03 Nov

Daily Watch – BVN implementation causes chaos, Ambode comes down on LASTMA

  • Nigeria’s non-oil export dipped to N78.2 billion in the second quarter of 2015 from N130.4 billion recorded in the second quarter of 2014, representing 39.25 per cent decrease. Segun Awolowo, the Executive Secretary of the Nigeria Export Promotion Council, NEPC, attributed the slump in non-oil export revenue earning to the suspension of the Export Expansion Grant (EEG) and the insurgence in the North East. “The situation is compounded with the non payment of the Export Expansion Grant (EEG) and the insurgency in the North East which is the agricultural basket of the nation.
  • The deadline for the Bank Verification Exercise which, went into effect yesterday caused discomfort to both the banks and their customers. Many bank customers, estimated at 5 million by the CBN and the Nigeria Interbank Settlement System, had their bank accounts suspended. This suggests that they either did not register before the deadline, or failed to link up their several accounts under the unique verification number. In other cases, customers who had registered through proper channels still had their accounts suspended, due to ineffectiveness of the systems.
  • Lagos State Governor, Akinwunmi Ambode, fired the Chief Executive Officer of the Lagos State Traffic Management Authority (LASTMA), Young Arabamen, over the worsening traffic situation in the state. A retired Assistant Inspector General of Police, Christian Olakpe, has been appointed to replace him. Ambode says that Olakpe’s appointment was a strong response to complaints by members of the public over the worsening traffic gridlock on Lagos roads.
  • The National Union of Electricity Employees, NUEE, has claimed that over N50 billion meant for the payment of entitlements to ex-PHCN employees, has been lodged into fixed deposit accounts to yield interest to individuals while the beneficiaries are languishing in pains. In a petition to President Muhammadu Buhari, the union lamented that the 10 percent equity due to workers as contained in the Privatisation Act, are yet to be allotted to them. The union claimed that over 50,000 former employees of the defunct Power Holding Company of Nigeria, PHCN, are still being owed benefits, while over 5,000 have not received any entitlement at all more than two years after the privatisation of power assets.