Aso Villa Reads for 22/08/2019
Every day, we bring you the best stories that the Media is reporting about the Government of Nigeria
Business Day (August 19, 2019 page 1) reports that the Nigeria Electricity Regulatory Commission (NERC) is steering the power sector towards reactivating contracts based on market pricing with projections for tariff review that will run till 2024, taking into account such variables as change in inflation, exchange rate and gas prices. According to detail published on NERC website, obtained on Wednesday, August 21, NERC has undertaken a minor review of the 2015 Multi Year Tariff Order (MYTO) for each electricity distribution company (DisCo) which will run from 2016–2020 but takes effect from July 1, 2019.
The Nigeria Deposit Insurance Corporation (NDIC) has signed a Memorandum of Understanding (MOU) with the Korea Deposit Insurance Corporation (KDIC) on a wide range of issues intended to facilitate the robust implementation of the Deposit Insurance System in their respective jurisdictions. Both institutions are key members of the International Association of Deposit Insurers (IADI). According to a statement from the NDIC, the MOU was signed at the KDIC in Seoul, South Korea on the 7th of August, 2019. Mr. WI Seongbak, Chairman and President signed on behalf of the KDIC while Umaru Ibrahim, the Managing Director/Chief Executive (MD/CE) of the NDIC signed on behalf of the Corporation. It said the ceremony was witnessed by the Chairman of the Board of the NDIC Mrs. Josephine Ibironke Sokefun and some of her colleagues who were on a study tour to the KDIC. Daily Trust reported
The National Identity Management Commission (NIMC) has concluded plans to extend the National Identification Number (NIN) enrolment to Nigerians living in Austria and Germany. The Director-General NIMC, Aliyu Aziz, disclosed this on Tuesday, in a statement signed by the General Manager, Operations, Abdulhamid Umar. According to the DG, the exercise will involve the demographic and biometric data capture of Nigerians residing in both nations. It added that the process will be done in collaboration with Biosec Solution Limited, one of the partners licensed by NIMC to carry out enrolment across the globe. Mr Aziz noted that the extension was to ensure that Nigerians living in diaspora are not left out from the process. ”As it is in line with NIMC’s mandate to populate the National Identity Database (NIDB) and issue the NIN to all Nigerians and Legal Residents,” the DG said. Premium Time reports that in May, the agency announced its extension of enrolment of Nigerians in Diaspora to the United States of America. The process is also currently on in South Africa, the United Arab Emirates, and the United Kingdom.
According to Independent, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari, held a meeting recently with the management of Midwestern Oil and Gas Limited, at NNPC headquarters in Abuja as part of the renewed efforts to resolve the challenges of Nigeria’s oil and gas industry. The meeting provided opportunity to chart solutions that lead to the industry’s success. Charles Odita, Group Managing Director/CEO, Midwestern, who declared support for the NNPC new GMD’s transformation agenda, enumerated some challenges faced by operators in the industry, adding that the current spate of pipeline vandalisation coupled with a high rate of crude theft was stunting the sector’s growth.
The United States government says it has allocated an additional $75 million to the fight against HIV/AIDs in Nigeria through its President’s Emergency Plan for AIDS Relief (PEPFAR). The US Ambassador to Nigeria, Stuart Symington, said this in a statement on Tuesday. Mr Symington said the increased funding to make antiretrovirals available would enable more people living with HIV to lead healthy, productive lives until the day a cure for the virus is found. “The United States remains committed to supporting Nigeria as it works to reduce and ultimately eliminate the scourge of HIV/AIDS among its people,” the envoy said. He, however, stressed that disbursement of the additional PEPFAR HIV funds is contingent upon the Nigerian federal and state governments reducing or eliminating financial barriers to PLHIV access to services, in particular, fees charged by healthcare facilities for non-essential services or those already provided by PEPFAR. According to Premium Times, PEPFAR is the US government’s response to the global HIV/AIDS epidemic and helps save the lives of those suffering from the disease. It was launched by U.S. President George Bush in 2003. The Country Director, US Public Health Service, Mahesh Swaminathan, had earlier told Premium Times that PEPFAR had spent about $4.7billion in the past 14 years to fight HIV/AIDS in Nigeria.
The Nigeria Governors’ Forum (NGF) has said that the establishment of Special Agro-processing Zones (SAPZs) in Nigeria has the potential of attracting between one to four billion dollars investments into the country. The Chairman of the forum and Governor of Ekiti, Dr Kayode Fayemi, disclosed this while briefing newsmen after the forum’s 4th meeting on Wednesday in Abuja. Fayemi explained that all states were potential beneficiaries of the SAPZs initiative, which would bring together the farming and the processing community. “The Forum was briefed by its Deputy Chairman, Gov. Aminu Tambuwal of Sokoto state on the meeting between the Forum and the AfDB. The officials came in company of existing and potential Chinese investors in Nigeria. “The meeting was part of a series of high-level engagements driven by the AfDB to promote the establishment of SAPZs in Nigeria. “This SAPZs which will bring together the farming and the processing community have the potential of attracting about one billion dollars from the AfDB and up to 4 billion dollars with the entry of private sector investors.” Fayemi said that the governors already agreed with AfDB that a tasks desk for the initiative would be at NGF Secretariat to coordinate interest expressed from various states. On the issue of health, he said that members of the forum resolved to continue to support the actualisation of universal health coverage in Nigeria. Vanguard reported.
In spite of the prevailing tight liquidity experienced in the financial market, investors have continued to show strong appetite for the FGN Bonds offered by the Debt Management Office (DMO). This Day reports that at the FGN Bond Auction held on Wednesday, the DMO issued N59.53 billion bonds for the three tenors offered to various investors, with N40 billion offered for the five-year, N50 billion for the 10-year and N55 billion for the 30-year bonds. At the end total, subscriptions received from both Competitive and Non-Competitive bids amounted to N139.58 billion. Demand for the 30-year Bond remained strong as has been the trend since the instrument was introduced to the market in April 2019. The total subscription for the Bond at the Auction was N64.71 billion. Allotments were made to successful bidders at the rate of 14.290 per cent for the five-year, 14.390 per cent for the ten-year and 14.590 per cent for the 30-year bonds. The DMO noted that the strong demand from investors for the FGN bonds offered at the auction was in spite of the prevailing tight liquidity experienced in the financial markets.
Financial experts in the country have advised operators of small and medium scale enterprises (SMEs) in the country to imbibe the culture of financial documentation. This, they stressed would put the business on the right path and make it easier for them to attract the right funding. Speaking at the Legal Business 4.0 meet-up event in Lagos, recently, with the theme, “Business Start-up Finance: Legal Issues,” the Founder, Legal Business Network, Ifeoma Ben, said this was a major challenge facing SMEs irrespective of the locations of business. She said capacity building would lead to an increase in return on investment for the businesses. “Record keeping is all about taking records of sales, cash flows to enable stakeholders make decisions when funding a business. “With the knowledge every participant has been exposed to, it is expected of them to use it for the betterment of their business, which why we have brought experts from different field from the finance, banking, law, to bridge the knowledge gap in business laws lacking among SMEs in the country,” she said. Reiterating the importance of the laying a good foundation for business sustainability so as to develop operational guidelines, procedure manuals, staffing issues and budgeting, the CEO of Interkon Solutions, Ibrahim Buwanhot, advised that entrepreneurs should seek the services of financial experts at the early stage as an entrepreneur. This Day reported this.
