Again FG, States Share N354bn in November

A total sum of N354.303 billion was distributed among the federal, state and local governments at the monthly meeting of Federation Account Allocation Committee (FAAC) in November 2009, almost similar to that of October 2009... Read

Federation Account: How They Share N332bn in October

The Sharing of N27.8bn on Exchange Rate difference in October 2009

Madam Rebranding Akunyili Confesses on Deteriorating Educational Sector

According to Professor Akunyili who is the Minister of Information and Communication: “the (academic) environment (today) is so dirty and most times unfit for humans to live. Crowded classrooms, inadequate hostel accommodation, non-existent library services, unfulfilled lecturers, elongation of academic calendars and sessions as a result of consistent strikes, the woes are endless...Read

A Nigeria's Graduate in $2.5m Internet Scam ... As Hacker Attacks Police Website

As Nigerian universities are notoriously being on strikes most of the sessions, with some idle students going into prostitution and robbery, their half-baked or unemployed are either into kidnapping or internet scam and other fcriminal activities... Read

Amnesty: Barrel of Crude Jumps to 1.84 million... As Koreans Opt Out-of-Court Settlement Over Oil Licence

The Amnesty to Niger Delta Militants which expired on 4th October, 2009 has ushered in the cessation of arms conflict, the wanton destruction of lives and properties and other forms of criminality in the region with recorded improvement in the economic sector and the barrel of crude oil jumping to 1.84 million per day from 1.3 million barrels within the space of time... Read

Odey Urges States to Give Attention to Environmental Issues

The Minister of Environment, Mr. John Odey has urged  state Governors all over the country to make the issue of environment a priority in their development agenda...Read

Global Economic Crisis an Opportunity to Reposition Nigeria- Minister

The Federal Government has said that the global economic crisis facing the world economy is an opportunity to reposition Nigeria’s economy to meet the challenges and take advantage of the opportunities to address problem at home and internationally... Read

More articles and features from the Homepage:

ü  COP 15 Meeting: How Prepared is Nigeria- By Adebayo Thomas

ü  Bridging the Developmental Gap - Remi Babalola

ü  EFCC Wont Bow to Blackmail on Banks -By Femi Babafemi

ü  Africa's Foreign Reserves: Reserve for Who? By Chika Ezeanya

Maryam Babangida is Dead: A statement from General Ibrahim Badamasi Babangida’s family announced today that Maryam passed on early this morning at the age of 61, after a protracted illness. The former chairperson of the Better Life for Rural Women during her husband's years in office had been hospitalised at University of California Los Angele's (UCLA) Jonsson Comprehensive Cancer Centre in Los Angeles, United States. She died beside her husband, General Babangida who has been at her bedside in the US hospital till her death. Mrs. Babangida's condition worsened months ago... Read

Government to Bar Consultants from Core Civil Service.: Disturbed by the low morale and redundancy in the civil service due to incursion of consultants who have virtually taken over some of the responsibilities of civil servants in programmes execution, the government at federal and state levels would soon bar consultants from projects that could easily be implemented in the public service...Read

HOS Warns Against Bids Padding by Insurance Firms: The Head of the Civil Service of the Federation, Mr. Stephen Oronsaye, has has warned insurance companies to submit realistic bids that are not padded for payment of bribery and gratifications to any government official. He spoke through Barrister Danladi Kifasi, Permanent Secretary, Ministry of Youth...Read

2011 Election: Nigerian Women Insists on 40% Representation or Nothing: Ahead of the 2011 general elections, Nigerian women have insisted on 40 percent representation in political positions in government houses, ministerial appointments and legislative houses... Read

N346bn Scandal: Details of Akingbola’s Worldwide Assets to be Frozen…Include Properties in Lagos, Ghana, Dubai, London and various shares: After paying over £9.8million Pound Sterling to his English solicitors, the former Managing Director of Intercontinental Bank Plc, Dr, Erastus Akingbola is in fresh financial dilemma as a Federal High Court granted a Mareva injunction on his worldwide assets for total offences amounting to the tune of N346 billion and over 1 million GBP Sterling…Read and see some of the assets

In Defence of Abdul Mutallab of Nigeria – A Response to MEND: One of the organisations that shamelessly coloured the incident with sectional and religious undertone was the Movement for the Emancipation of the Niger Delta (MEND), whose official statement on the suspect was to urge governments around the world to pay more attention to northern Nigeria, claiming that the region is a threat to world peace and "fertile ground" for international terrorism. They also provoke ember of hatred by insinuating that…Read

Jimoh Ibrahim to Acquire Oil Licence and University in Sao Tome: The Chairman of NICON and Global fleet Group of Companies, Barrister Jimoh Ibrahim has indicated the interest of his organisation to acquire Oil and Gas Licence and establish a private University in the Republic of Sao Tome and Principe. He also announced the commencement of NICON Insurance operation in its new branch in that country… Read

State News listed below can be accessed from this LINK

Kano Proposes N110bn for Budget 2010

Kaduna Proposes N196.7bn for 2010 Budget

Yobe Proposes N62.42b for 2010 Budget

Osun Assembly Approves 2010 Budget

Anambra Proposes N67 Billion for 2010 Budget

Feature articles listed below can be accessed from this LINK

Erastus Akingbola: A Drowning Man?

In Defence of the Vice-President, in the Failure of the President Doing the Right Thing

Addressing Distress in the Banking sector

Micro Financing in Nigeria: A Dire Need for “Sanusitization”

Introducing Home Makers

Your New Website

The new website of the Economic Confidential provides platform for members and comments on all issues. You can also use our Search Engine to search for stories and features we have published. We thank you for being with us in the last three years of our existence as factual, authoritative and accessible economic magazine.

President Yar’Adua is Alive: Against the background of rumours on the purported death of President Umaru Musa Yar’Adua in King Faisal Specialist Hospital in Saudia Arabia where he had gone for treatment, his spokesperson and Senior Special Adviser on Communication, Mr. Olusegun Adeniyi has denied the speculations saying that the president is alive and has been talking to some people…Read

10 Year Tenure: Banks’ MDs to Go in July 2010 -CBN… Banks to Negotiate Sales with Foreign Investors: The Board of the Central Bank of Nigeria has finally fixed a maximum tenure of ten years for Managing Directors and Chief Executive Officers of banks in Nigeria. This new decision came as CBN hands off the negotiation and sales of the eight rescued banks to the banks management and boards who could negotiate, where desirable, with new foreign investors. …Read

Dangote Liquidates $1.27bn Loans in 10 banks: The President Dangote Group of Companies, Alhaji Aliko Dangote has liquidated a $1.27 billion loan facility he took on behalf of his organisation from a consortium of 10 Nigerian banks in May 2008 to finance its cement division’s expansion projects five years ahead of schedule. The banks involved in the loan syndication were Access Bank, Afribank, Bank PHB, FCMB, Fidelity Bank, First Bank, Guaranty Trust Bank, Stanbic IBTC, United Bank for Africa, and Zenith Bank. …Read

Oil Communities to Own Petroleum Assets: The Minister of State for Petroleum Resources, H. Odein Ajumogobia has lauded the federal government for taking a bold step towards involving the oil producing communities in the ownership structure of Nigeria’s petroleum assets. He stated this at the inaugural meeting of the Presidential Committee On he Modalities for the Involvement of Host Communities in the Ownership Of Petroleum Assets In Nigeria. …Read

After Universities, Pay Rise for Polytechnics and COE: The Federal Government has re-affirmed its promise to amicably resolve the demand for pay rise by Unions in Polytechnics and Colleges of Education sub-sector without discrimination. This is as it assures that the same principles used in fixing the new pay package for University Unions will be adopted. …Read

Infrastructure Concession to Create More Employment – VP Jonathan: The key element of Federal Government’s concession of infrastructure is to create employment to the teeming youth in the country. VP Jonathan while receiving 2009 Report on the activities of the Infrastructure Concession Regulatory Commission said “that government is not only interested in managing its assets well but the main issue of the concession is to create employment opportunities for Nigerians”. …Read

Federation Account: Beneficiaries Received N4.17tr and $5.5bn in 2009: The sum of N4.174 trillion and $5.5 billion were distributed from the Federation Account and Foreign Excess Crude Account respectively among the three tiers of government in 2009. Last year’s release from the Federation Account was the highest injection into the system within a fiscal year in the last 10 years. …Read

Policing Our Budgets: However, let me remind Nigerians not to get too distracted by Farouk Abdulmutallab’s incident and President Yar’Adua’s sickness. Let us keep one eye on the yearly budgets which various states in Nigeria are announcing. Ebonyi State announced a budget proposal of N72.6 billion; Ogun State announced a budget of N100.7 billion. Kano proposed N110bn for their budget, Kaduna proposed N196.7bn for 2010 budget, Yobe planned N62.42b for 2010 budget, and Anambra proposed N67 billion for 2010 budget…Read

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Zenith Names Godwin Emefiele as MD/CEO Designate: The Board of Zenith Bank Plc has announced the appointment of Godwin Emefiele as Managing Director/Chief Executive Officer designate of the Bank. The appointment, which is subject to Central Bank of Nigeria (CBN) confirmation, takes effect from August 1, 2010. This is coming few days after the Board of United Bank for Africa Plc appointed Mr. Phillips Oduoza, Deputy Managing Director overseeing its operations in the South as CEO designate of UBA... Read

Nigeria MDGs: How We Channel Billions of Naira on 8 Goals: In this an exclusive interview with Economic Confidential, the Senior Special Assistant to the President on the Millennium Development Goals (MDGs), Mrs. Amina Mohammed Az-Zubair talks about the MDG projects in Nigeria, her relation with federal legislators, states and the amount of fund expended on the programme. She also gives reason for rejecting some appointment including ministerial positions for her passion. Born of a Nigerian father from Gombe State and a British mother from Wales, sh... Read 

Details of Cecilia Ibru’s N400bn Assets: Before she was sacked from office as the Managing Director of Oceanic Bank Plc by the Central Bank of Nigeria (CBN), Mrs. Cecilia Ibru was referred to as the First Lady of Banking in Nigeria and regarded as one of the most influential and powerful businesswomen in Africa. But only very few would agree that she had assets and shares worth over N400billion.... Read

Farida Waziri dares Fraudsters and Economic Criminals in 2010…As EFCC Arraigns 5 suspects over Visa Scam: Chairman of the Economic and Financial Crimes Commission, EFCC, Mrs Farida Waziri has reiterated her resolve to step on more toes and crush more legs this year just as the agency arraigns 5 suspects over UK Visa scam. ... Read 

BPE Extends Deadline for Proposals on NITEL/MTEL: The deadline for the submission of technical and financial proposals for the privatization of Nigerian Telecommunications Plc (NITEL) and its mobile arm, M-tel, has been extended from Friday, January 22, 2010 to Friday, February 5, 2010. ... Read

China Grants Nigeria $500M Loan for Kano-Lagos Railway:A special delegation from the Chinese government led by Deputy Chief Inspector of China EXIM Bank - Mr Yi Zong Hua, has promised that the team will work assiduously with its Nigerian counterpart towards ensuring that the Concessional loan to the tune of $500 million loan is drawdown to enable Kano-Lagos Railway project to take-off by February 2010.... Read

Oil Communities to Own Petroleum Assets: Federal government has taken a bold step towards involving the oil producing communities in the ownership structure of Nigeria’s petroleum assets. A Presidential Committee On he Modalities for the Involvement of Host Communities in the Ownership of Petroleum Assets in Nigeria has been inaugurated to work out the modalities…... Read

DMO Resumes Monthly Auctions, Offers N75bn FGN Bonds: The Debt Management Office (DMO) has resumed its monthly bond auctions, offering a total of N75billion FGN bonds, made up of N20billion for the 3-year tenor, N25billion for the 10-year tenor and N30billion for the 20-year tenors.   A statement issued over the weekend by the DMO stated that the variety of the tenors on offer, namely 3, 10 and 20 years, was to give investors the opportunity to choose the bond(s) most suitable to their needs and investment objectives. ... Read

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Dollar Rains: How FG, States Share $4.8bn from FECA in March 2010: The Ag. President Goodluck Jonathan has approved the release of $4.8bn from Foreign Excess Crude Account (FECA) apart from N383bn from FAAC in March 2010 for 3 tiers. The Economic Confidential magazine can authoritatively reveal that out of the amount oil producing states received the highest figures with Akwa Ibom taking $239mn, Rivers $220mn, Delta $211mn and Bayelsa $107mn. The lowest recipients are non-oil producing states which include Ebonyi $39mn, Nasarawa $$40.6mn, Gombe 40.7mn and Ekiti $41.3mn. See the full details and table…Read

Survey on Recent CBN Reform Programmes: The Central Bank of Nigeria recently unveiled the next phase of banking reforms which are targeted at enhancing the quality of banks, establishing financial stability, enabling healthy financial sector evolution and ensuring meaningful...Read

Attack on Website after Reporting Jonathan and Northern Military Generals: Few days after this publication, the website of the magazine www.economicconfidential.com was hacked and most of the contents from December 2009 to first week of March 2010 were removed. Luckily enough, we were able to, after some maintenance, refresh and update the site from our back-up files although most of the comments from readers could not be restored... Read

Fraudster Demands $2mn from Ibru as EFCC Seals Atuche’s Assets: The Economic and Financial Crimes Commission, EFCC has told an FCT high court in Abuja how a fake official of the anti-graft agency who was recently arrested and arraigned approached a former CEO of Oceanic International Bank Plc, Mrs Cecilia Ibru to extort two million dollars ($2million) from her... Read

Private Universities to Smile as NDIC Spends N500mn on Education: The Nigeria Deposit Insurance Corporation (NDIC) has committed the sum of N464 million for education project funding scheme in Nigeria’s institutions of higher learning as part of the Corporation’s contribution to education and may soon extend the gesture to privately owned institutions in the country... Read

Oil in the North:The search of a generation: Scientific studies have shown evidence of huge deposits of hydrocarbon in the Benue trough and the far north east of the country but almost 20 years after this discovery,  exploration had shown a minimal presence of crude oil as against gas... Read

If President Yar’Adua Doesn’t Die: The above headline is not intended to play pun or be mischievous but rather is a response to worrisome feelings amongst Nigerians on the plight of President Umaru Musa Yar’Adua over the sensationalism making the rounds on his ill health. The debate over his purported ill-health overshadowed all other critical socioeconomic matters taking place in the country... Read

Should Goodluck Lose His Goodwill? Nigerian Acting President, Goodluck Jonathan currently enjoys an impressive level of goodwill both internationally and internally amongst Nigerians. Citizens and internationals across board have in their majority given their support and backing to a man who seems to have all the favour in the world working for him... Read

JIMOH IBRAHIM: The enigma at 43: Jimoh, or Araba as his friends fondly call him (derived from his chieftaincy title as the Araba Nla of Ikale-land), is different things to different people. He is such an enigma that even people who have never come into contact with him talk as if they can write a whole chapter on him. But everyone agrees at least that here is a hugely successful young man with an un-usual rags-to-riches story... Read

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The Acting President Goodluck Jonathan has actually sent a List of 33 Ministerial nominees to the Senate that include 9 for reappointments as ministers while 24 are fresh candidates. The nominees for reappointments include: Former Minister of Finance and National Planning, Dr. Shamsudeen Usman, Former Minister of Information, Prof. Dora Akunyili, Former Minister of Youths, Senator Akinlabi Olasunkanmi, Former Minister of Justice, Adetunbo Kayode from Ondo Former Minister of Transports and Mrs. Dezeani Allison Madukwe. See the entire list of the nominees and their states of origin from: The 33 First Batch of Ministerial Nominees

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Oil Sector: NEITI Exposes NNPC, DPR, NDDC, CBN: The Nigeria Extractive Industries Transparency Initiative (NEITI) has officially released its Report on 2005 Audits on the extractive industries in Nigeria indicting Nigerian National Petroleum Corporation, Central Bank of Nigeria (CBN) and Niger Delta Development Commission (NDDC) just as it discloses that Nigeria’s oil production is still unknown… Read

FIRS, AGF Disagree Over E-payment System… Banks Accused of Diversions of Funds: The Executive Chairman of Federal Inland Revenue Service (FIRS), Mrs. Ifueko Omoigui Okauru and Accountant general of the Federation Ibrahim Dankwambo have disagreed over the success of e-payment system in the country. While FIRS accused banks of slowing down the process of prompt remittance of funds, the Office of the AGF believe the e-payment has achieved some levels of success within the federal system. … Read

CBN Signs Strategic Partnership with Malaysian Central Bank: The Central Bank of Nigeria and Bank Negara Malaysia (Central Bank of Malaysia) signed a memorandum of understanding to share expertise and exchange relevant information in the areas of Banking Supervision, Small and Medium Enterprises (SMEs), Microfinance, Islamic Finance, Monetary Policy, Development Finance Institutions, External Reserve Management, institutional arrangement for financial crisis management and resolution, Foreign Exchange Administration, Performance Management and Corporate Strategy, Leadership Development and Talent Management. … Read

Boost: ZENITH Bank Gross Earnings Up N277bn: The Zenith Bank Group, despite the impacts of the global economic meltdown, has recorded gross revenue of N277.3 billion during its reporting period ended December 31, 2009, a jump of 31% over the N211.64billion it achieved the previous year. … Read

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Budget 2010: “Mugu” Smiles Back Into Debt Trap!

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China-Nigeria Relations and Timely Economic Goals

Oil in the north:The search of a generation

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