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FG To Close Abuja Airport For Six Weeks For Rehabilitation Of Runway

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The Minister of State for Aviation, Mr. Hadi Sirika, monday said the Nnamdi Azikiwe International Airport (NAIA) in Abuja would be closed between February and March next year to allow Julius Berger carry out repairs on the damaged runway.

Briefing journalists after an on-the-spot assessment of the runway, he said while the runway would still be put to use during the six months of rehabilitation, the airport would however be shut for six weeks between February and March, when the mid section of the runway would be reconstructed.

According to him, President Muhammadu Buhari had approved the reconstruction work through the emergency procurement procedure for work to commence because of the centrality and importance of Abuja to the general administration of the country.

He admitted that government cannot afford to close down Abuja airport for a long time, even though palliative repairs had been ongoing at the runway in the last three months.

The minister said: “From start to finish of the runway, it will take six months. However we will be using the runway almost throughout the period except for about six weeks when the runway will be closed. That is when we are going to do the mid-section of the runway.”

According to him, government had accepted the design done by the contractor, adding that the runway would last for more than 10 years on completion early next year.

On the six weeks closure of the airport to passenger traffic, he said Abuja bound passengers from any part of the world will use the Kaduna airport as alternative, explaining that robust arrangement had been finalised the with Kaduna State Government to convey the passengers to Abuja.

Sirika said: “It will cost government substantial amount of money but we thought in our wisdom that palliative approach is wrong because three years down, we will come back to do the same repairs therefore we decided to go for the bigger option which is to do structural repairs if the runway which will take about six months to complete.
The minister said the government was not unaware of the pains passengers are currently going through due to the non-availability of aviation fuel and the scarcity of foreign exchange which has also impacted on government finance.
While pleading for understanding, he said consultations were ongoing with oil marketers, the Ministry of Petroleum and Central Bank of Nigeria (CBN) to resolve the crisis, adding: “Very soon, the country will be out of this, as we cannot be relying on Ghana for aviation fuel.”

Read More: thisdaylive

Police Intervenes In Close Lynching Of Micro-Finance Bank MD By Customers

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The timely intervention of the police in Enugu prevented the lynching of Mr Kingsley Ubenyi, the Managing Director of Kesley Mega Micro-Finance Bank, by the bank’s aggrieved customers on Friday.

The spokesman of the Police Command in Enugu, Mr Ebere Amaraizu, told the News Agency of Nigeria (NAN) that the rescue of the bank boss came as a result of prompt intervention of a police patrol team after a security tip-off by some members of the public.

Amaraizu said the incident happened at about 5 p.m. on Wednesday at the De-Dome Event Centre in New Haven, Enugu.

He said reports reaching the police indicated that hundreds of aggrieved customers of the bank were seen striking the managing director, who was forced to sit in his vehicle, which was later damaged by the irate crowd.

“The aggrieved customers maintained that they are customers of the micro-finance bank and that despite repeated efforts to withdraw their money in their savings accounts with the bank, no light was seen at the end of the tunnel.

“Not long after, a meeting between the customers and the managing director was convened at De Dome event centre, New Haven, Enugu, where the bank boss tried to explain the difficulties faced by his bank over the payment of customers’ money.

“This (the explanation) did not go down well with the aggrieved customers, who got violent and descended heavily on him before the intervention of the police operatives,’’ he said.

Amaraizu, however, said the aggrieved customers were advised to be law-abiding and to seek redress by taking the lawful step to access their monies.

“The managing director is currently receiving treatment at a nearby hospital,’’ he said at the time of writing this report

Credit: NAN

FG May Close Seme Border Over Smuggling

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Nigeria may close its borders with Benin Republic to stem smuggling of rice and other consumables as well as the illegal importation of weapons into the country.

Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who expressed government’s displeasure over the porosity of the Seme border, said, it has rubbished efforts of the present administration in diversifying the economy, especially, through agriculture. He warned that government may be forced to take very drastic measures.

Speaking in Abuja when the Senate Committee on Agriculture and Rural Development, led by its chairman, Abdullahi Adamu, visited the ministry, yesterday, as part of its oversight functions, Ogbeh recalled that former President Olusegun Obasanjo had threatened to shut the border but was prevailed upon by the then President of Benin Republic, Mr. Boni Iyayi, to rescind the decision.

“If that border will be a threat to the survival of Nigeria; we may decide to take very drastic action,” Ogbeh stated.

On his part, Senator Adamu urged government not to succumb to propaganda.

of those he described as powerful importers, who, according to him, “are bent on keeping farmers in foreign lands in business,” while their Nigerian counterparts live in penury.

He added that “the 70 percent tariff on rice should be maintained and progressed, proportionally, as the deadline for rice importation draws nearer.”

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http://sunnewsonline.com/smuggling-fg-may-close-seme-border/

Banks To Close Branches As Recession Bites Hard.

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A number of Deposit Money Banks in the country will close many of what they described as unprofitable branches as the economic recession continues to bite harder, investigation by our correspondent has shown.

It was similarly gathered that most of the banks would lay off hundreds of workers between now and December.

The revelation came barely 24 hours after Unity Bank Plc laid off about 300 workers, more than the 220 that was mentioned last week.

Diamond Bank Plc, Ecobank and Skye Bank Plc had earlier in the year sacked over 3,000 members of their workforce.

It was learnt that following the economic downturn in the country, a number of bank branches could no longer justify their existence as cost analysis had shown that the financial institutions were spending more on salaries and overheads than the income from the branches.

Some top bank executives, who confirmed the development to our correspondent under the condition of anonymity on Monday, said some lenders might be forced to relieve more workers of their duties before the end of this year.

An executive director in one of the banks that recently asked some of its workers to go said, “We have laid off some of our staff members but that it still not enough. Many branches are just existing for the sake of being there. They are not generating enough income. What they are bringing in is far less than what the bank is incurring as costs on them.

“We may have to close such branches before the year ends. I know a number of other banks that are planning something similar.”

Commenting on the development, an ex-banker and Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, described branch closure as an ongoing action in the banking sector, especially in times of economic downturn.

He, however, noted that banks were required to notify the Central Bank of Nigeria before closing any branch.

“It is an ongoing administrative thing in the banking industry. Banks will want to rationalise branches, especially in a difficult economy. Banks are planning to cut costs. Branch rationalisation is normal but the CBN has to be notified,” Chukwu explained.

The banking sector has been facing a number of challenges following the downturn in economic activities.

The slowdown in the economy, which has led to a high rate of non-performing loans in the banking system, made four lenders to lose at least N17bn in profits in the first quarter of this year.

Specifically, Ecobank Transnational Incorporated, Guaranty Trust Bank Plc, Unity Bank Plc and Diamond Bank Plc recorded a combined decline of N17bn in their profits before tax for the three months ended March 31, 2016, when compared with the corresponding period of 2015, according to the results of the financial institutions posted on the website of the Nigerian Stock Exchange.

When compared with the PBT of N30.52bn, N32.65bn, N4.26bn and N7.94bn recorded by the banks in the first quarter of 2015, the combined PBT of the four banks dropped by N17bn from N75.4bn in the first quarter of last year to N58.4bn in the same period of this year.

While Ecobank’s PBT fell from N30.52bn in the first quarter of 2015 to N20.63bn in a similar period of this year, GTBank’s dropped from N32.65bn to N30.68bn. That of Unity Bank dropped from N4.26bn to N1.05bn, while Diamond Bank’s came down from N7.94bn to N6.04bn.

In terms of their profit after tax, the four banks recorded a decline of N14bn.

Banks in the country had been posting sharp increases in profits before tax and profits after tax since 2011 after the establishment of the Asset Management of Corporation of Nigeria in 2010 following the banking sector crisis in 2009.

However, consistent drop in the global prices of crude oil, Nigeria’s main foreign exchange earner, since June 2014, caused banks’ profits to start declining at the end of 2015.

Majority of the 15 banks listed on the NSE recorded declines in their full-year profits in the 2015 financial year. However, a few ones such as Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc and GTBank outperformed the market despite sizeable volume of bad loans.

In the first quarter of 2016, 13 out of the 15 banks posted a combined PBT of N135.36bn, compared to N148bn in the corresponding period of last year.

Similarly, the 13 banks posted profits after tax of N116.6bn in the first quarter of 2016, compared to N126.4bn in the first quarter of 2015.

The 13 banks are Access Bank Plc, Diamond Bank Plc, Ecobank Transnational Incorporated, First Bank of Nigeria Limited, GTBank, FCMB Limited, Sterling Bank Plc, Fidelity Bank Plc, UBA Plc, Unity Bank, Wema Bank Plc, Union Bank Plc and Zenith Bank Plc.

Skye Bank Plc and Stanbic IBTC Bank have yet to release their full-year 2015 and first-quarter 2016 financial results.

An economic analyst and Head, Investment Advisory, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said the declining profit in the financial services sector was a reflection of the challenges facing the Nigerian economy.

Banks To Close Branches As Recession Bites Hard

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A number of Deposit Money Banks in the country will close many of what they described as unprofitable branches as the economic recession continues to bite harder, investigation by our correspondent has shown.

It was similarly gathered that most of the banks would lay off hundreds of workers between now and December.

The revelation came barely 24 hours after Unity Bank Plc laid off about 300 workers, more than the 220 that was mentioned last week.

Diamond Bank Plc, Ecobank and Skye Bank Plc had earlier in the year sacked over 3,000 members of their workforce.

It was learnt that following the economic downturn in the country, a number of bank branches could no longer justify their existence as cost analysis had shown that the financial institutions were spending more on salaries and overheads than the income from the branches.

Some top bank executives, who confirmed the development to our correspondent under the condition of anonymity on Monday, said some lenders might be forced to relieve more workers of their duties before the end of this year.

An executive director in one of the banks that recently asked some of its workers to go said, “We have laid off some of our staff members but that it still not enough. Many branches are just existing for the sake of being there. They are not generating enough income. What they are bringing in is far less than what the bank is incurring as costs on them.

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http://punchng.com/banks-close-branches-recession-bites-hard/

Turkey Failed Coup Of July 15 Cost Turkey Close To $100b

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Bulent Tufenkci, Turkish Customs and Trade Minister, said on Tuesday in Istanbul that the failed coup of July 15 has cost Turkey at least 99.9 billion dollars in damages.

He said that the damages include destroyed buildings, military equipment, decline in orders abroad for goods and a drop in tourism. Tufenkci said it was so unfortunate that the coup plotters had tried to create an image that Turkey is a “third world country.

The minister said photos of tanks on the streets during the night of the putsch attempt were posted all over the city. He, however, also noted resilience in the local economy, including the quick reopening of the stock exchange.

“The lira has also recovered some of its loses. “During the peak of concern over the coup, the lira had dropped from about 2.87 to the dollar to 3.09. It is now trading at just below 3 to the dollar,’’ he said.

Tufenkci noted that the standard and poor rating by agencies downgraded Turkey after the coup, citing concerns not only over the economy itself but also checks and balances. The minister announced that Turkey is currently in the middle of a 90-day state of emergency.

Credit: Vanguard

Why Buhari Ordered Arrest Of Close Ally & Arms Panel Member

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President Muhammadu Buhari ordered the arrest of a key member of the panel investigating the mismanagement of public funds meant for the war against Boko Haram after receiving damning reports that he was involved in alleged money laundering and illegal possession of firearms, reliable security and presidency sources have said.

Despite being his close ally and loyalist, Mr. Buhari okayed the arrest of Mohammed Umar, after perusing reports alleging that the retired Air Force officer ran a blackmailing and extortion cartel, officials said.

Mr. Umar was arrested last week as operatives of the State Security Service (SSS) raided his Abuja home.

Those familiar with the matter said before moving against the retired officer, the Director General of the SSS, Lawal Daura, met with Mr. Buhari where he tabled reports suggesting that the panel member had been busy using the name of the president and other top officials of the administration to intimidate, extort and blackmail individuals and businesses.

“The president became worried and jittery when he was confronted with the way a man he trusted had been behaving,” a presidency source said. “So he ordered that he should be picked up while the allegations against him are thoroughly investigated.”

Security sources told this newspaper that documents seized from Mr. Umar’s residence during a raid on June 19 included classified documents from the president’s office, details of government transactions from the Central Bank of Nigeria, and details of bank transactions belonging to the Office of the National Security Adviser.

A document containing details of disbursements made to the Nigerian armed forces and security agencies was also recovered during the raid.

Mr. Umar retired as an air commodore in the Nigerian Air Force in January 2014. While in service, he headed the Air Force’s Holding Company as well as the Air Force Properties Limited.

Credit: PremiumTimes

Another 140,000 bpd Shut In As Agip, AITEO Close Operations In Bayelsa

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Nigeria’s crude oil production capacity has again dropped by 140,000 barrels per day (bpd) from the renewed activities of the Niger Delta Avengers (NDA), a new militant group in the country’s Delta region.

The News Agency of Nigeria (NAN) reported in Abuja yesterday that while the Nigerian Agip Oil Company (NAOC) has shut its Bayelsa production facility which produces 65,000bpd, indigenous operator, Aiteo, which operates the Nembe Creek Trunk Line, has also stopped its 75,000bpd facility in Bayelsa.

According to the agency, earlier attacks on NAOC oilfield on May 18 and 24 resulted in the shutdown of some 5,200 barrels of its equity share of oil output.

It said a spokesperson for Agip confirmed the development in a short e-mail response to it.

“The total deferred production due to the attack is 65,000 barrels of oil equivalent daily,” read the e-mail sent to NAN.

It further said: “I can confirm that. There is no further impact on production, since all production from the swamp area has already been stopped days ago.”

According to crude production figures provided by the oil firm, the country is losing about $3.12 million in revenue each day its facility remains out of production.

Also, Shola Omole, spokesman for Aiteo, said the Nembe Creek Trunk Line, which conveyed crude to Bonny export terminal but came under attack by NDA on May 28, had been shut.

Omole explained that 75,000bpd of oil was deferred as the line remained out of service.

Credit: Thisday

Military Announces Plans To Close Markets In Borno, Yobe Aiding Insurgents

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The Nigerian Army has announced plans to close designated markets in Yobe and Borno where traders have been found to be aiding Boko Haram terrorists with logistic supplies.

The acting Director of Army Public Relations, Col. Sani Usman, made the disclosure at a news conference in Abuja on Tuesday.
He said the plan was part of measures adopted to contain attempts by some unscrupulous elements to sabotage recent gains recorded by the military in the war against insurgency in the northeast.

Usman said any breach of the order of the closure of the markets would be punished and appealed to residents of the affected areas to support new measures, aimed at ending the insurgency permanently.

“It has come to the knowledge of the Nigerian Army that as concerted efforts are being made to finally clear all remnants of Boko Haram insurgents in the northeast, some unscrupulous elements have been thwarting the efforts for pecuniary gains.

“They engage in all manner of illegal commercial activities, such as trading and smuggling, especially during late hours, all aimed at sustaining terrorism and insurgency.

“Consequently, the Nigerian military and, indeed, the Nigerian Army are highly concerned with these unpatriotic acts .

“The Army is, therefore, taking drastic steps to curtail this illicit trading with terrorists, from now on, some markets identified engaging in this illegal trade with adversary in Borno and Yobe will be closed,’’ he said.
Credit: dailytrust

Oil Close To Being Found In North East- NNPC

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Nigeria may well be on the verge of a significant oil find in the Lake Chad area in North East based on analysis of recent Seismic 3D data generated from the Basin, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Ibe Kachikwu has said.
Dr. Kachikwu revealed this in a presentation to the Petroleum Club, Lagos, over the weekend.
The NNPC boss in the presentation titled, “Ongoing Reforms in the Oil Industry: Impact of NNPC Reforms on the Nigerian Economy,” said that the Corporation was injecting a lot of energy into the effort to ensure success in this regard.
He said, “There are signs from the latest 3D seismic studies that oil may well be very close to being found now in Lake Chad after very many years of trials. I think that this is very key.  It is key both for the geographical balancing of oil production and it is also very key for the purpose of refinery placement in the north in terms of access to crude. I am optimistic that by the end of the year we should be able to announce something major on this,” the GMD said.
Dr. Kachikwu noted that in driving and developing Nigeria’s oil and gas sector, certain key areas of urgent intervention have been identified.
They are: running production acreages with transparent and profitable partnerships to bridge capacity and funding gaps; encourage investment inflow into Nigeria’s oil and gas industry; engagement with local communities and driving regulation to develop the sector income, among others.
Providing specifics on the intervention targets, Dr. Kachikwu stated that the NNPC is projecting the inflow of $20 billion in 2016 to enable the Corporation fund major projects and improve its bottom line going forward.

Credit: DailyTrust

Xenophobia: Malawi To Close All South African Businesses Today

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The Malawi government has resolved to close all south African owned businesses today, the 24th of April. The decision is not unconnected to the ongoing Xenophobic massacre in South Africa, where two Malawians were killed..

However, after 390 Malawians were resuced from south African two days ago, the government has decided to for now place embargo on South African companies such as ShopRite, Games ,PEP among others operating in the country. The decision according to report will take effect from today.

Read More: dailypost