FG spends N3.72tr on domestic debt servicing

FG spends N3.72tr on domestic debt servicing

The Federal Government has spent a total of N3.72tn to service local debts in the past three years, statistics available from the Debt Management Office have shown.

According to latest statistics made available by the DMO, the Federal Government spent a total of N1.48tn on actual debt servicing in 2017.

With N1.23tn and N1.02tn spent on domestic debt servicing in 2016 and 2015, respectively, these add to a total of N3.72tn in the last three years.

Among the various instruments that the Federal Government used to borrow from the domestic debt market, the highest interest was paid on the FGN Bonds.

In 2017, for instance, the Federal Government paid N982.66bn on the FGN Bonds. A total of N445.13bn was paid on Nigerian Treasury Bills; N22.99bn was paid on Treasury Bonds; while N25bn of the principal was repaid. An interest of N442bn was paid on Savings Bonds.

The Federal Government has been spending considerable resources in recent times on the servicing of domestic debts, thereby raising questions of the sustainability of the country’s debt burden.

However, the Federal Government has insisted that the nation’s debt burden is sustainable since it is less than 20 per cent of the country’s Gross Domestic Product although less revenues have made the payment of interest burdensome.

This has motivated the government to move towards foreign borrowing since such loans attract less interest payment.

A recent statement released by the DMO put the country’s total debt profile at N21.73tn.

The DMO said the composition of the debt stock as of the end December 2017 showed that external debt was 26.64 per cent of the portfolio, up from 20.04 per cent in 2016, while domestic debt was 73.36 per cent, down from 79.96 per cent a year earlier.

Further analysis showed that the domestic debt for the Federal Government was N12.59tn, while that of the states and the Federal Capital Territory was N3.35tn.

The external debt of the Federal Government, states and the FCT was N5.79tn. This puts the total public debt as of December 31, 2017 at N21.73tn.

According to the DMO, restructuring of the country’s debt mix has led to an increase in foreign debts in order to minimise the high interest rate on local debts.

The DMO stated, “The key benefits of the restructuring of the portfolio are the reduction of the government’s debt service costs, lowering of interest rates in the domestic market and improved availability of credit facilities to the private sector.

“We repaid N198bn Nigerian Treasury Bills in December 2017 with the proceeds of Eurobond issuances, and we have continued further implementation of the strategy in 2018, with the issuance of the S2.5bn Eurobonds in February 2018, the proceeds of which are being used to repay maturing domestic debts, starting with N130bn NTBs repaid on March 1, 2018.”

According to the DMO, the borrowings are for financing capital expenditure and stimulating the economy.

The funds injected through the borrowings strongly supported the implementation of the Federal Government’s budget, which helped the country to exit recession in 2017, the DMO said.

It added that the total public debt as of December 31, 2017 represented 18.2 per cent of Nigeria’s GDP for the year.

This showed that Nigeria’s debt had continued to be sustainable and was well within the threshold of 56 per cent for countries in her peer group, the DMO said.

U.S. firm gets first licence to operate cinemas in Saudi Arabia

U.S. firm gets first licence to operate cinemas in Saudi Arabia

Saudi Ministry of Culture and Information on Wednesday said it had given U.S.-based firm — AMC — the first licence to operate cinemas in the kingdom.

Saudi Minister of Culture and Information, Awwad Alawwad, said in a statement that AMC planned to open Saudi Arabia’s first cinema theatre in the capital, Riyadh, on April 18.

He added that “the granting of the first licence marked the opening of very significant opportunities for exhibitors.”

Alawwad added that the Saudi market was large, with majority of the population under the age of 30 and eager to watch their favourite films at home.

In December, Saudi authorities announced the re-opening of cinemas in the country, lifting a 35-year-old ban.

The move was part of the kingdom’s Vision 2030 plan, launched by Saudi Arabia’s Crown Prince Muhammad bin Salman in a bid to open up the country for investors and to diversify the kingdom’s economy.

According to the culture minister’s statement, Saudi Arabia expects to have nearly 350 cinemas, with over 2,500 screens by 2030.

The 32-year-old crown prince was believed to be behind the lifting of ban on women driving in the kingdom, a move that would go into effect in June.

FIFA’s new rules: Yellow cards for coaches + others

FIFA’s new rules: Yellow cards for coaches + others

Football ruling body FIFA is testing three possible new rules including yellow cards for coaches at youth tournaments, according to Deputy Secretary-General, Zvonimir Boban.

Boban told Wednesday’s edition of German weekly Sport Bild that coaches and other officials are currently sent off
immediately for offences which is not ideal.

“Up to now coaches were sent to the stands straight away in the case of wrongdoings.

“The yellow card informs the coach that he has to control his temper, otherwise he is in for it,” Boban said.

The other tested rule changes are allowing goalkeepers to make kick-offs to teammates positioned within the penalty
area, and to have substituted players leave the pitch anywhere.

“Players who are substituted are often slow to leave the pitch, fake problems to waste time and to disturb the
rhythm of the opposition before they leave the pitch at the midfield line,” Boban said.

“The referee can now order them to leave the pitch anywhere.”

US Judge Refuses To Step Down In Cosby Sex Case

US Judge Refuses To Step Down In Cosby Sex Case

The judge presiding over Bill Cosby’s retrial for alleged molestation on Friday quashed defense demands that he step down for purported bias because his wife works with sexual assault victims.

Judge Steven O’Neill, in Pennsylvania, denied the request in a written order after reportedly telling a pre-trial hearing Thursday that there was no evidence of bias and his wife was an“ independent woman.”

The bid had been another attempt from Cosby’s defense team, headed by Tom Mesereau, to substantially delay the retrial for alleged sexual assault.

Mesereau is the celebrity Los Angeles lawyer who got Michael Jackson acquitted of child molestation in 2005.

The defense had claimed “a clear appearance of partiality ”because Deborah O’Neill coordinates a sexual trauma team at the University of Pennsylvania, donated to an activist group that had targeted Cosby, and wrote a dissertation on acquaintance rape.

Jury selection is now due to begin in Norristown on Monday with opening statements expected to begin April 9 at the earliest . O’Neill has already presided over the case for two years.

He was forced to declare a mistrial last June when the jury failed to reach a unanimous verdict against the comedy legend on three counts of aggravated indecent assault.

The 2017 trial irrevocably damaged the once- towering icon of US popular culture, loved by millions as “America’s Dad” and best known for his seminal role as a father and obstetrician on hit 1984-92 TV series “The Cosby Show.”

The 80-year-old, once a pioneering African-American entertainer, is accused of drugging and molesting a former university basketball official at his Philadelphia home in 2004. He says their relations were consensual.

Around 60 women have publicly accused the Emmy-winning actor of being a serial sexual predator, but most of the alleged abuse happened too long ago to prosecute, putting him in the dock in connection with only one of the alleged victims.

Now frail and isolated, he risks spending the rest of his life in prison if convicted.

AFP

Residents flee as monkeys invade Lagos community

Residents flee as monkeys invade Lagos community

Invasion by monkeys from natural habitat is forcing many residents of Soluyi/Sosanya Community in Gbagada, Lagos State, to flee.

Some of the residents told Newsmen in Lagos on Monday that they could no longer withstand the situation.

They called on the state government to save the community from the trouble, saying that the animals forced their ways into their rooms, destroying window and door nets, food stuffs and other items.

The Chairman of the community’s Landlord Association, Mr Adigun Olaleye, said that it had become difficult for the community to curtail the monkeys and their destructive attitude.

He said that the invasion might have resulted from the nearness of the community to a swamp forest that separated the community from Ifako area.
According to him, the monkeys come into residences at any time including early morning and gain entrance into rooms even if the houses are locked.

Olalaye told Newsmen that the community had written a letter to the Lagos State Ministry of Agriculture as regards the situation but had yet to get a relief.

“They said we would have to pay for them to come and pack the monkeys,” he said.
He said that the invasion had been on for years but recently became unbearable.
Olaleye appealed to the state government to urgently intervene.

Narrating her ordeal, a journalist who lives in the community, Mrs Funmilola Gboteku, told Newsmen that the monkeys had forced her family to flee.

“Many times, these monkeys come to the neighbourhood to destroy our property. Once they see food items inside a house, they direct all their energies at gaining entrance forcefully.

“The monkeys are in the habit of tearing the protective nets on windows to gain entrance and eat whatever they find in the house.

“I have had to replace the protective nets several times; I am tired of doing it.
“I have been locking my windows but locking of windows has disadvantages; there is no cross ventilation in the house, and as a result, we suffer heat,’’ she told Newsmen.

Another resident, Mr Gabriel Omopariwa, said that he was tired of the destructive attitude of the monkeys and had tried to look for ways to stop them, to no avail.

“On several occasions, these monkeys have destroyed our kitchen nets to gain entrance and steal food items.

“Several traps have been set to capture and kill these demonic animals to no avail.

“One of my neighbours, while trying to pour chemical on a monkey, fell in the bowl of the chemical; she had to be rushed to a hospital.

“She still lives with the scars from the unfortunate incident,” he said.

Mr Joshua Folowosele, a landlord, said that the monkeys entered his wife’s shop on many occasions to eat gala, biscuits and other foods.

“We have tried to poison them on many occasions, but those monkeys are too smart; once they perceive the smell of the food, they usually detect it has been poisoned.

“Some of them have been killed with guns, but we cannot keep shooting in a residential area; it is very risky.

“Those of us who are landlords can testify that these monkeys have been disturbing us for years.

“One of the landlords here had to sell his house to move to another place when he got tired of the disturbance,” Folowosele said.

Another landlord, Mr Oluwatosin Aregbesola, told Newsmen that his tenants were no longer feeling safe in the house because of the monkeys.

“The monkeys enter kitchens to eat our soups and any food stuff on the shelf.

“The day I tried to catch one of them, the monkey attacked me by using its long nails to punch a hole on my neck and scratch my face,” he said.

Aregbesola appealed to the state government to save the community from the menace.

MMM founder, Sergei Mavrodi, dies of heart attack at 62

MMM founder, Sergei Mavrodi, dies of heart attack at 62

Founder of MMM scheme, Sergei Mavrodi Russian businessman Sergei Mavrodi, whose MMM pyramid scheme deprived millions of Russians of their savings in the 1990 s , has died of a heart attack , according to Russia media.

Reports said the 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.

Mavrodi’s MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. Mavrodi promised returns of 20 percent to 75 percent a month, as well as lotteries and bonuses for investors.

As soon as the number of new clients stopped growing, the pyramid collapsed, causing huge financial losses for at least 10 million people, in some cases leaving them destitute.

In 1994, Mavrodi was elected as a lawmaker, a decision he later said was to ensure he received immunity from prosecution. In 1996, he lost his parliamentary mandate.

In 2007, a Moscow court found him guilty of financial fraud and sentenced him to 41/2 years in a penal colony.

In 2011, Mavrodi launched another pyramid scheme called MMM-2011, calling on investors to purchase so- called Mavro currency units in a bid to get rid of the “unfair” financial system.

Some 15 months later, Mavrodi halted the project.

From 2011-16, Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria.

In many of those countries, Mavrodi’s operations were subsequently shut down or suspended.

Brent Crude Oil Futures Above $70 Per Barrel On Middle East tension

Brent Crude Oil Futures Above $70 Per Barrel On Middle East tension

Oil prices rose on Monday with international Brent crude futures, Nigeria’s blend of crude oil, opening above $70 per barrel for the first time since January.

According to a Reuters report, prices were lifted by expectations that OPEC-leader Saudi Arabia may extend supply cuts into 2019, as well as concerns that the United States may re-introduce sanctions against Iran.

In Asia, meanwhile, Monday saw the launch of Shanghai crude oil futures, potentially marking the dawn of a new oil price benchmark to rival dominant Brent and West Texas Intermediate (WTI).

U.S. West Texas Intermediate (WTI) crude futures were at $66.06 a barrel, up 18 cents, or 0.2 percent, from their previous close.

Brent crude futures were at $70.74 per barrel, up 29 cents, or 0.4 percent.

"Oil prices are on the ups driven by rising geopolitical risk in the Middle East," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.

"President Donald Trump continues to suggest the U.S. will pull out from (the) Iran nuclear deal, which raises the specter of bringing back sanctions on the country and severely limiting Tehran's ability to export crude oil," Innes said.

Prices have also been supported by statements from Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), that production cuts that have been in place since 2017 may be extended into 2019. An agreement between OPEC and some other producers, led by Russia, to withhold supplies in order to prop up prices came into force in January 2017, and is currently scheduled for expiry by the end of this year.

Financial oil markets have long been dominated by Europe's Brent and America's WTI.

That may begin to change gradually going forward, as Monday saw the launch of Chinese crude oil futures out of Shanghai - Asia, despite being the world's biggest and fastest growing oil consumer, has so far not had a benchmark.

Few analysts doubt that Asia is overdue a financial oil price benchmark, and that China with its vast consumer and production base is a prime location for it.

"The government (in Beijing) seems determined to support it, and I hear a number of firms are being asked or pressured to trade on it, which could help," said Jeff Brown, president of energy consultancy FGE.

Despite this, Brown said there were concerns over regulatory interference, as seen in other Chinese financial commodity markets, including iron ore and coal.

"The fact that the government is encouraging the exchange and also is not shy about stepping in to occasionally change the rules may discourage international players," Brown said.