Senate steps down 2016 FIRS budget

Nigeria’s Senate on Thursday stepped down report of its Committee on Finance on the 2016 budget of Federal Inland Revenue Service (FIRS).

The proposal was rejected after careful consideration of recommendations of the committee on Finance headed by Senator John Enoh representing Cross River Central and was giving a week to properly tidy up a number of issues raised.

Senate had referred the request of President Muhammadu Buhari on the budget of the FIRS to its committee on finance in July.

More than three months afterwards, Thursday, the report of the committee was presented by Mr. Enoh, accused of having his child as one of the new staff illegally recruited by FIRS.

But the Senate President, Bukola Saraki, and few other senators raised concerns about the report, saying they discovered loopholes and “fake” items.

Mohammed Hassan (PDP-Yobe) emphasised the need for the Senate to get full details of items in the budget.

“The descriptions of some of the items on the budget are fake,” said Mr. Hassan dismissively.

Bassey Akpan (PDP-Akwa Ibom) also questioned the “drastic” increment in the proposed expenditure of the FIRS on personnel.

During a budget defence session in April, Mr. Enoh’s committee had queried the FIRS Chairman, Babatunde Fowler, for proposing N16 billion for salaries of 1,250 staff it planned to recruit then; N1.6 billion for retired staff; and N700 million for staff medicals.

Fani-Kayode arraigned again in Abuja for money laundering

Former Minister of Aviation, Femi Fani-Kayode was Thursday arraigned before a Federal High Court in Abuja on a five-count of money laundering.

The charge marked: FHC/ABJ/CR/140/2016, which has Femi Fani Kayode as the sole defendant, was filed by the Economic and Financial Crimes Commission (EFCC).

Fani-Kayode was alleged to have received through his police aid, one Victor Ehiabhi, the cash sum of N26million paid to him by the former Director of Finance and Administration (DFA) of the Office of the National Security Adviser, ONSA, Shuaibu Salisu on the instruction of the former NSA, Col. Sambo Dasuki (rtd).

Ehiabhi and Salisu had through written statements, admitted paying the money to Fani-Kayode in cash.

The prosecution said Fani-Kayode handled the cash without going through financial institution as required under the Money Laundering Act.

Fani-Kayode, who was the Director of Media and Publicity in the campaign organisation of ex-President Goodluck Jonathan, is already standing trial on a 17-count charge of money laundering before a Federal High Court in Lagos.

He is being tried in Lagos with a former Finance Minister, Nenadi Usman, Danjuma Yusuf and a firm, Joint Trust Dimension Nig. Ltd.

They are charged with unlawful retention, unlawful use and unlawful payment of money to the tune of N4.9 billion on the defendants.

When the five-count charge was read to Fani-Kayode yesterday before the Federal High Court, Abuja, he pleaded not guilty.

Following his not guilty plea, prosecution lawyer, Johnson Ojogbane, asked the court for a date to commence trial.

Defence lawyer, Ifedayo Adedipe (SAN) informed the court about the bail application he filed for his client.

Upon the court’s permission, Adedipe moved the application and urged the court to grant his client bail.

He said by the fact the offence for which the defendant is charged, it is bailable. He said Fani-Kayode has been in EFCC’s custody for 21 days.

“My Lord, I will also like to draw your attention to the fact that the defendant is facing trial before Justice M. S. Hassan in Lagos and he has granted him bail.

“We hereby urge the court to grant the accused bail on self-recognition as he has twice served as a Minister to the Federal Republic of Nigeria or in the alternative, grant him bail on liberal terms that will enable him attend his trial”, he prayed.

Ojogbane, while responding, relied  on Section 35 (1)(c) and 35 (4)(a) of the Constitution in arguing that  “although the defendant has been in custody for 21 days, we are still within the ambits of the law as the arrest and detention was done for the sole purpose of bringing the defendant to court.

“I therefore urge the court to excise its discretion judiciously and judicially in granting the accused bail,” Ojogbane said.

Trial judge, Justice John Tsoho, in his ruling, admitted the defendant to bail at  N50million and one surety in like sum.

The judge said the surety must be a resident of the FCT and must have a landed property within the FCT.

He ordered that Fani-Kayode be remanded in prison custody pending the fulfilment of the bail conditions.

Justice Tsoho adjourned to December 14, 2016 for trial.

The charge reads:

Court one

That you Chief Femi Fani-Kayode on or about the day of 24 November, 2014 in Abuja within the jurisdiction of this honourable court directly took possession or control of the sum of N26,000,000.00 (twenty six million) paid through one Victor Ehiabhi by one Salisu Shuaibu, who was then the Director of Finance and Administration on the instruction of Col. Mohammed Dasuki Former National Security Adviser purporting the money to be payment for contract when you reasonably ought to have known that the said fund formed of the proceeds of an part unlawful activity of Col. Mohammed Sambo Dasuki and Shuaibu Salisu (to wit: criminal breach of trust and corrupt and thereby committed an offence to Section 15(2), (d) of the contrary Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under section 158 of the same Act.

Count two

That you chief Femi Fani-Kayode or about the 24th day of on November, 2014 in Abuja within the jurisdiction of this honourable court directly converted the sum of N26,000,000:00 (twenty six million naira only which was paid to you in cash sum from the office of the National security Adviser(ONSA) purporting same to be payment for media campaign for the Federal Government of Nigeria and the Office of the President when reasonably ought to have known that the said funds you formed part of the proceeds of an unlawful activity (To wit: Criminal breach of trust and corruption) of Col. Mohammed Sambo Dasuki (rtd) the then National Security Adviser and salisu Shuaibu the then Director of Finance and Administration and you thereby committed an offence contrary to section 15(2) (b) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under section 159 of the same Act.

Count three

That you Chief Femi Fam-Kayode on or about the 24th day of November, 2014 in Abuja within the jurisdiction of this honourable count did retain the of N26,000,000.00 (twenty sum six million naira purporting same to be payment for media campaign on behalf of the Federal Government of Nigeria and the office of the President when you reasonable ought to have known that such fund directly represented the proceeds of unlawful activity of Col. Mohammed Sambo Dasuki (rtd) the then National Security Adviser and Shuaibu Salisu the then Director of Finance and Administration office of the National security Adviser (to wit: Criminal breach of trust and corruption and you thereby committed an offence contrary to section 17 (b) of the Money Laundering Prohibition) Act 2011 as amended in 2012 and punishable under section (17) (b) of the same Act

Count four

That you Chief Femi Fani-Kayode on or about the 24th day of you November, 2014 in Abuja within the jurisdiction of this Honourable Court having reason to know that the sum of N26,000,000.00 (twenty six million naira directly represented the proceeds of an unlawful activity of Col. Mohammed Sambo Dasuki (rtd) the then National Security Adviser and Shuaibu Salisu the then Director of Finance and Administration (to wit: Criminal breach of trust and corruption) in respect of the said amount used the said fund for media campaign activities and other personal purposes and you thereby committed an offence contrary to section 15(2) (d) of the M

oney Laundering (Prohibition Act 2011 as amended in 2012 and punishable under section 15(3) and 9 of the same Act.

Count five

That you Chief Femi Fam-Kayode on or about the 24th day of November, 2014 in Abuja within the jurisdiction of this Honourable Court did accept cash payment valued at N26,000,000.00 (twenty six million Naira from the office of the National Security Adviser through one Victor Ehiabhi your security detail which sum was over and above the required threshold for cash payments and thereby committed an you offence contrary to section la of the Money Laundering (Prohibition) Act 2011 amended in 2012 and punishable under as 16(1)(a) of the same Act.

Culled from: The Nation 

Ondo: Court grants Jegede, Makarfi, Obi leave to appeal judgment

Factional leaders of the People’s Democratic Party (PDP), Ahmed Makarfi and Ben Obi and the substituted governorship candidate of party in Ondo State, Eyitayo Jegede recorded major victory before the Court of Appeal in Abuja Thursday.

The court, in two unanimous rulings by a three-man panel, upheld the applications by Makarfi, Obi (Chairman and Secretary of the PDP Caretaker Committee) and Jegede for leave to appeal against the June 29, 2016 judgment and October 14, 2016 ruling of Justice Okon Abang of the Federal High Court, Abuja.

Justice Abang had, in the judgment of June 29, recognised the Ali Modu Sheriff leadership of the PDP as the authentic body to take decisions for the party.

In the October 14 post-judgment ruling, Justice Abang ordered the Independent National Electoral Commission (INEC) to accept the name of Jimoh Ibrahim (produced by the leadership of the party in Ondo, supported by the Sheriff faction in place of Jegede produced by the Markefi backed faction of the party in Ondo.

BREAKING: Buhari swears in Walter Onnoghen as new acting Chief Justice of Nigeria

Justice Walter Onnoghen has being sworn-in as the new acting Chief Justice of Nigeria, CJN.

Onnoghen was sworn-in by President Muhammadu Buhari, at the council chamber of the Presidential Villa, Abuja.

The new acting Chief Judge replaces Mahmud Mohammed whose tenure ended yesterday after attaining the 70 years retirement age.

Onnoghen will operate in the acting capacity until the name of a substantive CJN is forwarded to the Senate and confirmed.

Details later…

Nigeria: NCC anticipates licences to deploy fiber infrastructure in five zones, as telecoms contribution to GDP hits 9.8%

Prof Umar Garba Danbatta, Executive Vice Chairman, Nigerian Communication Commission (NCC)

Nigerian Communication Commission (NCC) has dropped a hint that there will be a need for firms to bid for licences to deploy fiber infrastructure in five zones; North East, North West, South East, South-South and South West.

Prof Umar Garba Danbatta, Executive Vice Chairman, Nigerian Communication Commission (NCC) who confirmed this today said the share of telecommunications in Nigeria’s total GDP has grown in the last five quarters as the country’s Active Mobile Broadband Penetration reached 20.95% relative from less than 10 % a year ago.

He said the telecommunications sector contributed N1, 580 billion to GDP in Second Quarter of 2016 at 9.8% which is the largest in the rebased period, an increase of 1% compared to the first quarter.

Speaking in Abuja at a public lecture titled “The National Broadband Plan as a Catalyst for Social and Economic Transformation-The NCC Mandate”, organised by the Nigerian Academy of Engineering, he said “The Federal Government had joined the league of ITU member states in recognizing broadband potential for contributions and improvements of socio-economic development of the nation and therefore articulated a policy document, - The Nigerian National Broadband Plan (NBP).

He said the NBP was planned to be implemented over a period of five years (2013 – 2018), targeting a five-fold increase in broadband penetration (i.e. 6 % at 2013 to 30 % at 2018) with the target areas being Policy and Regulation; Enabling Infrastructure; Costing and Pricing; Funding and Investment; Driving Demand; Building Fibre Infrastructure and Wireless Broadband infrastructure and Upgrade.

Nigeria: Kebbi surpasses one million tonnes of rice harvest

Nigeria’s Kebbi State has surpassed the one million tonnes of rice target for harvest this year by over eight hundred and fifty tonnes.

This feat was disclosed by the Chairman, Rice Farmers Association,  Alhaji Sahabi Augie when the Kebbi State Governor and Chairman  National Task Force on Rice and wheat,  Atiku Bagudu and  his Deputy Samaila Yombe conveyed  journalists  to rice growing communities in Augie, Kalgo, Dandi, Bunza , Suru , and Birnin kebbi Local Government Areas.

This came a year after the CBN Anchor Rice Borrowers Programme in kebbi State was launched to boost rice and wheat production in Nigeria by providing loans to farmers.

Augie said the yield increase was due to improved seedlings and the assistance rendered to farmers through the Anchor Borrowers Programme of the CBN with over 500,000 hectares of cultivated land across ten local government areas of the state.

He explained that, the variety of rice cultivated in kebbi include Nerica7 and 84 as well as faro 44,52, and 61 with farming occurring thrice through the dry, wet, dry season within a year with Rima and Sokoto River serving the dry season irrigation farming.

Minister flags-off Graduate in Irrigated Agricultural Scheme in Cross River

Minister of Water Resources, Engineer Suleiman Adamu, has flagged-off the Graduate in Irrigated Agricultural Scheme (GIAS), at Ogoja irrigation project, of the Cross River Basin Development Authority.

Cross River Basin Development Authority, Ogoja Irrigation project became the fifth (GIAS) program among the 12 pilot projects expected to be launch in 2016; an initiative whereby participant in batches of 50, will be trained in various agricultural activities including crop farming, aquaculture, dairy and other sustainable agriculture activities.

Speaking at the flag-off exercise on Tuesday, Engr Adamu, said, “President Muhammadu Buhari’s administration is a complete overhaul of the structure of our economy which has largely been dependent on crude oil for decades by largely diversifying from single export commodity to more productive activities, notably agriculture, solid minerals development and a sound industrial base.

He said, the Federal Ministry of Water resources is committed to reenergizing the RBDA’s to fully support the federal government noble objectives in exploiting lands and water resources to achieve food security and return Nigeria to economy prosperity.

According to him, “Agriculture in particular has the potential not only to boost our ability to feed ourselves, but to provide the enormous opportunity to create jobs for teeming young population.

“The scheme mirrors the Songhai irrigated farm model and is in fact to be implemented under the supervision professor Godfery Nzamujo Songhai model champion, with whom an MOU has been signed by the 12 RBDAs.   

“Under the 2016-2030, approve water road map of the ministry, we intend to further develop our irrigation potential to 500,000 Ha through direct government intervention and to facilitate the development of another 1million Ha, by large  scale commercial farms through community public private partnership (CPPP).

“A significant portion of the irrigable land will also be made available to unemployed youths who are interested in agricultural entrepreneurship.”

Managing Director, Cross River Basin Development Authority, Mrs. Eta Eyo Ita, said Ogoja community known for swarm rice farming but the major challenge had been milling, dis-stoning and proper packaging of the rice, and consequently farmers travel as far as Abakaliki in Ebonyi for milling.

She said, that, CRBDA’s was poised to address the challenge by setting up to 15-20 tons per day rice processing  mill here at Ogoja irrigation project, which would be managed through public private partnership with graduate youth under the empowerment scheme.

According to her, the authority was extending the youth empowerment by collaborating with NYSC and other private stakeholders in the state, training corps members and unemployed youths in fisheries, bottle water production, and farm management

The Ogoja irrigated project is a legacy project of the authority conceived in the 80’s and developed mainly by direct labour over the years to the stage it is today. 

 The project has an area of 168ha and is designed for 125ha of irrigated agriculture

The project has 211 farmers and nine multipurpose cooperative societies. Its source of water supply in Aya River and the water is pump from the river into 1650 cubic meter reservoir and distributed, via a network of main field canal into the field by siphons.

Nigeria’s 1st Venture Capital Summit holds in June

The Venture Capital Advocacy Summit, the first of its kind in Nigeria that will bring together all the critical elements that could facilitate the entrenchment of the Venture Capital Culture in the country will hold between 28th and 30th June, 2016 at the Eko Hotel, Victoria Island, Lagos.

The Summit being organised by Alfe City Company Limited with the support of the Senate Committee on Trade & Investment and the House Committee on Commerce will feature the maiden introduction of the concept of venture capital and provide an opportunity for interaction with international experts and seasoned investors.

According to Mr Soji Adeleye, Chief Executive Officer, Alfe City Company Limited, the organisers, “To say that Nigeria needs a thorough re-engineering at the moment would be an understatement.

The total collapse of the crude oil sector in recent months is a reminder if we need one that the over-reliance on that sector was short-sighted in the extreme. Investment in the people on the other hand is the only risk free investment as they will always be there hence organic growth of the people’s sector – the private sector provides an insurance for the future. The bottom-up growth –invention, innovation, imagination, creativity; attributes Nigerians are renowned for.

“Venture Capitalism offers Nigeria and its universally acclaimed entrepreneurial people a new vehicle that could turn that creativity into economic power.”

He said the endorsement of the summit by the National Assembly was crucial as the entrenchment of the Venture Capital culture in Nigeria would require legislative underpinning to guarantee the safety of investment of investors.

In the Senate endorsement of the summit, Senator Fatimat Raji Rasaki, Chairman Senate Committee on Trade and Investment said, “We share the principle and objectives behind this very laudable program and commend it to all stakeholders across the country.

“We hereby convey our commitment to work with you and other stakeholders for the success of the summit and subsequently perform our legislative responsibility to ensure a successful entrenchment of venture capitalism culture in Nigeria.”

Similarly, the Chairman, House of Representatives Committee on Commerce, Rt Hon Sylvester Ogbaga said the committee considered the summit’s objectives as very laudable.

“I wish to therefore convey the decision of the committee to collaborate with Alfe City Company Limited in that regard,” he said.

On the participation of the state governments, the Alfe City boss said, “For the economic growth of a federation like Nigeria to be successful and sustainable, federating unit’s governments must be seen as caterers for the Oasis that must converge for the national economy to prosper.

“State governments must necessarily pursue economic policies that are conducive for private sector investment. Universities and Colleges of Technology environments must essentially be supported to breed entrepreneurs that could rely on venture capital to translate their inventions and creativity into economic power.”

On why has Nigeria been missing from the Venture Capital space over the years, he said, “There are limited private equity activities in the financial sector of the country primarily geared towards established entities that are seeking foreign investment. It is a niche service whose clientèle is so defined.

To a considerable degree Nigeria’s absence from the global venture capital space is directly a consequence of the instability of the economy. For instance the unpredictable nature of our foreign exchange regime means that dealing with serious international investors is a considerable.

“The United States of America is the predominant exponent of venture capitalism in the world.  As matter of fact, it is impossible to imagine the American economy without venture capital. Most of the global brands like Google, Intel, Microsoft and lately Uber all owe their emergence to venture capital.  It is that initial fund that turns an idea, a dream to products and services that we all now recognise.

“According to the US National Venture Capital Association, 11% of private sector jobs in the USA come from Venture-backed companies and venture-backed revenue accounts for 21% of US  $18 Trillion GDP  (2015).”

On the expected benefits of the Venture capital/summit to Nigeria, he said it will open up a new avenue for turning ideas to products.

“The Venture Capital ecosystem will create jobs, know-how that at the moment does not exist because it will be a new beginning for a lot of people and a lot entities,” he said.

“On the whole, the summit itself would be unique in setting and result as the event would mark the onset of an advocacy that promises to transform the entrepreneurial landscape of Nigeria forever.”

The summit objectives include to Advocate and spearhead the culture of venture capitalism in Nigeria; Open an avenue for translating Nigerians’ legendary creativity and entrepreneurship to vital economic power; Bring all stakeholders together to highlight how venture capital could be the missing link in Nigeria’s struggle to build a diverse and sustainable economy; Establish a Register for practicing and prospective venture capital operators in Nigeria; Create the machinery for an annual venture capital event as a vehicle for entrenching the culture of venture capitalism in Nigeria

Ukraine ready to invest $1b in Ajaokuta Steel Company - Envoy

The Ukrainian Ambassador to Nigeria Valeriy Aleksandruk has disclosed that his country is ready to invest $1 billion into Ajaokuta Steel Company in order to revive the plant.

The Ambassador who made this known in Abuja on Wednesday, May 4, 2016 during a courtesy call on the Acting Director General of the Bureau of Public Enterprises (BPE), Dr. Vincent Onome Akporaire said the Ukrainian company that built the plant -Tiajpromexport (TPE) - has presented a proposal to the Federal Government to that effect.

He said the Steel Complex has a lot of potentials which his country wanted to take advantage of; and that already, meetings have been held with relevant stakeholders in Nigeria for the realization of the planned takeover of the plant.

Aleksandruk said Ukraine has a very good relationship with Nigeria, especially with economic and trade investments, while noting that there is a big Nigerian community in Ukraine. The Ambassador further noted that Ukraine is ready to “open a new page in its relationship with Nigeria” and pledged to assist the Bureau in its training needs to become a foremost privatisation agency in Africa.

In his response, the Acting Director General of the BPE, Dr. Vincent Onome Akpotaire said the Bureau would review the proposal by the Ukrainian Government and that of Morgan Stanley, the multinational financial services firm that would provide the $1bn investment before taking the next steps. He added that the Federal Government is desirous to get the Ajaokuta Steel Company Limited and the Nigerian Iron Ore Mill Company (NIOMCO) Itakpe running.

Akpotaire urged the Ukrainian Government to invest in other sectors of the Nigerian economy, especially in developing the downstream of the steel sector that would service several sectors including the automobile sector.