The World Bank, in a report, has listed Nigeria as the highest destination of remittances from the United Kingdom.
 
According to the bank, Nigerians in the UK emerged the highest senders of money to their home country with £3.27m sent in 2017.
 
India, France and Pakistan took turns as the top receivers of cash from UK according to the report published by Daily Mail.
 
The report also listed the UK as the fourth largest source of remittances after the US, Saudi Arabia and the United Arab Emirates, with a global total of £483bn in 2017.
 
The report also revealed that just as migrants in the UK were sending large amounts of cash back home, Australia sent the largest remittances to the United Kingdom, with US$1.08m received from there.
 
The US, Canada, Spain and South Africa followed Australia as the biggest senders to the UK, just as India emerged as the largest receiver of remittances in the world, receiving a total of US$68,968m.
 
China emerged second largest receiver of remittances with a total of US$63,860m.
 
The US, which has the highest number of migrants in the world, also emerged as the largest sender of remittances in the world.
 
 
Source: The Ripples
Nestlé Nigeria restated its commitment to responsible sourcing at its last Suppliers’ Day event held in Lagos.
 
The event united all key players who supply raw materials, packaging materials, services and indirect materials to Nestlé.
 
This was an opportunity to consolidate existing relationships as well as ensure best practices in sourcing. With about 80% local sourcing reached in 2018, the company is poised to increase the percentages where possible in the coming years.
 
“We work with more than 1,000 direct suppliers, 700 of which are local suppliers,” said Nestor Finalo, Supply Chain Manager for Nestlé Nigeria at the event.
 
“We hope to invest more in local suppliers who are able to meet with the quality requirements of Nestlé,” he continued.
 
Responsible sourcing has always been at the core of Nestlé Nigeria’s operations, especially in a society where consumers and stakeholders increasingly want to know what is in their food, where it comes from and how it is made.
 
Nestlé Nigeria has responded to these demands by ensuring transparency and compliance in its supply chain. The company continues to urge its suppliers to adhere to the highest ethical standards and procedures.
 
“All our suppliers must imbibe and adhere to good ethical practices whether in terms of labour laws, working hours or relationship with the environment. We have also put structures in place to ensure that quality is not compromised,” Mr. Finalo said.
 
On their part, suppliers at the event reaffirmed their trust in Nestlé while identifying opportunities for improvement to better meet the company’s requirements.
 
Commenting, one of the key players said, “We are confident that we will be able to reach and surpass Nestlé’s standards on quality. We are happy about our partnership and hope to do more with Nestlé in the coming years.”
 
In her welcome address, the Corporate Communications and Public Affairs Manager for Nestlé Nigeria, Victoria Uwadoka said, “The Suppliers’ Day presents a unique opportunity for us to celebrate everyone who supplies the products or services that help us produce high quality nutritious products. We are certain that this relationship will be sustained in the long-term as we work together to meet consumer expectations by ensuring responsible sourcing practices.”
 
Nestlé Nigeria reiterated its commitment to work together with its suppliers to ensure that they have all the support they need to continue to grow their businesses while contributing to the company’s growth. This is in line with Nestlé’s Creating Shared Value principles.
 
To strengthen supplier relationships, Nestlé Suppliers’ Day will continue to be held annually going forward. There will also be opportunities for training, skills and capacity building for the company’s top suppliers.
 
“This event will be carried out yearly to keep you abreast of the company’s best practices and to develop even stronger partnerships. We will also hold workshops and joint trainings to improve quality of deliveries and empower you, our esteemed suppliers,” said Mr. Nestor Finalo in his closing remarks at the event.
 
Attendees at the event included top management executives of all Nestlé Key suppliers.
 
 
Source: PmNews
Mr Okoi Obono-Obla, Chairman, Special Presidential Investigation Panel for the Recovery of Public Property says oil companies contribute to the economic adversity of the country.
 
He said this at a press briefing in Abuja, on Monday.
 
According to him, the companies are denying the country oil taxes and royalties that will help government develop infrastructure.
 
“We are investigating some of these companies for tax evasion, failure to pay royalties. Five oil companies have not remitted over 1 billion dollars to government.
 
“We will get to the root of the matter,” he said.
 
While reeling out other achievements of the panel in 2018, Obono-Obla said that with the Executive Order 6, which had to do with travel ban, the panel had compiled the names of about 39 public officers who were under investigation.
 
“We have compiled their names and submitted to the Comptroller-General of Nigeria Immigration Service so that they would be placed on travel ban,” he said.
 
On the Panama Papers, he said the Panel was in partnership with the Nigerian Intelligence Agency (NIA) investigating Nigerians allegedly implicated in the Paradise Panama Papers.
 
“Findings will be made available to Nigerians in due course.
 
“The Panel is investigating the Tumsah brothers – Tijani Tumsah (Vice Chairman, Presidential Initiative on North East) and Ibrahim Tumsah (Director, Finance and Accounts, Federal Ministry of Power, Works and Housing) for alleged abuse of office and corruption.
 
“The Panel has recovered an assortment of 86 brand new luxury and sophisticated cars from the duo; 23 of these vehicles are bullet-proof without the requisite permits.
 
“We have since obtained an interim order of forfeiture from FCT High Court in Abuja in respect of these properties,” he said
 
The chairman expressed gratitude to President Muhammadu Buhari, for courageously leading the fight against corruption.
 
“We are also grateful to the President for his complete support and demonstrable resolve not to interfere with our operations in anyway,” he said.
 
 
Source: Routers
Mr Henry Ikem-Obih, Chief Operating Officer, Downstream, Nigerian National Petroleum Corporation (NNPC) says the Federal Government has paid the agreed N236 billion as first tranche of the outstanding subsidy claims to oil marketers.
Ikem-Obi, who disclosed this in an Interview with the News Agency of Nigeria (NAN) on Monday in Abuja, said that government, through the Central Bank, had directed banks to freeze interest on loans related to the scheme.
 
“Yes, I can confirm that the promissory note has been issued; in fact, they were ready on Wednesday. The marketers got emails inviting them to come and receive them on Monday.
 
“By the end of Tuesday, they were actually ready from the Debt Management Office (DMO). We had a meeting with the CBN Governor on Thursday and they were informed officially, the Director General of DMO was there that they should pick up the promissory note.
 
“Most of them were waiting for that meeting with the CBN governor, it went very well. one of the things that CBN governor has taken the initiative to do is to ask the banks to freeze the interest on any loan that are related to that scheme, the outstanding payment, from end of June 2017 to date.
 
“Those are some of the additional concessions that government has done,’’ he said.
 
According to him, all the promissory notes for this first tranche will mature by 2019.
 
“The CBN governor will give the Liquid assets status; so, it is as good as cash,’’ he added
 
Commenting on petrol scarcity, he said that at the moment, the country had in stock 2.7 billion litres of Premium Motor Spirit (PMS) that would last for 54 days and still importing.
 
He noted that in terms of supply, the NNPC was very robust and had never been this good in the least 10 years, at this time of the year.
 
“We are very good with distribution in terms of how much products is on land because 2.8 billion litres is what is between Lagos waters and land.
 
“Most Farm tanks cannot receive PMS at the moment; our vessels have to queue for days to be able to discharge to the storage.’’ He added
 
Also, petroleum products marketers had also confirmed receiving payment of N236 billion from the Federal Government for the first tranche of the outstanding fuel subsidy claims.
 
The Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Mr Olufemi Adewole, said, however, that the oil marketers still needed clarifications as regards the payments made by the Federal Government.
 
“Yes, we collected promissory notes, but we need clarification. DAPPMAN chief executive officers are reviewing the total scenarios and would meet with the Senate Committee, which has been of so much help to iron out things.”
 
He further confirmed that the payment was made via promissory notes, adding that DAPPMAN was already reviewing the situation.
 
He confirmed that the petroleum marketers would be meeting with the Senate Committee on Downstream to address other pending issues.
 
 
Source: PmNews

Clashes in Nigeria between farmers and semi-nomadic herders have killed more than 3,600 people since 2016, most of them this year, Amnesty International said, in a report documenting an upsurge in violence that could sway the results of February 2019 elections.

Muhammadu Buhari is seeking a second term in those elections, but his campaign has taken a hit from accusations he has soft-pedaled justice for one of the sides responsible for the clashes, the herders, many of whom come from the same Fulani ethnic group as the leader.

The presidency has repeatedly denied those allegations.

The violence is often painted as ethno-religious: chiefly Muslim Fulani herders clashing with mainly Christian farmers. But many experts and politicians say climate change and expanding agriculture are creating competition for land that is pushing the farmers and herders into conflict, regardless of faith or ethnicity.

"The Nigerian authorities' failure to investigate communal clashes and bring perpetrators to justice has fuelled a bloody escalation in the conflict between farmers and herders across the country, resulting in at least 3,641 deaths in the past three years and the displacement of thousands more," Amnesty said in a statement.

Nigeria's military and police did not respond to request for comment.

Of the 310 attacks recorded between January 2016 and October 2018, 57 percent were in 2018, the rights group said.

After a quieter wet season in the summer, experts now fear clashes could surge again as the dry season begins, forcing herders to move south towards greener land and water supplies, often across farmland. Any increase in violence would coincide with the February 2019 vote.

"These attacks were well planned and coordinated, with the use of weapons like machine guns and AK-47 rifles," said Osai Ojigho, Amnesty's Nigeria director.

"Yet, little has been done by the authorities in terms of prevention, arrests and prosecutions, even when information about the suspected perpetrators was available," she said.

The farmer-herder conflict killed six times more people than the war with the Boko Haram insurgency in the first half of 2018, the International Crisis Group said in July.

"In some places, because of the failures of the security forces, competition over resources is used as a pretext to kill and maim along ethnic or religious lines," Ojigho said.

"The conflict has also been dangerously politicized by some state government officials who have inflamed tensions by embarking on a blame game along political party lines," said Osai Ojigho.

 

Credit: Reuters

Nigeria’s first gold refinery, located in the southwestern state of Ogun, is scheduled to be completed by the end of June 2019, according to Kian Smith Trade & Co Ltd., the local company developing it.

The refinery will initially be able to produce 3 metric tons of gold each month, and 1 ton of silver, Kian Smith said in a statement. The company said it will supply the nation’s central bank, as well as the jewelry and electronic industries, and source its gold from states such as Zamfara, Kebbi and Kwara.

According to Teriba, the refinery when completed will provide more than 500,000 jobs in two years as it continues to support its suppliers in their bid to become registered business entities in the mining sector. “There’s at presently at least 1,000,000 unregistered business participants in the Nigerian market (considering gold miners, sponsors, dealers, processors, aggregators and gold-workers).

The formalization, organization and development we bring to the value chain will provide quick wins to the Nigerian economy,” Teriba said. Also speaking, the Governor of Ogun State Sen. Ibikunle Amosu, who was represented by the Commisoner for Agriculture Adepeju Adebajo expressed enthusiasm about the refinery project which she said was in line with the state government’s industrialization plan. According to her, the project is a major boost to the Nigerian mining sector. “Apart from the fact that the strengthening of our mining industry will reduce importation of refined products, it will go a long way in affirming our country’s status as a world mining power.”

The board of Diamond Bank Plc on Monday finally announced its merger with Access Bank Plc expected to be completed in first half of 2019.
 
Both banks recently denied media reports of any merger.
 
Mr Uzoma Dozie, the bank’s Chief Executive Officer, said in Lagos the board had selected Access Bank as the preferred bidder with respect to a potential merger of both banks.
 
Dozie said the potential merger of the two banks would create Nigeria and Africa’s largest retail bank by customers.
 
He added that the transaction to be completed in the first half of 2019 was in the best interest of all stakeholders.
 
Dozie said the completion of the merger was subject to certain shareholder and regulatory approvals.
 
“The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger.
 
“Based on the agreement reached by the boards of the two financial institutions, Diamond Bank shareholders will receive a consideration of N3.13 per share, comprising N1 per share in cash,” he said.
 
Dozie also said the transaction would include the allotment of two new Access Bank ordinary shares for every seven Diamond Bank ordinary shares held as at the implementation date.
 
“The offer represents a premium of 260 per cent to the closing market price of 87k per share of Diamond Bank on the Nigerian Stock Exchange (NSE) as of Dec. 13, 2018, the date of the final binding offer,” Dozie said.
 
He said the bank’s shares would be absorbed into Access Bank at the completion of the merger and Diamond Bank would cease to exist under Nigerian law.
 
“The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be cancelled, upon the merger becoming effective,” he added.
 
Dozie said the proposed combination with Access Bank would create one of Africa’s leading financial institutions.
 
“The board of Diamond Bank believes that the proposed combination of the two operations provides an exciting prospect for all stakeholders in both businesses, he said.
 
Mr Herbert Wigwe, Access Bank the Chief Executive Officer, said: “Access Bank has a strong track record of acquisition and integration and has a clear growth strategy.
 
“Access Bank and Diamond Bank have complementary operations and similar values, and a merger with Diamond Bank with its leadership in digital and mobile-led retail banking’
 
“This could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion,” said Wigwe.
 
 
Source: Routers
 
The Nigerian Army has called for the closure of Amnesty International offices in Nigeria, alleging there is credible evidence the organisation is working hard to destabilise the country.
 
The army spokesman, Brig.-Gen Sani Usman said today that the organisation’s attempt to destabilise the nation was reflected through fabrication of fictitious allegations of alleged human rights abuses against the Nigerian security forces.
 
Usman also alleged the AI had engaged in clandestine sponsorship of dissident groups to protest, as well as making unfounded allegations against the leadership of the Nigerian military, all to destabilise Nigeria.
 
According to him, the Nigerian branch of Amnesty International that has hitherto been well respected has deviated from the core values, principles and objectives of the original Amnesty International domiciled in the United Kingdom.
 
“They have tried over the years using Boko Haram terrorist conflicts, Islamic Movement in Nigeria, some activists and now herders-farmers conflicts.
 
“The NGO is at the verge of releasing yet another concocted report against the military, ostensibly against the Nigerian Army.
 
“Consequently, Nigerians should be wary of Amnesty International (Nigeria) because its goals are to destabilise Nigeria and to dismember it.
 
“The Nigerian Army has no option than to call for the closure of Amnesty International offices in Nigeria, if such recklessness continues”, Usman said.
 
It was not the first time the Nigerian Army and Amnesty International would have some misunderstanding over the latter’s various reports on human rights in the country.
 
 
Source: PmNews
The Federal Airports Authority of Nigeria (FAAN) says a total of 10.9 million passengers passed through Nigerian airports in 163,646 aircraft movements between January and September.

A statistics obtained by the News Agency of Nigeria (NAN) from FAAN in Abuja on Thursday, revealed that the figure was an increase of 1.7 million passengers from 9.2 million passengers recorded during the same period in 2017, representing 15.5 per cent increase.

There was also an increase of 23,094 from the 140,552 aircraft movement recorded during the same period in 2017, representing 16.4 per cent increase.

It also revealed that 7.8 million domestic and 3.1 international passengers passed through the airports during the period.

The data also showed that 130,996 domestic and 32,650 international flights were operated across the nation’s 22 airports during the period under review.

The total cargo movement during the period, according to FAAN, stands at 178.5 million tons per kilogramme.

The statistics indicated that 131.46 million tons per kilogramme arrived in the country through the airports, while 47.17 million tons departed during the period.

A look at the four major airports in the country shows that Murtala Muhammed Airports, Lagos, (Domestic and International Wing) recorded the highest passengers and aircraft movement during the period.

The data indicated that Lagos airport recorded 4.8 million passengers, with 2.8 million passengers on domestic routes and 2.05 million on the international routes.

The Nnamdi Azikiwe International Airport Abuja, recorded 3.36 million passengers, comprising 2.67 million passengers on domestic routes, while the international routes recorded 689,386 passengers during the period.

FAAN also disclosed that Port Harcourt International Airport recorded 812,479 passengers, comprising 745,082 domestic passengers and 67,397 international passengers.

Ma’am Aminu Kano International Airport, Kano, according to the report, recorded 407,830 passengers during the period, comprising 271,570 domestic and 136,260 international passengers.

The monthly breakdown showed that 1.1 million passengers comprising 572,006 arrivals and 583,779 departures in 17,112 aircraft movements were recorded in January.

In February, 1.05 million passengers, comprising 524,257 arrivals and 533,161 departures in 18,224 aircraft movements were recorded.

The statistics also showed that 1.2 million passengers comprising 594,532 arrivals and 625,449 departures in 19,694 aircraft movements were recorded in March.

It further revealed that 1.28 million passengers comprising 639,265 arrivals and 650, 068 departures in 17,791 aircraft movements were recorded in April.

The month of May saw 1.22 million passengers comprising 602,637 arrivals and 618,508 departures in 17,398 aircraft movements, while 1.16 million passengers, comprising 585,023 arrivals and 580,686 departures were recorded in June.

The statistics indicated that there were 15,229 aircraft movements in June, while 1.29 million passengers comprising 655,370 arrivals and 639,469 departures were recorded in July in 19,177 movements.

It further showed that in August, 1.35 million passengers comprising 657,705 arrivals and 694,582 departures in 19,014 aircraft movements.

In September, the authority recorded 1.30 million passengers comprising 657,497 arrivals and 644,711 departures in 20,006 aircraft movements.

 

Source: PmNews

A report by the Central Bank of Nigeria (CBN) has shown that Nigeria recorded $4.54 billion in deficit in the provisional Balance of Payments estimates for Q3, 2018.
 
The figure showed a significant downturn in the country’s position when compared to surpluses of $503m and $2.78bn recorded in the preceding quarter and the corresponding period of 2017, respectively.
 
The balance of payment is a summary of all monetary transactions between a country and the rest of the world. These transactions are made by individuals, firms and government bodies.
 
The CBN third quarter 2018 brief on balance of payment statistics released on Friday, also showed that Current Account Balance also worsened from a surplus of $4.45bn in Q2, 2018 to a deficit of $3.1bn in Q3 2018.
 
The financial account balance indicated an increased net incurrence of financial liabilities of $10.72bn in the review period as against $2.57bn recorded in the preceding period.
 
The CBN brief also noted that the current account indicated a negative outcome during the review period, recording a deficit of $3.10bn as against surpluses of $4.45bn and $1.97bn in the previous quarter and the corresponding period of 2017, respectively.
 
This, the brief said is because of increased payment for imports.
 
Export earnings rose by 2.8 per cent to $16.21bn in Q3, 2018 when compared with Q2, 2018.
 
The brief also showed that crude oil and gas dominated export arnings, accounting for 94.4 percent for the review, increasing by 9.5 per cent to $15.301bn in Q3, 2018, when compared with the preceding quarter.
 
Earnings from non-oil and electricity exports decreased by 49.3 per cent to $909m in Q3, 2018 when compared with the preceding quarter.
 
Available data showed that payments for the import of goods (fob) to the economy in the review period increased by 70.5 per cent to $14.085bn above the level recorded in the preceding quarter.
 
This was largely as a result of 79.7 per cent increase in the imports of non-oil products.
 
Direct Investments inflow increased by 0.7 per cent to $438.84m when compared with the preceding quarter of 2018.
 
It, however, indicated a decline of 45.0 per cent when compared to the corresponding period of 2017.
 
Similarly, portfolio investments inflow to the economy decreased significantly to $1.79bn in Q3, 2018 from $4.233bn and $3.320bn in the preceding quarter and the corresponding period of 2017, respectively.
 
The brief also showed that other investment liabilities increased slightly to $4.28bn when compared with $3.226bn recorded in the preceding quarter.
 
The stock of external reserves as of the end of September 2018 stood at $42.60bn indicating a depletion of 9.6 per cent when compared with the level in the preceding quarter.
 
 
Source: The Ripples

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