CBN to issue N120bn treasury bills this week

As about N78 billion worth of maturities is expected in the system, the Central Bank of Nigeria (CBN) will this week issue N119.13 billion in 91-day, 182-day and 364-day treasury bills.

According to Reuters, the apex bank said it would issue N23.58 billion in 91-day bills, N45.55 billion in 182-day bills and N50 billion in one year paper using the Dutch Auction System (DAS).

Meanwhile, the inter-bank rates came down at the end of last week following the injection of federal civil servants employment benefits and arrears into the banking system by the Federal Government as well as the purchase and re-purchase of government securities by CBN.

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Stockworld NSE N1.35bn bonuses of controversy raise integrity concerns

Sordid revelations of the forensic audit report by KPMG on the Nigerian Stock Exchange (NSE), which revealed that its council members shared about N1.35 billion (N1,350,800,000) as bonuses on productivity/surplus sharing’, have raised concerns as to the propriety or otherwise, of the ‘windfall’.

It also raised integrity question on Messrs Akintola Williams Deloitte, chartered accountants, auditors of the Nigerian Stock Exchange (NSE) for many years and their role in the entire saga.

Story By KELECHI MGBOJI
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Nigeria @ 50: Way forward

Nigeria recently budgeted seven Billion Naira for the 50th anniversary celebration. Given the way Nigeria organized past events, nobody doubts the fate of this huge amount of money with 2/3 of it ending up in private pockets.

We are presently ranked 94th in world economy (a far cry from the number 20 we aspire to be in the year 2020) but nonetheless remain number three in Africa and arguably the most important nation in West Africa with a sophisticated financial market (by regional standard) spreading its influence in the sub-region, and a population of 150 Million (world 8th) against Ghana’s 20 Million ,a GDP of $166 Billion compared to Ghana’s $14.9 Billion and a per capita income of $1,159 compared to Ghana’s $676. Again our population is ahead of Japan and Russia which gave us the largest domestic market in Africa allowing for economies of scale across the continent.

Story By Aliyu Nuh
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Ibru: Lawyers fault court judgment

Lawyers in the country have described the conviction and sentencing of the former Managing Director of Oceanic Bank, Mrs. Cecelia Ibru, for abuse of office and financial irregulaties, as a slap on the wrist, inadequate to deter highly-placed, but corrupt-minded officials from aspiring for public office.

The ‘light sentence,’ they also argued, suggested that there were two sets of laws for Nigerians- one for the rich and the other for the poor.
Ibru, who was initially arraigned on a 25-count charge by the Economic and Financial Crimes Commission (EFCC), was jailed for 18 months last Friday on a three-count charge, based on plea bargaining which saw the alleged offences reduced to three.

She is to spend only six months in prison, as the sentences are to run concurrently, in addition to forfeiting N191 billion.
However, the former bank chief may not see the inside of the prison wall, as she was ordered back to the hospital, where she is said to be receiving treatment over ill-health.

Story From YINKA FABOWALE, Ibadan
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N300m, guber ambition or your wife, kidnappers tell Ewang

Wife of the former military administrator of Ogun and Rivers States, Mrs Comfort Sam Ewang has spent four days with kidnappers and there are no indications that she may soon regain her freedom.
The distraught husband Capt. Sam Ewang told Daily Sun on phone that his wife’s kidnap might have been politically masterminded as he had been asked to drop his gubernatorial ambition or lose his wife forever.

Mrs Ewang was abducted from her school, Beulah International Academy last Thursday. The school is situated in Ekom Iman Etinan, about 10 kilometers from Uyo. Ewang said the kidnappers had asked him to drop his gubernatorial aspiration if he ever wanted to see his wife alive.

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