CIBN, Banks To Resolve Customer Complaints Faster – Punch, Page 30
The President, Chartered Institute of Bankers, Dr Uche Olowu, says the institute will collaborate with banks to address customers’ complaints, and ensure that the response time is reduced in order to render satisfactory services to the banking public. Olowu, said this in Lagos, during the launch of the Consumer Awareness and Financial Enlightenment Initiative on Thursday. He said he was not aware that banks were not responsive to customers’ complaints on social media, adding that the banking industry was a free market system. Olowu explained that if a bank did not respond, the consumers had the choice to go to where quality services would be rendered. He said the CIBN had a remedial department which was the ethics and sub-committee that took care of unresolved complaints of consumers, in addition to what the Central Bank of Nigeria in the consumer protection department was doing. “For us, we are pushing, we are not yet there, but we will get there. I think we need to create more awareness to the public because we have resolved a lot of issues in billions of naira where consumer complaints are being resolved,” Olowu stated. The President, CAFEi, Mrs Debola Osibogun, said the initiative was aimed at driving financial literacy and consumer engagement in Nigeria. She noted that the initiative would elevate consumer literacy in the country.
CBN Policy Frees N750b For Loans – The Nation, Page 6
The Central Bank of Nigeria (CBN) directive for banks not to deposit funds above N2 billion at its Standing Deposit Facility (SDF) window will free over N750 billion for loans, it was learnt on Thursday. Commercial banks are expected to deposit excess funds at the CBN daily and earn interests on such funds, The Nation learnt. The guideline, issued on Wednesday, took effect yesterday. It reduced the remunerable daily placement of SDF from N7.5 billion to N2 billion. SDF is the excess reserve funds that banks deposit at the SDF window of the CBN at the end of each business day. The Standing Lending Facility (SLF) is fund borrowed by banks from the apex bank to square up their positions in the market. The SDR attracts interest rate of Monetary Policy Rate (MPR) minus 500 basis points, which is 8.5 per cent per annum up to the limit of N2 billion. Any deposit over and above the maximum will attract zero interest rate. CBN Director Financial Markets Department Angela Sere-Ejembi said renumerable daily placements by banks to the SDF shall not exceed N2 billion.
External Debt Servicing Gulps $357.26m In Three Months – Punch, Page 24
The Federal Government spent a total of $357.26m in the first three months of the year to service external debt, the Debt Management Office has disclosed. Statistics obtained from the DMO in Abuja on Thursday showed that commercial loans gulped the largest amount spent on external debt servicing in the first quarter of the year. A total of $210.76m was spent on commercial loans. This represented 58.99 per cent of the external debt servicing spending. The commercial loans include Eurobonds whose maturity dates range from 2018 to 2038. Multilateral loans were another component of the external loans that consumed some considerable resources in servicing. A total of $79.4m representing 22.22 per cent was spent on servicing multilateral external loans. The multilateral loans include funds dispensed by the International Bank of Reconstruction and Development and the International Development Association, two arms of the World Bank; the African Development Bank and the Islamic Development Bank. A total of $67.1m representing 18.78 per cent was spent on bilateral loans. The bilateral loans included funding from the Export-Import Bank of China that funded the Nigerian Communications Satellite project and the Nigeria National Public Security Communications Systems project.
BDC Rates – BusinessDay
Stock Market Report – July 10
ALL SHARE INDEX 28,717.78
EQUITY CAP N13,995,626,925,068.01
BOND CAP N12,193,911,325,488.50
ETF CAP N5,943,753,443.99
No Plan To Increase Fuel Price –NNPC – Punch, Page 25
The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol. It explained that the statement of the corporation’s Group Managing Director, Mele Kyari, at the National Assembly on Wednesday did not suggest any plan to increase the price of the white product. NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, clarified that what the NNPC GMD stated during his engagement with the Senate President, Senator Ahmed Lawan, was that the price of petrol was abysmally low in Nigeria compared to what obtained in neighbouring West African countries. Ughamadu noted that Kyari had observed at the event that the huge disparity in the pump price of petrol between Nigeria on the one hand and her neighbouring countries, on the other hand, tended to encourage cross-border leakages. This, according to Ughamadu, was why the NNPC boss sought the support of the leadership of the National Assembly to curb the malaise of smuggling. The oil firm advised Nigerians to disregard the insinuation of a planned hike in the price of petrol by NNPC. It stated that statutorily, NNPC was not even in a position to regulate the price of petroleum products, adding that the corporation’s role as an operator must be differentiated from that of any of the industry regulators.
Sobering 2020 Outlook For Nigeria, Others As Production Output Rises – Guardian, Page 21
Organisation of the Petroleum exporting Countries (OPEC) efforts to boost oil prices look set to become even more challenging next year, with increasing competition for market share from higher non-OPEC output, the group’s first 2020 forecast shows. Already, compliance on production within the cartel quotas fell sharply in June, as output gains in the month by Saudi Arabia and Nigeria, along with Iraq’s continued flouting of its cap, shrank the bloc’s margin despite its supply cut agreement. According to Platts’ data, Nigeria’s production output rose to 1.97 million barrels per day (mbpd) last month, up from the 1.69mbpd quota under the cut agreement, signalling the nation’s highest output since January 2015.Under OPEC’s latest report, Nigeria saw the biggest jump in production, with a 130,000 b/d rise to 1.86mbpd, according to secondary sources. The Federal Government self-reported an even higher figure of 1.96mbpd, some 270,000 b/d in excess of its quota, with promises to increase production.The producer group’s analysis arm, yesterday provided a sobering 2020 outlook for its 14 members, forecasting that demand for OPEC crude would drop more than four per cent from this year, as a production surge from the U.S., Brazil and Norway threatens its market share. In its monthly oil market report that included its first forecast of fundamentals for next year, OPEC estimated that the so-called call on its crude would fall to 29.27mbpd in 2020, down 1.34mbpd from the 2019 projection, including an eye-catching 28.75mbd in the first quarter (Q1).
Senate Ends Week Without Buhari’s Ministerial List – Guardian, Page 1
The move by Senate President Ahmed Lawan on Wednesday to pacify anxious colleagues over President Muhammadu Buhari’s delayed submission of a ministerial list fell on its face yesterday. Lawan had quickly intervened to douse growing tension among the lawmakers who were worried that the delay could increase pressure on their work schedule especially as the end of session recess was just two weeks away. “This is to inform this Senate that the executive arm of government is working very hard to get the list of ministerial nominees to the Senate. I can imagine that before this week runs out, we could get the list,” he said.But with yesterday being the National Assembly’s last legislative day, the cloud of uncertainty surrounding the list is expected to thicken. Reporters covering the Senate were forced to endure gruelling 24 hours as inquisitive callers sought to know whether the much-anticipated list had finally arrived. But rather than receive an answer, amazement took over when Lawan upheld a motion by Majority Leader Yahaya Abdullahi to the effect that the Senate had adjourned till July 16, 2019.
Commercial Operations On Lagos-Ibadan Railway Begin October – Punch, Page 28
The Chairman, Nigerian Railway Corporation, Mr Ibrahim Alhassan, has said commercial passenger and cargo movement will begin on the Lagos-Ibadan standard gauge rail line by October. Alhassan stated this on Thursday when he led a 24-member newly constituted board of directors on a tour of the project. He stated that one of the tracks had already been constructed up to kilometre 154, adding “What remains are the two branch lines, one, into the works yard and the other that will connect the Ibadan dry port.” These, he said, would be completed by the end of July. He said the Federal Government had ordered 30 engines, 63 coaches, 200 wagons, a conference coach and a super sleeper with a spa and other facilities to make this possible. According to him, two diesel multiple units of 30 coaches have been purchased and will be delivered before December. Alhassan, who also unveiled the conference coach, inside which members of the board held an inaugural meeting, said the NRC had invested so much on the rail system and would be happy to see firms holding their board meetings or conferences on the train’s conference coach.
Empowering Youths In Agric – The Nation, Page 35
The British American Tobacco Nigeria (BATN) Foundation and the Bank of Agriculture (BoA) have signed a Memorandum of Understanding (MoU) on a new project to create jobs and promote youth agriculture. Most youths do not like agriculture. They prefer white collar jobs. To stop them from running away from the farms, the British American Tobacco Nigeria (BATN) Foundation and the Bank of Agriculture (BoA) have signed a Memorandum of Understanding (MoU) in Lagos. The programme entitled: Wealth is Here is aimed at attracting and empowering the youth in rural areas. It will cover both the youth with some land holding and those without land. Speaking at the signing of the MoU in Lagos, BATNF Executive Director, Ms Abimbola Okoya said rural transformation could not be accomplished in Nigeria without encouraging and empowering the youth in agriculture and value chains and entrepreneurship. She noted that investing in the future of the youth and encouraging them to grow their own businesses was key in dealing with the unemployment situation.
NCC Wants Operators To Double Telecoms Sector’s Investments To $136b – Guardian, Page 31
The Nigerian Communications Commission (NCC) has asked telecommunications operators in the country to double their investments in the sector from the current $68 billion to at least $136 billion. With a 10-year timeline handed the telecoms operators, NCC said $68 billion investment as at 2018 was no longer sustainable in the face of global developments in the sector, stressing that the sector needed over $136 billion investments by 2029. NCC insisted that the need for fresh investments have become necessary if the about 40 million unserved and undeserved Nigerians must have access to basic telephony services. Speaking in Lagos yesterday at Telecoms Executives and Regulator Forum (TERF), organised by the Association of Telecommunications Companies of Nigeria (ATCON), Executive Vice Chairman of NCC, Prof. Umar Danbatta, represented by Director, Policy Competition and Economic Analysis at NCC, Mohammed Babajika, noted that the $68 billion investment in Nigeria was huge, “…but it is by no means adequate for one of the fastest growing telecommunications market in the world.”
500 Thugs Surrender To Police, Beg Government For Rehabilitation In Bauchi – Guardian, Page 11
Thugs numbering about 500 who are members of the notorious ‘Sara Suka’ yesterday surrendered their weapons to the police in Bauchi State. The ex-bandits, mostly youths, were received by Governor Bala Mohammed and the Commissioner of Police, Habu Sani, at the command’s headquarters. CP Habu said the police under his watch was able to drastically reduce the soaring spate of Sara Suka robbery, kidnapping and other violent crimes through synergy with other security agencies and volunteer groups. One of the surrendered thugs, Rilwan Ibrahim, told The Guardian that the lack of education and joblessness drove them into banditry but they have seen reasons to embrace peace. He said: “We are pleading with the government and police to release our colleagues who are in their custody for years, so that they can join us in embracing peace. We want the government to give us jobs or create an empowerment programme for us because we don’t want to go back to hooliganism again”. The Chairman, Bauchi State Youths for Peace and Unity, Mr. Rabiu Shamba, said he was able to mobilised them from the grassroots and convinced them to surrender to government for tranquility and developed society.
Police Arraign 38 Sect Members – Nation, Page 8
The Federal Capital Territory (FCT) Police Command on Thursday arraigned 38 members of Sheikh Ibrahim El-Zakzaky’s Islamic Movement of Nigeria (IMN) in an Abuja court. Twenty-eight of them were arraigned in a Magistrates’ Court in Wuse Zone 6 while 10 others were arraigned in Magistrates Court in Wuse Zone 2. Twenty-eight of the accused were granted bail with conditions by Magistrate Ahmed Ndajiw and Magistrate Mohammed Ibrahim at Wuse Zone 6 Court. Ten, according to the magistrates in Wuse Zone 2, would be kept in a good facility outside police cell. The police said two of the 40 suspects arrested for Tuesday’s violent protest were freed during investigation. Their arraignment followed the arrest of the members during Tuesday’s violent protest and forceful invasion of the National Assembly. The sect members’ invasion left nine policemen injured and several vehicles destroyed. The first information report was read in English and interpreted in Hausa language to the defendants at Court 13 of the Magistrates’ Court in Wuse Zone 2. They were charged with the following offences: criminal conspiracy, mischief, unlawful assembly, obstruction of public servant in the discharge of duty, rioting armed with deadly weapons, causing grievous hurt, disturbance of public peace, assault or criminal force to determine public servant from discharge of his duty contrary to sections 97, 326, 149, 107, 243, 113 and 264 of the Penal Code.
Proprietor Of ‘Yahoo Yahoo’ School Remanded In Prison – Nation, Page 5
An Ikeja special Offences Court yesterday remanded the proprietor of a ‘Yahoo-Yahoo’ training school in Lagos, Chinedu Frank, in prison custody. Frank is standing trial before Justice Oluwatoyin Taiwo over an alleged $20,000 fraud. He is facing a seven-count charge of obtaining money by false pretence and possession of fraudulent documents brought against him by the Economic and Financial Crimes Commission, (EFCC). He pleaded not guilty. EFCC prosecuting counsel, Samuel Daji thereafter asked the court for a trial date. Justice Taiwo granted his request and adjourned the matter till September 17. She also ordered the defendant to be remanded in Ikoyi Prisons custody. Earlier, Daji, had told the court that the defendant committed the offences sometime in 2018 and on May 24, in Lagos. The EFCC alleged that Frank fraudulently obtained the sum of $20, 000 property of Han-Yong Ja on the representation that he is a United States Army officer stationed in Iraq. Frank was also alleged to have in his possession several fraudulent documents titled: “3rd Billing Flight; Certificate of Retirement” and ‘Replacement Format”. The defendant was also alleged to have falsely represented himself as a Major-General Davis Lucas of the American Army.
Boy Kidnaps, Drugs Five-Year Old To Death In Kano – Guardian, Page 10
A 19-year-old secondary school leaver, Ibrahim Ahmad, was yesterday arrested by the Kano State police command over the kidnap and drugging to death of a five-year-old primary school pupil, Ahmad Ado, popularly known as Sayyid. The suspect, alongside his accomplices, Abdulmajid Mohammed and Musa Sunusi, both aged 18, hurriedly buried the victim in an uncompleted building at Sheka area of the ancient city of Kano.Briefing newsmen in Kano, shortly after police operatives exhumed the victim’s body from a shallow grave, the Commissioner of Police, Ahmed Iliyasu, said the police received a report that one Ahmad Ado, five years old of Karkasara Quarters, Kano, had been kidnapped by unknown persons at Ma’ahat Nursery and Primary School, Karkasara, Kano. According to him, the kidnappers subsequently contacted the family of their victim, demanding a ransom of N50 million before they will release the boy. Following the tip off, a team of Operation Puff Adder detectives from Anti-Kidnapping Squad, swung into action, using technical intelligence and arrested the principal suspect, Ibrahim Ahmad, aged 19, of Darmanawa quarters, Kano. On interrogation, according to Iliyasu, two of his accomplice, Abdulmajid Mohammed and Musa Sunusi, of Sheka quarters, Kunmbotso Local Government Area of Kano, were nabbed. During interrogation, the suspected confessed to have over-drugged the victim after kidnapping him, which subsequently led to his death at Sheka Sabuwa Abuja Quarters, Kumbotso.
Three Killed, Two Others Injured As Flood Ravages Plateau Community – Guardian, Page 11
Three persons were killed and two others injured as flood ravaged some part of Zinaria community of Jos North local government area, Plateau State. The flood also pulled down nine houses, rendering the occupants homeless. Sani Bello, a relative of the deceased, who are all members of the same family, told newsmen the incident occurred on Wednesday at about 5:30p.m. when heavy downpour, which lasted hours, gathered water in the narrow waterway and collapsed a fence that pulled down nearby structures. “The victims were in the house when the rain started. They all remained indoors but because the waterways were blocked and the ground soaked, the building collapsed on them. The water washed three of them away and they died in the process. One of them is my elder sister, she was pregnant and came here for a visit from Naraguta, a nearby community.” Senator Istifanus Gyang, who is representing Plateau North Senatorial district, visited the area yesterday to commiserate with the people and assist them with resources to create waterways and rebuild their homes. Represented by Daniel Dem, Gyang gave financial assistance to the affected families and urged the community to “avoid building on waterways” to avoid such unfortunate incident.
Ogun Villagers Protest Against FG’s Rail Project Contractor – Punch, Page 5
Residents of Laderin and other villages along the Lagos-Ibadan rail line staged a protest in Abeokuta on Thursday against the contractor handling the project, CCECC. The protesters, led by the Chairman, Abule-Ake Community Development Association, Alhaji Farouk Akintunde, staged a demonstration at the Ogun State House of Assembly. Speaking on behalf of the villagers, Akintunde lamented the failure of the contractor to redeem the promise of an overhead bridge across the rail line to connect the villages to the main road and other amenities in the neighbouring town. He also accused the contractor of being insensitive to their plight regarding the construction, alleging that the rail line had cut off most of the villages from the neighbouring town. Akintunde said the development had brought hardship to residents of the villages and prevented them from connecting with the main town, adding that it was also affecting other social activities in the area. He added that the villages were under the threat of being cut off from the main town. The affected villages are Laderin, Abule Ake and Sidipon, all in the Obafemi-Owode Local Government Area of the state. Addressing the protesters, the Speaker of the Ogun State House of Assembly, Olakunle Oluomo, assured them of the government’s commitment to their welfare.
Rohr Urges Focus, Commitment Ahead Sunday’s S’ Final – ThisDay, Page 54
Even before knowing the identity of their AFCON 2019 semi final opponent, Super Eagles’ Technical Adviser Gernot Rohr on Thursday morning charged his wards to be focused and fully committed to the task at hand as they countenance another tough session on Sunday night at the Cairo International Stadium. “The next match in a championship is always the toughest, so it is always important to approach it that way. That is why we must now forget what we achieved against South Africa in our quarter-final match and start to build up towards the semi-final. There is no time to rest on our oars. We must make all the sacrifices we can now to achieve our objectives at this tournament. We must stay focused and be fully committed.” The three-time champions were back at the Aerosport pitch inside the Cairo Airport on Thursday morning to begin training for Sunday’s encounter against Algeria who defeated Cote d’Ivoire 4-3 in penalty shoot out last night. Also on Thursday morning, the management of the Le Meridien Cairo Airport hotel presented a big cake to the Super Eagles for the 2-1 win over South Africa that has taken Nigeria into the last four of Africa’s biggest and most prestigious football championship.
Dangote, Otedola Rain More Dollars On Super Eagles – Guardian, Page 48
The givers have continued to swell Super Eagles players’ purse in appreciation of their sterling performance at the on-going African Cup of Nations in Egypt. Yesterday, the team, which defeated South Africa 2-1 to qualify for the semifinal of the competition, got pledges of dollar rewards from two of Africa’s richest men, Aliko Dangote and Femi Otedola. The news came to the players first hand when Nigeria Football Federation (NFF) President, Amaju Pinnick visited their Le Meridien Cairo Airport Hotel to assure them that Nigeria was behind them in their quest to bring honours to the country. According to thenff.com, at the camp, “Pinnick put a call through to the two well -known philanthropists and tasked them to commit to supporting the team. While Dangote made a pledge of $50,000 to the team for every goal in their remaining two matches at the championship, Otedola pledged the sum of $25,000 for every goal. That means the players will share $75,000 for each goal they score in their two remaining games. The Guardian recalls that the players got more than $37,500 each for beating Cameroun in the second round game on Saturday through businessman, Captain Hosea Wells Okunbo, who pledged the sum of $20,000 for every player, Governor Babajide Sanwo-Olu’s $5,000 for each player and the $75,000 they shared for the three goals they scored against the Indomitable Lions.
Algeria Beat Cote d’Ivoire In Shoot Out To Set Up S’final Clash With Nigeria – ThisDay, Page 54
Algeria defeated Elephants of Cote d’Ivoire 4-3 in penalty shoot out last night after regulation and extra time ended 1-1. The Desert Foxes are now primed to face three-time champions Nigeria in one of the semi finals of the 2019 Africa Cup of Nations in Cairo, Egypt. Algeria took the lead through ex-West Ham winger Sofiane Feghouli’s side-foot finish before they missed a penalty. Baghdad Bounedjah, who had been fouled by keeper Sylvain Gbohouo, hit the bar. Cote d’Ivoire forced extra time after Aston Villa forward Jonathan Kodjia’s low finish but, after no further goals, the tie was decided by penalties. Algeria, seeking a first AFCON triumph since 1990 when they hosted and won will face the same Nigeria they defeated to win their lone title to date. Cote d’Ivoire had gone close to scoring when the game was goalless, Rais M’Bolhi pushing Max Gradel’s attempt on to the post. Crystal Palace forward Wilfried Zaha went into the quarter-final looking to increase his two-goal tally at the tournament. However, the Ivorian player was booked and fortunate to escape a red card after a confrontation with Ramy Bensebaini. Zaha and Algeria’s Riyad Mahrez had been replaced by the end of the 120 minutes and did not take part in the penalty shootout.
200 Athletes For Calabar Marathon – Guardian, Page 48
Over 200 athletes are expected to take part in the first Brotherhood of the Cross and Star Calabar 10-kilometre marathon scheduled for July 20. The organisers said yesterday that athletes from Lagos, Rivers, Akwa Ibom and Delta states, among others, have already registered for the race.The International Chairman of the organising body, the Universal Youth Fellowship (UYF) of the BCS, Archbishop Tom Inyang-Akpan said they have invested resources to stage the race to mark their 42 years anniversary. According to him, the race would be organised every year, depending on the interest shown by participants and support from the authorities in order “to regularly engage Nigerian youths and spot out good talents.”He said, “the marathon race is in collaboration with the Cross River State Sports Council and it has the theme: Race For Peace, as a way to emphasise peace and also profitably engage the youths. Already, from the registration process, we have entrants from Plateau, Lagos, Rivers, Akwa Ibom, Delta States…We are looking at having over 200 participants. We have medical and security teams in place. We have marked out the routes and we will stress much on medical fitness.’’
U16 Afrobasket: Junior D’Tigers Will Be Aggressive Against Tunisia, Says Fubara – ThisDay, Page 55
Nigeria’s U-16 Basketball Coach, Fubara Onyanabo, has stated that his boys will play an aggressive, pressing style of game when they lock horns against Tunisia in the quarter finals of the ongoing FIBA U16 African Basketball Championship at the Vava Duarte gymnasium in Praia, the capital city of Cape Verde on Friday. Nigeria finished second on the Group A log with seven points behind toppers Egypt winning three games with one loss while Tunisia in Group B finished third behind Mali and Guinea losing two games and winning two. Speaking ahead of the crucial fixture, Onyanabo who has been able to turn the fortunes of the team around after their opening day loss to Egypt said he his going to approach the game aggressively so as to stop the fluid play from the North Africans. “We are going to be aggressive with the Tunisians, we are going to break all their screens. In their final group game against Rwanda, they had a filled day, their shots were just going in, so we need to learn how to play from outside the paint. The Tunisian team are fundamentally sound, they look sluggish but they know exactly what they are doing. They do the right things at the right time on the court. Firstly they shoot from outside a lot and the also penetrate as well so we need to learn how to work on that defensively.”