LOOTED FUNDS !! Nigeria’s public debt hits $81.27 billion

Nigeria’s total public debt that aggregates both external and domestic debt has ballooned to N24.947 trillion ($ 81.274 billion), according to a statement by
 the Debt Management Office (DMO) on Wednesday.

The new figure for March 2019 represents a 2.3 per cent increase from the December 2018 figure of N24.387 trillion or $79.437 billion.

But do not panic that your country is being saddled with debt. The DMO said the Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government.

The Debt Management Office in its practice of publishing the Public Debt Data comprising the Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 States of the Federation and the Federal Capital Territory (FCT), has released the Total Public Debt Data as at March 31, 2019. At ₦24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30% when compared to the figure of ₦24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.

The increase of ₦560.009 Billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by ₦458.363 Billion. Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by ₦101.646 Billion during the same period.

In relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49% to 31.51% at the end of March 2019. The Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government.”

- PM NEWS

Nigeria’s poultry industry now worth N1.6trn

The Central Bank of Nigeria (CBN) says the poultry sub-sector is the most commercialised of all Nigeria’s agricultural sub-sectors with a current net worth of N1.6 trillion.

Godwin Emefiele, governor of the apex bank, made this known at a meeting with vice-chancellors of universities on the University-Based Poultry Revival Programme in Abuja on Monday.

Emefiele, represented by Okwu Nnanna, the CBN deputy governor on economic policy, said the sub-sector contributes about 25% of agricultural GDP to the Nigerian economy.

He explained that the population of chickens was about 165 million, which produce approximately 650,000 metric tonnes and 300,00MT of eggs and meat altogether.

According to him, the demand situation is estimated at over 200 million birds, while the demand for eggs and meat are about 790,000MT and 1,500,000MT, leaving a huge demand gap which, unfortunately, is met through smuggling.

He said it was estimated that over 1.2 million MT of poultry meat is smuggled into Nigeria from Benin Republic.

“I am aware that the Nigerian poultry sector faces high production costs, safety concerns due to lack of sanitary controls and technical constraints in processing and marketing,” he said.

“Production costs are generally high due to lack of an integrated and automated industrial poultry sector. Poultry producers lack reliable access to inputs including chicks and feed as well as high costs of veterinary services.

“More importantly, is the problem of lack of access to low cost, long-tenured finance, which though is not peculiar to the industry but even others, and will be resolved.

“In spite of these constraints, there remains a huge potential for the industry in Nigeria. The demand for poultry products is expanding as a result of population growth.”

According to him, the Nigeria population is projected at 400 million by 2050 and 280 million are projected to live in the cities, significantly increasing the demand for poultry products.

“Also, per capita consumption of chicken is still very low at 2.5kg in Nigeria, when compared to Brazil and South Africa at 30kg and 40kg,” he said.

“The per capita consumption of eggs in Nigeria is 60 eggs per annum compared to 250 to 300 eggs per annum in most advanced countries.”

Emefiele added that the school feeding programme of the present administration also remained a huge potential yet to be fully tapped saying that the poultry represented an important source of high-quality animal protein.

“In order to address this gap and unlock the potential of Nigerian poultry producers, the CBN has initiated a programme to boost poultry production in Nigeria and various institutions have been selected as part of the pilot team to run a University-based Poultry Revival Programme.

“The initiative will produce chicken meat and egg to reduce importation and close the existing demand and supply gap as well as to raise a new crop of agropreneurs in modern poultry production.

“This project will also provide the infrastructure that will support the sustainable production of poultry; reduce pressure for foreign exchange demand through import substitution by local poultry production.”

- THECABLE

Court orders forfeiture of Diezani’s land in PH

A federal high court in Lagos has ordered the forfeiture a plot of land in Port Harcourt, Rivers state, belonging to Diezani Madueke, a former minister of petroleum resources.

Chuka Obiozor, the presiding judge, made the forfeiture order following an application by the Economic and Financial Crimes Commission (EFCC).

The anti-graft agency told the judge that the land, “measuring 7,903.71 – 8,029.585 square metres” and designated as Plot 9, Azikiwe Road, Old GRA (UAC Property on Forces Avenue), Port Harcourt, was reasonably suspected to part of proceeds of unlawful activities.

The commission prayed the court for an order to allow it to appoint a competent person or firm to manage the asset/property.

It urged the court to prohibit any disposal, conveyance, mortgage, lease, sale or alienation or otherwise of the asset/property.

Ebuka Okongwu, counsel for the EFCC, argued that the judge had the power, pursuant to section 17 of the advance fee fraud and other related offences Act 2006, to make the forfeiture order.

After listening to the lawyer, Obiozor granted the forfeiture order as prayed by the lawyer.

Last week, the court had ordered the forfeiture of jewellery and a customised gold iPhone belonging to Diezani.

The items were valued at $40 million.

- THECABLE

65-year-old man remanded for allegedly raping 14-year-old girl in Lagos

An Ikeja Chief Magistrates’ Court in Lagos State on Wednesday remanded a 65-year-old security guard, Alilu Abubakar, in Kirikiri prison for allegedly raping a 14-year-old girl.

Chief Magistrate B.O. Osunsanmi, who did not take the plea of the defendant, ordered the police to return the case file to the Lagos State Director of Public Prosecutions (DPP) for advice.

Osunsanmi adjourned the case until Aug. 26 pending the DPP’s advice.

The police filed a rape charge against Abubakar, who resides in Red Gate House, Opposite LASU, Ojo in Lagos.

The Police Prosecutor, ASP Ezekiel Ayorinde, had told the court that Abubakar committed the offence at his residence on June 27.

He alleged that the defendant raped the minor in an uncompleted building, NAN reports.

The offence, he said, contravened the provisions of Sections 261 of the Criminal Law of Lagos State, 2015.

- PM NEWS

Rashford reveals why he snubbed Barcelona, signed new Man Utd deal

Manchester United striker, Marcus Rashford has said it was not a hard decision to snub advances from top European clubs and sign a new deal with the club.

The 21-year-old committed to fresh terms at Old Trafford on July 1, becoming one of the club’s top earners on £200,000 per week.

Before then, Rashford was linked with teams like Barcelona, Real Madrid and Paris Saint-Germain.

“For me, it has always been a goal to get us back to where we should be.

“It wasn’t a hard decision. We are all looking forward to it,” he told a press conference in Perth on Wednesday.

The England international will remain at Manchester for the next four years, with the option to extend his stay by an extra year.

Rashford has made over 160 appearances for United across all competitions, scoring 45 goals.

- DAILY POST

EFCC nabs Ibadan fake herbalist, recovers exotic cars, buildings

An Ibadan based fake native doctor, Fatai Olalere Aliu, has been apprehended by the officials of the Economic and Financial Crimes Commission (EFCC) Ibadan zonal office, on Tuesday.

The commission, says the suspect was alleged to be notorious for duping people under the guise of possessing spiritual power to solve their problems.

Aliu was arrested by the operatives of the commission during a raid on his abode at Kisumu Estate at Odo-Ona Elewe of Ibadan, the Oyo State capital.

Before his arrest, the commission said it had worked on several intelligence reports linking him to series of fraud allegation involving large sums of money.

EFCC said that the suspect was also accused of engaging in money doubling through which he would collect money from his victims with the promise of using his spiritual powers to multiply the sums for them, but would instead divert same to his personal use.

The raid led EFCC operatives to his shrines located in a thick forest around the Ibadan-Ijebu-Ode Expressway and Kobomoje areas of the town where frightening voodoo items were sighted.

One of his properties recovered as an exhibit.

He also has in his possession three luxurious buildings within Ibadan and land documents which were also recovered as exhibits.

-PM NEWS

Read what each Nigerian state is owing, the biggest and least debtors

Lagos State, Nigeria’s richest state remains also its biggest debtor, accumulating as at March this year N542 billion in domestic debt.

Figures published by the Debt Management Office on Wednesday showed Rivers and Delta state, both oil rich states, in a photo finish for the second position.

Rivers has Nigeria’s second biggest domestic debt figure with N225.6 billion. It is followed by Delta with N223.4 billion.

Akwa Ibom, also an oil state, has the fourth biggest debt profile at N199.7 billion. It is followed by Cross River with N167.2 billion.

Federal Capital Territory, which depends on funds from the Federal Government is sixth with N163.5 billion. Osun has a debt burden of N147 billion, Bayelsa N133.3 billion, Kano N121.3 billion and Ekiti N118 billion.

The least indebted state in Nigeria is Yobe with N26.9 billion.

Debts by states of Nigeria

- PM NEWS

Obasanjo found dead in his car boot

A bad smell coming from a car near a school in north Nicosia, Cyprus led to the discovery of a body in the trunk, later identified as that of a 33-year-old Nigerian Obasanjo Adeola Owoyale.

He was described as a PhD holder in architecture. He graduated from Cyprus International University.

He had first Studied Architecture at Federal University of Technology Yola and also attended Covenant Christian Academy.

He was declared missing on July 1 according to local reports and found dead on 8 July.

The car belonging to Obasanjo Adeola Owoyale: his body was found in the booth wrapped in a blanket

His body was discovered wrapped in a blanket, reported KNews.

It was not clear whether the Nigerian had a familial connection with Nigeria’s former leader, Olusegun Obasanjo. On his Facebook profile, he wrote that he was from Ilorin, Kwara state.

According to Turkish Cypriot media, concerned citizens noticed a foul smell in broad daylight coming from a parked vehicle near a school in north Nicosia on Monday. Police were notified and immediately sealed off the area before inspecting the vehicle.

Obasanjo Adeola Owoyale, left, with another classmate in Nicosia during his graduation

Based on preliminary findings, Obasanjo was believed to have been killed elsewhere, then wrapped in a blanket and placed in the trunk of the vehicle. Someone then drove the car and disposed of the body by abandoning the vehicle with the dead body inside.

Reports said police were examining security camera footage in the area to see whether a suspect who left the car might have been captured on video. 

Additional reports said the car was registered to the victim, while the Turkish Cypriot licence plate was seen clearly in video footage recorded by media as well as local residents.

On Obasanjo Owoyale’s Facebook wall, some of his friends and mates in both Cyprus and Yola expressed sadness that he was killed so young. One person even disclosed that his ‘professor dad’, died a few months ago.

“Arc Obasanjo Adeola Owoyale was declared missing on the 1st of July, 2019 and later found dead on 8th of July. Since we left the university, I have not had any contact with him until 2017 when he requested my number through Facebook messenger. It was sad to know that he was assassinated in Cyprus. May his soul rest in peace”, wrote Jerry D. Ishaya, one of Obasanjo’s mates, who lives in Kaduna.

“May his gentle soul rest in peace”, wrote another person identified as Samuel Bala Jatau.

Obasanjo Owoyale’s death was not the first in the area, as KNEWS reported. 

In May, in Nicosia south, a Cameroonian bled to death following a violent altercation, with Greek Cypriot police attributing his death to a possible turf war.

The 28-year-old male Cameroonian, had been chased and attacked with a glass bottle, while a Nigerian suspect had been captured on security camera footage and later prosecuted.

It was not immediately clear whether there was any connection between the two murders.

- PM NEWS