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TSA implementation will end arm chair banking – NDIC boss

From Hir Joseph, Jos

The Managing Director of Nigerian Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has hailed the initiative and implementation of the federal government approved Treasury Single Account (TSA) for revenue accruals.

Ibrahim, who spoke with newsmen at the National Institute for Policy and Strategic Studies (NIPSS), yesterday, disclosed that the corporation is in full support of the initiative, which, according to him, will end the era of armchair banking in Nigeria.

“We do support the treasury single account which the federal government is understandably implementing. This shouldn’t be strange to anybody, especially the banks,” he said. “Two, three years back, the banks had been warned to make sure that they take steps, so that they do not over rely on government deposits. So it is an opportunity for the banks to diversify their sources of deposits. There is a lot of money outside the banking system. I think it signals the fact that the era of arm-chair banking is over.”

On the rumour of planned retrenchment in the banking sector, the NDIC boss said TSA implementation will not affect commercial banks to the extent of laying off their staffs.

“I’m not sure about mass retrenchment in the banks and I don’t think it is taking place. But organisational renewal in the banks is a continuous process whereby banks rationalise branches and operations to enhance efficiency and at the same time they do undertake recruitment so that they renew their human capital,” he said.

“The CIBN, CBN and the bankers committee are looking into this issue and we hope that with time, the phenomenon will be drastically reduced,” Ibrahim added.

External reserves down 3% in month by Sept 14

Foreign exchange reserves fell 2.97 percent to $30.69 billion by Sept. 14, from $31.63 billion a month earlier, data from the Central Bank of Nigeria showed on Wednesday.

The reserves of Africa’s top crude exporter were down 22.42 percent from a year earlier.

The central bank has used the reserves to support the local currency, selling dollars to bureau de change operators twice weekly in a bid to narrow the gap between the official and unofficial exchange rate.

Reserves picked up shortly after President Mohammadu Buhari took office in May, which was attributed to efforts to plug leakage and demand management by the central bank. The central bank restricted access to foreign exchange and introduced tight control of the currency market to curb speculation and conserve reserves. Reuters

Equities rebound with N16bn gain

From Kayode Ogunwale, Lagos

Speculative activities in the stock market yesterday resume the upward movement of the local bourse, as investors recorded N16 billion gains.

Thus, the benchmark All Share Index gains 47.70 points or 0.16 per cent to close at 30,359.47 points.

Analysts at United Capital Limited said market will continue to oscillate between gains and losses this week, though tilting towards the positive.

Trading however recorded 169.857 million shares worth N1.418 billion in 3,512 deals as against 413.883 million shares valued at N2.361 billion in 4,331 deals recorded on previously.

The financial services sector dominate volume and value, driven by transactions in FBN Holdings Plc which traded 39.490 million shares worth N242.790 million, followed by United Capital Plc with 21.726 million unit of shares valued at N31.609 million, Unity Bank Plc with 12.625 million share at N16.006 million and Guaranty Trust Bank traded 12.422 million shares worth N296.155 million.

The market closed higher as 26 stocks appreciated in price as against 19 of Tuesday while 21 stocks depreciated in price as against 29 stocks recorded previously.

At the end of the trading, Total Nigeria Plc led other stocks on the gainers chart with a gain of N6.38 kobo to close at N150.00 kobo per unit from N143.62 kobo. Seplat Petroleum Development Company Plc followed with N3.00 kobo gain to close at N233.00 kobo from N230.00 kobo, Mobil Oil Nigeria with a gain of N2.50 kobo per share to close at N145.00 kobo from N142.50 kobo, Cadbury Nigeria with N1.14 kobo gain to close at N24.07 kobo and Guaranty Trust Bank Plc with N0.51 kobo per share to close at N24.01 kobo.

Nigeria was not statistically ready for MDGs- Kale

By Francis Arinze Iloani

The Statistician-General of the Federation, Dr Yemi Kale, yesterday disclosed that Nigeria was not statistically ready for the Millenium Development Goals (MDGs).

Speaking at the stakeholders’ workshop on data mapping for Sustainable Development Goals (SDGs) held Abuja yesterday, Kale said Nigeria started monitoring four years after the MDGs started and there were multiplicity of agencies tracking the implementation process, thereby creating confusion.

“It was difficult to tell if Nigeria met the targets or not,” he said, while referring to the confusion caused by multiplicity of bodies tracking implementation of the goals.

He disclosed that even when the tracking started, the Bureau used wrong indicators to track the achievements of some of the goals.

Kale said both the baseline and some indicators used in tracking the development goals were wrong, a development which would not be repeated in the implementation of the Sustainable Development Goals (SDGs).

The Director/Secretary of Programme, Office of the Senior Special Assistant to the President on MDGs, Mr. Ochapa Ogenyi, said lack of reliable data can hamper smooth implementation of development agenda.

He said globally, data gap affects implementation and comprehensive data can aid implementation of the new development goals in Nigeria when adopted by the United Nations.

The Secretary of Programmes, who said SDGs will be adopted by the global community next week, added that Nigeria will implement the new goals to complete the work which the MDGs started.

NBS’s Head of Department of Demography and Social Statistics Department, Mrs. Patricia Eweama, said in the implementation of the SDGs, emphasis will be placed on good governance and detailed statistics to measure performance.

NERC gets enforcement team, hits on power operators

By Simon Echewofun Sunday

With the improvement in available of electricity to Nigerians, the Nigerian Electricity Regulatory Commission (NERC) said it has inaugurated a team to enforce its many regulations while sanctioning defaulting power operators.

Chairman of the Commission, Dr. Sam Amadi who inaugurated the 10-man task team recently said improvement being noticed in electricity supply industry was a result of regulatory efforts of the past.

“It is time to improve on our enforcement activities. Enforcement should not be an event but a process, which could entail complaint, compliant, investigation, and monitoring,” Amadi said.

He advised members of the task team to give the assignment their best in order for the Commission to achieve its mandate of ensuring that electricity is delivered in a safe, adequate, reliable and affordable manner, which will ultimately result in improved service delivery in the sector.

Speaking for team, the Head of Enforcement Unit and the team leader, Mr. Chijioke Obi said the assignment came at the right time and promised that members of his team will not fail the Commission in carrying out the assignment.

Memberships of the team were drawn across the divisions and departments of the Commission.

‘Jigawa set for N1 billion dollar investment’

From Abdullahi Anako,Dutse

The North-West Regional Coordinator of the Growth and Employment in State(GEMS3),a DFID funded programme,Alhaji Umar Muhammad yesterday said about 40 projects worth N1 billion dollars is about to commence in Jigawa.

Muhammad who spoke to Daily Trust at the end of a one day workshop on Public – Private Engagement Mechanism(PPEM) said GEMS3 in partnership with InvestJigawa are the brain behind the investment drive.

” The main aim of this workshop is to see how we can create an enabling environment for effective collaboration between the private and public sector in Jigawa. GEMS3 for example have intervened in Jigawa in the area of tax reform. We have assisted the 27 local government to harmonize their tax and levies to avoid duplication. We have assisted the state government to establish an agency to attract investment in Jigawa since 2013 after the investment summit. We in conjunction with InvestJigawa are putting finishing touches to about 40 investment projects worth about N1billion dollars for the state”

He said GEMS3 has also assisted the Ministry of Land in Jigawa in the area of land administration and issuance of C of O adding that the system has been decentralised such that C of O can be issued in less than two days at most.

The Zonal Coordinator said with the right policies in place and a strong will on the part the of government to continue with its reform policies,Jigawa will soon become the investment hub in the north.