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  • Nigeria’s GDP grows by 1.40 % in Q3 – NBS

    Nigeria’s GDP grows by 1.40 % in Q3 – NBS

    The National Bureau of Statistics ( NBS ) says the nation’s Gross Domestic Product ( GDP ) grew by 1.40 per cent year-on-year in real terms in the 3rd quarter.

    The NBS stated this in a GDP Report for Third Quarter 2017 released in Abuja on Monday.

    The bureau stated that the figure showed the second consecutive positive growth since the emergence of the economy from recession in second quarter.

    It stated that the growth was 3.74 per cent points higher than the rate recorded in the corresponding quarter of 2016, which was – 2.34 per cent.

    It stated that it was also higher by 0.68 per cent points from the rate recorded in the preceding quarter, which was revised to 0.72 per cent from 0.55 per cent.

    The second quarter was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP.

    Quarter on quarter, the bureau stated that the real GDP growth was 8.97 per cent.

    According to the report, the broad classification into the oil and non-oil sectors will give a clearer depiction of the Nigerian economy.

    In the period under review, the report stated that oil production was estimated at 2.03 million barrels per day (mbpd) on average.

    It stated it was 0.15 million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84 mbpd to 1.87 mbpd).

    It further noted that oil production during the quarter was higher by 0.42 million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.61 mbpd.

    Meanwhile, the report stated that the non-oil sector grew by –0.76 per cent in real terms during the reference quarter.

    It stated that the figure was lower by -0.79 per cent point compared to the rate recorded same quarter, 2016 and -1.20 per cent point lower than in the second quarter.

    The non-oil sector, the report stated was driven in the quarter under review mainly by Agriculture (Crop), other services and Electricity, gas, steam and air conditioning supply.

    In real terms, the report stated that the sector contributed 89.96 per cent to the nation’s GDP.

    It, however, stated that the figure was lower than the share recorded in the third quarter of 2016 (91.91 per cent) and in the second quarter of 2017, which was 90.96 per cent.

    NAN

  • Ortom sacks adviser for disloyalty and anti-party activities

    Ortom sacks adviser for disloyalty and anti-party activities

    The Special Adviser to the Benue State Governor on Economic Matters and Investment, Dr Bem Melladu, has been relieved of his appointment.
    A letter from the Secretary to the State Government, Professor Anthony Ijohor, SAN, conveyed the development.
    Professor Ijohor, SAN, expressed appreciation to Dr Melladu for services rendered and wished him well in his future endeavours.
    The two paragraph statement was signed the deputy director of information in the office of the SSG.
    DR. Bem Malladu, before now, acted as SSG for almost seven months, when the former SSG took ill.
    The sacked of Dr. Melladu is not unconnected with his recently political outing which he clearly identified himself with those opposed to the All Progressive Congress ( APC ).

    Read Also: Ortom : NLC blackmailing my government

  • Ekwueme a detribalized Nigerian – Okorocha

    Ekwueme a detribalized Nigerian – Okorocha

    Imo State Governor, Rochas Okorocha has joined other eminent Nigerians and Igbo leaders to mourn the death  of former Vice President,  Dr. Alex Ekwueme who passed away in a London hospital.

    The Imo governor described  the late elder statesmanas an epitome of a detribalized Nigerian.

    The Chief Press Secretary to the Governor,   Mr. Sam Onwuemeodo, in a statement said, “the Governor of Imo  State,  Owelle Rochas Okorocha has received the sad news of Dr. Alex Ekwueme, the former Vice President of Nigeria, with great shock, describing him as an epitome of detribalized  Nigerian, and therefore died as a statesman”.

    The statement continued that, “nine years after the civil war, the rest of Nigerians re-enacted or reinforced their faith and belief in the Igbo as one of the major tripods of the nation through Dr. Alex Ekwueme who was elected the Vice President of the nation with Alhaji Shehu Usman Shagari as the President”.

     The governor  also noted that “Dr. Ekwueme launched the Igbo into national politics since the second Republic and refused to be cajoled into playing tribal politics, and until his death, Dr. Ekwueme remained in the mainstream of Nigerian politics because of his firm believe in oneness of the nation”.

     According to the governor, Dr. Ekwueme was a good example of the kind of politics the Igbo should be playing at any given time and has left behind a befitting legacy”.

     He said Dr. Ekwueme’s peaceful and honest dispositions both in his politics, public and private lives are worthy of emulation, adding that, “the only regret about Dr. Ekwueme at the moment is that he has died at a time his wealth of experience and his wise advice would have been most needed and most useful to all Nigerians of goodwill.

     The governor said “Nigerians and of course, Ndi-Igbo in particular would greatly miss Dr. Ekwueme and prays that the good LORD should grant his soul eternal rest”.

  • Netherlands announces supportive budget for outstanding Nigerian artists

    Netherlands announces supportive budget for outstanding Nigerian artists

    The Embassy of the Kingdom of the Netherlands in Nigeria on Monday announced its first cultural exchange project and a supportive budget to outstanding Nigerian artists.

    The embassy’s Head of Delegation, Mr Michel Deleen, said in Lagos that the budget was meant to promote exchanges between Dutch and Nigerian artists.

    “For the very first time, the Embassy of the Kingdom of the Netherlands in Nigeria will be engaging in a cultural exchange with Nigeria.

    “Let me announce that under our international cultural budget, we are now going to be promoting a link between individual artists from Nigeria and the Netherlands, to enhance our cultural exchanges.

    “We have realised that there are huge cultural exchange opportunities in Nigeria that should be harnessed.

    “We now have a small budget for supporting exchanges between Dutch and Nigerian artists,’’ he said.

    Deleen, who enjoined Nigerian artists to avail themselves of the budget, however, said that the grant was meant for outstanding Nigerian artists.

    The Head of the Netherlands Delegation in Lagos also said that there would be a criteria for the selection of the benefiting artists.

    “We have standards for would-be Nigerian artists to benefit from the grant.

    “They really need to be credible, transparent and outstanding, to fit into our criteria for selecting artists abroad,’’ he said.

    Deleen said that already, an exhibitor from the Netherlands, Mr Kadir Van Lohuizen, would be participating in this month’s Lagos Photo exhibition.

    He said that Lohuizen would be doing an exhibition on “Where shall we go? The human consequences of the rising sea level’’.

    Deleen also said that another Dutch artist, Ms Anja Sijben, would be coming to Lagos in December, to participate at the Iwaya Cultural Arts Festival.

    NAN

  • Queen Elizabeth, husband Philip celebrate 70 years of marriage quietly

    Queen Elizabeth, husband Philip celebrate 70 years of marriage quietly

    Queen Elizabeth and husband Prince Philip marked their platinum wedding anniversary with a small family get-together on Monday, a far cry from the pomp and celebration which greeted their marriage 70 years ago.

    The couple married at London’s Westminster Abbey on Nov. 20, 1947, just two years after the end of World War Two, in a glittering ceremony which attracted statesmen and royalty from around the world and huge crowds of cheering well-wishers.

    Seventy years on, no public events are planned.

    Elizabeth, now 91, and her 96-year-old husband, who retired from active public life in August, will celebrate the milestone with a private party at Windsor Castle, the monarch’s home to the west of London.

    That contrasts with their silver, golden and diamond wedding anniversaries when they attended thanksgiving services at the thousand-year-old Abbey, where the queen was crowned and where her grandson and his wife, William and Kate, were married in 2011.

    However, the Abbey itself will mark the occasion with a full peal of its bells involving 5,070 changes of sequences, with the 70 reflecting the anniversary, which will last more than three hours.

    “Congratulations to The Queen and The Duke of Edinburgh as they celebrate their Platinum Wedding anniversary,” Prime Minister, Theresa May, said on Twitter.

    “They have devoted their lives to the service of the UK and the Commonwealth – my best wishes to them both on this special occasion.”

    The wedding of Princess Elizabeth, as she then was, to the dashing naval officer Philip Mountbatten was seen as raising the nation’s spirits amid an austere background of rationing and shortages that followed the war.

    “Millions will welcome this joyous event as a flash of colour on the hard road we have to travel,” said former Prime Minister, Winston Churchill.

    Five years later, Elizabeth succeeded her father George VI on the throne and has ruled for the following 65 years, more than any other monarch in British history, with Philip by her side throughout.

    “The support he gives to my grandmother is phenomenal,” Prince Harry said in a documentary to mark her 60th year on the throne.

    “Regardless of whether my grandfather seems to be doing his own thing, sort of wandering off like a fish down the river, the fact that he’s there – I personally don’t think that she could do it without him.”

    While the couple’s marriage has remained strong, three of their four children have seen their unions end in divorce, most notably heir Prince Charles’s ill-fated union with his late first wife Princess Diana.

    “He has, quite simply, been my strength and stay all these years,” Elizabeth said in a speech to mark the couple’s 50th wedding anniversary in 1997.

    Royal historian Hugo Vickers said the secret of their long marriage was their mutual support and devotion to duty.

    “They don’t waste a jolt of time wondering whether we like them or not – they just get on with the job,” he said.

    “On the occasions, when I have been lucky enough to see them together, they always look incredibly comfortable in each other’s company.”

    NAN

  • NNPC, Chevron sign $1.7bn deal to increase crude, gas production

    NNPC, Chevron sign $1.7bn deal to increase crude, gas production

    Nigerian National Petroleum Corporation ( NNPC ) and Chevron Nigeria Limited (CNL) have executed the final phase of an Alternative Financing Agreement to increase crude production by about 39,000 barrels per day.

    The agreement, signed in London, is also expected to achieve an incremental peak production of about 283mmscfd of gas, NNPC Group Managing Director, Dr Maikanti Baru, made the disclosure in a statement on Sunday.

    The statement was issued by Mr Ndu Ughamadu, Group General Manager, Public Affairs Division  of NNPC.

    Baru said the increment to be achieved by the agreement would spread “over the remaining life of the asset ( 2045 ).”

    According to him, the project, which is about 92 per cent completed, will cost 1.7 billion dollars, with 780 million dollars and is expected to be funded by third-party.

    He said it would produce natural gas liquids and condensate extracted from the Sonam and Okan fields located in OML 90 and 91 in the Niger Delta.

    Baru described the deal as a step in the right direction which would grow the nation’s daily production and support the Federal Government’s strategic domestic gas-to-power aspirations.

    He said the project would include the completion of the Sonam non-associated gas (NAG) well platform and Sonam living quarters platform; drilling of seven wells in the Sonam field and the Okan 30E NAG well.

    It will also include the completion of the 20” x 32Km Sonam pipeline and Okan pig receiver platform and development of the associated facilities, Baru added.

    “As we speak now, the facilities are 100 per cent completed while wells are 40 per cent executed,” he  said.

    In carrying out the project, the NNPC/CNL Joint Venture (JV) adopted a two-stage financing approach: Stage 1 which provided 400 million dollars sourced from Nigerian Commercial Banks achieved financial close on Aug. 1, 2017.

    Stage 2, (signed on Nov. 17), is set to provide 380 million dollars from International Commercial Banks (ICBs).

    Out of the 780 million dollars total financing for both stages, Chevron’s co-lending totals 312 million dollars while NNPC’s portion of the total facility stands at is 468 million dollars.

    Speaking further on the Alternative Financing approach, Baru explained that it was aimed at plugging NNPC’s shortfall in funding JV cash call obligations including settlement of pre-2016 cash call arrears.

    “It will also enable full funding of NNPC’s JV obligations to restore investors’ confidence and stimulate further Foreign Direct Investments (FDIs) as we are beginning to witness,” he noted.

    The Managing Director of CNL, Mr Jeff Ewing, said his company supported the Federal Government’s aspirations to sustain oil and gas production.

    “We know the important role gas supply to the domestic market plays in growing power generation.

    “We also understand government’s need to seek alternative sources to fund profitable and bankable JV Projects,” Ewing added.

    In August, two sets of alternative financing agreements on JV projects were executed between the NNPC/CNL JV (project Falcon) and the NNPC/SPDC JV (Project Santolina).

    Both are aimed at boosting reserves and production in line with the Federal Government’s aspirations for the Oil and Gas Industry.

    NAN

  • Police confirm release of kidnapped FETHA CMD

    Police confirm release of kidnapped FETHA CMD

    The Ebonyi Police Command on Sunday, confirmed the release of the kidnapped Chief Medical Director (CMD) of the Federal Teaching Hospital Abakaliki (FETHA) Dr Emeka Ogah.

    It can be recalled that Ogah was kidnapped on Nov 15 at Ajaokuta, Kogi on his way to Abuja on an official assignment.

    The CMD was kidnapped alongside the hospital’s Director of Administration, Chief Christopher Ogbu and Mr Sylvester Ugama, the Director of Finance while his driver escaped with bullets wounds from the abductors.

    ASP Loveth Odah, the state Police Public Relations Officer (PPRO), gave the confirmation in an interview with NAN, noting that Ogah and others have reunited with their families.

    “The kidnap victims were released by the abductors on Saturday night around the area they were abducted and they are presently in good state of health.

    “I cannot confirm whether ransom was paid for their release but the kidnapping unit of the command is working in collaboration with its counterpart in Kogi to track and arrest the kidnappers,” he said.

    Dr Ifeanyi Ariom, Secretary of the Nigerian Medical Association ( NMA ) Ebonyi chapter, thanked God for the release.

    “We appreciate the demonstration of love and solidarity shown by all, particularly the Ebonyi government,” he said.

    Gov. David Umahi had on Friday while addressing protesting doctors and other hospital staff, vowed that his administration would ensure that the victims were released without harm.

    “When they are released, I will come into the hospital and find out if bad eggs were involved because this matter does not matter whether it is a state or federal institution.

    “The rights of our people would always be respected and anybody who doesn’t want to stay here can go to another place and stay.

    “People who feel that an Ebonyi man cannot be a CMD will be made to know that an Ebonyi man can be such and if the CMD is doing some wrong things, we can sit down and discuss such,” he said.

    NAN

  • CHAN 2018: Eagles to face Libya, Rwanda, Equatorial Guinea  

    CHAN 2018: Eagles to face Libya, Rwanda, Equatorial Guinea  

    Nigeria’s Super Eagles will face 2014 champions Libya, as well as Rwanda and Equatorial Guinea, in the group stage of the 5th African Nations Championship (CHAN) in Morocco.

    The competition is holding from Jan. 13 to Feb. 4, with the Eagles playing their Group C matches in Tangier.

    Libya had shocked all by winning in South Africa at the expense of Ghana, in spite of the North African nation being embroiled in political turmoil at the time.

    Nigeria had finished third at the 2014 competition, and will need to be wary of them this time around, after late Friday’s Draw Ceremony in Rabat has now paired them.

    Rwanda were the last team to qualify for the 2018 finals, edging Ethiopia 3-2 on aggregate in a play-off after Egypt decided to forfeit its slot at the championship.

    Equatorial Guinea qualified for the finals following Gabon’s withdrawal of Gabon.

    Hosts Morocco, Guinea, Sudan and Mauritania have been drawn in Group A.

    The Atlas Lions will be facing Mauritania in the competition’s opening match at the Mohamed V Stadium in Casablanca on Jan. 13.

    Hosts of the inaugural edition of the competition in 2009, Cote d’Ivoire, head Group B which will be based in Marrakech, and have Zambia, Uganda and Namibia as group mates.

    Group D, based in Agadir, has 2011 runners-up Angola, Cameroon, Congo and Burkina Faso.

    Group A (Casablanca)

    Morocco

    Guinea

    Sudan

    Mauritania

    Group B (Marrakech)

    Cote d’Ivoire

    Zambia

    Uganda

    Namibia

    Group C (Tangier)

    Libya

    Nigeria

    Rwanda

    Equatorial Guinea

    Group D (Agadir)

    Angola

    Cameroon

    Congo

    Burkina Faso

    NAN

  • Ensure smooth repatriation of stolen funds, FG tells countries involved

    Ensure smooth repatriation of stolen funds, FG tells countries involved

    The Federal Government ( FG ) through Vice President Prof. Yemi Osinbajo has called on member countries of the Financial Action Task Force on Money Laundering ( FATF )  to “ensure the smooth repatriation of proceeds of corruption to the economies from where they were stolen”.

    Osinbajo made the call at the opening of the 18th Ministerial Committee Meeting of the Intergovernmental Action Group Against Money Laundering in West Africa in Abuja.

    FATF is an inter-governmental body established in 1989 by the Ministers of its member jurisdictions and is a policy-making body.

    The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

    Osinbajo, therefore, said that it was pertinent for member countries of the FATF to regard the objectives of the task force and make easy the process of the repatriation of stolen funds.

    “Despite numerous mutual legal assistance treaties and conventions, it is obvious that we are not making the sort of progress that we expect to see.

    “It is unconscionable, in our view, to have stolen funds in a bank within the jurisdiction of an FATF country and to have to go through a rigorous obstacle force to retrieve the funds and even when such funds are to be returned, after several years, humiliating conditions are attached.

    “It is the view of Nigeria that FATF countries must, as a matter of respect for the spirit of our collaboration and with the same efficiency and zero tolerance for quibbling, ensure the smooth repatriation of proceeds of corruption to the economies from where they were stolen.”

    He, however, commended the efforts of several countries in facilitating the fight against corruption in the country and the sub-region, adding that such cooperation contributed to the fight against illicit financial crimes.

    “We must commend the United Kingdom, Norway, Netherlands and Denmark for leading the way in establishing public registers of the real human owners of companies in their countries.

    “We cannot have anonymous ownership of companies’ trust and other arrangements designed to cover the ownership of assets and at the same time expect optimal results from anti-money laundering measures.”

    The vice president also called on G8 and G20 countries to initiate actions to “end corporate secrecy in some of their dependencies”.

    NAN

  • Treat money laundering, with zero tolerance, Osinbajo advises W/Africa

    Treat money laundering, with zero tolerance, Osinbajo advises W/Africa

    The Federal Government on Saturday through Vice President Yemi Osinbajo called on countries in the West African sub-region to treat money laundering and other illicit financial crimes with zero tolerance.

    Osinbajo made the call at the opening of the 18th Ministerial Committee Meeting of the Intergovernmental Action Group Against Money Laundering in West Africa in Abuja.

    Osinbajo said that governments in the sub-region had “for long affirmed our commitment to fighting money laundering and terrorist financing”.

    The vice president reiterated that criminal syndicates had utilised technologies to bypass “conventional financial systems checkpoints and safeguards”, making them “ahead of government and the law”.

    He said that it was mandatory governments to take “lethal action” against illicit financial crimes to curb corruption and terrorism and also enhance development.

    “What this means is that we are dealing with an existential threat; it is either we wipe it out or it wipes us out.

    “This should spur us to treat money laundering and other financial crimes with zero tolerance; we must now back this intent with forceful action and visible results.

    “While we acknowledge the steps we have taken individually and collectively in recent years, we cannot afford complacency at this time.

    “It is actually the moment for us to redouble our efforts to show up the political will required to apply and implement the laws and framework that we have worked so hard to develop.

    He further urge countries to enhance collaboration in the areas of information sharing and develop mutual trust for one another.

    “This means that on the one hand we should rise above the temptations of secretiveness and mutual suspicion and on the other hand we must do everything in our power to sustain trust and confidence.

    He said this could be done by safeguarding every piece of information being shared across national databases.

    “We must also strive to work beyond barriers imposed by the differences in our various legal systems, bearing in mind that criminals that we are tackling have never allowed themselves to be held back by these obstacles.”

    He also called for enhanced international collaboration to tackle the menace of illicit financial crimes in the sub-region.

    NAN