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Nigeria’s Excess Crude account stands at $2.09bn – NEC

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The National Economic Council (NEC) says Nigeria’s Excess Crude Account stood at over $2.09 billion as at Oct. 16.

Bauchi State Governor, Mohammed Abubakar, said this while briefing State House correspondents after NEC meeting on Thursday at the Presidential Villa, Abuja.

Abubakar said that the Minister of Finance, Zainab Ahmed, gave the update on the Federation Account Allocation Committee (FAAC), Excess Crude Account, Stablisation Fund Account and Natural Resources Development Account.

“She presented a budget estimate for the FAAC meetings of 2018; usually these budgets estimates are prepared by the Office of Accountant General and tabled before the NEC for approval.

“A total budget of N650 million was approved for the conduct of the FAAC meetings for 2018, later on the minister gave update of the Excess Crude Account as at Oct. 16, 2018 which stood at 2.09 billion dollars.

“The Stablisation Fund Account stands at N21.9 billion and then the Natural Resources Development Fund stands at N119. 7 billion.’’

He said that there was also an update on the ad hoc committee set up by NEC to address the problem of crude oil theft and its prevention and control.

Abubakar said that the committee used to be headed by the then Governor of Delta State, Dr Emmanuel Uduaghan, but NEC had approved the nomination of Edo State Governor, Godwin Obaseki, to head the committee.

The other governor members of this committee are governors of Akwa Ibom State, Delta, Bayelsa, Cross River and Ondo.

He listed other members of the committee as the Ministers of Budget and Planning, Finance, Petroleum Resources, and representatives of the all the security agencies in Nigeria.

Abubakar said that the Minister of Youths and Sports, Solomon Dalung, gave a presentation on the sporting activities that were conducted by his ministry.

He said that Dalung spoke specifically on the National Youth Games and the National Sports Festival.

“He indicated that the National Youth Games has been held successfully with 32 states participating and that the next edition of the National Sports Festival is in high preparation.

“The Minister of FCT has agreed to host the 19th edition of the National Sports Festival. He called on governors to support the process by preparing participants on time and supporting their participants to the venue.

“Giving adequate security for the participants including also kitting the participants for the festival as well as paying their participation fees to the organisers of the festival, ‘’ he said

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OPAN disassociates self from online group called ‘OPMAN’

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The Online Publishers Association of Nigeria (OPAN) wishes to disassociate itself from the group known as Online Media Practitioners Association of Nigeria, which cleverly adopts the acronym ‘OPMAN’.

This statement serves as a notice to individuals or organizations having dealings with this group, ‘OPMAN’ as our lawyers engage the Corporate Affairs Commission to address this development, OPAN said in a statement adding that it has no affiliation whatsoever with the group.

OPAN President, Austyn Ogannah, said: “Our attention has been drawn to the existence of a group which adopted a name similar to ours and goes by an acronym that is closely identical to ours.

“For the record OPAN has no affiliation with this group or its promoter(s).

“The Online Publishers Association of Nigeria (OPAN), registered at the Corporate Affairs Commission (CAC) on 14th of November 2011, is the umbrella body for organisations and persons in the online/digital media space with a mandate to self regulate practitioners and promote responsible use of the new media in Nigeria.”

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NITDA sets up team to investigate, protect Nigerians from data breach

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The National Information Technology Development Agency (NITDA), today inaugurated the NITDA Data Breach Investigation Team at the Agency’s Corporate Headquarters, Abuja. The effort was aimed at safeguarding the rights, privacy and data of citizens in the country.

The Director General of NITDA, Mr Kashifu Inuwa Abdullahi CCIE, while inaugurating the Team said thay, “ever since the Agency issued the Nigeria Data Protection Regulation (NDPR) on 25th January, 2019, there has been an unprecedented interest in the regulation as witnessed by the various engagements and inquiries about it”.

He further stated the objectives of the National Data Protection Regulations includes: Safeguarding the rights of citizens on data privacy; Fostering safe conduct in transactions involving the exchange of Personal Data; Enabling Nigerian businesses to be globally compliant & competitive to create jobs for eligible Nigerians.

Inuwa said that, “NITDA, as the IT sector regulator has a duty to ensure that the objectives of the regulations are being realised”. The highlight of the event was the inauguration of a 15-man committee that will investigate and checkmate any breach of the National Data Protection Regulations (NDPR).

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Reps ask CBN to suspend cashless policy

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The house of representatives has asked the Central Bank of Nigeria (CBN) to halt the controversial cashless policy it recently re-introduced.

At plenary session on Thursday, the lower legislative chamber said the policy leads to significant decrease in credit extension by Nigerian money deposit banks.

The also said it has negative impacts on small and medium enterprises “which are clearly the engine room for growth of the economy.”

In a circular released on Tuesday, the CBN had directed all deposit money banks in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.

Corporate account holders will be charged 5% processing fees for withdrawals and 3% for deposits of amounts above N3 million.

The directive was, however, criticised by some Nigerians for various reasons.

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