The Nation Newspaper

Tag: funds

  • Dollar rejection: importers divert funds to neighbouring countries

    Dollar rejection: importers divert funds to neighbouring countries

    Importers are diverting their dollar payments to neighbouring Ghana and Benin Republic, following the continued rejection of dollar deposits by banks.

    According to findings by The Nation, the importers preferred  these countries because import procedures and forex policy implementation are less tasking.

    President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, confirmed the development.

    He said the rejection of over the counter foreign currencies cash deposits by banks is causing problems for importers, adding that the after effect of the policy shift is already unfolding.

    “The implications of the banks protest have started manifesting. The surplus dollars in the street market is unavailable to the local importers as they cannot transact with it through their bankers. The neighbouring countries are having a field day mopping up the excess dollar cash liquidity at a very cheap rate for the use of their imports to the detriment of importers,” he said.

    ‘’Importers are diverting the payment for their imports to neighbouring countries.They are also diverting their consignments to ports of neighbouring countries. The Port of Tema and Tokoradi Port in Ghana as well as the Port Autonome de Cotonou, in Benin Republic are their preferred choices.

    “The policy change is helping businesses in neighbouring countries at the expense of Nigerian lenders. I believe that operators should expect further market disequilibrium,” he added.

    CBN Director of Communications, Ibrahim Mu’azu said the public must be aware of the several protocols on illicit fund flows, money laundering, and terrorism financing both in Nigeria and around the world, warning that the apex bank will increase its vigilance to ensure that banks are not used as conduits for illicit fund flows, especially in foreign currencies.

    He said the banks will continue to curtail the acceptance of foreign currency cash deposits, much the same way as customers in other countries cannot just walk into banks and make foreign currency cash deposits without proper documentation.

    “We wish to assure all citizens seeking foreign currencies for legitimate personal and/or business interests that there remains ample opportunity to do so within the law. The CBN’s Foreign Exchange Rules have many windows for accessing foreign exchange for legitimate business as well as for personal commitments including payment of medical bills, school fees, mortgages, demand notes and other bills. Also, Bureaux de Change (BDC) services to small-scale users remain valid as long as this is to meet genuine needs, and BDCs’ documentations to the CBN include the customer’s Bank Verification Number (BVN),” he said.

    He said the CBN will continue to support the Federal Government’s fight against money laundering, corruption, and terrorism financing and will block any and every avenue that may be used for these purposes.

    “We will also ensure that persons who venture into currency speculation and currency substitution find it unattractive and dangerous. In these efforts, therefore, we seek the continued cooperation of all Nigerians to make this work for the enhancement of our shared progress, rather than the prosperity of a greedy few among us,” he said.

  • Managed funds hit N695b as fund managers plan joint distribution network

    Managed funds hit N695b as fund managers plan joint distribution network

    Total managed funds-including funds under collective investment schemes, otherwise known as mutual funds, and institutional and individual funds under management, have risen to N695 billion, according to a report by the Fund Managers Association of Nigeria (FMAN).

    President, Fund Managers Association of Nigeria (FMAN), Mr. Michael Oyebola, who gave the update on the fund management industry at a general meeting of the industry operators at the weekend, said total managed funds had risen to N695 billion, which had firmly established the industry as a strategic segment of the capital market.

    He outlined that the total managed funds consisted of N200 billion under collective investment schemes (CIS), otherwise known as mutual funds, and N495 billion funds under management (FUM).

    Collective investment schemes, otherwise known as mutual funds, are joint investment vehicles through which investors can pool funds and invest in chosen basket of securities under a professional management with a view to optimise returns and reduce risks. FUM relates to funds placed by individuals and institutions for direct management by a professional fund manager.

    Oyebola, who gave comprehensive updates on the ongoing efforts aimed at strategically positioning the fund management industry, said FMAN has commenced efforts aimed at ensuring that the fund managers under the auspices of the association are able to perform similar role in the pension industry.

    According to him, as part of these strategic initiatives, FMAN has joined the emerging market task force joint committee- which comprises of the Treasury in the United Kingdom and the capital market in Nigeria, which is currently pushing for cross-marketing benefits.

    He said FMAN is striving to become a self-regulatory organisation with mandate to handle compliance, complaint and standardisation issues between its members and the investing public.

    He urged members of the association to adopt the best practice of separating their personal corporate assets from clients’ assets without necessarily waiting for such enforcement of asset segregation by the regulatory authorities.

    He also advised FMAN members who have not met the new minimum capital base for the industry to take necessary steps to meet the September 2015 deadline set by SEC as the apex regulator may not extend the deadline.

    Oyebola pointed out that as part of efforts to ensure best practices, FMAN had launched the asset managers’ codes in conjunction with the Chartered Financial Analyst (CFA) Society of Nigeria, Fund Managers Association of Nigeria (FMAN) and Pension Fund Operators Association of Nigeria (PENOP), which would serve as principles of conduct and transactions for asset managers and asset management.

    The highlights of the codes included provisions in relation to asset managers responsibilities to clients, which mandate asset managers to act in a professional and ethical manner at all times, to act for the benefit of the client, to act with independence and objectivity, to act with skill, competence and diligence, to communicate with clients in a timely and accurate manner and to uphold the applicable rules governing capital markets.

    He added that SEC had endorsed the codes and the apex regulator would weigh in by ensuring that all fund managers adopt the codes of conduct.

    Oyebola said FMAN is currently working on development of a customised platform for mutual funds distribution, a form of open architecture platform that will enable members to distribute their mutual funds in more cost efficient means.

    He added that with the acceptance of voter’s card as a Know Your Client (KYC) document, efforts are in top gear to put together a mobile money platform that will address the various need of members of the association.

    At the meeting, Director-General,, Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, who was represented by Director, Investment Management Department, SEC, Ms Mary Uduk and Mr. Efiok Effiong, said the commission is strengthening applicable rules at the market with a view to enhance the operational foundation and perception of the capital market by the public.

    According to him, the principal objectives of new rules included safeguarding the integrity of the players and the sector, creating opportunities in asset product type and classes and inflow of funds into the sector.

    He said the commission would provide a framework to introduce alternative funds such as expert and professional investor fund, which would be restricted to only qualified investors and with absolute discretion on choice of asset class and investment sector.

    In her presentation on Global Investment Performance Standards (GIPS), President, CFA Society Nigeria, Mrs Sade Odunaiya, said all stakeholders are currently working to prepare and get Nigeria listed among over 30 developed and developing nations which have met the     GIPS compliance and adherence standards.

    According to her, the CFA Society of Nigeria, PENOP and FMAN are members of Nigeria Investment Promotion Commission (NIPC), GIPS-sponsoring body in Nigeria, and there are plans to invite SEC and PENCOM to serve on its board on observer status.

    She outlined that GIPS, though a voluntary set of standard, has enormous benefits given its practitioners- driven ethical principle and standards, industry wide approach to calculating and reporting investment result, reporting consistency and industry wide comparability.

    She said the CFA Society of Nigeria has proposed a four-year period for full adoption of GIPS by Nigerian capital market operators.

     

  • Osinbajo seeks global action on repatriation of illicit funds

    Osinbajo seeks global action on repatriation of illicit funds

    Vice President Yemi Osinbajo yesterday pushed for global action on repatriation of illicit funds.

    He spoke at the third United Nations (UN) conference on Financing for Development in Addis Ababa, Ethiopia.

    Osinbajo urged the international community to develop appropriate mechanism to dismantle safe havens and ensure repatriation of stolen funds and assets to the countries of origin as mandated in the United Nations Conventions against Corruption and Transnational Organised Crime.

    Continuing, he said Nigeria welcomes the report of the African Union (AU) high-level panel on illicit financial flow from Africa and called on the international community to assist Africa “stop, track and repatriate illicit funds”.

    The Vice President, in a statement by his Senior Special Assistant (Media and Publicity),  Laolu Akande, also called on global leaders, experts and the international community to pay attention to the plight of the poor across the world.

    Addressing political leaders, including the UN Secretary General, Ban Ki-moon, he said: “I challenge the global community to develop and implement unconventional social safety nets to address poverty, hunger, disease and misery.

    “The Muhammadu Buhari administration is committed to setting appropriate spending targets on social services to address poverty, hunger, inequality and unemployment, particularly among the youth.”

    The Vice-President also spoke on terrorism and insurgency and how they affect development.

    He urged the international community to develop a viable mechanism to deal with the menace.

    According to him, global terrorism constitutes a potent threat to countries’ peace, stability and economic development.

    The threat, he emphasised, calls for adequate funding, partnership and collaboration of the global community.

    “We must take parallel action to intensify efforts towards blocking all sources of funding for terrorist activities,” he added.

    On the role of education and the exchange of knowledge to support dissemination of technologies for development, the Vice President called for the establishment of a Global Fund for Educational Development (GFED).

    ‘The Muhammadu Buhari administration is committed to setting appropriate spending targets on social services to address poverty, hunger, inequality and unemployment, particularly among the youth

  • Don’t scrap Need funds, union leader urges Buhari

    University of Lagos (UNILAG) Students’ Union Government (SUG)  President Abiodun Martins has appealed to President Muhammadu Buhari not to stop the N1.3 trillion Needs Assessment funds to public universites.

    Abiodun made the plea at a press conference organised by the union at its Parliament Building in UNILAG, last week.

    He said there was need for the Buhari administration to consolidate on the gains recorded in higher education by Goodluck Jonathan administration and entrenched the successes for revitalisation of education through the implementation of the Need Assessment funding.

    He urged the government to release the fund to insulate higher institutions from the effect of economy decline. A strict adhere to the 26 per cent of national budget, he said, will be good to save education from collapse.

    Martins said this was the only way universities could become stable and contribute positively to the economic recovery of the nation.

    He reminded the president of his campaign promises to the youth, urging him to fulfil them. He said: “President Buhari promised increment in the allowance of Corps members and monthly stipend for unemployed graduates. We want to use this occasion to remind him of the promises.”

    The union leader stressed that, the fight against corruption must be carried out effectively to guide against wasteful spending of resources by a few privileged individuals.

    He added: “The president must always be prepared to clean the Augean Stable. We believe he is fully aware of the need to rescue the nation from the brink. The Buhari administration should ensure that people with corruption charges dangling on their necks are not appointed under any guise, because this would be rejected by students. We believe appointing such people would dent the image of our dear country, especially in this era of change.”

  • Eight companies to raise N180b as core investors stake more funds

    Eight companies to raise N180b as core investors stake more funds

    The new issue market promises to be quite active in the second half as eight companies have initiated plans to raise about N180 billion as core investors signalled they would be providing additional funds to support their companies.

    Regulatory filings and investment banking data obtained by The Nation indicated that not less than eight companies have started plans to raise new funds, with nearly 60 per cent already at the initial regulatory approval stage.

    The largest chunk of the new funds, according to the data, will be raised through equity issues, while some 15 per cent of the value may be through debt issues.

    Also, about three-quarters of the new issues are expected to be in form of rights issue, a supplementary equity issuance under which shares are pre-allotted to existing shareholders. All the companies undertaking rights issue have substantial majority core investors, who are expected to provide in most instances more than a quarter of the new equity funds.

    Rights issue gives the first right of refusal to existing shareholders and thus preserve existing shareholding structure. It however ,provides window for new investors to buy into the company through rights trading on the secondary market.

    Chief executive officer, Finawell Capital Limited, Mr. Tunde Oyekunle, said the preference for rights issue might not be unconnected with the lingering apathy and erosion of investors’ confidence that arose from market downturn in 2007, which has continued to haunt the primary market.

    He said some companies are also mindful of the shareholding dilution that may likely come from public offers while management of some companies feel existing shareholders will understand management strategy and trust their investment with them than new shareholders.

    “Most companies are embarking on rights issues due to the certainty that they can raise the required funds from existing investors, particularly the institutional shareholders and some large bloc holders who may be fully committed to retain their shareholding positions in the companies. Those shareholders will definitely have a buy in into such rights issues before they are floated. Another reason is that public offers may not necessarily get patronage or commitment from new investors due to the current state of the market,” said Sewa Wusu, economist and head of research and investment advisory at Sterling Capital Markets Limited.

    Lt. Gen. Theophilus Danjuma (rtd ), the chairman and major core investor in May & Baker Nigeria, is taking the lead in the recapitalisation of the healthcare company. Danjuma, a multi-billionaire, holds the largest equity stake of 24.38 per cent in May & Baker Nigeria through his company, T.Y Holdings Limited.

    There are strong indications that Danjuma, who had earlier extended N2 billion bail-out to the company, might consider providing additional equity funds beyond his pre-allotted shares to bolster the success of the rights issue.

    He told other shareholders last month that the board of the company had decided to opt for rights issue and delay the offer till now to enable all shareholders pick their rights in line with the company’s commitment to equitable and fair treatment of shareholders who had stood by the company through thick and thin.

    Shareholders had earlier in 2014 approved a resolution authorizing the company to raise additional N3.2 billion. The shareholders also empowered the directors to decide on absorption of excess monies from the new capital issue.

    The new capital issue would be for the “purposes of enhancing the company’s working capital and financing the development of the company’s businesses”.

    To create headroom for the new capital issue, shareholders also increased the authorised share capital of May and Baker Nigeria from N1 billion, consisting of 2.0 billion ordinary shares of 50 kobo each, to N1.90 billion, consisting of 3.8 billion ordinary shares of 50 kobo each, by creating additional 1.80 billion ordinary shares of 50 kobo each. May & Baker currently has 980 million issued shares outstanding on the Nigerian Stock Exchange (NSE).

    Flour Mills of Nigeria Plc, Nigeria’s most capitalised and largest flour-milling company, plans to raise about N40 billion from existing shareholders as the flour miller seeks to consolidate recent investments and support ongoing corporate restructuring with long-term funds.

    A regulatory filing indicated that the board of directors of Flour Mills has called shareholders to an extraordinary general meeting next month to discuss and approve resolutions on increase in authorised share capital of the company and a rights issue.

    The board of director is proposing increase in authorised share capital of the company from N2 billion to N2.5 billion through the creation of additional 1.0 billion ordinary shares of 50 kobo each.

    The company then plans to raise up to N40 billion in new equity funds from existing shareholders. In the event of under-subscription, the board is seeking shareholders’ mandate to allocate unsubscribed rights’ shares to interested investors.

    Shareholders are also expected to empower the board of directors to use net proceeds of the rights issue to meet the funding requirements of the company.

    As banks continue to preempt future changes in capital requirements, deposit money banks are expected to be among the major players in the new issue market in the second half. Two of Nigeria’s strategically important banks (SIBs), Stanbic IBTC Holdings Plc and Skye Bank Plc, are raising new equity funds in the second half.

    Stanbic IBTC Holdings Plc, the holding company for Stanbic IBTC Bank and other subsidiaries, plans to raise N20.4 billion from its shareholders. A regulatory filing indicated that Stanbic IBTC Holdings would be issuing 800 million ordinary shares of 50 kobo each to existing shareholders at N25.50 per share. The rights issue will be pre-allotted to shareholders in the book of the company on the basis of two new ordinary shares for every 25 ordinary shares held by the close of business yesterday.

    Skye Bank Plc plans to raise about N30 billion in new equity funds in the third quarter. It had earlier indicated it could raise as much as N50 billion, an amount still within the range of the latest offer value of N30 billion in the event of a provision for absorption of excess monies.

    Group Managing Director, Skye Bank Plc, Mr. Timothy Oguntayo said the bank would be raising some N30 billion tier 1 capital, referring to new equity funds, in the third quarter.

    While Skye Bank is still finalising the details of the equity issue, there are indications that the supplementary issue will include an element of rights issue.

    Presco Plc, a palm oil plantation and processing company, has commenced the process to raise some N3 billion new equity funds from its major core investor and other minority shareholders to reorganise its highly leveraged capital structure.

    Sa Siat nv, which holds 60 per cent majority equity stake in Presco, will provide nearly two-thirds of the rights funds. First Inland Bank/Fidelity Finance Company (TRDG), which holds 8.0 per cent equity stake, is expected to provide the second largest chunk of the funds. Presco has some 9,415 shareholders with the largest group of shareholders holding small units within the range of 1000 to 10,000 shares.

    Sterling Bank Plc, which had raised some N19 billion new equity funds through special placement late last year, and Wema Bank Plc, are also said to be considering further capital raising. Wema Bank Plc also plans to raise $100 million in tier II capital,

     

     

     

     

     

     

  • GTBank, UBA to raise more funds for Kenya subsidiaries

    GTBank, UBA to raise more funds for Kenya subsidiaries

    • GTBank CEO, Segun Agbaje
    • GTBank CEO, Segun Agbaje

    Guaranty Trust Bank Plc (GTBank) and United Bank for Africa Plc (UBA) are to raise more funds for their Kenya subsidiaries following the increase in banks’ minimum capital base.

    The government last weekend raised minimum capital requirements for banks by fivefold  to promote competition.

    Core capital for lenders will jump to 5 billion shillings ($52 million) by the end of 2018, from 1 billion shillings, Treasury Secretary Henry Rotich said in his yearly budget speech in the capital, Nairobi. He said the benchmark for insurance companies was also increased to 600 million shillings.

    But, GTBank and UBA will have to source for the funds in Kenya because of the Central Bank of Nigeria’s (CBN’s) policy that banks with foreign subsidiaries should utilise resources in their host-countries to boost their operations rather than use funds from home to do so.

    The CBN’s stand is that banks raise funds from the offshore capital market through private placements or public offerings. CBN’s advice followed its earlier directive stopping banks from using local resources to fund their offshore subsidiaries. It also stopped quarantee of deposits for foreign subsidiaries.

    CBN Director, Banking Supervi-sions, Agnes Martins advised that the banks could also pursue a merger or acquisition; or if external capital raisings fail, submit a strategy for exiting the relevant foreign jurisdictions to the regulator.

    The directive also bars Nigerian banks from guaranteeing the deposits of their foreign subsidiaries and mandates banks with foreign subsidiaries to submit plans showing that their subsidiaries are fully capitalised in line with Basel II and III accords.

    Capital increase in Kenya has been reoccurring. The Central Bank of Kenya (CBK) increased the minimum capital requirement in 2008 to Sh1 billion from Sh250 million, with banks given a four-year period to comply. The process was expected to see small lenders merge but most of them convinced their shareholders to inject additional capital while others invited strategic partners. A 12-fold increase in capital requirement in 2004 saw Nigerian banks shrink from 89 to 25. Banks are currently aggressively raising additional funds from shareholders and the debt market to comply with new capital adequacy ratios coming into effect at the end of the year.

    The CBK had last year, hinted at increasing the minimum capital requirement for banks in a move that could lock out small lenders and new entrants from the market.

    The banking regulator is concerned that low levels of capitalisation will lock Kenyan lenders out of financing large infrastructure projects being undertaken in the country.

    “The Sh1 billion minimum capital requirements may actually constrain financing potential of some large banks. The CBK may consider raising this minimum capital requirement to make the industry move to the level of Egypt, Angola, Nigeria and South Africa,” it said. Kenya banks are not allowed to lend more than 25 per cent of their core capital to a single borrower.

    ”This should help promote consolidation in the banking industry,” particularly among smaller lenders known as Tier 3 and Tier 4 banks, Francis Mwangi, head of research at Standard Investment Bank, said told Bloomberg.

    Kenya, a nation of 44 million people with a $55 billion economy, has 43 commercial lenders and a mortgage-finance company, according to the Central Bank of Kenya. About 70 per cent of banking business is done by eight companies and industry fragmentation is hindering the development of scale lenders need to offer more complex services, Kenya Commercial Bank Ltd. Chief Executive Officer Joshua Oigara said in August.

    The bottom 20 lenders in Kenya all have capital below 5 billion shillings, Martin Oduor-Otieno, a partner at Deloitte East Africa, said in an e-mailed note.

    Smaller banks also may be forced to consider mergers because the three-year timeframe imposed to increase core capital may be insufficient, Mwangi said. Those lenders already face competition from bigger banks in their traditional markets such as micro-lending and low-income retail customers, he said.

    “The Tier 3 and Tier 4 lenders won’t be able to grow their earnings as fast because of increased competition from the bigger banks,” Mwangi said.

    The increase in minimum core capital requirements is in line with the government’s development programme, known as Vision 2030, Rotich said.

    “Kenya needs to have strong, well-capitalised financial institutions, which are not only able to participate in financing the large projects envisaged in the vision, but that are also well capitalised to withstand financial shocks and crises,” Rotich said

    KCB, Kenya’s largest bank in asset base, has a core capital of Sh52 billion, capping its lending to a single entity at Sh13 billion. Most of the infrastructural projects being put up in Nairobi require huge funding. For instance, the Lamu coal plant is expected to use an estimated Sh177 billion of which Sh130 billion will be debt.

    CBK disclosed that two banks violated the minimum capital requirement last year underlining the challenges facing banks funding large projects. The capital requirements in South Africa is Sh9 billion, Nigeria (Sh8 billion), Egypt (Sh6.2 billion) and Angola at Sh2.2 billion. Eighteen banks in Kenya have a core capital of less than Sh2 billion. Analysts pointed out those large banks were in a strong position to comply with whichever extra amount that may be required but small lenders are likely to struggle.

    “The effect is dependent on the amount but I expect the key players will comply with it,” said Standard Investment Bank’s Francis Mwangi. Mr Mwangi said a regulation meant to push banks to finance infrastructure projects by raising capital may see the lenders used to micro-lending holding idle cash.

  • Dearth of funds, others cripple tourism sector

    Paucity of funds and punitive interest rate regime have been identified as some of the problems militating against the development of the tourism sector in the country.

    President, NANET Hotels and Suites, Apapa Mr Ini Akpabio, who spoke in Lagos at the weekend, urged President Muhammadu Buhari to set up a tourism bank in the country to grow the sector for job creation and as well as serve as alternative revenue source to the government.

    He said if such a specialised bank is established for the tourism sector, it will address low access to funds and the  high interest rate that are charged by commercial banks in the country.

    He said: “The tourism sector in Nigeria has not grown as expected by operators. Globally, the industry is fast growing becoming a huge revenue source to government but in our country, its development is slow and frustrating.

    “Therefore, there is the need for government to establish a specialised bank to cater to the needs of the tourism industry.

    According to him, sectors such as aviation, textile, agric have been given financial bail-out by the government, such a gesture has never been extended to the tourism sector, lamenting that a situation where interest rate still stands at double digit of between 27 per cent and 30 per cent can never encourage private investment into the economy.

    He said the Bank of Industry (BoI) and Bank of Agriculture (BoA) were set up to take care of the special needs of the manufacturing and agric sectors, adding that setting up a Tourism Bank will be a wonderful step that will revolutionise the industry, open it up and create opportunities for development.

    According to him, part of the bank’s mandate should be to grant soft loans to both private and public investors in the tourism sector.

    He said:‘It requires huge capital to set up and run a tourism business. If the ban is established, investors will have access to soft loans to run their businesses while the government will get huge revenue in return because such investors will pay tax and other necessary levies which will increase the nation’s Internally Generated Revenue (IGR) and also boost its Gross Domestic Products (GDP).”

    Akpabio urged the Central Bank of Nigeria (CBN) to look in the direction of lowering the high interest paid on loans in the country.

    “The reduction would boost tourism in the country and also increase in-bound tourists to the country,” he said, adding that promotion of most tourism sites in the country was being hindered by paucity of funds.

    Akpabio said many people were willing to invest in tourism but that interest charged on loans was exorbitant.

    He said: “Loans in foreign countries were given out with a three to two per cent or zero interest rates. This enables rapid growth in the business, but here in Nigeria, interest rates are from 28 per cent upwards.This development is absolutely unfair and it tends to affect the growth of tourism business in the country.”

  • FC Taraba beg Governor Ishyaku for funds

    FC Taraba beg Governor Ishyaku for funds

    Despite having only 18 players available for their final  training sessions and without three regular players who are nursing injuries and in national team camp, the head coach of FC Taraba, Tony Ogharanduku has told SportingLife that he has a team to face El Kanemi Warriors on Sunday.

    FC Taraba sold Olabisi Samuel to Gabros International FC while there are still issues with the future of some other first team players asthey are still owed backlog of debts but Ogharanduku has assured that the club would rebound under the administration of the Governor, Dr. Darius Dickson Ishyaku.

    The Jalingo side trained without Yau Hassan who has been recuparating from malaria illness. Meanwhile, whereabout of Abdulmalik Mohammed has been unknown since he sustained a knee injury against Dolphins in the last match while Usman Mohammed is with the U-23 national team.

    Ogharanduku told SportingLife that the current situation in the camp of FC Taraba is not all gloomy as they are very confident that Governor Ishyaku would bring back smiles to the faces of already dispirited Jalingo based side.

    “We are happy with the new administration of our  governor, Darius Dickson Ishyaku who we believe will get us working again. The immediate past administration had only done so in acting capacity but Governor Ishyaku has executive powers. I believe he will be able to address our needs.

    “Some of my players are injured and we still have one in the U-23 camp. We are very certain that we have players to face El Kanemi Warriors and our other foes in the league,” Ogharanduku told SportingLife.

    Part of the 18 players that took part in the training sessions few days ago included Abel Bobby, Kelvin Njoku and three goalkeepers, Ikechukwu Obilor, Chinedu Kawawa and Akombo Terherma among others.

  • Campaign funds: Bishop urges EFCC to investigate CAN, TAN

    Campaign funds: Bishop urges EFCC to investigate CAN, TAN

    The Economic and Financial Crimes Commission (EFCC) has been urged to investigate Transformation Ambassadors of Nigeria (TAN), Christian Association of Nigeria (CAN) and individuals accused of receiving money for campaigns in the last general elections.

    Diocesan Bishop of the Anglican Communion, Kaduna, the Most Reverend Josiah Idowu-Fearon, spoke at the 20th synod of the church.

    The theme of the Synod was  “A New Look At Holiness”, which was taken from the book of Leviticus 19: 1-4 and 11-14.

    He said: “Nigerians are aware that many became criminally rich during the last administration. Organisations that have been accused of receiving money for campaigns like the TAN, CAN in particular, and individual office holders should be investigated by the EFCC, and as much of the misappropriated national wealth as possible should be returned for the development of our country.”

    Rev. Fearon admonished Buhari to stay clear of any faulty foundation laid by his predecessor, Dr Goodluck Jonathan.

    “He should closely look at the foundation laid before building on it to avoid a cataclysm that may be worse than what he is inheriting. That means, there should be some probes, but not within his first six months in office,” the cleric said.

    He added: “Mr. President is advised to sanitise the Armed Forces, get them well equipped, and flush out the remaining Boko Haram insurgents within his first six months in office.

    “Within the first six months, we encourage Mr. President to have achieved something to give some hope to Nigerians.  We suggest he makes fuel available by removing subsidy so as to use the billions being paid to marketers who, in spite of that, hold Nigerians to ransom.

    “We suggest to the President to get the companies responsible for the power sector to either make power generation and distribution effective, or set up appropriate, trustworthy and action-oriented machinery within constitutional provisions to re-evaluate their contracts.

    “We want to state the obvious so as to give the President some ideas for his consideration and action. It is obvious, the stakes are high; Nigerians who voted for you have a very high expectancy level. You cannot afford to fail by disappointing them.

  • Lack of funds hampers research, says FUTMinna VC

    The Vice Chancellor, Federal University of Technology Minna (FUTMinna), Prof. Musbau Akanji, has said research and infrastructural development in the country’s higher institutions will continue to be hampered if the problem of funding is not properly addressed.

    The vice chancellor said this when he received members of the Senior Executive Course 37, of the Nigeria Institute of Policy and Strategic Studies (NIPSS), Kuru, Jos, Plateau State at Gidan Kwano campus of the university.

    Represented by the Deputy Vice Chancellor, (Academic), Prof Abdullahi Bala, the don lamented that funding had been the bane of universities in the country.

    Akanji said the challenge of funding has affected most universities in the areas of research output, infrastructure and quality of their graduates and therefore called on private organisations and individuals to support the development of the education sector of the country.

    He praised the Tertiary Education Trust Fund (TETFUND) and Petroleum Technology Development Fund (PTDF) for funding research and infrastructural development in tertiary institutions.

    The vice chancellor also decried the management of basic education by local and state governments, saying it had affected the quality of the country’s basic education sector.

    He appealed for adequate funding of the  sector, stressing that education remains the bedrock of any development.

    Leader of the team, Air Cdr. Emmanuel Jekada (rtd) said the purpose of the visit was to interact with the university management to learn about the institution’s problems and proffer solutions.

    Jekada said the country’s educational system needed urgent attention to address the myriad of problems confronting the sector.