To ensure that credits granted to Nigeria by the World Bank work
for the benefit of the citizens of the country, the Bretton Woods institution
has undertaken a stocktaking of its $4.84 billion (about N774 billion) projects in the country. The
Nigerian portfolio of the World Bank is made up of 27 projects worth $4.84
billion sectorally distributed as follows: Human Development - $ 1.130 billion (25 per cent); Sustainable Development
-$2.452 billion (53 per cent); Financial and Private Sector- $275million (six per cent); and Governance and Economic
Reforms- $735 million (16 per cent). The Nigerian portfolio has an average
project age of 3.7 years. Only 34 per cent of the committed amount has so far
been disbursed. The
World Bank yesterday said its total value of assisted projects represented five
per cent of Nigeria’s
budget.
A statement by Mr. Bamidele Oladokun, the bank’s Communications Associate in the
Nigerian Country Office at the end of the 2012 half year performance said the
Nigerian Project Teams had committed themselves to achieving faster results of
the World Bank-funded projects in the country.
He said the project
teams met from June 25 to 26 in Abuja to discuss how to achieve faster results
for Nigeria through improved project management and accelerated implementation,
adding that project coordinators along with their procurement, financial, and
M& E staff from federal and state level implementation units engaged in a
review of their action plans to improve overall project performance and impact
on the ground.
The statement
noted: “The World Bank Country Director for
Nigeria, Marie Francoise Marie-Nelly told project staff all over the country to
work as a strong team to deliver results on ground. She said that to achieve
greater results, there was a need for coordinated action and involvement of all
stakeholders to enhance project quality and disbursement.
“The Country Director stressed the need to be clear on our common
purpose, namely, to make a difference for the people of Nigeria through our
programs. To this end, faster and more efficient project implementation is a
step in the right direction and accelerating disbursement is an indication of
progress in that direction. “The Country Director who observed that the current disbursement ratio was low for some
projects, noted that five projects had not disbursed at all in the past three
months.”
She stressed that “only a coordinated action and collective efforts can strengthen
project quality and disbursement and ultimately deliver results.” The Governor of Anambra State,
Peter Obi who attended the first session on Institutional Aspects of Project
Management said: “There
is nothing such as a World Bank project independent of government project.” The governor urged the need for
better communication and consultation with chief executives on bank-funded
projects.
The Mini Country Program Portfolio Review was aimed at reviewing
progress in implementation, discussing key implementation issues, and agreeing
on specific actions to improve portfolio performance. The meeting came up with
specific recommendations on both cross-cutting themes such as institutional
arrangements, fiduciary aspects, monitoring and evaluation, social and
accountability; and project-related issues.
Participants agreed
that to enhance implementation there was the need for better communication and
consultation, constant briefing and involvement of key relevant government
officials and chief executives both at federal and state levels. It was agreed
that the governors forum would henceforth be used to introduce the work of the
World Bank- assisted projects to state authorities. At the end of the review
meeting, some participants described the meeting as extremely useful and
innovative in its structure.
PENGASSAN, others differ over regime change in NNPC
President Goodluck Jonathan’s Tuesday’s
sack of the management team of the Nigerian National Petroleum Corporation
(NNPC) yesterday elicited varied reactions from stakeholders in the
body-politic. While some welcomed the development as long overdue, others rued
the sack as one too many, stressing that it was capable of stunting the growth
of the petroleum industry.
The new NNPC helmsman, Dr. Andrew Yakubu, is the fifth Group
Managing Director (GMD) of the corporation in five years. In April, 2007 the
then GMD, Mr. Funsho Kupolokun, was fired from office and Alhaji Abubakar Lawal
Yar’Adua succeeded him.
Twenty months
after, Yar’Adua
was also sacked. His successor, Mohammed Sanusi Barkindo, spent 15 months on
the saddle before getting the boot in April, 2010. Alhaji Shehu Ladan who took
over from Barkindo only lasted one month, as he was sacked in May 2010 when the
immediate past GMD, Mr. Austen Oniwon came on board.
The Public Affairs Department of the NNPC has confirmed that
Yakubu assumed office yesterday as his predecessor, Oniwon, handed over to him.
In a reaction, President, Petroleum and Natural Gas Senior Staff Association of
Nigeria (PENGASSAN), Babatunde Ogun, yesterday submitted that incessant change
in the top echelon of the NNPC would adversely affect on-going reforms in the
oil sector.
According to Ogun, “one of the policy thrusts in the ongoing NNPC transformation that
is likely to suffer a setback, is the ongoing Turn Around Maintenance (TAM) and
repair of the four refineries intended to put them back on stream to operate at
their installed capacity.
“The sacked NNPC management had been working assiduously on how to
bring back the refineries and there has been results to this effect, as the
Kaduna Refineries and Port Harcourt Refineries have started working
progressively towards their installed capacities. Also, there are plans to put
the Warri Refinery back on stream.”
Ogun expressed the
fear that the new NNPC management might abandon the on-going TAM of the
refineries, and “thereby
allow the government to sell those refineries as scraps.” He also argued that the incessant
change at the NNPC would affect the investment drive in the oil and gas sector,
saying: “No investor will want to put money
in a sector that the government can wake up in one day and just decide to
change the drivers of the reforms and policies that can grow such sector.
“Without prejudice, we are against
the process of appointment and removal of NNPC Group Managing Director because
it has always drawn the industry backward. It does not engender continuity of
development policies, as each of the appointed GMDs comes with their governance
style and discontinue previous administration’s growth policies.
“In our various engagements with the government, we demanded that
the appointment of the GMD should be based on tenure just as we have it in the
Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC) and
Bureau for Public Enterprises (BPE), among others, should be put in the Petroleum
Industry Bill (PIB).
Ogun noted that in
the last 10 years, the national oil corporation had six GMDs from Dr. Jackson
Gaius-Obaseki to Mr. Austen Oniwon, while the CBN and the NCC have had two each
within the same period, stressing that “this brings serious challenges of uncertainty and instability in a
volatile and strategic industry like the oil and gas.”
“While the decision has been taken
and new drivers of the corporation appointed, the government must address our
concerns which we believe will go a long way in helping the growth of the oil
and gas industry.”
Govt. moves to boost maritime security
The Federal Executive Council (FEC) yesterday approved about
N12.14 billion contracts
aimed at providing maritime security and easing transportation along the nation’s coastal waterways. The council,
presided over by President Goodluck Jonathan, approved a total of N3.238
billion for the procurement of six patrol and security boats for the use of the
Nigerian Ports Authority (NPA) in the Lagos pilotage district.
The boats include two 17 Manta MK Aso, one 32m Manta MK ASD and
three fast moving security boats. While the 17 Manta MK Aso is to be supplied
by a South African firm at a total cost of $9,429,143.05, the 32m Manta MK ASD
is to be supplied by a French firm at a total cost of $10,451,000.30. Also, a
total sum of N233.625million was approved for the procurement of the three fast
moving security boats.
The council also
approved a total of N8.325 billion for reclamation in
Abam-Nnuju-Igbiri-Oba-Ojimba-Okujagu-Ama water front and resident supervision
consultancy services work. It is expected to be completed within 24 months.
A total of
N321.510million was approved by the council for the procurement of four fast
moving 40-45 passengers’
water buses to ease the movement of people around the country. It also approved
a total of N236.666 million for the procurement of 12/10 cutter suctions
dredger with ancillary equipment.
The Minister of Information, Mr. Labaran Maku , who was with his
counterpart in the Ministry of Transport, Idris Umar, told journalists that the approval of the patrol and
security boats became imperative “in view of compelling security challenges, the new international
guidelines and security regime required for enhanced comfort to shipping.”
On the land
reclamation project, Maku said the Okrika habitable land mass had been reduced
to only 30 per cent of its original size which had led to rural-urban migration
and increase in rural poverty, hence the need for the execution of the project.
Umar added that it
was in an attempt to reverse the situation that he submitted the memo for the
reclamation of land which had been reduced by erosion from surrounding coastal
waters. He noted further that the project when completed would greatly address
rural poverty with infrastructural development. On the passengers’ boat, he said that they were
necessary “in
order to promote movement along inland water ways.” He also revealed that the water bus
was expected to serve Port Harcourt to Onitsha, Calabar to Oron, Yenagoa to
Nembe-Brass, Marina, and Lagos-Mile 11.
The council also deliberated on the report of the Presidential
Committee on Service Compact with all Nigerians (SERVICOM), asking Ministers
and heads of departments and agencies to now chair SERVICOM committees in their
various Ministries, Departments and Agencies (MDA).
Maku noted that the
committee would meet every month to review progress and challenges. In view of
this, ministries have been directed to include ministerial Servicom unit in
each MDA and also to be included in budgetary provisions. According to him, “in view of the fact that SERVICOM
remains an important government instruments to meet challenges of nationwide
service failure, the council approved the report of the committee which
reviewed the SERVICOM initiative.”
Reps reject motion to unbundle NITEL
The House of Representatives yesterday rejected a motion which
sought to unbundle Nigerian Telecommunications Limited (NITEL) from its mobile
carrier, MTEL preparatory for privatization. The motion by Emeka Azubogu sought
the approval of the House to mandate its Committee on Communications to find
out how to unbundle NITEL and make appropriate recommendations to the House in
four weeks. He said that selling NITEL, and MTEL as separate entities would
make the privatization succeed.
However, at the end of the debate on the motion, majority of
contributors spoke against its approval. Members opposed the motion through a
voice vote when Deputy Speaker, Emeka Ihedioha who was presiding, put the
question.
Meanwhile, a budget Bill of N48.84 billion of the Nigerian
Communications Commission (NCC) has scaled second reading on the floor of the
House of Representatives. Subsequently, the bill has been referred to the
Committee on Communications for further legislative action.
Index
Summary
|
|||
BusinessDay
Afrinvest-30 Index
|
|||
27-Jun-12
|
26-Jun-12
|
change
|
|
Index
Points
|
1,072.95
|
1,062.43
|
0.99%
|
P/E
|
11.8x
|
11.7x
|
|
P/BV
|
1.8x
|
1.8x
|
|
Dividend Yield(%)
|
4.6
|
4.7
|
|
BA-30
|
NSE
ASI
|
||
YTD change
|
8.34%
|
4.07%
|
|
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