Thursday, 5 May 2016

Ukraine To Revive Ajaokuta Steel With $1bn

Steel With $1bn

Ukraine To Revive Ajaokuta Steel With $1bn

— May 6, 2016 3:42 am | Leave a comment

The Ukrainian Ambassador to Nigeria, Valeriy Aleksandruk, has disclosed that his country is ready to invest $1 billion into the Ajaokuta Steel Company in order to revive the plant, the Bureau of Public Enterprises (BPE) said in a statement yesterday.
The Ambassador, who made this known in Abuja on Wednesday, during a courtesy call on the acting director-general of the Bureau of Public Enterprises (BPE), Dr Vincent Onome Akpotaire, said that the Ukrainian company that built the plant -Tiajpromexport (TPE) – has presented a proposal to the federal government to that effect.
He said that the steel complex has a lot of potential which his country want to take advantage of; and that already, meetings have been held with relevant stakeholders in Nigeria for the realisation of the planned takeover of the plant.
Aleksandruk said that Ukraine has a very good relationship with Nigeria, especially with economic and trade investments, while noting that there is a big Nigerian community in Ukraine. The Ambassador further noted that Ukraine is ready to “open a new page in its relationship with Nigeria” and pledged to assist the bureau in its training needs to become a foremost privatisation agency in Africa.
In his response, Akpotaire said that the bureau would review the proposals from the Ukrainian Government and the multinational financial services firm that would provide the $1 billion investment, Morgan Stanley, before taking the next steps. He added that the federal government is desirous to get the Ajaokuta Steel Company Limited and the Nigerian Iron Ore Mill Company (NIOMCO), Itakpe running.
Akpotaire urged the Ukrainian Government to invest in other sectors of the Nigerian economy, especially in developing the downstream of the steel sector that would service several sectors, including the automobile

Steel With $1bn.

Steel With $1bn

Ukraine To Revive Ajaokuta Steel With $1bn

NSE ANTHONY-UKO

— May 6, 2016 3:42 am | Leave a comment

Niger Delta militants attack Chevron facility

P.M. NEWS Nigeria > Business > Business News > Niger Delta militants attack Chevron facility

Niger Delta militants attack Chevron facility

Published on May 6, 2016 by pmnews · No Comments

FILE PHOTO: A pipeline destroyed by Niger Delta militants

Militants attacked a Chevron platform in Nigeria’s oil-rich Niger Delta region late on Wednesday, the United States energy company said on Thursday, amid growing fears of a revived militant campaign in the region.
It is the latest in a series of attacks on oil facilities in Africa’s top oil exporter. President Muhammadu Buhari has vowed to crack down on “vandals and saboteurs” in the Delta region, which produces most of the country’s oil.
In a statement, the energy company said Chevron Nigeria Limited, operator of a joint venture with the Nigerian National Petroleum Corporation (NNPC), said an attack took place at about 11.15 pm (2215 GMT) on Wednesday.
“Its Okan offshore facility in the Western Niger Delta region was breached by unknown persons,” said Chevron in the statement. “The facility is currently shut-in and we are assessing the situation, and have deployed resources to respond to a resulting spill.”
There were no immediate details of any casualties. The company could not be reached for further comment.
A group known as the Niger Delta Avengers claimed responsibility for the attack, and in a statement it said it blew up the platform.
“This is what we promised the Nigeria government since they refuse to listen to us,” the group said.
The same group has said it carried out an attack on a Shell oil pipeline in February which shut down the 250,000 barrel-a-day Forcados export terminal.
The militants say they want a greater share of oil revenues. Crude sales account for around 70 percent of national income in Africa’s biggest economy.
Pipeline attacks and violence have risen in Nigeria’s southern swampland since authorities issued an arrest warrant in January for a former militant leader on corruption charges.
Buhari has extended a multi-million dollar amnesty signed with militants in 2009 but upset them by ending generous pipeline protection contracts.
The militancy is a further challenge for a government faced with an insurgency by the Islamist militant Boko Haram group in the northeast and violent clashes between armed nomadic herdsmen and locals over land use in various parts of the country.

Zimbabwe to Start Printing US Dollar Equivalent

May 6, 2016

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Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage in the country.

Zimbabwe’s Central Bank Governor John Mangudya said the cash, known as bond notes, will be backed by $200 million (£140 million) support from the Africa Export-Import (Afrexim) Bank.
The specially-designed two, five, 10 and 20 dollar notes will have the same value as their US dollar equivalence.

Zimbabwe introduced the US dollar after ditching its own currency in 2009 following sustained hyper-inflation.

Since then Zimbabweans have been using the dollar as well as a number of other foreign currencies including the South African rand and the Chinese yuan.

But the BBC reported that bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe.

The governor stressed that the issuing of bond notes was not the first step on the way to reintroducing the defunct currency, the Zimbabwe Herald newspaper reported.
Mangudya also introduced a number of other measures to steer people away from using US dollar cash.

This includes setting a $1,000 limit on how much cash can be taken out of the country.
He wants to encourage people to make greater use of the rand since a large portion of Zimbabwe’s trade is with South Africa.

However, people are reluctant to hold rands as they are not confident that the currency will maintain its value against the dollar.
He added that not all shops and traders accept the full range of currencies officially in use.

The central bank had brought in so-called bond coins of one, five, 10 and 25 cents, pegged to the US dollar, in 2014.
Mangudya said the bank was still working on a design for the new notes, but they should be in circulation “within the next two months”, the Herald reported.

Wage Bill Gulps N165bn – Finance Minister

FG Workers’ Monthly Wage Bill Gulps N165bn – Finance Minister

By Jonathan Nda-Isaiah, Chika Izuora, Kazeem Akintunde

— May 6, 2016 3:29 am | Leave a comment

The federal government is stepping up investigation to determine if the N165 billion it pays out as monthly salaries and pension to workers is genuine.
Minister of finance, Kemi Adeosun, who made the disclosure in Lagos yesterday at the Newspapers Proprietors’ Association of Nigeria (NPAN) meeting, said that, already, the investigation had started yielding fruits as some discoveries had been made, such as dead staff still being on the payroll for years.
The ongoing investigation of the N165billion monthly wage bill may unmask ghost workers believed to have overbloated the federal government payroll.
The NPAN meeting also had in attendance the ministers of environment, Amina Mohammed; agriculture, Audu Ogbeh and information, Lai Mohammed.
For instance, the minister disclosed that the Nigerian railway corporation, which has been moribund for several years was said to have over 10,000 workers on its payroll, a figure she said was unrealistic.
Adeosun said the government was determined to free resources to address other critical issues like infrastructure development, job creation and investment in other sectors of the economy in line with its diversification initiative.
“The civil service staff is over-bloated; we have about 1.2 million staff on government payroll, but I don’t think we have this number anywhere else, so we are building control.
“We are collaborating with other tiers of government, especially the state governments, so that we don’t have for instance a doctor working with the state government hospital and at the same time working with the federal government,” she said.
The minister noted that the huge pay-out is not sustainable as it represents about 40 per cent of total government expenditure and said all government agencies and parastatals would be investigated, with the process supported by available Information Technology platforms and the Biometric Verification Number (BVN) recently introduced by the Central Bank of Nigeria (CBN).
“On this salary issue, we are verifying the police, army and others. The wage bill is not sustainable. There are people who had died about four years ago but their names are still on the payroll,” she stated.
Speaking on government’s fiscal policies, the minister assured that government would be disciplined and prudent in spending and was more determined to cut inefficiency and wastage.
She further said that, in the next one year, efforts would be geared toward investment in capital needed to grow the local economy.
Adeosun, however, noted that the issue of payment of petrol subsidy recently announced by the Nigerian National Petroleum Corporation (NNPC) could be the settlement of pending arrears, adding that subsidy on petrol is not captured in the 2016 national budget.
On the issue of VAT and tariff on newsprint, the minister said she was aware of tariff placed on various items but that she would have to verify that of the newsprint, with a view to providing some leverage to the media industry to enhance their critical role in nation building.
Minister of agriculture, Audu Ogbeh, in his remark said government was building synergy to develop the agriculture sector, but he lamented that the current interest rate is not suitable for long term investment in the sector.
Ogbeh said, however, that the ministry was partnering with the CBN to achieve a single digit exchange rate. He, therefore, advised potential local investors to consider investing in the areas of plantation as that remains the best option for now.
While highlighting some of the challenges facing the ministries, Ogbeh said that Nigeria spends $22billion annually to import food items into the country and declared that there was no way the economy could cope with such frivolous importation.
Pointing out that it was time Nigerians looked inward, Ogbe said that most of the developed countries are taking advantage of “our desire to import anything into the country at the expense of our economy.”
On the bloody clashes between cattle herders and local farmers in several parts of the country, the minister stated that the federal government was at the moment working on how to resolve the crisis.
On her part, the minister environment, Amina Mohammed, said government was making concerted efforts to deal with environmental challenges by providing potable water, embarking on tree planting campaign and ending illegal logging.
She warned that if tree felling and logging was not contained, in the next 10 years Nigeria would not have trees again considering the volume of such harmful activities going on, especially at nights.
Speaking on current efforts to provide adequate security in the country, minister of information, Lai Mohammed, said government had made progress in dealing with Boko Haram insurgency.
Mohammed said the military was deepening its campaign in the Sambisa Forest with the goal of weeding out the remnants of the insurgents.
The NPAN meeting with the ministers, moderated by THISDAY publisher, Mr. Nduka Obaigbena, had in attendance the group managing director of LEADERSHIP Newspapers Group Ltd, Mr. Cletus Akwaya, among other top media personalities.
Recovery Of Stolen Funds Taking Too Long — PMB
President Muhammadu Buhari yesterday in Abuja urged the United Nations Office for Drugs and Crime (UNODC) to facilitate the faster recovery of Nigeria’s stolen wealth stashed abroad.
Receiving the executive secretary of UNODC, Mr Yury Fedotov, President Buhari noted that the process of recovering the stolen assets had become ‘tedious’ to the consternation of many Nigerians.
He said: “We are looking for more cooperation from the European Union (EU), United States, other countries and international institutions to recover the nation’s stolen assets, particularly proceeds from the stolen crude oil. It is taking very long and Nigerians are becoming impatient.”
President Buhari told Mr. Fedotov that his government had worked very hard in the past 11 months to reverse the very negative global perception of Nigeria on the subject of corruption.
“Our genuine efforts to deal with corruption and drugs have earned us international respect and this has encouraged us to do more. We know that by fighting the scourge of drugs and corruption and rebuilding trustworthiness, integrity, good business practices, and imposing discipline on youths to avoid drugs, we are not doing a favour to the international community, we are doing a favour to ourselves, ’’ the president said.

Again, Militants Bomb Chevron Facility in Escravos

Again, Militants Bomb Chevron Facility in Escr

• Crude output, gas supply shut in

Ejiofor Alike in Lagos and Omon-Julius Onabu in Asaba
Militants in the Niger Delta on Wednesday night attacked Chevron’s valve platform, an offshore oil facility located near Escravos in Abiteye, Warri South West Local Government of Delta State, forcing the company to shut in crude oil output from some fields in the western Niger Delta and critical gas supply to thermal power stations in the country.

A Chevron source, who confirmed that the attack occurred at about 10.30 pm, informed THISDAY that the incident occurred in Benikurukuru community near Escravos in the Ijaw axis of Gbaramatu Kingdom, hometown of ex-militant leader who is in hiding, Government Ekpemupolo (better known as Tompolo).

According to the Chevron source, the incident would affect gas supply through the gas pipeline from Olero Creek to Escravos, Chevron’s tank farm, Chevron’s Abiteye flow station, the Sagara and Otuana flow stations, as well as the Sagara and Odidi pipelines.

He could not disclose the volume of crude oil that was shut in, but THISDAY gathered that the incident might have also affected crude oil supply to the Warri refinery operated by the Nigerian National Petroleum Corporation (NNPC).

When contacted via the phone, Chevron’s General Manager in charge of Policy, Government and Public Affairs (PGPA), Mr. Deji Haastrup, did not respond to calls and text messages on the latest development.

However, the Niger Delta Avengers, a new militant group in the region, has reportedly claimed responsibility for the attack, and gave its Strike Team 6 credit for the successful attack.
The group was also responsible for the February attack on the 48-inch Forcados export pipeline owned by the Nigerian Petroleum Development Company (NPDC), a subsidiary of the NNPC.
The subsea pipeline which is undergoing repair, is operated by Shell Petroleum Development Company (SPDC).

“We want to pass this message to all the international oil companies operating in the Niger Delta that the Nigerian military can’t protect their facilities.
“They should talk to the federal government to meet our demands else more mishaps will befall their installations.

“Until our demands are met, no repair works should be done at the blast site,” a statement credited to the spokesman of the group, Colonel Madoch Agbinibo, said.

“The high command of the Niger Delta Avengers wants to use this medium to thank Strike Team 6 for successfully blowing up the Chevron Valve Platform. And we are ready to protect the Niger Delta people. This is what we promised the Nigeria government. Since they refused to listen to us we are going to zero the economy of the country.

“As for zeroing the Nigerian economy, the Niger Delta Avengers is done with Delta State major oil installations. Now, we are taking the fight out of the creeks to the Niger Delta. We are taking it to Abuja and Lagos now,” the group added.
The group earlier on Wednesday warned Tompolo over his letter to President Muhammadu Buhari in which he disowned them.

Tompolo had in the letter assured the federal government of safety on the repair works on the damaged Forcados pipeline.
The former warlord alleged that the oil pipeline repair service companies were responsible for the sabotage of oil pipelines in order to secure surveillance and repair contracts from the NNPC.

The latest attack came at a time the federal government is beefing up security surveillance around oil and gas installations in the Niger Delta against the backdrop of a resurgence of attacks on oil facilities in the region.

Vice-President Yemi Osinbajo, during a recent visit to the vandalised pipeline at the Forcados export terminal, spoke of plans by the federal government to increase military presence and the possible creation of a special security outfit to oversee pipeline surveillance in the oil-rich region.

I Didn’t Leak Sanusi’s Letter – Amaechi

Anayo Onukwugha

— May 6, 2016 3:50 am | Leave a comment

Minister of transportation, Mr Chibuike Amaechi, has denied reports that he leaked a letter written by the former governor of the Central Bank of Nigeria (CBN) and current Emir of Kano, Alhaji Muhammadu Sanusi 11, to former President Goodluck Jonathan over the non-remittance of $49.8 billion from oil sale to the federation account.
Amaechi, in a statement issued in Port Harcourt yesterday by his media office, said a concerned Nigerian gave him a copy of Sanusi’s letter to Jonathan based on his then position as chairman of the Nigerian Governors’ Forum (NGF).
The statement reads in part, “Our attention has been drawn to reports in the media that tend to infer and/or suggest that Rt. Hon. Chibuike Rotimi Amaechi surreptitiously and clandestinely ‘leaked’ a letter written by former CBN governor and now Emir of Kano, Sanusi Muhammad 11 to then President Goodluck Jonathan on the non-remittance of $49.8 billion from oil sale to the federation account.
“This is further from the truth and what exactly transpired as regards Amaechi’s involvement in that Sanusi letter. To put the records straight, we want to categorically state that:
“A concerned and patriotic Nigerian, who felt sufficiently troubled with what was happening then, gave a copy of the Sanusi letter to Amaechi in Amaechi’s capacity as the chairman of the Nigerian Governors’ Forum (NGF). Like Amaechi, we should appreciate that concerned Nigerian’s patriotism.
“When Amaechi got the letter, he spoke with Sanusi who was still the CBN governor to confirm the authenticity of the letter. Sanusi confirmed to Amaechi that he wrote the letter.
“During their conversation, Amaechi made it abundantly clear to the then CBN governor that the bleeding of the nation had to be stopped, all non-remitted funds remitted and that he (Amaechi) was going to use the letter to do whatever was in the best interest of the nation and Nigerians, which was the stoppage of the non-remittance and the recovery of all the non-remitted funds from oil sale.
“The CBN governor didn’t agree with Amaechi on the way forward.
Considering that the letter was given to Amaechi as chairman of the Governors’ Forum, he shared the letter with his fellow governors first, and with Senator Bukola Saraki (now Senate president), who before and around that period was doing some work or/and investigation around the oil sector in the Senate.
“Around that period, a delegation from the United States of America government, from the offices of the Secretaries of State and Defence, visited Amaechi in Port Harcourt to discuss the issue of oil theft in Nigeria. From their records, they gave Amaechi figures of billions of dollars (about $7 billion annually) that was being lost to oil theft in Nigeria.