Curator

http://ift.tt/eA8V8J 115 foreign missions get N66.7bn By Emma Ujah, Abuja Bureau Chief, Chris Ochayi & Victoria Ojeme A BUJA —The National Assembly has doubled the 2017 budget proposal of the National Rural Electrification Agency, NREA, raising the executive expenditure proposal for the agency from N16,137,871,005 to N31,044,204551 as contained in the Appropriation Bill passed last Thursday. The legislature also partially increased the N40 billion proposed in the budget by the Transmission Company of Nigeria, TCN, to N42 billion, which is a difference of N2 billion. In the budget, the agency itemised various projects for executions under the fiscal year, which include the rehabilitation, completion and construction of rural electrification projects across the nation. The agencies under the Ministry of Power, which received various appropriations included: National Electricity Regulatory Commission, NERC; National Electricity Management Services Agency, NEMSA; National Power T...

http://ift.tt/eA8V8J By Adaeze Okechukwu ABANK overdraft  is a temporary loan banks give  to individual and corporate account holders  that enable them withdraw funds above the balance available in the account. Thus,  an overdraft allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal. However, there is usually a limit on the amount that can be overdrawn from the account. The  overdraft  limit is usually set by the bank  based on the amount of  working capital (the cash available for the company’s day-to-day operations) and credit worthiness (the ability of the borrower to honour the agreed debt obligation) of the borrower. It is worth noting that the borrower is charged an interest  based on the amount overdrawn and the period of time overdrawn. When do you need a bank overdraft? An overdraft can be the solution when  the bills are due,  money is tight,...

http://ift.tt/eA8V8J THE contributions of Sterling Bank Plc to the growth of the agriculture sector in the country has been recognised as the financial institution received the Agric Bank of the Year Award. The Bank was recognized at the third edition of the Nigeria Agriculture Awards held at Intercontinental Hotels, Victoria Island, Lagos last Wednesday, attended by top government functionaries especially those in the agricultural and the banking sectors. The award was received by Mrs. Bukola Awosanya, the Head of Agric Department of Sterling Bank. It will be recalled that Sterling Bank in 2015 won the Best Bank in Commercial Agriculture Credit Scheme (CACS), a testimony of its soaring pedigree in the business of agriculture finance in the country. Same year, it received the Agriculture Bank of the Year Award. The award which was powered by the Agriculture Policy Research Network (APRNet) and Agro Nigeria Limited was conferred on the Bank in recognition of its critical role in th...

http://ift.tt/eA8V8J By Ben Agande KADUNA — THE governor of Kaduna State, Nasir El Rufai has dissociated himself from statement credited to his Chief of Staff that he (El Rufai) will not seek a second term in office but hand over to somebody below the age of 50 years. In a statement personally signed by El Rufai, the governor stated that when the time comes for him to declare for second term or decline to contest, he would make the decision known to the public himself and not through surrogates. “In 2014, when I complied with the directive of our leader President Muhammadu Buhari to run for the office of Governor of Kaduna State, I made the announcement in person. I did not employ surrogates to engage the public on this important decision. What I did not do as an aspirant for office, I will not do as incumbent Governor. I will not communicate my decision to run for a second term in 2019 through surrogates, but directly to the people of Kaduna State” he said. According to Mallam El...

http://ift.tt/eA8V8J The capital market benefits from flow of fund in the economy, and up till now, the fifth month into the year, the 2017 budget, which is supposed to spur spending in the economy has just been passed, but yet to be signed by the president. Aigboje Higo, Managing Director, Capital Bancorp Plc, x-rays the impact on the stock market and several other issues. Excerpts: By Nkiruka Nnorom T hisis the fifth month of the year and the 2017 budget has just been passed. What is the effect of the delayed passage on the capital market? The impact is not positive because usually when the budget is passed, it requires spending and part of what we need to do to get out of recession is to have good infrastructure in the economy. But the capital market has moved on; it is tired of waiting for the budget. You find out that the capital market is looking at things like inflation that has gone downward for two consecutive months. It is looking at the first quarter result of a lot of t...

http://ift.tt/eA8V8J By Nkiruka Nnorom The plan by Unilver Nigeria Plc to divest from its spread business will help the company to maximise value for all its stakeholders, say capital market operators. They said it is common for businesses to realign their operations, but the problem arise if the outcome of the divestment does not yield commensurate dividend or income to the company. “Unilever is into so many businesses and my understanding is that it is the food side they are exiting. And actually, there is one food company from South Africa they bided, but they couldn’t get it. So, they realised that since they cannot get it, they should relinquish the food side of their business. That one is called realignment,” said Mallam Garba Kurfi, Managing Director, APT Securities Limited. “You have to get your priority right. Look at what Dangote Flour Mills did. When they realised that they will be nowhere with noodles, they decided to exit it and allow it to follow noodles that is popu...

http://ift.tt/eA8V8J The United States said on Saturday the world’s other rich economies were getting used to the policy plans of President Donald Trump, but Europe and Japan showed they remained worried about Washington’s shift. Officials from the Group of Seven nations met in southern Italy hoping to hear more about Trump’s plans which they fear will revive protectionism and set back the global approach to issues such as banking reform and climate change. U.S. Treasury Secretary, Steven Mnuchin, said the United States reserved the right to be protectionist if it thought trade was not free or fair. “We do not want to be protectionist, but we reserve our right to be protectionist to the extent that we believe trade is not free and fair. Our approach is for more balanced trade, and people have heard that,” Mnuchin told reporters at the end of the two-day meeting. “And as I say, people are more comfortable today, now that they’ve had the opportunity to spend time with me and listen ...

http://ift.tt/eA8V8J By Providence Emmanuel THE National Association of Microfinance Banks (NAMB) Enugu State chapter, weekend, said that micro small and medium enterprises (MSMEs) have developed a phobia for accessing funds from Microfinance Banks (MfBs) due to unstable or unpredictable foreign exchange regime likely to hamper repayment capacity. Chairman, NAMB, Enugu State chapter, Mrs. Nnenna Ekete, in a statement, urged the government to introduce intervention projects that would help MSMEs businesses get out of their present quagmire by ensuring easy access to funds at a very little and subsidized interest rate via the microfinance institutions. Ekete who doubles as Managing Director, Umuchinemere Pro-credit Microfinance Bank (UPMFB) bemoaned the economic situation and the lingering unpredictable foreign exchange trend in the country, stressing that it poses a great danger and huge obstacle to growth and sustenance of MSMEs. She called on the federal government to quickly intr...

http://ift.tt/eA8V8J Presidency has urged Nigerians to disregard the rumours making the rounds that something unpleasant has happened to President Muhammadu Buhari. The Senior Special Adviser to President Buhari on Media and Publicity, Garba Shehu, in a series of tweets, said the rumour “is plain lies spread by vested interests to create panic.” Some of the rumours making the rounds claim that President Muhammadu Buhari has been put to life support where he has gone to receive medical treatment abroad. Another of such rumours has it that the president may even have died. However, Mr. Shehu debunked the rumours, maintaining that nothing unpleasant has happened to the president. “Baseless rumors are trending again that an unpleasant thing has happened to our beloved President, Muhammadu Buhari.” “If you have received this information on WhatsApp or Facebook, disregard it bcos it is plain lies spread by vested interests to create panic.” “Nothing unpleasant has happened to the Pre...

http://ift.tt/eA8V8J The Peoples Democratic Party (PDP) in Enugu State on Sunday expressed optimism that it would win all future elections in the state. Some chieftains of the party in the state said at a zonal meeting in Awgu for Enugu West that the party would continue to control the state in spite of recent political realignments in the state. The Deputy Speaker of the state’s House of Assembly, Chief Donatus Uzogbado, said that the party was not envisaging any challenge from any of the opposition parties in the state. Uzogbado said that the faithful needed not fret over recent events where some members defected to the All Progressives Congress (APC), adding that PDP was “still on ground”. “The APC challenge is no challenge to us. In fact, the 2019 elections is going to be the easiest for our party in the state,” he said. Also, the Chairman of Aninri Local Government Area, Mr Chidi Ekwe, said that the unprecedented peace and unity in the party would be the tonic for its succes...

http://ift.tt/eA8V8J CAF Confederation Cup title-holders TP Mazembe of the Democratic Republic of Congo made a winning Group D debut Sunday by defeating CF Mounana of Gabon 2-0 in Lubumbashi. It was a predictable outcome as Mazembe have won 10 CAF titles while Mounana were appearing in the mini-league phase of an African competition for the first time. Both clubs are drop-outs from the CAF Champions League, having failed to qualify for the group stage of the elite African club competition. Tresor Mputu, back at Mazembe after a spell in Angola, broke the deadlock on 17 minutes and Zambian Rainford Kalaba struck five minutes into the second half. Victory gave the Lubumbashi “Ravens” a two-point lead after matchday 1 as SuperSport United of South Africa and Horoya of Guinea drew 2-2 in Pretoria Friday. Mazembe, who in 2010 became the first African side to reach the FIFA Club World Cup final, are expected to win the group and successfully defend the title. Who joins them in the quar...

http://ift.tt/eA8V8J By Gabriel Olawale In a bid to improve the health and quality of life of adolescents living with Human Immunodeficiency Virus, HIV, in Nigeria, Positive Action for Treatment Access, PATA has called on government to initiate a policy against pre-admission HIV test and other forms of discrimination against adolescents and young people seeking admission into institutions of learning. At a stakeholders’ forum on ‘Advancing the Sexual and Reproductive Health and Rights of Adolescents Living with HIV, ALHIV in Nigeria supported by Ford Foundation Office for West Africa, the Programme Manager of PATA, Mr. Francis Umoh stressed the need to facilitate free comprehensive HIV treatment for these groups of people in all government owned facilities across Nigeria. “State Agencies for the Control of AIDS, SACA together with other stakeholders within government, international and Community Organisations should establish and support platforms for ALHIV for sharing of experience...

http://ift.tt/eA8V8J French Ligue 1 table after Sunday’s matches (played, won, drawn, lost, goals for, goals against, penalty pts, points): Monaco 36 28 5 3 102 29 89 Paris SG 37 27 5 5 82 26 86 ————————————- Nice 37 22 11 4 60 33 77 ————————————- Lyon 37 21 3 13 74 45 66 Marseille 37 16 11 10 56 41 59 ————————————- Bordeaux 37 15 13 9 52 42 58 Nantes 37 14 9 14 40 51 51 Saint-Etienne 36 12 14 10 40 37 50 Rennes 37 12 14 11 34 39 50 Guingamp 37 13 8 16 45 53 47 Toulouse 37 10 13 14 37 41 43 Lille 37 12 7 18 37 47 43 Angers 37 12 7 18 38 49 43 Metz 37 11 10 16 39 71 43 Montpellier 37 10 9 18 48 64 39 Dijon 37 8 12 17 46 58 36 Caen 37 10 6 21 35 64 36 ————————————- Lorient 37 10 5 22 43 69 35 ————————————- Bastia 37 8 10 19 29 53 34 Nancy 37 8 8 21 26 51 32 Note: 1st & 2nd: Automatic Champions League qualification 3rd: Champions League third qualifying round 4th & 5th: Europa League 18th: Relegation play-off 19 & 20th: Relegated The post Frenc...

http://ift.tt/eA8V8J One person died Sunday after mutinous soldiers took to the streets in Ivory Coast’s central second city Bouake as fresh tensions gripped the world’s top cocoa grower. The victim was among five men and a mother-of-three who were hospitalised after being struck by warning shots fired to keep residents inside their homes, an AFP photographer saw. About 15 others were treated for minor injuries. “(He), Issouf Diawara, finally died from his bullet wounds,” his brother Souleymane Diawara told AFP. “I am a distraught man.” Diawara was hit on Saturday amid clashes between former rebels, some of whom have now been integrated into the army, and those who have disarmed but not integrated. The two groups are clashing over government payments. Under a deal negotiated with the government in January, struck after the ex-rebel soldiers’ first mutiny, they were to be paid bonuses of 12 million CFA francs (18,000 euros) each, with an initial payment of five million francs tha...

http://ift.tt/eA8V8J •As Ogbugh misses a penalty Nigeria’s sole representative on the continent, Rivers United Football Club of Port Harcourt were beaten 3-1 yesterday by Club Africain of Tunisia in the first Group match of the CAF Confederation Cup played away. It took the Tunisian side 23 minutes to take the lead  through Bilel Ifa. The Nigerian representatives held on, making occasional forays into their host’s half. But the home side gave their teeming fans something to cheer just before half time when Oussama Darragi converted from the spot to give Club African a two-goal lead. With two goals up, the hosts resumed from where they stopped but it was the visitors who made a strong statement when John Odumegwu pulled one back for Rivers United. The hosts fought back and increased the lead in the 71st minute when Joseph Douhadji scored an own goal to make it 3-1 for the hosts. Rivers United missed the chance to reduce the tally when Emeka Ogbugh missed an 81′ penalty as he ...