Nigeria to Earn $200bn from Lekki Seaport as FG Earmarks N90bn for Economic Zones

President Muhammadu Buhari has expressed commitment to a conducive business environment that would aid investments in the country even as it emerged that Nigeria is expected to rake in over $200 billion from the operations of the Lekki Deep seaport in Lagos State.

Speaking at the official commencement of the construction of the Lekki Deep seaport in Lagos on Thursday, Buhari said the project is in line with the Economic Recovery and Growth Plan (ERGP) whose aim is to support game-changing infrastructure projects.

The president, who was represented by  Vice President Yemi Osinbajo, said when completed, the project would generate up to 170,000 direct and indirect jobs in the economy.

According to him, “The promoters of this project are targeting about 1.5 million 20-foot equivalent units container capacity annually, which we expect to grow to about 2.7 million and 4.7 million TEUs when the project operations commence. With this, the Lekki Deep seaport will become one of the largest deep water ports in our region and serve as a hub for port operations in West Africa.

  “The promoters also planned to dredge the port channel to about 16 metres draft, which is not currently obtainable in any port in the country. This is an indication that ships of larger capacity, Panamax, Post Panamax ships and very large crude carriers will now be able to visit the port, and greater efficiency and economies of scale will generate significant revenue for Nigeria's economy.”

Oshinbajo, however, noted that the federal government had in the past two budgets provided an aggregate of N90 billion for the development of special economic zones, adding that the deep seaport project is in line with the objectives of creating such economic zones.

 In his speech, the Minister for Transportation, Rotimi Amaechi, commended the Nigerian Ports Authority (NPA), Tolaram Engineering Company and China Harbour for the development of the landmark project.

“This will be the first deep seaport in Nigeria. What we have had are river ports. This will help to improve the capacity of Nigerian ports with modern procedure,” Amaechi said.

He added that the ports concession agreement cover 45 years on a build, own, operate and transfer basis.

On her part, the Managing Director, Nigerian Ports Authority, (NPA), Hadiza Bala-Usman, stated that the NPA is committed to port development in Nigeria.

 “Funding for the Lekki Deep Sea Port project is structured at equity and debt ratio of 20:80 respectively. And in line with the commitment of the federal government to promote private sector investment, the NPA has a fully paid five per cent minimal investment, which is enough to give it a stake; to give the investors comfort  and enable it perform its oversight technical regulatory functions without being unduly hindered by commercial considerations.

“The other 95 per cent interest is owned in 18: 8 ratio by the Lagos State Government and the Tolaram Group respectively. Of the 75 per cent owned by the Tolaram Group, however, the federal government holds a further 15 per cent shareholding to the value of  $107.78 million converted into shares from a pre-2002 government grant to promoters of Tolaram Group toward  financing  the Viva Methanol Project,” she said.

The port DG said the vision of the NPA is to provide the enabling environment for Nigeria to have the best ports in Africa, “and the event here today gratefully moves us closer to that reality.

“As statutory regulators of ports in the country, the NPA is committed to providing the technical support and regulatory environment that would see to the timely completion of construction work and ensure efficient operations and management of the port upon commissioning.

“We will work with all stakeholders to see the Lekki Deep Sea Port becomes a world class facility and an enviable edifice that can stand the test of time, become an institution that will be the pride of all stakeholders as well as encourage more of such investments in the country.

   “As we work toward revamping the decaying port infrastructure we inherited and encouraging new investments in the sector, we are confident that projects such as this foretell the renewal possible in our port infrastructure, the resurgence of our economy through the gateways that our ports are and the creation of a modern, agile, technically competent and competitive workforce that will make our country proud,” she said.

The Managing Director of Tolaram, Haresh Aswani, promised that the project would be completed within three years, and it woul generate over $200 billion revenue for Lagos state and federal government.

He said the project would support and enhance the growth of various free zones in the area.

Upon completion, the port facility will have three container berths, one dry bulk berth, three liquid berths, 16.5-metres draught, 600 metres turning cycle and a 2.7 million Twenty Foot Equivalent Unit (TEUs) per year.

Built over 90 hectares of land in the heart of the Lagos Free Trade Zone, Lekki Port is situated just 65 kilometres east of Lagos city, and slated to be completed in 2020.

Court Discharges Wife of Jonathan's Cousin, Stella Aziboala of Criminal Charges

*Orders husband, company to respond to two of the charges

Mrs Stella Aziboala, wife to a cousin of former President Goodluck Jonathan, was on Thursday discharged of all the nine count charges leveled against her, by the federal government.

Her husband, Robert Aziboala was however not as lucky as the the Federal High Court, Abuja trying them over corruption allegations ordered that he open his defence in two of the 9 count charge.

Trial judge, Justice Nnamdi Dimgba, in discharging Stella, in respect of counts 2 and 3, held that, "Just because Mr. Azibola is a spouse of the 2nd defendant, is not enough to charge her. Criminal liability is personal; it is not vicarious".

The Economic and Financial Crimes Commission had in 2016, preferred a 7-count charge against Aziboala, his wife,  Stella and their company,  One Plus Holding Ltd, over an allegation that they received $40m contract from the embattled former National Security Adviser, Col Sambo Dasuki.

The prosecution closed its case, after calling 10 witnesses who testified against the defendants.

But the defendants, responding through their counsel Chris Uche, SAN filed a no-case-submission,  insisting that the FG had failed to establish a prima-facie case that would warrant them to enter defence.

Justice Dimgba, ruling on the no-case-submission, yesterday, held that Aziboala (1st defendant)  and his company, One Plus Holding Ltd (3rd defendant) have explanation to make in respect of counts 2 and 3 and subsequently ordered them to respond to the charges.

In count 2 and 3, Robert Aziboala and his company,  One Plus Holding Ltd were accused of being in possession and conversion of the sum of $40m received from Office of the former National Security Adviser, Sambo Dasuki into personal use.

It was claimed that the $40m Dollars released from the Office of the former NSA to Aziboala and One Plus Holding Ltd was meant for the procurement of tactical communication kits.

"By the exhibits, the sum of $40m was sent to the 3rd defendant purportedly for the supply of tactical communication kits for Special Forces on the instruction of former NSA, Col Sambo Dasuki.

"But there was no evidence that any such thing was supplied even though there were some suggestions in exhibits that the sum was for some other security assignments.

"In the absence of any evidence for the supply of the tactical communication kits, the consideration for the transfer of the $40m needs to be established.

"I do not therefore believe that the no-case-submission should succeed in relation to these counts.

"However, appraising the evidence adduced in respect of count two and three, I am of the view that the evidence can only support a prima facie case against the 1st and 3rd defendants.

"On the whole, there is sufficient prima-facie case made out by the prosecution against the 1st and 3rd defendants. The no-case-submission in respect of these two counts is refused, the court held.

Justice Dimgba, however, absolved Robert and his company of any wrongdoing in counts 1,4,5,6,7,8, and 9.

Senate Rejects Kaduna's $350m Foreign Loan Request

The Senate on Thursday rejected the request for a $350 million World Bank facility for Kaduna State on grounds that the state is already highly indebted to the tune of $232 million.

The Senate also said the state government did not follow the pre-conditions listed for such loans, and was not clear on the purposes for which the loan was being sought.

The position of the Senate was based on the recommendations of its Committee on Local and Foreign Debts, which said to approve the loan, would constitute a huge debt profile on the state, which would burden the finances.

The loan request captured in the 2016 – 2018 federal government external borrowing plan, has a low financing rate of 1.25% interest, moratorium of 5 years and a 25 year maturity tenor.

The Chairman of the Committee, Senator Shehu Sani ,said the $232 million was accrued from loans obtained by the state from 1960.

Sani, who incidentally is from Kaduna state, is engaged in a running battle with the State Governor, Mallam Nasir El-Rufai.

He however dispelled any political colouration to the rejection of the loan, explaining that Kaduna is the second most indebted state in Nigeria, after Lagos State.

Approving the loan, would put Kaduna's total debt profile at $582.1 million, which would be unsustainable and attract unnecessary huge financial burden on the meagre federal allocation to the state, Sani cautioned.

"With the high total debt stock of Kaduna State at the moment, the new borrowing sought, will make the debt service to revenue ratio high, thereby worsening the State Government’s ability to meet its other basic obligations to the people and further erode the economic viability of the state," Sani said.

He also wondered why the state government wants to obtain a facility that is almost twice the volume of the existing debt portfolio.

Senator Suleiman Hunkuyi also from Kaduna expressed opposition to the loan request, noting that the state government was not clear as to what the loan is required for.

He explained that the application of the loan as indicated in the details obtained from the World Bank, is completely different from what the Governor said the loan would be deployed to.

Hunyuki, whose building was recently demolished in Kaduna allegedly on orders of El-Rufai, said the $350 million facility is supposed to drawn over a period of four to five years.

The state government however indicated it wishes to access $170 million from the funds in 2018 alone, Hunkuyi said adding that the loan is to be utilised by three agencies affliated to the Governor's office.

One of the agencies is the Office of the Special Adviser to the Governor on Special Projects. Why the rush, why the hurry?" he added.

“As a representative of my people, I’ll like to say that the application of that loan is a misplaced priority. I strongly stand behind the prayers of the chairman of the committee, that this very important chamber do reject that request for the loan,” he said.

Senator Danjuma Lar also from Kaduna joined his colleagues to oppose the request.

“I met with the representatives of Kaduna state and asked what the loan was all about? What project is this loan meant for? I should know from zone one, two and three, who are the contractors responsible for the project? Where will the projects be sited? But these questions were not answered,"

“I realised that the money received in Kaduna state is much and there is nothing happening in state lately. They are busy retiring and sacking people and asking for a loan. To do what with the loan? I don’t understand. If you are collecting a loan without 

Plateau PDP Elders Back Danjuma’s Call for Self-defence

Elders’ forum of the Plateau Central Peoples Democratic Party (PDP) on Thursday thrown its weight behind the call by General Theophilus Danjuma (rtd) for self-defence in the face of incessant attacks and killings by suspected Fulani herdsmen, saying such was not a call to anarchy because the Nigerian constitution provides for self-defence.

Addressing a press conference in Jos, Chairman of the forum, Chief John Mankilik, who was flanked by other members of the forum, said: “We totally agree with Retired General Danjuma as he spoke the minds of the bewildered people of Nigeria to the menace of the Fulani herdsmen.”

The forum observed that “a trend seems to emerge in the Middle Belt states of Nigeria, such that there is a correlation between President Muhammadu Buhari’s visit and bloodshed during such visits. And we are concerned that if this is the change Nigeria bargained for?

“In Plateau State, our heritage is betrayed, our patrimony is ambushed, our future is compromised, our land is in endangered and our people and their aspiration are in danger.”

They expressed disappointment that rather than confronting the president with the true state of security in the state during his visit, “Governor Lalong and his anti-Plateau gang of undertakers and gold-diggers were lying and treating the president to a false and chimerical gallery, oiling Buhari’s failure and romancing his long departed ego.”

They said the president’s visit has exposed the glaring leadership gap and weakness on the Plateau as piloted by the All Progressives Congress (APC) government; the government deliberately put in place a charade just targeted at 2019 interest to the detriment of the survival of the people.

“The ensuing battle between Lalong and the Minister of Sport, Solomon Dalung, has also clearly revealed this cardinal interest to make a public ridicule of Plateau State, unlike our Benue State counterparts that has displayed strong cohesion with their people regardless of partisan differences. Plateau State is therefore an easy prey for the age-long enemy of divide and rule.

“Our two APC illustrious sons of Plateau Central could not even remember to remind the president during his visit that up till now, the security agencies made no single arrest of the assailants of Late Lazarus Agai, the Saf ron Kulere, a first class paramount ruler of Bokkos who was murdered by the marauders. If our two APC elders could forget their paramount ruler that was killed in such a manner, we are not surprise that they do not remember the ordinary citizens killed in Bokkos on the day the president visited the state.”

President Buhari in Lagos For Two-Day Working Visit

President Muhammadu Buhari has arrived in Lagos State on a two-day working visit.

The President was received on Thursday morning by the state governor, Akinwunmi Ambode, as well as the Minister of Information and Culture, Lai Mohammed, among other government officials.

On his arrival, he would inaugurate the Ikeja Bus Terminal which is expected to commute more than 100,000 residents across 23 bus routes in the state.

He is also expected to attend the official flag-off ceremony for the construction of the Lekki Deep Sea Port project and inspect the ongoing construction works at the Eko Atlantic City, Victoria Island.

The President is also scheduled to attend a colloquium organised to mark the 66th Birthday of the National Leader of the All Progressives Congress (APC), Bola Tinubu.

In an earlier statement, the state government announced Thursday a work-free day in order to have a hitch free movement and reduce traffic.

PDP Apologises To Nigerians, Begs For Another Chance

The Peoples Democratic Party (PDP) on Monday begged Nigerians to forgive it for the mistakes it made while the party was in power prior to the 2015 general elections.

Giving a keynote speech on Monday, at an event in Abuja with the theme: Nation-building: Resetting The Agenda, National Chairman of the party, Uche Secondus, admitted that although the party did its best while in government, it was not void of mistakes.

He added that the ability to admit one’s mistakes is key to moving forward as he appealed to Nigerians to put all the party’s wrongs behind and support it in the coming elections.

“I hereby admit that the People’s Democratic Party made many mistakes and it is human, we are not spirits,” he said.

“The ability to admit is a key for moving forward, it is a key for learning. We admit that we have made several mistakes. We also admit that by the grace of God, we have passed through all our challenges, with experience that no other party can boast of.

“Consequently, we were roundly sanctioned by Nigerians, occasioning our loss at the polls in 2015.

“Let me seize this opportunity to apologise for our past mistakes, we have learnt from our mistakes unlike the APC.

“There are certain circumstances that make nation-building top priority

“Our economy has been under immense pressure especially in the last 34 months of governance by the ruling All Progressives Congress (APC).

“Not even during the civil war has this country been so divided along ethnic and religious fault lines.

“When a country is in such precarious situations, nation-building becomes absolutely inevitable.

“Realizing the importance of free, credible elections in the life of any democracy, the PDP embarked on massive electoral reforms that ensured the conduct of free, fair credible elections and saw a ruling party lose in an election successfully transcended power top the opposition, it is the first time it is happening in our country and even an example for the entire continent.

“Even though sad about our loss, we as a party are immensely proud of what we consider our most significant achievement of willingly transferring power to opposition when the time came, thus giving a lie to all predictions that Nigeria will break up in 2015.

“Let me alert the current ruling party that no less is expected of them and we hope that they will heed to that advise.

“Only a party like ours, truly founded on strong democratic principles and ideals, ultimately drawing its inspiration from the people hence its motto, ‘PowerTo The People’, could have submitted to the superior will of the people and we did just that in 2015.

“We must humble ourselves before God who created us and tell the truth. We can’t continue as a nation of lies – what are we going to give to our children?

“On behalf of my colleagues and members of this party, we apologize to Nigerians that we have made our mistakes and we are ready to correct them and to build on a new note, on a new agenda because experience is the best teacher and no other Party has it.”

2019: Atiku Launches 60 Seconds Worldwide Media Campaign

Inabali Media has launched an independent but specialized global campaign on behalf of former vice President, Atiku Abubakar, ahead of the 2019 presidential elections.

Speaking to a team of select media organizations at the launch, CEO of Inabali, Phrank Shaibu, declared that the time had come for Nigerians to know the ‘real’ Atiku.

He said these include the leadership embodied by the former Vice-President and qualities that saw him grow into a remarkable entrepreneur, father, husband, Africa’s most powerful Vice-President, and an astute politician.

“The Wazirin Adamawa has not just spent time seeking the highest office in the land,” he said.

“The difference between him and others in the pack, including but not limited to the incumbent is that Atiku has spent all of this time updating his knowledge base and upgrading his skill set.

“He understands the economic trends, he knows about security issues, he has been a part of the solution process in the educational sector, he speaks the language of the streets, and he understands the pains of unemployment as well as the gains of agriculture as a serious earner of direct foreign exchange.

“Why do you think he is one of the biggest employers of labour in Africa?”

Shaibu also described Atiku as a hero in Nigeria given the role he played in maintaining Nigeria’s democratic status quo.

“Atiku almost singlehandedly fought against a certain third term agenda in this country,” he declared.

“We MUST realize that the presidency of a great nation like Nigeria is too valuable and serious a position to be left to trial and error. We cannot afford to celebrate mediocrity in the name of politics.

“We need leaders who are very prepared for the job. Atiku is one of the very few with requisite knowledge and skill to lead Nigeria.”

The event featured the unveiling of a serialized advert for Atiku Care Foundation tagged “THE ICON -IN 60 SECONDS”, which takes viewers through the journey of a poor orphan to a helper of multitudes, from little beginnings to successful existence, and how the power of giving, rather than stealing, has uplifted hundreds of thousands of citizens.

Morocco Top Ranked Investment Destination in Africa For 2017

Quantum Global Research Lab releases new 2018 Africa Investment Index Top five investment destinations attracted a combined net FDI of $12.8 bn in 2016   Morocco is the most attractive economy for investments flowing into the African continent, according to the latest Africa Investment Index 2018 (AII) by Quantum Global’s  independent research arm, Quantum Global Research Lab. According to the AII, Morocco ranks first on the Index based on its increasing solid economic growth, strategic geographic positioning, increased foreign direct investment, external debt levels, social capital factors and overall favourable business environment. Prof. Mthuli Ncube, Managing Director, Quantum Global Research Lab commented: “In spite of the improvements to oil production and prices, African economies are turning their attention towards diversification to stimulate industrial development, and to attract investments in non-oil strategic sectors. Morocco has been consistent in attracting an inward flow of foreign capital, specifically in banking, tourism and energy sectors and through the development of industry.” Top 10 and Bottom 10 countries Rank Top 10 (best to worst) Bottom 10 (worst to best) 1 Morocco Central African Republic 2 Egypt Liberia 3 Algeria Somalia 4 Botswana Eritrea 5 Cote d'Ivoire Equatorial Guinea 6 South Africa Gambia, The 7 Ethiopia Sierra Leone 8 Zambia Guinea 9 Kenya Sao Tome and Principe 10 Senegal Zimbabwe A recent data by the Moroccan Exchange Control, Morocco attracted nearly $2.57 bn of foreign direct investment (FDI) in 2017, up from 12 percent compared to 2016. The country is being recognised as one of the best emerging markets for overseas investment. International investors are looking at wide range of sectors for investments including in areas such as energy, infrastructure, tourism, and ICT among others. According to AII, the top five African investment destinations attracted an overall FDI of $12.8 bn in 2016. Cote d'Ivoire ranks 5th while being the fastest growing economy in Africa and scores relatively well in liquidity and risk factors such as real interest rate, exchange rate risk and current account ratio. The improved risk profile, combined with strong liquidity, business environment, demographics and the social capital record has rendered Algeria a rise to the 3rd position in the second edition. Botswana, previously ranked as Africa’s top investment destination in the first edition, ranks 4th scoring well in risk factors as well as the business environment. Prof. Ncube further commented: “Continued FDI inflows will continue to drive the much-needed capital to develop Africa’s primary sectors to meet the demands of the continent’s rapidly growing middle-class, and into manufacturing sectors to create more jobs, enhance economic growth and support structural transformation.” In terms of improvements in the ranking over the last 3 years, countries such as Swaziland, Angola, Rwanda, Chad, Comoros, Seychelles, South Sudan and Sierra Leone registered strong upward movements as shown in AII three-year rolling rankings.

Middle East Tensions Support Crude Oil Price at $70 Per Barrel

Crude oil prices slipped slightly on Monday but a rebound in stock market and the escalating Saudi Arabia – Iran tensions capped the losses and supported Brent crude futures at over $70 per barrel.

Concerns of a looming trade dispute between the United States and China had also weighed on global markets.

Global stocks came off six-week low on optimism that the United States and China are set to begin trade talks, easing fears about a trade war between the world’s two largest economies.

Brent crude futures traded at $70.23 per barrel, while the West Texas Intermediate (WTI) crude futures traded at $65.63.

United States President Donald Trump last week signed a memorandum that could impose tariffs on up to $60 billion of imports from China.

The market also found support from rising Middle East tensions.

Reuters reported that Saudi air defences shot down seven ballistic missiles fired by Yemen’s Iran-aligned Houthi militia on Sunday, some of which targeted Saudi capital Riyadh.

Beyond trade concerns, crude was pressured by a rise in the number of active US oil rigs to a three-year high of 804, implying further rises in production.

US oil output has already jumped by a quarter since mid-2016 to 10.4 million barrels per day (bpd).

The price of Brent hit $71 per barrel in the middle of January, despite surging production by the United States, which is offset by the production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and Russia.

After falling from an all-time high of $147 per barrel in July 2008, Brent crude price had hit a peak of $115 per barrel in June 2014 before the excess inventory in the oil market forced the price down to $27 per barrel in February 2016.

WTI also reached a peak of $105 per barrel in June 2014 before the sharp drop in oil prices.

However, a production-cutting pact between the OPEC, Russia and other producers has given a strong tailwind to oil prices, with both benchmarks hitting levels not seen since December 2014.

OPEC, together with Russia and a group of other producers, last November extended an output-cutting deal to cover all of 2018.

The cartel had at their November 30, 2017 meeting agreed to extend oil output cuts until the end of 2018 as part of the global efforts to eliminate excess oil supply that had dogged oil prices in the markets since 2014.

The current deal, under which OPEC and non-OPEC producers are cutting supply by about 1.8 million barrels per day, expires in March 2018.

The decision to extend the production cuts has seen crude oil prices rising, but a major factor countering efforts by OPEC and Russia is US oil production which has soared and is fast approaching 10 million bpd.

A number of analysts have warned that the 13 per cent rally since the start of 2018 could peter out in the short term due to global refinery maintenance, which could limit crude demand and rising North American production.
With oil prices above $60, Russia had earlier before the extension of the output cuts, expressed concern that an extension for the whole of 2018 could prompt a spike in crude production in the United States, which is not participating in the deal.

Russia needs much lower oil prices to balance its budget than OPEC’s leader Saudi Arabia, which is preparing a stock market listing for national energy giant Aramco this year and would hence benefit from pricier crude.
However, some in the producers’ group fear current price gains could prompt shale companies to flood the market.

Ohanaeze Youths Align With Danjuma, Vow to Protect Igbo Communities

In a direct response to the recent call by the former Defence Minister, General Theophilus Danjuma (rtd), for Nigerians to defend themselves against killer herdsmen, the Ohanaeze Ndigbo Youth Council (OYC)
on Monday asked youths in the Southeast to form security rings to guide and protect their communities and farmlands. 



The group's President, Mazi Okechukwu Isiguzoro, in a statement in Enugu, said Danjuma’s stance had further affirmed an earlier call by the Ohanaeze youths to respond to any further unprovoked attack by killer
herdsmen.




Danjuma had recently asked Nigerians to use whatever means at their disposal to defend themselves against killers, accusing the military of alleged collusion. 

According to him, “We hereby tell Igbo youths to form security rings to guide and protect their communities and farmlands, and deal decisively with anybody destroying their farmlands in form of cow grazing
and or bearing arms but not known as a licenced security person.  




“We warn that nobody has a monopoly of violence,
and Igbo nation will surely defend itself. Enough is enough! Any armed herdsman
sighted anywhere in the Southeast will have himself to blame. Arise and defend
Igbo land through well recognised vigilante groups.




  “This has been our earlier stand; we have been calling for self-defense; so, today, we are re-echoing that stand.  Danjuma has justified the position of Ohanaeze youths worldwide, we will resist any attempt
to forcefully Islamize our people; we are ready to resist them the herdsmen
militia.”  





The group recalled that it had shortly after herdsmen attacked Ebonyi State communities, vowed to return fire for fire should such killings re-occur againg in any part of Igbo land.  The Ohaneze youth group said it had severally accused the federal government of double standard in the handling of the
“Fulani herdsmen terrorism and Igbo’s non-violent youths agitating for the
restoration of the sovereign state of Biafra.

 “Like Danjuma clearly pointed out, there seems to be a serious collaboration between the

security agencies and these herdsmen. It appears there are two laws in this country- one for the Igbos and another for the Hausa-Fulani.  




“How else would one justify the recent statements in
the media that the government was considering amnesty for the Boko Haram
terrorists? It is shocking; it is unthinkable. This is the same government that
hurriedly branded the IPOB as a terrorist organisation, but same government is
now courting internationally acclaimed terrorists.  “So, nobody should expect that Ndigbo would
fold their arms and these killer herdsmen would come here and achieve their
evil agenda. We shall resist it with the last drop of our blood,” the group
warned.