The Nation Newspaper

Tag: June

  • EID EL – FITR : Kano approves payment of June salary

    Kano State Governor, Dr. Abdullahi Umar Ganduje, has approved the payment of June salary to all workers of the state from Wednesday (today).
    The early payment of the salaries according to the government is to enable civil servants and their families fully enjoy the festivities of the Eid El – Fitr.
    All banks were directed  to ensure that workers  access their salaries with ease.
    The gesture it also stated is also in line  with Governor Ganduje ‘s pledge to  improve the welfare of workers in the state.
    The state governement therefore hoped that the workers will reciprocate the good gesture by being more dedicated and hardworking in the discharge of their duties for the overall development of the state.

  • Football for Friendship Programme: 1,500 participants leave for Moscow in June

    The International Day of Football and Friendship has been celebrated in over 200 cities of the world, with special events to promote friendship, mutual respect and healthy living.

    Ayomide Ayanbunmi a young footballer who is aspiring to be a great player, and Hussain Dikko a young journalist who already blogger and joins in the act of commentary at local football centres, especially in the northern part of the country, will be representing Nigeria in Moscow during the Football for Friendship program as well as during the FIFA World Cup.

    Blessed with soccer talents who have left their imprints on the Nigerian football stage, like Jay Jay Okocha, Kanu Nwankwo, Sunday Oliseh and recently Mikel John Obi amongst others, it goes without saying that her Sporting Media is also very active covering the game both home and abroad. The followership of the round leather game in Nigeria is second to none. These two young lads who were carefully selected, will live with this experience forever and also inspire fellow young people when they return from Moscow with the vast knowledge they will garner at the Football for Friendship program and the FIFA World Cup.

    Thousands of children and adults are participating in friendly matches, open training sessions, flash mobs and sporting events. On this day, everyone who shares such critical human values as equality, respect for different cultures and peaceful co-existence ties a blue-and-green friendship bracelet on his or her wrist as a symbol of the Gazprom’s International Children’s social Programme Football for Friendship.

    The blue thread stands for a peaceful sky, and the green one is a football field open to everyone. The participants had received support from famous footballers, coaches, television hosts, actors and members of government agencies all over the world.

  • JUNE

    JUNE

    A wedding planner meets her match in JUNE. A romantic comedy that features talents from both the Nigerian music and movie industries. A Desmond Elliot’s film that got us here in the hood, the Crithood, taking front role seats alongside a number of other movie fans, waiting to see how well this choice of casting plays out.

    It is no hidden fact that the choice of cast most definitely affects the interpretation of the story, neither is it absurd for the budget of a movie to eventually affect the overall quality. The level of professionalism would also be as visible to the average audience, as the characters physically present on the screen, while seeing a movie in spite of how interesting the story maybe. The question is, is the quality of JUNE up to the standard for a cinema screen? Can it be said that the budget or maybe the level of professionalism, reflects poorly on screen? It is possible to have a good story and bad movie all in one?

    In a society that is crazed about the marital status of women at certain stages of their lives, are three successful mid-aged women that find themselves on the wrong side of societal standards. One in particular, finds no peace at home and at work; where she ironically plans other people’s weddings, patiently awaiting her turn. It is of no use anticipating, as it turns out all attempts at gaining the approval of society falls barren, but then, it is believed that the patient dog eats the fattest bones. In the light of that, it is safe to say that patience is indeed a virtue that a lot of people don’t possess. Pressure builds as some are more desperate than the others and others can’t care less about how society feels towards their status. It all boils down to one fact, that living is indeed communal, and existence is cyclical in this society, as the solution to every and any problem is to be put in prayers to a referenced supreme being, expecting results as sudden miracles, in ignorance that it’s all been fated.

    A fine story that had the cinema hall filled with laughter. There were a few comments here and there about the actions of characters in the movie, quite engaging to say the least. It is safe to say that justice was done to the execution of every character, interpretation was impeccable. The lines were genuinely funny, brief and entertaining. A near perfect casting of the characters, in terms of temperament, speech, rendition of lines, body language, embodiment of characters and in understanding of the director’s vision; for most parts, it felt quite natural. The delivery from the artistic end didn’t do badly at all, unfortunately, the same cannot be said for the technical.

    The technical aspects were appalling. It can be easily detected that this movie ran on low budget, showing the level of unprofessionalism, by the director and his crew. The so called ‘cinematographer’ shot a number of scenes more or less like a ‘camera man’. These scenes were quite shaky, causing a distraction that takes away from the performance of the actors, luckily not enough to completely foil their efforts. No dynamics or brilliant angle shots; making it feel like a very lazy and uninspiring work. There was no memorable soundtrack. Sound became bad at some point in the movie during dialogue. Unwanted external noise could be sieved out in the background. The lighting was not so bad but it is not the best either, frankly below average. The costume and makeup department were so terrible, that Uche Jumbo for most parts looks like she was having a ‘bad hair day’ or a ‘wardrope’ malfunction, a lot of times, both of them happening concurrently. Honestly, the best she looked was in a spa robe. The casting director could not get a crowd to feel up the church scene, which was really poor.

    Indeed, a good story but a bad movie. This is our Verdict! When a movie is placed at the pedestal of the cinemas, then it has to be up to standard. It could have made a fine movie, but the excesses were just too much to be overlooked. A ‘poor’ work as this, should not be allowed into the cinemas. It is unforgiveable how glaring the lack of funds reflected on screen; most abominable that the technical aspects foiled the overall outlook of the movie. Taking nothing away from the performance of these actors, it was a terrible movie that easily would not have been.

  • June digital switch over unrealistic, says Fed Govt

    June digital switch over unrealistic, says Fed Govt

    • MTN’s N34b spent

    The Federal Government yesterday said the June 2017 digital switch over (DSO) date is no longer feasible. This shift marks the third time the date is shifted since 2015.

    The government also said it would no longer provide set-top-boxes (STBs) for individual households in the country.

    The box is at the centre of any successful transition to DSO.

    Minister of Information, Lai Mohammed, who appeared  before House of Representatives  ad hoc committee on the process of DSO said the process was being funded with N34billion realised from the sale of spectrum  to MTN Nigeria in June last year.

    According to Mohammed, of the 13 licences issued for manufacturers of STBs, only four are operational, the initial monetary proposal of N60 billion for the project has been affected by foreign exchange and inflation.

    It was in veiw of this that the Federal Government is planning to collaborate with states and local governments in ensuring that the project is not stalled again.

    He also said efforts aimed at accelerating the harmonisation of the  process has commenced as meetings with the governments of Cameroon, Niger Republic, Chad and Benin Republic are underway.

    Speaker Yakubu Dogara, who was represented by the Chief Whip, Alhassan Ado Doguwa, while declaring open the hearing, said there have been allegations that the DSO process was characterised by procedural irregularities, inconsistencies, and misappropriation of funds.

    He said: “I have heard from different quarters that the DSO will re-position the broadcast landscape architecture in Nigeria.

    “We should use all legislative tools at our disposal to ensure its success; our aim is to ensure that Nigerians benefit maximally from this novel modernisation.

    “We will strive to avoid a situation where the country becomes a dumping ground for all forms of digital equipment.”

    On his part, Committee Chairman Sunday Katung regretted that majority of Nigerians are unaware of the switch over despite the launch of the pilot project in Abuja and Jos.

    “Yet, the success story of most countries that have successfully digitised, is hinged on effective public awareness.

    “The June 2017 deadline seems aggressive and unachievable, caution is required here to avoid being victim of our own exaggerated competence.

    “Having missed the deadlines twice, it is important that the DSO transition in Nigeria should not be a political expediency as it is currently viewed, but should be thoroughly reviewed and implemented, taking into the view our current economic realities,” Katung said.

  • Jos dry port to be ready in June

    The Executive Secretary of the Nigerian Shippers Council ( NSC) Barrister Hassan Bello has assured that the Jos Dry Port (Inland Container Depot) under construction at Heipang should be completed in June this year.

    Bello spoke to newsmen at the sidelines of an inspection tour of the project by the Minister of Transportation, Mr. Rotimi Amaechi and the Governor of Plateau State, Barrister Simon Lalong.

    He said the facility, concessioned to Duncan Group of Companies, has capacity to handle 20,000 twenty-foot equivalent units, (TEUs), of containers at the first instance but can be upgraded to higher capacity later.

    Earlier, Mr. Amaechi said the Lagos-Ibadan standard rail project will commence before April even as he reiterated that the dry ports will also be linked to rail facilities.

    He also said the Kaduna-Kano and Port Harcourt-Calabar dry ports should also commence this year if the Chinese EXIM Bank releases its counter-part funding for the project.

    Governor Lalong promised he will provide the necessary enabling environment to ensure the project succeeds.

    It will recalled that the  Heipang – Jos Dry Port Project which was among the six gazetted projects granted approval by the Federal Executive Council in 2006 was concessioned to Duncan Maritime Services Nigeria, Nigerian and is based on a tripartite arrangement involving the federal governemnt , the host state government  and the private investor.

  • Kwara gets N3b as June allocation

    The Kwara State Government has said it got N3,117, 634, 155.58 from the federation account as its June allocation.

    A statement by the Commissioner for Finance, Alhaji Demola Banu, said the government got a statutory revenue allocation (SRA) of N1,964, 362,872.63; VAT of N621, 720, 038.40; Exchange Difference of N473,821.529.00; and proceeds from solid minerals, N57,729,715.55, totalling N3,117, 634,155.58.

    The local government areas got N2, 233,730,999.61 for June.

    The councils received a statutory allocation of N1,532,966, 930.89; VAT of N352,531,877.20; exchange difference of N312,517,416.19; and proceeds from solid minerals, N35,714,775.33, totalling N2,233, 730,999.61.

    Banu added that the details of the allocation will be publicised after the Joint Accounts Allocation Committee (JAAC) meeting next week.

    He hoped that with the increased allocation, councils would be able to meet more of their contractual obligations.

  • Fed Govt, states, local govts share N559.032b for June

    After many months of weak disbursements, the three tiers of government yesterday shared N559.032 billion for June.

    This is the first time the Federation Account Allocation Committee (FAAC) is sharing such an amount which the state governments said will allow them to pay salaries and meet other financial obligations.

    The federal, states and local governments had shared N305.128 billion for May and N281.5 billion for April.

    Minister of Finance Mrs KemiAdeosun told reporters at the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja that the appreciation in the money shared for June came in spite of the country’s technically entery into recession.

    A breakdown of the disbursements showed that from statutory allocation, the Federal Government received N199.754 billion, state governments N101.318 billion, local governments N78.112 billion and N17.124 billion was given to the oil producing states as 13 per cent mineral revenue derivation.

    For Value Added Tax (VAT) the Federal Government received N9.706 billion, states N32.353 billion and local governments N22.647 billion.

    MrsAdeosun attributed the increase in what was shared for June to improved collection performance by the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS).

    The improved performance from the non-oil revenue generating agencies, the minister said “shows that some of the reforms in revenue collection is improving significantly.”

    On the economy, MrsAdeosun reiterated her earlier remarks to the Senate that the country was technically into recession but assured Nigerians that there was no cause to panic as “the fundamentals remain strong and if we can be disciplined on what we spend money on; if we stick to the reforms, things will improve.”

    Adeosun also said N247.9 billion has so far been disbursed from the 2016 budget with an additional N60 billion to be disbursed this week. So far in the last two months, N74 billion has been given to the Federal Ministry of Works, N22.1 billion to Transport Ministry and N21.9 billion to the Ministry of Agriculture.

    Mrs Adeosun said the government was looking for money to fund the next batch of releases.

    The finance minister also announced that $3.094 billion is now left in the Excess Crude Account, an appreciation from the over $2 billion in the account last month.

  • June inflation to fall marginally to 15.5%

    June inflation to fall marginally to 15.5%

    •MPC meets July 25

    After a rise in headline, Nigeria’s economy may be entering an era of disinflation or declining rates of inflation, with June figure expected to decline to 15.5 per cent from 15.5 per cent in May.

    Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, who disclosed this, said: “We are projecting inflation in June to drop from 15.6per cent to 15.5 per cent. If this estimate turns out to be accurate, it will raise some fundamental questions as to the direction of inflation and possible level of interest rates in the money markets.”

    Rewane said headline inflation had almost been a loose cannon, defying most rules of economic gravity and logic. The root cause of the near hyper inflation rate, he said, can be traced to supply shocks at-times attributable to artificial scarcity compounded by uncertainty in the foreign exchange (forex) markets.

    For him, the  question therefore is whether this drop in inflation is a blip or a point of inflection.

    “Economic history has shown that disinflation (a period of declining inflation) is usually a result of adaptive expectations. The theory of adaptive expectations assumes that people form their expectation of future inflation on the basis of previous and present rates of inflation and gradually change their expectations as experience unfolds. “The theory was advanced and popularised by Milton Friedman, the Nobel economist from the University of Chicago,” he said.

    According to Rewane, this theory is applicable in Nigeria today because of the price trend since February. Consumers increased their demand for products out of unavailability and fear that prices will continue to skyrocket. But by April through May, aggregate demand curve had shifted inwards because of the income constraints.

    “This coincided with the month of May’s subsidy removal (slashed purchasing power) which altered consumer behavior. The game changer however was the new exchange rate policy which effectively reduced disposable income by 40 per cent.Therefore in spite of perceived scarcity and cost pressures, consumer resistance became the spur for the adaptive expectations theory to take sway in Nigeria,” he said.

    He explained that looking at consumer price movement, the anecdotal evidence shows that more price elastic commodities hit a brick wall and started declining in June.

    “Tomatoes, maize and rice moved slower. Price inelastic commodities like beans remained flat. One outlier product is the price of diesel which has increased by almost 100 per cent from 107 per litre in March to N210 per litre presently. This is mainly because of the abysmally low power output from the national grid, which has pushed demand to record levels. The impact of this high diesel price is pushing distribution and transportation cost to stratospheric levels. We have also seen a sharp spike in the prices of kerosene and cooking gas.

    “These are all scarcity propelled because importers switched from kerosene and diesel to PMS (premium motor spirit). We are now seeing a swing to the end of the product pendulum again. We expect the price of diesel to crash in August back to the N120-N130 per litre levels,” he added.

    He said the Monetary Policy Committee (MPC) is scheduled to meet on the 25th -26th of this month. They will be closely monitoring the inflation data. A lower inflation number will ease the pressure on the policy makers.

    “However, a precipitated move such as lowering rates is an unlikely outcome at this meeting. The market is still digesting the impact of the N1.3 trillion debit for the $4.02 billion forward sale. The macro-prudential risks arising from the regulatory action against the Board of Skye bank is leading to a flight for safety/quality banks. This has led to a further segmentation of the industry along the lines of perceived risks. In aggregate, we see an upward shift in interest rates move out of the risk mitigation attitude of the market than as a result of the inflation data,” he said.

  • ‘Otakikpo marginal field to start operation in June’

    The Otakikpo marginal field in oil mining lease (OML) 11 is expected to begin commercial production by end of second quarter, The Nation has learnt.

    The oil field is owned by a Joint Venture (JV) with Green Energy International Limited (GEIL) as the operator and Lekoil Oil and Gas Investment Limited as the technical and financial partners.

    According to the company, the Otakikpo-002 well flowed oil from two production tests on zones C5 and C6 concluded on April 10. Zone C5 flowed at a peak rate of 6,404 barrels of oil per day (bopd) while C6 zone flowed oil at a peak rate of 5,684 bopd for over 24 hours.

    Production testing at the well was curtailed due to storage capacity limits on well-testing equipment, the JV said, adding it expects to start commercial production by the end of second quarter of 2016.

    The Joint Venture said: “As previously announced on September 7, 2015, the lower E1 zone produced from the first of four planned production tests, flowing oil at various sizes for over 24 hours at a peak rate of 5,703 bopd. However, during completion operations, the well encountered cementing issues resulting in the temporary suspension of the E1 zone to allow remedial work to take place.

    “To keep Phase 1 of the field development plan (FDP) on track and under budget, the JV prioritised production from the second and third planned production zones, in the C5 and C6 reservoirs, and will pursue development options for the E1 zone in the future. The encouraging flow tests of upper zones, C5 and C6, reconfirm the sizeable potential of the oil field.

    “Following the completion of Otakikpo-002, well re-entry operations on Otakikpo-003 are expected to begin later in second quarter (Q2) and will target the E1 and C5 zones.  The company expects to commence commercial production from Otakikpo-003 in Q3 2016 and expects to be producing 10,000 bopd by year-end 2016. The facilities construction and permits are at an advanced stage to meet the company’s timeline for commercial production.”

    The company said following the conclusion of Phase 1 of the FDP, which is expected by the end of 2016, the company will  proceed to Phase 2 with new wells planned to bring aggregate production to an estimated 20,000 bopd by the end of 2017.

    The Otakikpo Joint Venture with LEKOIL as Financial and Technical Partner and Green Energy International Limited (GEIL) as operator began work  in December 2014.

    The Chief Executive Officer, Lekoil, Lekan Akinyanmi, said: “In about a year and half, Lekoil and its partner GEIL have managed to bring to life a marginal oil field, which is expected to produce 10,000 bopd by year end, demonstrating its technical and financial strengths as well as illustrating the fast-track approach by the Department of Petroleum Resources (DPR) to develop previously marginal fields and unlocking value for the benefit of Nigeria.

    “Lekoil as a financial and technical partner also commends the support of its stakeholders and host communities whose people and services stand to realise sustainable value.  These successful tests represent another major step towards continuous production and are the most significant accomplishment since operations began – demonstrating our disciplined approach to developing an asset efficiently. Safety remains our key priority and we will continue applying the highest standard to our operations as we grow production to, and beyond, our initial Phase 1 target.”

  • Eagles get two friendlies in June

    Eagles get two friendlies in June

    • Games hold in London

    As part of its rebuilding efforts ahead of the Russia 2018 World Cup qualifying matches, the Nigeria Football Federation (NFF), has picked London to host two grade A friendly matches in June being arranged for the Super Eagles.

    NFF president, Amaju Pinnick disclosed recently that the federation would utilise the two FIFA windows in June to bring the Super Eagles players together ahead of the qualifying matches for the World Cup.

    Thre  NFF has opened discussions with its London-based agent, who is expected to confirm the two top European countries for the friendly matches in the coming weeks. It was gathered that Pinnick is regularly in contact with the agent who has given him hopes of securing two top grade A countries for the friendly matches.

    An NFF source told our correspondent that the agent is expected to conclude discussions with the countries in two weeks time, adding that the federation will make public the countries as soon as the deal was concluded.

    “One obvious thing is that the two friendly matches are slated for London in June. We have opened discussions with some top European countries for the two FIFA window dates and I am convinced that they are responding positively.

    “The choice of London for the friendly matches is because it is centrally located and the federation will not find it difficult to assemble the players. Our plan is to begin early with our preparations for the World Cup qualifiers because there is no more excuse to give to Nigerians.

    “We will take off with full arrangements immediately after the consultative meeting with the minister of Youth and Sports on Tuesday. I believe that the AFCON loss has opened our eyes to appreciate the quality of players that can make it happen for the Super Eagles. We are ready to keep them busy with whoever is going to manage the team now for the purpose of the World Cup ticket,” the NFF official assured.