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Press focuses on meeting of 17 Southern governors in Lagos State, others

The meeting of 17 Southern Governors in Lagos today and their discussion of the re-arrest of Nnamdi Kanu, leader of the Indigenous People of Biafra, IPoB, and the recent attack on Yoruba freedom fighter, Sunday Adeyemo dominates the headlines of Nigerian newspapers on Monday.The Vanguard reports that the re-arrest of Nnamdi Kanu, leader of the Indigenous People of Biafra (IPoB) and the recent attack on Yoruba freedom fighter, Sunday Adeyemo, also known as Sunday Igboho, are expected to top the agenda, as 17 Southern governors meet in Lagos State today.

The meeting, which is a follow-up to the last one held in Asaba, Delta State, on May 11, will also deliberate and review the state of the nation, as it affects the geo-political zones.

Gboyega Akosile, Chief Press Secretary to Governor Babajide Sanwo-Olu, confirmed that the forum is expected to commence sitting by 10am, at the State House, Alausa, Ikeja, and hosted by Governor Sanwo-Olu.

The parley is also expected to discuss issues bothering on insecurity, true federalism, open grazing, state police, restructuring, food security, among others.

It will also discuss the level of achievements of the resolutions arrived at the last meeting and chart the way forward.

The main objective is to further articulate collective interest and reiterate commitment to a united Nigeria capable of guaranteeing equity, fairness and justice in an atmosphere of true federalism.

The Guardian says that the Nigerian Exchange Limited (NGX) has received approval for seven derivatives contracts from the Securities and Exchange Commission (SEC).

According to a statement by the exchange, the approved contracts are Access Bank Plc Stock Futures, Dangote Cement Plc Stock Futures, Guaranty Trust Bank Plc Stock Futures.

Others are MTN Nigeria Communications Plc Stock Futures, Zenith Bank Plc Stock Futures, NGX 30 Index Futures and NGX Pension Index Futures.

A derivative is a contract between two or more parties whose value is based on an agreed underlying financial asset or group of assets.

Common underlying instruments include bonds, commodities, currencies, interest rates, market indices and stocks. The principle behind a derivative contract is to earn profits by speculating on the value of the underlying asset at a future date.

Derivatives are used as a risk management instrument and are suited to both professional and private investors who wish to hedge an open position or gain exposure to assets and markets without necessarily holding the underlying assets.

ThisDay reports that concerns mounted yesterday over what social critics called attempts by federal legislators to rig the 2023 general election ahead of time through the manipulation of the Electoral Amendment Bill 2021.

Many critics, who spoke to THISDAY, pointed specifically at Section 50 (2) of the draft bill, whose consideration begins tomorrow at the National Assembly, which bars electronic transmission of results.

In fact, about 22 Civil Society Organisations (CSOs) have raised the alarm over the alleged plan by the National Assembly to pass the bill without the inclusion of the electronic collation of results in the bill.

The critics argued that since President Muhammadu Buhari would not be in contention, the lawmakers are working to the answer for their own selfish purpose, calling on Nigerians to resist them.

The CSOs in a statement yesterday said the manipulation of Section 50(2) undermined the Independent Electoral Commission (INEC)’s efforts to improve the election results management regime.

 The Punch says that holders of refining licences in the country can pay for domestic crude oil supply in naira, according to the Petroleum Industry Bill passed by the National Assembly on Thursday.

Companies holding refining licences include Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals and Edo Refinery and Petrochemical Company Limited.

The Senate and House of Representatives, according to copies of the passed bills seen by our correspondent, recommended that payment guarantees to be provided by refinery licence holders shall be in dollars or naira.

“Since refiners themselves may only be paid in naira for deliveries to the domestic market, it may be onerous to require US dollar payments,” the Senate Joint Committee on Downstream Petroleum Sector; Petroleum Resources (Upstream); and Gas said in its report.

The bill provides that two regulators be established, namely the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

In Section 109 subsections 2 and 3, the National Assembly said, “The commission may issue regulations or guidelines on the mechanism for the imposition of a domestic crude oil supply obligation on lessees of upstream petroleum operations, including applicable penalties.

The Sun reports that in a move that will help Nigeria benefit from the over $67 billion global cocoa market, the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Plc has provided ADT Russet Limited, a cocoa bean sourcing and exporting company in Lagos State, with 50 percent Credit Risk Guarantee (CRG) on a working capital facility of N1.15 billion.

Beside the absorption of a substantial part of its risk exposure in the event of loan delinquency, NIRSAL is also providing efficient monitoring of the project, which is aimed at boosting ADT Russet’s export volume to 4,000mt per annum.

By supporting ADT Russet’s operations, NIRSAL Plc is also indirectly creating a stronger market for the many cocoa farmers who supply their inventory.

A Special Purpose Vehicle (SPV) that was set up in December 2019 by Arma Dei Trading Limited, ADT Russet Ltd., has leveraged NIRSAL Plc’s support to ship over 1,600mt of commodities to international markets, surpassing the numbers of its parent company, which has been in existence for far longer.

Speaking during a tour of ADT Russet Ltd.’s factory in Apapa, NIRSAL Plc’s Managing Director/CEO, Mr. Aliyu Abdulhameed, noted that NIRSAL has provided similar support to another cocoa processing and exporting company in Akure, Ondo State.

The newspaper says that the Socioeconomic Rights and Accountability Project (SERAP) has filed a lawsuit, asking the court to compel President Muhammadu Buhari to disclose spending details of the overdrafts and loans obtained from the Central Bank of Nigeria (CBN) since May 29, 2015.

It is also seeking an order to compel the president to explain to state the projects on which the overdrafts have been spent and repayments of all overdrafts to date, and clarify whether the $25 billion (N9.7 trillion) overdraft reportedly obtained from the CBN is within the five-percent limit of the actual revenue of the government for 2020.

The suit followed SERAP’s Freedom of Information request to President Buhari, stating that: “Disclosing details of overdrafts and repayments would enable Nigerians to hold the government to account for its fiscal management and ensure that public funds are not mismanaged or diverted.” In the suit, number FHC/ABJ/CS/559/2021, filed last week at the Federal High Court, Abuja,

SERAP is also seeking: “an order directing and compelling President Buhari to disclose details of overdrafts taken from the CBN by successive governments between 1999 and 2015.” SERAP is arguing that: “Secrecy and the lack of public scrutiny of the details of CBN overdrafts and repayments is antithetical to the public interest”.



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Published on 10.02.2021

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