CSR NEWS SUMMARY ISSUE 154

#Economy: Nigeria’s Foreign Exchange Reserves Fall Below $25b

Nigeria’s foreign exchange reserves have plummeted to a new low of $24.88 billion, indicating dwindling confidence in the economy, despite reassurances by authorities. In the last one week, it lost $230 million, understandably due to series of interventions by the Central Bank of Nigeria (CBN), as post-recession announcement pressure continued.

Published by the Guardian Newspaper on Monday, 19th September 2016

#IndustryPulse: Recession Turns Heat on CBN as Policy Makers Meet Today

The ongoing recession has thrown a challenge to the Central Bank of Nigeria (CBN) and its team, as decisions for the survival of the ordinary man in the street are being expected from today. With Nigeria’s economy being affirmed recessed in more than a fortnight ago, it has become a puzzle, with more critical thinking needed to fix its fundamentals that have caused many Nigerians to become poorer.

Published by the Guardian Newspaper on Monday, 19th September 2016

#Oil: Undeclared Oil Shipment: FG Sues Agip, Total for $635m

The Federal Government is demanding $635 million from two multinational oil companies, Agip and Total, for undeclared crude oil shipped out of the country between 2011 and 2014. Two cases have been filed at the Federal High court in Lagos by senior lawyer and Senior Advocate of Nigeria, Professor Fabian Ajogwu, who had handled several cases for the Federal Government on aviation, defence, energy, and financial services.

Published by the Punch Newspaper on Monday, 19th September, 2016

#Education: Kano Govt Reaches Deal with WAEC, NECO

The Kano State Government has reached agreement with the Governing Boards of WAEC and NECO to release the withheld results of students of public schools in the state, this week. A statement by the Deputy Director, Public Relations Department of the state Ministry of Education, Hajiya Hadiza Habib, appealed to both parents and students to remain calm and law abiding.

Published by the Punch Newspaper on Monday, 19th September, 2016

#Power: 10 Power Plants Shut, 1,041MW Lost

The nation’s power generation fell by over 1,000 megawatts as four power plants were down on Saturday, bringing the total number of plants not generating electricity at the moment to 10. The nation recorded a total system collapse on Friday, September 16, 2016, the 17th time this year, industry data obtained by our correspondent on Sunday showed.

Published by the Punch Newspaper on Monday, 19th September, 2016

Economy: Nigeria’ll Start Getting Out of Recession In Q4, Says Emefiele …Recovery Not Possible Until 2017 – Experts

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has predicted that the nation’s economy will likely come out of recession by the fourth quarter of this year when the result of the various measures put in place by the Federal Government and the monetary authorities becomes manifest.

Published by the Punch Newspaper on Monday, 19th September, 2016

#Investment: NBS Puts Investment Inflow at $1.04bn

The National Bureau of Statistics on Sunday released a revised version of the capital importation report for the second quarter, with estimated investment inflow of $1.04bn. The investment inflow represents an increase of 46.58 per cent over the amount recorded in the first quarter of this year.

Published by the Punch Newspaper on Monday, 19th September, 2016

#Infrastructure: CBN selects MFBs for affordable housing finance

The Central Bank of Nigeria, in a bid to reduce the housing deficit in the country, has selected eight microfinance banks to provide affordable houses for the citizens. The Head, National Housing Fund Programme of the CBN, Mr. Adedeji Adesemoye, stated this during the second edition of the Housing Microfinance Academy organised by Lafarge Africa Plc in Abuja.

Published by the Punch Newspaper on Monday, 19th September, 2016

#IndustryPulse: FG to Probe Banks for Non-Remittance of Taxes

The Federal Government is set to appoint about 150 firms as consultants to probe revenues collected by banks on behalf of the Nigeria Customs Service and the Federal Inland Revenue Service between July 2012 and December 2015.

Published by the Punch Newspaper on Monday, 19th September, 2016

#IndustryPulse: NIA Boss Seeks Tax Incentives for Insurance Policies

The Chairman, Nigerian Insurers Association, Mr. Eddie Efekoha, has said that the provision of tax incentives for certain insurance policies will contribute to the sector’s performance. He said this while addressing the theme, ‘The insurance industry in Nigeria and capacity for business expansion’.

Published by the Punch Newspaper on Monday, 19th September, 2016

#Oil: Crude Oil Prices Rise 2% as Venezuela Rekindles Hopes of Output Freeze

Crude oil prices rose by two per cent yesterday after Venezuela reportedly hinted that the Organisation of Petroleum Exporting Countries (OPEC) and other major oil producers could agree to output cuts and as clashes in Libya disrupted the country’s attempts to boost crude exports. While global benchmark, Brent crude futures were up 2.1 per cent, at $46.75 a barrel, the United States West Texas Intermediate (WTI) crude futures rose by 2.2 percent, to $44 per barrel.

Published by the This Day Newspaper on Tuesday, 20th September, 2016

#Economy: Osinbajo Says Blowing of Pipelines Contributed to Recession

Vice President, Yemi Osinbajo (SAN), Monday said destruction of oil and gas pipelines by the Niger Delta militants contributed to the present economic situation in the country. Osinbajo spoke at the Quarterly Business Forum between private sector investors and the presidency, held at the State House Conference Centre in Abuja. The vice president said the country was losing a lot of revenue due to pipeline vandalism. According to him, the federal government was making all efforts to ensure that the economy was back on track.

Published by the This Day Newspaper on Tuesday, 20th September, 2016

#IndustryPulse: Endorsement of EU-EPA will Cost Nigeria $1.3tn, MAN Warns

The Manufacturers Association of Nigeria (MAN) has warned that Nigeria stands to lose over $1.3 trillion if it signs the Economic Partnership Agreement (EPA) with the European Union (EU). The manufacturers’ umbrella body noted that the nation would be at the losing end due its limited capacity to produce and export industrial goods to Europe and other parts of the world.

Published by the This Day Newspaper on Tuesday, 20th September, 2016

#Oil: Oil Discovery in Lagos Excites Dangote

The recent discovery of oil in Lagos in commercial quantity has been described as a good omen for the development of the oil and gas industry, which Dangote refinery will benefit from. Speaking in his office in Lagos during a visit by the leaders of the League of African Development Student (LEADS), Group Executive Director of the Dangote Industries Limited, Mr. Devakumar Edwin, said it was a good development that Lagos is now a proud oil producing state, adding that it would further strengthen oil output from the country.

Published by the This Day Newspaper on Tuesday, 20th September, 2016

#IndustryPulse: CBN Moves to Prevent Banks’ Exposure on e-Payment Solutions

The Central Bank of Nigeria (CBN) said it has observed the growing exposure of banks on payment solutions service providers’ (PSSPs) platform, due to operational failures. Therefore, in furtherance of its responsibility for effective oversight of the payment system and the need to address the issue, the banking sector regulator in a circular on the “Prevention of Exposures to Banks through Payment Solution,” signed by the Director, Banking and Payment System Department, Mr. Dipo Fatokun, directed that all banks and payment solution service provider, for the purpose of payments under the Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria, should give values to customers after settlement at T+1.

Published by the This Day Newspaper on Tuesday, 20th September, 2016

#Oil: NNFM Strengthens Local Content

The Chairman of the Flour Mills Nigeria Group (FMN), Mr. John G. Coumantaros, has unfolded the Group’s plan and strategy to make Northern Nigeria Flour Mills (NNFM) Plc Kano, a subsidiary company of Flour Mills, a hub for the processing and distribution of locally sourced grains which in Kano, Jigawa, Katsina, Kebbi, Kaduna, Bauchi and other states in the northern part of Nigeria.

Published by the This Day Newspaper on Tuesday, 20th September, 2016

#Technology: NCAA Cautions Passengers on Samsung Galaxy Note 7

The Nigeria Civil Aviation Authority (NCAA) has warned Nigerians about the use of the new Samsung Galaxy Note 7, which battery could explode when being charged and warned ‎air travellers not to turn on charge the phone while on-board the aircraft. In a statement signed by its spokesperson, Sam Adurogboye, NCAA, said, “Consequent upon recent incidents and concerns raised by Samsung about its Galaxy Note 7 devices, the Nigerian Civil Aviation Authority has directed passengers not to turn on or charge these devices on board aircraft.”

Published by the This Day Newspaper on Tuesday, 20th September, 2016

#Infrastructure: FG to Raise $2bn from Concession of Lagos-Kano/Port Harcourt- Maiduguri Rail

The federal government plans to raise $2 billion through the concession of the existing Lagos-Kano/Port-Harcourt-Maiduguri rail line, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has said. He spoke in Abuja just as the Minister of Finance, Mrs Kemi Adeosun, called for the lowering of interest rate to boost economic growth.

Published by the This Day Newspaper on Tuesday, 20th September, 2016

#Environment: Refuse Odour Unsettles Asaba Residents, Motorists

Emitting offensive odour of unevacuated refuge dumps along Nnebisi Road and its environs, in Asaba Delta State, has unsettled its residents including motorists who ply the road often. Investigation revealed that from the beginning of Nnebisi road right  from Interbau road about to the traffic light end, the emitting odour  of the unevacuated refuge dumps disarm passers-by and motorists who are  forced to cover their noses with handkerchiefs.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#Health: NIFT Urges FG to Make $181m Available For Immunisation

National Immunisation Financing Task Team (NIFT) advocacy committee members have called on the federal government to meet its $181million immunisation-funding requirement for 2017 and 2018. This they said would save the lives of seven million Nigerian children. Project director, Community Health and Research Initiative (CHR), Dr. Aminu Magashi, while speaking with journalists in Lagos said the federal government need to scale-up plans towards fund mobilisation for immunization.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#StakeholdersAction: Global Peace Ask Leaders to Champion Tolerance in Nigeria

As the world commemorates the 2016 International Day of Peace, a Non-Governmental Organization “Global Peace Foundation Nigeria on Wednesday called on opinion and religious leaders to champion the cause of tolerance, respect and understanding amongst their faithful, towards achieving a peaceful society. A statement by the Northern Co-coordinators of the Foundation, Rev. John Joseph Hayab and Sheikh Halliru Maraya in Kaduna said this year’s theme “The Sustainable Development Goals: Building Blocks for Peace” was timely, considering the importance of the Peace to societal growth and development.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#Economy: 99 % IDPs Lack Access to Food – Borno

About 99 percent of internally displaced persons (IDPs) in Borno State lacked access to food and clean water supply compared to their counterpart in Yobe where 87 per cent also lacked access to food and water, a Situational Assessment Survey on IDPs in Northeast conducted by NOI Polls has revealed.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#Agric: Adamawa Govt to Boost Agric with Rice, Maize Production

Adamawa State Government has assured that it will support the Central Bank of Nigeria’s (CBN’s) Anchors Borrower’s Scheme to enhance farming of rice and maize in the state. Governor Muhammad Umaru Jibrilla, who stated this when he received the team in his office Wednesday, said the state is known as the largest producer of rice in the country, a tempo which should be sustained. 

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#StakeholdersAction: Cattle Rustling - Police, Stakeholders Call for Establishment of Ranches

Stakeholders in the livestock management in Nigeria have called for the establishment of ranches as a way of tackling cattle rustling and destruction of lives and property. Speaking at a stakeholders’ meeting on the fight against cattle rustling in Nigeria, organised by the Nigeria Police Force, Prof Garba Sharubutu, said there was need for proper planning for animal rearing in Nigeria and hence, the need to buy into the plan of the minister of Agriculture, who is advocating for establishment of ranches across the country.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#StakeholdersAction: World Peace Day – Civil Societies Commend Plateau Govt on Peace Initiative

As the world celebrates the 2016 International Day for Peace, some Civil Society Organisations (CSOs) have commended the Plateau Government’s peace building process. The commendation came through a joint statement in Jos on Wednesday by Mr Gad Shamaki of Nigerian Stability and Reconciliation Programme (NSRP); and Mr Pwakim Jacob of State Conflict Management Alliance (SCMA). Mr Lawal Wase of Community Peace Partnership (CPP) also signed the statement.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#Infrastructure: Plateau Workers Get Housing, Land Allocations

Plateau State civil servants have been given special consideration to acquire certificates of occupancy for their houses and land in a new innovation package initiated by the Ministry of Lands, Survey and Town Planning. The state commissioner for Lands, Survey and Town Planning, Barr Festus Fuanter stated this in Jos yesterday.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#Partnership: Rivers Assembly Urges Shell to Sign GMoU With Host Community

The Rivers State House of Assembly has called on oil giants, Shell Petroleum Development Company, SPDC, to as a matter of urgency sign a Global Memorandum of Understanding, (GMoU) between it and the people of Oyigbo community in Oyigbo local government area of the state.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#Infrastructure: Oshiomhole Commissions 8.5km Road in Igbinedion’s LG

Governor Adams Oshiomhole, yesterday, commissioned a new 8.5-kilometre Uhen-Olumoye road in Ovia North East, in continuation of delivering people-oriented projects to the people of Edo State. Speaking during the commissioning of the road, which is in the Local Government Area of former Governor of the State, Mr. Lucky Igbinedion, Oshiomhole said the road is a reward to the people of the community for putting their trust in him.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#StakeholdersAction: Nigerians Reinforce Call for Tightened Borders

Concerned Nigerians have called for added border reinforcement despite number of agents doubling over the years. A security expert and a bipartisan group of leading security analysts have lent their voice on plans for sweeping immigration reform. The concerned group predicted that, citizenship ambitions of an estimated 3 million undocumented immigrants in the country could rest on a fight over the definition of what constitutes a secure border.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#Economy: CBN Retains Record-high 14% Interest Rate

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained interbank rate at 14 per cent to allow other measures like the foreign exchange market reforms to work through fully. Announcing the committee’s decision yesterday, the CBN governor, Godwin Emefiele, said the committee decided to retain all the monetary policy instruments at their current levels after it was observed that the interest rate policy seemed to be yielding positive results as foreign cash inflows had improved significantly.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#Partnership: Oando Signs $115.8m Agreement with Helios

Oando Plc has signed a mid-stream agreement with Helios Investment Partners, a premier Africa-focused private investment firm, to acquire 49 per cent of the voting rights in Oando’s mid-stream business subsidiary, Oando Gas and Power Limited. Oando will still retain 49 per cent of voting rights in Oando Gas and Power Limited while the remaining two percent will be held by a local entity.

Published by the Leadership Newspaper on Wednesday, 21st September, 2016

#Economy: IPAC Urges FG to Map out Clear Economic Policies

The Inter-Party Advisory Council (IPAC) has called on the federal government to map out clear economic policies and programmes to address the current economic challenges bedeviling the country. The council also called on political office holders to ‎relate with their constituents to fashion out ways of improving the socio-economic and political life of the people. Speaking, yesterday, at a one-day capacity-building workshop organised in conjunction with the International Republican Institute, in Abuja, for FCT council chairpersons and councillors, the Chairman of the IPAC in the FCT, Comrade Abe Fisayo Makanjuola, said that the hardship faced by Nigerians would soon be over.

Published by the Business Day Newspaper on Thursday, 22nd September, 2016

#Agric: Bumper Harvest for Kano, Kaduna Maize Farmers

Despite hurdles faced by farmers in Kano State this year, most of the farmers, especially those that farm maize and millet are recording bumper harvest. A visit to Dawakin Tofa Local Government Area of the state revealed that farmers in the area are optimistic that there is going to be a bumper harvest in millet. Malam Usman Balarabe Dawaki, said despite the absence of affordable fertilizer, which made them resort to the use of manure, indications have shown that there is going to be a very good result in the farms.

Published by the Business Day Newspaper on Thursday, 22nd September, 2016

#Empowerment #Agric: KOICA trains 2 Nigerians on Fisheries Resources

Korea International Cooperation Agency (KOICA) in collaboration with Korea Fisheries Resource Agency (FIRA) has sponsored and trained two Nigerians on Fisheries Resource Enhancement. Abdulkadir D. Isa and Ibrahim Babadoko from Ahmadu Bello University, Zaria and Federal University of Technology, Minna benefited from the programme. Our reporter learnt that the Korean government, through FIRA has successfully created 21 marine forests, covering about 3,078 hectares and hope to increase it to 360 sites to cover 54,000ha by the year 2030.

Published by the Business Day Newspaper on Thursday, 22nd September, 2016

#Agric: NPK 15-15-15 Fertilizer Not Suitable for Nigeria – FG

Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has expressed concern over some governors disregarding the ministry’s new regulations on fertilizer, which proscribed the use of 15-15-15 NPK fertilizer.
Chief Ogbeh stated this recently while having a meeting with state commissioners of agriculture in Abuja.

Published by the Business Day Newspaper on Thursday, 22nd September, 2016

#Agric: AFAN, BoA to Capture Farmers’ Data

The controversy surrounding the data for Nigerian farmers may soon be a thing of the past as the All Farmers Association of Nigeria (AFAN) and the Bank of Agriculture have agreed to collaborate in the establishment of reliable data for farmers across the country. The federal government has since said it had registered about 14 million farmers but AFAN, the apex body of all farmers in Nigeria, was not comfortable with that, saying the census was done without carrying them along.

Published by the Business Day Newspaper on Thursday, 22nd September, 2016

Energy: More Energy Sources Will Boost Economy – Onu

The Federal Government has said increasing the nation’s energy sources through diversification would go a long way in boosting the economy.
The Minister of Science and Technology, Dr. Ogbonnaya Onu, disclosed this in a meeting with the Research Fellow for Nigeria/ECOWAS, International Energy Charter, Dr. Monica Emmanuel, yesterday in Abuja.

Published by the Business Day Newspaper on Thursday, 22nd September, 2016

#IndustryPulse: MAN Resists Fresh Moves for EPA Pact

The Manufacturers Association of Nigeria (MAN) condemns moves to approve the protracted Economic Community of West African States (ECOWAS) and European Union (ECOWAS-EU) Economic Partnership Agreement (EPA). The MAN said that the ECOWAS-EU EPA posed threat to the country’s industrial development. The President of MAN, Mr Frank Udemba Jacobs, in a statement he issued, said that approving the agreement could lead to socio-economic crisis for the country and cause significant revenue loss estimated to be around US$1.3trn.

Published by the Business Day Newspaper on Thursday, 22nd September, 2016

Infrastructure: Sokoto Spends N1bn on Street, Traffic Lights

Provision of streetlights and installation of solar-powered traffic lights has gulp over N1 billion in Sokoto state. Contract for the streetlights was noted to have been awarded to T 4 U Nig Ltd at the total cost of N775.5 million while that of solar traffic lights in the metropolis was awarded to G.A Works Nig Ltd at N129.2 million and A.Y Global Integrated at N95.8 million.

Published by the Business Day Newspaper on Thursday, 22nd September, 2016

#Award: Elumelu wins Africa investor award

Mr. Tony Elumelu, Chairman Heirs Holdings and recipient of the ''Person of the year’ award (3rd left) flanked by other award recipients; Mr. Bob Collymore, CEO Safaricom (left), Ms. Vicki Fuller, CIO, New York State Common Retirement Fund (2nd left) and Dr Daniel Matjila, CEO, Public Investment Corporation of South Africa at the AI Investment Summit in New York recently. Chairman of Heirs Holdings, Mr. Tony Elumelu, has won the ‘Person of the Year’ award at the Africa Investor CEO Institutional Investment Summit hosted alongside the UN General Assembly in New York, United States of America.

Published by the Business Day Newspaper on Thursday, 22nd September, 2016

#Oil: Nigeria’s Oil, Gas Earnings Fall to N537.19 Billion

The Federal Government earned N537.19 billion from oil and gas export during the second quarter of 2016, according to the Central Bank of Nigeria (CBN). The apex bank, in its second quarter economic report, said that this was lower than the provisional quarterly budget and the receipts in the preceding quarter by 39.2 per cent and 19.4 per cent, respectively. Besides, the CBN estimated Nigeria’s crude oil production, including condensates and natural gas liquids, at an average of 1.54 million barrels per day (mbd) or 141.68 million barrels (mb) for the second quarter of 2016.

Published by the Guardian Newspaper on Friday, 23rd September, 2016

Environment: Buhari Signs Paris Agreement on Climate

Ahead November’s summit in Marrakesh, Morocco, the Paris Agreement on climate change has inched closer to coming into force. Thirty-one more countries on Wednesday joined the deal at a special event in New York, hosted by United Nations Secretary-General Ban Ki-moon. President Muhammadu Buhari said his signing of the Agreement demonstrated Nigeria’s commitment to global effort to reverse effects of the negative trend.

Published by the Guardian Newspaper on Friday, 23rd September, 2016

#Health: Governor to Adopt Telemedicine to Tackle Medical Tourism, Manpower Gap

To bridge the manpower gap in the health sector and reduce medical tourism, the Federal Government yesterday announced plans to adopt the use of telemedicine. This, according to government, would further expand the nation’s ability to provide what it described as excellent medical service through e-health support.

Published by the Guardian Newspaper on Friday, 23rd September, 2016

#Industrypulse: 11m Nigerian Children Out of School, Says Agency

From the National Agency for Mass Literacy, Adult and Non-Formal Education yesterday came a startling disclosure that 11 million children are out of school nationwide. Its Executive Director, Professor Abba Abubakar Haladu, who made the disclosure during a visit to Governor Okezie Ikpeazu in Umuahia, Abia State, decried the country’s dismal mass literacy record.

Published by the Guardian Newspaper on Friday, 23rd September, 2016

IndustryPulse: NUC to Defray Arrears of Visiting Scholars

The National Universities Commission (NUC) has pledged to resolve the impasse with scholars on its Linking Experts and Academics in Diaspora Scheme (LEADS) programme. For weeks, The Guardian has been publishing reports on the academics expressing displeasure over non-payment of their allowances. The new Executive Secretary (ES) of NUC, Professor Abubakar Rasheed, said work had begun to tackle the problem.

Published by the Guardian Newspaper on Friday, 23rd September, 2016

#Agric: Government Begins Enforcement on GMO Rice

The Federal Government has begun visiting research institutes that conduct field trials on genetically modified rice. The move, according to officials, was to ensure strict compliance with extant laws. Director-General of the National Biosafety Management Agency (NBMA), Dr. Rufus Ebegba, gave the warning during a visit to the National Cereal Research Institute, Badeggi, Niger State.

Published by the Guardian Newspaper on Friday, 23rd September, 2016

#Economy: Reps Discuss Strategy to End Economic Downturn

The House of Representatives yesterday debated ways to rescue the nation’s economy from current decline. Speaker Yakubu Dogara, who presided over the session, said a committee would be set up, to liaise with the Senate, and present a common position to President Buhari next week.

Published by the Guardian Newspaper on Friday, 23rd September, 2016