Top News Update In Nigeria 0N AUGUST 2ND 2018

1. Daily Trust News Paper

Buhari meets security chiefs, departs for Bauchi. ON 2ND AUGUST 2018

Figure1. President Buhari departs for Bauchi

The held behind closed door was also attended by Minister of Defence, retired Brig.-Gen.
Mansur Dan-Ali, at the Presidential Villa, Abuja. President Buhari, who presided over the
meeting which lasted for about four hours, immediately departed for Bauchi, Bauchi
state, on official engagement. In a statement at the end of the meeting, the minister
of defence, Mansur Dan-Ali, said he updated the National Security Council on security
situation in the country. The minister said that he also reminded the council that the
nation’s armed forces in collaboration with other security agencies were doing all they
could to address the turbulent security situation across the country. He said: “In order to
forestall future security incidences in Zamfara, Sokoto and Birnin-Gwari axis Operation
SHARAN DAJI has been extended to cover up to the fringes of Niger boarder.“The
operation has recently been reinforced witlh more troops from the Nigerian Armed
Forces, Nigeria Police and Department of State Services and is supported by the
Intelligence, Surveillance and Recognisance Wing of 207 Quick Response Group of the
Nigerian Air Force.’’. Read more at https://www.dailytrust.com.ng/buhari-meets-security-
chiefs-departs-for-bauchi-263901.html

2. Daily Trust News Paper

2019: Tambuwal, Kwankwaso, Saraki get nod to contest PDP ticket ON August
3 2018

Figure2. Uche Secondus PDP Chairman

The Peoples Democratic Party (PDP) has given room for Governor Aminu Waziri Tambuwal of
Sokoto State, former governor of Kano State, Sen. Rabiu Musa Kwankwaso and Senate
President Bukola Saraki to contest its presidential ticket ahead of the 2019 general elections.

The party also gave leeway to other returnees who wished to contest various offices to do
so. Tambuwal, Kwankwaso and Saraki dumped the ruling All Progressives Congress (APC) for
the PDP a few days ago ostensibly to contest the party’s presidential ticket. Speaking at the 81st
National Executive Committee (NEC) meeting of the PDP yesterday in Abuja, the party’s
National Chairman, Prince Uche Secondus, said the returnees have equal rights as the existing
members. “Three more governors and some ministers are coming to our fold, they (APC
government) are not aware. Security and economy have collapsed, they are not aware. There are
killings in different parts of the country, they are not aware. Until we reclaim power in 2019,
they won’t be aware of anything,” Secondus said. Secondus also warned against any plot to
impeach Saraki.Read more at https://www.dailytrust.com.ng/2019-tambuwal-kwankwaso-
saraki-get-nod-to-contest-pdp-ticket-263939.html

3. Daily Trust News Paper

APC spokespersons ask Saraki to step down ON August 3 2018

Figure3. Senate President Bukola Saraki

The Conference of APC Publicity Secretaries (CAPS) has called on Senate President Bukola
Saraki to resign from the position immediately. The APC spokespersons from various states, in a
statement issued in Abuja on Thursday, said that Saraki, as a member of the minority PDP, had
lost the moral ground to continue as the Senate President of the Federal Republic of Nigeria.
The statement was signed by Engr. Yahaya Bashir (North-West), Taiwo Olatunbosun
(South-West), Engr. Usman Adaji (North-Central), Senibo Chris Finebone (South-South), Mr.
Sule Garba (North-East), Arc. Okelo Madukaife (South-East), Secretary, and Engr. Joe Igbokwe
(Chairman). They, however, lauded the appointment of the Deputy National Publicity Secretary,
Mr Yekini Nabena, as the Acting National Publicity Secretary of All Progressives Congress
(APC), following the resignation of Malam Bolaji Abdullahi. Read more at
https://www.dailytrust.com.ng/apc-spokespersons-ask-saraki-to-step-down-263979.html

4. The Guardian Newspaper

Oil prices fall as OPEC boosts supplies ON 03 AUGUST 2018

Figure4. Opec Building

Oil prices sank to the lowest in over one month, as rising United States (U.S.) inventories, higher
output from the Organisation of Petroleum Exporting Countries (OPEC) and Russia’s pressure
impact the market.Futures fell for the third day in New York, losing as much as 1.1 per cent to
hit their lowest level since June 22, but U.S. government’s data showed a surprise gain in
nationwide stockpiles on Wednesday.Head of Commodity Strategy at Saxo Bank A/S in
Copenhagen, Ole Sloth Hansen, said: “We are seeing continued negative sentiment, driven by
worries over growth and demand. ” West Texas Intermediate crude for September delivery fell to
as low as $66.92 per barrel and traded at $67.35 on the New York Mercantile Exchange at
8:57am local time. The contract declined $2.47 in the previous two sessions. Total volume traded
yesterday was about 28 per cent below the 100-day average.Brent for October settlement fell 34
cents to $72.05 a barrel on the London-based ICE Futures Europe exchange, after dipping $1.82
on Wednesday. The global benchmark traded at $5.86 premium to WTI in the same month after
the spread widened to as much as $11.43 in June. Read more at https://guardian.ng/business-
services/oil-prices-fall-as-opec-boosts-supplies/

5. Vanguardngr News Paper

Provide facilities to protect FG’s 40% stake in Power sector – Fashola ON
JULY 31, 20188:56 AM

Figure5. Fashola 2nd Niger Bridge

THE crisis rocking the power sector is far from being over as the Minister of Works,
Power and Housing, Mr. Babatunde Fashola has insisted that the Electricity Distribution
Companies, DISCOs, were having difficulty funding the distribution infrastructure. The
Minister therefore, called on state governors to offer support towards improved power
infrastructure in their respective states in order to protect governments’ 40 per cent stake
in the power sector. The Minister, who made the remarks at the opening ceremony of the
4th National Council on Power, NACOP, holding at the Government House, Benin City,
Edo State, said the states can’t sit and watch the sector deteriorate. He said: “It is no
longer news that the Distribution Companies, DISCOs, are having difficulty funding
distribution infrastructure. Therefore, as collective 40 per cent shareholders, we cannot sit
back without finding a solution.” Fashola, while speaking further on the theme:
Increasing Access to Electricity through Improved Power Infrastructure, called on the
governors to support access to electricity through improved power infrastructure in their
respective states. He said: “The point I wish to make clear is that all state governments
have a role to play to support the private sector,” adding that each state government
should work with the DISCO that serves their state. “This is required to identify the
distribution equipment needed to deliver power, cost implication, make the investment
and agree on a recovery strategy. “There are many other things you can do to support
access to power and improve infrastructure, including but not limited to ensuring that
your state and local governments’ Ministries, Departments and Agencies (MDAs), pay
their debts and also pay for energy used.”
 Read more at: https://www.vanguardngr.com/2018/07/provide-facilities-to-protect-fgs-
40-stake-in-power-sector-fashola/

6. Premiumtimes News Paper

Electricity distributors attack Fashola, say minister more interested in

‘over-priced contracts’ ON July 31, 2018

Figure6. Minister of Works, Power and Housing, Babatunde Raji Fashola

Electricity distribution companies (DISCOs) on Tuesday accused the power ministry of being
more interested in awarding “over-priced, misguided contracts” than bridge the over N1.3 trillion
tariff gap in the industry The Association of Electricity Distributors Investors and the
Association of Nigerian Electricity Distributors (ANED) in a joint media briefing accused
government of reneging on all its performance agreement signed in 2013. Executive Director,
Research and Advocacy of ANED, Sunday Oduntan, said following the privatisation of the
power sector, the federal government promised to ensure a tariff regime that
covered production cost as well as a debt-free financial book. He said government also promised
to settle the debts by the ministries, departments and agencies (MDAs), apart from paying N100
billion in subsidy for two years, to cater for the poor state of infrastructure in the industry. On the
other hand, Mr Oduntan said the DISCOs agreed to supply 1.7 million meters in five years;
increase customer connection; improve customer service; reduction in power interruption and
aggregate technical/ commercial losses as well as extension of distribution network. For
government, he said, none of the promises has been kept till today, except the N29 billion it paid
last year for the military’s debt, leaving over N70 billion unsettled till date. He said the DISCOs
have delivered 88 per cent of their promise to supply meters, despite a huge metering gap of over
4.1 million they met on taking over. PREMIUM TIMES reported how Mr Fashola repeatedly
warned the electricity distributors to improve their services or leave the business.

Many Nigerians have complained about the actions of the DISCOS especially the non-provision
of pre-paid meters, and the use of estimated billings.

Mr Fashola also criticised Mr Oduntan and ANED.

“If ANED is not a licensee, who is ANED ? An NGO? If so, they should listen to consumers
because Nothing is Going On about poor service,” the minister wrote a fortnight ago. Read
more https://www.premiumtimesng.com/news/top-news/278477-electricity-distributors-attack-
fashola-say-minister-more-interested-in-over-priced-contracts.html

7. Thisday News Paper

Notore’s Listing Boosts NSE Market Capitalisation by N101bn ON

August 3, 2018 4:11 am
 Figure7. Activities on the floor of the Nigerian Stock Exchange, Lagos

The market capitalisation of the Nigerian Stock Exchange (NSE) got a boost by N100.75 billion
yesterday, following the historic listing of 1.612 billion ordinary shares of Notore Chemical
Industries Plc (Notore) at N62.50 per share.The company was listed on the industrial goods
sector of the NSE. The listing was the first this year. Notore, which is a vertically integrated
agro-allied, chemical and power group based in Onne Rivers State, has six subsidiaries. They are
Notore Supply & Trading Mauritius Limited, Notore Power Limited, Notore Seeds Limited,
Notore Foods Limited and Notore Industrial City Limited. Speaking on the reasons for the
listing on the NSE, the Group Managing Director/Chief Executive Officer of Notore Plc, Mr.
Onajite Okoloko, said it was to support the Nigerian government’s effort to deepen the capital
markets, improve liquidity and tradability of the company’s shares. In addition, he said the move
would increase the company’s visibility and credibility in the Nigerian market and beyond.
“The listing will also increase access to capital in order to fund the company’s future
growth initiatives and grant Nigerians the opportunity to participate in the Notore’s growth
history,” he said. “Our core business is the production and sale of fertilizer products, which
is traded locally (within) Nigeria and exported to West Africa, Southern Africa and Europe. Our
key strength lies in our huge potential to diversify our revenues due to our favourable location
within a prolific gas hub and access to a jetty, which guarantees easy export of any products
manufactured in the facility,” he said. “Notore sells 75 per cent of its urea fertilizer locally
and export 25 per cent to leading international traders such as Helm Ag, Ameropa and Yara.
Notore is a licensed independent power producer, which generates electricity for use in the
fertilizer plant and residential estate with excess capacity available for sale to nearby off-takers.
Total capacity of 50 megawatts(MW) with own use requirements of between 8-13MW,” he said.

On the financial performance of the company, Okoloko said revenue grew from N21.285 billion
in 2013 to N35.985 billion in 2017, while profit after tax rose from N1.694 billion to N8.652
billion the respective years. Read more at

https://www.thisdaylive.com/index.php/2018/08/03/notores-listing-boosts-nse-market-
capitalisation-by-n101bn/