financial watch 01 01 2018

Nigeria makes top class in World Bank 2017 PPP rankingBy Cynthia Adigwe Group (WBG). PPPs and She said that 2017 World Bank Concession Ms Yelena Guarantees Group of was a busy year in Group: RegulatoryNigeria is one of Osipova-Stocker, the WBG, disclosed the world of Commission (ICRC)the top four leading Communications this in a statement infrastructure and Yelena said that came top four in thevoices in Public Officer for on Sunday. public-private Nigeria’s Leading voices inPrivate Infrastructure, partnerships at the Infrastructure the field category .Partnerships (PPP) She said thatin the 2017 ranking Political spending may threaten Naira stability in 2018 – ABCON -Page 8 ...Cont. On page 3of the World BankJANUARY 1, 2018 VOL 08FINANCIAL WATCH Bringing all your financial & business newsExternal reserves hit $38.7bn, rise by 50% in one year - Page 9By Ezekiel EnejetaThe nation’s external FG to stem job loses in 2018, says Ngigereserves, also knownforeign exchange reserves, By Helen Okolo government is doing about four million promised to worry over therose by 50 per cent in the everything possiblelast one year to hit The Minister of to stem job loses, Nigerians lost their create three recent statistics$38.73bn on December 28, Labour and while creating new2017, the Central Bank of Employment, ones in 2018. jobs in 2017, an million jobs per on job lossesNigeria data showed on Senator Chris NgigeSunday. has assured The National information that annum. released by the Nigerians that the Bureau of Statistics This means that the recently said that has led to wide In his new Nationalforeign reserves gained$12.9bn between criticism of the year message, Bureau ofDecember 2016 andDecember 2017. Buhari led APC Ngige asked Statistics(NBC) Between January and government that Nigerians not to Cont. On page 5October 2017, the reservesrose by $8bn, indicating a30.9 per cent increasewhen it recorded $33.83bnon October 31. The CBN latest statisticshowed that as ofDecember 22, 2017, theNigeria’s foreign reservesstood at $37.92bn. Relative stability in theNiger Delta, uptick in theglobal oil prices,improvement in DiasporaContinue on Page TGNYES 2017: Nigerian Youths Enlighten on Innovation, EntrepreneurshipBy Haruna Magaji into the new year, this, recently in Abuja which Foundation and including, His had over 1000 Niagerian Elbativeni Impressions Excellency, The Generation Next youths drawn from the and Consult also had in Ambassador Leopoldo six geopolitical Zones of attendance angel Rovayo Verdesoto, ofTen (10) tech start up with Youth Empowerment the country in investors, business the Embassy of the attendance. developers, notable Federal Republic ofviable businesses will be Summit (TGNYES) has dignitaries with Ecuador to Nigeria, The Summit, an motivational speakers ...Cont. On page 4enjoying business support facilitated. initiative of Elbativeniservices and anothor 20 These beneficiariesfemale techprenuers will emerged from the 2017be enjoying soft loan going edition of TGNYES held Sign-up @ Nairabookstore.comJanuary 1, 2018 Email: [email protected] Call or Whatsapp: +2348141171945 Page 1

FINANCIAL WATCH JANUARY 1, 2018NEWS THIS ADVERT SPACE IS VACANT CONTACT US [email protected] WATCH January 1, 2018 Page 2

FINANCIAL WATCH JANUARY 1, 2018NEWS ...Cont’d from page 1Focus on productivity, experts tell CBN Nigeria was recognised forBy Ali Sam development using effective, being the first country to launch the PPP Contracts efficient and transparent Disclosure Web Portal.The much- implementation of monetary Reacting to this, the acting Director-General, ICRC,awaited 2018 is exchange rate policy and Mr Chidi Izuwah, said that the portal hadhere with lots of management of the financial improved investor confidence in the country.promises and sector. He said that within theopportunities for first 100 days of President Muhammadu Buhari’sthe economy. Financial pundits have administration, he had earlier stressed hisFinancial advised the CBN to focus less commitment to attracting the private capital andpundits want on keeping inflation low, but expertise needed to address Nigeria’sthe Central lift productivity, drivers like infrastructure deficit.Bank of Nigeria Small and Medium He said that the president’s commitment(CBN) to focus Enterprises (SMEs), led to a renewed engagement between theless on inflation manufacturing, agriculture World Bank Group and Nigeria to enhance thecontrol which is and other real sector He commended the CBN’s “Parallel market rate has attractiveness of PPP in the country.stifling growth, operators have suggested. efforts at stabilising the appreciated 34.6 per cent Izuwah said that thesustain foreign naira at both the official year-to-date; the portal helped to fulfill President Buhari’s goalsexchange Impressed by the rate of the and parallel market. He introduction of the of fostering transparency and accountability ininterventions economy’s recovery, the CBN said although the CBN has Investors and Exporters’ PPPs, to attract the much needed foreignand lift Governor, Godwin Emefiele, not fully succeeded Forex Window in the capital and expertise.productivity is confident that the country restoring the local market, accretion in He said that this would help scale up Nigeria’sdrivers like will return to single digit currency’s lost glory, but the external reserves and infrastructure development throughSmall and inflation rate. regulator has won a major improved stability in the PPPs and promote sustainable growth andMedium part of the battle. forex market all development.Enterprises Former Executive Director, contributed to a stable “One major PPP transparency initiative is(SMEs) and Keystone Bank, Richard For the first time in nearly exchange rate in 2017. the study conducted by the World Bank Group’s PPPmanufacturers, Obire, said the CBN should eight months, the local Depreciated against the team between September 2016 and April 2017, usingthrough stop selling treasury bills at currency sustained its pound by 0.2 per cent to the Framework for Disclosure in PPPs.improved credit attractive rates, which has stability against the close at N484/£ while it ” The team came up with aaccess, writes made it easier for banks to greenback. Managing closed flat against the PPP Disclosure Diagnostic Report for Nigeria thatCOLLINS invest and declare huge Director, Financial Euro to close at N426,” he examined the political, legal and institutionalNWEZE. profits without contributing Derivatives Company said. environment for disclosure of PPPs,” he said. to economic growth. Limited, Bismarck Rewane, At the interbank market, Izuwah said that theNo one wishes explained that at the the naira appreciated report made specific recommendations toto see the “Banks should in the New parallel market, the naira marginally to close at improve disclosure in Nigeria by creating anchallenges that Year support productive traded flat against the N306.05/$ from N306.25/$ enhanced framework for the scheme, applicable toput the economy sectors of the economy and dollar at N364/$ on on December 14. The all Federal Government PPP contracts.in jeopardy in not just invest in treasury December 28. The naira external reserves levelthe last year in bills. The CBN should also depreciated against the increased by 2.9 per centthis brand new leave inflation to take care of dollar to N365/$ before ($1.07 billion) during the2018. But itself. The Ease of Doing appreciating to N364/$ as period, to close at $37.92realising this Business should be improved the demand pressure from billion on December 22.wish would on while the foreign exchange increased liquidity and This was due to therequire interventions should be foreign investors exiting proceeds from theproactive and sustained,” he said. their positions intensified. Eurobond issuance.intelligentdecisions by theeconomy Make reforms while sun shines on world economy – Lagardemanagers,especially the By Cynthia Adigwe “In 2017, for the Lagarde said the mprovement inCentral Bank of first time in a longNigeria’s International time, we revised favourable climate 2018, to 3.7 percent.(CBN’s) Monetary Fund our growthmandate to keep chief Christine forecasts upwards lent itself tothe inflation Lagarde has urged whereas previouslylow, achieve France and other we used to lower implementing In Lagarde’s nativestable exchange countries to push them,” she said.rate and ensure through reforms reforms. France, seen forthat interest “while the sun is Global growth ofrate is positive shining” on the 3.6 percent was years as one of(above inflation global economy. both “stronger andrate) to more widely “When the sun is Europe’s weakencourage more In an interview shared” in 2017,people to save with France’s Le she said, noting shining you should links, the recoveryand enhance Journal du that developedbanks’ drive to Dimanche economies were take advantage to kicked in in earnestgrow the published Sunday now growing againeconomy. Lagarde said the under their own fix the roof,” she this year. said, using one of her favourite From 1.1 percent in maxims. 2016, growth is expected to rise to This year’s global 1.9 percent in 2017 growth is on a par — still short of the with the average of 2.4 percent forecast the two decades for the eurozone as leading up to the a whole but betterThe CBN’s role strength of the steam and no global financial than the 1.6 percentis to deliver global economic longer merely crisis of 2007-2008. initially forecast inprice, financial recovery had taken being pulled along the eurozone’ssystem stability the IMF by by demand in The IMF has second-largestand sustainable surprise. emerging markets. forecast a further economy.economic slight iFINANCIAL WATCH January 1, 2018 Page 3

FINANCIAL WATCH JANUARY 1, 2018NEWS TGNYES 2017: Nigerian Youths Enlighten on Innovation, Entrepreneurship...Cont’d from page 1 noting that he had Nigeria’s Former Minister of information, Mr Frank Nweke Jnr.; CEO of Elbativeni Foundation and Elbativeni Impresions and Consult, Ms faced challenges over Destiny Ruth Obiakoeze; CEO of O&S Services, Mr Oba Boniface, CEO of Media Range Ltd, Mr Hassan Abdul; Flex NG’s Mr Kabir Bayoand Nigerian the course of 7 years,Communications implementing an idea Shittu; Ocean Hill’s Mr Chinonso Opurum; Speaker Arnold Pms Arnold Ayomide Afolayan.Commission’s Executive that would employVice Chairman’s (EVC) over 15000 people. CEO of Elbativeni telecom issues. developed and improved.Senior representative, Foundation and The Commission had According Mr HassanMs Olawaiye Olasumbo. The Ambassador of Elbativeni Impressions the Republic of And Consult the hosting earlier in March 2017 Abdul, Personal Others were: MD of Ecuador to Nigeria, organizations of the flagged off the ‘year of branding can accelerateNanet group, Mr Ini H.E Leopoldo R youth Summit, Ms the Telecom Consumer communications strategy,Akpabio; Nigeria’s Verdesoto shared Destiny Ruth Obiakoeze, Campaign’ focused on the ease career transitions,Former Minister of varied experiences explained that the youth needs and satisfaction of increases long terminformation, Mr Frank both as a According to Summit was to bring the Nigerian Telecom career and businessNweke Jnr.; CEO of him, “I have served people of different Consumer of which part objectives as well asElbativeni Foundation abroad in three sectors and proffer ideas of its purpose is to inform expected outcomes.and Elbativeni different places, all of and actions capable of and educate theImpresions and Consult, them nice from my helping the young people consumer with the sole He spoke on the essenceMs Destiny Ruth point of view but they move forward. intent of protecting and of communications andObiakoeze; CEO of O&S were considered not empowering them to branding to individualsServices, Mr Oba easy. One of the fact Nigerian make the right decisions and business and how toBoniface, CEO of Media that I carry my career Communication and from unfair practices leverage its capacities inRange Ltd, Mr Hassan and I am very proud of Commission’s Executive of network operators. life and business.Abdul; Flex NG’s Mr it is some people didn’t Vice Chairman (EVC)Kabir Bayo Shittu; want to go to the who was represented by In a session on Brand Mr. Peter Oluka, ITOcean Hill’s Mr places that they had the Principal Manager Power, the CEO of Media Correspondent with theChinonso Opurum; offered me to go but I in the public affairs Range Ltd, Mr Hassan NigerianSpeaker Arnold Pms say okay because for department, Ms Abdul taught that there Communications WeekArnold Ayomide me, it’s a privilege to Olasumbo Olawaiye said were series of things that coordinated theAfolayan amongst serve my country and I that since the youths were important to ‘opportunities Panel‘others. go! No Wahala on it” make up a huge becoming more with CEO of MicroFlex,- percentage of the marketable as personal Mr Kabil Shittu; The Project’s mission The Managing telecom consumers ‘the and business brands and CoFounder of Ocean Hill,to build youth leaders Director of Nanet Generation Next Youth it is indeed important to Mr Nonso Oprum;and empower them with Group and Nanet Empowerment Summit’ increase performances in Representative ofright resources, world Hotels, Mr Ini was indeed a great them. Attributes that Elbativeni Foundation,class speakers, job Akpabio, success Icon platform to enlighten differentiate individuals Ms Biodun Ogundipeopportunities, grants, of the maiden edition them on the various and business in the where opportunities forloan facilities, and patron of the industry must be soft loans.entrepreneurship ideas Summit spoke on “Theand available physical roles of youths in a CBN rewards FirstBank’s fight against e-fraudgifts and tools to united Nigeria”. Heenhance their lives. raised salient issues of By Ezekiel Enejeta customers in every nook The awards prove that unity stressing that According to the Nigeria had lots of and cranny of the investment in security ofNigeria’s former things threatening tominister of information, divide her. FirstBank has won two of country. customer’s funds doesMr Frank Nweke Jr.who was ‘Success Icon’ Speaking on some of the three awards in the have its rewards.for the forum the take home forappreciated the the youths at the Summit keenly-contested Nigerianorganisers as partners in Mr Ini Akpabio saidNigeria’s development “The Youths are very Electronic Fraud Forum Following theand emphasized that “I powerful so the first (NeFF) Annual Dinner and appointment of Dr.say this because more thing they must do is Awards Night held at the Adesola Kazeem .often than not, we find to recognize their Federal Palace Hotel,many people who believe power. The youthsthat they have no role to don’t know how Lagos. Adeduntan as FirstBankplay in national powerful they are. Indevelopment. So when I exercising their power, FirstBank FraudDesk MD/ CEO, FirstBankmeet young people like they will be able to management embarkedDestiny and her team make changes. The emerged as the “Best on reengineering of thewho envision this kind of changes I have been bank’s technology,empowerment advocating are those FraudDesk” and the “most The winner was operations and upscalingprogrammes and it has that can be embedded the skill of its personnelencouraged others on in our constitution. We Cooperative FraudDesk” in generated through anwhat must be done; one should have amust duff his hats, one percentage set the Industry. online survey carriedmust respect them. So I aside…maybe likepay my due respect to 25%, and say that at These are recognition of out by the Central Bank with security of itsthem”. all levels of the bank’s efforts in of Nigeria in customer’s funds as key governance, that 25% combating e-fraud as well partnership with priority, given the bank’s He spurred on must go to the youths; as curbing cyber-crime, NIBBS. massive investments inparticipants to ask defined as people thereby frustrating all alternate electronicthemselves hard between the ages of 15 forms of criminal activities The bank with the transaction channels andquestions and stressed to 35. targeted at its valued majority of votes across technologyon the need for passion all sectors won.and drive and the desire Earlier in herto push against all odds welcome address, theFINANCIAL WATCH January 1, 2018 Page 4

FINANCIAL WATCH JANUARY 1, 2018NEWSNew Year Eve Cont’d from page 1 TEF opens entry for $100m entrepreneurship programmetragedy: Five dead, Statistics(NBC) as the13 injured on Lagos- development isIbadan Expressway effectively modulated by a similar release by theBy Ezekiel Enejeta Central Bank of Nigeria(CBN) whichThe Federal Road Safety indicates over a SevenCorps has said that five Million job growth inpersons died and 13 the Agricultural sectorothers injured in an during the year.accident that occurred He said: “I wish toon the Lagos-Ibadan assure Nigerians thatexpressway on Sunday. 2018 will not be asOgun Sector bleak as 2017 in termsCommander of FRSC, of job losses as theMr. Clement Oladele, Federal Governmenttold the News Agency of has put enough checksNigeria in an interview to forestall a repeat of By Ezekiel Enejeta provides critical tools for programme andin Ota, Ogun, that the what was encounteredaccident occurred at in 2017. business success, committed $100m toWazobia, at about 9.00 “As a matter of fact, thea.m. figure released by the The Tony Elumelu including: 12 weeks of empowering Africa’s NBC must be placed Oladele said two alongside statistics by Foundation says it is now intensive online training entrepreneurs, I knew wevehicles and 18 persons the Central Bank ofwere involved in the Nigeria which shows accepting applications for which guides would create impact, butaccident that resulted in that over seven Millionthe death of five jobs have been created business ideas that can entrepreneurs on I never imagined it wouldpersons, while 13 others in the Agriculturalsustained various Sector. This is the only transform Africa. creating and managing be impact of thisdegrees of injuries. way to arrive at a balanced job situation The programme, which a business; mentoring: a magnitude. The sector commander in the country”.explained that a is in its fourth cycle, is world-class mentor to “We have unleashed acommercial bus with He said the Federalregistration number Government will work TEF’s 10-year, $100m guide during the early movement of AfricanMGD 129 ZF coming harder in the new Yearfrom Ibadan to Lagos to create more jobs and commitment to identify, transformation stages of entrepreneurs – a force solost control and veered sustain the currentoff the road and collided efforts at protecting the train, mentor and fund the business; funding: strong, so inspiring, thatwith a trailer with existing ones,registration number sayingsame,” Ngige 10,000 African $5,000 in seed capital to I am confident will stated. entrepreneurs by 2024, prove the concept, plus collectively transform according to a statement access to further Africa. We need Africa’s by the foundation. funding; and network best and brightest The foundation said access to the largest entrepreneurs to come prospective applicants network of African start- learn, grow their could visit its website to ups and TEF’s own businesses and build our apply before the global contacts.” continent.” expiration of the deadline The TEF Founder, Mr. “Our 3,000 alumni are on March 1, 2018. Tony Elumelu, was already growing their The statement read in quoted as saying, “When businesses and improving part, “The programme we launched the TEF lives.DDA 121 XA that was Fayose’s aide quits, protests deputy gov’s anointing as successorparked by the road side. “The corpses of the By Tosin Adesoji 2014, you appointed me He claimed that Fayose “Fayose should stopvictims had been Director General/Special had first told him and playing God in our party,deposited at the The Special Assistant Adviser on Procurement other aides to work for let the nationalmortuary in Ipara on General Matters to Matters in your a former Attorney leadership and peopleGeneral Hospital, while Governor Ayodele government, the position General and that matter tell him notthe survivors are also Fayose of Ekiti State, I held until I was Commissioner for to play God again in ourreceiving treatment at Segun Akinwumi, has redeployed as Special Justice, Mr. Owoseni party because youSagamu and Victory resigned his Assistant, General Ajayi; and later, for cannot mock God.Hospital, Ogere,’’ he said appointment. Matters, till today, former Commissioner December 29, 2017. for Works, Mr. Kayode “Fayose had told us that Oladele said the driver Akinwumi had earlier Oso, as his successor. he would serve out hisof the commercial bus served as Director “I thank you most tenure together with hisabsconded immediately General/Special sincerely for giving me Akinwumi said, “I am a deputy. No God hasafter the accident Adviser on the rare opportunity to product of spoken to anybody aboutoccurred. Procurement Matters serve at both establishment for the it, no one can play God, before his re- appointments. Please, past 39 years and no matter how highly designation. accept the assurances of under the tutelage of placed; and anyone that my kindest regards.” Baba Awolowo. People plays God will become In his December 29 were brought in under an ex-person. resignation letter, But in a telephone chat establishment, it was Akinwumi did not state with journalists on Baba Ayo Fasanmi that When contacted on any reason for his Sunday, Akinwumi said brought us into politics. Sunday for his reaction, action. he took the decision to Fayose’s Special quit because the “Bringing somebody Assistant on New Media The five-paragraph governor reneged on his (Olusola) from and Public letter reads: “I hereby promise to leave with his nowhere, bringing Communication, Lere tender my resignation deputy, Prof. Kolapo somebody from the Olayinka, said there was with immediate effect. Olusola, who had been sidelines will not work. no reaction to anointed as the PDP It is someone within Akinwumi’s claims since “Sir, you would recall governorship candidate the system that we he didn’t state that in that on 24th October, in the state. want in the PDP. his resignation letter.FINANCIAL WATCH January 1, 2018 Page 5

FINANCIAL WATCH JANUARY 1, 2018NEWSBy Haruna Magaji Nigerians losing hope on change promised them-NLCThe Nigeria Labour despondent group in anCongress (NLC ) has said economy that even thethat the failure and well-to-do are groaninginability of President and struggling toMuhammadu Buhari led survive. No wonder, ourgovernment to address country is one of thethe infrastructural deficit worst, known for havingand other related many hungry people inproblems, especially in he the world according tooil industry has dashed the World Hunger Indexthe hope placed on the report 2017.”change promisedNigerians by the APC led He stressed that ingovernment. recent times, NigeriansThe congress saidNigerians have continued have witnessed one ofto be at the receiving end,with over 4 million Congress (APC) measures to further federation, coupled the worst shortages inNigerians losing their job government to create chastise and ruin with additional the supply of petrol inin 2017 according to three million jobs Nigerians by throwing payment of three the history of thestatistics provided by the annually, this statistics tens of thousands of tranches of windfall, country in spite ofNational Bureau of from the NBS workers into the (Paris Club debt Federal Government’sStatistics as against the underscores the grave already saturated refunds), states like repeated claim that withthree million jobs and depressing situation unemployment market Kogi, Osun, Benue, the complete removal ofannually promised the of the Nigerian economic and wretchedness. Ekiti, Bayelsa and subsidy on petroleumparty. landscape in 2017. several others entered products, scarcity of “In the same vein, 2018 with huge arrears petroleum productsIn his new year message “Rather than work to despite the huge spanning up to ten (10) would become a thing ofto Nigerians, NLC create jobs and improve revenue that the states or more months of the past.President, ComradeAbubakar Wabba the condition of Nigerian have received through wages and pensions. Wabba said that thelamented that rather than working people and the Federal position of the congresswork to create jobs and Nigerians in general, Government “Under these regarding the prevailingimprove the condition of leading elements in the intervention funds to conditions, Nigerian situation in theNigerian working people ruling APC government, clear arrears of unpaid workers, pensioners petroleum industry hasand Nigerians in general, like Governor Nasir el- salaries and pensions and their families been that the crisis inleading elements in the Rufai, have been taking in many states of the remained the most the industry is due toruling APC government,like Governor Nasir el- Why depressed Nigerians don’t seek the inability or refusalRufai, have been taking of our ruling elite tomeasures to furtherchastise and ruin medical help – Psychiatrist refine all petroleumNigerians by throwingtens of thousands of needs in Nigeria, addingworkers into the alreadysaturated unemployment By Cynthia Adigwe poor education, and of life is the case of that Nigeria remain themarket and wretchedness. predominantly stigma. people who are only major producer of A Psychiatrist, Dr depressed and because crude oil in the worldAccording to him, 2017 Kenneth Uwaje, says “People know that they the mortality is not so that depends onsaw the working people, many depressed feel sad, bad, tired for no high, the illness persists importation of refinedpensioners and other people in Nigeria are apparent reason, and for so long. products from abroad.Nigerians facing series of not seeking medicaldaunting socio-economic help due to they do not enjoy whatand security challenges, misunderstanding,“even though we had poor education and they used to enjoy. “These are some of the He said “For us in thehoped that the year would stigma. implications of not Congress, and foroffer succour for the “They have negative treating depression on majority of workingmasses of the people.” Uwaje, who is a thoughts of the past, the social setting, “ he people in Nigeria, the resident doctor at the present and future, and said. hope placed on theWabba said the deplorable Federal Neuro- they begin to feel capacity of Presidenteconomic situation in Psychiatric Hospital,2017 is aptly captured by Yaba in Lagos, spoke hopeless, helpless and Uwaje said that hospital Buhari to bring aboutthe statistics recently in an interview with sometimes worthless, was the safest place for positive change is beingreleased by the National the News Agency of even to the point where undermined by hisBureau of Statistics Nigeria (NAN) on they contemplate taking people who were(NBS) which indicated Sunday in Lagos. their lives, “ he said. government’s inabilitythat over 4 million depressed to visit.Nigerians lost their jobs He said studies show to address thein 2017. that 14 per cent,He said: “Against the which translates to He said: “In Nigeria, we infrastructural deficitbackground of the about 22 million The psychiatrist said that do not have the three and other relatedcampaign promise of the people, are clinically tiers of health system problems in the oilruling All Progressives depressed in the if depression was not country. treated, it could lead from fully active. industry, such as moderate to severe making our existing depression with psychotic “Otherwise, the primary refineries work at symptoms. healthcare centres optimal capacity by should be able to cater refining products for According to him, these for some to an extent, domestic consumption. symptoms are associated then moving to the “Not only is government unable to achieve this with bizarre secondary and tertiary. manifestations including “However, these hearing strange voices for almost three years people rarely seek now, but moving medical help; this is and seeing faces; but it “It is also, non- forward more refineries, founded on can lead to suicide. communicable and it is especially modular misunderstanding, ...Continue on Page 10 treatable. “ “Overall impaired qualityFINANCIAL WATCH January 1, 2018 Page 6

FINANCIAL WATCH JANUARY 1, 2018 NEWS LASG promises spectacular one Lagos Fiesta finale Army commences KSA, Wizkid, Davido, Olamide, Others Headline Eko Atlantic’s Grand Concert State Lauds Sponsors For Supporting Ambode’s Tourism Vision 77 Regular Recruitment – By Tosin Adesoji Spokesman The Lagos State Government on By Haruna Magaji Saturday promised Lagosians and visitors a world-class, spectacular finale The Nigerian Army says it has for the ongoing One Lagos Fiesta commenced its online registration holding simultaneously across the five for the 77 Regular Recruit Intake divisions of the state. for both Trades, Non-Tradesmen and women from Dec. 29 to Feb 9, An array of A-list artistes, a new set of as well as security guards and end from 6pm to take guests into the “The Governor is impressed and happy 2018. talented youths that emerged from the transport services owners,” Ayorinde Eko Atlantic venue where some of that citizens’ participation in the fiesta Lagos Grows Talent (LGT) competition said. Nigeria’s biggest artistes like King has been exemplary across the five zones The army spokesman, Brig.-Gen. and a spectacular display of fireworks Sunny Ade, Wizkid, Davido, Olamide, and that in spite of the unprecedented Sani Usman, said in a statement are some of the “special effects” lined up He added that the Victoria Island zone Falz the Bad Guy, Adekunle Gold, turn-out, crowd control has been effective; on Saturday that the exercise was for the countdown concert, which will for tomorrow’s grand finale will hold Simi, Humble Smith and Osupa people have conducted themselves aimed at selecting able bodied usher in the new year and draw the inside the sprawling Eko Atlantic City Saheed among others will stage a responsibly and no untoward incident has Nigerians and would take place in star-studded fiesta to a close at the Eko as against the Bar Beach end where the world-class performance that will be happened,” he said. all states. Atlantic City in Victoria Island, Agege first seven days fiesta held since broadcast live on various national Stadium, Ikorodu Town Hall, Badagry December 24. and international television and The statement conveyed the Governor’s “Interested applicants must be Grammar School and Epe Marina online stations. best wishes to Lagosians and urged them Nigerians between the ages of 18 waterfront. According to the Commissioner, the to continue in this orderly and peaceful to 22 for non-tradesmen and In a press statement signed by the fiesta train is needed to move from Bar Ayorinde added that the same high manner till the end of the fiesta women, while tradesmen and State’s Commissioner for Information Beach to Eko Atlantic City in order to standard that will be experienced at tomorrow. women must be between 22 to 26 and Strategy, Mr. Steve Ayorinde, the 8- better appreciate the spectacular Eko Atlantic will be seen at the other years by 1st March 2018. Day, 5-Centre fiesta has again display of fireworks that will herald the four venues to give Lagosians a The Governor also expressed gratitude to highlighted Governor Akinwunmi New Year at exactly 12 midnight on memorable countdown/crossover NBplc, South Energy X, Eko Atlantic, “Applicants are to visit the Ambode’s passionate commitment to the Sunday. He assured that adequate night experience, in tandem with GTBank, Access Bank Plc, Eko Hotels Nigerian Army official website promotion of art and culture, parking provision has been made for Governor Ambode’s electoral promise LTD, Pepsi, Dangote Group and JMG http://recruitment.army.mil.ng to development of entertainment and those coming in their cars while shuttle that every part of the State would be among other sponsors and partners apply online,” Usman said. tourism and using the creative sector to buses would be available at the Bar carried along in all of government whose support has not only made the engage and empower the teeming Beach activities. OLF 2017 incomparable, but has also He aid that the application was youths in the State. further developed the creative economy of free. the State. An estimated 300,000 people have “For more details, applicants are thronged the five locations of the fiesta to contact 08038575725 or on a daily basis in a multi-dimensional 08037234828. arrangement that has made it Africa’s biggest end-of-the-year artistic event. “Further details are contained in “It is a fiesta that has provided direct, Daily Sun and Leadership indirect and induced jobs to more than newspapers of tomorrow Sunday 6,000 people like musicians, dancers, 31st December 2017.” technicians, stall owners, brand ambassadors, food and beverage sellers ‘Stop deporting comfortable Nigerians in Libya’ Nigeria’s trade balance increases from deficit in 2016 – Presidency By Haruna Magaji Presidential Spokesman, Mr Femi November),’’ he said. “especially in rice, which local He also listed the payment of Some Nigerians who were recently deported from Libya have urged Adesina says that Nigeria’s trade The presidential aide said agriculture production continues to rise pensions to police officers who were the federal government to focus on balance increased from deficit in 2016. was one of the stars of 2017, posting significantly (States like Ebonyi, granted Presidential pardon in securing the release of Nigerians consistent growth levels even Kebbi, Kano leading the pack, with 2000 after serving in the former languishing in various prisons a Adesina, the Special Adviser on Media throughout the recession. Also, Ogun joining at the end of 2017).’’ Biafran Police during the Nigerian rather than deporting Nigerians and Publicity, made this known when Inflation fell for ten consecutive According to him, the price of a 50kg Civil War as part of the Buhari doing well in the country. he unveiled 17 achievements of the months during 2017 (February to bag of rice, a staple in the country has administration’s achievement in President Muhammadu Buhari’s November). fallen by about 30 per cent since the 2017. They said it was wrong for administration in 2017. beginning of 2017, as local production Nigerians who owned their houses and doing well are deported when According to him, Nigeria’s foreign The Nigeria Customs Service (NCS), has gone up. According to him, the officers and thousands of Nigerians are in exchange reserves grew by 12 billion he said, recorded its highest-ever their next of kin have waited for prisons dollars, reaching the highest level since revenue collection among other things. Adesina further stated that the their pensions for 17 years since Federal Government had inaugurated the Presidential pardon. The Matthew Ereyemwen, who spoke to newsmen in Benin City shortly 2014. “The Nigeria Customs Service a N701 billion Intervention Fund Federal Government’s fight against after he was lodged in a hotel by recorded its highest revenue (‘Payment Assurance Programme’) corruption took a new turn in 2017 the state government said it was He revealed that Nigeria, this year, collection, crossing the one trillion aimed at supporting power generation as the successful implementation better for the government to added additional 250 million dollars to naira mark, the target for 2017 was companies to meet their payment of a Whistleblowing Programme concentrate on how to evacuate its Sovereign Wealth Fund (SWF). N770 billion, and 2016 collection was obligations to gas and equipment saw millions of dollars recovered as Nigerians who are languishing in just under N900 billion.’’ suppliers, banks and other partners. another achievement in 2017. various prisons in Libya. Adesina said Nigeria exited its worst He noted that the deportation of recession in decades and rose 24 places Adesina noted that on the back of a He said the impact was being felt, “To change the narrative on Nigerians living comfortably in on the World Bank’s Ease of Doing stable Naira and increased investment adding that the amount of power infrastructure deficit, the their various houses has ruined Business. inflows, Nigeria’s stock market being distributed was steady at about government successfully issued two the chances of those who are in emerged one of the best-performing in 4,000MW – higher than previously Eurobonds (US$4.5 billion), a dire need of coming back to “Nigeria exited its worst recession in the world, delivering returns in excess recorded. By March 2018, the Federal Sukuk Bond (N100 billion), a Nigeria. decades. After five quarters of negative of 40 per cent. Government’s inauguration of a Tax Diaspora Bond (US$300 million), growth, the economy bounced back into Amnesty scheme is expected to raise and the first Sovereign Climate According to him “I travelled to Libya and I knew what I passed positive territory. He also stated that the country hundreds of millions of dollars in Bond in Africa, raising billions of through there. Our people are still “Also, Inflation fell for ten consecutive witnessed bumper food harvests, additional revenues for investment in dollars for infrastructure spending. suffering over there. the country. “Those people who are living in months during 2017 (February to their living houses which is their comfortable houses are oppressing The Saraki Senate: Stability in the face of storm us. They are living comfortably in Libya and are not in prisons. By Emmanuel Aziken National Assembly has in the present that Saraki would use his travails as an Representatives that he would be dispensation repeatedly stepped in to steady excuse to fight back at the executive away for ten days. However, that “Those who are living in their In the face of difficult challenges on the part the ship of state in the face of overwhelming have not materialised. vacation eventually stretched into living homes are not part of us. of the executive branch of government, the odds against the executive branch of six weeks raising commotion Those people that came back from Saraki Senate has In the face of difficult government. If anything, the National Assembly and among stakeholders. Libya with luggage. We that came challenges on the part of the executive the Senate in the outgoing year played from prisons we do not have branch of government, the Saraki Senate has The seeming collaboration between the significant roles to stabilise the polity in However, when the president luggage but only shirt. acted as a stabilising factor in keeping the National Assembly and the executive branch, the face of the vulnerability of the went on the indefinite medical ship of state steady but then not without its however, did not start with such concerted executive branch of government. leave in May, it inevitably “This is the way we dress those of own contradictions. gestures. provoked constitutional questions. us in prisons. So anybody you see The challenges for the executive were like this with unkempt hair are It was an unprecedented step for Senator After Saraki’s emergence as Senate there from the beginning of the year, By the time he proceeded on his those who have been kept in Bukola Saraki when he last Thursday President against the prescription of All 2017 when President Muhammadu second medical leave, the issues prisons for a long time. ordered members of the Senate Committee Progressives Congress, APC chieftains, the Buhari went on his first medical leave around the 2017 budget of the on Downstream Petroleum to cut short their stage became set for conflict between the two of the year. country had yet to be settled. The ” It was not their intension to keep Yuletide Holidays to address the crippling arms of government. The attacks which at matter of who would sign the their hair unkempt but it was fuel crisis that has paralysed movements the beginning were wholly one-sided against Unarguably, the most testing aspect of budget was the least of the because they never had combs to across the country in the last few weeks. the legislature saw the quizzing of the wife of the relationship between the Saraki concerns given the suspense the comb their hair. Senators often take delight in spending the the Senate President by operatives of the Senate and the presidency were the two absence of the president cast on yuletide holidays with their constituents and Economic and Financial Crimes Commission, medical vacations Buhari took in the the polity. “We do not have our bath and we failure to do so is often seen as an act of EFCC. She was not charged with any offence. year. eat once in a day but those who arrogance or indifference to the situation of Following that was the arraignment of the Seven years earlier when they have brought along with us constituents. Senate on charges of false assets declaration. When the president took his first leave President Umaru Musa Yar‘adua who are living in their comfortable That was later followed by the arraignment on January 19, he had written the was in a near similar situation, houses are not like that” The action by the Senate President on the charge of forgery, a charge that was Senate and the House of the Senate acted differently. reconvening the committee underlined the subsequently withdrawn upon the ...Continue on page 9 Another returnee, James Itama seriousness with which the Saraki leadership assumptions of its hollowness in the charges. appealed to the federal of the Senate is considering the crisis. Even government to concentrate on how more, it again showed how the Senate, nay, Against the background of such assaults, to evacuate Nigerians in Libya expectations prisons before concentrating on those living in their comfortable January 1, 2018 Page 7 houses in Libya. “Our people are suffering in Libya prisons. They are more than 2,000 of them in prisons and they are dying.FINANCIAL WATCH

FINANCIAL WATCH JANUARY 1, 2018NEWS Cont’d from page 6Political spending may threaten Naira stability in 2018 – ABCON refineries which can be builtBy Haruna Magaji between 12 and 18 months areAlhaji Aminu Gwadabe, required to addressPresident, Association of the reoccurringBureau De Change challenge of fuelOperators of Nigeria scarcity and price(ABCON), has warned hike in Nigeria andthat spending by stop thepoliticians ahead of the exploitation of2019 General Elections ordinarymay threaten the Nigerians.stability of the naira. The inherentGwadabe told the News The ABCON chief, series of interventions at February, when the Naira corruption in theAgency of Nigeria (NAN) therefore, called on the the FOREX market, exchanged at N520 to the system has madeon Sunday in Lagos that regulatory authorities and leading to the flattening dollar, the CBN had this impossible forthe propensity to hoard security operatives to of rates across board. intervened aggressively to more than threedollars now, to be spent ensure that currency ensure it remained stable decades and shouldduring political hoarders and speculators According to him, Bureau at about N360 to the be addressedcampaigns, was not new do not leverage on the De Change (BDC) dollar. headlong.”to the nation’s political 2019 elections to erode the operators, as criticalhistory. gains recorded in the stakeholders in the Efforts by the CBN and On the new nation’s foreign exchange FOREX market, are critical stakeholders like minimum wage,“Political spending may market. committed to playing by the BDCs led to the Wabba said theaffect exchange rate the rules in ensuring that convergence of rates tripartitestability in 2018. Gwadabe noted that the the Naira remained between the parallel committee recently Central Bank of Nigeria stable. market and the BDC inaugurated“Electioneering starts (CBN) had spent about segment. shouldearly this time and the eight billion dollars in a NAN reports that since expeditiouslytendency for people to conclude itshoard the dollar now, to assignment andbe spent during the ensure that a newcampaigns, was not minimum wage isnew,’’ Gwadabe said. put in place before the third quartersFRSC, Police, Fire service avert disaster on Niger Bridge Buhari to broadcast of the year and to nation on Monday urged the National Assemboy to giveBy Ezekiel Enejeta situation and fire service, He advised vehicle owners By Ezekiel Enejeta accelerated hearing g to the hundreds of people to always keep their bill that will be produced by theRescue efforts by men of trapped on the bridge vehicles in shape to meet President Muhammadu committee.Anambra Fire Service, would have been minimum safety standards Buhari will make aPolice and Federal Road consumed by fire. during accidents. national broadcast to the On local nation to mark the New governmentSafety Corps (FRSC) on Year on Jan. 1, at 7.00 autonomy the NLC a.m. President said:Sunday prevented a fire “The incident caused Meanwhile, the National “Congress appreciates thedisaster at the middle of traffic on the bridge as Publicity Secretary of recent passage of three core bills onthe Niger Bridge linking motorists had to wait for Campaign for Democracy Local Government autonomy inDelta and Anambra. about two hours before the (CD), Mr Dede Uzor, has Nigeria by the National Assembly. smoke was put out and the urged the Federal It is our belief thatThe News Agency of vehicles towed away by Government to expedite the passage of the constitutionalNigeria (NAN) reports personnel of FRSC,” the action on the second Niger amendment to guarantee Localthat this followed a source said. Bridge to avert such Government autonomy willhead-on collision of two dangers. promote good governance andarticulated vehicles Confirming the incident, deepen democratic culture at theladen with petrol coming FRSC Sector Commander “This has further reiterated grassroots level. the need for the Federalfrom both sides of Asaba in Anambra, Mr Sunday Government to stop playing Page 8 politics with the secondand Onitsha on the Ajayi, said that no fire or Niger Bridge and ratherbridge. death was recorded in the accident, adding thatAn eyewitness said the traffic had returned to expedite action to save lives.incident occurred at normalcy on the bridge. The President’s Senior Special Assistant onabout 10 a.m. at the ever Media and Publicity, Malam Garba Shehu,busy bridge. “There was an accident “Nigerians will see the disclosed this in a statement in Abuja on caused by break failure of completion of the second Sunday.According to the source, one of the tankers but the Niger Bridge as one of the He advised television and dividends of democracy radio stations to hook upone of the articulated two vehicles have been under President to the network services of Muhammadu Buhari’s the Nigerian Televisionvehicles started emitting removed by our tow truck administration,” Uzor told Authority (NTA) and NAN in a telephone Radio Nigeria for thesmoke which triggered and there is now free flow interview. He commended broadcast.panic among commuters of traffic on the bridge,”plying the bridge. the commander said.“If not for the prompt He advised vehicle owners the FRSC and Police forresponse of men of theFRSC, Police, who used to always keep their ensuring free flow of traffichelicopter to monitor vehicles in shape to meet and security of lives during minimum safety standards the Yuletide in the state. during accidents.FINANCIAL WATCH January 1, 2018

FINANCIAL WATCH JANUARY 1, 2018NEWSGreen bonds as a lifeline for Nigeria’s degraded environmentBy Opara Stanley (forestry, agriculture and administration of President Muhammadu The Mezzagers Environmental Services boss aims to restore the nation’s forest aquaculture);conservation (biodiversity and Buhari. warns that without substantial infrastructure, cover to at least 25 per cent withinThe green bond market has enjoyed natural ecosystems); clean transportation investment, process management and policies, the next three decades.strong growth in the last two years, (rail, mass transit system, Bust Rapid Transit According to him, it is high time everybody the effects of continuous growth of municipalwith issuance jumping by over 105 schemes); and sustainable water graduated from the “collect and dump” waste can be overwhelming and pose great He reiterates the NCF’sper cent in 2016 alone to a record management (water treatment plants, water approach and incorporate meaningful danger to the Nigerian populace. commitment to supporting$81bn. Nigeria’s recent move into distribution infrastructure, water capture strategies into the nation’s waste afforestation and reforestationthe space presents a huge respite for and storage infrastructure). management stream for the development of The World Bank has also thrown its weight projects across Nigeria.its fast degrading environment, the country. behind Nigeria’s current environmentalSTANLEY OPARA writes Current state of affairs challenges. Its Practice Manager for Africa and The Chairman, National Executive Bello states that effective utilisation of Environment Resources, Benoit Bosquet, says Committee of the NCF, Chief EdeUp until five years ago, Nnanna Against the background that electricity resources from waste will empower the that sustainable land and water management Dafinone, says, “It is commonEjekwe, a subsistence farmer consumers in Nigeria remain grossly under- people by tapping into the valuable aspects are adaptation mechanism of climate actions knowledge that Nigeria can barelyresidents in Amator-Ifakala area of served with the country having one of the of waste management. “I have this believe, that can be used to address the devastating boast of a seven per cent forestMbaitoli Local Government Area of lowest energy-per-capita rates in the world, that waste is no waste at all, but ways impact of climate change. cover despite its historicalImo State, South-East Nigeria, the renewable energy option is seen as a huge through which other useful resources can affluence of about 40 per centalways had good yams in his barn opportunity for the country to close the create wealth,” he adds. Experts have traced climate change to some forest cover in the years precedingthroughout the year. He also never embarrassing gap. PricewaterhouseCoopers, environmental changes around the world and the oil boom.lacked food items like cocoyam, in its Nigeria Power Sector Report released in The Chief Executive Officer, Mezzagers the desertification and drying up of Lake Chad.melon, processed cassava (otherwise July 2016 and entitled: ‘Powering Nigeria for Environmental Services, Mr. AbidemiSanusi, The north-eastern region of Nigeria, which has “The marked decline in forest covercalled garri) and beans in his the Future’, says the country’s per capita notes that only 40 per cent of generated been the hotbed of Boko Haram insurgency, in just a space of about 40 years ishousehold year-on-year. power consumption was one of the waste is collected in Nigeria, adding that to shares border towns that host the shrinking enough evidence and proof to stress lowestwithin the African region and globally, collect about 90 to 95 per cent of waste, there Lake Chad with other countries in the sub- that Nigeria can become aBut today, Ejekwe, a father of six, as it is only 151kilowatts hour (kWh) per is the need for a national waste policy. region. ‘forestless’ nation.laments that over 70 per cent of his year.earnings is spent on buying the food According to him, an effective waste policy The current state of the lake is believed to have “The beauty of ‘green’ has beenstuffs he hitherto had in abundance. According to the United Nations Economic will provide the guidelines for everybody and made unemployed youths vulnerable to the substantially replaced with theHis farms that are all located close Commission for Africa’s Chief Sub-regional make people know what is expected of them insurgency, which has led to thousands of deaths ‘grey’ of concretes to such an extentto the Amafor River have suddenly Officer, Mr. Bakary Dosso, Nigeria is home to in terms of their generated waste. and displacement of millions of people across the that Nigeria may be in the peril ofbecome unproductive owing to enormous energy resources such as region, creating one of the largest humanitarian importing fuelwood and timbermassive soil erosion that has petroleum, natural gas, coal, nuclear power Sanusi says waste generation and disasters in the world. from neighbouring countries if wecontinued to ravage the community and tar sands. Other resources include solar, management has become such an important fail to develop modalities forafter the Umuaku Forest (the wind, biomass and hydropower, which he issue in building Bosquet says the use of adaptation as climatic securing the future of the forestrybiggest in Amafor-Ifakala) was notes are not being tapped at a time the action is simply “the economic adjustment to sector in the country.”hijacked by a timber company, which epileptic nature of power supply makes the He explains, “Efficient waste management ecological problems as it occurs by buildingclaimed to have secured a warrant to country not only one of the harshest impacts on public health, the economy and necessary infrastructure and systems that can The 2017 Multiple Indicatorharvest timber from the forest. environments for business, but also very social well-being of the people. Municipal address climate change as well as prevent its Cluster Survey released by the uncompetitive. wastes, which are wastes collected and impact.” He, therefore, urges Nigeria to utilise National Bureau of StatisticsNow, the Umuaku Forest is a treated by or for municipalities, cover wastes sustainable land and water management to shows that many Nigerians areshadow of its former self as one can In September this year, Nigeria’s first from households, similar wastes from address desertification across the country. exposed to life-threateningeffortlessly count the number of building energy efficiency code was officially commerce and trade premises, office environment due to poor sanitationtrees still standing. launched by the Minister for Power, Works buildings, institutions and small businesses. “Nigeria needs to build resilience now for the and drinking water. and Housing, Babatunde Fashola, after many harsher climate of the future. If this is notIt is in the bid to check cases like years of energy wastage.The programme is a “Based on the World Bank estimate of waste addressed in time, climate change can worsen The report shows that 42.1 per centthis and secure the future of small partnership with German Development generation by countries and regions of the Nigeria’s vulnerability to weather swings and of households in Kano State,farmers like Ejekwe that the idea of Agency (GIZ), Nigerian Energy Support world, Nigeria’s total generated waste is limit its ability to achieve and sustain the North-West Nigeria, do not usethe Green Bond became topical, Programme and the Federal Ministry of estimated to be 25 million tonnes annually, objectives of the Vision 20:2020,” he adds. improved sources of drinking wateramong many other anti- Power, Works and Housing. out of which urban waste generation per day and only 0.7 per cent of householdsenvironmental activities that have is 40,959 tonnes per day.” Bosquet calls for efficient resource management, using unimproved drinking waterbecome very evident in the life of the Fashola had said the move would drive cost stressing that some of climate change impacts use an appropriate waterNigerian people. and power consumption savings, explaining Urban waste generation, Sanusi says, is like flood and erosion, among others, are stirred treatment method that the adoption of energy efficiency in estimated to grow by about 147 per cent by human factors. ...Cont. On page 10Many Nigerians have been forcefully building construction would lead to job (101,307 tonnes per day) in the year 2025; ofdragged into the poverty net by creation as retrofitting old and non-compliant which the per-capital waste generation is The Director-General, Nigerian Conservation ...Cont’d from page 1deforestation, and the story is not buildings could create a new crop of jobs that also expected to grow from Foundation, Adeniyi Karunwi, says all handschanging either as the many previously were non-existent. 0.56kg/capital/day to 0.8kg/capital/day. must be on deck to ensure both fauna and flora Relative stability in the Nigerconsequences of deforestation have preservation in the country. Delta, uptick in the global oilcontinued to plague the country with The Minister of the Federal Capital Territory, According to Waste Atlas, presently, only prices, improvement inmany other anti-environmental Muhammad Bello, says the government has about 60 per cent of Nigeria’s waste is being “Our efforts in communities and protected areas Diasporaactivities springing up and gaining started the process of evolving a mechanism collected, while the country still has 100 per over the years brought over 700,000 hectares of remittances and establishmentmomentum. that will lead to a workable policy on waste cent of unsound disposal with recycling rate forestland and more than six species of of the Investors and Exporters management, stressing that waste generation hovering around zero per cent. endangered animals (elephants, chimpanzees, Foreign Exchange Window byAccording to the Debt Management and management are priority areas for the pangolins, mandrills and vultures, among the CBN in April 2017 have ledOffice, bonds are debt securities sustainable and liveable cities in the globe, others) under our direct management in to significant growth in theissued by governments, government and as such, must not be ignored. Nigeria,” Karunwa reveals, adding that the NCF country’s external reservesagencies and corporate bodies in especially in the second half oforder to raise capital, while Green the year.Bonds are bonds that are used toraise capital specifically for The breakdown of the latestenvironmental-friendly projects, i.e. figure showed that the reservesprojects that are climate-friendly gained $3.8bn in almost oneand leave little or no adverse effect month, rising from $34.9bn onon the environment. November 30, 2017 to $38.7bn on December 28, 2017.These, it explains, include projectsthat reduce or cause no pollution ofland, water or air; reduce carbonemission and/or conserve naturalresources.The Federal Government, through This means the externalthe Ministry of Environment reserves have risen by about 10(FMEnv) ,explains that qualifying or per cent in one month.eligible green projects include butare not limited to investments in the The foreign exchange reservesfollowing: Renewable energy (solar, had reached $23.6bn low inwind, hydropower); energy efficiency October 2016, from $40bn high(efficient buildings, energy in January 2014.management); sustainable wastemanagement (pollution prevention In September 2008, theand control); sustainable land use country’s foreign exchange reserves hit $62bn, with theThe Saraki Senate: Stability in the face of storm Federal Government spending $12bn to settle external debts.Cont’d from page The reference that the vice-president will of the committee which indicted Lawal and Doing Business Bills which aim to coordinate the activities of the government recommended his dismissal. invigorate private enterprise. In his remarks on the nation’sOf course, there were significant inevitably stoked passions as it was alleged external reserves, the CBNdifferences between that development in that some presidency minders drafted the The faceoff with Lawal was a clear The Ease of Doing Business bills include the Governor, Mr. Godwin Emefiele,2010 and the Buhari situation in 2017. letter in a way to limit the powers of the vice- demonstration of how the Senate could apply Credit Bureau bill which was passed in May had in November, said, “It is my president while the president was away. grit on an issue it is well at grips with. Lawal 2017 and the Secured Transactions in belief that if we remain resoluteThen, there was no law binding the was eventually suspended before the president Moveable Assets bill. with our efforts, policies andpresident to give notice in writing to the Some senators had sought to impute mischief proceeded on leave and finally dismissed after actions, we can attain a foreignNational Assembly on his intention to in the letter, but their inference was quickly the president returned in August. The Senate also passed the Whistleblower exchange reserves position ofproceed on medical leave. In 2010 the addressed by the Senate President who Protection Bill aiming to protect Nigerians about $40bn by end of 2018.”Senate had to postulate a Doctrine of relying on Section 145 of the Constitution An indication of the Senate’s readiness to push who provide leads for the recovery of publicNecessity to empower Dr. Goodluck ruled that the transmission of the letter to through measurable legislations that would assets, the Nigerian Financial Intelligence Emefiele had in DecemberJonathan, as acting president. However, the Senate President and the Speaker of the impact positively on the populace was the Unit (NFIU) Bill which aims to vest disclosed that the nation’swhen he left the country on May 7, 2017, House of Representatives was enough to initiative from the Senate President to push independence to the unit for the purpose of foreign reserves rose to $38.2bnthe president inevitably stirred convey acting power to the vice-president. through the long pending legislative proposals meeting the standards of the global financial with the issuance of Eurobondsconstitutional issues when his letter to reform the oil industry. watch body, the Financial Action Task Force, by the Federal Government.dated the same day sought to confer on Just before the president proceeded on his FATF.his deputy, Osinbajo, limited powers. second medical leave of the year, an issue Senator Saraki’s approach was to push through He regarded the external that had tested the might of the legislative the Petroleum Industry Governance Bill, PIGB However, the crowning jewel of the Senate reserves figure as the highest inIn his letter to the Senate President body came to fore when the Senate received which sought to address key operational issues in its lawmaking affairs was the amendment 39 months.dated May 7, 2017, Buhari said: “In the report of the Senate Ad-hoc Committee of the industry while at the same time skirting of several provisions of the 1999compliance with Section 145 (1) of the on Mounting Humanitarian Crisis in the around the more controversial ones. The Constitution. Among the most fundamental In November, the Federal1999 Constitution, as amended, I wish to North-East. The committee had investigated personal involvement of the Senate President proposals adopted from the 33 clauses Government raised $3bninform the distinguished Senate that I claims that the Secretary to the Government helped to push the bill to passage. proposed were the ones that stipulated that through Eurobonds, which waswill be away for a scheduled medical of the Federation, Mr. Babachir Lawal the president must provide a portfolio to oversubscribed by about $11bnfollow-up with my doctors in London. The misused his office in awarding contracts to Other notable legislative proposals that passed nominees for ministerial nominations, and split across 10-year and 30-length of my stay will be determined by his companies. through the Senate in the last year included independent candidature in elections, year tranches at issuance yieldthe doctor’s advice. the Northeast Development Bill, aimed at affirmation of democracy in the local of 6.5 per cent and 7.625 per Remarkably, Mr. Lawal refused the rehabilitating the Northeast following the governments, and autonomy for local cent, respectively.“While I am away, the vice president will summons from the Senate Committee even Boko Haram insurgency, the Not Too Young To governments.coordinate the activities of the after outside factors sought to mediate. Just Run Bill which brought down the agegovernment. Please accept the before the president proceeded on his second qualification into political offices, the Ease ofdistinguished Senate president the medical leave, the Senate received the reportassurances of my highest consideration.”FINANCIAL WATCH JaDnueacreym1b, 2e0r123809, 2017 Page 89

FINANCIAL WATCH JANUARY 1, 2018NEWSMax Air signs agreement with FG to evacuate Nigerians from Libya equipment for the movement of large number of people from Nigeria to any part of the world through its chatter arrangement. The News Agency of Nigeria (NAN) reports that the Federal Government had earlier appointed the Med-View Airline, through the National Emergency Management Agency (NEMA), to participate in the evacuation of 5,037 Nigerians from Libya.By Cynthia Adigwe on Sunday. bring in 3,184 Operations in the last The Airline’s Executive Director, Business Nigerians from Libya, 11 years in Nigeria. Development and Commercial, Mr IsiaqMax Air Ltd., says it has Dahiru said that the using its large fleet of Na’Allah, and Mr Ibrahim Farinloye, the spokesmansigned contract contract agreement was Boeing “The airline has also of NEMA, South-West Zone, confirmed theagreement with the signed between the been involved in the development in Lagos on Saturday.Federal government to National Emergency Dahiru said that evacuation of Nigeriansevacuate 3,184 of the Management Agency recently, Niger Republic from Libya and Egypt5,037 Nigerians (NEMA) and the engaged the Airline to recently as well as theexpected to return from representative of Max evacuate over 5, 000 movement of manyLibya. Airline, Malam Shehu Nigeriens which it did Nigerians, especially Wada, in Abuja. successfully. sports men and women NAN reports that the agreement was signedAlhaji Ibrahim Dahiru, and military personnel. between the parties onthe airline’s Public Friday in Abuja.Relations Manager, said “With this development, “Max Air Ltd. has alsoin a statement in Kano Max Air is expected to been the leading Airline The airline has the operate six flights to747- in Hajj and Umrah manpower and 400 series aircraft.Mark d’Ball: Food vendors, others make brisk business in OtukpoBy Haruna Magaji the organisers saying organisers of the around,” Simeon said. “I have some basketball that their businesses competition and pleaded teams and Nigerian artistsFood vendors in thrived in 2017 for it to be sustained. Simeon who sold a that are lodging in thisOtukpo, Benue, are compared to 2016 when plate of two indomie hotel and we also hostedsmiling to the bank the event couldn’t hold. Another vendor who noodles packs and two the “Miss Idoma” beautyafter a steady boom in specialised in preparing eggs for N350 said he pageant in this arena.their businesses A vendor, Mrs Gloria indomie noodles with sold up to four cartonsfollowing the return of Samuel, said she sold a egg, but only gave his every day. “As I am talking to youMark d’Ball basketball quarter bag of rice name as Simeon, told now, we don’t have anycompetition in the every day. This, she NAN that he enjoyed Mr Malik Adejoh, the room that is free; they havetown. said excluded what she celebrating his manager of Leach all been booked until Mark makes from selling Christmas in Otukpo Hotel situated in the d’Ball comes to a close onThe News Agency of other foodstuffs. because of the brisk Government Reserved Dec. 31 night, and thisNigeria (NAN) reports business during Mark Area of Otukpo, did happens every year apartthat the competition “Some days I go home d’Ball. not hide his joy for the from 2016.could not hold in with N50,000 and at competition, as hisDecember 2016 times N45,000. I “I am from Plateau hotel rooms were fully “I know what we lost whenfollowing an eviction always rely on this State. In the last five booked. it didn’t hold in 2016 but Inotice served on the competition (Mark years, I have been going thank God we are hereorganisers to vacate the d’Ball) to prepare for home on Jan. 1 because I “Mark d’Ball is one again,” Adejoh said.premises used for the the New Year. wait till the end of Mark tournament we rely onevent. d’Ball. every year to make up Famous musicians Majek “Last year (2016) for the lost periods Fashek, Tuface Idibia,The competition December was tough “I couldn’t travel last during the year. Terry G, P-Square,eventually returned in because the year (2016) Christmas Ambassador Wahala, Aboki2017 following the competition didn’t hold; because Mark d’Ball “I have managed this for Christ, Fred Bright anddonation of a new planning for the New didn’t hold and I didn’t hotel for about 15 Chuks the General arebasketball arena by Year was difficult for have enough money to years and I can tell some of the entertainersformer Senate my family but I thank spend when I travel. you what we have that performed at MarkPresident David Mark God things are normal benefitted from this d‘Ball events.who is the sole sponsor again,” she said. “In fact, I have already competition. Peopleof Mark d’Ball. called my people that I come from different Others are Ice Prince, She commended the am coming on New Year parts of the country to Tekno, Okey Bakassi, Ibu,Some of the food day because I know I can lodge here. Pastor Nicodemus andvendors who spoke to take care of expenses at Klint da drunk.NAN expressed home this timeappreciation toFINANCIAL WATCH January 1, 2018 Page 10