PAYPULSE AND OTHER PONZI SCHEMES SCAM NIGERIANS

The slip in the popular MMM scheme on December 13 2016 has given rise to many ponzi schemes thereby giving opportunity for many Nigerians who have tasted the brief supply of MMM's sweet wine, to seek same with these schemes. However, 99% of these ponzi schemes have caused more tears to a lot of Nigerians who patronise them. Majority of these schemes promise returns of 100% with 24 hours. As such many participants who patronise them hope endlessly to get their returns.

Kaduna Refinery Commences Production of 2 Million Litres of Petrol Daily - MD

The Kaduna Refining and Petrochemicals Company (KRPC), on Friday said it was currently releasing two million litres of petrol daily into the market, as it resumed partial production.

The Managing Director of the company, Saidu Muhammed said this in an interview with NAN in Kaduna.
　
He said that the company, which was undergoing rehabilitation, would raise its production output to five million litres of petrol daily by March 2016.
　
Muhammed disclosed that two of the company’s production lines had been rehabilitated, thereby facilitating the refining of about 60,000 barrels of crude per day.

He assured that the KRPC’s production level would hit 90 per cent by the second quarter of 2016.

FUEL CRISIS: Capital Oil To Release 13 million Litres Of Fuel Tonight

Ifeanyi Ubah, an ally of President Goodluck Jonathan and founder of the Transformation Ambassadors of Nigeria (TAN) is set to assuage the pains of Nigerians as fuel scarcity bites harder.

Ubah’s Capital Oil and Gas released a statement on Sunday saying it was releasing 13 million litres of petroleum products to ease the fuel scarcity that has almost crippled the country. The company said it will release more during the coming days.

Full statement of Capital Oil and Gas

On Saturday 16th May 2015, we received an SMS ordering the suspension of loading activities in all depots from Monday 18th May 2015. We later realized that this directive was as a result of unpaid funds owed to transporters by oil marketers who in turn are owed by the Federal Government.

We Are Treated Like Slaves, Chinese Construction Company Workers Cry Out

Nigerian workers of China Civil Engineering Construction Company (CCECC) at the ongoing N29 billion Ikorodu Road reconstruction project, yesterday, protested alleged anti-labour practices by the company and unwillingness of the company to pay disengaged employees their entitlements.

The aggrieved workers, who carried placards, chanted protest songs in front of the CCECC office at Majidun area of Ikorodu, Lagos, as early as 10:00 am, yesterday.

“CCECC stop cheating us, pay us our pay-offs,” “CCECC, we are not slaves, pay us,” and “We need our pay-off, it is our right,” read some of the placards.

According to Vanguard, one of the affected workers, Thaddus Akaa, said the protest was to seek their due compensations from CCECC, stressing that workers had been tolerating the alleged abuse because of fear of being sacked.

Dangote Rekindles Interest In Buying Arsenal

Nigerian billionaire Aliko Dangote tried and failed to acquire a stake in 2010 but claims he has a "strategy" for investing in the Gunners.

Africa's richest man, Aliko Dangote, has said he still wants to buy Arsenal despite failing in a 2010 bid to acquire a stake in the club.

The Nigerian billionaire is now worth nearly eight times as much as when he tried to buy into the Gunners, and the passionate Gooners has not given up on his dream of getting involved with the north London club.

“I still hope, one day at the right price, that I’ll buy the team,” Dangote, 58, told Bloomberg.

“I might buy it, not at a ridiculous price but a price that the owners won’t want to resist," he continued, before ominously adding, "I know my strategy.

Buhari Lobbies ECOWAS To Back Adesina As President Of AfDB

The President-elect of Nigeria, General Muhammadu Buhari, has requested the Economic Community of West African States (ECOWAS) to support the candidacy of Dr. Akinwunmi Adesina as the next president of the African Development Bank (AfDB).

A statement by the Directorate of Media & Publicity, APC Presidential Campaign, Garba Shehu, said General Buhari communicated his backing of Dr. Adesina’s candidacy to the Ghanaian President, John Dramani Mahama, who is the current chairperson of the ECOWAS.

Stanbic IBTC Secures $90m Credit Facility From FMO

Stanbic IBTC Bank has concluded a $90 million line of credit facility from a Dutch development bank, the FMO,.

The purpose of the facility, consummated recently, is for the bank to lend to small and medium sized companies for the financing of projects in the infrastructure sector, which include agriculture, oil and gas, power, ports, and telecom companies within Nigeria.

The facility will run for a term of five years and was provided to Stanbic IBTC Bank by the FMO along with the European Financing Partners (EFP) and DEG, European development finance institutions.

ELECTRICITY: FG Slashes Tariff By 50%

THE Nigerian Electricity Regulatory Commission (NERC) has reduced electricity tariff by as low as 50 per cent and as high as 103 per cent depending on the zone. This comes on the heels of complaints by electricity consumers over the estimated billings regime introduced by the electricity distribution companies (DISCOs)

NERC in a statement on its website blamed the DISCOs for passing the bulk of lost energy on power consumers forcing them to pay for what they did not consume. The Commission determined as inappropriate to transfer to consumers, collection losses that are controllable by DISCOs. It stated that it is the responsibility of the DISCOs to collect their revenue from their customers.

“Failure to do so should not be a penalty to customers who pay their bills. It is clear that removing the collection losses will lead to lower tariffs for consumers. The removal of collection losses from customer tariff has reduced tariff by more than 50 per cent in some places. Please note that the reduction does not affect the CBN facility and its repayment,” it stated.

FORBES: Bill Gates Still The World's Richest

Despite the world’s slow economic recovery Microsoft co-founder Bill Gates has failed to feel the pinch being named the planet’s richest man after seeing his wealth soar. According to American business magazine Forbes, the philanthropist saw his net worth rise to £51.5 billion in 2015 from £49.4 billion last year. It is the 16th time in the last 21 years he has topped the list and the second year running he has held the title. In second place is telecom mogul Carlos Slim Helu, with a net worth of £50.1 billion who toppled Gates from the top spot in 2013.

Next is investor Warren Buffett, who moved up one slot in the past 12 months with a net worth of £47.2 billion. In the 29th year of the billionaires list Forbes said there are now 1,826 who can claim to have more than £1,000,000,000 up from 1,645 in 2014. However, according to a report five weeks ago by Oxfam International, the combined wealth of the 80 richest men and women is equal to the bottom half of the Earth's population - 3.5 billion people. The charity's 'Wealth: Having It All and Wanting More,' findings were

FUEL SCARCITY: DPR shuts 26 fuel stations in Benue, Nasarawa

The Directorate of Petroleum Resources has shut 26 filling stations in Benue and Nasarawa states in the last one week.

It added that those that were sanctioned had paid the required fine to the Federal Government.

The DPR Controller in charge of the two states, Abdullahi Isa, said this while speaking with journalists in his office in Makurdi on Wednesday.

Isa lamented the fuel scarcity, observing that instead of getting about 20 trucks daily, Benue received 20 of the amount.

The controller was however not able to immediately provide the names of outlets that were shut in the two states.

SECURITY: US Companies Are Scrambling To Guard Their Data After Sony Hack

Sony Pictures' decision to shelve the film "The Interview" in the face of cyber attacks has set a worrying precedent and is sending companies scrambling to guard sensitive data, security experts said on Thursday.

Sony's capitulation could mean that more businesses will be targeted for cyber warfare and extortion, they said.

"I fully expect to see more actions like this against film studios or other soft targets because they have not paid attention to cyber security for so long," said Jeffrey Carr, chief executive officer of Taia Global, a cyber security company.

"This has been the first time that extortion on this scale has been successful."

Fidelity Bank Pledges Support for Financial Inclusion

The Managing Director and Chiefs Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, says the lender is committed to financial inclusion in the country.

He said the bank’s commitment had informed its decision to introduce the ‘Save4Scholarship’ programme about four months ago, adding that the lender was satisfied with the success recorded so far.

He said the promo was meant to support government’s activities in the education sector.

Okonkwo said these in Lagos while unveiling the fourth series of the Save4Scholarship scheme.

The CEO, who was represented by the Executive Director, Shared Services, Mrs. Chijioke Ugochukwu, said, “The impact on savings has been very significant. What the bank is looking at is a way of touching Nigerians, especially our customers.”

Falling Oil Price Challenges Nigerian Economy

As the price of international benchmark Brent crude, against which Nigeria’s oil is priced, has plummeted below $60 per barrel, experts have highlighted the increasing challenge facing the Nigerian economy.

The price of Brent crude oil fell to $58.50 per barrel on Tuesday for the first time since May 2009, from a little above $61 on Monday. It hovered around $59 on Wednesday.

The further slide in oil price on Tuesday was said to have been triggered by news of a fall in industrial activity in China, the world’s second largest consumer of oil, putting more pressure on oil-exporting countries including Nigeria.

The price of OPEC basket of twelve crudes, which include Nigeria’s Bonny Light, stood at $55.91 per barrel on Tuesday, compared with $57.92 on Monday, according to OPEC Secretariat calculations.

For 2014, the Federal Government of Nigeria had based its N4.5tn budget on a benchmark oil price of $77.5 per barrel, but oil price had in November fallen below the benchmark, denying the country accretion to the Excess Crude Account.

Lagos Can Survive Dwindling Federal Allocation – Fashola

The Lagos state government has said the drop in federal allocation as a result of the slide in the price of crude oil will not affect activities in the state.

Governor of Lagos State, Mr. Babatunde Raji Fashola made this known at the public presentation of the Lagos State Development Plan 2012-2025 at the state house, Alausa on Tuesday.

The Governor noted that the resilience of Lagos State to the downturn in oil revenue was part of the benefits of government’s plan to build the economy on contributory wealth as against what he described as grant wealth.

He explained that contributory economy leads to common wealth and common benefits where everyone contributes his or her quota to the state purse and the destiny of the people are on their own hands.

However, he said a state that depends on grants to survive is doomed the moment the source of that grant gets dry.

Naira Experiences Highest Falls in Five Years to 187

The naira fell by four per cent against the dollar to 187.05 at the interbank foreign exchange market on Wednesday. This is the highest fall in five years on a closing basis, according to analysts.

Foreign exchange market dealers linked the development to the Central Bank of Nigeria’s announcement that its Wednesday’s auction at the Retail Dutch Auction System window was the last for the year.

It was learnt that traders and importers, who could not access the RDAS window, rushed to the interbank forex market to place their demand.

This, dealers said, led to huge demand for the greenback at the interbank market, forcing the interbank rate to close at 187.05, down from 180.50 on Tuesday.

The CBN, however, said the official window of the foreign-exchange auctions would reopen on January 5, 2015.

2015 budget: FG Reveals More Austerity Measures

The Federal Government on Wednesday announced more austerity measures aimed at cushioning the impact of the drop in oil prices on the economy in a bid to generate additional revenues to fund the 2015 budget.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, made the announcement during a public presentation of the 2015 budget held at the headquarters of the Ministry of Finance in Abuja.

She explained that the measures would be implemented from the beginning of the second quarter of 2015 and would considerably boost the ratio of non-oil revenues to oil revenues.

Giving details of the measures and how much they would contribute to the treasury, she explained that the government would generate more revenue through the strengthening of tax administration.

ILLEGAL OPERATIONS: NCC Clamps Down on Four Telecoms Firms

The Nigerian Communications Commission (NCC) has clamped down on four telecoms companies for engaging in illegal operations.

The four operators are  Steam Communications, Netcom, SwiftTalk and Multi-dimesnion Technologies all located in Lagos.

The alleged illegal operators were discovered during a four-day enforcement exercise in Lagos recently by the Compliance and Enforcement Unit of NCC, led by an Assistant Director, Mr. Salisu Abdu.

Three more illegal operators are being hunted  by the NCC team with expectation that their identity would be discovered before concluding the four-day exercise in Lagos.