World Bank Approves U.S. $495.3 Million to Boost Agriculture in Northern Nigeria

The World Bank on Friday June 20, 2014 said it had approved 495.3 million dollars (about

N80.7 billion) to boost agriculture in Northern Nigeria. This is contained in a statement issued by Mr Bamidele Oladokun, Communications Associate to the World Bank, in Abuja.

The statement said that the bank’s executive directors approved the money to improve farmers’ access to irrigation and drainage services.

It stated that the money was also to strengthen institutional arrangements for integrated water resources management. “The board also intends to enhance delivery of agricultural services in selected large-scale public schemes in the Northern Nigeria.

“This will be done through a project, ”Transforming Irrigation Management in Nigeria (TRIMING).The TRIMING aim is to improve access to irrigation and drainage services and to strengthen institutional arrangements for integrated water resources management and agriculture service delivery in selected large scale public schemes in Northern Nigeria.

Project: Transforming Irrigation Management in Nigeria (Source:http://www.worldbank.org)

FGN-Idle Coal Block Licenses to be revoked

The National Council on Privatisation (NCP) has threatened to revoke all idle coal bloc licenses in the country. The threat was issued after a meeting of the NCP presided over by its Chairman, Vice President Namadi Sambo at the Presidential Villa in Abuja.

FG Threatens to revoke ideal coal block Licenses

The Minister of Mines and Steel Development, Mr Musa Sada, told newsmen that the decision was to ensure that all privatised coal blocs were operational.

Musa said there were 15 coal blocs in the country out of which nine were allotted to private investors while six were reserved for the coal-to-power programme.

“The coal blocs are actually those belonging to the Nigeria Coal Corporation. In the last

Shell Pays $70bn to FG in Five Years

The Managing Director of Shell Petroleum Development Company (SPDC) and Country Chairman of Shell companies in Nigeria, Mr. Mutiu Sunmonu, has disclosed that the group contributed $70billion to the Nigerian coffer from 2009 to 2013: See Breakdown below:

Briefing journalists in Lagos on Wednesday June 25, 2014, Sunmonu stated that while SPDC contributed $44billion, the sister company, Shell Nigeria Exploration and Production Company (SNEPCo) paid $26billion.

CBN Sells Treasury Bills Worth N134.57

The Central Bank of Nigeria (CBN) on Thursday June 26, 2014 said that it sold N134.57 billion worth of treasury bills at Primary Market Auction (PMA) windows.

The Central Bank of Nigeria (CBN) posted the information on the sales of the bills on its website : Here

The CBN said that it sold N21.54 billion worth of 91-day bills, N31.84 billion worth of 182-day treasury bills and N81.19 billion of 364-day treasury bills at the PMA.

It said that the three bills had yield rates of 9.95 percent, 10.25 percent and 10.35 percent respectively.

At the PMA, the apex bank also issued N90 billion worth of one-year bills at a yield rate of 13.87 percent.

The CBN also said that it sold 190-day treasury bills worth N97.09 billion at yield rate of 10.20 percent.

The News Agency of Nigeria (NAN) reports that the bank sold N168.3 billion of the three categories of bills on June 18.

The coupon rates on the three categories of bills were 9.9 per cent, 10.38 per cent and 10.4 per cent respectively.

Ajibola Aderonke is an auditor at professional services firm Ernst & Young (EY). She previously worked another Big 4 accounting firm PwC. She can be reached at ajibolaaderonke@gmail.com for ideas and suggestions. The post above and its ensuing comments, if any, is purely the opinion of the writer.

FGN seeks bids for NITEL’s assets

The federal government is seeking buyers for the assets of distressed Nigerian Telecommunications Plc (NITEL), the state-appointed liquidator said on Monday.

The liquidator, appointed by National Council of Privatisation (NPC) , said in an advert it wanted bidders with five years of telecom experience and a net worth of at least $200 million.

It said bids must be submitted by 1600 GMT on June 30, adding that the assets would be handed over to the preferred bidder in December.

The privatisation body has said it opted for a sale method it called “guided liquidation”

Credit Suisse not too big to jail

Credit Suisse Group AG is a Switzerland-based multinational financial services holding company headquartered in Zürich that operates the Credit Suisse Bank and other financial services investments.

Credit Suisse pleaded guilty to federal criminal charges on Monday May 19 2014. The banking giant pleaded guilty to an “extensive and wide-ranging conspiracy” to help US clients evade taxes over the course of several decades and agreed to pay about $2.6bn in fines as it became the first large global bank in two decades to admit to criminal charges.

As part of the pact, the US Department of Justice will receive $1.8bn in fines and restitution. New York State’s Department of Financial Services will receive $715m, with $100m going to the Federal Reserve.

Credit Suisse said it would book an after-tax charge of SFr1.6bn ($1.79bn) in the second quarter and

BACKGROUND OF IFRS

Users of financial statements have always demanded transparency in financial reporting and disclosures. 

However, the willingness and need for better disclosure practices have intensified only in recent times. Globalization has helped Nigerian Companies raise funds from offshore capital markets. This has required Nigerian companies, desirous of raising funds, to follow the Generally Accepted Accounting Principles (GAAP) of the investing country. 

The different disclosure requirements for listing purposes have hindered the free flow of capital. This has also made comparison of financial statements across the globe impossible. An International body called International Organization of Securities Commissions (IOSCO), to harmonize diverse disclosure practices followed in different countries initiated a movement. The capital market regulators have now agreed to accept IFRS