Last week, President-elect, Major-General Muhammadu Buhari (retd) surprised Nigerians when he said that he is currently at a loss on how best to tell Nigerians that his promise of turning the economy around quickly upon assumption of office on May 29 may not be feasible. One would have expected the renowned general to know better. He was swept into office by the propaganda of change. Nigerians bought the slogan line, hook and sinker and voted him to power.

The Federal Government, through the Federal Airports Authority of Nigeria, FAAN, weekend explained the recent controversy surrounding the appointment of the Federal Airports Authority of Nigeria, FAAN, Director of Finance, Mr. Tochuku Bede Uchendu. It was reported by a section of the media that he was sacked by the Aviation Minister, Chief Osita Chidoka because he granted an unauthourised waivers worth over N1 billion.

The data released on fuel subsidy outlays from responsible Agencies of government have, overtime, regrettably remained divergent, such that, it has become a challenge to obtain definitive estimates. Nevertheless, the Finance Minister, Dr. Ngozi Okonjo-Iweala recently explained that the inconsistent figures often quoted were unavoidable because subsidy payments is a continuous, rolling process, therefore, relevant government agencies could only provide specific data relating to approved claims that have passed through each department at any point in time.

LAGOS — Acting Inspector General of Police, Mr Solomon Arase, weekend, warned policemen to desist from criminalising civil and commercial cases, charging them to restrict their intervention in any matter to Alternative Dispute Resolution, ADR, pattern of investigation. This is just as he has directed the withdrawal of policemen from unauthorised persons in the country.

As the leadership of the All Progressives Congress, APC, continues to brainstorm on the zoning of offices in the executive and legislative arms of government, top contender for the senate presidency, Senator George Akume, at the weekend intensified his consultations.

ABUJA — Some incoming governors of the All Progressives Congress, APC, from the North-East are set to battle the incoming legislators from the zone over their (governors) opposition to any of them taking the office of Senate President or Speaker of the House of Representatives. The inclination of the incoming governors has, however, been rebuffed by the President-elect, Gen. Muhammadu Buhari (retd) who, it was learned, has given a cold shoulder to the moves as he is said to have insisted on the legislators being given a free rein to determine their leaders.

ABUJA— The Senate, yesterday, vowed to proceed with the alteration of the Constitution, saying the Supreme Court lacked the powers to stop it from conducting its constitutionally enshrined legislative duties. Chairman, Senate Committee on Information and Public Affairs, Senator Enyinnaya Abaribe, said this while reacting to the ruling of the Supreme Court on the matter brought before it by the Presidency challenging the recent amendments enacted by the National Assembly which the President vetoed.

LAGOS — Another major shift in foreign exchange market policy may be underway after some months of controlled market as authorized dealers begin moves to redress a perceived imperfection in the current market structure and rules. Banks through Financial Markets Dealers Association are meeting with the Central Bank of Nigeria (CBN) to fine-tune the policy and make it more liberal while fashioning ways of managing frivolous demands.

“the allegations that the economy is in ruins are absolutely untrue,” the minister warned those she claimed were running the economy down for political gains, saying there could be unintended consequences of loss of investor confidence in the Nigerian economy.

“Manufacturing today, is mostly about assembly. You design a product, tear it apart, out-source the production of the components to different companies, then you gather those components and reassemble them. This takes place in every aspect of the production cycle. The trend in the western world is that when you do such designs, you out-source the components to South-East Asian companies.

Heritage Bank Limited is committed to building a network of Entrepreneurial Leaders necessary to drive the growth of Micro Small and Medium Enterprises (MSMEs) in Nigeria Managing Director/Chief Executive of Heritage Bank, Mr. Ifie Sekibo stated this adding that the bank has developed and introduced wide range of services which address the capacity and financing needs of MSME businesses.

Citibank Nigeria concluded the 7th edition of its prestigious Citi Journalistic Excellence Awards on May 6th 2015. The program culminated with an awards ceremony to honour this year’s finalists. The competition was open to business journalists in all forms of media including the internet, print, radio, television and wire services. Mr. Peter Dele Olowa of BusinessDay has been named winner of the 2015 competition in Nigeria.

A study on the impact of exchange rate on domestic prices has recommended a floating exchange rate for the naira. This, according to the study is because the impact of exchange rate on domestic prices is low, incomplete, and it takes about two years. “. In other words, the fear of floating that the authorities exhibit in Nigeria may be unfounded”, the study asserted.

Chief Financial Officer (CFO) Executive Director , Sterling Bank, Mr. Abubakar Suleiman said that it the bank’s expansion plans unveiled in 2013 is on course and it would soon proceed with the next phase of its growth strategy. Suleiman disclosed this at an interactive session with Business Editors in Lagos recently. According to him, the bank currently has 1.5 million customers and has been able to achieve over three per cent market share from 1 per cent a few years ago.

Fidelity Bank Plc has commenced measures to raise N30 billion for the purpose of increasing lending to small and medium enterprises (SMEs). This week the bank will offer to the investing public a N30 billion, seven years bond at interest rate of 16.48 percent. The application for the bond, which would mature in 2022, will open and close on Thursday May 13th 2015.