16082018 - Uproar as EFCC seeks minutes of Benue's security meetings

H1’18: NIMASA records 31% increase in
cargo throughput ... Floating dock to save over $100m annually
CURRENCY BUYING SELLING
US DOLLAR
POUNDS
EURO
FRANC
YEN
CFA
WAUA
RENMINBI
RIYAL
SDR
DANISH
RAND
$102.70 -2.35
$2,088.00-20.00
$10.23 -0.11
$70.96 -1.50
$65.09 -1.95
305.05 305.55 306.05
389.5489 390.1874 390.8259
347.9705 348.5409 349.1112
308.0069 308.5117 309.0166
2.7522 2.7567 2.7612
0.5111 0.5211 0.5311
422.5206 423.2132 423.9057
44.3114 44.3844 44.4575
81.338 81.4713 81.6046
423.2874 423.9812 424.675
46.6637 46.7402 46.8167
21.5206 21.5559 21.5911
CBN Exchange rate as at 15/08/2018
By Godwin Oritse, Godfrey
Bivbere, Ebuka Oko, Abigirl
Ezenwafoh
THE Nigerian Maritime
Administration and Safety
Agency, NIMASA, said it
recorded 96,626,737metric tons
(mt) in cargo throughput in the
first half of 2018, HI’18, showing
an increase of 31.2 percent over
73, 628,546mt recorded in the
corresponding period of 2017,
HI’17.
Presenting the Agency’s H1’18
report to the media yesterday in
Lagos, NIMASA’s Director-
General, Dr. Dakuku Peterside,
said that the Agency has also
automated its final billing, a
development that has
consequently improved
turnaround of vessels as well as
sailing clearance for vessels.
Peterside also disclosed that
over 2,330 Seafarers were placed
on-board vessels in the period
under review.
He also stated: “We have also
witnessed an increase in total
number of wholly Nigerian
owned vessels on the Nigerian
Cabotage register. Half year result
shows 125 vessels were
registered, representing a 33
percent rise when compared with
the 94 registered in the
corresponding period in 2017.”
He said the increases in the
activity levels have led to job and
wealth creation in the maritime
industry during the period.
On the National Seafarers
Development Programme, NSDP,
Peterside said that the agency
graduated 243 cadets and 1,600
are at various stages of completion
of the programme while 887 are
ready for sea-time training.
“At the moment, the programme
can boast of 243 graduates and
1,600 cadets at various stages of
completion of the programme,
887 of which are ready for seatime
training. We are currently
tackling the issue of sea time
head-on via full sponsorship. The
agency is now directly facilitating
sea time training in partnership
with some international
institutions that have access to
ocean going training vessels” he
THE country’s headline
inflation may resume an
uptrend next month following
political tension to the 2019 election
and the fact that headline inflation
may have bottomed out as headline
figures drop for the18th consecutive
time.
added.
$100m savings on floating
dock
Meanwhile, NIMASA also
disclosed that the floating
dockyard recently acquired by
the Agency, will save the
Nigeria’s economy over $100
Vanguard, THURSDAY, AUGUST 16, 2018 — 19
million annually from capital
flight.
He said that the dockyard
slated for one of the facilities of
the Nigerian Navy, will stop
Nigeria ship-owners from taking
their vessels outside the
country for dry docking (regular
maintenance).
Chairman, Heirs Holdings Limited, Mr. Tony O. Elumelu (Middle) flanked by former
Managing Director/CEO, Africa Prudential Plc, Mr. Peter Ashade (right); and new Managing
Director/CEO, Africa Prudential Plc, Mr. Obong Idiong at the farewell and welcome dinner
held in their honour in Lagos.
Inflation may resume uptrend next
month amid political uncertainty
•Harvest season may moderate pressure in food inflation
By Emmanuel Elebeke &
Elizabeth Adegbesan
But some economy analysts
have stated that the
harvest season is expected
to moderate pressure on
Food Inflation Index.
Meanwhile, National
Bureau of Statistics, NBS,
said yesterday that headline
inflation rate dropped
for the 18th consecutive
month in July, 2018, as food
inflation dropped Monthon-Month
(MoM) for the
fourth consecutive month.
Economy analysts said
that despite the continuous
decline in the supply of
food produce due to lingering
farmers-herders
clashes in major food producing
regions in the
country, the harvest season
may ease the pressure on
food inflation.
An indication of this possible
moderation is already
recorded in July as the NBS
reports show that on
month-on-month (MoM) basis inflation
dropped to 1.13 percent from 1.24
percent. This is the first-time MoM
headline inflation has declined since
February 2018.
According to the Bureau’s inflation
report for June 2018, the Consumer
Price Index (CPI) which measures
inflation, dropped to 11.14 percent
year-on-year (YoY) in July 2018 from
11.23 percent recorded in the previous
month. Commenting on this development,
Analysts at Lagos based
United Capital Plc stated: “Looking
ahead, we expect the momentum of
decline in headline inflation to further
slow though, we anticipate a slowdown
in MoM inflation rate to 1.0
percent in August. The pressure on
food prices is anticipated to ease further
as we enter the farming harvest
season. However, anticipated supply
increases may be capped by an
escalation of the farmer-herder crisis
in the food-producing northern part
of the country. To this end, we expect
MoM food inflation to slow further
to 1.3 percent in August 2018.“Overall,
we expect the imminent harvest
season to moderate pressure in food
inflation, barring major deterioration
in the security situation in food-producing
northern areas of the country.
However, rising rates in the developed
market and political uncertainties
are likely to pressure Forex ,
FX, going forward. As such, we expect
headline inflation to resume an
uptrend as early as August 2018.
Thus, we project a slight increase in
headline inflation to 11.2 percent in
August 2018.”
Metering: FG
will support
manufacturers
with cheaper
fund —
Osinbanjo
By Ediri Ejoh
THE Federal Government
has pledged support to meter
manufacturers in the country by providing
better means of financing
their business, in a bid to meet the
huge demand for prepaid meter.
Acting President, Yemi Osinbanjo,
disclosed this during a visit to Mojec
International Limited’s world-class
meter factory in Lagos, while expressing
optimism over the private
sector-led solutions to the shortfall
in meter supply to electricity consumers
in Nigeria.
According to him, “Works are in
progress to introduce cheaper financing
that would enable them to
produce meters that can meet demand.
It is very obvious that Nigerian
talent and creativity has proven
beyond doubt to compete with the
best anywhere in the world.”
On private contribution to power
development in the country, he said
“All our efforts in engaging the private
sector are materializing and this
is really indicative of real progress
and a quantum leap for the Nigerian
economy.
“The facility built by Mojec is a
huge step forward for the
development of the power sector as
it would help significantly in addressing
the six million energy
meter deficit and would not only
boost local capacity but also create
thousands of job for Nigerians” he
added.
In her remarks, the Managing
Director, Mojec International Limited,
Chantelle Abdul, commended
the Vice President for his commitment
to promoting local content and
expressed the company’s desire to
work closely with Federal Government
to find lasting solutions to the
metering gap and lack of steady
power supply in Nigeria.
She stated that the current facilities
and factory in Nigeria is capable
of producing meters from start to finish.
“This factory has provided
enough proof that local companies
can produce meters that can meet
the global standard which could
consequently help in reversing government
policy on local meter
manufacturing,” she said.
She appealed to the Federal
Government to assist local manufacturers
by formulating policies that
would make cheap financing accessible
and available which could help
reduce the cost of meters to Nigerians.
SON tasks manufacturers on backward integration
By Yinka Kolawole
THE
Standards
Organisation of Nigeria
(SON) has called on manufacturing
companies in the
country to embrace backward
integration to facilitate continuous
availability of raw
materials and ensure their
survival.
Director General, SON,
Mr. Osita Aboloma, made the
call in Lagos at the presentation
of MANCAP certificate
to Nosak Farm Produce
Limited, makers of Nosak
Famili vegetable oil.
MANCAP is a mandatory
product certification scheme
by SON to ensure that all
locally manufactured products
conform to relevant Nigerian
Industrial Standards
(NIS) before they are sold
in the market or exported.
Aboloma, who was represented
by SON’s State Coordinator,
Lagos Office 3, Mrs.
Ngozi Ekwueme, stated: “As
part of the policy of the federal
government to go the way
of backward integration to
reduce demand for forex for
importation of raw materials,
companies are encouraged to
look inward and see how to
encourage local manufacturing
of raw materials.”