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BusinessDay 10 Apr 2018

BusinessDay 10 Apr

usinessday market monitor Bitcoin Everdon Bureau De Change Commodities Brent Oil $67.37 Cocoa US $2,448.00 NSE Biggest Gainer Biggest Loser Glaxosmith Unilever N30 3.45pc N55 -8.03pc 40,429.18 2,485,353.84 +0.78pc Powered by $-N £-N €-N BUY SELL 360.00 363.00 496.00 505.00 434.00 444.50 FOREIGN EXCHANGE TREASURY BILLS Market Spot $/N 3M 6M I&E FX Window 360.33 -0.01 0.08 CBN Official Rate 305.60 12.90 14.54 FMDQ Close 5 Years 0.02% 13.52% FGN BONDS 10 Years 0.00% 13.64% 20 Years 0.00% 13.56% NEWS YOU CAN TRUST I **TUESDAY 10 APRIL 2018 I VOL. 15, NO 29 I N300 @ g Why Buhari dares Obasanjo, IBB, others to declare for re-election Seeks waivers for serving APC officials to contest Obasanjo to respond soon What it means for markets TONY AILEMEN, KEHINDE AKINTOLA & INNOCENT ODOH, Abuja; CHRIS AKOR, MICHAEL ANI & DIPO OLADEHINDE, Lagos President Muhammadu Buhari on Monday finally shrugged off relentless criticisms and pressure from three of his retired colleagues to L-R: Roosevelt Ogbonna, group deputy managing director, Access Bank plc; Aigboje Aig-Imoukhuede, founder/chairman, African Initiative for Governance (AIG); Winifred Oyo-Ita, head of the civil service of the federation, and Herbert Wigwe, group managing director/chief executive officer, Access Bank plc, during the visit of the team from AIG and Office of the Head of The Civil Service of the Federation (OHCSF) to Access Bank head office in Lagos, yesterday. Pic by Olawale Amoo We did not take money from FG for tomato concentrate – Erisco Foods ODINAKA ANUDU Erisco Foods Limited says it did not take money from the Federal Government or the Central Bank of Nigeria (CBN) at any point in time for tomato concentrate. Erisco Foods is reacting to the story published by BusinessDay on April 4, which said the com- dismount the horse and allow young Nigerians take over, to declare his intention to run for office again in the 2019 presidential elections. “People have been asking me to declare for re-election and some have been asking me when I am going to declare. I want to give the NEC the honour to be pany took N2 billion from the CBN for concentrate. Eric Umeofia, chief executive officer and chairman of Erisco Foods, told BuisnessDay at his Lagos factory on Monday that he got money with the sole purpose of converting fresh and dry tomatoes into paste, which he is doing. According to Umeofia, his company is genuinely processing tomato, and his factory is up the first to hear it. I have decided to contest the 2019 elections,” Buhari told a closed door meeting of his party’s National Executive Council (NEC) at the party’s secretariat in Abuja. In the last few months and although he had said he had not made up his mind on whether to contest or not, there has been a and running. He, however, adds that his factory is only operating at 10 percent capacity due to policy inconsistency and frustrations by the Ministry, Department and Agencies (MDAs) of government. Umeofia says the Tomato Policy made last year is good for the industry but the system, made up of MDAs, is frustrating its new spring in the steps of the 75 year old former general and his famed body language suggests one who was already investing in his re-election project. The official declaration erases any doubts that he may succumb to the criticisms and pressures from the trio of Obasanjo, Ba- Continues on page 4 Eric Umeofia, CEO/chairman, Erisco Foods CBN sees external reserves hitting $50bn by year-end ... finalises creation of N500bn fund for local manufacturers HOPE MOSES–ASHIKE, Uyo Godwin Emefiele, CBN governor The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele expects the nations gross dollar reserves to hit the $50 billion mark later this year, the highest level since at least 2009. Emefiele who was represented by Edward Lametek Adamu, deputy governor, corporate services, disclosed this on Continues on page 33 Shell paid FG $4.32bn for 2017 production entitlement …NNPC got $3.1bn yet records N6bn loss in December OLUSOLA BELLO & ISAAC ANYAOGU Shell Corporation has said its payments to the Nigerian government grew to $4.32 billion in 2017, up nearly 19 percent from $3.64 billion in 2016. The bulk of these payments, $3.197 billion, in all, went to the Nigerian National Petroleum Corporation (NNPC) Continues on page 33 implementation with impunity. Umeofia says he cannot service his bank loans owing to lack of funds to get raw materials and run the factory, stressing that poor policy implementation and support given to importers by government officials are crippling the manufacturing sector. He added that 70 percent of Continues on page 33

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