ISSUANCE OF THE MACHINE READABLE PASSPORTS AT THE CONSULATE ENDS ON WEDNESDAY, JUNE 30TH, 2010

ISSUANCE OF THE MACHINE READABLE PASSPORTS AT THE CONSULATE ENDS ON WEDNESDAY, JUNE 30TH, 2010.
Following the commencement of the issuance of the ECOWAS e-passports by the Consulate in Atlanta, the Nigerian Community is hereby informed that with effect from Wednesday, June 30th, 2010, the Consulate would discontinue the issuance of the MRP passports.
. As a result, applicants for the standard passport are advised to apply on-line for the ECOWAS e-passport by visiting the relevant website: www.immigration.gov.ng
The requirement thereto remains:Completion of on-line application, and appropriate payment of the sum of $65.00, and payment confirmation receipt obtained;

Administration charge of the sum of $20.00 duly payable in money order addressed to the Consulate of Nigeria, Atlanta;

Physical presence at the Mission to provide required biometrics;

Provision of USPS express pre-paid envelope with tracking number; and,

Note that other Consular Services would as from Friday, June 30th, 2010, be through USPS express envelopes only.

Consulate General of Nigeria
Atlanta,
1st June, 2010

COLLECTION OF ECOWAS PASSPORTS (NIGERIAN) STANDARD PASSPORTS

PUBLIC NOTICE

COLLECTION OF ECOWAS PASSPORTS (NIGERIAN) STANDARD PASSPORTS.

This is to inform the general public that the ECOWAS (Nigerian) Standard Passports that were processed during the special exercise conducted in February 2010 are now available for collection at the Consulate.

Those concerned are required to come to the Consulate in person with proper identification for collection between 10.00am to 2pm each day.

Consulate General of Nigeria.

Atlanta.

12th May 2010.

FG TO INCREASE FOOD RESERVE TO 1.325 MILLION TONNES

The Federal Government plans to increase the national strategic food reserve capacity from the current 300,000 tonnes to 1.325 million tonnes to meet the nation’s food security target. According to the Acting Executive Director, National Food Reserve Agency, Dr. Mohammed Lawal, said in Abuja on Monday 1st March 20101 that the existing 11 silos in the country had the capacity to store 300,000 tonnes of food. He said the silos, located in Ibadan, Akure, Ilorin, Iruha, Minna, Lafiaji, Makurdi, Ogoja, Jahun, Jos and Gombe had 60 per cent utilisation capacity. Lawal said the agricultural sector was being rejuvenated to meet the challenges of transforming the country from a mono-cultural economy that was dependent on oil to an agricultural and economically buoyant nation. He said the government was set to construct 20 additional silos with processing centres at the cost of N47.2bn. Lawal said the new silos would raise the national food storage capacity to 1.325 million tonnes. He added that the government would not hands-off the purchase of grains, adding that licensed buying agents would continue to buy grains for government to fill the reserves. Lawal said the government was also working on a commodity exchange market to complement the efforts of farmers and grains merchants.

ECONOMY’LL MEET 6.1% TARGET GROWTH IN 2010 – BABALOLA

The Minister of State for Finance, Mr. Remi Babalola, has said that the country’s economy was on track to meet targets of 6.1 per cent growth and 11.2 per cent inflation rate this year. Speaking in Lagos on Monday 1st March 2010 at the Stanbic IBTC 2010 Investors’ Conference, he said that the expected Gross Domestic Product growth rate of 6.1 per cent and target inflation of 11.2 per cent were still realistic for 2010 as government sustained macroeconomic stability and continued its economic reforms. According to him, “As part of efforts to transform the economy on “sustained basis, the Federal Government is currently undertaking far-reaching economic reforms that are anchored on the Seven-Point Agenda and the Vision 2020 strategic development initiative. “As we know, the Seven-Point Agenda encompasses the key issues of infrastructure development (power and energy), land reform, security, food security and agriculture, wealth creation and employment, mass transportation, and human capital development (education and health).” “The long-term economic development strategy of government is anchored on the Vision 2020. The key element of the vision is to triple the present size of the GDP of below $300bn to not less than $900bn, and a per capita income of not less than $4,000 per annum, with a view to placing Nigeria among the top 20 economies by the year 2020. ”As part of efforts to achieve this, massive investments are currently being undertaken to revamp infrastructure, agriculture, transport and railway rehabilitation, as well as sustain initiatives for peace and security of lives and properties in the country, in spite of some obvious global and national challenges.”Also speaking at the event, the Deputy Governor, Operations, Central Bank of Nigeria, Mr. Tunde Lemo, said the apex bank was taking further steps to ensure that banks resumed lending to the private sector. He said the apex bank would facilitate funding to the banks through Development Financial Institutions. He said the funds would be deployed by the banks to refinance deposits that were mainly short-term, to enable them to reach out to more prospective borrowers.

CBN Wants Banks to Report Politicians’ Deals

  • May buy margin loans to boost liquidity
  • GDP growth rate rises to 7.58%

The Central Bank of Nigeria (CBN) is working on a plan to make banks report suspicious cash transactions by politically exposed persons (PEPs).
The banking watchdog boss Mallam Sanusi Lamido Sanusi, also said at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday 3rd November, 2009, that the CBN might soon start buying margin loans to boost lending.
The proposed banking regulation, which is a draft manual on anti-money laundering, published on the CBN website, will require banks to report large movements of cash between accounts by PEPs.
The banking watchdog defines “politically exposed persons” as individuals who are or have been entrusted with prominent public functions both in Nigeria and foreign countries and those associated with them.
It listed examples of PEPs to include, but not limited to, heads of state or government; governors; local government chairmen; senior politicians; senior government officials; judicial or military officials; senior executives of state-owned corporations; important political party officials; family members or close associates of PEPs; and members of royal families.
The CBN said: “Financial institutions are required, in addition to performing Customer Due Diligence (CDD) measures, to put in place appropriate risk management systems to determine whether a potential customer or existing customer or the beneficial-owner is a politically exposed person.
“Financial institutions are also required to obtain senior management approval before they establish business relationships with a PEP and to render monthly returns on their transactions with PEPs to the CBN and Nigeria Financial Intelligence Unit (NFIU).
“Where a customer has been accepted or has an ongoing relationship with the financial institution and the customer or beneficial-owner is subsequently found to be or becomes a PEP, the financial institution is required to obtain senior management approval in order to continue the business relationship.
“Financial institutions are required to take reasonable measures to establish the source of wealth and the sources of funds of customers and beneficial-owners identified as PEPs and report all anomalies immediately to the CBN and other relevant authorities.”
According to the CBN, a financial institution in a business relationship with a PEP is required to conduct enhanced ongoing monitoring of that relationship.
“In the event of any transaction that is abnormal, FIs are required to flag the account and to report immediately to the CBN and other relevant authorities such as Economic and Financial Crimes Commission (EFCC)/NFIU,” it said.
Many PEPs are major shareholders or directors in Nigeria’s banks. Under the regulations, the identities of both individuals and corporate institutions making a transaction above N500,000 and N1,000,000 respectively must be checked.
Briefing newsmen on the outcome of the MPC meeting yesterday, Sanusi said that the proposed legislation setting up an assets management company to buy the loans is expected to be sent to legislators next week.
The purchases would “stimulate activity in the capital market” and improve banks’ balance sheets, Sanusi said.
About N1 trillion of banks’ cash is believed to be trapped in margin loans at the stock market, which has lost over 31 per cent of value so far this year – after losing 45.8 per cent last year.
Sanusi said there would be quantitative easing to bridge the gap currently estimated at about N500 billion between the levels of the current monetary aggregates and the benchmark levels for 2009.
He said the modalities for quantitative easing include investments in bonds is to be issued by the Asset Management Company (AMC).
“The setting up of AMC, however, is subject to the approval of the National Assembly,” he noted.
The CBN governor said that the MPC had also resolved that the purchase of loans by banks under the AMC would be based on terms aimed at strengthening the balance sheets with a focus on asset quality, improving liquidity and capital adequacy as well as on reducing debt overhang relating to the stock market in order to stimulate activity in the capital market.
Sanusi also explained that given the fact that the audit of banks had been concluded and adequate provisions had been made for non-performing loans, the one per cent general provision on performing loans contained in the existing prudential guidelines had been waived for 2009 as a “countercyclical measure”.
The measure, he said, was necessary “to stimulate credit growth and strengthen banks’ balance sheets”.
He said the MPC resolved to leave the Monetary Policy Rate (MPR) unchanged at six per cent but, however, added that an asymmetric corridor of interest rates around the MPR is introduced. The key rate was last cut by 1.75 percentage points last April.
According to him, “the rate on the standing lending facility will remain at 200 basis points above the MPR, while the rate on the standing deposit facility will be 400 basis points below the MPR. With this development, it is expected that secured borrowings and unsecured inter-bank placements will immediately slide downwards to around two per cent per annum.”
In addition, he said, with effect from November 16, 2009, the temporary ban placed by the CBN on the use of Bankers’ Acceptances (BAs) and Commercial Papers (CPs) would be lifted. Guidelines, on that, he said, would be issued by the CBN prior to that date.
He said: “The totality of these measures is aimed at improving system liquidity and financial stability to regenerate confidence in the Nigerian markets and to further stimulate growth.”
Sanusi said the real gross domestic product (GDP) growth rate rose to 7.58 per cent at the end of the third quarter of this year. The GDP, the CBN noted, had grown from 7.22 per cent in the second quarter and 4.5 per cent in the first quarter.
The banking watchdog chief said no decision had been taken on a fixing the tenure for chief executives of commercial banks. Rather, the apex bank said it was still conducting a forensic and diagnostic audit of the banks, which is expected to be ready next week.
He said after the audit is concluded, views would be taken from the Nigeria Deposit Insurance Corporation (NDIC) among other stakeholders and such views would the apex bank to make a decision on the tenure of bank’s chief executives. ,Also, the CBN announced that by the first quarter of 2010, it would release a New Prudential Guidelines on Loans and waived one per cent provision on performing loans contained in the existing prudential guidelines.
Sanusi also expressed delight that the foreign exchange market had been stable.
According to him, “the official exchange rate stood at an average of N149.3578 per US dollar in October 2009. The inter-bank market rate averaged N150.1252/$. There was thus a slight appreciation of the naira during the month. The spread between the rates has continued to be insignificant.”
He said the external reserves rose to $43.34 billion as at the end of September 2009, representing an increase of about $ 1.64 billion over August. He attributed the increase mainly to the receipt of the SDR allocation.
By the end of October, the foreign reserves are provisionally estimated to be $43.05 billion, he said.

CBN Wants Banks to Report Politicians’ Deals
•May buy margin loans to boost liquidity •GDP growth rate rises to 7.58%
The Central Bank of Nigeria (CBN) is working on a plan to make banks report suspicious cash transactions by politically exposed persons (PEPs).
The banking watchdog boss Mallam Sanusi Lamido Sanusi, also said at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday 3rd November, 2009, that the CBN might soon start buying margin loans to boost lending.
The proposed banking regulation, which is a draft manual on anti-money laundering, published on the CBN website, will require banks to report large movements of cash between accounts by PEPs.
The banking watchdog defines “politically exposed persons” as individuals who are or have been entrusted with prominent public functions both in Nigeria and foreign countries and those associated with them.
It listed examples of PEPs to include, but not limited to, heads of state or government; governors; local government chairmen; senior politicians; senior government officials; judicial or military officials; senior executives of state-owned corporations; important political party officials; family members or close associates of PEPs; and members of royal families.
The CBN said: “Financial institutions are required, in addition to performing Customer Due Diligence (CDD) measures, to put in place appropriate risk management systems to determine whether a potential customer or existing customer or the beneficial-owner is a politically exposed person.
“Financial institutions are also required to obtain senior management approval before they establish business relationships with a PEP and to render monthly returns on their transactions with PEPs to the CBN and Nigeria Financial Intelligence Unit (NFIU).
“Where a customer has been accepted or has an ongoing relationship with the financial institution and the customer or beneficial-owner is subsequently found to be or becomes a PEP, the financial institution is required to obtain senior management approval in order to continue the business relationship.
“Financial institutions are required to take reasonable measures to establish the source of wealth and the sources of funds of customers and beneficial-owners identified as PEPs and report all anomalies immediately to the CBN and other relevant authorities.”
According to the CBN, a financial institution in a business relationship with a PEP is required to conduct enhanced ongoing monitoring of that relationship.
“In the event of any transaction that is abnormal, FIs are required to flag the account and to report immediately to the CBN and other relevant authorities such as Economic and Financial Crimes Commission (EFCC)/NFIU,” it said.
Many PEPs are major shareholders or directors in Nigeria’s banks. Under the regulations, the identities of both individuals and corporate institutions making a transaction above N500,000 and N1,000,000 respectively must be checked.
Briefing newsmen on the outcome of the MPC meeting yesterday, Sanusi said that the proposed legislation setting up an assets management company to buy the loans is expected to be sent to legislators next week.
The purchases would “stimulate activity in the capital market” and improve banks’ balance sheets, Sanusi said.
About N1 trillion of banks’ cash is believed to be trapped in margin loans at the stock market, which has lost over 31 per cent of value so far this year – after losing 45.8 per cent last year.
Sanusi said there would be quantitative easing to bridge the gap currently estimated at about N500 billion between the levels of the current monetary aggregates and the benchmark levels for 2009.
He said the modalities for quantitative easing include investments in bonds is to be issued by the Asset Management Company (AMC).
“The setting up of AMC, however, is subject to the approval of the National Assembly,” he noted.
The CBN governor said that the MPC had also resolved that the purchase of loans by banks under the AMC would be based on terms aimed at strengthening the balance sheets with a focus on asset quality, improving liquidity and capital adequacy as well as on reducing debt overhang relating to the stock market in order to stimulate activity in the capital market.
Sanusi also explained that given the fact that the audit of banks had been concluded and adequate provisions had been made for non-performing loans, the one per cent general provision on performing loans contained in the existing prudential guidelines had been waived for 2009 as a “countercyclical measure”.
The measure, he said, was necessary “to stimulate credit growth and strengthen banks’ balance sheets”.
He said the MPC resolved to leave the Monetary Policy Rate (MPR) unchanged at six per cent but, however, added that an asymmetric corridor of interest rates around the MPR is introduced. The key rate was last cut by 1.75 percentage points last April.
According to him, “the rate on the standing lending facility will remain at 200 basis points above the MPR, while the rate on the standing deposit facility will be 400 basis points below the MPR. With this development, it is expected that secured borrowings and unsecured inter-bank placements will immediately slide downwards to around two per cent per annum.”
In addition, he said, with effect from November 16, 2009, the temporary ban placed by the CBN on the use of Bankers’ Acceptances (BAs) and Commercial Papers (CPs) would be lifted. Guidelines, on that, he said, would be issued by the CBN prior to that date.
He said: “The totality of these measures is aimed at improving system liquidity and financial stability to regenerate confidence in the Nigerian markets and to further stimulate growth.”
Sanusi said the real gross domestic product (GDP) growth rate rose to 7.58 per cent at the end of the third quarter of this year. The GDP, the CBN noted, had grown from 7.22 per cent in the second quarter and 4.5 per cent in the first quarter.
The banking watchdog chief said no decision had been taken on a fixing the tenure for chief executives of commercial banks. Rather, the apex bank said it was still conducting a forensic and diagnostic audit of the banks, which is expected to be ready next week.
He said after the audit is concluded, views would be taken from the Nigeria Deposit Insurance Corporation (NDIC) among other stakeholders and such views would the apex bank to make a decision on the tenure of bank’s chief executives. ,Also, the CBN announced that by the first quarter of 2010, it would release a New Prudential Guidelines on Loans and waived one per cent provision on performing loans contained in the existing prudential guidelines.
Sanusi also expressed delight that the foreign exchange market had been stable.
According to him, “the official exchange rate stood at an average of N149.3578 per US dollar in October 2009. The inter-bank market rate averaged N150.1252/$. There was thus a slight appreciation of the naira during the month. The spread between the rates has continued to be insignificant.”
He said the external reserves rose to $43.34 billion as at the end of September 2009, representing an increase of about $ 1.64 billion over August. He attributed the increase mainly to the receipt of the SDR allocation.
By the end of October, the foreign reserves are provisionally estimated to be $43.05 billion, he said.
FG okays Anambra cargo airport
The Federal Government has approved the construction of a cargo/passenger airport in Anambra State.
The authority for the construction of the project was conveyed to the state government by the Federal Ministry of Aviation.
The Anambra state Commissioner for Information, Chief Maja Umeh, who disclosed this to journalists in Awka on tuesday 3rd November, 2009, said the state government had acquired a piece of land for the project.
The planned airport, according to Umeh, would be cited at Ifite-Umuleri in Anambra East Local Council. It will
be jointly executed by the state government and Orient Petroleum Resources Ltd.

CBN Wants Banks to Report Politicians’ Deals
•May buy margin loans to boost liquidity •GDP growth rate rises to 7.58%
The Central Bank of Nigeria (CBN) is working on a plan to make banks report suspicious cash transactions by politically exposed persons (PEPs).
The banking watchdog boss Mallam Sanusi Lamido Sanusi, also said at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday 3rd November, 2009, that the CBN might soon start buying margin loans to boost lending.
The proposed banking regulation, which is a draft manual on anti-money laundering, published on the CBN website, will require banks to report large movements of cash between accounts by PEPs.
The banking watchdog defines “politically exposed persons” as individuals who are or have been entrusted with prominent public functions both in Nigeria and foreign countries and those associated with them.
It listed examples of PEPs to include, but not limited to, heads of state or government; governors; local government chairmen; senior politicians; senior government officials; judicial or military officials; senior executives of state-owned corporations; important political party officials; family members or close associates of PEPs; and members of royal families.
The CBN said: “Financial institutions are required, in addition to performing Customer Due Diligence (CDD) measures, to put in place appropriate risk management systems to determine whether a potential customer or existing customer or the beneficial-owner is a politically exposed person.
“Financial institutions are also required to obtain senior management approval before they establish business relationships with a PEP and to render monthly returns on their transactions with PEPs to the CBN and Nigeria Financial Intelligence Unit (NFIU).
“Where a customer has been accepted or has an ongoing relationship with the financial institution and the customer or beneficial-owner is subsequently found to be or becomes a PEP, the financial institution is required to obtain senior management approval in order to continue the business relationship.
“Financial institutions are required to take reasonable measures to establish the source of wealth and the sources of funds of customers and beneficial-owners identified as PEPs and report all anomalies immediately to the CBN and other relevant authorities.”
According to the CBN, a financial institution in a business relationship with a PEP is required to conduct enhanced ongoing monitoring of that relationship.
“In the event of any transaction that is abnormal, FIs are required to flag the account and to report immediately to the CBN and other relevant authorities such as Economic and Financial Crimes Commission (EFCC)/NFIU,” it said.
Many PEPs are major shareholders or directors in Nigeria’s banks. Under the regulations, the identities of both individuals and corporate institutions making a transaction above N500,000 and N1,000,000 respectively must be checked.
Briefing newsmen on the outcome of the MPC meeting yesterday, Sanusi said that the proposed legislation setting up an assets management company to buy the loans is expected to be sent to legislators next week.
The purchases would “stimulate activity in the capital market” and improve banks’ balance sheets, Sanusi said.
About N1 trillion of banks’ cash is believed to be trapped in margin loans at the stock market, which has lost over 31 per cent of value so far this year – after losing 45.8 per cent last year.
Sanusi said there would be quantitative easing to bridge the gap currently estimated at about N500 billion between the levels of the current monetary aggregates and the benchmark levels for 2009.
He said the modalities for quantitative easing include investments in bonds is to be issued by the Asset Management Company (AMC).
“The setting up of AMC, however, is subject to the approval of the National Assembly,” he noted.
The CBN governor said that the MPC had also resolved that the purchase of loans by banks under the AMC would be based on terms aimed at strengthening the balance sheets with a focus on asset quality, improving liquidity and capital adequacy as well as on reducing debt overhang relating to the stock market in order to stimulate activity in the capital market.
Sanusi also explained that given the fact that the audit of banks had been concluded and adequate provisions had been made for non-performing loans, the one per cent general provision on performing loans contained in the existing prudential guidelines had been waived for 2009 as a “countercyclical measure”.
The measure, he said, was necessary “to stimulate credit growth and strengthen banks’ balance sheets”.
He said the MPC resolved to leave the Monetary Policy Rate (MPR) unchanged at six per cent but, however, added that an asymmetric corridor of interest rates around the MPR is introduced. The key rate was last cut by 1.75 percentage points last April.
According to him, “the rate on the standing lending facility will remain at 200 basis points above the MPR, while the rate on the standing deposit facility will be 400 basis points below the MPR. With this development, it is expected that secured borrowings and unsecured inter-bank placements will immediately slide downwards to around two per cent per annum.”
In addition, he said, with effect from November 16, 2009, the temporary ban placed by the CBN on the use of Bankers’ Acceptances (BAs) and Commercial Papers (CPs) would be lifted. Guidelines, on that, he said, would be issued by the CBN prior to that date.
He said: “The totality of these measures is aimed at improving system liquidity and financial stability to regenerate confidence in the Nigerian markets and to further stimulate growth.”
Sanusi said the real gross domestic product (GDP) growth rate rose to 7.58 per cent at the end of the third quarter of this year. The GDP, the CBN noted, had grown from 7.22 per cent in the second quarter and 4.5 per cent in the first quarter.
The banking watchdog chief said no decision had been taken on a fixing the tenure for chief executives of commercial banks. Rather, the apex bank said it was still conducting a forensic and diagnostic audit of the banks, which is expected to be ready next week.
He said after the audit is concluded, views would be taken from the Nigeria Deposit Insurance Corporation (NDIC) among other stakeholders and such views would the apex bank to make a decision on the tenure of bank’s chief executives. ,Also, the CBN announced that by the first quarter of 2010, it would release a New Prudential Guidelines on Loans and waived one per cent provision on performing loans contained in the existing prudential guidelines.
Sanusi also expressed delight that the foreign exchange market had been stable.
According to him, “the official exchange rate stood at an average of N149.3578 per US dollar in October 2009. The inter-bank market rate averaged N150.1252/$. There was thus a slight appreciation of the naira during the month. The spread between the rates has continued to be insignificant.”
He said the external reserves rose to $43.34 billion as at the end of September 2009, representing an increase of about $ 1.64 billion over August. He attributed the increase mainly to the receipt of the SDR allocation.
By the end of October, the foreign reserves are provisionally estimated to be $43.05 billion, he said.

 

FG okays Anambra cargo airport

The Federal Government has approved the construction of a cargo/passenger airport in Anambra State.
The authority for the construction of the project was conveyed to the state government by the Federal Ministry of Aviation.
The Anambra state Commissioner for Information, Chief Maja Umeh, who disclosed this to journalists in Awka on tuesday 3rd November, 2009, said the state government had acquired a piece of land for the project.
The planned airport, according to Umeh, would be cited at Ifite-Umuleri in Anambra East Local Council. It will
be jointly executed by the state government and Orient Petroleum Resources Ltd.

FG Charges Manufacturers on Full Local Production

The Federal Government has tasked manufacturers of consumer products in the country to ensure full backward integration in their production process to guarantee maximum local value addition and boost sustainable economic development.
Minister of Commerce and Industry, Chief Achike Udenwa , gave the charge 0n 2nd November, 2009 at the commissioning of Friesland Campina WAMCO’s new state of the art Evaporated Sachet Milk Factory and independent power project both in Ogba, Lagos.
Udenwa said for the seven-Point Agenda and Vision 2020, which are the main development goals of the Federal Government to be attained, actual local production by the companies must be increased.
“The next step should be your full backward integration and a situation where the milk produced from local dairy farms in Nigeria is used for the production of your milk brands in the country,” the minister said.
“We hope that in the future Peak milk will be completely made in Nigeria. This is part of the seven-Point Agenda and Vision 202020, which emphasise self sufficiency and enhanced local industrial production,” he added.
Udenwa, however, commended the company for their faith in Nigeria, which has led to increased investment in the country even in the face of the on-going global economic crisis.
He said the new investment move by Friesland Campina WAMCO is a testimony that the country is still a Foreign Direct Investment destination of preference and that investment migration out of Nigeria is still not as high as the volume of investment coming in.
He called on the company and other Nigerians to support and ensure success of the ongoing campaign by the Federal Government for the patronage of Made-in-Nigeria products.
He pointed out that one of the greatest areas of waste of the economy is in the area of massive foreign exchange spent on the purchase of goods of foreign origin.
Also speaking at the event, the Managing Director and Chief Executive of Friesland Campina WAMCO, Mr Bob Steetskamp, said the investment was targeted at the ordinary Nigerian.
According to him, the new investment will not only benefit the ordinary Nigerian through direct and indirect employment generation; it will also ensure that every one can afford the same high quality peak milk in smaller sachets.

New Tenure Policy to Affect Parastatals, Agencies

It has emerged that the new tenure policy in the federal civil service, which prescribes two terms of four-year each for permanent secretaries and eight-year tenure for directors is also to affect top level officers in federal agencies and parastatals.
Head of the Civil Service of the Federation (HOS), Mr. Steve Oronsaye, made further clarifications on Thursday 22nd October in Abuja in respect of the policy, which is seen as a reform in the civil service.
Oronsaye said in a statement that he had directed governing boards of all government parastatals, agencies and statutory corporations to realign their respective conditions of service with the recently-approved tenure policy.
He also directed that the amended conditions of service be forwarded to his office for ratification in view of the January 1, 2010 effective date of the policy.
The clarification, according to the HOS, became necessary following enquiries on the applicability of the new policy to other agencies of government.
He noted that although these institutions are established by law with varied mandates, specialisation, remuneration and other conditions of service that are regularly updated, they all fall under the larger public service.
He referred the agencies to Chapter 16, section 4, sub-section 160401 of the public service rules, which prescribes similar provisions on leaving the service for public officers in the core civil service and other government agencies.
The same sub-section, he said, also states that “such conditions of service for parastatals shall be approved by their respective boards and ratified by the Head of the Civil Service of the Federation”.
The HOS had issued a circular in August this year on the tenure of permanent secretaries and directors in the federal civil service.
The new policy prescribes eight-year tenure for directors, while permanent secretaries are to have four-year tenure renewable for another four years subject to satisfactory performance.
According to the policy, “under the new dispensation, permanent secretaries shall hold office for a term of four years, renewable for a further term of four years, subject to satisfactory performance, and no more. In the case of directors, they shall compulsorily retire upon serving eight years on post. This is in consonance with normal career progression in service and without prejudice to the extant circular, which prescribes 60 years of age and 35 years of service for mandatory retirement.”
The policy, however, drew flaks from some sections of the country who gave it ethnic interpretations.
Presidential Spokesman Olusegun Adeniyi
said the primary purpose for introducing the tenure system was to institute due process in the appointment of directors and permanent secretaries, arrest the succession crisis in the service, create vacancies, reinvigorate the system and boost the morale of qualified and deserving officers.

Reps okay local content bill

THE House of Representatives on Thursday, 22nd October passed the local content bill aimed at increasing the participation of indigenous oil firms in the oil and gas sector.
Meanwhile, the African Union’s (AU) Commissioner for Social Affairs, Mrs. Bience Gawanas, has called on African leaders to step up efforts at mobilising local resources for social development given the prevailing global economic downturn limiting the quantum of money invested in development projects in the continent by foreign donors.
Highlights of the bill passed at the Committee of Whole showed that Nigerian independent operators in the industry “shall be given first consideration in the award of oil blocks, oil field licences, oil lifting licences and shipping services, and all projects for which contracts to be awarded in the Nigerian oil and gas industry; subject to the fulfillment of such conditions as may be specified by the minister, and there shall be exclusive consideration for Nigerian indigenous service.”

  1. This to inform that the federal Government has concluded all necessary arrangements for the issuance of the Nigerian Diaspora Bond In the International Capital Market. For more details Click Here
  2. The General Public is hereby notified that LYNXSYS: An IT Firm/Consultant with a web site domain name NIGERIANPASSPORTNOW.COM who purportedly acts and renders Consular, Visa, Payment Confirmation and Express Delivery services on behalf of the Consultant is a Hoax and should be avoided. 
  3. The Consulate wishes to categorically state, that it has nothing to do with the aforementioned business concern as it cannot guarantee its Authenticity. In this light, therefore whoever conducts business with it does as his own risk.
  4. OPENING OF A NIGERIA VISA SORTING AND CLEARANCE CENTER OPERATED BY OIS SERVICES ON BEHALF OF THE CONSULATE OF THE FEDERAL REPUBLIC OF NIGERIA. This is to inform the General Public that a visa collection and sorting center has been opened and is operated by OIS Services on behalf of the Consulate General of Nigeria.
  5. The office is located at: OIS SERVICES Suite 204, 918 Holcomb Bridge Road, Roswell, GA 30076 Tel. No.: +1 678 514 3263 Website:www.oisservices.com
  6. By this development, all submissions of visa applications and payments will henceforth be handled by aforementioned office, starting from Monday, May 16, 2016. Please note that, from the above stated date (May 16, 2016) the Consulate will cease to collect any visa applications and payments.