CBN extends loan repayment period for states

As part of bailout for financially ailing states, the Central Bank of Nigeria has restructured existing bank loans owed by state government from a short term repayment period of about seven years to a minimum of 20 years.

Bank loans acquired for salary arrears will also be extended to a minimum of 15 and not more than 20 years.

The CBN governor, Godwin Emefiele, announced the apex bank’s restructuring at the National Economic Council Meeting.

A four-man probe committee, which was constituted at the NEC’s inaugural meeting in June to review the books of the NNPC, Excess Crude Account as well as the federation account, failed to submit its report at the almost five hours meeting.

The NEC also admonished state governors to find ways of reducing their cost of governance. The NEC was chaired by Vice President Yemi Osinbajo.

Governors of the 36 states and Permanent Secretary (or Minister) of the Federal Capital Territory, are members of NEC, which is the highest economic advisory body to the President on the economic affairs of the nation.

The state governors had in June while seeking bailouts tabled some requests before President Muhammadu Buhari. The governors requested amongst others an extension of repayment periods of loans’ balances owed by states from durations normally between four and seven years to 20 years.

A working document of the council, obtained by journalists after the meeting, showed that NEC received a presentation from the CBN governor on the update of restructuring of bank loans for the states and payment of salary arrears.

Mr. Emefiele told the council that following meetings with banks, it was agreed that existing loans should be restructured for a minimum of 20 years, while salary arrears should also be restructured for the minimum of 15 years and not exceed more than 20 years.

States could opt for two options: the bond option, which will attract market rate, and the debt restructuring option, which will attract single digit rate.

The council resolved that a four-man team made up of the governors of Bauchi, Rivers, Ondo and Osun states, are to follow up with the CBN to ensure that the issues of Excess Crude Collateral for the states are sorted out by next week Tuesday.

The NEC was also briefed by the permanent secretary, Federal Ministry of Finance, Anastasia Daniel-Nwaobia, on the Excess Crude proceeds.

The document said the permanent secretary took the council through the summary of inflow and outflow of Excess Crude Savings account from January 2011 to 21 July 2015.

“According to the Perm Sec, the ECA currently stands at $2.078 billion,” it said.

Read More

Buhari Orders Arrest of Wife’s Younger Brother Over Alleged Extortion

President Muhammadu Buhari has ordered Nigeria’s security agents to arrest his brother-in-law for allegedly extorting money from an unnamed businessman, a close confidante of the Nigerian leader told SaharaReporters. He said the suspect, named Musa Yola, is the immediate younger brother of Mr. Buhari’s wife. 
The source disclosed that the suspect, also addressed as “Alhaji Yola,” reportedly received N300 million from a businessman after promising to provide his dupe with political access to secure an oil block from the Buhari administration.
According to our source, Mr. Buhari personally ordered last Monday night that Mr. Yola be produced before him in handcuffs in the company of the businessman he duped.
After telling the businessman that he was stupid to part with such significant cash when he should know that he, Mr. Buhari, would not participate in fraud, the president ordered agents of the State Security Services (SSS) attached to Aso Rock Villa to thoroughly investigate the scam. He also ordered the SSS operatives to ensure that the businessman recovered his money from his brother-in-law.
An SSS source told SaharaReporters, “Alhaji Yola has refunded the money to the affected businessman.” He added: “Alhaji Yola has been released on bail.”
d the suspect, named Musa Yola, was the immediate younger brother of Mr. Buhari’s wife. 
(SaharaReporters)

Read More

Boko Haram: No plan to transfer detainees to Anambra – APC

Some youth in Awka and Onitsha in Anambra state, on Saturday protested against the alleged plan by the Federal Government to relocate Boko Haram sect members currently serving jail terms in some prisons in the north to the state.
But the South East chapter of the All Progressives Congress (APC) said on Sunday that there was no plan by the Federal Government to send Boko Haram detainees to any prison in Anambra state.
In a statement by its spokesperson, Osita Okechukwu, the APC described the news of the relocation of the prisoners as “blatant falsehood”.
“We have made contacts with the Presidency and the Nigeria Prison Service and the Ministry of Internal Affairs and they assured us that there is no iota of truth in the mischievous rumour,” the party said.
“In the clarification the Nigeria Prison Service stated unequivocally that, ‘Most of the terror suspects are awaiting trial and so there is no way they can be moved to another state, because they must be tried in the state where they committed the crime.’
“They went further to state that their primary and traditional duty is to move detainees from prison to trial courts and wondered how easy it is to move the detainees more than 1000 kilometers from Onitsha to Maiduguri if they are relocated.”
The party appealed to “our dear compatriots to disregard the blackmail and sinister rumour of rear-guard elements; who are yet to recover from their failure in the March 28th presidential election”.
It assured the people of the South East zone that the change President Muhammadu Buhari promised is real and that the 2nd Niger Bridge, federal roads, Enugu Coal and other physical and social infrastructure in the region would be revamped.

Read More

Xenophobia: New attacks on Nigerians in South Africa

The Nigerian Union in South Africa on Tuesday reported new xenophobic attacks against Nigerians and other foreigners in Sternkopf, Namakwa Municipality, Northern Cape Province of South Africa.
The President of the Union, Ikechukwu Anyene, said in Pretoria, South Africa, that the Northern Cape Province Chapter Chairman of the Union reported the incident to its National Secretariat.
“The National Secretariat of Nigeria Union has received report of xenophobic attacks from Mr Kennedy Osagie, the Northern Cape Province chapter chairman of the union.
“The report indicated that South Africans attacked Nigerians.
“Two cars belonging to Nigerians have been reportedly burnt and they have been going from house to house looting and destroying their property,” he said.
Mr. Anyene, who said that there were 20 Nigerians living in the affected community, added that none had been reported dead in the incident.
“Six Nigerians have taken refuge with their families in nearby SpringBok community and they do not know the whereabouts of the other Nigerians,’’ he said.
He said that the Union had reported the incident to the Nigerian Consulate in South Africa.
Nigeria’s Consul General in South Africa, Uche Ajulu-Okeke, confirmed the incident, saying the mission had commenced investigations.
“The Nigerian Consulate in South Africa has received report of new xenophobic attacks in Northern Cape Province of South Africa.
“The mission has commenced investigation into the incident and will ensure that Nigerians are safe in South Africa,” she said.
South Africa was hit by a wave of deadly xenophobic attacks between March and April 2015, with locals attacking and killing at least five African migrants. The tension subsided after widespread condemnation. (NAN)

Read More

Cripple leads NULGE protest in Edo State

Nigerian Union of Local Government Employees (NULGE), Edo state chapter yesterday continued its protest over unpaid differential salaries arrears, spanning  three and nine months across 16 Local Government chairmen in the state.

A cripple who led the aggrieved workers was wheeled across major streets in Benin throughout the peaceful protest.
The protest also grounded business activities for hours in Benin City.

The appearance of the Crippled believed to be a staff of one of the Local Government Councils, however drew the anger of some sympathetic commuters and pedestrians at the King square in the state capital who also matched along with them in solidarity.

The workers, who were armed with "offensive placards", marched round the King Square to register their displeasure five days after their maiden protest was held.

The aggrieved workers, who sang dirges in unism demanding their salary arrears, were clad in black attire, while officials of the Federal Road Safety Commission (FRSC) controlled traffic which was at a standstill.

State President of NULGE, Comrade Edward-Young Ilemikhena who spoke on behalf of the workers, accused the state government of insensitivity for not meeting its financial obligations to the local government councils who they claimed was painting a helpless picture since the face-off begun.

Ilemikhena reiterated NULGE decision to sustain the protest pending when their demands are meant by their employers.

He said hence help was no longer within reach by their attention to fellow Comrade, Mr. Lucky James - Edo state Commissioner for Local government and Chieftaincy Affairs he quoted as saying that they should direct their attention to the Chairmen of the 18 Local Government Councils in the state.

Read More

Former House of Reps Candidate advocates re-establishment of office on FCT matters

A stakeholder of the All Progressives Congress (APC) and former House of Representatives candidate for AMAC/Bwari federal constituency under the defunct CPC, Hon. Yakubu Adamu has advocated the re-establishment of the office of the Special Adviser to the President on Federal Capital Territory (FCT) matters.  

Hon Yakubu appealed to President Muhammadu Buhari to revive the office which was earlier created by former President Olusegun Obasanjo, and appoint somebody from the FCT to oversee the affairs of the office.

Speaking yesterday in Abuja, the former AMAC secretary and the national coordinator, Buhari Osinbajo Youth Advocacy Group (BOYAG) said the creation of the above office became necessary in view of the numerous challenges faced by the FCT indigenes and residents.

He stated that such action of government will give the people of the Federal Capital Territory a sense of belonging and a better representation at the federal level.

Hon Yakubu further appealed to President Buhari and the new government to recognise the sacrifice and enormous contributions of the FCT indigenes by creating the office.

On the emergence of the new National Assembly leadership, he expressed satisfaction with the neutrality of President Buhari, and advised the APC to be cautious and go about the issue in a more peaceful and orderly manner to avoid escalation of the situation.

Read More

Former Delta deputy governor lauded over community dev

A community leader and chieftain of the Peoples Democratic Party (PDP), Mr. Sabastine Chucks Nwagwor has commended the former deputy governor of Delta state, Chief Benjamin Elue, for his patriotism and selfless service in the state, especially in Obior community.

Mr. Sabastine Nwagwor who stated this while speaking to newsmen in Abuja, said Chief Benjamin Elue has made remarkable impacts in the state and Nigeria in general.

“Chief BSC Elue is an exemplary leader whose selfless community services have brought development to Obior community in the areas of road network, education, healthcare and employment for the people. We believe he will do more; therefore we must unanimously support him to complete and establish more projects where Obior people will be gainfully employed.

“The former deputy governor has tried his best for the people of Delta state and our community. Since he left office he has been with his people and actively working for them. He is a true community leader and a grassroots politician who is on ground with his people. We pray for him every day that God will continue to keep and protect him, so he can do more for our people”, he stated.

The retired accountant from office of accountant general of the federation also congratulated the Delta state governor-elect, Senator Dr. Ifeanyi Okowa over his victory at the April 11 governorship election, adding that the election of Sen. Okowa is a turning point for the people of the state.

He stated that Okowa’s administration will not only stabilise the state, but take it to greater heights because of his experience and charisma to carry everyone along irrespective of political affiliations.

He further called on politicians and people of the state to support the governor-elect and embrace peace, saying that without peace no meaningful development can be achieved in the state.

Read More