Tuesday, February 9, 2010

[News Update] Yar'Adua Disburses $13bn ... Acting President Jonathan Receives New Envoys

 

Latest from factual and authoritative economic magazine from Nigeria

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YarÁdua's Administration Disburses $13bn from Excess Crude Account.. Excess Crude Reduces to $6.2bn from $20bn: In its efforts to satisfy all the tiers of government, the administration of President Umaru Musa YarÁdua disbursed over US$13billion from Excess Crude Proceeds Account and increased allocations from the Federation Account in 2009… Read

Nigeria will be a Leading Economy in 10years – Minister of Planning: In an exclusive interview with the Economic confidential, Dr Shamsudeen Usman, Minister of National Planning said that Nigerians must believe in their capabilities as a people. "The problems of power failure, corruption and kidnapping are inherent no doubt. However, the fight against the cankerworm is on-going."There is a Vision, a rallying call for the citizens, regardless of ethnicity, economic status, or religion to unite and stand behind a common cause of placing the country firmly on a path of sustainable growth, and taking it to its rightful place in the comity of nations."… Read

Acting President Jonathan Receives 4 New Envoys … As Minister Invites Japan to Invest in Nigeria: The Nigeria's Vice President, Dr Goodluck Ebele Jonathan who is Acting President of the country, in the absence of his ailing boss, Umaru musa YarÁdua, has started to receive letters of credence from new envoys to Nigeria… Read

Power Failure: Nigeria to Go for Solar and Wind Energy: … Generates only 2,700 Mega Watts: The government has stated it is working towards the diversification of power generation beyond thermal and hydro power stations to include other sources of energy including coal, wind and solar, in order to improve power supply in the country… Read

Skye Bank Get new CEO Designate: The Board of Directors of Skye Bank Plc has appointed the Deputy Managing Director of the bank, Kehinde Durosinmi-Etti, as the Group Managing Director designate. He will succeed the incumbent Chief Executive Officer (CEO), Akinsola Akinfemiwa, who will retire at the end of July, following the Central Bank of Nigeria's directive… Read

Nigeria the Paradox: Nigeria the Paradox! So enviably endowed with great human and natural resources, but yet so beleaguered in its efforts to attain a liveable standard of socioeconomic development and political stability… Read

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Economic Confidential
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Thursday, February 4, 2010

[News Update] Nigeria's Oil Reserve to Dry in 2040 as FAAC shares N386bn in Jan 2010

 

Latest from the Authoritative, Factual and Accessible Economic Magazine Economic Confidential. Just visit www.economicconfidential.com

 

 

Nigeria's Oil Reserve to Dry in 2040: The oil reserves in the Niger Delta currently at 31 billion barrels will dry and disappear by the year 2040. Activities of militant groups in the region, ineptitude leadership and rapid depletion of ore, a major component for the exploration are contributory factors that may see the end of Nigeria's oil. Regulatory and monitoring organs in the country including the Nigeria National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR) and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) are concerned about the development… Read

 

Federation Account:  How They Share N386bn in January 2010: As part of the two allocations at the meeting of the Federation Account Allocation Committee (FAAC) in January 2010, the Economic Confidential magazine provides here the distribution of a total sum of N386 billion being the Statutory and VAT allocations shared to all tiers of government. From the total disbursement of nets after deductions, the highest recipients are Akwa Ibom which received N10.08bn, Rivers N10.02bn, Lagos N9.1bn, Delta N8.96bn, Kano N6.4bn. The lowest recipients are…Read


N8.2bn Power Scam: Elumelu, Owan, Others in Courts: The Economic and Financial Crimes Commission (EFCC) has taken federal lawmakers, including Hon. Ndudi Elumelu and suspended Chairman of the Nigeria Electricity Regulatory Commission (NERC) Dr. Ransome Owan to Federal High Court, Abuja on frauds involving N5.2bn and N3bn respectively and on separate cases… Read

 

FEC Approves New Tax Policy: The Federal Executive Council (FEC) has approved a new National Tax Policy (NTP) proposed by the Federal Ministry of Finance, which seeks to provide a set of guideline, rules and modus operandi that will regulate Nigeria's tax system.The document will soon be presented to the national Economic Council (NEC)… Read

 

China Grants Nigeria $500M Loan for Kano-Lagos Railway: A special delegation from the Chinese government led by Deputy Chief Inspector of China EXIM Bank - Mr Yi Zong Hua, has promised that the team will work assiduously with its Nigerian counterpart towards ensuring that the Concessional loan to the tune of $500 million loan is drawdown to enable Kano-Lagos Railway project to take-off by February 2010…Read

 

BPE Extends Deadline for Proposals on NITEL/MTEL: The deadline for the submission of technical and financial proposals for the privatization of Nigerian Telecommunications Plc (NITEL) and its mobile arm, M-tel, has been extended from Friday, January 22, 2010 to Friday, February 5, 2010…Read

 

RE- Alleged Limit to Loan Approval and 5% Equity Holding in Banks: The CBN does not intend to limit the percentage of shareholding of investors in Nigerian banks as this will not only negate the provisions of the Banks and OtherFinancial Institutions Act, 1991 as amended but also the Nigerian Enterprises Promotion Act which encourages unfettered participation of both local and foreign investors in all Nigerian enterprises, including the banking sector…Read

 

A Call on International Bodies to Investigate Jos Violence

It is sad that yet another dastardly orgy of violence erupted in the erstwhile peaceful city of Jos, Plateau State causing the death of hundreds of Nigerians. Clashes between Christian and Muslim, indigenes and non-indigenes mobs reignited in Jos on Sunday morning, January 17, 2010. An exact toll is not known but overall more than one thousand (1000) people are thought to have died… Read

 

Features:

Read the following articles from this link: Features

Uzoma Okere: N100 Million Reward for Military Brutality

Thinking about New Decoration and Furnishing?

Reviewing Impacts of MDGs in Nigeria

Bogus Liberalisation and Capital Flight

Understanding Islamic Banking System

Anambra Soludo is Your Ijele

 

State News:

Read the following news from this link: States

Yobe to Get N400m for desert control in Yobe

Ekiti Warns Civil Servants Against Stealing

Kano to Establish N1bn fish market

Enugu Budgets N150mn for Rural Mobility

Nasarawa to construct 5-Star hotel


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Factual, Authoritative and Accesible
Nigeria's Economic Magazine



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Tuesday, January 26, 2010

[News Update] New Bank MDs, Ibru's Assets and MDGs' Billions on Projects Revealed

 

The latest from your Factual, Authoritative and Accessible Economic Confidential magazine www.economicconfidential.com. Click on 'Read' under each summary to read the full detail

 

Zenith Names Godwin Emefiele as MD/CEO Designate: The Board of Zenith Bank Plc has announced the appointment of Godwin Emefiele as Managing Director/Chief Executive Officer designate of the Bank. The appointment, which is subject to Central Bank of Nigeria (CBN) confirmation, takes effect from August 1, 2010. This is coming few days after the Board of United Bank for Africa Plc appointed Mr. Phillips Oduoza, Deputy Managing Director overseeing its operations in the South as CEO designate of UBA... Read

 

Nigeria MDGs: How We Channel Billions of Naira on 8 Goals: In this an exclusive interview with Economic Confidential, the Senior Special Assistant to the President on the Millennium Development Goals (MDGs), Mrs. Amina Mohammed Az-Zubair talks about the MDG projects in Nigeria, her relation with federal legislators, states and the amount of fund expended on the programme. She also gives reason for rejecting some appointment including ministerial positions for her passion. Born of a Nigerian father from Gombe State and a British mother from Wales, sh... Read 

 

Details of Cecilia Ibru's N400bn Assets: Before she was sacked from office as the Managing Director of Oceanic Bank Plc by the Central Bank of Nigeria (CBN), Mrs. Cecilia Ibru was referred to as the First Lady of Banking in Nigeria and regarded as one of the most influential and powerful businesswomen in Africa. But only very few would agree that she had assets and shares worth over N400billion.... Read

 

Farida Waziri dares Fraudsters and Economic Criminals in 2010…As EFCC Arraigns 5 suspects over Visa Scam: Chairman of the Economic and Financial Crimes Commission, EFCC, Mrs Farida Waziri has reiterated her resolve to step on more toes and crush more legs this year just as the agency arraigns 5 suspects over UK Visa scam. ... Read 

 

BPE Extends Deadline for Proposals on NITEL/MTEL: The deadline for the submission of technical and financial proposals for the privatization of Nigerian Telecommunications Plc (NITEL) and its mobile arm, M-tel, has been extended from Friday, January 22, 2010 to Friday, February 5, 2010. ... Read

 

China Grants Nigeria $500M Loan for Kano-Lagos Railway:A special delegation from the Chinese government led by Deputy Chief Inspector of China EXIM Bank - Mr Yi Zong Hua, has promised that the team will work assiduously with its Nigerian counterpart towards ensuring that the Concessional loan to the tune of $500 million loan is drawdown to enable Kano-Lagos Railway project to take-off by February 2010.... Read

 

Oil Communities to Own Petroleum Assets: Federal government has taken a bold step towards involving the oil producing communities in the ownership structure of Nigeria's petroleum assets. A Presidential Committee On he Modalities for the Involvement of Host Communities in the Ownership of Petroleum Assets in Nigeria has been inaugurated to work out the modalities…... Read

 

DMO Resumes Monthly Auctions, Offers N75bn FGN Bonds: The Debt Management Office (DMO) has resumed its monthly bond auctions, offering a total of N75billion FGN bonds, made up of N20billion for the 3-year tenor, N25billion for the 10-year tenor and N30billion for the 20-year tenors.   A statement issued over the weekend by the DMO stated that the variety of the tenors on offer, namely 3, 10 and 20 years, was to give investors the opportunity to choose the bond(s) most suitable to their needs and investment objectives. ... Read

 

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Economic Confidential
Factual, Authoritative and Accesible
Nigeria's Economic Magazine

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Wednesday, January 20, 2010

[News Update] 10 Year Tenure: Banks' CEOs to Go... as Dangote Pays $1.27bn to 10 Banks

 

Latest from your authoritative, factual and accessible Economic Confidential (www.economicconfidential.com) Please click on Read at the bottom of the briefs to read full details:

 

10 Year Tenure: Banks' MDs to Go in July 2010 -CBN… Banks to Negotiate Sales with Foreign Investors: The Board of the Central Bank of Nigeria has finally fixed a maximum tenure of ten years for Managing Directors and Chief Executive Officers of banks in Nigeria. This new decision came as CBN hands off the negotiation and sales of the eight rescued banks to the banks management and boards who could negotiate, where desirable, with new foreign investors. …Read

 

Dangote Liquidates $1.27bn Loans in 10 banks: The President Dangote Group of Companies, Alhaji Aliko Dangote has liquidated a $1.27 billion loan facility he took on behalf of his organisation from a consortium of 10 Nigerian banks in May 2008 to finance its cement division's expansion projects five years ahead of schedule. The banks involved in the loan syndication were Access Bank, Afribank, Bank PHB, FCMB, Fidelity Bank, First Bank, Guaranty Trust Bank, Stanbic IBTC, United Bank for Africa, and Zenith Bank. …Read

 

Oil Communities to Own Petroleum Assets: The Minister of State for Petroleum Resources, H. Odein Ajumogobia has lauded the federal government for taking a bold step towards involving the oil producing communities in the ownership structure of Nigeria's petroleum assets. He stated this at the inaugural meeting of the Presidential Committee On he Modalities for the Involvement of Host Communities in the Ownership Of Petroleum Assets In Nigeria. …Read

 

After Universities, Pay Rise for Polytechnics and COE: The Federal Government has re-affirmed its promise to amicably resolve the demand for pay rise by Unions in Polytechnics and Colleges of Education sub-sector without discrimination. This is as it assures that the same principles used in fixing the new pay package for University Unions will be adopted. …Read

 

Infrastructure Concession to Create More Employment – VP Jonathan: The key element of Federal Government's concession of infrastructure is to create employment to the teeming youth in the country. VP Jonathan while receiving 2009 Report on the activities of the Infrastructure Concession Regulatory Commission said "that government is not only interested in managing its assets well but the main issue of the concession is to create employment opportunities for Nigerians". …Read

 

Federation Account: Beneficiaries Received N4.17tr and $5.5bn in 2009: The sum of N4.174 trillion and $5.5 billion were distributed from the Federation Account and Foreign Excess Crude Account respectively among the three tiers of government in 2009. Last year's release from the Federation Account was the highest injection into the system within a fiscal year in the last 10 years. …Read

 

Policing Our Budgets: However, let me remind Nigerians not to get too distracted by Farouk Abdulmutallab's incident and President Yar'Adua's sickness. Let us keep one eye on the yearly budgets which various states in Nigeria are announcing. Ebonyi State announced a budget proposal of N72.6 billion; Ogun State announced a budget of N100.7 billion. Kano proposed N110bn for their budget, Kaduna proposed N196.7bn for 2010 budget, Yobe planned N62.42b for 2010 budget, and Anambra proposed N67 billion for 2010 budget…Read

 

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Economic Confidential
Factual, Authoritative and Accesible
Nigeria's Economic Magazine

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Sharing factual, timely and authoritative economic news, analyses and data, especially on Nigeria's economy from reliable sources.
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Monday, January 11, 2010

[News Update] President Yar'Adua is Alive and Talking

 

Latest from the Economic Confidential (www.economicconfidential.com), the Factual, authoritative and Accessible economic magazine.
 

President Yar'Adua is Alive: Against the background of rumours on the purported death of President Umaru Musa Yar'Adua in King Faisal Specialist Hospital in Saudia Arabia where he had gone for treatment, his spokesperson and Senior Special Adviser on Communication, Mr. Olusegun Adeniyi has denied the speculations saying that the president is alive and has been talking to some people…Read

 

How we Intercept Scam Mails worth Billions of Naira- NIPOST Boss: The Postmaster General of Nigerian Postal Service, Mr. Ibrahim Mori Baba has disclosed the efforts of his agency to tackle the menace of fraudsters who use postal/courier services to execute their nefarious activities. He also tells the Economic Confidential the NIPOST's commitment to regain public confidence on postal service… Read

 

CBN Appoints New Executive Directors For Three Banks: The Central Bank of Nigeria has announced the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. The announcement which was made by the spokesperson of the bank, Mr. Mohammed Abdullahi said the appointment followed the removal of the CEO's of the affected banks and their replacement with new ones. .. Read

 

 

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Economic Confidential
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Nigeria's Economic Magazine

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Sunday, January 10, 2010

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Monday, January 4, 2010

[News Update] N346bn Scandal: Details of Akingbola Worldwide Assets to be Frozen... And Still on Mutallab of Nigeria

 

Latest News and Features from the Redesigned website of the Economic Confidential magazine: www.economicconfidential.com
 

N346bn Scandal: Details of Akingbola's Worldwide Assets to be Frozen…Include Properties in Lagos, Ghana, Dubai, London and various shares: After paying over £9.8million Pound Sterling to his English solicitors, the former Managing Director of Intercontinental Bank Plc, Dr, Erastus Akingbola is in fresh financial dilemma as a Federal High Court granted a Mareva injunction on his worldwide assets for total offences amounting to the tune of N346 billion and over 1 million GBP Sterling…Read and see some of the assets

 

In Defence of Abdul Mutallab of Nigeria – A Response to MEND: One of the organisations that shamelessly coloured the incident with sectional and religious undertone was the Movement for the Emancipation of the Niger Delta (MEND), whose official statement on the suspect was to urge governments around the world to pay more attention to northern Nigeria, claiming that the region is a threat to world peace and "fertile ground" for international terrorism. They also provoke ember of hatred by insinuating that…Read

 

Jimoh Ibrahim to Acquire Oil Licence and University in Sao Tome: The Chairman of NICON and Global fleet Group of Companies, Barrister Jimoh Ibrahim has indicated the interest of his organisation to acquire Oil and Gas Licence and establish a private University in the Republic of Sao Tome and Principe. He also announced the commencement of NICON Insurance operation in its new branch in that country… Read

 

State News listed below can be accessed from this LINK

Kano Proposes N110bn for Budget 2010

Kaduna Proposes N196.7bn for 2010 Budget

Yobe Proposes N62.42b for 2010 Budget

Osun Assembly Approves 2010 Budget

Anambra Proposes N67 Billion for 2010 Budget

 

Feature articles listed below can be accessed from this LINK

Erastus Akingbola: A Drowning Man?

In Defence of the Vice-President, in the Failure of the President Doing the Right Thing

Addressing Distress in the Banking sector

Micro Financing in Nigeria: A Dire Need for "Sanusitization"

Introducing Home Makers

 

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The new website of the Economic Confidential provides platform for members and comments on all issues. You can also use our Search Engine to search for stories and features we have published. We thank you for being with us in the last three years of our existence as factual, authoritative and accessible economic magazine.


 
Economic Confidential
Factual, Authoritative and Accesible
Nigeria's Economic Magazine

__._,_.___
Sharing factual, timely and authoritative economic news, analyses and data, especially on Nigeria's economy from reliable sources.
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