Aso Villa Reads for 03/10/2018
Every day we bring you the best news that the media is reporting about the Government of Nigeria
Daily Trust reports that “the Nigeria Deposit Insurance Corporation (NDIC) has paid N11.50bn to depositors, creditors, shareholders and other stakeholders of failed banks as at 2017. The Managing Director/CEO of NDIC, Alhaji Umaru Ibrahim, disclosed this yesterday at the NDIC Special Day at the 13th Abuja International Trade Fair holding in Abuja. Represented by Mr. Peter Nggada, Director, Enterprise Risk Management, NDIC, the MD/CEO also said the corporation had declared 100 percent and final liquidation dividends to depositors of the defunct Eagle and Financial Merchant Banks (in liquidation).” The MD said: ““Due to the rapid improvement in its processes and procedures, the NDIC recorded a quantum leap in the payment of insured sums and liquidation dividends to depositors and other claimants of closed banks in 2017.”
“The Egmont Group of Financial Intelligence Units has re-admitted and reconnected Nigeria to its secure website (ESW). The Director, Nigeria Financial Intelligence Unit (NFIU), Mr. Francis Usani, made the disclosure yesterday at a pre-assessment training for the country organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Abuja. He said the move followed the lifting last Wednesday of the suspension earlier imposed on the nation”. Guardian reports that Usani stated: “I will like to use this opportunity to announce to you today that the selfless efforts you have all made towards the lifting of the Egmont suspension imposed on the NFIU have yielded positive result.
Nigeria is back as an active member of the Egmont Group of FIUs and we have been reconnected to the Egmont Secure Website (ESW).””
“The Central Bank of Nigeria (CBN) and the Asset Management Corporation of Nigeria (AMCON) has spent as much as N3.83 trillion since 2009 rescuing sick banks, BusinessDay analysis has shown. The big bank bailout started in 2009 when the CBN pumped N620 billion into 10 sick banks to prevent them from dying. The then CBN Governor, Sanusi Lamido Sanusi, now Emir of Kano had ordered a joint examination of 10 banks by the CBN and the Nigerian Deposit Insurance Corporation (NDIC).” Business Day (Wednesday 03 October 2018, Front Page), reports that “the 10 banks were Diamond Bank, First Bank, United Bank of Africa, Guaranty Trust Bank, Sterling Bank, Afribank PLC, Intercontinnetal Bank Plc, Union Bank of Nigeria Plc, Oceanic International Bank Plc and Finbank Plc. After the examinations, the CBN found five institutions in ‘grave situation’” and “after securing the consent of the Board of Directors of the CBN, Sanusi removed and replaced the executive management of the five banks and then injected N420 billion in the form of tier 2 capital into the five banks to enable them continue as going concern.”
“As it continues to grow its presence in Africa by introducing new brands and entering new countries, Hilton (NYSE:HLT) (http://newsroom.Hilton.com/) today announced it is on track to more than double in size in the next five years with the opening of Legend Hotel Lagos Airport, Curio Collection by Hilton (http://bit.ly/2IuCN4S) — the company’s first Curio Collection by Hilton hotel in Africa. Legend Hotel Lagos Airport is located at Murtala Muhammed International Airport, which serves more than eight million passengers each year .” The report disclosed that “the stylish hotel is adjacent to the airport’s private jet terminal and has an exclusive immigrations and customs desk in the hotel for private jet passengers. Handpicked to be part of the exclusive collection of one-of-a-kind hotels and resorts celebrated for their individuality, the hotel joins more than 60 Curio Collection hotels around the world. This is Hilton’s first hotel in Lagos and its second in Nigeria, with an additional seven hotels in its development pipeline for the country”. Invest Advocate reported this.
According to The Nation, “the Federal Inland Revenue Service (FIRS) has proposed to the National Assembly to amend Section 16 of the Companies Income Tax Act (CITA) to allow a level-playing field to insurers, its Chairman, Babatunde Fowler, has said. Fowler, represented by FIRS Regional Coordinator, Mrs Toluwalase Akpomedaye, spoke at a seminar on, “Taxation matters in insurance value chain”, organised by Leadway Assurance Limited in Lagos. Insurers had criticised the controversial section, which set rules on insurance business taxation, describing it as a burden. The FIRS boss stated that under the CITA, non-life insurance firms are taxed on their gross premiums and interests as well as other receivables less returned premiums, premiums paid on re-insurance and reserve for unexpired risks.” The report explained that “he noted some provisions of the laws that were unfavourable to the industry and that it was in line with these that the steps were taken to amend the provisions. He stressed that this would allow for equity and fairness. He said insurance plays a pivotal role in the economy as it seeks to help individuals and businesses manage risks by transferring and sharing their burden with the insurance carrier.”
“The Nigeria Incentive-Based Risk Sharing for Agricultural Lending (NIRSAL) is considering bringing prompt relief to hundreds of farmers affected by the on-going flood ravaging farmlands by working with stakeholders across the agricultural value chain. NIRSAL is particularly working with the Nigerian Insurance Company (NIC), to document the effect of the flood on rice, sorghum, and millet farmers in Kano, Katsina, Jigawa, and Kaduna states with the view of assisting the farmers meet their loans obligations to banks where the facilities were obtained. Danladi Mato, branch manager, NIC, Kano zonal office made this disclosure to” Business Day (Wednesday 03 October 2018, page 27) “during a five- day capacity development training programme organised by NIRSAL for stakeholders in the agricultural value chain held recently in Kano State.”
City Business News reports that “the international Institute of Tropical Agriculture (IITA) says it plans to work closely with the Taraba State Government to transform cassava in the framework of the African Development Bank-funded Technologies for African Agriculture Transformation (TAAT) program.” The report disclosed that “the decision is part of a two-day visit to Taraba state, which ended on Thursday and witnessed the inauguration of the Cassava Compact — a component of the TAAT, training of extension agents, and sites selection and validation for the establishment of cassava demonstration plots. Dr Nteranya Sanginga, IITA Director General, said the inauguration of the Cassava Compact of the TAAT in Taraba would open the door for the scaling of new innovations to cassava growers to the state and north east region of Nigeria. Dr Sanginga, who was represented by Godwin Atser, IITA Communication & Knowledge Exchange Expert, said the transformation of cassava in Taraba state offers tremendous opportunities in food security and job creation. “We hope that this program will contribute to reducing the food import bill to Africa of about $35bn per year,” he added.””
“Owners of small and medium scale Enterprises have been offered the window to register their businesses at 50 per cent less the price between October 1 and December 31, 2018. Vice-President Yemi Osinbajo was quoted as giving the rebate at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu, on Tuesday. According to NAN, Osinbajo said the gesture is part of the presidency’s ‘ease of doing business’ plan and has organised one-stop shops in states and SME clinics across the country.” Sahara Reporters wrote that the Vice President remarked: “I am pleased to announce that the Federal Government, through the Corporate Affairs Commission, has approved a special window of 90 days from October 1 to December 31 to register businesses at a considerably reduced rate of N5,000 only, down from as much as N10,000 previously.””