CoNaija News: Daily Media Summary - Friday 13 September, 2019

FIRS Orders Banks To Sweep Accounts Of Tax Defaulters Into Federation Account – The Nation, Page 46 High-Profile tax defaulters got ...




FIRS Orders Banks To Sweep Accounts Of Tax Defaulters Into Federation Account – The Nation, Page 46
High-Profile tax defaulters got a 30-day window to regularise their tax status with the Federal Inland Revenue Service (FIRS), failing which they risk forfeiting the tax equivalent directly from their bank accounts to the Federal Government The FIRS Executive Chairman, Tunde Fowler who dropped the hint on the Nigerian Television Authority (NTA) programme – Platform, said that banks have been instructed to “sweep the accounts of tax defaulters into the Federation Account after 30 days. According to Fowler, the FIRS has written 23,000 letters to high-profile tax defaulters, whose names appeared on the list of defaulters. The accounts of the identified defaulters have been put on lien. Some of the letters, he said, have not been delivered because the addresses of the defaulters may have changed, adding that “the FIRS is determined because as the Service is backed by law to sweep the equivalent of what such tax defaulters owe into the federation account.” The FIRS boss noted that since the bank lien on tax defaulters’ accounts was initiated 60 days ago, the Service has granted an additional 30 days – making it 90 days – for the defaulters to regularise their tax status. “At the end of the 90 days”, Fowler warned, “banks will be asked to sweep the tax owed into the Federation Account.”




NCC Uncovers 9.2m Improperly Registered SIM Cards – The Nation, Online
The Nigerian Communications Commission (NCC) on Thursday uncovered 9.2million improperly registered subscriber identity module (SIM) cards in use across the networks in the country. Communications Minister, Dr Ibrahim Pantami, has ordered the disconnection of such lines from the network. The discovery of the ‘rogue’ SIM cards was contained in the baseline short-term performance targets report of the Commission sent to the minister. The minister had on assumption of office, directed all agencies and parastatals under Communications Ministry to submit short-term performance targets. The spokesperson to the minister, Uwa Suleiman in a statement, explained that the report was signed by the Executive Vice Chairman of the Commission, Prof Garba Dambatta. “The Commission in its report said an estimated 9.2 million SIM cards did not comply with the proper procedures of SIM registration. The investigation which was carried out at the behest of the minister, has exposed for the first time in the telecoms history of Nigeria, in precise detail, the magnitude of defaulters,” the statement said.




Zenith Bank Investors Tender $392.6m Notes For Cash – Punch, Page 27
Investors in Zenith Bank Plc have tendered notes worth $392.6m in exchange for cash, following the bank’s invitation to repurchase the notes from them. Zenith Bank had on Wednesday issued a tender offer to holders of its $500m notes due 2022 to tender them for repurchase. The bank said in a statement that the notes were subject to offer and distribution restrictions and would be exchanged for cash. The statement read in part, “The bank is offering to repurchase these notes for the purchase price plus the accrued interest amount in accordance with the procedures described in the tender offer  emorandum.” It added that the announcement did not constitute any offer to acquire any of the notes, but was being made solely pursuant to the tender offer memorandum. In a notice to the Nigerian Stock Exchange on Thursday, Zenith Bank said out of the total amount of $500m, $392.6m was tendered for repurchase. The bank said subject to the minimum denomination, it would pay $1,085 for every $1,000 note held, in addition to the accrued interest on the notes. It said the accrued interest and purchase price amount would be paid on September 16, 2019.




Stock Market Sustains Gains, Up N141bn – Punch, Page 27
The nation’s equities market sustained its gaining streak as the All Share Index advanced by 1.01 per cent to settle at 27,426.64 basis points while the market capitalisation increased from N13.210tn to N13.351tn. The year-to-date loss further eased to –12.7 per cent. Activity level waned as volume and value traded fell by 45.5 per cent and 41.1 per cent to 115.422 million units and N854.287m, respectively. The top traded stocks by volume were Access Bank Plc (17 million units), Transnational Corporation of Nigeria Plc (14.7 million units) and Union Bank Nigeria Plc (10.1 million units) while Guaranty Trust Bank Plc (N198.8m), Access Bank (N119.3m) and Zenith Bank Plc (N104.5m) were the top traded stocks by value. Performance across sectors was largely bullish as five indices recorded positive performance. The consumer goods index led gainers, up by 3.8 per cent due to buying interest in NestlĂ© Nigeria Plc and Dangote Sugar Refinery Plc. The banking index trailed, up by 1.7 per cent following major price appreciation in GBT and Zenith Bank. The industrial goods and insurance indices rose by 1.1 per cent and 0.6 per cent, respectively on the back of gains in Lafarge Africa Plc, Cement Company of Northern Nigeria Plc, AIICO Insurance Plc and Cornerstone Insurance Plc.



NSE All-Share Index Inches Higher As Market Sustains Positive Performance – ThisDay, Page 43
The Nigerian equities sustained its positive performance for the second day with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rising by 1.01 per cent to close at 27,426.64, while market capitalisation added N141.3 billion to be at N13.4 trillion. The market, which went up by 0.39 per cent on the day the Presidential Elections Tribunal ruled in favour of President Muhammadu Buhari, appreciated further yesterday as 22 stocks added value while only seven stocks depreciated. AIICO Insurance Plc led the price gainers with 9.8 per cent, trailed by Forte Oil Plc with 9.0 per cent, while AIICO Insurance recently got a new managing director, shareholders of Forte Oil approved plans by the petroleum product marketing firm to acquire more downstream assets. UACN Property Development Company Plc also appreciated by 9.6 per cent, just as Dangote Sugar Refinery Plc chalked up 9.4 per cent. Chams Plc garnered 8.3 per cent, while Caverton Offshore Group Services Plc gained 7.2 per cent. Cornerstone Insurance Plc and Nestle Nigeria Plc went up 7.1 per cent apiece, while Fidelity Bank Plc and Lafarge Africa Plc chalked up 6.4 per cent and 3.1 per cent in that order. FBN Holdings Plc, United Bank for Africa Plc, Zenith Bank Plc, FCMB Holdings Plc and Access Bank Plc were also among the price gainers.




BDC Rates – BusinessDay , Page 1
USD              360
GBP              451
EUR              400
Stock Market Report – September 12
ALL SHARE INDEX           27,426.64
DEALS                            2,816.00
VOLUME                         115,422,350.00
VALUE                            N854,286,772.21
EQUITY CAP                    N13,351,170,006,108.81
BOND CAP                      N12,659,980,852,322.50
ETF CAP                          N6,401,025,673.34



ECONOMY AND NATIONAL NEWS


Fed Govt Eyes 140,000 Jobs From NLNG Train 7 – The Nation, Page 41
The Nigerian Liquified Natural Gas (NLNG) Train 7 Engineering, Procurement and Construction (EPC) Contract  would create over 40,000 direct jobs and provide employment for over 100,000 workers, it was learnt on Thursday. Speaking at the signing of the Letter of Intent of the $10billion project in Abuja, the Executive Secretary, Nigerian Content Development Monitoring Board (NCDMB), Simbi Wabote, said the target job numbers are very exciting. Wabote said the Minister of State for Petroleum Resources, Chief Timipre Sylva, has the project as one of his focus areas to put an end to the drought of FID’s in the oil and gas industry in the last few years. He said apart from job opportunities and accruable revenues from the project,  Sylva  also noted the additional tonnage of liquified petroleum gas (LPG) to be produced from Train-7 as a key benefit to reduce importation into the country. Wabote said the minister “is also excited that Train-7 project attracts other upstream gas supply projects required to keep the LNG train busy. The project opens up other development opportunities for some gas fields in the shallow and deep offshore acreages such as HI, HA, HK, and Opoukunou-Tuomo fields.” He said the minister has directed that any encumbrance related to the Train-7 project development must be addressed expeditiously by the ministry.

Discos Q1 Revenue Collection Hits N116.9billion – The Nation, Page 41
The 11 distribution companies (DisCos) collected N116.9billion from customers out of the total bill of N182.8billion in the first quarter (Q1) of this year, it was learnt on Thursday. Despite the increase in the amount of energy received by DisCos and a higher billing efficiency recorded relative to the preceding quarter, there is a 0.5per cent decrease in the total revenue collected by the DisCos in Q1 2019 when compared to N117.5billion collected in the Q4 of last year. This is contained in the Nigerian Electricity Regulatory Commission (NERC) Q1 2019 report obtained from the Commission’s website on Thursday. “The overall collection efficiency for all DisCos decreased to 64per cent in Q1 2019 representing a four percentage point decrease from the 68per cent collection efficiency recorded in 2018/Q4. The collection efficiency implies that for every N10 worth of energy billed to customers by DisCos in the first quarter, N4.0 remained unrecovered from customers as and when due,” the report said. In appraising individual performances of the Discos, the Commission said Ikeja DisCo had the highest collection efficiency of 84per cent followed by Eko DisCo with 80.3per cent. It also noted that on the contrary, Kaduna DisCo has the lowest collection efficiency of 39.6per cent. It is noteworthy that Ikeja and Kaduna DisCos retained the same ranking during Q4 2018. On a quarter-on quarter basis, Eko DisCo recorded the highest improvement in collection efficiency moving from 70.1per cent to 80.3per cent (10.2 percentage point increase).

Row, Electricity Challenges Account For 70% Of Operators’ Costs – Guardian, Page 21
Challenges posed by hike in Right of Way (RoW) remain unabated as 70 per cent of telecommunications operators’ expenditure currently consumes a bulk of their revenue. The issue was raised on Wednesday in Lagos, at the on-going NigeriaCom 2019 telecoms forum.According to investors, business managers, and stakeholders, who gathered at the event, government’s ‘Ease of Doing Business’ was yet to be felt in the telecommunications industry. Speaking during a panel session on ‘Public and Private Collaboration for a Robust Broadband Plan in Nigeria’, the Chairman, Association of Licensed Telecommunication Operators of Nigeria (ALTON), Gbenga Adebayo, regretted that network operators are faced by multifaceted challenges ranging from multiple taxes, insecurity, and harsh business environment.He lamented that the operators are usually harassed, mostly at the state and local government levels during infrastructure deployment.

Group Seeks Private Sector-Driven Extension Service – The  Nation, Online Page
To ensure farmers and food  processors produce crops and livestock that meet export standard, the Country Representative, Young Professionals for Agricultural Development (YPARD) Nigeria, Eric Nyikwagh, has called for private sector-driven extension service. At the Agribusiness  Summit held in Abuja, Nyikwagh said in view of the fact that many Nigerians derived their livelihood from farming, and the criticism of government-led agricultural research, dissemination of seeds and other input required capable private sector hands to reach farmers. He stressed that the private sector is seen as an alternative to constrained and largely-ineffective public systems, urging companies, which can provide experts, to assist in galvanising value chains and improving agriculture. According to him, most agro companies are well-resourced to bring cutting-edge research and development, improved seeds and input, and modern information communication technologies to agriculture.

Nigerian Ports Handle 18.67 Million MT In Three Months – Punch, Page 25
Nigerian ports recorded a total cargo throughput of 18.8 million Metric Tonnes in the first three months of 2019, data from the Nigerian Ports Authority have revealed. The ports welcomed 1,045 vessels with Gross Registered Tonnage of 32.97 million tonnes. Two empty containers came in while the number of laden containers was 122,787 with GRT of 2.8 million MT. Empty containers that left the ports numbered 95,447 while laden ones were 28,162 with GRT of 486,978 tonnes. Out of this number, Twenty Equivalent-Units containers were 37,733. The major mode of trade for the quarter under review was by sea and the leading port of operation was Apapa port which accounted for N4.06tn or 89.6 per cent of total export transaction. This was followed by Port-Harcourt (3) Onne through which goods worth N298.6bn were shipped and Tin Can Island which recorded exports worth N109bn or 2.4 per cent.

Why Nigerian Airports Are Underperfoming – ThisDay, Page 23
Many Nigerian airports under the management of the Federal Airports Authority of Nigeria (FAAN) are underutilised. This, industry stakeholders have attributed to lack of vision by FAAN and the federal government that concentrate more in providing aeronautical services and underutilising the opportunities the airports could offer, especially in the areas of non-aeronautical services. But FAAN officials stated that it is not that the management of the agency is incapable of devising ways to fully utilise the airports, but government through the minister and Presidency railroads the agency. According to them, the agency does not take its own decisions, but tailor itself to the whims of the Ministry and the Presidency. There are different ramifications of government interference in the affairs of FAAN and other aviation agencies that tend to stifle ingenuous ways the authority can device to develop the airports and also boost revenue generation. Take for example, the revenue generated from advertisement by the Bi-Courtney Aviation Services (BASL), that manages the Murtala Muhammed Airport Domestic Terminal, known as MMA2 is projected by insiders to be about N1 billion annually.

FG To Establish 37 Small Businesses Clusters – Punch, Online
Vice President  Yemi Osinbajo says the Federal Government has commenced the process of establishing clusters for small businesses in the 36 states of the Federation and the FCT. Osinbajo’s spokesman, Laolu Akande, in a statement in Abuja, said the vice president spoke on Thursday in Birnin Kebbi at the inauguration of the National Micro, Small and Medium Enterprises Clinic, the 24th in the series. Osinbajo said the gesture was in the consolidation of the efforts of President Muhammadu Buhari’s administration in growing the MSMEs sector in Nigeria. “One of the Next Level projects which we intend to do for MSMEs is what we call Shared Facilities for MSMEs. We plan to have 37 clusters across the nation, this will provide opportunity for MSMEs to walk into fully equipped clusters with specific facilities for end-to-end production of their products. So,  the Federal Government has identified a minimum of one cluster per state and in Kebbi State we have the commercial fishing cluster to be commissioned in next year by over 9000 MSMEs to access daily.” Speaking further on the resourcefulness of the Nigerian youth, the vice president said their talents and creativity were all that countries required to achieve greatness.


METRO NEWS


Five Suspected Internet Fraudsters In EFCC Net – Punch, Page 5
The Ilorin Zonal Office of the Economic and Financial Crimes Commission has arrested five persons for allegedly engaging in Internet fraud and other related offences. A statement issued by the Head of Media and Publicity, EFCC, Wilson Uwujaren, on Thursday, gave the names of the suspects as Stephen Odanye, Kayode Abolarin, Babatunde Muhammad, Tomiwa Adepoju and Femi Akinbamidele. According to the statement, the suspects were arrested in different locations in the Ilorin metropolis following intelligence reports gathered by the anti-graft agency. It stated that the suspects were discovered to have used their phones and laptop computers to communicate with their victims, who were mostly foreigners, in order to defraud them of different sums of money. The EFCC said investigations by its operatives revealed that the suspects benefited from various sums of foreign currencies deposited in their bank accounts by the victims.

UNILAG Driver Commits Suicide After Facing Disciplinary Panel – Guardian, Page 10
An employee of the University of Lagos (UNILAG) identified as Sunday Meshioye has committed suicide by drinking the poisonous insecticide popularly known as Sniper after reportedly facing a disciplinary panel set up to investigate an incident he was involved in. The deceased had been dragged to face the university’s disciplinary panel after the institution’s bus he was driving got burnt. It was gathered that Meshioye took the deadly insecticide on Wednesday evening a day after facing the disciplinary panel set up to investigate the incident on Tuesday September 10. The UNILAG worker was rushed to the university’s health centre before being transferred to the Lagos University Teaching Hospital (LUTH) in Idi Araba, Mushin area where he passed on. He is survived by a wife and three children.Lagos State police spokesman, Bala Elkana, who confirmed the incident, noted that the matter has not been officially reported to the police.

35-Year-Old Faces Trial For Killing Katsina Motorcyclist – Punch,  Online
A 35-year-old man, Adamu Muhammed, of the Area Quarter in the Malumfashi Local Government Area of Katsina State, appeared before a Katsina Chief Magistrates’ Court, on Thursday, over the alleged murder of a commercial motorcyclist, Nura Mohammed. Adamu was arrested on May 23, 2019, while riding the motorcycle belonging to the late Mohammed shortly after the deceased was murdered. The police charged the defendant with three counts of criminal conspiracy, armed robbery and culpable homicide. The offences were said to contravene sections 6, 1 and 2 (a) (b) of the Robbery and Firearms Special Provision Act, Cap II, LFN, 2004, and Section 221 of the Penal Code Law. The police prosecutor, Sergeant Lawal Bello, asked the court to adjourn the case to enable the police to conclude its investigation. According to the police, the deceased was murdered and his motorcycle was snatched by hoodlums along Malumfashi/Da Konjiba Road in Katsina State. The late Mohammed of the Damfili Quarter, Malumfashi, was reportedly killed while riding on his unregistered motorcycle.

Flood Submerges Three Buildings In Kogi – Guardian, Page 10
Three buildings have collapsed as flood ravaged parts of Lokoja, the Kogi State capital.Commissioner for Environment, Mr. Sanusi Yahaya, while confirming this in Lokoja on Thursday, said persistent downpour of the past few days led to the flooding and structure collapse.He said the water level in River Niger had been increasing in the past two weeks and that the water had reached 9.48 metres, adding that houses along the River Niger bank in Lokoja had been ravaged by floods, and occupants evacuated to safety.He noted that no life was lost. According to him: “Three houses, including a two-storey building have been submerged in Lokoja, while a bridge was also washed away in Igalamela Local Government Area. There is the likelihood of flood occurring in some parts of the state. The flood prediction is coming to pass”.He directed those living along the riverbank and flood paths, to relocate immediately to avoid being washed away.

Outrage As Family Buries FUOYE Student – Punch, Page 4-5
There was outrage on Thursday as one of the slain students of the Federal University of Oye Ekiti, Oluwaseyi Kehinde, was buried in Ido Osi, Ekiti State. PUNCH Metro gathered that the atmosphere was sombre fellow students, friends and family members bewailed the killing of the 100-level student of Crop Science and Horticulture. Footage of the church funeral service posted on social media showed a relative of the deceased standing beside the coffin as he sang a dirge. “You have caused great sorrow, you have caused great pain. You who killed Kehinde without allowing him to grow up, you have caused great sorrow,” the relative sang, as his voice was drowned by the heavy wailing of women and men surrounding the coffin. The Secretary General of the FUOYE Students Union Government, Mohammed Iliyas, said Kehinde’s burial was witnessed by his parents. “We even requested that the corpse be kept for a while so that we could give him a befitting burial, but the parents insisted; that the funeral must be immediate,” he added.

Mushin Residents Lament Filthy Environment Caused By Blocked Drains – Guardian, Page 11
After yesterday’s early morning downpour in some parts of Lagos State, residents of Idi-Araba in Mushin have lamented the unending flooding of their area, especially along the LUTH Road at the drop of any rainfall. According to them, the ugly situation has remained an eyesore to members of the community and passersby. One Mallam Yakubu, a resident told The Guardian that they are already sick of the filthy environment worsened by the blocked drains and bad roads. “Whenever it rains, it is as if all the filth from Mushin is washed on to the road. The whole environment will be filled with smelly water and refuse. This is an unwelcoming sight to most road users and unfriendly development to students and users of the Lagos University Teaching Hospital (LUTH).According to Mrs. Rose Ngozi, the area is a worse place to raise up children as the ugly sight of the refuse washed onto the road could make one sick.

Our Gas Plant Complied With Safety Regulations – Techno – Punch, Page 4
The management of Techno Oil Limited has said that its gas plant situated in Kirikiri, in the Oriade Local Council Development Area of Lagos State, fully complied with requisite safety procedures in the oil and gas industry. PUNCH Metro had reported that a lawyer, Eboh Otokhina, representing the Kirikiri Town Stakeholders’ Association, alleged that the gas plant’s location in the coastal community was dangerous, adding that the company was working against the law by refusing to comply with the provisions of the Environmental Impact Assessment Act. Refuting the claim, the General Manager, Commercials/Company Secretary, Techno Oil, Ken Abazie, said the company obtained the relevant regulatory approvals for the gas plant, adding that it strictly adheres to the statutory regulations of the industry with regard to the project. Abazie stated, “For our terminal in the Kirikiri community, we obtained all the necessary statutory and regulatory approvals for that project and are complying with the required safety procedures. Also, stakeholders in the community, including the oba, chiefs and youths, also approved of the project; in fact, we have their approval documented and duly signed.

SPORT NEWS

2019 African Games Fallout: Nigeria’s Bumpy Ride To ‘Glory’ In Rabat – The Nation, Back Page

Despite not having the best of preparation and competing for honours with fewer numbers of athletes at the Rabat 2019 African Games in Morocco, Team Nigeria finished second behind Egypt, nearly equaling the number of medals won at the 2015 edition in Congo Brazzaville. At the 2015 edition of the African Games in Congo Brazzaville, Nigeria had 573 athletes competing in 21 sports and finished second with 47 gold, 55 silver and 42 bronze medals. But at this year’s edition in Morocco, with 308 athletes made up 153 men and 155, Team Nigeria featured in 22 sports to finish in second place, amassing 46 gold, 33 silver and 48 bronze medals. 13 of the 22 sporting events contributed the medals with weightlifting contributing the largest number of medals to Nigeria’s second spot finish.

Super Eagles Coach, Rohr, Loses Mother – ThisDay, Page 47
The head coach of Nigeria’s Super Eagles, Gernot Rohr, has lost his 97-year-old mother, Elizabeth Rohr. The news was broken Thursday afternoon by the Nigeria Football Federation (NFF) through its verified twitter handle. The NFF commiserated with the German national over his loss. NFF wrote, “We commiserate with @NGSuperEagles Head coach, Mr Gernot Rohr who just lost his mother Madam Elisabeth Rohr. She was 97. May her soul rest in peace.”

NFF Denies Recalling ‘Banned’ Coach Salisu Yusuf To Eagles – ThisDay, Page 47
Nigeria Football Federation (NFF) has denied recalling Chief Coach of the Super Eagles, Salisu Yusuf whose one-year ban from football lapsed on Wednesday. Yusuf was investigated by the Ethics and Fair-play Committee of the NFF after the former Ranchers Bees player was seen in a sting documentary in which he accepted 1,000 US dollars from an undercover reporter disguising as a player’s agent. The former Enyimba and Kano Pillars coach allegedly received the money to influence his team selection for the 2017 WAFU Cup of Nations Cup in Ghana and the 2018 CHAN in Morocco. But after a press statement yesterday from the Director of Communications at the Glass House, Ademola Olajire to the effect that Yusuf’s one-year ban had lapsed was interpreted to mean that the gaffer was free to return to his duty post, the social media was awash with vitriolic from football fans and critics. The decision to recall Yusuf was condemned, with some threatening to stage protests at the Glass House in Abuja if indeed the coach was back to his Eagles job.

EPL Teams Scared Of Pepe –Kanu – Punch, Page 47
Nwankwo Kanu has claimed that Arsenal’s opponents have already become ‘afraid’ of Nicolas Pepe. After the Gunners paid a club-record fee to sign the winger from Lille, Pepe has contributed one assist from his two starts and two substitute outings in the Premier League. However, despite a modest return, Kanu feels that the Ivory Coast international has already struck fear into the minds of defenders. The ex-forward told Goal.com: “If you watch him you can see he is a really good footballer and his feet are very quick. He is going to score goals and he is going to play well. He will get much better and he will score goals for us. He brings us something different to the other two strikers. I believe that teams are already afraid of him after a few games. They are scared of what he can do and what he can offer. He’s a very good addition.” Pepe will hope to feature when Arsenal face Watford at Vicarage Road on Sunday afternoon.

CAF: Rangers, Enyimba Seek First Leg Wins – Punch, Page 47
CAF Confederation Cup campaigners, Enugu Rangers, will on Saturday face Pelican FC of Gabon in their first round match of the competition. The People’s Antelopes were drawn bye in the preliminary stage of the competition while Pelican defeated Congo’s Maniema FC 3-2 on aggregate in the preliminary round, winning away 2-1 in Congo before being held 1-1 at home. Rangers departed Nigeria on Thursday to honour the match and will be hoping for a favourable result, with the team yet to play any competitive football since June. However, Nigeria Professional Football League champions Enyimba will entertain Al-Hilal of Sudan in their CAF Champions League first round in Aba on Sunday, with the return leg set to take place in Omdurman on September 29. To reach the first round of the competition, Enyimba eliminated Rahimo of Burkina Faso 5-1 on aggregate. Enyimba will qualify for the group stage of the competition if they have a superior goal aggregate after the two legs or will drop to the CAF Confederations Cup playoffs if Al-Hilal come out tops.

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CoNaija: CoNaija News: Daily Media Summary - Friday 13 September, 2019
CoNaija News: Daily Media Summary - Friday 13 September, 2019
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