@Gbengabig

Wednesday, 27 December 2017

Nigeria US agrees to sell 12 Super Tucano planes to Nigeria

The United States has formally agreed to sell 12 Super Tucano A-29 planes and other weapons, including bombs to Nigeria.

The U.S. ambassador to Nigeria presented letters of offer and acceptance to Nigeria’s air force on Wednesday, the air force said in a statement.

It said the U.S. State Department had approved the sale and final agreements would be signed and necessary payments made before Feb. 20.

Former U.S. President Barack Obama delayed the sale in one of his last decisions in office after the Nigerian Air Force bombed a refugee camp in January.

But his successor Donald Trump decided to press on with the transaction to support Nigeria’s efforts to fight Boko Haram militants and to boost U.S. defence jobs, sources told Reuters in April.

There was no immediate statement from the U.S. embassy or from authorities in Washington.

U.S. government and Nigerian Air Force officials would meet in early January to discuss the early delivery of the aircraft once payment had been made, the Nigerian air force said.

The sale of the 12 aircraft, with weapons and services, is worth $593 million, and includes thousands of bombs and rockets.

The propeller-driven plane with reconnaissance, surveillance and attack capabilities, is made by Brazil’s Embraer. A second production line is in Florida, in a partnership between Embraer and privately held Sierra Nevada Corp of Sparks, Nevada.

The Super Tucano costs more than $10 million each and the price can go much higher depending on the configuration. It is powered by a Pratt & Whitney Canada PT 6 engine

Fuel crisis: You lied, owe us N27bn, NNPC tackles oil marketers

The Nigerian National Petroleum Corporation, NNPC, Wednesday, accused oil marketers, under the aegis of Depot and Petroleum Products Marketers Association, DAPPMA, of distorting the facts in its claims that its members’ tanks are empty and are not being supplied Premium Motor Spirit, PMS, also known as petrol.
The NNPC, in a statement in Abuja, signed by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, described DAPPMA’S claims as unfortunate, while it stated that it had continued to supply the marketers huge quantity of the product despite the group’s N26.7 billion debts to its subsidiary, the Petroleum Products Marketing Company, PPMC, as at December 21, 2017.
Ughamadu further accused DAPPMA of refusing to resume fuel import, despite the concession granted the group by the Federal Government to obtain foreign exchange at the official rate of N305 to a dollar.
He said, “NNPC wishes to affirm that it has supplied appreciable volume to DAPPMA, Major Marketers Association of Nigeria (MOMAN) and Independent Petroleum Marketers Association of Nigeria (IPMAN) to rid the challenges currently being experienced in the supply and distribution of petroleum products in the country.
“NNPC regrets that DAPPMA which members had taken receipts of products from PPMC, a subsidiary of NNPC, and owe the company to the tune of N26.7billion as at December 21, 2017, has the audacity to indict NNPC unjustifiably.
“The statement by DAPPMA that the current hiccups in the supply of products was due to the inability of the Direct Sale Direct Purchase (DSDP) partners of NNPC to deliver on their business obligations is unfounded and self-indicting as many of DAPPMA members patronize the same DSDP international counterparts as the corporation.
“Despite the concession by the government giving access to DAPPMA to obtain FOREX at an official rate of N305 per dollar for PMS import, their members have not been able to do so, leaving NNPC as the sole supplier of PMS to the Nigerian market.”
Ughamadu further assures the public that despite the increase it effected in the supply of PMS in the December 2017, it has nonetheless, programmed to supply 1.2 billion litres of the white products in January 2018, translating to about 40 million litres of PMS supply per day.
He explained that ordinarily, Nigeria consumes about 700 trucks, an equivalent of 27 million to 30 million litres per day.
“Despite the current challenges, Nigerians are reassured that there is no plan to increase PMS pump price above N145 per litre and that NNPC will continue to maintain ex–depot price of N133.28 per litre which guarantees the pump price not exceeding the N145 per litre capped by the government.
“All stakeholders are implored to support the efforts of government to bring a speedy end to the current fuel distribution challenges being experienced in parts of the country as this is not the time to play the blame game,” the NNPC spokesman noted.

Buhari’s son, Yusuf, sustains head injury in bike accident

… undergoes surgery in private hospital

Olalekan Adetayo , Abuja
Son of President Muhammadu Buhari , Yusuf , was on Tuesday night involved in bike accident in Abuja . He was said to have sustained head injury and had one of his limbs broken .
The Senior Special Assistant to the President on Media and Publicity , Garba Shehu , confirmed the accident in a statement made available to journalists on Wednesday .
Shehu said Yusuf had undergone a successful surgery and was in a stable condition.
The statement read , “ Yusuf Buhari had a bike accident last night around Gwarimpa in the Federal Capital Territory , Abuja .
“ He broke a limb and had an injury to the head as a result . He has undergone surgery at a clinic in Abuja . He is in a stable condition.
“ The President and his wife , Mrs . Aisha Muhammadu Buhari , are thankful to Nigerians for the good wishes and prayers for their son .
“ May God reward you all .”

George Weah Elected Liberia President

Former World Player of the Year, George Weah, has been voted president of Liberia after clinching 12 of the 15 counties in the West African nation.

The ex- soccer star becomes the 25th president of Liberia.

Hours before the results were announced Weah took to Twitter to thank all his supporters, saying he plans to liberate the country.

“I am deeply grateful to my family, my friends, and my loyal supporters who contributed to our campaign during this extremely long election season,” Weah said.

The former striker helped Chelsea win the FA Cup in 2000 and has added to his list of achievements with his election victory

Former AC Milan, Manchester City and Chelsea striker George Weah has been elected president of Liberia.

Weah - the first African to win the Ballon D'Or and FIFA World Player of the Year - won comprehensively, clinching 12 of the 15 counties in the West African country.

His opponent Joseph Boakai, who has been vice-president for the last 12 years, only had two counties vote for him.

Expert says artificially ripen fruits causes cancer

Dr Mustapha Bature, Clinical Mentor, Kebbi State Primary Health Care Development Agency, has warned that consumption of fruits such as mango, banana, pawpaw and plantain, artificially ripen by Calcium Carbide could cause cancer.

Bature made this known in an interview with the News Agency of Nigeria on Monday in Abuja.

According to Wikipedia, Calcium carbide is a chemical compound with the chemical formula of CaC₂.

Its main use industrially is in the production of acetylene and calcium cyanamide.

However, the chemical is being used to ripen fruits by some fruit vendors in Nigeria.

The medical expert warned that the fruits artificially ripened with calcium carbide are not good for consumption because such chemicals used in ripening the fruits contain radio-active elements.

According to Bature, people who are exposed to Silicon Carbide are likely to come up with lungs cancer.

He said a research was also conducted in a factory where workers are exposed to Silicon Carbide; the findings revealed that such workers come-up with lungs cancer after prolong exposure.

He said prolong exposure to both silicon and calcium carbide causes cancer.
Bature advised that fruits exposed to such chemicals should be washed with running water for about two to five minutes before consumption.

He added that fruits such as mongo should be peel after washing before consumption.

Bature said government should design a national policy to stop artificial ripening of fruits and implement such policy when enacted properly.

Besides, he urged the National Orientation Agency and other key stakeholders to sensitise the public on the best ways to identify such fruits and health implications of consuming such fruits.

“We need a cancer free society; therefore, continued consumption of such fruit will make the prevalence of cancer in the society to be high.

“The little exposure to cancer from carbide may not allow Nigeria to have a cancer free society in a near future.

“It is important for the government to look into the artificial ripening of fruits and ensure that such practice is put under control,” said the expert.

He also advised local government council health officials to ensure that the fruits being sold are not ripen artificially to enable Nigeria have a cancer free society.

Meanwhile, a fruits dealer at the Zuba Fruits Market near Abuja, Malam Tanimu Abdullahi, told NAN that pawpaw, mango, plantain and banana are mostly artificially ripen using the chemical.

Abdullahi, who claimed ignorance of the health implications of consuming such fruits artificially ripen, added that artificially ripen fruits could be identified by consumers through black spots on the back of such fruit.

Patience Jonathan’s $15m: EFCC Urges Court To Dismiss Firms' Application To Change Plea

The Economic and Financial Crimes Commission (EFCC) has prayed the Federal High Court sitting in Lagos to dismiss an application filed by four firms allegedly used to launder $15.5 million belonging to a former First Lady, Dame Patience Jonathan, seeking to reverse their guilty plea.

The EFCC in a counter-affidavit deposed to by one of its investigating officer Musbhau Yahaya, argued that the application was an abuse of court process, and that the judge cannot be asked to overrule himself.

The four firms pleaded guilty to laundering the money upon their arraignment alongside an aide to former President Goodluck Jonathan, Waripamo-Owei Dudafa, a lawyer, Azubuike Briggs and one, Adedamola Bolodeoku.

The firms are: Pluto Property and Investment Company Ltd, Seagate Property Development and Investment Company Limited, Trans Ocean Property and Investment Company Limited and Avalon Global Property Development Company, pleaded guilty through their representatives.

The firms were represented at the trial by Friday Davies, Agbor Baro, Dioghowori Frederick and Taiwo Ebenezer respectively.

The companies in their application before Justice Babs Kuewumi are praying for an order setting aside their conviction of November 2, 2016.

According to them, their trial and conviction were done “in gross violation of their right to fair hearing”.

The companies, in the application filed on their behalf by Chief Mike Ozekhome (SAN), said their conviction “occasioned miscarriage of justice” to them.

EFCC, in the counter-affidavit, alleged that Dudafa, allegedly got part of the money from former National Security Adviser (NSA) Sambo Dasuki.

The commission said Dasuki withdrew the money from the Central Bank of Nigeria (CBN) and “handed it” over to Dudafa.

The commissioner further stated Dudafa laundered the money through the companies.

Wife of former President Goodluck Jonathan, Dame Patience, in a separate suit, is laying claims to the money.

On what led to the companies’ conviction, Yahaya said sometime in 2015, the EFCC received “cogent and irresistible” intelligence that Dudafa allegedly “warehoused” proceeds of unlawful activities in the companies’ Skye Bank Plc accounts.

The operative said EFCC analysed the intelligence and discovered that on November 26, 2014, former National Security Adviser (NSA) Sambo Dasuki applied to the Governor of Central of Nigeria (CBN) via a letter dated November 26, 2014 with reference number NSA/366/S for the release of $47,000,000.00.

The operative said the money was part of N10billion “earmarked for special services,” adding that it was handed in cash to Mr S. A. Salihu, a director of finance and administration at the Office of the NSA.

“The governor of CBN granted this request and delivered the sum to Salisu as instructed by Dasuki. Upon receipt of the said sum, Salisu handed over this money to his boss, Dasuki, in 11 suitcases.

“Dasuki in grand conspiracy with the first defendant (Dudafa) handed over the money to the first defendant.
“In the course of his service as the Special Assistant to the former President on Domestic Affairs, the first defendant abused his officer by corruptly enriching himself,” the deponent said.

According to the commission, Dudafa also allegedly deposited “various huge sums of US dollars in cash” in the companies’ accounts.

“In a bid to disguise and conceal the proceeds of his unlawful activities, the fourth to seventh applicants (the companies) were procured mainly to retain the proceeds of the first defendant’s unlawful activities.”
“The fourth to seventh applicants each opened an account with Skye Bank Plc,” the deponent said in the counter-affidavit.

EFCC said those who pleaded guilty on the companies’ behalf were actually their directors, namely Friday Davis, Agbor Baro, Bioghowori Fredrick and Taiwo Ebenezer.

According to the commission, after prosecuting counsel Rotimi Oyedepo reviewed the case following the companies’ plea, the judge asked the representatives if they were in agreement with the facts.

“The representatives who are directors of the applicants admitted unequivocally that they agreed with facts reviewed by the prosecution.

“Upon a calm reflection of the evidence led by the prosecution against the fourth to seventh defendants/applicants and the pleas of their directors who represented them, this Honourable Court found the applicants guilty and convicted them as charged,” the commission said.

EFCC said the companies’ application was an abuse of court process and was filed in bad faith, adding that the court had become functus officio (cannot re-open the case).

The prosecution said the companies filed a Notice of Contention at the Court of Appeal in which they sought an order varying the guilty plea, but it was struck out.

EFCC said the companies were yet to appeal against the Court of Appeal judgment.

“The conviction of the fourth to seventh defendants did not occasion any miscarriage of justice to the applicants or any party in this proceeding,” EFCC said.

The companies’ motion on notice is yet to be heard.

Investors Dump 40% Stocks Over Poor Corporate Governance

Amid domestic and global macro-economic challenges, investors on the Nigeria Stock Exchange (NSE) in 2017 deserted nearly 40 per cent stocks over poor corporate governance policy and poor performance on the bourse.

Investigations revealed that, while some stocks deprecated in prices, these 40 per cent stocks were not traded, remaining at the same price for the second consecutive year.

‎It was learnt that Investors dumped stocks in the Information Processing companies, including Chams Plc, E-Tranzact International Plc, Courteville Investments Plc, Media/Entertainment, Daar Communications and Other Financial Institutions, Deap Capital Management & Trust Plc.

Since becoming moribund, investors have decided not to trade Dunlop (Nigeria) Plc and FTN Cocoa Processors Plc. Others are Evans Medical Plc, Omatek Ventures Plc, Premier Paints Plc and R. T. BRICOE (NIG.) Plc, among others.

Although NSE has over 170 stocks, investigation revealed that nearly 60 stocks remained flat between 2016 and 2017.

The banking stocks in 2017 benefited from the Central Bank of Nigeria (CBN) foreign exchange interventions and stable growth in global oil prices, while the Industrial companies also reaped earnings from federal government spending on infrastructures.

Investors on the Stock Market in 2017 gained 43.34 per cent of their investments given the growth in NSE All-Share Index (ASI) that has appreciated to 38,522.14 basis points in 2017 from 26,874.62 basis points it opened this year.

The market growth has been driven by surge trading on some blue chip companies, including Dangote Cement Plc, Nestle Nigeria Plc, Guaranty Trust Bank Plc, Zenith Bank Plc and Presco Plc.

For instance, the price of Dangote Cement appreciated by 37.9 per cent or N66.00 to close last week at N240, while Nestle Nigeria price has added 82 per cent or N665 to close at N1,475.00 per share.

Prices of the likes of Guaranty Trust Bank and Zenith Bank have gained 63 per cent or 72.9 per cent to close at N40.50 and N25.50 respectively.

A total of four, out of eight stocks on NSE ASeM Index, remained flat in 2017 as most companies struggled to grow earnings and expand businesses. The four companies whose prices remained unchanged are Afrik Pharmaceuticals Plc, Anino International Plc, Capital Oil Plc and Juli Plc.

The NSE Insurance Index might have gained 9.99 per cent this year but the growth has been driven by majorly two insurance companies out of the 20 listed insurance companies on the Exchange.

Two stocks that have been driven by the NSE Insurance Index are AxaMansard Insurance Plc and N.E.M Insurance Co. (Nig) Plc.

Over 18 Insurance stocks were dumped by investors, as their prices remained flat (N0.50) for the second consecutive year. Prices of companies like Cornerstone Insurance Plc, Equity Assurance Plc, Great Nigeria Insurance Plc, Goldlink Insurance Plc, Guinea Insurance Plc, Consolidated Hallmark Insurance Plc, Lasaco Assurance Plc, Mutual Benefit Assurance Plc, Niger Insurance Co. Plc., Prestige Assurance Plc, and Regency Alliance Insurance Company Plc remained flat.

Others are Royal Exchange Assurance Plc, Sovereign Trust Insurance Plc, Standard Trust Assurance Plc, Standard Alliance Insurance Plc, Unic Insurance Plc, Unity Kapital Assurance Plc and Universal Insurance Company Plc. They closed for the second consecutive year at N0.50 per share.

Weak earnings stocks thus witnessed profit-taking this year as investors continued to trade with caution not to lose their investment.

The Managing Director of APT Securities Limited, Mr. Garba Kurfi explaines that investors in the capital market are wiser with their investment, noting that investors are interested in performance of listed stocks.

He said, “The present growth in the capital market is driven by foreign investors that do not trade in penny stocks. Foreign investors’ trade stocks with impressive fundamentals but if a stock proves to have fundamental, they trade those stocks.

“Take for instance, C & I Leasing was trading as low as N0.50 but today, C & I has risen to N1.32. The company has delivered good turnover and good performance. Investors in the capital market are wiser now and it takes only one performance to grow a particular stock.”

By KAYODE TOKEDE, LEADERSHIP