THE NAIRA, THE CBN & THE PRICE MECHANISM.

The Central Bank of Nigeria’s (CBN) decision, last week, to bar 41 local business lines from domestic foreign exchange markets violates two basic administrative principles.

First, it appears to punish economic activity, which only recently were the preserve of perfectly responsible citizens. Second, in consequence, it would divert scarce central banking resources away from the more important remit of ensuring price stability, to administrative duties policing the foreign exchange markets in search of foreign exchange markets’ scofflaws.

At first blush, the arguments for this intervention appear very strong. After oil prices plummeted in the global markets mid-2014, the Nigerian economy has struggled. With crude oil export earnings accounting for a sizeable share of government revenues, this straitened circumstance has shown up in a couple of provincial governments’ inability to meet staff salaries.

ABIKE DABIRI'S FIRM & OTHERS OWE BANKS N143.81BN.

Nigerian Deposit Money Banks on Monday continued with the policy of naming and shaming their delinquent debtors with further publication of the names of firms and their directors whose loans have become non-performing for more than one year.

While nine banks published the names of the loans defaulters on Monday, four banks released the lists of their chronic debtors, owing a total of N143.81bn, on Tuesday.

The four banks are First Bank of Nigeria Limited, Access Bank Plc, Diamond Bank Plc and Unity Bank Plc.

BEFORE THE BAIL OUT FUNDS ARE DIVERTED.

One of the earliest demands placed before President Muhammadu Buhari, even before he was sworn-in, was a request for financial bailout of states which could not pay their workers’ salaries. It was championed by the governors of the All Progressives Congress (APC) led by Governor Rochas Okorocha of Imo State.

After initially balking, Buhari got the National Economic Council (ECA), through the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance (FMoF), to package a comprehensive bailout fund totalling over 1.2 trillion Naira. The funds were extracted from the Excess Crude Account (ECA), proceeds from the Liquefied Natural Gas (LNG) operations, a CBN special intervention fund and a debt relief package for highly indebted states to enjoy reduced debt service costs.

WE HAVE FOUND THE BANKS WITH NIGERIA'S STOLEN MONEY - PRESIDENT BUHARI.

President Muhammadu Buhari, yesterday, in Abuja said that his administration has identified banks, financial institutions and countries in which payments for stolen Nigerian crude oil have been deposited.

Speaking at an audience with visiting United States Congressmen, President Buhari acknowledged the support and cooperation his administration was getting from the international community in gathering required intelligence for tracing and recovering stolen national resources.

LAGOS STATE GOVERNMENT SEALS KANU NWANKWO'S HOTEL & OTHER WORSHIP CENTRES OVER.

The Lagos State Environmental Protection Agency has sealed a hotel owned by ex-Super Eagles player, Kanu Nwankwo, the Hardley Apartments, on Victoria Island.

The hotel was among other hotels, churches and mosques sealed across the state on Monday over alleged air and noise pollution.

No fewer than 30 facilities were shut in areas, including Ketu, Ikorodu, Ibeju-Lekki, Victoria Island and Surulere.

HOW JONATHAN INCREASED SUBSIDY CLAIM FROM N300M TO N1.9TRN AFTER JUST 6 MONTHS IN OFFICE.

Former Governor of Rivers State, Rotimi Amaechi, has said his refusal to support ex-President Goodluck Jonathan’s bid to secure the support of governors for an upward review of subsidy payments was one of the reasons why they fell apart.

Amaechi also revealed that the former President asked him not to seek re-election as the Chairman of the Nigeria Governors’ Forum because of his principled stand against the unjustified depletion of a common patrimony.

The former governor said this in Abuja, late on Sunday, at a dinner organised in his honour by his friends in Abuja.

WE WILL SUPPORT PRESIDENT BUHARI IN THE WAR AGAINST BOKO HARAM - BUKOLA SARAKI

The Senate President, Dr. Bukola Saraki on Monday assured that he will do everything possible through legislative powers to ensure that the carnage posed by boko haram sect in Borno and other parts of the north east be a thing of the past.

Saraki made the assurance when he led other member delegation to a courtesy call on Governor Kashim Shettima at the Government House Maiduguri.

He said he was in Maiduguri, Borno state capital with his entourage for on the spot assessment of the activities of boko haram and to identify with victims and people of the state over the spate of killings and bombings by insurgents, so that government will come out with better strategy aimed at ending the activities of the dreaded boko haram in the north east subregion.

EFCC QUIZZES NAFDAC BOSS OVER ABUSE OF OFFICE.

The Director-General of the National Agency for Food, Drugs Administration And Control, NAFDAC, Dr. Paul Orhi, has been summoned by operatives of the Economic and Financial Crimes Commission over allegations bordering on abuse of office.

Dr. Orhi is currently being questioned by a crack team of detectives for allegedly awarding huge contracts to companies in which he has interests.

An EFCC top source confirmed that the DG, who arrived the commission’s headquarters around 10am Monday had been making useful statement to its agents.

GENERAL OVERSEER OF RCCG PASTOR ADEBOYE RETIRES 2O PASTORS AT AGE 70

The Redeemed Christian Church of God announced the retirement of 20 Senior Pastors who have attained the age of 70.

The announcement was made at the conclusion of this year’s ministers’ conference (it yearly preceedes the convention) with the General Overseer of the Redeemed Christian Church of God, Pastor E. A Adeboye.

Six of the pastors received awards of Excellence while the remaining 14 got the award of “Fruitful”. Moreover, they all received the G.O’s handshake, plaques and undisclosed sums of money. The church thanked the retirees and prayed for them.

BURUNDI SECURITY CHIEF WHO FOILED COUP ATTEMPT HAS BEEN ASSASSINATED.

A leading Burundian general and close aide to President Pierre Nkurunziza has been killed in a rocket attack on his car in the capital Bujumbura, officials and witnesses have said.

Adolphe Nshimirimana was widely seen as the central African nation's de facto internal security chief and considered by some as the president's effective deputy.

Police and witnesses told the AFP news agency that Nshimirimana's car was hit in a rocket attack in Bujumbura shortly before midday on Sunday. 

CAITLYN JENNER CONSIDERS VOICE SURGERY TO CHECK HER DEEP VOICE.

On the latest episode of I Am Cait, Caitlyn Jenner opened up about the insecurities she faces as a woman as she went on a girls' road trip to San Francisco.

The reality star, 65, confessed she was worried about her deep voice and was considering surgery to make it higher.

She also told her girlfriends - a group of trans women - that she wasn't ready to get into a bathing suit in front of them.

'The pool's too damn cold right now,' she told Jenny Boylan, a writer and co-chair of GLAAD. 'It will happen at some point but I’m in no rush.'

NIGERIA'S ECONOMY IN DEEP MESS.

The story by Nduka Chiejina, Assistant Editor, went on to point out that “Two weeks after sharing tax proceeds from the Nigerian Liquefied Natural Gas, NLNG, the three tiers of government yesterday shared a larger amount of cash from the Federation Account for the month of June than they did for the month of May 2015.” With all due respects to my colleagues in the media, this is a story for the front page of every newspaper and headline news on electronic media. 

For those who have lately rained maledictions on the governors of Nigeria in general, and inexplicably Ogbeni Rauf Aregbesola of Osun state in particular, it might give them a pause for reflection on the true state of the nation’s economy.

Without defending the governors against charges of profligate spending, the published allocation for June goes a long way towards sustaining the point that the fault is not entirely their own – irrespective of political affiliation, APGA, APC or PDP.

WAR AGAINST CORRUPTION - PRESIDENT BUHARI COMES AFTER CIVIL SERVANTS.

Disturbed by the rot and thriving corruption in the civil service, which has cost the country trillions of naira, President Muhammadu Buhari has taken his anti-graft war to the sector.

He has ordered that all outstanding audit queries which had piled up over the years be resolved within the next 30 days.

Confirming the presidential directive, Senior Special Assistant to the President on Media & Publicity, Malam Garba Shehu, said the unanswered audit queries sounded unsavoury to the President who, on hearing it, expressed his displeasure.

NAIRA KEEPS RISING AGAINST THE DOLLAR.

The United States dollar will further tumble against the naira at the parallel market this week as Deposit Money Banks continue to reject cash deposit of foreign currencies into customers’ domiciliary accounts.

The naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.

Foreign exchange dealers told our correspondent on Sunday that the naira would likely appreciate further against the dollar at the black market this week.

JUDGE WHO CALLED FOR AREGBESOLA'S IMPEACHMENT GETS EFCC'S INVITATION.

There were indications in Osogbo on Sunday that Justice Folahanmi Oloyede, who recently accused Governor Rauf Aregbesola of graft, had been invited to the Abuja headquarters of the Economic and Financial Crimes Commission.

A source close to the judge told journalists in Osogbo, the Osun State capital, on Sunday that the judge was contacted by an official of the EFCC, who asked her to come to the Abuja office of the commission to assist them in the investigation into the allegations.

Oloyede, a serving judge in the Osun State judiciary had recently petitioned the state House of Assembly, asking that impeachment proceedings be commenced against Aregbesola, who she also accused of being corrupt.

NASS IS BACK TO BUSINESS.

The crisis in the House of Represen-tatives, was finally resolved on Tuesday last week when the leadership of the House bowed to the demands of the All Progressives Congress (APC) to install its preferred candidates as principal officers.

This made it possible for the Speaker, Hon Yakubu Dogara, to announce Honourables Femi Gbajabiamila as the Majority Leader, Baba Jibrin (Deputy Speaker), Alhassan Doguwa (Chief Whip) and Pally Iriase (Deputy Chief Whip). The Speaker and his group had, during the crisis, insisted that the remaining posts in the House should be shared in such a way as to enable all the six geopolitical zones in the country to have a sense of belonging. But the ruling party, with the backing of President Muhammadu Buhari, insisted on having its way, and in so doing, and for the first time since 1999, a ruling party could not accommodate one of the geopolitical zones of the country, the South East, in sharing the offices of the House of Representatives.

UNKNOWN PERSONS BURN INEC OFFICE IN ABIA.

Unknown persons have burnt down the offices of the Independent National Electoral Commission, INEC, in Obingwa Local Government Area, Abia State.

According to eye-witnesses, the incident, which occurred at about 1.00p.m. yesterday, razed the entire building, including the store and Electoral Officer’s office.

A resident in the staff quarters at the council headquarters at Mgboko, who declined to have his name on print, told Vanguard that they saw thick smoke emanating from the INEC office and raised alarm, which attracted passers-by.

ARMY TO REVIEW DEATH SENTENCES & JAIL TERMS OF SOLDIERS.

The Nigerian Army on Sunday announced that it is reviewing the cases of all soldiers who were disciplined for various offences.

Dozens of soldiers have been sentenced to death, life imprisonment and other punishment for various offences including mutiny, desertion, and disobedience of lawful orders. Majority of the sentences, carried out in various military courts, have been appealed by counsel to the affected officials and condemned by local and international rights groups.

However, on Sunday, the Acting Director of Army Public Relations, Sani Usman, said the army was itself already reviewing the punishments.

THE EXCESS CRUDE OIL ACCOUNT CONTROVERSY .

Nigeria's savings from oil exports from its average production of 2.3 million barrels per day as estimated by the CIA World Factbook should be showing a healthy balance. Unfortunately, this is not the case. The Excess Crude Account, where the extra income from oil sales is domiciled, had been depleted to $2 billion by June this year, down from $11 billion in December 2012. This has triggered a bitter dispute between some state governors, led by Adams Oshiomhole of Edo State and the immediate past Minister of Finance, Ngozi Okonjo-Iweala. The authorities must get to the root of the matter and unravel how exactly public revenues were appropriated and spent.

SARAKI SEEKS EMIR'S HELP TO PACIFY PRESIDENT BUHARI.

In his efforts to make peace with the Presidency over its distaste on the composition of the senate leadership, Senate President Bukola Saraki, has resorted to seeking the assistance of emirs and traditional rulers.

In realising this objective, the senate president, has sought the help of the Emir of his home town, Ilorin, Kwara State, Alhaji Ibrahim Sulu-Gambari, an aide of the emir told our correspondent.

President Buhari, since the inauguration of the 8th Senate on June 9, has reportedly been shunning Saraki whose emergence and that of his deputy, Ike Ekweremadu of the Peoples Democratic Party did not go down well with the leadership of the All Progressives Congress.