Top News Update 08/06/2017
1. CBN spent N1.23tr intervention fund illegally, says Senate
2. Moody’s Analytics, Inlaks collaborate in West Africa on risk management
3. SEC threatens to revoke registration of experts
4. Osinbajo to flag off direct distribution of relief materials in North-East
5. Nigeria’s oil output hits over 2.0m bpd as Shell lifts force majeure on forcados
6. Probe $15.9bn NLNG equity, NEITI tells Reps
7. INEC registers five new political parties
8. U.S. Ambassador: improved power will boost economy
9. LNG: Nigeria lags behind as Mozambique attracts $7bn
10. Italy Identify Liverpool-Bound Striker Of Nigerian Descent As England’s Biggest
CBN Spent N1.23tr Intervention Fund Illegally, Says Senate
Senate yesterday took steps to curb alleged recklessness of the Central Bank of Nigeria (CBN) on use of intervention funds. The upper chamber frowned at alleged expenditure of N1.23trillion by the apex bank in 2015 without recourse to law. The amount, the lawmakers said, far exceeds five per cent of CBN total revenue in 2014 as provided for in Section 38 of its Act. This is contained in a bill sponsored by Senator Rose Oko (Cross River North) and passed for second reading yesterday.
Moody’s Analytics, Inlaks Collaborate In West Africa On Risk Management
Moody’s Analytics, a leading global provider of risk management solutions and Inlaks, a leading infrastructure solution provider in Nigeria and West Africa, have forged a new collaboration as part of the Moody’s Analytics Partner Alliance programme. This partnership will allow Moody’s Analytics to provide clients of both firms with its award-winning regulatory and risk management solutions, which Inlaks will complement with its local business expertise and in-country support to Nigerian banks.
SEC Threatens To Revoke Registration Of Experts
Capital market stakeholders have expressed divergent views on the threats by the Securities and Exchange Commission (SEC), equities market regulator, to revoke the registration of about 400 market experts that failed to provide companies information latest by July 31st. While some argued that their exit from the market will not have any negative effect but would restore sanity in the market considering the obstacles their non-compliance have caused, others insisted that any step taken to blacklist or suspend any firm at this point in time when the market is experiencing a gradual recovery. This, they argued, would send a wrong signal to both local and foreign investors.
Osinbajo To Flag Off Direct Distribution Of Relief Materials In North-East
Acting President, Professor Yemi Osibanjo, will tomorrow in Maiduguri, Borno State, flag off the distribution of 30,000 metric tonnes (1,032 trucks) of cereal directly to persons affected by crises in Borno, Yobe, Adamawa, Taraba, Bauchi and Gombe. The National Emergency Management Agency, NEMA’s spokesman, Sani Datti, in Abuja yesterday, said the intervention will also serve “as a litmus test for full cycle of intervention adapting world best practices, while conside-ring our local peculiarities, exhibiting the best of transparency, accountability and in full consideration of the protection and integrity of the affected persons.”
Nigeria’s Oil Output Hits Over 2.0m bpd As Shell Lifts Force Majeure On Forcados
Shell Petroleum Development Company Limited has officially lifted force majeure on exports of Nigeria’s Forcados crude oil, thus increasing the nation’s oil output by additional 200,000 barrels per day. Force majeure is a legal declaration, meaning that the operator cannot fulfil a contract due to circumstances outside its control in order escape any liability. Consequently, the nation’s total production increased from two million bpd to about 2.2. million bpd, the highest in 16 months.
Probe $15.9bn NLNG Equity, NEITI Tells Reps
Executive Secretary of the Nigerian Extractive Industry Transparency Initiative (NEITI), Waziri Adio, has called on the House of Representatives to investigate the loss of $15.9 billion dividend from Federal Government’s 49 per cent equity in the Nigerian Liquefied Natural Gas (NLNG). Adio who appeared before the Abdulrazak Namdas-led House Adhoc Committee investigating $17 billion undeclared proceeds of crude oil and liquefied gas sale between 2011 and 2014, alleged that the money was received by NLNG but cannot be found in the Federation Account.
INEC Registers Five New Political Parties
The Independent National Electoral Commission (INEC) yesterday announced the registration of five new political parties ahead of the 2019 general elections.INEC’s Commissioner and Chairman, Information and Voter Education Committee, Mr. Adedeji Soyebi made this known at the end of the commission’s meeting in Kaduna. The new political parties, according to Soyebi, are Young Progressive Party (YPP), Advanced Peoples Democratic Alliance (APDA), New Generation Party of Nigeria (NGP), All Democratic Peoples Movement (ADPM) and Action Democratic Party (ADP).
U.S. Ambassador: Improved Power Will Boost Economy
The United States Ambassador to Nigeria, Mr. Stuart Symington, has said improved power supply will boost the country’s economy. Symington spoke when he visited Mantrac Nigeria Limited’s head office in Ikeja, Lagos. Symington’s visit was part of efforts at supporting American and other firms with dealership in U.S.-made products. Caterpillar, a U.S. company, manufactures a wide range of power systems and earth moving equipment among other products.
LNG: Nigeria Lags Behind As Mozambique Attracts $7bn
Eni is a shareholder in two of Nigeria’s LNG projects that have been unable to secure FID from the shareholders since 2007. The company holds 17 per cent equity participation in Brass LNG project and 10.4 per cent in the Nigeria LNG Limited, which has been struggling to develop its proposed Train 7 project. The US-based ConocoPhillips exited Brass LNG in 2013, after British Gas opted out of another project, Olokola LNG in 2012, followed by Shell and Chevron.
Italy Identify Liverpool-Bound Striker Of Nigerian Descent As England’s Biggest
The Italians are wary of Chelsea striker of Nigerian descent Dominic Solanke ahead of Thursday’s game against England in the semifinal of the 2017 Fifa U20 World Cup. The Young Lions qualified for the last four after beating Mexico 1-0 courtesy of Solanke’s strike two minutes into the second half, and Inter Milan defender Federico Dimarco says the Liverpool-bound player has to be stopped.