Economy
Emefiele, Ahmed to Explain Withdrawal of $21bn NLNG Funds
By Modupe Gbadeyanka
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed; the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele; and the Accountant General of the Federation (AGF), Mr Ahmed Idris; have some explaining to do.
The House of Representatives wants these senior officials of the President Muhammadu Buhari administration to shed more light on what happened to the $21 billion deducted from the dividends account of the Nigeria Liquefied and Natural Gas Limited (NLNG) from 1999 to 2020.
On Thursday, the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, appeared before the House of Reps Committee on Public Accounts to say what he knows about the funds.
During his presentation, the NNPC chief, represented by the Chief Financial Officer of NNPC, Umar Ajiya, stressed that the money was withdrawn on the authorisation of the Ministry of Finance, the CBN and the NNPC, which sits on the board of the NLNG.
“All withdrawals were based on approved mandates of the relevant authorities. As far as NNPC is concerned, investments in NLNG were done on behalf of the federal government.
“I was the treasurer of NLNG; so, I (Umar Ajiya) was aware of the federal government’s investment in the project. The same matter came up at the FEC and was referred to a committee headed by the Governor of Kaduna State,” the GMD argued.
He emphasised that the money taken from the account was the share of the federal government and not for the other tiers of government as it is being argued.
“But the fact is that the federal government, through the NNPC, is the true owner of the investment. It is accrued to the federal government, not the federation account.
“There is no question of illegal withdrawal. Nobody can withdraw from the account illegally, the CBN Governor can be invited to attest to this,” he informed the lawmakers.
In order to get a clearer understanding of the issue, the committee, chaired by Mr Wole Oke, summoned the Minister, the CBN Governor and the AGF to appear before it.
By Adedapo Adesanya
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By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has disbursed N12.65 billion to the Anchor Borrowers Programme (ABP), its flagship agriculture intervention scheme, in the first two months of 2023.
The Governor of the apex bank, Mr Godwin Emefiele, said this on Tuesday in Abuja when he read the communique issued at the end of the 290th meeting of the apex bank’s Monetary Policy Committee (MPC).
According to Mr Emefiele, the total disbursement under the ABP since its inception by President Muhammadu Buhari’s administration in 2015 is N1.09 trillion.
“Between January and February 2023, the bank disbursed N12.65 billion to three agricultural projects under the ABP,” he said.
“It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland,” Mr Emefiele added.
According to Mr Emefiele, the improved performance of the economy has been driven largely by sustained growth in the services and agricultural sectors.
He also cited a rebound in economic activities associated with economic recovery and continued intervention in growth-enhancing sectors by the CBN as responsible for the growth.
He said that the CBN had also disbursed huge sums as an intervention to various other sectors of the economy.
“The CBN also released the sum of N23.70 billion under the N1.0 trillion Real Sector Facility to eight new real sector projects in agriculture, manufacturing, and services.
“Cumulative disbursements under the Real Sector Facility currently stands at N2.43 trillion disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services, and 13 mining sector projects,” he said.
He said that the apex bank also released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of electricity distribution companies (Discos).
He said that the facility was aimed at improving the liquidity status of the Discos, there aiding their recovery of legacy debt.
“This brings the cumulative disbursement under the facility to N254.39 billion,” he said.
By Adedapo Adesanya
Baron and Cabot, a UK-based international real estate firm, has launched a portal that will use artificial intelligence technology to predict property prices in Africa to allow real estate agents to sell properties and earn in pounds, providing an unprecedented opportunity for growth and financial success.
The novel approach will allow real estate firms to de-risk their investments in international markets and gain access to a wide range of fully compliant properties.
Baron & Cabot has been particularly successful in Africa due to inflation driving clients to move their money into GBP and Dollar to purchase assets. It is one of the top fastest-growing property companies in the world and transacts around £100 million per annum ($120 million) of UK property while having access to some of the best property developments in the UK.
Speaking on this, Mr Mark Pearson, Managing Director of Baron & Cabot, said, “We are thrilled to be launching this innovative concept that will not only provide a platform for real estate agents in Africa to sell UK properties but will also create job opportunities and drive economic growth.
“We believe that by leveraging AI technology to predict property prices, we can provide our partners with a unique advantage and help them to achieve financial success. Our joint venture expansion plans are aimed at creating mutually beneficial partnerships that will bring value to all parties involved.”
In addition to providing agents with access to new revenue streams, Baron and Cabot’s property portal is also expected to create new job opportunities in the African market.
The company also revealed that it would provide its agents with comprehensive 2 to 4-week training and support to help them succeed in their new roles. This training will ensure that agents are equipped with the skills and knowledge they need to navigate the real estate market and take advantage of the opportunities that Baron and Cabot’s concept provides.
As part of its offering, Baron and Cabot will provide clients with mortgages anywhere in the world (excluding war zones), with mortgage rates lower than 6 per cent and deposits below 35 per cent, making it easier for clients to invest in UK properties.
“Our management company boasts an impressive occupancy rate of over 99 per cent, with properties awaiting new tenants for an average of only 10 days. This sets us apart from other cities around the world, where the average occupancy rate is only 70 per cent.
“In addition, our Airbnb or short-term rental products have an average occupancy rate of over 70 per cent, resulting in substantial rental returns and secure investment. Our secret to success lies in our ability to identify high-demand areas with low supply, combined with exceptional management that keeps both our tenants and landlords satisfied,” Mr Pearson added.
