the Electoral Act has been constantly criticised due to its inherent flaws notwithstanding the several alterations, stressing that “the problem with the system is not with our procedural laws but the unwillingness to enforce the electoral laws”.
“We recommended that the report of the Justice Uwais committee should be called into play when your committee is doing its work,” she added.
Justice Emehelu further called for the employment of more judges across the country to make up for lost time by the courts due to the enrollment of several judges to adjudicate in election matters.
“It is better to use high court judges to sit on election petitions but it has become necessary to employ more judges to check the depletion of our courts during election petitions hearings,” Justice Emehelu said.
On his part, Governor Ifeanyi Ugwuanyi of Enugu State advocated constitutional reforms that will take care of the lapses in Nigeria’s current electoral processes.
He said the call was necessary as a result of some of the obstacles associated with the elections and their aftermath in Nigeria.
He outlined some of the shortcomings to include: the huge financial cost which the conduct of elections entails, loss of lives and property during elections, violence as well as a general feeling of discontent, disenchantment and bitter litigation that follow each voting exercise.
“Reforms in our electoral processes are without doubt very critical, since it is generally accepted that free and fair elections not only constitute the pivot upon which democracy thrives and grows, but it also guarantees the peace and stability needed for the rapid and holistic development of the nation.
“It also needs not be emphasised that the severe economic and security challenges currently facing our country today make it imperative for us to do all that is necessary to reduce tension in the polity, to enable us focus attention on national development and also reinvent among our people a sense of patriotism and unwavering belief in our country,” he said.
Ugwuanyi
He later commended the federal government for creating the opportunity for Nigerians to bare their minds on how best to entrench credible and hitch-free electoral processes in the country.
No fewer than 23 memorandums were received by the committee at the public hearing – the first of seven more that will be held across the country.

added that the idea of granting the Independent National Electoral Commission (INEC) a first line charge on the Consolidated Revenue Fund and granting it financial autonomy also needs to be critically re-examined, in view of the recession and the application of Treasury Single Account (TSA) policy in the country.

Naira Strengthens to N435/$ on CBN Dollar Glut

The naira continued to strengthen on the parallel market on Monday to close at N435 to the dollar, stronger than N450 to the dollar at which it closed last Friday, as the Central Bank of Nigeria (CBN) continued to relentlessly pump the greenbank into the interbank foreign exchange market to meet the demand of bank customers.
But the buy rate of the greenback rose slightly to N430 to the dollar Monday, against N440 last Friday.
Several parallel market operators who had been stockpiling dollars for months, were seen lamenting that the CBN’s intervention was forcing them to offload their dollars at a loss.
But as they bemoaned their losses, market analysts cautioned that they were likely to incur more losses, as the CBN, in keeping with its determination to increase liquidity in the FX market Monday pumped a fresh $180 million into the interbank market.
A breakdown of this amount showed that the CBN sold $100 million through its special wholesale intervention forwards and pumped an additional $80 million to the banks, specifically for school fees, medicals, and Business and Personal Travel Allowanced, among other invisible transactions.
CBN also said it would with “immediate effect give Travelex $4 million weekly to satisfy demand for travel allowances at the Lagos and Abuja airports”.In a statement released Monday, the CBN’s acting Director, Corporate Communications, Mr. Isaac Okorafor, said the central bank’s commitment to providing enough FX for legitimate business remains unshaken, reiterating that it would do “everything possible” to maintain the steady supply of forex to the market.
In all, the new FX measures introduced by the CBN aimed at improving liquidity in market has led to the appreciation of the naira by N85 in just one week.
Analysts are projecting that the naira might appreciate to about N400 to the dollar on the parallel market this week, effectively meeting the CBN’s objective of closing the gap between interbank and parallel market rates.
The CBN had maintained that much of the dollar demand was a bubble created by speculators and hoarders of the greenback.
Also, speaking on a programme monitored on Raypower FM in Lagos Monday, Okorafor urged currency dealers and others hoarding dollars to make hay and sell their holdings in order to avoid heavy losses.
He added: “I want to assure that we would provide enough liquidity in the market and we will sustain liquidity in the market. The country is opening up and foreign reserves are improving. Many people outside are beginning to realise the huge opportunities in this country.You can see the subscription of the Eurobond. It clearly shows the potential in this economy. This economy is bottomless when it comes to investment opportunities.
“So, ultimately, the exchange rate would improve and anybody hoarding dollars would suffer for it.”
Responding to a question on the impact of the continuing ban of 41 items from accessing the official FX market, the CBN spokesman said: “The savings we have made from the elimination of the 41 items from the FX market have been very huge.
“Nigerians are beginning to adapt to made-in-Nigeria products and indeed we have supported some local manufacturers.
“Apart from rice, we are funding the production of palm oil and other produce.
“We have two firms now producing toothpicks in Nigeria. So, you can see that even though people criticised the removal of the 41 items, which is one thing that we held on to, to change the entire economic landscape of this country.
“No country is known to have succeeded or became great by depending on outsiders for its food, fashion, drinks, and others. We cannot continue like that.
“We must change our appetite for foreign goods and services. We are determined to fund the FX market.”
Meanwhile, Nigeria’s external reserves increased further to $29.414 billion, according to latest figures made available by the CBN.
Our findings showed that this represented an increase of 14 per cent over $25.843 billion at the end of last year.

Students force lecturer to mop floor, wash toilet

A lecturer in the English Department, Ibrahim Badamosi Babangida University, Lapai, Niger State, Isiaq Yusuf, popularly called I.G. Yusuf, has become an object of ridicule after he was caught naked in his student’s apartment.
The fiancé of the 400-level student and his friend, who caught Yusuf while he was allegedly prepared to have sex with her, made him to mop the living room, wash the toilet, and took his nude pictures, which had gone viral.
The lecturer had reportedly insisted on sleeping with the student so she could pass ENG 201 titled, “History of English Language in Nigeria”.
PUNCH Metro gathered that the final year student, who had failed the course consecutively, became frustrated and feared the lecturer could fail her again, thereby extending her year of study.
She was said to have told her fiancé about the problem she was having with the lecturer and a plan was made to end the lecturer’s harassment.
“ENG 201 is taken in the first semester and exams will soon commence. Last Wednesday, the fiancé and his friend went to Mercy’s residence outside the campus. The lecturer was bent on having sex with her before she could pass the course.
“They told her to invite Mr. Yusuf to come and do what he was demanding while they hid in the toilet. As the lecturer removed his clothes to sleep with her, they came out of the toilet. They gave him a mop to clean the toilet and the living room,” one of the students, who did not want his name in print, told our correspondent.
Another student said the lecturer had been accused of sexually harassing female students.
“But there was no evidence to nail him until now. The department is aware of the incident and it has been taken up by the school management. According to information, he will face a panel on Monday (today) or Tuesday,” he added.
An alumnus of the university, who finished from the department, told PUNCH Metro that he had advised the lecturer to get married.
“He is about 50-year-old and currently studying for his PhD. I had advised him to stop chasing female students and start his own family. This is a big shame and a lifetime embarrassment,” the ex-student added.
The Chairman of the university’s Servicom Unit, which sees to complaints lodged to the school, Dr Ebenezer Ogungbe, said he learnt about the incident on the social media, adding that appropriate disciplinary actions would be taken.
He said, “There are laid down rules when things like this happen. So, the rules will be followed. A committee will be put in place to investigate the matter so that justice is done.”
The management, on the institution’s website, confirmed that a committee had been set up to investigate the case and promised to do justice to the case.
The statement read, “The university management is aware of the recent unfortunate incident between a male lecturer and a female student. In view of this, the management has set up a committee to investigate the immediate and remote cause(s) of the incident. The committee is headed by the deputy vice-chancellor and involves all stakeholders in the matter.
“Accordingly, all parties involved are hereby advised to exercise restraint. The university community and the general public are assured of the management’s resolve to take appropriate disciplinary action against any party found guilty.”
However, the lecturer denied the allegation that he attempted to have sex with the student. He stated that she connived with some men to kidnap him on his way home around 10pm on Tuesday, adding that he was forced to remove his clothes.
He said, “There was a test conducted by a fellow lecturer on Tuesday for 400-level students. I don’t take any course at that level. They had to be split into two and the lecturer invited me to assist him to administer the test. Towards the end of the test, I noticed there was a boy sitting in front of the girl. He raised his paper up for the girl to copy.
“I saw them and warned the boy. He just smiled instead of him to obey my warning and continued. I asked to forward his paper if he had finished and he reluctantly forwarded it to me. The rule of test is that if you are found cheating, we will tear your paper. I wrote on his paper ‘found cheating’. I tore the paper and threw it into a dustbin.
“Later in the evening, I began to receive calls from this girl, asking me to see her. She said the boy whose paper I tore had not let her have peace and that he wanted to see me so that the lecturer could consider him for a make-up (test). I told her she should let us meet the next day.
“On my way home, as I reached a junction leading to her house, I saw her standing by the roadside with some men. As soon as she entered my car, the men also entered from behind and pressed a metal on my back. So, I drove until they got to the house.
“As soon as I got into the room, they removed my clothes and poured water on me. They demanded N2m ransom from me. I have been traumatised. Presently, I have been suspended and will appear before a panel on Monday (today).”
Yusuf explained further that she had never taught the student ENG 201, saying that she “actually failed two courses he taught her in 300-level.”
“She passed four courses I had taught her in 100 and 200 levels,” he added.