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Press zooms in on unending gale of insecurity unleashed across Nigeria daily, others

The unending gale of insecurity unleashed across Nigeria daily while security agencies appear to be stretched beyond limits and the…

The unending gale of insecurity unleashed across Nigeria daily while security agencies appear to be stretched beyond limits and the extension of the central bank’s ‘Naira 4 dollar scheme’ earlier scheduled to end on May 8, 2021 are some of the leading stories in Nigerian newspapers on Friday.The Guardian reports that it’s an unending gale of insecurity unleashed across the country daily while security agencies appear to be stretched beyond limits. While some locations are under terror siege, with the state of alertness constantly on red; other locations are oscillating between amber and green, with heightened tension and scare.

On Wednesday night, gunmen abducted a yet-to-be-determined number of students of the Abia State University, Uturu (ABSU). This was confirmed by the state government yesterday.

According to a statement signed by the Commissioner for Information, John Kalu, the students were abducted along the Okigwe-Uturu road in the state.

“Preliminary information available to us indicates that the students were moving in a mini-van from Okigwe to Uturu between 7:00p.m. and 8:00p.m. when they ran into the armed gang, who marched them into the nearby forest along with other yet-to-be identified travelers. Two of the students managed to escape while others are still being held at a yet-to-be identified location,” the statement said.

When contacted, the police said they were working hard to rescue the kidnapped students. The abduction is the latest in a series of attacks targeted at schools and students across the country.

The Punch says that Central Bank of Nigeria has extended indefinitely its ‘Naira 4 dollar scheme’ earlier scheduled to end on May 8, 2021. It disclosed this on Thursday in a circular to all Deposit Money Banks, International Money Transfer Operators and the general public, titled ‘Re: Introduction of the CBN’s “Naira 4 dollar scheme” for diaspora remittances’.

The circular, which was signed by A.S. Jibrin for the director, trade and exchange department, read, “Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on 08 May 2021, we hereby announce the continuation of the scheme until further notice.

“All aspects of the operationalisation of the programme remain the same. Please take note and ensure compliance.” In March, as part of its reforms to boost the inflow of foreign currency in the country, the CBN introduced an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in its forex policy.

Deposit Money Banks had continued to woo customers with the CBN’s policy to boost remittances since it was introduced. While observing that a lot of money was coming from abroad but not going through the government licensed operators, he said it would also ensure that more forex was remitted into the country.

The newspaper reports that MTN Nigeria Communications Plc said on Thursday that it had successfully completed the issuance of N110bn Series 1 seven-year 13 per cent Fixed Rate Bonds due 2028, under a N200bn bond programme to refinance existing debt and support network expansion.

MTN Nigeria’s Chief Finance Officer, Modupe Kadri, said the company issued debt to optimise its funding costs. He said the company was looking to repatriate $250m in outstanding dividend to the group and was hopeful of getting substantial amounts through interventions with authorities.

“We are very proud of this landmark transaction, which is the first-ever telco bond issued in Nigeria and the largest corporate bond issuance this year,” the Chief Executive Officer, Karl Toriola, said.

He said the domestic debt capital market has given the company the opportunity to further diversify its funding sources and extend the maturity of its debt portfolio and profile to match investment in infrastructure.

ThisDay says that the Nigerian Ports Authority (NPA) and the National Bureau of Statistics (NBS) have entered into an agreement on data collection on ports’ operations.

The two government agencies signed the Memorandum of Understanding (MoU) in Abuja. The Statistician-General of the Federation, Yemi Kale, who spoke after the ceremony described the ports as major channels of both import and export cargoes, adding that the ports remain critical to the development of the nation’s transport sector.

Kale, said the African Continental Free Trade Area (AfCFTA) would lead to an increase in trading and storage activities in Nigeria.

He added that with such development, generating and disseminating more granular information on these activities would be useful to assist policymakers and managers in the sector. Kale said such data would also provide a sound basis for operators and potential investors in the sector to make informed decisions.

He said: “The output from this effort will contribute to the growing array of statistics produced by the statistical system in Nigeria and also shed more light on the important work that you do in administering port activities in Nigeria.”

The newspaper reports that the effort by Nigeria to have a new seaport with better facilities is gathering momentum as the Core of Main Breakwater at the Lekki Deep Sea Port has been completed and construction 50 percent completed.

The Managing Director, Lekki Port LFTZ Enterprise Limited, Mr. Du Ruogang, disclosed this recently, during the first quarterly monitoring visit by the Federal Ministry of Transportation to the project site in Lagos.

The Lekki Deep Seaport Project was awarded to the Lekki Port LFTZ Enterprise Limited by Nigerian Ports Authority (NPA) on a build-own-operate-and-transfer (BOOT) agreement.

Under this agreement, LFTZ is required to develop, finance, build, operate the port for a period of 45 years and transfer it to NPA thereafter.

Slated for completion late 2022, the project is the single largest private investment in infrastructure in Nigeria being developed on non-recourse project finance basis with majority of financing being raised internationally.

The Sun says that in a bid to create new opportunities, boost Nigeria’s N300 trillion gold industry and fast-track 10 percent contribution of the mining sector to GDP, Dukia Gold, yesterday got approval from the Lagos Commodities and Futures Exchange (LCFE) to trade its exchange traded notes on its platform.

This was even as the Gold & Precious Metals Refining Company, in collaboration with Heritage Bank Plc, is seeking to grow the nation’s potential reserves of 200 million ounces of gold.

Speaking to newsmen in Lagos yesterday at a media parley, the Chairman, Dukia Gold, Tunde Fagbemi, commended the Federal Government, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and the LCFE for approving the laudable initiative and asset class into the Nigerian investment portfolio.

He noted that the crude oil and cocoa market would have had a better outing if there were strategies put in place to regulate them right from inception adding that the Federal Government, LCFE together with other regulators are thinking of ways to develop the Nigerian economy.

According to him, the listing would enhance a regulated market that would see precious metals and other commodities take centre stage in the endeavour to ensure irreversible economic growth and development in alliance with a modernised Exchange for commodities trading in Nigeria.

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