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Against Emefiele’s claims, facts reveal NNPC remitted $2.7bn to its CBN accounts in six months




Against Emefiele’s claims, facts reveal NNPC remitted $2.7bn to its CBN accounts in six months

Against Emefiele’s claims, facts reveal NNPC remitted $2.7bn to its CBN accounts in six months



Despite claims by the Central Bank of Nigeria Governor, Mr Godwin Emefiele, that the crisis being experienced by the Naira was due to non-remittances by the Nigerian National Petroleum Company Ltd, fresh facts revealed that the national oil company actually remitted a whopping sum of $2.7bn into its account with the apex bank during the first six months of this year.

The inflow into the NNPC’s account with the CBN, according to records seen by this website, was made between January and June this year.






The CBN has in a report titled: “The forex question in Nigeria: Fact sheet”, accused the NNPC Ltd of being behind the Naira crisis in Nigeria.

Specifically, the report stated that “domestically, there has been zero-dollar remittance to the country’s foreign reserve by the NNPC.”









But investigations by this newspaper showed that out of the $2.7bn remittance into the NNPC account with the CBN, the sum of $645m was for dividend paid by the Nigerian Liquefied Natural Gas Company Ltd, while $1.786bn was remitted from the operational activities of the NNPC Ltd.

Further analysis showed that the sum of $18,770,418.97 was remitted into the NNPC account with CBN in January, while February, and March had inflows of $194, 563, 276. 49 and $373, 232,875.20 respectively.












Investigations further revealed that in the month of April, the inflow into the NNPC’s account with the apex bank was $247,884,295.52, May $591, 565, 425. 41 and June $880, 906, 761.81

Recall, this newspaper had reported how the Naira had depreciated to its lowest level in history to about N730 a dollar on the parallel market under the leadership of Emefiele as the CBN Governor.














The apex bank governor had in recent times put the blame of the declining value of the currency on different stakeholders.

For instance, in 2018, the CBN Governor said that the huge appetite of Nigerians for importation was responsible for the declining value of the Naira. He thereafter placed a ban on Forex accessibility for importation of 41 items.












In July 2021, Emefiele also hit at Bureau De Change (BDC) operators accusing them that their illegal forex trading was having a negative impact on the Naira.

In September 2021, Emefiele blamed Aboki FX for the naira depreciation the country had suffered then and threatened to arrest the brain behind the forex intelligence firm.












Early this year, the CBN governor again blamed the Naira depreciation on activities of those involved in money laundering, financing of terrorism as well as politicians.

This week, he has shifted the blame to the Nigerian National Petroluem Company Ltd.











The National Youth Council of Nigeria (NYCN) had while reacting to the latest onslaught of the CBN Governor claimed that he has been working with opposition political parties and other groups to sabotage the Nigerian economy under President Muhammadu Buhari.

The Group made the accusation in a statement issued on Sunday and signed by its President, Solomon Adodo.









In the statement which was made available to THE WHISTLER, the NYCN claimed that the poor economic management policies of the apex bank under the leadership of Emefiele was responsible for the recent free-fall of the naira.

The NYCN said in the statement that the inability of CBN to promptly release Joint Venture (JV) cash-call funding from the Treasury Single Account (TSA) even when the NNPC had adequate cash cover, had led to loss of JV Partners’ confidence to restore production and reap the benefits of today’s improved oil prices.











Adodo said in the statement that as of date, over three months dollar-denominated cash call payment amounting to over $400m properly processed are yet to be paid by CBN.

The group flayed Emefiele for completely failing to concentrate on his core mandate of price stability as a CBN Governor, pointing out that with inflation hitting about 19 per cent and the exchange rate at close to N750 to a dollar, the CBN governor has pushed more Nigerians into poverty.













The action of the CBN governor, the statement said, negates President Muhammadu Buhari’s objective to take 100 million people out of poverty.

He said, “The combined impact of CBN’s inability to promptly release JV cash-call to restore production, the increasing losses due to crude oil theft and production deferments has culminated to significant crude oil output losses of over 600, 000 barrels per day.














“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity loses translating to over $64m per day, and a monumental impact of about $2bn per month.

“To its credit, NNPC has recorded significant gains on production ramp up including attaining ‘first oil’ production from the Anyala – Madu Fields and most recently Ikike fields which cumulatively boost national oil production by almost 80, 000 barrels per day.














“Furthermore, NNPC’s efforts towards attaining additional combined production of over 100, 000 barrels from fields like Obodo , Utapate etc has never abated despite the global setback recorded as a result of the effects of COVID-19 pandemic.”

He added, “In 2021, Emefiele blamed Aboki FX for the naira depreciation the country suffered then, it thereafter blamed members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group, at another time, Emefiele blamed the naira depreciation on activities of money laundering, financing of terrorism as well as politicians.













“Today, he has shifted the blame to the NNPC. This is clearly a case of a bad workman who blames every other person for his inability to deliver.”

The Group alleged that since his failed presidential bid, Emefiele has been working with various groups in the opposition to sabotage the government .












The statement added, “To us at the NYCN, Emefiele is tired and should be relieved of his appointment.

“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Emefiele has been doing all to rubbish the achievements of President Muhammadu Buhari.















“There are also allegations that Emefiele has been hobnobbing with the opposition Peoples Democratic Party since his failed presidential bid.

“We are all witness to the fact that from August 2020 to July 2022, official exchange rate has moved from N381 to N415/$, representing only nine per cent increase.












“However, the parallel market has moved from N470 to N710 within the same period representing 51 per cent increase and a record 71 per cent arbitrage with the official exchange rate creating a huge incentive for round tripping, price gouging, sharp market practices and inflation.

“The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.












“We advise that the CBN considers among other options, the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-defined periodic forex auctions and signaling a renewed commitment to price stability as a primary goal of the apex bank.”

According to Adodo, Emefiele and the CBN were aware of OPEC’s reduction of Nigeria’s oil production quota which led to reduction of the country’s production level from 2.1 million barrels per day to 1.4 million in May 2020.












Furthermore, Adodo pointed out that insecurity and huge oil theft in the Niger Delta have continued to challenge the oil industry, causing massive losses and declaration of force majeure across the country’s major onshore production export facilities of Bonny, Brass and Forcados.

The NYCN president also stated that Nigeria’s rising petrol subsidy cost as well as rising cost of external debt servicing are all obligations affecting the economy.













These, it added, affected the NNPC’s remittances to the Federation Account. From January to June 2022, the cost of Premium Motor Spirit subsidy rose to N2.2trn.

Subsidy is being estimated to hit N5trn and N6trn in 2023.













“Apart from government decision to defer the implementation of PMS deregulation, the subsidy profile is significantly influenced by CBN foreign exchange management,” he added.

The NYCN president also drew the attention of Nigerians to the decision by Emirates Airlines, flag carrier of the United Arab Emirates (UAE), to reduce its flight operations to Nigeria over the inability of the CBN to repatriate about $85m in revenue.












“Was the failure to repatriate Emirates funds also caused by the NNPC,” Adodo queried.

The International Air Transport Association (IATA) had said Nigeria was withholding revenue worth about $450m earned by foreign airlines operating in the country.















Emirates said the planned reductions in its operations in Nigeria would take effect from August 15, 2022.

Adodo added, “Emirates clearly stated in that its letter to the Minister of Aviation that it made every effort to work with the CBN to find a solution to this issue and its Senior Vice-President met with the Deputy Governor of the CBN in May and followed up on the meeting by letter to the Governor himself the following month, however no positive response was received.










“The NYCN views this development as embarrassing to the federal government.”

However, the NYCN leader expressed optimism that the NNPC’s transitioning into a limited liability entity in line with the provisions of the Petroleum Industry Act (PIA) and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays as the company is now exempted from TSA, among others.













Also, the company would be able to compete favourably with its peers globally. This, it added, would translate to more foreign exchange to the country as well as improved national energy security.


Nigeria’s Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong



Nigeria's Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong 

Nigeria’s Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong














Sahara Weekly Reports That Short let, also known as short-term rental, has been gaining popularity in the Nigerian real estate business in recent years.







Nigeria's Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong 









A short let refers to the rental of a property for a short period of time, usually ranging from a few days to a few months. This type of rental arrangement is becoming an attractive option for both landlords and tenants in Nigeria.



















For landlords, short lets provide an opportunity to earn higher rental yields compared to traditional long-term rentals.


















This is because short let tenants are willing to pay a premium for the convenience and flexibility of a short-term rental.





















Landlords can also avoid the hassle and expense of finding a new tenant every time a long-term tenant moves out.























For tenants, short lets offer a cost-effective and flexible housing solution. They can rent a property for a short period of time, which is ideal for travelers, business professionals, and those who are in between homes.




















Short lets also offer a more homely experience compared to hotels and other forms of temporary accommodation.






















The popularity of short lets in Nigeria has led to the emergence of several short-term rental platforms, such as Airbnb and Jumia House.





















These platforms have made it easier for landlords to list their properties and for tenants to find short-term rental options.






















This has also led to the creation of new job opportunities in the real estate industry, such as property management and marketing.




















However, there are also some challenges associated with short lets in Nigeria. For example, some landlords are not familiar with the legal and regulatory requirements for short-term rentals, such as obtaining a license and paying taxes. Tenants also face challenges, such as finding a property that meets their needs and navigating the rental process.






















In addition to the challenges mentioned earlier, security is also a major concern for both landlords and tenants when it comes to short lets.






















Properties that are left vacant for short periods of time can be vulnerable to theft and other forms of crime. To address this issue, landlords can invest in security systems such as alarms and surveillance cameras. Tenants can also take precautions by making sure the property is secure when they leave and by keeping valuable items locked away.



















Another issue is the impact of short lets on the local community. In some areas, the influx of tourists and short-term renters can put a strain on local resources and disrupt the lives of residents. To mitigate these effects, some cities have implemented regulations on short lets, such as limiting the number of days a property can be rented out or requiring landlords to obtain a permit.




















Despite these challenges, the demand for short lets in Nigeria is expected to continue to grow in the coming years. The country’s tourism industry is expanding, and with it, the need for affordable and flexible accommodation options.


















In addition, the growth of the gig economy and remote work is also driving demand for short-term rental options.
























In conclusion, the prospect of short lets in the Nigerian real estate business is positive. With the increasing demand for short-term rental options, it is an opportunity for landlords to earn higher rental yields and for tenants to find flexible and cost-effective housing solutions.
















However, it is important for landlords and tenants to be aware of the legal and regulatory requirements for short-term rentals and to use platforms that provide a safe and secure rental experience.












Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041.

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Sterling Bank Declares Bounty At 61st AGM



Sterling Bank Declares Bounty At 61st AGM

Sterling Bank Declares Bounty At 61st AGM


Lagos, Nigeria: The shareholders of one of Africa’s fastest growing companies, Sterling Bank, have commended the board of directors, executive management and staff of the bank on its remarkable financial performance for the 2022 year, resulting in a recommendation of dividends of 15 kobo per ordinary share; a fifty percent increase from that paid in 2021. The shareholders gave this commendation at the 61st annual general meeting of the bank held in Lagos on Wednesday.


Speaking at the meeting, Mr. Rilwan Hamza, one of the shareholders, commended the board members and staff of the bank for the wonderful financial performance while another shareholder, Mr. Boniface Okezie, expressed delight at the level of transparency displayed by the board and commended them for the improved dividend payout.





The shareholders urged the board to make the most of the transition into a financial holdings company and establish more subsidiaries that will drive even more growth and increase shareholder value.


The bank’s strong performance for the 2022 financial year was derived from growth in its assets base and customers’ deposits by 14.4 percent and 9.8 percent respectively. This is despite strong economic headwinds experienced by the Nigerian economy in the year under review.


Addressing shareholders of the bank at the first meeting as a limited liability company, following its ongoing transformation into a holding company structure, Chairman of the bank; Mr. Asue Ighodalo remarked that, “Despite the challenges during 2022, our performance reflected our resilience and determination to deliver optimal value for our shareholders. We are pleased that we closed the year on a good note.”


Mr. Ighodalo said the bank grew profit before tax to N 20.8 billion, representing a 29 percent year-on-year increase from N 16.1 billion recorded in 2021, and a 28.5 percent growth in profit after taxes (PAT) to achieve the sum of N19.3 billion for 2022.


He said the PAT growth was driven by an N18.6 billion improvement in net operating income amidst heightened inflationary pressure and regulatory policies, adding that the gross earnings grew by 16.6 percent to N175.1 billion compared to N150.2 billion reported in 2021.


On business outlook for the year, the Chairman noted that “We remain very optimistic about our bank’s future and are devoted to effectively transforming our business to deliver optimal performance, and significantly offer superior services to millions of Nigerians.


“We are steadfast in our commitment to lead with best-in-class customer experience, establish a work environment that helps our employees became the best versions of themselves, become even more socially responsible as an institution, and create immense value for our shareholders.”


The Chairman said, “Our transformation into a holding company structure will allow shareholders and customers to maintain continued exposure to the bank’s existing lines of business and gain exposure to new business lines that will enhance shareholder value.”


“As we chart a new future for our organization, the expanded company structure will give us the renewed ambition to conquer new ground and solve more problems.”


The bank has maintained and increased momentum in 2023 with her citation as Africa’s Most Valuable Commercial Bank Brand for 2023 by the African Brand Magazine , in a poll conducted by GeoPoll and Kantar; two of the world’s leading brand research firms, a top three employer in Nigeria by LinkedIn in the social network’s annual Top 25 List, and most recently, one of the top 100 fastest growing companies in Africa by the prestigious Financial Times.


Renowned for its now famous HEART of Sterling strategy; which focuses major investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the Nigerian economy, its irreverent brand voice and enviable talent management practices, the lender recently completed a major milestone towards the completion of its transformation into a financial holdings company with the relisting of its shares on the floor of the Nigerian Exchange (NGX).


Sterling Bank Declares Bounty At 61st AGM

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Shareholders Commend Wema Bank Management on Good Corporate Performance



Shareholders Commend Wema Bank Management on Good Corporate Performance

Shareholders Commend Wema Bank Management on Good Corporate Performance

Nigeria’s most innovative financial institution, Wema Bank Plc, held its 2022 Annual General Meeting yesterday May 31st, 2023 amidst encomiums over the sterling performance of the bank and the huge dividend payout.
Specifically, shareholders of the bank commended the board and management for delivering a good result in the financial year.
Shareholders Commend Wema Bank Management on Good Corporate Performance
A shareholder, Mr. Badmos commended the bank for proposing to pay 30kobo dividend per unit of ordinary share, saying it is the biggest in the history of the bank.
He charged the new management to sustain the tempo of excellent corporate performance so that shareholders could continue to get value from their investments.
Speaking on the occasion, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni, said the present management which he leads is poised to making the bank the best financial house digitally.
Oseni said his management team is determined to scale up the bank, stressing that they would take it to its rightful place in the industry. According to him, the welfare of staff members would also be accorded top priority as a way of motivating them to contribute more in terms of their output.
In its audited financial results for the period ended December 31, 2022, the bank recorded gross earnings of N131.08 billion year on year, representing an increase of 42.3 percent over the N92.14 percent posted in 2021.
The results, which showed positive fundamentals across board, revealed a growth of 44.7 percent year on year in interest income to N106.07 billion from N73.30 billion. Non-interest income shot up to N25.01 billion to N18.83 percent, an increase of 32.8 percent.
Similarly, the bank’s profit before tax grew to an all-time high of N14.74 billion year on year as against N12.38 billion the previous year, an increase of 19 percent.
According to the bank, shareholders will receive a dividend of 30 Kobo per ordinary share in what is the biggest dividend payout till date. The bank grew its deposit year by year by 26 percent as at full year 2022 to N1,165.93 billion from N927.47 billion in 2021. Its stock of loans and advances also grew from N418.86 billion in 2021 to N521.43 billion, showing a rise of 24 percent.
The impressive results showed that total assets hit N1,433.79 billion as against N1,164.52 trillion, a growth of 23 percent. Shareholders’ funds also moved up to N82.62 billion from N70.36 billion in 2021, an increase of 17 percent.

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