DMO publishes total public debt stock as at September 30, 2017

ITREALMS:

The Total Public Debt Stock, comprising the Federal Government, States and Federal Capital Territory, stood atN20.373 trillion as at September 30, 2017, showing a marginal increase of 3.6 per cent from the N19.637 trillion as at June 30, 2017.  A breakdown of the Debt Stock shows that Domestic Debt accounted for 76.96 per cent, while External Debt accounted for 23.04 per cent.

Specifically, Domestic Debt Stock was N15.679 trillion, which is an increase of 4.1 per cent compared to N15.034 trillion as at June 30, 3017.  On the other hand, External Debt Stock stood at N4.694 trillion, a marginal rise of 1.9 per cent above the N4.602 trillion figure as at June 30, 2017.

These debt data lend credence to the Government’s claims that the Public Debt Stock is skewed in favour of domestic debt which is partly responsible for the high Debt Service figures. It is against this background that analysts have commended the Government on its strategy of introducing lower cost external debt into the debt stock in order to reduce Debt Service Costs. 

For this purpose, the Government is making arrangements to raise external funds of USD5.5 billion. The amount which comprises of USD2.5 billion new borrowing to part finance theN2.322 trillion deficit in the 2017 Appropriation Act and USD3.0 billion to repay maturing Domestic Debt, is expected to achieve a reduction in Interest Costs of about N75 billion and N91 billion respectively, when compared to the Interest Cost of borrowing in Naira in the domestic market. The strategy will also contribute to attaining the target ratio of 60:40 between Domestic and External Debt.

According to the Debt Management Office, other benefits of this strategy include, increased availability of funds to the private sector and lower domestic lending rates both of which will enable the private sector contribute to growth, as well as, higher level of External Reserves to support the Naira Exchange Rate.  

Uboshe Uboshe/GEE

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Nigeria, Senegal, Cape Verde dominate West African hotel industry

ITREALMS:

Nigeria, Senegal and Cape Verde have described as the top three dominating the West African hospitality industry, with over 114 hotels and 20,790 rooms, reports ITRealms.

According to the W Hospitality Group’s 2017 Hotel Chains Pipeline report, the West Africa region is at the heart of the continent’s growth and economic transformation in recent years.

ITRealms reports that notwithstanding the sharp slowdown experienced in 2016 and 2017, the region’s economy is expected to rebound in 2017 onwards.

The commodity-based economies, like Nigeria, ITRealms gathered, are slowly recovering from the fall in oil prices and oil production, while countries like Côte d’Ivoire, Mali, and Senegal have shown economic resilience and sustained growth.

The report also noted that as many of the countries continue to stabilize politically and economically, the region will be better integrated from a local and international context. This increased integration raises the need for quality travel and accommodation infrastructure.

Experts equally see the growth of the hotel sector as an important indicator of how well the market is developing its travel infrastructure, and the indicators for West Africa are mixed.

ITRealms pointed out that the 114 hotels and 20,790 rooms, accounted for 42 per cent of the sub-Saharan African hotel pipeline.

However, of these hotel deals signed and planned, only approximately 9,875 rooms, or 48% have moved to construction. In addition, projects in the region have longer than average development periods at approximately six years, compared to the two- to three-year development program that is usually planned. Some of the reasons for these delays are high capital investment required, lack of access to adequate financing options, limited access to raw materials, high construction and material costs, a heavy reliance on importation, inadequate technical capacity to manage the development program, and other barriers to entry.

Within the West Africa region, Nigeria, the report showed, contributes 49.6 per cent or over 10,000 hotel rooms in 61 hotels.

“Nigeria is also the top market in Africa for planned rooms,” part of the report read.

The other substantial markets in West Africa include Cape Verde with 11 hotels and 3,478 rooms, and Senegal with 14 hotels and 2,164 rooms. These three markets contribute a total of 15,955 hotel rooms, or 77 per cent of the West African hotel pipeline.

Approximately 57 per cent of the pipeline in these countries have moved to site, however some of these projects have been stalled for some time. In a country, like Nigeria, this can be significant. For instance, 40 per cent of Nigeria's pipeline was signed between 2009 and 2014, and as the chart above illustrates, a large portion of these projects is still in the "planning" phase. In Senegal only approximately 44 per cent of the deals signed have moved to site.

The pipeline of hotels to the sub-region, therefore, is encouraging and indicative of strong investor interest, the low completion rate of projects could be troubling for the development of the hotel sector. It is also difficult for the hotel chains whose expansion plans in these markets rely on partnerships with local and foreign investors to develop these hotels. All the major global hotel chains have strong expansion plans to increase their operating presence on the continent, and in West Africa.

Ogochukwu Nebenanya/GEE

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Resolute implementation of bank, import policies yielding results - Emefiele

ITREALMS:

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has declared that with resolute implementation of the Bank’s policy, which currently restricts importers of certain items access to foreign exchange from the Nigerian Forex market, was what led to improvements in the local production of those items, which paved the way for reduction in nation's import bill, report ITRealms.

Speaking at the 2017 Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, weekend, Emefiele declared that local manufacturers have started recording profits and major boosts to their revenue due to the policy.

As said by him, despite opposition to the introduction of the policy restricting 41 items from Nigeria’s foreign exchange market, the unbaised implementation of the policy has resulted into the considerable decline in Nigeria’s import bills. 

From an average of about US$5.5 billion, he revealed that the nation’s monthly import bill had fallen consistently to US$2.1 billion in 2016 and US$1.9 billion by half year 2017.

He so cited the example of Psaltry International Limited (PIL), an agro-allied company based in Oyo State, he said the introduction of the policy had reversed the fortunes of the starch-producing company. 

Noting that prior to the policy; Psaltry had only few customers and a huge backlog of inventory.

CBN boss noted that due to the policy, he disclosed that the company now has over 50 multinational clients including Nestle and Unilever, thereby saving the country $7 million in foreign exchange drawdown over the two years of the policy.

He insisted that the access restriction policy has freed Nigeria from the perennially embarrassing importation of toothpicks.

Also he said Unilever, which moved its production facility to another country a few years ago, had agreed to commission a new Blue Band Factory in Agbara, Ogun State before the end of 2017.

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Vodacom Business Nigeria wins four prestigious industry awards

ITRealms:

The Vodacom Business Nigeria has emerged the Internet of Things Provider of the Year, the Telecom Business of the year and the Enterprise Service Provider of the Year at the 2017 Nigeria TechnologyInnovation and Telecoms Awards (NTIT Awards), reports ITRealms.

The NTIT awards is an industry celebration organized by the Association of Telecommunications Companies of Nigeria (ATCON), aimed at recognizing organizations and individuals at the forefront of technology and innovation in the industry.

The Managing Director of Vodacom Business Nigeria, Mr. Lanre Kolade, was also decorated with the Industry Personality of the year award.

“We are honored to receive these awards. This endorses our commitment to delivering world-class total communications solutions to businesses in Nigeria. Our gratitude goes to our customers whose businesses are driving the Nigerian economy and the men and women at Vodacom who work round the clock to support these businesses” said Mr. Lanre Kolade.

Vodacom Business Nigeria is taking the lead in the market with Internet of Things (IoT), using this technology to empower healthcare delivery, education management and enterprises to be more efficient.  IoT drives digital transformation, helping businesses to remain relevant in today’s digital world. 

“The Internet of Things is playing an increasing role as an enabler of economic development. Governments across Africa continue to adopt this technology to leapfrog developmental stages, improve service delivery, supporting healthy, well-educated and economically active citizens," he said.

ITRealms recalls that these NTIT accolades follow long standing track records that Vodacom Business Nigeria has developed in the market over time, delivering enterprise-grade Connectivity Solutions, Cloud and Hosted Services, Enterprise Voice Solution and Internet of Things to business in Nigeria.

Ogochukwu Nebenanya/GEE 

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GM to unveil 20 all-electric, hydrogen fuel cells vehicles

Autos@ITREALMS:

The General Motors (GM) is to unveil 20 all-electric, hydrogen fuel cells vehicles in the next six years, with two coming before end of 2018, reports ITRealms.

The Chief Executive Officer (CEO) General Motors, Mary Barra, disclosure while reviewing the automaker’s third-quarter earnings, at the weekend.

According to agency reports, Barra was quoted as saying GM would launch a mix of at least 20 new all-electric and hydrogen fuel cell vehicles globally by 2023, including two in the next 18 months.

“We are committed to an all-electric future,” Barra said during the third-quarter conference call, stressing that GM is “confident” it can make the vehicles profitable.

According to the reports, GM shares have surged about 30 per cent this year to record highs since the company began trading shares at $33 a share in November 2010.

Ayo Midele/GEE

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NGE begs Niger Delta Avengers, FG to dialogue

ITREALMS:

The Nigerian Guild of Editors (NGE) has begged the Niger Delta Avengers not to resume attacks on oil facilities in the oil-rich region, reports ITRealms.

The President, Funke Egbemode and General Secretary, Victoria Ibanga in a press statement made available to ITRealms, the Guild expressed worry over the threat by the Niger Delta Avengers to resume attacks on oil facilities in the oil-rich Niger Delta region.

Also, the Guild called on the Avengers to drop the threat and embrace dialogue in resolving their grievances, urging the Federal Government not to resort to the use of force in resolving the matter, stressing that the use of force has never solved any problem.

“As stakeholders in the task of nation-building, the Guild is worried by the recent show of military force in the quest to neutralise the threat of the militants. This move has done little to calm the tension, instead it has aggravated it. We urge caution and restraint,” they said.

Equally, the Guild urged the government to dialogue with all stakeholders, including the aggrieved militants to resolve the problems in the region, insisting that the only path to peace is dialogue.

Further, the Guild noted that renewed hostilities in the Niger Delta will reduce Nigeria’s daily oil output, which will in turn deny the country the benefits of the current marginal increase in the price of crude. Anything that's capable of returning Nigeria to economic recession should be avoided.

“We seize this opportunity to appeal to traditional rulers in the region to use their offices and goodwill to call the Avengers and any other militant group in the region to order. As royal fathers and leaders of thought, we urge them to play a leading role in the resolution of any breakdown in communication between the Federal Government, oil majors and the militants. We cannot afford another bout of force majeure by oil majors on account of insecurity in the region,” the Guild said.

The Guild noted the increasing crime rate in the country, especially kidnappings and communal clashes and calls on security agencies to rise to the occasion, enjoining the Federal Government to deploy the relevant security agencies to check the pervasiveness of these crimes.

“The widening spread and growing frequency of kidnappings and allied criminal acts do not only threaten the nation’s socio-political stability, they also rob Nigeria of income as potential investors are scared of coming into the country while in some instances, existing investors are being forced to leave the country. Either way, the nation loses,” the Guild said.

On the 2018 budget proposal currently before the National Assembly, the Guild is concerned about the size of the recurrent as against the capital expenditures. This trend,  which is inimical to any country's development, has continued for so long.  We urge prudence and innovative budgeting in order to achieve a reversal in the nearest future.

On the state of the media, the Guild is worried that in spite of the country exiting economic recession, the media industry is mired in distress.

“We recommend that stakeholders should come together to seek the way forward,” the Guild declared.

                                         

Ayo Midele/GEE 

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Airtel bags tripple awards @NTITA 2017

ITREALMS:

Leading telecommunications services provider, Airtel Nigeria, on Saturday bagged three accolades at the Nigeria Technology Innovation & Telecom Awards (NTITA) 2017, organised by the Association of Telecommunications Companies of Nigeria (ATCON) in Lagos, reports ITRealms.

The event which was well attended by telecom industry captains, saw Airtel’s Touching Lives project adjudged as the CSR Initiative of the Year. the telco also bagged the Telecom Marketing Campaign of the Year Award while the Managing Director and Chief Executive Officer of the company, Mr. Segun Ogunsanya won the Telecom CEO of the Year Award.

Mr. Olusola Teniola, President of ATCON, in his citation during the presentation of the Telecom CEO of the Year Award to Mr. Ogunsanya, said the company has continued to grow bigger and better under the Airtel boss leadership. He stated that the award is a recognition of his outstanding performance.

Professor Umar Garba Danbatta, Executive Vice Chairman, Nigeria Communication Commission (NCC) in his remark at the event, commended ATCON for its mutual relationship fostered between the Association and NCC since his became the EVC of the regulatory body.

“As we build up our relationship with telecom bodies, NCC will continue to do its best in order to ensure that consumers are protected and empowered. Let me assure that the board of the NCC is full committed to ensuring that we attain the broadband innovation of 40 per cent and be consistent with the Nigerian broadband plan”, he said.

According to the President of ATCON, Mr. Teniola, NTITA is to recognise telecom and ICT companies that have led innovation and creativity. “ATCON thought the only way to further encourage innovation and creativity in the industry is to reward those who are not resting on their forte and to encourage them to do more. Secondly, we believe that as some companies and individuals receive awards today, it is our utmost believe that it will encourage innovation and creativity in others. This will also lead to further investment into the sector.”

Other award recipients include: Prof. Umar Danbatta – Telecom Man of the Year; former EVC of NCC, Dr. Ernest Ndukwu – Life Time Achievement Award; Nigeria Internet Registration Association (NiRA) – Special Recognition Award for Promoting .NG among others.

Chuks Egbune/GEE  

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Pix-1; L-R: Mr. Olusola Teniola, President, Association of Telecommunications Companies of Nigeria (ATCON) presenting the Telecom CEO of the Year Award to Mr. Segun Ogunsanya, CEO/Managing Director, Airtel Nigeria at the Nigeria Tech Innovation & Telecom Awards 2017 (NTITA) in Lagos

Pix 2: L-R: Mr. Segun Ogunsanya, CEO/Managing Director, Airtel Nigeria; Dr. Ernest Ndukwe, former Executive Vice Chairman of Nigeria Communication Commission (NCC) and Professor Umar Garba Danbatta, EVC, NCC and Mr. Olusola Teniola, President, Association of Telecommunications Companies of Nigeria (ATCON) at the Nigeria Tech Innovation & Telecom Awards 2017 (NTITA) in Lagos

NDDC Board tenure elongation: Group alleges Abba Kyari, Malami collected $500m

ITREALMS:

A coalition of pressure groups under the aegis of Eastern Niger Delta Coalition (ENDC), has alleged that the controversial board tenure elongation at the Niger Delta Development Commission (NDDC) was facilitated by the Presidency after the sum of $500 million was paid, reports ITRealms.

The group said the key actors in the elongation saga who received the largesse on behalf of the cabals at the Presidency included the Chief of Staff to the President, Abba Kyari and the Attorney-General of the Federation and Minister of Justice, Mallam Abaubakar Malami (SAN).

The coalition in a petition to President Muhammadu Buhari dated November 9 2017, entitled: "Protest against the purported extension of the tenure of the present Chairman and Managing Director of NDDC) Board", said the so-called extension was not only morally wrong, but also does not stand on any legal high ground.

The group therefore gave the present leadership of the NDDC board December 5 deadline within which it should be terminated, saying "a stitch in time saves nine."

The petition which was signed by Alali Bokutengo; Miebaka Harrison Nsan Ebirien and Cordelia Etuk-Udo, was obtained by ITRealms in Abuja, reads: "Sir, may we use this medium to register our protest against the purported elongation of the tenure of Senator Victor Ndoma-Egbe (Chairman) and Obong Nsima Ekere (Managing Director) of the NDDC. To say the least, this attempt is criminal, offensive, satanic and an anathema to the peace and development in the Niger Delta region as well as the harmonious co-existence of all the ethnic nationalities spread across in the 9 (nine) oil producing states.

"The so-called extension is not only morally wrong, it does not also stand on any legal high ground. It is insinuated that the said elongation coup was originated through a legal memo by the AGF, Abubakar Malami (SAN). This whole exercise is offensive and contrary to the extant/explicit provisions of the relevant sections of the NDDC Act.

"Our finding reveal that the Chief of Staff, Abba Kyari and AGF, Abubakar Malami, have collected $500 million as bribe from the current board of the NDDC to elongate their tenure. We are therefore calling on President Muhammdu Buhari to intervene and do the right thing because millions of dollars have been exchanged between the Chief of Staff and some other persons in the Presidency to ensure that this current board's tenure is extended thereby truncating the rotational arrangement according to Section 4 of the NDDC Act, which provided for the rotation of chairmanship of the board as between “member states”.

The coalition said it had seen a hurriedly released letter signed by the Permanent Secretary, in the Office of the Secretary to the Government of the Federation, Dayo Apata denying any tenure elongation for the present governing board, saying the denial was wrong.

The ENDC said, "Sir, please this fraud should not be allowed to stay a day longer because of the consequences it would bequeath on the region.

The peaceful co-existence among tribes and ethnic nationalities would be shaken to its foundation and rather replaced by mistrust and mutual suspicion- an invitation to breakdown of law and order.

"At this point may we humbly ask: Is this elongation plan a kudos to Senator Victor Ndoma Egba and Nsima Ekere for their effective implementation of the Niger Delta Regional Development Master plan? Is it on grounds of high prudent financial management? Is it on their competence or what?

"We actually thought Nsima Ekere should be explaining to the anti-corruption agencies how he renovated just the MD’s office at a whooping N400 million. Or how the present board spent over N65 million on emergency repairs without adherence to the Procurement Act.

"This present board of the NDDC is the most inept, corrupt, divisive, slow and uninspiring. No wonder the board is popularly referred to as “10% board”.

We posit therefore that the present leadership of the NDDC be terminated not later than the 15th day of December, 2017. A stitch in time saves nine."

Uboshe Uboshe/GEE

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Black Friday: Yudala attracts massive turn-out, sells out @Festac, Trade Fair

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Saturday November 11th witnessed a massive turn-out in Sara Stadium, Festac and Trade Fair Complex at Ojo Alaba as Yudala made it a weekend to remember for scores of enthusiastic shoppers who took advantage of the amazing deals in its Mega Black Friday promotion tagged 11/11-12/12.

Determined to ensure that the unreached and under-served members of the public get a chance to enjoy the 11/11-12/12 Mega Black Friday deals, Yudala had stormed both locations by 9am with truck-loads of genuine products from various categories including Home Appliances, Computing, Electronics, Mobile phones, Lifestyle/Consumer Goods, Power Solutions, Food, Wines/Spirits, among others.

It turned out to be an opportunity of a lifetime for thousands of residents in Festac, Satellite Town, Amuwo-Odofin, Agboju, Alakija, Ojo Alaba and environs to shop genuine products at best prices unmatched in the marketplace.

For Mrs. Toyin Moroundiya, a lecturer at the Lagos State University, it was a dream come true.

“In fact, I didn’t believe it at first when I heard about it. I just rushed over and actually it is real. The TV set I had in mind to buy was available here and it’s actually half the price. This is awesome. I think everybody should take advantage of it. Yudala is real,” she gushed.

Another shopper, Arinze Obi, could not hide his excitement after grabbing a number of bargain deals on various items.

“Honestly speaking, I am so excited. At first, I was planning to go to the market to get some items at home and my budget was about N300,000. At the end of the day, I spent just over N150,000 here and I was able to get virtually all I wanted to go out and buy in the market. Left to me, if I am the President of Nigeria, I will find a way to encourage Yudala because they are the only company giving the community what they want at very affordable prices and most importantly, what they sell is very good products, original products.”

He urged other shoppers to follow his footsteps in shopping wisely this season.

“My fellow Nigerians, what I will say to you is: get yourself prepared. Go to Yudala and get whatever you need for yourself at very affordable prices,” he concluded.

Also speaking after experiencing the Yudala 11/11-12/12 Offline Mega Black Friday train, Mrs. Philomena Mbah was effusive in her praises and prayers for Yudala.

“I was directed here by a friend. I was just prepared to get a phone but I just decided to try and see what Yudala is doing, so I drove down here. I was really surprised that Yudala could slash their prices. In fact, Yudala is the best. I had only wanted to shop for an iPhone but ended up buying so many lovely items from them and I am highly impressed. I’m so happy. I just wish they can keep on coming here and making people smile and happy. God will bless the company.”

Next Saturday November 18th 2017, it will be the turn of Agege and Ita Ilewa, Ikorodu to enjoy the Yudala 11/11-12/12 deals galore, with plans already finalized to storm both locations with a mobile store, two 40-feet trucks and buses loaded with eye-catching products and accompanied by dancers, music and digital entertainment.

The Yudala 11/11-12/12 Mega Black Friday which kicked off on Saturday November 11th will run until Tuesday December 12th 2017 online @ www.yudala.com and in every Yudala store nationwide.

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Revolution is coming says Iyke Nnamani

ITREALMS:

The Managing Director and Chief Executive Officer of Medallion Communications Limited, Mr. Iyke Nnamani, has predicted a silent revolution on-going in the Nigeria’s Information and Communications Technology (ICT) sector, reports ITRealms.

Speaking as a panelist at the 2017 Telecoms Executive and Regulator Forum (TERF) at Oriental Hotel in Lagos, weekend, Mr. Nnamani, said that major improvement would be made in the sector by next year.

“I see major improvement coming out next year,” he declared.

Nnamani also pointed to the fact that the anticipated revolution will come in form of growing investment from the private sector.

These investments, he said, will be looking beyond the commercial nerve centre of the country, Lagos.

ITRealms gathered that the predicted revolution will evolve lthe Internet of Things (IoT) among others.

The panel included the outgoing Vice President of 9mobile, Mr. Ibrahim Dikko, the Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Garba Danbatta, who was represented by the deputy director, Technical Standards and Network Integrity at NCC, Engr. Bako Wakil; Director, External Affairs at ntel, Mr. Osondu Nwokolo, and was chaired by the President of the Association of Telecoms Companies of Nigeria (ATCON), Mr. Olusola Teniola.

The 2017 edition of the Telecoms Executives and Regulator Forum 2017 is the 5^th in the series.

Ogochukwu Nebenanya/GEE

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