Aso Villa Reads for 15/11/18

Every day, we bring you the best stories that the media is reporting about the Government of Nigeria

“The federal government on Thursday announced that it has priced its $2.86bn Eurobonds offerings with over subscription from global investors.
The Eurobond was offered in triple series Notes under the FGs global medium term note programme. The offering has attracted significant interest from leading global institutional investors with a peak combined order book of over $9.5 billion, which reflects an over-subscription of more than 3 times and demonstrates the on-going confidence of international capital market investors in Nigeria’s investment story, a statement from the Paul Ella Abechi, the Special Adviser to the Minister of Finance (Media & Communications) said in a statement. The statement explained that the “notes comprise a $1.18bn 7-year series, $1.00bn 12-year series and a $750 million 30-year series.” The report from Daily Trust continues: “It explained further that “the 7-year series will bear interest at a rate of 7.625 per cent, while the 12-year series will bear interest at a rate of 8.75 per cent, and the 30-year series will bear interest at a rate of 9.25 per cent. In each case, they will be repayable with a bullet repayment of the principal on maturity.” When issued, the Notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market. Nigeria may apply for the Notes to be eligible for trading and listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange.”

According to Punch “Federal Government has appointed KPMG as the transaction adviser for the restructuring and modernisation of the Nigerian Postal Service. Head of Public Communication at BPE, Amina Othman, disclosed this in a statement made available to our correspondent in Abuja on Wednesday. Othman said that the privatisation agency signed an agreement with KPMG for the transaction advisory services in Abuja on Monday. Speaking at the signing ceremony, Director General of BPE, Mr Alex A. Okoh, stated that the agency was committed to ensuring that the principles of integrity, professionalism and accountability were maintained towards transforming NIPOST to one of the best integrated postal service providers in the world. Okoh said the event marked a significant milestone towards the implementation of the postal sector reform in Nigeria. He said that as the agency charged with the mandate of reforming the nation’s postal sector, BPE would see to the ultimate modernisation and restructuring of NIPOST.”

“Between January and September this year, the Nigerian economy recorded a total investment commitment of $73.08bn in various sectors of the economy. Figures obtained from the Nigerian Investment Promotion Commission showed that the $73.08bn investment commitments were made for 65 projects in 18 states and the Federal Capital Territory during the period. Analysis of the investment commitments indicated that investors were willing to invest the $73.08bn in 11 sectors of the economy. An analysis of the sectorial investment showed that mining and quarrying accounted for 43 per cent of the total value; construction 25 per cent; manufacturing 23 per cent; electricity, gas, steam and air conditioning supply, and transportation and storage, three per cent, while the remaining sectors accounted for five per cent. The report said the investments commitments were from investors from 17 countries, with investors from the United Arab Emirates accounting for 25 per cent of the value. This, it added, was followed by commitments from investors from France at 22 per cent, while investors from Nigeria stood at 20 per cent.” Punch reported this.

“The much-awaited clean-up of the Ogoniland in Rivers State will commence fully by the end of this month, the Federal Government said on Wednesday. The government, through the Nigerian National Petroleum Corporation, and multi-national oil companies, has mobilised $180m for the exercise. A total of 21 contractors picked for the clean-up will report to site by the end of the month. The Minister State for Environment, Ibrahim Jibrin, disclosed this at the end of Wednesday’s Federal Executive Council meeting presided over by Vice-President Yemi Osinbajo. Jibrin, who spoke with State Correspondents as the meeting rose, stressed, “I can confidently tell you that before the end of this month, in the next weeks, there will be 21 companies that will be mobilised to site to start work.” Punch reported that “the minister explained that the firms emerged from a rigorous bidding process that started with an initial entry of 400 companies for the job. He added that the number was later scaled down to 183 after the technical evaluation was done and eventually, 21 were picked. Speaking on funding for the project, the minister recalled that the government set up the Ogoni Trust Fund primarily to mobilise funds for the clean-up.”

This Day reports that “the Federal Executive Council (FEC) meeting Wednesday granted approval for the procurement of arms and ammunition for the armed guards of the Nigerian Prisons Service. The meeting presided over by Vice President Yemi Osinbajo also approved the procurement, installation and commissioning of Instrument Landing System (ILS) and Distance Measuring Equipment (DME) to guide pilots and planes to the central line of the runway in Abuja, Kaduna, Benin, Ibadan and Enugu airports Briefings journalists after the FEC meeting, the Minister of Interior, General Abdulrahman Dambazzau (rtd), said the approval for the procurement of arms for prison guards was necessitated by the need to secure the prisons, particularly where inmates require maximum security. Drawing inference from the Minna, Niger State prison attacked where some dangerous prisoners were set free, Dambazzau said: “We realised after investigation of that attack that one of the major shortcomings within that prison was lack of adequate arms and ammunition.”

“The National Directorate of Employment (NDE) says about 185,000 applicants will benefit from the Central Bank of Nigeria Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS) loans nationwide. The NDE Director-General, Nasiru Ladan-Argungu, made this known at the orientation of 450 trainees of four schemes of the agency in Nasarawa State on Wednesday. He listed the schemes as National Open Apprenticeship Scheme (B-NOAS), Advanced National Open Apprenticeship Scheme (A-NOAS), Sustainable Agricultural Development Scheme (SADTS) and Environmental Beautification Training Scheme (EBTS)”. According to Premium Times, “Mr Ladan-Argungu urged the youth in the state to take this opportunity at their doorsteps to help their families and the society at large. He said the beneficiaries of the AGSMEIS were young artisans, expected to be the next generational cosmetology products producers, fashion designers, farmers, electricians and computer operators, among others. “They will through multiplier effect creation of several thousand other jobs to enhance the nation’s economy.’’ The director-general added that the directorate had empowered over 20,000 women trained on cosmetology across the six geopolitical zones of the country.”

“The solid minerals sector contributed a total sum of N43.22billion to government coffers in 2016, the Nigeria Extractive Industries Transparency Initiative (NEITI) said in a report yesterday. A breakdown of the figures showed that taxes collected by the Federal Inland Revenue Service (FIRS) accounted for N40.38 billion or 93.43 per cent of the total revenue, while fees collected by the Mining Cadastral Office stood at N1.15 billion or 2.66 per cent. The Mining Inspectorate Department (MID) recorded N1.64 billion as royalty payments, an increase of 30.15 per cent over the N1.27 billion reported as royalty payments in 2015. The amounts are some of the highlights of the 2016 audit report of the solid minerals sector released in Abuja on Tuesday by NEITI.” Daily Trust reported this.

Daily Trust reports that “the federal government has tasked the Nigerian Electricity Management Services Agency (NEMSA) to ensure that the Distribution Companies (DisCos) begin to embrace innovative ways of metering to quickly end the agitation of customers over unmeasured electricity bills. The Minister of Power, Works and Housing, Mr Babatunde Fashola who was represented by the Permanent Secretary (Power) in the Federal Ministry of Power, Works and Housing, Mr Louis Edozien said this yesterday in a keynote address at the second NEMSA Stakeholders’ Forum in Abuja. He said: “There are new ways, innovative approaches to metering. It is not the same industry it ways five years ago. There are new opportunities that are made possible by mobile networks.” Harping on the mandate of NEMSA to enforcing technical standards and meter testing, he urged the DisCos to key into safe practices in their networks’’. The Managing Director of NEMSA, Engr. Peter Ewesor said many electrical accidents were caused by poor networks, poor installations, use of untreated wooden poles, substandard electrical materials and equipment among others which the forum seek to address by enlightening stakeholders on its enforcement directives and ban of those practices.”