CBN Sells $2.188bn to Banks in Three Months Stanbic IBTC, Zenith, First Bank, GTBank lead
Obinna Chima
As the Central Bank of Nigeria (CBN) continues with its demand management policy in foreign exchange
(forex) allocation to financial institutions, the returns on foreign exchange utilisation have shown that it sold a total of $2,177,999,996 to commercial and merchant banks as well
as the Bank of Industry (BoI) between March 1st and May 31st 2016. A breakdown of the weekly returns on forex utilisation compiled by THISDAY showed
that while in March 2016, the banking sector regulator sold a total of $921,352,549 to banks, and $669,405,241 in April, the financial institutions were allocated a total of $587,242,206
in May. The report however showed a gradual decline in the monthly forex sale by the central bank. The computation, however, did not capture total returns of
all commercial and merchant banks in the country, as their reports were not made available to THISDAY, while Continued on page 10
S'Court Asks Williams' Children to Settle Dispute over Estate...
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Another 140,000 bpd Shut in as Agip, AITEO Close Operations in Bayelsa Navy asks communities to produce militants or face punitive action
Chineme Okafor in Abuja and Sylvester Idowu in Warri with agency report Nigeria’s crude oil production capacity has again dropped by 140,000 barrels per day (bpd) from the renewed activities of the Niger Delta Avengers
(NDA), a new militant group in the country’s Delta region. The News Agency of Nigeria (NAN) reported in Abuja yesterday that while the Nigerian Agip Oil Company (NAOC) has shut its Bayelsa production facility which produces 65,000bpd,
indigenous operator, Aiteo, which operates the Nembe Creek Trunk Line, has also stopped its 75,000bpd facility in Bayelsa. According to the agency, earlier attacks on NAOC oilfield on May 18 and 24 resulted in the shutdown of
some 5,200 barrels of its equity share of oil output. It said a spokesperson for Agip confirmed the development in a short e-mail response to it. “The total deferred production due to the attack is 65,000 barrels of oil equivalent
daily,” read the e-mail sent to NAN. It further said: “I can confirm that. There is no further impact on production, since all production from the swamp area has already been stopped days ago.” According to crude
production figures provided by the oil firm, the country is losing about $3.12 million in revenue each day its facility remains out of production. Also, Shola Omole, Continued on page 11
Finally, Presidency Admits Buhari Has Ear Infection Travels to UK today for treatment
Iyobosa Uwugiaren and Tobi Soniyi in Abuja
The Presidency has confirmed speculations surrounding the state of health of President Muhammadu Buhari, saying he is suffering from ear infection and will travel today to the United Kingdom for treatment. A statement yesterday by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said the president would today proceed on a 10-day leave, which he would spend
in London. "During the holiday, he will see an E.N.T. specialist for a persistent ear infection,” he said, explaining: "The president was examined by his Personal Physician and an E.N.T. Specialist in Abuja and was treated. Both Nigerian doctors recommended further evaluation purely as a precaution." Prior to the statement, reports had it that the president had an ear infection. While there was no official Continued on page 11
2016 Budget: FG Directs MDAs to Submit WELCOME TO ARGUNGU Lagos State Governor, Mr. Akinwunmi Ambode; Emir of Argungu, Alhaji Samaila Muhammed Mera; and the Kebbi State Project Priority List for Funding… Page 10 R-L: Governor, Alhaji Atiku Bagudu, during Ambode's visit to the emir's palace in Argungu, Kebbi State...recently