Friday, June 24, 2016
AMCON seizes assets from Nigerian politicians and business men
The Asset Management Corporation of Nigeria is doubling its efforts to recover 14 billion dollars owed by 4-hundred defaulters. Today, the AMCON seized properties owned by Silverbird Group, one of Nigeria's largest multi-media companies. It says the group -- owned by serving senator Ben Murray Bruce -- owes about 38 million dollars. AMCON was set up in 2008 to purchase toxic loans from banks during a crisis in the sector. The corporation also has court orders to repossess assets belonging to wealthy and popular Nigerian businessman, Jimoh Ibrahim. Last month President Buhari approved the establishment of an inter-agency committee to aid AMCON, especially in its dealings with politically connected and business heavyweights.
Nigeria to end fuel importation by 2019 - Kachikwu
Minister of State for Petreleum Resources Dr Ibe Kachikwu yesterday said Nigeria would end fuel importation by 2019.
He said it requires $50billion dollars to fill the infrastructural gap in the industry and get it functioning optimally.
He said by 2019, Nigeria expects to become a net exporter of refined products, adding that an investment drive is ongoing to meet the infrastructure requirement.
Kachukwu was a guest speaker at the 10th Annual Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) in Abuja, with the theme: Law reform and economic development.
Speaking on the sub-theme: Future prospects for the oil and gas industry, the minister said the refineries are currently working at about 40-50 per cent capacity.
He said the aim is to get them working at 90 per cent capacity or more and build the needed infrastructure as investors come in.
On why refineries are working at low capacity, he said: “How does a refineries work if the pipelines supplying them are out most of the year and so they can’t supply crude? You can’t refine an empty space.
“How does it work when you don’t do your turnaround maintenance or if when monies are budgeted for them they are diverted? How does it work if your contracting process is so long that you never meet the turnaround days you’re supposed to? How does it work when you send the wrong set of people with the wrong set of skills to what should have been very important portfolios in the establishment?” he said.
The minister said engagements with militants in the Niger Delta has been successful, resulting in a ceaseful and rise in crude production.
He said he visited the creeks and met with the local chiefs with a view to finding a short, medium and long term solution to the crisis.
Kachukwu praised President Muhammadu Buhari for not employing force in solving the problem, adding that when he visited the creeks, the militants “never fired a gun” while he was there.
The minister said oil production has picked up as the Niger Delta crisis is being resolved.
According to him, 1.89million barrels was produced as at Wednesday. He said he expects it to hit 2.3million barrels by next month.
He said it requires $50billion dollars to fill the infrastructural gap in the industry and get it functioning optimally.
He said by 2019, Nigeria expects to become a net exporter of refined products, adding that an investment drive is ongoing to meet the infrastructure requirement.
Kachukwu was a guest speaker at the 10th Annual Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) in Abuja, with the theme: Law reform and economic development.
Speaking on the sub-theme: Future prospects for the oil and gas industry, the minister said the refineries are currently working at about 40-50 per cent capacity.
He said the aim is to get them working at 90 per cent capacity or more and build the needed infrastructure as investors come in.
On why refineries are working at low capacity, he said: “How does a refineries work if the pipelines supplying them are out most of the year and so they can’t supply crude? You can’t refine an empty space.
“How does it work when you don’t do your turnaround maintenance or if when monies are budgeted for them they are diverted? How does it work if your contracting process is so long that you never meet the turnaround days you’re supposed to? How does it work when you send the wrong set of people with the wrong set of skills to what should have been very important portfolios in the establishment?” he said.
The minister said engagements with militants in the Niger Delta has been successful, resulting in a ceaseful and rise in crude production.
He said he visited the creeks and met with the local chiefs with a view to finding a short, medium and long term solution to the crisis.
Kachukwu praised President Muhammadu Buhari for not employing force in solving the problem, adding that when he visited the creeks, the militants “never fired a gun” while he was there.
The minister said oil production has picked up as the Niger Delta crisis is being resolved.
According to him, 1.89million barrels was produced as at Wednesday. He said he expects it to hit 2.3million barrels by next month.
Nigerian Army to investigate coup rumours
The Nigeria Army has said it will investigate and track down those behind the recent speculation that some of its officers had approached the Niger Delta militants for support to carry out a coup against the government. This came as Defence Headquarters yesterday announced that a new commander, Rear Admiral Joseph Okojie, had been appointed for the new joint security outfit for the Niger Delta, following the scrapping of ‘Operation Pulo Shield’ by the Federal Government, which had now been renamed, ‘Operation Delta Safe.’
Denying that it was plotting to topple the democratic government, the Army said it will leave no stone unturned until persons linked to such “dangerous” speculation were fished out and brought to book. Spokesman for the army, Sani Usman, said in a statement yesterday that the Nigerian Army, as a product of democracy, would never contemplate such “anti-democratic misadventure.”
He said under the command of the Chief of Army Staff, Tukur Buratai,, the Army would rather remain focused as a professional institution that would have nothing to do with such “abomination and heinous crime.” He said the army would always remain loyal to the office of the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, while defending the constitution and territorial integrity of the country.
He said the coup speculation was a calculated attempt to distract the army from its ongoing war against terror in the country. The Army’s statement read in part: “The attention of the Nigerian Army has been drawn to another campaign of calumny and distraction by faceless criminal gang of economic saboteurs that hide under the aegis of Joint Niger Delta Liberation Force, JNDLF, alleging that some officers of the Nigerian Army approached them for support to overthrow our duly elected present democratic government.
“This is baseless and most unfortunate allegation that existed in the warped minds of the originators of such weighty allegation. The Nigerian Army wishes to state that this is not true and, hereby, distance itself from this weighty allegation.”
“We also see this speculation as a dangerous distraction to our effort in fighting insurgency and other criminal elements in the country. “The Nigerian Army would like to send a strong and an unequivocal warning to those speculating a coup by the Nigerian Army (NA) against the government to desist forthwith.
We would like to state in clear terms that we are a product of democracy and a focused professional institution and would have nothing to do with such abomination and heinous crime. “We wish to state further that the NA is the greatest beneficiary of democracy and, therefore, cannot ever contemplate any anti-democratic misadventure, certainly not under the command of the present Chief of Army Staff, Lieutenant General Tukur Yusufu Buratai. Rather, we see this type of dangerous speculation as a declaration of war to destabilize the present government by these unscrupulous elements.
“The Nigerian Army is investigating those behind the dangerous insinuation in order to unravel the real motive behind it. “We would like to reiterate our unalloyed loyalty to the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria and defence of the Constitution of the Federal Republic of Nigeria.
We would also like to reaffirm our unconditional support and obedience to civil authority. “We wish to further assure Nigerians and, indeed, all peace loving people that the Nigerian Army and, indeed, its personnel will never be involved in such terrible misadventure.
“We wish to further add that no matter how long it takes, we would track and find out those behind these insinuations and bring them to justice”. Since it became politically independent some 56 years ago, Nigeria has witnessed nine coups and attempted coups.
Meanwhile, following the scrapping of ‘Operation Pulo Shield’ by the federal government and launching of ‘Operation Delta Safe’, a new Commander has been appointed for the new joint security outfit for the Niger Delta. He is Rear Admiral Joseph Osa Okojie who until his appointment was the Flag Officer Commanding Naval Training Command, Lagos. His appointment is with immediate effect. This was contained in a statement by Defence spokesman, Brigadier General Rabe Abubakar.
Thursday, June 23, 2016
Video - British actress 'Onyinbo Princess' is becoming Nollywood sensation
A British actress has been making waves on the Nollywood scene. Claire Edun speaks fluent pidgin - the unique Nigerian mix of local languages and English. CCTV's Kelechi Emekalam sat down with the actress, and filed this report.
Video - Nigerians look to China for business opportunities
Nigeria’s commercial capital, Lagos is now introducing the Mandarin language into its primary and secondary schools. Nigeria is seeking stronger trade ties with China and has witnessed a surge in Chinese investments over the last couple of years.
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