2017 Budget: 115 Foreign missions to gulp N48.899bn

The Ministry of Foreign Affairs has budgeted over N48. 899 billion on 115 foreign missions abroad in the 2017 budget.
Foreign Missions have suffered a huge set back in the past one year due to lack of financial support from the ministry.
Analysis of the 2017 budget proposal showed that Nigeria’s Foreign Mission in New York led the list with the highest allocation of N1.877 billion.
Washington followed with an allocation of N1.05 billion; London received an allocation of N1.433 billion; Berlin, N743.880 million; and Madrid, N682. 286 million.
On the flip side, Nigeria Foreign Mission in Columbo, Sri Lanka, received the least allocation of N259.16 million, followed by the Mission in Lome, with N252.6 million.
Others in this category are Freetown N260.61 million and Spain, with a total allocation of N267. 84 million.
The total allocation to the Ministry of Foreign Affairs and its agencies is N66.664 billion, comprising recurrent expenditure of N56.869 billion and capital expenditure of N9.795 billion.

Russian military jet crashes with 92 onboard

 

A Russian military plane crashed Sunday in the Black Sea as it made its way to Syria with 92 people onboard, including more than 60 Red Army Choir members heading to celebrate the New Year with troops.

Local news agencies, citing the defence ministry, said the Tu-154 plane had crashed shortly after take-off at 5:40 am local time (0240 GMT) from the southern city of Adler where it had been refuelling.

Defence ministry spokesman Igor Konashenkov told Russian news agencies that one body had been recovered six kilometres off the coast of the resort city of Sochi, as a frantic search operation continued to hunt for the missing.

“Fragments of the Tu-154 plane of the Russian defence ministry were found 1.5 kilometres from the Black Sea coast of the city of Sochi at a depth of 50 to 70 metres,” the ministry said.

The plane had been on a routine flight to Russia’s Hmeimim airbase in western Syria, which has been used to launch air strikes in Moscow’s military campaign supporting its ally President Bashar al-Assad in the country’s devastating civil war.

Among the plane’s 84 passengers were Russian servicemen as well as 64 members of the Alexandrov Ensemble, the army’s official musical group also known as the Red Army Choir, and its conductor Valery Khalilov. They were headed to Syria to participate in New Year celebrations at the airbase.

There were also eight crew members onboard, the ministry said.

Nine journalists were among the passengers, with state-run channels Pervy Kanal, NTV and Zvezda saying they each had three staff onboard the flight.

A list of passengers published by the defence ministry also included Elizaveta Glinka, a doctor and charity worker who serves on the Kremlin human rights council.

Mikhail Fedotov, who heads the council, said Glinka was travelling to Syria to bring medication to a university hospital in the coastal city of Latakia near the airbase, agencies reported.

– ‘Too early’ –

Kremlin spokesman Dmitry Peskov told news agencies that President Vladimir Putin had been informed of the situation and was being kept updated on the search operation.

“It’s too early to say anything,” agencies quoted Peskov as saying, adding that Putin was in constant contact with Defence Minister Sergei Shoigu.

“The president is waiting for the picture to be clear.”

Konashenkov said that Deputy Defence Minister Pavel Popov had flown to Adler along with a team tasked with clarifying the circumstances surrounding the crash.

Russia’s Investigative Committee said a criminal probe had been launched to determine whether violations of air transportation safety had led to the crash.

Investigators are currently questioning the technical personnel responsible for preparing the plane for take-off, the committee said.

Tu-154 aircraft have been involved in a number of accidents in the past.

In April 2010 many high-ranking Polish officials, including then president Lech Kaczynski, were killed when a Tu-154 airliner went down in thick fog while approaching the Smolensk airport in western Russia.

Moscow has been conducting a bombing campaign in Syria in support of Assad since September 2015 and has taken steps to boost its presence in the country.

In October, Putin approved a law ratifying Moscow’s deal with Damascus to deploy its forces in the country indefinitely, firming up Russia’s long-term presence in Syria.

Russian warplanes have flown out of the Hmeimim base to conduct air strikes, and the base is also home to an S-400 air defence system.

afp

Barack & Michelle Obama Celebrate their Achievements in Final Christmas Address

Outgoing U.S. President Barack Obama and First Lady Michelle Obama says they are leaving America better than they met it.
Delivering their final Christmas time weekly address on Saturday, the Obamas wished families across the U.S. a joyous festive season.
The President and the First Lady recalled their first joint holiday address eight years ago, and thanked the Americans for the honour to serve.
The Obamas also thanked the U.S. troops for their service and urged people to find ways to support them during the festive season.

“Merry Christmas everybody! One of the best parts of the holiday season is spending time with the special people in your life. And for me, that means getting some help from my best friend (Michelle) for our annual Christmas Weekly Address.
And the greatest gift that Michelle and I have received over the last eight years has been the honour of serving as your President and First Lady.
Together, we fought our way back from the worst recession in 80 years, and got unemployment to a nine-year low. We secured health insurance for another 20 million Americans, and new protections for folks who already had insurance.
We made America more respected around the world, took on the mantle of leadership in the fight to protect this planet for our kids, and much, much more. By so many measures, our country is stronger and more prosperous than it was when we first got here. And I’m hopeful we’ll build on the progress we’ve made in the years to come.
For the final time as the First Family, we join our fellow Christians around the world to rejoice in the birth of our Saviour. And as we retell His story from that Holy Night, we’ll also remember His eternal message, one of boundless love, compassion and hope.
Those are values that help guide not just my family’s Christian faith, but that of Jewish Americans, and Muslim Americans; nonbelievers and Americans of all backgrounds.
And no one better embodies that spirit of service than the men and women who wear our country’s uniform and their families.
So as we look forward to the New Year, let’s resolve to recommit ourselves to the values we share. And on behalf of the all the Obamas – Michelle, Malia, Sasha, Bo, and Sunny – Merry Christmas, everybody,” the two-term U.S. president said.

On her part, Michelle described celebrating Christmas in the White House for the past eight years as a privilege, saying she stood by Obama to give him all the help he could get.

“Celebrating the holidays in the White House over these past eight years has been a true privilege. We’ve been able to welcome over half a million guests… our outstanding pastry chefs have baked 200,000 holiday cookies… and Barack has treated the American people to countless dad jokes.
This year’s White House holiday theme is ‘The Gift of the Holidays’, and our decorations reflect some of our greatest gifts as a nation: from our incredible military families, to the life-changing impact of a great education.
The idea that we are our brother’s keeper and our sister’s keeper; that we should treat others as we would want to be treated.
And that we care for the sick… feed the hungry… and welcome the stranger… no matter where they come from, or how they practice their faith.
As always, many of our troops are far from home this time of year, and their families are serving and sacrificing right along with them. Their courage and dedication allow the rest of us to enjoy this season. That’s why we’ve tried to serve them as well as they’ve served this country.
Go to JoiningForces.gov to see how you can honor and support the service members, veterans and military families in your community – not just during the holidays, but all year round.
And we wish you and your family a happy and healthy 2017… thanks, and God bless,” the First Lady said.

Interbank rate jumps to 50% on CBN forex sales

The overnight lending rate rose sharply to around 50 per cent on Friday, from an average of 4.5 per cent on Thursday, after the Central Bank of Nigeria debited commercial banks’ accounts for special foreign exchange sales.

The CBN had on Monday asked banks to submit bids for a “special currency auction” to clear the backlog of matured outstanding dollar obligations for selected sectors of the economy, which include airlines, fuel importers and manufacturing firms.

Forex traders said the central bank sold “funded forwards of two to five months tenor” dollars to the targeted sectors at an auction this week and required them to pay for the dollar sale on Friday.

The CBN is yet to disclose the amount sold but currency traders said the cost of borrowing among banks climbed because of a scramble for funds among commercial lenders to pay for the forex purchases, Reuters reported.

The country is in its first recession in 25 years, caused by low global oil prices, which have cut the supply of dollars needed to fund imports.

Attacks by militants on pipelines in the Niger Delta since January have cut crude output, reducing dollars earned.

The dollar shortage in the country has caused many companies to halt operations and lay off workers, compounding the economic crisis.

The naira has traded at around 305.5 naira to the dollar on the official interbank market since August, while it was quoted at 495 to the dollar on the parallel market on Friday.

The financial market is closed until Wednesday due to public holidays over the Christmas period.

$15m Ibori bribe: EFCC lists Ribadu as key witness

The pioneer Chairman of the Economic and Financial Crimes Commission has been listed as a key witness against a former Governor of Delta State, Mr. James Ibori, who the Federal Government is attempting to repatriate from the United Kingdom, Saturday PUNCH can confirm.

Ribadu had in an affidavit accused Ibori of giving him $15m in 2007 so that the EFCC boss would not initiate a case against him.

After receiving the cash, however, Ribadu entered it into evidence after which it was kept in the vault of the Central Bank of Nigeria.

Ribadu had said, “Ibori approached me with $15m to stop his investigation. The money was brought in sacks. I called my people because the money was in big bags, which two people could not carry and we deposited it in the CBN as evidence against him.”

In July 2012, the EFCC approached a Federal High Court in Abuja, requesting for a final order forfeiting the $15m Ibori bribe which had been in the vaults of the CBN for more than five years to the Federal Government as unclaimed proceeds of crime.

Justice Gabriel Kolawole on October 25, 2013, awarded the Federal government ownership of the $15m Ibori bribe which is the subject of legal tussle between the EFCC and the Delta State Government.

Justice Kolawole said that in the final analysis, “the applicant’s application to make a final forfeiture order succeeds and the said sum of $15m is hereby forfeited to the first applicant, that is, the Federal Government who shall take steps to capture it in its earnings of the Federal Government of Nigeria in its 2012/2013 fiscal year and shall administer the funds to address specific needs that will be beneficial to a greater number of the citizenry.”

When asked to react to information available to Saturday PUNCH that the Attorney General of the Federation had listed him among the Federal Government’s list of witnesses against Ibori, Ribadu said, “I am not aware. But if I am asked to testify, I will. But like I told you, nobody has contacted me.”

In a related development, the EFCC is expected to amend the 170 charges brought against Ibori in 2008 in order to avoid a case of double jeopardy.

The charges will be attached to an application for mutual legal assistance which will be sent to the UK government

The ex-governor, who spent four years in a UK prison, was released on Wednesday. Some of his supporters had also kicked against attempts by the Federal Government to arraign him in Nigeria next year, insisting that it would be unjust for him to be tried twice for the same crime.

A source at the EFCC, however, said, “Ibori’s alleged crimes are many. He was convicted on 10 counts of money laundering and conspiracy to defraud.

“He can be charged with offering gratification to a public officer in order to refrain from acting in the exercise of his official duties regarding the investigation of the petition against him. This is not double jeopardy.”

Punch

Sterling Bank’s N100bn commercial paper’ll boost market confidence

The registration of the Sterling Bank Plc’s N100bn commercial paper programme will boost confidence in the Nigerian financial market, according to FMDQ OTC Securities Exchange.

The CP, which was signed on the FMDQ platform, came barely after the listing of the Wema Funding SPV Bond.

This registration followed the due approval of the FMDQ Board Listings, Markets and Technology Committee and served to further instil confidence in the Nigerian financial market, given the current economic climate, the FMDQ said in a statement.

The statement added, “An FMDQ quotations service avails, among others, credibility for quoted CPs and global visibility via the FMDQ website and the FMDQBloomberg Trading System (E-Bond).”

Having successfully commenced and developed its listings and quotations process, FMDQ said it had contributed to the growth and competitiveness of the Nigerian fixed income market.

The firm added, “The timely and efficient registration of the Sterling Bank CP programme is a validation of one of the core mandates of FMDQ towards revolutionising the Nigerian debt capital market.”

Customers form long queues at banks’ ATM points

Customers preparing for Christmas and New Year festivities, findings showed, were busy withdrawing cash from the ATMs to buy food items, dresses, decorations and other things needed to make the Yuletide an exciting experience.

The economic recession ravaging the country may not mar the Christmas and New Year experiences of most Nigerians if long queues seen at the ATM points are anything to go by.

“I need to prepare for the Christmas; I have come to withdraw some cash for my wife to get some dresses for the children and us,” a businessman, who identified himself as Kunle Benson, told our correspondent at a Skye Bank Plc ATM gallery in Ikeja.

Similar stories were told by bank customers who spoke to our correspondent at the ATM centres in Iyana Ipaja, Ikotun-Egbe, Ogba, Magodo and Ojodu in Lagos.

“I have been very busy but it is high time I bought things we need for the Yuletide. I have come to get some cash to buy food items we will need for the Yuletide,” a trader, Mrs. Shola Ologunjaye, told our correspondent at a Guaranty Trust Bank Plc’s ATM gallery in Ojodu, Lagos.

Some customers told our correspondent they were surprised about the long queues seen at most ATM centres, saying it was too early to start seeing such queues.

A customer, who identified himself simply as Johnson, said he had driven from Ogba to Ojodu in search of ATM galleries with short queues.

“I never knew I could get to this point and still did not get an ATM with a shorter queue. I wonder where the people are from. People are queuing up to get cash everywhere,” he said

An ATM officer in one of the commercial banks, who spoke to our correspondent under the condition of anonymity, said the situation was made worse by most Nigerians withdrawing cash to travel to their home towns for the Yuletide.

On why the biting economic recession did not stop the long queues emerging at the ATM galleries, a professor of Economics at the University of Uyo, Leo Ukpong, said the impact of the recession would be felt after the Yuletide, pointing out that most bank customers were withdrawing cash from the savings they had made for the Christmas and New Year celebrations.

The don said, “People have savings and people will normally save towards the Christmas. We will feel the impact after the Christmas and the New Year,”

 However, Ukpong said the ATM queues were also being compounded by poor cash management by the CBN.

He said, “It is not only in Lagos we are having the long queues. I have seen them in Uyo as well. I asked why and they said that the CBN would normally print new notes to replace the old and dirty notes. But recently, they have not been doing much. Somehow, there is a shortage of notes for the ATMs. People are now withdrawing cash to travel and do other things to prepare for the Yuletide. The danger is that this can cause panic in the system. The CBN’s cash management system needs to do something.”

An economic analyst, Mr. Haruna Okunade, said the recession was affecting many Nigerians and that not everyone would experience Yuletide in the manner they used to do.

Sickly six-year-old raises €1m from nail-varnish dare

A terminally ill Dutch six-year-old boy, who hoped to raise a few hundred euros for other sick children by daring people to paint their nails in garish colours, had raised more than one million by Friday.

Tijn Kolsteren, who was diagnosed with brain cancer in May, launched the appeal only two days ago but it has quickly fired the imagination of the Dutch public who had donated more than 1,270,000 euros ($1,326,000) at the last count.

“Paint your nails, make a donation and then challenge three of your friends to do the same,” dares the donation page, which invites participants to share their pictures on social media using the hashtag #lakaan (meaning “the polish is on”).

“Most poor children diagnosed with pneumonia don’t live until the age of five,” said the young boy on the site. “That’s why we have to put up a fight.”

Celebrities, politicians, presenters and actors have been among thousands of people who have posted pictures of their painted nails online, with far-right politician Geert Wilders plumping for deep red.

“I got really emotional when I heard the story about this little guy — it made a really big impression on me,” Prime Minister Mark Rutte said at his weekly press conference.

The appeal is part of a traditional event in The Netherlands where radio DJs lock themselves away for several days without food or drink to raise money. This year, proceeds are going to the Red Cross.

Although Tijn’s cancer was diagnosed on May, it was only last week that his family learned that a course of chemotherapy had failed to reduce its size.

“Despite this bad news, we wanted to do something for children who won’t maybe even make it to six,” his father Gerrit told public television channel NOS.

“We came up with the idea together: Tijn had already painted his nails with a friend and liked it. I wanted to do something similar to the Ice Bucket challenge and men painting their nails is a bit taboo,” he added, referring to the internet craze that raised millions.

The Dutch press hailed the boy as a hero, with the tabloid AD putting a picture of him dressed as a superhero under the headline “SuperTijn.”

AFP

Buhari seeks Senate’s confirmation of Ayine as Auditor-General

President Muhammadu Buhari

President Muhammadu Buhari on Tuesday asked the Senate to consider and confirm Mr. Anthony Mkpe Ayine, as the Auditor General of the Federation.

This is contained in a letter by President Buhari to the Senate President, Bukola Saraki, on Tuesday.

President Buhari noted in the letter read by Saraki that Section 86(1) of 1999 Constitution of the Federal Republic of Nigeria, (as amended), states that the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission subject to confirmation by the Senate.

The letter added, “In line with this constitutional requirement, the Federal Civil Service Commission has recommended Mr. Anthony Mkpe Ayine for appointment as the Auditor-General for the Federation. The Curriculum Vitae of Mr. A. M. Ayine is herewith attached.

“I have accepted this recommendation and hereby present the nomination of Mr. Anthony Mkpe Ayine for confirmation by the Senate.

“While hoping that this request will receive the usual expeditious consideration of the Distinguished Senators, please accept, Mr. Senate President, the assurances of my highest regards.”

FG to partly fund 2017 budget with proceeds from oil licenses

 

Minister of Budget and National Planning, Senator Udo Udoma

The Minister of Budget and National Planning, Udoma Udoma, says that the Federal Government will issue new oil licences as part of efforts to explore new streams of revenues to fund the 2017 budget.

Udoma made this known when he appeared before the Senate Joint Committee on Appropriation and Finance to defend the revised Medium Term Expenditure Framework and the Fiscal Strategy Paper.

He said that the Federal Government would also review the current joint venture arrangements with oil companies, marginal oil fields as well as mount pressure on revenue generating agencies to surpass expected targets.

Udoma said a total of N10tn was being targeted by the Federal Government as revenue for the 2017 fiscal year.

According to him, out of this amount, about N5tn is expected to be generated from the sale of crude oil.

He said, “Non-oil revenues will rake in about N5.06tn.

“These revenues are expected to come from corporate and company taxes, Nigeria Liquefied Natural Gas, Stamp Duties, capital gains tax and value added tax.

“Others are Customs, excise, fees, surcharges on luxury items, special levies and Federal Government independent revenue.”

Speaking further on the budget projections, Udoma said. “I know N7tn seems larger than N6tn.

“In actual dollar term, the 2017 budget is smaller. We have had challenges in revenue generation in funding the 2016 budget.

“We are trying to get to the bottom of revenue generating agencies in order to raise more money.

“On independent revenue, we need to work with the National Assembly. The issue of 80 per cent of operating surplus is a problem.

“We need to work with the National Assembly to review certain clauses of the law. We need to be more imaginative and creative in order to get out of the problem we have with revenue generating agencies.

“We want to issue a presidential order to ensure that revenue generating agencies are unable to spend money unless payments of salaries until their budgets are passed.

“We want to be more engaging in the Niger Delta to ensure that there is peace in order for us to produce.

“We will be increasing the amount for the Amnesty Programme to the old figure. It is important to engage the people in the Niger Delta region.”

The MTEF report submitted to the Senate by the Budget Office indicated that the 2017 budget which was initially pegged at N6.7 trillion, had also been revised upward to N7.3tn.

Out of this, the FG is expected to expend N1.5tn in servicing domestic debts, however, the FG earmarked N1.3tn in the 2016 budget.

On foreign debt, the government would spend N175.9bn as against N54.5bn spent on foreign debt servicing in the 2016 budget.

On capital expenditures, the government budgeted N2.1tn.

Recurrent expenditures would gulp N1.9tn, about N1.8tn was budgeted for the same purpose in the 2016 Appropriation.

The new figure is coming in spite of claims by the government that many ghost workers had been removed from government’s payroll.

The Federal Government also intends to borrow a total of N2.3tn, out of this, N1.5tn would be sourced locally, while N1.1tn would be gotten from foreign sources.

In the 2016 budget, N1.2bn was reportedly borrowed locally, while N635.8bn was gotten through foreign borrowing.

President Muhammadu Buhari is expected to present the 2017 budget proposal on Dec. 14, before a joint session of the National Assembly.

(NAN)

Court orders Zenith Bank to unfreeze Fayose’s account

A Federal High Court sitting in Ado Ekiti has ordered Zenith Bank to immediately unfreeze the accounts of Ekiti State Governor, Ayodele Fayose.

Justice Taiwo Taiwo said the  Economic and Financial Crimes Commission did not follow the laid down regulations in ordering the bank to freeze the accounts.

CBN to unveil N30bn agric/SME fund in January

Godwin Emefiele

The Central Bank of Nigeria has said it will, together with the Deposit Money Banks, set up a new fund to boost agriculture and the Small and Medium-sized Enterprises in the country, targeting at least N30bn for the first year.
The Governor, CBN, Mr. Godwin Emefiele, disclosed this on Saturday at a press briefing after the eighth Bankers’ Committee annual retreat in Lagos.
He said the Agriculture/SME Fund would be unveiled on January 1, 2017, but the money would not be available until around March or April after the DMBs’ audited accounts would have been presented to the public.
Emefiele, who is also the Chairman of the Bankers’ Committee, said the committee would continue to promote an efficient and stable economy to deliver price stability, financial system stability, financial inclusion and economic growth.
According to him, the committee has defined goals for 2017 to include supporting government’s efforts to develop adequate infrastructure to engender viable and productive SMEs, and increasing access and cost of funding, particularly to the agriculture and manufacturing SMEs.
He said, “We will identify opportunities to provide funding and necessary support for agriculture and manufacturing SMEs, including structures and systems to improve the ease of regulatory compliance.
“The central bank will, together with the banking sector, establish an agriculture/SME fund from contributions of a portion of profit after taxes of Deposit Money Banks as a deliberate strategy to support the funding and access to finance by the SMEs and primary agriculture.”
The governor said the modality for the fund, which will operate as an equity fund, would be worked out by the Bankers’ Committee and communicated in due course.
He said the committee would continue to focus on capacity building and expansion as well as deepening awareness of available information infrastructure.
The communiqué issued at the end of the retreat, “Efforts will include providing industry-focused SME financial skills curriculum to develop financial and business capacity; promoting the need for capacity building; promoting the use of payment systems; providing shared structures for basic financial records; and providing the use of new and existing financial infrastructures for access to credit.
“Over the next few days, the Bankers’ Committee will finalise the strategy, governance framework action plan and assign responsibilities for implementation of the committee’s programme for 2017 that will achieve the desired results and outcomes.”

Punch

If MMM collapses, millions of Nigerians will suffer – founder

MMM founder Sergey Mavrodi has said the scheme has done a lot to improve the welfare of Nigerians and reduce poverty despite the fear expressed by the federal government that it is a ponzi scheme.
In an open letter, MMM founder urged the government to look at the benefits of the scheme to over three million Nigerians in one year of its existence in the country, especially, where the scheme is the only source of livelihood for some Nigerians.
The letter was displayed on the page of MMM participants, NAN reported.
The open letter read, “So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.”
“What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?
“You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.
“You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What”s wrong with that?
“You have repeatedly stated that “it should be investigated!.. researched!..” It means you know nothing about this System yet; you even haven’t understood how it works………
“And finally. If you know what is right for people, why is the life so bad in the country?”
The Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) had warned against participation in the scheme while as the House of Representatives ordered a probe into its activities in the country.

NAN

2017 Budget will pull Nigeria out of recession – Buhari

President Muhammadu Buhari has appealed to Nigerians not to lose faith in the ability of his administration to make a difference in their lives, saying the 2017 Budget contains measures that will pull Nigeria out the current economic recession.

The president in his 2016 Eid-el-Maulud message to Muslim faithful, urged Nigerians not to despair as he was doing his best to redress the situation, particularly with a number of policies he had embedded in the 2017 budget proposals, which he would lay before the National Assembly on Wednesday.

He said: “As we use the memorable occasion of this celebration to reflect on our current challenges, I urge you not to lose faith in the ability of this administration to make a difference in the lives of our people.

“The 2017 Budget proposals, which I will lay before the National Assembly on Wednesday, will contain measures that we are confident will get the nation out of its economic woods.”

The president, while wishing all Muslims a happy and memorable celebration of the birth of the great Prophet, said through His (Prophet) teachings, particularly on peaceful living, tolerance, sobriety, generosity, sacrifice and honesty, and wisdom, the nation had gained immensely in building a harmonious and prosperous society.

Buhari said the universal truth of the Prophet’s values remained unchanged.

He said: “Against all odds, we have used these pillars of strength in securing a just and fair society, and our efforts are beginning to yield dividends in curbing terrorism, militancy, corruption and other crimes that devalue our humanity.”

Buhari called on Nigerians not to allow the reality of the temporary challenges to undermine “our hope, reverse our collective will to succeed, or divide us”.

Rather, Buhari said, it should remind us of “why we need to stay together, fight together and succeed together”.

According to him, we all share a vision of a better Nigeria, and we will all share in the responsibility of building the country of our dreams.

He said: “As we look forward to 2017 with hope and huge expectations, let me assure you that with collective dedication and hard work, we will overcome the mountain of economic difficulties, and return our country to the path of prosperity.”

The president described the occasion of the Prophet’s birth as, “another period of celebration, and deep reflection”.

“Celebration, because we are marking the birth of Prophet Mohammed (Peace Be Upon Him), and deep reflection, because it is another opportunity of pausing, taking a deep breath and reflecting on the current realities before us,” he added.

NSE, EFCC stop N20m capital market fraud

The Nigerian Stock Exchange and the Economic and Financial Crimes Commission have succeeded in aborting a N20m fraud targeted at the estate of an investor in the market, the late Prof. David Osifo.

The development was contained in a letter by the deceased’s wife, Prof. Bola Osifo, to the NSE, commending the two organisations for helping the family to recover the sum of N20m being her late husband’s investment.

In the letter, she wrote, “On behalf of the Osifo family, we will like to thank the NSE for the dedicated effort in ensuring the stolen shares were reimbursed to my husband’s estate.”

The late professor had equity investment to the tune of N20, 176,852.19 in the capital market but was said to have been illegally appropriated by some fraudsters.

Upon the detection of the crime, the wife of the deceased contacted the NSE.

The Exchange, according to the statement, was said to have swung into action and collaborated with the EFCC to recover the sum in full.

The collaboration between the NSE and the EFCC to prevent and combat abuse and infractions by players in the capital market was said to have yielded fruit.

The NSE in October 4, 2013 signed a Memorandum of Understanding with the EFCC to tackle market infractions and abuse. This partnership had successfully opened direct lines of communication and information sharing with the EFCC for reporting and investigations of incidents leading to a more proactive law enforcement and swift recovery of stolen securities.

To further protect investors, the NSE had set up the Investors Protectors Fund to compensate claimants for pecuniary losses suffered by them as a result of wrong doing by certain dealing member firms of the Exchange. The establishment of the IPF is pursuant to Section 197 of the Investment and Securities Act 2007. So far, 158 investors have been compensated

Speaking on the establishment of the IPF, the Chief Executive Officer of the NSE, Mr. Oscar Onyema, who is also a trustee of the IPF, described it as a milestone.

“This milestone gives me great pleasure as it affirms our commitment to the continuous development of initiatives that will bolster confidence in the capital market,” he said.

We won’t consider 2017 budget until MTEF is passed – Senate

Senate President Bukola Saraki

The Senate has said it will not consider any bill until the 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper it is currently working on is passed, even though President Muhammadu Buhari will present the 2017 Appropriation Bill to the National Assembly next Wednesday.

The President had notified the National Assembly of his intention to present the Appropriation Bill to the legislature on December 14, 2016.

Buhari’s letter to the Assembly was read by the President of the Senate, Senator Bukola Saraki, during plenary at the Senate on Tuesday.

The President, in the letter titled: ‘2017 budget proposals and plans to lead Nigeria out of recession’, said he would also address a joint session of both chambers of the National Assembly on the efforts by his administration to bring the country out of recession.

The Deputy Majority Leader of the Senate, Senator Bala Ibn Na’Allah, while making clarifications on the possibility of presenting the budget proposals to the legislature when the MTEF/FSP had not been passed, stated that the lawmakers would not work on the bill until the framework had been approved.

He said, “What people don’t understand is that the approval of the MTEF is not a precondition for accepting the budget, but it is a precondition for passing the budget into law. I want you to understand the difference.

“What does the MTEF entail? It is giving us a graphic expectation of a country and of its income, either perceived, derived or accrued. Now, if the President presents the budget on Wednesday, which we hope will be presented, the Senate will now go ahead to approve the MTEF so that it will provide the foundation for us to examine what has been presented by the President on Wednesday as a budget of the nation for the 2017 year.”

Buhari had sent the MTEF/FSP, which will form the basis for the national annual budget for the three years, to the National Assembly for legislative approval, and had narrowly escaped being rejected for the second time by the Senate on November 23.

The upper chamber of the National Assembly condemned the projections in the document as unrealistic, even though it said the Presidency had set December 1 for the presentation of the 2017 Appropriation Bill to the legislature.

The senators, who took turns to criticise the new version of the MTEF/FSP as well as the officials who prepared the document during the day’s plenary, submitted that it should be sent back to the Executive to include the “correct” figures showing the true state of the economy.

The MTEF/FSP had earlier been rejected by the Senate over the failure by the Executive to include some critical details in the document.

The Majority Leader, Senator Ali Ndume, had described the first version of the MTEF and FSP as “empty.”

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Sudan arrests top human rights activist – Amnesty

Sudanese security agents have arrested a prominent rights activist, Mudawi Ibrahim Adam, as part of an ongoing crackdown on dissent, Amnesty International said on Thursday.

The 58-year-old was taken into custody on Wednesday at the University of Khartoum where he works as a professor of engineering, the rights watchdog said.

“He was arrested by National Intelligence and Security Service agents… and taken to an undisclosed location where he is at a grave risk of torture and other ill-treatment,” Amnesty said in a statement.

Ibrahim’s family members also confirmed to AFP that he had been arrested and that they had no information on his whereabouts.

“Mudawi’s arbitrary arrest underscores the government’s desperate attempts to extinguish the last embers of dissent in the country,” Amnesty’s deputy director for East Africa, Michelle Kagari, said in the statement.

In recent weeks, Sudanese security agents have arrested several opposition leaders and activists in an attempt to crush widespread protests against a government decision to raise fuel prices last month.

The authorities are determined to avoid any repetition of 2013 unrest that was sparked by a similar round of fuel subsidy cuts.

It was suppressed only by a deadly crackdown by security forces that drew international condemnation.

Rights groups say that crackdown left about 200 people dead, while the government put the death toll at less than 100.

Groups of protesters have staged sporadic demonstrations against the latest round of subsidy cuts, but anti-riot policemen have swiftly dispersed them.

Opposition groups and activists had called for a three-day “stay-at-home” strike in November against the rising cost of living and subsidy cuts. The call had met with a mixed response.

Ibrahim, who has worked extensively on human rights causes in Sudan, has been arrested several times before for his work.

His organisation the Sudan Social Development Organisation was shut down by the government in 2009.

Nigeria targets 2.1m bpd crude oil output in Jan 2017 – Kachikwu

Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, yesterday said Nigeria hopes to boost its oil production to 2.1 million barrels per day next month.

Kachikwu disclosed this while speaking at a Bloomberg Markets Summit in Abu Dhabi, reports Reuters.

The latest revelation is coming on the heels of a previous statement from the ministry on Monday which said Nigeria’s output is at 1.9 million bpd with all three of its main fields online.

Meanwhile, the Nigerian National Petroleum Corporation, NNPC, yesterday outlined a detailed proposal to help the National Assembly fine-tune its deliberation on the draft Petroleum Industry Governance and Institutional Framework law, PIGIF which is currently before it for legislative action.

In a presentation at the public hearing organised by the Joint Senate Committee on the Petroleum Industry Governance Bill, Group Managing Director of the NNPC, Dr. Maikanti Baru, said that though the Corporation is in support of the decision to present the Governance and Institutional Framework as a separate legislation from the Fiscal and Commercial Framework, the prevailing international and domestic business environment makes it imperative to undertake certain revisions to the 2015 Bill as proposed to align it with best international practices.

The NNPC GMD noted that to enhance transparency in the proposed Nigeria Petroleum Company, NPC, which is being mulled as the successor company of the NNPC, should be mandated to publish annually a detailed report on all petroleum revenue payments made to government.

Trying to control sex urge, man wounds himself

Man covering groin with hands, outdoors, close-up

A man has strained his penis as he attempted to wear his wedding ring on it.

According to reports in The South African Medical Journal, wife to the 28-year-old unnamed man has just had a baby, and his friends had advised him that in order to put his sexual urge under control, he should wear his wedding ring on his manhood.

The situation soon assumed a gory dimension, as he was taken to the hospital in an emergency.

“His penis was erect and blue and he was in severe pain,” the journal noted.

It was a herculean task before doctors could remove the ring, though; as the ring’s width was rather too small for the circumference of his penis; coupled with the fact that his penis had become excessively swollen in the aftermath of the misadventure.

“The wedding ring got stuck and caused the patient’s penis to swell.

“Doctors even tried using a small surgical saw to remove it, but it got too close to his manhood!

“Deciding otherwise, they, instead, used an injection to drain blood from the penis, by making several punctures with a needle to decrease the swelling.

“This worked quite well, as the swelling went down, allowing them to pull off the wedding ring,” the journal reports.

The man stayed in the hospital for a few days to recuperate, after which he was discharged and given pain killers and antibiotics.

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Nigeria, four others ban Europe’s dirty fuel imports

Minister of State for Petroleum Resources, Ibe Kachikwu

Nigeria and four other West African countries have agreed to ban the importation of Europe’s dirty fuels, the United Nations Environment Programme has said.

The UNEP said the move would dramatically reduce vehicle emissions and help more than 250 million people to breathe safer and cleaner air.

It said together, Nigeria, Benin, Togo, Ghana and Cote d’Ivoire agreed on December 1 in Abuja to introduce strict standards to ensure cleaner, low sulphur diesel fuels and vehicles emission standards, effectively cutting off Europe’s West African market to export its dirty fuels.

UNEP noted that a report by Public Eye in September this year exposed how European trading companies were exploiting the weak regulatory standards in West African countries, allowing for the exportation of fuels with sulphur levels up to 300 times higher than was permitted in Europe.

The Head of UN Environment, Erik Solheim, was quoted as saying, “West Africa is sending a strong message that it is no longer accepting dirty fuels from Europe. Their decision to set strict new standards for cleaner, safer fuels and advanced vehicle emission standards shows they are placing the health of their people first.

“Their move is an example for countries around the world to follow. Air pollution is killing millions of people every year and we need to ensure that all countries urgently introduce cleaner fuels and vehicles to help reduce the shocking statistics.”

Alongside the introduction of the new standards, the West African group has agreed to upgrade the operations of their national refineries, both public and privately owned, to produce fuels of the same standards by 2020, according to UNEP.

Nigeria’s Minister of Environment, Amina Mohammed, said, “For 20 years, Nigeria has not been able to address the vehicle pollution crisis due to the poor fuels we have been importing. Today, we are taking a huge leap forward, limiting sulphur in fuels from 3000 parts per million to 50 parts per million, this will result in major air quality benefits in our cities and will allow us to set modern vehicle standards.”

The UN Environment said it had been supporting countries in West Africa to develop policies and standards to stop the practice of importing fuel with dangerously high sulphur levels and introduce cleaner fuels and vehicles.

“Reducing the emission of the global fleet is essential for reducing urban air pollution and climate emissions. A combination of low sulphur fuels with advanced vehicles standards can reduce harmful emissions of vehicles by as much as 90 per cent,” it stated.