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The National Drug Law Enforcement Agency on Thursday, beefed up its presence around the Lekki, Lagos residence of the embattled Senator-elect for Ogun East Senatorial District, Buruji Kashamu, despite its promise on Wednesday to obey the court order, ordering the agency to vacate the place. A Federal High Court in Lagos had mandated the operatives of the agency to vacate Kashamu’s mansion on Oladipo Omotosho Street, Lagos. Another court judgment on Wednesday restrained the NDLEA and other security agencies in Nigeria from unlawfully arresting Kashamu and extraditing him to the United States over drug-related offences. Our correspondent, who was at the area as of 3.30pm on Thursday, observed that the number of the operatives had increased compared to the number of NDLEA officials that were on the ground on Wednesday. The operatives were fully on the alert while vehicular and human movement have been completely restricted on the street. Kashamu has been at loggerheads with the NDLEA over an order claimed by the latter to have been received from the United States Government, requesting extradition of the Peoples Democratic Party chieftain for drug-related offences The agency, in a statement by its spokesperson, Mitchell Ofoyeju, had on Wednesday, promised to obey the court order. The statement was however silent on when it would leave the residence.
Drugs - news
A Federal High Court in Lagos has barred the Nigerian Electricity Regulatory Commission from giving effect to its proposed increment in electricity tariff. Justice Mohammed Idris made the order on Thursday after a Lagos-based lawyer, Mr. Toluwani Adebiyi, moved an ex parte application to that effect. The Chairman of NERC, Dr. Sam Amadi, had, at a recent press conference in Abuja, disclosed the plan by the commission to implement an upward review of electricity tariff payable by Nigerians. The proposed increment, Amadi said, was billed to commence from June 1,2015. But Adebiyi, who claimed that the proposed increment would “foist further hardship on Nigerians,” had appeared in court on Thursday with a motion ex parte, praying the court to stop it. Amadi, while canvassing argument before the court, contended that any increment in tarrif was unjustifiable in the face of poor or erratic supply of electricity by the distributing companies. According to the lawyer, if the proposed increment is allowed, most electricity companies will retain the N750 fixed charge. Justice Idris, after hearing the application, ordered that the status quo be maintained pending the determination of the substantive suit. The judge ordered the plaintiff to serve the motion on notice and other processes in the suit on the NERC. Justice Idris also granted leave to the applicant to serve the originating summons, the affidavit in support, list of exhibits and the written address on the defendant in Abuja, which is outside Lagos judicial division of the Federal High Court. The judge also adjourned the suit to June 11, 2015 for hearing. In the main suit, the plaintiff is seeking an order restraining the NERC from implementing any upward review of electricity tariff without a meaningful and significant improvement in power supply at least for 18 hours in a day in most communities in Nigerian.
news
Senate Joint Committee on Petroleum Resources ( Upstream and Downstream ), currently investigating the lingering fuel scarcity in the country, has directed the Department of Petroleum Resources to seal-off any filling station hoarding the product. Chairman of the committee, Mr. Magnus Abe, told journalists in Abuja on Thursday that the long queues at filling stations across the country would soon disappear. He said the committee had approached the Lagos State Government and and the National Union of Petroleum and Natural Gas Workers, to allow tanker drivers lift petroleum products in compliance with the resolutions agreed with the Senate joint committee and stakeholders in the oil industry. Abe added, “I have spoken with the Lagos State Commissioner for Transport and the chairman of NUPENG in Lagos and they’ve assured me that everybody is complying. “The situation will improve and it will continue to improve. There’s still a lot of panic buying going on but, as days go by, the queues would reduce.” The senator expressed satisfaction with the progress recorded since the truce was brokered among stakeholders in the oil sector by the committee. Abe said, “Nobody can say he’s satisfied with the present situation because as I would say, this is something that would happen again and again again except we have a drastic review and overhaul of the entire system and the entire scheme; this is not a permanent solution. “It’s a stop-gap measure to allow normalcy to return to the sector. It would be the responsibility of the incoming administration to look for a more permanent solution. “I’m very confident that normalcy will soon be restored and I urge Nigerians to give the system a chance to correct itself and those who have fuel do not necessarily need to do back to the filling stations to refill because there’s no scaring coming. “Those, who do not need to buy for their cars or jerry-cans to go and store at home because when you do that, you are contributing to the scarcity. “We have given very clear instructions to the DPR that anybody, who has stock and is not selling in the hours that we have agreed, should have their licences revoked and their facilities sealed-off. “I will get back to the DPR today to ensure that the nobody toys with that instruction. If anybody has information as to the contrary, that the filling stations are hoarding, they should contact DPR and they would be dealt with.”
Finance - news




The All Progressives Congress APC, has released this new portrait of the
president-elect, Gen. Muhammadu Buhari and his vice president Prof.
Yemi Osinbajo. They first released another portrait but it seems people
did not like those ones so they got new ones.
See the first released portrait below...
Which one do you prefer between this two?
APC - news
The Federal Government on Sunday night
released details of how N6.21tn was shared from the Excess Crude Account
by the federal and state governments between 2011 and 2014.
The breakdown was released by the
Minister of Finance, Dr. Ngozi Okonjo-Iweala, through a statement by her
Special Adviser on Communications, Mr. Paul Nwabuikwu.
The minister had last week promised to
make details of the account available following a demand by the state
governors under the Nigeria Governors’ Forum that she should explain how
she had managed the over $20bn in the ECA between June 2013 and April
2015.
However, in the document issued on
Sunday, the minister said she needed to make public the details “to
clarify issues thrown up by recent claims made by Governor Rotimi
Amaechi of Rivers State on behalf of some governors.”
Analyses of the allocation as revealed
by the document showed that in addition to their constitutionally
approved receipts from the Federation Account, the Federal Government
received the sum of N3.29tn, while the 36 states got a total of N2.92tn
from the ECA within the four-year period
A further breakdown of the ECA
disbursement showed that the 36 states received N966.6bn in 2011;
N816.3bn in 2012; N859.4bn in 2013 and N282.8bn in 2014.
The document attributed the low figure
shared in 2014 to a steep decline in revenues due to the impact of the
crash in global oil prices, which began in the middle of that year.
Akwa Ibom, with N265bn, got the highest
allocation from the ECA; while Rivers and Delta states followed with
N230.4bn and N216.7bn, respectively.
Other states with highest allocations, according to the document, are Bayelsa, N176.3bn; Kano, N106.5bn; and Lagos, N82.9bn.
On the other hand, Kwara (N52.8bn),
Enugu (N51.6bn), Gombe (N47.7bn), Nasarawa (N46.9bn), Ekiti (N46.8bn)
and Ebonyi (N44.3bn) received the least amounts.
The summary of the inflows and outflows
from the account indicated that the opening balance was $4.56bn in 2011
and reached a peak the following year at $8.7bn before declining to
$2.3bn in 2013.
The document put the balance as of May
2015 at $2.07bn, noting that “the fluctuation in the ECA reflects the
sharing of the proceeds usually requested by state governors as well as
the practice of augmentation.”
It said the augmentation involved
additional sharing from the ECA by both tiers of government when
available funds were not adequate to meet revenue projections.
Okonjo-Iweala had last week described
the governors’ demand as strange because issues relating to the
management of the ECA were usually discussed by the commissioners of
Finance of the 36 states of the federation during the monthly Federation
Accounts Allocation Committee meeting.
She had said since the commissioners
were representatives of their respective governors at the meeting, there
was no basis for the demand.
Okonjo-Iweala’s statement read in part,
“It has come to our attention that governors under the aegis of the
Nigeria Governors’ Forum have requested that the Coordinating Minister
for the Economy and Minister of Finance should account for an estimated
$20bn oil revenue from the Excess Crude Account from June 2013 to April
2015.
“There is no basis for the demand and
the stated amount. The statement by the governors is totally strange
because FAAC meets every month and the ECA is discussed at every
session, with all the state commissioners of Finance present.”
Finance - news
Former President Olusegun Obasanjo fired
a fresh salvo the way of President Goodluck Jonathan, on Sunday, when
he looked back at the last eight years and returned with a verdict: The
country had been poorly managed under Jonathan.
Obasanjo said this when the Iyalode of
Yoruba land, Chief Alaba Lawson, led a delegation of South-West women
leaders on a visit to his Hilltop residence in Abeokuta.
The 78-year-old leader said owing to the
mismanagement of the country in the last eight years, the incoming
administration of the President-elect, Muhammadu Buhari, should be
prepared to face the daunting challenges that lay ahead.
He said, “The country had been poorly
managed in the last eight years and it would take some time for Buhari’s
government to correct the anomalies. But I want to tell him not to be
frightened.”
Calling on Nigerians to exercise
patience with the incoming administration, Obasanjo said the damage that
had been done to the country in the last eight years could not be
corrected overnight.
“What I would say is that we should all
put our minds at rest. He (Buhari) is someone that will perform but we
must exercise patience because what has been destroyed for eight years
cannot be undone overnight.
“But like the Chinese proverb which says
the journey of a thousand miles starts with a step, it is not only the
first step (that matters) but the first step in the right direction
because if you take a wrong step, you’re not likely to get to the
destination,” he said.
The Owu-born leader recalled that when
he assumed power as civilian president in 1999, the country was in the
same situation it is today – battling fuel crisis and lack of power
supply.
“When I came in 1999, there was no fuel
and power. The situation was like this and I thought we have put that
one behind us,” he stressed, even as he expressed confidence in the
ability of Buhari to surmount the hurdle.
“The man that is coming on board has a
lot of experience in terms of governance. He is not a novice in
governance having ruled the country as a military Head of State from
1983 to 1985.
“Nigerians need to exercise patience
because what has been destroyed in eight years cannot be rebuilt in a
day,” Obasanjo maintained.
Recalling his years as military Head of
State between 1976 and 1979, Obasanjo said he worked closely with Buhari
and that their association produced results.
Urging Nigerians to pray for Buhari,
Obasanjo said the president-elect needs the cooperation of Nigerians in
order to put the country on the right footing.
“Let’s give him time. Let’s pray for him
and let’s cooperate with him. We are all concerned about the present
situation of Nigeria. The expectation is very high but at the same time,
there is a lot of goodwill internally and externally for the incoming
government.
“Once the incoming administration
realises this and takes every step, particularly in the first three
months when people will be watching and counting, I think for me, we
will get there,” the former Peoples Democratic Party leader said.
The former Chairman, PDP Board of
Trustees, however, warned Buhari not to take Nigerians for granted as he
called on him to always be honest in his dealing with Nigerians.
Obasanjo added that with Buhari at the helm of affairs, Nigeria would have a new opportunity.
He said, “God has provided a new
opportunity for Nigeria and Nigerians and I believe God does not make
mistakes. There are two things I believe the incoming President
appreciates; one is that he knows that the expectations of Nigerians are
high and two, that he should not be frightened by the situation on the
ground.”
Also, Obasanjo urged the incoming administration against squandering its goodwill at home and abroad.
Decrying the agony inflicted upon
Nigerians by the scarcity of fuel across the country, Lawson advised
Obasanjo to continue to support the Buhari government in advisory
capacity.
She said, “We are aware that you also
took over the reins of power of this country at a critical time and with
the help of the Almighty God, you were able to bring us back from the
brink. The same goes for now.
“We, therefore, appeal to you not to
leave this incoming government. Though we are confident of the
time-proven abilities of our incoming President, Muhammadu Buhari, we
also believe that two heads are better than one and where there is a
gathering of wise ones, wisdom will issue forth from there.”
Jonathan - news - politics
The incoming All Progressives Congress administration will require about N4.1trillion to offset part of the debt left behind by the outgoing President Goodluck Jonathan administration.
National Chairman of the APC, Chief John Oyegun, said this during a retreat for Senators elected on the party’s platform, in Abuja, on Saturday.
He explained that the Buhari administration would require the funds to pay the outstanding salaries of public servants at the state and federal levels, fuel subsidies, as well as debt servicing, among other expenses.
Oyegun urged the Senators to be prepared to pass requisite laws at short notice, in the course of their duty in the National Assembly.
According to him, there is not shying away from the truth that there are tough times ahead.
Oyegun said, “While I congratulate all of you on your elections, I must quickly add that I don’t envy you. This is because you are being called to service at one of the most challenging periods in the history of our nation.
“Make no mistake about it, the days ahead will be tough, and this is not crying wolf. From the first day of this government, a total of N4.1 trillion will be required for sundry expenses, including oil subsidy payment, arrears of salaries at federal and state levels and debt servicing, just to mention a few.
“Put this against the background of the falling OIL PRICES, the unprecedented $60bn debt which the outgoing government has left for the incoming one, the largely depleted Excess Crude Account, the $60 bn that have been lost in the last four years to crude oil theft (and which are perhaps still being lost as we speak), the need to rapidly create jobs for our teeming army of unemployed youths, enhance the security of the citizenry and improve the economy, and you will begin to understand the enormity of the challenges ahead.”
Oyegun noted that the situation on ground has not reduced the expectations of Nigerians, some of whom expect instant miracles.
Some Nigerians, he said, are expecting that as soon as the inauguration was over and done with on the of May 29 and 30 fuel queues would disappear and electricity supply would normalise.
The party chairman said while the APC remains committed to ensuring that things normalise, it is not possible for this to happen overnight.
Also speaking at the event, Chief Audu Ogbeh, who presented a paper on the state of the nation, said the incoming government faces a huge challenge in the face of dwindling resources and a huge debt, adding that it is unfortunate that for 30 years, the nation has suffered retrogressive systems decay.
Economy - Finance - news
There are indications that the current fuel scarcity may not abate unless the Federal Government pays the outstanding N200m reportedly being owed theOIL MARKETERS as subsidy claims.
TheOIL MARKETERS, who confirmed to our correspondent that they had stopped importation, said they could not continue with fuel importation as result of inadequate funds.
They spoke through the Executive Secretary, MajorOIL MARKETERS Association of Nigeria, Mr. Obafemi Olawore.
Olawore, along with the Nigeria Union of Petroleum and Natural Gas Workers, also denied the report that they were on strike.
He said they were still waiting for the Federal Government to call them to another roundtable on how to pay the N200bn fuel subsidy owed them.
Olawore said, “We are not on strike. People are just painting us the way they want. We are not importing because we don’t have the money to buy the products. The government has not invited us. The only thing we have heard is the resolution of the Senate on Thursday and I think that they are going to invite us soon.”
Out of N356.2bn subsidy the government reportedly owedOIL MARKETERS, the Ministry of Finance paid the sum of N156bn about two weeks ago.
With about five days to the handover of power to a new administration at the federal level, tanker drivers in the country have also stopped lifting fuel from the depots, leaving many filling stations without the product and others selling at exorbitant prices.
The General Secretary, NUPENG, Mr. Isaac Aberare, said tankers drivers would start lifting the product as soon as they received the directive to do so, insisting that they were not strike.
He said, “If there are products in the depots, we will go there and load. Remember that the Lagos State Government gave tankers drivers 48 hours to leave the road instead of clogging the whole road and making navigation difficult; we have complied with that instruction. Any time there are products, we will go and load.”
In its response to the lingering fuel scarcity in the country, the Senate on Thursday directed its Committee on Petroleum Resources (upstream and downstream) to commence a full investigation into the causes of the persistent fuel crisis.
The directive was made following a motion by the Deputy Senate Majority Leader, Senator Abdul Ningi.
Ningi said, “We need to know whether fuel scarcity has come to stay. We need to know whether it has become part of our lives. We need to plan.
“By planning and talking about it, we are now sensitising Nigerians to brace for the impending issue of fuel scarcity whether it is going to be here permanently or it is temporary.”
TheOIL MARKETERS, who confirmed to our correspondent that they had stopped importation, said they could not continue with fuel importation as result of inadequate funds.
They spoke through the Executive Secretary, MajorOIL MARKETERS Association of Nigeria, Mr. Obafemi Olawore.
Olawore, along with the Nigeria Union of Petroleum and Natural Gas Workers, also denied the report that they were on strike.
He said they were still waiting for the Federal Government to call them to another roundtable on how to pay the N200bn fuel subsidy owed them.
Olawore said, “We are not on strike. People are just painting us the way they want. We are not importing because we don’t have the money to buy the products. The government has not invited us. The only thing we have heard is the resolution of the Senate on Thursday and I think that they are going to invite us soon.”
Out of N356.2bn subsidy the government reportedly owedOIL MARKETERS, the Ministry of Finance paid the sum of N156bn about two weeks ago.
With about five days to the handover of power to a new administration at the federal level, tanker drivers in the country have also stopped lifting fuel from the depots, leaving many filling stations without the product and others selling at exorbitant prices.
The General Secretary, NUPENG, Mr. Isaac Aberare, said tankers drivers would start lifting the product as soon as they received the directive to do so, insisting that they were not strike.
He said, “If there are products in the depots, we will go there and load. Remember that the Lagos State Government gave tankers drivers 48 hours to leave the road instead of clogging the whole road and making navigation difficult; we have complied with that instruction. Any time there are products, we will go and load.”
In its response to the lingering fuel scarcity in the country, the Senate on Thursday directed its Committee on Petroleum Resources (upstream and downstream) to commence a full investigation into the causes of the persistent fuel crisis.
The directive was made following a motion by the Deputy Senate Majority Leader, Senator Abdul Ningi.
Ningi said, “We need to know whether fuel scarcity has come to stay. We need to know whether it has become part of our lives. We need to plan.
“By planning and talking about it, we are now sensitising Nigerians to brace for the impending issue of fuel scarcity whether it is going to be here permanently or it is temporary.”
Economy - Finance - Lifestyle - news
An attempt by the leadership of the All Progressives Congress to elect a consensus candidate for the leadership of the Senate at a retreat organised for Senators-elect in Abuja was frustrated on Saturday as two factions emerged from the camp, endorsing two separate candidates.
The party leadership had planned to conduct a primary election for the 59 senators elected on the ticket of the party in order to produce a consensus candidate that would emerge as the next Senate President during the inauguration of the eighth National Assembly in June.
However, few hours into the retreat, a group, which identified itself as Senate Unity Forum, walked out of the event and addressed a news conference where they declared that they had resolved to support the joint ticket of Senators Ahmad Lawan and George Akume for the Senate top posts.
They circulated a resolution signed by Lawan (Yobe North), Akume (Benue North West) and the group’s spokesperson, Senator Barnabas Gemade, (Benue North East) wherein the senators-elect explained that their decision was in the best interest of the party and Nigeria.
The group, which did not disclose its membership strength said, “We, the Senate Unity Forum comprising senators-elect from various states and various zones of Nigeria, have met, held extensive discussions and resolved to support Senator Ahmad Lawan as Senate President and Senator George Akume, as the Deputy Senate President of the eighth Senate.”
But some hours later, no fewer than 24 senators-elect, under the aegis of, “The Like-minds,” filed out of the retreat and announced that 35 members of the group had adopted Saraki (Kwara Central) as their next Senate President.
They also said each of the 35 members of the group, had signed a document which indicated their commitment to Saraki and had followed it up by jointly signing a letter, which they would present to the National Chairman of the party, Mr. John Odigie-Oyegun.
The Senators, in their resolution, read by Dino Melaye (Kogi West) noted: “Senators of ‘The Like-minds’ are here today at the retreat organised by our dear party, All Progressive Congress, which is meant to equip and empower senators-elect of the eighth Assembly to prepare them for the challenges ahead.
“We commend the leadership of our party for this timely and well-focused exercise. The issue of National Assembly leadership is about integrity, competence, discipline and leadership skills and not about fixing of candidates just for mere horse-trading.
“Our stand is about electing a senator who eventually becomes the chairman of National Assembly and relates with the executive on behalf of Nigerians, fellow senators and the National Assembly as an institution.
“Furthermore, the leadership of National Assembly is about the senator that has the wherewithal to stabilise the legislative institution, working with the executive and judicial arm of government to be effective and perform to their optimal capacity.
“In addition, we are aware of the fact that all senators from the North Central zone have taken a firm position that they are only interested in the office of the Senate President which has been earlier zoned by the National Working Committee of our party to the zone.
“We are also aware that North Central senators have resolved to abide by the resolution of the zone on a single candidate and anything short of this is an attempt to jeopardise the collective interest of the zone.
“Of the 59 senators of the APC, 35 of us present here today hereby reaffirm our collective commitment and resolution to ensure that the candidature of Senator Abubakar Bukola Saraki as the Senate President of eighth Assembly.
“We have also resolved that the office of the Deputy Senate President be zoned to the North East.”
Our correspondent observed that the South-West APC senators-elect, except Tayo Alasoadura, were conspicuously absent at the briefing, while members of the Like-minds senators who were present, cut across the North-Central, North-West, and the North-East geopolitical zones.
The latest development has therefore pruned down the numbers of aspirants contesting the senate presidency from four to two because while Akume had accepted to be Lawan’s deputy, Ali Ndume (Borno South), was among the senators that endorsed Saraki on Saturday.
APC - news - politics
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