Aso Villa Reads for 02/11/2018
Every day, we bring you the best stories that the media is reporting about the Government of Nigeria
Premium Times reports that “the Federal Ministry of Finance has denied knowledge of a $3.5 billion fund allegedly kept and utilised by the Nigeria National Petroleum Corporation (NNPC) for fuel subsidy. The Permanent Secretary, Mahmoud Isa-Dutse, gave the ministry’s position when he appeared before the Senate ad hoc committee probing the allegation in Abuja on Thursday. Mr Isa-Dutse’s claim appeared to corroborate the Group Managing Director of the NNPC, Maikanti Baru, who restated the agency’s denial that it had no such fund in its custody. The News Agency of Nigeria (NAN) recalls that the allegation emanated from the Minority Leader of the Senate, Abiodun Olujimi, at plenary on October 16. In a point of order, Mrs Olujimi had alleged there was a $3.5 billion “Subsidy Recovery Fund being managed only by the GMD and Executive Director, Finance, of the NNPC”.” The story reports that “it was on the basis of that allegation that the Senate set up the committee, chaired by the Majority Leader, Ahmed Lawan. Mr Isa-Dutse said the ministry was only aware of the outstanding payments under the old subsidy regime, being handled by the Debt Management Office (DMO). “As far as the current fuel importation regime is concerned, the Ministry of Finance does not have any account it is operating. We are not aware of the alleged $3.5 billion fund, and we do not maintain any subsidy fund account,” he said. The NNPC had earlier denied the $3.5 billion subsidy fund claim in a statement on October 17.”
“The Federal Government is set to conduct an Impact Assessment on some selected privatised enterprises under the reform and privatisation programme. The Bureau of Public Enterprises (BPE) will carry out the exercise in collaboration with the National Bureau of Statistics (NBS) and Nigeria Institute of Social and Economic Research (NISER).” Daily Trust reports that “Director General of the Bureau, Mr. Alex A. Okoh who disclosed this at the inaugural meeting of the Assessment Technical Working Group (ATeWG) held in the BPE office in Abuja said the essence is to enable the FG showcase the impact or otherwise of the Privatisation programme. The Director General who was represented by the Director of Development Institutions and Natural Resources Department (DI & NR) in the Bureau, Mr. Joe Anichebe noted that, “After three decades of the privatisation programme, the Bureau deemed it necessary to review the performances of the privatised enterprises to ascertain whether or not the targeted objectives of the programme have been achieved.” The Assessment Technical Group which is chaired by a Deputy Director in the Bureau, Mr. Adbdul-Azeez Mu’azu Mafindi, has membership drawn from the NISER, NBS and BPE.”
Business Day reports that “in line with the diversification mandate of President Muhammadu Buhari, non-oil sectors, agriculture, power, mining, aviation, infrastructure and financial technology are set to receive major attention at the forthcoming maiden edition of the Nigeria — Canada Investment Summit. Taking place at the Shehu Yar’adua Centre, Abuja, from November 5–6, 2018, the summit will focus on the theme “Fostering Strong Business Partnerships into the future” as Nigeria plays host to Canadian businesses, government agencies and organisations. The Summit’s keynote address will be presented by Vice President Yemi Osinbajo and chairman, National Economic Council.
“The Central Bank of Nigeria has stipulated N5bn minimum capital requirement for the Payment Service Banks in the country. In a circular to all stakeholders on the guidelines for licensing and regulation of the PSBs, which was released on Thursday, it also gave N500,000 as non-refundable application fee, N2m non-refundable licensing fee, and N1m change of name fee. In the circular, it stated that the CBN might vary the requirements from time to time.” Punch reported that the circular stated, “Promoters should note that in compliance with Banks and Other Financial Institutions Act, the investment of the share capital deposit shall be subject to availability of investment instruments. Upon the grant of licence or otherwise, the CBN shall refund the sum deposited to the applicant, together with the investment income, if any, after deducting administrative expenses and tax on the income.” The regulator also said the PSBs were envisioned to facilitate high volume low-value transactions in remittance services, micro-savings and withdrawal services in a secured technology-driven environment to further deepen financial inclusion and help in attaining the policy objective of 20 per cent exclusion rate by 2020.”
According to Daily Trust “the Central Bank of Nigeria (CBN) has introduced new code of corporate governance rules for Bureaux De Change (BDC) In the country. The code shall take effect from December 1 2018, the apex bank said yesterday. In a circular, signed by Mr. Kevin N Amugo, Director Financial Policy and Regulation Department, CBN and posted on its website, the CBN said the new corporate governance regulation is to further strengthen the institutions and reposition them to perform their statutory roles. The regulation said the Board shall be accountable and responsible for the performance and affairs of the BDC and members of the Board are severally and jointly liable for the activities for the BDC.” The report writes that “the new regulation also limits the number of family members that can be on the management of BDCs. It said “the positions of the Board Chairman and the MD/CEO shall be separate. No one person shall combine the two positions in any BDC at the same time. For the avoidance of doubt, no executive Vice Chairman shall be allowed in the Board structure.” It also said “not more than two members of a family shall be on the board of a BDC at the same time. The expression ‘family’ includes director’s spouse, parents, children, siblings, cousins, uncles, aunts, nephews, nieces and in-laws.”
“The Federal Government on Thursday reassured Nigerians that it was doing its best to ensure safe release of Leah Sharibu, the only one of the kidnapped Dapchi school girls who remained in captivity. The Minister of Information and Culture, Lai Mohammed, gave the reassurance at the 100 years celebration of St. Andrews Catholic Church, Oro, his home town near Ilorin in Kwara state. Speaking to journalists after the Centenary anniversary thanksgiving Mass, the minister said Leah, abducted by Boko Haram, is dear to the government. “Nigerians should appreciate that any of our citizens, either boy or girl, Moslem or Christian is dear to us. We do not look at Leah Sharibu either as Christian or Moslem, but as a precious daughter of the country. We are doing our best to ensure her safe release and be reunited with her family members,” he said.” Premium Times recalled that “Boko Haram abducted Leah Sharibu and 109 other girls from their school in Dapchi on February 19, 2018. While most of the girls have been released, Leah has remained in captivity, and her abductors had threatened to kill her. The minister also reiterated that government efforts at containing the Boko Haram insurgency were working and they are winning the war against the group. He said what was being witnessed were cowardly attacks on soft targets by the insurgents which were also being tackled.”
Vanguard reports that “the Executive Secretary, Universal Basic Education Commission (UBEC), Dr Hamid Bobboyi, has said that the Federal Government would pay N71.29 billion directly to the commission being the outstanding counterpart funds. Bobboyi made this disclosure in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja. According to him, the Federal Government will deduct the entire outstanding counterpart fund against all states of the federation from their Paris Club Refund. He explained that the Federal Government would provide just the matching grants, while the state governments would provide the counterpart fund to be able to access the funds provided by the Federal Government. “There is a new development and the Federal Government has given us a schedule of these states. “ The total amount the Federal Government is going to pay and remit directly to the commission is N71, 292, 316, 087.84.”
“No fewer than 2000 ex-workers of the defunct Nigeria Airways Limited have, as at yesterday, received confirmation of Federal Government’s payment of their salary arrears covering about five years and 30 per cent pay rise. The beneficiaries were members of the first and second batch of the payment schedule following the conclusion of verification and reconciliation exercises in Lagos, Enugu and Kano at the weekend.” Guardian learnt that “the third batch of another 1000 ex-workers was yesterday cleared and due to start receiving alerts of payment from their various banks today. President Muhammadu Buhari in September approved the sum of N22.68 billion for the payment of salary and gratuities of about 6000 ex-workers of the then national carrier. The grant was a part payment of the sum of N45 billion the Federal Executive Council (FEC) approved over a year ago. Following the completion of about two weeks of verification and reconciliation, the office of the Accountant General started issuing the payment on Monday”.
“The Standards Organisation of Nigeria (SON) has stated that its Product Registration Certificate (PRC) is no longer required for clearing cargoes at the nation’s point of entry. Its Director-General, Osita Aboloma, explained that the new development was in line with the present administration’s ease of doing business mandate. Aboloma spoke during a nationwide awareness programme to sensitise members of the Auto Spare Parts and Machinery Dealers Association (ASPMDA) in Lagos on dangers of using substandard products. He said PRC is still part of its minimum requirements that has to be met by both importers and manufacturers of goods, stressing that the removal from cargo clearance was to fast track cargo processes. SON, he said, has also reduced all its fees to encourage local producers and attract Foreign Direct Investments (FDIs) into the country. He appealed to importers and local manufacturers to comply with the minimum requirement of the Nigeria Industrial Standard (NIS), restating the agency’s commitment to protect investments.” The Nation reported this.
According to Premium Times “the Nigerian National Petroleum Corporation (NNPC) has signed a six-month Direct Sale-Direct Purchase, DSDP agreement with the British BP for the supply of Premium Motor Spirit (PMS), also known as petrol. The corporation disclosed this in a statement signed by its spokesman, Ndu Ughamadu in Abuja on Thursday. British Petroleum is the trading arm of BP Oil International Ltd. He said the latest agreement would represent 20 per cent of NNPC total PMS supply under the DSDP arrangement. Mr Ughamadu said the agreement would basically allow the corporation to exchange crude oil with international oil traders for imported petroleum products over time. He added that it was part of measures to sustain the robust supply of petroleum products across the country, especially as the nation moved toward Yuletide and beyond.” According to the story, “Mr Ughamadu quoted the Group Managing Director of the corporation Maikanti Baru, shortly after ceremony, as expressing the commitment of NNPC to ensure product availability. Mr Baru, who described NNPC as the nation products supplier of last resort, said the commitment would be accomplished by inviting new and old players to boost the Nigerian oil sector. The NNPC boss noted that over the years, BP had demonstrated the capacity and robustness to augment the shortfall by NNPC, especially as the winter and 2019 general elections were approaching.”
“Nigeria has canvassed the need for African Space Centre to be located on her shores. The Minister of Science and Technology Dr. Ogbonnaya Onu, made the case when he received the African Union Panel for the Assessment of selected African countries to host the African Space Centre. Nigeria, Dr. Onu said, deserved to host the centre considering its pioneering role in space exploration, its potentials and resources as well as its financial contribution to the African Union. Nigeria, Dr. Onu, also said had made giant strides in space development, adding that it was ‘’Nigeria space satellites that first alerted the United States of America on the hurricane Katrina that assailed the country in 2005.’’ Daily Trust reports that “Dr. Onu further told the panel that Nigeria had invested massively in capacity building of space professionals and would be too willing to share its technical know-how with other African countries. According to Dr. Onu, space technology could address illegal migration across the Mediterranean, reduce poverty and contribute significantly to Africa’s development. Dr. Onu urged African countries to invest in space technology so as to boost their economy”.
“The presidency has commenced the third and final phase of United Nations-supervised Disarmament, Demobilisation and Reintegration (DDR) of 30,000 Niger Delta ex-agitators with the flag-off of the Entrepreneurial Revolution for Sustainable Peace on November 7, 2018 in Port Harcourt, Rivers State. To underscore its seriousness, the United Nations Institute for Training and Research (UNITAR), with some financial and tertiary institutions have been brought into the picture to enable the ex-agitators get certified and exit as employers and ensure peace in the region.” Guardian reports that “Special Adviser to the President on Niger Delta and Coordinator, Amnesty Programme, Prof. Charles Dokubo, told journalists at an interactive session on Wednesday: “On assumption of office in March 2018, I had a clear mandate: to re-tool the programme, to make it more robust and impactful for the enlisted ex-agitators in the Niger Delta, with the ultimate goal of achieving sustainable peace and development in all facets of the region.”
