The Federal Government on Thursday in Abuja released N400 billion first quarter allocations for capital expenditure in the 2013 budget. This is contained in a statement signed by Mr Paul Nwabuikwu, Spokesman for the Minister of Finance and Coordinating...
The Federation Account Allocation Committee (FAAC) on Thursday in Abuja shared N886.402 billion to the three tiers of government for the month of February. The Minister of State for Finance, Dr Yerima Ngama disclosed this while briefing newsmen o...
As the ad-hoc committee on Petroleum Industry Bill begins their assignment, the Speaker of the House of Representatives, Aminu Waziri Tambuwal, has warned members of the committee to resist inducement attempts by interest groups. The speaker was ...
As the issue of oil bloc ownership continues to occupy the front burner of national discourse, the Nigerian National Petroleum Corporation (NNPC) and other relevant agencies have been asked to make public a comprehensive list of all oil block own...
The Minister of Petroleum Resources, Diezani Alison-Madueke, has lamented the preference for foreign companies to indigenous companies in the execution of jobs in the oil and gas industry. The minister particularly attributed the development to the con...
Satff of Power Holding Company of Nigeria(PHCN) have asked the federal government to explain the reasons it now decided to pay N45billion as their severance package against the N384 billion it ear lier promised. President General, Senior St...
The Nigerian Electricity Regulatory Commission (NERC) has secured the approval of the Presidential Action Committee on Power (PACP) to commence implementation of the alternative metering scheme aimed at ensuring rapid deployment of pre-payment el...
The Nasarawa State House of Assembly on Wednesday passed the state's 2013 appropriation bill of N110 billion into law.
The Majority Leader of the House, Mr Godiya Akwashiki, moved the motion for speedy passage of the bill to enable the State Government deliver dividends of democracy to the people.
Akwashiki (PDP-Nassarawa Eggon West), urged his colleagues to pass the bill to enable the government execute development projects for the benefit of the people.
He said: ``The total amount approved is N110 billion comprising recurrent expenditure of N42.3 billion, representing 38.4 per cent, and capital expenditure of N67.7 billion, representing 61.6 per cent, for the 2013 fiscal year.”
The Minority Leader of the House, Alhaji Adamu Maikatako (CPC-Lafia Central), seconded the motion for speedy passage of the bill.
Maitakato said the passage of the bill would also enable the government to complete various ongoing projects and embark on new projects for the development of the state.
After listening to various contributions, the Speaker, Alhaji Musa Ahmed, directed the clerk to produce a clean copy of the bill for the governor's assent.
Ahmed (PDP-Nasarawa Central), urged the executive to ensure proper implementation of the budget and prompt release of funds to various ministries and agencies.
The speaker commended his colleagues for passing the budget into law, urging them to closely monitor the implementation of the fiscal policy for effective result.
The News Agency of Nigeria (NAN) recalls that Gov. Umaru Al-Makura had on Dec, 12, last year, submitted a budget estimate of N107 billion for the 2013 services for approval by the assembly.
NAN also reports that there was an increase of three billion naira from the initial budget, submitted to the house to enable the executive complete some abandoned projects across the state.
A breakdown of the allocation shows that works got the lion share of N15.7 billion, housing N6.6 billion, education N4.2 billion, commerce N3.9 billion, health N3.7 billion as well as land and survey N3.1 billion.
Other sectorial allocations are: water resources N2.9 billion, sports N1.7 billion, information N1.6 billion, agriculture N1.4 billion and judiciary one billion naira.
Meanwhile, the house has also passed into law a bill for a law to establish the College of Selectors of Chun-Mada and a bill for a law to amend the Nasarawa State Local Government Laws 2003, to create additional chiefdoms in the state.
The Minister of State for Finance, Dr Yerima Ngama, on Monday said the Investments and Securities Tribunal (IST) was critical to the growth and smooth operation of the capital market. Ngama, who made this known in Abuja at the inauguration of the IST b...
The Nigeria Deposit Insurance Corporation (NDIC) on Monday urged judges of the Federal High Court to be `hard on Bank fraudsters', so as to restore depositors' confidence.
Alhaji Umaru Ibrahim, the Managing Director of the Corporation, made the call at a sensitisation seminar on ``The Challenges to Deposit Insurance Law and Practice’’, for judges.
Ibrahim said that the judges' understanding was needed to abate the fraud in the banking system.
He said that deliberate efforts should be geared towards quick dispensation of all pending liquidation-related cases.
Ibrahim said the corporation was faced with difficulties in the execution of court judgments.
He said the corporation had a vulnerable funding base, as well as difficulties in recovering debt owed to failed banks by debtors.
According to Ibrahim, most of the problems stem from poor public awareness and inadequate legal framework.
``The Nigerian judiciary, legal practitioners and other esteemed stakeholders have important roles to play in ensuring that the mandate of the Corporation is realised.
``As our partners and stakeholders, I urge you to use your good offices and privileged positions to ensure that the corporation is empowered to safeguard the Nigeria banking system.
In his opening address, Justice Ibrahim Auta, the Chief Judge of the Federal High Court, said the seminar was necessary to keep judges abreast with the operations of the NDIC, and the sustenance of the country’s economy.
``Acquiring such technical capacity will certainly enable us to make efficient, effective and informed decisions based on law for the interest of the nation’s economy,’’ Auta said.
The News Agency of Nigeria (NAN) reports that the court, which has exclusive jurisdiction over NDIC cases, handles the prosecution of directors and officers of banks suspected of banking malpractices.
Trading on the Nigerian Stock Exchange (NSE) opened on Monday for the week on a positive note with the All-Share Index appreciating marginally by 0.13 per cent.
The News Agency of Nigeria (NAN) reports that the index improved by 41.25 points to close at 32,890.36 against the 32,849.11 achieved on Friday.
Similarly, the market capitalisation, which opened at N10.51 trillion, grew by N12 billion to close at N10.52 trillion.
NAN reports that Total recorded the highest price gain of N6.69 to close at N154.80 per share.
Nestle trailed with a gain of N5 to close at N841 while NewGold gained N3 to close at N2,428 per unit.
On the other hand, GlaxoSmithkline led the losers' chart, losing N1.01 to close at N48.99 per share.
It was followed by Nigerian Breweries with a loss of 50k to close at N162 per share.
Portland Paint lost 26k to close at N5.09, while Studio Press dropped 13k to close at N2.52 per share.
The volume of shares traded increased by 62.34 per cent as a total of 700.21 million shares worth N2.68 billion exchanged by investors in 5,725 deals.
This was against the 431.59 million shares valued N5.33 billion traded in 5,587 deals on Friday.
Unity Bank drove the volume, accounting for 418.48 million shares worth N323.47 million.
FTN Cocoa came second with 41.31 million shares valued N23.02 million, while Studio Press accounted for 22.60 million shares worth N56.96 million.
The market capitalisation of the Nigerian Stock Exchange (NSE) dropped by N106 billion last week to close at N10.51 trillion against the N10.62 trillion posted in the preceding week.
According to statistics made available to the News Agency of Nigeria (NAN) in Lagos on Monday, the All-Share Index also lost 334.09 points or 1.01 per cent to close at 32,849.11.
This was against the 33,183.20 posted the previous week.
In the week under review, Nestle topped the losers' table with N50 to close at N836 per share.
It was followed by Guinness which lost N11.50 to close at N265, while Dangote Cement lost N5.49 to close at N142.50 per share.
Conversely, UACN led the gainers' chart with N4.10 to close at N54.10 kobo per share.
Oando came second with N2.96 to close at N17.94 per share, while Unilever gained N2.14 to close at N19.76 per share.
Similarly, the volume of shares traded declined by 1.93 billion shares worth N20.99 billion.
This was against the 2.28 billion shares valued at N24.63 billion traded in 28,170 deals in the corresponding week.
The Financial Services sector was investors' delight as it accounted for 1.51 billion shares worth N13.53 billion in 17,688 deals.
Capital market operators told NAN that the lull in the capital market last week was due to the poor dividend declared by Nestle and Nigerian Breweries for their 2012 financial year.
Mr David Adonri, the Chief Executive Officer, Lambeth Trust & Investment Company Ltd., said that most investors were disappointed by the dividends declared by Nestle and Nigerian Breweries.
Adonri also attributed the market downturn to over valuation of some stocks due to prolonged bullish trend.
"Due to the prolonged bull run, several stocks became over valued and market correction set in when speculators started taking profit, thus inundating the market with excessive supply of stocks.
Alhaji Rasheed Yussuf, the immediate past President, Association of Stockbroking Houses of Nigeria, said that the market was expecting 2012 results of companies that could propel activities.
Yussuf said that the market was expecting financial results, particularly from the banking sector that could meet investors’ expectations in terms of dividends.
He, however, urged investors to take advantage of the current low price of equities to increase their stakes in the market.
Another stockbroker, Mr Emma Ndu, called for macroeconomic policies and decisive interventions by market makers to ensure stability in the market.
Ndu said that the Federal Government should speed up its privatisation process, implement its 2013 budget effectively and pass the Petroleum Industry Bill to increase liquidity in the market.
More than 65 per cent of Nigerians do not have access to the services of financial institutions, Mr Ugochukwu Okoafor, Central Bank of Nigeria’s Head of Corporate Affairs Department, says. Okoafor stated this in an interview with the News Agency ...
The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, says the Petroleum Industry Bill (PIB) currently before the National Assembly will transform the nation’s oil and gas industry when passed into law.
The minister was quoted as saying this at the Africa Energy Summit session during the Cambridge Energy Research Association (CERAWEEK 2013) in Houston, Texas, U.S.
A statement issued by the Group General Manager, Public Affairs, NNPC, Ms Tumini Green on Friday said that the minister was represented by the Group Executive Director, Exploration and Production, NNPC, Mr Abiye Membere.
``The PIB will ensure the development of our abundant oil and gas reserves, encourage significant infrastructural development and situate the Gas revolution,
``Aside attracting new investors to the nation’s oil and gas industry, the PIB will also ensure that new fiscal regime is put in place to address all issues of equity among stakeholders.’’
It noted that the instability in the Niger Delta would be addressed by the PIB and the country's revenue would be well-managed for a balanced development of the country.
It said that the continued reluctance of the International Oil Companies (IOCs) to sincerely implement in-country capacity building to drive the local content implementation posed a big challenge to the sector.
``If after 50 years of operation in Nigeria, foreign companies are preferred to indigenous companies; it clearly shows that there is a problem. This has to change,’’ it stated.
The statement decried the non involvement of host communities in the development of their areas and stressed the need to collaborate with the host communities.
The News Agency of Nigeria (NAN) reports that the bill, which has been generating a lot of controversies recently scaled through second reading at the Senate
The federal government is to save a whopping N100 billion from reduced allocation to Ministries, Departments and Agencies (MDAs) with overlapping functions. The government, which has started implementing the Steve Oronsaye Report which proposed t...