GoldeNaija

Nigeria have moved up two places in the latest
FIFA ranking released on Thursday.
The Super Eagles are now 43rd in the world,
gaining 22 points in the month under review to
be on 681 points.
The new position puts the 2013 Africa Cup of
Nations winners as seventh-best in Africa
behind Algeria (21st), reigning African
champions Ivory Coast (24th), Tunisia (29th),
Ghana (34th), Senegal (36th) and Cape Verde
Islands (38th).
Guinea (45th), Congo (47th) and Cameroon
(49th) complete the CAF top 10.
Chad, who will be facing Nigeria in the
qualifiers for the 2017 AFCON, are ranked
172nd after moving downward by 20 places
from last month’s ranking.
The other teams in Nigeria’s AFCON qualifying
group, Tanzania and Egypt, also lost points and
slid down the rankings.
The East Africans recently posted poor
performances at the COSAFA Cup.
Tanzania are joint 127th in the world with
Vietnam, down 20 places and with 89 points
fewer on 215.
Egypt, who are re-building after a disastrous
few years, are 55th in the world with 596
points, down four places with 13 fewer points
than they had last month.
Tanzania’s Taifa Stars are 38th in Africa, Egypt’s
Pharaohs 13th, and Chad 46th on the
continent.
World champions Germany remain number 1,
but Belgium overtook Argentina to move into
second place, their highest-ever position since
the launch of the world ranking. France also
return to the top ten in ninth place at the
expense of Switzerland (11th, down 2).
Source :

 www.punchng.com/sports/nigeria-move-up-fifa-ranking/ 

The Central Bank of Nigeria on Thursday made
a slight adjustment to its naira-dollar exchange
rate peg, data on its website showed.
The bank adjusted the rate at which it sold the
United States dollar from N197 to N196.95,
Reuters reports.
Prior to Thursday’s action, the rate had been
oscillating between N197 and N199 for a few
months.
Economic and financial analysts said the action
might indicate that the CBN was beginning to
think about how to loosen its currency regime.
They noted that the change was too small to be
called a revaluation, particularly in the face of
dwindling foreign reserves.
The naira had traded on thin volumes at 198.95
to the dollar on the interbank market on
Thursday, before two large sales totalling
$36.4m were done at N196.95 towards the
close of the forex market, foreign exchange
dealers said.
The dealers attributed the sale to the central
bank. The naira is trading between 215 and 218
against the dollar at the parallel market.
An economist said the move might suggest that
the bank was testing out the market to see
whether it was ready for a looser currency
regime.
“Small changes in the rate could possibly allow
the central bank to gauge the changes in
demand and supply dynamics, which will inform
decisions on when and how best to start lifting
forex restrictions,” an analyst at South Africa’s
NKC Independent Economists, Cobus de Hart,
said.
The CBN, however, described Thursday’s rate
movement as a simple reflection of the state of
dollar supply in the market.
“We are not fixing rates. The present rate is a
reflection of the level of dollar supply in the
market,” the CBN spokesman, Ibrahim Muazu,
told Reuters .
Head, Investment and Research, Afrinvest West
Africa Limited, an investment research and
advisory firm, Mr. Ayodeji Ebo, said the CBN’s
action might be linked to the relatively reduced
pressure on the external reserves.
“It is a rate adjustment but it is too small to be
called a revaluation. The adjustment is too
small to cause any pressure on the naira. The
CBN feels the action will not affect its defence
of the naira,” he said.
A currency strategist, who spoke on condition
of anonymity, said the adjustment was too
small to cause any change in the market.
“It is just about five kobo difference. That is not
much. Nothing has changed in the market
really,” the analyst said.
Another economist, however, said the move
would hurt the country’s precarious forex
reserves position.
“By lowering the central bank rate offered to
banks albeit very moderately, the central bank
is adding to pressures on forex reserves …
equivalent to around 4.9 months of imports,”
the Head of Research at Ecobank, Angus
Downie, said.
The nation’s external reserves had fallen to
$29.4bn as of June 2, down 20.1 per cent from
a year ago as the central bank burns cash to
defend the local currency.
The naira has lost 8.5 per cent of its value since
the start of the year after sharp falls in the
price of oil. That forced the central bank into a
de facto devaluation and fixing of the exchange
rate in February in order to protect its
dwindling foreign reserves.
The regulator also banned commercial lenders
from re-selling central bank dollars among
themselves, which was an attempt to curb
speculation on the naira.
Source:  www.punchng.com/business/business-economy/cbn-slightly-adjusts-naira-dollar-foreign-exchange-rate/ 

Former Kaduna State Governor, Alhaji Balarabe Musa

FOURTEEN opposition parties under the aegis of
Credible Alternative Alliance on Thursday in
Abuja said it was “too early” for the
administration of President Muhammadu Buhari
to be relying on foreign countries for support
and direction on certain policy issues pertaining
to governance.
The CAA, which also includes 13 civil society
organisations, restated their resolve to provide
a credible opposition to the All Progressives
Congress.
Congregrating under the CAA are the Social
Democratic Party, Peoples Redemption Party,
Fresh Democratic Party, Nigeria Advance Party,
People’s Salvation Party, Change Advocacy
Party, United National Party for Development,
Peoples Progressive Party and the Action Party
of Nigeria.
A former governor of old Kaduna State, Alhaji
Balarabe Musa; elder statesman, Dr. Tunji
Braitwaite and former Minister of Finance, Chief
Olu Falae, who spoke at a press briefing by the
National Coordinator CAA, Dr. Damian
Ogbonna, on Thursday, said Buhari’s
administration’s “ability and readiness to
meaningfully govern Nigeria remain in doubt.”
The elder statesmen said, “We note that APC
appears to want to cultivate and rely too much
on the support of foreign governments. This is
not good for the sovereignty of our nation. CAA
calls upon APC to rely less on foreign support.
The party should do more to cultivate domestic
support and more so from political parties in
the country. You cannot govern effectively
when you do so alone; it is not sustainable.
“In conclusion, we wish the new administration
well. However, its ability and readiness to
meaningfully govern Nigeria remain in doubt.
We pray, wait and hope for clarity in the days
to come.
“Both the President and other leaders of APC
have been in government for decades to
warrant knowing exactly what they want to do
and how they want to do it. Even those of us
here at CAA with less than a year into our
formation do have bold and visionary plan upon
which we predicate our drive to govern
Nigeria.”
According to them, when people lay claim to
the ability to solve problems, it is taken for
granted that they have diagnosed the problem
and have ready solutions “otherwise, it
amounts to a claim in deception and an
exercise in futility.”
The CAA, according to its promoters, is formed
to defend and advance progressive, democratic
and patriotic entities and ideals in Nigeria
“against reactionary tendencies of a rudderless
and immensely corrupt governing system.”
Ogbonna said that after a careful review of the
inaugural speech of Buhari and the current
state of the nation, the CAA found the speech
“embarrassingly tall on promises but
depressingly short on vision and boldness.”
He said, “We searched for a silver lining in the
speech laying out a new framework for the
emergence of the new Nigeria of our dreams,
and found none. There is no qualitative
difference between the 2015 Presidential
Inauguration speech and the inaugural
speeches of past presidents.
“The President talked about enormous
challenges; insecurity, pervasive corruption, fuel
and power shortages and so on, but in no
paragraph of his speech did he lay out new
initiatives, new directions, new structures, new
federation, new constitution or even new sets
of legislation to tackle these enormous
challenges.”

Source : punch

Hearing in the case of the N8bn currency scam,
involving six Central Bank of Nigeria officials and
other bankers, continued at the Federal High
Court, Ibadan, on Wednesday as the Economic
and Financial Crimes Commission alleged that
one of the accused persons, Mr. Ayodeji Alase of
First Bank, had property worth hundreds of
millions of naira.
It was alleged that Alase, a primary six
certificate holder, had a duplex at Oluyole Estate
in Ibadan, a shopping complex in the city, a
warehouse at Podo area of the city, a fenced
plot at Dugbe, a block of four flats at Apeye, two
plots of land and five-bedroom flat in other
parts of the Oyo State capital.
He was alleged to have a credit balance of
N132m in one of his bank accounts.
The commission also alleged that Alase
possessed a block of five-bedroom flat at Apete,
Ibadan and a supermarket at New Garage,
Apata area of Ibadan.
Other accused persons, including Olaniran
Adeola, Ayodele Adeyemi, Isiaq Akano and
others were also said to own property in South
Africa, filling stations, cement shops, schools,
supermarkets, exotic cars and buildings in
several locations in Nigeria.
A woman, Mrs. Afolabi Olunike, was alleged to
be an owner of a duplex, several plots of land, a
storey building and another three acres of land.
Earlier, during the hearing, Alase had delayed
proceedings of the court when he claimed not to
understand English Language when charges
were read to him.
Lead prosecution for EFCC, Mr. Rotimi Jacob
(SAN), faulted his claim, alleging that although
Alase was employed as a guard, he rose to
become a cash assistant in First Bank Plc.
Justice A.O. Faaji later ruled that an interpreter
should be provided to ease communication
between the court and the accused.
On Wednesday, cases were heard before Justice
Faaji in batches with the first set of accused
persons arraigned on 28 counts
They are Kolawole Babalola, Olaniran Adeola,
Toogun Phillip, Ayodele Adeyemi, Isiaq Akano,
Oyebamiji Akeem, Alase, Ajiwe Adegoke and
Idowu Oguntade, who is still at large.
Three officials of the CBN were among the
accused, while others were from Wema Bank Plc
and First Bank Plc.
Prosecution counsel, Mr. Rotimi (SAN), told the
court that the accused persons were charged
with 28 counts, which included forgery of
documents, conspiracy and stealing.
According to the charge sheet, the accused
persons were charged with intent to defraud
and conspiracy to commit an offense punishable
under the Nigerian law.
They all pleaded not guilty to all the allegations.
Efforts of counsel for the accused persons to
secure bail for them through oral application,
failed as Justice Faaji ruled that they should be
remanded in prisons pending further hearing.
The case was adjourned till June 8, 2015 for
hearing of the bail applications.
 source : punch 

Former President Goodluck Jonathan; his deputy,
Namadi Sambo; immediate past ministers and
presidential aides as well as non-returning
federal lawmakers will wait till next year before
collecting their severance allowances,
investigation by The PUNCH has shown.
Their severance allowances as contained in the
remuneration package put together by the
Revenue Mobilisation, Allocation and Fiscal
Commission is valued at about N3.24bn.
Sources at the Ministry of Finance in Abuja
confided in our correspondent on Thursday that
the allowances of the political office holders that
left office last weekend were not captured in
this year’s budget.
The 2015 budget, which was passed by the
National Assembly and signed by Jonathan on
April 28, makes a provision of N2.3bn for
“entitlements of former Presidents/Heads of
state and Vice Presidents/Chiefs of General
Staff.”
Explaining the reason why the severance pay
was not captured in this year’s budget, the
official said as of last year when the 2015
budget was being prepared, the outcome of the
April 2015 elections could not be ascertained.
He said since the outcome of the elections could
not be predicted, there was no way the Budget
Office could have determined the number of
political office holders that would not be re-
elected.
The official added, “You will recall that the 2015
budget was prepared sometime last year and
during the budget preparation, the elections had
not been held.
“So it would be wrong to include the severance
package of political office holders in the budget
because as of the time the budget was
prepared, these people were still holding
political offices.
“Secondly, including their severance package
before the elections were conducted would
mean that we were pre-empting the outcome of
a political process.
“So what we do is to wait for the outcomes of
elections and on the strength of this, we can
know the number of people that have left office
and those re-elected.
“As for those political office holders that are
leaving office this year, their severance package
would be included in the 2016 budget which
would be prepared later in the year.”
Under the severance package put together by
RMAFC, Jonathan is entitled to 300 per cent of
his annual basic salary.
The President’s annual basic salary is put at N3,
514,705 and therefore his severance allowance
will be N10, 544,115 after May 29.
The severance allowance is without prejudice to
his other constitutional entitlements as a former
head of government.
Similarly, Vice-President Sambo, who left office
the same day as Jonathan, is entitled to 300 per
cent of his annual basic salary put at N3,
031,572.50. This means that his severance
allowance after May 29 is N9, 094,717.50.
For having held the office of vice-president,
Sambo also has some constitutional entitlements
and perks.
About 76 senators are not returning to the
National Assembly either because they did not
stand for election or because they lost their bids
to return. They are however entitled to
N462,019,200 at the expiration of their tenure
on June 5.
Like Jonathan and Sambo, they are entitled to
300 per cent of their annual basic salaries as
severance allowances. This amounts to N6,
079,200 per senator.
In the House of Representatives, about 290
members are not returning to the 8th National
Assembly to be proclaimed into existence by
Buhari on June 5.
Each of the members is entitled to N5,
955,637.50 as severance allowance. This means
that the 290 members will be paid N1,
727,134,875.
The former ministers, on the other hand, will be
collecting a total of N253, 967,212.5. There were
42 ministers in Jonathan’s cabinet. Thirty one of
them were senior ministers and 11 ministers of
state.
Each of the former senior ministers is entitled to
N6, 079,200 as severance allowance while each
of the ministers of state will receive N5,
872,740.
This means that collectively, the senior ministers
will get N188, 455,200 while collectively, the
erstwhile ministers of state will receive N65,
512,012.5 .
The aides to the former President comprising
special advisers, senior special assistants and
special assistants will get N775, 207,125.
They were 23 of them that worked with the
president as special advisers. Apart from this
number, however, there were several others
estimated at 110, who worked with the vice-
president, the wife of the former President and
special advisers that were designated either as
senior special assistants or special assistants to
the President.
This means that there were about 133 aides to
the president and each of them is entitled to
300 per cent of their annual basic salary which
amounts to N5, 828,625.
http://www.punchng.com/news/no-n3-2bn-
severance-pay-for-jonathan-others-till-2016/