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Written by Hector Igbikiowubo & Victor Ahiuma-Young
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INDICATIONS emerged yesterday that government’s bid to avert the planned oil workers’ strike, slated to begin tomorrow may have hit the rocks as a scheduled meeting with representatives of the both oil unions failed to sway the workers from embarking on their planned course of action.However, feelers from government indicate that both unions appreciate the need for deregulation of the sector to check leakages and encourage investment in the sector.
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Written by Collins Olayinka and John-Abba Ogbodo, Abuja
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THERE is a strong indication that the Federal Government may have resorted to hiring a team of international auditors to determine how the nation's oil subsidy has been managed over the years. The planned investigation into the management of oil subsidy in the country was hinted in Abuja yesterday at a meeting by representatives of government, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Natural Gas Workers (NUPENG).
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Written by Omoh Gabriel & Emeka Mamah
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ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal. The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors.
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Written by By Yakubu Lawal
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DEVELOPMENTS in the oil and gas industry within and outside the country may have forced the Federal Government to jettison its earlier plan to raise the nation's oil reserve from the current level of 35 billion barrels to 40 billion barrels by 2010.Petroleum Resources Minister, Dr. Rilwanu Lukman, at the just-concluded international seminar of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria, told The Guardian that the prevailing low oil price does not encourage investment and that investors are taking stock of their portfolios and have put on hold going into new frontiers.
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Written by RANA BAYOK
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The Arewa Consultative Forum (ACF), at the weekend raised alarm over the deteriorating liquidity situation in the banking industry, urging the Central Bank of Nigeria (CBN) to explain the cause and the scale of the problem to Nigerians.
The forum in a statement issued at the end of the meeting of its National Executive Council which held in Kaduna noted that the commercial banks must have obviously lent too much money to people who had either invested them in buying stocks or in the importation of petroleum products in the country, and are unable to repay such loans.
The statement which was signed by the National Publicity Secretary of the Forum Mr. Anthony Sani blamed the CBN for enquiring “into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks find themselves in trouble”.
The statement reads in part“ “the ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.
“Even members of the National Assembly, despite their best efforts, have been unable to get top the truth of the matter.
“All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms.
“The ACF finds it hard to understand the current effort of the CBN to enquire into the volume of the so called toxic assets of the while refusing to tell Nigerians or why in the first place, the banks found themselves in this trouble.
“So desperate the CBN seem to take its mission to lift all commercial banks out of the pit, it has gone ahead to suspend or severely relax most of the prudent guidelines and regulations governing operations in the industry.
“We are told that the commercial banks have been allowed several years to declare and write off the massive loses they incurred during 2008 and 2009. Not done, the CBN has now also moved to confer monopoly rights on the commercial banks to our foreign exchange to the exclusion of all other operators in the finance sector.
“The CBN is not unaware that the commercial banks will, as they always do, buy the dollar at the official rate and sell to the public at parallel market price.
“CBN has never been known to prevent round tripping by commercial banks. But perhaps, that may well be the intention.
“In the face of the complete lack of transparency in the management of the banking industry, the ACF urges the Federal government and other institutions that have oversight function over the CBN to take all measures necessary to investigate the genesis of this vast crises and the possible options available for addressing it.
“Without getting all the facts, we may never know what measures including those initiated already, could work or the size of the budgetary provisions that may be required. Taking any actions before all the facts are at hand will be to put the cart before the horse”.
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