Nigeria Content Online

The vice president,
Namadi Sambo, has disclosed that the federal government has earmarked
N500 billion lifeline for the manufacturing sector to reactivate ailing
industries.

Mr. Sambo announced
this at the weekend in Kaduna while on a visit to the state. He said
that the lifeline was part of the administration’s efforts to speed up
the country’s economic development and create employment opportunities
for the youth and women.

The vice president
said that the funds would soon be released to manufacturers, adding,
however, that N40 billion, out of the N100 billion-textile revival
fund, had been disbursed.

Mr. Sambo also said
that 25 rail locomotives had been imported, adding that the locomotives
would soon commence operations, as part of efforts to revive rail
transportation in the country.

He said that the
federal government would soon award the contract for the rehabilitation
of the Kaduna-Abuja and Lagos-Ibadan fast train services.

He said that the efforts were aimed at revamping the transport system and facilitating movement of goods across the country.

The director
general of Universal Postal Union (UPU), Edward Dayan, said that post
offices worldwide process more than 483 billion letters annually.

Mr. Dayan said in a
message on the World Post Day celebration on Saturday that while posts
processed 483 billion letters, mail volumes had continued to decline as
a result of electronic substitution and the recent financial crisis.

“And though
physical mail will not be disappearing overnight any time soon, despite
this down trend, posts are looking to the future by diversifying
products and services. Thanks to e-commerce, parcel volumes are taking
off. Posts in many countries are seeing annual growth rates of 20
percent in parcel volumes due to online sales,” he said.

He urged that the
post should be remembered for the relevant and valuable role it played
in the lives of billions of people and businesses, not only as a means
of communication, but also as a driver of economic growth.

Port Harcourt City
local government area of Rivers State has trained more than 300 youth
in different skills, the chairman, Azubuike Nmerukini, said.

Mr. Nmerukini said
at the weekend that the youth received training for more than six
months in welding, carpentry, hairdressing, Information Communication
Technology, fashion, and design.

He said the council
would give the trainees take-off grants, adding that work on the
council’s skill acquisition centre had reached an advanced stage and
would be used to train future trainees.

“The aim is to make
them self-reliant or employed and thereafter train others from their
communities to be self-employed. The local government thought it wise
that in any society, everybody must not be a pen pusher and as such, we
set up skill acquisition programmes,” he said.

The
assets recovered from Cecilia Ibru, the former chief executive officer
of Oceanic Bank, one of the banks found insolvent after the Central
Bank’s special audit last year, would help in refunding the bailout
funds injected into the bank by the CBN and help recapitalise the bank,
the Central Bank said at the weekend.

Mrs.
Ibru was last Friday convicted and sentenced to six months imprisonment
on a three-count charge of negligence, reckless grants of facilities
running into billions of dollars, and mismanagement of depository funds
by a Federal High Court sitting in Lagos. She is also to forfeit assets
and shares, contained in a schedule submitted to the court, worth N191
billion.

The
head, corporate affairs department of the bank, Mohammed Abdullahi,
also said the Asset Management Company would help manage the recovered
assets.

“As
you know, by the order of the court, the assets confiscated from Mrs.
Ibru will be transfered to and managed by the Asset Management
Corporation (AMCON) who will take the necessary steps,” Mr. Abdullahi
said.

“The
role of the AMCON is to assist in the recapitalication of the banks by
absorbing some of the toxic assets found to have been responsible for
the problems faced by the banks we had to intervene in,” he added.

Mr.
Abdullahi said the decision of the court regarding the transfer of the
assets to AMCON is clear. He said proceeds from whatever assets AMCON
would get “will now form part of the funds that are expected to be
refunded by the bank to the Central Bank, speaking specifically on the
N100 billion that was injected into the bank by the Central Bank last
year. We also believe that the assets should also assist in the
recapitalisation of the bank, to survive its present challenges.”

According
to him, the Central Bank is pleased with the decision of the court and
believes it is a vindication of the examination results of the special
audit carried out by the Central Bank and the Nigeria Deposit Insurance
Corporation (NDIC).

“We
are very happy that this decision has taken place, and it is a pointer
regarding what to expect as the determination of the Central Bank to
cleanse the banking sector and ensure that corrupt practices are not
only prevented from happening, but that those found responsible are
made to face the law, rather than walk away freely with their loot,” he
said.

Outstanding court cases

The
Central Bank’s spokesperson said the outstanding court cases are being
vigorously pursued by the EFCC, and a prosecution team has been set up
to handle the cases.

“Based
on the fact that the same examination conducted by the NDIC and the CBN
found similar infractions against those that are still in court, we are
hoping that the cases would take their due course and at the end of the
day, all the other MDs would face the music in the same way that Mrs.
Ibru is facing hers now, if they are found guilty,” he said.

Significance of the ruling

The
Central Bank said the significance of this decision on the ongoing
banking reforms is the vindication of the Central Bank and the NDIC.

“In
the process of these reforms, the Central Bank and its leadership have
been accused of regional, religious and even personal agenda, as
reasons for embarking on these reforms. This ruling has, therefore,
made a lie of all the allegations.

“I
also believe that it has given an impetus to the dedication of the
leadership of the Central Bank to ensure that depositors funds are
protected and all those who dipped their hands into funds given to them
on trust would never get away, but would face the music, no matter
their position in the society,” Mr. Abdullahi said.

A rising Kenyan
import bill is an important factor behind increased central bank dollar
buying and there is no intention to intervene to influence the value of
the shilling, the head of the central bank said on Saturday.

Foreign exchange
dealers have grumbled that fundamentals dictate the shilling should be
stronger, but that central bank purchases of foreign currency have
capped its gains.

“Dollar purchases
are to protect reserves and to build up reserves, not just for fun,”
central bank governor, Njuguna Ndung’u told Reuters on the sidelines of
the International Monetary Fund and World Bank meetings in Washington.

“Our import bills have risen significantly to slightly over $1
billion a month, so it means that keeping four months of import cover
means being in the neighbourhood of $4 billion,” Mr. Ndung’u said.

Urban consumer
inflation in Egypt inched up to 11.0 percent in the 12 months to
September, from 10.9 percent in the year to August, the state-run
CAPMAS statistics agency said on its website on Sunday.

Nine analysts
forecast an average of 11.12 percent for urban inflation – the most
closely watched indicator of prices. Forecasts ranged from 9.6 percent
to 12.9 percent.

African states
rebounding from the global downturn are far better placed than in the
past to ensure currencies do not become overvalued and damage
competitiveness, a top World Bank official said on Saturday.

World Bank managing
director, Ngozi Okonjo-Iweala, said, however, that rising capital
inflows could become a concern as African countries attract more money
from short-term investors seeking higher returns.

Global currency
tensions are at the center of discussions at meetings of the
International Monetary Fund and World Bank in Washington this weekend.

“The continent has
implemented remarkably sensible policies. Fiscally, they’ve been
responsible. Exchange rate management has been reasonable. People have
learned the lessons of overvaluation in the past,” Okonjo-Iweala told
Reuters.