IGP appeals for a yearly 31,000 police personnel recruitment for 5 years
Ibrahim Idris, Inspector General of Police (IGP), represented by the assistant IGP in charge of Zone 4, Mr. Akali Usman, during his speech at the Passing Out Parade of 313 General Duty Recruit Constables at the Police Training School Wannune, Tarka Local Government Area of Benue state, appealed to President Muhammadu Buhari to approve an early recruitment of 31,000 police personnel in the next five years.
The call for recruitment of more hands in the police force as he said was not just to help the force effectively police the county given the increasing rate of crime but to also help the police force to meet the United Nations approved policing ratio of 1:4 being that the Nigerian police ratio is currently at 1:6 which is far below the UN’s approved ratio.
Nigeria exempted from oil production cut
At a meeting of the Organisation of Petroleum Exporting Countries (OPEC)’s Joint Ministerial Monitoring Committee on Friday in Vienna, an endorsement was given to approve Nigeria’s exemption from oil production cuts.
At the November 2016 Ministerial Conference, Nigeria had been granted production cuts but it was extended at another Ministerial Conference held in May 2017 until the country stabilizes its crude oil production. Dr Ibe Kachikwu, Minister of State for Petroleum Resources expressed his gratitude and assurance saying “Nigeria as one of the oldest members of OPEC will continue to work for the good of the organization and its member countries, respecting whatever agreements and resolutions are collectively made.”
11-man task force inaugurated on airport matters
Senator Hadi Sirika, Minister of State for Aviation on Thursday, inaugurated an 11-man taskforce to look into regulatory issues at the nation’s airports. The purpose of this taskforce according to Sirika is to look into the payment of multiple charges by the operators, state of infrastructure at the airports as well as negotiation of Bilateral Air Services Agreements (BASA)
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The following were inaugurated into the taskforce;
The Minister of State for Aviation
Special Adviser to the president on Economic matters
Director General, Nigerian Civil Aviation Authority (NCAA)
Managing Director, Federal Airports Authority of Nigeria (FAAN)
Managing Director, Nigerian Airspace Management Agency (NAMA)
Nominee of Association of Airline Operators, Capt. Bogie Maggison
Nominee of Association of Airline Operators, Mr. Allen Onyema
Nominee of Association of Airline Operators, Alhaji Kashim Shettima
Nominee of Association of Airline Operators, Capt. Mohamed Joji
Department of Air Transport Management, FMOT
International Air Transport Association (IATA) Representative
NCTL emergency shut down for oil leak
On Friday, Lagos – Aiteo Eastern Exploration and Production Company, had shut the Nembe Creek Trunk Line (NCTL) down for emergency repairs. This was a hasty security measure due to a suspected oil leakage in the area.
According to the company’s Senior Manager, Corporate Communications, Mr. Ndiana-Abasi Matthew, the emergency pipeline and response teams are already on site. He assured that Aiteo is working towards concluding the process speedily and said that further developments will be communicated.
N534billion revenue lost to power sector
Dr Austin Avuru, Managing Director, Seplat petroleum Development Company, yesterday, identified a huge deficit of about N365bn incurred from debts owed banks by the Generating Companies (GENCOs), in the third quarter of 2016. He said Nigeria continues to lag behind in its electricity consumption despite its huge proven gas reserves estimated at 192 Trillion Cubic Feet, TCF. He insists that more turbulence may continue to linger in the country’s economy as it losses over N534bn revenue a year to the in efficiency of the power sector.
Dr. Avuru attributed the current downturn in the country’s petroleum sector to weak regulation. In his words “Strong regulation is imperative to recover losses incurred over the past and then puts the industry in a better light that would attract investors as well as best practices.”
‘Ember promo’ on motor insurance; Cornerstone Insurance
The Ember promo is here again. Every year, Cornerstone Insurance offers a free one month cover on motor insurance policy to its customers for their loyalty and patronage. This year is no different as the Insurance company flags off the 2017 Ember promo.
The Ember promo is a sort of reward for the company’s loyal patrons where customers pay premium for 11 months and get 12 months’ insurance cover. The promo this year is set to run from September 2017 to January 2018.
Heritage bank, Senator Ita Giwa and Cross river to join forces on Climate Change
Heritage bank, Senator Florence Ita Giwa’s Seagull Band and Cross river have all joined forces to educate the people on Climate change; a time for Change. Managing Director of Heritage bank, Mr. Ifie Sekibo, while speaking at the programmed said that the reason the bank had collaborated with the state Government is because the bank believed so much in making the lives of mankind better by preserving it today so that it could transfer it to future generations. The bank’s first attraction though, was that the cause conforms to the Central bank of Nigeria’s regulation on Sustainability banking.
Naira on the decline yet again at N360.33 per dollar
Yesterday, naira continued the decline at N360.33 per dollar in the Investors and Exports (I&E) Foreign Exchange, Forex window. Data from NAFEX shows a decline to N360.33 per dollar yesterday from N360.25 per dollar on Wednesday creating a deficit margin of 8 kobo per dollar.
In the parallel market yesterday, the naira maintained N367 per dollar as it exchanged on Wednesday. The highest Naira has traded this month was at N362 per dollar and the lowest was at N350 per dollar in the I&E Forex Window.
Foreign Investors raise treasury bills subscription by N418bn
The Central Bank of Nigeria (CBN) at an auction of the Nigerian Treasury Bills yesterday raised N215.9 billion which was N75 billion more than the N140.9 billion that was initially intended. The total subscription amounted to N559 billion about N418.1 billion in excess.
The upsurge in the subscription has been attributed by the Financial Instruments’ traders to the interest shown by foreign investors, with the one-year paper accounting for most of the debt.
Nigeria demands IMF and World Bank reforms
Geoffrey Onyeama, the Minister of Foreign Affairs, at the 41st Ministerial Meeting of the Group of 77 plus China (G77+China) on the sidelines of the UN General Assembly, stated Nigeria’s demand on reform of the Bretton Wood institutions (World Bank and the International Monetary Fund) to make them responsive to the needs of developing countries and also reflect the realities of the 21st century.
Onyeama urged the G77 group not to relent. He said “The G77 should not relent in its demand for a more equitable international trading system as trade is an essential tool for economic development.”
G77 is a coalition of developing nations at the UN that promotes its member’s collective economic interests and create an enhanced joint negotiating capacity in the UN.