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  • Palm oil producers cry out over price slide due to illegal import

    The National Palm Produce Association of Nigeria (NPPAN) has raised alarm over downward slide in price of Crude Palm Oil (CPO) and local demand in spite of their huge investments.

    The group raised the alarm in a letter jointly signed by Mr Dele Olanubi, NPPAN Ambassador, Mr Bolarinwa Adetula, Chairman Ondo Chapter and Chief Abiodun Adejo, Oyo State Coordinator.

    The letter, addressed to President Muhammadu Buhari and entitled `SOS to the Federal Government on illegal entry of Crude Palm Oil (CPO) into Nigeria’, hinged the problem on illegal entry of CPO into Nigeria.

    It complained about seamless corruption at the borders, saying such had allowed smuggled palm oil into the country at the detriment of huge local investments.

    “Many of us who heeded calls by the Federal Government in the last three years for private intervention in the oil palm industry are at the risk of losing billions invested in the sector.

    “Virtually all of our businesses are at the verge of collapse because of unbridled corruption culminating in smuggled palm oil into Nigeria due to porous borders.

    `Also, banks have tightened the noose around the investors over unsettled credits and loans running into billions of naira.

    “The jobs of millions of Nigerians are at stake if immediate positive steps are not taken to stop illegal entry of Crude Palm Oil (CPO) to Nigeria before it is too late,’’ the group said.

    NPPAN said that the country was currently losing more than $500m worth of palm oil annually owing to worsening situation in the industry affecting local production.

    “Our members had taken the risk to obtain loans running into billions of Naira from commercial banks and micro-finance banks to reactivate abandoned plantations.

    “CPO output increase tremendously within the last 24 months. The price was stable at N300,000 to N350,000 per metric tonne within the last 18 months up to October 2018.

    “Since November 2018, we have noticed a downward slide in the price of CPO. In January 2019, we have the price drop to between N220,000 and N240, 000 per metric tonne, even when the February to June season is yet to commence.

    “We then wonder what the price would look like during the season, when CPO production is at peak. The local demand has waned,’’ it said.

    It said that buyers from the northern part of the country were no longer seen in the CPO producing states of the South, wondering if CPO was no longer used by industries or domestically in such places.

    The association recalled that Mr Godwin Emefiele, the CBN governor, had once raised similar alarm over the increasing threats to investments of critical stakeholders in the sector, while

    The group also made reference to the early 1950s, when Nigeria controlled 43 per cent of the global market and derived 82 per cent of its export revenue from the sector.

    It said that Malaysia and Indonesia, the two leading palm oil producers now, obtained the seedling from Nigeria at the time it was the number one palm oil-producing nation in the world, regretting, however, that their human and capital outlays were currently threatened by increasing hostile business climate.

    “Three years down the line of the life of this administration, we were called upon to go back to the land to produce food and agro-allied input for our industries so as to give life to our economy.

    “Our association mobilised all its members to go back to all abandoned plantations and also encouraged the planting of new fields so as to increase the palm oil output of Nigeria.

    “The effort was to also reduce the outflow of hard foreign exchange and unemployment. Today, we got little or no leverage from the government.

    “Critical among the expected leverage from the government are bank loans to our members nationwide,’’ the letter reads in part.(NAN)

  • Military action necessary during 2019 elections, says CDS

    The Chief of Defence Staff, (CDS), General Abayomi Gabriel Olonisakin has defended the military action taken during the just-concluded 2019 elections.

    Olanisakin noted that if such actions were taken and deployment of the military personnel made, the security situation of the country would have been jeopardized.

    Speaking in Abuja during the orientation programme for Senators-elect and members of the House of Representatives-elect, General Olonisakin noted that the deployment of the army during the election was constitutional.

    He insisted that the deployment helped to save Nigeria from being thrown into a war zone.

    The Chief of Defence Staff spoke on the topic, “Issues on Security and governance.”

    He explained that the security situation in the country during the election process would have been better imagined if the military had not been deployed to perform what he described as their secondary responsibility.

    He solicited for support of the National Assembly for effective funding for the Armed Forces to effectively and efficiently carry out its constitutional duties.

    He also said that the Armed Forces must be funded outside the ritual budgetary allocation adding that if the military must do what it ought to do, it must be funded appropriately.

    The CDS said that the military needs money outside the budgeted because it is not enough to fund the Armed Forces.  The army chief said that the Armed Forces was considering an alternative way of funding.

    The CDS said, “The armed forces of Nigeria derived its authority from p1 s3, 217 of the 1999 constitution which provides for the armed forces of Nigeria comprising of the Nigerian Army, the Nigeria Navy and the Nigeria Airforce.

    “During the just concluded 2019 general elections, the success of the electoral process was almost hampered by the security in some parts of the country. Many crises prone areas were properly maned by security services to ensure that the electorate were secured enough to carry out their civic duties of electing candidates of their choices.

    “There have been various arguments by different positions of political parties and other stakeholders of the legality and otherwise of the military in support of the civic authority in the election process. A critical area of support that was provided and perhaps  not very visible to the public is the deployment of military logistics capabilities. Especially naval and air access to support the movement of materials across the country.

    “I need to reiterate that this deployment is in line with constitutional role of the armed forces of Nigeria as earlier stated. Even in the last general election 2019, the security situation in the country during the election process is better imagined if the military had not been deployed to perform their secondary responsibility thus the effect of security on governance is an important aspect that lawmakers, military personnel and the civil public need to understand in other to make the right decisions.

    “A good understanding of these  dynamics would enable political leaders and public officials to make realistic decisions and enact laws to achieve national security objectives. Over the years, the armed forces of Nigeria has built various capacities to enable it perform our various goals. This capacity development is dependent on a number of factors including training and the availability of adequate platforms which has direct impact in improving the capability of the armed forces of Nigeria in the field and subsequent effect on national security.”

    “On the need to fund the Armed Forces, Olonisakin said, “However, the major challenge of the capacity of the armed forces of Nigeria is the limited budgetary allocations to meet the need of the armed forces of Nigeria.

    “I have often maintained that a well-trained and well equipped and adequately motivated armed forces of Nigeria cannot be funded through budgetary allocation alone.

    “Accordingly, the defence headquarters had proposed that we need to consider alternative funding options for the armed forces of Nigeria in addition to the budgetary allocation. The armed forces of Nigeria will continue to count on the support of the National Assembly to enact appropriate legislations that will support capability development of the armed forces of Nigeria. Security sector reform, appropriate funding and other initiatives through appropriate legislation to enable the armed forces support national security and good governance.

    “As it is often said, the fundamental reason for the existence of government in the provision of robust security proactive enough to enable a conducive environment for the pursuit of sustainable development for the society. Deriving from this is the fact that the truth for the existence of any nation, is rooted in the security sector. National security is unquestionable tied to good governance, and good leadership is the aspiration of every citizen in most countries in the world.

    ” These two fundamentals can hardly be achieved in the midst of both internal and external threats in the nation, most government across the globe always strive to ensure that the state is secure and free from crises that could compromise good governance. There is crucial link between good governance, national security and economic development. If security is not maintained, governance cannot be delivered and therefore it would be a great threat to the unity and integrity of the country. Hence, there would be no meaningful, sustainable development and similarly, security cannot be safeguarded if governance is delivered by an inefficient and disorganized administration.”

  • NJC advises Buhari to retire Onnoghen over $1.7m cash

    The National Judicial Council (NJC) has recommended the compulsory retirement of the Chief Justice of Nigeria Justice Walter Onnoghen, based on “incontrovertible” findings on him by the Economic and Financial Crimes Commission( EFCC).

    It asked President Muhammadu Buhari to give effect to the recommendation immediately.

    But the NJC urged the President to allow Justice Onnoghen retain his seat as a former CJN in the Council of State.

    The council also said the CJN should be retired with full benefits.

    According to a source, who pleaded not to be named “because of the sensitivity of the matter”, the compulsory retirement of Justice Onnoghen was the major highlight of NJC’s meeting yesterday.

    All NJC members were said to have decided not to comment on  the meeting because “it would not be right to do so when a letter has been sent to  the President  on their decision.” He should get the letter before any comment, the source said.

    The source said: “The NJC has been able to navigate the most challenging moment for the nation’s judiciary by recommending compulsory retirement of Onnoghen with full benefits.

    “The NJC specifically demanded that the CJN be allowed to take his eminent position in the Council of State like his predecessors.

    “If these recommendations are accepted, the Executive may be on the same page with the Judiciary by staying action on the ongoing trial and other pending trials of the CJN.”

    The NJC may have adopted a “win-win approach” to ensure that the Executive and the Judiciary are on the same page.”

    Another source familiar with how the NJC arrived at its decision said the “EFCC’s report on Justice Onnoghen was damning and incontrovertible”.

    The anti-graft agency accused the CJN of “being in possession of funds which are fairly not attributable to his known, provable and legitimate source of income”.

    The opening of a dollar account in Standard Chartered Bank for the CJN by a lawyer, Joe Agi, with $30,000 was said to be unhealthy.

    The EFCC had accused Justice Onnoghen of being unable to account for curious deposits in his accounts.

    The anti-graft commission alleged that deposits had accumulated to $1,716, 000.

    The amounts in the said account were deposited as follows: $74,200 (2009); $291,800 (2010); $340,000 (2011); $625,000 (2012); $298,000 (2013); $40,000 (2015) and $47,000 (2016). The total was $1,716,000.

    The agency also accused Justice Onnoghen of depositing $1,716,000 in a United States dollar account operated with the Standard Chartered Bank in 2009, marked as exhibit P4 C, between 2009 and 2016.

    The petition said: “From the evidence on record, it is clear that the Respondent failed to declare all the accounts and funds in exhibit P4-P4D when he declared his 2014 asset in November 2016. Your lordship will observe that the Respondent only declared his salary account with the Union Bank exhibit P3 and failed to declare P4-P4D, which are the accounts that warehoused funds that are far above the Respondent’s known and provable lawful income.

    “My lords, by the provisions of Rule 1.2 of the Code of Conduct for Judicial Officers, it is clear that because members of the public expect a high standard of conduct from a judge, the Respondent is under the obligation to avoid impropriety  and the appearance of impropriety in all his activities both in his professional and private life. It is our submission my lords, that any conduct of the Respondent that give rise to the appearance of impropriety is a judicial misconduct and same is punishable under the Code of Conduct for Judicial Officers.

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    “It is our humble submission that the petitioner proved before this Honourable Panel that the Respondent was in possession of funds which are fairly not attributable to his known, proveable and legitimate source of income. The evidence shows that my lord earned a monthly salary in the sum of N750,819.87, which is about N9,000,000.00 per annum. My lords, as shown in exhibit P10A page 14 paragraph XXVI, the Respondent only earned the sum of N91,962,362.49 as salary between September 2005 and October 2016. It is also on record that the exhibit P3 is the salary account of my lord wherein his salaries are paid.

    “My lords, the evidence before this Honourable Committee shows clearly that the Respondent opened United State Dollars account with the Standard Chartered Bank in 2009, exhibit P4 C. This USD account was opened by Mr. Joe Agi SAN and the first cash depositor of United States of America dollars into the said account. We humbly refer my lords to the entry of the 29th day of June,2009.

    “Though the Respondent claimed that he was the one who gave the learned SAN, Joe Agi the $30,000.00 to deposit to exhibit P4C, the Respondent could not give any reasonable explanation as to the source of this money. My lords, the Respondent admitted under cross-examination that the USD was not his salary and that he only received dollars as estacodes which is meant for his official trips.

    “My lords, upon the opening of the USD account exhibit P4C, a lot of cash deposits in Dollars were made to this account. The evidence before my lords is that between 2009 and 2016 a lot of cash deposits were made into exhibit P4C.

    “My lords, from the evidence before this Honourable Panel, it is clear that these huge sums of money were not earned by the Respondent as his salaries and allowances. It is our humble submission that the burden of proving the legitimate source or origin of the sum of $1,716,000.00 lies heavily on the Respondent.”

    The amounts in the said account were deposited as follows: $74,200 (2009); $291,800 (2010); $340,000 (2011); $625,000 (2012); $298,000 (2013); $40,000 (2015) and $47,000 (2016). The total was $1,716,000.

  • IMF: economy on right track

    The International Monetary Fund (IMF) has expressed a renewed confidence in the Nigerian economy.

    Its Executive Directors also hailed the economy’s  recovery signs, such as  reduced inflation and strengthened reserve buffers.

    According to its Media Chief for Africa, Lucie Mboto Fouda, in a statement yesterday, IMF noted that Nigeria’s real Gross Domestic Product (GDP) increased by 1.9 per cent in 2018, up from 0.8 per cent in 2017.

    ”This is on the back of improvements in manufacturing and services, supported by spillovers from higher oil prices, ongoing convergence in exchange rates and strides to improve the business environment,” the IMF said.

    It said the headline inflation fell to 11.4 per cent at end of 2018, reflecting declining food price inflation and weak consumer demand.

    The Fund also reflects a relatively stable exchange rate and tight monetary policy during most of 2018, but remains outside of the central bank’s target range of 6-9 per cent.

    IMF also noted that record holdings of mostly short-term local debt and equity and a current account surplus lifted gross international reserves to a peak in April 2018.

    The Fund pointed out that persisting structural and policy challenges continue to constrain growth to levels below those needed to reduce vulnerabilities, lessen poverty and improve weak human development outcomes, such as in health and education.

    It said: “A large infrastructure gap, low revenue mobilisation, governance and institutional weaknesses, continued foreign exchange restrictions, and banking sector vulnerabilities are dampening long-term foreign and domestic investment and keeping the economy reliant on volatile oil prices and production.

    “Under the current policies, the outlook remains therefore muted. Over the medium term, absent strong reforms, growth would hover around 2½ per cent, implying no per capita growth as the economy faces limited increases in oil production and insufficient adjustment four years after the oil price shock.

    “Monetary policy focussed on exchange rate stability would help contain inflation, but worsen competitiveness if greater flexibility is not accommodated when needed.

    “High financing costs, on the back of little fiscal adjustment, would continue to constrain private sector credit, and the interest-to-revenue ratio would remain high.

    “Risks are moderately tilted downwards. On the upside, oil prices could rise, prompted by global political disruptions or supply bottlenecks.

    “Bold reform efforts, following the election cycle, could boost confidence and investments, especially given relatively conservative baseline projections.”

    Also, in the statement, the Executive Directors of the Fund welcomed Nigeria’s ongoing economic recovery, accompanied by reduced inflation and strengthened reserve buffers.

    They, however, noted that the medium-term outlook remains muted, with risks tilted to the downside.

    “In addition, long standing structural and policy challenges need to be tackled more decisively to reduce vulnerabilities, raise per capita growth, and bring down poverty,’’ the directors said.

    They urged the Federal Government to redouble its reform efforts and supported the country’s intention to accelerate implementation of the Economic Recovery and Growth Plan.

    The executive directors stressed the need for revenue-based consolidation to lower the ratio of interest payments to revenue and make room for priority expenditure.

    They welcomed the authorities’ tax reform plan to increase non-oil revenue, including through tax policy and administration measures.

    In statement, they stressed the importance of strengthening domestic revenue mobilisation, including through additional excises, a comprehensive VAT reform, and elimination of tax incentives.

    They said that securing oil revenues through reforms of state owned enterprises and measures to improve the governance of the oil sector would also be crucial.

    The directors highlighted the importance of shifting the expenditure mix toward priority areas.

    In this context, they welcomed the significant increase in public investment, but underlined the need for greater investment efficiency.

  • Minister praises FEDPOFFA’s deputy rector

    Education Minister Adamu Adamu has congratulated the Rector, Federal Polytechnic Offa (FEDPOFFA), Dr. Lateef Olatunji on the recognition and patent right given to the Deputy Rector (Academics) Dr Jimoh Abdul for the production of a Hydrogen Storage Tank.

    The Patent Right was awarded him by the Minister of Science and Technology, Dr. Ogbonnaya Onu in Abuja on the completion of his research on Production of Hydrogen Storage Tank with Palladium Additive.

    In a message to the Rector, Adamu praised the polytechnic for keying into the nation’s drive for technological advancement, urging the institution to keep it up.

    During the presentation of the patent, Dr Onu admonished Abdul as well as all academics present at the occasion to keep up the drive “so that we can together move Nigerian nation from developing to developed nation.”

    Explaining the details of the research, Abdul said the innovation was all about the use of hydrogen gas as a replacement for fossil fuel to power vehicle.

    He said he took up the research to eliminate the carbon-monoxide a poisonous gas expelled into the air from exhaust of cars, which is dangerous to health.

    Abdul said the hydrogen system had numerous advantages including: “The outcome of hydrogen from car exhausts is steam (water) or H20 which is always friendly to the environment. More so, the use of hydrogen is more economical than petrol though it may be expensive at the initial stage but as soon as the car adapts to the use of hydrogen system, it becomes very economical.”

    Olatunji said he was delighted that the feat was recorded in his time – the first in the 25-year history of the polytechnic. He congratulated the polytechnic community on the great honour done the institution.

    “A lot of good things have been happening recently to the Polytechnic.  This is a proof that the Federal Polytechnic, Offa is on its way to the zenith of academic and technological excellence as we have vowed to take the lead among technical institutions in innovations and meaningful fabrications towards national development,” he said.

    He thanked staff members for their support.

  • Kaduna, Enugu, Lagos, Abia, Anambra top reformed states in 2018

    Five states of the Federation on Wednesday night received awards for been top five reformed states in the year 2018.

    The states in descending order included Kaduna, Enugu, Lagos, Abia, and Anambra.

    They received their awards from Vice President Yemi Osinbajo at the Presidential Enabling Business Environment Council (PEBEC) Awards 2019 held at the old Banquet Hall of the State House, Abuja.

    Anambra State improved its score from 47 to 53.50 by making it easier to start a business and to register property in the State.  –  Abia State improved its score from 46 to 53.90 by making it easier to start a business and to register property in the State.  –  Lagos State improved its score from 48 to 54.90 by making it easier to start a business, register property and obtain construction permits in the State.  –  Enugu State improved its score from 47 to 56.82 by making it easier to start a business, register property as well as enforce contracts in the State.   –  Kaduna State improved its score from 55 to 65.97 by making it easier to start a business.

    Other companies and individuals that got awards at the ceremony included Oil and Gas Free Zone Authority, Corporate Affairs Commission, National Office for Technology Acquisition and Promotion.

    Others are the Senate and the House of Representatives, Court of Appeal, Nigeria Bar Association, Nigeria Economic Summit Group, National Assembly Environment Round Table, DFiD, World Bank, Oando Energy Resources, First Bank of Nigeria,

    Omotayo Omoniyi, who returned large sum of money found to the authorities also received award at the ceremony.

    Other awardees are FIRS, Nigeria Custom Service, Nigeria Port’s Authority, Nigeria Shippers Council, Nigeria Electricity Regulatory Commission, Lagos State Judiciary.

    Banwo and Ighodalo, KPMG Nigeria, Procter and Gamble Nigeria, Deloitte Nigeria and Aluko and Oyebode also got awards at the ceremony.

    Osinbajo said “It really is a pleasure to be here this evening to celebrate the phenomenal successes of the PEBEC reforms but more importantly to recognize specially some of those who made it all possible. Our incredibly selfless and committed private sector partners and the sterling performance of many in the public sector.I n the past three years, Nigeria has implemented more than 140 reforms to make doing business in Nigeria easier.

    “Some of the  successful reforms include the ability to: Reserve a business name within 4-hours, Complete the registration of a company within 24 hours online, Apply for and receive approval of a visa-on-arrival electronically within 48hrs, File and pay taxes online; and, Access specialised small claims commercial courts in Lagos and Kano, The World Bank also reported in 2018 that 32 states of Nigeria improved their Ease of doing business environment led by Kaduna, Enugu, Abia, Lagos and Anambra

    “In 2019, PEBEC set a goal to move Nigeria into the top-100 on the 2020 World Bank Doing Business Index (DBI). To achieve this, we will be pursuing the continued implementation reforms across all indicators, including

    “implementation of legislative reforms, specifically the  passage of the new Companies and Allied Matters Act  and the  Omnibus Bills, the expansion of the regulatory reform program started with NAFDAC and NAICOM to include other regulators, the establishment of a National Trading Platform for ports; and the concession of our major international airports.”

    Stressing that PEBEC has now commenced the fourth 60-day National Action Plan (NAP 4.0) on Ease of Doing Business, he said, NAP 4.0 is running from the 1st of March to the 29th of April, 2019.

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    “It aims to deepen the reforms delivered over the past 3 years and drive institutionalization.

    “We have highlighted key action items in all of the focus areas to ensure they do not unravel, and to ensure we drive sustainability

    “Some of the targets achieved in the last NAP 3.0 include driving registration for utilization of the National Collateral Registry to facilitate access to credit for SMEs; Clearance of all pending NAFDAC registration applications to improve efficiency; and Creation of a strengthened single joint cargo examination interface in all airports & seaports for import and export to reduce the time spent at the ports.”

    He added “NAP 4.0 will focus on initiatives such as enforcing compliance with SLAs across all indicators/focus areas, driving the passage of the CAM Bill 2018 for improved effectiveness of company law in Nigeria, enhancing efficiency in the small claims court, and enhancing the application and approval system for visas on arrival, to mention a few.”

    The Council, he said, will continue to work extensively with all MDAs, the National Assembly and other key stakeholders.

    He said “All of us who have been involved in this incredible journey will agree that it has been both exciting and fulfilling even if admittedly sometimes frustrating. But that is the way of progress. I congratulate you all for the great successes and thank you all for keeping faith with our joint vision. In particular we must commend our private sector partners who have contributed immensely to the technical output of the EBES through the secondment of professional staff to the secretariat. Let me specially mention the KPMG Professional Services, Deloitte, Procter and Gamble, Banwo&Ighodalo, Aluko and Oyebode.

    “The NBA-SBL was also particularly instrumental in the drafting of the omnibus bill. About 40 law firms worked pro-bono towards this effort. Our nation is truly grateful to you.

    “We must also commend the Hon. Minister of Industry Trade and Investment Dr OkeyEnelamah for his focused and forthright leadership, and the incomparable and tireless Senior Special Assistant to the President on Industry Trade and Investment Dr JumokeOduwole and her team.

    “To the rest of us I think we have demonstrated that the work of creating a world-class environment for commerce will be done by like minds in the Nigerian private and public sectors, and these are the  exceptional ladies and gentleman such as yourselves who form the PEBEC family, well-done everyone God bless you.” he stated.