Selig Reporters' Blog

Now banks reduce withdrawal limits on ATMs

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From now on, all ATMs that were enabled for domestic and 
foreign transactions have been restructured to limit Naira cash 
withdrawal at ATMs from N150,000 per day to N60,000 per day while 
foreign currency is $300 per day. 
 
<a href="https://www.blogger.com/null" name="more"></a> 
The new arrangement has separated traditional ATM from MasterCard credit
 card where the former has now been deactivated and can no longer be 
used for transactions abroad. 
 
Henceforth, a single ATM card serves for transactions for both domestic and abroad. 
 
Also, the restructured cards now have spending limits on POS/eCommerce 
(online shopping) at $300 (about N60,000) per day. Before this, the 
limit was N2 million per day. 
 
In a communication to the customers, the bank explained: 
<blockquote class="tr_bq">
“In view of the increased difficulty in sourcing foreign currency to 
settle international transactions on Naira MasterCards, we have reduced 
the daily international spending limit on your Naira MasterCard to 
$300.This means that you can only spend up to $300 daily when using your
 Naira MasterCard for international payments via POS and online.</blockquote>
<blockquote class="tr_bq">
“You will, however, continue to have the option of paying for medical 
bills, school fees, mortgages and credit cards using Form A, as these 
are eligible transactions for foreign currency. Simply visit any GTBank 
branch to complete a Form A along with the required documents to make 
these payments.”</blockquote>
 
These developments came on the heels of Central Bank of Nigeria’s (CBN) 
statement on Sunday that all legitimate requests for foreign currency 
for eligible transactions, normally referred to as “invisibles,” such as
 remittances for school fees, student maintenance allowances, BTA, PTA, 
medical and other eligible transactions, shall be fully met at the 
official/interbank exchange rate. 
A statement from the CBN added: 
<blockquote class="tr_bq">
“The CBN hereby directs all authorised dealers in foreign exchange in 
Nigeria to henceforth treat as top priority all legitimate demand for 
foreign exchange for eligible transactions.</blockquote>
<blockquote class="tr_bq">
“The CBN once again advises individuals that wish to source foreign 
currency for such eligible transactions to approach their banks with 
their legitimate demand as the CBN has made adequate provisions of 
foreign currency for all such legitimate and eligible purposes.</blockquote>
<blockquote class="tr_bq">
“Furthermore, holders of Naira denominated debit and credit cards shall 
continue to have access to the use of their cards at ATMs in any part of
 the world but subject to the annual limit of $50,000. ATM withdraws 
shall continue to be a maximum of $300 per day.”</blockquote>

Now banks reduce withdrawal limits on ATMs

From now on, all ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal...

Guiliana Rancic signs out of E! News! as her husband writes emotional open letter

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After 14 years on E! News, Guiliana Rancic yesterday officially signed 
out, though she will still be part of Live on the Red Carpet and Fashion
 Police. Taking to Instagram, she wrote - 'What an honor to work with 
the most 
incredible gang in the business. I love each and every one of you @enews
 and thank you for 14 years of love and laughs! Thank you for 
tonight's beautiful send off." 
 
Meanwhile, her husband of 8 years, Bill, wrote her an emotional open letter yesterday. See that after the cut... 
 
<a href="https://www.blogger.com/null" name="more"></a> 
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Dear Giuliana,</div>
<blockquote class="tr_bq">
<div id="yui_3_18_1_1_1439273335364_1091">
You’ve done E! News for 14 
years. You’ve won in life. I mean that. You’ve evolved, you’ve matured 
and you influenced others around you to do the same. You’ve inspired 
others and it shows. But there’s more adventure to be had. There’s 
bigger and better things out there. You’ve created your own style, your 
own luck, your own legacy. You’ve over delivered in so many ways. You’ve
 over delivered in our marriage, as a mother to Duke and in every 
adventure we’ve tackled together. </div>
<a href="https://www.blogger.com/null" name="more"></a>That’s beautiful. You are beautiful, 
inside and out. You are the epitome of true beauty and you’ve done it on
 your own terms.

The way you are on that red 
carpet, asking questions that everyone wants to ask. Handling the 
pressure. People don’t realize how good you are until they watch someone
 else try and replicate what you’ve done. </blockquote>
<blockquote class="tr_bq">
<div id="yui_3_18_1_1_1439273335364_1093">
 The talent, the 
professionalism, and you’re doing it live. I’m biased, but to be honest,
 there’s nobody better than you.</div>
<div id="yui_3_18_1_1_1439273335364_1095">
Even in recent months, through 
some of the harder times, you showed nothing but grace under pressure. 
You’ve dealt with worse and you’ve taken the high road, when others 
wouldn’t have, something you always do. We always say in our family, 
“The high road gets you to where you want to be.”</div>
<div id="yui_3_18_1_1_1439273335364_1097">
It’s something we live by, even 
though it’s easier to take a short cut, or get in the mud and get 
gratification by attacking others, you don’t and never will. That’s 
something that makes me love and respect you even more.</div>
</blockquote>
<blockquote class="tr_bq">
Finally, this isn’t the end, it’s a change and the beginning of 
something bigger. It’s graduating, something you've wanted and planned 
for in recent years. The truly successful and game-changing people are 
those who challenge the status quo, even when the status quo is working 
just fine. You’re ready for more, this is your choice and I’m beaming 
with pride. </blockquote>
<blockquote>
I wouldn’t miss today’s taping for the world. I just hope I don’t 
embarrass you cause I’m crying tears of joy. As you know, I’m a softy, 
but you are my Sophia Loren -- classy, elegant, strong, living your life
 the right way. Today is just a celebration, the culmination of so much 
hard work, and excitement for what's to come next!</blockquote>
<blockquote class="tr_bq">
<div id="yui_3_18_1_1_1439273335364_1101">
I’ll close by saying my wife is 
the definition of the American Dream. A dream that’s become even more 
important in recent years. She came to this country at a young age and 
could barely speak English. All the kids in her class laughed when she 
stood up at 8 years old and said she wanted to be an award-winning 
anchor someday. No one is laughing now.</div>
</blockquote>

Guiliana Rancic signs out of E! News! as her husband writes emotional open letter

After 14 years on E! News, Guiliana Rancic yesterday officially signed out, though she will still be part of Live on the Red Carpet...

Actress Ayo Adesanya releases lovely new photos to mark 45th birthday

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She's a year older today and released these photos to mark the 
special day. Happy birthday to her. See more photos after the cut... 
 
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Actress Ayo Adesanya releases lovely new photos to mark 45th birthday

She's a year older today and released these photos to mark the special day. Happy birthday to her. See more photos after the cut...

Diverson of N119bn: Buhari queries finance ministry

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 On Monday, President Muhammadu Buhari queried the Ministry of Finance over alleged diversion of foreign loans obtained for rail projects by the administration of former President Goodluck Jonathan. Specifically, the President is seeking clarification on alleged diversion of a substantial part of a $1.005bn loan obtained from the Chinese Exim Bank for the construction of a standard gauge rail line linking Lagos to Kano. The funds were said to have been moved elsewhere. The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this in a statement made available to journalists in Abuja. Shehu said Buhari’s query followed the visit of the Permanent Secretary, Ministry of Transport, Alhaji Mohammed Bashar, who briefed the President on the ministry’s activities at the Presidential Villa, Abuja. The President was reported to have described as disappointing to find that foreign loans obtained in line with signed agreements were moved from one project to another. “I hope that due process was followed before such diversions were carried out. Taking money from one project to another has to be done properly,” the President warned. Bashar was said to have informed the President that only $400m of the $1.005bn loan remained with the finance ministry. Thus, the remaining amount in the ministry is $605m (N119.16bn). The President regretted that government had over the years failed to meet its counterpart funding obligations on some projects, leading to such projects being either uncompleted or abandoned. He added that there was a clear need to “streamline, harmonise and prioritise ongoing projects in the transportation sector.” Bashar also briefed the President on other challenges facing the transport and maritime sectors, such as encroachment on railway land, lack of security on inland waterways and the confused nature of agreements between the Nigeria Ports Authority and ports concessionaires. He later told State House correspondents that the ministry would meet the December deadline for the completion of the Abuja-Kaduna rail track. He said, “The rehabilitation programme of the old gauge lines, as you are aware, we have completed the Lagos-Kano and it is operational. Twice a week, people move from Lagos to Kano and back to Lagos. “We have also recently commenced operation from Kano to Port Harcourt, and Port Harcourt to Gombe and from Gombe upwards we have some challenges. “With regard to Abuja-Kaduna, track has been completely laid and we are now waiting for locomotives to arrive, which have been ordered and paid for. Our belief is that we will meet the deadline of December, 2015.” Meanwhile, Buhari on Monday appointed a Presidential Advisory Committee against Corruption. The committee is to be headed by Prof. Itse Sagay, a professor of law and civil rights activist. The birth of the PAC is coming at a time three international development partners floated a $5m Anti-Corruption and Criminal Justice Reform Fund in support of the Federal Government. The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, disclosed this in a statement. Adesina said the committee’s brief was to advise the administration on the prosecution of the war against corruption and the implementation of required reforms in the nation’s criminal justice system. He said the committee would be saddled with the responsibility of developing comprehensive interventions for achieving the recommended reforms. Other members of the committee include a Professor of Criminology, Ahmadu Bello University, Femi Odekunle; an Associate Professor of International Law, University of Jos, Benedicta Daudu; Professor of Sociology, University of Jos,   E. Alemika; Professor of Criminology, Bayero University, Kano, Sadiq Radda; a civil society activist, Hadiza Bala Usman; and Prof. Bolaji Owasanoye of the Nigerian Institute of Advanced Legal Studies, who will serve as the committee’s secretary. Adesina’s statement added, “In support of the Federal Government’s efforts, an Anti-Corruption and Criminal Justice Reform Fund has been established by three international development partners namely the Ford Foundation, MacArthur Foundation and Open Society Foundation. “The $5m fund is to assist implementation of key components of the Action Plan and the work of the Presidential Advisory Committee. “The fund will be managed by Trust Africa, an international development civil society organisation with programme presence in more than 25 African countries.”

Diverson of N119bn: Buhari queries finance ministry

On Monday, President Muhammadu Buhari queried the Ministry of Finance over alleged diversion of foreign loans obtained for rail projects ...

NIS bars 4,916 from travelling abroad over terrorism

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Nigeria Immigration Service claimed it barred no fewer than 4,916 Nigerians from travelling out of the country between January and March, 2015. 
 
The Nigerians were suspected to be on their way to join international terrorist organisations, including the Islamic State of Syria and Iraq and the Taliban, sources within the NIS confided in our correspondent. 
 
The NIS also said that 758 Nigerians were refused entry abroad while 1, 368 others were deported within the period. 
 
Also, it said 12,152 foreigners were refused entry into Nigeria because they had no genuine reasons for visiting the country. 
 
For the whole of 2014, the NIS prevented 18,555 Nigerians from leaving the country, according to passenger movement returns obtained from the service. 
 
Two Nigerian youths suspected to be on their way to Iraq to join the ISIS were arrested by the Indian security service last week after scaling a barbed wire fence near the international border. 
 
The two youths from Kano State, identified as Imran Kabeer and Sani Jamiliu, were being detained by the Punjab Police in India. 
 
The NIS Public Relations Officer, Emeka Obua, in an interview on Monday said the organisation had intensified profiling of travellers as part of measures to check people going abroad to do things that are inimical to themselves and the image of the country. 
 
When asked why the NIS was not able to stop the two Nigerian youths arrested in India, Obua explained that in spite of the efforts of the service, many individuals still managed to escape. 
 
He said, “Before the advent of ISIS, the NIS had been battling with illegal migration, organised or otherwise. The push and pull factors have always been there and the NIS has fashioned a robust profiling mechanism that identifies those whose intent for going abroad is either inimical to themselves or the image of the country. 
 
“The NIS has always tried to stop young Nigerians travelling for doubtful reasons. It’s easy to know when you see their young age; many of them are sponsored but many escape the immigration dragnet and our expansive and extensive borders are not helping matters and the NIS didn’t have enough personnel to man all the borders.” 
 
Obua clarified that many young people were being recruited by the ISIS through the internet and social media, stressing that terrorism had become a global challenge for security agencies. 
 
When asked to explain the nature of the profiling been carried out on intending travellers, the NIS spokesman said that it involved thorough interrogation of the subject on his age, travelling plans, means of income, reasons for travelling and his sponsors. 
 
He said, “We look at the age bracket of the intending travellers and the persons they are travelling with, put them by the side and profiled them thoroughly. What are their intentions for going abroad? Where are they going? Who are they going to meet? How much do they have on them? Are they staying in a hotel? 
 
“In the course of this profiling, you would find out the truth.” 
 
When contacted on the fate of the two Nigerians in detention in India, the Ministry of Foreign Affairs’ spokesman, Ogbole Ahmedu-Ode, said he was in a meeting and asked to be given some time. He later refused to pick subsequent calls to his phone by our correspondent. 
 
Meanwhile, the Borno State Governor, Alhaji Kashim Shettima, on Monday described the Nigerian violent Islamic sect, Boko Haram, as an offspring of the pretentious nature of many Nigerians to issues of religion and godliness. 
 
Shettima, whose Borno serves as the operating headquarters of the insurgents, lamented that many Nigerians were “God in mouth but devil in heart,” which explains why the nation has been bedevilled by the Boko Haram crisis. 
 
He said the philosophy of Boko Haram was strange to the Islamic religion. 
 
Addressing the leader of Borno State delegation to the 2015 holy pilgrimage in Jerusalem at the Government House in Maiduguri, Shettima said if Nigerians had practised their religions according to their dictates, the nation would not be witnessing the ongoing Boko Haram crisis. 
 
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NIS bars 4,916 from travelling abroad over terrorism

Nigeria Immigration Service claimed it barred no fewer than 4,916 Nigerians from travelling out of the country between January and March, ...

An Ex-FRSC boss buys off govt’s 7-day old N13m SUV as scrap, paying N150, 000

Former Corps Marshal of the Federal Road Safety Commission, FRSC, Haladu Hananiya, is in trouble for allegedly paying N150,000 for a brand new Toyota Land Cruiser SUV worth N13 million. 
 
Mr. Hananiya is alleged to have used his position as former Chairman, Governing Council of the Adamawa State University, ADSU, to convert the vehicle to his personal property. 
 
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The university bought the brand new vehicle on January 28, 2015, several months after the former FRSC boss ceased to be chairman of the institution’s board. 
 
Seven days later, the car was passed to Mr. Hananiya who bought it off as scrap, paying a token N150,000. 
 
A whistle blower, one Luka Ibrahim Monduva, first made the alleged scam public in a petition to the Economic and Financial Crimes Commission, EFCC. 
 
Mr. Hananiya was appointed chairman of ADSU governing council on August 16, 2014. 
 
About two months into his four-year tenure; the state government sacked the board on October 8, 2014. 
 
However, three months after the board was sacked, the university, on January 28, purchased a brand new Toyota Land Cruiser V6 SUV with chassis no: JJEJU9FJ3E5C47168 for Mr. Hananiya. 
 
He bought off the vehicle as scrap seven days later. 
 
    Read documents used for this story here. 
 
Investigation showed that the vehicle was purchased from AS Galadima Motors, located at Dawaki Junction, opposite Charley Boy Bus Stop, Kubwa Express Way, Abuja, with receipt number 0006 and sales invoice no: 0106. 
 
In his petition to the EFCC, Mr. Monduva alleged that prior to Mr. Hananiya’s appointment; the university’s management passed a resolution that empowers principal officers to retain official vehicles after paying the scrap value of N150, 000. 
 
“Principal officers are entitled to retain their official vehicles once during their tenures after paying the scrap value of N150, 000; and if for any reason an officer leaves office after spending two years or half of the tenure, he shall pay the scrap value of N150, 000,” part of the resolution reads. 
 
But Mr. Hananiya only spent two months in office, and Mr. Monduva described his purchase of the new car on scrap value as “fraudulent and questionable”. 
 
He insisted that during the short period the former FRSC boss served in the university’s board, he was not given an official vehicle. 
 
“However, the Governing Council of ADSU, acting in concert, conspired with the vice chancellor of the university and purchased an official vehicle on the 28th day of January 2015 at the cost of N13 million long after the termination of Gen. Hananiya’s short term in office,” the petition reads. 
 
“I wish to assert here that subsequent to the belated and illegal purchase, the duo reduced the disused official vehicle to a ridiculous scrap value of N150, 000 only, which does not in any case represent the fair value of the vehicle. 
 
“Wherefore, I humbly invite the EFCC to interfere and reverse the fraud perpetrated on the university and prosecute parties to the act altogether, thereby engendering probity and observance of due process in the discharge of official functions by public servants.” 
 
Officials of the Adamawa State University could not be reached to comment for this story. Multiple calls to the two telephone numbers listed on the university’s website failed to connect. 
 
An email seeking comment to the address listed on the university’s website is yet to be responded to. 
 
Attempts to seek clarifications from Mr. Hananiya failed as he would not pick calls or reply a text message sent to him. 
 
However, EFCC spokesperson, Wilson Uwujaren, confirmed that the commission received a petition against the former FRSC boss. 
 
Mr. Uwujaren also confirmed that the EFCC has started investigating the matter.

An Ex-FRSC boss buys off govt’s 7-day old N13m SUV as scrap, paying N150, 000

Former Corps Marshal of the Federal Road Safety Commission, FRSC, Haladu Hananiya, is in trouble for allegedly paying N150,000 for a brand n...

‘Maxim’ Puts Idris Elba, a Man, on September Issue

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What first pops into your head when you think of Maxim magazine? Women in bikinis? Women in bras? Women baring “underboobs”? Side boob? Center boob? ALL boob? 
 
If so (and it most likely is so), get ready to change your perception: The cover star of Maxim’s September 2015 issue is not only wearing a full-coverage top, but it’s … a man! 
 
Idris Elba — full-time actor, part-time rapper, and future James Bond  —is officially the first-ever dude to cover Maxim U.S. without the presence of a woman. Who knew that (in this case, anyway) the fastest way to feminism was actually the absence of a female, altogether? 
 
Over the past several months, Maxim has undergone a major makeover under the strict guidance of new editor-in-chief Kate Lanphear (formerly the style director of T: The New York Times Style Magazine), who has taken the “lad mag” from trashy to fash-y. Gone are the sleazy, objectification-filled photos of women cupping their bare breasts, replaced with gorgeous, tightly cropped, classy portraits of Taylor Swift, Lily Aldridge, and Candice Swanepoel — as well as this awesome upside-down one of pop star Charli XCX from May. 
 
But choosing stud muffin Elba — especially for the all-important September issue — is an even bigger departure from Maxim’s old ways. “It just makes sense to have a man in fashion on the cover,” Lanphear told Racked. 
 
“For me, [Elba] was really the perfect embodiment of what I think the new Maxim man is,” she explained. “He’s multidimensional, he’s complex, he’s sophisticated, but he’s down to earth. It was funny when on set, I was like, ‘Is there anything this guy can’t do?’ He’s an award-winning actor, he’s a DJ, his capsule clothing line for Superdry is about to hit stores. The guy broke the [British] land speed record, which hasn’t been touched since like 1928. He’s sort of a living, breathing superhero.” 
 
Whether Elba will prove a superhero on the newsstand is another story, but Lanphear seems confident in her pick. Ad pages are up higher than ever (143 percent more than last year), and according to the Elba, just under 70 percent of Maxim readers polled said they preferred the glossy’s new fashion-forward, sophisticated look. 
 
With those kinds of numbers, it’s impossible to deny that Maxim’s on to something good.

‘Maxim’ Puts Idris Elba, a Man, on September Issue

What first pops into your head when you think of Maxim magazine? Women in bikinis? Women in bras? Women baring “underboobs”? Side boob? Ce...

Buhari Appoints New NNPC, NCC Helmsmen

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Yesterday, President Muhammadu Buhari appointed Dr. Emmanuel Ibe Kachikwu as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). Dr. Kachikwu, who was the Executive Vice Chairman and General Counsel of Exxon-Mobil (Africa), is to take over from Dr. Joseph Thlama Dawha. Dr. Kachikwu hails from Onicha-Ugbo in Delta State. He is a First Class Graduate of Law from the University of Nigeria,  Nsukka and the Nigerian Law School. The new NNPC Chief Executive also has Masters and Doctorate Degrees in Law from the  Harvard Law School. He started his working career with the Nigerian/American Merchant Bank before moving on to Texaco Nigeria Limited where he remained for about eight years before joining ExxonMobil. President Buhari has also approved the appointment of Professor Umaru Garba Danbatta as the new Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission (NCC). Prof. Danbatta, who holds a Doctorate Degree in Electronic Engineering, takes over from Dr. Eugene Juwah whose tenure expired on July 29, 2015. The new NCC Chief Executive’s other academic qualifications include a Bachelors Degree in Electronic Engineering and Telecommunications as well as a Masters Degree in the same field. He is a Fellow of the Nigerian Society of Engineers and has had a meritorious career in which he rose to become Professor of Electrical Engineering and Electronics at Bayero University, Kano, specializing in Telecommunications Engineering and Information and Communications Technology. Before his new appointment, Prof. Danbatta held top management and leadership positions at different times including Head of Department, Dean Of Faculty, Director, Centre for Information Technology, Chairman of the Nigerian Society of Engineers (Kano Branch), Deputy Vice Chancellor and Acting Vice Chancellor. His appointment as Executive Vice Chairman of the NCC is for five years in the first instance.

Buhari Appoints New NNPC, NCC Helmsmen

Yesterday, President Muhammadu Buhari appointed Dr. Emmanuel Ibe Kachikwu as the Group Managing Director of the Nigerian National Petroleu...

US to lift arms embargo on Nigeria

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From the look of things, it seems that the United States would soon lift the current arms embargo placed on Nigeria. The Head of a Delegation of the US Congress Committee on Judiciary to the country, Mr. Darrel Issa, said this while speaking with journalists after an indoor meeting with the nation’s defence and military chiefs at the National Defence College, Abuja. Issa said that the US had commenced the process of lifting the restrictions of the Leahy Law on Nigeria because of the recent moves to professionalise the military by the Chief of Defence Staff, Maj. Gen. Abayomi Olonisakin, and the service chiefs. The Leahy Law is a human rights law of the US, which prevents the US State Department and the Department of Defence from selling arms and ammunition to countries whose military are believed to have committed brazen acts of rights violation. The refusal of the US government to sell arms to the country because of the Leahy law had made Nigeria under former President Goodluck Jonathan to explore other options, including the Black Market, to get desperately needed arms and ammunition to halt the advances of the Boko Haram insurgents in 2014. Issa added that most of America’s support for Nigeria in the area of training, technical support and equipment provision was not tied to the Leahy and had not been stopped. He said that the US was relying on President Muhammadu Buhari and the military chiefs to rebuild the trust of Nigerians in the military as an institution that would protect the citizenry. The US congressman said that Nigerian military chiefs and the American delegation had discussed the issue of additional support, especially in the area of aerial surveillance critical to the fight against insurgency and the theft of the nation’s crude oil. He said, “There are a number of things that we discussed today. Basically, there was the need for additional technical support, including overhead surveillance. This is important for Boko Haram but it is also important to stop the theft of this country’s oil by pirates and others. “The fact is that this new regime with the new general staff has begun the process of ensuring that military professionalism in all post-civilians and combats has been made in a way that we can both be confident that the rule of law is being obeyed. “So the process has begun to lift the restriction of the Leahy. But let’s understand that the vast majority of support that the US provides and would provide would be provided regardless of those. Our technical support, our training and most of the equipment we supply have never stopped and will continue. “But we are looking forward to the President, with the new General Staff to work to make sure the people of Nigeria can have the confidence in the professionalism of the military, something the people rely on when the military is trying to clear insurgents and protect civilians. “That is important to the new President; that is important to our President. So those are some of the areas that we discussed but we are very much looking forward to a great difference in the relationship, a proactive relationship and one in which we can provide a much greater level of support. Many of the items we discussed today are new and enhanced items that would be provided to this government.” Issa said that the leadership of the military had been showing an understanding that the war against terrorism involved getting the people out of the insurgency and securing the communities as well as creating the environment for them to have trust in the government rather than the Boko Haram. He stressed that the Boko Haram had not only disrupted the peace of the area, it had also caused famine in the affected communities. He added that USAID “would be providing assistance as the military close areas and make it safe for communities to be rebuilt.” The Permanent Secretary, Ministry of Defence, Alhaji Aliyu Samaila, said that the visit of the American delegation to the country was a follow-up to President Buhari’s recent visit to the US. Samaila said that the President’s visit was of great gain to the country and that it rekindled the hopes and aspirations of both the US and Nigeria. He said, “This is a delegation from the United States Congress; they are on a visit to Nigeria and this is a follow-up to Mr. President’s visit to the US. We have said it again and again that the visit of Mr. President was of great gain to this country. It has rekindled the hopes and aspirations of the two countries. “The United States believes in Nigeria; they have trust in our President and the government of the people of Nigeria. And they are also very concerned about the security situation in Nigeria and the Lake Chad Basin area. “And that is one of the reasons they are here to discuss with us and the military, that is, the services. We have discussed the issues concerning the insecurity in Nigeria and also the issue of human rights. They are pleased with the discussions. We hope that at least we would continue to build on this. Gaps that had been created before have been identified and they are definitely going to work on them.

US to lift arms embargo on Nigeria

From the look of things, it seems that the United States would soon lift the current arms embargo placed on Nigeria. The Head of a Delegat...

Emeka Offor, Abike Dabiri’s firms, others owe banks N143.81bn

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The Nigerian Deposit Money Banks yesterday continued with the policy of naming and shaming their delinquent debtors with further publication of the names of firms and their directors whose loans have become non-performing for more than one year. While nine banks published the names of the loans defaulters on Monday, four banks released the lists of their chronic debtors, owing a total of N143.81bn, on Tuesday. The four banks are First Bank of Nigeria Limited, Access Bank Plc, Diamond Bank Plc and Unity Bank Plc. The banks, which had published the list of their delinquent debtors on Monday were Zenith Bank Plc, Guaranty Trust Bank Plc, Union Bank Plc, Sterling Bank Plc, Skye Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank, Heritage Bank Limited and Enterprise Bank Limited. First Bank, which has its total amount of non-performing loans as N43.72bn, published 92 names of delinquent debtors. The first five companies on the lender’s list owe a combined sum of N23bn. These are Ajaokuta Steel Company Limited, Starcomm Plc; BGL Securities Limited, where a former Minister of Finance and National Planning, Kalu Idika Kalu, is a director; Shield Petroleum Limited and Fargo Petroleum and Gas Limited. Shield Petroleum, the number one on the list, owes N6.883bn; while Zurich International Service, the last on the list, owes N26.69m. Unity Bank also released 260 names of delinquent debtors with a combined NPL figure of N45.52bn. The list has the companies of some prominent Nigerians. These include Umar Mutallab’s DeanShanger Project Limited, N3.6bn; Senator Ayodele Arise and a former Minister of State for Works, Mr. Dayo Adeyeye’s International Payment Devices Limited, N81.9m; and Prince Adeyanju Olateru-Olagbegi’s Cupid Investment BDC, N90.1m. Other prominent companies on the list are Ekiti Kete Mass Transit, which owes N991m; Fargo Petroleum and Gas Limited, N2.5bn; Ava Cement Limited, N.8bn; and Plywood Chemical and Accessories, N1.1bn. Ava Cement topped Unity Bank’s debtors’ list with N9.8bn, while Malcolm Akpokodje owes the least with N20m. Access Bank Plc published a list of 11 delinquent debtors, with a combined NPL figure of approximately N3.4bn. Top on the list are Bioka Ventures Limited, which owes N1.15bn, while Derukas International Limited was last on the list with a debt of N56.3m. Diamond Bank Plc has N47.17bn as its total NPLs, with companies belonging to prominent Nigerians owing sizeable amounts. These include Sir Emeka Offor’s Global ScanSystem Limited, which the bank says owes N181m; a former Chairman, House of Representatives Committee on the Diaspora, Mrs. Abike Dabiri-Erewa’s Thriller Eneavours, which owes N122m; and a former Delta State Commissioner for Sports Solomon Ogba’s Delta Mega Trend Limited, which owes N89m. Aside the 13 banks which have published their debtor lists, other banks which will publish theirs this week are Ecobank Nigeria, First City Monument Bank Limited, Standard Chartered Bank, Keystone Bank Limited, United Bank for Africa Plc and Wema Bank Plc. Investigations by our correspondents on Monday revealed that most of the banks had cut their list of delinquent debtors due to litigation with their customers over disputes arising from loan terms and last-minute renegotiations by some clients. A top bank executive, who spoke to one of our correspondents under the condition of anonymity, said, “Some of the banks have to remove the list of some clients due to issues that border on litigation. “Some names were removed at the last minute after the affected customers came to renegotiate with us. Some banks have had to cut the names on their debtors’ list by at least 50 per cent.” Officials of banks, who spoke to our correspondents, linked the relatively high figure of the NPLs in some banks to inside connivance with customers, lingering margin loans and huge oil and gas-related loans. According to them, customer relationship managers in some of the banks connived with the customers to obtain huge loans that eventually became bad. They also said that long-standing margin loans in some banks were responsible for the high figure. “A huge chunk of the loans are oil and gas related. The drop in oil prices has also worsened the situation for some oil and gas companies. They borrowed relatively large amounts of money, which later became bad loans,” an official of a tier-1 bank told our correspondent. Meanwhile, the Asset Management Corporation of Nigeria will publish the list of its debtors early next week if they fail to regularise the terms of their loans with the agency. The spokesperson for AMCON, Mr. Kayode Lambo, who confirmed this on Monday, said companies which failed to regularise the terms of their loans with the agency would have their names published. “As many companies who have not been servicing their loans will have their names published,” he added. The names of firms belonging to prominent Nigerians who have not been servicing their loans may appear on the list. In 2009, the Federal Government spent about N5tn to buy the NPLs from banks to save them from imminent collapse. AMCON, the government agency created after the 2009 banking crisis, was the special purpose vehicle used to acquire the NPLs from the banking sector. The Central Bank of Nigeria had on April 22, 2015 directed the banks, discount houses and AMCON to publish the list of delinquent debtors from August 1. They are to publish the names in at least three national newspapers on a quarterly basis. In line with the directive, the banks gave the chronic debtors a three-month grace period, which expired on July 31. The Director, Banking Supervision, CBN, Mrs. ‘Tokunbo Martins, had in a circular dated April 22, 2015, said, “In order to ensure that the industry NPL ratio does not exceed the prudential limit of five per cent and to improve the credit culture in the banking industry, banks and discount houses are directed to observe prudent credit underwriting and monitoring standards.” The debtors are those whose accounts have been classified as lost and include persons, entities, directors, subsidiaries and other related parties, according to the central bank. The central bank had stated that delinquent debtors in the category described above would be blacklisted and “banned from participating in the Nigerian foreign exchange market and in the Nigerian government securities market.” The PUNCH had on March 15, 2015 reported that the volume of the NPLs in the Nigerian banking industry was set to rise further on the back of the devaluation of the naira amid weak global crude oil prices. Global rating agency, Fitch Ratings, had in February, after the second round of devaluation of the naira, predicted that the banks’ non-performing loans would rise above the CBN’s five per cent limit by the end of this year, but below 10 per cent.

Emeka Offor, Abike Dabiri’s firms, others owe banks N143.81bn

The Nigerian Deposit Money Banks yesterday continued with the policy of naming and shaming their delinquent debtors with further publicati...

NRGI Report: Nigeria lost over N6.4 trillion to corruption-ridden NNPC oil sales

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The Nigerian government would have been buoyant enough to finance its 2015 budget of N4.36 trillion and still pay off its external debts of N2.03 trillion if it had not lost more than that amount — $32 billion (N6.4 trillion at N200/$1) — to massive corruption that characterized oil sales by the Nigerian National Petroleum Corporation during the last administration, a new report has said. An independent investigative analysis by the Natural Resource Governance Institute (NRGI) has revealed that over $32 billion oil revenue was lost to NNPC’s mismanagement of Domestic Crude Allocation (DCA), opaque revenue retention practices and corruption-ridden oil-for-product swap agreements. The report offered a deep, independent analysis of how NNPC sells its oil, and found that the national oil company’s discretionary spending from domestic crude oil sale revenues has skyrocketed, exceeding $6 billion a year for the 2011 to 2013 period (i.e. over $18 billion in three years). Also, the in-depth research found no evidence that NNPC, between 2004 and 2014, forwarded to the treasury any revenues from sales of Okono crude with volumes of over 100 million barrels, with an estimated value of $12.3 billion. In other words, the corporation has provided no public accounting of how it used a decade’s worth of revenues from an entire stream of the country’s oil production. In the same manner, losses from three provisions in a single, offshore processing agreements (OPAs) contract, estimated at $381 million in one year (or over $1.9 billion between 2010 till date), were identified. This is aside the fact that NNPC channeled Nigeria’s precious crude — worth $35 billion –to swap deals between 2010 and 2014, the recent offshore processing agreements (OPAs) containing unbalanced terms that did not efficiently serve Nigeria’s needs and interest. The report, whose executive summary was exclusively made available to PREMIUM TIMES ahead of its public release Tuesday or Wednesday, provided additional insight regarding the monumental corruption characterizing NNPC operations and those of its subsidiaries. The document argued that NNPC’s approach to oil sales has remained riddled with corruption largely because of its inability to either develop its own commercial or operational capacities, or facilitate the growth of the sector through external investment. Corroborating the NEITI, PwC and Reconciliation Committee’s assertions about NNPC’s legacy of inefficiency and mismanagement, NRGI researchers submitted that NNPC’s mismanagement of public revenues and its performance failures has persisted due to lack of political will by successive governments to reform the corporation. The report pointed at the degenerating management of NNPC’s oil sales in recent years—and particularly since 2010. The problems, it said, stemmed from the rising number of ad hoc, makeshift practices the corporation has introduced to work around its deeper structural problems. For instance, the corporation entered into a poorly designed oil-for-product swap deals when it could no longer meet the country’s fuel needs. Similarly, it began unilaterally spending billions of dollars in crude oil revenues each year, rather than transferring them to the treasury, because its actual budgets consistently fail to cover operating expenses. Some of these makeshift practices began with credible goals, the report said. But over time, their operation became overly discretionary and complex, as political and patronage agendas surpassed the importance of maximizing returns. The report identified five key areas bordering on the most pressing problems enveloping NNPC oil sales. Researchers said they arrived at their findings after reviewing published and unpublished official records, together with data from trade publications and secondary literature, and conducted dozens of interviews between 2010 and 2015. The report made valuable recommendations, which somehow buttressed a recent statement by Kaduna Governor, Nasir El-Rufai, about the need to either scrap the NNPC or reform the oil and gas sector as a whole. Excepts from the reports relating to the five summary issues are presented as images below: 
<a href="http://media.premiumtimesng.com/wp-content/files/2015/08/1.png"><img alt="1" class=" size-full wp-image-187784 aligncenter" height="313" src="http://media.premiumtimesng.com/wp-content/files/2015/08/680x313x1.png.pagespeed.ic.pa-1rOa08-.png" width="680" /></a> <a href="http://media.premiumtimesng.com/wp-content/files/2015/08/2.png"><img alt="2" class="aligncenter wp-image-187785 size-full" height="305" src="http://media.premiumtimesng.com/wp-content/files/2015/08/660x305x2.png.pagespeed.ic.CVzOncGnLx.png" width="660" /></a> <a href="http://media.premiumtimesng.com/wp-content/files/2015/08/3.png"><img alt="3" class="aligncenter wp-image-187786 size-full" height="319" src="http://media.premiumtimesng.com/wp-content/files/2015/08/665x319x3.png.pagespeed.ic.IKcV9vIeKE.png" width="665" /></a> <a href="http://media.premiumtimesng.com/wp-content/files/2015/08/4.png"><img alt="4" class="aligncenter wp-image-187787 size-full" height="291" src="http://media.premiumtimesng.com/wp-content/files/2015/08/664x291x4.png.pagespeed.ic.zI6Q-nvpws.png" width="664" /></a> <a href="http://media.premiumtimesng.com/wp-content/files/2015/08/5.png"><img alt="5" class="aligncenter wp-image-187788 size-full" height="256" src="http://media.premiumtimesng.com/wp-content/files/2015/08/664x256x5.png.pagespeed.ic.C4fXmNhcZP.png" width="664" /></a>

NRGI Report: Nigeria lost over N6.4 trillion to corruption-ridden NNPC oil sales

The Nigerian government would have been buoyant enough to finance its 2015 budget of N4.36 trillion and still pay off its external debts o...

Boka Haram says they ae still strong – Boko Haram

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The jihadist group, known as  Boko Haram, says its fighters remain in areas they were years ago, despite an aggressive military effort against it by Nigeria and neighbouring countries. The group made the claim in a new video, in which its leader, Abubakar Shekau, was again missing. In the eight-minute video, an unidentified young man speaking in Hausa with Kanuri accent, said Boko Haram members remain on the ground. “We are still present everywhere we had been before,” he said. The video shows the group launching attacks on the security checkpoint, seizing weapons, and cutting the throat of unidentified middle aged man dressed in a police uniform. The absence of Mr. Shekau in the new video raises question again about whether he is still alive or dead. He was absent in an earlier video from the group in July. The group also called on Muslims to reject the Muhammadu Buhari government.

Boka Haram says they ae still strong – Boko Haram

The jihadist group, known as Boko Haram, says its fighters remain in areas they were years ago, despite an aggressive military effort aga...

Nicki Minaj and Meek Mill Reportedly Split

Nicki Minaj and Meek Mill Reportedly Split

Just a day after the rapper released his (embarrassing) Drake diss track, reports have surfaced that Minaj and Mill have decided to brea...

Nigerians groan as petrol sells above N110 nationwide

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<tr><td class="tr-caption" style="text-align: center;">Motorists queuing for fuel at a petrol station</td></tr>
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Several millions of Nigerians are complaining as petrol sells above N110 and queues by motorists continue to grow across the country. This is against an official price of N87 per litre as the Federal Government subsidises Premium Motor Spirit (petrol) with N45.28 on every litre, according to latest figure from the Petroleum Products Pricing Regulatory Agency. In most fuel stations across the country, Nigerians have been buying petrol between N110 and N160, despite Buhari’s recent assurance that his administration would not remove fuel subsidy. In Imo State, one of our correspondents who went round Owerri, the state capital, confirmed that most of the filling stations were selling above the pump price. A motorist, Mr. John Okorie, who expressed disappointment at the N110 pump price, said he had expected Buhari would frontally tackle the persistent fuel crisis upon his assumption of office. “If there is anything Buhari has to do to stabilise Nigeria, the first thing is to ensure regular power supply and keeping the pump price of petrol at N87,” he said. ADVERTISEMENT In Ondo State, the product sells for N120 per litre in Akure and other towns. A motorist, Mr. James Fayehun, blamed the situation on the President’s failure to sanction dealers who have been defaulting on the regulated price. “I don’t blame the dealers that sell above the pump price. At least we have a government in this country which cannot claim to be ignorant of the development,” Fayehun said. Meanwhile, experts have said that petrol subsidy arrears have continued to rise, in spite of the hike in the price of petrol by marketers. About two months ago, it was revealed that petrol subsidy arrears had hit N291bn. The Executive Secretary, Depot and Petroleum Products Marketers Association, Mr. Femi Adewole, in a telephone conversation with one of our correspondents, said he did not have the current subsidy claims owed oil marketers, but noted that the figure had increased. He said, “I don’t have the figure, but I know that what former Minister of Finance, Dr. Ngozi Okonjo-Iweala, handed over was N291.7bn. We have imported some cargoes after that and PPPRA has yet to advise our members because it does the calculations.” One of our correspondents, however, noticed that the product was not available in most filling stations in Edo State thereby leading to long queues by motorists at the few stations that were dispensing petrol. It was also discovered that most filling stations were selling between N110 and N115 in Minna, the Niger State capital; and Asaba, the Delta State capital. A manager in one of the filling stations on the Asaba-Benin Expressway blamed the sale of the product above the pump price on its short supply. The commodity sells for between N110 and N130 per litre in Kano State, depending on if it is a major or an independent marketer. According to investigations, major marketers sell the product for N110 per litre, while their independent counterparts sell for between N120 and N130 per litre. Independent marketers in Calabar, Cross River State, pegged the price of PMS between N105 and N110 per litre. In Osun State, most petrol stations sell a litre of petrol for N110 even though the price stated on their fuel dispenser is N87. A mega station belonging to the Nigerian National Petroleum Corporation along Ring Road in Osogbo, the Osun State capital, which sells a litre of petrol for N87, attracts long queues of motorists jostling for fuel. Some residents expressed their disappointment with the situation, however. One of them, Mobolape Omotoso, said, “Petrol is one of the essential products in Nigeria, but despite this, its price is not stable. We are buying it between N110 and N120 per litre.” The price of the petrol in Bauchi State fluctuates as the price ranges between N87 and N110. Major marketers sell the product for N87 while the independent marketers sell it for between N103 and N110 per litre. A civil servant, Abdu Saleh, who expressed displeasure with the development, called on the Department of Petroleum Resources and other relevant agencies to ensure that marketers comply with the government’s directive. One of our correspondents observed that a few filling stations were selling the product for N110 per litre in Ilorin, the Kwara State capital. Reports from hinterland indicated that the product was being sold for between N120 and N150 per litre. The Zonal Chairman, Western Zone of the Independent Petroleum Marketers Association of Nigeria, Alhaji Debo Ahmed, blamed the hike and differential price of petrol on the insufficient supply of the product. He said many fuel depots were not functional, while appealing to the Federal Government to make the depots functional to reduce the cost incurred in transporting the product. In Oyo State, there is hardly any filling station selling petrol at the official pump price of N87 per litre. At least, 95 per cent of the major filling stations no longer sell the product as they claim they cannot get the product at rates that will make them sell at the official pump price. In Ekiti State, where the product also sells for not less than N110, a commercial driver, Mr. Sola Ayeni, wondered why the government had failed to bring the price down. He said, “We are not sure of how the government is going to tackle the problem, but it is good if a firm stance is taken on the issue.” A trader, Mrs. Oluseyi Alade, said, “We are still watching the situation to know if the new government will be different. If with subsidy, we are still having this problem, then something is wrong somewhere.”

Nigerians groan as petrol sells above N110 nationwide

Motorists queuing for fuel at a petrol station Several millions of Nigerians are complaining as petrol sells above N110 and queues by mo...

Gunmen kill two policemen, abduct 80-year-old in Bayelsa

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Some suspected gunmen in Bayelsa State have killed two policemen. News sources said that the gunmen stormed the residence of the Chairman of Southern Ijaw Local Government Area, Remember Ogbe, to abduct him, but were engaged in a gun battle by the policemen attached to the council boss. A source, who spoke on condition of anonymity, said, “The gunmen continued shooting especially after they were initially repelled by the police. They kept shooting at the chairman’s building. “But the policemen withstood them. They showed some gallantry. However, two of the policemen were not lucky. They were hit by bullets and died. “The gunmen escaped without fulfilling their mission, which was to abduct the chairman.” The source, however, said the gunmen escaped into the creeks with the riffles of the slain policemen. The incident, it was gathered, threw the community into confusion and sent residents scampering for safety. A police squad carried out preliminary investigations on the incident and later arrested a suspected mastermind of the incident identified as Seigha Oduwaiye, 24. Oduwaiye, who hails from Akassa in Brass Local Government Area, was said to have made useful statements to the police. Spokesman for the Bayelsa State Police Command, Mr. Asinim Butswat, said detectives had intensified efforts to arrest Oduwaiye’s accomplices. He said, “On July 30, 2015, at about 8pm, four daredevil gunmen stormed the residence of the Chairman of Southern Ijaw LGA, Remember Ogbe, at Amassoma to abduct him, but were engaged in a gun battle by the policemen attached to the Chairman. “The gunmen retreated, but the two police corporals lost their lives due to injuries sustained in the encounter. “The bodies of the slain policemen have been deposited at the morgue of the Federal Medical Centre, Yenagoa.” Also in the state, a gang of kidnappers was said to have attacked the residence of one Mrs. Tonye Aroh in Opume community and abducted her. The 80-year-old Aroh was kidnapped at about 8pm, same time the other gang of gunmen killed the policemen. The victim was whisked away in a speedboat. Confirming the incident, Chairman of the Ijaw Youth Council, Ogbia Clan, Mr. Osanya B. Osanya, condemned the abduction and urged the kidnappers to release the old woman without delay.

Gunmen kill two policemen, abduct 80-year-old in Bayelsa

Some suspected gunmen in Bayelsa State have killed two policemen. News sources said that the gunmen stormed the residence of the Chairman ...