Shadow

BUSSINESS

BREAKING: Buhari’s Govt opens portal for Survival Fund to help schools, MSMEs

BREAKING: Buhari’s Govt opens portal for Survival Fund to help schools, MSMEs

BUSSINESS
Amb. Mariam Yalwaji Katagum: her Ministry of Trade and Investment is in charge of the Fund By Ifeanyi Nwoko The portal for the registration of prospective beneficiaries for the Federal Government-sponsored Survival Fund will open on Monday. To make registration seamless, the Federal Government has released a timetable when categories of businesses can register. A statement issued in Abuja on Sunday by the Project Delivery Office stated that the portal which opens at 10 PM, will have educational institutions as the first category of beneficiaries to register. “Nigerians interested in the Payroll Support scheme are to note that the site for registration will be open from 10 pm Monday September 21, 2020. “In order to ensure seamless registration process, the Proje
Presidency Orders Nigerians To Submit Self-Certification Forms Or Lose Bank Accounts

Presidency Orders Nigerians To Submit Self-Certification Forms Or Lose Bank Accounts

BUSSINESS
The Federal Government has ordered all Nigerians holding accounts across financial institutions and insurance firms to complete and submit Self-certification forms. President Muhammadu Buhari-led Federal government announced the decision in a terse statement on the micro-blogging site, Twitter on Thursday evening, September 17. Buhari government warned that failure to comply may include monetary penalty or inability to operate the account. Self-certification forms The statement reads as thus; “This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete and submit Self – Certification Forms to their respective Financial Institutions. “Persons holding accounts in different
Fuel Subsidy: The day of reckoning is here, By Louis Odion

Fuel Subsidy: The day of reckoning is here, By Louis Odion

BUSSINESS
By Louis Odion It is a factual error to conflate the subsidy uprising of 2012 and the crisis of 2020. True, both speak to a national emergency, but the circumstances are starkly dissimilar. Nigerians that marched across the nation in the harmattan-scorched January of 2012 were actually protesting a touted rising economic tide that didn’t in any way raise their individual boats. Rather, what they saw was an emergent tribe of of free-loaders fattening on petrol subsidies. Then Senator Bukola Saraki had blown the whistle: billions of naira budgeted as petrol subsidy originally were ballooning into trillions. And the beneficiaries were mostly campaign donors to the ruling party in the 2011 polls in the most audacious sort of political incest. Just a teaser of the profligacy and s
We are not harbingers,Our interest in South-East purely economic – Miyetti Allah

We are not harbingers,Our interest in South-East purely economic – Miyetti Allah

BUSSINESS, NEWS
Raphael Ede, Enugu The South-East chapter of the Miyetti Allah Cattle Breeders’ Association of Nigeria on Monday said its interest in the region was purely economic and nothing more. The Chairman of MACBAN in the zone, Alhaji Gidado Siddiki, stated this while briefing journalists shortly after a meeting of the joint executive council of the group in Enugu. Siddiki said the clarification became necessary following growing suspicion and speculation in some quarters about the activities of herders in the zone. He said it was imperative to correct the impression that their interests in the region were beyond economic pursuits. Siddiki explained that the suspicion that herdsmen were harbingers of Fulani territorial expansionism had degenerated into unhealthy relationsh
Buhari Silent As Nigeria Risks Losing Huge Sums in Opaque Malabu Asset Recovery Deal

Buhari Silent As Nigeria Risks Losing Huge Sums in Opaque Malabu Asset Recovery Deal

BUSSINESS
Nigeria's Ministry of Justice A consortium of anti-corruption groups who have spent years investigating the Malabu OPL 245 oil scandal have called on Nigeria's Ministry of Justice to break its "thunderous silence" over a secret deal that could have seen huge sums of recovered assets repatriated to a private U.S. company. The campaigners, who include Nigerian and western non-governmental organisations (NGOs), claim that hundreds of millions of dollars could be diverted from the country under a confidential contract linked to President Buhari's billion-dollar asset recovery programme. The contract was signed between Lagos law firm Johnson and Johnson Solicitors, which was hired by the government in 2016 to help oversee OPL 245's asset recovery, and a company controlled by U.S. liti...
Nigeria borrowed N18.89tn under President Buhari – Fresh Report

Nigeria borrowed N18.89tn under President Buhari – Fresh Report

BUSSINESS, POLITICS
• Nigeria’s debt rises by N2.38tn, hits N31tn – DMO • FG – N25.28tn, states – N5.73tn • Lagos, Rivers, Akwa Ibom post highest debts Everest Amaefule, John Alechenu, Nike Popoola, ’Femi Asu and Okechukwu Nnodim Nigeria’s debt public debt hit a total of N31.01tn at the end of June, the Debt Management Office announced on Wednesday. This means that in the last five years under the President, Major General Muhammadu Buhari (retd.), the country’s debt rose by N18.89tn. As of the end of June 2015, one month after the present regime came into power, the country’s debt profile stood at N12.12tn. This means that within a period of five years, the nation’s debt profile rose by N18.89tn. It also means that the country’s debt profile has risen by 155.86 per cent with
PDP sold fuel for N600/litre on Easter Sunday – Garba Shehu

PDP sold fuel for N600/litre on Easter Sunday – Garba Shehu

BUSSINESS, POLITICS
President Muhammadu Buhari’s spokesperson, Garba Shehu, has told Nigerians that petrol was sold for N600/litre under the Peoples Democratic Party (PDP) administration. Shehu tweeted this alongside the front page of a newspaper from Easter Sunday in 2013, in response to PDP claiming citizens may not survive the increment in electricity tariffs and price of petrol. PDP explained that the level of poverty in Nigeria was too high. However, Shehu wrote: “Don’t allow the PDP to deceive you. Amidst acute shortages, they sold petrol at N600 per litre on Easter Sunday in 2013 (See Punch published on that day).” The federal government through the Petroleum Products Marketing Company (PPMC), recently increased the ex-depot price of petrol from N138.62 to N151.56 per litre. Pet
Nigeria’s fuel prices, electricity the Cheapest in West/Central African sub-region.” – Lai

Nigeria’s fuel prices, electricity the Cheapest in West/Central African sub-region.” – Lai

BUSSINESS, POLITICS
President Muhammadu Buhari led government says the price of electricity and fuel in Nigeria are the lowest in West Africa. lai mohammed Minister of Information, Lai Mohammed, said this in a statement on Monday. He noted that with the price of crude inching up, the price of petrol locally was also bound to increase, hence the latest price of N162 per litre. “If, perchance, the price of crude drops again, the price of petrol will also drop, and the benefits will also be passed on to the consumers. The angry reactions that have greeted the latest prices of Premium Motor Spirit (PMS) is, therefore, unnecessary and totally mischievous. “The government can no longer afford fuel subsidy, as revenues and foreign exchange earnings have fallen by almost 60%, due to the downturn in th
P&ID:  Nigerian govt reacts to judgement in $10bn case by UK Court

P&ID: Nigerian govt reacts to judgement in $10bn case by UK Court

BUSSINESS, POLITICS
The Presidency on Friday reacted to the judgment by the UK Court granting Nigeria’s application for an extension of time and relief from sanctions in a $10 billion arbitration case with Process and Industrious Development Limited (P&ID) in Nigeria. A statement issued by Garba Shehu, Senior Special Assistant to the President on Media and Publicity, said “In our view, the judgment is right, just and provides a strong prima facie case that the fraudulent gas deal with P&ID and the subsequent judgment debt of $10 billion against Nigeria was a clear attempt to cheat the country of billions of dollars by a company that had not invested one Naira in our country.” The statement said on the arbitration award, it was a source of huge satisfaction that the UK Court, among others, h