All Posts in "000"

APGA can reduce bag of rice to N9,000’

The Anambra State Governor, Willie Obiano, on Monday said the All Progressives Grand Alliance would field a presidential candidate in the 2019 general election.

bags-of-rice

Obiano, who is also the Chairman, Board of Trustees of the party, said if voted into power, an APGA national government would reduce the cost of a bag of rice to N9,000.

He stated this in Awka, the Anambra State capital, during the inauguration of ‘Governor Willie Obiano Support Group’, Awka South Chapter.

Represented by his Special Adviser on Political Matters, Mr. Chinedu Obidigwe, Obiano said APGA would want to prove to Nigerians that the party had the solution to the country’s woes.

He said “Anambra is a case study for good governance. If APGA will be given the opportunity to rule Nigeria a bag of rice will reduce N9,000.

“What Anambra has done in agriculture, which resulted in the state having its own brand of rice (Anambra rice) would be replicated at a bigger scale should APGA win the presidential election.

“The state has used scarce resources to resuscitate the state’s economy, leading to infrastructural development and timely payment of workers’ salary”, Obiano stated.

Online Editor by — September 20, 2016 in Local News
BDCs: CBN increases dollar sale to $50,000

The Central Bank of Nigeria has approved an increase in the maximum amount that could be sold to the Bureau De Change operators from $30,000 to $50,000 per week.

The decision was taken at the Bankers’ Committee meeting, which was held at the headquarters of the CBN on Tuesday in Abuja.

The move is part of the measures aimed at making more foreign exchange available to the BDCs as well as assist in bringing down the huge margin between the naira and the dollar.

The Director, Banking Supervision Department, CBN, Mrs. Tokunbo Martins, addressed journalists shortly after the meeting

She was accompanied during the briefing by the Managing Director,United Bank for Africa, Mr. Kennedy Uzoka; MD,  Zenith Bank Plc,Mr Peter Amangbo; MD, Jaiz Bank Plc, Mr Hassan Usman, and the CBN acting Director, Corporate Communications, Mr. Isaac Okoroafor.

Some of the issues discussed at the 328th bankers committee meeting were the state of the economy, financial inclusion and financial literacy, savings mobilisation, and foreign exchange management.

Uzoka, who spoke on the decision taken by the committee on the sale of dollar to the BDCs, said the move was informed by the fact that the country was in a stage where a lot of dollar would be needed to meet financial obligations of overseas students.

Apart from this, he said it was imperative to also increase the weekly sale of dollars to BDCs in order to meet the rising demand of those traveling abroad for business trips.

He said the decision was taken after the committee analysed the feedback it got from the financial market after two weeks of implementing the CBN’s  directive to banks to sell forex to BDCs.

The apex bank had in the circular issued two weeks ago directed banks to provide BDCs with a maximum of $30,000 per week.

He said, “The issue of making foreign exchange available to Nigerians has been very topical and the CBN has been working very hard to address this.

“About two weeks ago, a policy was released that made banks to send money to the BDCs and the BDCs are supposed to pass this money to Nigerians for various needs.

“At the meeting today and as expected, we got feedback from the market and the CBN, being a responsive regulator, has decided to move the limit of$30,000 per the BDC to $50,000.

“So, we believe that this development will make more cash available to the BDCs and increase the supply and help drive down the price.”

Online Editor by — August 17, 2016 in Markets
I Donated $900,000, Not $14 million says The chairman of Oriental Energy Resources Alhaji Muhammadu Indimi,

The chairman of Oriental Energy Resources, Alhaji Muhammadu Indimi, has denied media reports that he donated US$14 million to Lynn University in the United States. Rather, the amount he donated, according to him, was $900,000.

Alhaji Muhammadu Indimi,
Alhaji Muhammadu Indimi,

In a statement sent to THISDAY editorial Board Chairman, Mr Olusegun Adeniyi, to protest the piece, “The Prodigal Billionaire”, published in his column of 25th May, 2016, an official of Oriental stated that neither Indimi nor the company donated the figure being credited to him and for which he was being vilified.

The company also listed Universities of Uyo, Port Harcourt, Calabar and Nsukka among institutions of higher learning in Nigeria to which Indimi and his company had extended considerable financial support running into billions of Naira in recent years.

Below is the full text of the statement from Oriental, endorsed by its chairman, Indimi:

“Following recent online, and media coverage of a donation made by our Chairman, Dr Alhaji Muhammadu Indimi, we find it necessary to provide clarity on the nature of the relationship with Lynn University, and Oriental’s operations in and commitment to the Niger Delta.

“Contrary to reports circulating, neither Oriental, nor our Chairman, donated US$14 million to Lynn University. This figure is unsubstantiated, inaccurate and misleading. The figure jointly donated by Oriental and former partner, Afren Plc,  to Lynn University, a University from which Dr. Indimi and nine of his children have received nine Bachelors, five Masters, and one Doctorate degree, is $900,000.

“Oriental Energy is a proud indigenous oil company with a steadfast commitment to investing positively and purposefully in the communities where we have operations and beyond. Oriental is particularly committed to fostering and supporting the development of education and indigenous technical skills, as a fundamental pillar for long term sustainable development. We understand that without adequate investment in the education of the youth, there will be no sustainable economic growth.

“This is why the organisation has, over a four-year period, contributed billions of Naira to the communities where we operate in Nigeria. These donations include scholarships to beneficiaries from the Universities of Uyo, Port Harcourt, Calabar and Nsukka, amongst others, the development of University Of Port Harcourt’s digital library, the re-habilitation of the University of Uyo’s Petroleum Institute, infrastructure development in our host communities” as well as donations towards support for Internally Displaced People in the North East of Nigeria, and victims of terrorism.

“Oriental Energy Resources will continue to protect its reputation and reiterate its commitment to the Nigerian community particularly in instances like this where journalistic due diligence would have disproved the unsubstantiated rumors.”

Online Editor by — May 28, 2016 in Local News