The Federal Government has expressed shock at the invasion of the National Assembly and the subsequent snatching of the Senate mace by thugs on Wednesday

In a statement issued in Abuja on Wednesday, the Minister of Information and Culture, Alhaji Lai Mohammed, said the security agencies have been directed to immediately unravel the circumstances surrounding the
breach of security that led to the invasion.

He said the security around the National Assembly complex would also be reinforced to prevent a recurrence.

The National Assembly has given the Inspector General of Police, Ibrahim Idris and Director General of the Department of State Security, Lawal Daura, 24 hours to recover the Mace.

The lawmakers gave the on Wednesday in Abuja shortly after unidentified hoodlums invaded the Senate Chambers and disrupted the ongoing proceedings.

On his part, the Deputy Senate President, Ike Ekweremadu, said that the thugs attempted to kidnap two Senators but the Senators refused to be intimidated.

While condemning the incident, the Deputy Speaker of the House of Representatives, Yusuf Lasun, described the act as an attempt to undermine the nation’s democracy.

This comes after Unidentified persons on Wednesday invaded the Senate Chambers disrupting the ongoing proceedings and carting away with the mace.

Reports say the men are supporters of Senator Ovie Omo- Agege who was suspended last week.

Source Channels Television

The Deputy President of the Senate, Ike Ekweremadu, is currently in a meeting with Vice President Yemi Osinbajo.

This meeting is holding a few hours after suspected hoodlums invaded the Senate House of Assembly and forcefully took away the mace, the symbol of authority.

The meeting is holding inside the Vice President’s office at the Presidential Villa, Abuja.

Explaining the purpose of the meeting, Ekweremadu told journalists that it was important to brief the Vice – President about the invasion of the Senate by hoodlums who forcefully went away with the mace.

“It is appropriate for him to know. We are in a democracy; we are all in one government,” he said.

He added that the vice-president sympathised with the Senate over the incident and promised to join forces to ensure that the matter is resolved and re-occurrence prevented.

Ekweremadu further condemned the incident saying its totally unacceptable. He criticised Senator Ovie Omo-Agege for allegedly leading the hoodlums to steal the mace and wondered the right he had to enter the red chamber when he was on suspension

“It’s not acceptable to me, it’s not acceptable to the VP, it’s not acceptable to my colleagues, I believe it’s not also acceptable to the president so those who acted this script must be on their own.”

He, however, revealed that the police is investigating the incident and promised that those who aided the mace theft will be brought to justice.

President Muhammadu Buhari has identified Trade and Investment Facilitation to generate resources for sustainable development; Ease of Doing Business and Regional Integration that expands markets with safeguards against injurious trade practices from third parties; more Inclusive Growth with the empowerment of women and the youth, as factors that are capable of making business among Commonwealth countries easier.
Delivering his keynote address on Wednesday, at the Commonwealth Business Forum at Guildhall, London, Buhari said Provision of a platform for Small and Medium Enterprises (SMEs) ; A radical expansion of human capital for the 21st Century, what is now known as “Knowledge Economy”; and Provision of hard and software infrastructure for the 21st Century Digital Economy to boost e-commerce, increase efficiency, solve development problems and enhance cyber security, are other factors necessary for an easier business environment.
The Commonwealth Business Forum (CBF) with the subject “Making Business Easier between Commonwealth Countries” is part of events at this year’s Commonwealth Heads of State Meeting, CHOGM- 25.
The President said Nigeria had already started championing this course with events such as the “High-Level Trade and Investment Facilitation Forum for Development” convened by Nigeria in November 2017 in Abuja in partnership with the Economic Community of West African States (ECOWAS):
“The Abuja Statement from this Forum: “Deepening Africa’s Integration in the Global Economy through Trade and Investment Facilitation for Development,” has become a global and multilateral reference point. We believe that the Commonwealth should lend its support to these types of activities, as a sound model, for Making Business Easier Amongst Commonwealth Countries.
“To underscore Nigeria’s commitment to spreading prosperity throughout the Commonwealth, in the past 6 months, Nigeria Co-Chaired with the United Kingdom, the “UK All-Parliamentary Group for Trade out of Poverty” (APPG-TOP). The Report of this Commonwealth Inquiry Report was launched on 3rd April, 2018.
“Nigeria affirms its commitment to the principal message from this Commonwealth Inquiry Group that Nigeria co-chaired with the UK. The surest, most sustainable way to lift millions of people out of poverty across the Commonwealth is through boosting trade and investment. We believe that, we, as Leaders in the Commonwealth, should grasp the opportunity and agree a major new focus on trade and investment for inclusive development.”
He also shared the experiences of Nigeria regarding on-going deep and extensive ‘ease of doing business’ reforms which are being staged under a 60-day National Action Plan.
According to him, “Stage 1 focuses on eight areas that make it easier to register businesses, obtain construction permits, get credit, pay taxes, have electricity, trade across borders, facilitate entry and exit of people and register property. These reforms were codified in an Executive Order. Transparency and efficiency across government was mandated and made enforceable. These reforms have resulted in improvements: reduction in cost and time and greater transparency particularly for micro- small and medium sized enterprises.
“Stage 2 is focused on 11 areas, improving on Stage 1. This stage also covers new areas, including contract enforcement, simplifying the procurement process, and trading within Nigeria. Action in this and subsequent stages will revolve inter alia, around reputational issues.”
The President said these efforts have been acknowledged as evidenced in the World Bank’s ‘Doing Business’ Report published in November last year, which moved Nigeria up 24 places and recognized the country as one of the top 10 most improved economies in the world. He however said more work needs to be done as we enter the next stage.
President Buhari noted that, “In developing countries, labour and industry are concerned about distortions in trade policies that result in subsidised products which have contributed to exports dumped in developing economies. These have had bad effects in the form of job losses.
“Growth is not yet inclusive and remains elusive. There are downside risks about disruptions to trade and investment. Global and regional markets have been considerably rattled by the risks of trade wars. Concerns over climate change are unabated and are increasing. There are tasks and duties on all sides.”
The Nigerian leader emphasised the need for a healthier business relationship among countries: “But if we are to make business easier between our countries and going beyond the Commonwealth, we must avoid trade wars and work collectively to preserve the global trading order, support regional initiatives as well as support domestic structural reforms that focus on the priorities of individual countries.”
He reiterated his belief in wealth creation and employment opportunities within the Commonwealth: “If there is a collective Commonwealth Commitment to the Ease of Doing Business, we shall spur growth, multiply wealth and expand employment opportunities. These objectives will be accelerated by trade and investment facilitation.”
Buhari used the opportunity to call on the Commonwealth Business Forum and prospective investors in the Nigerian economy, to participate in the 2018 “UK/Nigeria Trade and Investment Forum” at the London Stock Exchange.

In continuation of its intervention in the inter-bank sector of the Foreign Exchange market, the Central Bank of Nigeria (CBN) has intervened with another sum of $210 million in the forex market to meet the requests of customers.
A breakdown of the figures obtained from the Bank in Abuja on Wednesday indicates that the CBN offered the sum of $100 million to authorised dealers in the wholesale segment of the market, just as it allocated the sum of $55 million each to the Small and Medium Enterprises (SMEs) segment and the invisibles segment to meet needs tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
Confirming the releases, the CBN Acting Director in charge of the Corporate Communications Department (CCD), Isaac Okorafor, said the the continued intervention by the Bank was in line with the Governor’s commitment to ensure liquidity in the market as well as reduce pressure on the naira. Mr. Okorafor said that the CBN was pleased with the current market situation brought about by policies it had put in place to check forex speculatiors, round trippers and rent-seekers. According to him, these policies had helped to stabilize the exchange rate in addition to the establishment of the Investors-Exporters window, which had increased fx supply with over $20 billion inflow since its inception.
According to him, the Bank will not relent in its effort to manage the country’s forex with a view to reducing its import bills and checking any haemorhage of its foreign reserves.
The CBN, in its last intervention on Tuesday, April 10, 2018 intervened to the tune of $210 million to cater for requests in the various segments of the forex market.
Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Wednesday.

Union Bank of Nigeria Plc has dragged a judge of the Federal High Court, Justice Ibrahim Buba, before the National Judicial Council (NJC), the Economic and Financial Crimes Commission, (EFCC) and the Department of State Services (DSS), for alleged professional misconduct.
The forty four (44) page petition with attachments accused the judge of colluding with one of its huge debtors, Mr. Bhagwani Mahtani, an Indian, to defraud the bank and pervert the cause of justice.
According to the petition, the Judge used his intellectual prowess to bend the rules and used his position to the advantage of the party by allegedly turning the law upside down in favour of the debtor, Mr. Bhagwani Mahtani, the alter ego of First Continental Properties Limited.
The petition claimed that Justice Buba deliberately destroyed the legal mortgages that was entered into to guarantee the repayment.
The 58 paragraphs petition accused Justice Buba of delivering a judgement that appears most unreasonable and difficult to understand thereby conferring benefit to the unrighteous at the expense of the righteous in an alleged bid to make financial gains.
The petitioner claimed that the judge by his questionable judgement has exposed the Bank to great risk as the loan facilities extended to the company was part of its depositors and shareholders funds.
It urged the anti graft agency and the National Judicial Council (NJC) to intervene and to investigate Justice Buba saying the Bank cannot afford to lose such huge amount of its depositors and shareholders fund to fraudulent characters particularly at this period of crushing economic recession .
The petitioner expressed utmost confidence in the commission and the NJC to carry out a prompt and painstaking investigation of the criminal allegations and the consequent prosecution of the offenders.
The crisis of confidence between Union Bank and Mr. Bhagwani Mahtani the alter ego of Continental Properties Limited began on March 27, 2011 when a loan facility amounting to the sum of $68million was granted First Continental Properties promoted by Mr. Bhagwani Mahtani (an Indian National)
The loan was to be used to build the then new development Churchgate in Abuja otherwise known as World Trade Centre which has since been completed in Abuja.
The loan remain unserviced with an outstanding balance currently standing at the sum of $81,941,230.84 as at February 7, 2018.
The debtor had at the time of obtaining the loan provided two (2) Legal Mortgages as collateral for the loan –tenor of the facility was 4 years and the loan was meant to expire on April 30, 2015.
According to the petitioner, the loan was disbursed in U.S. Dollar and the interest was initially fixed at 15% per annum and payment to be done through proceeds to be gotten from the sale of the world trade centre, Abuja and also from the rental proceeds of plot pc 40 Afribank street, Victoria Island, Lagos, Plot 473 AO Cadastral Zone, Constitution Avenue, Abuja and payment was also expected from proceeds of other business of the company and its holden company-Churchgate Investment Ltd.
The petition stated that upon the application of the company, the loan was restructured by another offer letter dated March 13, 2015 endorsed by the directors.
But, despite all the acknowledgement, the Bank claimed that the company persisted in its default to repay the loan.
At one instance, in a letter dated June 28,2016 the defaulting company acknowledged its indebtedness to the Bank by admitting owing the Bank $61.089million and was proposing repayment pattern of N250 million and N388,890 million in five (5) instalments.
But the loan increased to $81.941,230.80 due to lack of servicing.
However, while this was on going, the debtor proceeded to a Federal High Court in Lagos and filed Suit No. FHC/L/1334/16 between First Continental Properties Ltd vs Union Bank of Nigeria Plc.
The company sought 12 reliefs from the court. These reliefs according to the petition were a total reversal of the obligation of the defaulting customer; First Continental Properties Ltd in contrary to its earlier admittance of responsibility towards the repayment of the facility.
The Bank claimed that when the case presided over by Justice Ibrahim Buba went on trial, the court made contrasting findings by declaring the loan facility illegal, voiding the legal instrument/agreement of the loan and granting an order of perpetual injunction to restrain the bank from exercising its right to appoint a receiver even when the court also held that the amount owed to the bank must be paid by First Continental Properties Ltd in another breath declaring the loan illegal.
“by so doing Honourable Justice Buba somersaulted severally in the judgement in furtherance of his intention to assist the company to swindle the bank using the judicial means….’ the petition added.
According to the petition, the most damaging pronouncement of the learned trial judge came when he made the following orders.
(1) An order of perpetual injunction restraining the defendant or its agents from enforcing the loan agreement executed by the Plaintiff
(2) An order of perpetual injunction restraining the defendant or its agents from treating the plaintiff in any manner whatsoever however as debtors and particularly making any negative report about the plaintiff to any credit agency or to the press.
(3) An order of perpetual injunction restraining the defendant or its agent from foreclosing the legal mortgages over the plaintiff’s properties used as collateral for the loan.
The bank claimed that the far reaching orders is to destroy completely the risk assets or legal instruments i.e. deeds of legal mortgages, upon which the bank would have fallen back to recover the huge indebtedness of the company fails, refuses or neglects to repay same and the helplessness foisted on the bank by the order.
Describing the judgement as a premeditated one, the bank asked that having held that the company is indebted to the bank and should pay the indebtedness to the bank, how will the bank recover the money (without the institution of another time consuming suit) if the bank is no longer allowed to fall back on the collateral security of the facility if the company /debtor defaulted.
The bank claimed that the conduct of the learned trial judge and the said alter ego of the company amounts to criminal perversion of justice tantamount to financial or economic crimes hence the call for a thorough investigation.
In the petition received at the office of the Executive Chairman of the Economic and Financial Crimes Commission (EFCC) on March 29, 2018 and at the office of the Chief Justice of Nigeria on March, 2018, the petitioner claimed that the judge was unable to balance the interest of both parties because the risk assets that would have been used to recover the loan was fully destroyed by Justice Buba.
The third instance of misconduct according to the petition was the allegation that the judge failed to release the said judgement until March 22, 2018 i.e. 22 clear days from the date he delivered the judgement in violation of section 294(1) of the Constitution.
This, the bank said affected the perfection of its appeal at the Court of Appeal.
In another allegation of misconduct leveled against Justice Buba the petitioner claimed that the company filed a new suit No. FHC/L/CS/370/2018 against the Bank joining Chief Aribisala, SAN seeking an Order restraining the Bank from acting and or purporting to act as Receiver whether by themselves or their agents pending the determination of the suit.
According to them, Justice I.N. Buba who had a foreknowledge of a matter that was brought before him ought not to adjudicate on it.
But when First Continental Properties Ltd and Mr. Bhagwani Mahtani later discovered that the receivership action has finally been filed by Chief Ajibola Aribisala, SAN, in two suits, the Company rushed to the Federal High Court Registry seeking the particulars of the Receivership suits instituted by the Bank claiming that the sister suit is already before Justice Buba and further claiming that the two new suits, FHC/L/CS/413/2018 AND FHC/L/CS/419/2018 should be assigned to justice Buba, as a at that time, the matter was already before Justice Aikawa.
Following the granting of the Exparte Orders by Justice Aikawa, the Company also wrote a petition to the Acting Judge that the case should be taken from Justice Aikawa to Justice Buba. Sadly the two case files were then moved again to Justice I.N. Buba.
All these infractions the Bank claimed is an indication that the judge is working with the debtor to deny the Bank the right to retrieve its money. According to the Bank, Justice Buba has used his position to obstruct the cause of justice.
He also made another order that both parties should maintain status quo without giving the defendant enough opportunity to even appear in court or represented by Counsel.
The Petitioner argued that the Judge committed a travesty of justice when he held that the contract of credit facilities in foreign denominated currency between the bank and the Company is illegal.
According to the bank the Judge somersaulted in law when he held that the outstanding indebtedness of the company be converted to naira at the prevailing exchange rate of N158 to a dollar being the prevailing rate at the time the credit facility was availed to the company in March, 2011.
The Bank claimed that the Judge miscarried justice when he deliberately mis-interpreted the Central Bank of Nigeria (CBN) circular of April 17th 2015 to hold that the Bank was prohibited from granting the credit facilities granted to the Respondent in United States Dollar or receiving the repayment in Dollars.
It stated further that Justice Buba cleverly and deliberately misinterpreted the law by holding that the bank granting of credit facilities to the Respondent in US Dollars and demanding same is prohibited under the CBN Act.
The Judge was also accused of holding that an upward review of interest rate did not form part of the agreement between the parties to the loan.
The Bank referred to the agreement via a letter dated June 28, 2016 where the company admitted that payment should be in US Dollars.
“We thus propose to pay $12,217,948 in five instalments commencing from 19th September, 2017 and ending May, 2019. The interest due on the facility would be paid on a quarterly basis”
The Bank claimed that this averment was not controverted and wonder why Justice Buba still looked the other way.
For the petitioner, justice Buba’s order runs contrary to the settled position of law saying the Judge in effect was re-writing the law to suit a particular interest, this he said is a miscarriage of justice.
It claimed that the Order to maintain status quo preceded the release of the copies of earlier judgement.
Following the order of Receivership granted by Justice Aikawa, Mr. Kenneth Ufere on behalf of Union Bank accused the company of making the move to have the processes transferred to Justice Buba.
For now, following a petition from the company dated March 23, 2018, the case file has been withdrawn on the order of the Acting Chief Judge of the Federal High Court and first domiciled in the office of the DCR of the Federal High Court, Lagos and later transferred to Justice Buba’s Court.
The Bank argued that Justice I.N. Buba and the Debtor are colluding to ensure that the Bank will never recover its money saying the Judge is also turning himself to a contractor in providing succour for the debtor.

RESPONSE TO TODAY’S INCIDENT IN THE SENATE CHAMBER

Today, some hoodlums led by suspended Senator, Ovie Omo-Agege, walked into the Senate plenary and seized the symbol of authority of the Upper Legislative Chamber, the mace.

This action is an act of treason, as it is an attempt to overthrow a branch of the Federal Government of Nigeria by force, and it must be treated as such. All Security agencies must stand on the side of due process and immediately mobilize their personnel to retrieve the mace and apprehend the mastermind and the perpetrators of this act.

This action is also an affront on the legislature, and the Leadership of the House has come to express their support against this action.

The Senate is now in an Executive session.

An updated statement will be released immediately after the closed door session.

Senator Aliyu Sabi Abdullahi
Senate Spokesperson

BY NKECHI NAECHE —-FBN General Insurance on Wednesday said its Profit Before Tax (PBT) rose 66percrnt at the close of the financial year ended December 2017.

According to the firm PBT rose to N322 million, also representing a year-on-year growth rate of 66 per cent.

The firm noted that the profitable growth, was partly driven by improved asset and investment portfolio management resulting in an investment income growth of 112 per cent.

The insurer further said the company’s gross premium stood at N3.51 billion in 2017.
According to the firm, the account which has been approved by the National Insurance Commission (NAICOM) revealed a 60 per cent growth in premium, moving from N2.2 billion in 2016 to N3.51 billion, while claims expenses also rose by 180 per cent from N270 million to N756 million.

The Managing Director/Chief Executive Officer of the firm, Bode Opadokun, said: “2017 was the year we consolidated on the strategic restructuring across key business functions. This has inspired a profitable performance exemplified by our total assets recording an appreciable growth of 27% at year-end from NGN6.06bn achieved in 2016 to NGN7.72 billion in 2017. With our strategic marketing drive and the support of our dedicated staff, we are hopeful of sustaining our growth in 2018.”
FBN General Insurance is a wholly owned subsidiary of FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group South Africa.

…Resolves N1.352bn Debt Through Free Legal Services In One Year

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The Lagos State Government on Wednesday assured that no effort would be spared in ensuring the logical conclusion of the cases filed in court against kidnap kingpin, Chukwudumeme Onwuamadike popularly known as Evans.

Evans, who was arrested at his mansion in Magodo area of Lagos last year, is being prosecuted by the State Government in court alongside others for masterminding and executing series of high profile kidnappings and murder in the State.

The State’s Attorney General and Commissioner for Justice, Mr Adeniji Kazeem, who said this at the ongoing Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa as part of activities marking the third year anniversary of Governor Akinwunmi Ambode’s administration, said the State Government was committed to ensure the logical conclusion of all pending cases in court and serve justice to the people.

“On the Evans’ matter, the cases filed against him are ongoing in court. The issue is that the lawyer representing him is trying to play some games to delay the matter but in all his games, we have been defeating him in court.

“We have filed different cases. Some are for kidnapping and some bordered on murder and his lawyer is fighting all the cases but what I can assure the people is that we are committed to ensure the matter is concluded and defeat him at the end of the day,” Kazeem said.

While reeling out activities of the agencies under the Ministry in the last one year, the Attorney General said the State Government received and treated a total number of 11,451 cases through the Special Task Force Against Land Grabbers, Domestic and Sexual Violence Response Team (DSVRT) and the Special Offences (Mobile) Court in the last one year.

He said the government also received 316 inquiries through the recently unveiled first state-owned DNA and Forensic Centre with 71 active cases currently ongoing bordering on homicide, rape, toxicology, child trafficking, serology, among others.

According to Kazeem, the Anti-Land Grabbers Task Force designed by the present administration to fight the menace of forceful take-over of properties received 1300 petitions out of which 855 were concluded and 530 currently at various stages of resolution.

“In the period under review, over 35 arrests of suspected notorious land grabbers were effected while 26 criminal prosecution cases against suspected land grabbers are presently ongoing,” the Attorney General said.

Besides, the Attorney General said in a bid to enhance due diligence in property transaction, the State Government introduced the Real Estate Electronic Litigation Database designed for the provision of access to information primarily on properties which are subject of litigation, adding that since its launch, the portal has recorded over 1,000,000 hits and over 10,000 consistent users from Nigeria, United States, United Kingdom, South Africa and others.

He recalled that since its inception, the DSVRT had galvanized strategic action and responded appropriately to formal and informal reporting of incidents of rape, defilement, domestic violence, child abuse, neglect and maltreatment in the State through the active support of the Governor and other partners.

“The Ministry has noted an increase in report of domestic abuse against men. To date, the DSVRT has received a total number of 131 cases in this regard. Overall, a total number of 1771 cases were reported during the period under review. The team also provided free medical services and psycho-social therapy for over 700 survivors of domestic/sexual violence, conducted capacity building trainings with 220 police officers across the State, and successfully secured the conviction of seven perpetrators,” he said.

He added that through the Citizens’ Mediation Centre (CMC), the State Government received a total number of 47,292 new cases free of charge out of which 25,191 were resolved with others at various stages of resolution.

“The total value of settlement of debt related matters achieved by the Centre during the period under review from May 2017 to April 2018 as settlement between parties was N1,352,745,391,” the Atoorney General said, among other achievements by the State Government in the justice sector.

Speaking on Hotel and Restaurant Consumption (Fiscalization) Regulations 2018, Kazeem clarified that it was neither a new law nor an additional tax, but a regulation aimed at ensuring that government gets due revenue.

“It is a regulation and not a new law. It was made pursuant to an existing law that was already in operation. What this regulation essentially seeks to do is to allow the government to put certain equipment in the restaurant and hospitality organizations to properly monitor the revenue that is coming so we can know what exactly is due to the State Government.

“It is not an additional tax; it is just to enhance transparency in collection of taxes that are due to the State. So, I want to clarify that carefully,” Kazeem said.

On other high profile cases, he said it was gratifying to report that the cases were progressing in court, saying the Synagogue Church case for instance on the collapsed building which killed people was progressing well, adding that a no case submission filed by the accused persons instead of defending the case was recently dismissed by the Court, while the General Overseer of the Christian Praying Assembly, Rev. Chukwuemeka Ezeugo, a.k.a Reverend King who is presently on death roll imposed by the court would have his fate determined in due course.

The European Investment Bank and the African Development Bank have agreed to support the creation of the new Development Bank of Nigeria to strengthen lending for business and agriculture investment in the country. The European Investment Bank has finalized a US $20-million equity stake in the new financing institution, alongside US $50-million equity participation from the African Development Bank.

The Development Bank of Nigeria has been created by the Federal Government of Nigeria to address financing challenges hindering private sector investment in the country. The Bank is called to play an important and catalytic role in providing funding and risk sharing facilities to micro, small and medium enterprises as well as small corporates.

“The Development Bank of Nigeria will overcome the funding gap in the micro-, small- and medium-scale enterprises space and help businesses unlock opportunities across Nigeria. DBN’s ambition is strengthened by the financial and technical support of international partners, including the European Investment Bank and African Development Bank. The new institution builds on international experience and uses a business model that has demonstrated proven success to enhance private-sector investment across Africa and around the world where other financing options are inadequate or absent,” said Tony Okpanachi, Managing Director of the Development Bank of Nigeria.

“Private sector businesses are critical to the development of the Nigerian economy as they possess huge potential for employment generation and output diversification. Nevertheless, there has been under-performance of these businesses and this has undermined their contribution to economic growth. Among the issues affecting their performance, the shortage of finance, particularly investment finance, occupies a very central position. The Development Bank of Nigeria is expected to contribute to mobilizing significant long-term financing to an important yet underserved sector with high development potential,” said Stefan Nalletamby, Director of the Financial Sector Development Department at the African Development Bank.

“New private sector investment is crucial to create jobs and enable business to expand and limited access to long-term financing holds back economic growth. The European Investment Bank is pleased to support the new Development Bank of Nigeria to strengthen private-sector investment in Africa’s largest economy. We look forward to continued close cooperation with Nigerian and international partners to ensure that once fully operational the new Development Bank of Nigeria can help harness the country’s economic potential,” said Ambroise Fayolle, Vice-President of the European Investment Bank (EIB).

“The European Union is committed to supporting private-sector investment in Nigeria. The new backing for the Development Bank of Nigeria by both the European Investment Bank, the bank of the European Union and the African Development Bank, with 13 EU member state shareholders, will make a clear contribution to tackling the lack of access to credit by entrepreneurs and businesses across the country. With more investment, we hope to promote a vibrant economy and stimulate growth, employment and increase opportunities, especially for youth,” said Ambassador Ketil Karlsen, Head of the European Union Delegation to Nigeria and the Economic Community of West African States (ECOWAS).

Addressing the investment gap holding back private-sector investment
At present, new investment essential for companies to expand and create jobs is hindered by limited access to commercial banks. It is estimated by the Development Bank of Nigeria that only 5% of the 37 million entrepreneurs and small businesses in Nigeria that contribute to 50% of GDP can access credit in the financial system.

Building on broad international support
Other international financial institutions including the World Bank, Germany’s KfW and the French Agence française de développement (AFD) will also support the new bank alongside backing from the Federal Government of Nigeria.

Background:

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The African Development Bank is a development finance institution whose overarching objective is to spur sustainable economic development and social progress in its regional member countries, thus contributing to poverty reduction. It aims to achieve this objective by mobilizing and allocating resources for investment in regional member countries and providing policy advice and technical assistance to support development efforts.

Ecobank Transnational Incorporated (ETI) and its two affiliate countries – Nigeria and Ghana- have emerged winners in three strategic categories of The Asian Banker – West Africa Awards 2018.

L-R: Chairperson, FBNInsurance, Adenrele Kehinde, commissioning the dialysis machine the company donated to Gbagada General Hospital as Managing Director/Chief Executive Officer, Val Ojumah and Member, Board of Directors, Caleb Yaro, both of FBNInsurance, look on.
.supports pregnant women with an ultrasound scan machine.

PRESS RELEASE–-FBNInsurance Limited, in line with her Corporate Responsibility and Sustainability initiatives recently donated a dialysis machine to the Gbagada General Hospital, Renal Dialysis centre. The donation was the second of its kind to the hospital from the company.
At the official commissioning held in the premises of the Lagos hospital, the Chairperson, FBNInsurance, Mrs Adenrele Kehinde, feted the validity of the human life, reiterating that every human deserves to lead a good life.
“We believe every human life is important and that every man deserves a better shot at life, no matter their health challenges. We hope, therefore, that this new machine will complement the initial one donated and that more people will have another shot at life, thanks to FBNInsurance,” she said.
Also, at a separate presentation, the Chairperson announced the donation of an ultrasound scan machine to the Maternity ward of the hospital, courtesy of the combined personal efforts of the members of the Board of FBNInsurance.
“As much as we try to ensure every human being enjoys the very best of health, we should also not forget the mothers who deliver these lives. The wellbeing of pregnant women should be a priority for all of us,this is why the members of the Board of FBNInsurance made personal commitments to the donation of this ultrasound scan machine for the good of mankind and the betterment of humanity,” Adenrele said at the commissioning.
The Medical Director, Gbagada General Hospital, Dr Lateef Lawal, thanked FBNInsurance for their continuous benevolence and commitment to the hospital. He informed the gathering that the first dialysis machine, donated by FBNInsurance during the company’s 5th anniversary celebrations in 2015, had addressed the medical needs of 1,717 patients from November 2015 to December 2017.
Since inception, FBNInsurance has consistently demonstrated her commitment to the Nigerian consumer. The company has initiated/supported various humanitarian activities including a cervical/breast cancer awareness campaign, various back-to-school projects, scholarships and various community development projects nationwide.
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Representative of the Minister of Finance and Director-General of Debt Management Office, Patience Oniha; Managing Director of Fitch Ratings Agency, Edward Parker and Fitch Ratings Senior Director and Head of Emerging Europe Sovereign and Supranational Group, Paul Gamble, during a meeting between the Nigeria and officials of Fitch Ratings at the World Bank Headquarters, Washington D.C. on Thursday, 19th April, 2018

BY NKECHI NAECHE (WASHINGTON DC)—-The  World bank on Friday said that issue of debt vulnerability in Sub- Saharan Africa can be address with a stronger tax revenue mobilization.

Abebe Aemro Selassie Director of the Africa Department IMF, disclosed this during a press briefing for Africa on the sideline of ongoing World bank and IMF spring meeting in Washington DC that stepping up revenue collections would allow Sub-Saharan African countries to make progress towards their sustainable development goals, while preserving fiscal sustainability.

He said that most countries in the region have considerable potential to collect higher revenue, adding that despite substantial progress in revenue mobilization over the past two decades, Sus- Saharan Africa has the lowest revenue-to-GDP ratio.

“By our estimates, countries in Sub-Saharan Africa could mobilize between 3 to 5 percent point of GDP in additional tax revenue.”

Achieving this he said would require strengthening VAT systems, streamlining exemptions and broadening the tax base.

The IMF director also urged Sub-Sahara Aftica to tap opportunity afforded by current favorable external conditions by taking domestic steps to reduce macroeconomic vulnerabilities and raise medium -term growth potential.

He also listed three priority areas such as sustained and inclusive growth requires a stable macroeconomic environment.

He noted that fiscal policy need to strike a balance between debt sustainability and ensuring adequate space for key infrastructure and priority social spending.

He said “Our macroeconomic policy advice and supportive reforms are tailored to each country’s structural characteristics and cyclical positions.

He explained that oil exporting countries need to continue to forcefully implement their fiscal consolidated plans and advance economic diversification, taking advantage of the respite provided by the recent pickup in commodity prices.

He further said that oil exporting countries which in some cases have been sustaining  growth on the back of large public investment outlays- often  resulting in debt accumulation-need to reduce  fiscal imbalances and accelerate reforms to facilitate the private sector taking over as the engine of growth.

The attention of the Accountant General of the Federation (AGF), Mr. Ahmed Idris, has been drawn to some misleading and false publications by the Premium Times and Saharareporters which alleged extra-budgetary spending over the release of N10 billion for contractors’ liabilities.

The Office of the AGF wishes to disclaim the malicious reports as there was no extra-budgetary spending over the release of the funds for contractors’ liabilities.

The Office of the AGF had in recent times observed that the Premium Times has formed the habit of distorting and concocting allegations against the Federal Government, the Federal Ministry of Finance and OAGF in a bid to achieve a hidden agenda despite all efforts made to set the record straight before representatives of Premium Times and also present documents to support the transparency and accountability in the release of funds to the Ministries, Departments and Agencies (MDAs) and institutions of Government.

Mr. Idris clarified that the alleged N10 billion was duly appropriated for under the Service Wide Vote.

He said, “The payment of the sum of N10 billion for local contractors’ liabilities was not outside the budget, and its release followed laid down extant financial regulations. This money was appropriated for in the Service Wide Vote.

“In fact, the sum of N20 billion was provided for local contractors’ liabilities under the 2017 Appropriation for all Ministries, Departments and Agencies (MDAs) and institutions of Government, including the Independent National Electoral Commission, National Assembly, Judiciary and other statutory bodies.”

He explained further that the procedure for application of the funds was that the money had to pass through the agencies and institutions of Government which awarded the contracts.

“In the past, payments were directly made to contractors but this created a lot of reconciliation problems. The procedure was however changed in 2017 for accountability purposes.

“The funds now pass through originating MDAs and Institutions of Government with returns in respect of the Authority to Incur Expenditure (AIE) required to be forwarded to the Director, Cash Management Department and should include a list of and supported by copies of all payment vouchers which have been authorized,” Idris further expatiated.”

As part of the procedure, the AGF stated that the MDAs and Institutions of Government were required to prepare vouchers, put in place internal audits, verify work done by the contractors, and deduct relevant taxes.

He added that the present Administration has, since coming on board implemented a number of fiscal policies aimed at strengthening financial control, improving transparency and accountability in the management of public funds.

Speaking further, the AGF maintained that the present administration led by President Muhammed Buhari has remained committed to boosting the capacity of local contractors by clearing outstanding liabilities and providing level playing ground for them to compete.

“Such payment of local contractors’ debts therefore, is critical in achieving the positive outcomes such as revamping the economy, sustaining the country’s economic growth, and creating more jobs and wealth,” he added.

On the implementation of the Budget, Idris said the Finance Control and Management Act of 1958 places the responsibility on the Minister of Finance.

“Once the Budget has been passed by the National Assembly and assented to by Mr. President, the implementation rests with the Minister of Finance. For the release of any fund, it must have been provided for in the Budget,” he stated

The Treasury Boss also revealed that the sum of N2.7 trillion has been proposed in 2018 for the National Assembly’s approval in line with the Government’s desire to pay the local contractors’ liabilities.

The money is for payment of inherited obligations.

The N2.7 trillion, he added, would be raised through bonds to meet the outstanding obligations to local contractors in 2018

Left to Right: Minister for Finance, Mrs. Kemi Adeosun (left) receiving the Chief Executive, Crown Agents, Fergus Drake; Events and Meetings Consultant, Jacqueline Romoff and Partnership Manager, Duncan Hart, during a meeting between Nigeria and Officials of the British Firm on the sideline of the 2018 IMF-World Bank Spring Meetings in Washington D.C, on Thursday, 19th April, 2018.

The Peoples Democratic Party (PDP) condemns the fresh plot by the Independent National Electoral Commission (INEC) to secretly create 30,000 illegal polling units in compromised areas in favour of the
discredited All Progressives Congress (APC) and President Muhammodu Buhari.

The PDP describes the exposed plot of INEC and APC as wicked, horribleand totally unacceptable.

Our investigation shows that this is part of the grand design by the
commission under Prof. Mahmood Yakubu to rig the 2019 general elections in favour of President Muhammadu Buhari and his dysfunctional APC.

We are aware of series of clandestine meetings between compromised officials of the commission and certain agents of the Presidency and APC, where the plot to sneak in the 30, 000 illegal polling units in some remote areas and through which they plan to allocate votes to President Buhari and the APC were perfected.

Having realized that Nigerians have completely rejected them because of their manifold failures in governance, the Presidency and the APC are now employing all manners of dirty antics to create ways to rig the polls and foist President Buhari back on Nigerians.

The PDP cautions INEC not to set the nation on fire by its overt
conspiratory tendencies. Prof. Yakubu should heed wise counsel and immediately perish the thoughts of using such polling units or dividing the  nation along ethnic lines in the 2019 general elections, as such would be stiffly resisted.

We invite INEC to note that every Nigerian has seen the handwriting on the  wall regarding the general rejection of President Buhari and the APC well ahead of the elections. We all know where the tide is flowing and Nigerians are not ready to, and will never accept any results that do not reflect that reality.

Having completely lost confidence in the integrity of INEC under Prof.
Yakubu, we unequivocally demand that all processes leading to the 2019 must be subjected to open review of political parties and stakeholders at all levels.

In this regard, we demand that INEC makes public the location and status of all polling units as well as the report of its investigation of
under-age voters in various parts of the country, particularly, Kano and
Katsina state.

Finally, we urge Nigerians to remain vigilant and monitor all processes
to ensure that INEC and the APC do not, at any point in the process,
manipulate the 2019 general election and subvert the will of the people.
The best thing APC and the Presidency should do now is to accept failure , shed their desperation for power and desist from actions that will push the nation to the brinks.

The attention of the Honourable Minister of Finance, Mrs. Kemi Adeosun, has been drawn to a smear campaign by an online medium, Premium Times, of “illegally sharing of N10 billion from the national treasury”.

The Honourable Minister wishes to debunk the entire mischievous and made-up report of the online medium which negates the ethics and professionalism of journalism. The article displays a worrying lack of understanding of Appropriation, Payments and Control, and therefore be disregarded by the public.

The Minister further wishes to state that warrants are issued in accordance with Appropriation and after due approval by the Cash Plan Committee chaired by the Minister.

Attempts to link her to this factually defective and incorrect report by Premium Times are highly regrettable.

There is absolutely no truth in the report of the Honourable Minister being involved in any fraudulent scandal as alleged by the mischievous online medium

The Presidency has dismissed report that President Muhammadu Buhari had taken all Nigerian youths to the cleaners.
Mr Femi Adesina, the President’s Special Adviser on Media and Publicity in a statement in Abuja on Thursday, condemned the report, describing it as a deliberate mischief by manipulators and twisters of statements of the President.
The presidential aide stated that the president, who was responding  to a question at the Commonwealth Business Forum in London on Wednesday, had cause to talk about some Nigerian youths.
Adesina quoted what the President said at the forum as follow: “We have a very young population; our population is estimated conservatively to be 180 million.
“More than 60 per cent of the population is below the age of 30. A lot of them have not been to school and they are claiming that Nigeria has been an oil producing country, therefore they should sit and do nothing and get housing, healthcare and education free.”
He, however, noted that the statement was twisted, saying “Typical of their stock in trade, manipulators and twisters of statements of Mr President, who lie in wait to make mischief, interpreted the comment to mean that President Buhari had taken all Nigerian youths to the cleaners.
“But elementary English recognises a wide gulf between “a lot of” and the word “all.” How can “a lot of them,” suddenly transmogrify to mean “all of them?” Mischievous and unconscionable!
“There is no way President Buhari, father of the Nigerian nation in every sense of the word, who equally has biological children of his own in the youths age bracket, pass a vote of no confidence on all youths.
“It can only exist in the imagination of those who play what the President has described as `irresponsible politics’ with everything.’’
He noted that Buhari had always applauded and celebrated Nigerian youths who excelled in different areas of endeavour, from sports, to academia, and other realms.
He added that the president would continue to do so, because “he values the youth, and knows that they are the fulcrum on which the future of the country rests.
“Indeed, every country has its share of idle population, and it is the bounden duty of government at all levels, to create an enabling environment for them to actualise their potentials.
“That is what President Buhari is committed to doing.’’
According to him, the focal areas of the Buhari administration; securing the country, reviving the economy and fighting corruption are actually intended to give youths a future and a hope.
He said the president emphasised this on April 5 in his comments while receiving Letter of Credence from the Head of Delegation of the European Union to Nigeria.
The president then said: “Our insistence on probity is to encourage people to be accountable and accept honesty as a lifestyle so as to secure the future of our youths.’’
The President also said more than 60 per cent of Nigerians fall into the age category of youths and deserve to inherit a stable and prosperous country that they can be proud of.
He added that the government would work assiduously to prevent waste and the depletion of resources by corrupt Nigerians.
“It is futile for mischief makers to lie in wait, and take a minor part of the words of the President, and turn it into negative commentary, peradventure they could diminish the profile of the President.
“Nigerians across all walks of life know who is serving them faithfully and truly, and they will always reciprocate such fidelity as occasions demand,’’ Adesina said.

Boston Consulting Group (BCG) has listed Dangote Group, Globacom and Guaranty Trust Bank among six Nigerian companies driving amalgamation of economic activities in Africa.
BCG listed the companies in its report entitled, ‘Pioneering One Africa: African Corporations Trail-blazing across the Continent’, according to a statement issued by Globacom in Lagos on Thursday.
The statement also mentioned United Bank for Africa and Jumia Nigeria among the distinguished companies.
“BCG identified 150 companies blazing the trail toward a more integrated Africa. They consist of 75 Africa-based companies and 75 multinational companies that have established impressive track records in Africa and are contributing to further integration of the continent.
“The African pioneers come from 18 countries on the continent including South Africa, Morocco; Kenya, Nigeria, Egypt, Côte d’Ivoire, Mauritius, Tanzania, and Tunisia.
“The multinational companies also listed in the report are mainly from France, United Kingdom and U.S, while the rest are from China, India, Indonesia, Qatar, and the UAE,’’ the statement said.
According to the statement, economic integration on the continent is gathering momentum, with the listed companies driving the process.
“BCG highlighted eight factors that explain how these companies are making their impacts felt on the continent. These include active expansion of footprint across African countries, building strong African brands and using local innovation,’’ it said.
It also identified investment in local talents and development of people advantage, building local ecosystems and facilitating movement of people, goods, and information among the factors.
“Fragmentation in Africa is greater than anywhere else in the world, and it adds significantly to the economic challenges facing countries that typically lack the critical mass to compete globally.
“ Despite these barriers, we see more signs of economic integration with each passing month, quarter and year.
“The primary drivers come from within the continent, led by African businesses,” the statement quoted BCG’s Senior Partner and Co-author of the report, Patrick Dupoux, as saying
It also quoted another BCG Partner, Lisa Ivers, as saying that the past decade demonstrated that the listed companies were masterful at overcoming adversity.
“They have built impressive track records of creating value for themselves and advancing the development of the continent and its many economies.
“They know that continuing to drive the integration of the African markets where they do business is one key way to pave the road to greater success.”
It added that Globacom had over the years built a reputation as an African brand offering innovative solutions in voice and data services, thereby making telecommunication services more accessible.