Top News Update 1/06/2017
1. CBN’s interest rates too high for economic growth
2. Dangote, Flour Mills to reconstruct Apapa Wharf Road with N4.3bn
3. N516bn Paris refund: Labour teams up with EFCC, ICPC on probe
4. Nigeria Needs More Than $15bn to Revamp Lake Chad
5. Nigerian cyber hackers steal $3bn in 2016
6. NBC Names Six States as Model for Digital Switch Over
7. Julius Berger declares zero dividend for 2016
8. Ecuador to Partner Nigeria on Trade Expansion
9. N’Delta Youths Kick against Non-inclusion of Indigenes in P’Harcourt Refinery Concession
10. Senate rules out funding political parties from public treasury
CBN’s Interest Rates Too High For Economic Growth
The high interest rates charged by banks and other financial institutions have become an albatross for businesses and the Nigerian economy. The Senate, therefore, spoke the mind of many Nigerians, last week, when it said the rates had become a “yoke too hard to bear” for any real sector business and economic growth. We cannot agree more with the Senate’s position and its charge to the Central Bank of Nigeria to intervene to save the economy. At a roundtable between the Senate and interest groups in the financial and business sectors in Abuja, the Senate President, Bukola Saraki, called for a downward review of interest rates. He frowned at the insistence of the apex bank to keep the lending rate, otherwise known as the Monetary Policy Rate (MPR), unchanged for the seventh consecutive time at 14 percent.
Dangote, Flour Mills To Reconstruct Apapa Wharf Road With N4.3bn
Succour will soon come to the Apapa Wharf road users as Federal Government handed over the troubled road to Dangote and Flour Mills for concrete overlay reconstruction which is expected to gulp N4.3billion.
This was the outcome of the Memorandum of Understanding (MOU) signed at the weekend in Lagos by the Federal Government with the two companies to repair the road. The construction of the road will be handled by AGDangote, a subsidiary of Dangote Industries Limited. Speaking at the event, the Honorary Adviser to the President/Chief Executive of Dangote Group, Mr. Joseph Makoju said Dangote Group is moved by the deplorable state of the road which informed the need to look for partners to effect repairs and salvage the road.
N516bn Paris Refund: Labour Teams Up With EFCC, ICPC On Probe
The Nigeria Labour Congress and the Trade Union Congress have written to the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other related offences Commission to probe the states, which defaulted in the first tranche of the N516bn Paris Club loan refund. The TUC President, Bobboi Kaigama, and the NLC General Secretary, Peter Ozo-Eson, confirmed this to The PUNCH on Thursday, adding that the partnership between Labour and the anti-graft agencies would equally be important in the utilisation of the second tranche of the refund. But the NLC President, Mr. Ayuba Wabba, had, in an interview on June 4, said more than 26 states benefited from the first tranche of the Paris Club refund, but lamented that about 10 states were still owing workers and pensioners. “Many of the states have been diverting the bailout meant to pay outstanding salaries and pension to other things; and this is why we are in the present situation,” he had stated.
Nigeria Needs More Than $15bn To Revamp Lake Chad
The Chairman of the House of Representatives Committee on Climate Change, Hon. Samuel Onuigbo, has said that Nigeria and concerned countries would require more than the stipulated $15 billion to rehabilitate the receding Lake Chad. Onuigbo, who doubles as the Vice-President of Globe Nigeria, also hinted that the much-awaited Climate Change Bill would be passed into law before the end of the year. He said, ffaced with harsh climate change emanating from the drying up of Lake Chad, Nigeria and the world bodies have resolved to take the bull by the horn by recharging the lake with a whooping sum of $15 billion US Dollars.
Nigerian Cyber Hackers Steal $3bn In 2016
Nigerian hackers and cyber criminals are being accused of masterminding a grand theft of information and money running into billions of dollars, worldwide. According to experts, the Nigerians are able to carry out the heist by sending phishing emails to commercial organisations and industrial enterprises, which they later steal dry. The FBI estimates that these phishing attacks have cost companies over $3 billion as the number of affected companies exceeds 22,143. Kaspersky Labs, an internet security company said it has found over 500 companies that are under attack in at least 50 countries. Those under attack are mostly industrial enterprises and large transportation and logistics corporations, based in Germany, UAE, Russia and India.
NBC Names Six States As Model For Digital Switch Over
The Director General of the National Broadcasting Commission, Mallam Is’haq Modibbo Kawu, has said that Nigeria will adopt phased implementation of switch over from analogue to digital broadcasting (Digital Switch Over) (DSO), beginning with six states. The confirmation came few days after the Minister of Information, Mr. Lai Muhammed, dropped the hint, while playing host to the Niger’s Minister of Communication, Koubra Abdoulaye that Nigeria would switch over from analogue to DSO in six states across the six geo-political zones within the next one month.
Julius Berger Declares Zero Dividend For 2016
Shareholders of Julius Berger Nigeria Plc at the weekend openly registered their discontent at its 47th annual general meeting of the company that ended in Abuja weekend, on hearing of the huge loss the company recorded in the financial year that ended December 31, 2016. Their fears were confirmed when the Chairman of the company, Mr. Mutiu Sumonu announced that their investment in the company yielded zero profit in form of dividends in the 2016 financial. While some shareholders sympathized with the construction over the huge financial loss majorly caused by inflation and volatility in Federal Government’s foreign exchange policy, others reacted angrily insisting that the company ought to have introduced “bonus dividends” to the shareholders.
Ecuador To Partner Nigeria On Trade Expansion
The Ambassador of Ecuador to Nigeria, Leopoldo Rovayo Verdesoto has pledged his commitment to boosting trade between Nigeria and his country with a view to improving the economic benefits of both countries. He stated his when he led a delegation of embassy staff to the Port Harcourt Chamber of Commerce Industry Mines and Agriculture (PHCCIMA). He added that he was hopeful of expanding new business frontiers and forging mutually beneficial partnership with the Chamber to promote Ecuadorian business interest in the state and region. Verdesoto commended PHCCIMA’s effort at providing significant support to businesses and contributing to stimulating the local economy, which according to him, fall within the statutory objective of the Chamber.
N’Delta Youths Kick Against Non-inclusion Of Indigenes In P’Harcourt Refinery Concession
The nation’s oil production which peaked to about 2.2 billion barrels per day and increased in revenue generation for the country is now being threatened as a Niger Delta youth group at the weekend threatened to disrupt the oil exploration activities in the region over an alleged exclusion of indigenes in the concessioning of refineries by the federal government. The youth group, Pan Niger Delta Youth Leadership Forum (PANDLEAF), at a press conference in Warri yesterday said its members were ready to disrupt oil exploration in the region should the government go ahead to concession the refineries, as it is happening to the Port Harcourt refinery, without the inclusion of indigenes of the area.
Senate Rules Out Funding Political Parties From Public Treasury
All the 45 registered political parties may seek funding from private sources as the Senate has foreclosed re-introducing funding them from public treasury. Deputy Senate President, Ike Ekweremadu, yesterday said government abandoned the practice of dishing out subventions for political parties because it was abused. A statement by Ekweremadu’s media adviser, Uche Anichikwu, yesterday in Abuja said the Deputy President of the Senate spoke when the Inter-Party Advisory Council of Nigeria (IPAC) visited him at the weekend.