21022018 - APC CRISIS LATEST :Governor demolishes senator's house

Vanguard, WEDNESDAY, FEBRUARY 21, 2018 — 19
Emefiele, Akeredolu
to inaugurate
largest egg powder
plant in Africa,
Middle-East
By Babajide Komolafe
Nigeria imported 17bn litres of petrol in
2017 — NBS
By Elizabeth Adegbesan bureau report on Price of Petrol
and Automotive Gas Oil watch
THE National Bureau of for January, revealed that the
Statistics (NBS) yesterday average price paid by consumers
said that the volume of Premium
Motor Spirit (PMS), known as
petrol, imported into the country
dropped by eight percent to 17
billion litres in 2017.
The volume of petrol imported
in 2016 stood at 18.8 billion litres.
The Bureau disclosed this in its
Petroleum Products Imports and
Consumption (Truck In) Statistics
report for 2017.
The report showed that the
highest volumes of petrol (1.88
billion litres) were imported in
July and August while 18.36
billion of PMS was distributed
state-wide in the year under
review.
The report stated: “The
petroleum products importation
statistics for 2017 reflected that
17.31 billion litres of PMS, 4.28
billion litres of automotive gas oil
(AGO), 340.33 million litres of
household kerosene (HHK),
592.73 billion litres of aviation
turbine kerosene (ATK) and 15.61
million litres of low pour fuel oil
(LPFO) were imported into the
country in 2017.
“The months of July and August
2017 recorded the highest
volumes of PMS imported into the
country at 1.88 billion litres while By Adaeze Okechukwu
the highest volume of AGO and
T
HHK were imported in March HE Central Bank of
and April 2017 respectively.
Nigeria (CBN) yesterday said
“State-wide distribution of that Non-Interest Financial
truck-out volume for 2017 showed Institutions (NIFIs) can now
that 18.36 billion of PMS, 4.75 participate in the N200 billion
billion litres of AGO, 944.39 Commercial Agricultural Credit
million litres of HHK, 554.61 Scheme (CACS).
million litres of ATK and 127.42 The CBN disclosed this in the
million litres of LPFO were revised guidelines for the scheme
distributed nationwide during the released yesterday via a circular
period under review.”
titled ‘Amendment to the
It would be recalled that the Commercial Agriculture Credit
Scheme (CACS)
Guidelines’.
The apex bank
explained that the
$122.35 +0.50
extension of the scheme
to NIFIs was part of its
$2,138.000.00
efforts to deepen access
$13.42 0.04
to finance and reduce
exclusion rate.
“As part of the efforts
by the Central Bank of
$63.00 +0.41 Nigeria to deepen
access to finance and
62.11 +0.43 reduce exclusion rate,
the CBN has revised the
CURRENCY BUYING SELLING
existing Commercial
Agriculture Credit
US DOLLAR 305 305.5 306
Scheme (CACS)
POUNDS 427.3355 428.0361 428.7366
EURO 378.627 379.2477 379.8684 Guidelines to include
FRANC 330.1754 330.7168 331.2581 Non-Interest Financial
YEN 2.8647 2.8694 2.874 Institution (NIFIs). It is
CFA 0.5549 0.5649 0.5749
expected that the review
WAUA 444.35999 445.0883 445.8168
RENMINBI 48.0117 48.0909 48.17 of the Guidelines for
RIYAL 81.3268 81.4601 81.5935 other invention funds
SDR 445.2085 445.9384 446.6682 would follow in due
DANISH 50.8206 50.9039 50.9873
RAND 26.1482 26.191 26.2339 course”, the CBN stated.
CBN Exchange rate as at 20/02/2018 Among others things,
the revised guidelines
for petrol increased by 28.4 percent
year-on-year (YoY) and 11.1
percent month-on-month (MoM)
to N 190.9 in January 2018 from
N 171.8 in December 2017.
The average price paid by
consumers for Automotive Gas
Oil increased by 3.89 percent
(MoM) and decreased by 5.89
percent (YoY) to N213.82 in
January 2018 from N205.81 in
December 2017.
L-R: Team Member, Brand Management and Sustainability, Heritage Bank, Mrs. Ozena
Utulu; Director of Studies, Centre for International Advanced and Professional Studies,
Prof. Anthony Kila; Managing Director/Visionary, Generation Next, Mrs. Olufunke
Fajusigbe and Experience Centre Manager, Heritage Bank, Mr. Oluwale Osundele, during
a seminar on Brace Yourself by Heritage Bank/Generation Next in Lagos…yesterday.
CBN extends N200bn commercial agric fund
to Non-Interest banks
created a non-interest window for
participation of NIFIs.
The guidelines stated: “The Non-
Interest window shall be a twotiered
structure. The first is
between the CBN and the NIFI. A
restricted profit-sharing agreement
shall be executed between the
CBN and NIFI. The CBN, as
Capital Provider disburses the
funds for investment by the NIFI
as the Implementing Party, based
on a Business Plan commitment
to be signed by the NIFI
committing itself to the following
terms as follows: Investment shall
only be for financing of projects
under the target activities,
commodities and value chains; the
financing shall have an overall
target profit rate of 9.0 per cent;
the profit distribution ratio between
the CBN as Capital Provider and
the NIFI asthe Implementing Party
shall be in the ratio of 2:7 (i. e. CBN
22 percent and NIFI 78 percent);
and the NIFI commits itself to
achieving a target profit rate of 2
percent accruing to CBN.
“The second tier is between the
NIFI and the Investor. The NIFI
finances the customer (Client)
using CBN approved non-interest
financial contracts appropriate with
the type of financing requested, like
Murabahah, Salam, Istisna, Ijara,
Wakalah, etc.”
The CACS was created in 2009
by the CBN in collaboration with
the Federal Ministry of Agriculture
and Water Resources
(FMA&WR) established the
Commercial Agriculture Credit
Scheme (CACS) in 2009 to
provide finance for the country’s
agricultural value chain.
THE Governor, Central
Bank of Nigeria (CBN), Mr.
Godwin Emefiele and the Ondo
State Governor, Mr. Rotimi
Akeredolu, SAN, will soon
jointly inaugurate a new Egg
Powder Plant in Emure-Ile, near
Owo, Ondo State established
through a Public Private
Partnership (PPP) arrangement
between the Ondo State
Government and Greenfield Assets
Limited.
The Acting Director, Corporate
Communications at the CBN,
Isaac Okorafor, disclosed this in
Abuja yesterday, explaining that
Greenfield Assets Limited, under
the PPP arrangement, had
commenced the utilization of 150
Hectares of land for the
establishment of 10 million broilers
per annum farm with a 4,000 birds
per hour meat processing plant; a
600,000 layers farm for the
production 100 million eggs per
annum; two 20 tons per hour
Feed-mill and a 500,000 Eggs per
day Egg Powder Plant.
According to him, the plant
would create about 25,000 jobs,
earn the country over $1 billion
in foreign exchange savings and
boost increased incomes for poultry
farmers in Nigeria.
Dr Paul Obanua, the Chief
Executive Officer of Greenfield
Asset Limited, who mobilized the
investors, put the estimated value
of the Nigerian poultry industry
at ¦ 300 billion ($850 million),
which he said comprised of
approximately 220 million birds
that produced over 770,000 MT
of eggs and 340,000 MT of poultry
meat in 2017.
According to Agriculture Nigeria,
Food processing industries in West
Africa spend over $2 billion
annually in imports of egg and milk
powder products. Nigeria is said
to spend $1billion annually in Egg
Powder imports alone.
The project with a capital
requirement of N28.4 billion to be
invested in capital equipment and
working capital, will see Big
Dutchman International
providing technical and
operational management of the
project. Other parties to the project
are Marel Food Processing
Company BV, a leading global
provider of advanced processing
systems and services to the poultry,
meat and fish industries, and
Actini SAS.
NPA moves to conclude review of concession agreements
by May
By Godwin Oritse
THE Nigerian Ports
Authority has commenced moves
to conclude review of concession
agreements with terminal operators by
May this year even as the Shippers’
Association of Lagos State, SALS has
called on the agency to expedite action
of the review.
Managing Director of NPA, Ms
Hadeza Bala Usman disclosed this
yesterday while speaking at a
stakeholders meeting in Lagos,
assuring that the review of port
concession agreements would be
concluded by May 2018.
It will be recalled that some terminal
operators got their concession
agreements extended before it expired,
a development the current
management had frowned at and
promised to review.
Usman explained that before a
concession can be extended, the
existing agreement must have met
certain criteria for it to be extended
adding that no due diligence was
conducted to determine whether or
not these criteria were met or not.
Besides, the House Committee on
Marine Transport, headed by Dr
Patrick Asadu also frowned at the way
and manner the concession
agreements were extended without
following due process.
But, President of SALS, Rev.
Jonathan Nicole, in an interview with
Vanguard on the sidelines of the
meeting said that the terminal
operators are not predictable and the
NPA should think twice before
renewing their concession agreements.