Sunday, July 19, 2015
NIGERIA IS ON AUTO-PILOT, says Dr Frederick Fasehun, OPC President/Founder
NEW GROUP EMERGES TO SOLVE CRISIS ON LEADERSHIP OF CCC
Thursday, July 16, 2015
NEW CONSTITUTION FOR CELESTIAL CHURCH OF CHRIST SOON
By Lateef Lawal
The crisis of leadership rocking the Celestial Church Christ [CCC] worldwide will soon be resolved, the Board of Trustees and Pastor-in-Council has assured its teeming members.
To this end. a committee set up to review the constitution of the church will soon submit its draft for the consideration of all stakeholders of the church and after the approval, it will thereafter be duly registered with the Corporate Affairs Commission [CAC] in Abuja.
This assurance was given by Superior Evangelist Samson Banjo in a press release issued today on behalf of the Board of Trustees, who noted that the Board and Pastor-in-Council are making appropriate arrangements for the smooth, proper and peaceful running of the affairs of the church at all its Parishes worldwide.
Setting up of a committee to draft a new constitution for the church, he explained was in deference to a Court decision which advised on the need for the Church to rewrite its constitution as a way of finding lasting solution to its problems, especially the Pastorship of the church.
Superior Evangelist Banjo noted that until the emergence and approval of a new constitution as ordered by the court, " Any assertion,representation, claims and pretentious by any person or persons including the ill-advised and baseless self declaration of Senior Evangelist Tosho Oshoffa to the pastoral seat or leadership of the Church is fake, ingenuity and a figment of imagination and an exercise in futility which carries a grave risk of contempt of court".
The church had sometime ago instituted a court action against one Godwin Bolanle Shonekan to prevent him from parading himself as the pastor of the church.
On March 26, this year, the trial judge, Hon. Justice A.O.Asenuga, ruled that the self proclamation of Mr Shonekan as Pastor was illegal, unconstitutional null and void. He further ruled that the appointment of a Pastor in the church needed re-articulation in a news constitution.
The trial Judge therefore set aside all claims to the position of the Pastor of the Church and the Board of Trustees as one of the defendants has already appealed against the ruling.
The summary of this decision is that subject to the outcome of the appeals, the Church does not have a lawful and duly accredited Pastor for the time being.
Monday, July 13, 2015
BUHARI SACKS SERVICE CHIEFS; APPOINTS NEW ONES
Nigeria's President Muhammadu Buhari has sacked his army, navy, air force and defence chiefs, a widely anticipated move as the former general has made crushing Boko Haram his top priority.
"The President has relieved the service chiefs, including the heads of the army, air force and navy of their appointments," Femi Adesina told AFP news agency on Monday.
The outgoing officials are: Chief of Defence Staff, Air Marshall Alex Badeh; the Chief of Army Staff, Major General Kenneth Minimah; the Chief of Naval Staff, Rear Admiral Usman Jibrin and the Chief of Air Staff, Air Vice Marshall Adesola Amosu, the spokesman said.
Buhari has appointed new defence chiefs after sacking the heads of the army, navy and air force.
The sackings were expected as the president has repeatedly criticised the military's inability to defeat Islamist group Boko Haram.
The Islamists have recently launched a series of deadly guerrilla attacks, killing more than 250 people.
Boko Haram is thought to be responsible for more than 10,000 deaths since 2009.
Both the new head of the army, Maj Gen Tukur Yusuf Buratai, and the National Security Adviser, Maj Gen Babagana Monguno, are from Borno State which is at the heart of the conflict.
Since his inauguration in May, Buhari has moved Nigeria's defence command centre to Maiduguri, the birthplace of Boko Haram, and is setting up the headquarters for a multi-national joint taskforce in Chad's capital N'Djamena.
In June, Amnesty International accused Nigeria's military of systemic human rights abuses and the deaths of 8,000 prisoners and called for an investigation into many top military officials including the army and air force chiefs.
Former President Goodluck Jonathan was heavily criticised for his inability to deal with the six-year Boko Haram violence in the northeast of Africa's biggest oil producer which has killed thousands and displaced 1.5 mn people.
Army morale hit an all time low under Jonathan and it was not until the start of 2015 that the group's fighters were finally pushed out of most areas with the help of foreign mercenaries, troops from neighbouring countries and new equipment.
At least a dozen civilians and a Chadian soldier were killed in two suicide attacks by suspected Boko Haram fighters in the northern Cameroon town of Fotokol late on Sunday, a senior Cameroonian military officer said.
The first explosion went off inside a bar near a Cameroon special forces (BIR) camp just after sundown, the officer said, asking not to be named.
"The second explosion followed as soldiers approached the bar," he said.
Monday, July 6, 2015
A Nigeria Without Chiefs Make Top Paying Bonds Less Attractive
By Paul Wallace
Nigeria has attractive bond yields and a fast growing economy with a young population. For investors, it’s missing a key ingredient: a functioning government.
More than a month since taking charge of Africa’s largest economy, President Muhammadu Buhari is yet to choose ministers; an announcement the 72-year-old former military ruler said he may postpone until September. That’s left the continent’s biggest oil producer and most populous nation without a finance chief to steer a Treasury he said is “virtually empty” amid calls for a currency devaluation.
Investors actions in the capital markets are an answer to that political void. An index of naira bonds declined 2.6 percent in dollar terms over the past month. That compares with average losses of 0.2 percent across 31 emerging markets. And while Nigerian rates of 14.9 percent are the highest among those nations, foreigners are staying clear until they know Buhari’s plans for the exchange rate and budget, according to Barclays Plc and Rand Merchant Bank.
“You can’t ignore the yields on offer in Nigeria, except for when there’s a lack of clarity on policy,” Ridle Markus, an analyst at Barclays, said by phone from Johannesburg on July 2. “It creates further uncertainty as to what the cabinet will look like, what decisions the finance minister will take.”
Oil Damage
Nigerian stocks dropped 8.9 percent since Buhari’s April 2 win over Goodluck Jonathan in a March presidential election, the third-worst performers globally among 93 primary indexes tracked by Bloomberg. He was sworn in on May 29 following a campaign in which he promised to crush Boko Haram’sinsurgency in the north east and clamp down on corruption.
The new government suffered the deadliest week since taking office last week after attacks in the Borno state claimed at least 150 lives.
So far he has articulated few ideas on how to revive an economy ravaged by an almost 45 percent drop in Brent crude prices over the past year, Angus Downie, head of economic research at Ecobank Transnational Inc., said by phone from London on July 2. Nigeria’s government relies on oil for roughly two-thirds of its revenue.
Growth will decelerate to 4.8 percent in 2015, about half the average of the past decade, according to the International Monetary Fund. That’s still faster than the global average of 3.5 percent and 4.3 percent for developing nations.
Some Nominations
The naira fell 21 percent between the end of June 2014 and Feb. 12, when it dropped to a record low of 206.32 against the dollar. That prompted the central bank to extend foreign-exchange trading curbs to prop up the currency. While those have steadied the naira at an average of 199.03 since March, they have left it overvalued, according to investors, including Investec Asset Management and BlackRock Inc.
Still, Nigeria’s population, where 44 percent of its 177 million are under the age of 15, according to data compiled by Bloomberg, augurs well for long-term growth. In the euro region, less than 16 percent of people are under 15, while in the U.S. the figure is 20 percent.
A delay in naming a finance minister means it may take longer for investors to find out whether currency restrictions will be removed, according to Joseph Rohm, a money manager at Investec Asset Management, which oversees about $110 billion.
Currency Devaluation
“We need a devaluation and strong appointees in the government for the market to go up,” Rohm said by phone from Cape Town last month.
Bonds and equities surged after Jonathan conceded defeat to Buhari, easing investors’ concerns about a disputed result in a country that had never seen a peaceful change of power from one party to another. Yet, as well as plans for the currency, investors now want to know whether the government will remove gasoline subsidies and how it will diversify the economy from oil.
“We’re still sitting in the dark,” Zoran Milojevic, a trader at New York-based brokerage Auerbach Grayson & Co., said by phone. “The only positive thing is that Nigeria didn’t spiral into a civil war. That’s not enough to push the market.”
Average bond yields have climbed almost 100 basis points from 13.91 percent since May 14.
There probably won’t be a rally until Buhari outlines how he will improve Nigeria’s economy, says Ronak Gopaldas, an analyst at Rand Merchant Bank, a unit of FirstRand Ltd., Africa’s biggest bank by market value.
“People thought by now they’d have some kind of clarity,” Johannesburg-based Gopaldas said by phone on July 1. “They’re looking for a decisive message about what Buhari’s going to do to arrest the economic decline. It’s something that needs to be done sooner rather than later.”
source: Bloomberg Business
Wednesday, July 1, 2015
Nigeria total debt at 12.1 trln naira by end March: DMO
The DMO said on its website that foreign debt stood at $9.46 billion at the end of March, equivalent to about 15 percent of total debt and down from $9.71 billion at the end of 2014.
Nigeria said in 2013 it wanted to increase the amount it borrowed overseas to 40 percent of all debt over a three-to-five year period to tap into loose monetary policy in advanced economies.
But as oil prices plunged last year, government revenues slumped, leaving Abuja struggling to pay bills including state salaries. The currency has also come under intense pressure.
Nigeria's states are now in debt to the tune of 658 billion naira, the governor of Zamfara state said last week.
Investors are worried domestic debt has risen sharply since the end of March, and concerns about government finances, as well as the slide in the naira, are hitting markets.
The yield on the 5-year bond, the most liquid issue, rose to 14.95 percent on Tuesday, up from 14.71 percent a week ago.
Nigeria's former finance minister said at the start of May that the government had already used half the borrowing allowance it had budgeted for as lower oil prices reduced revenues.
Abuja's funding problems and the naira's weakness on the black market are fuelling market concerns that more domestic bonds may have to be sold, raising the cost of borrowing.
Nigeria rebased its gross domestic product statistics last April, almost doubling the size of its economy to more than $500 billion, Africa's biggest. However tax collection as a percentage of revenue is a paltry 6 percent.
($1 = 198.8500 naira)
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