: : ECONOMIC CONFIDENTIAL| | Factual, Authoritative & Accessible

There are now 20 states controlled by different political parties (PDP, AC, ANPP and PPA)with a fresh total demand for a refund of N2.2trillion on the illegal deductions by the Federal Government on the management of revenues that accrued to, or which ought to have accrued to the Federation Account over the period 2004 to 2007. They are ... Read

BPE Never Privatize Ajaokuta Steel Company - DG

…To Ensure job security and retraining of workers in Privatization Process

The Bureau of Public Enterprises (BPE) has exonerated itself from the privatization of controversial Ajaokuta Steel Company in Kogi State saying that the process was executed by a Federal Ministry just as it now focuses on employment generation and retraining in subsequent privatization exercise.The Director General of Bureau of Public Enterprises Dr. Christopher Uloneme Anyanwu told Economic Confidential, an online economic intelligent journal that BPE did not privatize Ajaokuta, it was done by a Ministry...Read

NEMA Advocates Insurance Cover against Disasters

The National Emergency Management Agency (NEMA) has advocated the importance of Insurance Cover for traders and small business for quick recovery after natural and man-indicused disasters, especially against market fire, floods and building collapse... Read

12 Ambassadors: Unity Bank doles out 12 Picantos

Fast-growing banking group, Unity Bank Plc, is set to host the eagerly-awaited award ceremony for winners of The 12 Ambassadors TV reality show aimed at discovering new movie stars in Nigeria... Read

FIRS Generates Taxpayers Numbers for Bank Customers

The Federal Inland Revenue Service is on the verge of completion of generating Taxpayer Identification Numbers, TIN for all corporate bank account customers. This is contained in the Monthly Report of the FIRS for the month of May 2009, released recently... Read

States Endorse Probe of NNPC’s N1.15 trillion Subsidy Claims

…Insists CBN to Refund 1% Charges on Paris Club Debt Exit

The Federation Account Allocation Committee (FAAC) which has representatives from each state of the federation and Federal Capital City, has endorsed an independent audit of subsidy claims by the Nigerian National Petroleum Corporation (NNPC) estimating at N1.155 trillion by the Federal Government.

NITEL Panel Takes Over from Transcorp Finally

The newly constituted but yet to be inaugurated technical board on Nitel and its mobile arm would meet at the Bureau of Public Enterprises BPE to take over and chart a course for its management of the ailing enterprises after the government revoked revoked the sale to Transnational Corporation of Nigeria (Transcorp).

FG Approves Another N348 Billion for Power Supply

The Federal Government has taken additional measures towards improving the power supply situation in the country. The Federal Executive Council [FEC] has approved and ratified nine contracts totaling N348 billion at an Extra-ordinary FEC on Power convened by President Umaru Musa Yar'Adua.

Nigeria and Britain Sign MOU on Climate Change

… As it Commences Green campaign

The Minister of Environment, Mr. John Odey has stated that an effective global response to climate change remains an important international objective for Nigeria.

FACTS AND FIGURES

The Sharing of N230bn in May: Akwa Ibom Still Richer, Cross River poorer

For the second time this year, the Economic Confidential reveals that Akwa Ibom is still the highest recipient from the Federation Account Allocation in May 2009 receiving a total sum of N8.3bn followed by Rivers State which received N8.05bn, Delta N7.4bn, Lagos N6.7bn and Kano N5.18bn. The lowest recipients include the oil-producing Cross River state which received N2.088bn only higher in allocation than Gombe N2.12bn, Nasarawa N2.081bn, Ebonyi N2.04bn and Ekiti N2.20bn... Read and see Table

Tunde Lemo to Act As Governor of CBN

Auditor General: Gabriel Ogunsina Takes Over

Dousing Allegations Against NDIC Boss

FMBN Raises N17bn for Recapitalisation

… Targets Informal Sector for Mortgage Facilities

INTERVIEWS

How NDIC Protect Depositors’ Funds … Fortune and Savannah Banks - MD NDIC

Recently the Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Mr. Ganiyu Ogunleye (OFR), invited the Economic Confidential to media activities as part of the events organized to celebrate the corporation's 20th Anniversary. From the interactions that ensured with the MD, the Economic Confidential provides his responses to various burning issues in respect of the corporation...Read

How E-payment can move Nigeria in the Global Development Index!

–John T. Obaro of SystemSpecs

Mr. John Tanimola Obaro is the Managing Director of SystemSpecs – Nigeria’s leading HR, Payroll, Accounting and e-payment solutions provider. He has at various times worked with the Leventis Group, United Bank for Africa and IMB (an affiliate of the Bank of Chicago) among other institutions. In this interview with the Economic Confidential, Obaro introduces readers to the challenges of IT in Nigeria, especially with references to the deployment of E-payment in government... Read

PROFILE

Gabriel Ogunsina: God-fearing Auditor

The staffs and those close to him say he is godfathering, humble and very hardworking officer who can hardly hurt a fly. This modest gentleman believes in the maxim that says “God’s time is the best.” Gabriel Folurunso Ogunsina as a most senior Director, he was named recently as the Auditor General of the Federation...Read

EDITORIAL SUITE

A Thieving Public Service

STATES

Harvard University Partners Nigerian Governors

Kano Awards N860mn for 14 Kilometre Road

Four governors Tour US to Study Governors’ Association

TAX MATTERS

Historical Milestone as Online Tax Payment Begins

FIRS Seals Two Oil Companies Over $610m Tax Arrears

Firms Owed Govt N260b in Taxes

NATIONAL

Outgoing Auditor-General Lobbies for Extension