Nigeria: Pension fund hits N3.5trn, 5.6m workers registered

0 0
Read Time:1 Minute, 52 Second

National Pension Commission, PenCom, weekend, said the Contributory Pension Scheme, CPS, had generated over N3.5 trillion with no fewer than 5.61 million workers now in the scheme.

Acting Director-General of PenCom, Mrs. Chinelo Anohu-Amazu, announced this at the commissioning of the South-West zonal office of the commission in Lagos.

Governors Babatunde Fashola of Lagos State; Ibikunle Amosun of Ogun and Kayode Fayemi of Ekiti stat; Senate President, Mr. David Mark, represented by the Chairman, Senate committee on Establishment and Pension, Senator Aloysius Etok, Senator Gbenga Ashafa and Babafemi Ojudu, Vice Chairman of the House Committee on Establishment and Pension, Mr. Samson Okwu and other dignitaries.

According to her, the commission had “over N3.50 trillion invested in various financial instruments in the country. As at June 2013, the value of pension funds’ investment in state government bonds was N169.73 billion.

“Most of the states have utilised the proceeds from the fund towards the provision of vital infrastructure for the well being of its citizens.

“Since inception, 5.61 million workers have been registered into the new scheme.

“States in the country, especially the South-West zone, that are yet to complete the necessary process of full implementation of CPS, should renew their commitment and fast track action on all outstanding issues to avail their employees of all the benefits attached to the new scheme.”

Governor Fashola, others react
Governor Fashola urged the National Assembly to deal expeditiously with the Pension Reforms Act 2004, which had been returned to Parliament for re-examination, saying “we continuously have to reflect and rethink and that is why the bill is back in Parliament.”

Similarly, Governor Amosun noted that the responsibility of every government was to encourage its workers to realise the dignity in labour adding “his administration has demonstrated in many ways that the government is concerned about the welfare of its workforce.”

On his part, Governor Fayemi said his government was willing to adhere to the enabling rules and regulations set out by the Pension Reform Act 2004.

Ondo State Head of Service, Mr. Toyin Akikuotu, applauded the commission for decentralising the administration of pension in the country.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Nigeria: Banks’ lending to agric may increase to 7%, says CBN

0 0
Read Time:1 Minute, 6 Second

Banks’ lending to agriculture sector is expected to rise from the 3.5 per cent to seven per cent in the next decade, Central Bank of Nigeria (CBN) Deputy Governor, Financial System Stability, Dr Kingsley Moghalu, has said.

He made this known at the weekend on the sidelines of the end of the Euromoney conference in Lagos.

Moghalu said the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) initiative has boosted agricultural lending.

He said the level of attention the subsector is getting is a reflection of a new thinking that it holds key to the economic growth and development.

Data from the CBN indicate that NIRSAL introduced in July last year, is determined to grow loans to the sector to four per cent of banks’ total loans, from the average of 1.5 per cent in 2009.

The NIRSAL guarantees up to 75 per cent of bank loans to the sector.

The initiative, which is the brainchild of the CBN, the Bankers’ Committee and the Federal Ministry of Agriculture and Rural Development (FMARD), seeks to create incentives and catalyse processes that will encourage the growth of formal credit, direct and indirect, for the agriculture value chain. This, the CBN said is key in driving wealth creation among value chain participants.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Nigeria Noble strides of NCS transformation agenda

0 0
Read Time:6 Minute, 15 Second

IN Nigeria, transformation is the new order. In keeping to his agenda, The transformation Agenda President Goodluck Ebele Jonathan is leading the pack among his African Counterparts in all Sectors, Segments and frontiers of the Economy.

This drive for a new infrastructural upgrade and economic transformation is in tandem with the country  s Vision to be among the best 20th economy in the world by year 2020.

The Transformation Agenda arose out of the need to correct the flows in the country  s drive for development where there is absence of long terms perspective and lack of continuity, consistency and commitment (3Cs) to agreed policies. The culminating effect of these has been growth and development of the Nigerian economy.

Alhaji-Dikko-Abdulahi, C G, Customs

According to the information contained in the enabling document, the transformation agenda is based on and draws inspiration from the vision 20: 20: 20 and the first National Implementation Plan (NIP) and aims to deepen the effects and provide a sense of direction.

There is no doubt Nigeria is gradually and consistently transforming in all sectors, including the human resources at the  various ministries, parastatals, Agencies as the engines that drive the human capacity especially at the federal level are all keying into the new order of transformation. As such for the Nigeria Customs Service (NCS) a transformed Customs Service is a sin qua non.

For the Comptroller General of the Service, Alhaji (Dr) Abdullahi Dikko Inde, CFR, transformation, innovations and trade facilitation are his watch words. In the past two years of the Transformation Agenda, the Nigeria Customs Service has stood on a consistent march towards the new world order of trade facilitation with the latest Information Technology Communication (ICT) that bound trades without hassles.

The service operates with its six point agenda of ICT, Capacity building, Integrity, welfare, Co – ordination and Collaboration with all stakeholders.

The clarion call by President Jonathan for all and Sundry to enlist as agents of transformation agenda was heeded by well meaning ministries, departments and agencies of government NDAs) and Nigerians with an uncommon zeal, and one of the MDAs under the federal Ministry of Finance that embraced and responded positively to the call is the Nigeria Customer Service.

For the NCS, the question of embracing the Transformation Agenda was not just to join the crowd, or was it about political correctness, but was to proof that the Service was indeed set to contribute its quota to the well being of the government and the people.

Fully reinventing herself from a bashed, misunderstood, hated and abused agency, the Service with the support of government, the trading community and stakeholders has successful embarked and implemented strategic reforms that were anchored under the six- point agenda of the Comptroller-General of Customs, this has attracted admiration from global organizations and the trading and general public.

Prudently the customs management has kept to this tanents of faith it professes. The innovations, transforma-tions and trade facilitation in the NCS stand out as the best in recent times among customs organizations in the world. This noble stride by the Dikko led customs service has brought honour, pride and recognitions to both the service and the country.

It was on such benevolence that Nigeria President, Dr Goodluck Ebele Jonathan was invited to address the 119th / 120th Sessions of the Customs Cooperation Council which also mark the diamond Jubilee anniversary celebrations of the World Customs Organisation (WCO) in June, 2012.

Declaring the event open, President Jonathan chronicled the Nigerian perspective on how best customs administrations can positively support and contribute to the realisation of the economic growth and development objectives of countries.

Jonathan said “The role of customs administrations has undergone significant transformation since early 1990s, gradually, but steadily evolving from the trade facilitation, protection of society and the security of international trade supply chains on the other. This, no doubt, is a reflection of not only the changing environment in which customs authorities operate, but also the corresponding changes in the priorities of government”. The

Nigerian president also point out that the customs can make or mar economic growth if the right policies are not put in place, he said Given the role customs administrations play in trade facilitation, they have always remained critical in the ability of governments to maximise the benefits from reforms, including enhancing and deepening trade integration between members of any regional trading arrangement.

Under this circumstance, there is the possibility that customs administrations may constitute an obstacle to the success of trade policy reforms, if there is resistance to the necessary modernisation that should result from changes in the policies and priorities of governments”.

President Jonathan expressed the hope that customs will in the twenty-first century play a pivotal role in the economic chair as he says “The expansion in the traditional role of customs as an enforcement agency, has led to the emergence of customs as a prominent business partner to industry players. Customs administrations must therefore see themselves in the context of the twin roles of trade facilitator and guardian of the community.

As a trade facilitator, they should be committed to building strategic partnerships with the business sector, including helping to maintain the competitive edge of the local industry, I do believe that the benefits of greater efficiency, enhanced competitiveness and higher productivity in the new global economic environment would be better achieved, if the customs service is responsive to the needs of the industry in the areas of simplification of procedures, efficient processing of shipments and the transparent use of rules and regulations’.

The Minister of Industry, Trade & Investment, Dr Olusegun O Aganga said at the launch of the portal   that, the NTH was a veritable vehicle needed to drive the Nigeria trade cycle to the next level of development.
Adding that the Portal met  the trade facilitation framework for improved business climate as articulated in the blue print of vision 2020.

”The launch of the information phase of the trade hub will facilitate the next phase which allows for end-to-end transaction in a single window environment”.

”An efficient application will help in creating a competitive and enabling environment for cross border trade in terms of reducing processing time and cost: hence enhancing regional economic integration”.

For ICT: the PAAR and the newly introduced Nigerian Trade Hub (NTH) has come to stay. For capacity building: training and retraining of officer and men and other stakeholders in maritime industry at both local and foreign courses is continuous.

With the world class customs staff college, the service is on top of knowledge based courses. On welfare: the 100% increase in salaries and allowances and regular payment of same is paramount. Also the building of staff quarters and barracks at all customs formations is a boost to the service.

In   co ordination, the service is excellently coordinated to achieve its set goals and targets, while collaboration and integrity of the service is now at it highest level with other government agencies, traders and the general public. Looking back, at the customs, the officers and men of the service, the world Customs Organisation, the President, the Ministers, traders, and indeed the general public could see, feel, touch and notice the remarkable achievements of the service inline with the transformation agenda of the government and in march towards 20:20:20.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

It’s crazy to spend $8bn on fuel importation – Ben Bruce

0 0
Read Time:2 Minute, 48 Second
Federal government came under a heavy knock from the Chairman of Silver Bird Group, Ben Bruce , when he  lashed out on the government for spending $8 billion on fuel importation annually.
Bruce was speaking in Abuja at the launching of a book entitled “Why Run Before Learning To Walk”, written by Professor Turner Isoun and Miriam Isoun .
He attributed the ongoing Academic Staff Union of University, ASUU strike in the country to lack of fund, which he said was a direct implication of the $8 billion spent by federal government annually on fuel importation and called for total removal of oil subsidy to enable government tackle other critical needs.
“The reason why Nigeria is broke is because we spend $8 billion a year, to buy patrol that generates smoke.  We need to address that issue, a lot of our problems are self inflicting. The laziness of some people in government in government must come to an end.  The expensive life style, popping of Champaign must stop.  We must go back to the era of creativity.
“When people are poor, they struggle to become rich, when people have nothing, they dream and think and use their imagination. Rich people are not going to be next NollyWood stars. They have money and resources. The stars of this country are going to come from Ajegunle, poor homes, single parent homes, homes where they have no money, homes where they have one meal a day. These are the kind of people we should have in government with imagination,” he noted.
Bruce further lambasted the Academic Staff Union of Universities, ASUU for complaining of poor funding, after opposing total removal of fuel subsidy, saying, the union must be realistic in their demand rather than playing to the gallery.
“When ASUU went on strike, they asked President, “why will you spend $8 billion a year on fuel importation, when he could have spend it on their welfare.” When subsidy was removed, they opposed government action for removing subsidy and is now demanding for better pay, you can’t oppose deregulation and on the other hand, demand for higher pay” he  stated.
The Silver Bird boss, who expressed disappointment with the way a politicians spend public fund, called for adoption of renewable energy and a paradigm shift from being a lazy and consuming nation to a creative and manufacturing nation.
He also lambasted some state commissioners for investing public fund in the importation of tricycle, which he said is a 150 years old technology that should not be allowed into Nigeria, instead , he advocated for adoption of latest and more efficient technologies that would deliver better services to the people.
“The problem of this country can be solved, but too much money makes us lazy and incompetent. We must have renewable energy. We have the sun, so we should use solar power. We have what most people want and therefore, we should use electric cars, and we will not spend $8 billion to import fuel every year.
“Right now, a lot of ministries, federal and states, have too much money.  President and governors should not give them any money. Too much money makes them lazy and less money makes them use their imagination and think.”
 

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Nigeria: Governors to Okonjo-Iweala: resign or manage economy well

0 0
Read Time:2 Minute, 18 Second

The Nigeria Governors Forum led by Rivers State Governor Rotimi Amaechi yesterday urged Finance Minister and Coordinating Minister of the economy Dr. Ngozi Okonjo-Iweala to resign or manage the economy well.

The Forum said her non-compliance with the revenue projection of the 2013 budget was a direct breach of the Appropriation Act.

The governors also pointed out that the National Economic Council (NEC) is the right body to manage the economy and not the Economic Management Team (EMT).

Reading the communique at the end of the meeting yesterday, Amaechi said: “The non compliance with the revenue projections of the Federal Government of Nigeria 2013 Budget is a direct breach of the provisions of the Appropriation Act 2013. Members expressed concern in the management of the economy by the Minister of Finance and Coordinating Minister of the Economy and called for a strict adherence to the Appropriation Act 2013, failing which she should resign.

“Forum observed that National Economic Council (NEC) is constitutionally responsible for the management of the economy and should be used for that purpose as opposed to the Economic Management Team (EMT) constituted by the Presidency.

“We reiterate our earlier call to the National Assembly for the separation of the office of the Accountant General of the Federation from that of the Accountant General of the Federal Government for accountability and better management of the economy.”

He added: “After review of the Polio situation in the country, members recognised that some progress has been made in 2013 compared to 2012. Forum enjoined all governors to remain focussed and continue to drive the programme in their respective states until polio is completely eradicated.”

“Members expressed condolence to Dame Patience Jonathan for the loss of her mother, Governor Fashola for the loss of his father and the family of the late Dr. Olusegun Agagu, former Governor of Ondo State.”

“Finally, it was resolved that the Forum will hold a Nigeria Governors’ Forum Retreat in November, 2013.”

But indications emerged yesterday night that reconciliatory efforts to resolve the crisis in the Peoples Democratic Party (PDP) was not yielding results as governors loyal to Plateau State Governor, Jonah Jang’s led faction stayed away from the Nigeria Governors’ Forum (NGF) meeting chaired by Rivers State Governor, Rotimi Amaechi.

The governors who attended the meeting last night included Aliyu Wamako (Sokoto), Rabiu Kwankwaso (Kano), Abdulaziz Yari (Zamfara), Abdulafatah Ahmed (Kwara).

Others include Babangida Aliyu (Niger), Abiola Ajimobi (Oyo), Rotimi Amaechi (Rivers), Babatunde Fashola (Lagos), Ibikunle Amosun (Ogun), Sule Lamido (Jigawa).

Also at the meeting last night were Rauf Aregbesola (Osun), Murtala Nyako (Adamawa), Kayode Fayemi (Ekiti)

Deputy governors from Edo, Borno and Nasarawa also attended the meeting

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Nigeria: Governors to Okonjo-Iweala: resign or manage economy well

0 0
Read Time:2 Minute, 18 Second

The Nigeria Governors Forum led by Rivers State Governor Rotimi Amaechi yesterday urged Finance Minister and Coordinating Minister of the economy Dr. Ngozi Okonjo-Iweala to resign or manage the economy well.

The Forum said her non-compliance with the revenue projection of the 2013 budget was a direct breach of the Appropriation Act.

The governors also pointed out that the National Economic Council (NEC) is the right body to manage the economy and not the Economic Management Team (EMT).

Reading the communique at the end of the meeting yesterday, Amaechi said: “The non compliance with the revenue projections of the Federal Government of Nigeria 2013 Budget is a direct breach of the provisions of the Appropriation Act 2013. Members expressed concern in the management of the economy by the Minister of Finance and Coordinating Minister of the Economy and called for a strict adherence to the Appropriation Act 2013, failing which she should resign.

“Forum observed that National Economic Council (NEC) is constitutionally responsible for the management of the economy and should be used for that purpose as opposed to the Economic Management Team (EMT) constituted by the Presidency.

“We reiterate our earlier call to the National Assembly for the separation of the office of the Accountant General of the Federation from that of the Accountant General of the Federal Government for accountability and better management of the economy.”

He added: “After review of the Polio situation in the country, members recognised that some progress has been made in 2013 compared to 2012. Forum enjoined all governors to remain focussed and continue to drive the programme in their respective states until polio is completely eradicated.”

“Members expressed condolence to Dame Patience Jonathan for the loss of her mother, Governor Fashola for the loss of his father and the family of the late Dr. Olusegun Agagu, former Governor of Ondo State.”

“Finally, it was resolved that the Forum will hold a Nigeria Governors’ Forum Retreat in November, 2013.”

But indications emerged yesterday night that reconciliatory efforts to resolve the crisis in the Peoples Democratic Party (PDP) was not yielding results as governors loyal to Plateau State Governor, Jonah Jang’s led faction stayed away from the Nigeria Governors’ Forum (NGF) meeting chaired by Rivers State Governor, Rotimi Amaechi.

The governors who attended the meeting last night included Aliyu Wamako (Sokoto), Rabiu Kwankwaso (Kano), Abdulaziz Yari (Zamfara), Abdulafatah Ahmed (Kwara).

Others include Babangida Aliyu (Niger), Abiola Ajimobi (Oyo), Rotimi Amaechi (Rivers), Babatunde Fashola (Lagos), Ibikunle Amosun (Ogun), Sule Lamido (Jigawa).

Also at the meeting last night were Rauf Aregbesola (Osun), Murtala Nyako (Adamawa), Kayode Fayemi (Ekiti)

Deputy governors from Edo, Borno and Nasarawa also attended the meeting

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

3 Typical Pieces of “Financial Expert” Advice: Debunked

0 0
Read Time:3 Minute, 11 Second

When you hear advice over and over again, it doesn’t mean it is right.  It doesn’t mean it is wrong, either.  Just don’t take the platitudes as fact.  Rethink and think for yourself.

1. “Invest in a 401k”

I say think about ditching your 401k.

The biggest thing to remember about trusting your employer with your investments is: that you are trusting your employer with your investments.

If you want the best returns, you are most likely in a stock plan — but that also means that you’re exposed to market risk, meaning that when stocks crash, so does your money.

And whatever wealth you are accumulating in a 401k (if any) can be susceptible to inflation risk — because if you are taking macro factors into consideration, you could be wiped out by inflation.

One of the most alluring parts of investing in a 401k is having your employer match your contributions. But guess what? Many employers don’t. Many 401ks also have ridiculously high fees and commissions that are simply not worth the risk of the unknown.

As the old adage goes, better to take “money in my pocket” over “promises that can’t be kept” any day.

2. “Diversify your portfolio!”

Rethink diversification.

You hear asset allocation and diversification all the time.

Lots of financial experts say they work their magic over time because you are forced to buy low and sell high. The idea is that, by mixing things up in your portfolio, you’re less likely to experience major drops, because when some sectors experience tough times, others may be thriving.

You may be more isolated from big losses by diversifying, but you’re also isolated from big gains – and if all of the eggs in your basket are duds, you’re never going to get ahead, no matter how many different eggs you might have.

You can also hit max overload – studies have shown that, while some diversification reduces market risk, the market risk isn’t reduced by a significant amount once you hit having around 20 stocks or more. So don’t spread yourself too thin.  And, please, for the love of God, stop stressing about diversification it’s not magically going to make you a millionaire.

3.  ”Buy a home!”

Rent a home.

It used to be that putting a down payment on a house or apartment was the sure fire way to build your net worth. But after the roller coaster ride that housing has been on in recent years, it’s time to take a closer look at renting.

Buying a house comes with tons of additional costs – transaction fees for the broker, maintenance fees, renovations – while many of those costs are included when you rent an apartment.

Renting allows you greater flexibility to take any opportunities that might come your way, and you typically have more leverage in negotiating rent than with a full-on mortgage.

Also, remember that down payment – typically about 20% of the mortgage. You don’t get that money back like you do a security deposit.

And while buying a home adds to your assets, remember that it’s illiquid – if you fall on hard times and need cash, it’s not easy to quickly sell a home – especially in this market – without losing substantial value on your investment.

No, don’t stick your money under a mattress!  Invest in yourself.  Always wanted to be a French Professor?  Take a french class … investing in yourself could eventually pay the biggest dividends

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

CBN to Resist Pressure to Devalue Naira

0 0
Read Time:2 Minute, 51 Second

The Central Bank of Nigeria (CBN) has declared that it will resist pressure to devalue the naira as it retains ample funds to defend the currency.

Speaking in an interview with Reuters in London, the Deputy Governor, Financial System Stability, CBN, Dr. Kingsley Moghalu, said there were no plans to change the exchange rate band of the naira.

"We are comfortable with the band as it is currently – we do not have any intention of doing anything spectacular," he said.

Also, the Director, Corporate Communications, CBN, Mr. Ugochukwu Okoroafor, maintained the bank’s Governor, Mallam Sanusi Lamido Sanusi, was expected to stay the course in his defence of the nation’s currency until the end of his tenure in 10 months.

The naira had fallen in recent months, trading outside the central bank's target band of N150-N160 naira to the dollar since June, initially due to foreign investors booking profits on their naira assets, and on importers buying dollars.

Okoroafor insisted that the CBN remained committed to the band.
"We have the resources to meet demand. We are still determined to keep within that band," he told Reuters.

But a similar naira weakness, partly caused by excessive spending prior to 2011 national elections, forced the central bank to lower the target band from N145-N155 to the dollar in November that year, after months of struggling to prop it up.
Pressure on the nation’s currency is expected to worsen next year as elections loom again in 2015 – traditionally at a time when government expenditure becomes very loose, pumping excess liquidity into the banking system.

"It's the case all over the world – governments tend to spend a lot leading up to elections," Moghalu said.

The naira has hovered around the N162-N163 level in recent months, at the interbank segment due to strong demand for dollars. It touched a 20-month low of N163.70 to the dollar last week.

"We believe that the probability of (moving the trading band) is slim in the coming months," an economist at Ecobank, Gaimin Nonyane, said, adding that the bank had ample funds.

"Such a move would increase inflationary pressures. Given the central bank's commitment to promoting price stability, we think the current rate will be maintained," he added.

Nigeria's consumer inflation ticked up to 8.7 percent in July, though Moghalu said he expected it to stay in single digits this year.

Sanusi had repeatedly warned that excessive election spending poses an inflation risk that he is ready to counter with tight monetary policy.

Analysts expect Sanusi would stick to that path until his planned departure June next year when his five-year term expires.

"The central bank will continue to defend exchange rate stability as long as governor Sanusi remains in charge," Standard Bank's Samir Gadio argued.

Sanusi has spent billions of dollars of foreign reserves over the past months in keeping the naira, which has lost 4.6 percent since the year, within its target corridor.
But Nigeria’s foreign exchange reserves stood at $46.825 billion on Monday.

"Nothing about the central bank's recent guidance or behaviour suggests that is about to allow a devaluation of the naira," an economist at CSL Stockbrokers, Alan Cameron, said.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

AMCON seeks buyers for Mainstreet Bank

0 0
Read Time:1 Minute, 3 Second

The Asset Management Company of Nigeria, AMCON, said it was seeking prospective investors to buy 100 percent of its share-holding in Enterprise Bank, the first of Nigeria’s three nationalised lenders to be put up for sale.

“Bad bank” AMCON, which holds non-performing assets of troubled banks, in July appointed Citigroup and Africa-focused investment bank, Vetiva Capital to manage the divestment.

AMCON said in a public notice that prospective buyers will be required to submit their bids by September 20, and show evidence of financing capacity.

The Central Bank of Nigeria rescued nine lenders in a $4 billion bailout in 2009, after reckless lending and lax governance left them under-capitalised.

The regulator told them to find new investors before a deadline or face nationalisation. Only six of them met the deadline.

The others, Afribank, Spring Bank and Bank PHB, were nationalised in 2011.

AMCON then recapitalised them and changed their names to Mainstreet Bank, Enterprise Bank and Keystone Bank, respectively.

Based on Enterprise Bank’s 2012 audited accounts, the bank had seven subsidiaries, 150 branches with total assets of N263.5 billion ($1.6 billion) and total equity of 31.9 billion naira ($195.3 million), AM-CON said in the notice.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

DPR’ll not revoke licences of idle oil blocks’

0 0
Read Time:1 Minute, 11 Second
The Department of Petroleum Resources (DPR), has said it would not revoke the licences of undeveloped oil blocks contrary to its earlier stand on idle acreages.

DPR Director, George Osahon, who spoke yesterday at a one-day forum on the 2005-2007 licensing round held in Lagos, said security issues might be the cause for the companies’ inability to put the fields into production.

He said DPR awarded 77 oil acreages to several companies between 2005 and 2007, but lamented that only one of the blocks is currently producing, while less than 30 per cent of oil blocks awarded within that period are actively being worked on.

He explained that the non-performance of the blocks is due to insecurity in the Niger Delta, lack of adequate funds, technical challenges and data availability, adding that several production sharing contract (PSC) acreages, and bank guarantees were yet to be put in place as a result of the problems.

He said the preoccupation of the DPR is how to activate the dormant acreages to enable the country meet its aspiration of four million barrel per day production and 40 billion reserves.

He urged firms with dormant blocks to update the DPR with their challenges so as to find ways of reactivating the blocks.

Osahon, called for synergy between prospective investors and financial institutions to enable growth in the nation’s oil and gas industry.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %