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+{"doc_id": "0025a0809abe54e1fa09db8ba7832c3b", "text": "The Governor of Ondo State, Rotimi Akeredolu, said he sees nothing wrong with the freezing of accounts ordered by CBN, as the protesters affected just need to explain to a court that their accounts had no wrongdoings.\nHe disclosed this in an interview with Channels TV on Wednesday.\nThe Governor explained that he sees nothing wrong with this, as an explanation to the courts will unfreeze a frozen account, if no wrongdoing can be proven.\n“Speaking very honestly, I don’t see anything wrong in it,” he said.\n“If for instance, my account was frozen, what would I do? All I would do is go back to court to explain. Even politicians have their accounts frozen sometimes. You have to go to court and explain. And at the end of the day, the court will say, ‘Leave the account, the account should be de-frozen’ and you take your money back.”\nHe added that the CBN freezes account it may suspect of wrongdoings, and freezing the accounts does not mean they were used for wrongdoings.\n“If your account is frozen, you justify why the money was there. You come to explain to what use you have put this money.\n“It is just that CBN suspected this account, then the owner of the account will explain…is not a conclusion that those accounts were used for acts of treason.\n“If it is that ‘Okay, we used this money to pay this caterer to give food to these boys when they were there. We spent money before the hoodlums took over,’ it will be explained, people will know and the accounts will be de-frozen,” Akeredolu said.\nWhat you should know\nNairametrics reported last week that the Central Bank of Nigeria (CBN) received the nod of the federal high court in Abuja to freeze till January, the accounts of 19 individuals and a public affairs company linked to the #EndSARS protests.\nThe Central Bank of Nigeria disclosed this week that in order to freeze the accounts of the 20 #EndSARS promoters, they were granted approval by a Federal High Court in Abuja, arguing that the funds in their accounts might have been linked to terrorist activities.\nDownload Nairametrics App for breaking news and market intelligence.\nFor further inquiries about this article contact:\nEmail: william.ukpe@nairametrics.com or outreach@nairametrics.com.\nTwitter: @_sirwilliam_ @nairametrics.\nGov. Akeredolu, you know much better than what you said. You know that this is not as straight forward in this case, as you have put it considering the underlying factors and motivations for freezing the accounts in the first place. In your capacity as a trusted leader of people, it is highly disappointing that your statement is bereft of sincerity and is totally unrealistic. And this is the bane of our country!", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/11/12/endsars-nothing-wrong-with-cbn-freezing-accounts-akeredolu/"}

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+{"doc_id": "00f6c36a023306b189f30438e637e8e9", "text": "Gold price was up on Friday in Asia, backed by an increasingly rising number of COVID-19 cases in China as well as heightened tensionsbetween the United States andChina.\nIn Beijing, 25 new COVID-19 cases were reported and these cases were linked to an outbreak in Xinfadi market which now stands at almost 200. There was also an increased number of cases in many states of the U.S.\nOn the tensions between both developed nations, U.S President Donald Trump, also warned on Thursday that cutting ties with China was still a possibility. This came just a day after Secretary of State Mike Pompeo, met China’s top diplomat Yang Jiechi in Hawaii.\nConsequently, Gold futures was up by 0.25% at $1,735.35, with investors turning to the asset as a safe store of value especially given the politically and financially uncertain times.\nHowever, the dollar’s rise to a near two-week high in the previous session subdued gold’s advance.\nWhat you need to know about Gold\nGold is a valuable metal, often been used by jewellers and the wealthy as a status symbol dating back to ancient periods. Global investors use precious metals like gold to hedge against inflation. A majority of U.S. reserves are also in Gold.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/06/19/gold-price-up-as-covid-19-cases-rise-u-s-china-tensions-heighten/"}

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+{"doc_id": "016705381354e46f0365eea3582dc4c3", "text": "As Nigeria seeks to diversify its economy, lessen its dependence on dwindling oil revenue, and prioritise agriculture as an alternative source of foreign and local revenue in 2017, Abimbola Akosile looks at some calls and initiatives on the viable option\nAgriculture worldwide has been identified as the key ingredient to any country’s stable economic growth, and crucial for the elimination of hunger in most countries in Africa.\nIn Nigeria due to weak infrastructures, the potential agricultural produce holds for the country as a major foreign revenue earner is yet to be tapped but the focus of the Federal Government is slowly turning things around.\nExperts have stated that if the country must make any headway in improving agricultural activities and creating wealth for the citizens of the country, then there must be a mechanised approach to agriculture.\nParadigm Shift\nNigeria and other countries have been told that, in order to move towards more sustainable agriculture, a broader approach is needed to overhaul the world’s food system.\nThe call was made by the head of the United Nations Food and Agriculture Organisation (FAO), as he pressed for a global reduction in the quantity of chemicals and water in contemporary agriculture, according to a UN release.\nSpeaking at the recent 24th session of the Committee on Agriculture (COAG) in Rome, Director-General José Graziano da Silva called for a “paradigm shift” in global attitudes on agriculture, adding that only by decreasing the amounts of “inputs,” such as water and chemicals, could the sector move towards a more sustainable and productive long-term path.\nPointing to options such as agro-ecology, climate-smart agriculture, biotechnology and the use of genetically modified organisms, the Director-General emphasised that global food production would need to grow by 60 per cent by 2050 in order to meet the expected demand from an anticipated world population of nine billion.\nYouth Involvement\nThe Nigerian Economic Summit Group (NESG) recently launched an initiative to promote the involvement of youths in the agricultural sector; calling it a major step towards tackling unemployment in the country.\nIn a workshop jointly organised by Abira Agribusiness Support Initiative and the NESG, stakeholders called on governments at all levels and the private sector to channel resources towards creating incentives that would encourage younger Nigerians to pick up interest in agriculture as a means of livelihood.\nSpeaking at the event, Founder of the Abira Agribusiness Support Initiative, Mrs. Cynthia Mosunmola Umoru, said the summit was designed to engage the government in policy formulation and development across Nigeria and drive agricultural growth while taking advantage of the large youth population in the country as a source of efficient human resources for the fledging sector.\nTackling Unemployment\nA chemical engineer and Professor of Chemistry, Dr. Oluchukwu Ekechukwu, has suggested unique ways to developing and enhancing agriculture in Nigeria, in a bid to tackle youth employment, ensure food security and reduce insecurity in the country.\nEkechukwu, also a Nuclear Production Engineer based in North Carolina, United States of America, proffered the cultivation of cash crops across a wide section of Nigeria and the use of wind turbines to generate electricity and provide employment for thousands of youths in the unemployment market.\nWhile responding to an issue raised on these pages recently, the don said “The approach will involve very many people digging the soil and planting seeds and seedlings of certain cash crops. The cash crops of interest will be very high yield, short hybrid palm trees, cocoa, coconut tree, melon, kolanut trees, groundnut or peanut.\n“An objective should be driving Nigeria to regain its position as the world’s number one producer of palm oil and palm kernel oil, the position it has lost to Indonesia, Malaya, Thailand and Colombia, in that order. These countries obtained from Nigeria the seeds of the palm tree, indigenous to Nigeria and other West African nations, cross-bred them to get high yielding, short hybrids that produce large quantities of fruits and oils. From 1960 till date, Nigeria lost its bearing and focused on crude oil production, to its detriment.\n“To regain its position, Nigeria should immediately import back from those countries listed large quantities of the seeds and seedlings of the hybrid palm trees, if NIFOR does not already have such seeds. As the seedlings become available, the unemployed graduates, students and other unemployed people who are willing to work should plant them in their natural habitat, the ‘Palm Belt’ of Nigeria. This belt includes the following states: Abia, Anambra, Bayelsa, Akwa Ibom, Cross River, Delta, Ebonyi, Ekiti, Enugu, Ondo, Ogun, Osun, Oyo, Imo, and Rivers.\n“Thus, employment will boom. Our villagers and local government enhancers must participate in the rehabilitation programme. Because of the high yield and fast growth qualities of the hybrids, positive product results will begin to show within 3-5 years. That was what happened in the countries mentioned above”, Ekechukwu added.\nOsun-IITA MoU\nIn a bid to make agriculture the mainstay of its economy, Osun State Governor of Osun, Mr. Rauf Aregbesola has signed a Memorandum of Understanding (MoU) with the International Institute of Tropical Agriculture (IITA).\nThe signing ceremony which took place at the governor’s Office in Osogbo will have the state release 204.39 hectares of land around Ago Owu to IITA for the purpose of conducting research and setting up demonstration farms for best farming practices.\nIITA, in turn will also carry out cassava, plantain and other crops multiplication and train Osun youths on modern, commercial and profitable farming.\nSigning the MoU on behalf of the state government, Governor Aregbesola said releasing the farmland to IITA would complement Osun agriculture programme, extend robustly the agriculture value chain and create jobs for farmers, especially the youths that are being attracted to farming.\nThe Governor commended IITA and its Director General Dr. Nteranya Sanging for supporting Osun’s flagship agriculture programme, the Osun Rural Enterprise and Agriculture Programme (O’REAP). He stressed that agricultural development especially food production has been the main thrust of his administration’s policies since his assumption of office in November, 2010.\nGreater Collaboration\nIn a bid to reduce importation of rice varieties into the country, the federal government has moved to boost local production, backed by efforts from states and the private sector. The recent collaboration between Lagos and Kebbi States which resulted in the Lagos-Kebbi (LAKE) rice variety helped to feed numerous families in both states during the recent Yuletide season and its cost (N12,000 for a 50kg bag) served to help control the soaring price of rice products in the country.\nWith initiatives and collaborations such as the Lagos-Kebbi partnership, backed by federal government investment in the agricultural sector through the Central Bank of Nigeria (CBN) and Bank of Industry, and increased agricultural production, processing and export, there is a corresponding increase in agricultural output and export, with resultant higher foreign revenue generation. In 2017, this is crucial if the economy must come out of recession. Enough of dependence on oil revenue; agriculture is the way to go.\nRANDOM THOTS\nPromising Start\nAfter relentless criticism and image bashing from long-suffering masses, critics and opposition parties, the current administration led by President Muhammadu Buhari, is finally gradually coming good on its promises. This is as the administration, in keeping with one its key election campaign promises, has commenced payment of the N5,000 monthly stipend to the poorest and the most vulnerable in the country through the Conditional Cash Transfer (CCT) scheme of its Social Investment Programme (SIP).\nUnder the novel scheme, one million Nigerians would receive N5,000 monthly payments as a form of social safety net for the poorest and most vulnerable as provided in the 2016 budget. According to an official statement, in the first batch, beneficiaries in nine states including Borno, Kwara and Bauchi, Cross River, Niger, Kogi, Oyo, Ogun and Ekiti States, received their first payments on December 30, 2016. Whichever way this is viewed, it is a step in a positive direction and can only portend good tidings for poor citizens this year.\nAlthough N5,000 appears a mere pittance in a recession-ravaged economy like Nigeria, if and when electric power is generated and supplied more constantly, these monthly funds, apart from feeding purposes, can be invested in small businesses like hairdressing or even boli roasting to supplement the incomes of the beneficiaries and generate a ripple effect on numerous families across the pilot states. If only the current administration would also move faster in its fight against corruption by prosecuting more sacred cows and concluding trials with convictions this year, another key campaign promise would be fulfilled. For this administration to show that it truly means business and wants to promote change, this is the way to go…isn’t it?\n– Abimbola Akosile", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2017/01/05/agriculture-as-a-viable-revenue-alternative"}

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+{"doc_id": "02c5726c21b073360f53447ef186ed8f", "text": "The FGN Bond market opened the month on a firmly bearish note, with yields trending higher by c.14bps, as market players reacted to the hike in the 1yr OMO rate by the CBN to 13.50% (15.60% yield), which weakened bid prices further, especially on the short end of the curve.\nWe expect sentiments to remain weak within the bond market due to expectations for a further uptrend in short term rates.\nThe T-bills market traded on a bearish note, with yields trending higher by c.30bps on the day. We witnessed the most selling interests on the Short end of the curve, following a further liquidity squeeze from a Wholesale FX sale by the CBN.\nWe expect yields to remain pressured across the curve, as market players anticipate a renewed OMO auction by the CBN later in the week.\nMoney Market\nRates in the money market remained relatively stable as system liquidity was sustained in positive territory at c.N80bn est. The OBB and OVN rates consequently ended the session at 8.86% and 9.86% respectively.\nWe expect rates to remain relatively stable tomorrow, as there are no significant funding pressures anticipated.\nFX Market\nAt the interbank, the Naira/USD spot rate appreciated by 5k to N306.95/$, while the SMIS rate remained stable at N358.04/$. The Naira appreciated at the I&E window by 20k to close at N362.73/$. At the parallel market, the cash and transfer rates appreciated to N357.70/$ and N362.50/$ respectively.\nWhilst proper and reasonable care has been taken in the preparation and accuracy of the facts and figures presented in this report, no responsibility or liability is accepted by Zedcrest Capital or its employees for any error, omission or opinion expressed herein. This report is not an investment advice or a research recommendation and should not be regarded as such. The information provided herein is by no means intended to provide a sufficient basis on which to make an investment decision\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2019/09/02/treasury-market-opens-bearish-as-market-players-react-to-higher-cbn-omo-rate/"}

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+{"doc_id": "061dd4124079bc55fba26bd42e982bc8", "text": "Foreign investment into Nigeria in the second quarter of 2019 dropped to $5.82 billion compared to $8.48 billion recorded in the first quarter. Meanwhile, twenty-seven (27) states in Nigeria suffered a huge blow, as foreign investors abandoned them.\nThe breakdown: According to the latest capital importation data released by the National Bureau of Statistics (NBS), Lagos and Abuja have consistently maintained positions as the leading states with biggest foreign investment inflows into the country.\nForeign investors shipped in $4.13 billion to Nigeria’s commercial city, Lagos, while Abuja received $1.67 billion. Both states accounted for almost 100% of the entire capital inflow into the country.\nNotably, in the first quarter, the foreign investment inflows into Nigeria received spread across nineteen states (plus FCT), while 17 states were ignored by foreign investors.\nMeanwhile, going into the second quarter of 2019, most states that received foreign investments in Q1 2019, were badly hit with zero foreign investments.\nAccording to the Bureau’s data, states that joined the zero foreign investments league include Ondo, Delta, Akwa Ibom, Niger, Bauchi, Kwara, Borno, Katsina, Kano, Imo, Cross River, Benue and Adamawa.\nHowever, two states that did not receive any investment in Q1 2019 attracted some investors. Edo State received $1.4 million, while Nassarawa attracted just $100,000.\nThis means 27 states in Nigeria were ignored by foreign investors.\nSectors’ Performance: The breakdown of foreign investment into Nigeria in Q2 2019 shows that portfolio investment remains Nigeria’s biggest foreign investment inflows with 73.76% ($4.29 billion) of total capital importation. Other investments accounted for 22.41% or $1.30 billion, while Foreign Direct Investment (FDI) investments are the least with $222.89 million or 3.83%.\nWhile foreign investment dipped in Nigeria in the first quarter, some sectors were the most hit. The banking sector which has been one of the biggest recipients of foreign investments in Nigeria suffered a huge set-back as it received $1.89 billion in Q2 2019, as against $2.85% billion it received in Q1.\nOther sectors that suffered huge drop in foreign investment inflows include shares, financing, and production.\nMeanwhile, foreign investment in the agriculture sector improved slightly from $124 million in Q1 to $169 billion received in Q2. Other sectors with improvement include hotels, fishing, servicing, transport and trading.\nOn the sideline, four sectors received no foreign investments in Q2 2019 and these include brewing, drilling, tanning and weaving.\nWhy it matters: The sharp decline in foreign investment is a huge setback for states and this must have triggered the slow growth recorded in the Nigerian economy during the period.\nEssentially, the decrease in the inflow of Capital Imports into Nigeria, especially Portfolio Investment, indicated a negative development for the Nigerian Capital Market.\nLower foreign portfolio evaporates the liquidity that can sustain market growth, particularly for stocks.\nAnother critical concern is foreign direct investment, which declined in the second quarter. This suggests investors are not so confident in the economic prosperity of the country.\nCritical downsides to states are that, as the statescontinue to lose out on foreign investments, it suggests an economic downturn in these states which may spur unemployment rates across the country.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2019/09/09/foreign-investors-abandoned-27-states-as-lagos-and-abuja-attracted-5-8-billion/"}

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+{"doc_id": "06418a69ceff6d38679518ff69f19ed4", "text": "Gold prices lost some of its blinks at last week’s trading session cumulatively. For the week, it lost 3.4%, its most for a week since late September.\nWhat we know:New York-traded gold for December delivery settled up 0.7% at $1,886.20.\nThat said, its gain recorded in the last trading session, couldn’t prevent it from posting its worst weekly loss since September, triggered by early selling in the week after market hype that showed Pfizer’s COVID-19 Vaccine was, what the world was waiting for.\nWhat this means: Investors’ of late have been trooping into riskier assets like global stocks on the bias that Pfizer’s COVID-19 vaccine would provide a lifeline to the world’s economy, triggering the precious metal to lose 4.5% at the early part of the week.\nInvestors’ over-exuberance with progress reported by Pfizer on its Covid-19 vaccine trials triggered a massive rally in risk assets on Monday that led to a 4.5% plunge in gold — the safe-havens worst day since August.\nStephen Innes, Chief Global Market Strategist at Axi, in his weekly closing remark hinted Nairametrics why the precious metal is presently under pressure.\n“Gold remains an asset looking for a purpose. US Treasury yields dropped overnight. The dollar was relatively flat again. The EURUSD and Gold traded flat, so by all accounts, gold is little more than a mirror reflection of the EURUSD these days while trying to find a new narrative to ride between now and a possible inflationary wave later in 2021.\nWhat to expect: In the midterm, gold prices will likely be supported on the reports showing the effect COVID-19 infections are having presently on the Northern Hemisphere, coupled with U.S president Trump legal battles on the recently concluded election.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/11/14/gold-prices-suffer-worst-weekly-drop-since-september/"}

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+{"doc_id": "06fce61373bb270f1c6b8f44b3cdd471", "text": "The Board of Directors of Chemical and Allied Products Plc (CAP Plc), and Portland Paints and Products Plc (Portland Paints), have decided to merge their respective businesses in accordance with applicable laws to drive growth and expansion within the Nigerian and African markets.\nThis is according to a press release signed by Bolarin Okunowo, the Managing Director of Portland Paints, made available on NSE, Monday, 26th October 2020.\nThe completion of the proposed merger is subject to approvals being obtained from the Federal Competition and Consumer Protection Commission, the Securities and Exchange Commission (SEC), The Nigerian Stock Exchange (NSE), the Federal High Court, as well as shareholders of CAP and Portland Paints.\nShould the proposed merger go ahead, CAP Plc will emerge as the resultant entity.\nThe proposed merger will be executed by way of a Scheme of Merger (the “Scheme”) in accordance with Section 711 of the Companies and Allied Matters Act, 2020, and other applicable laws, rules, and regulations.\nThe Scheme will involve the transfer of all Portland Paints Plc’s assets, liabilities and business undertakings including real property and intellectual property rights to CAP Plc.\nIn consideration for the transfer, CAP Plc is offering shareholders of Portland Paints a choice to receive N2.90 cash for every Portland Paints share held OR 1 new ordinary share of CAP Plc, credited as fully paid up for every 8 Portland Paints shares held.\nThe proposed consideration represents a 45% premium to the last traded share price of Portland Paints Plc on October 16, 2020, being the last business day prior to the date on which CAP Plc sent its merger proposal to the Board of Portland Paints and a 41% premium on the trading price as at close of trading on October 23, 2020.\nCommenting on the proposed merger, David Wright, Managing Director of CAP, said, “The decision to pursue the proposed merger, is driven by the Board’s strategic plan to aggressively grow within the Nigerian and African markets.\n“We believe that the Proposed Merger presents a unique opportunity that will benefit all stakeholders, from shareholders to customers, as well as the broader economy. I am excited by the prospect of an enlarged company with a broader decorative paint portfolio covering the premium, mid-market and affordable segments and the inclusion of marine and protective coatings, all of which will benefit our customers and shareholders.”\nThe Managing Director of Portland Paints, Bolarin Okunowo, submitted that “In recent months, the Board and Management of Portland Paints have evaluated various strategic options with a view to positioning our company to capture emerging growth opportunities.\n“CAP Plc’s business is complementary to ours, and both companies will be better able to serve our respective customers by coming together. I believe the combination of Portland Paints and CAP will yield significant benefits for all of our stakeholders.”\nMutual shareholder\nPortland Paints and Products Nigeria Plc – with 85.98% of the company’s issued share capital owned by UAC Nigeria Plc, manufactures and sells decorative, industrial, and marine/protective coatings for the construction of oil & gas industries in Nigeria. Portland Paints is the Nigerian representative of Hempel. It is listed on the NSE.\nChemical and Allied Products Plc (CAP) – a subsidiary of UAC Nigeria Plc – which holds 51.49% of the company’s shares, manufactures and sells premium and standard paints and coatings, and is the sole technological licensee of Akzo Nobel Coatings International B.V. in Nigeria. It is listed on the NSE.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/10/27/cap-plc-set-to-merge-with-portland-paints-and-products-plc/"}

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+{"doc_id": "08116655271520bf3b6dab06f632939f", "text": "Having posted a profit of N36 billion for the half-year ended June 30, 2019, Stanbic IBTC Holdings Plc has rewarded shareholders with an interim dividend of N10.2 billion, writes Goddy Egene\nWhen investors buy shares of companies, one of the ways to get returns is dividend payment. Some companies pay dividend twice a year, a situation that always boost the liquidity of investors. The challenging operating has affected the dividend paying ability of many companies. However, Stanbic IBTC Holdings Plc has announced an interim dividend of 100 kobo per share for half year ended June 30, 2019 despite a decline in the bank’s bottom-line.\nFinancial performance\nThe audited results of the bank showed an increase of three per cent to N117.4 billion, from N114.2 billion posted in the corresponding period of 2018.\nNet interest income went down from N40.2 billion to N39.3 billion, while non-interest revenue increased by two per cent to N54.9 billion, from N53.8 billion in 2018.\nProfit before tax fell by 12 per cent to N44.7 billion, from N50.7 billion, while profit after tax stood at N36.2 billion, down 16 per cent compared with N43.1 billion in the corresponding period of 2018.\nThe board has declared an interim dividend of 100 kobo in line with its commitment to delivering returns to its shareholders\nGross loans & advances improved by five per cent to N479.7 billion, from N458.9 billion, deposit mix improved to 68.9 per cent. In terms of capital and liquidity, the group’s total capital adequacy ratio remained strong at 27.3 per cent, which is significantly higher than the 10 per cent minimum regulatory requirement.\nThe group maintained its strong liquidity position within approved risk appetite and tolerance limits. Its liquidity ratio closed at 81.4 per cent, above the regulatory minimum requirement of 30 per cent and indicates the group’s sound position to continue meeting its liquidity obligations in a timely manner.\nCEO’s explains performance\nSpeaking on the results, Chief Executive, Stanbic IBTC Holdings, Yinka Sanni, said the group’s business segments were profitable, despite the challenging business and regulatory environment.\nHe said: “Our financial results in the first half of 2019 reflected similar trends encountered in the first quarter. The operating environment remained muted, regulatory changes coupled with the highly competitive landscape continued to impact overall returns.\n“Still, our diversified business model continues to set us apart. Our business segments remained profitable and resilient although at a slower pace when compared to prior year.”\nSanni, disclosed that there has been a return to growth in the second quarter, mainly from the communication and oil and gas sectors.\nHe further added that the gross non-performing loan to total loan ratio which was 3.91 per cent, was within acceptable regulatory limits.\nSpeaking on other areas of the mid-year results in which the Group experienced growth, he noted that assets under custody rose to N7 trillion (representing a 42 per cent growth) while assets under management grew by eight per cent to N3.5 trillion.\nSanni highlighted three areas through which Stanbic IBTC Holdings achieve growth targets as: EZ cash loan/advance, a recently launched instant credit solution; enhanced migration of customers to digital platforms and the launch of RetireWell Individual Retirement Savings Account, a retirement savings account targeted at self-employed individuals.\n“To further drive credit growth, in the retail space, we launched an instant credit solution named EZ cash loan/advance, which gives access to loans in less than a minute to pre-approved customers. This, among other initiatives, will enable us achieve the targeted loan growth for the year,” he said.\n“The disciplined execution of our digital strategy has seen customers increasingly adopting and transacting on our digital platforms. The number of transactions performed by customers on our digital channels was up 26 per cent between H1 2019 and H1 2018.\n“This translated into a year-on-year growth of 71 per cent in electronic banking fees.\nMoreover, we instituted a digital academy targeted at equipping staff with digital skills at various levels while also driving collaboration with Fintech players to position us for early adoption of innovative solutions.”\n“Following the launch of the micro pension initiative by the government earlier in the year, we deployed the RetireWell Individual Retirement Savings Account.\n“We have put in place strong agency network in key locations to drive growth in this area and we have made good progress in this regard,” Sanni added.\nThe CEO noted that the continued strategic drive to reduce cost of funds resulted in a further release of expensive deposits in the second quarter leading to low-cost deposits ratio of 68.9 per cent.\nHe said loans and advances returned to growth in the second quarter mainly from the communication and oil& gas sectors.\n“The disciplined execution of our digital strategy has seen customers increasingly adopting and transacting on our digital platforms. The number of transactions performed by customers on our digital channels was up 26 per cent between H1 2019 and H1 2018.\n“This translated into a year-on-year growth of 71 per cent in electronic banking fees. Moreover, we instituted a digital academy targeted at equipping staff with digital skills at various levels while also driving collaboration with Fintech players to position us for early adoption of innovative solutions.\nOur liquidity and capital positions remain robust and well above regulatory limits.\nAnalysts’ assessment\nLooking at the results, analysts at WSTC Research, said the decline of 12 per cent was informed by a lower impairment credit write-back for the period and an increase in operating cost. PAT declined by 16 per cent on the back of a higher effective tax rate.\nWSTC noted that higher funding cost depressed net interest income. The bank explained that interest income grew mildly by one per cent from N59.92 billion to N60.78bn in H1 2019, on the back of relatively flat growth in interest on loans and investment.\nAlthough credit and advances increased by seven per cent from N412.13 billion to N470.9 billion in H1 2019, the lower average yield on loans muted growth in interest income. On the flip side, interest expense rose faster by faster from N19.76 billion to N21.47 billion in H1 2019 despite a 15 per cent decline in customer deposits. Customer deposits decreased from N967.96bn to N822.48 billion due to the liquidation of some ‘expensive’ term and call deposit, which fell by 37 per cent and 42 per cent, respectively,” the analysts said.\nThey added that nonetheless, the spike in interest on borrowed funds by 77 per cent to N6.93 billion, and the increase in interest on savings and current accounts by 33 per cent and 45 per cent, respectively, dampened management effort in the funding cost optimisation strategy.\n“As a result, cost of fund rose by 150bps to five per cent and net interest margin declined by 30bps to per cent. Non-interest income grew by two from N53.83 billion to N54 billion a two decrease in net fees and commission revenue. Net fee and commission revenue declined from N36.69 billion to N35.97 billion due to the impact of regulatory fee reduction on assets under management. However, the 10 per cent growth recorded in both the trading and other revenue informed the growth in non-interest revenue. On the back of lower net impairment reversal on financial instruments of N557 million in H1 2019 compared with N5.51 billion in H1 2018 amid three per cent rise in operating cost from N48.78 billion to N50.07 billion, PBT print lower at N44.65 billion (H1 2018: N50.73 billion) and PAT settled at N36.25 billion (H1 2018: N43.08 billion)for the period,” WSTC added.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/09/11/stanbic-ibtc-delights-investors-with-n10-2bn-dividend"}

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+{"doc_id": "08139f057f3bc3d9e9c33efd42d81bd1", "text": "President Muhammadu Buhari has announced that the 2020 budget estimate will be based on the newly proposed 7.5% Value Added Tax (VAT). The disclosure was made by the President while presenting the 2020 budget to the National assembly on Tuesday.\nAccording to the President, the additional revenue to be generated from the higher VAT rate would be deployed to the health and education sectors as well as the various infrastructural development programmes.\nThe details: While speaking on the parameters and fiscal assumptions underpinning the 2020 appropriation and finance bill, President Buhari disclosed that a conservative oil price benchmark of US$57 per barrel has been adopted, while the daily oil production estimate is put at 2.18 mbpd with an exchange rate of N305 per US Dollar.\nIn order to achieve the 2020 budget, the president included a finance bill for the consideration of the Senate and passage into law. In the finance bill, five strategic objectives were highlighted. The five strategic objectives include:\nPromoting fiscal equity by mitigating instances of regressive taxation;\nReforming domestic tax laws to align with global best practices;\nIntroducing tax incentives for investments in infrastructure and capital markets;\nSupporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and\nNew VAT approved? In the financial bill draft, it was clearly stated that the 2020 Appropriation Bill is based on the proposed VAT rate of 7.5%, which was recently approved by the Federal Executive Council (FEC). Recall, that the FEC approved the VAT increment from 5% to 7.5%.\nAccording to the President, as the States and Local Governments are allocated 85% of all VAT revenues, the new VAT guarantees greater quality and efficiency in states’ spending.\nIt was further stated that the VAT Act already exempts pharmaceuticals, educational items, and basic commodities, which exemptions are being expanded under the Finance Bill, 2019. Specifically, Section 46 of the Finance Bill, 2019 expands the exempt items to include the following:\nBrown and white bread;\nCereals including maize, rice, wheat, millet, barley and sorghum;\nFish of all kinds;\nFlour and starch meals;\nFruits, nuts, pulses and vegetables of various kinds;\nRoots such as yam, cocoyam, sweet and Irish potatoes;\nMeat and poultry products including eggs;\nMilk;\nSalt and herbs of various kinds; and\nNatural water and table water.\nAdditionally, the president disclosed that the threshold for VAT registration is raised to N25 million in turnover per annum, such that the revenue authorities can focus their compliance efforts on larger businesses thereby bringing relief for the Micro, Small and Medium-sized businesses.\nKey Takeaways: Reactions are trailing the decision of the Presidency to adopt a senate unapproved VAT to prepare a budget, as experts are of the opinion that the government cannot just assume that the National Assembly will approve the VAT increment from 5 to 7.5%.\nWhile the proposed VAT increase still awaits the approval of the National Assembly in order to give it a legal backing, this suggests that the Federal government already assumes that the newly proposed VAT will definitely get the backing of the national assembly.\nThe supposed approval also came against the backdrop of several criticisms regarding the proposed VAT increase.\nExperts have raised concerns that the proposed VAT increase would heap more misery on the people.\nHowever, with the inclusion, this suggests Nigerians should brace up for the implementation of 7.5% which is expected to flag off by January 2020. In essence, this is expected to increase the country’s revenue.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2019/10/08/breaking-buhari-announces-2020-budget-based-on-new-7-5-vat-increase/"}

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+{"doc_id": "0bf4efff45b22b4b5e997574dd718d3e", "text": "- Moves to tighten noose against FX round tripping\nBy Obinna Chima\nIn line with its determination to boost dollar supply in the economy as well as to bridge the wide gap between the interbank foreign exchange (FX) market and the parallel market, the Central Bank of Nigeria (CBN) yesterday pegged the Naira exchange rate for payment of school fees (strictly universities) abroad and Personal Travel Allowance (PTA) at N375 to the dollar.\nThe central bank disclosed this in a closed-door meeting it held with all chief executive officers of commercial banks as well as other authorised FX dealers in attendance. The meeting took place in Lagos.\nA source who was at the meeting said the new rate for school fees and PTA would become effective from Monday.\nAccording to the source, the CBN Governor, Mr. Godwin Emefiele who chaired the meeting, assured that the central bank would provide enough dollars to meet all FX demands for these invisible items.\n“For tuition fees, the CBN said it would only cater for those in the universities and the persons involved can only get $15,000 per term and the FX would be wired directly to the school abroad. We (the banks) were all told to ensure compliance and that heavy sanction awaits any authorised FX dealer that flouts this rule,” the source added.\nTHISDAY also gathered that applicants for FX for tuition fees must have tax clearance certificates and Bank Verification Number.\nThe move, according to another source is to drastically reduce FX round-tripping which appears to be one of the factors responsible to the wide gap between the interbank FX market and the parallel market.\nOn the other hand, for PTA, the source said: “People are entitled to PTA only if their flight(s) is not less than five hours and they are only entitled to $4,000 per quarter.\n“The CBN has also undertaken to provide enough dollar liquidity to see these through.”\nEmefiele had while making a presentation to members of the National Executive Council (NEC) on Thursday appealed for patience, saying that the CBN was working on halting the widening gap between the interbank FX market and the parallel market.\nThe NEC members had generally expressed concern over the current situation of the exchange rate and called for an urgent review of the current forex policy, especially the gap between interbank and the parallel market rates.\nBut Emefiele sued for patience and understanding, assuring that the situation was being closely managed.\nMeanwhile, the Naira maintained its value of N516 to the dollar on the parallel market yesterday.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2017/02/18/cbn-pegs-dollar-rate-for-school-fees-pta-at-n375"}

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+{"doc_id": "0cc6c65bbce33edabd5431a7ed951203", "text": "- Truce gives Buhari time to come up with plan for region\nEmmanuel Addeh in Yenagoa\nThe federal government and militant groups in the Niger Delta, including the Niger Delta Avengers (NDA), which has claimed responsibility for a series of attacks on oil and gas installations in recent months, have agreed to a 30-day truce to give President Muhammadu Buhari time to come up with a comprehensive plan for the oil-rich region, investigations by THISDAY have revealed.\nThe “30 days of quiet” was said to have been agreed upon last week by a federal government team led by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and representatives of the militant groups, community leaders and the state governments.\nLast week, Kachikwu had led a government delegation to different camps in Bayelsa and Delta States, including visiting the temporary site of the Maritime University at Okerenkoko, Gbaramatu Kingdom in Warri South Local Government Area of Delta State, in a bid to reach out to representatives of the militant groups to get them to stop its attacks on oil and gas facilities.\nThe activities of the militants have halved Nigeria’s oil production to some 1.4 million barrels per day, impacted negatively on power supply in the country and the country’s oil earnings.\nAccording to a source who opened up on the 30-day period of truce, Kachikwu was said to have reached out to the militants through back channels and pleaded for some time for the Buhari administration to come up with a comprehensive Niger Delta plan that would address most of their demands.\nThe militant groups, the source said, accepted Kachikwu’s plea, adding that since the agreement was reached there had been no attacks on oil and gas installations in the oil-rich region.\n“You would have noticed that there have been no bombings of oil assets in recent days. This is the fall out of the 30 days of quiet reached with the minister and his team.\n“This will give the president time to come up with a comprehensive plan for the Niger Delta,” the source informed THISDAY.\nHe also revealed that some of the demands made by the militants were for greater control of the hydrocarbon resources in their communities, improved funding for the Amnesty Programme, clean-up of oil producing communities in the Niger Delta that had been devastated by oil exploration activities, and funding for the Maritime University, among others.\nHe added that the problem with respect to the Maritime University stemmed from the fact that Minister of Transportation, Mr. Chibuike Amaechi, whose ministry superintends the university, did not provide for funding of the institution in the 2016 budget.\nThe absence of funding for the tertiary institution was compounded by Amaechi’s preference for funding the Maritime Academy of Nigeria in Oron, Akwa Ibom State, and his demand that a probe be carried out into why N13 billion was spent on acquiring the land alone for the university in Okerenkoko, which resulted in an open disagreement with Kachikwu on the issue.\nThe source said the N13 billion was allegedly paid to ex-Niger Delta militant and fugitive, Mr. Government Ekpemupolo, better known as Tompolo, and has formed part of the basis of his prosecution by the Economic and Financial Crimes Commission (EFCC).\nPrior to the agreement temporarily ending the attacks on oil facilities in the Niger Delta, the federal government had ordered the military to withdraw its troops, fighter jets and battleships that had been deployed in the region to flush out the militants.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2016/06/21/fg-niger-delta-militants-agree-to-30-day-ceasefire"}

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+{"doc_id": "0dac941f1582cf908fe7709596bc0d33", "text": "A new world bank report seen by Nairametrics has painted a very grim picture of the economy today and in the future. According to the World Bank, Nigeria is facing “potentially the most severe downturn in four decades…even if the outbreak is contained”.\nThe report was included in a webinar presentation “ALIPA Webinar” dated August 27, 2020.\nAccording to the World Bank, the double whammy of the oil price fall, and the COVID-19 pandemic has put Nigeria on the path to economic ruin and may not get out of it quickly if significant policy changes are not made. The report pointed out that the Oil Price Collapse is Destabilizing the economy and affecting fiscal and external balances, and growth.\nIt also lamented that the Covid-19 Pandemic is reducing foreign remittances and adding to the households’ loss of income and consumption. It also exclaimed that foreign capital inflows are also expected to decline adding to external payment pressures.\nWith all these grim predictions it projects a GDP contraction of -3% for 2020 “possibly triggering the worst recession in four decades.” The National Bureau of Statistics on Monday reported the Nigerian economy contracted by 6.1% in the second quarter of the year due to the Covid-19 pandemic and the crash in oil prices.\nThe World Bank also outlined suggestions for Nigeria’s foreign exchange management as well as some of its economic policies\nUnify exchange rates into a single window, and increase exchange rate flexibility now, before foreign exchange reserves are further depleted and pressures mount for a much larger and disruptive devaluation that would hurt the poor\nEase foreign exchange restrictions to limit inflationary pressures and increase supply of food and key staples (e.g., health-related products).\nRefocus management of monetary policy toward the primary objective of price stability\nPhase-out land border closures to limit inflation and direct private sector development to more competitive ends\nContinue making management of public debt more transparent\nReview prudential requirements related to bank sales of non-performing loans to AMCON and similar companies to transparently streamline the process for efficient resolution of nonperforming loans", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/08/28/world-bank-predicts-nigerias-impending-recession-will-be-worst-in-40-years/"}

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+{"doc_id": "0e619f14049e5de143c079dc62e6dca0", "text": "Though Lagos State is under the firm grip of the All Progressives Congress, the Peoples Democratic Party House of Representatives candidate in 2015, Hon. Tony Bakare, is itching to represent the constituency at the federal level, writes Jameelah Sanda\nHaving observed the trend of events and developments in Eti-Osa federal constituency of Lagos State in the past 16 years, Hon. Tony Omotesho Bakare is convinced that there has been a disconnect with the people of Eti-Osa local government in respect of their social and economic well being.\nTo him, for too long, people in that constituency have been taken for a ride, oppressed and treated with impunity. So, this time around, the “take it or leave it syndrome must stop – imposition must not continue any further, a growing consciousness that now translates into the Yoruba parlance (No More Baba S’ope).\nBakare had since arrived at the conclusion that Eti-Osa deserves a better deal and respect from the democratic order. To guarantee their rights, happiness and satisfaction, he opted to contest in the forthcoming House of Representatives electionslated for February 14, 2019.\nIn 2015, he won the ticket of the Peoples’ Democratic Party (PDP) to represent the interest of the constituency at the lower chamber of the National Assembly but he did not win the election but this time around, he is cocksure that he would record victory against the ruling All Progressives Congress (APC) at the general election.\nAccording to him, his main drive is to impact positively on the people and change the political direction of Lagos State in accordance with the manifesto of the PDP.\nBorn in Lagos Island on December 1, 1969, Bakare began primary education at The Nigerian Model High School, Idi- Oro and thereafter proceeded on to the secondary arm of the institution, The Nigerian Model High Schools, Idi-Oro. After completing his secondary education, he gained admission into the Federal Polytechnic, llaro and graduated in 1994.\nAt the completion of his course in Business Administration, he served for a number of years in the financial sector at Pacific Merchant Bank and Pinnacle Merchant Bank. He also worked with other institutions such as True Foods Nigeria Limited, MICON Engineering and Nigerian Ports Authority (NPA).\nThereafter, he decided to put the skills he acquired over the years to use in the private sector. As a man of immense abilities known for savvy business style and acumen, he developed interest in real estate, hospitality and hotel management sectors.\nTo his loyalists, Bakare is a competent manager of human and economic resources. He is well aware of the tragic story of the people and this was primarily what prompted him to join politics in his unquestionable thirst to rescue his people by joining other lawmakers to make laws for good governance. He said he would wish to be a part of the rescue and winning team.\n“I am convinced in my innate ability to serve the constituents of Eti-Osa federal constituency, the party and the nation, especially leveraging on my wealth of experience to provide them with the level of service, performance and conduct they really deserve.\n“My political ideology is predicated on accountability, fairness, and equity. I will ensure that the quality of life of the Nigerian masses is vastly improved. My values have been strongly shaped by my life experiences as well as the Nigerian political and economic situation,” he assured the people.\nCommentaries on Bakare show that he lives a life of philanthropy in his community. He has remained a bonafide, committed and loyal card-carrying member of PDP since 1999. And he contributed immensely to the growth, development and success of the party through his work in various committees including the youth campaign for Osibanjo and the coalition of Goodluck Jonathan to mention a few.\nBakare said: “As a core party man, I have engaged in politics of consistency and loyalty- being fully committed to my party, PDP. Being a well-groomed grassroot politician, I believe in the fact that politics should be used as a tool to better the lives of other people, which informed my decision to run the House of Representatives race.\n“I understand that the people of Eti-Osa federal constituency who own properties and reside around the coastal areas; the Atlantic splendour of Lagos State, the goose that lays the golden egg for the state, have peculiar problems which are real, serious and enormous. A reflection of famine in the midst of plenty. We shall economically emancipate the people of Eti-Osa federal constituency through unflinching, sagacious, articulate and purposeful representation in the House of Representatives.\n“I am an independent-minded individual with an even-keel temperament, charisma and a knack for consensus building. I am known for bravery in speech as an advocate of the masses, and I listen to hard truths when necessary. I have a passion for good family, public education, health care, economic development and job creation vis-a-vis creating enabling opportunities and expanding the scope of tourism in Lagos State.\n“I would like to explore Eti-Osa’s inherent aquatic splendour advantage and other tourism potentials. I am a firm proponent of ethical reforms and social integration for the greatest number.”\nGiven the mandate to lead the people, he said he would use the opportunity to initiate bills for the peace, progress, stability and good governance in the Federal Republic of Nigeria at large.\n“We will effect a new generational change of leadership that will create monumental development in the constituency, which will cause a paradigm shift for the people of Eti-Osa for many years.\n“I will address the various ecological challenges, erosion and man-made problems occasioned by years of neglect, decayed corruption and unguarded extrusions of the people in the area.\n“There shall be immediate cancellation and subsequent conversion of the four toll-gates collection points at Admiralty, Conservation by chevron Round- About, Lagos Business School and Lekki Ikoyi link bridge to security check centre(s) and not for collection of tolls.\n“I shall facilitate the establishment of Lekki road maintenance trust fund policy, and the removal of the abnormal fencing along the Lekki-Epe Expressway, which has negatively affected major business outfits, profits turnover and inhabitants.\n“I shall advocate against the machinated demolition and displacement of Jakande and Ikota Housing Estates and residents by the APC-led administration, through mobilising and galvanising support at the Lagos State House of Assembly and Federal House of Representatives for the overall development of Eti-Osa federal constituency.\n“I will ensure that the delivery of the dividends of democracy in Eti-Osa. The overall goal is to see to the actualisation of resource management, human capital development, employment opportunities for the youths, women empowerment, educational support programme, healthcare service delivery, welfarist goals and infrastructural development in Eti-Osa, ensuring that the impact of the three tiers of government (Local, State and Federal Government) is adequately realised and sustained for the greater benefits of the people of Eti-Osa.\n“More so, I intend to create and unlock opportunities for the people of the area by harnessing the water bodies, which the area is abundantly blessed with.\n“I would also boost the tourism potentials of the area, in order to alleviate poverty and avert the imminent ecological changes facing the coastlines and water front areas, such as erosions, illicit dredging, ocean surge, green gas emission, climate change burdens and travails, shall be taken head-on by the Lagos State and Federal Government of Nigeria.\n“Ultimately, I will ensure the propagation of good laws. I am absolutely confident that I will utilise my representation to better the lots of the entire people of Eti-Osa and Nigerian masses by promoting bills, and onwards passage of beneficial and good laws,” he said.\nEti-Osa, where he hopes to represent is the area covering Ikoyi – Obalende, Banana Island, Park View, Dolphin Estate / Ijeh Barrack, Falomo, Takwa-Bay, Iru-Victoria Island, 1004, Lekki Phase I, Jakande/Ikota, Ikate-Elegushi, Ajiran, Lekki-Ajah, Ogombo/Okun Mopo, Abraham Adesanya Estate, VGC, Badore / Oke-Ira / Ado Langbasa Communities and Ajiwe Sangotedo/ Oko – Ado and its environs.\nDespite the fact that Lagos is currently in the strong grip of the APC, he is passionate about his ambition on the grounds that he possesses the criteria to turn around the lives of the people in the area and that the people know it.\n“We cannot continue to say that all is well when our people are groaning under the agony of poverty, lack, joblessness, environmental hazards and political oppressions,” he noted.\nAttachments area", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2018/09/03/bakares-dreams-for-eti-osa"}

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+{"doc_id": "0f62564795d829225c8ce36c0e5086ce", "text": "The drop in crude oil prices took a number of sovereign rating cuts on oil-exporting nations yesterday, including Nigeria, Mexico, Angola, Ecuador and Oman, although the major cause of the oil slump, Saudi Arabia and Russia, were both spared.\nNigeria was pushed deeper into ‘junk’ territory to B-, Mexico was lowered to BBB, leaving it just two cuts from junk, Colombia is now just one step away, while Angola and Ecuador were both chopped into the CCC default danger zone.\nS&P Global Ratings agency said in a summary of its action, “We have lowered the ratings or assigned a negative outlook on some sovereigns because of their heightened risk to manage the fiscal and external shock resulting from lower (oil) prices in addition to the blow to economic growth as a result of the pandemic.”\nCrude oil prices have dropped more than 60% this year as the combination of an oil market battle between Saudi Arabia and Russia and the global Coronavirus pandemic.\nS&P also slashed its Brent oil prices assumptions for the year to $30 a barrel as part of its move. It warned last month that a drop to an average of $40 could leave the Middle East region’s average sovereign rating just one notch above ‘junk’ by 2040.\nIn addition, India, the third world largest crude buyer, slashed interest rates in an emergency move today, to counter the economic fallout from the coronavirus pandemic after the Federal Government locked down the country in order to slow the spread of infections across the region.\nThe Reserve Bank of India lowered the benchmark repo rate by 75 basis points to 4.40% after a video conference meeting of its monetary policy committee (MPC), which was brought forward to respond to the crisis.\nEven before the COVID-19 struck, India’s economy had been struggling and growth had probably weakened to at least an eight-year low this quarter and is likely to slow even more.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/03/27/sp-downgrades-nigeria-to-junk-rating-as-india-cuts-interest-rates/"}

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+{"doc_id": "105280d66687cc0e26cc2c740b2f2854", "text": "Commercial banks borrowed N19.64 trillion from the Central Bank of Nigeria in 2019, indicating a 73% increase from the N11.36 trillion borrowed in 2018. This was revealed in the apex regulator’s financial data report.\nThe banks through the apex’s bank Standing Lending Facility (SLF) window borrowed N7.43 trillion in the second half of 2019 against N4.5 trillion borrowed within the same period in 2018.\nMeanwhile, the SLF window witnessed increased patronage compared to the decline in the Standing Deposit Facility (SDF) as commercial banks strive to meet the CBN’s 65% Loan to Deposit Ratio policy.\nThe SLF is a platform that commercial banks access funds to carry out their business activities and meet obligations. The SDF window is the portal where commercial banks deposit fund with the apex bank.\nExperts say …\nWhile some analysts have raised concerns following the rising threat of liquidity problems in the financial services sector, others warned that there is need for commercial banks and merchant banks to square-up their financial position in 2020.\nChief Economist/Head, Investment Research PanAfrican Capital Holdings, Moses Ojo, attributed the increase in the SLF to the low liquidity of some commercial banks, noting that most tier-three commercial banks had borrowed heavily from the Central Bank to square up their daily business activities.\n“The factors that accounted for this is mainly the low level of liquidity of some of the commercial banks in the country. While some of the operators have a strong liquidity base, while others are struggling. The operators in this category are mostly in the third-tier class in the banking sector.”\n“The weaknesses in the liquidity base of these operators led them to seek cover from the regulator during the period.” Ojo said\nA research analyst at Investment One Financial Services Limited, Abayomi Ajayi, also stated that the 73% increase in the SLF last year was due to the liquidity challenges in the sector.\n“The increase may have been the impact of the prevailing liquidity conditions in the banking system witnessed in 2019. As we know, the CBN retained its tight stance on monetary policy in its bid to maintain price stability and check inflation.”\n“Most of the lending from the CBN would have gone to tier II banks as they felt the brunt more during the period.” Ajayi said\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/01/12/banks-borrow-n19-64trillion-from-cbn-in-2019/"}

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+{"doc_id": "10cdd6351fdd022faae3785efe5a9ea7", "text": "This is the summary of the daily performance of major economic indicators and highlights from trading sessions and key statistics such as Treasury Bills and FGN Bonds.\nThis report is dated July 22nd.\n***FG, Siemens sign agreement to generate 11,000MW by 2023***\nBonds: The FGN Bond market traded on a significantly bullish note, with yields lower by c.20bps on the day, as coupon payments on the FGN 2026 bond further boosted demand interests, whilst market players maintained a firm bullish bias ahead of the CBN’s interest rate decision tomorrow.\nWe expect yields to remain depressed in tomorrow’s session, with Coupon payment on the FGN 2030 bond expected to further bolster demand interests.\nTreasury Bills: The T-bills market remained slightly bullish, with yields lower by c.9bps on the day. Demand interests were however slightly subdued on the back of the squeeze in system liquidity from the Wholesale FX sale by the CBN.\nWe expect rates to remain relatively stable as market players maintain a cautious trading stance at current low yield levels.\nMoney Market: Rates in the money market spiked by c.10pct as system liquidity was drained by the c.N75bn wholesale FX sale by the CBN. The OBB and OVN rate consequently ended the session at 19.57% and 21.14%, with system liquidity currently estimated at N5 billion negative.\nWe expect rates to ease lower tomorrow, as banks gain access to the CBN’s SLF window for their funding needs.\nFX Market: At the interbank, the Naira/USD rate fell by 5k to N306.95/$ at the spot market, while the SMIS rate remained unchanged at 357.52/$. The NAFEX closing rate at the I&E window was marginally higher by 2k to N361.48/$, whilst the market turnover dipped by c.60% to $90m. At the parallel market, the cash and transfer rates remained stable at N357.50/$ and N361.50/$ respectively.\nEurobonds: The NIGERIA Sovereigns remained stable, with yields relatively unchanged on the day.\nIn the NIGERIA Corps, we witnessed sustained demand interests on the ACCESS 2021 and ETINL 2024. A total amount of $450m would be repaid to the FBNNL 2021 bondholders tomorrow, following the call announced on the 17th of June 2019 and effective 23rd July 2019.\nDisclaimer: Whilst proper and reasonable care has been taken in the preparation and accuracy of the facts and figures presented in this report, no responsibility or liability is accepted by Zedcrest Capital or its employees for any error, omission or opinion expressed herein. This report is not an investment advice or a research recommendation and should not be regarded as such. The information provided herein is by no means intended to provide a sufficient basis on which to make an investment decision.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2019/07/23/market-players-place-bullish-bets-on-fgn-bonds-ahead-of-mpc/"}

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+{"doc_id": "126f8a1431f1aef1fa402b6660b28769", "text": "MARKET INDICATOR\nBy Obinna ChimaÂ\nThe Central Bank of Nigeria (CBN) is expected to continue its open market operations (OMO) mop up as N123.5 billion maturing instrument hits the market this week.\nDespite system liquidity in deficit on all trading days of the week, the central bank continued with its daily OMO mop-ups, which took place on four days of the week.\nAlso, activities in the treasury bills market stayed soft last week on account of the weaker liquidity levels.\nA breakdown of the activities during the week by Afrinvest West Africa Limited, showed that on Monday, average rate on benchmark tenors settled at 17.6 per cent, marginally down by one basis point, from the preceding Friday, as buy sentiment on shorter tenored instruments offset the impact of sell offs recorded across longer-dated bills.\nIt also showed that on Wednesday, there was a treasury bills maturity of N140.9 billion, which was rolled over at the primary market auction (PMA).\nAlso, the CBN offered N28.1 billion of the 91-day (subscription: N23.3 billion, allotment: N22.8 billion); N23.7 billion of the 182-day (subscription: N33.2 billion, allotment: N24.7 billion); and N89.1 billion of the 364-day (subscription: N502.9 billion, allotment: N168.4 billion) instruments at marginal rates of 13.2%, 16.8% and 17.0% respectively.\nIt noted that due to lower stop rates at the treasury bills PMA and excess subscription for longer dated bills offered, sentiment was bullish last Thursday as average rate eased to 17.4 per cent, but increased to 17.5 per cent on Friday, down 0.2 per cent week-on-week.\n“In the coming week, we expect rates to remain at similar levels as an OMO maturity worth N123.5 billion hits the system, although we believe the CBN will continue with its OMO mop up,†it added.\nA member of the CBN’s Monetary Policy Committee (MPC), Dr. Doyin Salami had in his personal comment at the last MPC meeting, released last week, expressed concern that the most challenging issue in the economy was the adoption of a quantitative easing (QE) stance by the management of the central bank.\nSalami had said: “It is clear that the CBN has provided ‘piggy bank’ services to the federal government. To prevent the effect of continuous and massive injections of cash to fund the federal government showing up in sharply higher inflation and currency weakness, the central bank now applies ‘special auctions’.\n“We thus find ourselves at a point where government borrowing from the CBN is ‘neutralised’ by raising the Cash Reserve Requirement (CRR) of banks, thereby limiting private sector access to credit. In other words, the private sector is deliberately ‘crowded-out’.\n“It is ironic that the government, in need of tax revenues – having in the first half of the year accumulated its full-year deficit – is constraining the private sector,†he had added.\nBut the Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane, told THISDAY Thursday that the continuous and massive injections of cash by the central bank to fund the federal government’s expenditure through ways and means (or quantitative easing) would help reflate the economy, stressing that there was no easy way out of a recession.\n Money Market\nEven as liquidity levels stayed tight all through the week, money market rates traded within a tight band between Monday and Thursday but surged on Friday.\nOn Monday, open buy back (OBB) and overnight rates eased marginally to 10.3 per cent and 11.4 per cent, from 11.3 per cent and 12.2 per cent respectively due to inflow of bond coupon payment which offset wholesale FX auction announced same day.\nIn addition, the CBN conducted an OMO auction in which a total of N60 billion was offered but subscription stood at N17.6 billion which was allocated in full.\n OBB and overnight trended lower on Tuesday to 9.5% and 10.3% respectively as system liquidity improved due to refund from retail SMIS auction. Similar to Monday, another OMO auction was floated in which N60 billion was offered while total subscription and allocation stood at N14.9 billion.\nRates eased further on Wednesday but closed higher on Thursday at 10.7% (OBB) and 11.6% overnight as debits for the treasury bills PMA (N215.9 billion) held midweek and OMO auction (N207.7 billion) offset the impact of the OMO maturity (N140 billion).\nOwing to these, the OBB and overnight rates surged to 35% and 38% at the close of the week, up 23.7% and 25.8% week-on-week respectively.\nForex Market\nThe naira strengthened at all segments of the FX market last week as the CBN sustained pace of intervention while foreign investors positioned for treasury bills sold mid-week.\nAt the official market, the CBN continued with its weekly SMIS sales worth $100 million for spot and short tenured forwards under 60 days while the official rate improved from N305.95/$1 the preceding Friday to N305.90/$1 last Monday before eventually closing the week at N305.85/$1. This implied a marginal three basis points appreciation week-on-week.\nSimilarly, at the interbank market, the domestic currency depreciated from N354.99/$1 on Monday to N356.99/$1 on Wednesday, but strengthened to N353.50/$1 by the close of the week, up 0.4% week-on-week.\nBut at the parallel market, the naira exchanged for N367.00/$1 at the end of the week.\nIn the FMDQ OTC Futures market, the total value of open contracts fell by US$68.2m to settle at US$2.6bn this week. The SEP 20 2017 instrument worth US$383.3m matured during the week and was replaced with the SEP 26 2018 instrument. The most subscribed instrument is the DEC 27 2017 (US$372.4m) which currently trades at N356.91/US$1.00 while the least subscribed is the MAY 30 2018 (US$52.2m) which trades at N359.41/US$1.00.\nÂ\nBond Market Review\nThe bullish sentiment in the domestic bond market which has lasted for two weeks extended to last week’s trading sessions with increased buying interest observed across tenors.\nEarlier in the week, market performance was characterised by sell offs across tenors before the trend was reversed by mid-week and sustained till the end of the week. Activity on the first trading the day of the week was soft as average yield across Benchmark bonds opened the week flat at 16.3% (same as the preceding Friday) as buy interest in the JAN 2022 instrument (-8bps) was broadly offset by sell offs in the MAR 2027 (+8bps) instrument. Average yield marginally increased 1bp on Tuesday as sell sentiment on the JUN 2019 (+7bps) and APR 2037 (+5bps) bonds outweighed interest in the JAN 2022 (-5bps) instrument. However, performance was bullish last Wednesday and Thursday due to improved Investor appetite on account of the expectation of lower stop rates at the T-bills PMA executed on Wednesday. Hence, there was increased buying across the yield curve which drove yields 6bps downward on average on Wednesday and a further 15bps on Thursday to eventually settle at 16.1%.\nThe bullish trend lingered into Friday as average yield closed the week at 16.1%, down 0.5% week-on-week.\n“In the coming week we expect to see a bearish performance at the start of the week as investors free up funds to partake in the September Bond auction,†Afrinvest stated.\nThe bearish performance witnessed across African Eurobonds was sustained last week as US Fed Chairman guided on one additional rate hike in 2017 and released measures to unwind its US$4.5tn balance sheet.\n Consequently, yields rose across all trading SSA Eurobonds, save for the GHANA 2017 (-2.6%) and GABON 2017 (-0.4%). The largest sell offs were recorded in the ZAMBIA 2024 (+28bps), ZAMBIA 2022 (+27bps) and SOUTH AFRICA 2019 (+24bps) Eurobonds. The NIGERIA 2023, KENYA 2024 and ZAMBIA 2024 remain the best performing YTD with returns of 9.1%, 8.5% and 8.0% respectively.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com:443/index.php/2017/09/25/cbn-to-mop-up-n123-5bn"}

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+{"doc_id": "1450251b08ef0c71278cade1511d12f5", "text": "It is expected of every discerning investor to make thorough inquiries or seeking the services of professionals before taking certain investment decisions. In most cases, several Nigerians do not care about these guidelines and they usually get their fingers burnt.\nMiss Bibi Umo, a young Corps member, is one of such unsuspecting investors. She invested about $1300 cumulated from her annual savings in a crypto fund, Nigerian Calabar Company.\nThe company targeted her and other unsuspecting members of the public through the aggressive social media campaign, urging them to invest with a promise of 2% interest daily, 14% weekly and 50% monthly.\nAccording to her, the offer, which she subscribed to in December 2018, was too good to ignore, a move that made her lost her savings. Unknown to her, the investment and returns are a mirage.\nAnother investor, Miss Bimbo, opened a Bitsane account ( an Irish crypto Exchange), around May 2019. After three weeks of crypto trading, “I was trying to transfer XRP out to bitcoin or cash or anything, and it kept saying ‘temporarily disabled.’\n“I knew right away there was some kind of problem. I went back in to try to look at those tickets to see if they were still pending, and you could no longer access Bitsane.”\nXRP is a cryptocurrency used by the Ripple payment network.\nChidi Kanu, a graphic designer at an interior firm is another victim that believed she was fleeced. In her case, she invested $300 in a Nigerian cryptocurrency provider called Satowallet, hoping to keep his crypto coins safe.\nA few months later, Chidi couldn’t access his crypto wallet, even after sending numerous emails to Satowallet. The firm went offline, claimed it had technical with its servers on its webpage.\nIt is important to note that though Umo, Bimbo and Kanu might appear fleeced, there are several reputable cryptocurrencies, with no case(s) of fraud or alleged fraud. Some of them are Bitcoin, Ripple, Litecoin, Bitcoin Cash, Ethereum, and Cardano among others.\nThe Federal Government, through the Securities and Exchange Commission, on its own part has not really been quiet. While critics believe it can regulate the market better, findings revealed that SEC had clamped on several Ponzi Scheme operators and in some cases refunded the victims.\nCritics argued that the capital market apex regulator needs to be more proactive, as a number of such firms find a way to beat the regulator in the operational. For instance, when the government began a crackdown on bank accounts linked to the Ponzi scheme firms, MMM’s operators cut the banks out and asked victims to use Bitcoin.\nBy the time MMM suspended its payouts, shortly before Christmas 2016, it had swindled about 3 million people Nigerians, where the per capita annual income is less than $3,000—of $50 million.\nBillions of dollars have been lost because of the ignorance of people who are new to the cryptocurrency market. Nigeria is no exception to these crypto scammers.\nThese fraudsters know how well to capitalize on the 2017 bull run, as they promise investors huge returns within a short period. Greed may also be a common reason why people lose their money to fraudsters.\nIn addition, many of these Nigerian investors are also seeking new ways to make quick and extra profits as the nation’s economy continues to fail under the current administration.\nSadly, they end up losing all the money they have, as some owners of these Ponzi schemes tell investors that they generate returns by speculating the price movement of cryptocurrencies via claim they profit from buying and selling different coins via exchanges.\nThe Economic and Financial Crimes Commission (EFCC) declared war on fraudulent Ponzi scheme operators. It also warned the public to stop patronizing the get-rich-quick schemes. Losses from cryptocurrency crime surged to 4.52 billion dollars in 2019, as insider theft soared even as hacking losses declined, according to a report from blockchain forensics company, CipherTrace.\nDespite the warningand tales of woe and agony that usually follow the loss of money to the “money-doubling” schemes, also known as Ponzi or Crypto transaction, many Nigerians still take a chance and end up with stories that touch the heart, after losing their hard-earned money to scammers.\nAs Nigerians continue to lose millions of dollars to crypto fraud, regulatory authorities in the country seem mute and unable to take corrective actions to protect investors against crypto fraud.\nEarlier last week, the United Kingdom’s Financial Conduct Authority (FCA) issued a warning that the coronavirus outbreak might be providing criminals with the opportunity swindle investors out of their crypto assets.\n“Scammers are sophisticated, opportunistic, and will try many things,” the organization said in a statement. They are also very likely to target the vulnerable. Beware of investments that appear too good to be true. If you decide to invest in something offering a high return or in a crypto asset, you should be prepared to lose all your money.\nA major challenge remains the police, and other enforcement agencies know little about cryptocurrencies, so it becomes an issue of a bat catching a dragonfly in daylight.\nIn addition, in 2018, the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), as well as the Nigerian Stock Exchange (NSE), were all directed by the Senate to educate Nigerians on the risks involved in trading with cryptocurrencies, but this report shows the enlightenment campaign has done little or nothing to dissuade Nigerians.\nSEC recently said it was developing a regulatory framework for the digital currency sector, providing crypto education for law enforcement agencies, which would go way in protecting investors.\nDownload Nairametrics App for breaking news and market intelligence.\ngold 2 naira are complete scammers and criminal,i paid gold2naira.com 23,750 Naira for 50 dollars bitcoin and even sent them payment details.Now they have stop answering my calls but if i call with another number and they hear my voice as i introduce my self they will end the call.\nIt seems a lot of fraud is going on yet it appears to be a good investment opportunity. How does one know a genuine National or International Bitcoin company to follow?\nI am grateful for the improved sensitization on the topic. I am passionate about this topic because of my past experiences which have made me more knowledgeable. If I had access to such information in the past, I wouldn’t have been scammed as much as I was. I lost a lot of money to several investment platforms while trying to make enough money to retire early. I lost it all and didn’t know how to start all over again.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/03/22/nigerians-recount-loses-to-crypto-fraud/"}

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+{"doc_id": "14f19e490126d9a37e26806c6d6c930c", "text": "By Chineme Okafor in Abuja\nNigeria has in the last 10 years dropped from being the second highest gas flaring nation in the world to now occupy the seventh position, the Nigerian National Petroleum Corporation (NNPC) disclosed yesterday.\nAccording to the NNPC in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, the country between 2006 and 2016, succeeded in reducing gas flare from her oil and gas fields by 26 percent within the 10-year period.\nIt explained that from 36 per cent flare rate it recorded between the periods, the country now flares only 10 per cent of gas from her fields in the Niger Delta.\nThe NNPC’s report was also corroborated by the World Bank’s Global Gas Flaring Reduction Partnership (GGFR), which indicated that as at the close of 2015, Russia, Iraq, Iran, the United States, Venezuela and Algeria were the six other countries ahead of Nigeria in global gas flaring.\nNotwithstanding, the NNPC said in the statement that the rate of reduction was part of efforts to preserve the country’s environment, and monitise her gas resources.\nThe statement was provided to THISDAY in Abuja, and it noted that in explaining the gas flare reduction trend, NNPC’s Chief Operating Officer, Upstream, Mallam Bello Rabiu, noted that as at 2006 Nigeria was flaring 2.5 billion standard cubic feet (bcf) of gas, while consuming only 300 million (mscf) of gas per day.\nRabiu however stated that a raft of technological innovation had helped the industry to record a drastic flare down.\nHe added that the drastic reduction was achieved through aggressive gas commercialisation which is anchored on the country’s gas master plan.\nHe said: “The gas master plan was geared towards addressing four key critical issues of gas availability, infrastructure, commercialisation framework and gas affordability.”\nRabiu further explained that though the implementation of the plan was driven by NNPC, it was however sponsored by all the oil and gas companies operating in the country, adding that this has helped in addressing some of the issues that were confronting the gas sector.\nHe stated that in order to ensure gas affordability, the plan stipulates a lower price for gas to the power sector which is the most important economic segment of the country, while other sectors get gas at commercial rates.\nThis measure, according to him, was to ensure that gas producers get value for the gas they produce for sale.\nOn other actions by the government to end gas flaring in the country, Rabiu said government had also designed a national gas policy which would among other things end gas flaring by 2020.\nHe explained that the policy had been circulated to all operators to guide them on the direction of the government with regard to how it wants the nation’s abundant gas resources deployed.\nHe said the policy document was being studied by all stakeholders in order to put them on the same page with the government.\nRabiu also informed that the government provided a guarantee of payment to gas suppliers through the Central Bank of Nigeria (CBN) and the World Bank three weeks ago as part of incentives to get the oil and gas companies to commercialise more of their gas.\nHe said this a very important measure the NNPC had been working on since 2008.\nOn appropriate gas pricing, he stated that a Gas Aggregation Company of Nigeria had been established by all the gas producing companies in Nigeria to work towards achieving parity between domestic and export gas price.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2017/04/03/nnpc-nigeria-drops-to-seventh-highest-gas-flaring-country"}

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+{"doc_id": "152bbc99e5a75558df1d0058b1a01f4c", "text": "Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com\nBusiness News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2019/05/25/gainers-and-losers-on-the-nigerian-stock-exchange-wtd-may-24-2019/"}

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+{"doc_id": "1616e4deb01cf4bd46a6e17288522c67", "text": "Niyi Ajao\nAlan Greenspan, the US Federal Reserve Bank Chairman from 1987 to 2006, wrote in his book, ‘The Age of Turbulence,’ about his greatest worry when September 11 happened in the US that ‘If you wanted to cripple the U.S. economy, you’d take out the payment systems. Banks would be forced to fall back on inefficient physical transfers of money. Business would resort to barter and IOUs; the level of economic activity across the country could drop like a rock.’\nThis gives an indication of how important an efficient national payments system is to the development and continuous growth of the national economy.\nIn fact, in payments system studies, it is widely acknowledged that a 10 per cent increase in the efficiency of the national Payments System will grow the GDP by at least one per cent, ceteris paribus.\nThis realisation has made every country to focus on the enhancement of the national payments system in recent years. For example, the UK Payments Council had responsibility for setting strategy for UK payment mechanisms from 2007 until 2015.\nThe South Africa National Payments System Act of 1998 was put in place to provide for the management, administration, operation, regulation and supervision of payment, clearing and settlement systems in the Republic of South Africa; and to provide for connected matters. Here in Nigeria, the Central Bank launched the Payments System Vision 2020 in 2008 and this major project is responsible for the huge modernization the national payments system has witnessed since 2008.\nCash, cheque, electronic fund transfers (direct credit and direct debit), cards and bill payments are all components of the national payments system which have all witnessed commendable improvements in Nigeria such that the Nigeria payments system is in an enviable state at the moment compared with the payments system of other advanced economies. However postpaid billing has given way to prepaid billing in Nigeria and this is doing a great damage to the national economy.\nProblems with Prepaid Bills\nPrepaid billing requires that the consumer makes payment ahead of the consumption of a service e.g. in the case of prepaid phone or prepaid electricity billing, the consumer has to lock cash down in form of service credits, and then draw down on the credit gradually as the service is consumed and the service is terminated as soon as the credit is used up.\nOn the other hand, postpaid billing permits the consumer to consume the service within a contracted period, typically a month, at the end of which the service provider will present a bill to the consumer who is at liberty to either pay in full or in part e.g. postpaid phones and postpaid electricity meters.\nThe prepaid billing system keeps float in the hand of service providers. In economics, float in this context is duplicate money present in the system between the time the consumer makes a prepayment and when he actually consumes the goods/services he paid for. Cummulative float amount in an economy like Nigeria’s, where prepayment is prevalent, is considerably large and the float typically lasts for days, weeks and months.\nFloat does so much damage to the national economy. It denies the consumer the use of his money for other needs thereby reducing aggregate purchases, aggregate sales and the velocity of money with attendant adverse effect on economic growth.\nBesides, float is hardly regulated and is therefore subject to abuse. The Central Bank of Nigeria, in an effort to reduce the damaging effect of float, embarked on an aggressive reduction of float created by the cheque clearing system such that a typical cheque that would take 21 working days to clear in 2001 now takes just two working days.\nUnfortunately, the float problem is rearing its head again with the prevalence of prepaid bills in Nigeria.\nPostpaid billing on the other hand is akin to granting of consumer credit i.e. consume now and pay later. Postpaid billing benefits the economy in no small way.\nIt grows consumption and purchases by consumers thereby enhancing citizens quality of life, and sales and revenue for service providers with a resultant growth in profit, employment, business expansion, and indeed government tax income.\nPostpaid billing also facilitates a cost-effective revenue collection and an efficient liquidity management for service providers. In fact, discerning service providers usually incentivize postpaid consumers with discounts to grow the postpaid business and derive the juicy benefits.\nPostpaid Billing Must Be Promoted\nThe volume of Direct Debit instructions processed in the banking system is often used as a measure of postpaid bills while prepaid billing is generally characterized by Direct Credits.\nThe NIBSS processed up to one billion direct credit instructions but less than one million direct debit instructions in 2018, while the BACS 2017 Highlights report showed that six billion direct credit and 155 million direct debits processed in the UK.\nAccording to Althos, ‘Prepaid billing allows the service provider to obtain revenue for services without the risk of bad debt and it eliminates the need and cost for billing operations. Prepaid service is often associated with customers that may be credit challenged or who want more control over bills.’ It follows then that the huge gap between prepaid and postpaid bills in Nigeria could be easily attributed to the low level of trust that service providers generally have for consumers over the years i.e. the fear that consumers may accumulate postpaid bills and refuse to pay up.\nThis fear that is aggravated by the lack of a reliable citizens/consumers identification system – a problem which has bedeviled the Nigeria business climate for years – which makes it near impossible to penalize consumers for unpaid bills.\nThe good news is that this citizens identity problem, which has been a post-payment disincentive over the years, is largely solved in Nigeria today, with the maturity of identity schemes such as the Bank Verification Number (BVN) and the National Identity Number(NIN) which have captured the data of about 50 million adult Nigerians into a reliable identity database with efficient identity validation and verification services.\nSo stakeholders now have all it takes to grow postpaid services in Nigeria as the consumer identity and identity theft excuses are no longer tenable. It is imperative to grow post-payments to further drive the growth of the national economy.\nThe Central Bank of Nigeria released the Regulation for Direct Debit Scheme in Nigeria(revised) in February 2018 to provide the right operating environment for the growth of direct debits and post-payments in modern day Nigeria. However other stakeholders are required to focus on the following action points to take full advantage of the new regulation and the opportunities it presents:\n-\n- Service providers (that is providers of services such as telcos, paytv, discos, mortgage, microcredits) need to encourage and promote post-payments among their customers with necessary incentives;\n- Financial institutions need to provide necessary support and guidance for their retail customers and service providers alike to ensure the efficient processing of direct debit instructions which are required to effect the payment of postpaid bills in a cost-effective manner;\n- Licenced Payment Service Providers need to provide seamless, efficient and user friendly technology systems for paperless direct debit mandate creation, management, and regular execution to the delight of service consumers and service providers;\n- Citizens as service consumers must be prepared to imbibe post-payment habits so as to derive its immense benefits i.e. enhanced quality of live occasioned by the consume now pay later feature, effortless payment of postpaid bills with direct debits, and the huge contribution this has on the growth of the national economy as it greatly reduces float in the system.\nSummary\nSome have argued that prepaid billing has become so prevalent and entrenched in Nigeria as a result of citizens identity problem which has bedeviled Nigeria in past years, to the extent that postpaid billing has no prospect in the country. Payments system stakeholders must rise up and change this narrative because the complexity and sophistication of modern day national economies is such that the year-on-year increase in prepaid bills volume will continue to stagnate the national economy while the economy thrives as desired as postpaid bills volume grows.\nAjao is the Acting Managing Director/CEO,\nNigeria Inter-Bank Settlement System (NIBSS) Plc", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/02/18/how-prepaid-bills-hurt-the-economy"}

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+{"doc_id": "175dc04fd39fed5549dc01b96b87b9d2", "text": "Power Generating Companies (GenCos) have agreed to shut down power production and supply over Nigerian Bulk Electricity Trading Company’s (NBET) proposed 0.75% administrative charge and a debt of over N1 trillion.\nAccording to Punch, the Executive Secretary, Association of Power Generation Companies, Joy Ogaji, NBET’s insistence on imposing 0.75% administrative charge on the companies for payment of gas invoices and a debt of over N1 trillion owed them were the reasons for imminent power shutdown.\nThe Power Generation Companies have reportedly addressed all relevant stakeholders including the National Electricity Regulation Commission in a bid to stop the imposition of the charge by NBET. But NBET failed to yield to their pleas. The proposed shutdown could lead to widespread blackout.\n“This singular action by NBET may lead to the shutdown of power supply by Gencos, who have unanimously agreed to call the bluff of NBET.\n“It is clear from recent occurrences that NBET is not deterred. NBET has now reduced its role to blackmailing/threatening Genco investors/chairmen who have refused to concede to its illegal demand of a 0.75% charge on invoices paid to gas suppliers.\n“NBET has clearly threatened not to release payments due to Gencos until they accede to its request, urging them to agree for a quid pro quo with the 0.75% administrative charge,” Joy Ogaji said.\nMeanwhile, GenCos also owe their gas suppliers and have attributed the reason to NBET’s indebtedness to them.\n“GenCos’ indebtedness to their gas suppliers was due to “No GenCo has any outstanding gas payment that is more than what NBET owes the Genco. Put differently, NBET is indirectly charging 0.7% for paying its debt to Gencos,” said Joy Ogaji.\nNBET is licensed and regulated by the Nigerian Electricity Regulatory Commission to undertake bulk purchase and resale of electricity in the Transitional Electricity Market.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2019/11/18/gencos-to-shut-down-over-nbets-administrative-charge/"}

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+{"doc_id": "17dadf3b34440d501e9f8e5ba1911888", "text": "In a clear demonstration of its strong market share in Nigeria’s banking space, Zenith Bank Plc has posted a Profit After Tax (PAT) of N103.826 billion in its half year 2020 result, up from N88.882 billion recorded in H1 2019. This showed an increase of 16.8%.\nThis was announced by the financial institution in a statement sent to the Nigerian Stock Exchange on Thursday.\nDespite the negative disruption of economic activities caused by the COVID-19 pandemic, the Tier-1 bank’s gross earnings grew by 4.4 % from N332 billion in H1,2019 to N346 billion in H1,2020\nThe bank also recorded positive growth across key financial metrics as follows, Profit Before Tax (PBT) increased to N114.124 billion in H1,2020 as against N111.677 billion reported in H1 2019.\nAs a testament to its commitment to its shareholders, Zenith bank also announced a proposed interim dividend 30 kobo per ordinary share.\nAbout a week ago, Mr. Ebenezer Onyeagwu the Group Managing Director/Chief Executive of Zenith Bank, urged players in the non-oil export value-chain including exporters and financial institutions to play their part in the drive towards expanding the nation’s non-oil export base.\nZenith Bank stock price recorded a significant gain in its share price after the release of this impressive H1,2020 result, gaining 1.47% to close at N17.20.\nZenith Bank also prints a dividend yield of 16.28%, with earnings per share presently standing at 7.12 and a market capitalization of over N540 billion.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/09/03/zenith-banks-profit-after-tax-in-h12020-rises-by-16-8-to-n103-8-billion/"}

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+{"doc_id": "1887865c5a340ec604aa8a1b8d763e41", "text": "-  Partners M&B to produce local vaccines\n- Says no cause for worry over Buhari’s health\nOmololu Ogunmade in Abuja\nThe federal government wednesday said Nigeria had spent a whopping N49 trillion on imports in 17 years, adding that it has resolved to chart a new course for the country by saving N3.6 trillion in five years through the take off of a new innovation plan targeted at Nigeria’s industrialisation.\nIt also said that there was no cause to worry over President Muhammadu Buhari’s health, adding that he was in safe hands in London where he is receiving treatment for an undisclosed illness.\nRising from its weekly Federal Executive Council (FEC) meeting in the State House, Abuja, the government said the degree of dependence on foreign products for survival was no longer sustainable in view of the fall in oil prices and the availability of natural resources in different parts of the country.\nBriefing journalists at the end of the meeting, the Minister of Science and Technology, Dr. Ogbonaya Onu, said FEC approved a memorandum to alter the status quo and re-direct the country’s priority towards the production and consumption of locally made goods and services.\n“We will be saving N3.6 trillion to achieve this in five years. It will require that ministries, departments and agencies (MDAs) should work together. All they need will be put in the budget.\n“We will be asking for 30 per cent of the amount which will be about N1 trillion over five years. If you take about one-fifth of the N1 trillion which will be N200 billion every year by all the MDAs for five years, we can do it,†he said.\nAccording to Onu, in accordance with the approval of the council memo, the next five years will witness the exploration of existing abundant natural resources in the country for the nation’s industrialisation.\nOnu, who said the by-product of the move would be the creation of jobs for the teeming population, disclosed that the Raw Materials Research and Development Council, an agency under his ministry, had conducted extensive research in consultation with other countries, research institutes, tertiary institutions, governments and industries.\nHe said the research was meant to determine the degree of Nigeria’s dependence on foreign products and also decipher how to put paid to the imports.\n“For too long, our nation has been dependent on importation of raw materials and products and this has had very adverse effects on our economy, particularly as it concerns job creation and the search for self-reliance.\n“Nigeria is a great nation and we have an abundance of natural resources in our country. It doesn’t make sense that we leave what we have and are importing from outside.\n“For example, between 2000 and 2016, Nigeria spent as much as N49 trillion importing raw materials and products. At that time, not that it was sustainable, but our economy could manage such level of imports because crude oil sold most of the time at above $100 per barrel.\n“But definitely, such level of importation is unsustainable and we are paying the price right now because if we had depended on our own raw materials, we would have been better off.\n“With the sharp drop in the price of crude oil, Nigeria would have been able to withstand such a shock and we would not have had the problem that we are passing through now.\n“So the Federal Ministry of Science and Technology is determined to change the direction that Nigeria has passed through. In the past 56 years, we have been over-dependent on foreign commodities.\n“We have relied on massive imports, we have sacrificed jobs. But we now want to move our economy away from that direction into an innovation-driven economy.\n“So the Raw Materials Processing and Development Council, one of the agencies under the supervision of the Ministry of Science and Technology, had to undertake a very important study.\n“Before the study was done, there were extensive consultations with research institutes, countries and universities, businesses, industries, governments at all levels, to determine our level of dependence on outside products and to find a way we can stop this.\n“We looked at what other countries such as Canada, China, India, Japan and South Korea did. It was now very clear to us that if we moved in the direction that approval was given for today, Nigeria will attain its industrialisation plan in the next five years and this will be very helpful because what it means is that the abundance of natural resources can now be utilised for industrial production in the country.\n“Then, we will be able to create jobs for Nigerians. The major thrust of President Muhammadu Buhari’s administration is that we should be producing made-in-Nigeria goods so that those who want to work will be able to do so and this is the way to go\n“Above all, as a great nation, we must work for self-reliance. We must be a self-reliant nation. Other countries have achieved it. We must be able to achieve it,†he said.\nIn his own briefing, the Minister of Niger Delta, Mr. Usani Uguru, said the council received the report of a Project Technical Audit Committee from his ministry, which had hitherto been saddled with the responsibility of investigating all contracts and projects executed by the ministry since its creation in 2009 up to 2015.\nAccording to him, the committee found that out of the N700 billion appropriated for the ministry within the period, N423 billion had been spent with little or nothing to show for it.\nAccording to him, the figure, representing 60 per cent of total appropriated funds within the period, showed that the rate of execution of 427 projects awarded stood at only 12 per cent, while the impact of such projects on the region was put at a mere eight per cent.\n“So, today, we sought approval from council to have the recommendations of this report conveyed to the legitimate agencies charged with the statutory responsibility of recovering government assets that are either misappropriated, misused or found to be idling in some quarters.\n“With this, it means all those who have accessed government resources for one purpose or another must be compelled to make adequate use of same, otherwise, they would face the recommendations that go with such violations, and that is our position concerning that report. And we have got the council’s approval for that,†he said.\nAlso, the Minister of Health, Prof. Isaac Adewole, said FEC approved a joint venture agreement between the federal government and May & Baker Plc to produce local vaccines for the country between 2017 and 2021.\nThe minister further explained that under the joint venture agreement May & Baker would hold 51 per cent in the company to be established under the arrangement, while the federal government would own 49 per cent.\nHe recalled that between 1940 and 1991, Nigeria was producing smallpox, yellow fever and anti-rabbis vaccines and was quite successful at it, and had exported such vaccines to Cameroon, Central African Republic and other countries.\nHowever, he said in 1991, the vaccine production laboratory stopped producing, following the federal government’s attempt to reactivate and upgrade the facility, a move he said never took place and ended the country’s vaccine production programme.\n“What council did today was to put life into this joint venture agreement that proposes to establish a company called Bio-vaccines Ltd., which will be jointly owned by the federal government and May & Baker Plc.\n“The board of the company will comprise seven people – four from May & Baker and three from the federal government. The equity participation will be 51 per cent May & Baker, 49 percent federal government.\n“The company, between 2017 and 2021, will produce basic vaccines that we need. We have considered vaccines as a security issue. It is not only a health issue, as we need to consider the security of all Nigerians, particularly our children.\n“So, with this agreement, we will be able to produce those command vaccines and from 2021 and beyond, every other vaccine that is necessary will also be out for administration to Nigerians.\n“We are quite happy that today it has taken place and we believe that Nigeria has started the journey to vaccines security,†Adewole said.\nAdewole who said the take off funding for the project would be N100 million, added that the federal government would make its equity contribution through its existing Institute of Vaccines Research valued at N1.2 billion, while May & Baker would contribute N1.3 billion.\nThe minister, who also said the country had almost put the meningitis outbreak behind it, disclosed that Kenya Airways which recently flew the corpse of a Nigerian from the Democratic Republic of Congo (DRC) into the country, in violation of standard procedures, had been reported to the International Civil Aviation Authority (ICAO), with a view to getting the airline sanctioned.\nThe DRC is currently battling an Ebola outbreak, which has already led to four deaths in the Central African country.\nMeanwhile, the Minister of Information, Lai Mohammed, while responding to a question on Buhari’s health, said there was no cause for alarm, as the president was in safe hands in London.\nThe president returned to London three weeks ago to get treatment for an undisclosed ailment. Prior to his trip, he had spent 50 days in the British capital between January and March for the same reason.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2017/06/01/with-n49tn-import-bill-fg-looks-inwards-for-goods-and-services?share=google-plus-1"}

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+{"doc_id": "19b22f5521c1ef26d6bc659ec555a114", "text": "Obinna Chima\nWith two weeks to the September 30 deadline given by the Central Bank of Nigeria (CBN) for commercial banks to maintain a minimum Loan-to-Deposit Ratio (LDR) of 60 per cent, the financial institutions have launched an aggressive deposit drive to meet the target, findings by THISDAY have shown.\nThe total industry LDR stood at 57.64 per cent as at July 2019, which is just less than three per cent below the target, according to the latest CBN monthly economic report.\nTHISDAY, however, gathered that while some banks have exceeded the 60 per cent target, some are slightly below it.\nIn their moves to achieve the target, some banks’ recently released half-year results showed that most of them recorded improved customer deposits. For instance, while GTBank’s customer deposits increased by 6.3 per cent to N2.418 trillion, from N2.274 trillion as of December 2018; Access Bank’s customer deposits increased significantly by 63 per cent to N4.18 trillion in June 2019, from N2.57 trillion in December 2018 and the United Bank for Africa (UBA) Plc recorded 4.8 per cent growth in customer deposits, to N3.510 trillion as at June 2019, from the N3.349 trillion it was a year ago.\nAn analyst at Ecobank Nigeria, Kunle Ezun, told THISDAY that since the policy was announced, banks have been aggressive in shoring up their Current and Savings Accounts (CASA).\nEzun said CASAs are the life wire of the banks.\n“In some banks today, they have even announced that staff that can bring in enough deposits from CASA would be rewarded. So the idea is to grow your deposits so that you can have more funds to be deployed as loans.\n“So, the banks are aggressively growing their deposits to meet the deadline. What the CBN is saying is that the banks should have a minimum LDR of 60 per cent, which for me is a lovely idea that is geared towards driving economic growth.\n“By my calculation, if the banks that are below 60 per cent LDR decide to grant loan, over N1 trillion would be channelled into the system; you can imagine what would happen if we have over N1 trillion in the system.\n“That is why we can see a lot of the big banks doing advertisements around their consumer lending products.\n“They all need cheap loans to do all of that. I believe that to leapfrog economic growth, banks need to lend to SMEs and provide loans for consumer lending. That is how we can grow the economy and that is why I support the CBN policy,” he added.\nA Director and Group Head, Investment Banking at Coronation Merchant Bank Limited, Mr. Abiodun Sanusi, said the overall impact of the LDR policy was that banks would be willing to give out more loans.\n“So, overall there is a huge positive gain in this 60 per cent loan-to-deposit ratio, which means more loans would be given at longer maturity tenor,” he added.\nThe Managing Director/Chief Executive Officer, Guaranty Trust Bank Plc, Mr. Segun Agbaje, in a recent interview on Arise Television, the broadcasting arm of THISDAY Newspaper, said with the industry LDR already at 57 per cent, banks only have to struggle to achieve three per cent to get to the prescribed limit.\n“Growing three per cent by the end of September, for most banks, they would get really close while some would go over it. So, I think the CBN is being measured in its approach.\n“If we had gone from 57 to 80 in three months, then we would have had a lot of chaos. To boost real sector, you have to lend.\n“There is no way you can boost the real sector without lending. So, this is just to give the banks comfort to be able to grow their loan books and not worry too much about the non-performing loans that happened as a result of that growth,” Agbaje added.\nThe CBN had said the new LDR would be subject to quarterly review.\n“To encourage SMEs, retail, mortgage and consumer lending, these sectors shall be assigned a weight of 150 per cent in computing the LDR for this purpose. The CBN shall provide a framework for classification of enterprises/businesses that fall under these categories.\n“Failure to meet the above minimum LDR by the specified date shall result in a levy of additional Cash Reserve Requirement equal to 50 per cent of the lending shortfall of the target LDR,” the regulator had added.\nAs part of the measures to encourage lending to the real sector, the CBN had also stated that it would no longer remunerate daily bank deposit in excess of N2 billion placed at its Standing Deposit Facility (SDF), just as it would restrict banks’ investment in treasury bills.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/09/17/banks-intensify-drive-to-meet-60-loan-to-deposit-target"}

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+{"doc_id": "1ac73295187a8aa45974da6a5b99fb46", "text": "Emma Okonji\nMaking good on the strategic partnership with Orange Telecoms and its West African Affiliates, Sonatel and Orange Cote d’Ivoire, which was signed in September 2018, MainOne has confirmed the scheduled landing of the MainOne submarine cable systems in Senegal and Cote d’Ivoire in September and October 2019 respectively.\nWith the cable landing stations (CLS) in both countries fully built and ready for installation of equipment in both Dakar and Abidjan, the company is poised to undertake the physical connection of the branching units on its 7000-kilometer-long omnibus fiber pair to the shore and terminal equipment.\nThe MainOne submarine cable is being installed by the Orange Marine specialized vessel, Pierre de Fermat vessel, which has arrived in Dakar, having picked up the fiber and ancillary equipment, including repeaters from Brest, France earlier in the month. It will proceed to Abidjan to conclude the laying and final splice in the month of October, with ready for service and commercial launch of the system scheduled for November 2019.\nConsistent with its strong preference for deploying top of the range technology to deliver best-in-class services in the West Africa region, MainOne, as part of the landing project, shall deploy on the cable WSS ROADM Spectrum Sharing technology, the first of its kind to be deployed for commercial purpose in the world. This new technology will optimise the utilisation of the MainOne subsea cable, by enabling multiple operators share optical spectrum on the omnibus fibre optic pair to obtain closer to 10 terabits per second of capacity. This will be most beneficial for countries directly connected to the MainOne subsea network, and the region in general, by delivering higher volume of connectivity to achieve lower connectivity pricing that will spur the development of new digital services and promote sustainable socio-economic growth across the region.\nSpeaking on the development, the Chief Executive Officer of MainOne, Funke Opeke, restated the company’s mission to deliver world class communication and connectivity services, as the bedrock for the partnership with Orange that broadens the connectivity range in the region.\nOpeke said: “MainOne is committed to leading the digital transformation across West Africa, driving economic growth and development by enabling and empowering the ecosystem through affordable and ubiquitous connectivity. We are determined ultimately to improve the digital services of the region and today marks the realisation of that journey for Senegal with the landing of the Submarine cable which will drive substantial impact on both GDP and employment.”\nThe CEO of Orange Middle East and Africa, Alioune Ndiaye, explained that “Africa is experiencing a rapid technological evolution with mobile broadband connectivity enabling a tech ecosystem. Orange, as part of its multi-service strategy, is an important partner in the continent’s digital transformation as demonstrated by our continuous investment. Through the partnership with MainOne, we expect to see improved high speed and affordable broadband services in Senegal and Côte d’Ivoire that will reinforce connectivity and guarantee reliable access to global broadband networks.”\nMainOne’s submarine cable in 2010, became the first private subsea cable to deliver open-access, broadband capacity to West Africa, heralding the advent of high speed fibre-optic broadband in the region. The MainOne system traverses the coast of West Africa with fully operational landing stations from Seixal in Portugal through Accra in Ghana to Lagos in Nigeria, and additional branching units in Morocco, with plans to connect Canary Islands", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/09/05/mainone-cable-system-set-to-connect-senegal-cote-d-ivoire"}

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+{"doc_id": "1b27dafb65b884c764cd5e1c93023a06", "text": "Ndigbo from across the globe converged on Enugu penultimate Tuesday to elect a 17-member leadership for the apex Igbo socio-cultural organisation, Ohanaeze Ndigbo, with former minister John Nnia Nwodo and Uche Okwukwu emerging president-general and secretary-general, respectively. Christopher Isiguzo, in Enugu, writes on what the new leadership means for the Igbo\nOn January 8, Ndigbo from across the globe inched closer to attaining the much desired unity and oneness as they converged on Enugu to choose those to pilot the affairs of their apex socio-cultural organisation, Ohanaeze Ndigbo, for the next four years. The assembly elected Second Republic Minister of Civil Aviation, who later became Minister of Information in 1998, Chief John Nnia Nwodo, as president-general.\nLeadership Crisis\nPrior to the all-important election, the organisation had been enmeshed in leadership squabbles over the years, culminating in the inability of the people of the South-east to effectively join forces to achieve set goals. In clear terms, while the then Chief Gary Igariwey’s led executive battled to retain its legitimacy, another group of Igbo personalities led by Chief Ralph Obioha insisted that executive had outlived its usefulness and should be changed.\nThe development lingered until the intervention of Governor Rochas Okorocha of Imo State late last year, which made the two groups to sheathe their swords, albeit momentarily. The inability of the people of the South-east to operate as a collective has been evident. Apart from Ohanaeze Ndigbo whose leaders were entangled in a crisis, the South-east Governors’ Forum which was once formidable especially during the chairmanships of Mr. Peter Obi, then governor of Anambra State and later Senator Theodore Orji of Abia State, has equally become moribund since the last two years.\nThe development may not be unconnected with the fact that the states’ helmsmen have allowed their party differences to becloud their sense of devotion to the region’s political and economic unity. At the moment, there is no common forum through which the governors in the zone could be reached, making the zone the only one out of the six zones in the country where their governors are unable to present a common front. While three out of the five governors – Okezie Ikpeazu (Abia), Ifeanyi Ugwuanyi (Enugu) and Dave Umahi (Ebonyi – belong to the Peoples Democratic Party, their counterparts from Anambra, (Willie Obiano) and Imo (Rochas Okorocha) belong to the All Progressives Grand Alliance and the All Progressives Congress, respectively.\nReturn of Unity\nThe above made the election of last Tuesday very unique, as it signposted the beginning of unity in the zone. The major power blocs in the zone came together. They included the governors, members of the national and state assemblies, the Igbo Leaders of Thought (ILT) led by renowned constitutional lawyer, Prof Ben Nwabueze, whose deputy leader, Prof Chiweyite Ejike, took part in the election, pro-Biafra groups, including the Indigenous People of Biafra (IPOB) and the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB), affiliate bodies, including Aka-Ikenga, Izu Umunna, Igbos in Diaspora, Ndigbo Lagos, Ndigbo South West, Ndigbo Abuja, Igbo Delegates Assembly, traditional rulers, World Igbo Congress, among others. They endorsed for the Enugu election, making it the first time such a huge number of Igbo groups would be supporting an Ohanaeze general election.\nElection\nThe 64-year old Nwodo from Ukehe in Igboetiti Local Government Area of Enugu State defeated former Vice chancellor of Anambra State University of Science and Technology, Prof Chinweyite Ejike, to emerge the new president-general. Nwodo polled 242 votes as against Ejike’s 13 votes.\nWhile two others contestants for the position, Prof Simon Ortuanya and Chief Joel Ezeugwu, had earlier stepped down from the race and endorsed Nwodo in their stead, Admiral Allison Madueke, who initially bought the form for the exercise, neither appeared for screening nor showed up at the election, fuelling insinuations that he might have withdrawn from the race.\nA former Deputy Inspector General of Police, Hillary Opara, and Uche Okwukwu emerged deputy president-general and secretary-general, respectively, while a former deputy governor of Ebonyi State, Prof Chigozie Ogbu, was elected vice president-general.\nOther officials were also elected at the gathering, which attracted the presence of top Igbo leaders, including a former Senate President Ken Nnamani, former governor of old Enugu State, Okwesilieze Nwodo, Chief Emmanuel Iwuanyanwu, and Senator Chuka Utazi. They were Mr. Emeka Ogwu who was elected national treasurer, Dr Solomon Ogunji, who emerged deputy secretary-general, and Charles Odunukwe, who was elected vice president, Anambra. Others were Dr Sylvester Ebigwei, vice president, Delta; Elder Onuoha Udeka, vice president, Abia; Prince Igo Okpalanma, vice president, Rivers; Chief Eric Ebeh, assistant national treasurer; Mr Alphonsus Duru, financial secretary; and Elder Chris Eluomunoh, assistant financial secretary.\nMr Uche Ani was elected publicity secretary; Chuks Ibegbu, assistant publicity secretary; Chief Chuks Momah (SAN), national legal adviser, and a former PDP chairman in Ebonyi State, Chief Okeagu Ogada, national assistant legal adviser.\nThough none of the governors or ministers from the South-east was present at the event, the deputy governors of Enugu and Ebonyi states, Mrs. Cecilia Ezeilo and Kelechi Igwe, respectively, were at the national secretariat of Ohaneze, venue of the election, at about 5:30pm when the results were being collated.\nComments\nIgariwey told the gathering that his executive recorded some modest achievements, especially the on-going construction of an ultra-modern secretariat for the organization by Okorocha. He used the opportunity to call for political and economic restructuring of the country to facilitate economic recovery and development, noting that in the early days of the country, all the regions as well as the country had rapid development due to the national political and economic structure.\nThe former Ohanaeze leader stated, “Then, there was a great patriotism which moved production and development from the region to the centre, ensuring that each region specialised in what it can produce on comparative advantage. Most of the development in the North and that regions establishment was made possible through massive cultivation and export of groundnut. The South-west profited greatly from cocoa sales leading to economic and educational expansion of that zone. In the South-east and South-south, palm produce provided the tonic to keep Ndigbo’s economy and entrepreneurial-drive striving.”\nHe said the organisation under him and through various representatives, even took the need for restructuring to the 2014 National Conference in Abuja. “The President-General, Secretary-General and some members of Ohaneze played prominent roles in the 2014 National Conference in Abuja, where we demanded for restructuring of Nigeria to reflect true federalism. “We also demanded for fiscal federalism; devolution of powers, responsibilities and resources from the Federal Government to the federating unit and citizenship rights, among others.”\nOn his part, the chairman of the election committee, Prof Anya O. Anya, said the election coming exactly 50 years after the Nigeria/Biafra war in 1967 showed that the Igbo were in the threshold of a new era and called for sober reflection. Anya recalled that the defunct Eastern Region built the fastest growing economy in 1964, expressing dismay that the zone has continued to totter afterwards. He urged the new leadership to restore the lost glory of the Igbo.\nThe new president-general pledged his readiness to serve Ndigbo with commitment and dedication. Nwodo pledged to dialogue with IPOB to make the self-determination group speak in one voice with Ohanaeze Ndigbo. He promised to enthrone integrity and make efforts to repatriate Igbo business capital scattered in diaspora back to Igbo land.\nDenial\nSpeaking after the election, former Minister of Health and secretary of the election committee, Prof A.B.C. Nwosu, dismiss insinuations that the five governors of the South-east states as well as governors of Rivers and Delta states had effectively hijacked the organisation by imposing their cronies as new leaders of the Igbo group.\nNwosu said rather than accuse the governors of hijacking the organisations, Ndigbo across the globe should be excited that after several years, the governors finally accepted to show healthy interest in the affairs of Ohanaeze Ndigbo.\nNwosu, who also served as the returning officer at the election, said the calibre of people elected into the organisation’s executive council was a clear indication that the future of the Igbo in the Nigerian project had become much brighter, adding that the new leaders would also midwife the much needed unity among Igbos in the country.\nAccording to Nwosu, “Ohaneze Ndi Igbo has not been hijacked by the governors. What happened yesterday during the election was what we have been looking for and have not had for a long time that the governors only showed healthy interest in Ohaneze so that it will not be in conflict with the people without compromising the independence of Ohaneze.\n“The way the president-general has emerged, no rationale being will say that Nwodo was the candidate of the governor. The same process of zoning and consensus of Enugu people that produced the governor, with the best of my knowledge, also produced the president-general of Ohaneze. The National Election Committee applied Ohaneze’s constitution and five people bought the form at half a million naira. One of them dropped because he did not show up for the screening and elections even though he bought the form.\n“It would be wrong for people who lost in the election to claim that it was hijacked and I will challenge them anywhere. What does it portend for the Igbo nation? Ohaneze should be seen as the Board of Trustees in the conscience of the of the Igbo nation while the governors are the implementers of the wishes and directions that the Igbo nation wishes to go. Ohaneze cannot implement anything. So they lose nothing by having a buy-in with the governors. What is expected now is for Ohaneze to have a clear vision. The governors of the Igbo nation, irrespective of their political affiliations, know where politics ends and the interest of Ndi Igbo begins.\nI am alarmed that the 17 elected members sworn in yesterday comprised of governor’s candidates. The certificate of return for example included DIG Hilary Opara, and if anybody wanted him not to emerge, he would not have emerged. And if he finally emerged no matter what, it shows that he had a free hand during the process.”\nThe former minister expressed optimism that for the first time in a long while, Ndigbo had got it right by organising a rancour-free election for Ohanaeze, adding, “Our new leader is eminently qualified in character and in learning as well as in pedigree to lead Ndigbo. He has promised to run a consultative administration and we wish him well and hope that all those he will consult from time to time will give him the best of advice.”\nHe also dismissed as false some impressions that some people were “technically excluded” from taking part in the election, explaining that all those who complied with the provisions of Ohanaeze constitution enjoyed freedom to contest for positions.\nLegal Action\nHowever, while congratulatory messages have continued to pour in for the new leaders of Ohanaeze, a group, Ohanaeze Caretaker Committee, has reportedly headed for the court to seek the nullification of the Ohanaeze election on the allegation that the Igariwey-led executive lacked the legitimacy to conduct the election. In a suit they filed at the Enugu High Court on December 21 against the Igariwey executive, the group led by Chief Ralph Obioha had asked the court to stop them from conducting any election into the body. The court on December 22 granted the applicants leave of service by substituted means.\nThey had further contended that members of the Igariwey executive were card carrying members of political parties, contrary to the constitution of Ohanaeze, stressing that they should not be allowed to conduct the election.\nCongratulations\nSeveral leaders and groups have congratulated Nwodo on his election. President Muhammadu Buhari, Deputy Senate President Ike Ekweremadu, and Governors Ifeanyi Ugwuanyi, Okorocha, Umahi and Obiano as well as MASSOB, IPOB and the South East Democratic Coalition (SEDC) have declared their readiness to work with the new leadership of Ohanaeze Ndigbo.\nIn a statement by the presidential spokesman, Mallam Garba Shehu, Buhari urged Ndigbo to support Nwodo to fulfil the mandate of the organisation “in these challenging times”.\nThe statement read: “President Buhari believes that Chief Nwodo is eminently qualified for the job given his long years of distinguished service to the nation, which includes, Minister of Civil Aviation in the Second Republic under President Shehu Shagari and Minister of Information and Culture during the administration of General Abdulsalami Abubakar.\n“As Chief Nwodo prepares to settle down with his team to implement his vision for Ohanaeze Ndigbo, the President appeals to Ndi Igbo as well as the wider community of Nigerians to support the new leadership to fulfill their mandate in these challenging times.\n“President Buhari looks forward to working with the new leadership, and assures Ohanaeze Ndigbo that his administration will continue to be a partner-in-progress in implementing suggestions, measures and programmes to advance the unity, development and prosperity of Nigeria. The President wishes the Chief Nwodo-led Ohanaeze Ndigbo, a peaceful and prosperous tenure.”\nIt is hoped that the new leadership would provide the much needed unity and direction for Ndigbo in the country’s politics.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com:443/index.php/2017/01/22/ohanaeze-election-nwodo-and-igbo-unity"}

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+{"doc_id": "1bd9a99a4f9388ee6b07ed0440a8f37f", "text": "As the Academic Staff Union of Universities prepares to meet the federal government again this week owing to the strike it embarked on last week, experts who have been monitoring the development say the government should show more commitment towards ensuring a knowledge-driven economy that accords priority and adequate funding to quality and functional education. Funmi Ogundare reports\nLast week, academic activities were paralysed in Nigerian universities by members of the Academic Staff Union of Universities (ASUU) who embarked on an indefinite strike to protest the non-implementation of the 2009 agreement by the federal government, while disrupting examinations in some institutions.\nThe striking lecturers had accused the federal government of failure to fulfil the terms of the agreement it reached with the union since 2009.\nThe ASUU President, Prof. Biodun Ogunyemi, who addressed a news conference in Abuja, said the strike was total as “there shall be no teaching, no examination and no attendance of statutory meetings till government meets the union’s demands.â€\nAmong the issues in current dispute involved in the 2009 agreement and 2013 Memorandum of Understanding (MoU) are funding for the revitalisation of public universities and earned academic allowances.\nOthers are registration of Nigerian Universities Pension Management Company (NUPEMCO), university staff school, fractionalisation and non-payment of salaries, as the president said the government had not kept faith with ASUU even with the intervention of the National Assembly following a one week warning strike in November 2016.\n“We have written to government reminders, we have made contacts, we have held consultations meetings, but it has been promises upon promises,†he said.\n“The foundation of the development of any nation lies on its attention to education. No nation can grow beyond the level of its educational development.\n“Any genuine move to transform Nigeria into an economically viable and politically stable country must begin with a firm commitment to an all-round transformation of the country’s education.\n“ASUU has been vociferous on the primacy of the university education system because it is the repository of ideas for invention, innovation and national transformation.\n“It is however disappointing that despite the prime importance of university education, the political class in Nigeria has continued to pay mere lip-service to addressing to lose the little gains achieved from the struggles of ASUU,” Ogunyemi stressed.\nMeanwhile, some stakeholders have expressed shock at the union’s action, saying that it was not in the best interest of the nation, while some lamented that the strike would come with hardship for university students and their parents.\nIn its reaction, the federal government admitted that its failure to fulfil its side of the bargain with ASUU resulted in the strike.\nBriefing journalists in the State House after the Federal Executive Council (FEC) meeting, the Minister of Education, Mallam Adamu Adamu said, “it is saddening that ASUU went on strike owing to the failure of the federal government to fulfil its side of the bargain with the union last year.â€\nHe expressed the federal government’s despair over the way ASUU proceeded on strike, observing that it failed to follow due process by giving the government reasonable notice as the case should be. He said the government would strike a deal with the lecturers that could end the strike, just as he gave an update on each of the demands of the union.\n“It is very sad that I am here and ASUU is on strike. Late last year, we had a meeting because ASUU gave a one-week notice of strike and we were able to work out some agreements.\n“I must confess that government has not fulfilled its side of the bargain, even though we are unhappy that ASUU went on this strike without following due process and giving us good notice, we realised that we promised something and we did not fulfil it.\n“I hope I will be meeting them later today or tomorrow and I’m sure we will be able to reach some agreement so that the strike will be called off as soon as possible. I am sure you are aware of the issues we agreed on.\n“There is the issue of re-negotiation which is the only one that they agreed government has done what it promised because we set up the re-negotiation team and negotiations are already ongoing.\n“There is the issue of unpaid earned allowances and I think because of some miscommunication, what we promised could not be done, but I am assuring ASUU and the whole nation that this is going to be done.\n“There is the issue of registration of the Nigerian Universities Pension Commission. I think that one; there are few issues that need to be sorted out with the National Pension Commission. I believe there will be no problem with that.\n“There is the issue of their staff schools, which I think the court has given them a verdict to go ahead with it. They have also requested that they should be allowed not to remit their funds to the TSA (Treasury Single Account) and I think government will not do this, but there are some peculiar funds in the university like the endowment funds which are monies kept and all the interest they generate, prices and so on are given.\nConsequently, on August 17, a meeting between the executive members of the union and the federal government was held, but ended in a stalemate.\nBoth parties agreed that there is progress following offers made by government and position of the union on the new offers, while promising to reconvene within a week to continue the negotiations.\nExperts who have been monitoring the development said rather than handle the sector with kid gloves, the government should show commitment towards ensuring a knowledge-driven economy that accords proper priority, focus and adequate funding to quality and functional education.\nThe Secretary-General of the Association of Vice-Chancellors of Nigerian Universities (AVCNU), Professor Michael Faborode said the strike was a result of mishandling and non-demonstration of sincerity by the government. He argued that there should have been no strike with forthright engagement with the education sector.\n“We have been playing to the gallery, while serious apprehension persists about the state of our education from primary to tertiary level. The needs assessment conducted in 2012 did not tell a lie about how bad things were. Yet government after government play around with the future and destiny of the country, while more and more government officials and the rich send their children abroad including to the West African countries with the implied capital flight.â€\nHe expressed concern that “we allow our facilities and institutions to decay, while we scamper to overseas draining the already dwindling resources to sustain other economies while our own continue to rot. We are too eager to complain about the quality of education and that no Nigerian university is rated globally.â€\nFaborode stressed the need for a visible pragmatic commitment to taking the issue of knowledge-driven economy that accords proper priority and focus to quality and functional education seriously.\n“It is very obvious that the nation is handling education with levity and disturbing insincerity and we have to face the reality. Pretending or hoping that we can continue to patch-patch without serious soul searching and redefinition of purpose will be wishful thinking.â€\nThe Education Rights Campaign (ERC) regretted that the government finds money to buy exotic cars for lawmakers, finance the expensive treatment of President Buhari in London and guarantees luxurious lifestyle for political office holders but it is unable to fund public education and meet the needs of academic staff.\nThe Secretary General of the association, Mr. Taiwo Soweto said the country has enough wealth which if judiciously managed, can fund education adequately and even ensure the provision of free and democratically-managed public education at all levels.\n“What is responsible for this absurdity whereby a country with stupendous resources finds it hard to fund public education and ensure a stable academic calendar not punctuated by incessant strikes is the anti-poor neo-liberal agenda which feeds the greed of the capitalist ruling elite and corners over 80 per cent of the country’s wealth thus leaving little or nothing to fund social services.\nHe argued that the Buhari/Osinbajo government despite its campaign rhetoric of change has left an unjust arrangement unaltered which is why nothing has changed for the better since it came into power over two years ago.\n“Rather than deal with the crises afflicting the education sector, the Buhari/Osinbajo government has plunged it into more. For the over two years since the government came to power, funding of public education has remained abysmally low, fees and cost of education have been on the ascendance, poor welfare conditions and inadequate teaching facilities are still the order of the day while the government is unable to implement agreement not just with ASUU but also other staff unions.â€\nA former Vice-Chancellor of University of Lagos, Professor Tolu Odugbemi described universities as centres of excellence and innovation committed to knowledge generation (research), knowledge dissemination (teaching) and knowledge application (community service), saying that they have been hindered to a large extent by underfunding.\nHe said universities over ages are created to solve society’s problems, adding that for any meaningful development to take place in any African country, attention must be directed at funding universities adequately to enable them set sustainable development goals for their nations.\n“Our political leaders must realise that we need to set our priorities right. We need to go back to the drawing board and refocus and place appropriate attention to funding education at all levels, and in particular, accord tertiary education the attention it deserves.â€\nHe expressed concern about the disturbing trend of the penchant of political office holders, establishing new universities in the wake of dwindling resources saying, “unfortunately, the motive for establishing new universities these days is most of the time to satisfy political ‘needs and interests’ of some individuals and or groups without consideration for relevance and importance of building such new universities.\n“What are often labelled as universities these days, are at best local community institutions which serve as gathering or centres for providing jobs for local inhabitants and cronies of community leaders and politicians.â€\nOdugbemi said the establishment of new universities requires right and qualified personnel, good and solid infrastructure; appropriate and contemporary tools useful for teaching, learning, and researching.\n“Universities must attract students, scholars and staff from all over the world based on merit. The essence of universities is to generate ideas that can be marketed and applying research products to make the society better. It is unthinkable that the so called universities are underfunded therefore lack tools for research which is the bedrock of modern universities.\n“The underfunding has reached an unacceptable level where employees are not paid their salaries as at when due. It makes one to grieve that university staff that complement such institutions are either employed without merit, grossly inadequate and unimaginably incompetent. There is need for a national policy that will be enforced to stop the indiscriminate setting up of universities,†he stressed.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2017/08/23/asuu-strike-giving-education-the-priority-it-deserves"}

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+{"doc_id": "2083409628faa5fc88d328577bde15ab", "text": "The African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) has been rated AAA with a stable outlook by a global credit rating agency Fitch.\nThis was disclosed by the AfDB in a statement published on Tuesday on its website.\n“The ‘AAA’ rating of the AfDB is driven by extraordinary support it receives from its shareholders, which Fitch Ratings assess at ‘AAA’. It judged the Bank’s risk management policies as conservative and excellent in line with ‘AAA’ rated regional peers,” the bank said.\nFitch Ratings assessed the Bank’s liquidity profile at ‘AAA’, reflecting an ‘excellent’ liquidity buffer and quality of liquid assets, while the bank’s capitalization is judged strong reflecting strong equity-to-assets ratio.\nPresident, AfDB, Dr. Akinwumi Adesina, said the bank is delighted to have the credit rating despite the economic downturns and challenges due to the pandemic. He added that the bank will continue strengthening its policy “to support regional member countries, especially during and after the period of COVID-19, while ensuring that we maintain our prudential ratios with adequate buffers.”\nHe said the bank will continue its strong risk management policies and is positive the economies in sub-Saharan African will recover and return to positive growth.\nAfDB’s Vice President for Finance and Chief Finance Officer, Swazi Tshabalala, said, “The strong support of our shareholders will continue to be critical to allow the Bank to continue to play its leading role in supporting development in Africa”.\nThe new triple-A rating from Fitch for the bank comes after an earlier triple-A rating from ratings agency, Standard and Poor.\nDownload Nairametrics App for breaking news and market intelligence.\nFor further inquiries about this article contact:\nEmail: william.ukpe@nairametrics.com or outreach@nairametrics.com.\nTwitter: @_sirwilliam_ @nairametrics.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/07/21/fitch-rating-agency-affirms-afdbs-aaa-rating-with-stable-outlook/"}

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+{"doc_id": "2220d7a576a899b84fca5c85aa9fda5b", "text": "With his Comic Opera House, the tenor Joseph Oparamanuike, a. k. a. Mr Tenor, is set on turning around the fortunes of opera productions and appreciation in Nigeria, he tells Okechukwu Uwaezuoke\nOf course, nature couldn’t have possibly stood still. But, to the awestruck audience, it may appeared to have done so. All eyes were riveted on the slender ebony-complexioned tenor, whose age was somewhere in the early 20s. He was effortlessly and flawlessly belting out the familiar Neapolitan song, “O Sole Mio” to the delight of the decorous gathering.\nThis was at a private concert, organised by a music-loving entrepreneur at his residence in the upscale leafy Lagos mainland neighbourhood, known as Ikeja G. R. A. And the young tenor, who was holding court from a corner of the two-storey building’s living room, was Joseph Oparamanuike.\nSo much has happened since then. The profile of the Federal University of Technology, Owerri (FUTO) graduate of chemical engineering has grown enough to make him one of the leading figures in the local classical music scene. Soon after parting ways with his engineering job to concentrate on music in 2007, he decided to sit for the Musical Society of Nigeria (MUSON) and Associated Board of Royal Schools of Music (A. B. R. S. M.) graded examination. This was from Grade 8 until he got to the Licentiate of the Royal Schools of Music (L. R. S. M.) level. In 2008 and 2009, he made the best result in West Africa in both Grade 8 and the A. B. R. S. M. diploma in singing and became the first Nigerian to sit for the A. B. R. S. M. diploma in vocal teaching and licentiate in singing in the sub-region. Thus, he was able to secure the Royal Conservatoire of Scotland (R. C. S.) Trust Fund Scholarship with the intention of studying for an M. Mus in performance singing and ended up studying for an M. Mus in opera. This was after an PGDip in performance singing.\nWhile in Scotland, he had the opportunity to regale his audience with Nigerian songs which he performed at his recitals.\nOparamanuike, who in the classical music circles is called Mr Tenor, likens embracing music to answering to the call of the essence of his existence. Passion, he adds, is what eggs him on. Now, he can say with a sense of fulfilment and pride: “I am a full-time musician. And I am currently the MUSON head of opera, singing teacher in both MUSON Basic School and Diploma School and the founder of Comic Opera House.”\nFast-forward to 2016. He registered an opera company, which he named the Comic Opera House. This outfit, which is commonly abbreviated as C. O. H., was launched with an opera performance, titled Don Pasquale. With the company, he hopes to train more opera singers and create more awareness for the genre in Nigeria. This would be possible with adequate training given to those who are interested and gifted with operatic voices.\nEven after having travelled far and wide for the cause of classical music, he is not discouraged by the fact that Nigeria still has a long way to go. He is rather consoled by the fact that “the gap has been reduced a bit with many people seeking proper music education.”\n“If we can create more awareness on grass root music eduction and, also, if the government can come in, I will say the gap can be closed up more,” he adds.\nStill on the government’s support, he continues: “Yes, the government has an immense role to play in music. A lot of subsidies can be put in place to help the classical music industries, the government should look more into the music departments in our universities and help equip them with good facilities and bring more qualified lecturers to add to the ones we have.”\nTalking about facilities, he says that there are “very few good concert halls in Nigeria and the standard are quite good but can be better.”\nBesides, he believes his efforts so far are beginning to yield fruits. “On the scale of 1 to 10, I would say we are on 7. We still have more to do in the area of having full orchestra for our productions.”\nOn this note, he sees a brighter future for classical music in Nigeria, declaring that “things are actually changing and I am so hopeful that things will definitely come up well.”\nAlready, since 2016, he has organised about 10 opera productions so far. Among the highlights of these productions was his featuring at The Switzerland Consulate General 2018 Opera Performance with the MUSON as Rodolfo in Puccini’s La Boheme and his singing as Tonio in Donizetti’s La Fille Du Regiment for the MUSON. He also sang as Tamino in Mozart’s Die Zauberflöte for Opera Abuja in December 2016 and as Nemorino in L’Elisir D’Amore for MUSON in April 2016.\nAt the launch of the C. O. H. in September 2016, he appeared as Ernesto in Donizetti’s Don Pasquale. This was after singing, about two years earlier, the concert version of Edgardo in Donizetti’s Lucia Di Lammermoor with the Scottish Opera Orchestra in February 2014.\nIn January 2018, he toured with the Chorakademie Lübeck and Bamberg Choir to Hong Kong for the production of Wagner’s Götterdämmerung with Hong Kong Philharmonic Company. Later in July that year, he conducted and directed Sullivan’s The Yeomen of the Guard. Earlier, he had conducted and directed two opera productions for MTNF/MUSON School of Music: Sullivan’s Patience in July 2016 and Mozart’s Magic Flute in July 2017.\nIn addition, he had made two performance tours with the Chorakademie Lübeck. These tours saw him hop-scotching through Europe to Asia and to North America in 2015. This was a year after his performance at the Commonwealth Week as part of the 2014 Games held in Glasgow (Scotland) in the presence of Her Majesty, Queen Elizabeth II and His Royal Highness The Duke of Edinburgh. He was subsequently invited to sing again at the 2014 Commonwealth Broadcasting Association Conference.\nOparamanuike’s first exposure to music dates way back to when, as an impressionable child, he would listen and watch his late father sing along in an enchanting tenor voice to the LPs of a singers like Jim Reeves. Later, in 1988, he joined the school choir of St. Peter Claver Seminary, Okpala, Imo State. “I was an alto singer,” he recalls. “In 1995, I started singing tenor and this was my first time of singing solo as a tenor with the St. Joseph Catholic Youth Choir, Ulakwo, Imo State.”\nHe would later become the choirmaster of both the youth and parish choirs. When he gained admission into the Federal University of Technology Owerri (FUTO) to study chemical engineering, he became a member of St. Thomas Aquinas Catholic Chaplaincy Choir (now called Golden Voices) at the tertiary institution. Three years later, he took over the reins as the choirmaster and held the first ever concert in FUTO. “I must also say I had a good musical moment with Cororosa as a member and one of the conductors.”\nIt was after his graduation from the university that he moved to Lagos for his National Youth Service Corps in 2002. He joined the Sir Emeka Nwokedi-led MUSON Choir the following year and later won the MUSON Talent Hunt Competition, which gave him a new breakthrough in his musical career.\nAs his sources of inspiration, he names Maria Aseeva (a former MUSON resident pianist), Professor Laz Ekwueme as well as the three tenors: Andrea Bocelli, Juan Diego Florez and Lawrence Brownlee, among others.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/06/23/a-tenor-egged-on-by-his-passion"}

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+{"doc_id": "25f768b338811ef6297915c74028eb79", "text": "Are you about to start a new business? Well, congratulations in advance. Now, you’ll have to put a lot of thought into how you are going to price your products and/or services. It takes more than calculating your costs to set a price. It requires research and understanding consumers and the market.\nTo fix an effective price, you have to consider the following:\nThe production and distribution costs\nWhat consumers are willing and able to pay for your product\nWhat competitors are doing\nMarket conditions\nYour profit margin\nThere are different pricing strategies available to you. Each one depends on the factors mentioned above. Knowing what you want to achieve either as a startup or as a growing business will help you choose the right one.\nWant to get those goods off the shelf? Then you need a pricing strategy. This simply has to the different methods with which you can fix a competitive price for your goods and services. With the right pricing strategy, you can attract and retain customers, and be able to maximize your profit. Here are 10 you can choose from:\nPricing for market penetration\nPsychological pricing\nPremium pricing\nValue-based pricing\nPromotional pricing\nGeographical pricing\nCaptive pricing\nEconomy pricing\nPrice skimming\nBundle/product line pricing\nLet’s get right to it, shall we?\nPricing for market penetration\nAs a new business, the biggest challenge you might face is convincing consumers to patronize you. They already have established businesses they’ve been buying from. In such a scenario, you can use market penetration pricing to create brand awareness and gain market share. It involves setting a lower price than your competitors or providing some free services until you earn a considerable customer base.\nFor instance, if competitors sell for 100 naira, you can sell yours for 95 naira. You could also do a giveaway or offer free delivery as a way of introducing yourself to the market. Adopting this pricing strategy may mean you have to endure some initial income loss but it will help you draw attention to your product, set up a customer base, and gain consumer loyalty. It may even boost your profit over time due to an increase in sales.\nAfter you’ve succeeded in penetrating the market, you can then increase your price to reflect the value of your product.\nThis type of pricing is meant to trigger an emotional, rather than a logical response in a buyer.\nFor instance, setting a price of 199 naira instead of 200 naira will create an illusion of a cheaper price, although the difference is only 1 naira. This often works because buyers notice the first number on a price tag more than the last.\nPsychological pricing makes consumers feel like they’ve saved money or received greater value.\nAnother example of psychological pricing is when competitors are increasing their price (perhaps because of an increase in production cost) but you reduce your quantity/quality and keep price the same.\nPremium pricing\nYou can use this pricing technique when you have a unique product or service no one can compete with. It has to do with setting a high price for your offers, which creates an impression of value in the minds of consumers.\nBut to ensure that buyers perceive your offer to be worth the price, a lot of factors such as high quality, fresh experience, packaging, and marketing strategy all have to combine to support the premium price.\nThis type of pricing is often used for luxury cars, 5-star hotels, precious stones and jewelry, fancy restaurants, pleasure cruises, etc. The higher the price set for such products and services, the higher the perceived value amongst consumers.\nValue-based pricing\nWhat people are willing to pay for your product or service has a lot to do with what it’s worth in their eyes. Recognizing this and setting a commensurate price is known as value-based pricing.\nThe perceived value to a consumer depends on how the product or service meets their wants and needs.\nPromotional pricing\nPromotional pricing is a very popular pricing technique. Though it’s an old concept, it remains successful to date.\nIt involves promoting a new or existing product or service by offering discounts, buy one and get one free deals, attaching a gift, etc. It is very effective in driving sales.\nThis strategy works best with a deadline or offering a limited stock. It motivates buyers to act fast by playing on their fear of missing out.\nYou can use promotional pricing to create excitement for your product/service. It may even lend you customer loyalty.\nYou can change the price of your product when you expand your business to a new state or country. Location affects price due to factors like shipping costs, market demand, cost of raw materials, tax, currency exchange rate, and so on.\nLet’s take some examples, if you sell sweaters during harmattan season, the price tag will be lower in the east than in the north. Why? People will still be willing to buy despite the high price due to the much colder climate in the north.\nSupply and demand also determine geographical pricing. If you move to an area where your product is scarce, it is expected that your price will go up.\nAlso when the government in an area imposes high tax so as to generate revenue, the product will be more expensive than in other areas where tax is low.\nCaptive pricing\nIf you sell products that customers have to update or renew regularly, then you should consider captive pricing.\nLet’s take an inkjet printer as an example. When you buy the printer, you’ll need to replace the ink cartridge once in a while. Without the cartridge, the printer cannot be used.\nThe buyer has no other option than to keep purchasing the cartridge. Thus, the manufacturer holds customers “captive” unless they decide to stop using the printer.\nThey can keep increasing the price of the secondary product as long as it does not exceed the point where the customer is forced to purchase a new printer from another manufacturer.\nAnother example is when car owners have to get a driver’s license.\nEconomy pricing\nThis pricing strategy involves keeping your production and marketing costs as low as possible with the intention of selling at a comparatively lower price and still be able to make profit. It is used to attract price-conscious consumers.\nEconomy pricing can be adopted by large businesses but is not advisable for startups and small businesses. The reason is that the latter lack the sales volume which bigger companies enjoy. Also, producing on a large scale helps lower costs and small businesses won’t be able to do that. Another reason is that economy pricing often involves forgoing branding. As a startup or small business, branding is important to create awareness and differentiation for your product.\nPrice skimming\nPrice skimming is used when a new product is released in the market. It has to do with setting an initial high price and reducing it gradually as more people adopt the product and competitors begin to enter the market.\nThis pricing strategy can be seen with the introduction of new models of smart phones, TVs, cars, and so on.\nIt provides the benefit of maximizing profit on early adopters, enabling you to recoup the cost of developing the product. You can then lower the price subsequently so as to attract more price-sensitive consumers.\nPrice skimming creates a sense of exclusivity and quality when the product first enters the market.\nBundle/ product line pricing\nTo push out inventory fast, you can offer a bundle of products at a cheaper price than what it would cost the consumer to purchase each item alone. For instance, if you sell hair cream and hair brushes, you can offer both together at a lower total price than if the buyer was to purchase the cream alone or the hair brush alone.\nThis pricing strategy helps improve the perceived value of your offers since customers will feel like they are getting more for their money. It is also helpful in increasing sales for a slow-selling product by offering it alongside another that sells fast.\nBottom line\nDepending on your business goals, there are a number of factors you should consider before setting a price for your product or service. A good pricing strategy is essential in ensuring you make adequate returns and keep your business afloat or ahead of the competition.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2019/08/08/10-pricing-strategies-you-need-to-know-as-a-small-business-owner/"}

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+{"doc_id": "260925c229e81fcbe0ed88fbb455b762", "text": "It was reported few days back that the Securities and Exchange Commission (SEC) expressed worry that credit to agriculture sector in the last 10 years remains as low as 5%, severely hampering the sector’s growth.\nAccording to the report, the Acting Director-General, SEC, Mary Uduk noted that only the capital market has the capacity to unlock better access to credit and finance for the sector through innovative financing structures and products.\nThe CBN had at various times dedicated funds to agricultural financing through various schemes with the aim of resuscitating the agricultural sub-sector which is a major contributor to GDP and employs a high percentage of the labour force.\nOne of such schemes is the Commercial Agricultural Credit Scheme (CACS) established in 2009. The scheme is financed through a N200 billion Bond raised by the Debt Management Office (DMO). Loans are given to qualifying companies at a maximum interest rate of 9%.\nAnother such scheme is the Anchor Borrowers’ Program (ABP). The Program was launched in 2015 to create a link between anchor companies involved in agricultural processing and smallholder farmers (SHFs) of the required key agricultural commodities. The SHFs are provided with farm inputs in kind and cash to boost production of these commodities and ensure stability of these inputs supply to agro-processors.\nAt harvest, the SHFs supply these produce to the Agro-processors and are paid for the products. There have also been World Bank assisted Agricultural Development Programmes (ADPs) and the States’ Agricultural Credit Programmes. However, not much seems to have been achieved through these schemes.\nThough financing the agricultural sector via capital market type funding may be a clearly better approach, growth in the agric sector is dependent on more than availability of finance in our view. Adequate infrastructure, re-establishment of the commodity boards, efficient storage facilities etc are structures that need to be in place to accelerate growth in the sector.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/03/14/agricultural-financing/"}

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+{"doc_id": "26b6f18d104d2042be6e309f5397c6bd", "text": "The Central Bank of Nigeria (CBN) has unveiled guidelines for a Non-Interest Financial Institutions under its Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS) and Micro, Small and Medium Enterprises Development Fund (MSMEDF).\nThis was disclosed by the apex bank via its website on Tuesday. The guidelines also included the Accelerated Agricultural Development Scheme (AADS) and seven other intervention schemes in its bouquet.\nHow the AGSMEIS works\n* The CBN would create a Fund to be known as ‘AGSMEIS Non-Interest Fund’ that will be domiciled in a dedicated account with the apex bank.\n* Each non-interest deposit Bank (full-fledged or window) was to set aside 5% of its Profit After Tax (PAT) annually as contribution to the Fund.\n* Each non-interest Deposit Bank was also to transfer its contribution to the CBN not later than 10 working days after the Annual General Meeting (AGM) of the participating bank.\n* Eligible activities under the Scheme are businesses across the agricultural value chain, covering production, inputs supply, storage, processing, logistics and marketing.\n* Others included MSMEs in the real sector including manufacturing, ICT, mining, petrochemicals and the creative industry as well as other activities as the CBN may determine from time to time.\nThe application of the Fund shall be categorised into three broad components. They are debt, equity and developmental components.\n• The debt component shall constitute 50% of the fund which shall be disbursed as financings to eligible businesses through Non-Interest Deposit Money Banks.\n*Asset purchased shall be registered with the National Collateral Registry (NCR).\n* Financing limit: N10,000,000\n* Mark-up: 5% per annum\n* Tenor: Up to 7 years (depending on the nature/gestation period of the\nproject)\n* Moratorium: Maximum of 18 months for principal and 6 months on mark-up.\n* Certificate of Training from recognised Entrepreneurship Development Institution (EDI) or evidence of membership of organised private sector association.\n* Letter of Introduction from any of the following: Clergy, Village Head, District Head, Traditional Ruler, senior civil servant etc (for individuals, microenterprises only).\n* Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990).\nLast month, the CBN announced that it has unveiled a framework that will integrate a non-interest window in all its intervention programmes aimed at supporting businesses and households that have been impacted negatively by the COVID-19 pandemic.\nIn a statement, the apex bank said the integration will focus mainly on its Anchor Borrowers’ Programme (ABP) as well as the Targeted Credit Facility (TCF).\nWhy it matters: The Scheme will be for start-ups, business expansion or revival of ailing companies and shall be in compliance with provisions of BOFIA (1991) as amended and the principles underpinning operations of NIFIs.\n“The MSMEDF for NIFIs guidelines are aimed to channel low return funds to the MSME sub-sector of the Nigerian economy through participating Financial Institutions (PFIs) to enhance access by MSMEs to financial services.\n“Similarly, the non-interest guidelines for the AADS are aimed at engaging a minimum of 370,000 youths in agricultural production across the country between now and 2023, in order to reduce unemployment among the youth in the country,” it added.\nWhile the specific objectives of the MSMEDF for NIFIs are to increase the productivity and output of microenterprises, job creation and engender inclusive growth, those of the AADS are to increase agricultural production towards food security, job creation and economic diversification.\n* It is targeted at Nigerian youth between 18 and 35 years, seek to promote interaction among state governments, the CBN and other stakeholders in the agricultural value chain in each state.\n* To enhance job creation in the agricultural sector, with focus on two crops where States have comparative advantage.\n* Others were the Real Sector Support Facility (RSSF) revised guidelines (V3); the Real Sector Support Facility (RSSF) among others.\nThank you Sir, it is a good idea and action taken by the CBN and at this period. I believe it will go a long way to assist young farmers and starters, but I will like the CBN to please ease the requirements to enable more people to apply. Some businesses like ours are very tender and will need soft landing.\nThanks\nAlvan Njoku\nGood evening sir,my name is Adewole kehinde Moses,from Osun state,my area of specializations is crops production,please I want to know more on how to access CNN loans facility currently on\nMy name is babalola Taofiq from osun state I’m living in Lagos I’m into crop farming.pls I have apply for this agsemeis loan I have been interviewed in CBN Ogun state later I was transferred to osun state for another interview due to my business location since last year no response from them what can I do now and I want to use the to processing my farm produce\nHello Good morning\nMy name is Alhassan Adamu Nakowa from Jigawa state. I venture into a small Agribusiness, so I need a loan so that I will accelerate and develop my business.\nThank you\nMy name is Victor Nkwor from kaduna state. I am into\na small fish farming , so I need a loan so that I will accelerate\nand develop my business.\nThank you\nHow possibly is it for me to be part of this offer from federal government?", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/07/15/how-to-access-new-cbns-agric-fund/"}

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+{"doc_id": "277f43bee7449e34dd37a705bdb4934b", "text": "President Muhammadu Buhari has made currency stability a key pillar of his plan to revive an economy still reeling from the collapse of oil prices in 2014. He had previously said that weakening the naira would stoke inflation.\nThe Central Bankof Nigeria recently revealed in a press release that naira devaluation is unlikely in 2020 despite it being 9% overvalued and a deteriorating external foreign reserve.\nGodwin Emefiele, the governor of the Central Bank of Nigeria also supports President Buhari’s controversial decision to close the country’s land borders to goods in order to stop smuggling, defending the move that it would quell insecurity by creating agricultural job opportunities for young people.\nThe stability of Naira is expected to continue to be the main policy aim of Mr Emefiele’s second five-year term, which began in June, even as he pursues expanded financial inclusion, increased access to credit for small businesses and consumers, as well as the diversification of Nigeria’s oil-dependent economy.\nEmefiele has been praised for overseeing a fall in inflation over his tenure and the near doubling of Nigeria’s foreign reserves amid a drop in the price of oil, which accounts for nearly 90% of foreign exchange earnings and 60% of government spending but recently, inflation has crept back up around 12.5% and reserves have fallen greatly to about $36 billion.\nA Fx dealer at Access Bank, who spoke to Nairametrics in a phone call interview, said that the action of the CBN to defend the naira through different interventions was commendable as it restored calmness in the Fx market, though in the short run, he expected volatility, as soon as the coronavirus outbreak recedes, foreign inflow would pick up.\nCBN has restricted importers’ access to dollars and stepped up the sale of high-yielding debt to attract inflows from portfolio investors. It has also backed the government’s closure of some land borders, designed to stop smuggling of food and other foreign goods.\nHowever, CBN’s policy of defending the naira has been disastrous, creating shortages of products such as milk and fuel, and bringing factories to a standstill for want of imported inputs.\nYet, it is clear Mr Emefiele has gained the confidence of President Buhari, who appointed him for a second term earlier this year, a first for a CBN governor. Emefiele has acted in virtual lockstep with the Buhari administration, using the bank’s tools to enhance government policy.\nHe has been particularly active in agriculture, one of Mr Buhari’s highest priorities, and dedicated to diversifying the overall economy away from oil.\nUrenna, an Intelligence & Communications Analyst at Taxaide told Nairametrics that though CBN had assured Nigerians there would be no devaluation of the Naira.\nHe said, “We also need to brace ourselves in the eventuality occurs. What will be the fate of Nigerians? We are looking at another round of high inflation rate. Already it stands at one of the highest experienced in years at the rate of 12.13%, according to the latest CPI report released by the National Bureau of Statistics.”\nWith the inflation rate rising, consumer spending will drop, and this will, in turn, affect the economy. Devaluation of the naira will badly affect the nation as it would lead to a decline in economic growth of the nation. In terms of taxation, this will reduce tax revenue. Would the FIRS be able to meet the N8.5 trillion target if economic activities in Nigeria drop?\nWill investors be interested and have confidence in investing in Nigeria if naira weakens?\n“Exchange rate stability also clearly remains one of the key policy objectives, and intensifying pressure on reserves, thus raises the risk of additional capital controls being pursued. This could serve to weigh further on the still-fragile economy,” he added.\nIn addition, foreigners hold about $13 billion of Open Market Operations (OMO), which makes FX reserves vulnerable to a sell-off.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/03/17/defending-the-naira-at-a-cost/"}

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+{"doc_id": "27b29f095e949c29a38ae7c768c2c434", "text": "With its explicit political message, the stage play, Jogbo rekindles the spirit of activism as exemplified in the life and times of Funmilayo Ransome-Kuti, writes Yinka Olatunbosun\nJogbo. Even that title may have understated the magnitude of the political message in this play written and directed by Joshua Alabi, the founder, Kinino-Koncepts Productions. For obvious reasons, since late 2018, most theatrical productions in Nigeria have been laced with political themes and Jogbo is no exception.\nSponsored by The Netherlands Embassy in Nigeria, the plot of the drama is based on the story of Nigeria’s foremost activist, Mrs. Funmilayo Ransome-Kuti, the mother of the Afro-beat legend, Fela Anikulapo-Kuti. Set in Abeokuta, the play traces the history surrounding the women’s anti-colonial struggles in Egbaland against arbitrary taxations led by this woman of substance.\nShe founded the Abeokuta Women’s Union alongside her sister-in-law, Eniola Soyinka, the mother of the Nobel Laureate, Prof. Wole Soyinka. The union had an estimated membership of 20,000 women designed to protect and advance the rights of women. Ransome-Kuti organised literacy workshops for illiterate market women, actively participated in the struggle for Nigeria’s independence and women suffrage.\nA radical response to the oppressive tax conditions of the period came when the Abeokuta Women’s Union (AWU) emerged under the leadership of Funmilayo Ransome-Kuti, who was a headteacher at that time. AWU thus united the working class and the middle class women and subsequently challenged the colonial as well as the patriarchal by structure and tyrannical by nature. That struggle led to the abdication of the high King Oba Ademola II in 1949, who was reluctant to yield to the demands of the women.\nIn the production, the director of this minimal budget play explored the use of an amphitheatre inside Freedom Park, Lagos, using the stage flanks as green rooms. Four microphone stands were set strategically before the stage to project the voices of the cast in lieu of the relatively expensive head worn mics. The backdrop was an assemblage of colourful raffia mats, a simpler and cheaper alternative to electronic backdrops. Those mats restored the euphoria of cultural life, which make many modern technological interventions into theatre performances stifling.\nSome actors played three roles. For instance, Julius Obende featured as headmaster, drummer and stage hand while Opeyemi Dada, the assistant director acted the roles of teacher and palace chief. An impressive part of the characterisation was the casting of Jennifer Osammor as Funmilayo Ransome-Kuti. Osammor, best known for her role of Mama Oji in the 2013 movie, Half of the Yellow Sun shares a striking facial resemblance with the play’s real-life heroine.\nIn the area of costume, props and make-up, Bisoye Kadiku made a conscious effort to dress the Jogbo women in traditional buba and iro (top and wrapper) for the market women while delineating the elite characters with their stylish dresses as well as skirts and blouses. The natural hair looks for some of the women was spot.\nJogbo, marked by its feminist slant is a celebration of traditional aristocracy, activism and well-measured ethnic pride. The Egba women characters in Jogbo regaled in the self-appreciation of their taste in fashion, education and their ability to perform their conjugal duties with efficiency.\nIt’s also interesting to see the production company engage the youths with this show, which is really the aim of the founder.\n“We think beyond a theme, a venue and an audience,” Joshua Alabi explained. “We carve performances tat educate and enrich, creating avenue for young people to explore themselves in the arts and at the same time to pass on the gospel of theatre to the younger generations and instil moral values.”\nJogbo, rich in folkloric and comical elements, ended with the women’s message for the audience to sensitive them ahead of the next month’s general elections and their civic duties as the ruled. That message was echoed in the remarks by the Consular General, The Netherlands Embassy in Nigeria, Michel Deelen.\n“The play says it all,” Deelen said. “It dominates in the themes of political engagement-together you are stronger but you have to make a difference. If you just sit down and you don’t take action, nothing will happen. I think this was a very clear message. Indeed, we have elections next month. It is everyone’s responsibility to vote.”\nRemarkably, The Netherlands Embassy in Nigeria supports initiatives that lead to awareness, respect for human rights and supports economic as well as human development.\n“Through this play, we advise active engagement and hope that this steers discussions that will further create an aware citizenry,’’ he stated.\nOther projects by Kininso Koncepts Productions later this year include “World Clock’’ a collaboration with Theatre Haus, Franfurt, Germany; a touring performance titled, “Sorry’’ which sensitises and creates awareness on the political terrain in Nigeria and, of course, the Kininso International Festival of Theatre, a children’s theatre which is a cultural staple at the annual Lagos Book and Arts Festival (LABAF).", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/01/27/jogbos-war-against-tyranny?msg=fail&shared=email"}

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+{"doc_id": "28146d293b6d599e54bf4be38e1bacdb", "text": "The world’s software giant, Microsoft saw its shares drop about 1.66% of its value, immediately after the tech juggernaut gave unimpressive revenue guidance. That said, Microsoft printed impressive first-quarter earnings which exceeded estimates.\nMicrosoft’s stock price is falling on bearish comments coming from the company after it released impressive earning results, stating that its revenue guidance was weak and further hinted that it continued to face pressure from lower one-off sales of software due to the COVID-19 pandemic.\nMicrosoft also revealed that operating profit margins were more likely to be affected in H1 2020 year. It increased its investments in its present cash cow business (cloud computing) while seeing a deep drop off in high-margin sales on its Windows operating system for Personal computers.\nIt’s also important to note that the stock bears are hitting hard on the trillion-dollar market capitalized company on the bias that Microsoft further disclosed that for the final three months of 2020, its expected revenue would range between $39.6billion to $40.4billion; or a growth of 8% at the midpoint of the range, compared to global market forecasts of $40.4billion.\nHowever, in its recent earnings call, Microsoft CEO, Satya Nadella, gave valuable insights into why Microsoft is heading in the right direction, with significant investments in its cloud businesses.\n“The next decade of economic performance for every business will be defined by the speed of their digital transformation.\n“We are innovating across our full modern tech stack to help our customers in every industry improve time to value, increase agility, and reduce costs.”\nThe C.F.O of Microsoft also buttressed the leading software maker’s long term investment.\n“Demand for our cloud offerings drove a strong start to the fiscal year with our commercial cloud revenue-generating $15.2 billion, up 31% year over year.\n“We continue to invest against the significant opportunity ahead of us to drive long-term growth,” said Amy Hood, Executive Vice President and Chief Financial Officer of Microsoft.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/10/28/why-microsoft-shares-dropped-2-amid-rising-earnings/"}

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+{"doc_id": "2999e8f8c7af79747d2d551d3f08d079", "text": "Emma Okonji\nFacts have emerged that Teleology Holdings Limited actually offered to pay $301 million during the bid process for the sale of 9mobile to emerge as the preferred bidder, as against the $500 million that was widely reported.\nThe public was made to believe that Teleology’s bid price is $500 million and that having paid the $50 million non-refundable deposit, it now has a balance of $450 million to pay, failing which the reserve bidder, Smile Telecoms Holdings, said to have offered a bid price of $300 million will be invited to step-in as the new winner of the bid.\nGoing by the new revelation, Teleology Holdings Limited, now has a balance of $251 million to pay within 90 days, beginning from March 21, 2018, which was the deadline given it to pay the $50 million non-refundable cash deposit that it had since paid, a day to the deadline.\nReliable sources close to THISDAY disclosed that on April 12, 2018 at the House of Representatives investigative hearing on the collapse of Etisalat now renamed 9mobile, the telecoms industry regulator Nigerian Communications Commission (NCC) through its Deputy Director, Legal and Regulatory Services, stated that the NCC was made aware through a letter dated March 29, 2018 from United Capital Trustees that a non-refundable sum of $50 million had been paid by Teleology Holdings and that a balance of $251 million would be paid within 90 days.\nViewed critically, the sum of $301 million is a significant reduction from the earlier touted bid price of $500 million and will be easier for Teleology to pay.\nThe said sum of $301 million is only $1 million above the quoted price of $300 million that Smile Telecoms Holdings was believed to have offered for 9mobile.\nIn an apparent quest to sanitise the 9mobile bid process, NCC in a letter, by its Governing Board signed by the Chairman, Senator Olabiyi Durojaiye, to the Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, espoused three criteria that would guide the emergence of a preferred bidder for 9mobile.\nThe first is “that whichever company would qualify as successful bidder to take over 9mobile has the technical competence apart from financial capability to turn round 9mobile and not further compound its problems.â€\nThe second criterion is that the successful bidder should come in with substantial funds (FOREX) to sustain the industry not just recycling funds facilities already within the economy, while the third required the company that would take over to have adequate technical infrastructure on ground.\nNCC’s concern for the sustenance of 9mobile business post sale is hinged on the need for “the continuity of the company for the betterment of the telecom industry, subscribers, labour force and the interest of Nigeria as a whole.â€\nRe-affirming NCC’s position on 9mobile, the Chief Executive Officer of NCC, Prof. Umar Garba Danbatta, at a recent media parley in Lagos, re-stated that the nation’s telecoms regulator will scrutinise the technical capability and pedigree of the firm recommended as preferred bidder in the sale of 9mobile.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2018/05/01/revealed-teleology-offered-301m-to-win-9mobile-bid"}

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+{"doc_id": "310bd06ff7b48999f962b4bca189cdb5", "text": "- IG deploys 2,000 policemen, others to tackle terrorists\n- Army yet to access $1bn approved to fight insurgency\nBy Kingsley Nwezeh and Alex Enumah in Abuja\nEight soldiers and two suicide bombers were killed in separate attacks in Borno and Yobe states, THISDAY has learnt.\nThis is coming as the Inspector General of Police (IG) has deployed additional 2,000 Police Mobile Force (PMF) and Counter Terrorism Units (CTU) personnel of the Force and the Sniffer Dog Sections to the North East in the last few days to fight Boko Haram insurgency under the Operation Lafiya Dole.\nThe Nigerian Army has however, confirmed that it has not accessed the $1 billion approved to fight insurgency and other security challenges in the country.\nMilitary sources within the theatre of war said eight military personnel were killed when the insurgents attacked a military base in Burni Gari town in Gujba Local Government Area of Yobe State.\nTHISDAY gathered that an Armoured Personnel Carrier and a gun truck were lost to the insurgents.\nThe terrorists were, however beaten back when the Nigerian Air Force jet fighters pounded their locations.\nMeanwhile, two unidentified suicide bombers suspected to be agents of Boko Haram died near Mina garage in Maiduguri, Borno state.\nNigerian Army spokesman, Brig. Gen. Sani Usman, disclosed this yesterday in a statement issued in Abuja.\nAccording to him, the suicide bombers, a male and a female, on a mission to infiltrate the garage hurriedly, detonated one of their suicide vests upon sighting troops of 195 Battalion on patrol.\nUsman further said the incident, which occurred at about 8 p.m. on Saturday, left no fewer than five members of the Civilian Joint Task Force, CJTF, injured.\n“Subsequently, the area was cordoned off and the Explosive Ordinance Device Team were drafted to defuse the other unexploded vest, while Borno State Emergency Management Agency and the Red-cross evacuated the mutilated body parts of the suicide bombers.\n“The wounded persons were rushed to 7 Division Hospital for medical attention.”\nIn another development, the Inspector General of Police (IG) has deployed additional 2,000 Police Mobile Force (PMF) and Counter Terrorism Units (CTU) Personnel of the Force and the Sniffer Dog Sections to the North East in the last few days to fight Boko Haram insurgency under the Operation Lafiya Dole.\nA statement from the Force Public Relations Officer, Acting Deputy Commissioner of Police (DCP), Jimoh Moshood, which noted that the move was to support the strength of the military to defeat the Boko Haram insurgency, said the new deployment was consistent with Section 4 of the Police Act and Regulations which allows them to perform such military duties both within and outside Nigeria as may be required of them by or under the authority of the Act or any other.\nThe statement disclosed that before now, the Nigeria Police Force has on ground 47 PMF Units ( 2, 961) in Borno State in addition to the Police Mobile Force (PMF) Squadron in the state. “Twenty six units (1,638) on ground in Yobe State in addition to the Police Mobile Force (PMF) Squadron in the state\n“Eighteen units (1,134) on ground in Adamawa State in addition to the Police Mobile Force (PMF) Squadron in the state,” part of the statement read.\nThe statement added that the Counter Terrorism Units of the Force have deployments of over 1,250 specially trained Counter Terrorism Police personnel, the Police Anti-Bomb Squad 300 personnel while over 100 Sniffer Dogs are working with the military in the fight against Insurgency in the North East.\nMoshood said, “It is of significant to note that the Police Mobile Force (PMF) personnel, Counter Terrorism Units (CTU), Anti-Bomb Squad (EOD), Sniffer Dog Sections, the Federal Anti-Robbery Squad (FSARS) and conventional Police personnel have been fighting along with the military in the front line against Boko Haram insurgency and also providing security for restoration of law and order in the North East, security for all the liberated towns and villages in the North-East, escort of foreign and local humanitarian workers and relief materials, protection of IDP camps and security of public and private infrastructures.\n“The Police Air-wing Surveillance Helicopters and crews are also deployed to support most of the operations of Operation Lafiya Dole throughout the North East in the fight against insurgency in the North East”.\nHe reiterated the commitment of the Nigeria Police Force to the fight against insurgency, adding that the Force will do all it takes in collaboration with the Military to bring a quick end to Boko Haram insurgency and crisis in the North East.\nIn a related development, the Nigerian Army has confirmed that it has not accessed the $1 billion approved to fight insurgency and other security challenges in the country.\nIn 2017, the National Economic Council (NEC) approved the request of the current administration to withdraw $1 billion from the excess crude account (ECA) for the fight against insurgency.\nFielding questions on Weekend File, a news programme on the Nigerian Television Authority (NTA), spokesman of the army, Brig-General Sani Usman, said the money is still being processed.\n“People should understand also that this is a democratic system in which procurement and of course funding of defence related issues takes such a long time,” he said.\n“Take for instance the issue of the $1 billion approved recently by the president – up till now, the process is ongoing. The ministry of defence is still pursuing the matter to the point that when it is done, the armed forces will definitely get more equipment, more arms and ammunition.”\nHe added that the Chief of Army Staff, Lt-General Tukur Buratai, and the hierarchy of the army have been going round to meet with the troops in different locations.\nIn an interview with journalists in Maiduguri, Borno State capital, at the weekend, Buratai also confirmed that the army has yet to access its share of the fund.\n“You know the process of funding is another major issue. The bureaucracy and so on is another issue. Approvals are given but before you really get the money out is another challenge.\n“So, the people are talking or the media have been talking of $1 billion that has been approved but I tell you up till today the fund that is supposed to come from that amount to the army in particular, is still in the Central Bank of Nigeria (CBN),” he added.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2018/12/03/eight-soldiers-two-suicide-bombers-killed-in-boko-haram-attacks"}

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+{"doc_id": "312966ee1411319353ea312cf3c0eb94", "text": "Nigerian entrepreneur and founder of Flying Doctors Nigeria, Dr. Ola Brown, had a Tweet Chat with Nairametrics on Wednesday during which time she discussed the challenges facing the healthcare industry.\nDuring the question and answer session, Dr. Brown also emphasised the fact that many Nigerians lack access to affordable healthcare in Nigeria. As such, only the very wealthy few can afford certain healthcare options such as air ambulance.\nShe also noted that until there is a structural reform in the healthcare system, the poor will continue to lose out on how many healthcare options they cannot afford.\nSee below the detailed conversation we had with her.\nHello everyone! Welcome to this Nairametrics Tweet Chat with Dr. Ola Brown @NaijaFlyingDr\nDr. Ola is a Medical Doctor and CEO of Flying Drs Nigeria.\nThis episode promises to be very educative; Nigerian Health Sector\nNairametrics: Welcome to this episode! Before we begin, we like to let our guests give a brief introduction of themselves. In one tweet, who is Dr. Ola?\nDr. Ola: I am a doctor/business person/investor who is very passionate about impact and development in Africa.\nNairametrics: Last month, a viral video showed a Helicopter picking up someone from the Lagos-Benin expressway. The Helicopter company said it was a stroke victim. Everyone assumes the patient is rich. Can the air ambulance service ever be available to anyone outside the top 1% of society?\nDr. Ola: Advanced, sophisticated but essential health care services like air ambulance services, transplants, peadiatric heart surgery, ECMO and bypass surgery will remain difficult for the poor to access in Nigeria until there are structural changes to our healthcare system.\nNairametrics: With Nigeria facing revenue shortfalls and the need to fund a universal healthcare plan that caters for every citizen at its highest levels of urgency, what do you think needs to be done to secure the funding needed? Higher taxes for wealthier Nigerians?\nDr. Ola: One of the 5 pillars of healthcare that I highlight in my book is sustainable healthcare financing. There is an entire chapter dedicated to this. Firstly, I recommend restructuring the system to place more emphasis on primary care making the entire system more cost effective\nSpending on health care in markets with a larger percentage of primary care physicians (PCPs) is lower at any point in time than is true in other markets – Chernew et al.\nI also recommend centralizing tertiary care to improve quality and reduce cost per procedure.\nThis is how India has created the cheapest cheapest hospital in the world. It’s over 90% cheaper than the US and still delivers similar outcomes for patients.\nNairametrics: Brain drain of Nigerian Doctors has been a long term trend for years. Are you alarmed by it and do you think it can be reversed?\nDr. Ola: Not sure it can be completely reversed. But there are things we can do to help stem it. Did you know that Indian surgeons actually do more procedures than American surgeons in the same space of time?\nWe can create systems that allow our doctors to access larger volumes of similar patients in an efficient way. This replicates the ‘industrial’ approach seen in India. If they are doing more procedures, we can pay more. We can do more with less.\nTasking shifting; training other professionals to do jobs typically done by doctors, is also important. This brings down the cost of healthcare delivery whilst also helping the healthcare system to function with fewer doctors.\nEmbracing innovations like telemedicine and virtual consultation can also help bring down the cost of care. We need to look at ways that we can do more with far less in terms of financial resources.\nNairametrics: Nigerians continue to debate whether or not Doctors should be allowed to go on strike because of their importance to society. Which side of the debate are you on?\nDr. Ola: I think we need to restructure the healthcare system so that doctors don’t have any reason to go on strike. There was a time in Nigeria when the banking industry was dysfunctional. There were over 100 banks. But we fixed it.\nThere was a time when we were spending a lot of our forex on cement imports. But we fixed it. There was a time when the telecommunications network was so an efficient, but we fixed it….well kinda\nWe need this type of energy, focus & dedication to reform in healthcare. When last did you see bankers at GTB go on strike?\nNairametrics: Telemedicine is defined as the remote diagnosis and treatment of patients by means of telecommunications technology. What are your thoughts on its potential in Nigeria?\nDr. Ola: Poverty magnifies the need for healthcare whilst simultaneously decreasing the capacity to finance it. Africa’s healthcare problems are mainly economic. Therefore solutions like telemedicine are important as they drive down cost.\n90% of people’s health needs across their lifetime can be provided by primary healthcare from maternity care and disease prevention through vaccination, to management of chronic conditions and palliative care. -Lancet\nTelemedicine has exciting potential applications particularly in the area of primary care where complex interventions are usually not required.\nNairametrics: Are you for or against Nigeria ratifying the African Continental Free Trade Agreement? What impact do you think the #AfCFTA will have on Nigeria’s healthcare sector?\nDr. Ola: I am a big fan of #AfCFTA. I think intra-African trade has an important role in driving economic growth across the continent. However, it will not solve our healthcare problems. We still need policy reform.\nHowever, it does make the idea of regional referral centres/centres of excellence across Africa, easier to contemplate. I think these kind of industrial mega-hospitals, will be able to deliver healthcare at scale at a regional level.\nNairametrics: This has been an amazing session with @NaijaFlyingDr We hope you’ve enjoyed this Nairametrics Tweet Chat. Final question for the evening! Do you think Doctors in Nigeria should worry about Robots (Artificial intelligence) taking over their jobs in the future?\nDr. Ola: I think we should be advocating for the type of reforms that will make healthcare affordable, accessible and acceptable to the millions of Nigerians who die every day from treatable conditions\nMore sick children die in Nigeria than almost anywhere in the world. Trauma patients are x10 more likely to die for their injuries. Nigeria is one of the most dangerous places in the world to give birth\nTo get an idea of the type of reforms that can improve the healthcare system in Nigeria download my book ‘Fixing Healthcare in Nigeria’\nEvery dollar invested in healthcare returns $2-$10 dollars back in terms of economic growth Health care is an investment, not a cost. Thanks, Nairametrics for the opportunity and thanks to all the citizens that continue the #fixnigerianhealthcare conversation.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2019/07/18/flying-doctors-founder-ola-brown-discusses-challenges-facing-nigerias-healthcare-industry/"}

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+{"doc_id": "31ca2f1f96d73630c2e50e053b36bdb1", "text": "Total revenue was $323.2 million, representing a slight increase on a reported basis or -1% on a constant currency basis\nMoney transfer revenue was $297.6 million, up 5%, or 4% on a constant currency basis, driven by the strength of our digital business\nInvestment revenue was $3.0 million for the quarter representing a decline of $10.4 million due to lower prevailing interest rates\nTotal operating expenses of $286.6 million, improved $19.2 million or 6%\nTransaction and Operations Support expenses decreased $31.5 million or 56% which included: Agile management of expenses through the pandemic as the Company continues to benefit from its Digital Transformation.\n$8.9 million net benefits from Ripple market development fees of $9.3 million, partially offset by related transaction and trading expenses of $0.4 million\nThe Company recorded $6.3 million in foreign exchange gains primarily related to currency movements during the pandemic.\nWhat you should know; Recall Nairametrics some months ago broke the news on MoneyGram receiving $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.\nThe funding by Ripple completes its $50 million offerings for about 15% stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.\nThis deal would definitely give MoneyGram’s arch-rival, Western Union, a run for its money. Reports from different private sources, seen by Nairametrics show that Western Union is now bent on buying MoneyGram to scale on its robust growth experienced lately.\nMoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with 81 now digitally enabled.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/11/01/moneygram-received-9-3-million-from-ripple-in-q3/"}

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+{"doc_id": "32422888772ef8a5eb81e5b56d8c4a03", "text": "The International Monetary Fund (IMF) in 2017 announced that Nigeria’s creative industry accounted for 2.3 percent, approximately N239 billion, of the nation’s GDP in 2016. This has been re-echoed by Minister of Information, Lai Mohammed at the 61st Tourism conference in Abuja 2019 and the then Minister of State – Industry Trade and Investment, Aisha Abubakar.\nAbubakar, while speaking at a Creative Entrepreneurs Summit in 2019, declared that with the pace the Nigeria creative Industry is growing it has the fastest growth rate in the world. We cannot talk about this exponential growth without pointing to the role the Big Brother Naija show is playing, arguably, the biggest television reality show out of Nigeria and Africa right now.\nWith rising unemployment and a stuttering economy, the creative industry, which forms a major part of the nation’s informal sector, has continued to come to the rescue of Nigerians, putting foods on tables, promoting people from obscurity to stardom and helping many achieve their dreams.\nWith the dwindling fortune of white-collar jobs, Nigeria’s informal sector accounted for about 65 percent of Nigeria’s 2017 GDP, according to the IMF which also rated Nollywood as the second-biggest employer in Nigeria, engaging over a million persons. It’s evident that over the years millions of Nigerians have been devising ways to help themselves survive through economic hardship without waiting for the government.\nThe COVID-19 pandemic has further worsened the situation. Across the world, the fear of mass layoff (already happening) coupled with a possible economic recession predicted by experts is shifting focus to the informal sector and the creative industry is expected to be the receiving port for the influx of many young people in search of greener pasture and economic liberation.\nSmall wonder why millions of youth and brands jostle to associate with the BBNaija show annually. It is well established from previous editions that has produced stars in movie, music and media, that the show is a major contributor to the growth of the creative industry of the most populous black nation in the world.\nBut how is MultiChoice Nigeria achieving this?\nIt may look like a mystery, but the show is beyond the 12 people and the host Ebuka Obi-Uchendu, himself a past contestant, we see on the screen for 99 days. There is more to the show than the contestants – the crew members, brands, small and medium-sized businesses, online vendors and entertainers who visit the house are also huge beneficiaries of the BBNaija show.\nAt the backstage making the work happen are more than 100 crew members – cameramen, photographers, housekeepers and many others in their hundreds who get paid for making the reality show a true reality.\nEbuka shared a photo in 2019 of about 100 crew members (directly hired) to work behind the scenes to bring the show to viewers. The multiplying effect of this on the economy of a nation cannot be underestimated.\nThe show made a remarkable move last year when it gave out a Nigerian made car to Mercy Eke, winner of the 2019 edition. This move earned MultiChoice commendation from many Nigerians and it has further promoted the Innoson made vehicle to other parts of Africa.\nBefore BBNaija 2019, not so many people knew about a smartphone brand called Oppo, it gained exposure that has translated to an increase in patronage and revenue by joining other brands like Bet9ja, Pepsi, Gulder to sponsor weekly games on the show.\nThe small and medium sized business owners who are contracted as vendors to supply necessities like food, wearables, cosmetics, toiletries to the house during the show have also seen an exponential growth in their businesses by associating with the show. Many of these businesses run online shops, by exposing their brands on the show to over 40 million viewers across Africa, their hitherto small businesses have received a higher degree of patronage from Nigeria and other African countries.\nIn October 2019, House of Lunettes, a brand that makes eyeglasses announced that it sold out its products a few hours after Tacha Akhide became its brand ambassador. Such is the power BBNaija wields.\nEntertainers and DJs who visit the housemates have also enjoyed a high degree of publicity that has further positioned their brands to the consciousness of not just Nigerians, but millions of Africans.\nWe may not be able to put a figure to the huge impact of BBNaija on the nation’s economy, it is clear that solving the economy puzzle remains a daunting prospect, which the show alone cannot solve, but it is making a giant step in proffering a solution.\nLai Mohammed said in 2019 that “Our (Nigeria’s) greatest strength lies in our creative industry, music and our films. That is one area we have a comparative advantage over many other countries.”\nOver the years, MultiChoice through BBNaija has continued to churn out talent taking over the creative scene – Gideon Okeke, Bisola Aiyeola, Ifu Ennada among many other past contestants have made names in Nollywood. Efe Ejeba winner of the 2017 edition went to pursue a career in music and Miracle Igbokwe through his cash prize in the 2018 edition was able to achieve his long term dream of becoming a pilot, though he didn’t stay in the creative industry like other contestants, BBNaija has helped him fulfil his dream, what more can he ask for?\nThe likes of Tobi Bakre who has featured in movies and soap operas, Mike Edwards a brand ambassador for Nigeria family of Japanese automotive manufacturers, Mitsubishi; and many others are also making good use of the fame the platform brought to register their names in the creative scene.\nOver the years, people have expressed cynical opinions about the show, it is not unexpected, what, in fact cannot be ruled out is that viewers have a real emotional attachment to it, contestants, businesses and individuals attached to it are seeing the impact on their bank statements and their brands.\nWith the dearth of talent harvesting shows and many other reality TV shows that the harsh economy has frustrated to wind up, commendation must be given to MultiChoice Nigeria for weathering the storm and providing a way out of the conundrum to make BBNaija a major contributor to the growth of the creative industry.\nDownload Nairametrics App for breaking news and market intelligence.\nWhile appreciating the economic impact of the creative industry on our GDP, attention should be paid on guiding and sensor the industry’s contents in not loose or deviate from its core values by and ensuring that the program will not in anyway, destroy societal values through indecent acts. There is no price that will be tagged to estimate the value of morality in contrast to the damnable effect of indecency.\nI hope the authority will take into consideration and act in consonance.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/07/08/how-multichoice-is-getting-the-economy-working-with-bbnaija/"}

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+{"doc_id": "325cda22324b485d935b1498762911b1", "text": "The week ended January 31, 2020, was not a fruitful one for some investors in the Nigerian Stock Exchange, as the market delved below N15 trillion when investors lost N403.02 billion.\nNairametrics found that the market capitalisation dropped from N15.27 trillion on Friday, January 24, 2020, to N14.87 trillion last Friday.\nThe all-share index also dipped by 2.65% from 29,628.84 to close at 28,843.53 index points. Experts attributed the development to the sell-offs witnessed in MTN Nigeria Communications Plc, Guaranty Trust Bank Plc, and Access Bank Plc.\nPremium board decliners\nThe summary of the stock market performance for the week showed that no stock recorded positive growth last week. There were only decliners and retainers.\nLafarge Africa lost the most with a 12.86% decline to close the week at N15.25 followed by First Bank Holdings, which dipped 10.27% to close at N6.55. UBA recorded 6.43% loss to close at N8 with Zenith Bank closing at N20.85 indicating 5% loss while MTN rounded off the list with 4.32% loss to close at N119.6.\nMainboard gainers\nDespite the negative performance of the stock market in the week, some company stocks recorded a slight increase in the value of their stocks.\nLinkage Assurance gained the most on the bourse with an 18.75% increase to close at N0.57. Neimeth Pharmaceuticals followed with 17.02% gain to close at N0.55 from an initial N0.47. Vitafoam Nigeria also recorded a 10% gain to close at N5.5 as NPF Microfinance Bank grew by 9.73%, from N1.13 to N1.24 while Cornerstone Insurance rounded off the list with 9.26% gain to close at N0.59.\nA significant proportion of the listed companies recorded a decline in the value of their stocks. Eterna plc dipped 23.81% to close at N2.4. Honeywell Flour Mill closed at N0.97 from N1.18, reduced by 17.8%, ABC Transport also dipped 17.07% to close at N0.34. UACN lost 15.64% to close at N8.9 while Unilever Nigeria rounded off the list with 14.53% loss to close at N15 from N17.55.\nWhy the sudden trend?\nLast year, it was expected that the decision of the Central Bank of Nigeria to stop individuals and Pension Fund Administrators from investing in OMO bills will push the investing public to the local bourse in 2020 in turn affecting the market performance positively.\nHowever, the turn of events could be attributed to the uncertainty surrounding stock performance and the volatile nature of the market hereby influencing the decision for profit-taking.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/02/03/nse-investors-lose-n403-02-billion-last-week-as-bear-rules/"}

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+{"doc_id": "3411432c8f4fa2e11d7ed68a07b11da0", "text": "As Nigeria continues to deal with the economic implication of the COVID-19 pandemic, inflation rate rises to 12.40% (year-on-year) in May 2020, 0.06% points higher than 12.34% recorded in April 2020.\nThe latest inflation figure indicates the highest in over two years, since April 2020 when the CPI recorded was 12.48%. This is detailed in the latest inflation report released by the National Bureau of Statistics (NBS).\nOn month-on-month bases, the headline index increased by 1.17% in May 2020, a 0.15% point higher compared to 1.02% recorded in April 2020.\nFood inflation, a closely watched component of the inflation index rose by 15.04% (year-on-year) compared to 15.03% recorded in the previous month. A rise which was caused by increases recorded in process of Bread and cereals, potatoes, yam, and other tubers, oils and fats, fruits, fish, and meat.\nAlso, on a month-on-month basis, the food sub-index increased by 1.42% in May 2020 from 1.18% recorded in April 2020, which indicates a 0.24% rise.\nCore inflation, the “All items less farm produce” or Core inflation which excludes the prices of volatile agricultural produce stood at 10.12% in May 2020, up by 0.14% points when compared to 9.98% recorded in April 2020.\nHowever, on a month-on-month basis, the core sub-index stood 0.88% in May 2020. This was down by 0.05% point when compared to 0.93% recorded in April 2020.\nThe highest increases were recorded in prices of pharmaceutical products, medical services, repair of furniture, hospital services, passenger transport by road, motor car, bicycles, maintenance and repair of personal transport equipment, passenger transport by sea and inland waterways, paramedical services, motorcycles and hairdressing salons, and personal grooming establishment.\nIn May 2020, Rivers (14.69%) states recorded the highest all-items inflation on a year-on-year basis, followed by Bauchi states, which recorded 14.31% and Ebonyi state with 13.87%. Kogi and Plateau state also recorded an inflation rate of 13.87% in May 2020.\nOn the other hand, Kwara state recorded the lowest rate of 10.58%, followed by Adamawa (11.1%), Benue (11.13%), Kaduna (11.28%) and Enugu (11.4%).\nWith respect to food inflation, Abuja recorded the highest with 18.13% followed by Osun state with 17.4%. Closely followed are Rivers, Imo with 17.19%, and 17.13% food inflation rate respectively.\nThe latest inflation report implies a fast rise in the prices of overall goods and services in the economy, caused by the partial restriction in trading activities across the country.\nIt should be noted that the latest increase in the inflation rate means that the purchasing power of consumers to buy goods and services deteriorated in May 2020 compared to the previous month. That is, the ability of consumers to buy the same quantity of goods with a fixed income level has worsened within the period.\nThe trend is feared to continue into the month of June as Nigeria still continues to grapple with the effect of the Coronavirus pandemic, even as the country embarks on phase two easing of lockdown.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/06/17/inflation-rate-jumps-to-12-40-highest-in-over-2-years/"}

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+{"doc_id": "368655be9c6929880e0f56c5cce70867", "text": "WEEKLY REPORT\nRenewed investors’ confidence in equities boosted the value of trading by 79.7 per cent to N39.087 billion last week up from N21.740 billion the previous week. The amount was invested in 2.170 billion shares in 24,657 deals, compared with 2.018 billion shares exchanged in 25,496 deals the previous week.\nThe renewed demand for stocks also made the market to close the week on a positive note with the Nigerian Stock Exchange (NSE) All-Share Index rising by 0.72 per cent to be at 42,876.23. Similarly, market capitalisation rose by 0.82 per cent to close at N15.403 trillion. The growth is an improvement on the decline of 0.16 per cent recorded the previous week.\n All other indices finished higher during the week with the exception of the NSE ASeM, NSE Banking and NSE Pension Indices that depreciated by 1.14 per cent , 0.59 per cent  and 0.09 per cent in that order.\nCommenting on the week-on-week performance, analysts at FSDH Merchant Bank said the market recorded a marginal increase to close positive.\n“Activity level was positive in volume and value terms while market breath closed negative. Bargain hunting is likely to be sustained in coming sessions as market outlook remains positive in the immediate term,†they said.\nDaily Performance\nThe market began the week with high hopes as it recorded a growth.  The NSE Index rose marginally by 0.02 per cent to close at 42,579.48, lifted by the appreciation recorded in the share prices of GTBank, Zenith Bank, UAC of Nigeria Plc, PZ Cussons, and FCMB Group Plc among others.\nCommenting on the market, analysts  said it   traded sideways in today’s session but recorded a marginal gain.\n“The market sentiments to the corporate earnings of Total Nigeria, African Prudential and United Capital released today were negative as the stocks experienced sell pressure and closed on offer. Market activity will likely increase in coming sessions with anticipation of corporate earnings of banks,†they said.\nIn terms of sectoral performance on the first day of the week, three   indices advanced while two declined. The NSE Consumer Goods Index led gainers, up 0.8 per cent, trailed by   the NSE  Insurance Index rose by 0.5 per cent.  The NSE Banking Index appreciated by 0.3 per cent.\n On the flipside, the NSE Oil & Gas Index shed 2.5 per cent, while the NSE Industrial Goods Index  went down by 0.2 per cent.\nThe market fell on Tuesday due to sell pressure amidst weakening investors’ sentiment. Consequently, the NSE ASI depreciated by 0.66 per cent to close at 42,299.56. The depreciation recorded in the share prices of International Breweries, Zenith Bank, Dangote Cement, Seplat, and Lafarge Africa were mainly responsible for the decline recorded in the index.\n “Market performance across sectors was mostly bearish. The 2017 earnings release is expected to improve market activity and investors’ sentiment in coming sessions,†operators said.\nDespite the bearish trend, there was increased activity in the market as volume traded inched 14 per cent higher to 438.7 million units while value traded advanced 60.8 per cent to N8.8 billion.\nThe market rebounded on Wednesday as the NSE ASI jumped by 2.44 per cent  to close at 43,330.54. The appreciation recorded in the share prices of Unilever, Nigerian Breweries, Dangote Cement, Stanbic IBTC, and Lafarge Africa were mainly responsible for the gain recorded in the index.\n“Market activity and investor sentiments strengthened today. The positive performance of the market was mainly driven by bargain hunting presented by the temporary decline in the prices of some stocks. This trend is likely to be sustained in coming sessions as investors continue to hunt for bargains in perceived undervalued stocks,†according to the analysts.\nThe NSE Industrial Goods Index led the gainers chart with 4.1 per cent, trailed by the NSE  Consumer Goods Index  that rose by  2.4 per cent. The  NSE Banking  Index and  NSE Oil & Gas Index   also trended northwards, up 0.8 per cent and 0.2 per cent  respectively.\nBut the bullish trend could not be sustained on Thursday as the NSE ASI fell by 1.1 per cent to close at 42,843.38. Profit taking in Dangote Cement Plc (-1.8 per cent), Nigerian Breweries (-3.6 per cent) and GTBank (-2.0 per cent) weighed heavily on the performance. As a result, investors lost N174.8 billion in value as market capitalisation fell to N15.4 trillion. Similarly, activity level declined as volume and value traded fell 35 per cent  and 54.9 per cent  to 371.2 million  units and N4.9 billion respectively.\nPerformance was mixed across sectors as three indices declined while two advanced. The NSE Oil & Gas Index led gainers, rising 1.0 per cent. The NSE  Insurance Index trailed, rising by  up 0.1 per cent. On the negative side,  the NSE Industrial Goods Index declined 2.2 per cent  as investors took profit in Dangote Cement ANGCEM (-1.8 per cent) and Lafarge Africa Plc (-3.5 per cent). The  NSE Banking  Index fell 1.1 per cent while the NSE  Consumer Goods  Index depreciated by 0.7 per cent.\nThe market closed the last day on a positive note, appreciating by 0.08 per cent, bringing the week-on-week gain to 0.72 per cent.Â\nMarket Turnover\nA further analysis of the activity chart showed that the Financial Services Industry led with 1.534 billion shares valued at N17.670 billion traded in 15,208 deals, thus contributing 70.69 per cent and 45.21 per cent to the total equity turnover volume and value respectively.  It was followed by the Industrial Goods Industry, which recorded 200.405 million shares worth N6.436 billion in 1,097 deals. The third place was occupied by Conglomerates Industry with a turnover of 188.097 million shares worth N489.453 million in 998 deals.\nTrading in the top three equities namely – FCMB Group Plc, Transnational Corporation of Nigeria Plc and Cement Company of Northern Nigeria Plc, accounted for 617.511 million shares worth N4.086 billion in 2,090 deals.\n Also traded during the week were a total of 50,547 units of Exchange Traded Products (ETPs) valued at N4.593 million executed in 12 deals, compared with a total of 111,794 units valued at N1.806 million that was transacted  in 10 deals two weeks ago..\nA total of 6,574 units of Federal Government Bonds valued at N6.332 million were traded last week in 31 deals, compared with a total of 9,963 units valued at N10.057 million transacted the previous week in 21 deals\nPrice Gainers and Losers\nMeanwhile, 38 equities appreciated in price during the week under review, higher than 23 of the previous week, while 45 equities depreciated in price, lower than 54 equities of the previous week.\nJapual Oil & Maritime Services Plc led the price gainers with 50 per cent, trailed by Unity Bank Plc with 18.7 per cent. N.E.M Insurance Plc chalked up 18.4 per cent, just as Cement Company of Northern Nigeria Plc gained 17.8 per cent. Consolidated Hallmark Insurance Plc and NASCON Allied Industries Plc garnered 16 per cent and 25.8 per cent respectively.\nOther top price gainers included: First Aluminium Nigeria Plc (15.3 per cent);  Cutix Plc (11.3 per cent); Conoil Plc (9.8 per cent) and Continental Reinsurance Plc (9.2 per cent).\nConversely, Sovereign Trust Insurance Plc led the price losers with 20.8 per cent, trailed by UNIC Diversified Holdings Plc that shed 18.5 per cent. Multiverse Mining and Exploration Plc went down by 17.6 per cent, just as FTN Cocoa Processors Plc and African Alliance Insurance Plc lost 15.9 per cent and 14.2 per cent  in that order.\nOther top price gainers were:  DN Tyre & Rubber Plc (13.6 per cent); Diamond Bank Plc (12.1 per cent); Royal Exchange Plc (11.4 per cent); Courtville Business Solutions Plc (9.3 per cent) and Standard Alliance Insurance Plc (8.3 per cent).", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com:443/index.php/2018/03/05/investors-invest-n39bn-in-equities-on-positive-sentiments"}

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+{"doc_id": "377e9f0b8a0f4b43deb60cb75597d636", "text": "Central Bank of Nigeria’s monetary policy committee has disclosed that banks have created about new N2 trillion loans in the last six months. The apex bank made this claim in its monetary policy communique.\nCommenting on developments in the banking sector, the regulator expressed “delight” in the increase in lending to the private sector since it introduced its policy on loan to deposit ratios (LDR).\n“The Committee observed with delight that over the last six months, aggregate credit grew by N2.0 trillion and urged the Management of the Bank to sustain the current momentum of improved flow of credit to the Private Sector while exploring other options with the fiscal authorities to strengthen the legal framework for the enforcement of credit recovery.”\nBank’s non-performing loan ratios also dropped from 6.6% to 6.1%, according to excerpts from the communique.\nSo, who do banks lend to?\nThe CBN lists the sectors that benefited from the new credit across the private sector:\n“Credit to the Private Sector also grew to 13.1% in December 2019, from 12.82% in the previous month. Consequently, the sectoral distribution of credit between end-May 2019 and end-December 2019 was as follows:”\nManufacturing (N446.44 billion);\nGeneral Retail and Consumer Loans (N419.02 billion);\nGeneral Commerce (N248.48 billion);\nAgriculture, Forestry, and Fishing (N160.94 billion);\nInformation and Communications (N156.47 billion);\nFinance and Insurance (N129.87 billion);\nConstruction (N86.54 billion); and\nTransportation and Storage (N68.61 billion), amongst others.\nOn its LDR policy\nThe CBN noted that banks are yet to reduce interest rates on loans despite an obvious drop in deposit rates. This means that the financial institutions rejected deposits from some customers just to meet up with their LDR ratios. Banks were also reported to have switched from investing in government securities to lending to the private sector.\nThe Committee noted the improvement in the financial soundness indicators, growth in assets of the banking system and the gradual switch in the composition of DMB assets from investments in government securities to growth in the credit portfolio.\nIt, however, noted that lending rates at the retail segment of the market had remained fairly sticky downwards as deposit rates had declined substantially. It also noted that in some cases, DMBs were not encouraging term deposits in their portfolios and therefore, emphasized the Bank’s commitment towards the implementation of the Loan-to-Deposit ratio (LDR) policy.\nNine out of 11 members of the central bank’s committee voted to increased the bank’s cash reserve requirement (CRR) from 22.5% to 27.5% as it worried about the increase in money supply as well as other structural issues affecting the rise in the inflation rate. The bank-owned up that while the move was counterintuitive, it had no choice.\nAlthough tightening would limit the ability of DMBs to create money, ultimately leading to a reduction in money supply and curtail their credit creation capabilities, which would eventually lead to the rising cost of credit and credit risk as DMBs re-price their risk assets. The MPC believes that the aggressive pursuit of the current loan-to-deposit ratio policy thrust would continue to help to catalyze credit growth and positively impact growth and prices.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/01/28/cbn-says-banks-create-n2-trillion-new-loans-in-6-months/"}

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+{"doc_id": "3a147a080b0e99db081e21df4cf40561", "text": "Shola Oyeyipo and Segun James\nDespite huge its potential, Nigeria has dropped among leading mining countries, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said.\nFayemi reassured the rest of the world, particularly major international players in the mining sector that Nigeria is ready to collaborate with all stakeholders to ensure that the sector contributes to the growth and development in the country.\nThe minister, who appeared on ARISE News, a THISDAY Newspaper sister broadcast station on Tuesday, said the country is already taking some important steps in reversing the downward trend in the sector to open it up to investors and attain about seven per cent contribution to Gross Domestic Product (GDP).\n“At a time in Nigeria, power was only generated by the three mining companies. The railway that moved from Enugu to Port Harcourt was largely to service the coal industry and these are things we filtered, but Nigeria is still largely a greenfield as far as mining is concerned. That is why the opportunities are legion if we focus our energy on geological prospectivism; on organising the informal sector in mining; on putting enough access to finance in the hands of those embarking in the sector and generally ensuring that the business environment is conducive.\n“The roadmap is out. It has been approved by the Federal Executive Council (FEC) and the thrust of the roadmap is that government is going to be an enabler; we are not going to be an operator. We are going to provide a conducive environment for players to come into the industry and we will support them with a variety of incentives; tax breaks, predictable legal and regulatory environments, access to finance, access to tools for the small scale players and a clearly defined licensing regimes. These are the things we should be able to do while we allow the payers in the sector to drive the industry,” he said.\nThough not shying away from the fact that the sector is yet to attain its pride of place in terms of its contribution to the GDP, Fayemi expressed great optimism that barring an unforeseen circumstances, the sector would soon begin to contribute significantly to Nigeria’s income.\n“Though the current share of the mining sector is still abysmally low with 0.34 per cent of GDP, but what is interesting is that if you look at the last two quarters, it is mining and agriculture that are growing, clear direction in the offspring. With the emphasis at our disposal and all the facts that we have, by 2015 – about 15 years, we should be hitting seven per cent of GDP. We used to be five per cent. We believe we could be up to that if we provide the legal and regulatory environment,” he added.\nNoting that while mining might not be one of the immediate sources of alternative sources of income to Nigeria, Fayemi said considering the attitude of the President Muhammadu Buhari administration to the mining sector and the policy readjustments being carried out, it would not take much longer before the sector begins to earn foreign exchange for the country.\n“President Buhari has always been passionate about agriculture and mining, it is not a latter day fact for him, having worked in the oil sector himself as minister…if you look at our economic recovery and growth plan, we have said the trigger for inclusive growth is ensuring stability by aligning our trade policy with our monetary policy and with our fiscal policy. Two, increase expenditure in transportation infrastructure, road and self-sufficiency in energy and power sectors,” he added.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2017/04/19/fg-targets-7-growth-in-mining-contribution-to-gdp"}

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+{"doc_id": "3a6efadf80d764093dcf1ee3df9f4edc", "text": "The Chief Executive Officer, Uraga Power Solutions Limited, Seun Faluyi, in this interview speaks about the company’s environmental sustainability programmes. Ugo Aliogo brings the excerpts:\nWhat has been the focus of your organisation in the area of environmental sustainability?\nWe are a power company, and we package power solutions. A power solution is not just power generation, but a more comprehensive approach to providing energy. In talking about power solutions, we talk about a fuel mix. When it comes to the environment, one of the big things about the environment in power generation is the kind of fuel that you use. It has a major impact on the atmosphere. Coal for example has a big carbon footprint. Gas has a lighter footprint, maybe less than half. Then the renewable sources are much lighter. As a power generation company, we are helping companies in terms of solutions to transition from the heavier carbon footprints to lighter carbon footprints, especially those that are generating with diesel. If you are able to get economies of scale, you are able to reduce the carbon footprint. If you also transit from diesel to gas and you are also able to reduce the footprint further in two ways. Because gas has higher energy content, it means you use less fuel to generate more power compared to diesel. Also, because gas is cleaner than coal on the carbon scale, it means you have less emission, so when it comes to the environment, you have less impact. As a power company, we are transitioning industries and commercial concerns from heavier fuels to lighter fuels. We are also adding solar power solutions as part of the sources we offer. We offer customers hybrid solutions of both conventional energy sources and solar, so through this way, we are migrating companies so that they can be more environment friendly in their operations.\nWhat activities have you embarked on in the last few years and what have been the social impact?\nBecause we are a power generation company, our activities majorly are in power generation. We have a number of customers who have switched from diesel to gas; we also have a number of customers we are providing solar power solutions for, especially with the falling prices of solar panels. So this way, we are helping to move the needle in the direction of environmental sustainability.\nIn terms of clientele base, do you have the high and low-end customers?\nWe have a strategy which implies that our focus is on commercial and industrial customers. The reason why we have done that is that we are a solution-oriented company. In Nigeria, there have been issues around power, and from our own experience, we have seen that there are structural and commercial issues. Therefore, what we need is to provide solutions for customers that help them run their businesses and facilities efficiently even amidst the peculiar circumstance. What we did was to leapfrog some of those challenges and just stay closer to the customer. Customers that are commercial and industrial are the ones sensitive to power quality and reliability, so these are the ones we are offering first.\nThere are residential customers and there are quite a number of them. But the ones we have identified and targeted are those ones whose operations are adversely affected by unreliable power supply. The more they are able to produce their own products, the more they are able to sell products to their own customers cheaply, because we provide them reliable power, and the more it is that we are all able to contribute to the development of the economy and the country as a whole. Subsequently, the benefits will trickle down to other segments of the economy. That is why we are initially focusing on commercial and industrial customers.\nLooking at the financial year 2018, in terms of purchasing power, most businesses could not break-even. How will you describe the purchasing power of your customers?\nThe economic meltdown did not start in 2018; it started since 2016. Many companies have been on life support and things have been very hard. On our part, we saw it. That is why in coming up with energy solutions, we work towards packages that will be affordable. Presently, with our industrial customers, we work closely with them to initially determine their power requirements and, based on their requirements, we configure solutions that are targeted, efficient and affordable. We provide reliable power at the most efficient cost.\nFor how long have you been in business?\nWe have had over 12 years of experience. But we were incorporated as a power solutions company three years ago. Twelve years ago, we had started on a utility scale and we were able to develop adequate experience and understanding of the industry. But three years ago, we realised that we needed to be more focused and nimble to provide customised energy solutions to industrial and commercial customers. That was when we began to provide power as a service.\nThere have been various activities geared towards achieving environmental sustainability in Lagos State, from LAWMA to Visionscape, now back to Lagos State Government. What can you say as an environmentalist why the State has not made significant progress in the environmental sustainability?\nThere are many perspectives to the issue. When it comes to environmental sustainability, those in environmental waste management know that the issue is not just about collection. There are issues that have to do with generation, collection, transportation or logistics, processing and then you can talk about disposal. For environmentalists, typically there are 3Rs- reduction, re-use and recycle. Though it is now being extended so that it is not just reduce, reuse and recycle, but also recover and then disposal. But the thing with the 3Rs approach is that you have to look at the nature of your waste, then how you treat or handle it. You also need to have a deep understanding of what your ecosystem looks like. In Lagos, for example, the type of waste generated is both organic and inorganic waste. Organic wastes are those materials that easily decompose. While inorganic waste includes papers, plastics, metals, bottle tops, nylon and materials generated from industrial processes. Now if you have one broad approach and say waste is waste, you will be missing something there. How you collect and process waste that is generated in one place, say a residential area would be different from the way you collect and process waste from an industrial environment. So, you really need understanding. The waste collection process also requires deep understanding. Medical waste cannot be processed the same way as industrial or residential waste. You need to understand the type of waste, so that you can process correctly so that we can also recycle correctly. So all of these things require insight. For those of us who are environmentalists, we talk of disposal, but it is not only disposal that environmental sustainability is looking at. The focus is also to examine how to reuse waste in a productive way for economic gain. For those that are in to sustainability, there is an insight into what you are doing. There are ways to understand what is required. This is why the World Environment Day is a very good opportunity for us as company. It is important to make people more aware that the environment is something that we should take care of. There is need to take care of it and people should understand that what we do has impact on the environment. The hope is that technocrats will understand and promote environmental sustainability. If treated as a political issue, then it may not yield results but if we have those who are insightful, they would look at what has been done and put in a proper plan that will bring improvement.\nSome of the products you have rolled out are reliable power solutions, solar energy solutions, transmission from heavy to light carbon, the industrial and commercial generation, which of these products is your major core competency?\nWhat we do is power and it is a commodity. Power is just electrons flowing in a wire. But what we do is provide energy solutions. So we are packaging electricity so that it is a solution for those who have a problem. We don’t just see ourselves as offering a commodity but as a solutions company. We are providing solutions. So we are saying that for industrial customers who need reliable power, we will provide that solution for them. Reliable does not means that it doesn’t go off but it is predictable when it goes off and it is not disruptive when it goes off. Also, the cost is affordable to target customers. We provide efficient and reliable energy at affordable cost.\nWhat are the opportunities you see in the power sector in Nigeria?\nThere are a lot of problems in the power sector. There are liquidity challenges which the Distribution Companies (Discos) are facing, while the consumers are facing supply constraints. The consumers are segmented. There are commercial and industrial customers, who need reliable power. There are challenges with pricing. Therefore, we have decided that we will leapfrog and discuss with the customers, especially the commercial and industrial customers to find out what they need in terms of power. The opportunities we see include aggregating the demands of multiple customers to take advantage of economies of scale. We also see opportunities with transitioning from diesel generated power to gas generated power, where you can use less gas to generate more power compared to diesel. For us, it is a paradigm shift. We had to retool our strategies because we have tried the on-grid utility scale approach and we saw the constraints and we said we have to try a different approach and it’s working.\nHow cost reflective is your tariff compared what these industrial customers get from the Discos?\nWe sit with the customers to find out what the appropriate pricing will be, so it is not just like a tariff. A tariff is like a table that says this is what it is and there is no negotiating. Our own approach is a partnership, a bilateral agreement. It is about a provider guaranteeing efficient service delivery to a customer. We find out from the customer how much power they need, and then we assure them that we are going to invest the money to provide the power they need, but they will guarantee us that they will buy the power from us.\nWe have a capacity and energy charge that we will discuss with the customer, based on the load that they take, not the peak load, but the average load and it will be spread across over how long they use it.\nSo we have the commercial and industrial, so we skip that of the residential. Is it a deliberate act for scaling the market or a negotiation between you and the regulator?\nIt is a strategic decision. The residential customers make up about 70 percent of the market, but in terms of the actual energy that they consume, it flips. It is between 20 or 30 percent and that percent, the public utility can easily serve. What is really priority for Nigeria presently is that we make sure our industries work so that is why we have made them our priority too.\nDo we hope to service those sectors?\nFor residential, the approach we are taking for now is this. When we have enough residential customers and we can aggregate enough demand in a location, we can serve them. One of the things that we believe is that the distribution companies, if we are able to take the load off them, will be able to serve more people. What you will find is that more people have light and everybody is happy for it.\nJune 5 was the world environment day. What does this mean for Uraga Power Solutions?\nFor Uraga Power Solutions and the Honeywell Group in general, it is a day we can stand with other people who are enthusiastic about the environment to raise awareness and consciousness. It is not only in Nigeria, but around the world people are talking about the environment. Although, some people still think environment issues are not critical for Nigeria now, but human activities have impact on the environment and we all need to be responsible.\nOur climate in West Africa is considered one of the most benign because our temperatures are reasonably stable. You don’t get typhoons and other such severe storms. Typically speaking our own weather seems like it is the most favourable, because we don’t experience hurricanes and the rest. But global warming is affecting the world and it is making ocean waters rise. In Lagos for instance, there is a lot of low land. Maybe Ikeja is about 40metres above sea levels. If the sea rises by 10 or 15metres many places will be submerged. Flooding is a major issue, but not just in Lagos. About 40 percent of the world’s populations live in coastal cities. So 40 percent of global population will be greatly affected if the sea levels rise beyond what we can manage. There are even more places where floods are happening. All of these mean that everybody should be concerned and need to be aware. June 5 is an opportunity to raise awareness about what is happening in the environment. We need to take action about what is happening in the environment.\nIn our own way, what we are doing is making sure we provide sustainable energy in an environmentally responsible way. We are trying to make sure that in everything that we do, we are able to contribute to a sustainable future.\nThe federal government has been keying into environment by embracing green bonds for environmental projects. How well are you subscribing to that?\nBecause we are a power company, we have access to other kinds of financing sources. We have access to both local and international sources of finance. Investors, lenders and development partners want to finance power projects. All they need to see is that it is bankable. For us, bankability means that we have the experience, technology, the partners and the capability. The only thing that is left is just the market. So we took a view that once we sit with a customer that has a bankable business plan that gets consistent cashflows, we can package a solution that will work for them. Even Pension Funds in Nigeria are looking for power projects. A lot of people are looking for power projects. These are the ones we are leveraging on.\nWhat are your achievements as CEO in the last three years?\nWe have the flagship project in Sagamu. It is a flagship project because we are located at the interchange section of the Lagos/Ibadan expressway, Lagos/Benin expressway. We have set up a power plant and we are ready to serve as many industries as possible. It is an achievement that we have got it off the ground and it is working. We have done the phase one; we are going to the phase two. For us, it is exciting that you can have customers or industries in that area that can have affordable, reliable and environmentally friendly power. So for us it is a big achievement.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/06/13/faluyi-many-companies-on-life-support"}

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+{"doc_id": "3b0e250bb916bd22473431a603800f46", "text": "The market capitalisation of the Nigerian Stock Exchange (NSE), which represents the market value of all listed companies, lost about N2 trillion in the first quarter of 2020.\nNigerian equitiessuffered high price volatility during the period under review. This happened as a result of the impact of the Coronavirus (COVID-19) pandemic, as well as the crash in global oil prices.\nThe Details: The Nigerian bourse’s market value dropped by N1.87 trillion to close the period under review at N11.1 trillion from N12.971 trillion. The Nigerian All-Share Index (ASI) also dropped by 20.73% to close Q1 2020 at 26,867.79 points.\nDo note that the ASI is the overall market performance measure which monitors the general market movement of all listed equities on the NSE.\nPerformance by sectors: The NSE’s sectorial performances were also negative, as all indexes closed the period with a drop in value. The NSE Consumer Goods Index plunged the most by 44.84% while the NSE Banking Index followed with a decline of 30.64%. Also, the NSE 30 index lost 23.03% in value.\nMeanwhile, Nigeria’s most important commodity (i.e., crude oil), registered its worst quarterly performance in the first 3 months of the year. This is due to the COVID-19 pandemic which has continued to weaken global oil demand.\nRecords show that Brent Crudeplunged more than 65% during the first three months of 2020, registering its worst-ever quarter. Brent Crude also recorded its worst-ever monthly performance in March, falling over 54%.\nFurthermore, WTI Crude fell more than 66% in the first quarter of 2020, recording its worst-ever quarterly performance since its inception in 1983. WTI futures also plunged over 54% last month, registering its worst-ever monthly performance.\nFinally, the ongoing capital outflow from emerging and frontier markets like Nigeria has been attributed to the imminent global recession. This is according to the benchmark indexes of many global stocks markets show.\nIn the meantime, the market outlook remains unstable during this lockdown period and beyond, due to the notably high volatility in developed and developing markets. The seeming positive sentiment on quarter-end window dressing and the bouquet of stimulus packages have so far been unable to support the market.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/04/03/nigerian-stock-exchange-loses-n2-trillion-in-value-in-q1-2020/"}

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+{"doc_id": "3dd64dbcbc9a0f429af28ac18dc91ed1", "text": "By Musa Usman Gombe\nDan’Barde in all facet of life, one can find exceptional individuals who have distinguished themselves from the ordinary and have strived to pursue success and greatness wherever they find themselves.\nIn today’s seemingly ruptured society where people are living in despondency and despair, one of the hardest things to get, are people who have longstanding experience in their field of human endeavors to summit themselves in service to their communities. It’s like one leaving his comfort zone to a vulnerable social order. This could be the highest point of sacrifice anyone can render to his people whom he’s very passionate about.\nA bonafide son of Gombe State, Muhammed Jibrin (Dan Barde) is a renowned businessman who cut his teeth in the complex Nigerian banking sector and rose to the Managing Director of the Sun Trust Bank. He certainly was not keen about joining politics. Being a successful man with higher responsibility and working in the most cosmopolitan environment, he may decide not to have left that corridor to the most vulnerable and murky scene. Of course, politics is one of the stormiest and turbid adventures but one beautiful thing about the political enterprise is that, it gives people political power by putting their possible best to do more in the development of their states.\nTherefore, the reason behind Barde’s decision to join politics and contest the gubernatorial ticket of the All Progressive Party (APC) in 2019 general election isn’t far-fetched. It was driven out of passion and commitment to surrender himself to his people, to use his expert skills and knowledge from his vast experience in moving the state forward.\nAs generally expected, since elections have been conducted, successful leaders have emerged at different positions, implying that, politics is over until another season. But to some, including my humble self, politics is just like a football where there’s post-season and pre-season, as footballers play at both the seasons, politicians are equally playing politics on a lighter scale with a featherweight approach after election. That could not be bad in any way as it will rather make the system working effectively for the benefit of the larger society.\nApparently, if one isn’t doing enough as expected by the electorates after he must have won, he must therefore bear in mind that, the better ones are brewing to come and take over and even with that, one can never be a governor for life, a time will come when he will not be eligible to re-contest election and to avoid clumsy people from occupying the position of power, there must be a need to x-ray the credentials and track records of the prospective contenders.\nRegrettably, we cannot rewind or undo what has transpired before the 2019 general elections to have people like Dan Barde. Instead, it isn’t an aberration to call on him to get ready in earnest to forestall similar occurrence in the 2023, those who have bombsighting where the state is heading to as I usually do, should know what am talking about. To do that, people like Muhammad Jibrin must be encouraged not to deter from their genuine course of moving Gombe to an enviable height. In fact, he who knows the peculiar needs of the people will give a desired leader who has the sense of policy direction akin to liberation compared to those that only took over to shot in the dark.\nSneaking to look into the intimidating credential of Dan Barde, one will draw a drawstring on whether the APC’s 2019 delegates have chosen with their conscience or meanness. Here’s a man who holds an M.sc in Risk Management from the NYU Leonard N. Stern Business School, New York University; an MBA from the Imperial College London, a Diploma in General Management from Harvard University and a Postgraduate Diploma in Financial Management from the Abubakar Tafawa Balewa University, Bauchi.\nHe earned a Bachelor’s degree in Economics from the University of Abuja. Taking a sharp glimpse of his versatile and unmatchable experience in banking and management sector, one can deduce that, we cannot afford to miss the opportunity of having him as our next governor again. Jibrin was at Union Bank of Nigeria and Citigroup N.\nA and Barclays Bank in four countries across Africa and Europe. And prior to joining SunTrust, he was an Executive Director on the Board of Aso Savings and Loans Plc., and a former Group Head responsible for growing Bond Bank’s (now Skye Bank Plc.) business in Abuja and the northern region.\nHe has served on various boards, and was at a time, the National Deputy President of the Mortgage Bankers Association of Nigeria; a Director of Premium Pensions Limited; Director, Federal Housing Authority Technical Board and a Member of the Presidential Committee on Affordable Housing. He was also, the Chairman, Board of Directors of the Gombe Jewel Microfinance Bank Limited.\nWhat a great and accomplished man! This was someone who came with a blueprint and experience to move the state forward; in all the sectors of the economy, from education to health, from infrastructure to agriculture and it goes like that, he has designed the way forward.\nI envy his vision which reads, “My vision is to unify everyone in the state under a common purpose. My team and I would transform the various elements of the system, whether it is infrastructure, environment, power, economy or others. It is also our target to create millions of jobs for our youths and women.” He was quoted as saying, “I have reached the pinnacle of my career as a banker, and it is time I give back to the society, and the only way I can do that is to take the position of leadership. I have a clear vision of empowering the youths, women and impact the lives of our people positively.\n“I want to demonstrate that governance can be done with a high corporate responsibility. After he lost at the primary elections and supported his party at the state level, he was immediately appointed as the Deputy Director, field operations of the All Progressives Congress (APC) Presidential Campaign Council. In spite of the role he played, while others are shuttling the corridors of power lobbying for appointment, Barde have been moving the world making great things.\nThis is a rare gem! I never met him personally, but let me echo it out, someone close to him should tell him that we need him in no distance time. It’s beyond politics or party; it’s about the future of Gombe State.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/06/18/after-working-assiduously-for-president-buharis-re-election-where-is-muhammad-jibrin-barde"}

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+{"doc_id": "3f2eb0c372c488984761ce01ae3522d6", "text": "Yesterday, the Central Bank of Nigeria (CBN) released a circular banning importers of maize from accessing forex from the apex bank. This implies importers would have to rely on supply from the parallel market to carry out their transactions. According to the circular, the CBN noted that the ban was necessitated in order to protect local production of maize, stimulate rapid economic recovery, safeguard rural livelihoods and increase job creation.\nRecall that in May 2015, the CBN announced the ban on importers of 41 items from accessing FX from official sources including items such as rice, cement, palm products etc. Since then, the CBN has increased the list by adding items like dairy products, textile, fertilizers etc. Indeed, the CBN governor, Godwin Emefiele had in 2019 guided that the list would be extended to cover some other items as the President Buhari-led administration aims to drive Nigeria towards food sufficiency. However, critics of the policy have always highlighted that the CBN only makes such moves in times of scarce FX rather than a deliberate attempt to stimulate food production.\nThe Naira has come under severe pressure in recent months following the hit to global crude oil prices and demand. This has forced the CBN to devalue the currency and indications point to further devaluations, evidenced in the quotations from the FX futures market with the 1-year N/US$ quotation at N410.60 (as at 13 Jul 2020).\nAccording to data from the United States Department of Agriculture (USDA), Nigeria’s corn production for the 2019/2020 planting and market season stood at 10.5 MMT while consumption stood at 10.7 MMT. Nigeria imported 0.4 MMT of corn in 2019/2020 market season according to the data from USDA. Considering the low quantum of imports that would be disrupted relative to market size, we don’t expect any major shock to prices, though the recent decline in maize production creates some concern.\nCSL Stockbrokers Limited, Lagos (CSLS) is a wholly-owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/07/14/cbn-bans-maize-importers-from-accessing-fx/"}