28032019 - NATIONAL ASSEMBLY LEADERSHIP:All clear for Lawan; fresh crisis brews over Gbaja

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8—Vanguard, THURSDAY, MARCH 28, 2019 CONFERENCE: From left, Representative of Director of National Mathematical Centre, NMC, Prof. Peter Onumanyi; Chairman of Mathematical Analysis and Optimization Research, Prof. Johnson Olaleru and Chairman of National Mathematical Centre (NMC), Governing Council, Prof. Buba Bajoga, during the 6th international conference on mathematical analysis and optimization in Abuja. Photo: NAN. Analysts dismiss MPR cut as hasty, with zero impact on lending By Babajide Komolafe FINANCIAL analysts have described the decision by the Central Bank of Nigeria, CBN, to reduce the Monetary Policy Rate, MPR, to 13.5 per cent as a hasty decision with zero impact on boosting lending to businesses. Contrary to analysts’ projections, CBN on Tuesday, at the end of its two day bimonthly Monetary Policy Committee, MPC, reduced the Monetary Policy Rate, MPR, from 14 per cent to 13.5 percent, citing the need to signal a new direction towards improved growth. Analysts, however, opined that the 50 basis points reduction in the MPR will have little or no effect in boosting lending to the private sector. Citing the looming risk to inflation and the fragile state of the nation’s economy, analysts at Vetiva Capital Management Limited, described the CBN’s decision as ‘hasty own goal,’ which would not lead to increased lending to the private sector as envisaged by the CBN. They said: “The decision was touted as a key measure to stimulate the economy by reducing the cost of borrowing. Whilst the decision will have an immediate impact on borrowing rates already benchmarked to the MPR, we are sceptical of a significant pass-through to the real sector as bank lending rates are notoriously sticky going down. "Also, the decision seemingly ignores the looming risks to inflation — an expected increase in liquidity from the frontloading of a late 2019 budget, an increasingly likely review of the multi-year tariff order, MYTO, which has an impact on electricity prices, and most importantly a looming 67 percent increase in national minimum wage —all of which are likely to push inflation north for the rest of the year. “Taking a view from recent history, where the MPC cut rates by 200 basis points in 2015, before subsequently reversing course within the space of a year, a rate HIKE might not be far off the cards, especially given the expected rise in inflation and the current fragile state of the economy. “Overall, whilst the cut in the rate is a signal from the MPC of a stronger progrowth focus, we believe this decision is ultimately an own goal as the rate cut will do little to stimulate the economy and has the added disadvantage of distracting from its primary objective – price stability.” Also commenting, analysts at Lagos-based Afrinvest Plc said: “We are not distracted to believe an easing cycle has begun; rather, we think policy stance remains intact considering global interest rate development and the desperation to sustain and retain flows. “The CBN can always resort to Open Market Operations, OMO, to achieve the objective of attracting and retaining capital flows." Analysts at Lagos-based Cowry Assets Management FGN bonds record N140bn over-subscription By Emma Ujah, Abuja Bureau Chief A B U J A — INVESTORS’ appetite for the Federal Government Bonds have continued to rise with the March Auction, conducted yesterday, recording a N140 billion oversubscription. At the exercise, which was conducted by Debt Management Office, DMO, N100 billion bonds were offered, but investors staked over N240.6 billion. The over-subscription of the FGN bonds at the monthly auctions had been consistent since the beginning of the 2019 fiscal year. A statement by DMO, yesterday, said it offered three instruments at the auction for three, seven and 10-year tenors and subscriptions for the three instruments were in excess of N148bn for competitive bids. “Non-competitive bids valued at N92.6bn were also received, taking the total subscriptions across the 3 tenors to over N240.6bn,” it said. The trend of investors’ preference for the longer tenured instrument continued, with the 10-year bond significantly oversubscribed with a bidto-cover ratio above five. Allotments were made to successful bidders at the 2019 budget: Lawmakers, ministers, others review N8.827trn budget estimates By Emman Ovuakporie A BUJA—CRITICAL stakeholders, such as National Economic Team, leadership of National Assembly and a cross section of the general public, yesterday, converged on Abuja to deliberate on N8.827 trillion budget estimates for 2019 fiscal year. Speaker of the House of Representatives, Mr Yakubu Dogara, on his part, noted that the public hearing was aimed at ensuring active participation of the Nigerian public. Limited gave a similar opinion. They said: “The MPC’s decision to cut the policy rate by 0.50 percent was engendered by the feeling of sustainability in the level of stability of Nigeria’s macroeconomic indices which were expected to drive growth going forward and the signal by US Fed to leave Fed rate unchanged in 2019 which was expected to redirect foreign inflows into emerging and developing economies like Nigeria. "We do not expect significant growth in credit to private businesses given the inelastic nature of the relationship between credit to private sector and reduction in MPR.” rates of 13.5 percent for the five-year, 13.5 percent for the seven-year and 13.5percent for the 10-year bonds, which are considerably lower than the allotment rates for the February 2019 Auction. The total amount allotted to both competitive and non-competitive bids for the three instruments, according to the DMO, was N121.95 billion. Dogara challenged ministers to strive towards achieving 70 per cent implementation level against the current 45 percent implementation level, which he noted was what is obtainable now. He noted that the president has the constitutional power to initiate budget proposal, while the National Assembly has the power of appropriation. He lamented that despite the late submission of the budget proposal over the years, the executive has continued to blame the Legislature for late passage FAAC shares N619.857bn to FG, others for February By Emmanuel Elebeke ABUJA—AT the end of its monthly meeting, yesterday, the Federation Accounts Allocation Committee, FAAC, shared N619.857billion to the three tiers of government as revenue generated for the month of February 2019, but shared in March 2019. Acting Accountant General of the Federation, AGF, Mohammed Usman , who briefed newsmen at the end of the FAAC meeting in Abuja, said the amount was lesser that N505.246 billion shared in January, which he attributed to the persistent shut down of oil installations within the month under review. The AGF also disclosed that the balance in the Excess Crude Account, ECA, currently stands at $183m, which is less than $249 billion recorded in the previous month by $66 of the budget. He said: “We are all aware of the importance of a wellformulated budget for effective service delivery by government. Indeed, the budget represents the main bond between the government and the people. “Today’s exercise forms a very important segment in the making of the Appropriation Act by the National Assembly. This interactive session is in line with the constitutional responsibilities and Legislative Agenda of the National Assembly which is aimed at making the budget process more inclusive and transparent." million. A communiqué at the end of the meeting indicates that from the N619.857 billion, the Federal Government received N2223.157bn, the states received N113.188bn, Local Government Councils received N187.263 bn. The oil producing states received N45bn as 13 per cent derivation revenue and the Revenue Generating Agencies received N9.725 billion as cost of revenue collection. Meanwhile, for the February 2019, the gross revenue of N478.434 bn was received in the month of February 2019. This is lower than the N505.246 bn received in the previous month by N26.812bn. The gross revenue from Value Added Tax, VAT, was N96.389bn as against N104.468bn distributed in the previous month, resulting in a decrease of N8.079 billion. Dokpesi narrates ordeal in Immigration custody By Dirisu Yakubu A BUJA—MEDIA mogul and founding chairman of African Independent Television, AIT, Chief Raymond Dokpesi, has blamed the President Muhammadu Buhari-led administration for his ordeal in the hands of the nation’s security agencies. Dokpesi who was, yesterday, invited for questioning by Nigeria Immigration Service, NIS, disclosed this to newsmen after spending about three hours at the NIS headquarters in Abuja. According to him, “definitely, if I had brought my passport today, they would have impounded it, that is what it is. There are no two ways about it, but the passport is with the court. But even if they decide to do so, like I said, the passport is a property of the Federal Republic of Nigeria, so they can request for it. “I just returned from a medical trip overseas on March 22, 2019 when I was arrested for between 50 to 55 minutes at the airport. I was told that they had instructions from above to arrest me on my return but after a few phone calls and contacts, the Immigration officer at the airport told me that he had instructions from above that I could leave and he gave me back my passport and told me that I should go, that they would reach me subsequently. “On Monday, I received new information and in line with the normal process, I returned my passport to the Federal High Court since I travelled under a judicial approval or permission. So I returned the passport and gave notice that I might go for a medical check up so that they will ensure that the operation was successful and that all the organs and everything are properly healed. " Dokpesi who was interrogated for two and a half hours at the Comptroller General’s Investigation Department and allowed to go home about 3:10p.m., said he had a feeling he would be invited again.
Vanguard, THURSDAY, MARCH 28, 2019—9 FACTS BEHIND THE FIGURES: From left, Company Secretary, Transcorp Plc, Ms Helen Iwuchukwu; CEO, Nigerian Stock Exchange, NSE, Mr. Oscar Onyema; President/CEO, Valentine Ozigbo; Managing Director/CEO, Mrs Owen Omogiafo; and Executive Director, Mr. Christopher Ezeafulukwe, all of Transcorp Plc, during the closing gong ceremony at the floor of NSE in Lagos. Presidential poll: Tribunal orders service of Atiku’s petition on Buhari •As 3 presidential candidates file petitions against the president A B By Ikechukwu Nnochiri U J A — PRESIDENTIAL Election Petition Tribunal sitting in Abuja, yesterday, ordered substituted service of the petition challenging the outcome of the February 23 presidential election on President Muhammadu Buhari. The tribunal ordered that copies of all the legal processes be served on Buhari through any senior officer at the national headquarters of his party, All Progressives Congress, APC, in Abuja. The order followed an exparte application by opposition Peoples Democratic Party, PDP, and its presidential candidate, Atiku Abubakar. Atiku and PDP had applied to be allowed to serve the petition on Buhari via substituted means, decrying that retinue of security operatives at the Presidential Villa made it impossible for them to effect personal service of the processes on him. The Justice Abdul Abokiled tribunal, yesterday, ordered that Buhari should be served with a copy of the petition by PDP and its candidate, Atiku Abubakar. The tribunal directed that Buhari should be served with all the legal processes through any senior officer at APC national secretariat in Abuja. A three-man panel of Justices of the Court of Appeal led by Justice Abdul Aboki, granted the ex-parte motion the petitioners moved through their lawyers, Mr. Chris Uche, SAN. The petitioners are in the petition praying the tribunal to invalidate the declaration of President Buhari as winner of the presidential contest. Independent National Election Commission, INEC, Buhari and APC are respondents in the petition. 3 more presidential candidates file petitions against Buhari Meanwhile, three more presidential candidates have separately approached the Presidential Election Petition Tribunal, asking it to void the outcome of the February 23 presidential election. In their various petitions, the three presidential candidates are urging the tribunal to invoke its powers and quash the declaration of Buhari as the bonafide winner of the 2019 presidential election. The petitioners separately alleged that the election was characterised by manifest irregularities, adding that Electoral Act was not substantially complied with by INEC. Those asking the tribunal to sack Buhari and order a fresh election are Presidential candidate of Hope Democratic Party, HDP, Chief Ambrose Owuru, while APC and INEC are respondents. In another petition, the presidential candidate of Peoples Democratic Movement, PDM, Aminchi Habu, equally challenged the outcome of the presidential poll. Similarly, Coalition For Change, C4C, and its presidential candidate, Geff Chizee Ojinka, also urged the tribunal to nullifyBuhari’s election. Unlike in all the other petitions, C4C, which garnered a total of 2,391 votes at the presidential poll, cited the Vice President, Prof. Yemi Osinbajo, as the 2nd respondent in its case. It told the tribunal that its candidate, Ojinka, was validly nominated to participate in the February 23 election to secure votes to occupy the presidential seat. “Petitioners contend that the above election was vitiated by substantial non compliance with mandatory statutory provisions, which irregularity substantially affected the election such that the 1st respondent was not entitled to be returned as the winner of the presidential election,” the party added. We’re under pressure to congratulate Buhari — CAN By Luminous Jannamike A BUJA—Christian Association of Nigeria, CAN, has alleged that some influential people working closely with the Federal Government are mounting serious pressure on its leadership to pay a congratulatory visit to President Muhammadu Buhari, following the outcome of the last month’s presidential election. A source in CAN’s national executive body, who confided in Vanguard, said the pressure had now assumed the form of a subtle blackmail against its leaders. He said: “We have seen how they are polarising the church so that it cannot act as a body. The Bible says the house divided against itself cannot stand. This is where we find ourselves today. If there’s no unity among us, who says the enemy cannot attack and go away? It’s very unfortunate. “If you know the pressure mounted on CAN leadership that we, as a body, have to go and congratulate the president. However, the church is saying this election is controversial and we see what is happening. But, they are still mounting pressure seriously. “They are telling us if we don’t congratulate him, it means we are against him and that we are partisan. However, we are saying let them resolve the issues (in court) before we go and congratulate whoever wins. That’s the situation we find ourselves as the Church of God.” In another development, CAN President, Rev Samson Ayokunle, has condemned the recent abduction of a Catholic Priest, Fr. John Shekwolo, in Kaduna State. He said it was shameful that “gunmen,” have continued to kidnap and sometimes murder innocent citizens in cold blood without being apprehended prosecuted." and Budget defence: Correct errors in your budget, Reps tell AuGF A MEMBER of the committee, Ralph By Emman Ovuakporie ABUJA—HOUSE of Representatives Committee on Public Accounts, yesterday, asked the Office of Auditor-General to the Federation, OAuGF, to go and correct errors in its 2019 budget estimates. The committee gave the order during the agency’s budget presentation when discrepancies and misrepresentation of facts were observed by the committee members. FEC approves N1.4bn for Abuja DPR building design By Johnbosco Agbakwuru ABUJA—THE Federal Executive Council, FEC, yesterday, approved N1.4 billion contract for the design of 12-floor building for Department of Petroleum Resources, DPR. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed this while briefing State House correspondents at the end of Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja. He said: “FEC approved N1.4 billion for the design of DPR Head office in Abuja. The contract was awarded to Messers Arteck Practice Limited to design a 12-floor building in the land that is already allocated to DPR over the years by FCT to enable them move their headquarters down here." He explained that the contract was awarded to DPR Igbokwe (APC, Imo), had noticed that N50.8 million paid for an ongoing capital project was not appropriately captured in the agency’s presentation. In his response,AuGF, Mr Anthony Ayine, told the committee that the error was not deliberate as it was captured in another page in the presentation under capital expenditure. “If you look at the page you will notice thatN50.8 million was captured.” His response did not go tenders board and that “their bid was the lowest, while the highest bid was about N3 billion, the next bid was N2m+ and then the third was about N1.4 billion. “The total projected potential cost for the building when it is done is about N35 billion. So if you look at that as a percentage of the work, it is absolutely insignificant, in international terms it is very justifiable, it is less than two per cent.” Also briefing journalists, Minister of Trade and Investment, Okechukwu Enelamah, said FEC approved the appointment of a contract of N1.5 billion for consultancy job. He said: “We got an approval from FEC to award a contract to engage a Programme Management Office Consultant and System Provider, for the Government Enterprise and Empowerment Programme, GEEP at the cost of N1.556 billion.” FG sets up c'ttee to harmonise oil revenue data, others By Michael Eboh ABUJA—THE Federal Government, yesterday, set up a committee to harmonise oil and gas revenue and production data, government earnings from all sectors of the economy, among other critical data, across all the Ministries, Departments and Agencies, MDAs, of government. Speaking at the inaugural meeting of the committee, tagged ‘Nigerian Petroleum Fiscal Consistency Network,’ Technical Adviser to Minister of State for Petroleum Resources on Petroleum Fiscal Strategy, Mr. Tim Okon, said the committee was saddled with the responsibility of ensuring that policy makers have access to consistent set of data to reach enlightened decision. Okon said the petroleum fiscal consistency network was driven by three ministries— Federal Ministry of Finance, Federal Ministry of Petroleum Resources and Ministry of Budget and National Planning. He added that the team would work with a number of government agencies to ensure the collection and presentation of accurate fiscal data. He said: “It will involve the different entities that are involved in collecting information or revenue as the case may be and make sure that there is a consistent basis for the data collected and presented. “The agencies we are dealing with include collection agencies such as the Federal Inland Revenue Service, FIRS; Department of Petroleum Resources, DPR; Nigerian National Petroleum Corporation, NNPC, and various other entities.” down well with the lawmakers who bombarded him with more questions. Igbokwe asked the AuGF “Are you not an accountant, how can you allow such an oversight?” Another lawmaker also pointed to the fact that “You captured a 1000kva generator as a 100kva generator and you think we will fold hands and look at you in the face.” At this point, the committee Chairman, Mr Kingsley Chinda (PDP, Rivers) told AuGF: “Next time when you are asked a direct question, answer in the affirmative."
Page 1 and 2: C M Y K OLU FASAN STATE OF THE NATI
Page 3 and 4: C M Y K Vanguard, THURSDAY, MARCH 2
Page 5 and 6: vanguardnews @vanguardnews @vanguar
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Page 17 and 18: Re: The judiciary: Matters arising
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Page 31 and 32: Nigeria’s endless cycle of undemo
Page 45 and 46: By Elizabeth Adegbesan THE Naira, y
Page 49 and 50: L-R: Former Super Eagles midfielder
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28032019 - NATIONAL ASSEMBLY LEADERSHIP:All clear for Lawan; fresh crisis brews over Gbaja

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