The Nation Newspaper

Tag: threatens

  • ‘Corruption threatens Nigeria’s GDP’

    Multinational professional services firm PricewaterhouseCoopers (PwC) Nigeria Limited has estimated that corruption could cost up to 67 per cent of Nigeria’s Gross Domestic Product (GDP) by 2030, if unchecked.

    The Nigerian report of PwC’s 2018 Family Business Survey launched on Monday in Lagos said corruption was associated with lower investment, higher prices as well as barriers of entry for businesses.

    The result of the survey, which was made available to The Nation, said corruption was one of the top three challenges cited by Nigerian family businesses as militating their personal and business goals.

    Others are economic environment (70 per cent) and regulation (57 per cent).

    The Family Business Survey is a global market survey among key decision makers in family businesses within a number of PwC’s key territories. The goal of the survey was to get an understanding of what family businesses are thinking on the key issues of the day.

    This year’s report with the theme, “Building a Lasting Competitive Advantage Through your Values and Purpose in a Digital Age” saw family business leaders globally reporting robust health, with levels of growth at their highest since 2007.

    The survey said regionally, businesses in the Middle East and Africa were the most optimistic, with 28 per cent expecting aggressive growth.

    They are followed by those in Asia Pacific (24 per cent), Eastern Europe (17 per cent), North America (16 per cent), Central/South America (12 per cent) and Western Europe (11 per cent).

    It, however, said growth among Nigerian family businesses over the last 12 months was lower than the global average, with only 53 per cent reporting growth in the last 12 months against 69 per cent globally.

    However, 87 per cent expect to grow over the next two years with 40 per cent saying growth will be quick and aggressive against 16 per cent globally.

  • Group threatens IG, PSC over special promotion

    PLANS by the Police Service Commission (PSC) to reverse the special promotion of police officers, who were promoted for “gallantry and superlative performances” between 2016 and this year, is running into more trouble.

    A non-governmental organisation, the Initiative Against Human Rights Abuse and Torture (IAHRAT), is threatening Inspector-General Ibrahim Idris and the Police Service Commission (PSC) with contempt of court over the matter.

    Idris has formally written to the PSC, arguing against implementation of the plan.

    IAHRAT’s lawyer Mr. Maxwell Okpara told The Nation that any attempt to take whatever step against those given special promotions might lead to contempt of court against the PSC Chairman and the IG.

    “The matter is before Honourable Justice A.O. Adeniyi at FCT High Court. We filed the action for enforcement of fundamental human rights because there has always been special promotion in the history of the Police and it is usually given to those who have distinguished themselves, including the likes of Chioma Ajunwa, who won international laurels for Nigeria and many who contributed gallantly in the nation’s fight against Boko Haram.

    “It has been given over the years and nobody complained. But now, some people say they want to cancel special promotions and demote some beneficiaries. To reverse such promotions, if you are not starting from the beginning of the history of the police force, you should be starting from 1999 when the current democratic dispensation began; look at all those who got special promotions and demote them.

    “Why just pick some recent promotions and start thinking of demoting them? That is why we are suing against discrimination because if you really want to reverse the promotions, you should extend it to all those who have been given special promotions from 1999 till date.

    “But when you want to begin picking people because their special promotion came during President Buhari’s tenure or because of IG Idris, without applying same to those promoted under ex-IGs Onovo, MD Mohammed, Suleiman Abba or Arase, why contemplate discriminatory reversal that’ll affect only those promoted under IG Idris?

  • ExxonMobil: blockade threatens Nigeria’s oil production

    Oil giant ExxonMobil has decried the blockade mounted by its former employees around its facilities in Nigeria.

    The oil firm said the activity threatens crude production and such “disruptions to these operations have the potential to significantly impact revenues.”

    It said the blockade was characterised by playing of loud music, defacing of company facilities and intimidation of personnel,  adding that  the “continued denial of access to production facilities could impact the company’s ability to safely continue production operations.”

    This is coming after a six-week blockade by former workers at the oil facilities.

    In July, the Lagos headquarters of ExxonMobil was shut down by the company’s workers’ unions over the alleged dismissal of 860 security personnel without entitlement. The workers besieged the office of the oil company, protesting the sacking of workers, mainly Nigerians. The protesters accused the company of sacking the workers most of whom had worked with the company for over 22 years without regards for the rule of law

    Mobil Producing Nigeria, the ExxonMobil subsidiary that released the statement, produces over 550,000 barrels per day of crude oil, condensates and natural gas liquids.

    According to the National Bureau of Statistics (NBS), Nigeria’s average production in the second quarter of 2018 was 1.8 million barrels per day. Officials at the oil company feared the blockade may affect the nation, which relies heavily on oil revenue.

    Output from the Organisation of Petroleum Exporting Countries (OPEC’s) second-biggest producer has jumped to a record and is set to expand further, reflecting higher investment in the country’s southern fields following crude’s rally.

    “Iraq has oil that’s cheap and relatively easy to produce,” Mustafa Ansari, a senior economist at Arab Petroleum Investments Corp., said in an interview in Muscat, Oman. Increased output from the south has more than compensated for a halt in production from the shuttered Kirkuk field in the north, he said.

    The country pumped 4.64 million barrels a day in August, beating the previous high set two years ago, while exports matched peak levels from 2016, according to a Bloomberg survey and tanker-tracking data.

    Oil has averaged more than $70 a barrel this year after the OPEC countries and its allies curtailed output to eliminate a global glut. But with supply threats on the rise from Iran to Venezuela, there’s mounting concern that the group’s spare capacity now won’t be sufficient be absorb any major supply shocks.

    Buyers have already begun shunning Iranian barrels as the market prepares for the onset of fresh U.S. sanctions in November. Iranian oil exports fell 14 percent in August, according to tanker-tracking data compiled by Bloomberg.

    “It remains unclear whether OPEC will be able to absorb a potentially massive fall in Iranian oil exports due to the U.S. sanctions,” Commerzbank AG said in a note.

    The same day, Nigeria Oil Minister Emmanuel Ibe Kachikwu sought to reassure, saying Saudi Arabia and the United Arab Emirates, along with Nigeria and Angola, can bring enough oil to the market to help meet shortfalls from Iran.

  • Mum threatens to sue LASPOTECH over son’s assault

    Mother of a student of Lagos State Polytechnic (LASPOTECH) allegedly assaulted by the school’s security men on July 11 for wearing earrings has threatened to go to court.

    Ms Folake Sokoya said she was injured when she went to enquire why her son, Boluwatife Olowu, was beaten up.

    She described as false LASPOTECH’s claim that she attacked its security men.

    In a statement, she said she had video and photographs to prove her case.

    Boluwatife is a National Diploma II student in the Hospitality Management Technology Department.

    The statement reads: “Reading through the purported press release, I find it misleading and false as the narrative of the Public Relations officer (PRO) does not depict the true account of what happened that day.

    “It may interest the general public to know that there are pictorial and video evidences on the true account of what transpired between both parties that fateful day.

    “The pictures of how I was battered with my son are enough evidence that their publication is false and misleading. My son and I were not in an accident but were battered mercilessly by LASPOTECH guards. I have resorted to seeking legal redress in quest for justice and my lawyer has been consulted and briefed on the matter.”

    In a petition, Sokoya said she lost some valuables to the attack.

    She said her son’s $300; stud earring, N70,000 earrings, a gold chain and pendant worth $800, a swatch wristwatch ($250) were lost. She claimed that her two Samsung J3 prime phones worth N40,000 each got damaged.

    The school denied the allegations in an earlier statement by its Deputy Registrar (Information and Public Relations) Olanrewaju Kuye.

    It described Ms Sokoya as the aggressor, alleging that she attacked its security men when she came to the school over the seizure of her son’s earrings.

  • ‘Insecurity threatens Eket businesses’

    Several small and big businesses in Eket, Akwa Ibom State are closing down operations due to increasing insecurity in the area, the Chairman, Eket Business Forum (EBF), Chief Dominion Akpan, has said.

    Akpan, who disclosed yesterday, said the recent abduction of ExxonMobil workers; incessant cultism, protests and other security concerns has made Akwa Ibom’s second largest city unconducive for business.

    He said: “In July, the police had to rescue 19 ExxonMobil staff who were travelling from Port Harcourt for a crew change of duty at Qua Iboe Terminal. The abduction of the workers is very worrisome because it was said to have the blessing of some community leaders in the area. The suspected kidnappers reportedly draped sacks over their victims’ heads as they took them to their hideout but were rescued by the police.

    “Cultism is also a huge blight on Eket. Eket, which has significant presence of workers of ExxonMobil, is among the four local government areas mostly affected by perennial cult-killings and related violence in the state. In June, three people were killed by cultists in the area. A contract worker with Mobil was among those killed. He was reportedly shot in the head at close range while drinking at a pub, somewhere in the city.”

    He said cultists have also been terrorising businesses and residents of the area before 20 of them were arrested recently.

    “Also earlier this year, youths under the aegis of Nigeria Youth Initiative Forum (NYIF) in Akwa Ibom State threatened ExxonMobil demanding the employment of youths within the catchment area in contracting firms under the management of the multinational company or suffer disruption of their activities. The youths threatened to barricade the Qua Iboe Terminal road and the Mobil airstrip should the company ignore their demand,” he said.

  • Delegate threatens to sue apc over botched primary

    An Ekiti State All Progressives Congress (APC) delegate, Jimoh Azeez, has threatened a court action, if the votes cast at the botched primary were not validated.

    Azeez said the ballot he cast at the primary for one of the aspirants, Dr. Kayode Fayemi, should not be anulled as it would violate his constitutional rights.

    Fayemi’s agent at the shadow poll, Samuel Abejide, accused the security men of allowing thugs to disrupt the exercise.

    They spoke at a news conference  in Ado-Ekiti, the state capital. Other delegates who spoke with reporters are Dada Ebenezer and Emmanuel Adekunle.

    The primary was disrupted by suspected hoodlums when voting was underway.

    He said delegates from Ekiti East, Moba , Ilejemeje , Ado and Ijero local governments had voted before the poll was disrupted.

    Fayemi’s agent  denied the allegation that the committee apportioned more than required number of agents to the former governor.

    Abejide said: “We believe the process of election  was free, fair and credible and that is why the results should be sustained.

    “If they knew that they were leading, why  should they ask for cancellation?”

    Jimoh said: “I am a delegate in APC and I voted during the election. The process in those mentioned local governments were free and fair. So, I don’t expect the party to annul it.

    “Though, should the party go ahead and do that, I will not hesitate to go to court to seek redress.”

  • Umahi threatens to stop monarchs’ salaries

    Umahi threatens to stop monarchs’ salaries

    Ebonyi State Governor David Umahi has threatened to stop the salaries of any traditional ruler who fails to furnish the government with the location and records of mining sites in the state.

    The governor spoke at the Akanu Ibiam International Conference Centre, Abakaliki, at the handing over of staff of offices to some monarchs.

    Umahi, who lamented that miners do not pay their aces and levies to the government, stressed that his administration would not allow the future of Ebonyi children to be sacrificed on the platform of greed and selfishness.

    He warned that his administration would sanction any monarch and union leaders who allow robbery and kidnap to prevail in their communities.

    He said: “Let me start by congratulating the traditional rulers that just received their staff of office. I have been receiving text messages against the three traditional rulers, but I must discharge my constitutional right, if you don’t like it you can go to court and seek redress.

    “Any community where  kidnapping or robbery is recorded, the monarchs and the community union leaders will be queried.”

     

  • Man threatens to torch monarch’s palace

    A man was yesterday brought before an Igbosere Chief Magistrates’ Court for allegedly threatening to burn the palace of the Onisheri of Isheri, Oba Wahab Ayinde Balogun.

    Shamsideen Adebimpe, 67, of Adebimpe Avenue, Old Isheri Olofin, is standing trial before Chief Magistrate O.O. Oshin on six counts of conspiracy, breach of the peace, arson threat and contempt of court.

    The Nation learnt that the a incident is an offshoot of a Lagos High Court judgment on a land dispute won by the monarch.

    According to the police, Adebimpe and others said to be at large, committed the  offence between June 2012 and September 2017, at Isheri Olofin.

    In a charge marked A/5/2018, prosecuting Inspector Stephen Molo said the defendants and others acted in a manner likely to cause a breach of the peace.

    Molo said they “mobilised hoodlums to sing inciting songs and rain abuses on Oba Balogun.

    “They caused to be published and circulated, publications in newspapers and leaflets which were likely to provoke and bring disaffection on the residents of Isheri Olofin Kingdom.”

    The court heard that the publications were also likely to cause fear and alarm in Isheri Olofin.

    “On the same date and place, with intent to intimidate and annoy the monarch, his family members and subjects, the defendant threatened to burn down his palace,” Molo said.

    According to him, Adebimpe, “without lawful excuse, disobeyed the lawful judgment of Hon Justice L. B. Lawal-Akapo in suit No:1D/488/80, delivered on May 15, 2012 by trespassing and illegally selling the land of Isheri Olofin Kingdom.”

    Molo said the offence contravened Sections 39(1), 56(1), 57(1)(b), 104(1)(h)(i), 168(1)(d), 412 of the Criminal Law of Lagos State, 2015.

    Adebimpe pleaded not guilty.

    His counsel, Mrs P. Nwanna applied for his bail on liberal terms.  She added: “Most of the counts are just a ploy to throw the defendant in jail.”

    But Molo opposed her.

    He said: “The defendant has been on the run for a long time. He committed some of those acts from hiding. The AIG (Assistant Inspector-General of Police) sent a team to ferret him out. If he is granted bail on liberal terms, he will never appear in court. The police had to track him through phone calls. He poses a serious threat of mayhem to the community.”

    Chief Magistrate Oshin granted Adebimpe N500,000 bail with two sureties in the like sum.

    One of the sureties must be a level 15 civil servant in Lagos State;  the other must be self-employed and provide evidence of his business as well as a six-month bank statement.

    The case continues on March 12.

  • Cybercrime ‘threatens financial sector’

    The President, Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Segun Ajibola has described cybercrime is assuming a threatening dimension in the financial services sector.

    Speaking at the 2017 Bankers’ Dinner held in Lagos, he said CIBN has been working closely with all stakeholders to build capacity required for addressing this challenge.

    He said the most recent was the bringing together of over 50 judges of different levels of court in the country by the institute to discuss the legal implications of cybercrime. The event was the 17th Annual Seminar on Banking and Allied Matters for Judges held in 2017 – a collaborative programme with the National Judicial Institute (NJI).

    He said the CIBN remains committed to the promotion of high ethical and professional conduct among its members as the banking industry is pivotal to achieving sustainable growth and development in the country.

    “In line with this, arrangements are ongoing by the Institute to commence a certification programme on ethics which would cut across every cadre of staff in the banking industry. The Institute has developed effective template for the implementation of the Competency Framework as the sole accreditation agency for the Framework aimed at further promoting standards and competencies among practitioners,” he said.

    He disclosed that during the course of the year, CIBN collaborated with some agencies such as Presidential Advisory Committee Against Corruption (PACAC) and signed Memoranda of Understanding (MoUs) with some sister professional bodies such as Nigerian Bar Association, Nigerian Institution of Estate Surveyors and Valuers with a view to adding more values to the Nigerian State. The Association of Professional Bodies of Nigeria continues to play a very key role in promoting professionalism across the length and breadth of Nigeria.

    “We have extended this leadership role to other West African countries. CIBN Examinations have commenced in The Gambia while we have signed MoUs with Liberia and Sierra Leone and candidates are eagerly waiting for April 2018 to commence the writing of CIBN Examinations. We will be visiting other countries soonest with a view to helping to promote sound banking practices in those countries.

     

  • Liquidity squeeze threatens settlement at equities market

    Liquidity squeeze threatens settlement at equities market

    The inability of investment firms and stockbrokers to access amenable funds is threatening efficient settlement at the Nigerian equities market.

    Also threatening the market is the constriction of the income sources and portfolio of most operators

    Many stockbroking firms and stockbrokers have been found to be carrying out transactions at the market without adequate funding of their accounts, thus exacerbating settlement risks.

    Sources said at the weekend that stockbrokers were facing liquidity squeeze as many of the operators have been consigned to the low-end of trading income in the absence of large activities in the primary market and access to funding windows.

    Nigerian equities have made average gain of more than 30 per cent so far this year, but several portfolios and investment firms remain under the red.  The equities had lost N3.98 trillion in the past three years. The stock market had been on a losing streak since 2014. Investors lost N1.75 trillion in 2014 and followed this with another loss of N1.63 trillion in 2015. Against the general expectation that political transition and new government will quicken a rebound, equities closed 2016 with a net capital loss of N604 billion. Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) closed 2016 at N9.247 trillion as against N13.226 trillion recorded at the start of trading in 2014, representing a net capital loss of N3.98 trillion.

    A report by NSE obtained at the weekend indicated that non-funding of trading and personal dealing accounts by dealing firms and stockbrokers has been undermining the effectiveness of the settlement system at the stock market.

    The report noted that some operators have been carrying out “transactions without adequately funding their accounts thereby exposing the market to settlement risks”.

    Under the extant rules of the NSE, stockbrokers are expected to fund their accounts in time to ensure effective settlement, in line with the T+3 settlement system at the Exchange.

    Under the “Rulebook of The Exchange 2015”, in order to have a valid transaction, unless otherwise stipulated at the time of a transaction all shares dealt in by a dealing member shall be deemed to be fully paid while all transactions entered into by dealing members shall be for net prices as between the buyer and seller. Also, any offer to buy or sell at a price named, shall be funded.

    Besides, compliance manual and code of ethics require all operators to have adequate processes in place to prevent potential conflicts of interest and insider dealing.

    Authorities at the Exchange have already served a notice that it may henceforth take disciplinary actions against operators of unfunded accounts.

    The Council and management of the Exchange are empowered to exercise their disciplinary powers against a dealing member, where such dealing member “is or has been in breach of clearing and settlement rules”.

    “Consequently, all dealing members and concerned employees as appropriate are strongly cautioned to desist from carrying out trades without adequately funding their trading accounts. Please be advised that the Exchange will not hesitate to bring disciplinary action against erring firms and their authorised dealing clerks,” the notice stated.

    Liquidity enhancement and ways of improving access to funding for market operators were some of the highlights of the discussions at the recent capital market stakeholders’ meeting.

    President, Association of Issuing Houses of Nigeria (AIHN), Mr. Sonnie Ayere recently called for a review of the practice rules and scope of operations of stockbroking firms to make them more viable and profitable.

    According to him, the current operational scope of stockbroking firms limits their access to large pool of capital and restricts them from exploring viable business opportunities that can help them to build up substantial capital and profitability.

    He described stockbroking firms as “endangered species” as they face significant challenges in funding their businesses, since they cannot easily access the short-term money markets.

    “They cannot access formal repo markets for liquidity, and this adversely impacts their sales and trading operations. Liabilities are required to fund an institution’s creation of assets but, institutions under Securities and Exchange Commission (SEC) purview have been denied access to the domestic market’s deepest liquidity pool,” Ayere said.

    He pointed out that without a review and expansion of the current operational scope for stockbroking firms, the securities businesses will remain very small with very little if any, impact on the wider economy.

    According to him, while all financial markets have two types of intermediation-bank-based intermediation and market-based intermediation, only bank-based intermediation works efficiently in Nigeria. Market -based intermediation is much less efficient as operators face significant challenges accessing wide sources of funding and thus have very inefficient sales and trading operations or maturity transformation activities.