Meet Aghahowa Beth, She Is A Nurse And A Furniture Maker

A Nigerian lady identified as Aghahowa Beth on Facebook has many social media users in awe after proving that she is in fact, a superwoman.

The young lady who is a nurse shared photos of herself doing furniture work and revealed that she is not only a caregiver but also a furniture maker, a proud feminist and graphic designer. She stated all of her competences and many immediately believed that the sky is truly the limit for anyone. Gone are the days when certain things are regarded as a man’s job. These days, women are beginning to find value in getting their hands dirty and creating unique things.

One of such women is the multi-talented Beth, whose approach to life and business is nothing short of inspiring.

From the photo, Beth, can make beautiful bed frames, using quality products and has demystified the myth that women cannot do such energy-draining work.

N30,000 as the new national minimum wage.

The approval was agreed upon during the plenary session on Tuesday.

The House also adopted the report of the ad hoc committee which was set up to look into the bill earlier presented by President Muhammadu Buhari.

On Monday, a public hearing was held on the minimum wage bill, during which stakeholders presented various positions on the adoption of a new minimum wage figure.

Two clauses, however, exist. First, it takes effect from the date the President gives assent. Secondly, based on an earlier clause, companies with less than 25 people are excluded from being covered by the provisions of the bill.

The bill has been referred to the necessary committees for action, as well as the Senate.

The House of Representatives, afterwards, adjourned plenary till February 19, 2019.

Thugs Disrupted TraderMoni In Ilorin.

Suspected Hoodlums yesterday invaded the Mandate Market in Ilorin, Kwara State, to disrupt the disbursement of money to beneficiaries of the TraderMoni.

They scared away petty traders and agents of the scheme.

As early as 9am, the suspected hoodlums stormed the Mandate Market, insisting that the TraderMoni scheme cannot be implemented in the market built on a land donated to the state government by the Senate President Bukola Saraki’s father, the late Olusola Saraki.

It was not clear whether they were sent by anyone or whether they were mere party zealots, working on their own.

According to witnesses, including Bank of Industry (BOI) officials who were at the market to supervise the enumeration and disbursement of the N10, 000 collateral free loans, the arrival of the mob at Mandate Market caused some uproar.

The suspected thugs also intimidated the petty traders who had lined up to participate in the programme. Many of the traders were palpably annoyed and refused to leave the market. Calm was restored with the intervention of the police.

At the Ipata Market, where enumeration and disbursement of the TraderMoni loans were also going on, market leaders reportedly rebuffed pressure from some officials of the state, urging them to shun the enumerators. The programme went on without incident.

Officials of the Bank of Industry (BoI) told reporters that enumeration had been going on in the two markets in Kwara State in the last few days, without incident until yesterday.

Vice President Yemi Osinbajo is expected in the markets today.

TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP) under GEEP, is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10, 000.

The loans are repayable over a period of six months at which point the traders on repayment will receive a fresh N15, 000 loan, which rises to N20, 000 when repaid.

The microcredit scheme, which has since been formally launched nationwide and the FCT, is expected to reach two million petty traders by the end of the year.

Nigeria Granted Fresh $200m Loan To Finance Electricity Projects

The Federal Government has been granted $200 million loan for the funding of the nation’s electrification project.“The Board of Directors of the African Development Bank Group has approved a $150 million sovereign loan to the Federal Government of Nigeria to finance the Nigeria Electrification Project (NEP),” AfDB said in a statement.

“The Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by the People’s Bank of China and administered by the African Development Bank, has also approved a $50 million loan to the Federal Government of Nigeria to co-finance the project.”

According to the statement, the joint financing is targeted at supporting the government efforts to address critical energy access deficit in the country, and catalyze achievement of universal energy access by 2030 targets.”

In 2017, the World Bank approved $350 million loan to Nigeria for the development of rural electrification projects in the country.“By supporting the electrification of unconnected and underserved communities, NEP will contribute materially to their economic development,” said the Managing Director of the rural electrification agency, Damilola Ogunbiyi.“Access to reliable, affordable and clean electricity will result in savings for households and businesses, which can be deployed to other uses.”

Emefiele(CBN): $21bn Saved From Food Importation

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) has said $21 billion was saved from the cut in food importation between January 2015 and October 2018.

The governor said this on Friday at the annual bankers’ dinner held in Lagos.

According to Emefiele, Nigeria’s monthly food import bill fell from $665.4million to $160.4million between 2015 and 2018.

He said the reductions in food import were recorded on rice, fish, milk, sugar and wheat, adding that the policy would be maintained.

His words: “Noticeable declines were steadily recorded in our monthly food import bill from $665.4million in January 2015 to $160.4million as at October 2018; a cumulative fall of 75.9 per cent and an implied savings of over $21bn on food imports alone over that period.

“Most evident were the 97.3 per cent cumulative reduction in monthly rice import bills; 99.6 per cent in fish; 81.3 per cent in milk; 63.7 per cent in sugar, and 60.5 per cent in wheat.

“We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the Nigerian economy have been fully resolved.”

While speaking on development finance, he said that in continued recognition of its role as an agent of development and aimed at ensuring self-sufficiency to reduce Nigeria’s excessive dependence on imports, the CBN invigorated its development finance activities.

“We have maintained a particular focus on supporting farmers, entrepreneurs as well as small and medium scale businesses, through our various intervention programmes such as the Anchor Borrowers Programme, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and the National Collateral Registry,” he added.

Atiku’s Policy Document Embodies Yearnings, Aspirations Of Nigerians

November 19, 2018

Press Statement

The Peoples Democratic Party (PDP) says the resounding public endorsements that heralded the policy document articulated by its Presidential candidate, Atiku Abubakar, is a confirmation that the noble document embodies the collective mindset, yearnings and aspirations of Nigerians in their quest for a new leadership and a better life in our country.

Whereas President Muhammadu Buhari failed to articulate any solutions or operable policy direction in his procured and pedestrian “Next Level” document, the Atiku Abubakar’s policy document offers solutions and practical direction for delivery in all sectors of our national life.

The negative reactions of Nigerans to the Next Level mantra have shown that the document is dead on arrival as Nigeria cannot afford the reinforcement of failure, especially as the electorate have already seen through the deception and cheap attempt to beguile them again ahead of the elections.

The Atiku Abubakar policy document is a product of very wide, painstaking and productive consultations with Nigerians from all walks of live, critical stakeholders and development partners in key sectors, in the overall determination to chart a new course for our nation.

The policy document foretells a new dawn as it articulates practical solutions and answers to the myriad of economic, social and political challenges facing our nation and sets out all-inclusive templates for national rejuvenation, cohesion, protection of human rights and democratic tenets, wealth creation, transparency and elimination of corruption in governance.

In line with PDP’s people-based manifesto, the Atiku Abubakar policy document places utmost priority on the people by focusing chiefly on their yearnings for job creation, infrastructural development, poverty eradication, human capital development, inclusiveness and national unity.

Nigerians are particularly happy with the Atiku Abubakar policy document as it seeks to implement pro-poor policies that grant all citizens, irrespective of financial and social status, unhindered opportunity to participate in economic activities to achieve self-reliance and become active contributors to national development.

Unlike President Buhari, who is adjudged by Nigerians to be aloof, detached and unconcerned, Atiku Abubakar, has always maintained a strong bond with the people; hence his ability to understand their challenges, collective aspirations and to proffer solutions with underlining political will.

The PDP therefore urges Nigerians to continue to take ownership of the Atiku Abubakar Presidential campaign, which embodies their collective aspiration as a people to make our dear nation work again.

Finally, the PDP counsels President Buhari to note that he has come to the end of the road. Nigerians will never follow a leader on a journey to NEXT LEVEL of failure, lies, poverty, hunger, disease, bloodletting, extra-judicial killings, humongous corruption, nepotism, disdain for citizens and institutions of democracy, decayed infrastructure, national divisiveness and embarrassment in the international arena.

Signed:

Kola Ologbondiyan
National Publicity Secretary

Anambra State IGR:Clampdown On Illegal IGR Collectors BEGINS

Clampdown on Illegal IGR Collectors begins…

Lately, numerous complaints were received by the Anambra State Government from ndi Anambra and residents about multiple levy of buyers and sellers in markets, issuance of multiple tickets to drivers and even hawkers.

These inglorious revenue collection by people who parade some “authority papers” purportedly emanating from the government are fake.

Following the directive of Gov. Willie Obiano against extortion of monies by these illegal agents from individuals and groups in the state, the Commissioner for Transport; Hon. Uche Okafor and the Managing Director of Operation Clean and Healthy Anambra, Mr. Patrick Obiefune mobilised the officers and men of ATMA and OchaBrigade, moved round major markets in Onitsha and arrested some of the illegal IGR Agents.

Before the exercise, the state Government had through the Ministry of Information and Public Enlightenment led by Hon. C-Don Adinuba condemned the acts of extortion going on in the markets and streets of Anambra State.

See the press release below…

Ban on Illegal Tolls in Markets and Other Places to be Enforced With Greater Vigour

  1. It has come to the knowledge of the Anambra State Government that despite several measures and programmes to make life better for our people, a number of criminally minded persons and groups have continued to devise all manner of methods to extort money from our people. Quite painful is the fact that the majority of victims of the extortion are the poorest in society.
  2. There is perhaps nowhere where this unconscionable practice takes place as much as the markets in the state and the streets and roads leading to them. These criminals collect levies unknown to the government. Some of the tolls are called ground tolls, container tolls and wheel barrow tolls. Through these illegal tolls, importers, distributors and retailers are forced to pay huge amounts of money. Worse, buyers of their products are compelled to part with various sums to cart them from one place to another, even when the goods are not transported in carts. This practice has led some people to seek to do business outside the state.
  3. The extortionists claim that the tolls are obtained on behalf of the Anambra State Government. We would like to state for the umpteenth time that these tolls are not only illegal but also unconscionable. Even in the middle of the recent recession when various governments in Nigeria introduced different revenue generating schemes so as to meet their basic responsibilities, Governor Willie Obiano rather introduced an economic stimulus package in a bold move to lessen the economic burden on the people. Cart pushers, often referred to as wheel barrow men, were among the first set of the most vulnerable members of society, to be exempted from paying not only taxes but all kinds of revenue to the government.
  4. It is, therefore, heartless for any group of people in the market, or anywhere for that matter, to harass hapless citizens going about their legitimate business for payment of so-called government tolls. Let it be emphasized here that wheel barrow tolls, pitchers tolls, petty traders tolls, obstacle tolls, land tolls, container tolls and barrow tolls remain abolished by the Governor Obiano administration.
  5. The state government hereby authorizes all security agencies in the state, especially the Nigeria Police Force, Department of State Security and the Nigerian Security and Civil Defence Corps as well as Operation Clean and healthy Anambra (OCHA) Brigade, to arrest all the culprits who make life difficult for our people, especially the less privileged, in the markets and on the roads and streets.
  6. The Anambra State Government is committed to the evolution of a more humane, caring and inclusive society. The government is also committed to promoting the ease of doing business in the state. We note with pride that Anambra State has in recent times recorded some notches up in the ease of doing business. We will sustain the momentum.
  7. All those seeking private gains to the detriment of Ndi Anambra State and their collective future will have no place in the state any more. They must be made to feel the full weight of the law.

Signed

C. Don Adinuba

Commissioner for Information & Public Enlightenment

Fayemi Revoked Shop Allocations To Ekiti Traders

Kayode Fayemi, Governor of Ekiti State, has ordered the immediate cancellation of the allocation of more than 800 shops at the multi-billion naira new Oja Oba Market in Ado Ekiti.

The governor also ordered that those who had paid be refunded, as long as they showed proof of payment.

This was disclosed in a statement by Olayinka Oyebode, Chief Press Secretary to the Governor, issued on Thursday.

NAN reported that the market, adjacent to the palace of the Ewi of Ado-Ekiti, Oba Rufus Adeyemo, was reconstructed after the demolition of the old market that was razed by fire about three years ago.

Construction works at the new market — the largest in the state — had reached about 80 per cent completion at the expiration of the tenure of former Governor Ayodele Fayose ended last month. In August 2018, Fayose had commenced distribution of the shops to those who had expressed interest.

However, according to the statement by the new administration, the cancellation was made after Fayemi inspected the facilities of the market earlier during the week.

The statement read: “It has been discovered that the market complex is not ready for use. A structural evaluation of the complex shows that some considerable construction works are required to fix the inherent structural defects which have made the buildings unsafe for use.

“As this process would take some time, the governor has, therefore, directed that the process of allocation of shops be stopped immediately. The governor also directed that all subscribers with proofs of payment for shops in the market should be refunded.

“The ministries of works and commerce have consequently been ordered to work out a seamless arrangement for the market’s completion and allocation.”

Entrepreneurship key to unlocking Africa’s economic devt — Tony Elumelu

Five thousand African entrepreneurs, private and public sector leaders and the broader entrepreneurship ecosystem convened in Lagos on October 25, 2018 for the annual Tony Elumelu Foundation (TEF) Entrepreneurship Forum.

The event, which is the largest gathering of African entrepreneurs in the world, is a unique opportunity for bringing together young business talent, creating dynamic networks and transmitting the message to policymakers that a vibrant and responsible private sector will deliver economic transformation. Now in its fourth year, the Forum marked the graduation of the 2018 cohort of the TEF Entrepreneurship Programme, following a rigorous nine-month period of training, mentorship and funding, which brought the total number of beneficiaries of the Programme to 4,470, with over 300,000 applications received to date.

One of the highlights was the unveiling of TEFConnect, a revolutionary digital community that brings together the complete entrepreneurship ecosystem across Africa and beyond, including entrepreneurs, investors and the broader business community on one platform, connecting them digitally with three vital elements for success – capital, market and business tools. Commencing with a series of goodwill messages from key stakeholders in the investment, governmental and development communities, the event featured a pitching competition, panel discussions, as well as a vibrant interactive session between President Nana Akufo-Addo of Ghana and the entrepreneurs, moderated by TEF Founder, Elumelu.

Parminder Vir, CEO, TEF, also unveiled the TEF Impact Documentary, featuring success stories of the Tony Elumeluu Entrepreneurs. Elumelu reiterated his commitment to championing Africa’s economic development by supporting and training a new generation of entrepreneurs, whose successes can transform the continent, delivering opportunity, job creation and social impact. He stated: “Our Foundation and its unique approach of training, mentoring and funding has proven that entrepreneurship is the key to unlocking economic transformation of our continent.

I believe so strongly that success can be democratized and if we can match ambition to opportunities, this extraordinary generation can achieve anything. “With TEFConnect, we have created a tool that provides a digital platform to host ideas, champion success and demonstrate Africans ability to use the most advanced technologies to take charge of their economic destinies.”

President Akudo-Addo underlined the importance of galvanizing the broad entrepreneurship eco-system, calling on public sector representatives to encourage, support and replicate the work of TEF in their respective regions

Atiku Needs Crash Course On Economy, Says Oduduwa Group

The Oduduwa Vanguard (ODV) has tackled the Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, for attacking President Muhammadu Buhari over the Federal Government’s $500,000 donation to Guinea Bissau.

Atiku had slammed the Federal Government’s $500,000 donation to Guinea Bissau as wasteful, saying it was one of the ways the Muhammadu Buhari administration brought a once thriving economy to its knees.

However, the Oduduwa Vanguard described Atiku’s comment as “irresponsible on many levels”.

Kunle Adewole, President of the group, said Atiku was not qualified to be entrusted with making decisions for Nigerians because he lacks the patience to fully understand issues before reacting.

Adewole said the PDP presidential candidate needs a crash course on the economy before exhibiting his “ignorance”.

“We wonder how an Atiku who can donate lavishly to buy cars for women will find it wrong that Nigeria wants to play its big brother role to other African nations.

“This is double standard play at its best and we advise the All Progressives Congress (APC) presidential candidate, President Muhammadu Buhari, not to join Atiku at the level to which he has sunk. It will amount to wrestling a hog in the mud.

“A right-thinking person that looks beyond the meanness of satiating only his own avarice would have seen that there are gains to Nigeria when the donations to Guinea Bissau are well-exploited.

“For one, a revived Guinea Bissau or any other African country provides fertile grounds for Nigerians to go exploit since we fortunately have enterprising Nigerians that have made marks for themselves in their places of sojourn. We believe that helping other nations to stay afloat when we can is a strategic way of ensuring that our country’s huge population is able to spread outwards to these other places and earn their keep. An intelligent person will realize that remittances from the funds repatriated by such Nigerians will go a long way in helping the economy back home.

“It is understandable that Atiku is projecting his own values unto others because this kind of donation would have found its way into private pockets between 1999 and 2007 when he was vice president. The absence of such slush fund must have been responsible for his recent gimmick of under declaring his income so that he can keep back some more money from tax avoidance.

“But we ask for once that he should believe in the capacity of other people to be upright where he is crooked. Such realistic perception of others would have made him to realize that the money promised to Guinea Bissau is not the type wasted on sponsoring team members to Dubai or for paying a foreign agent to procure election hacking services from Russia.

“By using ‘Father Christmas’, a concept synonymous with contemporary Christianity, to imply wastefulness, Atiku has shown that he holds the spirit of giving among adherents of this religion in disdain hence the negative casting of the joy that Father Christmas brings to the world.”

Culled from SaharaReporters

Shell, Exonnmobil Could Return To Nigeria’s Downstream After A Few Years Out

Shell and ExonMobil could make a return to Nigeria’s petroleum downstream sector, Bello Rabiu, Chief Operating Officer, Nigerian National Petroleum Corporation (NNPC), told Reuters on the sidelines of an African oil and gas summit in Capetown South Africa Monday, that

According to Rabiu, the two multinationals had exited a few years back but could be lured back in with the prospect of exchanging their crude for petrol on behalf of the Nigerian government.

NNPC signed a similar crude-for-product deal with British Petroleum last Wednesday, in the first of a rash of possible deals Rabiu describes as “stop-gap measures”.

According to the official, the country is seeking the most cost effective means of bringing in petroleum products into the country ahead of an expected boom in local refining.

“Unfortunately, Shell and ExxonMobil exited the downstream sector in Nigeria a couple of years ago but they are coming back for this particular arrangement, because it’s an opportunity for them to get crude and sell their products to the refineries,” Rabiu said, explaining that the state-owned corporation hopes to repeat savings of around $1billion it achieved in 2016 with its crude-for-product swaps, as well as in 2019.

“If our refineries are back, which we want in the next 18 months, this thing will stop. So, all these things are just stop-gap measures, but the key issue is that we wanted to import at the least cost before our refineries come back onstream. It is on track and I believe if we don’t sign a final deal (on the project to upgrade refineries) this month of November we will surely sign in December.”

As oil prices soared thanks to production cuts by the OPEC plus alliance, the landing cost of petroleum products increased as well. The Nigerian government were however not willing to take the risk of aligning pump prices; petrol importers were thus forced to quit.

Rather than go back to the pre-May 2016 status of issuing subsidies to these marketers, NNPC took up the burden of importation and removed funds it now calls ‘under recovery’ from the revenue it remits back to the government. The company uses swap contracts to make its importations. It has entered into direct sale direct purchase agreements with 10 consortiums that include trading houses Vitol, Trafigura , Mercuria and Total.

The present deals were extended to June but several trading sources in the consortiums said they had requested new price terms.

The corporation is in the last lap of conversations with consortiums, including top traders, energy majors and oil services companies to revamp its long-abandoned oil refineries in an effort to reduce its reliance on imported fuel.

Bukola Saraki, Senate President, had asked the state-owned enterprise to present a subsidy budget to the National Assembly earlier in the year, which it had failed to do. That refusal has now catalyzed the initiation of a probe by an ad-hoc committee of the upper chamber

World Bank:Nigeria Drops On Ease Of Doing Business Ranking

The World Bank has ranked Nigeria 146 out of 190 countries on ease of doing business.

The report, which was released on Wednesday, showed that the country took a step backwards from her 145th position last year.

New Zealand, Singapore, Denmark, Hong Kong and Korea ranked top five in the world.

The ranking, which began in 2003, takes to account trading regulations, property rights, contract enforcement, investment laws and availability of credit

According to the report, a total of 107 reforms were carried out in sub-Saharan Africa, a record for the region.

A regional press release by the World Bank read: “Nigeria carried out four reforms which included making Starting a Business easier in Kano and Lagos, the two cities covered by Doing Business.

“Getting Electricity and Trading Across Borders also saw reforms in the two cities. In addition, Lagos made Enforcing Contracts easier by issuing new rules of civil procedure for small claims courts, while Kano, in a negative move, made property registration less transparent by no longer publishing online the fee schedule and list of documents necessary to transfer a property.”

The World Bank Group President, Jim Yong Kim, said governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive.

He added: “Sound and efficient business regulations are critical for entrepreneurship and a thriving private sector. Without them, we have no chance to end extreme poverty and boost shared prosperity around the world.”

CEO Blast CBN, AGF Delaying MTN Listing On Stock Exchange.

Rob Shuter, MTN Group President and Chief Executive Officer (CEO), has said the organisation’s plans to be featured on Nigeria’s stock exchange listing has been “challenged by the recent Central Bank of Nigeria Attorney General of the Federal Republic of Nigeria matters”.

His statement was contained in the organisation’s ‘Quarterly Update for the Period Ended 30 September 2018 and Renewal of Cautionary Announcement’.

According to Shuter, the company recorded an increase in operational performance in the third quarter.

He, however, said despite the challenges, they remain committed to the listing.

He said: “MTN recorded an improved operational performance in many markets in the third quarter. Group service revenue grew by 10.0% year on year, ahead of our medium-term target of upper-single-digit growth, supported by continued strong growth in voice and data revenue. These results were delivered in challenging operating and currency conditions. Group outgoing voice revenue increased by 5.2% and data revenue increased by 23.9%. Higher digital revenue was led by robust growth in MTN Mobile Money.

“The group benefited from the particularly strong performance of operations in Nigeria and Ghana, while some operations in our West and Central Africa (WECA) region remained under pressure. MTN South Africa continues to execute on operational improvements. We made good progress on our key growth drivers of data and digital services, adding 5.0 million active data subscribers and 1.7 million new MoMo subscribers in the quarter.

“We successfully completed the listing of MTN Ghana. MTN Nigeria’s plans to list have been challenged by the recent Central Bank of Nigeria and Attorney General of the Federal Republic of Nigeria matters, however, MTN remains committed to the listing in Nigeria and work continues in this regard. In the quarter, the group engaged extensively with authorities in Nigeria to deal with the matters they raised.”

He also highlighted efforts to ensure improved investment, as well as other achievements during the period under review.

He continued: “Across our markets, we continued to invest in our networks, and now have the leading network net promoter score in 10 of our markets. Reported capital expenditure to the end of the September 2018 was R16,4 billion, a group capex intensity of 16.9%. We continued to optimise our balance sheet structure and reduced our gross US dollar debt by approximately US$400 million. This was supported by proceeds from the sale of MTN Cyprus of US$303 million, the settlement of a loan from our Ugandan Tower Company of US$34 million as well as the proceeds from the MTN Ghana listing of US$202 million received after the quarter’s end.

“We also concluded the refinancing of our US$1.25 billion revolving credit facilities that are maturing in 2019 with a new five-year revolving credit facility of US$1.25 billion at an improved margin, and with an option to increase to US$1.5 billion. We continue to focus on operational improvements across our business and continue to develop our digital businesses.

Capital Oil and Gas Ind. Ltd not Capital Oil PLC-Amb Adichie Izuchukwu

Press release

Our attention has been drawn to news making the rounds with regards to Securites and Exchange Commission and its purported to take over Capital Oil PLC. While this news is true, we have however noticed with dismay that most media outlets have used either our logo, pictures of our depot or the picture of our Managing Director in support of their story. In view of this blunder which is a product of lazy journalism, we wish to make the it clear for the unsuspecting listening and reading public that Capital Oil PLC and Capital Oil and Gas Ind. Ltd. are different entities.

First off, the Capital Oil in question is absolutely different from Capital Oil and Gas which belongs to Dr. Ifeanyi Ubah. Capital Oil PLC is currently registered on the floor of the stock exchange and as such is a publicly quoted company. On the other hand, Capital Oil and Gas is a limited liability company owned by Dr. Ifeanyi Ubah and is not quoted. Hence, Capital Oil and Gas has no business with the Securities and Exchange Commission (SEC).

Capital Oil PLC is less popular than Capital Oil and Gas which is why everyone assumes Dr. Ifeanyi Ubah’s company is being referred to anytime Capital Oil is being mentioned. This is very wrong.

Please find below, a graphic illustration showing the logos of Capital Oil and Gas Ind. Ltd. and Capital Oil PLC. The difference is clear for all to see.

This is for the kind attention of the unsuspecting public who have been misled by the activities of lazy reporters and journalists into believing that Capital Oil and Gas Industries Limited was about to be taken over by the Securities and Exchange Commission.

Thank you.

Amb Adichie IzuchukwuFB_IMG_1540601521592.jpg ;

SSA Media to Dr. Patrick Ifeanyi Ubah

Economist:Atiku Rubs Buhari’s Nose In Endorsement

The Atiku Presidential Organisation has said “the latest endorsement of the presidential candidate of the Peoples Democratic Party (PDP) by The Economist Magazine” shows clarity of vision, compared to the “vague and empty promises” of the present All Progressives Congress (APC) administration of President Muhammadu Buhari.

The organisation also noted that the “endorsement puts to lies the recent ridiculous claims made by Lai Mohammed, that the international media is askance of the candidature of Mr. Abubakar”.

The organisation disclosed this via a statement on Friday,

The statement read: “The latest endorsement of the presidential candidate of the Peoples Democratic Party, His Excellency, Atiku Abubakar, by the Economist Magazine, puts to lies the recent ridiculous claims made by Alhaji Lai Mohammed, that the international media is askance of the candidature of Mr. Abubakar. This is the second endorsement in as many months by the world’s number one economic and policy magazine; an endorsement based on the clarity of vision and the detailed policies of the PDP’s candidate when compared to the vague and empty promises of the incumbent All Progressive Congress administration of President Muhammadu Buhari.

“As the Economist rightly states, the issues in 2019 are ‘popular frustration over the rise in joblessness and poverty (two of the biggest voter concerns) on Mr. Buhari’s watch, as well as growing insecurity in central Nigeria’. No other candidate has the capacity to address these challenges, like Alhaji Atiku Abubakar, under whose watch as Chairman of the National Council on Privatisation, Nigeria had her highest growth in job numbers.

“Indeed, His Excellency, Atiku Abubakar, is poised to translate the significant success he has made in his private business empire to the public sector. This anticipation is responsible for the momentum he now enjoys in all the six geopolitical zones of Nigeria. For the past one year, Mr. Abubakar has traversed the length and breadth of Nigeria, selling his plans, vision and policies to Nigerians. Unfortunately, rather than do the same, the All Progressive Congress has focused on negative campaigning by slandering Mr. Abubakar’s past.

“We are not surprised by their actions. When a man’s future intimidates people, they focus on lying about his past because they cannot compete in the present. However, we thank The Economist for proving that no matter how far and fast falsehood has traveled, it must eventually be overtaken by truth.

“For now, we remind Nigerians that Atiku means JOBS. And by providing the atmosphere for Jobs, Opportunity, Being United (JOBS), Atiku Abubakar is ready to Get Nigeria Working Again.”

Culled from SaharaReporters

Smugglers are destroying Nigerian economy says NCS Comptroller

Comp. Kayode Olusemire,  the Controller of Federal Operations Unit (FOU) Zone ‘C’ of the Nigerian Customs Service (NCS), Owerri, says smuggling has negative effects on the nation’s economy.

Customs CG, Hameed Ali Olusemire made this observation in Owerri on Friday while showing journalists some impounded items, which he said, had duty paid value of N65 million. He said the NCS was now better equipped and would do everything possible to curtail the upsurge in smuggling of prohibited goods into the country.

He gave the breakdown of the impounded goods as seven trailer loads of fairly used textile materials, 2,000 bags of rice and one trailer load of automobile tires. Olusemire said the command also impounded one trailer load of rice concealed as bags of cement, 22 bags of cannabis and a container load of fairly used refrigerators.

IEI boss He said the impounded goods were intercepted within the South-East and South-South zones. Olusemire lamented that textile companies in Nigeria had gone moribund due to activities of smugglers. “It is very unfortunate and shameful that a Nigerian citizen will patronize fairly used textile imported from another country.

“We are out to discourage our people from indulging in prohibited businesses and I warn the smugglers that their game is up. “We are ever ready to do our job and nothing will stop us,” he said. He said smugglers were losing millions of naira daily because they were into wrong business, adding that such huge amount of money could have been channeled into the right businesses for the growth of the economy.

Olusemire said the impounded goods would be sent to the IDP camps.

NAN

Port Harcourt refinery gets financier – NNPC

The Nigerian National petroleum Corporation (NNPC) says that  some of the financing companies it approached to revamp the country’s refineries have shown interest in Port Harcourt refinery. Mr Ndu Ughamadu, Group General Manager, Group Public Affairs Division, disclosed this in an interview with the Newsmen on Friday in Abuja.

He said that a team of engineers from the corporation had gone abroad to source for financiers to ensure revamping of the major refineries in the country.

“About three financing companies have indicated interest but their names are yet to be made public but they have shown interest for Port Harcourt, Warri and Kaduna refineries “ But they showed the most interest for the Port Hacourt refinery. “Efforts are on, our team of engineers are abroad, seeking financing.

What we want to do with refineries is to bring in financiers’ that will put in their money for rehabilitation instead of the NNPC. “By doing that, they will source their funds from what we produce,’’ he said.

He reassured that with the ongoing commitment, the projected timeline of the Minister of State for Petroleum  Resources Dr Ibe Kachikwu for the refineries to be up and running by  2019 would be achieved, particularly with the coming on stream of the Dangote refinery.

It will be recalled that  Kachikwu said that the NNPC was  expected to sign agreements with third-party financiers and contractors for the revamping of its 445,000 barrel per day (bpd) combined capacity refineries in Kaduna, Warri and Port Harcourt by October.

He also stated that the processes to ensure that the NNPC moves the combined production capacities of the refineries to 90 per cent were largely concluded. He added that the signing of the agreements would soon follow.

Breaking News:FAAC: FG, Sates, LGAs Share N698.710B.

The Federal, states and local governments on Thursday shared a total of N698.710 billion from ederation revenue that acued in the month of September. President Buhari The gross statutory revenue for the month was N569.281 billion, which was lower than  the N627.139 billion shared in August by N57.858 billion.

The Minister of Finance, Mrs Zainab Shamsuna Ahmed, who presided over the monthly Federation Account Allocation Committee (FAAC) meeting stressed on the need for the three tiers of government to save.

A statement by the Special Adviser to the minister of finance on Media and Communications, Mr Paul Ella Abechi, said the Minister tasked members of the committee on the need to be transparent in public funds administration. She said, “We have to save.

We are not only saving for today but for tomorrow.” Details of the revenue showes that crude oil export sales increased by 0.17 million barrels resulting in increased revenue to the Federation of $8.48 million. However the average unit price dropped from $77.10 to $75.69.

The Technical cCommittee said there was shutdown of pipelines which resulted in shut in of production at various pipelines which affected oil output during the review month. Revenue from Royalties increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) decreased significantly.”

Gross revenue available from the VAT was N79.154 billion as against N114.542 billion distributed in the preceding month, resulting in a decrease of N35.388 billion.

The report also indicated that while the federal government got N277.197 billion, the state and local governments got N172.810 billion and 130.534 billion respectively. Derivation (13% of mineral revenue) amounts to N52.596 billion and cost of collection/transfer and FIRS Refund was put at N15.572 billion.

The next FAAC meeting will hold during National Council of Finance and Economic Development (NACOFED), proposed for Wednesday, November 28, 2018 in Kaduna.”

Meanwhile, the report of the committee on the Excess Crude Account (ECA) was stepped down and withdrawn to enable the committee to reworked and represented it at the next meeting.

Culled from Vanguardngr

Glo Partners Firm On Empowerment Of Girl Child

This, according to a statement from Globacom, is consistent with the company’s commitment to promoting women empowerment and capacity building, especially in the area of ICT. It said, this is aimed at equipping the womenfolk with the awareness, skills and knowledge required for them to be active players in the fast evolving digital economy.

 

Speaking at the occasion, an educationist and former Deputy Governor of Lagos State, Princess Adebisi Sosan, commended the company for supporting the initiative, which was held at the Landmark Event Centre in Lagos on Thursday.

Princess Sosan described Globacom as a corporate citizen worthy of emulation for choosing to contribute to global effort to promote the welfare of the girl child.

She said: “I give kudos to Glo for supporting this noble objective. Girls are the moulders of society, the homemakers, the ones that make the world great, the ones that promote peace and stability in the world.  I am delighted the United Nations set aside October 11 every year as the International Day of the Girl Child to help draw attention to the plight of girls.

I am happy that through the support of organizations like Globacom we are able to join the rest of the world to mark this day”.

IMF: Nigeria To Experience Slow Economic Growth In 2019

The three major economies of Africa: Nigeria, South Africa and Angola are projected to witness sluggish growth in 2019 and beyond, the International Monetary Fund (IMF) has said.

While Nigeria will grow from 1.9 per cent in 2018 to 2.3 percent in 2019, South Africa and Angola were projected to move from 0.8 to 1.4 and -0.1 to 3.1 per cents respectively, the IMF said yesterday.

The projected economic growth of the sub-Sahara Africa from 3.1 percent this year to 3.8 percent in 2019 is not enough to create the needed jobs for the growing population of the region, the Fund added.

The Fund in its 2018 World Economic Outlook released yesterday also warned that the fragile growth of the region may not be enough for the attainment of the Sustainable Development Goals, if the trend remains for a while.

Maurice Obstfeld,  IMF’s chief economist and director of research said whatever affects the three major economies will affect the whole region as majority of the countries relies on their trajectories.

He said although the region would witness growth next year but the growing number of working class coupled with less jobs opportunities, huge public debts and poor infrastructure present a challenge in achieving the developmental goals of the United Nations.

“The continent could do much better once these economies are on the a more solid footings, particularly South Africa and Nigeria because they are really large and affect a number of countries in their neighbourhood.” Milesi Ferretti, Deputy Director Research said while presenting the report.

On the global ratings, IMF cut its global growth forecasts due to the trade tensions between the U.S. and trading partners.

The Outlook said the global economy is expected to grow at 3.7 percent this year and next year – down 0.2 percentage points from an earlier forecast, as the trade war started to hit economic activity worldwide.

The World Economic Outlook (WEO) presented twice annually in April and October also marked down the growth  projections for the euro area and the United Kingdom, following surprises that suppressed activity in early 2018.

Among emerging market and developing economies, the growth prospects of many energy exporters have been lifted by higher oil prices, but growth was revised down for Argentina, Brazil, Iran, and Turkey.

Meanwhile, Nigeria and other African countries who are members of the G-24, are set to discuss debt relieve, disaster aid and crises prevention with senior staff from the International Monetary Fund (IMF) at the ongoing Annual meeting in Bali, Indonesia.

Finance Minister, Zainab Shamsuna Ahmed who is the leader of the Nigerian delegation to the Annual General Meeting is expected to be part of the meeting.

The Group of 24 (G-24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters.

The IMF had in April warned that not enough has been done to prevent future financial crises.

Eric LeCompte, a financial expert and executive director of Jubilee USA said: “We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise.

“We know that risky behaviour and unsustainable debt is a recipe for financial crises.”

Breaking News :Flights Grounded As Aviation Unions Shut Down Lagos Airport

Passengers are said to be currently stranded at the Murtala Muhammed International Airport 2, as aviation unions have shut down activities at the airport.

The protest by the aviation unions followed an earlier threat over sack of workers by Bi-Courtney Aviation Services Limited.

The shut down of MMIA 2 by the unions — Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), the National Union of Air Transport Employees (NUATE) and the National Association of Aircraft Pilots and Engineers (NAAPE) — is despite a court order restraining them from carrying out their threat to disrupt activities at the airport.

On Tuesday, a Federal High Court had granted an order in the suit filed by Bi-Courtney Aviation Services Limited (BASL), operators of MMA2, restraining the unions from shutting down activities at the airport.

Nigeria Customs creates 3 shipping terminals in South-East

The Nigeria Customs Services has created three shipping terminals and one bonded terminal in the South-East to boost economic activities in the zone, an official has said. The Assistant Comptroller of Customs in-charge of ICT, Mr Apeh Fateh, disclosed this in .Enugu on Tuesday at a sensitisation on the rollout and implementation of Nigeria Integrated Customs Information System (NICIS II) in the command. The command comprises Enugu, Anambra and Ebonyi States. Fateh named the approved terminals as Clarion Shipping Terminal, Zenith Shipping, Blue Anchor Shipping and C2C Bonded Terminal. He said that the terminals would be integrated into customs bonded terminals as they had been licenced and were at the last stage of coming into operation.

The assistant comptroller said that when operational, the terminals would boost business activities in the zone as more goods would be cleared in the terminals. He said that the expected boost in business activities and the need to safeguard government revenue necessitated the roll out of the NICIS II.

The News Agency of Nigeria (NAN) reports that NICIS II is a process where all payments into customs accounts are automated, bringing an end to the manual payment still in vogue in the command. Fateh said that with the launch of the scheme which was introduced in 2017, all government revenue had become automated.

He said that there were issues with manual payment which made the new regime expedient, adding that the zone had yet to migrate to automated payment. He said that the zone was very important to the Nigeria Customs Service considering the business status of Onitsha and Aba. Fateh also said that Nigeria Customs had resolved to scale up its presence and activities at the Akanu Ibiam International Airport, Enugu, by introducing the Passenger Baggage Entry System in the facility.

“The Passenger Baggage Entry System is a situation where passengers make payments on dutiable items they are travelling with. “This is the standard practice in all international airports,” Fateh said.

 

Earlier, the Customs Area Comptroller, Mr Jammal Adediran, described NICIS II as a new programme that would facilitate trade and bring all stakeholders together. Adediran expressed delight that bonded terminals were springing up in the command, adding that more were expected. He said that the automated system of payment was a clear indication that Nigeria Customs Service had a good hand that could deliver in technological innovations.

NAN reports that the programme was attended by freight forwarders, excise factories, agents, financial institutions and others.

Power Supply Declines At 3,761MW, Sector Loses N381bn

Nigeria’s power sector has struggled to sustain an average daily supply of 3,761 megawatts (MW) within the first nine months of 2018, according to a performance trend data obtained from the office of the Vice President, Prof. Yemi Osinbajo.

The power sector also lost N381 billion during the period under review as a result of high frequency resulting from unavailability of distribution infrastructure, poor gas supplies to generation companies, and water management constraints were the major challenges of the sector.

The data obtained by THISDAY revealed that after the sector achieved a peak power generation of 5,222MW on December 18, 2017, it managed to generate and supply up to 4000MW for only 72 out of the 263 days of 2018.

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, and electricity distribution companies (Discos) through their umbrella association – the Association of Electricity Distributors of Nigeria (ANED) have persistently disagreed on Nigeria’s power generation and distribution figures.

Fashola has insisted that the Muhammadu Buhari-led administration has been making steady progress in electricity generation and distribution.

The minister in August during a retreat of the ministry in Cross River State, stated that power distribution had risen to 5,222MW. He also said it was an all-time national high.

However, THISDAY’s summation of the production and supply figures in the power supply trend, showed that the highest generation and supply mark attained so far in 2018 was 4419.6MW achieved on March 28.

It was further discovered that on the average, the sector could not supply up to 2,914MW of electricity to homes and offices in the country due to these constraints. Equally, under the period under consideration, the market had not earned a whooping sum of N381.798 billion due to the various operational constraints it encountered.

According to it, in January, the sector managed to produce and supply an average of 3697MW daily; in February, it did 3937MW; in March, it supplied 4029MW; as well as 3985MW in April.

Continuing, in May, 3,780MW was the average daily energy level the sector could afford to produce and supply, while 3588MW was produced averagely in June. For July, it was 3619MW; 3660MW in August, and then 3,486MW so far in September which has about seven days left to come to an end.

For the unearned revenue, January accounted for N40.419 billion; February was N35.522 billion; March was N36.399 billion; April was N33.175 billion; while June had N48.759 billion. The month of July saw the sector failing to earn N50.082 billion, while August saw it lose the most as N59.976 billion could not be earned. So far in September, it has lost N36.439 billion.

The trend report also indicated that for the period, a total of 182,741 metric million standard cubic feet (mmscuf) of gas was supplied to power generation plants in the sector, thus indicating an average of 20,304 million standard cubic feet per day per month and 654.985mmscf/d.

On the average, the data also showed that four power plants were shutdown mostly on account of gas constraint.

Notwithstanding, a daily operational report of the sector’s performance showed that for instance that on September 21, which is the most recent of its daily reports, average energy sent out was 3,710MW up by 613.5MW from what was delivered the previous day.

It also stated that 1,452.2MW was not generated due to unavailability of gas, while 2,350.3MW was not generated due to high frequency resulting from unavailability of distribution infrastructure.

The power sector, it explained lost an estimated N1.825 billion on September 21, due to insufficient gas supply, distribution infrastructure and transmission infrastructure, just as its dominant constraint for the period remained high frequency resulting from unavailability of distribution infrastructure

Defunct Skye Bank Directors Under Investigation, Says NDIC

The  revocation of Skye Bank Plc licence by the Central Bank of Nigeria (CBN), the former chairman and another director of the defunct bank, Mr. Tunde Ayeni and Dr. Festus Fadeyi are currently under investigation.

This is coming as the Central Bank of Nigeria (CBN) has signed a Memorandum of Understanding (MoU) with other African countries where Nigerian banks are located to protect host countries.

The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation (NDIC), Mr. Umaru Ibrahim, disclosed this on the sidelines of the International Association of Deposit Insurers (IADI) Africa Regional Committee(ARC) workshop in Lagos wedbesday.

The heavy borrowings by Ayeni and Fadeyi are largely linked to the insolvency of the defunct Skye Bank, which led to its being taken over by the CBN two years ago. Its licence was, however, revoked last Friday while its assets and liabilities were taken over by a bridge bank called Polaris Bank Limited. Records from the last financial results showed that Ayeni, and Fadeyi, had borrowed heavily from the bank. Ayeni and his partners were alleged to have taken loans to fund their acquisitions of the Ibadan and Yola Electricity Distribution Companies; NITEL/M-Tel; and an energy services firm, Ascot Offshore Nigeria Limited.

Also, Fadeyi, through Pan Ocean, took loans to fund the firm’s oil and gas upstream projects which were considered as one of the major non-performing loans amongst others.

On the board members who were responsible for the bank’s downfall, Umaru said: “They are being investigated and I can assure you that when the time comes, the necessary security and law enforcement agencies would do their work.”

He also said that on recent developments around cross border collaboration, the CBN had signed a Memorandum of Understanding (MoU) with other African countries where Nigerian banks are located to protect host countries.

Umaru said: “ There are many Nigerian banks that are operating in other parts of Africa and other parts of the world and that calls for collaboration and at various jurisdictions. CBN for instance has signed MoUs with the bank of Ghana, Sierra Leone and wherever our banks are so that in case of failure of a branch of a Nigerian bank a particular country outside Nigeria there can be a collaboration so as to ensure that the depositors of those host countries do not suffer.”

In his presentation at the forum the NDIC boss said:“The fabric of the global financial stability is constantly being threatened by one form of crisis or the other. The potential threats in recent times and currently, include monetary policy normalisation in some notable economies which may result into sharp volatility and disruptions in financial markets; another issue is the partial dis-intermediation of the banking system arising from proliferation of digital currency, such as Bitcoin, as well as the activities of FinTech in general.”

“The latter has the tendency to jeopardise the efficacy of safety-net arrangement and prudential roles of the traditional banking system, such that this function becomes available to a smaller segment of the banking system. Growing risk of protectionism and ongoing trade wars between the United States and the rest-of-the-world China, North America, and Europe could degenerate, with negative implications for the global financial system stability. Rising exposure of emerging market to reversal of foreign portfolio inflows and US Dollar appreciation also constitute risks to the global Financial system stability.”

“The aforementioned issues present potent downside risks to achieving financial stability and precursors to redesigning broad-based financial systems’ policies. How prepared are we as regulators and supervisors in managing a systemic financial crisis should they occur. Increasing financial inter-connectedness has shown that banking crisis can have contagion effects. A system-wide approach to crisis management, involving collaborative efforts of financial safety-net participants and regional deposit insurance systems is therefore imperative. I am optimistic that at the end of this Workshop, strategies for system-wide crisis preparedness and resolution options in promoting financial stability in the region would emerge..”

According to him, the NDIC as one of the resolution authorities in Nigeria, has adopted different resolution mechanisms in resolving the failure of distressed deposit-taking financial institutions in the country.

“The failure resolution mechanisms used by the corporation include: deposit pay-out; purchase and assumption; open bank assistance; assisted mergers; and bridge bank. Through these failure resolution mechanisms, the NDIC had so far closed 52 deposit money banks (DMBs), out of which 49 are currently in liquidation while the remaining are involved in litigations challenging the revocation of their licence by the CBN. In the case of other deposit-taking financial institutions, a total of 187 microfinance banks (MFBs) and 42 primary mortgage banks (PMBs) are currently in liquidation,” he said.

Culled from SaharaReporters

CBN Withdraws Licences Of 182 Financial Institutions

The Central Bank of Nigeria(CBN) has revoked the operational licences of 182 other financial institutions (OFIs) across the country.

In a notice of revocation of licences of 182 OFIs obtained from its website, the apex banks lists the financial institutions to include 154 microfinance banks, 22 finance companies and six primary mortgage banks.

Giving reasons for the exercise, CBN explained that 62 of the MfBs 79  of them failed to recapitalise, eight were on voluntary liquidation and only one was insolvent.

Culled from Daily Times

Ghana Government Shut Down Over 400 Businesses Owned By Nigerians

Over 400 businesses owned by Nigerians have been closed by authorities in Ghana, sparking a protest by owners who have issued a week ultimatum to the Nigerian government to resolve the surrounding the maltreatment of Nigerian business community in Ghana.

Already, the National Association of Nigerian Traders (NANTS) have written a petition to President Buhari and the Economic Community of West African States (ECOWAS) on the issue.

The association gave a one-week ultimatum to the commission to intervene in the matter, warning that the association would occupy the ECOWAS premises if the situation in Ghana was not addressed.

In their protest march to the ECOWAS Secretariat on Monday in Abuja, the traders urged the Commission to intervene to stop the alleged victimization of Nigerian businessmen and women in Ghana.

According to some local media reports on Tuesday, the President of NANT, Ken Ukaoha, stated that the development has reached a point where the Ghanaian Parliament has passed a legislation to make the business environment hostile to foreign investors. He said that the ECOWAS President, Jean-Claude Brou, had been petitioned over the development.

“This is a save our soul call and the urgency of this protest is to inform you of the state of fear, uncertainty, and insecurity that Nigerian traders are currently subjected to in the hands of the government and people of Ghana in different cities under the coordination of Ghana Investment Promotion Centre and Ministry of Trade and Industry,” Ukaoha said.

According to him, the members of the association have been shut out of their business premises in pursuance of the eviction order dated July 27, 2018, demanding that “we must have $1m as minimum foreign investment capital to do business in Ghana”

Nigeria oil price Risen From $79 To $82.00 Per Barrel In The International Marke

For the first time this year, oil price has risen from $79 to $82.00 per barrel in the international market following high demand from major importing countries.

Oil  Specifically, the price of Brent, usually used to benchmark other prices rose from $ 79.90 to $82.10 while the WTI and the Organisation of Petroleum Exporting Countries, OPEC basket of 15 crudes stood at $ 72.32 and $78.81 per barrel respectively. READ ALSO: People, real assets in oil, gas industry – AOGS In its report sent to Vanguard, OPEC stated: “The price of OPEC basket of 15 crudes stood at $78.81 a barrel on Monday, compared with $77.08 the previous Friday, according to OPEC Secretariat calculations. Reuters disclosed that independent refiners in China’s Shandong province imported 42.4 million tonnes of crude in the first half of 2018, 41.4 percent higher than a year earlier, a senior refinery executive said, yesterday. It stated that “demand from Chinese refiners for Angolan crude has been robust this month.

Only around 40 percent of the 46 cargoes in the November programme are still available for sale.”

Culled from Vanguardngr

Breaking News:Kevi Systrom&Mike Krieger, Instagram Co-founders Resigned

Co-founders of Instagram, Kevi Systrom and Mike Krieger, have resigned from the photo and video sharing social networking service, six years after the sale of the company to Facebook.

This was revealed in a post on their respective Instagram handles, where they said they were leaving in other to re-explore their curiosity and creativity.

The statement read: “@mikeyk and I are grateful for the last eight years at Instagram and six years with the Facebook team. We’ve grown from 13 people on the team to over a thousand with offices around the world, all while building products used and loved by a community of over one billion. We’ve loved learning to scale a company and nurture an enormous global community. And we couldn’t have done it without our amazing Instagram team, and the support of @zuck, @sherylsandberg, @schrep, and @chriscox at Facebook – we’ve learned so much from all of you. Now, we’re ready for our next chapter.

‘We’re planning on taking some time off to explore our curiosity and creativity again. Building new things requires that we step back, understand what inspires us and match that with what the world needs; that’s what we plan to do.

“We remain excited for the future of Instagram and Facebook in the coming years as we transition from leaders to just two users in a billion. Thank you for being part of Instagram’s community. It’s been (and will continue to be) an honor.”

The Central Bank of Nigeria (CBN) has withdrawn the operating licence of Skye Bank.

The Central Bank of Nigeria (CBN) has withdrawn the operating licence of Skye Bank.

Godwin Emefiele, CBN Governor, announced the decision to withdraw the licence on Friday.

According to Emefiele, depositors’ funds are safe.

While the management of the bank has been retained for its impressive performance, the Nigeria Deposit Insurance has been said to have injected N786 billion into the new bank —– Polaris Bank has been established to take up ownership of the assets and liabilities of Skye Bank.

Breaking News : All Flights To Abuja Airport Postponed Because Of Overshoots Runway

All early flights to Nnamdi Aziiwe International Airport (NAIA), Abuja, have been cancelled over overshooting of the runway by a chartered aircraft.

A Gulfstream aircraft belonging to Skybird Airline with the registration number 5N-BOD overshot the runway on Wednesday night, thereby leading to the closure of the runway by the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA).

As of the time of filing this report, the reason for overshooting the runway by the aircraft was unknown and the airport authorities were still battling to remove the aircraft from the runway.

However, passengers who had hoped to depart Lagos for Abuja were stranded at the airport, as all flights into the Federal Capital Territory were cancelled.

Hordes of passengers were seen at the Murtala Muhammed Airport Two (MMA2), Lagos and the General Aviation Terminal (GAT).

Virtually all the local airlines have early-morning flights out of Lagos while Dana Air introduced 7am flight out of Abuja to Lagos just on Monday.