NASS, Finance minister parley over 2022-2024 expenditure framework
By Gistflash News
July 6, 2021
The leadership of the National Assembly on Monday met with the Minister of Finance, Mrs. Zainab Ahmed, on projections of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
The News Agency of Nigeria (NAN) reports that the NASS team was led by the Senate President, Dr. Ahmad Lawan, and the Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila
Also, in attendance were the Deputy President of Senate, Sen .Ovie Omo-Agege, Deputy Speaker, Idris Wase and other principal officers of both chambers.
In his opening remarks, Lawan said the meeting was at the instance of the NASS leadership to specifically deliberate on the projections of the 2022-2024 MTEF/FSP, with a view to facilitate early presentation of the 2022 budget by President Muhammadu Buhari in September.
Lawan reiterated the commitment of the ninth National Assembly commitment to an early passage of the nation’s annual budget.
“We all recall how this ninth National Assembly committed itself to ensuring the passage of the appropriations before the end of December of every year, to enable implementation of the Appropriations Act to start in January of every year.
“So far, we have achieved that in the 2020 budget and 2021 budget as well.
” This has significantly improved the implementation of the Appropriations Act, culminating in the 100 percent implementation of the 2020 budget, and we are optimistic that the implementation of the 2021 budget would also achieve 100 per cent.
“The 2022 appropriations bill will be predicated on the MTEF/FSP 2022-2024, and it is very important that this interaction takes place, so that the National Assembly is able to consider the MTEF in very good time to allow the Executive arm of government prepare the appropriations bill for 2022.”
Minister of Finance, Mrs Zainab Ahmed noted that Nigeria was able to exit recession in the third quarter of 2020, despite the impact of the COVID-19 pandemic on the global economy.
This, she said, had an attendant negative growth on the Nigerian economy occasioned by significant and sudden drop in crude oil price at the international market.
The minister said although the Nigerian economy earned more revenue in 2020 from non-oil sectors, other sectors such as transport still remained in the negative.
“The economy, since then has sustained a tepid growth in the first quarter of 2021, with a growth of 0.51 percent consolidating our exit from recession in the fourth quarter.
“The growth of the economy, we are pleased to say, is driven largely by the non-oil sector, which has risen to 0.79 percent, masking the deterioration in the oil sector.
“The sectoral growth in the non-oil sector was primarily driven by the telecoms and agriculture sectors, as well as other sectors of the Nigerian economy.
“Significant concerns still exist in the performance of trade, as well as the transport sector, which are still in a very strong negative growth”, she said.
CBN Sells Polaris Bank To SCIL
The Central Bank of Nigeria (CBN) has announced the completion of the sale of shares in Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor.
In a statement signed by its Director, Corporate Communications Department, Osita Nwanisobi, the CBN said that SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement, including the full repayment of the sum of N1.305 trillion, being the value of the bonds, which as part of its intervention, in 2018, to revoke the licence of the former Skye Bank Plc. and establish Polaris Bank to assume its assets and certain liabilities, the banking industry regulator injected into Polaris through the Asset Management Corporation of Nigeria (AMCON) and is to be repaid over a 25-year period.
The statement reads: “The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) are pleased to announce the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).
“Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc. and established Polaris Bank to assume its assets and certain liabilities. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period.
“These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability. SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.
“The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered. The sale was coordinated by a Divestment Committee comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.
“In the process, parties who had formally expressed an interest in acquiring Polaris Bank, subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three parties eventually submitted final purchase proposals following technical evaluation. All submissions were subject to a rigorous transaction process from which SCIL emerged as the preferred bidder having presented the most comprehensive technical/financial purchase proposal as well as the highest rated growth plans for Polaris Bank.”
The CBN Governor, Mr. Godwin Emefiele, was quoted in the statement as saying that: “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention.
“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”
Media Intelligence agency Marks Six years of Operation in Nigeria
Media Intelligence agency Marks Six years of Operation in Nigeria.
P+ Measurement Services, Nigeria’s foremost Independent Public Relations measurement and evaluation agency, celebrates its sixth year of effective operation with qualitative offerings for its numerous clients, as it rebrands with a new business logo, website, and office to deepen penetration.
The leading company has in the past six years engendered the needed growth for its clients, and the rebranding is part of efforts aimed at sustaining its leading position in the sector, having worked with over 47 brands and 17 Public Relations agencies in Africa’s largest economy.
The logo with new colors depicts the innovation and creativity of the brand, as also shown on its new website with the agency service rate, to enable brands and agencies to make faster decisions in budgeting.
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As the only AMEC Member in Nigeria, P+ has strong partnerships with the Nigerian Institute of Public Relations (NIPR) and Reelforge Media Monitoring, the biggest media monitoring agency in the East African region, covering more than five countries.
Speaking on the company’s new development, the Chief Insights Officer, Philip Odiakose, said P+ is strongly positioned to effectively deliver on its offerings, with state-of-the-art structure, process and highly skilled media analysts in an exceptional and value-driven business model in line with global best practices.
“Our Measurement and Evaluation report is in-depth, robust, and flexible to accommodate valid metrics that brands desire to see reflected in their customized reports, and also based on the AMEC Standard in accordance with the Barcelona Principle 3.0. We deploy the P+MCA (media content analysis) methodology for media evaluation and analysis based on qualitative and quantitative metrics in analyzing media exposure,” Odiakose affirmed.
He said the new office would serve as a hub in the country and the West Africa sub-region, where the company will provide media monitoring, measurement, evaluation, and performance audit services for brands, media agencies, government agencies and NGOs.
Also as part of its efficient services, the measurement and evaluation company introduced “Get-Reports,” a novel product that allows the purchase of PR performance audit reports in key sectors.
The “Get-Reports” product spans across different industries which includes the 22 Commercial Nigerian Banks PR Performance Audit Report, Top Nigerian Insurance PR Performance Audit Report, Top Nigerian Digital Banks PR Performance Audit Report, and Top Online Streaming Services PR Performance Audit Report.
It’s not too late for NASS to revisit e-transmission of election results – SAN
By Gistflash News
Sept 26, 2021
The clause 52(2) of the bill gives the Independent National Electoral Commission (INEC) the discretion to determine when, where and how voting and transmission of results will be done.
The Senate had ruled out the possibility of having results transmitted electronically when it voted that the NCC, with the National Assembly’s approval, would determine whether INEC could transmit results electronically or not.
Similarly, the House of Representatives, on July 16, passed the Electoral Act (Amendment) Bill, maintaining the controversial Clause 52(2) as presented amidst protests, especially by members of the minority caucus.
After the passage of the bill, the Speaker, Mr Femi Gbajabiamila, criticised the proposed electronic transmission of election results, saying it was not feasible in the country for now.
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