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FG Owes Manufacturers N1.29 Trillion in Export Grants

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Unpaid Export Expansion Grant Stood at N1.29 Trillion, Says Manufacturers

The Manufacturer Association of Nigeria Export Promotion Group (MANEG) has said the Federal Government owes exporters N1.29 trillion in outstanding Export Expansion Grant (EEG) in the last three years.

The association stated this on Thursday during the third Annual General Meeting of the group.

Ede Dafinone, the Chairman of the association, who spoke on the sidelines of the meeting, said the National Assembly through Promissory Notes issued by the Debt Management Office (DMO) has only approved N197 billion.

This he said represented only 17 percent of the total grant to be paid to exporters for 2017 EEG.

He, however, said the DMO split the N197 billion into three batches for payment and presently on the third batch now.

He said, “The total amount approved by the National Assembly on the issue of promissory notes in respect of export expansion grant came to about N197bn.

“The DMO split that into batches for payment. They are on the third batch now. The aim is to pay the debt amounting to N197bn.

“The full payment for the 2017 EEG has not been paid. Sometime in 2019, the NEPC issued export credit certificates to exporters for the 2017 EEG but at the time, only 17 per cent of the amount had been approved using those export credit certificates.

“The balance of 83 per cent is yet to be paid. We are engaging both the export promotion council and the Federal Ministry of Industry, Trade and Investment on their plans to pay the 2017 plus the 2018 and 2019 claims that are completely outstanding.”

He added that there is an outstanding payment of N130 billion before the National Assembly for approval, expected to be paid through promissory notes.

He puts EEG backlogs for 2018 and 2019 at about N200 billion.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Npower News Today: Npower Salary Update, Npower Latest News on Permanency

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Latest Npower News Today: Npower Salary Update and Npower Latest News on Permanency

The Federal Government continues to engage private businesses and organisations on the absorption of exited batch A and batch B of the Npower program.

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, disclosed this in Abuja.

On continuity and sustenance, the Federal Government allocated N420 billion to Npower and other social investment programmes in the 2021 proposed budget before the National Assembly.

President Muhammadu Buhari also made mention of it in his last speech regarding the #EndSARS protest.

Buhari said, “In furtherance of our inclusiveness agenda, the sum of N420 billion has been provided to sustain the Social Investment Programmes, while N20 billion has also been set aside for the family homes and our Social Housing Programme.”

Speaking on unpaid exited Npower beneficiaries of batches A and B, the minister said “the ministry has directed that opportunity be given to the affected beneficiaries to verify and re-validate their eligibility so that qualified beneficiaries can be paid for their participation in the N-Power Programme.

“Beneficiaries are hereby directed to report to their State Focal Persons immediately with their bank account details including bank statements from March 2020 to date, NYSC Discharge Certificates, birth certificates and other related screening documents.

“The deadline for verification is October 13, 2020. Beneficiaries who fail to attend the verification exercise will forfeit their stipends.”

The fresh verification has now closed, however, the list of the successful candidates for Batch C would be announced soon according to the minister while the Federal Government continues to work on permanent placement for exited Npower beneficiaries.

On fake Npower news flying across social media, Rhoda Ishaku Iliya, the Deputy Director Information of the ministry, said the attention of the ministry has been drawn to series of fake news trending on social media.

She said “the attention of the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development has been drawn to the fake news trending on social media that President Muhammadu Buhari will broadcast to the nation the absorption of N-Power Volunteers Batch A, into the Federal Civil Service,” the statement reads.

“The Ministry is hereby calling on the public to disregard the message and consider it as fake news. Any information on N-Power or the National Social Investment Programme will be issued through the appropriate Federal Government channels.”

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Soldiers, Police Battle Hoodlums to Prevent Looting of Computer Village

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Soldiers and Police Battle Hoodlums Trying to Loot Computer Village

Hoodlums that hijacked the #EndSARS protest and turned it into a broad day robbery have continued to attack business districts, offices and properties of known establishments to loot and destroy years of labour despite the negative impacts of COVID-19 on these businesses.

Soldiers that were later joined by the Nigerian Police Force have been trying to repel hoodlums looking to break into computer village in Ikeja, Lagos State since the #EndSARS protest was hijacked.

According to residents and business owners contacted, the armed looters are still making an attempt to overpower security agents knowing there are valuables in the shops.

Right now they are still making an attempt (to overpower security agents) and considering the sensitivity of the business that we do, we sell very valuable commodities and they understand the liquidity of these products,” said Adeniyi Ojikutu, president, Computer and Allied Products Dealers Association of Nigeria (CAPDAN) said on the phone.

Ojikutu said the hoodlums, who were more than 500 in number, had shot in the air when they were discovered and remained close by for an opportunity to eventually break into the largest computer, mobile devices and ICT accessory market in Africa.

Also, because computer village is within close proximity to the Lagos State University Teaching Hospital (LASUTH), a new BRT station, Jara Mall, the Lagos State Police Command, Lagos State High Court and both the local and international Airports, it becomes imperative to protect it as a break-in by looters may spell disaster for other top establishments in the vicinity.

A resident said ‘Benin Boys’, a group of hoodlums, had earlier tried to invade computer village around 1 am but were prevented by security operatives. However, those that have been making attempts between the morning and afternoon of Friday were the Agege boys.

“The security were using megaphones to shout and warn all of us to stay inside,” said this resident.

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Dangote Sugar Refinery Postpones Board Meeting Amid Social Unrest

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Dangote Sugar Refinery Has Postponed Board Meeting Scheduled for Today Amid Social Unrest

The management of Dangote Sugar Refinery Plc on Friday said they have decided to postpone the company’s board meeting scheduled to hold today October 23, 2020 to a date they will communicate soon.

The management said the decision was due to the ongoing precarious situation in the country, especially the attacks on various establishments since governor Sanwo-Olu imposed a 24-hour curfew on all parts of the state.

In a statement signed by the company secretary, Mrs. Temitope Hassan, Dangote Sugar Refinery said “Further to our announcement made on October 8, 2020, the Company wishes to notify the Exchange and the investing public that the meeting of the Board of Directors of the Company earlier scheduled to be held on Friday October 23, 2020 to consider the draft unaudited financial statement of the Company for the Q3 ended September 30, 2020 has been postponed in view of the current precarious situation in the country.

“The new date for the meeting will be communicated as soon as normalcy returns. The Closed Period which has already commenced will continue till 24 hours after the filling of the Results.

“No insider of the Company, including its Directors, Employees, Advisers and Consultants and their connected persons may deal directly or indirectly in the Shares of the Company during the Closed Period.

All Dangote Sugar Refinery Plc Insiders have been duly informed.”

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