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Tag: pressure

  • Buhari: no pressure will derail war against corruption

    Buhari: no pressure will derail war against corruption

    President Muhammadu Buhari has said that no amount of pressure will make him give up on the war against corruption.

    He spoke through an address delivered by his Special Adviser on Media and Publicity, Femi Adesina, to a group of Nigerians under the aegies of “Nigerians March Against Corruption,” who were at the gate of the Presidential Villa.

    Members of the group came on a solidiarity visit to pledge their support for the Buhari administration’s  anti-corruption campaign.

    The President promised a relentless prosecution of the war with due regard for the rule of law.

    According to him, all persons charged with stealing the nation’s resources will have their day in court and that, upon conviction, their ill-gotten wealth will be seized and returned to government coffers.

    He said: “I believe it is time for Nigeria to change course. That is why I sought  election as President and got elected. As President, I am determined that Nigeria must move away from a course of endemic corruption that was leading us to perdition.

    “There can be no question of our willfully allowing anyone to get away with corruption. No matter the pressure and entreaties, the anti-corruption war will continue and all accused persons will have their day in court.”

    Describing the group’s support as encouraging, the President reaffirmed his commitment to curbing insecurity in the country and boosting employment opportunities for Nigerians, especially the youth.

    He called for the continued support and solidarity of Nigerians as his administration works to correct the wrongs of the past.

    The Nigerians March Against Corruption group led by Aisha Yesufu had condemned recent statements by some individuals against the President’s anti-corruption posture.

    They assured the President that the vast majority of ordinary Nigerians fully supported his ongoing efforts to curb corruption and urged him not to be deterred by the antics of those who do not share in his laudable vision of a fairer, more equitable, corruption-free and progressive nation.

    Among the inscriptions on the placards displayed by the protesters include: ”I voted Buhari to fight corruption” and “NASS, epitome of corruption”.

     

  • Wikki keep pressure on front runners

    Wikki keep pressure on front runners

    Wikki Tourists continued with their impressive run in the Nigeria league after they snatched a point at Dolphins following a 1-1 draw to keep the pressure on the top two teams.

    Wikki Tourists are third on the league table with 29 points from 16 games, while Dolphins have 14 points from 16 games.

    In the 58th minute, Wikki took the lead through Mubarak Umar in what looked like the winner until a minute to the end of the game, when Victor Ezurike equalised for Dolphins from the penalty spot.

    It took the referee some time before he awarded a penalty when Wikki expected him to book a Dolphins player for simulation.

    Ten minutes to the end of the game, Wikki defender Peter Ambrose was sent off for bringing down goal-bound Omoh Johnson, but the free kick posed no danger to Wikki.

    In the fifth minute, Dolphins Diarra had his effort from close range saved by goalkeeper Sani Haliru.

    Ten minute later, Haliru made another save off Asamoah Godbless effort. Johnson’s powerful effort in the 69th minute.

  • Equities cave in under selling pressure

    Equities cave in under selling pressure

    The tight trades at the Nigerian stock market crumbled into a losing spree yesterday with nearly five losers for every gainer. The selling pressure at the Nigerian Stock Exchange (NSE) was highlighted by the simultaneous increase in turnover and widespread decline in share prices.

    With 42 losers to nine gainers, aggregate market value of all quoted equities dropped by N39 billion from N11.395 trillion to close at N11.356 trillion. The All Share Index (ASI), Nigeria’s sovereign equity index that tracks prices of all quoted equities, fell by 0.34 per cent to close at 33,266.87 points as against its opening index of 33,380.84 points.

    The downtrend yesterday further depressed the average year-to-date return to -4.01 per cent, strengthening expectations that the equities market may close the first half in the negative.

    Traders at the NSE painted a picture of overwhelming selling pressure as investors opted for open market orders to match available buy orders. The supply stream may continue to depress the market situation, according to many analysts.

    “We expect the current bearish mood to continue,” said SCM Capital, a dealing firm at the NSE.

    Julius Berger Nigeria, which is undergoing a major divestment by its foreign core investor, topped the losers’ list with a loss of N2.61 to close at N49.78. Conoil followed with a drop of N1 to close at N41. International Breweries dropped by 73 kobo to close at N19.07. Forte Oil declined by 66 kobo to close at N187.99. Flour Mills of Nigeria lost 63 kobo to close at N33.57. University Press and Stanbic IBTC Holdings dropped by 60 kobo each to close at N5.90 and N27.40. Cement Company of Northern Nigeria dwindled by 58 kobo to N11.02. Ecobank Transnational Incorporated dropped by 49 kobo to N22 while Guinness Nigeria lost 40 kobo to close at N163.40 per share.

    Turnover volume and value increased by 49 per cent and 173 per cent respectively as investors pumped more shares into the weak market. Turnover rose above average at 310.34 million shares valued at N6.12 billion in 3,667 deals. Financial services sector accounted for 194.29 million shares worth N1.54 billion in 2,104 deals.

    Julius Berger Nigeria was the most active stock with 46.33 million shares valued at N2.39 billion in 17 deals.

    On the other hand, Mobil Oil Nigeria meanwhile led the contrarian upside stocks with a gain of N5.54 to close at N158.85. Ashaka Cement followed with a gain of 50 kobo to close at N22. Unilever Nigeria rose by 33 kobo to close at N45.50. Vitafoam Nigeria added N14 kobo to close at N5.63. Skye Bank Nigeria rose by 12 kobo to close at N2.55 while Neimeth International Pharmaceuticals gathered 11 kobo to close at N1.45 per share.

  • China faces pressure on exports

    The pressure is on Chinese exports as the euro sinks against the yuan, Ministry of Commerce spokesman Shen Danyang said last week. The yuan was up 10.8 percent against the euro until March 13,  2015 when the euro devalued 13.2 percent against the U.S. dollar.

    The price advantages of Chinese exports to the European market has been softened by the euro devaluation, said the spokesman. The weak euro will also incite eurozone exports to other markets, adding competitive pressure to China’s high value-added exports.

    Imports from the eurozone have not been affected much by the fluctuation, as China mainly imports mechanical, electrical and chemical products from Europe, but investment and merger opportunities for Chinese companies have increased as asset prices tumbled, said Shen.

    In the first two months this year, Chinese non-financial direct investment in the European Union rose almost ten fold.

    China’s exports fell 3.2 percent year on year in January but rose 48.9 percent in February, according to the General Administration of Customs.

    Growth of exports to the U.S. and the EU hit 48.5 percent and 44.2 percent, respectively, in February thanks to a mini economic recovery there at the turn of the year.

    Shen attributed part of export growth in February to a low comparative base in the same period last year. It is common for the Chinese economy to fluctuate in January and February due to the Lunar New Year holiday, which fell in February this year and January in 2014.

    Exports of both textiles and clothes nearly doubled in January compared with the same period last year, driven by higher export rebates since the start of this year.

    Meanwhile. China will look into on how local governments can mobilise their unused fiscal funds, the Ministry of Finance said on Thursday, in the latest bid to support the slowing economy.

    China’s cabinet has called on debt-laden local governments to “revitalise” their fiscal resources and channel any leftover funds into public facilities and infrastructure projects. The finance ministry will conduct a nationwide check on local governments’ efforts in “revitalising the stock of fiscal funds” during a month from March 20, it said in a statement on its website.

    The government plans to run its biggest budget deficit in 2015 since the global financial crisis to support growth, as top leaders push reforms to improve fiscal discipline and deal with the root cause of local government debt.

    Weighed down by a property downturn, factory overcapacity and local debt, China’s economic growth is expected to slow to a quarter-century low of around 7 percent this year from 7.4 percent in 2014, even with expected additional stimulus measures.

  • Naira devaluation puts pressure on telcos

    Naira devaluation puts pressure on telcos

    The declining fortunes of the national economy which has forced the Central Bank of Nigeria (CBN) to devalue the naira by eight per cent is already taking its tolls on the operation of telcos in the country.

    The value of the naira has been on a roller-coaster dive, exchanging more than 180 to $1 causing stress to businesses with import-dependent inputs.

    Chief Executive Officer, MainOne Cable Company Nigeria Limited, Ms. Funke Opeke said both the telcos and the consumers have been unwittingly put under pressure arising from the currency devaluation.

    Opeke who was former Chief Technical Officer (CTO) of MTN Nigeria spoke on the sideline of a reception organised for judges and winners of the Etisalat Pan African Prize for Innovation in Lagos. She urged the Federal Governmentr  to put a sort of economic stimuli to ease the pressures arising from the policy.

    She said: “Well the declining value of the naira is definitely putting pressure on margins for telecoms operators. As you know, a lot of the technology inputs into the sector are imported; so they are dollar-denominated and most operators have entered into long term supply service contracts.”

    According to her, with these supply service contracts entered into on a long term basis and the “value of your naira receivables against the dollar not at par puts a lot of pressure”on the telcos.

    She said consumers will also feel the pinch of the inflationary trends as they would not have so much disposable capital to spend on telecommunications.

    “So, it is a two-sided equation. I think we are all hoping that there will be additional stimuli instituted by the government to try to advance the economy a little bit faster to stimulate spending in all the sectors aside from oil so that the economy can quickly recover,” she said.

    On whether a sustained unease on the economy could ultimately lead to an increase in telephone end user tariff, she said it was too early for any operator to contemplate that as all the telcos would even strive to avoid taking such step.

    She said: “I think its early days. Given where the industry is, everyone will like to avoid that (tariff increase) because in an environment where consumers are also under pressure, they can least afford those increases. But perhaps for us as Nigerians, it is also an opportunity to look at other areas where we can grow our economy and add value and provide services out of Nigeria on a global basis and to earn revenue and to earn foreign exchange. There are other economies in the world that have done that successfully and we really need to be more aggressive .in trying to push for new frontiers in our economy.”

  • Political risk, others put pressure on Naira

    Political risk, others put pressure on Naira

    Ahead of next year’s general elections, increased political risk and dwindling appetite among emerging markets investors for frontier assets have put the Nigeria’s currency (the naira) under pressure.

    According to Bloomberg Africa FX report, the situation has depleted the country’s foreign exchange (forex) reserves, with policy makers now left with a difficult decision to make on either to allow the currency to move in a wider range against the dollar or raise interest rates.

    But the Central Bank of Nigeria (CBN) Governor Godwin Emefiele had promised to stabilise the naira without plying either routes.

    Forex reserves fell to $37.8 billion from $43.6 billion over the first quarter of this year, according to CBN data. Leading Emerging Markets & Frontiers investment bank, Renaissance Capital (RenCap) had in a February report this year forecast an $8 billion dip in foreign reserves this year to $35 billion.

    Africa economist at Capital Economics. Shilan Shah said: “Forex reserves are down 20 per cent year-on-year and there have been heavier interventions, which suggest it is unsustainable.

    “You can’t keep defending the currency at its current peg indefinitely.”

    In June, Emefiele promised to work towards reducing interest rates. “We shall pursue a gradual reduction in interest rates,” the former CEO of Zenith Bank – one of the country’s largest banks – said at the time. The plan, according to him had atenure of five years, but noted that nothing concrete would happen until after next year’s elections.

    Emefiele acknowledged that “reducing the interest rate and maintaining the exchange rate are very daunting twin goals,” but said the CBN was determined to achieve the goals. He said he would continue holding onto the exchange rate and ensure the Naira is not devalued. The currency was last devalued in 2011 following an $11 billion drop in foreign reserves.

    “If forex reserves fall to $30 billion, ceteris paribus, our naira econometric model forecasts a sharper depreciation to NGN168/$1 at YE 14…the new CBN governor may be compelled to adjust the naira exchange rate band to NGN160-170/$1,” RenCap said in its report. The current exchange rate is N165.68/$1.

    The CBN governor is facing his first real test since assumption of office, with the possibility of significantly increasing Nigeria’s forex reserves very low.

  • Nigeria puts pressure on Ghana to probe oil theft

    Nigeria puts pressure on Ghana to probe oil theft

    •U.S. dumps Nigeria’s crude

    Nigeria is demanding a probe  into the activities of a company, which it believes is involved in  laundering stolen crude to Europe.

    Wall Street Journal (WSJ), a US-based newspaper which levelled the allegations, said Saltpond Offshore Producing Company (SOPC)  is suspected of being used to tranship and smuggle stolen Nigerian crude to Europe and that Washington is probing the company as part of a broader inquiry into how Nigerian oil gets stolen and laundered.

    Sources within the intelligence community in Ghana told a local publication The Finder, that Nigeria is not happy that Ghana has not ordered official investigations into the accusation when it was published.

    Consequently, investigative bodies in Nigeria have officially written to their Ghanaian counterparts to investigate the allegations levelled against Saltpond Offshore Producing Company.

    The US for the first time failed to import a single barrel of crude oil from Nigeria in July 2014.

    This troubling scenario, according to industry watchers, would not augur well for the Nigerian economy, which is highly dependent on revenue from oil.

    Nigeria, Africa’s biggest crude exporter, depends largely on crude proceeds to service over 85% of its budget.

    Nigeria used to be the fifth largest exporter of crude oil to the US.

    While US crude imports rose by 569,000 barrels per day in July, imports of Nigerian crude fell to zero for the first time.

    Data obtained from the US Energy Information Administration showed that US imports rose to 7.623 million bpd, up from 7.054 million bpd, in June.

    But imports from Nigeria fell to zero in July, down from 89,000 bpd in June, all of which had gone to the US Atlantic Coast.

    Reports indicated that before July, the US has reduced crude imports from Nigeria by 91%, putting the country’s crude exports in disarray.

    The US, which was hitherto the biggest importer of crude from Nigeria with over one million barrels per day, early this year imported an average of 100,000 bpd till June 2014.

    Data obtained from the Nigerian National Petroleum Corporation (NNPC) revealed that by the end of last year, the US dropped to the 10th highest importer of Nigeria’s crude, with 1.438 million barrels down by 15.111 million barrels in December 2012.

    North America accounted for 22.19% of Nigeria’s total crude export by December 2012, but it dropped to 2.23% by December 2013.

    According to an NNPC report, “prior to the decline, the US was the highest buyer of Nigeria’s crude, purchasing 14.279 million barrels in December 2012, thereby accounting for 19.15% of Nigeria’s total crude export and 86.28% of total crude export to North America.

    Oil laundering allegation at Saltpond platform

    The accusation was that small vessels that have loaded “unofficial” oil in Nigeria’s oil-rich Niger Delta frequently come to discharge at Saltpond. There, the Nigerian crude is mixed with Ghanaian oil. It comes from Nigeria, but it gets a certificate of Ghana origin.

    The oil is then transferred to larger tankers for transhipment to Europe.

    The provenance of the other oil that made its way to an Italian refinery over the course of the past year, however, is not clear.

    Three cargoes, listed in shipping documents as “Saltpond blend crude oil,” went to Genoa’s terminal for delivery to Italy’s Iplom SpA refinery, according to shipping and port records and officials.

    The WSJ reported that two cargoes, unloaded in August 2013 and February 2014, carried about 340,000 barrels altogether, according to Genoa port officials.

    The third tanker, unloaded in April of this year, carried 132,000 barrels. Together, that’s more than four times the platform’s 2013 output of around 100,000 barrels, according to the Ghana government’s figures.

    Giorgio Profumo, Iplom’s president, confirmed to WSJ that his refinery had received crude labelled as coming from Saltpond, but said he believes the cargoes were legitimate because they are approved by the Ghana authorities.

    Saltpond platform was inaugurated in 1978 to pump oil from an offshore field. In its heyday, the field, located seven miles off the country’s coast, produced more than a million barrels a year. That has dwindled to just over 100,000 barrels over the course of 2013.

    But since last August, three tankers picked up more than 470,000 barrels from Saltpond, transporting it to an Italian refinery near the port of Genoa, according to port officials, ship-tracking services and port records, reports the WSJ.

    Some US and Nigerian officials suspect Saltpond is one of several destinations that smugglers use to tranship stolen Nigerian crude, effectively laundering it by making it appear to come from a legitimate source outside of Nigeria, says the US newspaper.

  • Adamawa: Ribadu may bow to pressure to join PDP

    Adamawa: Ribadu may bow to pressure to join PDP

    Former Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu, may join the Peoples Democratic Party (PDP) to contest the governorship election in Adamawa State, it has been learnt.

    The decision followed intense pressure major stakeholders put on him to accept the party’s ticket.

    Also, some extended family members, relations and associates have been asking Ribadu to use PDP as a platform to realise his governorship ambition.

    Adamawa State youths, under the aegis of Concerned Youth for Good Governance, mounted pressure on Ribadu yesterday to defect to PDP for the governorship election.

    A source said relations, associates and friends have been mounting pressure on Ribadu in the last two weeks to join the PDP for the governorship race.

    It was gathered that some of those solicited by the PDP leadership to convince Ribadu had earned the confidence of the former EFCC chief over the years.

    Some of the stakeholders were said to be so desperate that they invoked God’s name to pressurise Ribadu.

    The source said: “From the look of things, Mallam Ribadu may bow to pressure to join the PDP. His inevitable choice is informed by a bigger picture of saving Adamawa State from underdevelopment.

    “The PDP may appear a bitter pill to swallow but the exit of ex-Governor Murtala Nyako has weakened the All Progressives Congress (APC), with most members defecting to PDP.

    “If Nyako had been around, the APC governorship ticket would have been automatic for Ribadu. But the situation in APC in Adamawa State now is that former Vice-President Atiku Abubakar is now firmly in control of the party’s structure in the state. Given their antecedents, there is no way Atiku will allow Ribadu to be APC’s governorship candidate.

    “Even if Atiku is forced to concede the APC ticket to Ribadu, he will win, but PDP will control the House of Assembly. We will then have a replica of the situation in Nasarawa State where Governor Umaru Tanko Al-Makura is at the mercy of the lawmakers.

    “All these calculations make Ribadu’s defection to PDP a fait accompli. He is just waiting for the Independent National Electoral Commission (INEC) to issue guidelines.”

    Also, youths in Adamawa State, under the aegis of Concerned Youth for Good Governance, yesterday mounted pressure on Ribadu to defect to the PDP for the governorship election.

    The youths spoke at a rally and a media briefing at Lelewa Hotel in Yola, the state capital. The briefing was addressed by their chairman, Mallam Isa Toungo.

    The youth leader urged the stakeholders to save Adamawa State from bad governance by giving Ribadu a chance to lead the state on the platform of the PDP.

    He said: “We call on all well-meaning citizens of Adamawa State to support our crusade of saving the state from collapse.

    “In a nutshell, the content of this initiative is to strengthen our corporate existence as a people of the state with historical background living together for over 200 years.

    “As of now, part of the strategies to bring sanity into the state is closely related to bringing in a well-deserved person as its chief executive to steer the state out of the present mess.

    “That personality should be a man of excellent moral background, proper orientation, integrity, unimpeachable character and with a good track record of service. These should be the qualities that would determine the future leadership of our state.

    “It is in the light of the afore mentioned reasons and considering our present political and economic circumstance in the state that we call on Mallam Ribadu to come out and salvage our situation by agreeing to join the PDP and contest the governorship election.

    “As we call stakeholders of the ruling PDP in the state, we assure him of our support and urge him to see all political parties in Nigeria as the same. So, a call to join the largest political party in Africa to bring the desired positive change to the people of Adamawa State has become necessary.

    “This is more so because in the Nigerian political system, parties are only used as platforms for electoral purposes, not for ideological difference.”

    Toungo also explained why Adamawa youths chose Ribadu for the PDP.

  • No pressure for Shaw

    No pressure for Shaw

    Manchester United left-back Luke Shaw is not feeling any added pressure following the departure of veteran Patrice Evra.

    Shaw was new manager Louis van Gaal’s second signing of the close-season, joining United from fellow Premier League club Southampton in a big-money deal at the end of the FIFA World Cup.

    The England international is expected to shoulder the load at left-back next season after Evra – winner of 15 trophies in eight years at Old Trafford – completed his move to Serie A champions Juventus, despite signing a new deal in May.

    However, the 19-year-old recruit is taking everything in his stride having already amassed 60 senior appearances for Southampton.

    “I don’t feel any pressure to come in for Evra,” Shaw said ahead of United’s opening International Champions Cup match against the Los Angeles Galaxy.

    “He has been great for the club for the last 10 years and I hope I can carry that on.

    “There is always going to be pressure, no matter where you go, but I try not to focus on that. I try to focus on my own game, what I do on the pitch.

    “And with the new gaffer you have to impress on the pitch and that is something I am looking forward to, and hopefully in these pre-season games I am looking to show him what I can

  • Emerging markets still under pressure

    Emerging-market currencies remained under pressure Friday after their recent bruising, while a return to record-low inflation in the euro area dented the region’s common currency.

    The sluggish inflation data added to the gloom that has weighed on markets in recent days, pulling European shares lower. The euro sank to its weakest level in 10 days, trading at $1.3518 against the dollar, as expectations mounted that the European Central Bank will have to introduce fresh easing measures to head off the threat of falling prices.

    In emerging markets, the selloff that began last week amid signs of a slowdown in Chinese manufacturing showed little sign of abating. The U.S. Federal Reserve’s confirmation that it will further scale back its stimulus has done little to stem the tide.

    The Turkish lira and the South African rand began to slide once more as a quiet start to the session faded. Both have been hit hard over the past week, and surprise rate increases did little to prop up their currencies.

    The Hungarian forint fell even more sharply, close to Thursday’s two-year low against the euro, as the selloff continued to spread to emerging Europe’s previously-resilient currencies. The Russian ruble and Polish zloty also weakened.

    “This selloff is going through classic phases. First it was vulnerable currencies like Turkey and South Africa, and now the market is looking for the next target,” said Christian Lawrence, an emerging market currency strategist at Rabobank.

    “We have been hearing that retail investors are dumping any exposure they have to emerging markets.”

    Hungary has found itself in the firing line following a succession of interest rate cuts. One of the National Bank of Hungary’s rate setters said Friday he didn’t see need for an unscheduled meeting to address the recent emerging market turbulence and a weakening forint.

    In the euro zone, data showed consumer prices rose by just 0.7% in the 12 months to January, down from an 0.8% in December, and further below the ECB’s target of just under 2.0%.

    European stocks fell further after the inflation number, with the Stoxx Europe 600 down 0.8% midmorning.

    The DAX index lost 1.4%, as a surprise fall in German retail sales for December added to the gloom. The U.K.’s FTSE 100 was down 0.7%.

    U.S. stocks were poised to open lower after Thursday’s bounce, with futures contracts indicating a 0.6% opening drop for both the Dow Jones Industrial Average and the S&P 500. Changes in futures don’t always accurately predict market moves after the opening bell.

    Overnight, Tokyo shares had fallen 0.6%, closing out their worst month since May 2012 as jittery investors had little stomach for taking risk with the advent of the Lunar New Year, which kept most other Asian markets closed.

     

    Source: reuters.com