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Three out of 19 sectors recorded positive growth in Q4 of 2019 GDP- NBS

Paul Owolabi
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Three out of 19 sectors recorded positive growth in Q4 of 2019 GDP- NBS

THREE out of the 19 economic sectors in Nigeria record a positive shift as the country Gross Domestic Product (GDP) increased in the fourth quarter of 2019, a report by National Bureau of Statistics (NBS) has shown.

In a report released on Monday by the NBS, the three sectors that recorded positive growth were Mining and Quarrying, Arts, Entertainment and Recreation and Financial and Insurance.

Mining and Quarrying recorded the highest growth of the three sectors, according to the Nigeria Investment Promotion Commission (NIPC).

Comparing Q4 2018 and Q4 2019, Nigeria’s GDP grew by 2.55 per cent (year-on-year) in real terms in the fourth quarter of 2019, the NBS has reported.

The NBS classified the Nigerian economy into the oil sector and non-oil sector

During the fourth quarter of 2019 of the oil sector, average daily oil production of two million barrels per day (mbpd) was recorded, indicating a rise of 0.09mbpd over the daily average production of 1.91 mbpd recorded in the same quarter of 2018.

The non-oil sector grew by 2.26 per cent in real terms in Q4, this was lower by –0.44 per cent points compared to the rate recorded in the same quarter of 2018 but 0.42 per cent point higher than the third quarter of 2019.

The report showed that this sector was driven, during the fourth quarter of 2019, mainly by Information and Communication (Telecommunications), Agriculture (Crop Production), Financial and Insurance Services (Financial Institutions), and Manufacturing.

In real terms, the non-oil sector contributed 92.68 per cent to the nation’s GDP in the fourth quarter of 2019, lower from shares recorded in the fourth quarter of 2018 (92.94 per cent) but higher than the third quarter of 2019 (90.23 per cent).

The annual contribution of the non- oil sector stood at 91.22 per cent in 2019.

Explaining the implication of this for the economy, John Ashbourne a Capital Economist said despite that Nigeria’s GDP moved up a notch in Q4, ” there is still no sign of a broad-based economic recovery.”

“We expect that the authorities will continue to enact unconventional stimulus policies later this year,” he added.

Also, a top official at the Ministry of Budget and Planning who did not want his name mentioned because he was not authorised to speak to the press, express optimism about a positive impact of the GDP on the average Nigerian.

JAMB registers 1.9m candidates for 2020 UTME, surpasses 2018 record

Abeeb ALAWIYE
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JAMB registers 1.9m candidates for 2020 UTME, surpasses 2018 record

AT the close of registration for the 2020 Unified Tertiary Matriculation (UTME), a total of 1,949,983 candidates registered for the annual matriculation examination.

The figure was over one hundred thousand higher than the total number of candidates registered in 2019 when 1.8 candidates were registered.

The registration for this  year’s examination held between January 13 and 17 February, 2020.

The Joint Admission and Matriculation Bord (JAMB) disclosed this in its weekly bulletin released on Monday.

It also stated that a total 160,640 candidates registered for Direct Entry.

According to Fabian Benjamin, spokesperson of JAMB, the current figure of registered candidates is the highest number of registration done in the history of the board.

The JAMB Registrar Ishaq Oloyede had in December 2019 announced  that the board had fixed the date for the commencement of 2020 UTME to hold between 14 March to 14 April 2020.

A total of 155,156 candidates participated in the mock examination which held across 667 Computer-Based Test (CBT) centres in the country.

 

APC out to destabilize the nation, destroy democracy – PDP laments

Seun DUROJAIYE
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APC out to destabilize the nation, destroy democracy – PDP laments

THE People’s Democratic Party (PDP) has accused the All Progressives Congress (APC) of wanting to destabilize Nigeria and destroying her democracy over its latest appeal to the Supreme Court to review its judgment on the Zamfara and Bayelsa state elections.

In a press statement signed by Kola Ologbondiyan, the National Press Secretary of PDP, the opposition party also demanded that the Supreme Court review the judgement affirming President Muhammadu Buhari as the winner of the 2019 elections.

According to Ologbondiyan, on behalf of the PDP, the the issue of certificate forgery and presentation of false information was established against the ruling party and her presidential candidate. However, the ruling of the apex court was respected by the opposition party, the statement reflected.

Thus, it’s thorn in the flesh that the APC despite all, is seeking to ‘arm-twist Supreme Court justices to effect a forceful reversal of the Bayelsa and Zamfara state governorship elections.’

It pointed out that the Supreme Court judgments in the Bayelsa and Zamafara elections were ‘faultless’ and ‘flawless’ and the APC’s attempt seeking to turn it around meant that they are ‘leading all forms of battles against the rule of law and constitutionalism.’

PDP iterated that the apex court’s ruling on the Imo state election remains a ‘miscarriage of justice,’ asking that the judgement be reviewed.

It also demanded that the same review of judgment be applied to Osun, Kano, Katsina and Kaduna governorship elections.

Meanwhile, The ICIR earlier reported that over voting trailed the results collated in the 388 polling units in which APC’s candidate for Imo gubernatorial election, Hope Uzodinma, stated were exempted in the initial result.

An analysis of votes from the 388 polling units exclusively obtained by The ICIR showed that the number of votes allotted to the APC in 215 polling units is higher than the number of permanent voter cards (PVCs) collected in the designated polling units by 15,167 votes.

Despite the discrepancies, the apex court declared Uzodinma as the winner of the election and ordered that he should be sworn in as governor of Imo state, sacking Emeka Ihedioha.

Reps threaten to have heads of defaulting agencies arrested if…

Jennifer UGWA
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Reps threaten to have heads of defaulting agencies arrested if…

THE House of Representatives on Monday threatened to issue a warrant on the executives of government agencies that fail to appear before its Public Account Committee due to non- compliance of the defaulting bureaus to submit audited accounts of their offices to the Office of the Auditor General of the Federation.

Oluwole Oke, Chairman of the House Committee on Public Accounts, who issued the threat said the failure of such agencies to submit their accounts for review meant they had something to hide.

Nonetheless, Oke promised that on that basis, the House was determined to find out reasons behind their refusal and whatever information they might be hiding as he ordered the managing director of the Niger Delta Basin Development Authority to make an appearance before the committee on Tuesday or risk arrest.

Olamilekan Adegbite, minister for solid minerals and steel development, as well as the Director-General of the Bureau for Public Enterprises, are to appear before the House Committee to explain why after 14 years its closure, since 2006, some workers of the Nigeria Mining Corporation were still paid salaries from public funds.

The Minister of Water Resources and the Director-General of the Bureau for Public Enterprises was also mandated to come before the committee to answer questions relating to agencies under their supervision.

The committee placed all River Basin Development Authority on status inquiry- The Anambra IMO River Basin Development Authority, Lower Benue River Basin Development Authority, Cross River Basin Development Authority, Sokoto Rima Basin Development Authority, Lake Chad Basin Development Authority, Benin Owens River Basin Development Authority, Lower Niger River Basin Development Authority.

Also placed on status inquiry was the Oil and Gas Free Zone Authority, while the National Agency for Food, Drug Administration and Control had its representative sent back.

Gbenga Yewande, a Deputy Director in the agency, told the committee that Moji Adeyeye, Director General of NAFDAC could not attend the sitting because she was attending an international event at the Transcorp Hilton Hotel in Abuja.

Oke said the committee must bring out all issues that have been raised or might be raised by the agency which might have caused their failure to turn in their reports.

He frowned on the laxity of the office of the Auditor General for failing to issue constant reminders to agencies despite the OAGF knowledge that the agencies were defaulting.

Investments In Nigeria dropped by $60.98 billion in 2019- NIPC

Paul Owolabi
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Investments In Nigeria dropped by $60.98 billion in 2019- NIPC

A REPORT released by Nigeria Investment Promotion Commission (NIPC) showed that the total value of the Nigerian investments in 2019 was $29.91 billion compared to $90.89 billion in 2018.

According to NIPC, analysis by sector showed that the investors preferred mining & quarrying where investment was highest at $21.5 billion, investments in manufacturing were $3.2 billion, electricity, gas & water supply was $2.3 billion and transportation & storage was $2 billion.

The new projects valued at about $29.91 billion were contained in NIPC’s intelligence publication.

The Commission said the reason for the major drop in investment was the perception investors had about the economy by, which ultimately affected their sentiments on the country’s business environment.

Similarly, offshore projects showed that the Netherlands had one project worth $10 billion; Canada, three projects worth $2.4 billion; Morocco, two projects worth $2.1 billion; Malaysia, two projects worth $1 billion, and Singapore one project worth $1 billion the reports says.

Details of the report showed that Lagos state recorded the largest number of projects 33, giving Ogun and Kaduna a wide gap of 5 and 3 projects respectively.

The NIPC’s intelligence report is based on investments announced by the Commission in a particular year between January and December.

The report released by the Commission showed that domestic investors were the most active, with about 39 projects announced valued at $10.8 billion which was 36 per cent of the total project executed in 2019.

The NIPC said the total value of investments in Nigeria reduced by 204 per cent in 2019 compared to 2018.

76 projects were announced across 17 states of the federation, the Federal Capital Territory and Offshore Nigeria, according to the commission.

The NIPC report gives a sense of investors’ interest in the Nigerian economy for a period.

Analysis: Drop in global oil prices puts Nigeria’s foreign reserves in a dangerous place

Amos ABBA
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Analysis: Drop in global oil prices puts Nigeria’s foreign reserves in a dangerous place

GLOBAL crude oil prices fell swiftly on Monday after heightened fears of coronavirus becoming a pandemic due to the increased number of cases in Asia, this reality poses threats to Nigeria’s oil-dependent economy.

Nigeria, Africa’s largest oil-producing nation and a key member of the Organisation of  Petroleum Exporting Countries, OPEC, is up against making tough choices as the dwindling prices of crude oil since the outbreak of the coronavirus puts its foreign reserves in a precarious position.

The Central Bank Of Nigeria, CBN, on Monday announced that the country’s foreign exchange reserves which have been on a free-fall since last year, dropped from $38.34 billion on January 15, to $36.69 billion on February 20, according to its latest figures.

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According to records obtained from the CBN, the reserves have been on a steady depletion from $39.8 billion on November 2019 to $39.24 billion on December 13, 2019, also losing $1.26 billion in October 2019 after the foreign reserves fell from $41.76 billion on October 2 to $40.5 billion as of the end of October.

The reserves also dropped by $482.18 million from $45.14 billion as of July 8 to $44.65bn on August 8, 2019.

Nigeria depends on crude oil for over 60 per cent of fiscal revenue, while 90 per cent of its foreign exchange inflows also comes from the proceeds from the oil market according to a Reuters report.

The CBN uses the foreign reserves to keep the naira at a stable rate which is currently valued at ₦360 to a dollar using a multiple exchange rate administration to keep the pressure on the currency. By selling the dollar on the interbank market, it is expected to boost liquidity after floating the naira for investors.

CBN’s policy on currency intervention has seen the apex bank introduce billions of dollars into the foreign exchange market to maintain the naira at a stable rate, in an attempt to curb imports and boost local production.

However, the steadily falling crude oil prices globally mean that Nigeria will need to spend more of foreign reserves to cushion the naira from being devalued but if oil prices fail to improve, this could lead to a possible devaluation of the naira.

Brent crude, Nigeria’s oil benchmark equivalent fell on Monday by 3.4 per cent to $56.53 a barrel, which is $1.53 above Nigeria’s 2020 budget benchmark which was pegged at $55.

This implies that lower prices in the global oil market for a longer period would affect Nigeria’s oil revenue leading to further depletion of the foreign reserves, making the economy vulnerable as traders who make use of forex for their purchases and imports will have a short supply leading to a possible inflate the prices of goods and services.

In 2018, Foreign Direct Investment into Nigeria was $2 billion generated mostly from the energy and telecom sector, compared to $5.6 billion in 2013 the decline was attributed to an unfavourable economic and tax system, according to data obtained from The Economist Intelligence Unit (EIU).

Godwin Emefiele, Governor of the CBN is optimistic that despite lower oil prices the country has achieved much since easing out of the recession in 2016.

“In the import and export window, over $60bn worth of transactions have taken place since the inception of the window in April 2017, and our foreign exchange reserves are above $40bn as at October 2019, relative to its low point of $23bn in October 2016.

“We have been able to build our reserves in the midst of lower oil prices, as strong reserves aid the confidence of domestic and external investors. Today, our current stock of external reserves is able to finance 12 months of current import commitments,” he said.

Cobus de Hart, chief economist for North and West African countries at NKC African Economics in a report said that using the falling foreign reserves to defend the value of the naira would offer only a temporary reprieve.
“Exchange rate stability also clearly remains one of the key policy objectives, and intensifying pressure on reserves thus raises the risk of additional capital controls being pursued. This could serve to weigh further on the still-fragile economy,” he said.

 

Humanitarian crisis: Buhari approves coordination committee

Abeeb ALAWIYE
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Humanitarian crisis: Buhari approves coordination committee

PRESIDENT Muhammadu Buhari has approved the constitution of a National Humanitarian Coordination Committee (NHCC) to oversee all humanitarian actions in the country.

The President disclosed this through his official Twitter handle on Monday, that the committee will, among other things, provide a national vision for humanitarian actions, advise on coordination between the security services and humanitarian actors, and settle disputes that may arise from interactions between security services and the humanitarian community.

The Committee will also propose policies that enhance coordination and seamless delivery of humanitarian aid to affected communities, facilitate delivery of humanitarian interventions to vulnerable persons, and promote transparency and accountability in all aspects of humanitarian delivery in the country.

Buhari said NHCC will be chaired by the Minister, Humanitarian Affairs, Disaster Management and Social Development, Hajia Sadia Umar, and National Security Adviser (NSA) Maj Gen Babagana Mungonu as co-Chairman.

Other members are: Chairman, Nigeria Governors Forum, Ministers of Defence, Interior, Justice, Minister of State Budget and Planning, Chief of Defense Staff, Chief of Army Staff, Chief of Naval Staff, Chief of Air Staff, Inspector General of Police, Governors of Borno, Adamawa and Yobe states, Commandant General, Nigeria Security and Civil Defence Corps, Comptroller General, Nigeria Customs Service, United Nations Resident Coordinator, Permanent Secretary, Humanitarian Affairs, Disaster Management and Social Development (Secretariat), Chairman, Non-Governmental Organization Forum, and any other nominated by Chairman of the Committee.

He said the Vice President Yemi Osinbajo will inaugurate the committee on a yet to be announced date.

FRAUD: Court orders ex-Naval director to forfeit almost N500m to FG

Jennifer UGWA
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FRAUD: Court orders ex-Naval director to forfeit almost N500m to FG

A FEDERAL High Court, Abuja, on Monday has ordered the permanent forfeiture of about N500million found to be fraudulently amassed by a former director of Nigeria Navy Accounts, Tahir Yusuf to the Federal Government.

Justice Ijeoma Ojukwu ruled that Yusuf, a retired Rear Admiral would forfeit the money which is in naira, dollar and pounds sterling to the government after investigations and evidences proved that he stole it while serving as Director of Nigeria Navy Accounts.

The total amount forfeited was N392, 695,857.87 including $91,955.38 and the sum of £15,050 held in domiciliary accounts.

Yusuf, previously second-in-command to the Chief of Account and Budget, Naval Headquarters (NHQ), held the cash in seven accounts- both private and corporate accounts in two separate banks.

The Economic and Financial Crimes Commission (EFCC), who arraigned him said three out of the seven accounts were operated under the name of a company, Bitmas Enterprise, in Zenith Bank while two were held in Yusuf’s name in the defunct Skye Bank, now Polaris Bank.

In 2018, after the court granted an order for interim forfeiture of the money and ordered the anti-corruption agency to publish the order in a national daily for any interested party to claim the money, Yusuf filed a counter-affidavit, claiming ownership of the money with claims that it was sourced through legitimate avenues.

However, the court disregarded claims by Yusuf, whose former job description in the Naval administration involved verifying and authenticating documents before payments while keeping custody of accounts balance.

Investigations by EFCC revealed that the ex-naval officer was linked to seven accounts (corporate and personal)with the following details: In Zenith Bank accounts 1011701670 (N32,268,758.50); 9000617386 (N320,132,530.57); 1011904172 (N2,414,034.39); 5360132431 ($34,875.00); 5060017083 (£15,050.00) – all held in the name of Bitmas Enterprises.

Two other accounts – 2120012772 ($57,080.38) and 1060100885 (N2,390,987.69) – were held in Skye Bank in Yusuf’s name.

Court documents also revealed that Yusuf had made a proposal for a plea bargain to the EFCC, allegedly volunteered to forfeit N200 million, which the commission had rejected.

In the course of the trial, the EFCC also called for the investigation of two other top officials in the navy –Rear Admiral Babajide Oguntola and Commander Bello Mohammed – in alleged case of conspiracy, abuse of office and money laundering.

 

Boko Haram: Minister orders staff to fast and pray against insurgency in Northeast

Seun DUROJAIYE
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Boko Haram: Minister orders staff to fast and pray against insurgency in Northeast

MINISTER of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, has directed members of staff in her ministry to embark on fasting and prayer against insurgency prevalent in the Northeast.

The Nation reports that the directive was contained in a statement by the Assistant Director Information of the Ministry, Rhoda Iliya.

In the statement, staff of the ministry were urged to embark on voluntary fasting and prayer on Monday, in a bid to subdue the activities of Boko Haram in several areas in the Northeast.

“The Minister of Humanitarian Affairs, Disaster Management and Social Development, the Permanent Secretary, Directors and staff of the Ministry have resolved to fast and embark on special supplications to the Almighty on Monday, February 24, 2020, in solidarity with the government and people of Borno State.

“In a notice issued to staff of the Ministry, the Minister urged all staff of the Ministry to voluntarily fast on Monday and pray for a quick end to the carnage caused in Borno State and other parts of the North East by the Boko Haram terror group,” the statement read.

Boko Haram terrorists have raised the tempo of their attacks since the beginning of 2020, despite claims by the Federal Government that its security agencies have decimated the group.

On January 6, a bomb exploded at a market in Gamboru, Borno State, killing over 30 people and leaving 35 injured.

About 20 soldiers were reportedly killed in a cross fire between Nigerian troops and members of Islamic State West Africa Province (ISWAP) on January 7 in the same Borno State.

The ICIR earlier reported details of the attack that happened in Auno, Borno, where over 30 people were burnt to death and four soldiers were killed.

 

 

EndSARS: One allegedly shot dead as women protest killing of Ogun footballer in Sagamu

Olugbenga ADANIKIN
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EndSARS: One allegedly shot dead as women protest killing of Ogun footballer in Sagamu

WOMEN protesters on Monday took to the streets of Sagamu town in Sagamu Local Government Area of Ogun State to condemn the killing of Tiamiyu Kazeem, a footballer with Remo Stars Football Club who was allegedly killed on Saturday by operatives of Special Anti-Robbery Squad (SARS).

The women, with leaves in their hands,  chanted in local songs condemning SARS operations in the town. They also carried placards to express their anger and condemnation.

“We can no longer accept these killings, we are totally against SARS operations in this land,” they chanted in Yoruba as they marched in droves on the street.

The ICIR gathered that the protesters also marched to the palace of Akarigbo of Ijebu-Remo.

The protest, however, turned sour, as one person was reportedly shot dead by the police.

But the police is yet to confirm the death.

Abimbola Opeyemi,  Ogun State Command Police spokesperson, confirmed the protest when contacted by The ICIR. He, however, demanded for time to get information from the field to verify if there were casualties or not when asked about the person that was allegedly shot dead during the protest.

He further accused the protesters of attempting to set ablaze the police station in Sagamu.

“I cannot confirm whether somebody is dead or not. But I know there is a protest in Sagamu and some people have advanced to the police station trying to burn down the station in Sagamu because of the issue of the footballer that was allegedly killed by the zonal intervention squad operative,” he told The ICIR.

Opeyemi who expressed surprise at the demonstrations said top officers of the police had visited the victim’s family to console them for the loss.

He added that the palace of the traditional ruler, Oba Akarigbo was also visited to explain the situation to the king.

“This morning, the police management team was already in Sagamu to commiserate with the family of the deceased. They were even at the palace of Akarigbo. All of a sudden some youths just gathered themselves and started chanting the anti-police slogan, moving from one point to the other.

“They were advancing to the police station to burn down the station, so I cannot confirm any number of casualties now. I’m trying to gather the information from the scene,” the police spokesperson added.

Speaking on the deceased footballer, Opeyemi said the accused security officer is currently undergoing investigation.

He disclosed that the police officer in question would be dismissed from the force and prosecuted if found guilty.

“He has been undergoing departmental trial. And if he is found guilty, he will be dismissed and charged to court for causing the death of that young man. So, I don’t know why some people will be violent about it.”

It could be recalled that the late Tiamiyu Kazeem, who was until his death played for Remo Stars Football Club was allegedly killed by the police on Saturday for allegedly wearing military cap. The police have since denied the claim.

The State Police Command claimed that the deceased was killed by a hit-and-run driver, and not the police.

Opeyemi said the deceased was knocked down while trying to cross the highway after his arrest. He had noted that late Kazeem was actually arrested by an Inspector attached to the Police Zonal Intervention Squad and not the SARS operative.

“A police inspector attached to Zonal Intervention Squad, Obada-Oko, in Abeokuta, was said to have received information about the deceased that he was always putting on military apparels knowing fully well that he was not military personnel.

“Based on the information, the Inspector went to Sagamu and saw the deceased putting on a military cap, consequent upon which he got him arrested.

“On the way to Abeokuta, the vehicle they were traveling-in developed a mechanical fault and while the officer was trying to rectify the fault, the arrested person jumped down from the vehicle to escape.

“In his bid to run across the road, a vehicle which was speeding knocked him down and he died on the spot,” Opeyemi stated.

The ICIR gathered that the protesters also marched to the palace of the Akarigbo of Ijebu-Remo.

Remo Stars FC counters police’s claim on cause of death

However, contrary to claims by the Police, Dimeji Oshode, Media Officer of Remo Stars Football Club stated that the late Kazeem, also known as Kaka was pushed to the coming vehicle by an officer attached to the SARS unit.

According to Oshode, the deceased was labeled as an internet fraudster despite presenting his Identity Card as a proof that he is a footballer.

“Yet, he was still arrested,” Oshode said.

He added that it was when the late footballer realised that the police were driving towards Sagamu-Abeokuta highway, rather than their earlier promise to take him to the nearest station that he raised alarm, and he was allegedly pushed out.

“The SARS officers stopped Tiyamiyu Kazeem insisting that he was a Yahoo Boy. He brought out his identity card to identify himself as a player of Remo Stars FC but the officer insisted on taking him to the nearest police station in Sagamu.

“Kazeem and Sanni followed the SARS officers, only for them to notice that they (the SARS men) were driving towards Sagamu-Abeokuta expressway. The guys asked to know where the SARS officers were taking them to, but this prompted them to stop the car and pushed Kazeem out of the car, and an unknown vehicle knocked him down,” Oshode narrated in a statement reported by The Punch.

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