DETAILED ANALYSIS: Jonathan, =N=9.2 Billion and the 750,000 Cooking Stoves. (MUST READ)

Written by  Roman Oseghale

By now I hope all Nigerians know that the country and we all are under a siege of continuous monumental corruption. Over the past two days after hearing that Mr. President Dr. Goodluck Ebele Jonathan had budgeted =N=9.2 Billion Naira for the purchase of cooking stoves I decided to do some maths and find out what the actual cost might be.

 In my findings after calling people in Nigeria to find out the unit cost of a stove and the manufacturers in China for the production price I came up with the following conclusions.

Nigeria Will Be Among 10 Countries Contributing To Global Poverty In 2030 —World Bank

LAGOS—The World Bank has said that Nigeria will be one of 10 countries that, in the year 2030, will remain as the main contributors to global poverty.

It said that the scenario requires that in Nigeria, currently contributing heavily to global poverty numbers, growth rates need to rise, but not to a degree that is entirely unimaginable.

It stated that in Nigeria, the growth rate needs to pick up from 2.3 to 3.2 per cent growth in real term. According to the report Nigeria will contribute another 61.5 million poor people to the global total.

According to the World Bank, much more work needs to be done to end poverty and close the gap in living standards between those in the bottom 40 per cent and the top 60 per cent of the population around the world.

World Bank Predicts Over 5% GDP Growth For Nigeria, Others In 2015/16

According to  World bank’s ‘New Africa’s Pulse’—a twice yearly analysis of the issues shaping Africa’s economic prospects - The World Bank has declared that despite weaker than expected global growth and stable or declining commodity prices, African economies, including Nigeria’s, have continued to expand at a moderately rapid pace, with regional gross domestic product (GDP) projected to strengthen to 5.2 per cent yearly between 2015 and 2016 from 4.6 per cent in 2014.


It states that significant investment in infrastructure, increased agricultural production and expanding services in African retail , telecoms, transportation, and finance, are expected to continue to boost growth in the region.

Dangote's Brother, Sani's Accounts Frozen Over N5.2bn Loan

A Federal High Court in Lagos on Thursday restrained twenty commercial banks in Nigeria from honouring any withdrawal cheque from Sani Dangote, younger brother of the richest black man, Aliko Dangote and his companies, Dansa Foods Limited and Bulk Pack Services Limited.

The restraining order, according to the trial judge, Justice Okon Abang, is to be in force until September 11, 2014 when all applications filed in a suit brought by Union Bank against Dangote and his companies .

The judge also ordered all the banks involved to, within five days of the interim order, file affidavits declaring the defendants statement of accounts with them.

Dangote Finally Set To Crash Price Of Cement In Nigeria

Nigerians are currently paying more for cement than most countries around us, even smaller countries. But it seems all that would soon change. Dangote Cement has assured Nigerians that the era of highly priced cement will soon be over as it has concluded plans to increase its production in all its three key plants in the country and also simplify its distribution network with the aim of crashing the price and making the products available to all Nigerians.

President of Dangote Group, Aliko Dangote, disclosed this at a recent customers’ forum held in Kano State. He said that his company had concluded plans to expand the capacity of its production lines, in Obajana, Kogi state, Gboko, Benue state, and Ibese, Ogun state, from the current 19.25 million metric tonnes (mmt) by additional 9 million tons by the end of the year.

 

Made-In-Nigeria Cars to Debut On August 8

 Made-in-Nigeria SUV presented by Segun Awolowo, the grandson of late sage, Obafemi Awolowo

Innoson vehicle manufacturing company announced that a debut of the first made-in-Nigeria mass produced cars would be made on August 8, 2014.
During the opening ceremony of Empower Nigeria Roadshow for the South-East zone, chairman of Innoson Group, Chief Innocent Chukwuma, revealed this information yesterday at the Faculty of Law, University of Nigeria, Enugu campus.

According to the chairman, the company would crash the prices of new cars in the country with his commencement of mass produced cars. While the prices of the new cars would range from N1.5 million to N3 million, Innocent Chukwuma assured that the Innoson new cars would compete favourably with others in the market.

Okonjo-Iweala Rejects World Bank's Classification Of Nigeria As Extreme Poor

 



The Minister of Finance, Ngozi Okonjo-Iweala, on Thursday reacted to the pronouncement by the World Bank President, Jim Yong Kim, classifying Nigeria among the world’s "extreme poor countries."

The World Bank President, Jim Yong Kim, who was addressing participants at the Council on Foreign Relations, CFR, meeting in New York, said two-thirds of the world’s extreme poor are concentrated in just five countries, namely India, China, Nigeria, Bangladesh, and the Democratic Republic of Congo.

"If you add another five countries — Indonesia, Pakistan, Tanzania, Ethiopia, and Kenya — the total grows to 80 per cent of the extreme poor," Mr. Kim said.

World Bank Approves $200m Loan For Lagos

 A statement issued by the bank in Abuja on Thursday said the $200m was to support reforms pertaining to fiscal sustainability, budget planning, budget execution and the investment climate in the state.
According to the bank, the loan is the first in a proposed series of two development policy operations and builds upon the policy reforms initiated under a previous World Bank supported programme.

Over the last decade, Lagos State has undertaken a wide range of reforms that have improved governance, reduced crime and helped to bring millions out of poverty, the bank said.

Governors, ministers in fresh Private Jet deals

Political office holders in the country, especially governors and ministers have embraced a new way of flying in state-of-the-art private jets to destinations within the country and overseas without necessarily owning them, findings have shown.

The new private jet ownership model called time-share lease, which is fast gaining ground among the political elites, has seen over 30 private jets in the country, carrying mostly ministers, governors and some top government and private sector shots.

Investigations by our correspondents revealed that some European companies and a few Nigerian private jet firms were behind the time-share private jet lease business model.

REVEALED: WHY FUEL IS SCARCE

Investigations by NE revealed that Contrary to claims by the National Petroleum Corporation (NNPC) that the fuel scarcity was caused by hoarding, the problem is a result of late release of import allocation to oil marketers, gap in importation and short-supply of petroleum products to filling stations.


It was gathered that the first quarter (Q1) import allocation released in February by the Petroleum Product Regulatory Pricing Agency (PPPRA) did not only come late, but made it difficult for major oil marketers to import products.

An independent marketer, who pleaded for anonymity, said the inability of government to place order for the first quarter allocation early has resulted in the shortage of the petroleum products.

Bill Gates Recliams Title As World's Richest Man

WASHINGTON – The surging price of Microsoft shares returned US tech tycoon Bill Gates back to the top of Forbes’s world’s billionaires list, with his $76 billion beating out Mexico’s Carlos Slim’s $72 billion.

The annual list, released Monday, counted 1,645 men and women as billionaires, with an average wealth of $4.5 billion and a collective wealth of $6.4 trillion, up $1 trillion from a year ago.

Gates, co-founder of the US software firm, showed his staying power at the top — the world’s richest man for 15 of the past 20 years, according to Forbes — despite spending recent years giving away large sums of money to global health and anti-poverty programs.

CBN Governor, Sanusi, Replies Jonathan's Query, Defends Bank's Multibillion Naira Spending

The suspended Central Bank governor, Sanusi Lamido, has defended his bank against allegations of spending billions on extensive loans, staff emoluments, and maintenance of devices.
In suspending Mr. Sanusi last week, President Jonathan accused the CBN governor of “financial recklessness”.
PREMIUM TIMES had reported exclusive details of the president’s second query to Mr. Sanusi early 2013, in which Mr. Jonathan demanded prompt clarification on key spending in excess of a trillion naira. The president’s query followed the submission of the CBN’s audit report by Mr. Sanusi to the president on February 26, 2013.

EFCC Re-arraigns 3 Pastors Over Alleged N7.9 million Fraud

The EFCC on Monday re-arraigned three pastors for allegedly defrauding Angel Estate Residents Association in Amuwo-Odofin, Lagos of N7.9 million.
The defendants, David Eshiet, (44), Samson Ugbara, (47) and Adesanmi Aderoju, (43), were re-arraigned before Justice Kudirat Jose of an Ikeja High Court.

President Jonathan's First Query To CBN Governor, Sanusi

Contrary to widespread believe that Central Bank Governor, Sanusi Lamido Sanusi, first ran into trouble with President Goodluck Jonathan late last year when he wrote a letter accusing the Nigerian National Petroleum Corporation of diverting N8 trillion of Nigeria’s oil revenue, PREMIUM TIMES can report today that Mr. Sanusi first incurred the wrath of the presidency in 2012 when he granted a newspaper interview criticizing the administration’s handling of the Boko Haram insurgency.

Ngozi Okonjo-Iweala Denies Report Of Her Resignation

Dr Ngozi Okonjo-Iweala, The coordinating Minister For the Economy, has denied a report that she had tendered a letter of resignation to the president.
This is contained in a statement signed by Mr Paul Nwabuikwu, Special Adviser on Media to the Minister, on Friday in Abuja.
``It has come to our attention that a story is circulating online about the purported resignation of the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala.

APC LawMakers Ready For 2014 Budget After Mbu's Redeployment

Joseph Mbu

 Thursday's redeployment of former Rivers State Police Commissioner, Joseph Mbu to Abuja, members of the opposition All Progressives Congress (APC) in the House of Representatives have said they are now ready for the 2014 budget to be considered and passed for second reading tomorrow.
The budget suffered a setback in the House last Tuesday following an observation raised by Rep Emmanuel Jime (APC, Benue) that the 2014 appropriation bill did not fulfill the requirements of the Fiscal Responsibility Act, 2007 as estimates of some agencies were not sent to the lawmakers along with the budget.

Mark Zuckerberg's personal wealth rockets by $3bn in ONE DAY due to Facebook

The day facebook went public

It has been ten years since the 29-year-old founded the social network in his Harvard dorm room and despite accumulating an unimaginable fortune from his invention, Zuckerberg maintains the altruistic belief that the site is a 'service for the world'. 

Facebook's stock closed at an all-time high on Thursday after shares rose as much as 17 per cent to $62.50. The hike took Zuckerberg's own fortune to an estimated $32billion. 

When asked about his company's phenomenal success, Zuckerberg put it down to the fact that he, and his employees, simply 'cared more'. 

Imo State Man Caught Trying To Sell His Seven Children Blames Governor Okorocha

A 44- year- old man was intercepted by officials of the ministry of Women Affairs and Social Development. He was on his way to an unknown destination with his 7 children tied to a wheelbarrow in a bid to sell them off.

The man identified as Israel Dike hails from Imo State, he tied up the children's hands and put the in the wheelbarrow.

Expatriate Resigns In Protest Over Company's Maltreatment Of Nigerian Workers

A Base Maintenance Manager at Caverton Helicopters, Surendra Bhagwandass, resigned yesterday over non-payment of salaries and unfair treatment of Nigerian workers in the company.
The expatriate accused the company which has contracts with oil firms like TOTAL, SHELL, among others for not paying the salaries of its Nigerian workers last month, December 2013.
He also said that unlike the foreign workers, the Nigerian staff do not enjoy all the benefits that comes with the job even though they put in more effort.
Vanguard reports:

Bhagwandass who tendered his resignation letter through an email to the management of Caverton said that he became frustrated knowing that the expatriates workers were being taken care of while their Nigerian counterparts were not only poorly paid but their salaries delayed and described the development as unfair.

Okonjo-Iweala: I Need Time To Answer Lawmaker's Questions

Minister of Finance and the Co-ordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, yesterday in Abuja said the 50 questions House of Representatives members recently asked her to answer before the 2014 budget could be considered was akin to writing an examination.

The minister who fielded questions from State House correspondents, shortly after she attended a presentation of a report on "14 Years of Strategic Partnership between the DFID, UK and the Debt Management Office - Nigeria" presided over by Vice President Namadi Sambo, said some of the issues raised were weighty, and as such, she needed some time to be able to tackle them.