No ban on forex allocation for school fees, medicals – CBN

The Central Bank of Nigeria on Friday explained that it had yet to ban the allocation of foreign exchange for the payment of school fees and medical bills abroad.

The Director, Corporate Communications, CBN, Alh Muazu Ibrahim who made the clarification stated that school fees and medical payments still remain eligible for forex allocation, Channel News reported.

He said the clarification became necessary as there had been insinuations in some quarters that the bank had stopped allocation of forex for these purposes.

He said, “The Central Bank of Nigeria wishes to clarify to the general public that it has not stopped the allocation and sale of foreign exchange for purposes of paying school fees and settlement of medical bills overseas, in the report.

“The Bank therefore urges members of the public to disregard any contrary information in respect thereof.

“Despite assurances from the CBN, some persons have continued to suggest that the Bank had stopped the allocation of Foreign Exchange to Nigerians seeking to pay school fees and medical bills overseas.

“All genuine users desiring to obtain foreign exchange for the above-mentioned purposes are hereby urged to freely approach their banks with their requests and appropriate documentation.”

The Bankers Committee of the Central Bank of Nigeria had last week Thursday lamented that within the last few months, the country has witnessed a significant increase in the demand for foreign exchange for payment of school fees and medical bills abroad.

It said the development is currently crowding out the demand for foreign exchange in the real sector stating that if left unchecked, the trend could affect the banking sector’s objective of stimulating the real sector of the economy through the provision of foreign exchange to productive sectors of the economy.

The Managing Director, Standard Chartered Bank Plc, Mrs Bola Adesola had while speaking after the meeting of the committee  said there was a need for Nigerians to make sacrifices and be patriotic in their activities.

MTN Might Pay a “reasonable” Nigerian Fine Following Talks

South African telecoms firm MTN Group could end up paying a “reasonable” amount following talks with the Nigerian authorities over a disputed $3.9 billion fine for failing to disconnect unregistered SIM card users, two sources familiar with the matter said on Friday.

A judge in Lagos last month gave both parties until March 18 to reach a settlement, after MTN in December had asked the court to arbitrate over the dispute, saying the Nigerian Communications Commission had no legal grounds to order the fine.

Africa’s top telecoms firm was initially handed a $5.2 billion penalty in October, prompting weeks of lobbying that led to a 25 percent reduction by the NCC.

At the time an NCC source said its decision was based on advice from Nigeria’s state security service which suspected unregistered SIM cards were being used for criminal activity.

It had originally asked MTN to disconnect between 10 and 18.6 million users but MTN told the regulator it had 5.2 million unregistered users on its network, the source said.

The original amount was based on fining the company $1,000 for every unregistered SIM card in use.

MTN has said the revised fine of $3.9 billion is still too high, equating to more than twice MTN’s annual average capital expenditure over the past five years.

On Friday, the sources said talks were bearing fruit.

“There’s growing understanding within the NCC that the fine should be commercially reasonable,” a source close to the matter said.

Another source said a further reduction from $3.9 billion was a “possibility” because “the tone of the NCC is not combative any more.”

MTN’s spokesman Chris Maroleng said his company, which makes 37 percent of its sales in Nigeria, expected the talks with the NCC to lead to an “amicable resolution.”

MTN has hired former U.S. attorney general Eric Holder, who was one of President Barack Obama’s longest-serving cabinet members, to help with the matter.

“There remains some uncertainty as to the final quantum (amount) of the Nigerian fine, should-an-out of court settlement be reached,” MTN said in trading statement that warned of a drop in full-year profits on Thursday.

MTN’s regulatory and operational uncertainties in the west African country sent shares in the company plummeting.

By 1321 GMT, shares in the company had fallen 18.8 percent to 124.80 rand, on course for its biggest daily percentage decline in 18 years.

The company said on Thursday its profit last year fell by at least 20 percent due to an underperformance in Nigeria, triggering a selling frenzy in its share price. MTN said the profit warning did not include the penalty.

Nigeria has been trying to halt the widespread use of unregistered SIM cards amid worries they are being used for criminal activity, including by the Islamist group Boko Haram.

The fine also came months after Muhammadu Buhari was swept to power after an election campaign which pledged tougher regulation and a fight against corruption.

Van Gaal Blames Bad Luck On Europa Defeat

Manchester United’s boss, Louis van Gaal, said the ‘law of murphy’ is to blame Manchester United’s shocking Europa League defeat at FC Midtjylland.

United travelled to Denmark with 13 first-team players unable to feature in their round-of-32 tie with Midtjylland, including captain, Wayne Rooney, and goalkeeper, David de Gea.

United fans in the MCH Arena made it clear that they were not impressed with their side’s display.

Van Gaal accepted that the second-half performance was not good enough, but defended the attitude of his players.

Blood Donation Reduces Risk of Heart Attack, Cancer- Expert

Blood donation exercise

Dr Wilfred Ndifon, the Coordinator, National Blood Transfusion Services (NBTS), Calabar Centre, on Friday, said voluntary blood donation would reduce risk of heart attack by 80 per cent.

Ndifon, who made the assertion in Calabar during a blood donation organised for policemen and officers in the state, also said it would reduce the risk of having cancer.

According to him, voluntary blood donors usually record low risk of heart attack, hence the need for healthy individuals to donate at least 500 milligrammes of blood four times a year.

He said that blood donors usually look smart, stronger, agile and flexible.

Coordinator said that when you donate blood four times a year, the level of iron in your body will be low and the risk of having heart attack is reduced by 80 per cent.

He added that when you donate blood freely, the risk of having cancer is 30 per cent.

Ndifon said that blood donated by the police officers would enable the NBTS to save it for those who might be in urgent need of blood during casualties.

Mr Henry Fadairo, the state’s Commissioner of Police, said “nobody needs blood donation more than the police because of the nature of their job.”

He added that the force had lost lots of its personnel due to the lack of blood in the blood bank.

The Commissioner encouraged the public to save as many lives as they can by donating blood.

NIMASA Fraud: Court Grants Order To Seize Tompolo’s Property

The Federal High Court sitting in Lagos has granted an order for the seizure of some properties belonging to former Niger Delta militant, Government Ekpemupolo, popularly known as Tompolo. 

Justice Ibrahim Buba granted the order after the Economic and Financial Crimes Commission (EFCC) told the court that the whereabouts of Tompolo is unknown, Channel News reported.

According to the EFCC, a combined team of Nigerian Police and military officers had been combing the creeks for weeks without success.

Justice Ibrahim Buba had issued a warrant for the arrest of Tompolo on February 8, 2016 after he shunned repeated invitations to appear before the EFCC for questioning, in the report.

Last week, the Commission declared the ex-militant wanted.

Tompolo, Patrick Akpobolokemi, the former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), and eight others are accused of a multibillion Naira fraud at the agency.

At the court sitting on Friday, no lawyer announced appearance for Mr Ekpemupolo, a situation the prosecution noted was disrespectful to the court.

With Tompolo still at large, Mr Keyamo then moved a motion for an adjournment to enable the prosecution separate the charges to enable the trial of the other accused persons go on.

The prosecution counsel also filed an application urging the court to order the seizure of all identified properties belonging to Ekpemupolo.

The assets listed include property at No. 1 Chief Agbamu Close DDPA Extension Warri (Effurun), Delta State, All property of Muhaabix Global Services Ltd; a River Crew Change Boat named MUHA – 15; the property known as “Tompolo Dockyard”, by the end of Enerhen Road, Effurun, Warri.

Others are; a property known as “Tompolo Yard”, at the end of Chevron Clinic Road, next to Next Oil, Edjeba, Warri; the Diving School at Kurutie, at Escravos River; the property known as “Tompolo House” at Oporaza Town, opposite the Palace; and any other property discovered by the EFCC, movable and immovable, belonging to the first accused person.

“This application is to further secure the attendance of the first accused person. The law says that the court can order the confiscation of his properties until he appears,” Mr Keyamo said.

“Any third party can bring an application later, but we have intelligence reports that those properties and companies belong to the first accused person.

“If he fails to appear within three months, the federal government will auction off all the assets,” he added.

‎In his ruling, the judge granted the order for the seizure of all the listed properties and adjourned till March 22, 2016 for the separation of charges on the defendants.