EXPERTS TASK CAPITAL MARKET REGULATORS, OPERATORS ON DEVELOPMENT
source: http://www.eyesoflagos.com/2018/01/experts-task-capital-market-regulators.html

Regulators and operators in the Nigerian capital market have been advised to go slowly in the introduction of derivatives for better results. Former chairman of the United States Commodities Futures Trading Commission (US CFTC) Mr. James Stone, gave the advice, while speaking at a forum organised by the Nigerian Stock Exchange (NSE) and sponsored by Coronation Merchant Bank Group in Lagos yesterday. Derivative is a security with a price that is dependent upon or derived from one or more underlying assets. Its value is determined by fluctuations in the underlying asset. The most common underlying assets include stocks, bonds, commodities, currencies, interest rates and market indexes. Speaking on ‘Pluses and Pitfalls of Derivatives Trading,’ Stone noted that it is better to begin with the simple form of derivatives and improve on them, saying “since there are already exchange traded funds (ETFs) in Nigeria, it is better to begin with exchange traded derivatives.” The chief executive officer of NSE, Mr. Oscar Onyema disclosed that the exchange has been planning to launch exchange traded derivatives in the market, saying that the experience shared by Stone will assist in that direction. “The exchange is committed to building capacity and enhancing the expertise of operators and other associated parties towards collective efficiency. The lecture on ‘Pluses and Pitfalls of Derivatives provided enriching perspectives and strengthen the capacity of capital market operators, who create value for investors through their operations on the floor of the NSE,” Onyema said. The CEO pointed out that “last year, we leveraged our X-Academy platform to conduct two tranches of training on the legal and risk aspects of derivatives and central counter-party clearing.” Also, the managing director of Coronation Merchant Bank, Mr. Abubakar Jimoh said, the initiative will have positive effects on capital market operations in Nigeria. According to him, as a wholesale financial institution focused on transforming the face of merchant banking in Africa, Coronation Merchant Bank is not only open to innovative collaborations that will bring development to the African financial landscape, but will serve as a catalyst for revitalising capital market operations across the continent.

AFRICAN UNION SEEKS TO END SEEDS IMPORTATION WITH PARTNERSHIP WITH NIGERIA
source: http://www.eyesoflagos.com/2018/01/african-union-seeks-to-end-seeds.html

The AfricaSeeds, a programme of the African Union, has appealed for partnership with Nigeria to develop Africa’s seeds industry and stop importation of seeds on the continent.
AfricaSeeds is an intergovernmental seed organisation and implementing agency for the African Union Seed Programme.
According to Eyes Of Lagos investigation, Dr Kouame Miezan, the Executive Director of the programme, made the appeal when the team visited Chief Audu Ogbeh, the Minister of Agriculture and Rural Development in Abuja on Tuesday.
Miezan, who noted that seed was a key input and vehicle for agricultural modernisation, said that no country on its own could develop the industry.
The executive director said that the country had being recognised as the shining star of seed industry in West Africa, hence the need for the partnership.
According to him, the programme will address inadequate availability of data, statistics and information to be used for seed planning.
“Seed planning in Africa lacks data and there is slow shift of African expertise in seed technology.
“Our young people are drifting away from seed technology as a career and we have to correct this because we have to have a replacement so that seed development will continue at a faster pace.
“The seed system is so complex that you need to work together.
“No country alone can take all the resources to develop their seed system. This is the only continental African driven seed organisation and African-owned organisation.
“We think that Nigeria can play a lead; Nigeria is recognised as the shining star of the seed industry in West Africa,’’ he said.
Ogbeh said that agriculture majored on three things ranging from seeds, water and soil.
According to him, issues of seeds are extremely strategic.
The minister said the Federal Government had mandated its Universities of Agriculture to conduct research on seeds to multiply them for farmers.
“So many things are wrong and one of them is seed so when I see scientists involved in seeds, I give them top priority.
“We have to defeat hunger, poverty and backwardness in Africa and we have to cut down on imports.
“Any support that is needed, we will give you. We are inviting many young people into agriculture and we have to give them the best to make money,’’ the minister said.
AfricaSeeds is the agency of the African Union in charge since 2010 of the implementation of the African Seed and Biotechnology Programme (ASBP).
The agency operates through collaborations with institutions, initiatives and stakeholders working in the seed sector in Africa.
The organisation aims to promote sustainable development of the seed sector to contribute to food and nutrition security and poverty reduction in Africa.

FAAC DISBURSES N5.89TRN IN 2017
source: http://www.eyesoflagos.com/2018/01/faac-disburses-n589trn-in-2017.html

Federation Account Allocation Committee (FAAC) disbursed N5.89 trillion to the three tiers of government, Federal, States and Local government in 2017 investigation by Eyes Of Lagos has revealed. In 2017, the federal government followed by 36 states including Abuja collected the highest sharing while the local governments shared the lowest. Revenue generating agencies such as Nigeria Customs Service (NCS), and Federal Inland Revenue Service (FIRS) step-up their revenue collections to match up with government disbursement following the drop in global oil prices and government move to divest from the Oil & Gas sector. According to Eyes Of Lagos investigation, July sharing was the highest followed by September while lowest month was in May. The report by FBNQuest Research said, “Inflow into federation account widened in the more recent period because the recovery in oil output pushed up oil revenues considerably in July, August and September. Diplomacy in the Niger Delta has paid off for the federal government. “A similar conclusion should be drawn from the monthly payouts by the Federation Account Allocation Committee (FAAC), of which the latest covers the distribution of revenues collected in November. “The increase since mid-year is largely attributable to the improvement in average crude output, to 1.87 million barrel per day in second quarter of 2017 and 2.03 million barrel per day in third quarter of 2017.” According to FAAC committee, figures for August rose because of “a significant increase in export volume by 0.85 million barrels, which resulted in increased revenue from export sales revenue by about $41 million.” In November as shared in December, FAAC committee stated that” average price of crude oil from $48.66 to $52.07 per barrel and a decrease in export sales of $69.49 million due to decrease in oil production by 1.75 million barrels” There was a discrepancy issue in October allocation which was finally distributed in early December. Interestedly, transferred to the Excess Petroleum Product Tax ended since May after accumulating a total sum of about N123.23 billion in five months of 2017. The breakdown of shared amount revealed that federal government in 2017 collected N2.56 trillion out of the N5.89 trillion. States received a total of N1.68 trillion and Local governments received N1.26 trillion. Further findings revealed that a total of eight oil producing states, Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo, Rivers shared a total sum of N358.12 billion as 13per cent derivation fund in 2017. Information from National Bureau of Statistics (NBS) revealed that FAAC disbursed a total sum of N6.2 trillion to three tiers of government in 2017, funded mostly from the Statutory Account and revenue generated from Valued Added Tax (VAT) while refund to the federal government from Nigerian National Petroleum Corporation (NNPC) contributed 0.9 per cent (N55.32 billion). Findings by Eyes Of Lagos revealed that the statutory account accrued N4.65 trillion in 2017 while VAT also accrued N967.65 billion in 2017. Also, exchanged gained contributed N362.66 billion and excess Petroleum Product Tax (PPT) Account added N207.74 billion to the amount disbursed in 2017. The quarter on quarter (QoQ) breakdown revealed that, in first quarter, a total of N1.4 trillion was disbursed (N430.16 billion in January; N514.15 billion in February and N466.93 billion in March.) In second quarter, a total sum of N1.377 trillion was disbursed to the three tiers of government. It consists of N496.39 billion in April, N418.82billion in May and N462.36 billion in June. In third quarter, it rose by 27.9 per cent to N1.76 trillion (N652.23 billion in July; N467.85 billion in August and N637.7 billion in September) and in the fourth quarter, it moved to N1.7 trillion (N558.08 billion in October, N532.76 billion and N609.96 billion in December) Experts in a separate chat with this newspaper bemoaned some states government monthly dependency on FAAC allocation, stating that allocations to local government are not utilized but pocketed for political reasons. The Financial Economist in the University of Uyo, Awka Ibom State, Professor Leo Ukpong, said the monthly allocation was structured that federal, state and local governments share from government revenue and it is not a bad idea. He said the monthly allocation implementation to states and local governments has been creating problems According to him, “Initially, when they started the allocation, they used to transmit the local government allocation to Chairman in that area. The local government chairmen used those funds effectively to develop grass root projects. Now, the allocation goes to the state government state. The governor in states used local government allocation to control activities politically and economically at the local government level which is creating problem. Some state governors are actually managing the local government allocation themselves. “Dependent on Monthly allocation is killing the nation’s economy. It is an economy policy but not necessary distribution of allocation. If those funds are channel into helping the private sector, maintaining infrastructure, boost agriculture sector that will create more jobs and improve our GDP. “To me the allocation to local should be sent directly to their chairmen and not to state governors. The monthly contribution has not improve the nation’s economy and we will continue to utilize it to destroy politics and economy,” he said. Economist and member of faculty, Lagos Business School, Dr. Adi Bongo, said the states monthly salary survival is dependent on the monthly allocation. He said, “I really don’t know the current expenditure of these states compared to their monthly allocation from federal government. If the monthly allocation is not enough to cover the monthly salary, sure they will not be able to pay salary and develop infrastructure. “However, to some states, the law of leadership does not apply. We have seen from one state to another, with exemption of few that collect allocation from federal government and take it as their own entitlement. They cannot grow their Internally Revenue Generation (IGR). Unfortunately, most states in Nigeria have been cursed with very bad governance. There is no transparency and accountability. The curse on the leadership is a burden on the people. In addition, Economist and Managing director consultant BIC consultancy Service Limited, Mr. Boniface Chizea was optimistic about the improved oil prices and improved monthly allocation to states that is expected to improve welfare of staff and develop economy wise. In his words “Before the crash in global oil prices, the money accrued to the federal account was adequate. Some states in the federation operated from the huge amount coming from the federation account. As the oil market crash, that impacted on the accrued to federation account. There were issues with the government allocations to states, leading to backlog of salaries. “We had relief from the federal government and some accessed funds from the World Bank. It will take some time to make states independent and sustained on their IGR. “It is only Lagos, Rivers and Kano that have generated significant IGR to fund their expenditure. Oil price has improved and if the price is sustained, states allocation will improve this year,” he added

SEE WHY YOU WILL NOT VOTE FOR BUHARI IN 2019 - NCEE ( THE NATIONAL COMMON ENTRANCE EXAMINATION)
source : http://www.eyesoflagos.com/2018/01/see-reason-why-you-will-not-vote-for.html

The National Common Entrance Examination [NCEE] Board has published the Entrance Exam Cut-Off Mark of Each State for the 2017/18 session.

Below is the Current National Common Entrance Examination [NCEE] Cut-Off Marks Of Each State In The Federation.

Male Female

Abia 65 65
Adamawa 40 40
Akwa-Ibom 63 63
Anambra 66 66
Bauchi 18 18
Benue 60 60
Borno 33 33
Cross-Rivers 54 54
Delta 65 65
Edo 63 63
Enugu. 65 65
Imo 66 66
Jigawa 37 37
Kaduna 52 52
Kano 34 34
Katsina 37 37
Kebbi 35 35
Kogi 61 61
Kwara 62 62
Lagos 65 65
Niger 49 49
Ogun 65 65
Ondo 64 64
Osun 64 64
Oyo 63 63
Plateau 52 52
Rivers 62 62
Sokoto 15 7
Taraba 19 19
Yobe 20 20
FCT-Abuja 57 57
Bayelsa 51 51
Ebonyi 60 60
Ekiti 62 62
Gombe 37 37
Nassarawa 42 42
Zamfara 14 12

The funny thing is, those with lower cut off marks from the north will be the ones to run the govt tomorrow. They will be appointed judges, chief Justice, controllers, central bank heads, and heads of government agencies and ministries.

Are you still wondering why some want out of this evil forest? Why Nigeria is at the bottom of all good things and top of most bad issues in international/global ratings? Why our health, education, electricity, waterworks, refineries, petroleum distribution, etc,etc are in tatters---------------------------------------------------
The above is a very graphic justification of the urgent need for Restructuring, at the very least!

DISTRIBUTE TO ALL FROM SOUTH-WEST, SOUTH-SOUTH & SOUTH-EAST NORTH CENTRAL ZONES OF NIGERIA WHO STILL THINK. CONSIDER THIS A NATIONAL EMERGENCY FOR THE SURVIVAL OF THE FEDERAL REPUBLIC OF NIGERIA!!!

debolayinka:
Well a Chadian is better than dead appointees.

Well birds of the same feather flock together.
The guy is a failure like Buhari. Retired because of his dumbness. He wrote exams twice and still failed, so even if Buhari gets second term, he'll still fail. Buhari should just follow suit and not run for 2019 instead of losing.

We Have Not Acquired 9Mobile
source: http://www.eyesoflagos.com/2018/01/we-have-not-acquired-9mobile.html

Telecommunications giant, Globacom, has distanced itself from media reports which insinuated that it was the preferred bidder to acquire telecommunications company, 9Mobile. Eyes Of Lagos gathered that, A press statement issued in Lagos, yesterday said: “Globacom has not acquired 9Mobile as widely reported in the media.” According to the company, “we are bound by the terms of the acquisition process as stipulated by the authorities handling it and we will not in any way sway or deviate from the rules.” “We repose confidence in Barclays Africa, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) which are handling the process that will lead to the emergence of a new owner for the company.” Globacom urges all stakeholders and, indeed, the Nigerian public to disregard the report.

WEDDING TURN BLOODY AS GANDUJIYA AND KWANKWASIYA CLASH
source: http://www.eyesoflagos.com/2018/01/wedding-turn-bloody-as-gandujiya-and.html

Eyes Of Lagos gathered that, There was pandemonium in Chiranci area of Kano on Sunday as a result of a clash that broke out between Kwankwasiya and Ganduje’s supporters.
The clash which erupted between the two parties during a wedding celebration threw residence into confusion as many flee to safety.
The situation is now under control and normalcy has since return to the area.
The Crisis between the two factions is getting messier on a daily basis the Sunday clash is coming as the Kwankwasiya faction of the APC in Kano is preparing for the home coming of its leader Engr. Rabiu Musa Kwankwaso few weeks from now.

yarimo:
Op has started very well but, along the lines I discovered he is suffering from too much intake of WEED

ATIKU GIVEN CLEARANCE TO PARTICIPATE IN PDP PRESIDENTIAL PRIMARIES
source : http://www.eyesoflagos.com/2018/01/atiku-given-clearance-to-participate-in.html
Eyes Of Lagos gathered that, Following the decision of the PDP to adjust the years that defectors can stay in the party before contesting election from two years to just six months, the door has been opened for Atiku Abubakar.



Former Vice President Atiku Abubakar and other politicians who defected to the party have been given clearance to participate in the upcoming Peoples Democratic Party presidential primaries ahead of 2019 Presidential election.

cc : mynd44 , lalasticalala

The National Publicity Secretary of the party, Mr. Kola Ologbondiyan speaking in Abuja said that all the new entrants and old members of the party would be allowed to test their popularity during the party’s primaries.



He said, “We are not closing our doors to new entrants who want to contest the party’s presidential ticket. Our doors are open to them.



“We have amended our constitution to take care of their interest as well as those of other members. We are looking for credible people to fly our ticket in 2019.



“We have amended the constitution, which has now reduced the years that defectors can stay in the party before contesting election from two years to just six months.”

were is d change

2018 BUDGET: SGF DRAWS SENATE’S ATTENTION TO INEC TIMETABLE
source: http://www.eyesoflagos.com/2018/01/2018-budget-sgf-draws-senates-attention.html

Secretary to the Government of the Federation (SGF), Boss Mustapha yesterday urged the senate to exigently pass the 2018 budget as political activities will commence by next month, February. Mustapha said since the Independent National Electoral Commission (INEC) has issued the time table and schedule of activities for the 2019 general election to begin next month, the 2018 appropriation should be timeously passed by the National Assembly in order for the government to be able to fund political activities in the country. Eyes Of Lagos gathered that, The SGF who stated this when he appeared before the Senate Committee on Federal Character and Inter-Governmental Affairs at the National Assembly to defend 2018 budget proposal said this is not the time to go back to the electorate to make promises, rather to go and give score cards of performance. He insisted that the 2018 budget is highly unique and should be treated by the lawmakers with approaches different from the 2016 and 2017 budgets, most especially as the federal government has reverted to January-December Fiscal Financial year/calendar. Besides, Mustapha said that the performance of the 2018 budget will impact greatly not only on the executive, but also on the lawmakers since the electorate would not be singling any arm of government to blame or praise. Mustapha asked the National Assembly to pass the 2018 Appropriation Bill into law as soon as possible to forestall hiccups in budget implementation. President Muhammadu Buhari on November 7, 2017 presented 2018 budget to a joint session of the National Assembly urging the legislature to pass it in good time to reverse the life of budget cycle back to January-December. Before the senate proceeded on Christmas and New Year holiday, it threatened to dump the fiscal estimate over alleged inconsistencies and abysmal performance of the 2017 budget. Senate which had on December 5 adjourned plenary to December 19, 2017 to allow the standing committees to hold budget defence sessions for federal ministries, departments and agencies said on December 19 that there is no way it will pass the 2018 budget in December, 2017 as earlier pledged because the Appropriation Bill as presented to it by the executive is badly prepared. But SGF said the impact of the paucity of funds in 2017 on the performance of MDAs cannot be over-emphasized, adding that the situation needs to be addressed to improve the interface between the government and the governed. At the Senate budget defence session yesterday, Mustapha said: “I will make an appeal that the 2018 budget be passed on time. We do not have time. If you consider the time left for us as politicians and in line with the timetable released by INEC, you will realise that we have till November 2018 to do what we have to do. “By then, politicians will be engaged in political activities. There will be no time. I am appealing that we pass this budget on time. This is the last budget we will have to deliver on the dividends of democracy. For those of you coming back, promises will not work. What will work will be the scorecard. “I am begging that it should be passed as quickly as possible. I am also appealing to the executive arm to appear for budget defence. Intense political activities will begin in this February and as public officials, we have to quickly deliver.” The SGF also told lawmakers that President Muhammadu Buhari had approved the setting up of a monitoring unit in his office, to track budget implementation by Ministries, Departments and Agencies (MDAs). Mustapha said ministers have been given a template to collate projects executed since 2015, when Buhari came into office. He added that the outcome of the exercise would assist Nigerians in assessing Buhari’s government at the end of his administration. He explained: “Let me assure you that whatever the National Assembly budgets for the MDAs, ministers will give detailed reports on what they have done since 2015. From now till the end of February, they will give briefings. We have given them the template they need to use to carry out this exercise. At the end of the exercise, the entire tenure of the President will be assessed at a glance. The exercise is ongoing. “At the end of the day, we might seek government’s approval to create a unit that will monitor projects. In some countries like the United Kingdom, there is such a unit in the office of the Prime Minister.” He also explained why his office opted for monetisation of vehicles for former presidents and former vice presidents pointing out that though the Appropriation Act clearly stipulates that vehicles should be bought for them, his office opted for the second option since it was a better choice. He said: “A decision was taken that instead of buying them vehicles, the money should be given to them so that they can buy themselves. The purchase of these vehicles is tenured. It is done after every four years. “The issue of the purchase of vehicles, I agree is an Appropriation Act. The issue of monetisation is done in the MDAs. It is also done in the National Assembly. Some of these former leaders may not even want to buy Prado Jeeps which the law says. Many of them may not like it. They may prefer saloon cars which maybe more comfortable for them. That was why we released a memo for them to do that.” Explaining the performance of the 2017 budget of his office, he said: “The office of SGF is the think-tank of the government. We coordinate activities of Ministries, Departments and Agencies (MDAs). Approved for capital was N2 billion. For personal cost, N2 billion. Overhead cost is N3 billion. “Performance for capital is N1.2 billion released as at end of December, 2017. It represents 50 per cent. We are hoping that the National Assembly will extend the lifespan of the budget so that we can handle other procurement processes. “My office had issues with poor releases when I came in. We are hoping that as we move forward, we will be properly and adequately funded so that we can carry out our duties effectively.” Responding, chairman of the committee, Senator Tijjani Kaura, promised that the leadership of the National Assembly would pass the budget as soon as possible. He told the SGF that lawmakers had to cut short their holidays so as to consider the 2018 budget. “The leadership is keen on passing the budget on time. That is why we cut our vacation short to be here to attend to budget defence. This is to tell you the importance of this issue. If you look at the 2017 budget, you will see that this committee did not tamper with the figure submitted to us. We did that because we know the enormous responsibility attached to that office,” he said. Senator Suleiman Hunkuyi from Kaduna State, complained about underfunding of the office of the SGF. He said as a critical unit of the Federal Government, the office should get more funds to run its operations. “I agree with the SGF on the need to fasten the budget process. This year is different from all the other two years. I agree with you. I will wish to note some observations. The issue of allocation under the Appropriation Act are three. During an oversight visit to the office of the SGF, we identified the issue of underfunding. Even after the provisions, the releases have been abysmal.

NO ‘ANOINTED WINNER’ FOR 9MOBILE ACQUISITION –NCC
SOURCE: http://www.eyesoflagos.com/2018/01/no-anointed-winner-for-9mobile.html

The Nigerian Communications Commission (NCC) has debunked media reports (not EYES OF LAGOS) that one of the five bidders seeking to acquire 9Mobile, Nigeria’s fourth largest mobile network which is indebted to some banks, is being preferred above others. The telecommunications regulator and the Central Bank of Nigeria (CBN) had last year appointed an interim Board and Management to run the affairs of the mobile network pending the conclusion of the sale of the network to a new owner. This follows the abdication of the company’s equity by its majority shareholders, Etisalat International and Mubadala of United Arab Emirates (UAE). A statement issued yesterday by Tony Ojobo, Director, Public Affairs, NCC while providing a clarification on the process for the transfer of ownership said Barclays Africa remains in full control of the process leading to the emergence of a new owner for the company. The final five bidding entities are Airtel, Globacom, Smile Communications, Helios, and Teleology Holdings Limited “Barclays has not authorized any publication on the matter and is obliged to maintain full confidentiality thereon” he said. According to Ojobo, “an approval of the request for extension of time by the 9Mobile Interim Board was given by the two regulators – NCC and CBN. This set the deadline for the receipt of binding offers from the prospective bidders till 16th January 2018. “Contrary to speculations that a “winner” will be announced on the same day (i.e. 16th of January 2018) we wish to clarify that Barclays is expected to review the bids received by the deadline and to make recommendations to the 9Mobile Interim Board thereafter. The NCC and CBN will be duly notified once the 9Mobile Interim Board accepts Barclays’ recommendations and a winning bid is determined in accordance with the terms of the exercise,” he said. The NCC spokesman added that the winner will now apply to NCC in order to commence the processes for securing the regulatory approvals from the Board of the NCC necessary to give full effect to the transfer. “We trust that the foregoing sufficiently clarifies the position of the transaction and that it lays to rest any apprehensions regarding the unfounded media publications on the sale,” added. Earlier, no less than 16 firms expressed interest and filed bids with Barclays, 9mobile’s financial advisor. They include MTN, Ntel (former NITEL), Virgin Mobile from the United Kingdom and Vodacom of South Africa. The rest include BUA Group, Morning Side Capital Partners, Obot Etiebet & Co, Blackstone Private Equity, and Hamilton and George International Limited.

BITCOIN CRASH: CBN CAUTIONS IN VIRTUAL CURRENCIES TRADING STANDS
Source: http://www.eyesoflagos.com/2018/01/bitcoin-crash-cbn-cautions-in-virtual.html?m=1


In January 2017, the Central Bank of Nigeria (CBN) warned Nigerians and financial institutions to stay away from virtual currencies that have attracted investment in payments infrastructure that provides new methods for transmitting value over the internet. The CBN had reiterated that virtual currencies such as Bitcoin, Ripples, Monero, Litecoin, Degecoin, OneCoin among similar products are not legal lenders in Nigeria, thus any financial institution that transacts in such businesses does so at its own risk. As at the time of writing this report, bitcoin, a world known cryptocurrency, has continued to crash as investors globally are getting their fingers burnt. After the bitcoin craze rose to a near-fever pitch in 2017, several investors and analysts this year are predicting more growing pains for cryptocurrencies over surge in speculations and governments placing ban. Interestedly, as bitcoin price has stagnated in the last two weeks, smaller digital currencies such as Ripple, Stellar and Tron have surged into the ranks of the largest cryptocurrencies by market capitalization. Bitcoin saw its highest value before the Christmas holidays when it reached the staggering price of just below $20,000 but valued at $14,815.88 as at last week, according to CoinDesk. Checks by Eyes Of Lagos revealed that one bitcoin equals an estimated N6 million as at January 5, 2018 as more Nigerian youths on MMM are taking interest in investing in virtual currencies, bitcoin specifically. Financial experts have joined regulating bodies to discourage investors to buy and trade with bitcoin due to its incredible volatility.
Most of them are of the opinion it is a bubble ready to burst this year. They expressed that as governments tighten their grip, bitcoin prices will most likely fall, and perhaps collapse, though the timing is impossible to judge. Bitcoin seems too prone to illicit use and too vulnerable to government regulation to survive for the long term. They hinted that, “contrary to the attestation of its proponents, bitcoin contains several flaws that foretell its eventual doom. “The crux of his argument is that once central banks begin to view bitcoin as a credible threat, governments will declare war on cryptocurrency and suppress it out of existence through hostile regulatory policies.” One of the most highly-regarded economists in the US said that he believes the bitcoin price is in a bubble and will “likely burst” over the long-term, even if it continues to appreciate in the short-term. Last year, Nigeria key market regulating bodies, CBN, Securities and Exchange Commission (SEC) and Nigeria Deposit Insurance Corporation (NDIC) were increasingly vocal in warning investors about the risks of cryptocurrencies.
For instance, the CBN said virtual currencies are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions. The director, financial policy and regulation department, CBN, Mr. Kevin Amugo in a signed document said, transactions in virtual currency are largely untraceable and anonymous making them susceptible to abuse by criminals, especially in money laundering and financing of terrorism. “Virtual currencies are traded in exchange platforms that are unregulated, all over the world. Consumers may there lose their money without any legal redress in the event these exchangers collapse or close businesses. The attention of bank and other financial institutions is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN,” the statement read. According to him, actions that needs to be taken by financial institutions include: “ensure that you do not use, hold, trade and/or transact in any way in virtual currencies. Ensure that existing customers that are virtual currency exchangers have effective capital AML/CFT controls that enable them to comply with customer identification, verification and transfer, monitoring requirements. “Where banks or other financial institutions are not satisfied with the controls put in place by the virtual currency exchanger/customers, the relationship should be discontinued immediately. Any suspicious transactions by these customers should immediately be reported to the Nigerian Finance Intelligence Unit (NFIU).” The apex bank said anyone trading in bitcoin is doing so at his or her own risk. Bitcoin was the best performing currency last year. It has appreciated from four cents in 2010 to over $19,000 in 2017. On January 8, 2017 when MMM Nigeria announced its planned comeback, it introduced bitcoin as a mode of payment.
Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira. However, the new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin. “Due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system,” MMM said. “So far, we have only had Mavro-Naira in the System. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Nigerian Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO. “It was the naira amount that grew. In other words you received 30 per cent a month specifically in the naira (not in Bitcoins, although you originally provided help using Bitcoins). Now, you have a chance to have 30 per cent growth of the Bitcoin amount, not the naira amount.
“So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30 per cent monthly growth rate. In a month not only 30 per cent will be added to your initial amount, but it can increase itself due to Bitcoin price growth,” MMS said then. However, Deputy Director, banking and Payments System, CBN, Mr. Musa Itopa-Jimoh had explained that apex bank has never wanted to stop bitcoin usage in Nigeria. According to him, “We have never been issuing authority for bitcoin. It’s not our currency. We neither control nor issue bitcoin. What we do is only cautioning Nigerians.” He also added that if Nigerians really participated in cryptocurrencies, they cannot come to the CBN for consumer protection because CBN cannot control bitcoin. “Plenty of people just misinterpreted the fact that we desired to bring bitcoin to an end. We can never stop bitcoin. Bitcoin is not an invention of 2016. So, how can the Central Bank of Nigeria, not central bank of the world, stop the running and implementation of bitcoin?” he said. Moreover, he emphasized the fact that all the CBN has been merely doing is sensitising Nigerians when either investing in digital currencies or dealing with them since the CBN has no abilities to control over any virtual money.

2018 BUDGET: FG PLANS GROUP LIFE INSURANCE FOR WORKERS



The federal government has made budgetary provision to the tune of N5.4 billion as 2018 Group Life Insurance cover for its 89,000 workforce, in the 2018 national budget currently before the National Assembly (NASS), Eyes Of Lagos can exclusively reveal.

To this end, all government workers who die or suffer accident in active service will have access to group life insurance claims as soon as it is activated in the second quarter of the year. Group life insurance is a cover undertaken by the federal government through the Office of Head of Civil Service of the Federation on behalf of its federal civil servants for their protection against unforeseen circumstances, such as death and disabilities associated with industrial hazards while in active service.

However, the workers may have to wait till around August, 2018 after the legislators must have passed the budget and necessary appropriation made to become functional. However, Eyes Of Lagos investigation revealed that selection process for the underwriters and brokers interested in writing the group cover would begin in the coming weeks, while about 20 to 21 insurance companies and about 100 insurance brokers would be finally selected to underwrite the 2018 group life cover of its civil servants spread across the federation. Section 4 (5) of the Pension Reform Act(PRA) 2014 states that “every employer(FG) shall maintain a group life insurance policy in favour of each employee for a minimum of three times the annual total emolument of the employee and premium shall be paid not later than the date of commencement.”

Meanwhile, investigation revealed that the federal government is still owing about N2.1 billion amounting to 38 per cent as outstanding premium for 2017 Group Life Cover of its workers across the country. A source however disclosed that there are skeletal arrangement ongoing to pay the 2017 outstanding premium balance to the 20 insurance companies concerned. Eyes Of Lagos had reported that the federal government had earlier paid 62 per cent of the 2017 group life premium of its workers amounting to N3.3 billion from the total premium of N5.4 billion, leaving an outstanding of N2.1 billion.

Confirming the development, managing director, Lectern Insurance Brokers, Mr. Tunde Oguntade, said the federal government has paid about 62 per cent of the 2017 premium, but yet to pay the remaining 38 per cent, adding that the policy life span is between December 2016 to November 2017.

He stressed that even though the federal government arranged this insurance contract through the Office of Head of Civil Service of the Federation in August 2016, the government only paid 42 per cent of the required premium in December 2016, paid about 20 per cent in August, 2017 saying, because of the ‘No Premium, No Cover’ provision, insurers only activated the cover when premium was paid in December 2016. “62 per cent of the premium has been paid, but the remaining 38 per cent has not been paid.

The policy was supposed to start in August, but the premium was not paid until December, 2016 and insurance operators implemented the no premium no cover, so, it starts counting from December,” he pointed out. To this end, civil servants were not insured from August to November 2016 due to non-payment of the required premium.

The Permanent Secretary (Common Services Office) in the Office of Head of Civil Service of the Federation (OHSF), Mr. Yemi Adelakun, had, last year, said: “It (premium) is usually N5.4 billion annually for civil servants. That’s the figure and that had been recurring for the last three or four years.” “For this current one (2017), I think we shortlisted 21 insurance companies and Bureau of Public Procurement (BPP) gave us certificate of no objection for 20. And we can only work with those approved by the BPP and that approval has been confirmed by Mr. President,” he added.


Source:
http://www.eyesoflagos.com/2018/01/2018-budget-fg-plans-group-life.html?m=1

WORLD BANK HAILS OYO ON SCHOOL CENSUS REPORT
Source: http://www.eyesoflagos.com/2017/12/world-bank-hails-oyo-on-school-census.html?m=1


The World Bank has lauded the Oyo State Government on the 2016/2017 Annual School Census report.

Eyes Of Lagos gathered that, The Bank’s representative in Nigeria, Mr. Tunde Adekola who gave the recommendation on Thursday during a presentation of the report to the key-stakeholders in the state said, “Oyo State has better educational services for all.”

According to him, the report will help in appropriating resources and making appropriate decisions base on available data to enhance efficiency.

He said this was the acceptable practice world over pointing out that an exercise like this, “will improve on educational standard and efficiency of the state’s educational system.

“Available data in this report can be used as tools for policy dialogue. This will help the policy makers like governors, commissioners to make appropriate decisions that can improve the state’s educational development.”

The state Commissioner for Education, Science and Technology, Professor Adeniyi Olowofela said the report will assist education stakeholders in the state in the area of education development and planning.

“We will give the PDF of this report to ICT centres and make it available online to everyone. As the results of our giant stride in education, we have been invited in London to give account of our excellent performance in education”, the commissioner said.

Also speaking, the Director, Planning, Research and Statistics, Mrs. Aminat Atere explained that, “this document today resulted from several activities which included planning meetings of heads of education sectors with UNICEF officials, training of enumerators, supervisors and coordinators, field work involving administration and retrieval of information, annual validation of the raw data then inputting of data into the Education Management Information System (EMIS) server through a network system of computers using designated software.

“The inputted data was then cleaned, an interim report was generated and presented to the stakeholders for comments and adoption.”

DPR DISPENSES 57,000 LITRES FREE TO MOTORISTS
Source: http://www.eyesoflagos.com/2017/12/dpr-dispenses-57000-litres-free-to.html?m=1

A team of officials from Department of Petroleum Resources (DPR) Nigerian National Petroleum Corporation (NNPC) and security agencies on Thursday dispensed 57,000 litres of petrol free to motorists in Abuja.
Mr Umar Ajiya, the managing director, Nigerian Product Marketing Company, NPMC, also known as PPMC, had on Dec. 13, warned petrol profiteers to desist or face losing their products.
The team, which was on its fifth day of monitoring, got more information from anonymous Nigerians and made good on its promise to give out petrol free from any filling station that sold above the N145 approved cap.
The first station visited by the team on Thursday was Mcmanakai Global Services in Bassa, a village in Abuja airport, which had 39,000 litres of petrol, while the handlers of the second station absconded when they learnt of the presence of the team.
The team also visited a third petrol station also in Bassa, FCT, where it sealed
Enesi Petroleum because the facility was selling a mixture of petrol and kerosene to unsuspecting motorists.
It had 9,750 litres of petrol and 4,750 litres of kerosene.
Another unidentified filling station in Soka, FCT, which was selling at N240, had
18,000 litres of petrol that was dispensed free to motorists on queue.
At Mcmanakai petrol station, the NNPC Group Managing Director, Dr Maikanti Baru, told newsmen that “DPR and Civil Defence identified this station on Wednesday as an illegal, unregistered station.
“The station has products and is selling above the 145 cap. DPR stopped the managers from selling at that rate on Wednesday but the handlers resumed selling at N245 today (Thursday).
“So, the same punishment we meted out to other stations would be done
here and elsewhere found to be doing same.
He assured that trucks of petrol coming into Abuja and other cities had been increased to ensure that with 24-hour operations, the queues disappeared by weekend.
The Abuja Zonal Operations Controller of DPR, Mr Mohammed Abba, told newsmen, that “we received information about illegal activities of petrol stations from good Samaritans, otherwise we may not know the existence of some of these filling stations.
Meanwhile, director, Department of Petroleum Resources [DPR] , Mr. Mordecai Ladan has extolled NIPCO Plc for its role ensuring the smooth distribution of premium motor spirit (PMS) otherwise known as petrol from its depots since the resurgence of petrol scarcity across the country.
Ladan disclosed this while on an unscheduled visit to NIPCO terminal at Apapa in Lagos on Wednesday. He said he was impressed with the load out and the assurances by the company’s management on hitch free product loading as supplies from Nigeria National Petroleum Corporation [NNPC] improves significantly.
He stated that the team was on tour of depots to ascertain the availability of stocks in the depots. He gave assurance that the current product scarcity would ease in a matter of days and that stakeholders would heave a sigh of relief very soon stressing that since NNPC has addressed the supply side of the problem and with the corresponding support of depot operators, there is high hope of normalcy in products availability at the stations.
He however emphasized that with supply being addressed the next line of action is to ensure that marketers don’t exploit motorist by selling above the approved product pump price of N145 per litre.
The duo of NIPCO’s Chief Operating Officer (COO), Mr. Suresh Kumar alongside Chief Corporate Affairs Manager (CCAM), Lawal Taofeek where on ground to receive the DPR team.
Earlier, Taofeek had informed the visitors that the company has a total stock of 17,000 MT which approximates about 23million liters courtesy of the supply of NNPC via Apapa jetty on Wednesday.
He noted that since the scarcity resurfaced last week, NNPC has being fair to the company through consistent supply to enable uninterrupted supply to filling stations across the country stressing that this has led to massive trucking of petrol .
Mr Lawal also appreciated the support of NNPC and its subsidiary, Nigeria Petroleum Marketing Company (NPMC) who aside from the new consignment of 17,000 MT which the company received has given assurances of another supply within the next three days adding that this would definitely gladdens the heart of marketers across the nation.
Responding to the fears of DPR team on the adherence of N145 per liter at stations, Lawal informed that long before the scarcity NIPCO has put in place a monitoring team that pays an unscheduled visit to its stations to ensure compliance to approved selling rate for petrol.

NIGERIA RISKS LOSING N136BN GAIN OF TRANSIT CARGOES
source: http://www.eyesoflagos.com/2017/12/nigeria-risks-losing-n136bn-gain-of.html

Nigeria’s early gains of reclaiming about N136 billion transit cargoes from neighbouring countries like Togo and Benin Republic may be eroded as the port of Cotonou has signed a management agreement with Antwerp Port to manage and modernize its port.
Stakeholders in the nation’s maritime industry said the move could be detrimental to the nation’s maritime trade as it is coming on the heels of more than 60% loss of Nigeria-bound cargoes to Cotonou Port largely due to high Customs duties and poor clearing processes at Nigerian ports.
Transit cargoes are cargoes meant for landlocked countries like Chad and Niger Republic which have no access to the sea.
Recall that Eyes Of Lagos had reported that the Nigerian Shippers’ Council (NSC) earlier in the year began moves to attract back cargo movement through Nigerian ports so that the country could earn the necessary income.
The government is losing revenues due to congestion and poor evacuation of cargoes. The evacuation challenges were caused by the poor management of traffic both inside and outside the Tin-Can and Lagos Port Complex.
Demurrage accrued by importers due to state of the port access roads that makes containers spend between five to seven days before accessing and exiting the seaport would further make Port of Cotonou attractive to Nigerian importers and Shippers from land locked countries.
Confirming the imminent loss of Nigeria bound cargoes and transit cargoes to Benin Republic, the President, Shippers Association of Lagos State (SALS), Rev. Jonathan Nicol said with the agreement, the port of Cotonou would be more efficient than Nigerian seaports.
According to him, the efficiency of the Port of Cotonou would make it attractive to Nigerian bound and transit cargoes at the detriment of Nigerian seaports. “Antwerp is very efficient and since we have government that doesn’t listen and they think it is whatever they want to do that they do, we in the shippers association wish them well.
“If the Port of Rotadam handles Cotonou port, it will create more avenue for patronage from both West and Central sub-region. So, it might even take over transit cargoes from Nigeria port and that will be a tragedy for us even when we tell our people they will not listen so we are getting skeptical to advise government,” Nicol said.
Recall that Niger shares about 1,500 kilometres of boundary with Nigeria, and with a coastline of about 800 kilometres, Nigerian ports remain the natural gateway for Niger and Chad’s access to the sea. Nigerian ports are also nearer to Jibiya (a border town between both countries) than Togo, Benin Republic or Ghana; while Ghana to Niger is about 3,400 kilometres, Lagos to Jibiya in Niger is just 1,300 kilometres.
But, the countries have complained about inefficiencies of the Nigerian Ports and cost of doing business which had earlier made them abandoned Nigerian ports. They have complained of high container deposit by shipping companies which is eating deep into the profit margins of the shippers, delay at the border and high charges by terminal operators. The delay at the border is another challenge.

INVESTORS DUMP 40% STOCKS OVER POOR CORPORATE GOVERNANCE
source : http://www.eyesoflagos.com/2017/12/investors-dump-40-stocks-over-poor.html

Amid domestic and global macro-economic challenges, investors on the Nigeria Stock Exchange (NSE) in 2017 deserted nearly 40 per cent stocks over poor corporate governance policy and poor performance on the bourse.
Eyes Of Lagos investigations revealed that, while some stocks deprecated in prices, these 40 per cent stocks were not traded, remaining at the same price for the second consecutive year.
‎It was learnt that Investors dumped stocks in the Information Processing companies, including Chams Plc, E-Tranzact International Plc, Courteville Investments Plc, Media/Entertainment, Daar Communications and Other Financial Institutions, Deap Capital Management & Trust Plc.
Since becoming moribund, investors have decided not to trade Dunlop (Nigeria) Plc and FTN Cocoa Processors Plc. Others are Evans Medical Plc, Omatek Ventures Plc, Premier Paints Plc and R. T. BRICOE (NIG.) Plc, among others.
Although NSE has over 170 stocks, investigation revealed that nearly 60 stocks remained flat between 2016 and 2017.
The banking stocks in 2017 benefited from the Central Bank of Nigeria (CBN) foreign exchange interventions and stable growth in global oil prices, while the Industrial companies also reaped earnings from federal government spending on infrastructures.
Investors on the Stock Market in 2017 gained 43.34 per cent of their investments given the growth in NSE All-Share Index (ASI) that has appreciated to 38,522.14 basis points in 2017 from 26,874.62 basis points it opened this year.
The market growth has been driven by surge trading on some blue chip companies, including Dangote Cement Plc, Nestle Nigeria Plc, Guaranty Trust Bank Plc, Zenith Bank Plc and Presco Plc.
For instance, the price of Dangote Cement appreciated by 37.9 per cent or N66.00 to close last week at N240, while Nestle Nigeria price has added 82 per cent or N665 to close at N1,475.00 per share.
Prices of the likes of Guaranty Trust Bank and Zenith Bank have gained 63 per cent or 72.9 per cent to close at N40.50 and N25.50 respectively.
A total of four, out of eight stocks on NSE ASeM Index, remained flat in 2017 as most companies struggled to grow earnings and expand businesses. The four companies whose prices remained unchanged are Afrik Pharmaceuticals Plc, Anino International Plc, Capital Oil Plc and Juli Plc.
The NSE Insurance Index might have gained 9.99 per cent this year but the growth has been driven by majorly two insurance companies out of the 20 listed insurance companies on the Exchange.
Two stocks that have been driven by the NSE Insurance Index are AxaMansard Insurance Plc and N.E.M Insurance Co. (Nig) Plc.
Over 18 Insurance stocks were dumped by investors, as their prices remained flat (N0.50) for the second consecutive year. Prices of companies like Cornerstone Insurance Plc, Equity Assurance Plc, Great Nigeria Insurance Plc, Goldlink Insurance Plc, Guinea Insurance Plc, Consolidated Hallmark Insurance Plc, Lasaco Assurance Plc, Mutual Benefit Assurance Plc, Niger Insurance Co. Plc., Prestige Assurance Plc, and Regency Alliance Insurance Company Plc remained flat.
Others are Royal Exchange Assurance Plc, Sovereign Trust Insurance Plc, Standard Trust Assurance Plc, Standard Alliance Insurance Plc, Unic Insurance Plc, Unity Kapital Assurance Plc and Universal Insurance Company Plc. They closed for the second consecutive year at N0.50 per share.
Weak earnings stocks thus witnessed profit-taking this year as investors continued to trade with caution not to lose their investment.
The Managing Director of APT Securities Limited, Mr. Garba Kurfi explained to LEADERSHIP that investors in the capital market are wiser with their investment, noting that investors are interested in performance of listed stocks.
He said, “The present growth in the capital market is driven by foreign investors that do not trade in penny stocks. Foreign investors’ trade stocks with impressive fundamentals but if a stock proves to have fundamental, they trade those stocks.
“Take for instance, C & I Leasing was trading as low as N0.50 but today, C & I has risen to N1.32. The company has delivered good turnover and good performance. Investors in the capital market are wiser now and it takes only one performance to grow a particular stock

GEORGE WEAH: EX-FOOTBALL STAR WHO COULD BE LIBERIA’S NEXT LEADER
source: http://www.eyesoflagos.com/2017/12/george-weah-ex-football-star-who-could.html

George Weah emerged from Liberia’s slums to become a superstar footballer in the 1990s, and has leveraged his status as a revered figure among the country’s young and poor in his second run for the presidency.
Weah faces Vice President Joseph Boakai in Tuesday’s presidential run-off, the culmination of 12 years spent building political credibility to match his huge popularity.
SIRLEAF
“You know I’ve been in competitions — tough ones too and I came out victorious. So I know Boakai cannot defeat me,” Weah said ahead of the vote. “I have the people on my side.”
The first African player to win both FIFA’s World Player of the Year trophy and the Ballon d’Or, Weah was largely absent from Liberia during the 1989-2003 civil war period, playing for a string of top-flight European teams including Paris Saint-Germain and AC Milan.
After running unsuccessfully for the presidency in 2005, when he was defeated by President Ellen Johnson Sirleaf, Weah says he has “gained experience” since becoming a senator in 2014.
Another fruitless run for the vice-presidency on the ticket of presidential candidate Winston Tubman in 2011 brought him to further prominence among the nation’s voters, many of whom say this time it is “Weah’s turn”.
Weah, 51, has put education, job creation and infrastructure at the centre of his platform — in line with Boakai — and won 38.4 percent of votes in the first round election on October 10, while Boakai came second with 28.8 percent.
‘HUMBLE’
Younger voters overwhelmingly favour Weah, who is idolised in his country as “Mister George”.
A member of the Kru ethnic group, Weah was raised by his grandmother on a reclaimed swamp in one of the worst slums of the capital Monrovia.
“Grassroots citizens identify with George Weah, considering that he is close to their day-to-day experience,” explained Ibrahim Al-Bakri Nyei, a Liberian political analyst at London’s School of Oriental and African Studies (SOAS).
His critics say the high school dropout, who later completed a degree, is unprepared to lead a country.
“George Weah is a good, humble and respectful person that should not be given the Liberian presidency, because he is being controlled by an evil hand,” said Benoni Urey, a losing presidential candidate who switched his allegiance to Boakai.
Urey and others say Weah is being manipulated by Sirleaf so she can continue to push an agenda when she steps down after 12 years in power.
CRITICS
But many voters see a poor boy from the slums who made good against the odds.
“I believe that whenever we give him a chance, he will be able to give a better Liberia to the youth and the homeless,” Andrew Janjay Johnson, a shoeshiner in a Monrovia market, told AFP.
Critics also accuse Weah’s Coalition for Democratic Change (CDC) of having too vague a political platform, and have challenged his long absences from the senate since being elected in a race he won over Sirleaf’s son.
Weah has also fended off barbs over his vice-presidential pick, Jewel Howard-Taylor, the ex-wife of jailed former president and warlord Charles Taylor.
Howard-Taylor however is also a respected senator in her own right, bringing him important votes in the key county of Bong, and along with Sirleaf is one of few powerful women in Liberian public life.
Weah is married to Clar Weah, and his son, Timothy, signed a professional football contract with Paris Saint-Germain in July.

65% OF APC POLITICAL APPOINTMENTS ALLOCATED TO THE YOUTH – GOVERNOR MASARI
source: http://www.eyesoflagos.com/2017/12/65-of-apc-political-appointments.html

Aminu Masari, Katsina state governor, says 65 percent of the political appointments made by the All Progressives Congress (APC) “were allocated to the youth”.
Masari made the statement in an interview on Monday.
He said the APC aims to reposition Nigeria by creating leaders that would champion the positive cause of the nation.
“About 65 percent of our political appointments were allocated to the youth,” he was quoted as saying.
According to the reports gathered by Eyes Of Lagos, The governor also described the recent defection of former Vice-President Atiku Abubakar as an exercise in futility.
He said Atiku’s defection would not in anyway affect the electoral success of the APC.
Masari said the “era of do or die politics was over as individual character and his performance speak for him in a political warfare, not unnecessary pride and display of wealth”.
He said APC in the state and federal levels would not be deterred by elitist tendencies, adding that “we are set to receive more defectors into the party by next year as many influential members of the opposition would be joining us soon”.
He said the party was willing and ready to accept and accommodate any individual who sought to defect into its fold, stressing politics was a game of number.
He said his administration had, in the last two years, constructed many roads, schools, hospitals and intensified efforts on security in the state.

GOVERNOR BELLO UNVEILS KOGI RICE, INAUGURATES AGRIC EQUIPMENT
source: http://www.eyesoflagos.com/2017/12/governor-bello-unveils-kogi-rice.html

Kogi State governor, Alhaji Yahaya Bello, yesterday unveiled the state’s branded rice called Confluence Rice.
The governor also warned local government administrators and political office holders against diversion of agricultural equipment for personal use.
Bello, who gave the warning in Lokoja, while commissioning agricultural equipment worth several millions of naira and unveiling the Confluence Rice, said the procurement of the equipment was aimed at enhancing agricultural production in the state.
The governor said his administration will deal decisively with anyone engaging in act that could hinder the real farmers from gaining access to the equipment.
“I will not take it lightly with any administrator of local government who interfere with the management and control of the tractors. The main objective of procuring the tractors is to assist the farmers in the local government to enhance their production. Government will not condone any attempt to divert the tractors”, he said.
According to the reports gathered by Eyes Of Lagos, He pointed out that aside the engagement of Public Private Partnership (PPP) in the sector, his administration will continue to assist local farmers and youth who are willing to earn a living through agriculture.
He said, with the move, Kogi State has joined the league of rice producing states that are striving to make the country achieve food sufficiency.
Also speaking when he unveiled the rice, Bello said the agricultural revolution that led to the production of the Confluence Rice was in line with the economic diversification agenda of President Muhammadu Buhari’s administration.
According to him, the agricultural policy of the federal government that the state had been implementing has given the state the capacity to produce good quantity of rice that will be enough to feed the entire country.
Bello noted that an important measure that had helped Nigeria out of the mess the past administration left for the country was the decision to be self-sufficient in food production.
He stressed that the Peoples Democratic Party (PDP) government, which handed over power to President Buhari, mismanaged the economy to recession.
Earlier, the state Commissioner for Agriculture Mr Kehinde Oloruntoba disclosed that the current administration has done a lot to key into the agricultural programme of President Buhari as a way of diversifying the nation’s economy from oil.
He noted the the establishment of 50 tonnes capacity per day of rice mill in Omi, Yagba West local government area of the state will enhance rice production and place Kogi state among the leading rice producers in the country.
Oloruntoba further disclosed that the state has been selected by the federal government as one of the six states that will benefit from National Egg production programme through poultry farming.
He added that 135 people from the state will benefit from the N4.2 million that will be given to each farmer to kick start the programme.
The agricultural equipment commissioned yesterday include 40 tractors, 40 ridgers, 40 harrows, 40 ploughs and 1500 power tillers.
Others are 10 boom sprayers, 10 combined harvestors and 10 planters, which will be distributed to farmers free, except tractors that will be managed by farm instructors in the local government area of the state.

WE EXPECT FUEL QUEUES TO BE ELIMINATED IN A FEW DAYS – VP YEMI OSINBAJO
source: http://www.eyesoflagos.com/2017/12/we-expect-fuel-queues-to-be-eliminated.html

Vice-President Yemi Osinbajo says he expects the fuel queues to be over within the next few days.
Osinbajo said this after holding a meeting with some major oil marketers in Lagos state.
Although details of the meeting were not revealed, Osinbajo said government would continue to engage marketers to ensure that “this sad episode is not repeated”.
“Held a meeting with the major Oil marketers this morning. Within the next few days, we expect the fuel queues to be eliminated,” Osinbajo tweeted
“We will continue to engage the marketers so this sad episode is not repeated.”
Osinbajo had earlier paid surprise visits to Oando filling station in Lekki and Hayden Petrol station, Victoria Island, lamenting the effect of the scarcity in a festive period.
“It’s such a shame that Christmas has been, to some extent, with this sort of discomfort,” Osinbajo had said.
“This is deeply regretted, and l know that, despite the resilience and strength of people in Lagos and the Nigerian people, we would see ourselves through this and will enjoy our Christmas and have a great new year.
“We will be able to solve the problem; the short period of scarcity is quite a bit of burden, but we know that so long as products are enough and the trucks coming out and feeding the stations, this will be over very soon.”
The scarcity has been on for over 10 days, with many passing the night at filling stations just to get fuel.
Government has blamed the situation on marketers.

EFCC ARRESTS FAKE INVESTIGATOR OVER ATTEMPT TO DEFRAUD GOVERNOR AL-MAKURA
source : http://www.eyesoflagos.com/2017/12/efcc-arrests-fake-investigator-over.html

The Economic and Financial Crimes Commission, EFCC, on Friday, arrested one Mohammed Momoh, a farmer, for attempting to defraud the governor of Nasarawa State, Umaru Tanko Al-Makura.
Eyes Of Lagos gathered that, The suspect while posing as a “Private investigator from the Villa“ had approached the wife of the governor with a proposition to help stop a purported investigation of two accounts belonging to the governor, by the EFCC.
He claimed he came across information regarding the two accounts that had been under investigation since 2011 and also intercepted mails and gotten wind of investigation report purportedly sent to First Bank by the EFCC.
The suspect had requested for N8 million but was offered N6 million. Suspicious about the proposal, the governor’s family contacted the Commission and were asked to play along with the suspect. The suspect was arrested in a sting operation after he collected marked N2 million.
The suspect is presently in custody and would be charged to court as soon as investigation is concluded.
In a related development, a serving Police Officer, Mohammed Nuhu Maina, has been arrested for impersonation. The suspect who claimed to be Assistant Superintendent of Police, ASP, attached to the Commission, had approached his victim with offer to help him recover his money, N21m; which is subject of investigation by the EFCC.
Maina allegedly collected several sums of money from his victim before he became suspicious.
The suspect called the victim on December 21, 2017 and demanded for more money.
The victim immediately contacted the EFCC and he was accompanied by operatives of the Commission who tracked Maina and arrested him opposite Rockview Hotel, close to the EFCC head office in Wuse 2, Abuja.
In the course of arrest, Maina was found with EFCC Vehicle Auction Certificates, EFCC Stickers, EFCC writing pads, amongst others.
Maina is currently in custody, assisting the investigation.
The EFCC has consistently warned members of the public to be wary of impostors who go about extorting unsuspecting members of the public.
The Commission again implored the public to report any solicitation for gratification either by genuine or fake EFCC operatives to the nearest office of the Commission or police station.

INNOSON: COURT STRIKES OUT SUIT AGAINST EFCC
source : http://www.eyesoflagos.com/2017/12/innoson-court-strikes-out-suit-against.html


A Federal High Court in Lagos yesterday struck out a fundamental rights enforcement suit filed by Innoson Nigeria Ltd and its chief executive officer/managing director, Innocent Chukwuma, against the Economic and Financial Crimes Commission (EFCC) and five other respondents.
Eyes Of Lagos gathered that, The presiding judge, Justice Hadizat Rabiu-Shagari, struck out the suit after it was withdrawn by the applicants.
In the ex-parte application filed before the court, the businessman had dragged the Attorney-General of the Federation (AGF), Inspector-General of Police (IGP) Nigeria Police Force, and Guaranty Trust Bank (GTB) before the court, seeking the enforcement of his rights.
The suit had earlier come up for mention on Thursday but it was adjourned till yesterday because of the controversy generated by the appearance of one of the respondents.
During yesterday’s proceedings, the lawyer to GTB, Adebowale Kamoru, while citing several Supreme Court authorities, insisted that GTB must be heard in the ex-parte application.
The lawyer’s submission was strongly opposed by the lawyer to Innoson Nigeria Ltd and Mr. Innocent Chukwuma.
The presiding judge, Justice Hadizat Rabiu-Shagari, had to adjourn the suit till yesterday as both parties were unable to reach a concession on the matter.
At the resumed hearing of the application yesterday, Innoson’s lawyer, Professor MacCharty Mbaduagha, told the court of his clients’ intention to withdraw the suit due to the filing of a counter affidavit by the sixth respondent, GTB.
Innoson lawyer said: “Given the development as at yesterday, we filed a motion ex-parte on December 20, 2017; we did not serve the processes on any of the respondents.
“Yesterday, the sixth respondent was represented on ex-parte application. Counsel made submission and informed the courtyard that the sixth defendant had indeed filed a counter to the ex-parte application.
“We brought this to the notice of our client and he instructed us to withdraw it, and find out why due process was not followed in the circumstance.
“We duly and humbly apply to withdraw the suit”.
In response, GTB lawyer, Adebowale Kamoru, said they were not opposing the withdrawal of the suit.
He, however, stated that they would await the applicants’ investigation into how his clients got to know about the suit.
Ruling on the application, Justice Rabiu-Shagari granted Innoson’s request.
“In view of the application of the applicants’ counsel, the application is hereby struck out,” she ruled.

VIDEO OF NNPC FUEL STATION ON FIRE AT ADURA BUS STOP ABEOKUTA EXPRESSWAY
source: http://www.eyesoflagos.com/2017/12/nnpc-fuel-station-on-fire-at-adura-bus.html


Watch Video here


https://www.youtube.com/watch?v=rJlDG7Y0c0c

more pics

cc: lalasticalala ,mynd44

LAGOS CITY BE READY TO PARTY WITH THE NOOK ALL STARS CHRISTMAS CALLS WHITE AND RED @THENOOKLAGOS @ZPRECORDS
SOURCE: http://www.eyesoflagos.com/2017/12/lagos-city-be-ready-to-party-with-nook.html

Lagos city be ready to party with THE NOOK all stars Christmas calls white and red. come party with ur favorite celebrities Nigeria Dj's, OAPs, Nollywood actors and actress's on the 22nd of December this Friday at the Nook 23b Fola Osibo street Lekki phase 1 Lagos. Time 10pm promt Power by The Nook, ZP records for bookings email us on info@thenook.ng or call 08170000417 it the Nook hotel Christmas party


https://www.youtube.com/watch?v=lRtbvOsfNGM

MORE THAN I5,000 LAGOS RETIREES GET N66.5BN ACCRUED PENSION RIGHTS

A total of 15,709 retirees from the Lagos State civil service have been paid N66.5 billion as their accrued pension rights since the commencement of the Retirement Benefit Bond Certificate Presentations in 2010.

Eyes Of Lagos gathered that, Disclosing this at the 46th Retirement Benefits Bond Certificate presentation ceremony in Ikeja, Lagos, yesterday, the Commissioner for Establishments, Training and Pension, Dr. Akintola Benson Oke, added that, from August, 2015 to December, 2017, the state government has paid accrued pension rights of N33 billion to 8,300 retirees. The accrued pension rights previously paid before the current administration (2010 to mid- 2015) amounts to N33, 645 billion to 7,409 retirees, he said.

Stating that the state government is committed to the regular contribution of the monthly deduction of 7.5 per cent from the salary of every employee and the payment of the employer’s 7.5 per cent contribution, he stressed that the total contributions remitted to the Pension Fund Administrators(PFAs) from April, 2007 to November 2017 now stands at N83 billion.

According to him, “the Lagos State Government’s funding of employees’ pension rights under the Contributory Pension Scheme in a period of 10 years is about N150 billion and today, the sum of N1 billion will be credited into the Retirement Savings Account(RSAs) of the 46th batch of retirees under the CPS.”

He promised that Lagos State Government through the Lagos State Pension Commission(LASPEC) will continue to ensure that public service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programmes, further and additional support and assistance that will add value to their lives in retirement.

Earlier, the Director General, LASPEC, Mrs. Folashade Onanuga, had disclosed that under the current administration in the state, 8,262 retirees have received their bond certificates adding that, the State, through the commission, has paid to 104 named beneficiaries of deceased employees in the Mainstream Civil Service, insurance benefit of N325 million from August 2015 till date.

This insured death benefit, according to her, is by law to be paid to named beneficiaries to alleviate the immediate needs of the family members.

From January, 2017, she stressed that the responsibility of payment of the insured death benefit has been ceded over to the insurance department of the Ministry of Finance.

Promising that the State Government, through her commission, will not rest on its oars until employees retire and get their accrued pension rights immediately they exit from the service, she pointed out that Lagos state is very resolute in forging ahead with the CPS which is one of the finest things democracy has bequeathed on Nigerian workers.

source : http://www.eyesoflagos.com/2017/12/more-than-i5000-lagos-retirees-get.html

FAAN SPEAKS ON BLACKOUT AT MURITALA MUHAMMED AIRPORT, IKEJA
source: http://www.eyesoflagos.com/2017/12/faan-speaks-on-blackout-at-muritala.html

After the electric blackout that lasted for hours at the domestic wing of the General Aviation Terminal of the Muritala Muhammed Airport, Ikeja, Lagos Mainland, it has been confirmed that power has been restored to the terminal, though the cause of the blackout still remains unknown.
Eyes Of Lagos gathered that, Monday, December 18, 2017, the Management of the Federal Airports Authority of Nigeria (FAAN) apologized to Nigerians for inconvenience caused following an electrical spark at the terminal.
The General Manager of Corporate Affairs, Mrs. Henrietta Yakubu while speaking to Newsmen, confirmed that the power has been fully restored to the Terminal and operations have continued as usual.
“We wish to inform the general public that a minor spark occurred at the Domestic wing of the General Aviation Terminal, Murtala Muhammed Airport at about 19:00hours, Monday, December 18, 2017.
“However, our team of engineers had since swung into action and power has been fully restored back to the Terminal and seamless operations have ensued.
“While assuring airport users of safety and security at our airports, FAAN wishes to apologize to passengers, airlines and the general public for the inconvenience caused by this interruption.” She said.

GENERAL T. Y DANJUMA DONATES HEALTH FACILITY TO TARABA COMMUNITY
source: http://www.eyesoflagos.com/2017/12/general-t-y-danjuma-donates-health.html

General T. Y. Danjuma has donated an ultramodern Maternity health facility to residents of Takum local government area of Taraba State to check the prevalence of child and maternal mortality in the state.
Danjuma, while commissioning the Rufkatu Danjuma Maternity in Takum yesterday said that he was alarmed by the World Health Organization (WHO) report that 140 women and 2, 000 children less than five years old die daily in Nigeria.
Danjuma, who described the Maternity as a “state-of-the-art modern facility, sustainable and specialised mother and child facility aimed at providing enhanced maternal and perinatal healthcare services”, said it would provide the needed services to Takum and surrounding communities.
He explained that the project was a partnership between T. Y. Danjuma foundation, Taraba State government and Development Africa who would also manage the facility subsequently.
“According to WHO, 140 women and 2000 children who are less than five years old die daily in Nigeria. This is not only alarming but also totally unacceptable. It was as a result of this development that I took the initiative to put this facility in place to contribute my quota in checking this ugly trend.
“I therefore urge all our people to take advantage of this facility to prevent unnecessary deaths and illnesses among women and children,” Danjuma said.
The state governor, Darius Ishaku, said “the project demonstrates the concern of Danjuma towards the wellbeing of the people especially the most vulnerable in the society and the state government is most pleased to identify and contribute towards this noble project”.
Ishaku, urged the people to take the facility as their personal facility that must be “guarded jealously against any form of threat”.
Meanwhile governor Darius Ishaku, has laid the foundation for Government International Model Secondary School Takum, to be built by the Victim Support Fund VSF, in Takum yesterday.
The executive director of the VSF Prof Sunday Ochoche, said that the citing of the programme was in recognition that the state was greatly affected by the Boko haram insurgency through massive influx of Internally Displaced Persons IDPs, thus over stretching the facilities in the state.
Ochoche, assured that the fund was committing 1.25 billion Naira to the project and is expected to be completed within eight months.
Gov. Ishaku, in his remarks said the school, when completed, would not only compliment the current reform his administration has embarked upon in the education sector, but would help to accommodate students with deficiency in their O’level exams by providing remedial studies to fast rack admission in to universities.
EYES OF LAGOS reports that the governor also commissioned 1×7.5MVA/33/11 KV injection substation, Takum, flagged off the Takum Chanchangi road construction, and other projects.

STAFF OF FEDERAL HOUSING AUTHORITY WORKERS BEGIN 3 DAYS WARNING STRIKE
source: http://www.eyesoflagos.com/2017/12/staff-of-federal-housing-authority.html

Staff of Federal Housing Authority (FHA) yesterday commenced a three-day warning strike to press home their demands for improved welfare.
The workers operating under the aegis of the Senior Staff Association of Statuary Corporation and Government Owned Companies (SSASCGOC) decried what they described as refusal of the management of the agency to conduct promotion exercise since 2011.
Eyes Of Lagos gathered that, General secretary of the union, Ayo Olarunfemi, while addressing journalists at the FHA headquarters in Abuja lamented the refusal of the agency to conduct promotion exercise since 2011 which has stalled career growth of workers from level seven and above.
He further alleged that staff of the Federal Housing Authority had been barred from enjoying national health insurance scheme by HMOs due to lack of remittance from the management.
“Some staff were denied tax clearance due to none remittance of tax deduction, same goes to the national housing fund. And more dangerous is the non-remittance of pension deduction,” the general secretary added.
Olarunfemi further lamented neglect and poor funding of the FHA. He said this has affected the agency from achieving its mandate of provision of affordable houses.
He also added that “right now houses are being built by various private property developers out of reach of common Nigerians. So where is the place of social housing? Recently workers were asked to buy a room and parlour at Igbogbo, a remote place in Ikorodu at the rate of N6.5 million”.
The general secretary said the issue of housing deficit in Nigeria is a serious business that cannot be buried on the graveyard of political insensitivity and buck passing.

2019: GROUP CANVASSES AMBODE’S SECOND TERM BID
source: http://www.eyesoflagos.com/2017/12/2019-group-canvasses-ambodes-second.html

A grassroots political support group known as Akin Ambode Support Group (AACG), geared towards the re-election of the incumbent Governor of Lagos State Akinwunmi Ambode for the second term, come 2019 has commenced the process of ensuring the realization of their political dream in the state.
The group disclosed their intent at a well-attended lecture, awards ceremony held in Lagos.
Eyes Of Lagos gathered that, Speaking at the event, Segun Olulade a member of the Lagos State House of Assembly, representing Epe constituency II and acting chairman House Committee on Health Services highlighted the feats achieved by Governor Akinwunmi Ambode, citing provision health, social amenities, road, golden jubilee bridge at Abule-Egba and Ajah, infrastructural development all around the state.
The lawmaker, who is vying for the membership of the Federal House of Representatives in the coming general election, opined that, “given Governor Akinwunmi Ambode’s unmatched achievements, a second term ticket guaranteed for him will surely bring about the actualization of the Mega/Smart City dreams of the State.
“In attest to the fact that having witness all this transformation within the space of 30 months of the Governor’s administration, he surely deserve a second term and we should all galvanize the needed support for that to come to fruition.
“I commend AACG for this lofty idea and would urge everyone present here to do the needful so as to ensure his re-emergence”. Olulade reiterated.
The AACG Coordinator General Mr. Akintunde Ambode while reading out the general congress communique, stated the resolve of the group to, “mobilize millions of our members to levy one another to raise funds and purchase the nomination form for Governor Ambode’s second term.
“We call on His Excellency, Mr. Akinwunmi Ambode to declare interest in the governorship race for the next administration of Lagos State, also that the good people of Lagos State earnestly request that Governor continue his good work for another term of four years.”

VETERAN PRODUCER OF THE ‘VILLAGE HEADMASTER’ PASSES ON
source: http://www.eyesoflagos.com/2017/12/veteran-producer-of-village-headmaster.html


Veteran filmmaker and former president of the Independent Television Producers of Nigeria (ITPAN), Chief Tunde Oloyede, has passed on at age 70.
It was learnt by EyesOf Lagos, that Late chief Tunde DIED today, December 18, 2017, at his residence in Festac, Lagos Mainland.
He was the producer of Nigerian Television Authority (NTA) popular television series ‘The Village Headmaster’ one of the longest running soap opera aired in Nigeria, from 1968-1988.
Until his death he was married to another veteran broadcaster Bimbo Oloyede.