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PDP supervised obituaries of industries — Oshiomhole

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  1. PDP supervised obituaries of industries — Oshiomhole
  2. By Bolaji Buhari

    Lagos, Feb. 9, 2019 The National Chairman of the All Progressives Congress (APC), Mr Adams Oshiomole, on Saturday urged Nigerians not to believe the promise of the Peoples Democratic Party (PDP) to create massive jobs.

    Oshiomhole gave the advice in Lagos while addressing the crowd at the party’s presidential campaign rally.

    He said the promise was a calculated ploy by the opposition party to deceive Nigerians and get their votes.

    The party chairman said the PDP had no good record of job creation in all its 16years in power.

    He said that the era of PDP marked the death of many industries in the country, especially in Lagos.

    Oshiomhole said that it was a big irony that the PDP candidate, Alhaji Atiku Abubakar, who supervised the economy at the time as Vice-President when many factories died was promising jobs.

    The party chairman said the opposition party was clueless about job creation.

    According to him, the APC had created many jobs in the last three years and would create more when re-elected.

    “When you go to Oshodi and Isolo, remember the industries in Oshodi and Ikeja? Where are they now?

    “Who supervised the obituaries of these industries? It is the PDP, and who was the Vice-President at that time, Atiku.

    “How can you supervise the liquidation of industries and make promise to create new jobs?

    “Jobs are not created by miracles; by investing in infrastructure, the present government has generated many jobs through construction and multiplier effects.

    “The Next level means more jobs are coming for the people” he said.

    Oshiomhole said that the PDP Vice-Presidential candidate, Mr Peter Obi, did not have the moral authority to speak on jobs.

    He alleged that Obi deals in Made-in -China goods, exporting jobs, saying that was the reason he always quoted figures from China at any gathering.

    Oshiomole said the country did not fare well under the 16years of PDP, which he described as an era characterised by looting and poor leadership.

    He said the Buhari administration had done well to put the country on the right course in the last three and half years.

    Oshiomhole said Buhari was a man of integrity, adding the anti-corruption fight and love for the masses had improved under him.

    President Buhari is a man of integrity. He is the only president that no British Prime Minister has called a thief.

    “He is the only president that is widely acknowledged to be fighting corruption.

    “This is the only president that the Arch-Bishop of Canterbury in London has described as an African leader who stands out to be counted on the side of the people.

    “That is why I am proud and you are proud to be associated with what Buhari is doing and what he stands for, and why the Next level is about you,” he said.

    He said the difference between the APC and PDP was that while the former was about the people the latter was about themselves.

    Oshiomhole said while APC was spending N500billion on the poor, the PDP was complaining the money was too much, as they were used to looting.

    He said the promise by Atiku to give amnesty to treasury looters while leaving petty thieves who steal N10 or N20 should tell anyone that PDP was about class.

    The party chairman said the APC was sure of victory on Feb. 16 and March 2, as it would defeat the PDP “mercilessly”.

    He assured the international community that the party would not be involved in rigging or violence,as it had no record of doing that.

    Oshiomhole said the APC had no reason to rig, as people believed in the party for progress.

    He said Lagos was an example of a working state, which was so because it was under APC.

    The Director-General of the Buhari Campaign Organisation and Minister of Transportation, Mr Rotimi Amaechi, said a vote for APC was a vote for infrastructure.

    He said the delivery of Lagos –Abeokuta rail project and others in the country by the APC meant the party was for development.

    The APC governorship candidate in the state, Mr Babajide Sanwoolu, urged residents to vote right and for the APC.

    He urged residents to come out en masse and vote for the party for the progress of the state.

    The APC chairman in the state, Alhaji Tunde Balogun, praised the administration of Buhari, saying the state had benefited immensely in terms of projects in the last three and half years.

    Edited by Oluwole Sogunle

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(Audio) CIBN scores Buhari administration high on banking regulation

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DMO raises N66.9bn at July bond auction

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, The Debt Management Office (DMO), says  the Federal Government raised N66.9 billion at its bond auction on Wednesday, as part of moves to finance the 2018 budget.

The DMO  said on its website that the bonds were auctioned  in three tenors of five, seven and 10 years.

This, it said, was to give its diverse investor base an opportunity to choose their preferred tenors.

It said investors showed a strong preference for the 10-year bond with a total subscription of N50.51 billion compared to the N40 billion that was offered.

However, N46.39 billion was allotted.

“The Federal Government bonds at the auction were allotted at 13.69 per cent for the five year, 14 per cent for the seven year and 14.2 per cent for the 10-year bond.”

According to the auction results posted on the website, DMO  stated that out of the N25 billion  offered for the five year bond,  subscriptions to the value of N12.93 billion was received, while N8.93 billion was allotted.

It also said that for the seven year paper,  N13.58 billion subscriptions were received for the N25 billion on offer. However,  N11.58 billion was allotted.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

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FEC okays N15.7bn for Enugu-Anambra road project

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Projects

“The contract was awarded in 2012 and they were spurs off the Enugu-Onitsha Highway to six different communities, Ebenebe, Agba, Umana-Ndiagu, Nkpodu, Ekeagu and Ugwuoba.

“Because of lack of appropriate budgeting and funding all of these projects could not be completed.

“There were failures in the implementation as we inherited it; there was also the need to provide for erosion control measures and drains.

“That has led to the revision of the existing contract awarded in 2012 from N10.3 billion to 15.734billion.”

Fashola said that it was the revision to enable the contract to be completed that was presented and approved by the council.

edited by Sadiya Hamza

 

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Annan lived a great life, says Moghalu

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By Chioma Ugboma

Lagos Aug. 19, 2018 A former official of the United Nations (UN), Prof. Kingsley Moghalu on Saturday described the late Kofi Annan as a man who lived a great life.

Moghalu, a presidential aspirant of the Young Progressive Party (YPP) and former Deputy Governor of the Central Bank of Nigeria (CBN) made this declaration in his tribute to Annan.

The Nigeria News Agency reports that Annan, the 7th UN Secretary General between 1996 and 2007, died on Saturday at the age of 80.

The late Ghanaian diplomat, was a recipient of the prestigious Nobel Peace Prize and led the UN through some of its biggest reforms in order to build a stronger, more capable organization.

In a tribute sent to NAN in Lagos, Moghalu said: “In April I started my tribute to Kofi Annan on his 80th birthday with this quote: “To live is to choose. But to choose well, you must know who you are and what you stand for, where you want to go and why you want to go there.

“These are the powerful words from Mr Annan himself; words that have made an indelible mark on both my professional and personal lives.

“On a personal note, I have long admired his adventurous spirit, one that he encouraged in me and others, to seek divergent career paths that ultimately would make for a better employee, and a better organization.

“He himself had taken a circuitous route to his role as leader of the world’s most important body, and he left a strong mark. Long after Mr Annan left, he was spoken of fondly by staff who remembered not just his work, but his calm, intellectual personality that was a much-needed influence in the organization.

“In my tribute, I wrote that his was a “life of consequence”, not merely because he, like, Nelson Mandela, had achieved the feat of projecting a positive role model for black African excellence like few others had, but because he also sought to change the world—and did.

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MTN Nigeria denies CBN claims on illegal repatriation of $8.1b

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MTN Nigeria denies CBN claims on illegal repatriation of $8.1b

 

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By Chiazo Ogbolu

Lagos, Aug. 30, 2018

MTN Nigeria on Thursday refuted the claims by the Central Bank of Nigeria that it illegally, in collusion with four Nigerian banks repatriated $8.1billion from its Nigerian operations to offshore investors.

The CBN said the remittances between 2007 and 2015, in tranches of of 2.63 billion dollars, 1.766 billion dollars and 348 million dollars were done in flagrant violation of the rule that says it can only be done with regular ‘Certificates of Capital Importation (CCIs)’ issued by the apex bank.

The CBN said MTN did the repatriation after illegally converting shareholders’ loan of $399, 594,146 to preference shares.

As part of the sanctions, four banks, Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, were fined by the CBN.

Standard Chartered Bank would pay a fine of N2.47 billion, Stanbic IBTC, N1.88 billion, Citibank Nigeria, N1.26 billion and Diamond bank, N250 million.

“MTN Nigeria received a letter on Aug 29 from Central Bank of Nigeria (CBN) alleging that Certificate of Capital Important (CCIs) issued in respect of the conversion of shareholders’ loans in MTN Nigeria to preference shares in 2007 had been improperly issued.

`As a consequence they claim that historic dividends repatriated by MTN Nigeria between 2007 and 2015 amounting to $8.1 billion need to be refunded to the CBN.

“MTN Nigeria strongly refutes these allegations and claims.

“No dividends have been declared or paid by MTN Nigeria other than pursuant to CCIs issued by our bankers and with the approval of the CBN as required by law,” he said.

Aina said that the issues surrounding the CCIs had already been the subject of a thorough enquiry by the Senate of Nigeria.

He added that in September 2016 the Senate mandated the Committee on Banking, Insurance and other Financial Institutions to carry out a holistic investigation on compliance with the Foreign exchange (monitoring and miscellaneous) Act by MTN Nigeria & Others.

He said that in its report issued in November 2017, the findings evidenced that MTN Nigeria did not collude to contravene the foreign exchange laws and there were no negative recommendations made against MTN Nigeria.

“MTN Nigeria, as a law-abiding citizen of Nigeria, is committed to good governance and to abide by the extant laws of the Federal Republic of Nigeria.

“The re-emergence of these issues is regrettable as it damages investor confidence and, by extension, inhibits the growth and development of the Nigerian economy.

“We will engage with the relevant authorities and vigorously defend our position on this matter and provide further information when available.

CBN’s spokesperson, Isaac Okorafor, said the apex bank has written MTN Nigeria demanding a refund of the $8.13 billion, repatriated.

The Bank resolved to sanction the commercial banks following investigations in March 2018, which confirmed allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria.

Edited by Fela Fashoro

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