Why Recovered Abacha Loot Must Be Invested in Niger Delta

Chris Udoh SIR: In January 2018, the federal government recovered $322 million Abacha loot from Switzerland. And the government told us that they spent the whole money on ‘Social Investment’. I am unable to understand what this means in real terms. Now, another recovery of $311 is here with us and the government (through Presidential Spokesperson Garba Shehu) tells us that the funds have already been allocated in full to the Lagos-Ibadan and Abuja-Kaduna-Kano expressways and the second Niger Bridge. While I do not contest the president’s constitutional powers, I would rather suggest a fair distribution of these recovered monies. For the records, it is important for all of us to know the source of the billions of dollars that Abacha stole. For avoidance of doubt, this money did not come from cocoa, it did not come from groundnuts, it was not from cotton, neither was it from tomatoes. The billions that Abacha stole could have come from nowhere else but from Niger Delta oil and my state, Akwa Ibom, produced the highest portion of this oil money. Now that …

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Diversification: Fast-track Deregulation of Downstream Oil Sector – NECA to FG

….Charges Govt to Plug Leakages in Oronsaye Report By Our Reporter Abuja – Director-General, Nigeria Employers’ Consultative Association (NECA), Dr Timothy Olawale, has harped on the need for government to fast-track the deregulation of the downstream oil sector and re-chart the course for rapid diversification of the economy. This is also as he has advised the government to go beyond the implementation of the Oronsaye Report by reducing leakages arising from bloated retinue of aides of political officers for the cost of governance to be reduced and ensure fiscal discipline. It argued that reducing the leakages, which has no direct national development impact, would reduce the cost of governance. Speaking with The Nation, its Director-General, Dr Timothy Olawale, who commended the Federal Government for approving the implementation of the report, noted that the government needed to fast-track the deregulation of the downstream oil sector and re-chart the course for rapid diversification of the economy. Olawale, who affirmed the imperative for reduced government expenditure, said reducing leakages would lead the country to national economic and social renaissance. He urged that efforts be …

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COVID-19 Impact: Amid Global Losses, Nigerian Equities’ Turnover Drops by 44%

Abuja – Due to the emerging disruptions by COVID-19 pandemic and global economic challenges, Nigerian equities halted their month-long rally with a 44 per cent decline in turnover as investors appeared to take a pause on global stocks. Nigerian equities closed weekend with average decline of 0.72 per cent, equivalent to net capital depreciation of N90 billion. Nigerian stock market performance trailed global equities indices with declines across major advanced and emerging economies. United States of America’s Dow Jones Industrial Average and S & P 500 closed weekend with average decline of 2.9 per cent and 2.6 per cent respectively. United Kingdom’s FTSE 100 Index dropped by 2.4 per cent. The MSCI EM Index- which tracks emerging markets stocks, declined by 2.3 per cent while the MSCI FM Index- which tracks frontier markets stocks, posted average loss of 2.3 per cent. Most analysts were less optimistic about the outlook for the stock market citing the emerging disruptions by COVID-19 pandemic and global economic challenges. Analysts at Cordros Securities said increasing cases of COVID-19 and Nigeria’s weak economic conditions are major …

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Airtel Records 77.2% increase in Profit, Posts $598m Profit

By Our Reporter Abuja – One of the leading telecommunication company in Nigeria, Airtel Africa Plc has posted a profit before tax of $598 million for the financial year ended March 31, 2020, an increase of 77.2 per cent on $348 million in 2019. Profit after tax stood at $408 million from $426 million recorded in 2019. According to the company, profit after tax was down by 4.4 per cent due to a one-off deferred tax recognition in Nigeria in the year ended 30 March 2019 and a lower exceptional item gain in the current period. Post one-off tax benefit, profit after tax for the year increased by $43 million or 17 per cent. Reported revenue grew by 11.2 per cent as 13.8 per cent constant currency growth was partially offset by currency devaluation. The strong performance was largely driven by the growth of our customer base, up by 11.9 per cent to 110.6 million, as well as a 3.3 per cent growth in ARPU. Across the regions, Nigeria and East Africa continued to deliver strong performance, and performance in …

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