Nigeria a broke Country has find her way out

By Christopher Udheno Onovukpe

Saying Nigeria is broke is no longer a news just as its effects  been seen among her citizens.

Recall that on OCTOBER 31, 2015. President Muhammadu Buhari had admitted that Nigeria is indeed broke. Saying that the country is at the moment strug­gling to pay workers salaries.

To prove his point he went to say that the coming days he would have to prune the number of min­istries so as to be able to pay salaries.

The current fuel scarcity is another way of proving to Nigerians that the country is broke. 

The president who is also the minister for petroleum has altered no WORD on the on going long scarcity which has made the masses experience on told hardship.

MOVES BY THE GOVERNMENT TO GENERATE EXTRA INCOME.

The only way the government realize they can get fund is to embark  exorbitant fining on companies who by any single means fail to follow given instructions. Below are various companies heavily fined above what they can willingly pay:

☆ Fining of Telecommunication Companies

On 26 October 2015 it was reported that NCC fined MTN Nigeria N1.04 trillion ($5.2bn) for not deactivating incomplete SIM cards on its network.

1.04 trillion Naira isn't it to much?

In addition, the other we're fined as follows; Globacom was slammed with N7.4 million; Etisalat, N7 million; and Airtel, N3.8 million.
(for more details )

Due to the fact the governors  have no adequate funds to carry out their various projects, they have involved them selves on the issue between NCC and Telecom companies because they believe they will get their own share from the money when paid. 

According to DAILY POST on 19th November 2015. The 36 states Governors (under the NGF) back NCC's MTN fine, insist company must pay in full. 

The Nigeria Governors Forum, NGF

The Nigeria Governors Forum, NGF, rose from their meeting on Thursday with a resolve to throw their weight behind the Nigerian Communications Commissions, NCC, in the fine it imposed on one of Nigeria’s telecommunication Giants, MTN to pay the $ 5.2 billion, (N1.04) trillion for failing to deactivate unregistered subscribers.

The 36 states governors commended the NCC for its strict enforcement of the law in its regulation of the telecom sector, and encouraged the commission to go ahead with its strict regulatory duties without any fear or favour. They also insisted that that MTN must pay up in full.

Chairman of the Forum, Governor Abdulazeez Yari told newsmen that the governors after receiving a presentation from the NCC chairman, congratulated him on his appointment and assured to collaborate with the commission to assist in boosting the telecommunication industry.

“The Forum also commended the NCC for its strict compliance and enforcement of the law with regards to the fine issued to MTN and advised the Federal Government to ensure prompt and full payment,” he said. (for more details )

☆   Fining of Banks

CBN fines Skye Bank N4bn
November 09, 2015 It was reported by the vanguard newspaper that the Central Bank of Nigeria (CBN) had imposed a fine of N4 billion on Skye Bank Plc for failing to render appropriate returns on accounts of some government institutions and agencies. This is contained in a statement by Skye Bank to the Nigerian Stock Exchange (NSE).

CBN Governor, Mr Godwin Emefiele

The bank said that the fine imposed by the apex bank was misdirected since it did not conceal any information of the accounts from the central bank.

First Bank of Nigeria Ltd Falls to 10-Year Low After Banking Unit Fined
Shares in the parent of First Bank of Nigeria Ltd. plunged after the country’s biggest bank by assets was fined 1.88 billion naira ($9.4 million) over a directive to transfer deposits of state companies to the central bank.

☆ Fining of Electricity Companies 

NERC fines Abuja Disco N18m over electrocution of eight-year old
FOR alleged negligence leading to the electrocution of an eighth -year old child, Faithn Yakubu , the Nigerian Electricity Regulatory Commission (NERC) has fined the Abuja Electricity Distribution Company (AEDC) N18 million.

Faith Yakubu was allegedly electrocuted at Anguwan Dodo, Gwagwalada, FCT.
The accident allegedly occurred when a staff of AEDC disconnected the wire feeding the Yakubus’ residence over allegation of accumulated bills and left the wire lying on the ground even as he failed to disconnect supply from the transformer.

☆ Fining of Guinness  

According to ThisDay Live on November 12, 2015, Guinness Nigeria Plc confirmed that it was fined N1 billion ($5 million) by the National Agency for Food and Drug Administration and Control (NAFDAC) over alleged infractions relating to the destruction and re-validation of expired raw materials without prior approval.

Diageo, owners of Guinness, said it did not fully understand the basis for the fine, nor the particular regulations infringed, but was in talks with NAFDAC to resolve the matter. (for more details )

 ☆ Leadership newspaper reports on Nov 2, 2015 states "Late Submission Of Financial Statement: 34 Firms Pay N59m Fines"

Nigerian Stock Exchange (NSE) has fined 34 companies about N59.4 million for filing their financial statements after the regulatory due date.

The Exchange explained in the latest edition of its ‘X-Compliance Report’ released on October 26, 2015 that it applied sanctions in accordance with the provisions of Section 14 of Appendix 111 of its listing rules. (For more details )

Checking the dates it will be noticed that this all happen within the period of a month and same time of Nigeria is broke speech of President Buhari.  

Truly, Nigeria is a broke country and the government have resolve that one of the way out is by imposing exorbitant fines on the Companies operating within it's shores. 

Dollar dips in Asia as stock markets extend gains

The dollar sank against emerging market currencies and the yen in Asia Friday after seeing sharp losses on Wall Street while stocks picked up in later trade to extend the previous day’s rally.

The upbeat performance was a far cry from the start of the week, which was overshadowed by the deadly Paris attacks last Friday, which raised fears about security in Europe and its effect on the economy.

Minutes Wednesday showing Federal Reserve policymakers are confident the US economy is strong enough to withstand a December interest rate hike fuelled buying across global markets and sent the dollar up against its major rivals.

However, while equities held their gains, the dollar’s strength dissipated through the day as investors acknowledged the fact that any increase in borrowing costs will be slow.

“Traders are pulling back from their long dollar trades for now, given speculation that the Fed’s tightening cycle may be more gradual than the market had previously priced,” Imre Speizer, markets strategist at Westpac Banking in Auckland, told Bloomberg News.

The greenback fell to 122.87 yen in New York Thursday from 123.59 yen the day before. The Bank of Japan’s refusal to ramp up its stimulus — despite the country being in recession — also provided support to the yen.

The euro jumped to $1.0735 in New York, from $1.0660 on Wednesday.

– ‘Recovering confidence’ –
The US unit continued to face headwinds from emerging market currencies, with the upbeat Fed outlook providing dealers with confidence to buy risker, higher-yielding assets.

The South Korean won rose 0.7 percent, Indonesia’s rupiah added 1.3 percent and the Malaysian ringgit put on 1.7 percent. The Australian dollar and Thai baht also pushed higher.

Emerging units have taken a beating against the dollar for most of the year on long-running expectations the Fed would lift rates before the end of 2015 — causing investors to move their money to the United States looking for better, safer returns.

In share trading Tokyo reversed earlier losses to end on a high, while Sydney and Shanghai also closed the week on a positive note.

Chinese investors finished in the black despite a recent spate of data reinforcing concerns about a growth slowdown in the world’s number two economy.

The Shanghai market has had a tumultuous week, with the imminent restart of initial public offerings causing fears about liquidity while also bolstering confidence that stability is finally returning.

“The market is holding rather well, with volatility remaining at reasonable levels, considering all the recent developments such as soft economic figures,” said Gerry Alfonso, a sales trader at Shenwan Hongyuan Group in Shanghai.

“This would seem to indicate investors are gradually recovering confidence in the long-term performance of the equity market.”

Key figures around 0710 GMT
Tokyo – Nikkei 225: UP 0.1 percent at 19,879.81 (close)

Shanghai – composite: UP 0.4 percent at 3,630.50 (close)

Sydney: UP 0.3 percent at 5,256.10 (close)

Hong Kong: UP 0.2 percent at 22,536.95

Euro/dollar: DOWN to $1.0718 from $1.0735 in New York

Dollar/yen: DOWN to 122.83 yen from 122.87 yen

Euro/yen: DOWN to 131.70 yen from 131.90

New York – Dow: DOWN 0.02 percent at 17,732.75 (close)

New York – S&P 500: DOWN 0.11 percent at 2,081.24 (close)

New York – Nasdaq: DOWN 0.03 percent at 5,073.64 (close)

Revealed! FG To Spend N11.598bn On Presidential Jets In A Year

According to PUNCH findings, the Federal Government may have spentabout N5.8bn on the 10-aircraft.

Presidential Air Fleet it inherited from the former President Goodluck Jonathan’s administration.

The PAF is the third largest fleet in the country, coming after Arik Air and Aerocontractors Airlines which have 23 and 12 aircraft in their fleets respectively.

According to calculations done from estimated data obtained from aviation parastatals and domestic airline operators in the country, President Muhammadu Buhari’s administration will have spent about $58.58m (N11.598bn) on running and maintaining the 10-aicraft presidential fleet by May 29 next year when it turns one year in office.

This means that the half of this amount, $29.29m (N5.799bn), is expected to have been spent in principle on the large fleet when administration turns six months in office by November 29.

According to findings, the PAF contains two Falcon 7X jets, two Falcon 900 jets, one Gulfstream 550, one Boeing 737 BBJ (Nigerian Air Force 001 or Eagle One), and Gulfstream IVSP.

Others are one Gulfstream V, CessnaCitation 2 and Hawker Siddley 125-800 jet.

Each of the two Falcon 7X jets were purchased in 2010 by the Federal Government for $51.1m, while the Gulfstream 550 costs $53.3m, a former Minister of Information, the late Professor, Dora Akunyili, had said.