Wednesday, 24 August 2016

Ali baba shows off his pet dogs named after (OBJ, Abacha, IBB, Obama) & other foreign leaders


Comedian Ali Baba shared the photo above showing some of his pet dogs and revealed that he named them after different world leaders (Both past & present). Ali Baba claims that former Nigerian President Obasanjo, was aware and impressed that he had a dog named after him. Read below.
"My dogs and I back in the day. Must have had like 12 at a particular point in time. Interesting time. That time I mean. I had traveled and returned at night, but was too tired to relate with them. OBJ, the big Alsatian was the head of the pack. Then Obama was the big black and white Great Dane, the Alsatian on the bummer was Thatcher. Thatcher must have given me like 18 puppies. In her good days (X120k per puppy) the ridge back by Thatcher was called Madiba. It arrived from South Africa on the birthday of Mandela
 The Second Harlequin Great Dane was named after Queen Amina... But the fiercest of my odds were Chaka, IBB AND Abacha. They took no prisoners. In fact, if I gave you anything I had used before, like shoes or clothes,my advice is not to wear them to my home. Because if Chaka, or Abacha caught a whiff of that item on you... You will not like yourself. They were my trusted securities and my friend. One time in LEKKI, 1997 or so, a guy scaled the fence into my compound in the night. I was woken up to a shouts of "Oga come o!!!!!"  
"Oga I am finished!" And Usman my maiguard was having a good laugh. At 2am! The petty thief was on the roof of my V-Boot. I was more scared for his life than he was of it. Because then we had Chaka, Ghadaffi and Clinton. Those who new these dogs will testify to their brutality. Go ask@basorge_tariah and@officialbunmidavies... But with hind sight now, I am just thanking God. Yes oooo! O have to thank God ooo. That it was not now, that I named my dogs after any sitting president and foreign leaders. In fact, Obasanjo himself was very impressed years later when his friend that brought me a gift from Baba, told him how a dog called OBJ in Ali Baba's house nearly killed him. Baba used to warn my wife then, that if she ever decided to have a dog meal, she should not touch OBJ... But then again, OBJ had a different kind of personality and a high sense of humor. Everyone can not be the same. So I understand. An that is all I have to say."

Photos: Imo state Police command parade Mother & Son who stole a day-old baby boy


The Imo State Police command on Monday arrested one Mrs Ngozi Anyanwu and her son, Goodluck Anyanwu, for allegedly stealing a baby boy from a maternity clinic in Isiala Mbano LGA of the state.
Parading them before newsmen, the Imo state Commissioner, Taiwo Lakanu said that he received the news of the disappearance of a new born baby on August 19, 2016 and efforts were immediately put in place to recover the child and arrest the Kidnappers. This turned out successful 48 hours later.

Confessing to stealing the child, Mrs Anyanwu said she stole the baby to punish the matron of the maternity whom has allegedly been owing her sums of money. That she never intended to sell the baby or to do any evil to the child but to make sure that the matron pays for all the wrongs she had done to her.

The Police has since handed the child over to his biological mother. Photos below...


Monday, 22 August 2016

18 already?? Omotola Jalade-Ekeinde’s son marks birthday with Sound Sultan, Patoranking

Sound Sultan, Patoranking and Denrele Edun were some of the Nigerian celebrities that turned up for Omotola Jalade's son, M.J Ekeinde's 18th birthday. The actress' son, who is the second of four children, is an aspiring musician. They grow so fast!

Where is the change? - Bob Manuel asks Buhari

– Nollywood actor Bob Manuel has waded into the current economic crisis rocking the country – He called on the Buhari-led government to bring the much desired change it promised Share on Facebook Share on Twitter Veteran Nollywood actor, Bob Manuel has joined the list of entertainers who has lamented the suffering and anguish Nigerians have been made to go through in the name of ‘change’. In a chat with Punch, he called on the Buhari-led government to bring the much desired change it promised. The actor said due to the epileptic power supply in the country, he may develop hypertension should he calculate how much he spends buying fuel to power his generator.
“People are suffering, there is no money. People are not smiling. These days, you hear stories of food theft because of the bad situation of things. All is not well for now. ” I now use generators more than most Nigerians. We have no choice due to poor power supply in the country. I rely mostly on generator for my power needs. I cannot estimate how many hours I enjoy government power supply in a day, sometimes there is electricity today, and tomorrow there is none. It’s an on-and-off situation. Sometimes, there could be no power for weeks and I often forget there’s anything called government power supply. It’s just like what every other Nigerian experiences. “I have three generators in my house. It is not deliberate and it is not to prove being rich, but it is because of the condition we have found ourselves in this country. I run one in the morning, one in the afternoon and one in the night. By doing this, I will be able to lengthen the lifespan of the generators. Of course, running the generator throughout the day creates a deep hole in the pocket, but what can we do with the epileptic power supply in the country? “I have stopped calculating the amount. It is painful. You can just imagine if someone is spending just N1,000 per day to run a generator, in a month, you would have spent N30,000. Many Nigerians spend more than that per month. Personally, if I calculate what I spend on powering my generators, I will develop high blood pressure. I don’t bother again and of course there is no hope that power supply in this country will improve. “No hope,” he echoed. “There is none and I will tell you why. The issue of power supply in this country cannot be solved in a day. The problem was caused by a particular set of people in this country who don’t want to see things work. Twenty years ago, having a generator was by choice, not something everybody had. Only a few people had it. But things got worse afterwards and now the importation of generators is big business and the importers are making billions of naira from it. “Some of the importers are big people in this country who are doing everything they can to not make power supply improve. Some of them partially own the companies that manufacture generators. These people are in the government and wield huge influence. I am pessimistic we can succeed in getting good power supply again in this country. If it is ever going to happen, it will involve the shedding of blood because the cabal will be ready to do anything for their business to keep thriving. I am putting this as a challenge to the government, let them prove me wrong. We can never get stable power supply again in this country,” the movie icon reinstated. Just last week, ATL based rapper, Eldee expressed his dissatisfaction with the Buhari-led government, stating that President Buhari’s government is not the way forward for Nigeria in a series of tweets insisting that it was a huge mistake to have thought otherwise. 

Why Genevieve dumped me –Okechukwu Joseph, actor



Determined to make a difference, Okechukwu Joseph ventured into the movie industry but after about a decade, the actor believed that he had not made the desired change. and so he travelled to the United States where he enrolled at the New York Film Academy. The result of this is a soon-to-be released movie entitled, Second Chance. In an interview with Christian Agadibe, Joseph talks about his new film, aborted romance with star actress, Genevieve Nnaji and his plans for Nollywood.
How does it feel to come back home after your academic sojourn in America?
I am more than happy to be home. It was strictly an academic sojourn. I got into the movie industry in 1996, shot my first movie in 1997 and 10 years later, I felt it was a good time for some upgrade at the New York Film Academy at Universal Studios; Hollywood was the best choice I ever made. I loved every bit of my experience there. It was life changing.
What project have you been able to accomplish after school and are there any specific benefits of your return to Nollywood?
After I finished from film school I produced a movie in Maryland. The movie is entitled Second Chance. Ever since I have had a few post-production hiccups here and there but thank God, all those are giving way now and Second Chance will soon be released in Nigeria. I am excited to announce that one of the big Hollywood producers/directors with whom I went into partnership some years back is finally here in Nigeria for good. He brought loads of hi-tech equipment and there is now a huge studio set up in Calabar. We intend to extend production services to different parts of the country at a rate never before heard of. The idea is to encourage professional filmmaking without breaking the bank. And we also want to start connecting our Nollywood producers with foreign distribution outlets in America, Europe and beyond.
Did you play a role in the movie?
Of course! I acted in the movie. I was one of the lead characters.
What do you like about the character you played?
The role I played was very sensitive and tasking. It was a challenge I was very happy to take. It had way too many significant transitions and each transition pulled the same amount of energy and required even higher concentration and focus than the previous. It tells you how strong the story was. I conceived the story, took about 18 months to piece it together and finally wrote it in the Netherlands.
Before you left the country, which was the last movie you featured in?
Alice My First Lady! I played Amadi. I married two wives – Alice and Akunne. Alice was the first and for some reasons, I paid a terrible price for my choice of a second wife, Akunne. Alice beat the crap out of my rather fragile Akunne. I think a lot of people like that movie. I do too. Very hilarious! I have featured in over a hundred movies but every time I step out all I hear is ‘Amadi, Alice’s husband’. Or you see some women clapping their hands and cracking up at the sight of me. Ladies laugh me to stupor sometimes because they see me as the weakling of a man who made Alice their perfect symbol of defiant womanhood.
Growing up, were there signs that pointed you in this direction?
Yes. I come from a family of five. I have just a brother and a sister. So, usually, when I was much younger, I would spontaneously just entertain my family and make everybody laugh especially my mother. I could mimic like crazy. Actually, my mom thought I would become a comedian so she fought so hard to distract me from the entertainment industry. You see, she enjoyed my performances but she wanted me to be an engineer because her other son is a medical doctor and the girl is a lawyer. But hey, I am who I am and I have absolutely no regrets.
 What is the craziest thing a fan has done to you?
A female fan once brought out her breast in an open place and gave me a marker to sign on it. It was very bizarre. I begged her to let me sign on her chest and she insisted. Trust me I had no choice. I did it! Just made sure my hands were at the upper end of the marker pen.
What is your kind of woman?
Classy, clean and confident.
Has any one of your female colleagues ever solicited sex from you while in the process of shooting?
Truth is a lot of people didn’t know that all that while that I was shooting movies everywhere I was still a virgin! I didn’t know how to explain this to ladies especially. People thought I had other strange feelings. One of my directors even confronted me at some point wanting to know if I was hiding some ailment. It was on the set of this director that two young women attempted to rape me in my hotel room. I will never forget this. It was Singapore Hotel, Ikeja, where we lodged. The movie was Karishika 2. We had returned from a shoot so I left my door open. They came in, stripped themselves halfway and pounced on me. I fought with them for nearly 25 minutes. They gave up when I threatened to stab them. I lied that I had a knife. That was probably the third time that I had had that kind of experience.
Were they your colleagues?
Of course! They were upcoming artistes. They were also part of that movie. Everybody else was fair game, but I was ‘forming superman’ so I could understand their frustration. And they were a crazy bunch. You don’t come across girls like that every day – whether in Nollywood or elsewhere. It was something else.
 Why did you find it difficult to mingle like others?
I had no difficulty mingling. What I had issues with was entangling- copulating. And like I said earlier, I wasn’t ready because I was a virgin and I didn’t want to tell anybody. I was always making excuses about why I couldn’t ‘get down.’ In fact this is one of the reasons my very short relationship with Genevieve was such a disaster. This is the first time I am admitting this publicly. Genny and I met and became friends on the set of Mark of the Beast. Of course in her very early days. It was as though we were in some type of experiment. But I learned a lot about her within that short period. Two unforgettable moments- the day she introduced her little brother to me and the day she told me literally everything about herself. She trusted me that much. My mind was racing like crazy and I kept wondering how so little people knew about this young Amazon who was out to play the Esther for her family and did she? She felt like family to me. Unfortunately, we couldn’t go further because of my funny little ‘virgin’ secret. Not that she solicited or asked for anything but of course, my body language was downright repulsive to that effect and it didn’t take anything for any woman with brains to figure it out. She was so full of pragmatic energy and so on-the-go- like woman on a mission. Never ready to play around with stuff she couldn’t put up with. I hope she’s still that way. She has got an incredible story to her glory.
If you have that kind of opportunity with Genevieve again, would you take things to the next level?
I don’t know what you mean by ‘the next level.’ But I would love to play by my rules book at this moment. However, there is not going to be any such opportunity. The young woman has moved on ever so predictably and I’m the happiest for her.
How do you handle those fans coming to you with crazy demands?
If you can’t grant some one’s crazy demands, it simply means that what you have to offer is incompatible with what they’re looking for. So offer what you have. In other words, deploy your self control parachute as politely and
Aside acting, what else do you do on the side?
I do business. I’m obsessed with new technology. At the moment there is a revolutionary product that I have been promoting in Nigeria. It is known as Atmospheric Water Generator. It is like a regular water dispenser but in reality, as the name implies, it produces water out of thin air. I mean pure, clean, drinking water from humidity! Water produced by this machine is regarded as the purest, cleanest drinking water known to mankind today. It is more than business and I see it as a mission that is why I went into it. You can read more about my business on Fountain Royale Atmospheric Water Generator. Or check it on our website at Aquavolve LLC where you will see machines that are capable of producing as much as 5,000 liters a day from the humidity in the air. Whole neighborhoods can be supplied and boreholes could be a thing of the past with our machines.
Now that you are back in town, what should fans expect from you?
Fans should expect some really good stuff from me. I have done like five movies and one TV series since I returned from the United States. I am currently working on a few others.
diplomatically as you possibly can. You don’t want to get unnecessarily caught up in an ever blazing fan fury. It hurts sometimes.

‘Seeing things from different perspectives drive our creativity’

Marketing communication budget now slashed by 60 percent
The Chief Operating Officer of 7even Interactive, a marketing communication agency, Tayo Agboola has said that its company philosophy, which is driving its creativity, is seeing things from different perspectives rather than being bogged down with old beliefs and idiosyncrasies.
Agboola stated that “Hunger to shatter old records sets 7even Interactive apart as it drives us to see things from different perspectives rather than being bogged down with old beliefs and idiosyncrasies.”
He stated that in coming with a strategy that guides a marketing effort, he and his are usually willing to go the extra mile because they know that is one way to stand out and deliver on brand promise for the clients.
For him, it is because the demand of the clients from agencies is be up because consumer behaviour is becoming more dynamic by the day.
“Consumers behaviour is dynamic, and things are changing very fast, we are no longer in the age of ‘this is how we use to do it’, if you want to stand tall among your competitors, you must go the extra mile.”
He disclosed that one of the things that keeps the agency going is its creative process and hunger to do more, noting that the agency would not have competed favourably well with older agencies that have been in the system for the past twenty years if not for rich creativity of its team.
According to him, the notion that the agency which started a couple of years back is young is not totally right as the cumulative years of the team running the company more than compensates for the relatively young age of the marketing communication firm.
Commenting on how the unfavourable economic situation is affecting the marketing communication sector, Agboola, who expressed optimism that Nigeria will come out strong, especially if the rights things are done, noted that the situation is quite critical resulting in clients cutting budget by about sixty per cent sometimes.
Head Creative of the agency, Ndukwe Onuoha, stated that the diverse backgrounds of its personnel complement the dynamic operating environment to bring out uncommon creative juice that defy the myths and break the odds. “We are not shackle down with the common ‘this is the way we do it syndrome”, he said.

Mr Biggs launches promo to mark 30th anniversary

The United Africa Company Restaurant (UACR), in collaboration with Coca-Cola, recently launched an in-store promotion to celebrate and reward their teeming customers nationwide. The promo tagged, Mr. Bigg’s Shout-out also marked the 30th anniversary of the fast food outlet.
While urging members of the public to take advantage of this gesture from the brand and share in Mr. Bigg’s joy, UACR Marketing Manager, Mrs. Eustesia Ogunnusi, said the launch of the promo was to celebrate and reward their customers. She added, “Coca-Cola has also provided branded 50cl PET drinks with the inscription ‘Mr Biggs @ 30’ to celebrate the brand and excite our customers.”
Human Resources Manager, UACR, Mr. Bola Olatinwo, said the outlet evolved from reactions to the growing demand for greater variety in fast food offerings for freshly baked, hot snacks and meals.
“At its opening for business to the general public, the outfit shocked business with its possibilities. The customers count easily hit the roof, thus, making it one of the top 10 fast foods restaurants in the world in terms of customer counts,” Olatinwo said.
Olatinwo reminisced, “the first restaurant on 51 Marina Street, Lagos was opened in 1986, and at that time, only a limited menu of pastries; beef, chicken and apple pies, sausage rolls, doughnuts and beef burgers was available, a far cry from the extensive menu on offer today.”
He said the second restaurant opened two years later, in 1988, and thereafter, one restaurant was opened in Lagos every two years. By 1995, the fast food outlet had opened five restaurants in Lagos, and moved to Port Harcourt.
According to him, the outlet’s chain grew steadily expanding across key cities in the country until it had developed a network of over 125 restaurants. “In October 2010, in response to the yearnings of our customers, we officially launched our “All New Look” Mr. Bigg’s. This involved a total re-engineering in terms of product offering, packaging, logo and the restaurants look and feel,” he said.
The Manager said the QSR brand has affected lives in various ways amongst which are the franchising model of business operation – a platform that creates opportunity for entrepreneurs to put their skills to use in owning and running a Mr Biggs restaurant; provision of direct employment to thousands of Nigerians through its network of restaurants spread across the country, as well as indirect employment for suppliers, contractors and other business partners.

Tightened liquidity in banks pushes up interest rates

LAGOS— Interest rates may come under fresh pressure as Central Bank of Nigeria, CBN, continued its contractionary monetary policy measures last week, squeezing out about N441.2 billion from the financial system, thereby pushing rates up to 25.6 per cent for interbank overnight funds. The rate had opened last week at 24.8 per cent. Last week, the first tranche of the CBN operation came at previous week’s rate of 18 percent for N205 billion worth of treasury instrument on Tuesday, but money market dealers said the apex bank spiked the rate two days later to 18.5 per cent for N236.1 billion worth of instrument, a development which did not only push up the overall market rates but also signalled further rise in lending rates to banks’ credit customers in the days ahead, if the spike rate continues. Banks had raised their lending rates last month, following the jerk up in Monetary Policy Rate, MPR, to 14 per cent by the CBN, which was followed by steady rise in rates at the fixed income market and government securities. Prime lending rates had since spiked beyond 20 per cent with most banks at over 25 per cent, while other categories of borrowers were slammed over 30 percent interest rates. Treasury executives in banks explained that with the increasing rates in fixed income securities and government securities which are near-zero risk, banks would rather channel their funds to those areas rather than private businesses, though they still lend to secured and profitable businesses at new interest rates. They also explained that the financial system does not have the luxury of liquidity to go round all the prospective borrowers given the current monetary policy regime which has been tightening liquidity in recent weeks.  

Bayelsa CJ’s Son Dies in Swimming Pool

Mr. Wariebi Abiri, son of Justice Kate Abiri, the Chief Judge of Bayelsa State, has died under circumstances described as mysterious.
A Law graduate and student of the Nigerian Law School, Abuja, Abiri reportedly died in a swimming pool last Friday night in the Federal capital.
The Bayelsa State Governor, Seriake Dickson, however, yesterday expressed deep shock over the untimely death of the young man.
A statement by his Chief Press Secretary, Daniel Iworiso-Markson, said Dickson had also called on the authorities to immediately probe the death.
The governor made the call during a condolence visit to the chief judge at her residence in Yenagoa, the state capital.
He regretted the circumstances under which the judge’s son died and pledged the state government’s collaboration with the police and other relevant agencies to unravel the cause of his death.
Dickson described Wariebi as a focussed and promising young man, who was preparing to make a wonderful career in the legal profession, adding that his demise was a painful loss to the Abiri family and the state.
While urging the family to see what has happened as the will of God, Dickson prayed to God to strengthen and grant them the grace and fortitude to bear the loss.
“As a government, rest assured that we will stand with you shoulder to shoulder in this very, very challenging period, especially in working with the police and other relevant agencies of the government to unearth the real cause of his death,” the governor said.

Banks’ Returns on FX Utilisation Show Reduction in Capital Outflows


The returns on foreign exchange (FX) utilisation published by some of the international banks have revealed that the pressure on capital outflows has gradually subsided.
Unlike in the past when FX purchases for repatriation of capital used to feature prominently on returns of FX utilisation published by Stanbic IBTC and Standard Chartered, the report for the week ended August 12, 2016 published last week showed gradual easing of FX outflows.
For instance, while Stanbic IBTC returns on FX utilisation showed that the bank sold $62,646,491.70 to 135 customers (both individuals and corporates), the FX purchased by foreign portfolio investors that included The Northern Trust Company, SNNL/JP Morgan Chase Bank, HSBC Bank Plc, and the Bank of New York Mellon was just $2,699,545.98. Previously, FX transactions by the aforementioned investment banks used to dominate Stanbic IBTC’s FX returns publication.
The Central Bank of Nigeria (CBN) ditched its 16-month old peg on the naira in June and introduced a flexible exchange rate regime to allow the currency to trade freely on the interbank market.
But dollar liquidity has remained a concern in the system with periodic intervention by the central bank. The naira, which closed at N316.55 to the dollar on the interbank FX market, has remained volatile as it continues to search for an equilibrium price.
Meanwhile, the returns on source of funds by Stanbic IBTC showed that it bought $69,536,289.25 from the CBN and other autonomous FX sources.
Similarly, Standard Chartered Bank of Nigeria’s returns on FX utilisation showed that the bank sold the greenback it bought from both the CBN and autonomous market sources to its customers for school fees, Visa Card settlement, interest on loan repayment and certificates of capital importation (CCI) settlement. The bank’s publication showed that it sold dollars to 144 customers.
In the same vein, Zenith Bank Plc’s returns on FX utilisation showed that it sold $57,799,674.06 to 414 of its customers, both firms and individuals. The bank also entered into significant amount of non-deliverable forward (NDF), a foreign exchange hedging strategy where both parties agree to settle the profit or loss in a foreign currency futures contract prior to the expiration date of the contract, with Nigerian Breweries Plc. Other FX transactions between Zenith Bank and its customers were for the payment of school fees, and importation of industrial raw materials, among others.
Also, Diamond Bank Plc sold $19,945,172.18 to 181 customers. Majority of its customers purchased the greenback for PTA, while others were for payment of tuition abroad, importation of industrial plastic, pharmaceutical machinery, Visa Card settlement as well as to Bureau De Change (BDC) operators.
For First Bank Nigeria Limited, its publication showed that it sold $70,295,756.22 to its customers. Of the total, $60,405,164.7 were for FX Futures contract between the bank and some of its customers, mostly those in the manufacturing sector. The firms were PZ Cussons Nigeria Plc, Multipro Consumer Product Limited and TG ARLA Dairy Products Limited.
Skye Bank Plc sold $681,295.95 to 66 firms for PTA, payments of medical bills, school fees as well as the importation of plants and machinery.
Keystone Bank Plc’s returns also showed that the bank sold $1,317,082.04 to its customers.
Similarly, First City Monument Bank Limited’s returns showed that the bank sold the greenback it purchased from the CBN as well as autonomous sources to 333 customers, for PTA, BTA, school fees, and software payment among others.
Access Bank Plc’s returns also showed that it sold dollars to 687 customers for export proceeds remittances, and homeward remittances, among others.
While FBN Merchant Bank Limited sold $402,444 to its customers, Rand Merchant Bank Limited also sold $563,246.09 to its customers.
Banks’ Electronic Transactions Hit N33.8tn
The banking sector transacted a total of about N33.8 trillion through electronic payment channels in 2015 and the second quarter of the year (Q2 2016), according to the National Bureau of Statistics (NBS).
According to the report on Electronic Payment Channels in the Nigeria Banking Sector (2015-Q2 2016), which was released by the statistical agency yesterday, the Nigeria Interbank Settlement Instant Payment System (NIP) recorded a total amount of N19.3 trillion and accounted for the highest settlement made by banks.
This was followed by Nigeria Electronic Fund Transfer (NEFT) with N7.67 trillion, while payment through cheques and Automated Teller Machines (ATMs) stood at N3.3 trillion and N2.59 trillion respectively.
Others are payments through Point of Sales Terminal (POS) — N367 million, Internet/web payments — N67 million, mobile payments — N381million and electronic bills payments — N171 million.
A month-by-month breakdown of the payments showed that the sums of N339.2 billion and N350.1 billion were paid through ATMs in January and February, while March, April, May, June and July had N380.6 billion, N381.6 billion, N382.3 billion, N370.5 billion and N394.3 billion respectively.
For cheque transactions, the report said the N3.3 trillion were paid as follows: January N465.5 billion, February N501.1 billion, March N487.5 billion, April N472.4 billion, May N480.4 billion, June N488.6 billion and July N436 billion.

CBN, NBET Negotiate Fresh N180bn Fiscal Stimulus for Power Sector

The Nigerian Bulk Electricity Trading Plc (NBET) and Central Bank of Nigeria (CBN) are currently negotiating new financial stimulus worth N180 billion to support electricity operators in Nigeria’s power sector, THISDAY has learnt.
The paper gathered from an exclusive interview with the acting Managing Director of NBET, Mr. Waziri Bintube, at the weekend in Abuja that negotiations on the new package had advanced with the CBN favourably disposed to it.
NBET is a government agency responsible for the bulk purchase of electricity from generation companies (Gencos) for resell to distribution companies (Discos). It acts as a financial stabiliser in power trades between the Gencos and Discos.
Bintube, however, told THISDAY that the CBN had in addition to the N213 billion it approved in its Nigerian Electricity Market Stabilisation Facility (NEMSF) for disbursement to operators at a concessionary term, agreed to put another N180 billion into the facility.
He also said NBET had not touched its capitalisation fund, and that while the CBN expects to wrap up its first N213 billion to the market, the new N180 billion would immediately kick in.
“The NBET has a working capital, up to $350 million was given to us under the Euro bond facility and we have that amount in our kitty which we can deploy in exceptional situations. In addition, the government has given us N50 billion from its privatisation proceed on Egbin, and which we have put in our escrow account, the purpose of that is to breach the time difference when the Gencos want their money and when they can be paid.
“In addition, there are some off-the-line supports like the Central Bank’s Nigerian Electricity Market Stabilisation fund that was granted by the CBN to cover obligations in the market from the date of privatisation. That was another form of support to the market.
“We are currently negotiating with the CBN again to come in with a second tranche. They have some amount that they are yet to disburse but even after that, we are looking at getting the board to approve another second tranche on top of the N213 billion that has already been approved. We are looking at about N180 billion,” said Bintube.
Asked if the negotiations have largely being positive, he said: “Yes, we have the assurance of the CBN governor. He is very dedicated to resolving the logjam and ensuring that all the key pillars of the economy work because they are interrelated.”
He added: “If the power plants work, the manufacturers will have lesser problems, the banks will get paid for their products and then there will be less need for foreign products to come in and that reduces the request for foreign exchange. Just imagine that if our refineries are working, we will not need to depend on importation which takes away a lot from us including profits and jobs.”
Bintube also disclosed that NBET in conjunction with United States’ President Barack Obama’s Power Africa Initiative, recently trained key government agencies and officials involved in evaluating, reviewing and regulating power projects in the country on understanding Power Purchase Agreements (PPAs) and Put Call Options Agreements (PCOAs).
He said the training was done to help the agencies and its officials understand the contents and significance of the PPAs and PCOAs considering that they would always have to come across it for review and approvals for investors who are interested in building power plants in Nigeria.
According to him, the ministries of power, finance, justice and Bureau of Public Procurement (BPP), as well as the Nigerian Electricity Regulatory Commission (NERC) and Nigerian National Petroleum Corporation (NNPC) were some of the agencies that were trained on the use of the industry documents.
“Over the past several months, NBET has been negotiating PPAs and PCOAs with numerous gas and solar independent power project developers who are actively developing utility scale projects which will create circa 5,000 megawatts of new generation capacity for the country.
“The NBET PPA-PCOA training was designed to familiarise key government officials with the PPA and PCOA documents which will then be submitted to their respective offices for approval,” Bintube added.

Avengers’ Ceasefire Offers Hope for Resolution of N’Delta Crisis

  •   Ijaw Youths Council hails cessation of hostilities
Sylvester Idowu in Warri, Emmanuel Addeh in Yenagoa
The ceasefire announced by the militant group, the Niger Delta Avengers, on Saturday night has offered new hope for the resolution of the crisis in the oil-rich region as several stakeholders welcomed the development on Sunday.
Leading the pack of supporters of the ceasefire, which came a day after a stakeholders’ conference in Warri, facilitated by a former Minister of Information, Chief Edwin Clark, is the Ijaw Youths Council, which hailed the cessation of hostility as a step towards the restoration of peace.
Niger Delta elders, including leaders of thoughts, traditional rulers and senior government officials from the region had met on Friday to deliberate on the resurgence of militancy and increasing violence in the region.
The meeting, which was addressed by Clarke and Governor Ifeanyi Okowa of Delta State, called for, among others, an end to militancy and withdrawal of troops from the region. It also resolved to support the clamour for the restructuring of the federation as recommended by the 2014 National conference held in Abuja. It resolved to form a Pan Niger Delta platform to represent the region in the proposed negotiation between the federal government and the militants.
In an apparent response to the Niger Delta elders’ appeal for peace, the Avengers said it had decided to lay down its arms for a moment pending discussions with the federal government.
The Ijaw Youths Council (IYC) hailed this declaration of ceasefire against attacks on oil installations in the region yesterday in a statement by its spokesperson, Eric Omare, and said was a welcome development.
It said the council had always advocated dialogue as the means to the resolution of the Niger Delta crisis.
“We welcome the conditional declaration of ceasefire by the Niger Delta Avengers if it is actually from them,” it said.
The Avengers, the militant group that had claimed responsibility for bombings of several oil facilities, had weekend formally declared cessation of hostilities in the Niger Delta region.
It declared support for any negotiating team that Chief Edwin Clark’s Niger Delta elders and stakeholders’ conference held last Friday might raise to negotiate with the federal government and multinational oil companies on modalities for de-escalating conflicts in the region.
The Avengers, in a statement by its spokesperson, Mudoch Agbinibo, had said it would continue to observe its unannounced cessation of hostilities against all interests of oil companies but warned it would engage in asymmetric warfare during the period if the federal government use security agencies to harass or intimidate its suspected members.
“We are going to continue the observation of our unannounced cessation of hostilities in the Niger Delta against all interests of the multinational oil corporations, but we will continuously adopt our asymmetric warfare during this period if the Nigerian government and the ruling political APC continues to use security agencies/agents, formations and politicians to arrest, intimidate, invade and harass innocent citizens, suspected NDA members and invade especially Ijaw communities,” it stated.
The Ijaw youths however called on the federal government, especially President Muhammadu Buhari, to take advantage of the ceasefire to aggressively dialogue with the people of the region to address the issues affecting the region.
“For the umpteenth time, we call for a bipartisan and sincere dialogue to resolve the root causes of the recurrent Niger Delta crisis. The dialogue should be issue-based and not to solve immediate problems and massage the ego of personalities.
“President Buhari must avoid listening to political hawks around him at the expense of the country’s unity and development,” it concluded.
This development came up shortly after Leaders of Gbaramatu kingdom in Warri South West Local Government Area of Delta State raised the alarm about the planned invasion of the kingdom by the military under the guise of searching for members of the Avengers.
The Benenibowei of Gbaramatu Kingdom, Chief Godspower Gbenekama, who raised the alarm at a press conference in Warri, said people had been fleeing the various Ijaw communities when it became known that the military had concluded arrangements to invade the kingdom.
“Please help us tell the whole world that the military has concluded plans to invade Gbaramatu communities under the guise of looking for members of the Niger Delta Avengers. It is the innocent people of our communities that will suffer should the military go ahead to bombard our communities. We don’t harbour members of the Niger Delta Avengers. The agitation cuts across the region so why singling out only Gbaramatu kingdom?” he asked.
Gbenekama, who is also the spokesperson of the Gbaramatu Traditional Council, said information available to them was that the kingdom might be invaded by the military, noting that soldiers had already been massed in the region ready to launch attack any moment from now.
Also sunday, the Movement for the Emancipation of the Niger Delta (MEND), which had recently claimed to be in the forefront of the peace process has disparaged the meeting convened by elder statesman, Chief Clark, and urged the federal government to discountenance all efforts by the committee.
According to MEND, the meeting jointly convened by Clark and Governor Ifeanyi Okowa of Delta State in Warri on Friday, would not give the region the much needed calm, which would enable government to develop the area.
It was learnt that the alleged linkage of former President Goodluck Jonathan to the formation of the Avengers might have set several militant groups in the region against one another.
While the Reformed Niger Delta Avengers (RNDA), a splinter group from the NDA, and MEND have recently spearheaded the campaign, some of the groups in the Niger Delta were also said to have been riled over the reports of the linkage.
Over a week ago, the RNDA, believed to be sponsored by MEND, published names of 20 alleged sponsors of the NDA, the group it broke away from, naming the ex-president as well as former and serving governors of southern states as the pillars behind the renewed militancy in the region.
But sunday, a splinter Niger Delta ex-militants’ group, the Reformed Egbesu Avengers (REA), vowed to go after those it said have recently begun a smear campaign against ex-President Jonathan by linking him with the current violent militancy in the region.
In a statement issued in Yenagoa, Bayelsa State, by the group’s spokesman, ‘General’ Columbus Okolobo, the group specifically pledged to hunt down the leadership of the RNDA, which it said had become the mouthpiece of politicians who are bent on rubbishing the ex-president’s ‘rising profile’.
It particularly singled out one Cynthia Whyte, spokesperson of the RNDA, the arrow head of the campaign, for ‘peddling falsehood’ and challenged the spokesperson to reveal his/her true identity.
The Egbesu Avengers described the purported security/intelligence report linking Jonathan with the rising militancy in the area as a cover for the accusers’ sinister motives and advised the group to return to the original tenets of the struggle.
“The lid has blown open over Cynthia Whyte, as Nigerians now understand that the same person is the spokesperson for MEND and the RNDA. We urge them to quit acting scripts because they can no longer masquerade, the carpet is off their feet.
“The cordial relationship between RNDA and other militant groups with security agencies points to the fact that there is a romance to hatch devilish allegations and machinations against perceived political foes,” the Egbesu group alleged.
Meanwhile, oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation’s oil output, casting doubt on a production recovery in what is typically Africa’s largest oil exporter, Reuters has reported.
In the six months since the first major attack on Nigeria’s oil – a sophisticated bombing of the subsea Forcados pipeline – dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years.
Talk in the country has shifted from ceasefire optimism and oil companies’ assurances that repairs were underway, to hedged comments from the government and radio silence from oil majors.
Yesterday, the Avengers, which have claimed several major pipeline attacks, said in a statement they were ready to give dialogue a chance.
But highlighting the fracturing of militants into small groups, the previous day, a group called Niger Delta Green Justice Mandate claimed an attack on a gas pipeline in the southern swamps lands.
Without a unified command and groups dominated by “generals” unable to fully control their own fighters, it is difficult for the government to identify the right people to talk to or enforce any ceasefire.
“People are giving up in the short term,” one oil industry source told Reuters of a resumption in exports of key Nigerian grades such as Forcados or Qua Iboe, adding you “can’t get anything” out of the majors, including Shell, Chevron, ExxonMobil or ENI, about when the oil might come back.
Shell declined to comment, while the other companies did not immediately respond to a request for comment.
In June, Nigerian government officials said privately it had a ceasefire with militants. But pessimism crept in, with even Oil Minister Emmanuel Ibe Kachikwu telling journalists this week “we are talking but (it) is not an easy thing,” and “we need a ceasefire” – a contrast to the belief that a ceasefire was underway.
He has also said another challenge to brokering a ceasefire is that there were several militant groups to talk to.
The problems reflect deep-seated issues in the Niger Delta, which produces the bulk of oil but whose local communities complain of pollution, a lack of opportunities and what they say is an insufficient share of petro dollars. These problems are compounded by an economic crisis and a government battle with Boko Haram militants in the north.
“This is likely the beginning,” Elizabeth Donnelly, deputy head and research fellow of London think-tank Chatham House’s Africa Programme said of the unrest, adding that “the resolution that will come will not come quickly”.
The government this month resumed cash payments to militant groups that it stopped in February, just before the launch of the worst violence since the payments began under a 2009 amnesty. But attacks continued anyway.
The Avengers claimed the bulk of them, announcing strikes on Twitter even before oil majors themselves knew their remote pipelines had been hit. Twitter shut the group’s account, but sources said the Avengers have extensive knowledge of oil sites, and follow the media closely to track companies’ actions.
“With the Avengers, you don’t want to say ‘we’ll be back up next Wednesday’, because then you’ll get a bomb next Tuesday,” one oil executive said. “They have to be careful.”
But new groups, such as the self-styled Revolution Alliance, which claimed an attack on a Shell-owned oil line, loom, while non-violent local protests have also exacted a toll.
Collings Edema, a local youths leader of the Itsekiri group that has blocked access to Chevron’s Escravos tank farm for almost two weeks, said “the oil companies have not shown any sign that they are ready to improve our lives”.
Experts warned that as long as people are unhappy, militants and their targets could evolve in unpredictable ways.
“This is also about frustrations of younger people coming up in the Niger Delta and needs not having been addressed,” Donnelly said. “This isn’t just about militancy, though the political and economic context feeds it.”
Adding to the division of the militant scene, MEND, another group which agreed to a ceasefire in 2009, denounced the Avengers due to its “criminal and treasonable activities”.
“MEND reiterates its full support for the ongoing military presence in the Niger Delta,” it said in a statement, referring to a recent military campaign to hunt down the Avengers.

Naira vulnerable to further losses in future – FXTM

Mr. Lukman Otunuga is Research Analyst at Forex Time, FXTM,  a global online foreign exchange broker, specialising in forex trading, stocks, commodities and spot metals. In this interview with Michael Eboh, he talks on a wide range of issues on the Nigerian and global financial and currency markets and the implications of some of the economic policies of the Federal Government and the monetary policies of the Central Bank of Nigeria, CBN, on the economy and lives of the people. Excerpts. Can you give us an overview of the international and local financial markets and their impacts on the lives of individuals, countries and the world in general? Mr. Lukman Otunuga The global markets have been flung onto a chaotic rollercoaster ride in 2016 as the ongoing concerns over slowing global growth, depressed oil prices and persistent Brexit uncertainties have weighed heavily on investor sentiment. Stock markets started the year pressured, but have been surging higher on hopes of potential stimulus measures while risk aversion continues to keep Gold buoyed. Expectations continue to heighten over the Federal Reserve raising US rates in 2016 which has bolstered the Dollar consequently sending shockwaves across the globe. The wild movements in the financial markets have had an impact on individuals, businesses and even central banks. With the global landscape negatively warped by uncertainty and anxiety, risk aversion could encourage investors to flock to safe-haven safety. Do you think the recent exit of Britain from the European Union, EU, would negatively or positively affect the Nigerian foreign exchange market and the economy in general? It should be kept in mind that the impact of the recent Brexit outcome goes far beyond the borders of the UK economy and most other nations may potentially feel the burn. With Nigeria being a member of the British Commonwealth, the negative impacts of the Brexit could indirectly have an effect on the Nigerian economy. Fears have already heightened over a potential Brexit fuelled economic slowdown in the UK economy and this could cause a decline in the amount of foreign investment towards Nigeria. Naturally a decline in external investment may punish Nigeria’s GDP growth while potentially reinforcing further pressures on the nation, which is currently entangled in a losing battle with depressed oil prices. Although the persistent post Brexit uncertainty has heavily weathered the value of the Sterling, it is still somewhat stronger than the vulnerable Naira. What other international occurrence(s) do you see impacting Nigeria’s currency market? The combination of declining oil prices and a resurgence in the Dollar could leave the Naira vulnerable to further losses in the future. It must be remembered that Nigeria still remains heavily dependent on oil export for a chunk of its government revenues while the value of the Dollar has a strong impact on Nigeria’s currency markets. Oil prices have been depressed for an extended period and the oversupply concerns could haunt investor attraction consequently weakening the Naira further. With expectations heightening over the Federal Reserve raising US rates in 2016, the increasing Dollar could make Nigeria imports more expensive, ultimately weathering the Naira even more. What are your assessments of the Central Bank of Nigeria’s, CBN, recently introduced flexible foreign exchange regime and what do you think are the implications for the Nigerian economy? Sentiment towards the Nigerian economy was uplifted following the Central Bank of Nigeria’s decision to de-pegging the Naira against the Dollar in a bid to bolster economic growth. For an extended period, depressed oil prices eroded the nation’s government revenues while the previous Dollar peg rapidly diminished reserves which simply punished Nigeria further. With concerns elevated over a slowdown in domestic economic growth, the Central Bank of Nigeria may have taken the right steps to act consequently alleviating some fears. Although there are anxieties that the Naira depreciates to painful levels as the natural forces of supply and demand determine the equilibrium value, this could attract foreign investors. The short term pain from the initial devaluation may be dwarfed by the long term benefits which could promote future economic stability and growth. Nigeria recently signed a currency deal with the Chinese government. Do you consider this deal to be beneficial to Nigeria? What do you think will be the implication in the short, medium and long term? Nigeria entered a currency swap deal with China in an attempt to reduce the persistent pressure on the demand for the Dollar. This deal was enforced to aid businesses that traded with China as over 70% of Nigeria’s imports come from China. With the possibility of an increased ease for manufacturers to do business with China on the back of the currency swap deal, some demand for the Dollar could be reduced. Although there may be concerns over the People’s Bank of China intervening to devalue the Yuan in the  medium term, this could reduce some pressures on the Dollar demand in the longer term. Do you see the economic policies of the present administration bringing about a stronger naira, an increase in the country’s foreign reserves and an even stronger economy? The current policies that have been enforced by the present administration are aimed at diversification with the intent to steering away from being heavily oil export dependent. Efforts in revitalizing the agricultural sector, fixing the infrastructure and even expanding taxation could have a positive impact on the Nigerian economy in the future. Once the nation succeeds in its tough mission to diversify, it automatically becomes self-reliant consequently boosting GDP. With economic growth potentially stabilizing post diversification, the country’s foreign reserves should increase while the improved investor risk appetite towards Nigeria should naturally cause the Naira to appreciate on the free floating currency exchange.  

‘Boko Haram killed 23,000, displaced 2.2 million’

The Boko Haram insurgency in the North East has claimed the lives of more than 23,000 people and displaced 2.2 million others.
Ambassador Ahmed Shehu, Chairman and Executive Director of the Network of Civil Society Organisations (NECSO), made the disclosure in Maiduguri, Borno State, at the weekend.
At the North East Humanitarian Summit designed to mark World Humanitarian Day, Shehu regretted that the region, particularly Maiduguri metropolis, continues to face severe humanitarian crisis following the displacement of entire communities.



“The present security challenges in Borno have forced thousands of families away from homes and loved ones. The Internally Displaced Persons (IDPs) are not well taken care of by both national and international actors, as they don’t exist in the framework and thematic areas of most interventions,” he said.
He noted that the purpose of the summit was to “guide and support” a comprehensive and coordinated humanitarian effort in concert with broader and immediate responses, adding: “The overall goal is to harness commitments, support and investments that are driven by the affected population, to respond to humanitarian crisis and honour those who lost their lives in humanitarian services, including the ones that continue to bring assistance and relief to millions of displaced persons.”