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Yusuf Buhari Emerges As 4th Richest Child Of A Sitting President — Forbes

Son of Nigerian president, Yusuf Buhari

Forbes is about to publish a list of the richest president’s/despot’s kids on the planet and Yusuf Buhari made it to number 4 with a net worth of $2.3bn US dollars . Not bad when you consider that Yusuf’s father has only been President for 4years and that majority of the top ten rich kids have had the privilege of having their daddies in power for an average of 10yrs straight.

Yusuf also is the second richest African to make the billionaire thief club with daughter of Angolan president being the only other African to beat him to score 3rd on the list with a net worth of $10bn.

The daughter of late Venezuelan socialist dictator, Hugo Chavez topped the list with a whooping net worth (or should we say loot) of $6bn to dust Yusuf.

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Aliko Dangote Is Selling Dangote Flour Mills For N130bn ($361.11m) |The Republican News

Dangote-flour-mills
 
Aliko Dangote is reportedly selling his loss-making business unit, Dangote Flour Mills to Olam International for N130 billion ($361.11 million). The sale of Dangote Flour Mills Plc for N130 billion ($361.11 million), was announced in a corporate disclosure posted on the Nigerian Stock Exchange (NSE) on Tuesday. According to Thabo Mabe, director at Dangote Flours, Olam International has indicated interest to acquire all the outstanding and issued shares of the flour mills company that are not currently owned by Ola through its subsidiary, Crown Flour Mills Limited.
 
“The total consideration offered by Olam and being considered by the Board of Dangote Flour Mills for the entire 5 billion issued shares of the company is N130 billion.
 
“The consideration represents the enterprise value on a debt-free, cash-free basis, payable in cash at the closing of the proposed transaction. This consideration will be adjusted for net working capital and net debt as of 31 March 2019 or any other later date that may be agreed by Olam and the Board of Dangote Flour Mills to arrive at the final price payable to equity shareholders.”    (Nairaland)
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Buhari’s Government Seeks For Fresh $247m External Loan |The Republican News

Muhammadu-Buhari6

File photo: Muhammadu Buhari in his office

by Omooba
 
The Federal Government will take another fresh external loan of $247.3m for the development of infrastructure, despite the country’s rising debt profile.
The Federal Executive Council made the approval at its sitting in Abuja on Wednesday.
It came just days after the International Monetary Fund raised eyebrows over Nigeria’s current N24.38tn debt, advising the country to take borrowing slowly.
Briefing State House correspondents after the meeting rose, the Minister of Finance, Mrs Zainab Ahmed, gave a breakdown of the fresh loan.
She stated that $150m would come from the African Development Bank, to be spent specifically on rural electrification projects; $50m from Africa Grow Together Fund for other electrification projects; and $20m from French Development Agency, which would be loaned to the Lagos State Government.
Lagos plans to use the $20m to build new roads and rehabilitate existing ones.
Another $27.3m IADE facility was approved as part of the ‘North Core Dorsal Regional Transmission Project.’
This will be part of the West Africa Power Pool projects with a total loan requirement of $640m.
The minister explained that the projects were to connect Nigeria, Niger, Benin Republic, Togo, and Burkina Faso “with a high voltage 330 kilowatts transmission line, to facilitate energy trade among participant countries.”
The minister, who gave more details on the approvals by FEC, said, “Council approved three memos for Ministry of Finance. First, it approved a $150m loan facility from AfDB and $50m loan from African Grow Together Fund to finance the Nigerian electrification project. The project is a nationwide initiative to be implemented by the rural electrification agency.
“The project aligns with the strategy of the Federal Government on electrification of rural communities. The project has four components: First is solar hybrid mini-grid for rural economic development, the second is productive appliances equipment for up-grid communities, and the third is energising education while the fourth component is institutional capacity building.
“The impact of the project when fully implemented, about 500,000 people will be able to have access to electricity for about 105,000 households. The maximum power that will be generated will be 76.5 megawatts installed generating capacity part of which is 68,000 megawatts of solar.
“Eight universities will benefit from this scheme and about 20,000 small, micro, medium enterprises across different communities in the nation.
“The second approval is the North Core Dorsal Regional Transmission Project. This is a project that is part of the pipeline for the West Africa power pool priority projects. The intention is for the creation of a regional power pool in the region of West Africa. The pool project aims to connect Nigeria, Niger, Benin Republic, Togo, and Burkina Faso with a high voltage 330 kilowatts transmission line, to facilitate energy trade among participants.
“The project is in the total sum of $640m, out of which each of the four countries involved has a component. Nigeria has the smallest component in this pact, which is a total loan of $27.3 m IADE facility, a concessionary loan. This is a loan that the four countries are taking together; the other three countries have concluded theirs. So, this is one of the final stages for Nigeria to conclude its process.”   (Punch)
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We May Start Selling Petrol Above N145 —IPMAN

The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government and the Nigerian National Petroleum Corporation to ensure that private depot owners maintain the official ex-depot price of Premium Motor Spirit (petrol) at N133.28 per litre.

The Chairman, IPMAN, Ore Depot, Mr Shina Amoo, who said this in an interview with our correspondent in Lagos on Monday, stated that independent marketers might soon start selling beyond N145 per litre if depot owners continued to sell between N136.50 and N137 per litre.

Amoo urged the NNPC to prevail on depot owners not to sell beyond the official ex-depot price in order to enable marketers to sell to consumers at N145 per litre.

He said, “Private depot owners have increased the ex-depot price of PMS beyond N133.28 per litre. We bought a litre of PMS between N136.50 and N137 per litre from private depot owners last weekend. This can affect the pump price at which independent marketers will sell the product, and it will certainly be beyond the N145, which is the official pump price.

“We, independent marketers, are law-abiding. We don’t want to sell above the official pump price and that is why we are urging the government to do something about it and make the product abundantly available. They should monitor private depot owners to make sure they don’t sell above the official ex-depot price of N133.28.

“The NNPC is the sole importer and nobody has the right to increase the price but if they continue to sell to us above the official ex-depot price, we will have no option than to increase the pump price above N145 per litre. The increase in price by private depot owners will eventually push the burden on the marketers and final consumers.”

Amoo lauded the Federal Government for the rehabilitation of the Ilorin Depot of the NNPC while urging it to revive the Ore Depot as well in order to reduce the problem of transportation of petroleum products and to create more jobs in the area.

The NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, had in a statement dated March 30 warned private depot owners against increasing the ex-depot price.

He said, “The subsisting ex-depot petrol price of N133. 28k per litre was consistent with the Petroleum Products Pricing Regulatory Agency’s template and should be adhered to.”

Ughamadu stated that NNPC held stock of over one billion litres, adding that imports of 48 vessels of 50 million litres each had been committed for the month of April alone. (Herald Reporters)

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NEXT LEVEL: The Next Four Years Will Be Tough, Buhari Warns |The Republican News

                                            President Muhammadu Buhari

President Muhammadu Buhari says the new four-year mandate given to his administration by Nigerians will be tough as he pursues his campaign promises of securing the country, transforming the economy and the fight against corruption.

The President stated this at a special meeting with his cabinet ministers, who were in the State House, Abuja, on Friday to congratulate him on his electoral victory.

The Independent National Electoral Commission had, on Wednesday, declared President Buhari, candidate of the All Progressives Congress, winner of the 2019 presidential election held on February 23.

Buhari was declared re-elected, having polled 15,191,847 votes, winning in 19 states, to defeat other 72 candidates including Atiku Abubakar, the candidate of the Peoples Democratic Party who scored 11, 255,978 votes.

The President said: “My last lap of four years I think is going to be tough because people are very forgetful – that was why wherever I went I reminded them of the campaign by our party of the three fundamental issues – security because you have to secure a country or an institution to manage it properly.

“If you don’t secure it you can’t manage it no matter how much propaganda you put in place.

“Secondly the economy, the unemployed able bodies is the problem of this country as a whole – more than 60 per cent are youths – that meant 35 years and below – they need to be kept busy.

“I realised that and I think God had our prayers that the two previous rainy seasons were good and we had the for sight to get the Ministry of Agriculture and Rural Development and the Central Bank to try and give soft loans to farmers so that able bodies that have land can go back to land.’’

The President, who also spoke on his campaign tour, stated that the successful completion of the tour had proven the opposition wrong that he was unfit to govern the nation.

He said the campaign tour did not only prove that he was medically fit but a clear indication that he was ready to continue in leading Nigeria for the next four years.

The News Agency of Nigeria (NAN) reports that the highlight of the event was the presentation of congratulatory cards to the president by the Secretary to the Government of the Federation, Boss Mustapha and the Head of Civil Service of the Federation, Mrs Winfred Oyo-Ita.

(NAN)

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Nigeria’s Debt Hits N22.43trn, 85.06% Increase Under Buhari, Domestic Component 70.51%

                                File Photo: Naira and Dollars

Everest Amaefule, Abuja

 

Nigeria’s total debt now stands at N22.43tn, data obtained from the Debt Management Office have shown.

According to the DMO, the nation’s total debt as of September 30, 2018, stood at N22.43tn.

As of June 30, 2015, the country’s total debt stood at N12.12tn. This means that within the tenure of the present administration which came to power on May 29, 2015, the country’s total debt has risen by N10.31tn or 85.06 per cent.

Of the total debt, the external component of both the Federal Government and state governments’ debts including that of the Federal Capital Territory stood at $21.59bn.

As of June 30, 2015, the external debt component of the country’s total debt stood at $10.32bn. This means that the external debt component rose by $11.27bn or 109.21 per cent.

On the other hand, the omestic debt of both the Federal Government and the subnational governments stood at N15.81tn.

Analysing the debt statistics further showed that the domestic debt of the Federal Government alone stood at N12.29tn as of September 30, 2018.

The domestic debt of the Federal Government as of June 30, 2015, stood at N8.4bn while that of the states and FCT stood at N1.69tn.

The DMO added that the debt statistics as of September 30, 2018, was only slightly different from the statistics as of June 30, 2018.

On the difference between the debt statistics of the two quarters, the DMO said, “External debt declined by 2.02 per cent to $21.59bn due largely to the redemption by Nigeria of a $500m Eurobond which matured on July 12, 2018.

“The Eurobond which was issued for a tenor of five years in 2013 was the first Eurobond maturity for Nigeria and Nigeria’s ability to repay it seamlessly boosted Nigeria’s position as a good credit in the International Capital Market.

“The domestic debt of the FGN, states and the FCT grew by 1.19 per cent from N15.63tn in June 2018 to N15.8tn in September 2018. This increase of N185bn was attributed to the FGN (N135bn) and states and FCT (N50bn).”

It added, “The combination of an increase in the level of domestic debt and a decrease in the external debt stock resulted in a slight shift in the portfolio composition.

“As of September 30, 2018, the share of domestic debt was 70.51 per cent compared to 69.83 per cent in June 2018.

“This trend is expected to be reversed in Quarter Four 2018 as the new external borrowing of N849bn (about $2.78bn) provided in the 2018 Appropriation Act is expected to be raised within the quarter.”

The current strategy of the Federal Government is to raise external debt component to 40 per cent and to raise the local debt component to 60 per cent in order to take advantage of the lower interest rate on foreign debts.  (Punch)

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Buhari’s Economic Team Members Lack Requisite Knowledge – Atiku |RN

•Says NBS report on job loss terrible

Success Nwogu and Ogbonnaya Ikokwu  

 

The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, on Wednesday said Nigeria’s economy was in bad shape because members of President Muhammadu Buhari’s economic team do not posses what it takes to turn the economy of the country around.

Atiku said if voted into office in 2019, he would use the knowledge he had garnered from many years of serving as a public officer and being in business to turn the economy around.

He spoke in Aba, during a town hall meeting he had with representatives of the business community.

The presidential candidate said he was in the South-East to interact with businessmen from the zone because of the role they played in the economic development of the country and West Africa.

He said he would do whatever was obtainable within the confines of the law to promote the ease of doing business in Nigeria.

He said, “I am aware of your challenges because I am a business man like you. Whatever that is your pain is also my pain.  I face the same challenges you are facing, but the only thing we can do to change the situation is to change the government in power now.

“This present government lacks the understanding and the capacity to turn our economy around, nor promote the ease of doing business in Nigeria.

“We would ensure that policies that would encourage businesses to thrive in Nigeria are put in place.”

Atiku said the nation could not afford to have a population of 15 million unemployed youths.

Meanwhile, the presidential candidate in a statement by his media aide, Paul Ibe, described the latest report by the National Bureau of Statistics that 20.93m Nigerians had lost their jobs under Buhari as terrible and catastrophic.

He said the implication was that the unemployed population in Nigeria was twice the population of Benin Republic.

He said Nigeria could not continue to be run by an administration that lacked solution to the country’s socio-economic and political challenges.

He said, “We expected a terrible job report, particularly with the comment on live television from the President’s spokesman, Garba Shehu, that President Buhari had ordered the Statistician-General of the Federation, Dr Yemi Kale, to fudge the latest job reports.

“However, the job report released by the National Bureau of Statistics on Wednesday, November 19, 2018, is not just terrible, it is catastrophic. It shows that under the APC administration, a whopping 20.93m Nigerians have lost their jobs!

“To put this in perspective, the unemployed population in Nigeria is now twice the population of Benin Republic!”

He added, “Nigeria cannot continue like this, especially with an administration that continues to blame others for things that they should find solutions to with the latest ridiculous episode being President Buhari’s blaming of former President Jonathan for his own inability to appoint ministers for six months, an action that is directly responsible for the sorry state of unemployment in Nigeria.”

The former vice-president  urged Nigerians to note that a President who could not  create jobs or wealth in his own private business could not create jobs or wealth for the public. (Punch)

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