Nigeria Content Online

Nigerian interbank rates drop lower on budget flows

Nigerian interbank lending rates
eased to 1.16 percent on average this week from 7.33 percent last week after
about 390 billion naira in monthly budgetary allocations to states and local
governments was injected into the system, traders said on Friday.

The secured Open Buy Back (OBB)
eased to 1.05 percent from 6.5 percent, after initially dropping to 1.10
percent on Wednesday when part of the funds hit the system.

Overnight placement fell to 1.20
percent from 7.50 percent, while call slipped to 1.25 percent from 8.0 percent.

The finance ministry announced
the disbursal of 750 billion naira from the federation account to the three
tiers of government — federal, state and local — on Monday, but part of the
funds meant for states and local governments came into the system between
Wednesday and Thursday, helping to ease the tight liquidity in the market.

“The system closed with a
surplus balance of about 310 billion naira, this is more than sufficient to
keep the system liquid for the coming week,” one dealer said.

Banks in sub-Saharan Africa’s
second biggest economy depend largely on monthly cash inflows from budgetary
disbursals to its agencies to fund their operations.

Africa’s biggest energy producer
shares oil revenues between federal, state and local governments each month in
order to pay salaries, fund development projects and keep government running,
providing the bulk of liquidity in the economy.

The federal government’s portion
of the funds is kept with the central bank, while that of the other two tiers
goes in the accounts with retail banks.

Dealers said the cost of
borrowing among banks could remain stable next week despite plans by the
central bank to sell treasury bills at the secondary market in a bid to reduce
the impact of excess liquidity on the economy.

Go to Source

Money

Central Bank’s Calabar office reopens

Central Bank’s Calabar office reopens

Business activities
resumed on Thursday at the Calabar branch of the Central Bank of
Nigeria which was sealed on Wednesday by the Cross River Board of
Internal Revenue Service over tax default allegedly for five years.

Officials of the
state Internal Revenue accompanied by security agents on Wednesday
afternoon ordered all staff to close and locked up the office entrance.
But the staff questioned that their Pay As You Earn (PAYE) which is
deducted monthly by the CBN management is not remitted to the state
government’s coffers.

According to
Akumaye Adie, the Revenue Service Director of PAYE, the amount which
was more than Nl00 million was reduced to N56 million following a
waiver on interest and penalty granted to the bank. The CBN was,
however, said to have paid N30 million but “refused” to pay the balance
of N26 million in spite of repeated demands and representations by BIRS
officials.

But, Mr. Adie, told
News Agency of Nigeria (NAN) that the CBN branch was reopened on
Thursday following a commitment by its management that the money would
be paid next week.

Besides, he said
that the unsealing of the bank was also facilitated by consideration
given to the plea of all the banks in Calabar.

He said, “The
management of CBN had a long discussion with our chairman and at the
end they promised to pay the money next week, unfailingly.

“In fact, the way
the agreement was reached, the money will be remitted to us on Monday
or Tuesday,” he said. He, however, said that if the bank failed to pay
the money as promised, “We may have to go back and seal the place
again”. The News Agency of Nigeria reports that normal business has
resumed at the apex bank which is located on Calabar Road, in the state
capital.

Divine Edim, a
director with the revenue service, who led the operation, said they
decided to shut down the CBN branch because “it has not settled its
liabilities with the state government. These among others include PAYE
which is deduction of income of staff to pay as tax to the host state
government”.

Mr. Edim revealed
that the outstanding PAYE to the state government for the period under
review was N26.5million, adding that this amount may be more as it
covers only 2005 to 2008. When that of the last two years is added, the
bank will be indebted more.

“The management of
CBN”, according to him, “said it is processing the relevant documents
in order to pay. This action is a follow up to series of
correspondence, meetings and even telephone calls all of which yielded
no results. We have documents to show”.

Since the federal
government ceded 76 oil wells of the state to Akwa Ibom state, Cross
River has embarked on an aggressive revenue drive to shore up its
revenue base and thus be able to meet its budgetary commitments.

Go to Source

Money

3,000 peacekeepers killed in 62 years, says UN

3,000 peacekeepers killed in 62 years, says UN

Alain Le Roy,
Under-Secretary-General for Peacekeeping Operations, made this known to
UN correspondents at a news conference on the international Day of UN
Peacekeepers, observed on May 29.

Mr. Ley Roy said
700 peacekeepers died in the last five years and in 2009 alone, 121
peacekeepers lost their lives while serving with the UN.

According to him,
of the 1010 fatalities suffered by the UN as a result of the January 12
earthquake in Haiti, 96 were from the UN Stabilisation Mission in Haiti
(MINUSTAH), the biggest single loss of lives in the history of UN
peacekeeping.

Borno governor pardons 33 prisoners

Borno governor pardons 33 prisoners

Ali Modu Sheriff of Borno, on Saturday, pardoned
33 prisoners in commemoration of this year’s Democracy Day, held at the
Ramat Square in Maiduguri.

He said the beneficiaries were shortlisted out of
the 92 convicts that applied for pardon. He also said the exercise was
based on the Section 212 Sub section A of the 1999 Constitution, which
granted him powers to pardon convicted prisoners. Five of the
beneficiaries were condemned prisoners awaiting execution.

Embassy holds ‘Made in Italy in Nigeria’ show

Embassy holds ‘Made in Italy in Nigeria’ show

The Italian Embassy, on Sunday, in Abuja, held the
sixth edition of the `’Made in Italy in Nigeria’ show, as part of
activities lined up for its June 4 National Day.

The event tagged, ‘A Taste of Italy 2010’,
featured various types of Italian dishes by renowned chef, Ferruccio
Minuz, a selection of Italian wines, and an exhibition space for the
Italian business community in Nigeria.

Speaking at the occasion, the Italian envoy to
Nigeria, Roberto Colamine, listed other events to commemorate the
national day to include an art exhibition on ‘Visions of Nigeria’, an
Italian animated movie for kids, and the national day reception slated
for June 4.

He said the activities were aimed at cementing the long friendly relationship between the two countries.

Journalists advocate for training on crisis reporting

Journalists advocate for training on crisis reporting

A communiqué,
issued at the end of a workshop in Maiduguri on Reporting Conflict,
also called on media owners to provide capacity building and exposure
for journalists, who were asked to strive hard to ensure that they
discharge their duties in a professional manner.

The participants
called on regulatory agencies, like the Nigeria Press Council (NPC) and
the National Broadcasting Commission (NBC), to be more proactive to
ensure adherence to best practices.

They called for the immediate passage of the Freedom of Information Bill by the National Assembly.

NGO gets $2m for fire station upgrade

NGO gets $2m for fire station upgrade

A non-governmental organisation, the Lagos
Millennium Group, said it has secured a grant of $2 million from Shell,
through a Public Private Partnership initiative, to upgrade the Ajele
Fire Station.

According to Timothy Oyedeji, spokesman for the
federal ministry of interior, the leader of the NGO, Taiwo Taiwo,
revealed this to him during a courtesy visit to the minister, Emmanuel
Iheanacho.

“The target of the NGO is to change the face of the station as it has an agenda of what it wants Lagos to be.

KWSIEC slates LG elections for Oct 30

KWSIEC slates LG elections for Oct 30

Commission
Secretary, Ahmed Salman, through a statement issued in Ilorin said,
“Elections would be conducted into the offices of Chairmen and
Councillors in all the existing 16 local government councils in the
state. By this development, intending contestants from all the
registered political parties are advised to take note and be guided
accordingly.

“The scheduled council elections are in accordance with the 2010 amended Kwara State Local Government Electoral Law.”

NAN recalls that
the last council elections in the state, which produced the present
chairmen and councillors, was conducted in 2007.

More Nigerians in Europe peddle drugs

More Nigerians in Europe peddle drugs

The National Drug
Law Enforcement Agency (NDLEA) on Sunday said Nigerians living in
Europe are fast becoming the delight of drug barons.

Hamza Umar, the
Lagos airport commander of the agency, explained that these youth
already have travel documents that make them easy prey for drug lords
who cajole them to participate in the illicit trade. Ten Nigerians have
recently been arrested by the agency attempting to smuggle narcotics at
the Murtala Mohammed International Airport.

“Apart from the two
suspects who live in Lagos, all eight others live in Europe,” he said.
“The total weight of drugs found with the suspects is 12.33kg
consisting of 1.11kg heroin and 11.21 of cocaine.”

The airport
commander gave the names of the suspects as Osaze Godwin, 37, who
ingested 60 pieces of cocaine weighing 1.01kg; Izevbokun Kelvin, 22,
had in him 111 pieces of cocaine weighing 1.61kg; Joe Favour, 26,
ingested 82 pieces of cocaine weighing 1.30kg; Nwodo Ugochukwu, 34,
swallowed 95 wraps of cocaine weighing 1.51kg; and Chinedu Okeke, 40,
who swallowed 69 wraps of heroin weighing 1.11kg.

“Others are
Obarisiagbon Marvis, 32, with 77 pieces of cocaine weighing 1.44kg
inside him; Liasu Ismaila Ajadi, 41, ingested 80 wraps of cocaine
weighing 1.19 0kg; Ejiro Henry, 19, ingested 73 wraps of cocaine
weighing 1.28kg; Lever Solomon Ehigie,21, ingested 66 pieces of cocaine
weighing 900g; and Omorose Kingsley, 28, that swallowed 960g of
cocaine.”

A good name is better

Ahmadu Giade, chief
executive of the agency expressed regrets the “get rich quick syndrome”
inherent in the Nigerian youth, stressing that it is time for Nigerians
to embrace the principles of discipline and contentment.

According to Mr.
Giade, indiscipline and greed are the prevalent factors responsible for
the involvement of youths in the trafficking of narcotics, and urged
youths to re-brand themselves with values that show integrity.

“Drug traffickers
usually act on impulse as a result of greed and indiscipline.
Unfortunately, many only have a re-think after they had been caught,”
he said. “A good name is priceless and what integrity and discipline
offers is far more valuable than silver and gold.”

How suspects were nabbed

Mitchell Ofoyeju,
spokesperson for the agency disclosed that Osaze Godwin, a father of
two who live in Spain, was arrested on May22, during screening of
passengers on Iberia flight, and the suspect’s reason for drug peddling
was to “make ends meet.”

“Izevbokun Kelvin
lives in Torino, Italy, and was caught during the screening of Alitalia
flight on his way to Rome. His reason for trafficking drugs was as a
result of the global economic meltdown,” said Mr. Ofoyeju. “Godwin
hails from Edo State. Joe Favour also from Edo State lives in Parma,
Italy. He was to board Alitalia flight to Rome on May 20, 2010 when he
was caught.”

According to the agency’s spokesperson, all the peddlers will be arraigned for prosecution soon.

Jonathan addresses world leaders in France

Jonathan addresses world leaders in France

President Goodluck
Jonathan has been nominated to make key note presentations to world
leaders on peace keeping and conflict resolutions at the 25th
Africa-France Summit in Nice.

Mr. Jonathan, who
is attending the summit on the invitation of French President Nicolas
Sarkozy, arrived the Southern French city of Nice on Sunday.

Nigeria’s
Ambassador to France, Gordon Bristol, told journalists that Mr.
Jonathan was nominated by Mr. Sarkozy, the convener of the summit,
because of the pivotal role Nigeria played in peace, security and
conflict resolution in Africa and the world.

“From Kosovo to
Middle East, we have sent peace keeping troops under the banner of the
UN and AU. Nigeria has co-invented new approaches to peace keeping as
evident in Liberia and Sierra-Leone, using the instrumentality of
sub-regional organisation as envisaged under the relevant charters of
the UN.

Nigeria is well
suited to speak on the issue of peace and security in the world and
Jonathan will do that at the summit,’’ Mr. Bristol said.

Heads of States and
Governments from Africa, Asia and Europe are participating at the
two-day summit which opens today at the Nice Acropolis Convention
Centre.

As part of the
visit, the president has also been scheduled to hold meetings with Mr.
Sarkozy as well as Jacob Zuma of South Africa and Hosni Mubarak of
Egypt.

He will also hold a
business forum with Nigerian and international business communities as
well as meet with foreign ministers on the situation in the Great Lakes
Area.

The Bayelsa State
governor, Sullivan Chime and his Benue State counterpart, Gabriel
Suswan, are in the president’s entourage, to explore areas of
cooperation and investment in agriculture and tourism with foreign
partners.

Also in the
entourage are the ministers of petroleum, Deziani Allison Maduekwe,
foreign affairs, Odein Ajumogobia, national planning, Samsudeen Usman
and commerce, Jubril Martins Kuye.

Tagged a
“Renovation Summit,” the multi-national gathering is to revamp
relations between Africa and France and the growing awareness of the
changes taking place on the continent.

It will also
discuss Africa’s roles in global governance, peace and security as well
as climate change, economic challenges and the need for a development
leap.

The Africa-France
Summit was initiated in 1973 by two African presidents, Niger
Republic’s Mamman Troure and Senegal’s Leopold Senghor.

The summit
initially was to provide a forum for French speaking African countries
and France to discuss political and economic issues.

In 1975, however, the summit was extended to Asia, English and
Portuguese-speaking African countries and later to all African
countries.