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Tag: funds

  • Use recovered funds to create jobs, Fed Govt told

    Use recovered funds to create jobs, Fed Govt told

    President Muhammadu Buhari has been asked to use part of the funds recovered from looters for job creation to  bridge the unemployment gap.

    The Nigeria Labour Congress (NLC) and its affiliates were also asked to protect workers against  retrenchment.

    These were views expressed at a retreat by the NLC in Calabar, the Cross River State capital.

    The NLC resolved to review its position presented at the 2009 Tripartite National Employment Summit organised by the Federal Government with technical support from the International Labour Organisation (ILO).

    A communiqué signed by NLC President Comrade Ayuba Wabba and General Secretary, Comrade Peter Ozo-Esson, said Labour’s position should reflect the final report of the summit, which stated that four to five million jobs would be created yearly between then and 2020; and the campaign promise of the APC government to create three million jobs yearly.

    It reads: “The retreat resolved to support the determination of the current leadership of congress under Comrade Ayuba Wabba to build a firm coalition of Nigerians for good governance. In this direction, the retreat endorsed the decision of the national leadership of congress to declare September 10, 2015 as a Day of Solidarity Protest Action against the incidences of escalating corruption in our public life, as well as protest against the high cost of governance in this country.

    “The retreat further resolved to call on all stakeholders in the Nigerian project to join the NLC and its allies to massively turn out on this day, and send a clear message to our political elite that Nigerians would not continue to allow very few greedy and unpatriotic members of the ruling elite to continue with the high level of corruption in our country, as well as the unsustainable high cost of governance, with a huge amount of our earnings going to pay the wages and allowances of political office holders, to the detriment of developmental projects, and developmental aspirations of the vast majority of our citizens.”

  • Lalong to recover Plateau’s stolen funds

    Lalong to recover Plateau’s stolen funds

    •To complete critical projects initiated by Jang 

    Plateau State Governor Simon Lalong has vowed to recover stolen funds and government property annexed or carted away.

    The governor spoke yesterday in Jos, the state capital, in a state broadcast marking his 100 days in office.

    He said: “Through the instrumentality of the law, we will immediately pursue the recovery of funds and government property carted away.

    “These include funds fraudulently siphoned through the instrumentality of state agencies for which works have not been done or have not reached the level of payments.”

    Lalong noted that setting up technical and professional audit committees would sustain the tracking and recovery of funds and their application to projects, programmes and institutions.

    The governor said his administration did not intend to witch-hunt anyone but to ensure probity, accountability and transparency.

    He said the challenges facing the state in the face were enormous, adding that his administration was committed to alleviating the suffering of the people of Plateau.

    Lalong said: “The enormity of the challenges that we are confronted with have left us with only one option of making quick fixes that will address basic human needs of the citizenry.”

    This, the governor said, would also guarantee the sustenance of a peaceful environment for good governance.

    He said his administration’s attention was focused on finding a lasting solution to the conflicts in Riyom, Barkin Ladi and parts of Jos South local government areas, which had continued unabated.

  • Funds’ paucity, equipment hinder fish farming growth

    Lack of funds, fish drying machines and other equipment have been identified as factors affecting the SUTEX Fish Farm at Okongntekong Ete village in Ikot Abasi Local Government Area of Akwa Ibom State.

    The President of Ukpum Ete Youth Association, Comrade Ubong Essien, highlighted the challenges on the farm and appealed for government’s assistance when the state governor visited and inspected some basic facilities for skill acquisition development in the area. The Youth President urged the state government to come to their aid through provision of more capital  to accelerate efforts in training more youths in the area, and promised to be law abiding.

    Represented by the Senior Special Assistant to the governor on Skills Development Project Centre, Dr. Majorie Abasiodiong George, the governor congratulated youths from Ukpum Ete clan for pro-actively initiating lofty programmes that would engage youths meaningfully in the area.

    The governor advises youths to engage themselves in raising fish of all sorts, and engage in other skill developmental activities in order to stem the tide of unemployment in the state.

    George, who commended the leadership of Ukpum Ete Youth Association, thanked them for giving youths in the area a pride of place in skill acquisition and other developmental activities, adding that, she was impressed with the fact that, youths in the community did not fold their arms to wait for white collar jobs from the government, but make good use of their resources to establish a fish farm.

    She, however, called on youths in the area to support government programmes and shun acts capable of giving the community a bad image.

    She lauded the pragmatic efforts of the Managing Director of SUTEX Farm in establishing such farm in the community, adding that, the administration of Mr. Udom Emmanuel is interested in developing skills in youth on all sectors of the state’s economy.

  • Intervention funds, SMEs boost job creation

    Intervention funds, SMEs boost job creation

    Last week, the National Bureau of Statistics (NBS) released its latest Job creation and employment generation survey. In second quarter of this year, according to the data, 141,400 jobs were created – 51,100 in the formal sector, 83,900 and 6,400 in the informal and public sectors. Analysts have attributed the jobs statistics to contributions from the Central Bank of Nigeria (CBN) intervention funds in key sectors of the economy, and rising commitment of banks to Small and Medium Enterprises (SMEs) funding, writes COLLINS NWEZE.

    The implementation of the N200 billion Commercial Agriculture Credit Guarantee Scheme (CACS), N300 billion Power and Airline Intervention Fund (PAIF) and N200 billion Small and Medium Enterprises Restructuring and Refinancing Facility (SMERRF) is boosting job opportunities.

    Also helping to create jobs is banks’ commitment to Small and Medium Scale Enterprises (SMEs) especially by giving loans to small businesses who remain the major employer of labour in the country.

    Head, Markets at FBN Capital, Olubunmi Ashaolu, said the National Bureau of Statistics (NBS) report indicated that the real sector is where the bulk of the jobs and that the intervention funds are the catalysts needed to boost job opportunities in the economy.

    He said the bureau’s report focuses on 18 sectors, of which education emerges again as the leading source of new formal-sector jobs in second quarter of this year accounting for 34 per cent. Manufacturing, agriculture, and accommodation and food services contributed 15.2 per cent, 15 per cent and 9.2 per cent to the total respectively. Business expansion, a new skill requirement and the filling of a vacancy emerge as the three principal reasons for hiring.

    “We see that senior management positions accounted for five per cent of formal-sector jobs generated. This trend was marked in the hospitality and retail industries. Blue-collar jobs accounted for over 30 per cent of the total,” Head of Markets at FBN Capital said.

    Ashaolu described the formal or real sector as consisting of establishments with 10 or more employees, and is based on a sample of 5,000 firms across the 36 states of the federation.

    The CBN under Godwin Emefiele believes that supporting key sectors of the economy via funding from the N700 billion intervention fund and other facilities extended to SMEs are critical in fixing Nigeria’s unemployment quagmire.

    Banks have recognised that proper use of the intervention funds will create significant growth potential for the economy and trigger increased job opportunities for the youths. Both the Central Bank of Nigeria (CBN) and banks now see the funds as a viable means of building sustainable wealth and keeping the unemployed off the streets.

    For Emefiele, the funds are seen as a game changer in tackling the Nigeria’s job challenges. The CBN had in collaboration with the Federal Ministry of Agriculture and Water Resources to establish the CACS in 2009. The CACS was meant to finance agricultural value chain from input supply to marketing. The scheme commenced operations on April 23, 2009 with the approval of the Federal Government.

    The CACS was meant to fast-track the development of the agricultural value sector of the economy through the provision of credit facilities at a single digit interest rate to large-scale commercial farmers.

    The N300 PAIF was meant to facilitate intervention in the transport sector. It was meant to provide long term financing that would stimulate private sector participation in the sector.

    The CBN said the Fund provided the banks a window to finance power sector projects as well as restructure and refinance outstanding facilities in the aviation sector on a long-term basis of 10 to 15 years at a concessionary interest rate of seven per cent.

    It said the PAIF helped in relieving the banks of the burden of non-performing loans on their balance sheets and improved the credit rating of the beneficiary institutions, thereby providing them access to additional funds for their operations.

    As at  September 30, 2013, the sum of N109.3 billion was disbursed to 21 companies, by 11 banks. The fund, has among others, financed the construction of 125-kilometre gas to power pipeline and the generation of about 800 megawatt (Mw) of power mostly by manufacturing companies principally to guarantee stable and reliable power supply and to free the national grid to other users.

    These, it said, would help ensure a reduction in credit defaults in the sector and harness the entrepreneurial skills in the youth and young graduates. The CBN said, it shall through its Anchor-Lending Programme, provide grants and SMES loans to graduates who develop interest in agribusiness. The regulator pledged support for Federal Government’s national development agenda and the objective of growing the economy through new jobs and SMEs. “We affirm our commitment to financial deepening of the economy, improving financial access to key sectors of the economy, innovative solutions for the critical finance of generation, distribution and transmission in power sector, provide finance for SMEs, as well as the agriculture sector and jobs for the youths,” Emefiele said.

    Executive Director, Ovie Brume Foundation, Mrs. Iwalola Akin-Jimoh, said a lot of graduates that are being churned out are not suitable for the jobs that are currently available, adding that it is important that Nigeria’s educational systems are structured in a way that people that are coming out are able to fill spaces that are available.

    On entrepreneurship, Mrs. Akin-Jimoh said the available jobs are not enough to cater for the graduates churned out yearly. “So, it is even better, where people are not coming out and be looking for white collar jobs. They come out with skills that enable them start their own businesses. So, instead of looking for a job, one can be a job creator. We need people to think more along the line of creating jobs, rather than seeking jobs,” she said.

     

    Banks key into projects

    At Skye Bank, Access Bank, Diamond Bank, Ecobank Nigeria Limited, Bank of Industry (BoI), Heritage Bank, among others, there is a new drive to get SMEs off the ground and keep them running.

    The BoI recently signed a memorandum of understanding (MoU) with Ecobank Nigeria to provide loans at low interest loan to the Small and Medium Enterprises (SMEs) sub-sector.

    The Managing Director/Chief Executive, BoI, Mr. Rasheed Olaoluwa, while speaking at the event in Lagos said Ecobank and nine other banks in the country were selected based on their support to the SMEs, adding that the low interest rate will heighten activities in the sub-sector.

    He said the BoI and SME-friendly banks will collaborate to provide long-term loans to qualified SMEs based on its risk acceptance criteria set by BoI.

    The Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, explained that the selection of Ecobank by BoI was in recognition of the massive support the bank has offered the sub-sector overtime.  He observed that the support has won the Ecobank several awards and recognitions in recent times. Okpanachi further assured that Ecobank will continue to partner other agencies to develop the sub-sector.

    The Group Managing Director, Access Bank Plc, Herbert Wigwe has reiterated the bank’s commitment financial empowerment for SMEs and the youths in Africa.

    Speaking at the Africa Sustainable CEO Business Roundtable held in Lagos, the bank chief who discussed how the lender is financing youth entrepreneurs and SMEs in the continent, said traditional problems such as access to finance, environment and the right knowledge on the society where they operate are some of the factors affecting today’s youths.

    Wigwe, who was represented by the Executive Director, Personal Banking, Victor Etuokwu disclosed that the lender has a team that drives and adds value to SMEs in the country.

     

    Stakeholders speak

    Michael Obi, an entrepreneur based in Lagos, stated that SMEs subsector has the capacity to create two-thirds of the jobs needed to tackle unemployment, making the subsector more significant. He said the subsector holds the ace to taming unemployment in the country and, as such, must be made active if the unemployment rate, which is put at 28 per cent of adults between the ages of 18 and 60, is to drop.

    But he put a caveat: “Nigeria must tackle the challenges of infrastructure, especially power and roads, to create new SMEs or keep existing ones in business. There is also the need to create access to market and provide capacity, especially in keeping company financial records.

    The CBN defines SMEs according to asset base and number of employees. The criteria are an asset base of between N5 million and N500 million, and a staff strength of 11 to 300 employees.

    The Director, Enterprise Development Centre (EDC), Pan Atlantic University, Peter Bankole, said if a country wants to develop, it must start taking SMEs’ lending seriously. He said the National Bureau of Statistics (NBS) survey conducted last year showed that the SMEs sector will continue to play a dominant role in job creation in the economy.

    Bankole said the challenge remains that the majority of SMEs are micro, stressing that the government was trying to move as many as possible from micro to small businesses because that will give better multiplier effects for the economy and create jobs.

    The  General Manager, IBM Africa, Taiwo Otiti, said the SMEs tools help entrepreneurs manage their businesses properly, and in the process, making it attractive for banks to grant them loans and subsequently create jobs. He said SMEs remain the engine of growth for the economy, adding that they are the largest employer of labour within the economy. He said that when the SMEs businesses are run well, they will have the capacity to employ more people. “Part of the SMEs teaching is how to package their businesses to attract bank loans making it easier for them to create jobs,” he said.

     

  • States’ bailout: Banks to release funds for salary arrears

    The Central Bank of Nigeria (CBN) has approved the request by Deposit Money Banks (DMBs) to provide financial accommodation to state governments to enable them pay the backlog of salaries of their workers.

    A statement yesterday by the CBN Director, Corporate Communications, Mr Mu’azu Ibrahim, said the statement, the approval was based on the CBN’s decision to collaborate with stakeholders to consider ways of liquidating the outstanding staff salaries owed by state and local governments.

    “The conditions for accessing the loan facility include State Executive Council authorisation, state House of Assembly consenting to the loan package, as well as issuance of Irrevocable Standing Payment Order (ISPO) to ensure timely repayment.

    “Out of the 27 states involved, funds have been disbursed to two states, namely Zamfara and Kwara states, that met the requirements as agreed with their respective banks.

    “Efforts will be made in the coming days to conclude disbursements to other states so that all outstanding salaries to civil servants can be cleared.”

    Earlier in the week, Director-General, Debt Management Office (DMO), Dr. Abraham Nwankwo, said bonds had been released to 14 commercial banks to enable them aid states.

    The DMO boss said the debt restructuring was open to all the 36 states of the federation and the Federal Capital Territory.

    The decision for states to borrow money from commercial banks is sequel to the decision by the National Economic Council (NEC) at its meeting of June 29, requesting the CBN, “in collaboration with other stakeholders to appraise and consider ways of liquidating the outstanding staff salaries owed by State and local Governments.”

    Last week, 11 states recently had their commercial debts to DMBs restructured with a proviso to pay 14.83 per cent of the value of their bonds which their  commercial debts were converted to.

    Dr Nwankwo said: “the restructuring was effected using a re-opening of the FGN-Bond issued on July 18, 2014 and maturing on July 18, 2034. The pricing was based on the yield to date of the bond at a 30-day average, resulting in a transaction yield of 14.83 per cent.”

    The impact of the restructured states’ commercial debts to domestic bonds he said is that “management operations will include: monthly debt service burden will drop by a minimum of 55 per cent and a maximum of 97 per cent, among the eleven; and interest rate savings for the eleven States ranging from 3 per cent to 9 pee cent per annum.”

    Yesterday, Benue State Governor Samuel Ortom said the State Government would access N28 billion facility from the CBN.

    Speaking at the Evangelical Church Winning All (ECWA), Pastor’s conference holding at the Bethany Resort, Gboko, Ortom said loan was approved with single digit interest of nine per cent by the Federal Government as bail out to states owing salary arrears.

    He said N2.5 billion would be for the payment of state government workers’ salary arrears while N15.5 billion would be for local government staff.

    He assured that the money would be used strictly for the purpose for which it was intended adding that repayment had been spread over many years to enable states to stabilise on payment of salaries.

    “ I’ve taken over a state with a debt burden of over N169 billion but I have the faith that God will help us to overcome this and other challenges to the glory of his name at the end of the day,” the Governor stated.

    “I’ll leave Benue better than I met it, by the grace of God”.

     

  • Lack of funds stifles power project

    Lack of funds stifles power project

    In its bid to boost power supply in Nigeria, ex-President Goodluck Jonathan’s administration approved 10 additional electricity transmission sub-stations early in 2011. Ondo State was one of the states where the projects were sited. LEKE AKEREDOLU, who visited the site recently, reports that lack of funds may impede the realisation of this all-important project

    The administration of ex-President Goodluck Jonathan had the intention to improve socio-economic activities in the country by genuine development of the power sector. This, it reasoned, would help the country’s economy to grow.

    To realise this vision, his government, early in 2011, approved the construction of 10 additional electricity transmission sub-stations in various states in order to increase power supply.

    Ondo State is one of the states where a 2x150MVA, 330/132/33KVA electricity sub-station was located. The project is located at Owode community along Akure/Owo Expressway and would cost N6 billion.

    When the project took off, many, especially those travellers who usually ply the road thought it was being executed by the Governor Olusegun Mimiko-led government of Ondo State.

    Only few knew it is one of the 10 electricity transmission sub-stations being constructed by the Federal Government.

    The multi-billion Naira project was attracted to the state by a former member of the House of Representatives, Prince Abiodun Derin Adesida who represented Akure South/North Federal Constituency when he was a member of the Ad-doc Committee on Power of the sixth National Assembly.

    The ongoing project, if completed, will relieve the state and others contiguous to it from sourcing electricity from the Osogbo Power transmission station in Osun State.

    However, this dream may not be realised as work at the project site has completely stopped.

    The N6 billion project, which began late in 2013 and being handled by a Lebanese construction company, Matelec S.A.L Engineering and Contracting Division, was expected to have been completed within one-and-half or two years if the necessary funds were made available.

    Southwest Report gathered that construction work which had reached 70 per cent completion stage stopped due to non-availability of fund.

    When our correspondent visited the site, he met only four Nigerians and two Lebanese who are members of staff of the company handling the project.

    •Rassi
    •Rassi

    The chairman of the company was absent from the site, but the storekeeper, Mr Simeon Rassi took this on facility tour of the project.

    Rassi said the project was in three phases and began with civil work.

    He noted that the largest phase is the 330KVA, followed by 150KVA which are about 70 per cent completion stage while the 33KVA phase also has reached 70 per cent completion stage.

    “The government need to release money for us to complete this job. As you can see, all the needed materials have been procured. But we need money to get this job done.

    “You will discover that no engineer is on site because there is no money. We are aware that a new administration of President Muhammadu Buhari has taken over and we hope he will soon get in touch with us for the completion of the job,” Rassi said.

    On how much the firm needed for the completion of the project, he said: “I don’t know, but I know the amount of money needed is huge. This is a large project and the materials are very expensive.

    “When completed, power supply to Ondo and other neighbouring states will improve. Not only this, Ondo State will stop depending on Osogbo power transmission for electricity supply. You know a state that has stable power supply will attract industries, which in turn, makes jobs available for the unemployed.

    “We have done this type of project in Algeria and some Asian countries and they are working perfectly for them. We hope to get good signal from your new government soon. My boss has been in touch with the Federal Ministry of Power and Steel, but you know there is no minister as at this moment and we hope when a new minister is appointed, he or she will always be in touch with us,” he said.

    A resident of Akure, Mr. Ayobami Olasupo, appealed to the Federal Government to release funds for the completion of the power project.

    Olasupo said he was sure ýthat the Buhari administration would want to complete the project but since he has not appointed his ministers, he can only do little about the project for now.

    “By next month when the new ministers would have been appointed, I pray work on the project would begin again,” he said.

    Another resident, James Ekpo, said when the project is completed, it will strengthen and stabilise power transmission and distribution to most states around Ondo State.

    He said: “We cannot wait for this project to be completed. I am a businessman and I know how much I spend from my little gains to power my ýgenerating set. Only few areas enjoy light in Akure and I believe when this project is completed, power supply will improve in Akure and other parts of the state.”

  • EFCC: Insurgents fund activities in Nigeria, Cameroun, Chad, Niger through illicit funds

    The Chairman of the Economic and Financial Crimes Commission (EFCC), yesterday accused insurgents of funding terrorism in Nigeria, Chad, Niger and others through illicit cash.

    He added that the laundering of illicit funds from Nigeria to other borders dropped from $9.9billion in 2013 to $807,585,061.70 in 2014.

    He said the war against terrorism can only be won with  improved financial intelligence gathering by the anti-graft agency and other law enforcement agencies.

    Lamorde spoke in Abuja at the opening ceremony of a five-day inter-agency training programme on Cross Border Financial Investigation,  organised by the United States Department of Homeland Security, for  officers of the Nigeria Police Force, (NPF) Nigeria Immigration Service(NIS), the Nigeria Customs Service (NCS),  National Drug Law Enforcement Agency (NDLEA) and the EFCC.

    He said: “The EFCC, in collaboration with the Nigeria Customs Service and the National Drug Law Enforcement Agency, NDLEA, have in the last few years taken very bold steps to check illicit movement of cash across our borders. Operatives stationed at major international airports across the country have intercepted millions of dollars in cash, which were not declared to customs by their owners.

    ”This measure accounted for the significant drop in currency outflow outside Nigeria in 2013, as currency declaration dropped from $9,926,739,648.00 to $1,324,045,617.00. There was a further drop in 2014 as currency outflows recorded an all- time low of $807,585,061.70.

    “It is not impossible that other factors contributed in forcing the drop. Perhaps this training will offer us an opportunity to determine these other factors that could have been at play.

    “Nevertheless, our target is to minimize, if not completely eradicate the incidence of illicit cash movement, bearing in mind the implicit danger to our collective health as a nation.

    The EFCC chairman said the only way to tackle terrorism  is to deny insurgents of illicit funds.”

    He added:  “A reputable strategy to fight insurgency is to deprive the insurgents of funds, because there is no dispute that illicit funds movement across borders fuels organized crimes, including terror attacks and insurgency in Nigeria.

    The Deputy Chief of Mission, United States Embassy, Maria Brewer said that the training programme will expose participants to new trends and techniques in combating economic and financial crimes.

    ”Since economic and financial crimes is a global phenomenon, the training will focus among others, on taking away proceed of crime, because when you take away the money, you take away why people do crime,”she said.

    The Commander of Narcotics, Alhaji Hamisa Lawal,  represented the NDLEA boss.

    Highpoint of the ceremony was the donation of a high-tech counting machine to the EFCC. Brewer made the presentation on behalf of the U.S. government to assist the EFCC and the country fight corruption.

     

  • African Exchanges mull cross-listing of Traded Funds

    Major African exchanges have started discussions on a cross-border framework that will enhance listing of Exchange Traded Funds (ETFs) across the exchanges.

    The listing of ETFs across many exchanges, otherwise known as cross-listing, will lead to improved liquidity on the African exchanges. Discussions are currently underway between market participants in Nigeria, Kenya and South Africa to launch the cross-listing of ETFs.

    Director, Capital Markets, Johannesburg Stock Exchange (JSE), Donna Oosthuyse, said with the cross listing of ETFs, investors will have exposure to a diverse range of top performing  Nigerian, Kenyan and South African companies in a convenient and cost effective way; and the cross-listings of ETFs will also improve the liquidity of Africa’s largest stock exchanges.

    ETFs are a collection of equities, commodities or bonds bundled together in a fund to ensure that investor risks are evenly spread across this range of securities. ETFs are only written off specific index-related securities that are listed on a stock exchange, and this makes it possible to invest in a diverse range of securities through a single exchange traded product.

    The concept of cross-listing an ETF is the same as cross listing a share, or listing it on more than one exchange. It provides domestic investors with access to opportunities from another market, in the convenient and cost effective form of an ETF.

    “ETFs are one of the fastest growing asset-class categories in the world. By collaborating with Africa’s largest stock exchanges, we hope to spearhead this trend in Africa,” Oosthuyse said.

    He explained that the advantages for companies included in the ETF indices, and for the exchanges from whence they come, are that ETFs need to be ‘fully covered, which means that the asset manager that is managing the ETF portfolio has to buy and sell the underlying shares on the home exchange, depending on the activity of buying and selling of the ETF.

    goals.

    “ETFs are becoming attractive to many investors offering them portfolio diversification and reduce cost of investing. We are proud once again to be collaborating with reputable exchanges in Africa to bring this new and exciting investment opportunity to bolster trade across multiple markets,” Haruna Jalo-Waziri said.

    As part of an on-going effort to deepen and promote liquidity, choice of products and investor interest across African markets, the JSE and the African Securities Exchanges Association (ASEA), supported by the World Bank Group, will be hosting the third Building African Financial Markets Seminar from 16 – 18 September. The conference will gather key representatives from stock exchanges, regulatory bodies, stockbroking firms and other market participants from several African countries, where ideas on how to grow Africa’s capital markets will be discussed.

     

     

  • It’s illegal to touch Local Govt funds, says Yari

    It’s illegal to touch Local Govt funds, says Yari

    The Chairman of Nigeria Governor Forum (NGF) and Zamfara State Governor, Abdulaziz Yari on Friday said it was illegal for state governments to withhold Local Government Council funds.

    Stressing that no such unconstitutional breach was in practice in his state, he said that local governments could work together with the state and contribute towards a particular project.

    Yari spoke with State House correspondents after meeting with President Buhari at the Presidential Villa, Abuja.

    He said: “This is a constitutional matter, section 7 has given power to the Assembly to manage finances of the state. And if you could remember, so many attempts have been made to the National Assembly to amend the section but it failed.

    “But the essence of joint account to my understanding as governor is not to hold the money. As the money is coming, as the constitution spells out, the House of Assembly has to oversee the administration and finances of the state so therefore, that is the meaning of joint account. If it is done properly, no body should hold any local government money.

    “I doubt if there is any state that is holding any local government funds. But I think what used to happen in my own case is may be if we are having a development project, we vote together on percentage basis, maybe 60-40.

    “This is the only thing that could make a state touch the monies of local government other wise all the monies to go the local government. So, no one as a governor has the right to touch local government money.

    “Although there are speculations that some states are holding local government money, maybe because there are no election in those local government. It’ is administrators, but constitutionally, it is the right of local government which must be exercised.” He added

    According to him, efforts by state ‎governments in the Northwest, particularly Kaduna and Zamfara to curb criminal activities and communal clashes between cattle herders and farmers were yielding good results.

    He gave as example recent arrest by security agents of cattle rustlers and recovery of stolen cattle in the area as the result of improvement in coordinated response to security threats in the region.

    He said: “We have been making serious intervention through the security agencies. Lastly, five front lines states Niger, kastina, Kaduna, Kebbi and Zamfara met with the GOC and other security agencies under the leadership of Mallam Nasir El-Rufai which we have made serious progress.

    “The collaboration is on even with the military, other paramilitary agencies even the Nigerian Customs and Immigration. A lot of recovery is being made, in my state over 3.000 herds were recovered and 5,000 camels. Even those that are in the acts are trying to surrender their arms.

    On whether there have been any arrest, he said: “So far, there are arrest but security agencies are in the position to give details of the arrests.”

  • BPE: paucity of funds stalls investment in meters, others

    BPE: paucity of funds stalls investment in meters, others

    The Bureau of Public Enterprises (BPE) has said the scarcity of meters and transformers in the electricity industry, is due to inadequate investment in infrastructure in the power sector.

    The Director-General of BPE, Benjamin Dikki stated this while clarifying allegations that the scarcity was politically motivated. He said the scarcity of meters and transformers in the nation’s electricity industry was as a result of low investment in infrastructure, and not politically motivated.

    According to him, investment in meters, transformers and other power components requires billions of dollars, and investors are not ready to invest in them because of paucity of funds.

    He also said it would be wrong for anyone to conclude that some Nigerians are preventing more meter companies to operate in the country because they are importing meters and other electricity equipment. The problem was caused by funds, he added.

    Dikki said: BPE has been appealing to investors to establish companies that manufacture meters, transformers, and other critical components in the country, having discovered that Nigerians are spending huge amount of money to bring those equipment into the country. We have appealed to investors at local and international fora that there are investment opportunities in Nigeria. In spite of the appeals, people are still not ready to invest substantially in power components.”

    Dikki told The Nation, that the demands of consumers of electricity are far from being met. He said demand for infrastructure has outstripped supply. “Opportunities abound in the area of setting up companies for the production of equipment such as cables, smartcards, meter readers, and other components. Yet people have not explored the potentials in the industry to the fullest, due to one problem or the other,” he added.

    He regretted that the few existing meter manufacturing firms in the country are not meeting the needs of consumers because the infrastructure gap is widening. According to him, the BPE has discussed with financial institutions on the need to help in reducing scarcity of meters and transformers in the country by supporting manufacturing firms with funds.