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August 16, 2018

Food basket: You can feed Africa, CBN tells Anambra govt

Nigeria should export, not import rice The Central Bank of Nigeria (CBN) has said that Anambra State has the potentials of becoming not only Nigeria’s food basket, but also providing food for the African Continental and beyond. Consequently, the apex bank charged the state to bring to bear its excellent performance in commerce to agriculture to make the dream become a reality. Stating this in a speech he delivered on behalf of the Director, Development Finance Department of the CBN, during the flag-off of Anchor Borrowers’ Programme (ABP) in Anambra State, the bank’s Branch Controller, Awka Branch, Mr. C.M. Sokari,…

New Pump Price – More Misery for the Masses

If there is one thing Nigeria needs to get right, it is the petroleum sector. But why on earth has fixing this so important segment continued to elude successive government? Everybody knows that whenever the petroleum sector sneezes, Nigeria catches a cold and so do the people. This is why the current hike in the price of petrol, from the official N86.50 per litre to a whopping N145 has not gone down well with the masses, who are already carrying the burden of a 13 per cent inflation, gross unemployment, insecurity and social decay. Whenever there is an adjustment in…

Saving the Naira from total collapse

The strength of any currency is to a large extent an indication of the strength of that country’s economy. Weak currency means weak economy and subsequent economic woes. Once Nigeria’s currency was strong but today, the Naira is falling freely against the dollar and other major currencies. The Naira now has much lower value than most of the other African currencies. What a shame! The recent drop from a whopping 400 to 241 Naira to the dollar is still no reason to rejoice. What we have seen in the past six months is a clear testimony of the poor state…

We have received bailout fund for Salaries – Abia State; We have not – Imo State

  While the Abia State Government said it has received its own share of the Federal Government’s bailout fund to enable states clear arrears of salaries to civil servants and pensioners, the neighbouring Imo State Government said, it has not received its own. Coincidently, both statements were made by media aids to the governors of the two states. The Special Assistant to the Abia State governor on media, Mr. Ugochukwu Emezue, who disclosed the cheering news to journalists in Umuahia at the weekend, said the money was just about half of the total amount of salary arrears owed workers, which…

Addressing The Kidnapping Problem In Nigeria (6)

Let winners take note. Nigerians are very critical, unforgiving, often merciless in judgment, easily disappointed, very impatient with their leaders. Very soon you may hear “regrets”, “Had we known”. Winners should remember how the people (the Israelites) murmured against Moses: “Why did you bring us out here to die. Why did you bring us out here, no water, no food…….It would have been better to die in Egypt as slaves….! Winners, if you do not perform from ‘Day One’, Nigerians will murmur. If you procrastinate, they will grumble!…….. Coming to the concretes, the writer addressed the president:   President, Goodluck…

Sanusi or no Sanusi, Nigerian Banks Reform – A Necessity

The suspension of Mallam Sanusi Lamido Sanusi two weeks ago as the Governor of the Central Bank of Nigeria (CBN) may have come as a welcome news to many, given his utterances and unguarded remarks. For stakeholders and close watchers of the nation’s financial sector, his exit is a foretold development. The official reason given by the Presidency for his removal was “financial recklessness and misconduct” – which has now been reinforced by the findings of the Financial Reporting Council of Nigeria (FRCN) – a body charged with setting accounting standards in the country.  The FRCN found, among other things,…

Sanusi’s suspension, ploy to sweep missing oil funds under carpet – APC

The All Progressives Congress (APC) has accused the Presidency of seeking to use the suspension of Malam Lamido Sanusi Lamido as the governor of the Central Bank of Nigeria (CBN) to divert attention from the allegation of missing $20 billion oil money. In a statement issued in Lagos by its interim National Publicity Secretary, Alhaji Lai Mohammed, the party said the way the Presidency had been campaigning to malign Sanusi, using the report of the obscure Financial Reporting Council of Nigeria, showed that it was working hard to sweep the issue of the missing funds under the carpet and punish…

FG plans to build airports, refineries with Islamic bond

The Central Bank of Nigeria (CBN) Debt Management Office (DMO) and the Infrastructure Concession Regulatory Commission (ICRC) Plan to use Islamic Bond (Sukuk) to build airports, railways and refineries. Mallam Sanusi Lamido Sanusi, CBN Governor disclosed this in Abuja, Wednesday, while speaking at the National Conference on Islamic Banking and Finance in Nigeria. He said that in view of the potentials of Sukuk to develop economies, in building infrastructure, the CBN in conjunction with other sister institutions like the Securities and Exchange Commission (SEC), ICRC, DMO have assembled a technical team to explore the prospects of alternative modes of finance…