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Thursday

Eid-El-Fitri: Monday, Tuesday Declares Public Holiday by FG and other major headlines you missed today..

Image result for kemi filani blog major headlines you missed today

Dear KFBers, we have got loads of interesting stories for you on  our Major headlines you missed today feature! Enjoy.....


Eid-El-Fitri: Monday, Tuesday Declares Public Holiday by FG

 To celebrate the Eid-El-Fitri, the Federal Government has declared Monday June 26th and Tuesday June 27th as public holiday.


Minister of Interior, Abdulrahman Dambazau, made the declaration on Thursday in Abuja on behalf of the Federal Government.


He urged Muslim faithful and Nigerians in general to use the occasion of the celebration for sober reflection and pray for peace, unity and progress of the nation.

Etisalat No Longer Under Investigation, Paid 42% Of Original Loan
Embattled mobile telephone operator, Etisalat Nigeria, on Thursday denied a news report that the company was being investigated by the anti-graft agency, the Economic and Financial Crimes Commission, EFCC, following a petition by the consortium of banks requesting the Federal Government to look into how the funds from the syndicated loans were utilized.
In a statement signed by Ibrahim Dikko VP, Regulatory & Corporate Affairs, Etisalat Nigeria and made available to P.M.EXPRESS stated that the telco has consistently and conscientiously met up with its payment obligations with about 42 per cent (about $504 million) of the original loan package of $1.2 billion (about N377.4 billion) from a consortium of Nigerian banks, which is at the core of the current crisis it is facing, has since been repaid.

“The attention of Etisalat Nigeria has been drawn to media reports that the management of Etisalat Nigeria is being investigated by the Economic and Financial Crimes Commission (EFCC), following a petition to “the Federal Government asking that Etisalat be investigated” on how the funds from the syndicated loans were utilized, Etisalat wishes to categorically affirm for the avoidance of doubt that the reports are patently false and most unfortunate considering the damage such misleading information can have not only on our business, but indeed on the telecommunications industry and the country as a whole,” Dikko stated.

According to him, “As at today, we can categorically state that the outstanding loan sum to the consortium stands at $227 million and N113 billion, a total of about $574 million if the naira portion is converted to US Dollars. This in essence means almost half of the original loan of $1.2 billion, has been repaid. Etisalat continued to service the loan up until February 2017, when discussions with the banks regarding the repayment restructuring commenced.

“A simple interrogation of the rigorous process for securing a syndicated loan from a consortium of reputable banks would have exposed the truth to the original writer of this story and other media channels who have subsequently re-circulated the falsehood without interrogation or verification. Concerned parties have access to our books and do not require an investigation into how the loan sum was utilized.

Dikko stated that all of the infrastructure investment and services for which the loan was secured, were paid through the telco’s banks and they are verifiable.

In 2013, Etisalat Nigeria had obtained the $1.2 billion syndicated loan, a medium-term seven-year facility, from a consortium of 13 Nigerian banks, including Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, First Bank Limited, Fidelity Bank Plc, First City Monument Bank (FCMB), Stanbic IBTC, Ecobank, United Bank for Africa (UBA) Plc and Union Bank of Nigeria Plc.

The loan, which involved a foreign-backed guaranteed bond, was to help the telecommunication firm finance a major network rehabilitation, upgrade and expansion of its operational base in Nigeria, and improving the quality of service on its network.

However, the economic downturn of 2015 and sharp devaluations of the naira, according to the company, negatively impacted on the dollar-denominated loan by driving up the loan value, thus prompting Etisalat to request a loan restructuring from the consortium of banks.

The company’s alleged failure to meet agreed debt servicing obligations with the 13 banks since 2016 was said to have triggered a major crisis, culminated in the withdrawal of its major shareholder, Emirates Telecommunications Group Company from the company last week.

The United Arab Emirates company announced to the Abu Dhabi Securities Exchange in Abu Dhabi on Tuesday that it had decided to request Emerging Markets Telecommunications Services, EMTS Holding BV, a special purpose vehicle established in Netherlands, to transfer the entire 70 per cent of its shareholding in Etisalat Nigeria to United Capital Trustees Limited, the legal trustees of the banks effective June 15, 2017.

Etisalat Nigeria is currently left in the hands of EMTS promoted by the former Chairman of United Bank for Africa (UBA), Hakeem Belo-Osagie


Senate Working On A Bill That Will Check The Incessant Increase In House Rents 

 The Senate is working on a bill that will check the incessant increase in house rents in Abuja and other parts of Nigeria, the Senate Committee Chairman on Federal Capital Territory, Senator Dino Melaye, has said.

He stated that the ‘Rent Edit’ bill would protect tenants and landlords even as he promised that lawmakers would ensure the passage of the bill before the end of the 8th Senate.

Melaye disclosed this in a statement issued by the Director of Information at the housing arm of the Federal Ministry of Power, Works and Housing, Mrs Eno Olotu, in Abuja, yesterday.



Governor Nyesom Wike sacks one of his commissioners

Rivers state governor, Nyesom Wike, this morning sacked the commissioner for Works in the state, Bathuel Harrison (pictured in jacket).

In a statement released by his Special Assistant on Electronic Media, Simeon Nwakaudu, Wike said the sack is with immediate effect. He ordered Harrison to hand over to the permanent secretary in the ministry. No reason was given for the termination of the commissioner's appointment.

 

Indonesia to build a refinery in Nigeria 
The Federal Government’s plan to attract investment in modular refineries as part of efforts to boost local refining capacity, gained momentum yesterday with an Indonesian firm, PT Intim Perkasa Nigeria Ltd, a subsidiary of PT Intim Perkasa, Indonesia, indicating interest to build a refinery in Nigeria.



Mr. Adi Hartadi, the Head of Investor Relations of PTPP (Persero) Tbk, partners to PT Intim Perkasa Nigeria Ltd, who disclosed this in Abuja during a business meeting with the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, stated that the proposed refinery would be located in Akwa Ibom State.

The refinery, a modular one, will have refining capacity for 10,000 barrels per stream day. Hartadi stated that their company has more than 50 years of experience in construction and engineering and it was desirous of diversifying into downstream operations in Nigeria.

Responding, the NNPC Group Managing Director, Maikanti Baru, who was represented by the Chief Operating Officer (COO), Refineries and Petrochemicals, Engr. Anigbor Kragha, stated that NNPC placed high premium on investment in the nation’s refining sector.

The GMD stated that the Corporation had a Greenfield Refinery Department that specialized in new refinery projects and also provided professional support to potential investors in modular refinery in the country in line with the Federal Government policy on modular refineries.

He explained that the country’s three refineries with a combined capacity of 445,000bpd could not function optimally over the years due to lack of investment, adding that NNPC would give necessary support to the Indonesian Company interest in the downstream sector.

“On our end, we have embarked on ambitious plan to fast-track programmes to restore our capacity utilization from 30 per cent to a minimum of 90 per cent in the next 24 months. To do that, we are working on securing financing from third parties, not just funding, but also technical expertise to help us increase our performance to world class levels that they should be,” Baru stated.

He explained that given Nigeria’s expected population, by 2025, more than 40 million litres of petrol would be required for local consumption, adding that the combined capacity of the nation’s 3 refineries would only be able to satisfy just above 50 per cent of the projected local demand. He expressed optimism that with this kind of investment coming steadily, Nigeria could serve as a regional hub of refined petroleum products for West Africa and beyond.

He called on the investors to be mindful of clean fuel policy across African countries and ensure that they produce fuels that meet specification with regards to sulphur content. Earlier, Dwiyatna Widinugraha, Third Secretary for Economic Affairs, Indonesian Embassy in Nigeria and the leader of the Indonesian delegation, stated that the visit was a follow-up to the earlier visit by the Indonesian envoy to NNPC, the bilateral meeting between the Indonesian Trade Minister with his Nigerian counterpart as well as the visit of Indonesian Prime Minister to Nigeria.

It would be recalled that the Indonesian Ambassador to Nigeria, Mr. Harry Purwanto, had recently expressed interest in purchasing more crude oil from Nigeria during a courtesy call to the NNPC GMD, Maikanti Baru.

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