List Of 41 Imported Items CBN Ban From Forex

The Central Bank of Nigeria (CBN) recently issue a directive stopping some imported goods and services from the list of items valid for forex in the Nigerian Foreign Exchange Markets. This policy implies is that, those who import these items can no longer buy foreign currency from the official window to pay the overseas suppliers. Rather, they will have to source forex from the parallel market or Bureau De Change to pay for their imports. The items include the following: Rice Cement Margarine Palm kernel/Palm oil products/vegetables oils Meat and processed meat products Vegetables and processed vegetable products Poultry chicken, eggs, turkey Private airplanes/jets Indian incense Tinned fish in sauce(Geisha)/sardines Cold rolled steel sheets Galvanized steel sheets Roofing sheets Wheelbarrows Head pans Metal boxes and containers Enamelware Steel drums Steel pipes Wire rods(deformed and not deformed) Iron rods and reinforcing bard Wire mesh Steel nails Security and razor wine Wood particle boards and panels Wood Fibre Boards and Panels Plywood boards and panels Wooden doors Toothpicks Glass and Glassware Kitchen utensils Tableware Tiles-vitrified and ceramic Textiles Woven fabrics Clothes Plastic and rubber products, polypropylene granules , cellophane wrappers Soap and cosmetics Tomatoes/tomato pastes Eurobond/foreign currency bond/ share purchases It is important to emphasize that the importation of these items are not prohibited or banned. It only means that importers of these items are no longer qualified to get foreign exchange from the CBN or the official market to buy these items from overseas. http://www.newsheadlines.com.ng/latest-business/2015/08/12/list-of-40-imported-items-cbn-ban-from-forex/

Unpaid Salaries: Osun Lawmakers Now Sweep Chambers

A Senior Advocate of Nigeria, Mr. Lanre Ogunlefe, says the non-payment of civil servants’ salaries in Osun State has degenerated to the extent that he even witnessed the Majority Leader of the House of Assembly sweeping the floor of the Assembly by himself because workers refused to come to work. Ogunlefe said this during a telephone interview with Channels Television on a programme titled Sunrise Daily while reacting to the petition written by Justice Folahanmi Oloyede against Governor Rauf Aregbesola which was dismissed by the Osun legislature. Oloyede, who is one of the only 12 judges in the entire state, had come under fire by the state government and the All Progressives Congress for writing a petition against the governor and had been accused of playing partisan politics. However, Ogunlefe, who is Oloyede’s lawyer, said the allegation of financial recklessness against Aregbesola were obvious and accused the lawmakers of doing a shoddy job. He said, “The House of Assembly consists of APC and PDP members. Only APC members constituted the ad hoc committee which investigated the matter. And in a House that has both the APC and the PDP, you would expect that some PDP members would be part of the committee. “They did not even want to grant us a hearing. They said the governor had responded and I said can we have a copy of the response but they refused give it to us. “They said we should provide evidence. The evidence is there. Projects are abandoned. Hospitals are closed. A very young boy of about seven was brought to the hospital and his arm was about to be amputated because he could not get anti-tetanus injection. “And when we got to the House, the Majority Leader was sweeping the floor of the House and trying to make the House conducive for the meeting. There were no workers there and I said how can a Majority Leader be sweeping the floor? Then a policeman said, ‘You know that workers are on strike.’” The senior advocate said it was unfortunate that nearly all the states in the country could not pay salaries including oil-rich states such as Bayelsa and Delta. He said governors would curb their excesses only when the immunity clause is removed from the constitution. In his response, the Chief Whip of the House, Mr. Oladoyin Bamisayemi, said the judge had no business writing the petition. He said he and other lawmakers in the Assembly had not been paid in eight months as well. He added that some of the lawmakers had to even rely on their wives for financial support. Bamisayemi, who was also a member of the seven-man committee that investigated the allegations levelled against Aregbesola, said, “Most of the governors cannot pay salaries I agree. But why are their own judges over there not raising dust? It is unfortunate. We feel the pains of the workers; however, it is not peculiar to Osun alone. “Our Assembly was inaugurated on July 2 and we have not been paid a penny. We have not even been able to pay for training for the new members. It will interest you to know that we are being owed seven months’ salaries of the previous Assembly. I am a second term lawmaker and I am owed seven months of the last dispensation. “The lawmakers that have left will have to come back to collect their money. So, we also have problems. We all try to eke out a living here and there, relying on our wives.” http://www.punchng.com/politics/unpaid-salaries-osun-lawmakers-now-sweep-chambers/

AIT Staff Beg Buhari To Intervene In Salary Crisis

AIT Staff Beg Buhari To Intervene In Salary Crisis

Some members of staff of the Africa Independent Television (AIT) in Kaduna state have called on the federal government to intervene in their salary crisis, Daily Trust reports. The workers claim that the management have refused to pay their salary and alleged that the non-payment of salaries was a deliberate action from the management. Daily Trust reports that one of the workers who pleaded anonymity claimed that the salary for August, 2014 was paid on Tuesday, August 11, 2015. He claimed that when the management paid any month’s salary, it would take another five months before another payment was made. “There has been no communication or excuse whatsoever from management for non-payment of staff salary. When they pay for one month, it will take about four to five months before another payment will be made,” “A lot of people have left the organisation due to this problem while more people are planning to leave; yet the management are not bothered. “We feel the non-payment is deliberate because the money is there but we are not been paid. “The non-payment is inflicting suffering on us because we have families that we cannot cater for, we find it difficult to feed, pay our children’s school fees, house rent and other utility bills,” He called on the Nigerian Union of journalist and the federal government to look into the matter as it was fast becoming unbearable. “We are really suffering and some of us cannot quit our jobs because there are no available jobs out there.” l

Diamond Bank CFO, Yinusa Resigns 

Diamond Bank has informed the Nigerian Stock Exchange that its Chief Financial Officer Abdulrahman Yinusa has resigned.

According to the press release the resignation becomes effective after his garden leave which commenced on Monday, August 3, 2015.

According to the Bank, Mr. Yinusa had indicated his intention to pursue other interests and opportunities, and the board has accepted his resignation and wishes him success in his future endeavours.

Diamond Bank share price has lost 38% in value in the last one year and lost 30% this year alone.
The company has been reporting weaker earnings quarter after quarters with loan impairments taking its toll.





.http://nairametrics.com/b-r-e-a-k-i-n-g-diamond-bank-cfo-resigns/

Recover Stolen Oil Money, Buhari Tells NNPC Boss

Recover Stolen Oil Money, Buhari Tells NNPC Boss 

A NEW helmsman took the reins yesterday at the Nigerian National Petroleum Corporation (NNPC).

President Muhammadu Buhari appointed Dr. Emmanuel Ibe Kachikwu, the Executive Vice Chairman/General Counsel of ExxonMobil (Africa), as Group Managing Director (GMD), asking him to give recovery of stolen oil money a priority, among other targets.

Buhari may also appoint Kachikwu, who beat three other candidates in the race for the job, as the Minister of State for Petroleum Resources to ensure synergy, a source said last night.

Those also considered and discreetly screened for the job, source told The Nation learnt, are former Petroleum Products Prices Regulatory Agency (PPPRA) Executive Secretary Stanley Reginald; Shell Petroleum Development Company Managing Director Mr. Osagie Okunbor and a NNPC Deputy General Manager, whose name was not disclosed.

At the final negotiation with Kachikwu, the President gave him six terms of reference to reshape the corporation. They are to:

1. Clean up the NNPC system of corrupt elements;

2. Recover all stolen crude oil funds;

3. Work with the Economic and Financial Crimes Commission (EFCC) and the Directorate of State Service (DSS) to trace and recover stolen oil cash;

4. Review the structure of the NNPC to compete globally;

5. Giving targets to all subsidiaries and put in place performance benchmarks; and

6. Fix all refineries, which must work at optimal level, “even if it means using expatriates in the interim”.

A source said: “The new GMD of NNPC was picked after a thorough search by the President. Actually, at the end of the search, the choice was narrowed down to four candidates.

“The President opted for Kachikwu who is the Vice President of Exxon Mobil, not only in Nigeria but in Africa. Buhari was impressed by his impeccable credentials as the most senior black African in any multi-national oil firm in the world with 30 years experience.

“Apart from being a First Class graduate, Kachikwu also obtained PhD in Law which enabled him to rise to company secretary in Exxon Mobil.”

But it was not easy for the President to convince Kachikwu to accept the job because he was afraid that he might be messed up like other Nigerians, a source said.

“In their negotiation, President Buhari repeatedly said: ‘I won’t interfere with your work; I will give you a free hand because I want to reform this oil sector once and for all.’ The GMD accepted the job following what he realized as “the infectious patriotism and genuine intention of the President,: the source said.

Kachikwu yesterday took the reins at a brief ceremony held at the NNPC Towers, Abuja .

The Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, in a statement, said the new helmsman expressed gratitude to his predecessor, Dr. Joseph T. Dawha, for holding the Corporation. He pledged to work assiduously in achieving the President’s growth aspiration for the oil and gas industry.

“ExxonMobil Upstream affiliates in Nigeria congratulate our Vice-Chairman and General Counsel, Dr. Emmanuel Kachikwu, on this opportunity to serve Nigeria as Group Managing Director of the Nigeria National Petroleum Corporation (NNPC). We thank Dr. Kachikwu for his many contributions to ExxonMobil Nigeria, and wish him well in his new role.”

Inside the NNPC

The NNPC is the national oil company, through which the Federal Government regulates and participates in the country’s petroleum industry.

An Act to dissolve the former Nigerian National Oil Corporation and to establish the NNPC was created in 1977. The NNPC was established on April 1, 1977, as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel.

By law, the NNPC manages the joint venture between the Federal Government and some foreign multinational corporations including Shell, Agip, ExxonMobil, Chevron, and Total. Through collaboration with these companies, the Federal Government conducts petroleum exploration and production.

For lack of supervision, the NNPC degenerated to a rent-collector for the government with less attention to transparency and accountability.

Between 2007 and 2009, auditors found that the corporation over-deducted funds in subsidy claims to the tune of N28.5 billion and has not been able to account for the money.

In 2008, Willbros Group Inc of United States (U.S.) admitted making ‘suspicious’ payments of over $6.3 million to officials of the corporation and its subsidiary – the National Petroleum Investment Management Services (NAPIMS) for assistance in obtaining and retaining contracts at the Eastern Gas Gathering System (EGGS).

In 2004, ABB Vetco Gray, a U.S. company and its UK subsidiary – ABB Vetco Gray UK Limited – admitted paying over $1 million in bribes to NAPIMS’ officials, in exchange for obtaining confidential bid information and favourable recommendations from government agencies.

After the publication of a report In November 2013 by Swiss, a non-governmental advocacy organisation – Erklärung von Bern – allegations of fraud surfaced, placing the NNPC under suspicion of siphoning $6.8 billion of crude oil revenues.

From 2013, the NNPC has been battling with the allegation of non-remittance of $20 billion into the Federation Account.

These allegations, among others are responsible for the continued calls for the sanitisation and repositioning of the corporation.

Emir Of Kano, Sanusi, Visits Buhari At The Presidential Villa (Photos)

The Emir of Kano Mallam Sanusi Lamido Sanusi visited President Buhari at his residence this night (August 4th) at the Presidential Villa , Abuja.

Mourinho has tipped the Super Eagles’ midfielder Mikel Obi to replace Terry as Blues’ skipper owing to the number of years he has spent at the Stamford Bridge

Chelsea manager Jose Mourinho has earmarked John Obi Mikel as a likely replacement for John Terry as the Blues’ captain.
The Super Eagles star has spent nine years with the Stamford Bridge lords since his controversial move from Norwegian side, Lyn in 2006 and had since won over 224 caps with four goals to his credit.
With 34-year-old Terry’s career with the London side winding down, it means the English champions will have to select a new skipper and Mourinho feels Obi – the team’s second longest serving player may just be accorded with the honour of wearing the skipper’s armband.
“Mikel is, after John, the guy with most years of Chelsea,” Mourinho told Dailymail.co.uk
“I think (Cesc) Fabregas has personality for a captain too. Eden is coming with big status now and was voted one of the top 10 players in Europe last year.
“In my opinion he should be in the top three not in the top 10. Let’s see what is going to happen but we have these people. But let’s say John and Branislav are our captains and the others are ready to come,” he said.
Mikel recently ended speculation over his Chelsea future by insisting he is happy at Stamford Bridge.  The 28-year-old was linked with the likes of Al Ain and Fenerbahce during the transfer window but remained with the Blues despite the interest.

Man Forces Manhood Into 4-year-old Girl's Mouth In Lagos 

A 24-year-old man has been arrested and charged before Isolo Magistrates’ Court for defiling and engaging a 4-year-old girl in sexual activity in Lagos State, western Nigeria.

The suspect, Nwanagbaihu Chinonso, was allegedly caught by one of his neighbours after he had already forced his joystick into the little girl’s mouth to suck.

The incident happened at Fakeye Street, off Isuti Road, Egan where the suspect resides with the victim’s parents.

What would have been the attraction for a 24-year-old man to engage a 4-year-old girl in sexual activities was the question on the lips of residents of Egan where the incident happened.

court of law Chinonso was handed over to the police at Igando Division by the residents for prosecution. At the station, he allegedly confessed to committing the crime and blamed it on temptation.

He is now facing a two-count charge of defilement and engaging in sexual activity with a minor before the court.

When he was arraigned in court, the presiding Magistrate, Mrs A.O. Adedayo, ordered him to be remanded in prison custody pending when he will be granted bail.

P.M.NEWS gathered that Chinonso’s journey to prison started one afternoon when the victim strolled to his apartment and he closed his door without locking it from inside.

The police alleged that he carried the victim and inserted his finger into her private part and thereafter forced his joystick into her mouth to suck.
While the act was going on, a neighbour who suspected a foul play suddenly opened the half locked door and saw what Chinonso was doing with the victim.

The woman raised the alarm which attracted other neighbours.

Having been caught in the act, Chinonso could not deny what he had done. Rather, he started pleading with the neighbours for forgiveness.
The neighbours rebuffed his pleas and handed him over to the police.

It’s Wrong To Exclude South East From NASS Leadership, Says Yakassai 

The exclusion of South East legislators from the leadership of the National Assembly is a threat to national unity, according to elder statesman, Alhaji Tako Yakassai.
Yakassai, in an interview with reporters in Kano on Tuesday, expressed surprise that the leadership of the governing All Progressives Congress (APC) did not consider the ethnic nationality in its office sharing.

Senator Ike Ekweremadu of the Peoples Democratic Party (PDP), from the South East, emerged as the Deputy Senate President out of the crisis that followed sharp disagreements in the APC on the candidates that were to fill the positions.
His emergence is still being hotly resisted by the APC.

Yakasai described the sharing of positions of the APC as lop-sided, and an indication that the governing party is subsuming national interests under personal interests.

His words: “It is quite shocking that at the end of the meeting of some All Progressives Congress leaders at Aso Rock, called by President Muhammadu Buhari, Femi Gbajamiala, who contested the Speakership against Yakubu Dogora and lost, emerged the Leader of the House.
“I can recall that before President Buhari’s intervention, the Dogara group accepted to concede the position of the Leader of the House to the Gbajamiala’s group, but with the condition that the position will not go to the South-West.”

Yakassai said further: “It was surprising that after the meeting between the National Chairman of APC, John Odigie-Oyegun, Gbajabiamiala and Dogara at the Villa, they came back and did otherwise.

“Again, immediately after Femi (Gbajabiamila) was announced the Leader of the House, Asiwaju Bola Tinubu paid a visit to the Villa apparently to thank President Buhari for intervening in favour of Femi Gbajamiala.

“Now, in the House leadership, South-West has two major slots and the South-East has nothing. This is not a good development.”

Yakasai, who was Political Adviser to former President Shehu Shagari, warned that with the set up in the House of Representatives, those now clamouring for the removal of Senator Ekweremadu as Deputy Senate President, should be wary of the consequences.

According to him, Ekweremadu is the only representative of the South-East in the National Assembly leadership.

He advised Buhari to be conscious of the marginalisation already suffered by the South-East while constituting his cabinet so as to ensure proper representation of that region in the government of the day.

http://dailytimes.com.ng/its-wrong-to-exclude-south-east-from-nass-leadership-says-yakassai/

Former minister of Education and chartered accountant, Oby Ezekwesili and her husband, Pastor Chinedu were spotted at a Bible College graduation which held during the RCCG's annual convention hours ago.

Oby looked radiant in her blue native attire while Pastor Chinedu settled for a black native attire.

They were also spotted in one of the church's major activities that happened on Tuesday (yesterday).
See more photos below:

Former minister of Education and chartered accountant, Oby Ezekwesili and her husband, Pastor Chinedu were spotted at a Bible College graduation which held during the RCCG's annual convention hours ago.

Oby looked radiant in her blue native attire while Pastor Chinedu settled for a black native attire.

THE Natural Resource Governance Institute (NRGI), on Tuesday, said the Nigeria National Petroleum Corporation (NNPC) failed to remit a total sum of $12.3 billion (N2.5 trillion) crude oil proceeds into the Federation Account over a period of 10 years.

NRGI, an international independent body that monitors the oil and gas sector globally, in a report entitled: “Inside NNPC Oil Sales: A Case for Reform in Nigeria,” said NNPC did not forward any revenue from the sales of Okono crude oil between 2005 and 2014.
According to the report, the sales totaled over 100 million barrels with an estimated value of $12.3 billion.
“In other words, the corporation has provided no public accounting of how it used a decade’s worth of revenues from an entire stream of the country’s oil production,” the report said.
Knocking the handling of oil sales by the corporation, NRGI said “NNPC’s approach to oil sales suffers from high corruption risks and fails to maximise returns for the nation.
“These shortcomings also characterise NNPC as a whole. Over 38 years, the corporation has neither developed its own commercial or operational capacities, nor facilitated the growth of the sector through external investment.
“Instead, it has spun a legacy of inefficiency and mismanagement. Its faults have been described by a number of scathing reports, many commissioned by government itself.
“Despite NNPC’s debilitating consumption of public revenues and performance failures, successive governments have done little to reform the company,” it further added.
The report also said it was found that the management of NNPC’s oil sales had worsened in recent years, particularly since 2010.
“The largest problems stem from the rising number of ad hoc makeshift practices the corporation has introduced to work around its deeper structural problems.
“For instance, NNPC entered into poorly designed oil-for-product swap deals when it could no longer meet the country’s fuel needs.

“Similarly, it began unilaterally spending billions of dollars in crude oil revenues each year, rather than transferring them to the treasury, because NNPC’s actual budget process fails to cover operating expenses.
“Some of these makeshift practices began with credible goals. But over time, their operation became overly discretionary and complex, as political and patronage agendas surpassed the importance of maximising returns,” the report noted.
The report added that “these poor practices come with high costs. Average prices for the country’s light sweet crude topped $110 per barrel during the boom of 2011 to 2014. Yet, during that same period, as shown, treasury receipts from oil sales fell significantly. While volumes lost to oil theft explain some of the decline, NNPC’s massive revenue withholdings and an increase in suboptimal sales arrangements are also to blame.
“Mismanagement of NNPC oil sales also raises commercial, reputational and legal risk for actors worldwide: the sales involve some of the world’s largest commodity trading houses, are financed by top banks, and result in the delivery of crude to countries across the globe,” it added.
In its recommendations to the government on how to correct the ills in the corporation, NRGI said the government should pursue two tracks of reform.
“The first involves urgent reforms to NNPC’s management of oil sales (to ‘stop the bleeding’). At the same time, however, the government should also pursue a course of deeper structural reforms to NNPC (to ‘cure the patient’). If it does not, a new round of costly, ad hoc coping mechanisms will emerge,” the report concluded.

http://tribuneonlineng.com/rot-nnpc-corporation-failed-remit-n25trn-10-years-%E2%80%94report