RayTec Trust Nigeria

We spent bailout funds on 200m Nigerians – NGF President Muhammadu Buhari has expressed concern over the growing complaints and agitations by workers in states over unpaid salaries and allowances, in spite of his administration’s interventions. The various interventions which the 36 states had received from the Federal Government include bailout, Paris Club refund and budget support. Buhari spoke at the Aso Rock Presidential Villa in Abuja yesterday while receiving a delegation of governors led by the chairman of the Nigerian Governors’ Forum, Abdul’Aziz Abubakar Yari of Zamfara State. On the delegation were Governors Rotimi Akeredolu (Ondo), Abubakar Bagudu (Kebbi), Mohammed Abubakar (Bauchi), Mohammed Badaru Abubakar (Jigawa), Abdulfatah Ahmed (Kwara) and Udom Gabriel Emmanuel (Akwa Ibom). The deputy governor of Ebonyi State Eric KelechiIgwe was also on the delegation. “How can anyone go to bed and sleep soundly when workers have not been paid their salaries for months? “I actually w...

Arsenal manager Arsene Wenger says “it’s possible” that Alexis Sanchez and Mesut Ozil could leave in January. But Wenger remains hopeful the duo will stay at the club, following encouraging comments from Ozil’s agent about a possible contract extension. Sanchez and Ozil’s deals expire in the summer, meaning they could leave Arsenal for free at the end of the season. Asked if there was any deadline the pair needed to sign contract extensions by, Wenger said: “No, not at the moment.” And when it was suggested that Arsenal might cut their losses on the pair in January, the manager added: “Once you are in our kind of situation, we have envisaged every solution yes. “It’s possible.” However, Ozil’s agent Dr Erkut Sogut said earlier in the week that the Germany international wanted to play in the Premier League for another two to three years and that talks with Arsenal ‘are going in a positive way’.

The Minister of Finance, Kemi Adeosun, has disclosed that proceeds of the N100 billion Islamic bond, Sukuk, will be released to the Ministry of Works on Thursday. Adeosun made thisknown when she appeared before the Joint Committee on Finance and Appropriation of the Senate on Tuesday in Abuja to brief it on level of implementation of the 2017 budget. She said that the Federal Government successfully completed the Sukuk bond last week and raised N100 billion, whichwould be released on Thursday. “The Sukuk funds are earmarked for roads and will be released on Thursday this week. “We have kept the capital spending going to ensure that efforts to improve the economy are continuous and seamless. ”There was no interruption in the activities of Ministries, Department and Agenciesto ensure that they continued with their projects. ”The N100 billion Sovereign Sukuk, which debuted last month, has a tenor of seven years, and has been certified as ethically compliant by the Financial Regulation Adv...

The senate has resolved to set up an ad hoc committee to investigate the allegations made by Ibe Kachikwu, minister of state for petroleum resources, against Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC). In a petition to President Muhammadu Buhari, Kachikwu alleged that Baru was sidelining him and the NNPC board from important decisions affecting the corporation. Kachikwu also accused Baru of insubordination and of awarding contracts without due process. “The Board of NNPC which you appointed and, which has met every month since its inauguration and, which by the statutes of NNPC is meant to review these planned appointments and postings, was never briefed. Members of the Board learnt of these appointments from the pages of social media and the Press Release of NNPC,”Kachikwu said. On Wednesday, the senate while considering a motion on ‘allegations of corruption against NNPC trading: time to conduct a holistic investigation’, resolved to ...