Items filtered by date: Wednesday, 13 February 2019
Former U.S President Bill Clinton has cancelled his scheduled visit to Nigeria, but would speak with the contenders in the Feb. 16 presidential election.
 
Angel Ureña, spokesperson to Clinton, said that the former president would, however, speak with President Muhammadu Buhari, the Presidential candidate of ruling All Progressives Congress (APC), later in the week.
 
He would also speak with Alhaji Atiku Abubakar, the presidential candidate of opposition Peoples Democratic Party (PDP).
 
Ureña said the trip was called off because it could be “politicized.”
 
Clinton was scheduled to visit Abuja this week alongside Baroness Patricia Scotland, the Secretary-General of the Commonwealth.
 
The planned trip was facilitated by the Kofi Annan Foundation and the National Peace Committee (NPC).
 
“Over the course of the last several days, and after various conversations with the different stakeholders, it’s become apparent that President Clinton’s visit to Nigeria has the potential to be politicized in a way that is not in line with the goals of the Committee.
 
Therefore, he will not be travelling to Abuja,” Clinton’s spokesman Angel Ureña said in a statement.
 
Clinton would continue to support the NPC‘s work toward peaceful and fair elections in Nigeria, Ureha said.
 
He was billed to deliver a keynote at a ceremony for the signing of a peace accord by presidential candidates.
 
The CNN confirmed the cancellation of the trip on its twitter handle.
 
 
Source: NAN
Published in World
Wednesday, 13 February 2019 08:28

Nigeria’s GDP grows 2.38% in Q4 of 2018

Nigeria’s Gross Domestic Product, GDP grew by 2.38 percent in the fourth quarter of 2018.
 
However, the Real GDP growth posted 5.31 per cent on a quarter-on-quarter basis, with an annual growth rate of 1.93 per cent printed for the fiscal year of 2018.
 
According to the report, the fourth quarter GDP grew by 2.38% as against the 1.81% recorded in the third quarter.
 
Gross domestic product is the total value of everything produced in the country.
 
It is the fourth consecutive quarter of expansion, as the oil sector continued to rise while the non-oil output growth slowed.
 
The fourth quarter GDP growth is 0.27 percent higher than the corresponding period of 2017.
 
Also, the aggregate nominal GDP was at N35.230bn; which is 12.65 per cent higher than N31.275bn recorded in the fourth quarter of 2017.
 
Nigeria’s nominal GDP for the fiscal year of 2018 was at N127.76bn, posting a nominal growth rate of 12.36 per cent above the fiscal year of 2017 level of N113.71bn.
 
 
Source: PmNews
Published in Business
A multimillion-rand tender with the City of Johannesburg (COJ) – that had the potential to be one of the good stories of government’s vision to empower black women – has gone sour and the city is being sued R8 million for not honouring the contract.
 
Faithfulness Business Enterprise was awarded a contract to supply and deliver protective footwear for members of the metro police department – JMPD – valued at R23.760 million over three years in 2014.
 
In accordance with the tender, the company subsequently spent millions of rands and hired more staff to deliver on its contractual obligations.
 
However, the city placed only a single order for R660 000 in December 2014 and then placed orders with other suppliers, leaving the company with a mountain of costs and no orders.
 
Two years into the contract and a single order later, the city applied to the Johannesburg High Court, seeking to terminate the service level agreement on the basis that the tender process was flawed and that there were a number of irregularities.
 
However, none of the alleged irregularities was related to the company or because of its influence.
 
The court dismissed with costs of the city’s application in February last year and upheld the service level agreement as binding and valid.
 
But the city still did not place any orders with the company.
 
The company took the city to court to recoup its losses, which it initially estimated at R17 million, but after being audited amounted to R8.666 million.
 
In a letter of demand sent to the city, the company said it had suffered damages amounting to more than R17 million in respect of rental expenditure incurred in leasing premises suitable for the storage and sorting of the contracted quantities of footwear; salaries and wages of staff who were employed to ensure the capacity to meet the future orders; stationery and printing costs; vehicle costs, office equipment; and loss of profits.
 
Speaking to City Press, Selina Siganga, ownerof Faithfulness Business Enterprise, said the tender had left her worse off and had paralysed her business.
 
“Because of that contract, the banks increased the overdrafts and now I have to deal with them. I have had to lay off people I had employed and had to negotiate with them not to take me to the Commission for Conciliation, Mediation and Arbitration because I was paying their salaries but not getting orders.
 
“This government always says it wants to support black woman in business and wants employment [to create jobs] but it is killing us,” she said.
 
Spokesperson for the city Nthatisi Modingoane opted not to comment on the matter.
 
“The matter is before the courts and thus the city will wait for the court process,” Modingoane said.
 
 
Source: City Express
Published in Business
Wednesday, 13 February 2019 07:26

OIL THEFT: Nigeria lost N11.08trn in 2018

Nigeria lost a total of N11.08 trillion in 2018 to the activities of oil thieves and illegal refining, the Nigerian Navy said on Tuesday.
 
According to the Navy, which stated this at its First Quarterly Media Dialogue in Abuja, 1,952 illegal crude oil refining sites in the Niger Delta were uncovered and subsequently destroyed by its troops in the region.
 
Navy’s Chief of Training and Operations, CTOPS, Rear Admiral Mackson Kadiri, who addressed the media, said the money was lost to maritime crimes,which he noted,included illegal oil refining and theft of other products.
 
While noting that illegal refining was a major threat to nation’s maritime environment, Kadiri said the activation of Operation Sweep by the service paid off.
 
He said: “Another threat to Nigerian maritime environment is illegal refining of crude oil.
 
“In response to this, in 2016, the Nigerian Navy activated what we call Operation River Sweep which is aimed at combating crude oil theft and illegal refining activities.
 
“In 2017, a total of 1,315 illegal refining sites were destroyed and in 2018,only 637 only were destroyed”, he said.
 
The nation, according to Kadiri, also lost a total of 277, 040 barrels of crude oil, 23.1 million litres of AGO, 212, 610 litres of PMS, and 1. 2 million litres of DPK to vandals and oil thieves.
 
 
Source: The Ripples
Published in Business
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