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index 0000000000000000000000000000000000000000..00cf4d8a0a22816dbd5ef3a6bf00c4ce4e37bd02
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+{"doc_id": "01a221cec51c6aa8fda824e0297d50db", "text": "Travel agencies under the auspices of the National Association of Nigeria Travel Agencies (NANTA) have called on airline operators in Nigeria to reduce the prices of flight tickets following the Central Bank of Nigeria (CBN) announcement that it has cleared all “verified” foreign exchange backlogs of these foreign airlines.\nNANTA, in a press statement made available to BusinessDay on Wednesday, announced its position, warning these airlines, in particular the foreign airlines, to quickly adjust their flight ticket prices or face intense pressure if they fail to do so.\nThe pressure group had welcomed CBN’s strategic intervention, emphasising the role it played alongside the International Air Traffic Agencies (IATA) to release trapped funds valued at over $700 million, the highest amongst the 130 IATA member countries.\nNigeria, being one of the most expensive outbound countries for flight ticket prices, had the trapped funds as one of the major motivating factors behind its decision, says IATA and numerous foreign airlines.\nDue to the trapped funds situation, NANTA had accepted the exorbitant flight ticket prices in the past as a justifiable reason but insisted that it should be immediately reversed now that the CBN had fulfilled its pledge.\nIt stated that “NANTA, therefore, holds a firm position that, with ROE at NGN 1421 and backlogs cleared by CBN, airlines have no further reason and justification to restrict inventory in the Nigerian market. We at NANTA view further restrictions of lower inventory as excessive, profiteering, and unsupportive of the Nigerian Government/Market in the face of our economic challenges.\n“NANTA has made a request to IATA, to prevail on all airlines operating in the Nigerian market to release all lower inventories latest by Friday 2nd February 2024. Reminding IATA that NANTA was cooperative and collaborative when the request was made by IATA.\n“Anything short of full release of inventory by all airlines is now unexplainable, leading NANTA to view that there is more to the actions of airlines in our market.\n“The National President made NANTA’s position clear to IATA that if full inventories are not released by all airlines by Friday, 2nd February 2024, NANTA would address a World Press Conference next week, on the unexplainable, unreasonable, unjustifiable, and unsupportive actions of airlines in Nigeria.”\nMeanwhile, IATA has welcomed CBN’s announcement of its release of an additional $64.44 million in blocked airline funds, but admitted that “it was consulting with our airline members to verify the release of their revenues, noting that about $700 million remains trapped in the country.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/travel-agencies-challenge-airlines-to-release-cheap-tickets-following-cbn-intervention/"}
\ No newline at end of file
diff --git a/clean/cc/01fe4d6cc63b653ebc2404a25c0d8b0d.json b/clean/cc/01fe4d6cc63b653ebc2404a25c0d8b0d.json
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index 0000000000000000000000000000000000000000..282c24e267f8a8152a871f324aeac66c3069a220
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+{"doc_id": "01fe4d6cc63b653ebc2404a25c0d8b0d", "text": "The Government is back to the global money market asking for loans between Sh150 billion and Sh300 billion to refinance existing loans.\nBorrowing for worthwhile projects must be encouraged. However, certain quarters have cautioned Treasury’s rate of borrowing, pointing out it is damaging Kenya’s credit rating.\nThe Government could be more transparent about the use of the borrowed funds. The moment citizens question the use of loan proceeds, then there is doubt as to whether it is a worthwhile exercise.\nIt is almost certain that the Eurobond issue will be successful because investors always look for borrowers. In any case, financial institutions whether local or global are in the business of generating income by lending money to businesses, government and individuals. The advantage of lending to the State, unlike to individuals and business is that they are unlikely to default.\nThe principal economic function of banks in any economy is to finance consumption and investment. However, even at an individual level, if you keep on borrowing, then you risk losing your borrowing capacity.\nYou are also likely to be denied credit in future or made to pay higher interest on the same amount borrowed.\nThe analogy can be found in the credit arrangement between banks and Central Bank. A bank that keeps on borrowing at higher discount rates is likely to face investigations.\nThe assumption is that those who borrow to repay earlier loans are in financial difficulties and are likely to default.\nKenya is an emerging economy and unlike developed economies, the lending process is subject to careful monitoring.\nGRADE SECURITIES\nIt appears Kenya is entering a stage where its creditworthiness is being questioned. This is derived from the lack of agreement about her credit rating by three agencies - Fitch, Moody’s and SRP. Banks in developed economies do not lend to countries that have a history of defaulting.\nSuch banks are allowed by their governments to only invest in investment grade securities rated at least BAA or BBB to protect depositors from excessive risk.\nBanks are particular about credit risk and rely on credit-rating agencies such as Moody’s. A credit-rating agency rates the borrower’s ability pay back debt, making timely interest payments while determining the likelihood of default.\nIn terms of market share, Moody’s Investors Service and Standard & Poor (S&P) together control 80 per cent of the global market while Fitch’s ratings control around 15 per cent.\nMoody’s is the bond credit rating wing of Moody’s Corporation, a firm that tells investors their potential losses on lending to a particular institution, private or government.\nStay informed. Subscribe to our newsletter\nMoody’s measures the expected losses in case there is a default, but S&P and Fitch advise the investors whether the borrower will default or not. Moody is the opinion that our credit rating has declined; they are questioning the impact of current borrowing on Kenya’s debt capacity.\nMoody’s has downgraded Kenya’s credit rating from B1 grade to B2; and if that is the actual position, then Kenya will have to pay higher interest on future loans.\nHowever, Treasury ignored Moody’s rating and turned to Standard & Poor (S&P) and Fitch that rated Kenya’s debt capacity favourably. The danger to Treasury is that they have solicited for the services of S&P and Fitch, paid them, setting the platform for conflict of interest because both must choose between rating securities accurately and serving their customer.\nIn this case, it is the Government that needs high ratings to be able to sell bonds to investors to raise the required funds.\nInvestors appear to be wary of solicited credit ratings as they might not be as objective as they ought to be.\nThe US leans more towards unsolicited credit rating. S&P issues credit rating of private institutions and governments and is a nationally recognised.\nIt is not unusual for S&P to downgrade government bonds. In 2011 the firm lowered the US’s sovereign long-term credit rating from 3 A’s to 2A’s due to their dissatisfaction with the Budget Control Act of 2011.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2001270366/why-the-jury-is-still-out-on-kenyas-latest-credit-rating"}
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index 0000000000000000000000000000000000000000..948988bfe0fc042c1234436a1eb5adff30a47ff7
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@@ -0,0 +1 @@
+{"doc_id": "034736df0953ee5756ef916b7e5fea4a", "text": "Less than three years ago, Boris Johnson led the Conservatives to their biggest election victory since 1987.\nNow, the prime minister has lost the support of his MPs and is set to resign. How did it come to this?\nThe Chris Pincher affair\nOn Wednesday 29 June, the MP Chris Pincher - at the time, the Conservative deputy chief whip - went to a private members' club in London. In his words, he \"drank far too much\" and \"embarrassed himself\".\nHe was accused of groping two men, which led to flurry of allegations, some dating back years. It set off a chain of events that ended with the prime minister's downfall.\nFirst, Downing Street said Mr Johnson was not aware of \"specific allegations\" about Mr Pincher before appointing him as deputy chief whip in February. Ministers later reiterated this line - even though it turned out to be inaccurate.\nOn 4 July, the BBC reported Mr Johnson had been aware of a formal complaint. The next day, a former civil servant - Lord McDonald - said the prime minister had been told of the complaint in person.\nMr Johnson then admitted he had been told in 2019, and apologised for appointing Mr Pincher as deputy chief whip.\nIn April this year, the prime minister was fined for breaking lockdown rules, after attending a gathering on his birthday in June 2020.\nHe also apologised for going to a \"bring your own booze\" party in the Downing Street garden during the first lockdown.\nMore widely, the Metropolitan Police issued 126 fines to 83 people for breaking lockdown rules in Downing Street and Whitehall.\nAnd a report by Sue Gray - a senior civil servant - described a series of social events by political staff that broke lockdown rules.\n\"The senior leadership at the centre, both political and official, must bear responsibility for this culture,\" she wrote.\nLast December, Mr Johnson told the Commons that \"all guidance was followed completely in No 10\". He is now being investigated by a Commons committee over whether he knowingly misled Parliament.\nThe cost of living crisis - and a tax rise\nInflation has risen sharply in 2022, to the current rate of 9.1%.\nMany of the reasons were outside of Boris Johnson's control. Russia's invasion of Ukraine, for example, has led to rises in oil prices and the cost of food.\nAnd, while the government has taken some steps - for example, by cutting fuel duty by 5p per litre - it also went ahead with a tax rise in April. National Insurance went up by 1.25 pence in the pound.\nThe government said the tax rise would pay for health and social care, and changes that kicked in this week softened the blow - but anyone earning more than £34,000 a year will still pay more.\n\"In the middle of the worst cost of living crisis for decades,\" said Labour leader Sir Keir Starmer in April, \"the government chooses to increase taxes on working people\".\nOwen Paterson row\nIn October 2021, a House of Commons committee recommended a 30-day suspension for then-Conservative MP Owen Paterson.\nThe committee said he broke lobbying rules, to try to benefit companies who paid him.\nBut the Conservatives - led by the prime minister - voted to pause his suspension, and set up a new committee to look at how investigations were carried out.\nAfter an outcry, Mr Paterson ended up resigning. Mr Johnson later admitted he had \"crashed the car\" in his handling of the case.\nLack of focus - and ideas\nBoris Johnson won his thumping majority on the back of a clear, easy-to-follow policy - Get Brexit Done.\nBut since then, his critics said, there was a lack of focus and ideas in Downing Street.\nHis ex-adviser turned chief critic, Dominic Cummings, repeatedly accused him of being an out-of-control shopping trolley, veering from position to position.\nOthers questioned the prime minister's philosophy - or, indeed, if he had one. In June, Conservative MP and former minister Jeremy Hunt accused Mr Johnson of lacking \"integrity, competence, and vision\".\nMr Hunt was speaking before a confidence vote, which Mr Johnson won - but the complaints were getting louder.\nThe by-election defeats kept coming. After the latest, Mr Johnson said he would not undergo a \"psychological transformation\".\nBut that, now, is not the concern of Conservative MPs. They have spoken, and the prime minister is going.\nLatest Stories\n-\nParis 2024Q: 21 players involved in Black Queens second training session ahead of Zambia qualifier\n-\nSpintex Medical Centre begins Virtual Reality treatment to alleviate patients’ pains\n-\nGhana’s LNG Project on target for year-end completion – NPA\n-\nAsantehene asks new Finance Minister to work closely with MoF staff to address economic hardships\n-\nThe essential guide to run rate analysis\n-\nPhotos: Ghana hold eventful opening ceremony for 2024 Africa Zone 3 IHF Male Championship\n-\nSouth Africa headteacher shooting: Arrested pupil may be tried as adult\n-\nLion kills zookeeper at Nigeria’s Obafemi Awolowo University\n-\nSeamlessHR: ¢4 Billion payroll processed for customers, enhancing business efficiency\n-\nHow some countries are restoring wetlands for improved livelihoods\n-\nWAEC releases provisional results for 2023 WASSCE private candidates\n-\nFinance Minister pledges swift completion of Ashanti Region projects\n-\nCOCOBOD claims loss of 150,000 metric tonnes of cocoa in 2023 due to smuggling\n-\nYaw Nsarkoh – Understanding why the Free SHS scheme seems not to have made a drastic impact on literacy levels\n-\nThomas Partey returns to training after long injury lay off", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/boris-johnson-resigns-5-things-that-led-to-the-pms-downfall/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..9d0a0aeb86aad51c4fbe22e0f565fe8489450979
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "05d52b6101741d051882a5e922525a64", "text": "The Executive Board of the International Monetary Board (IMF) has completed the third review of Guinea’s performance under programmes supported by the Extended Credit Facility (ECF).\nA report of the executive board on Monday in Abidjan said it also approved the immediate disbursement of 28.2 million dollars to Guinea.\nAccording to the report, the latest approval brings the total disbursement to Guinea under the ECF arrangement to about 112.8 million dollars.\nThe report said that Guinea’s economy went through a difficult period in 2013 due to the fragile socio-political situation and a sharp slowdown in investment in the mining sector.\n“As a result, growth is estimated to have slowed to 2.5 per cent, sharply below the programmed 4.5 per cent expansion. Inflation fell to 10.5 per cent at the end of 2013, international reserves were maintained at a satisfactory level, and the exchange rate remained broadly stable,’’ it said.\nThe report further said that Guinea’s performance under the ECF facility was satisfactory in spite of the shortfall in government revenue and increase in energy subsidy.\n“Strong adjustment measures have kept the fiscal deficit on track. Guinea’s macro-economic prospects for 2014 remain positive. Real GDP growth has tendency to rebound to 4.5 per cent, also assuming a gradual acceleration of investment in the mining sector,’’ the report said.\nIt said that Inflation is projected to further decline to 8.5 per cent, adding that fiscal targets should include increase in public investment and external assistance.\nIt called on the authorities to focus structural reforms on public financial management, civil service reform, the mining sector, the business climate, agriculture and the electricity sector.\nNAN", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/africa/article/imf-approves-disbursement-of-28-million-to-guinea/"}
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index 0000000000000000000000000000000000000000..b59b83a55e4c964656bd07caf3ccc2f9ac774fc1
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "05e3203eccf4a2c3a1cbdcace5f140dd", "text": "•NSE All-Share Index Sheds 14.5%\n•Nigerian equities now cheapest in Africa\nGoddy Egene\nAffected by weak investor sentiments and sluggish economic growth, the Nigerian equities market closed 2019 on a negative note, thereby posting the second consecutive yearly decline.\nThe Nigerian Stock Exchange (NSE) All-Share Index (ASI), which is the benchmark barometer to measure the performance of the market, declined 14.5 per cent at 26,842.07, from 31,430.50. The decline is lower than the 17.8 per cent fall posted in 2018.\nBut unlike 2018 when the NSE equities market capitalisation fell by 13.8 per cent, market capitalisation rose 10.5 per cent or N2.038 trillion from N11.731 trillion to close higher at N12.958 trillion in 2019 due to the listing of MTN Nigerian Communications Plc and Airtel Africa Plc.\nThe two telecommunications giants boosted the market capitalisation by N3.265 trillion. Without the two firms, the market capitalisation would have dipped by 17.3 per cent to N9.693 trillion.\nHowever, the decline, which is the highest in Africa, has made the Nigerian bourse to parade the best valuations across African markets, thereby making the market the best investment destination for now.\nWhile Nigerian equities prices are trading at an average multiples of 7.0x, that of Ghana Stock Exchange is 15.4x, Egypt 12.0x, Kenya 12.4x and South Africa 15.9x. This indicates that the bear run that ravaged the market throughout the year has depressed the prices of Nigerian stocks significantly, with some declining more than 50 per cent.\nAlthough most of the listed companies have strong market fundamentals, investors were discouraged from the Nigerian market due to political risks that came with the general election in the first quarter of the year. While the elections were successful and President Muhammadu Buhari sworn in for his second term, investors were still reluctant to return to the Nigerian market. Instead, they moved towards developed markets that have less risk and relatively higher yields.\nCommenting on the performance of the market, analysts at Vetiva Capital said the market experienced a slow start in the year, mostly due to pre-election uncertainties.\n“Further to this, a general risk-off sentiment towards Emerging and Frontier Markets further hampered investment activity not only in Nigeria, but across Sub-Saharan Africa and the Middle East. In Nigeria, despite the merger of Access Bank and Diamond Bank at the end of first quarter (Q1) driving some interest in the banking sector, the resultant activity did not filter into the broader equity space over time, as the market closed Q1’19 in the red.\nOverall, the most positive period for the year followed the listing of MTNN, which drove the market into positive territory in May,” they said.\nOn his part, an investor and shareholder activist, Mr. Moses Igbrude of Independent Shareholders Association of Nigeria (ISAN), said stock prices were generally poor and extremely undervalued throughout 2019.\nMeanwhile, following the low valuations of the stocks, analysts at FSDH Research has urged investors to take advantage of the opportunity to buy into the market in the New Year.\nAccording to them, they expect the various monetary policies the Central Bank of Nigeria (CBN) initiated to boost economic activities and lead to increased liquidity that can flow to the financial market.\n“This assumption is based on the availability of complementary fiscal measures that will de-risk the economy, the absence of which may limit the ability of the monetary policies to achieve the desired objectives. FSDH Research believes the current bearish trend in the equity market is an opportunity for strategic investors to take positions in the market. In addition to the capital gain that investors enjoy in the equity market, investors could also benefit from dividends that companies pay and the bonus issue (additional shares that investors earn, for which they do not pay),” the analysts said.\nFSDH Research added that it expected the low yields on fixed income securities in Nigeria to provide an opportunity to source long-term debt capital for infrastructure development in Nigeria that will improve the Nigerian business environment.\n“Government and corporates can also leverage on the high appetite for debt securities to issue discount bonds. Meanwhile, we see attractive investment opportunities in the following sectors of the equity market: consumer goods, industrial goods, banking and oil and gas,” FSDH stated.\nAlso speaking, the Managing Director/CEO of Network Capital Limited, Mr. Oluropo Dada, said the market, more than ever before, presented an overwhelming buy opportunity for all investors in the face of the attractive valuations and CBN’s policy banning local corporates and individuals from investing in treasury bills (TBs).\n“The market fundamentals, despite the persistent illiquidity, are still very strong and prices of quoted securities can only go up, which will be triggered by both arbitrage income and dividend income. Based on the third quarter results released by the quoted companies, especially the banks, the market is where to be now,” Dada said.\nAccording to him, the market will be bullish this year, noting that fundamentals of the quoted companies remain strong despite the harsh macro-economic variables.\nIn his opinion, the CEO, InvestData Limited, Ambrose Omordion, said low interest rate regime, increased credit to the real sector and early assent of the 2020 budget would impact positively on the market.\n“The market in 2020 looks promising as factors that will shape the economy and stock market are on the increase, in spite of the continuous downgrade by rating agencies. The early implementation of capital expenditure would have multiplier effect on the economy,” Omordion said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2020/01/01/nigerian-equities-decline-for-second-consecutive-year"}
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index 0000000000000000000000000000000000000000..42d1468ae7bd404616105224c4bcd08d750be36c
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+{"doc_id": "06ac3300f298219cede3a873bf73f5b4", "text": "It is not always that an election in one part of the world can function as a mirror in another part of the globe. Societies differ in demographics, political and historical evolution, and the general economic issues that shape elections. The general election in Kenya that took place on Tuesday 9th August is in many ways a mirror of the forthcoming 2023 elections in Nigeria. This mirroring is primarily evident in their shared democratic characteristics, current economic climate, and socio-political milieu.\nKenya, resemblant to Nigeria, is a former British colony practising multiparty democracy and is multi-ethnic with three dominant ethnic groups vis Kikuyu, Luhya, and Kalenjin. Kenya, like Nigeria, has a young population, with 75 percent being under 35years. Nigeria and Kenya in their different constitutional provisions require a candidate to obtain 50 percent plus one vote to win the presidential race, with 25 percent spread in 24 of 47 Counties. Like our president Buhari, the incumbent president is not a candidate in this election.\nFour significant candidates were Raila Odinga, William Ruto, David Mwaura and George Wajackoya. Two, however, are candidates of the major coalition parties. Like most third-world countries, Kenya faces coordination and network challenges in election management.\nThe two countries have similar core issues that will define the election. The presidential campaign in Kenya was centred on three issues economy, corruption, and unemployment. The only difference with Nigeria will be the addition of how to tackle the menace of insecurity bedevilling our country.\nThe electoral laws and regulations are beginning to provide a level playing field for all parties and voters. Power resides with the people and not local oligarchs somewhere\nIn most economic indices, Kenya is better than Nigeria. Kenya’s inflation at 7.9 percent on election month is better than Nigeria’s 18 percent by June 2022. Public debt is as high as Nigeria’s, and the unemployment rate is spiralling. On the positive side, Kenya is a regional economic giant in East Africa, while Nigeria is a continental giant. Corruption is endemic and deep-rooted in the private and public sectors. These similarities give us the impetus to pay close attention to the Kenyan elections and learn from the outcome.\nKenyan election brought three fundamental issues for consideration: First, the new increased level of electoral transparency occasioned using technology and the increase in deepening democratic tenets among Africans. Democracy, although young in most African countries, is gradually becoming accepted. The new school of thought in Africa favours democracy and assumes that only a few bent on circumventing democracy are the culprits of democratic disorder that often leads to electoral violence and crisis. Elections are not only free and fair than in the past, but most are beginning to accept the results of the polls leading to less violence and more acceptance of the electoral outcomes.\nSecond, it is evident that incumbency is no longer an iron ceiling that is almost impossible to break. Incumbent to non-incumbent transition is a sign of maturity of democracy and is anticipated to happen if the incumbent loses many people’s backing. Anybody or party can lose an election if they lose the political patronage of the people. In the past, votes did not count, and election results were manipulated, written, and imposed on the people by the incumbent party or government.\nThe third is that Africans are beginning to jettison personality politics and focus more on issues that affect their lives. Insecurity, bad economy, and corruption are quickly becoming the thematic thrust of election campaigns, and the people are getting more likely to vote on their conviction of how candidates will tackle issues plaguing the country than relying on the cult of personality that is more ethnic and religious oriented.\nRead also: Access to financial services sign of development in Nigeria – experts\nAt the end of the Kenyan elections, three patterns have emerged that are instructive to Nigerian politicians, the election management body (INEC) and the electorate. The first pattern is technology’s positive influence on electoral outcomes. Technology deepens electoral transparency, enhances free and fair elections, and reduces rigging. The root of electoral violence in Africa is the lack of trust by stakeholders in the electoral process. Somaliland was the first to use iris recognition for voter accreditation and followed it up with electronic voting. Somaliland went from a war zone to a respected nation in a credible electoral process.\nOn the other hand, Kenya, which witnessed violence in its 2017 elections, deployed technology to add credibility to the electoral processes. It deepened the application of technology in 2022 using a specially designed Kenya Integrated Electronic Management System (KIEMS), and this reduced the 3-prong evil of violence, rigging and result disputation to its minimum. South Africa and Ghana are other African countries that have taken maximum advantage of technology to deliver free, fair, and credible elections with minimal or no disputation of results.\nBVAS, introduced by the electoral commission in Nigeria, like Kenya KIEMS, is an advanced voter identification technology that will be hostile to election riggers, effectively ending the old order. We saw this in recent elections at Anambra, Ekiti and Osun, and nobody challenged the results based on the number in each of those elections. BVAS, according to INEC, promises to deliver elections that reflect the people’s wishes.\nThe second pattern is that influence of the incumbent on the electoral outcome is beginning to wane. The use of state resources to influence voters will soon be history. Social media and citizens’ vigilance combine to rub government officials of secrecy to deploy state resources at will. Voters who are sure they can cast their votes in secret will vote according to their conscience. Voters are more informed, enlightened, and ready to defend their votes and voices at all costs.\nThey are more active and less fearful of state apparatus wielding power when deployed to influence elections. It is common knowledge that when incumbents deploy considerable resources to influence voters, many collect the financial inducements and yet vote for candidates most qualified to lead. The third pattern is that the quality of electoral laws and rules are beginning to impact on quality and outcome of elections. We saw this with the electoral reforms in Kenya. The electoral laws and regulations are beginning to provide a level playing field for all parties and voters. Power resides with the people and not local oligarchs somewhere.\nEven stakeholders are beginning to buy in on the issue of transparency in elections. It is worthy of note that in the last Kenya elections, the media are becoming unbiased and partisan. For instance, the two leading candidates held simultaneous final rallies in Nairobi, and the police did not interfere. Newspapers, TV, and radios gave balanced and equal coverage to the campaigns. The campaign coverage was a pleasure to watch. To gain support among a disaffected electorate, politicians have had to hinge their campaigns or movement on the country’s pressing economic issues, prompting a shift away from the country’s ethnic and personality-driven politics toward issue-based campaigns.\nTuesday’s polls were peaceful, with isolated violence cases in the northern region. The corrosive ethnic politics that framed previous electoral contests is ebbing. The critical question in the coming days is not only who won the race but whether the loser will accept defeat. This is a sign of maturity of the political players. It is evident from developments in Kenya that the train of history has left Kikuyu hegemony and dynastic politics.\nSimilarly, Nigeria may witness the end of ethnic politics in 2023. The critical issue in Nigeria, as we saw in Kenya, will be who among the candidates can secure the welfare of the majority. Poverty and hunger have no ethnic colouration. So, hunger and poverty are weaponised to push the electorate to vote for candidates that seem in tune with the economic and corruption realities and usher hope and belief in their future.\nKenya is leading the way in Africa in gender equity in politics and must be emulated by Nigeria and other African countries. According to IFES FAQ on the 2022 Kenyan elections, “Kenya’s legal framework includes firm principles of gender equity. According to the 2010 Constitution, no more than two-thirds of the membership of any elective body in Kenya may be of the same sex. In this respect, the National Assembly reserves forty-seven seats for women and the Senate reserves sixteen for women, with two more Senate seats reserved for women representing youth and persons with disabilities.” Interestingly, three out of the four presidential candidates chose female running mates. Similarly, the country believes in the twinning principle.\nAnother exemplary provision in Kenyan electoral law is the out-of-country voting provision. According to IEBC, out-of-country voting is allowed for the presidential election only.\nKenyan voters outside the country may only vote from twelve countries, chosen based on the number of Kenyans who live there. These voting took place in Tanzania, Uganda, Rwanda, Burundi, South Africa, South Sudan, Germany, United Kingdom, Qatar, United Arab Emirates, Canada, and the US.\nIt is quite unfortunate that despite the enormous contributions of Nigerians in Diaspora to the country’s economy and image laundry, they have no say in determining the political leadership of their homeland except they take the cumbersome option of travelling down to Nigeria to register and later to vote.\nFinally, it can only be hoped that free and fair elections are not seen as ends in themselves. Instead, free and fair elections should produce governments that can end illiteracy, poverty, unemployment and limited enlightenment. Only by so doing can democracy improve and entrench itself to become an integral part of the value and cultural reality of tomorrow’s Africa.\nAll eyes are now on Angola (August 2022), Chad (September 2022), Lesotho (Oct 2022), Somaliland (Nov 2022), Sudan (December 2022) and Nigeria (Feb 2023) to deliver free, fair, and credible elections, deepen democracy, promote political transformation, increase prosperity and give Africa hope of a bright future. Nigeria must show leadership and use the 2023 election to highlight democratic resilience and deep-rooted principles in the Nigerian democratic culture.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/from-nairobi-to-abuja-kenyan-election-as-a-mirror-for-nigeria/"}
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index 0000000000000000000000000000000000000000..4fc4d5342acc9bf67510715dc48234eb01e11c84
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@@ -0,0 +1 @@
+{"doc_id": "082bd616019cb924a63b002e9771ba09", "text": "Exchange, NGCL to create standardised derivatives market\nAhead of the planned launch of Exchange Traded Derivatives (ETDs) in the Nigerian capital market, the Nigerian Exchange Limited (NGX) and NG Clearing (NGCL), on Wednesday, engaged the Trading License Holders (TLHs) on how to create a standardised ETDs market\nAt the session, the Divisional Head, Trading Business, NGX, Jude Chiemeka said in its quest to be Africa’s preferred Exchange hub, the NGX recognises the importance of a well-developed derivatives market and has worked assiduously to build the regulatory, technology framework, and competence required to support the launch of a world-class ETDs market.\nAn Exchange Traded Derivative (ETD) is merely a derivative contract that derives its value from an underlying asset that is listed on a trading exchange and guaranteed against default through a clearinghouse.\nDue to their presence on a trading exchange, ETDs differ from over-the-counter derivatives in terms of their standardized nature, higher liquidity, and ability to be traded on the secondary market. ETDs include futures contracts, options contracts, and futures options.\nChiemeka said the derivatives market will complement existing cash markets and provide investors and other market players with the necessary tools for tactical asset allocation, risk, and cost management tools for effective portfolio management.\nHead, Derivatives Markets, NGX, Mrs. Chidinma Chukwueke-Okolo spoke on the roles, as well as the minimum operating standards for participating in the Derivatives market.\nShe listed areas TLHs must show a high level of competence to include, manpower and equipment, organisational structure and governance, effective processes, global competitiveness, and technology.\nThe Chief Operating Officer, NGCL, Ayokunle Adaralegbe pointed out that the derivatives market remains the largest single segment of the global financial market and has been estimated to be more than five times larger than global equity and bond markets.\nHe said local and international players in the derivatives market space anticipate the launch of ETDs in the market and are keeping a keen eye on the activities of NGX in this regard.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/exchange-ngcl-to-create-standardised-derivatives-market/"}
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index 0000000000000000000000000000000000000000..2b909a0618b8e1ef79ad1024f6cb461d763fee70
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@@ -0,0 +1 @@
+{"doc_id": "0af623ab6a1cf5826e3135dbfc514207", "text": "NAHCO Aviation Academy, a wholly–owned subsidiary of the Nigerian Aviation Handling Company Plc (Nahco Aviance), has been accredited as an Approved Training Organization (ATO) by the Nigeria Civil Aviation Authority (NCAA).\nThe accreditation which came after a rigorous and painstaking process conducted by the regulatory body saw the new company excel in all aspects of evaluation.\nIn a letter to the Head of the Academy dated March 21, 2023, the NCAA declared that having met all the requirements set forth before accreditation can be enabled, “NAHCO Aviation Academy has met the requirements for approval as an approved training organisation in compliance with the Nig. CARs.”\nThe approval of the Aviation Academy as an ATO is in line with NAHCO ‘s commitment to provide the industry with highly trained manpower for next-generation aviation services.\nAs an ATO, the Academy is now authorised to offer a wide range of courses to airlines, ground handling services providers, licensed customs agents, providers of security service in aviation and members of the public aspiring to obtain aviation certifications.\nRead also: Ethiopian Airlines increases Korea-Africa services\nThe Academy is accredited to provide training in all aspects of the following areas: Operations Assistant/Officer\nCargo Services Assistant/Officer Flight Services Officers (Load Controllers), Ground Support Equipment (GSE) Operatives (Cat A,B & C) Passenger Handling Personnel.\nSpeaking on the new development, Emmanuel Illah, Senior Manager, New Business, NAHCO Plc, said “these comprehensive training programmes are designed to cater to key stakeholders in the aviation value chain and individuals aspiring to pursue a career in the aviation industry.”\nIllah stated that NAHCO Aviation Academy’s team of highly experienced internal and external Faculty members will offer training in key aspects of the industry even as efforts are being made to ensure the sustenance of state of the art facilities which impressed the NCAA’s team.\nSpeaking on the motive for the establishment of the training school, Illah said it became imperative for NAHCO, a big industry player in the country and the West Africa sub-region to begin to think of the future of the industry and to provide quality manpower that would not only sustain the industry but elevate it to the next level.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/nahco-aviation-academy-gets-ncaas-approval/?utm_source=auto-read-also&utm_medium=web"}
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index 0000000000000000000000000000000000000000..7c5568271b9ee3c6386f9cb3e2663c1e091be447
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "0c386e1667cd1c9696b882e23c43f5a0", "text": "All banks met the minimum regulatory liquidity ratio (LR) of 30 percent at end-June 2013, according to the Central Bank of Nigeria (CBN). The industry liquidity ratio at the end of June 2013, stood at 67.8 percent, compared with 62.7 percent at end-June 2012.\nConsequently, the industry ratio of non-performing loans (NPLs) to total loans at end-June 2013, stood at 3.7 percent, compared with 4.3 percent at end-June 2012. This was within the maximum threshold of 5 percent set by the CBN. The reduction in the NPL ratio was attributed to the intervention of Asset Management Corporation of Nigeria (AMCON) in the industry and improved risk management practices by deposit money banks (DMBs).\nThe CBN’s 2013 half year Economic Report revealed that the health of banks in the system further improved in the first half of 2013. All the banks, with the exception of one, met the regulatory minimum capital adequacy ratio (CAR) of 10 percent in the first half of 2013. The affected bank had commenced a private placement of new shares aimed at raising N20 billion fresh capital and an additional capital injection of N20 billion from a core investor. Overall, the average CAR in the industry was 19.1 percent, compared with 8 and 17.7 percent minimum international standard and the level at the end of the corresponding period of 2012, respectively.\nHowever, the report shows that the total credit to the priority sectors of the economy, comprising agriculture, solid minerals, exports and manufacturing, was N3,266.2 billion at the end of the first half of 2013, accounting for 37.2 percent of the total, compared with 37.1 percent in the corresponding half of 2012. The less priority sectors (real estate, public utilities, transport and communications, finance and insurance, and government) accounted for 40.2 percent of total claims on the private sector, while the unclassified sectors accounted for the balance.\nAccording to the report, short-term maturities continued to dominate the credit market in the first half of 2013. Outstanding credits maturing within one year accounted for 57.1 percent, compared with 57.4 percent at the end of the second half of 2012. The proportion of the medium-term (≥1yr and < 3yrs) and long-term (3yrs and above) maturities stood at 19.7 and 23.2 percent, compared with 17.9 and 24.7 percent, respectively, at the end of the second half of 2012.\nSimilarly, deposits below one year constituted 96.9 percent of the total, of which 75.9 percent had maturities of less than 30 days. Long-term deposits constituted only 3.1 percent, slightly higher than the 2.6 percent recorded at the end of the second half of 2012. The near-absence of long-term deposits continued to constrain the ability of banks to create long-tenored risk assets crucial for economic development.\nThe AMCON continued to discharge its function as a multipurpose resolution vehicle empowered to purchase toxic assets from banks and inject needed funds through the issuance of appropriate securities. At the end of the first half of 2013, the Corporation had a total bond liability of N5,410.0 billion (face value), the first tranch was due on December 31, 2013.\nDuring the first half of the year, the Corporation commenced the process of divestment from Enterprise Bank, Keystone Bank and Mainstreet Bank, with the placement of a public notice in the dailies; and the engagement of a financial adviser to oversee the process of divestment from Enterprise Bank. Furthermore, a Resolution Cost Trust Fund Deed, which would replace the existing MoU on the Banking Sector Resolution Cost Sinking Fund was drawn up for execution by the CBN and DMBs during the review period. A key provision of the Deed was the increase in the annual contribution of the DMBs from 30 basis points of their total assets (per audited annual financial statements of the previous year) to 50 basis points of total assets and 33.33 percent of off-balance sheet items.\nIn addition, the Corporation proposed amendment to its enabling Act to the National Assembly, to include the Sinking Fund contribution and its management in the Act.\nBy: HOPE MOSES-ASHIKE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/banking/article/banks-npl-reduction-linked-to-amcon-improved-risk-management/"}
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index 0000000000000000000000000000000000000000..ad963ccf5fb010b54126ff35f9c03bf6e323971f
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+{"doc_id": "0c5e0bb60363f0c725adcf195ed9e4a3", "text": "The signing by former President Muhammadu Buhari of the Petroleum Industry Act (“PIA” or the “Act”) into law on 16 August 2021 was welcomed with mixed feelings among citizens of Nigeria as well as local and international investors and other global energy industry analysts and minders. Two years on, we take stock of the journey, examining the highs and lows, the promises fulfilled, and the challenges that lie ahead.\nConversion of licenses and leases\nThe PIA enables holders of Oil Prospecting Licences (OPL) and Oil Mining Licenses (OML) to convert their existing interests into Petroleum Prospecting Licences (PPL) or Petroleum Mining Leases (PML) through Conversion Contracts. This conversion process, which had an 18-month window that closed in February 2023, grants them access to the fiscal terms of the new regime.\nTo facilitate this transition, the Commission introduced the Conversion and Renewal (Oil Prospecting License and Oil Mining Leases) Regulations. These regulations outline the application procedure for OPL and OML conversion. They also extend to the conversion of producing marginal fields into PML, which concluded on 15 February 2023, as well as the conversion of non-producing or developing marginal fields into PPL. This regulatory framework sets the stage for the issuance of PPLs and PMLs under the PIA, aligning with the transition to the new fiscal framework.\nCommercialization of the defunct NNPC\nThe Act ushered in the commercialization of the former NNPC, now Nigerian National Petroleum Company Limited (“NNPC Limited”), a limited liability company. NNPC Limited, incorporated under Companies and Allied Matters Act (“CAMA”) within six months of the commencement of the PIA, has its shares held by the Ministry of Finance Incorporated and Ministry of Petroleum Incorporated on behalf of the Federation. Share transfers require Federal Government approval and National Economic Council endorsement, with sales subject to fair market value and competitive bidding.\nRead also: Nigeria’s petroleum industry ripe for indigenous crew change – Okoroafor\nThe Minister of Petroleum and Minister of Finance are tasked with transferring NNPC’s assets and liabilities to NNPC Limited within 18 months of the Act’s effective date. In the transition period, NNPC Limited was acting as NNPC’s agent for winding down assets, interests, and liabilities.\nNNPC Limited was successfully incorporated on 22 September 2021, few weeks after the enactment of the Act, and on 17 February 2023, all assets and liabilities of the defunct NNPC were confirmed to have been transferred to NNPC Limited and/or its subsidiaries. This transition enables NNPC Limited and its subsidiaries to operate as commercial entities, following the provisions of the CAMA and PIA, without recourse to government funds, declaring dividends to its shareholders and retaining 20% of its profits to grow its business.\nNUPRC V NMDPRA crude oil export terminal regulatory conflict\nThe Petroleum Industry Act triggered a complex dispute within Nigeria’s petroleum sector, primarily due to jurisdictional ambiguities between the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC” or “Commission”) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (“NMDPRA” or “Authority”). This dispute highlights the critical need for regulatory clarity in the industry.\nThe PIA designates the NUPRC as responsible for upstream petroleum operations, including exploration, development, and production, granting it the power to issue certificates for quality and quantity to exporters of crude oil, natural gas and petroleum products from integrated operations and crude oil terminals established prior to the Act’s effective date. The Act further provides that the Commission shall have the power to monitor and regulate the operations of crude oil terminals. However, the discretion in defining “integrated operations” has led to uncertainty, especially for onshore operations, causing jurisdictional disputes.\nConversely, the NMDPRA regulates midstream and downstream petroleum operations, covering storage facilities and export terminals for petroleum liquids, including crude oil export terminals.\nThe confusion arises from the overlapping roles in regulating crude oil exports, necessitating approvals from both regulators. This dual approval process raises industry costs and introduces potential inconsistencies.\nRead also: FG gazettes five regulations to guide stakeholder operations in upstream petroleum industry\nThe jurisdictional dispute has raised concerns about efficiency and clarity, with no clear framework for its resolution despite a number of attempts from the two regulatory bodies. President Bola Ahmed Tinubu has responded by providing directives to NUPRC and NMDPRA to clarify their roles and ensure operational stability until necessary PIA amendments are enacted.\nFor the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the President’s directives are summarized as follows:\n1. NUPRC will exclusively regulate technical and commercial aspects of upstream petroleum operations and facilities. This includes licensing, administration, and monitoring of petroleum facilities connected from extraction to the crude export terminals and the entry point of the natural gas processing plant.\n2. Integrated upstream and midstream petroleum operations, as defined by Section 318 of the PIA, will be considered upstream petroleum operations. Therefore, NUPRC will have sole jurisdiction over the technical and commercial regulation of integrated petroleum facilities for upstream operations.\n3. The determination of whether facilities qualify as integrated will solely rest with NUPRC. Clear guidelines and criteria will be established by NUPRC to ensure consistent application of these criteria.\nFor the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the directive is as follows:\n1. NMDPRA will exclusively regulate technical and commercial aspects of petroleum operations and facilities from the exit of crude export terminals to the entry gate of the natural gas processing plant.\nIn accordance with the Act, the directive is subject to a review process by the Authority and the Commission and the outcome of the review process will guide compliance.\nThis decisive action by President Tinubu underscores the government’s commitment to providing clarity and a stable regulatory environment for the oil and gas sector, ensuring efficient operations, attracting investments, and promoting sustainable growth in Nigeria’s energy landscape.\nEliminating NNPC’s monopoly with the issuance of crude oil importing licenses\nThe Authority is the body responsible for issuing licenses for entities to undertake importation of crude oil or petroleum products. In line with this, the Authority issued the Midstream and Downstream Petroleum Operations Regulations to provide procedures for the grant of license, permits, authorizations for importation, exportation, shipping and landing of petroleum, petroleum derivatives and petroleum products. This ends the monopoly previously held by the NNPC Limited as the exclusive importer of petroleum products into Nigeria.\nLater in June 2023, the Federal Government granted licenses to six new companies to import petroleum products into the country. This development was marked by Emadeb Energy’s recent reception of a 27 million-litre petrol shipment on 19 July 2023, and marks a noteworthy shift in the country’s fuel supply dynamics.\nIn the present scenario, where crude oil prices stand at around $85 per barrel and the Nigerian naira has experienced considerable depreciation against the US dollar, the cost of importing petroleum products remains elevated. Consequently, the financial burden extends to consumers, resulting in sustained retail prices that are above N600 per litre.\nRead also: Petroleum Industry Act: Impact on indigenous oil & gas companies and NNPC\nWhile the liberalization of importation offers prospects for increased competition and potential market benefits, the interplay between global oil prices, currency fluctuations, and local economic conditions continues to exert a significant influence on the dynamics of fuel pricing.\nLaunch of the NMDPRA oil and gas service portal system\nThe PIA has led to the introduction of a digital application portal system for Midstream and Downstream Industry Oil and Gas Service Permits (MDOGISPs) by the Authority. These permits are now mandatory for entities engaged in midstream and downstream activities, such as gas suppliers, petroleum liquid transporters, and bulk gas storage companies. Failure to obtain valid permits through this platform results in penalties, including fines, facility closure, and equipment confiscation.\nThis move streamlines the permit application process, enhances transparency, and strengthens regulatory monitoring. It also aligns with the PIA’s objectives and complements the publication of new regulations for the midstream and downstream sector.\nFor more information and access to the MDOGISP portal, visit www.mdogisp.mndpra.gov.ng.\nNUPRC and financing the Frontier Basin Exploration Fund\nThe Petroleum Industry Act (PIA) introduces the Frontier Exploration Fund (the “Fund”) to support exploration and development in Nigeria’s frontier acreages. These areas include regions like Anambra, Dahomey, Bida, Sokoto, Chad, and Benue where hydrocarbon exploration is yet to occur or remains undeveloped.\nThe PIA assigns the Commission with several responsibilities, including promoting frontier basin exploration, developing exploration strategies, and increasing knowledge about petroleum resources in these areas. The Fund, constituting 30% of NNPC’s “profit oil and profit gas” from various contracts, will finance exploration and development activities in these frontier acreages.\nIn June 2023, the Commission issued Frontier Basins Exploration Administration Regulations, outlining its duties and those of the state-owned oil company (NNPCL) concerning Frontier Basins. These regulations clarify roles to prevent conflicts with respect to the functions of the NNPC Limited in administering the Fund and establish a Frontier Basin Exploration and Development Plan Committee. This Committee is tasked with creating a comprehensive Frontier Basin Exploration and Development Plan (FBED Plan), serving as a vital roadmap for resource development.\nThe provision that the financial proposal will be the basis for appropriation requests to the National Assembly underscores the importance of legislative oversight in energy policy. It ensures transparent allocation of public funds for Frontier Basin development, ultimately driving economic growth and energy security.\n2022 mini-bid round for deep offshore assets\nThe NUPRC initiated the 2022/23 Mini Bid Round (MBR) under the PIA to boost exploration in deep waters offshore Nigeria. This round included seven offshore blocks, covering around 6,700 km2 in water depths ranging from 1,150m to 3,100m. The MBR aimed to attract global investors with deep-water expertise.\nOn April 1, 2023, the Commission extended the submission deadline for Technical/Commercial bids to May 19, 2023, and the contract negotiation deadline to 28 July 2023. This extension was designed to complete the process before the transition to a new government and promote collaboration between qualified indigenous companies and multinationals. Notably, 34 petroleum companies and consortiums were pre-qualified to participate in the bid round.\nFuel subsidy removal\nIn May 2023, President Bola Tinubu officially phased out Nigeria’s longstanding petrol subsidy regime, a significant move in the energy sector mandated by the Petroleum Industry Act (PIA). This decision, while lauded by some, has generated mixed opinions, particularly regarding the government’s efforts to mitigate the economic impact on the public.\nUnder the PIA, petroleum product pricing is now entirely market-driven, marking a crucial shift. New licenses have been issued to facilitate product importation and distribution within the country. However, the pace of implementing supportive measures to address challenges arising from subsidy removal has raised concerns about the decision’s sustainability and its ability to maintain the intended support as outlined in the Act.\nImpact of the Finance Act 2023 on PIA tax regime\nThe Finance Act 2023 introduces several amendments to existing tax provisions for petroleum companies, providing clarity on tax obligations and deductions. Here are the key amendments:\ni. Amendments to Petroleum Profit Tax Act\nThe PIA repeals the Petroleum Profit Tax Act (“PPTA”) subject to certain conditions. The PPTA remains in effect for licenses under the old regime (OPL, OML) unless there is a voluntary conversion or renewal of licenses. Hence, it is essential to align the relevant PPTA provisions with the Petroleum Industry Act.\n1. Decommissioning and abandonment deduction: Section 15 of the Finance Act amends Section 10 of the PPTA to recognize Decommissioning and Abandonment contributions as tax-deductible expenses. To claim this deduction, companies must provide the Commission with an approved statement of account for the Decommissioning and Abandonment fund.\n2. Fiscal oil price by the Commission: The Finance Act further amends PPTA provisions relating to the assessment of chargeable tax on barrels of crude oil for any accounting period of a company. It provides that the total value of the chargeable oil for a company shall be the sum of the multiplications of volume and fiscal oil price as established by the Commission at the measurement point. Prior to the amendment, the chargeable oil value was determined based on the posted price (PP) established through agreements between oil companies and the Government of Nigeria. Disputes frequently arose due to disagreements on price assumptions. The PPTA amendment shifts the responsibility of determining the fiscal price to the Commission, incorporating independently obtained and operator-supplied data.\n3. Filing obligations for pre-production phase: Before the amendment, companies in the pre-production phase, meaning those that hadn’t initiated “petroleum operations” as defined in the PPTA, were exempt from submitting tax returns. However, Section 30(3) of the PPTA is now amended to introduce mandatory filing requirements for these companies, accompanied by severe penalties for failure to comply. The submission deadline varies, allowing 18 months from incorporation for new companies and five months after December 31 for others.\n4. Increased penalties: The Finance Act also introduces higher penalties for failure to file and late filing of PPT returns, with penalties as high as ₦10 million in the month of default and ₦2 million for subsequent days of default. Convictions may result in penalties of ₦15 million/₦20 million and an additional 1% of undeclared or undercharged taxes.\nii. Amendments to Tertiary Education Tax (TET)\nThe Finance Act 2023 increases the TET rate from 2.5% to 3% for companies, excluding small companies. This higher rate applies to assessable profits of all companies registered in Nigeria, including petroleum companies.\niii. Amendments to Companies Income Tax Act (CITA)\nExpanded Capital Allowances: In the past, complete offsetting of capital allowances against assessable profits was exclusively available to agricultural and manufacturing companies. However, the Finance Act 2023 brings a crucial alteration to this rule. It extends the privilege of offsetting capital allowances to companies engaged in upstream and midstream gas operations.\nFuelling the gas revolution\nThe Act introduced a comprehensive framework that would redefine the nation’s approach to harnessing its abundant natural gas resources, enhancing energy sustainability, and promoting economic growth.\nTo expedite the development of gas infrastructure, the PIA introduced the Midstream and Downstream Gas Infrastructure Fund (Gas Infrastructure Fund). This fund is to serve as a catalyst for investments in crucial gas infrastructure projects, facilitating the expansion of infrastructure for alternative fuel sources like Compressed Natural Gas (CNG) and positioning natural gas as a viable alternative to traditional petroleum products.\nThe PIA also introduces the Domestic Gas Delivery Obligation which compels upstream gas producers to allocate a portion of their gas production for domestic consumption. This is expected to play a crucial role in coordinating and streamlining the supply and distribution of natural gas to various domestic sectors, enhancing accessibility to natural gas, and ensuring efficient delivery to industries, power plants, and households.\nThe recent partnership between NNPN Limited and NIPCO Gas Limited for the deployment of Compressed Natural Gas (CNG) and, consequently, NNPC Retail’s phased deployment of over fifty CNG stations across the country may signify a commitment to providing a cleaner and more cost-effective energy source.\nConclusion\nThe introduction of fresh regulations, permit transformations, and the well-planned initiation of regulation in the midstream and downstream segments of the petroleum industry collectively paint a picture of advancement. Within this progress, the regulatory intricacies encircling crude oil export terminals have catalysed substantial deliberation, underscoring the nuanced relationship between regulatory objectives and economic considerations.\nThe courageous decision to eliminate subsidies has set in motion a chain reaction, compelling the country to reconsider its economic trajectory. Delving into these multifaceted developments serves as a reminder that achieving sustainable energy progress necessitates not only proactive legislation and strategic planning but also an unyielding dedication to inclusiveness for all pertinent stakeholders.\nThe expected gains for all stakeholders consequent upon the passage of the PIA have not been fully actualized, but given the processes put in place in the first two years since the passage of the Act, we are still optimistic that the next few years will be better.\nOyewale and Okediya are energy policy analysts and co-founders of Fortrose Consulting. Emmanuel, an energy economist, is the CEO of Enermics Consulting.\nQUOTE: “While the liberalization of importation offers prospects for increased competition and potential market benefits, the interplay between global oil prices, currency fluctuations, and local economic conditions continues to exert a significant influence on the dynamics of fuel pricing”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/petroleum-industry-act-issues-arising-two-years-after/"}
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+{"doc_id": "0d065c16a716b2229f3dd495709ccae7", "text": "Advertisement\nInvest now so you don’t come begging in future – Rudeboy tells celebs\nPaul Okoye, popularly known as Rudeboy from the iconic Psquare duo, has sounded a clarion call to his fellow celebrities in the entertainment industry, to wisely invest their earnings while they are still in the spotlight.\nRudeboy emphasised that such situations were tarnishing the prestige of the entertainment industry, and it was high time for celebrities to take their finances seriously.\nHis advice comes in the wake of several industry veterans grappling with financial challenges and underscores the need for proactive financial planning among celebrities.\nThe Reason With Me hitmaker shared in an Instagram post : \"Seriously, a lot is going on in the industry, including depression and all. But, abeg, if e reach your turn to shine, abeg, try to invest. E no easy at all. Avoid story that touches. Me sef don taya to the hear stories. E come be like na loose guard industry,\" Paul wrote on his Instagram story.\nRelated stories:Nollywood comic icon, Mr Ibu’s appeal for medical support: The story so far", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/entertainment/showbiz-news/invest-now-so-you-dont-come-begging-in-future-rudeboy-tells-celebs.html"}
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+{"doc_id": "0ed6df42096d3de4d67544b17433f7ac", "text": "Last week, we wrote an article aimed at helping civil servants looking to choose a bank to open an FCA account with.\nThe article had account opening, debit card issuance and service fees for over 10 banks but it seems its use has been diminished since the government has intervened and announced that civil servants will be able to open these accounts at a reduced cost.\nPresidential Spokesperson George Charamba is reported to have said the following regarding the cost of opening these bank accounts;\nSome civil servants are asking, “how do we open Foreign Currency Accounts, how do we do this inexpensively, by way of the cost of opening an FCA and also by way of doing so”. His Excellency the President gave a directive to the Ministry of Finance and Economic Development and the Reserve Bank to say the execution or implementation of this facility of US$75 and US$30 should not have the unintended effect of demeaning the welfare threshold of civil servants.\nI also happen to know that the Governor last week met with the bankers, the Governor met with retailers on the instruction of the Finance Minister who was responding to a directive from the President.\nThe whole idea is to make sure that opening an FCA is at the least cost, the transaction is also at least costs and that it brings greater value and convenience to the civil servants.\nA meaningless statement\nThe statement by the President’s spokesperson is confusing for a number of reasons;\n- It’s not clear if the directive issued has already been adopted by banks;\n- He says opening FCA accounts is going to be “at the least cost” but there are no specifics in regards to what the thresholds actually are and whether all banks will be adopting this;\nThe fact that there isn’t much in the way of transparency means this declaration doesn’t protect civil servants at all.\nA civil servant going to open an FCA account will just be told that whatever opening fee they are quoted is actually “the least cost” and because they don’t have a figure to reference they really can’t argue with the bank.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2020/06/civil-servants-opening-fca-accounts-will-be-charged-less-by-banks-says-george-charamba/"}
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+{"doc_id": "0f09f2ca6c6def4a5301771a41bd658d", "text": "Nigeria’s Green Africa Airways has committed to order up to 100 Boeing 737 MAX 8 aircraft, from U.S based Boeing Company, a deal which will cost up to $11.7 billion and shake up Nigeria’s struggling airline industry.\nThe deal is the largest aircraft agreement from Africa, and will be reflected on Boeing’s orders and deliveries website, once finalized Boeing said today.\nGreen Airways announced in June, 2018 that it completed its Series A round of financing with private Equity firm Kuramo Capital, a Pan African investment firm based in New York.\nThe new airline has received an Air Transport License (ATL) from the Nigerian Government and commenced its Air Operating Certificate (AOC) process, it said then.\nBabawande Afolabi is the Founder and CEO of Green Airways Africa.\nGreen Airways is headquartered in Lagos, Nigeria.\nIFEOMA OKEKE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/kuramo-capital-backed-green-airways-shakes-up-nigerias-aviation-with-11-7bn-boeing-order/"}
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index 0000000000000000000000000000000000000000..c4a9f6a9da8b96703fd4f1247d4e72a0402620cf
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "13b64f2428f60492ad79fc24b1f47359", "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/2017/01/18/implications-of-the-cbn-circular-on-virtual-currencies-vc-operations-in-nigeria/"}
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diff --git a/clean/cc/170b86dd058eb8bd653adb4109540c9d.json b/clean/cc/170b86dd058eb8bd653adb4109540c9d.json
new file mode 100644
index 0000000000000000000000000000000000000000..abf1c99229cb694b7350e738f66f3115580778da
--- /dev/null
+++ b/clean/cc/170b86dd058eb8bd653adb4109540c9d.json
@@ -0,0 +1 @@
+{"doc_id": "170b86dd058eb8bd653adb4109540c9d", "text": "With all its glamour of being a decentralized currency and appreciating in value to over $20 000, you probably didn’t know Bitcoin’s mining process consumes a lot of energy.\nMining basically is a competitive process in which different users(miners) on the bitcoin network get into a race to add a transaction record to the system(blockchain). The winning miner would have generated a winning number among a vast amount of losing numbers generated by the computer. So, to generate a winning number first depends on a computer’s processing power (hash rate) and a bit of luck. In return for winning the competition, the winning miner is rewarded in bitcoin by the bitcoin system and that’s how bitcoins are added to the circulation.\nThe carbon footprint as a result of this mining process is shocking. According to an index maintained by Digiconomist, just doing a single transaction of Bitcoin miners use electricity that can power as much as 27 houses.\nShocked?…..Check out these stats as well\nIf Bitcoin was a country it would have been consuming as much energy as Israel on an annual basis. That means the electricity used to mine bitcoins for a year by all the miners in the world can power Israel for a year.\nWhat will the miners be actually doing?\nAs I explained previously, miners must find a certain winning number by generating numbers at\nrandom continually to win newly minted bitcoins. Because fast computers can generate these random numbers more quickly, this creates an incentive for miners to use increasingly powerful computers to mine bitcoins. Hence these powerful computers use lots of energy.\nIn fact, the evolution of Bitcoin mining is similar to the way gold mining has changed over times. At one-time mining gold could be done by a person panning in a riverbed, but now mining is performed by large companies with expensive drills that require lots of power.\nThe world of cryptocurrency mining is battling with this problem hence solutions are being proposed such as the departure from using processing power(hash rate) as a basis for mining to using bandwidth(the amount of data that can be transmitted in a fixed amount of time) to mine.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2018/03/one-transaction-of-bitcoin-powers-27-homes-for-a-single-day-shocking/?amp=1"}
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diff --git a/clean/cc/1779b64fc26d396db148af546648932f.json b/clean/cc/1779b64fc26d396db148af546648932f.json
new file mode 100644
index 0000000000000000000000000000000000000000..8d89910878a19f6a75f0279e2a11777d2538fffe
--- /dev/null
+++ b/clean/cc/1779b64fc26d396db148af546648932f.json
@@ -0,0 +1 @@
+{"doc_id": "1779b64fc26d396db148af546648932f", "text": "A controversial high yield investment program (HYIP) is raising red flags at a South African bank.\nCapitec clients who are linked to MMM South Africa have reported that their accounts are being frozen, causing a backlash on social media.\nMMM was started by convicted Russian fraudster, Sergey Mavrodi, who was found guilty of running one of Russia’s biggest pyramid schemes in the 1990s, in which millions of people lost their life savings.\nThe exact same scheme is now running locally, trading as MMM South Africa,\nIn September 2015, MMM South Africa was listed as one of the potential pyramid schemes under investigation by the National Consumer Commission in South Africa.\nThe group’s hook is the promise of high returns on investments – as much as 30% per month – along with “testimonials” from clients who claim to have achieved great success with the scheme.\nHere is a testimonial from an “MMM captain”, who claims to have received R1 million after a R10,000 payment through the scheme.\nRaising red flags\nDespite its reputation for being exactly that – the group claims it is not a HYIP, saying it is merely a “community of helpful citizens”.\nAs transactions are “person to person” and there is “no formal organization” and “no central bank account”, the group claims to be “perfectly legal”.\nHowever, the Consumer Protection Act describes any scheme that offers returns 20% above the repo rate (6.25%) as a “multiplication scheme” – otherwise known as a Ponzi scheme.\nFurther, despite its advertisements promising high returns, the group says explicitly that it does not guarantee anything, warning users that they might not be paid at all, and indeed, could lose all their money.\nThe scheme also works with its own internal currency that members buy into, and operates on a”leader” and “referral” bonus – typical traits of a pyramid scheme.\nA number of reports and releases from financial groups have warned against signing onto schemes such as MMM.\nFraud prevention\nCapitec said it could not comment on specifics, as it would not be in the best interest of clients affected.\nPreviously, in discussing its fraud prevention technologies, Capitec noted that its systems act on suspicious transactions.\nIn these cases, dubious transactions through accounts could result in a “soft-freeze”, until more clarity is obtained about the origin of the transaction.\n“We do this to protect our clients and comply with the rules and regulations of the SA Reserve Bank,” Capitec said.\nMMM denies any links to cheating or fraud, saying users are fully informed of how the scheme works before signing on.\nMeanwhile, users of the scheme say the scheme works just like a stokvel, and that the banks should not get involved in how they spend their money.\n“Capitec bank should stop freezing people’s money. This is our hard earned cash how we spend its none of your business. It’s our decision to donate to each other to reach our goals! Capitec hands off our accounts,” one client said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/banking/109899/russian-ponzi-scheme-raises-fraud-flags-at-sa-bank/"}
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diff --git a/clean/cc/1795b6a5f4c6e97ee139a00b42b91024.json b/clean/cc/1795b6a5f4c6e97ee139a00b42b91024.json
new file mode 100644
index 0000000000000000000000000000000000000000..612f05636ca5fabd499749a4787acf13f51261ba
--- /dev/null
+++ b/clean/cc/1795b6a5f4c6e97ee139a00b42b91024.json
@@ -0,0 +1 @@
+{"doc_id": "1795b6a5f4c6e97ee139a00b42b91024", "text": "ECB\n28 Oct\nThe European Central Bank left interest rates at 4%, snapping a record streak of 10 rate hikes. Weak earnings have plagued eurozone countries as inflation smothers spending.\nLatest\n2 hours ago\nFollowing the fire outbreak at Agbado Road, Toyin Bus Stop, Iju Ishaga on Tuesday night, GuardianTV decided to visit the scene to get more information. Here's what people had to say.\n2 hours ago\nThe Al Ula event saw individual men and women, as well as teams of up to four, spend 8 hours running, jumping, climbing, crawling, and swinging over a trail in the middle of the desert. British athlete Jon Albon took the men's individual honors with Australian Ryan Atkins finishing second and American Mark Batres third.\n2 hours ago\nAs shoppers await price cuts, retailers like Home Depot say their prices have stabilized and some national consumer brands have paused price increases or announced more modest ones. Yet some industry watchers predict deflation for food at home later this year.\n1 day ago\nGerman bishops are concerned about right-wing extremism and have explicitly positioned themselves against the populist Alternative for Germany. An unusual move, as they are usually loath to comment on political parties.\n1 day ago\nNeither side has gained significant ground in the war started by Russia's invasion of Ukraine nearly two years ago. DW's Nick Connolly visited Ukrainian artillery units near Bakhmut, who are into their second winter on the front lines.\n1 day ago\nIn wake of Russia’s attack on Ukraine, Germany is re-examinig compulsory military service. The defense minister has called for the draft's return. A 2023 poll showed broad support - also for including women.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://tv.guardian.ng/tag/ecb/"}
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diff --git a/clean/cc/188de4b8209d11e6057b005e093d6060.json b/clean/cc/188de4b8209d11e6057b005e093d6060.json
new file mode 100644
index 0000000000000000000000000000000000000000..3d1388b4db6c996a0241084172b67abca8237e3b
--- /dev/null
+++ b/clean/cc/188de4b8209d11e6057b005e093d6060.json
@@ -0,0 +1 @@
+{"doc_id": "188de4b8209d11e6057b005e093d6060", "text": "Advertisement\nTowards fiscal discipline: Let’s change course of economy — Business leaders urged\nAn indigenous business leader in the petroleum industry in Ghana has advocated a strong force of business people to undertake an aggressive advocacy that can help to change the course of the economy to benefit the masses of the people and not just the few political elite.\nAccording to the Chief Executive Officer of Petrosol, Michael Bozumbil, like others within the sub-region, Ghana also deserved to have the crème of business people whose voice will be heard at all times by politicians to help shape and implement policies capable of accelerating the economic transformation of the country\n“As business people, we do not have to play into the hands of politicians to dictate to us what we have to do with our business. We must collectively lead the discourse in neutrality, thinking about the sustenance of our businesses even after a change in government, he proposed at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra last Tuesday.\nSpeaking on the theme “Fiscal Discipline: Breaking the Political Business Cycle in 2024”, he said the indiscipline exhibited by politicians over the years can only be broken by a unified front of business owners whose ideas wear no political colour”.\nOver the years since the inception of the 1992 constitution, governments have overrun the national budgets on the altar of political expediency.\nThis phenomenon has taken the country to the International Monetary Fund (IMF) 17 times, with the worst of the bailout being felt under the current government, which has forced domestic investors to take a heavy haircut on their investments in a bid to reduce the country’s over-bloated debt presently described as highly unsustainable.\nDebt restructuring\nFor instance, to return to a path of debt sustainability, from a Debt to GDP ratio of 89 per cent, Ghana, in December 2022, commenced the implementation of a nerve-racking restructuring programme covering both domestic and external debt to achieve a 55 per cent Debt to GDP ratio and 18 per cent revenue to GDP ratio over the medium term.\nGhana completed the first phase of what has become the infamous Domestic Debt Exchange Programme (DDEP) in February 2023, where some GH¢82,994.51 million of old domestic notes and bonds were exchanged for new bonds.\nThese new bonds have longer maturities and an average coupon of about 9.1 per cent, achieving a participation rate of about 84.9 per cent, which is still not enough at the moment. While there are concerns and calls on the government to live within its means by cutting its expenditure, the 2024 Budget State and Government Economic Policy laid before Parliament last week points to a determination to overspend.\nTotal revenue and grants are projected at GH¢176.4 billion (16.8 per cent of GDP) and are underpinned by permanent revenue measures, largely tax revenue measures amounting to 0.9 per cent of GDP. By way of resource allocation for 2024, the government is projecting a total expenditure (commitment) of GH¢226.7 billion (21.6 per cent of GDP).\nMuch as this projection reflects a reduction of 6.1 percentage points of GDP in total expenditures (commitment basis) relative to the outturn in 2022, there are worries about the deficit when the signs on the ground are not the best.\nThe overall budget balance to be financed is a fiscal deficit of GH¢ 61.9 billion, equivalent to 5.9 per cent of GDP.\nHistory of deficits\nIn 2004, despite the country just benefiting from the HIPC initiative which led to a total debt relief of US$3.5 billion, Ghana still recorded a budget deficit of 3.2 per cent of GDP against a target of 1.7 per cent. In 2008, which was another election year, the budget deficit went into double digits and more than double what was budgeted for, recording 11.5 per cent of GDP against a projection of four per cent.\nThe story was no different in 2012, as the country recorded a budget deficit of 12 per cent against a target of 6.7 per cent. In 2016, despite being under an IMF programme, the government still missed its budget deficit target.\nThe overall budget deficit on a cash basis was equivalent to 8.7 per cent of GDP against an IMF programme target of 5.3 per cent of GDP. On a commitment basis, the fiscal deficit was 10.3 per cent of GDP. In 2020, COVID-19 expenses, coupled with election-year spending, led to the missing of the deficit target.\nThe overall budget deficit on a cash basis was 11.7 per cent of GDP against a revised target of 11.4 per cent of GDP.\nChanging the narrative to surplus\nDescribing the deficit as unfortunate, Mr Bozumbil wondered when a government in the country will announce a surplus, saying: “We can make a surplus if we are determined to do so. It is not beyond us.\nThis is where we, as business people, must lead the discourse to prove to the politicians who run our economy that what makes our businesses survive and profitable can also make the economy return a surplus and not a deficit”.\nHe said much as business owners deserve the right to support a political party at any time, what should be done to sustain the economy for their business to thrive must not be sacrificed, because we must “be mindful of the fact that the moment we sacrifice our business to openly and recklessly support a political party, a defeat in an election will be the end of that business and there are many examples to guide us”.\nMr Bozumbil bemoaned instances where businesses sacrifice the pay rise of their workers, evade taxes, and default on workers' pension contributions among many others to fund political parties, saying that “these are dangerous acts we must avoid”.\nHe warned that those engaged in such practice needed to be aware that, immediately after an election, the authorities will come after them and will not take any excuses for defaulting on their obligations to the state. “Pay your taxes as an obligation to the state. Pay your workers’ pension contributions and abide by regulatory requirements governing the sector you play in and that is enough to ward off politicians who may come at you to take your money to support their campaign and leave your business to suffer.\n“The worst of it is when they lose an election,” he said.\nCompliance\nMr Bozumbil said as business people, the best way to stay truly independent and contribute to economic success is through compliance. He said once the business person is tax compliant, and works in tandem with the regulatory processes, being tracked down by politicians could be an impossibility.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/towards-fiscal-discipline-lets-change-course-of-economy-business-leaders-urged.html"}
\ No newline at end of file
diff --git a/clean/cc/19fc89f90c62da72104b40027f45413b.json b/clean/cc/19fc89f90c62da72104b40027f45413b.json
new file mode 100644
index 0000000000000000000000000000000000000000..a8aad878dd8ff3ea0ec617e27ed040b3dcb1325b
--- /dev/null
+++ b/clean/cc/19fc89f90c62da72104b40027f45413b.json
@@ -0,0 +1 @@
+{"doc_id": "19fc89f90c62da72104b40027f45413b", "text": "The government has drafted a Bill to fight off the destructive effects of climate change, enabling investors to earn money from the global carbon market by engaging in projects that reduce emission of carbon dioxide.\nThe draft Climate Change Bill 2010 is intended to provide directions on how Kenya will lessen the effects and adopt to climate change.\nEnergy efficiency\nThe proposals require that the government release guidelines on better land use to prevent destructive practices. It also requires publication of an energy management plan and setting of mandatory energy efficiency targets for companies.\nThe Energy Regulatory Commission (ERC) recently announced it will release new regulations for industrial, commercial and institutional organisations in a move expected to open new lending opportunities for commercial banks, as firms seek to replace or upgrade their machines. The energy management regulations will guide organisations on investments they should make to conserve energy by using efficient machines and diversifying into renewable energy like solar, biogas and wind power.\nBernard Osawa, the director of renewable energy at the ERC, said a key requirement of the new proposed Energy (Energy Management) Regulations 2010 is that a company must do its energy audit every three years.\nThe proposed Climate Change Bill 2010 requires update of planning and building regulations to ensure buildings to not emit unnecessary greenhouse gases. The updates include the recent requirement that all new buildings in towns should have solar water heating systems — expected to ease pressure on electricity generated from non-renewable sources like diesel.\nThe government will also prepare and enforce waster prevention and management plans for commercial and residential premises through the National Environmental Authority (Nema). There will also be regulations that reduce packaging of products to the minimum to reduce waste. Other rules will require retailers to include a deposit fee in an article to encourage consumers to return items like soda bottles and get a refund of their deposit.\nThe draft Climate Change Bill 2010 also proposes that six months after it becomes an Act, the government will establish a National Clean Energy Development Mechanism Authority to give directions on trading of carbon emission reductions.\n“The authority will evaluate projects to find out which qualify for investments. Projects with higher sustainable development benefits and which are likely to succeed are accorded higher priority,” notes the draft bill.\nThe authority will complement the proposed climate exchange platform planned to facilitate trading in carbon credits and open up financing for generation of renewable energy and afforestation.\n“Kenya is better placed to emerge as a regional carbon emission trading hub,” said Treasury PS Joseph Kinyua. “We have started a process of establishing a trading scheme in Nairobi to pioneer the carbon market in Africa.”\nTreasury officials said the formation of the exchange was being fast-tracked because of the high number of inquiries received from foreign banks that wanted to partner in carbon credits trading.\nThe draft bill was released on a day global food security experts warned that climate change could deal a catastrophic blow to food security in poor countries.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/industry/kenya-s-carbon-emissions-control-draft-law-out--1973646"}
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diff --git a/clean/cc/1a958ac716361f36c89218954314c2c5.json b/clean/cc/1a958ac716361f36c89218954314c2c5.json
new file mode 100644
index 0000000000000000000000000000000000000000..95d547fa4557fc0f79ec94a4e98523b12bcfbd96
--- /dev/null
+++ b/clean/cc/1a958ac716361f36c89218954314c2c5.json
@@ -0,0 +1 @@
+{"doc_id": "1a958ac716361f36c89218954314c2c5", "text": "15 Feb\nA senior lecturer at the University of Lagos (UNILAG), Dr Victor Odumuyiwa, has urged students in the nation’s tertiary institutions to strive to push their boundaries in a bid to come up with ideas that would change the norms.\n15 Feb\nThe Committee of Vice Chancellors of Nigerian Universities (CVCNU) has again, urged the Federal Government to yield to the last agreement reached with university teachers to avert another round of industrial crisis in tertiary institutions.\n15 Feb\nThe old students of St. Luke’s Grammar School, ‘87 set, have donated projects worth N2.7 million to their alma mater.\n15 Feb\nThe Vice Chancellor, Trinity University, Yaba, Lagos, Prof. Clement Kolawole, has emphasised the need for students to develop good values to enhance their preparedness for higher education.\n15 Feb\nTo address the challenges of brain drain and the exodus of medical practitioners, a neurosurgeon at the University of Nigeria, Nsukka, (UNN), Prof. Enoch Uche, has tasked the Federal Government to equip hospitals with necessary facilities that would enhance the performance of doctors and other healthcare workers.\n8 Feb\nThe West African Examinations Council (WAEC) has announced that a total of 8,285 candidates from across the country registered for the inaugural Computer-based model of the West African Senior School Certificate Examination (CB-WASSCE).\n8 Feb\nTo change learning narratives in technology education in the country, the Nigerian University of Technology and Management (NUTM), Lagos, has emphasised the need to prioritise problem solving and practical learning skills for students.\n8 Feb\nA student of Grace High School, Gbagada, Lagos, Oluwateleola Sogbanmu has won the overall first position at the 24th edition of the Martin Luther King speech competition organised by the American Consulate in Lagos.\n8 Feb\nFor their entrepreneurial excellence, students from Kosofe Senior College, representing Nigeria at the Junior Achievement Africa Company of the Year (COY) competition held in Kigali, Riwanda, has won two awards.\n8 Feb\nThe Vice Chancellor, Crawford University, Igbesa, Prof. Reuben Jiya Kolo has tasked students to use the knowledge acquired in solving societal problems.\n8 Feb\nThe phenomenon of Japa is a natural response to individuals seeking opportunities beyond what is currently available to them in Nigeria, to improve their lives and families. This inclination aligns with Maslow’s hierarchy of needs, where the motivation for change is driven by unmet basic human needs.\n8 Feb\nA university teacher, Prof. Omare Otote has blamed the prevailing lavish lifestyle of Nigerian youths for their inability to settle for a dignified vocation.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/category/features/education/page/3/"}
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diff --git a/clean/cc/1c0fb06bf0eb59334fd524a986e919a6.json b/clean/cc/1c0fb06bf0eb59334fd524a986e919a6.json
new file mode 100644
index 0000000000000000000000000000000000000000..714677c4a423dd03376571bbad4fdcdc9393a978
--- /dev/null
+++ b/clean/cc/1c0fb06bf0eb59334fd524a986e919a6.json
@@ -0,0 +1 @@
+{"doc_id": "1c0fb06bf0eb59334fd524a986e919a6", "text": "Cape Town - The move to lockdown Level 4 has, to an extent, eased difficulties for small businesses but the sector continues to face incredible hardship, says the Cape Chamber of Commerce and Industry.\nChamber president Geoff Jacobs said Level 5 had a hugely negative impact on the private sector by confining business owners, managers, administrators and workers to their homes. After five weeks of lockdown, it was obvious that the small business sector had taken the biggest hit.\nJacobs said the owners of many enterprises had continued to pay their workers - sometimes even forgoing their own pay - but could no longer do so, having fallen between regulatory cracks by not being deemed formal enough to qualify for aid, or through simply being unable to wait any longer for their applications to be processed.\n“Other enterprises are left in limbo, unable to get clarity on whether they and their workers can or cannot get back to work. In their case, the fault often lies with the sloppy, hurried drafting of the new permissions,” Jacobs said, which he added was the result of confusion in the official decision-making process.\nHe said the Western Cape had twice been the victim of regulations, either by design or by accident. “Sensible lobbying reversed the first ban on wine exports - much to the relief of the Treasury, one suspects.”\nJacobs said the province had again been a victim, though it “shared the pain” with other provinces through the Level 4 ban on the resumption of private construction projects, while “public works projects” were allowed to continue.\n“It simply does not make sense that public civil engineering and construction projects are permitted during Level 4 but not private-sector developments or building projects,” he said.\nJacobs said if that restriction did not stem from an ideological dislike\nof the small business owner, and if it was not the result of successful anti-competitive lobbying, it made even less sense.\nBudget Justice Coalition chairperson Zukiswa Kota said it was especially problematic that informal traders were still not on the streets to offer more affordable alternatives, and the major retailers were positioning themselves to exploit the financial distress experienced by existing spaza shops by opening their own spaza outlets in townships.\nNational Small Business Chamber founder and chief executive Mike Anderson said a disturbing challenge facing small businesses was their inability to access relief funding. He said a recent survey revealed that of the 53% of small businesses that applied for relief funding, only 6% were successful.\n“Reasons cited for this range from poor or no response, unnecessary qualifying criteria and lengthy, tedious processes. At least 94% of small businesses said they were either in cash-flow crisis or would be within the next 30 days. The government urgently needs to remove red tape, speed up relief-funding processes and make this funding available to all small businesses through the nation.”\nAnderson said the chamber's plea to the government was to communicate more effectively, eliminate confusion and clarify how and when small businesses could resume operations.\n@SISONKE_MD", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/news/south-africa/western-cape/despite-move-to-lockdown-level-4-small-businesses-still-face-hardship-47657134"}
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diff --git a/clean/cc/1cf77adc352e390058d375792437e27a.json b/clean/cc/1cf77adc352e390058d375792437e27a.json
new file mode 100644
index 0000000000000000000000000000000000000000..e33c211dd2148ed4a3baf1014ab1e70ab3793de2
--- /dev/null
+++ b/clean/cc/1cf77adc352e390058d375792437e27a.json
@@ -0,0 +1 @@
+{"doc_id": "1cf77adc352e390058d375792437e27a", "text": "The police in Kakuma are investigating an incident where unknown suspects raided a World Food Programme (WFP) compound and stole a gun from a police reservist.\nThe suspects are said to have gained entry to the WFP yard in Kalobeyei, waylaid a guard and managed to snatch a loaded rifle before fleeing the scene.\nIt was reported that the gang accessed the compound by climbing over the gate. , No one was injured during the raid.\n“It all happened so quickly. Two suspects stormed the WFP Rubble’s facility. I saw them escape holding a gun,” said a refugee, who didn’t want to be mentioned due to fear of victimisation.\nThe armed robbery has raised significant concerns among the refugee community and locals over the safety and security of Kalobeyei village.\nIn response, security agencies have pledged to recover the lost gun and arrest the culprits behind the incident.\n“We take this incident very seriously. Our officers have launched a thorough investigation to identify the robbers and bring them to justice. We will leave no stone unturned in the pursuit of the culprits,” declared Turkana West Sub-county Commander Richard Moracha.\nTurkana West sub-county detective Charles Murithy said officers are interrogating witnesses.\n“The cooperation of the community is vital in resolving this case. We urge anyone with information to come forward and assist us in our efforts,” he said.\nResidents of Kalobeyei village, who had raised concerns over the rising crime rates in recent months, are hopeful that the investigation will yield positive results.\n“Incidents like this have shattered our sense of security. We place our trust in the authorities to apprehend the culprits and restore peace to our community,” said Sarah Ali, a resident.\nEarly this month, the police arrested a woman in Kalobeyei and recovered an AK-47 rifle in an operation to unmask a gang operating in Kakuma.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/health/rift-valley/article/2001486271/detectives-probe-raid-robbery-of-reservists-gun"}
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diff --git a/clean/cc/1f66ec211a79906195e5dec6e5575662.json b/clean/cc/1f66ec211a79906195e5dec6e5575662.json
new file mode 100644
index 0000000000000000000000000000000000000000..b2b6282a9e7f131d691291ef1acf94b7ee0ec56c
--- /dev/null
+++ b/clean/cc/1f66ec211a79906195e5dec6e5575662.json
@@ -0,0 +1 @@
+{"doc_id": "1f66ec211a79906195e5dec6e5575662", "text": "Launch of Islamic Corporation for the Development of the Private Sector (ICD) – London Stock Exchange Group (LSEG) Islamic Finance Development Report 2023: Navigating Uncertainty\nGreen and sustainability Sukuk represents a key theme at COP28; Global ESG Sukuk issuance totaled US$8.4 billion in 2022; Growth of total Islamic finance assets by 11% to US$4.5 trillion in 2022; Malaysia, Saudi Arabia, and Indonesia lead Islamic finance development; US$788 billion total global Sukuk outstanding last year; Multiple growth channels to drive Islamic finance industry forward.\nThe Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank Group (IsDB) Group, and the London Stock Exchange Group (LSEG), the world’s leading provider of financial markets data and infrastructure, jointly launched this year’s edition of the Islamic Finance Development Report titled ‘Navigating Uncertainty’ during the 18th AAOIFI–IsDB Annual Islamic Banking and Finance Conference, supported by the Central Bank of Bahrain.\nGreen and sustainability Sukuk represent a key theme at COP28 in Dubai as a catalyst for growth in sustainability projects and ESG Sukuk issuance across developing countries. Global ESG Sukuk issuance totaled US$8.4 billion in 2022, marking yet another record year and maintaining its rapid growth since the first of such Sukuk was issued in 2017. By the end of 2022, Islamic ESG funds amounted to US$6.6 billion in value outstanding, down 14% from their peak of US$7.6 billion in 2021.\nAccording to the Islamic Finance Development Report 2023, the global Islamic finance industry increased its assets size by 11% to US$4.5 trillion in 2022 with Islamic banking holding 72 % of total industry’s assets. The industry also grew by 163% since 2012 and is expected to grow by US$6.7 trillion by 2027.\nSeveral key factors contribute to this outlook, including the strengthening of domestic Islamic finance sectors in large markets such as the GCC, Malaysia and Indonesia. Moreover, Pakistan’s initiatives to align its financial system with interest-free principles contribute significantly.\nThe report is based on the Islamic Finance Development Indicator (IFDI), which is a composite weighted index that measures the overall development of the Islamic finance industry. The data is comprehensively gathered from a universe of 136 countries and measured across more than 10 key metrics, including knowledge, governance, sustainability, and awareness.\nMalaysia led the IFDI list this year with a score of 103, followed by Saudi Arabia (70), Indonesia (58), Bahrain (54), Kuwait (54) and the UAE (53).\nEng. Hani Salem Sonbol, Acting CEO of the Islamic Corporation for the Development of the Private Sector, said: “The industry is expected to continue to grow and over the past decade, we have captured the growth of the global Islamic finance industry and its ecosystem. We are pleased to see that the indicator results are consistently cited over the years by various regulatory authorities and multilateral organizations worldwide. These citations are especially prevalent in studies and publications focused on strategies, blueprints, development roadmaps and masterplans within Islamic finance or the broader financial sector. We hope this year’s report, following in the footsteps of previous IFDI reports, will have a meaningful impact on the Islamic finance industry.”\nMustafa Adil, Head of Islamic finance, London Stock Exchange Group (LSEG) said: “The IFDI report demonstrates our continued effort towards monitoring and charting the development of the global Islamic finance industry. The report is based on the Islamic Finance Development Indicator (IFDI) that covers data on different Islamic finance sectors, asset classes and industry supporting ecosystem. The indicator was first launched in 2013 and so this year is a milestone for us. Reaching this mark reminds us of the importance of the need for continued commitment to serve the global Islamic finance industry that has expanded exponentially in the last decade.”\nTo download a copy of the report, please click here https://apo-opa.co/4afTVba\nDistributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).\nTarek Fleihan\nGlobal Communications\nLondon Stock Exchange Group\n+971562162575\nTarek.fleihan@lseg.com\nSocial media:\nX (Previously Twitter): https://apo-opa.co/46R58vY\nLinkedIn: https://apo-opa.co/3uZ0KNW\nFacebook: https://apo-opa.co/3uWNEB6\nAbout the Islamic Corporation for the Development of the Private Sector (ICD):\nICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD has received an AA/F1+ rating from Fitch and Aa3/P1 from Moody's.\nAbout LSEG:\nLSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world'sworld’s financial system. With our open approach, trusted expertise, and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge, and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing, and risk management across multiple asset classes. LSEG is headquartered in the United Kingdom, with significant operations in 70 countries across EMEA, North America, Latin America, and Asia Pacific. We employ 23,000 people globally, with more than half located in Asia Pacific. LSEG's ticker symbol is LSEG.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/apo-press-releases/launch-of-islamic-corporation-for-the-development-of-the-private-sector-icd-london-stock-exchange-group-lseg-islamic-finance-development-report-2023-navigating-uncertainty/"}
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+{"doc_id": "22828ffb28eea51cb7c4f47ab1c70c75", "text": "Living Healthy Diet\nLatest\n1 hour ago\nTerrorism in 2023 has remained a global threat as a record of 8,352 deaths representing 22 per cent increase from the previous year remains the highest, since 2017.\n1 hour ago\n• NEMA denies attack on Abuja facility • Police arrest 15 suspected warehouse vandals in FCT • Shettima: Protest against hardship in a responsible manner The reality of Nigeria’s grim food insecurity exacerbated by rising food cost became apparent yesterday when hoodlums in Abuja went on a looting spree, carting away food items from public and private facilities.…\n1 hour ago\nFoundation member of All Progressives Congress(APC), Osita Okechukwu,has saidthe 36 state governors should be held responsible for the setback recorded in restructuring the country.\n1 hour ago\nHouse of Representatives Committee on Public Accounts has asked private airlines to explain how they expended N4 billion they collected from the Federal Government as COVID-19 intervention funds or refund the money to the government treasury.\n1 hour ago\nNigeria Union of Journalists has conferred its Internal Security Meritorious Award on the Chairman of Tantita Security Services, Government Ekpemupolo, alias Tompolo.\n1 hour ago\nNo fewer than 600 African and Australian governments, private sector executives, investors, multilateral stakeholders, business leaders, innovators and manufacturers are expected to gather in Melbourne, Australia from May 12 to 14, 2024 for this year’s Australia-Africa Business Summit.\n2 hours ago\nWith the increase in value for personal development, motivational experts have said self-awareness and mindset are crucial to achieving individual growth.\n2 hours ago\nNigeria Navy Dockyard Limited and its Benin Republic counterpart weekend at Yaoundé signed an agreement that would empower the Naval Dockyard to carry out repair works on six of its non-functional platforms.\n2 hours ago\nNational Institute of Credit Administration (NICA) has promised to boost awareness on consumer credit services, urging the Federal Government to enforce appropriate laws that will instill decency, discipline and honesty in Nigeria’s credit system", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/category/sunday-magazine/living-healthy-diet/"}
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index 0000000000000000000000000000000000000000..016a90567d32c591ad4beabd167d56188dd366cd
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+{"doc_id": "229ce2a0f81bdff1bf7f74319bb83b7e", "text": "Some 15,547 candidates who scored C+ and above in the 2020 Kenya Certificate of Secondary Education (KCSE) examination snubbed universities while some opted for diploma and certificate courses like plumbing in technical institutions.\nData from the Kenya Universities and Colleges Central Placement Service (KUCCPS) shows 10,707 candidates did not apply for degree courses despite meeting the minimum qualifications.\nAnother 4,840 preferred Technical and Vocational Education and Training (TVET) colleges to pursue courses in an employment market where university graduates are struggling to get jobs.\nThe 15,547 candidates accounted for 10.8 percent of the 143,140 students who qualified to join universities.\nThe growing share of students snubbing university education is a departure from the past when degrees were viewed by many as a ticket for promotion at the workplace and getting a job, pushing the enrolment numbers to record high in recent years.\nThis has coincided with the government’s increased focus on technical colleges in the quest to feed the labour market with craftsmen and technicians.\nThe revival of the technical colleges under President Uhuru Kenyatta’s administration was a departure from the trend set by former President Mwai Kibaki of converting mid-tier colleges into universities.\nThis led to an increase in the number of graduates with liberal arts degrees in a job market that was already saturated.\nThe KUCCPS announced on Monday it had reopened its application portal to give some 32,718 qualifying candidates a chance to reapply for preferred courses.\nKUCCPS says that of the 131,833 that applied to be considered for placement in TVETs and universities, only 94,275 candidates were placed in degree courses of their choice.\n“All efforts are being made to track 10,707 candidates with C+ and above who failed to apply for courses in universities ‘in the spirit of leaving no one behind’,” said KUCCPS chief executive Agnes Wahome.\nOf the 747,161 candidates that sat the 2020 KCSE examination, 143,140 attained the minimum university entry qualification of C+.\nMore students are preferring to join TVETs, a sign that the government’s efforts to grow enrolment in the institutions is bearing fruit.\nData from the Ministry of Education shows some 2,632 candidates who scored C+ and above in the 2019 KCSE examination and qualified for placement to degree programmes opted for diploma courses in technical institutions.\nThe number has nearly doubled this year to 4,840 students.\nOver the past four years, nearly all students scoring C+ and above were admitted to the regular university programmes, reducing the pool of learners available for private universities as well as self-sponsored degree programmes in public universities.\nThe drop in the number of students pursuing the parallel degree courses whose fees are based on market rates has hurt university finances, leading the institutions to freeze hiring and slow down expansion as they struggle with debt.\nThe government has upped funding of TVETs and allowed students from poor families to access study loans at the Higher Education Loans Board (Helb).\nPreviously, Helb loans were available only to students admitted to universities.\nData from the Kenya National Bureau of Statistics (KNBS) shows the number of TVET institutions increased by 10.3 percent to 2,191 in 2019 while that of universities remained unchanged at 63 during the review period.\nEnrolment of students in national polytechnics rose by 35.5 percent to 102,078 in 2019, while that of public technical and vocational colleges increased by 32.8 percent to 112,110.\nThe 2019 Census data on formal and non-formal schooling further shows TVET education is dwarfing universities in popularity in Kenya.\nWhile 7.1 percent of Kenyans stated to have completed middle level and TVET education, 3.5 percent had attained university level of education. About half of the population reported primary school level of education as the highest attained.\nIn its latest effort to boost the popularity of technical schools, Treasury Cabinet Secretary Ukur Yatani announced tax rebates for employers that offer one-year internships to TVET graduates.\n“It is my hope that employers will take advantage of this incentive and give our young graduates from the TVET institutions opportunities to gain practical experience to expand their employability,” he said in his budget speech.\nKenya is pushing for 100 percent transition from primary school to secondary school in a move that offers hope for TVET institutions to keep getting students.\nTVETs are seen to match well with the competency based curriculum (CBC) that is phasing out the popular 8-4-4 system.\nThe new system puts more emphasis on nurturing practical skills among learners as opposed to amassing certificates based on theory learning. This dovetails with the teaching in many TVET institutions.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/15547-students-snub-universities-for-tvet-courses-3445880"}
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+{"doc_id": "2361eb29a51383de116c99702bef3d78", "text": "Mary Nnah writes that the crux of the recent Nigeria Education Innovation Summit organised by The Education Partnership Centre, which attracted nearly 250 high-level delegates and key players in the education ecosystem, was a call for transparency and accountability in the sector\nEducation world over is seen as the cornerstone of development. It forms the basis for literacy, skills acquisition, technological advancement as well as the ability to harness the natural resources of the environment for development and this all-important sector is faced with myriad of problems in Nigeria.\nProminent among the problem areas that brings to light the poor show of the sector are the poor quality of school products, flawed administrative procedures and lack of accountability in the school system, politicised employment and appointment of school heads, improper supervision and defective quality assurance and control mechanism. These among many others things were points of discussion at a recent summit in Lagos.\nDr. Obiageli Ezekwesili, a former Minister of Education, once said the problem with Nigeria’s education system is no more funding but accountability and transparency, adding that the fundamental challenge of education in Nigeria is the many decades of poor sector governance and entrenched dysfunction with no mechanism of accountability and performance.\nWhile education spending levels and enrollment rates in schools have increased across the developing world, a variety of research studies and datasets show that learning levels remain low. These data also shows that low learning levels have persisted over some time and are especially dire in rural areas, highlighting some of the pressing challenges facing many developing countries.\nIt was therefore in line with this fact that the UNESCO Policy and Research Expert, Dr William C. Smith; advocated for collaboration amongst all stakeholders in the education sector as the only sustainable way towards attaining the much-needed reforms in Nigeria.\nWhilst delivering the keynote address at the recently concluded 2018 Nigeria Education Innovation Summit (NEDIS), Smith who led the thematic section of the 2017/2018 GEM Report Accountability in Education: Meeting our Commitments, recommended this best practice to participants drawn from the public, private and non-profit sectors from within and outside Nigeria.\nNearly 250 high-level delegates and key players in the education ecosystem gathered in Lagos at the Nigerian Education Innovation Summit (NEDIS) 2018; a two-day convening designed to strengthen the design, implementation and scaling up of education innovations in Nigeria.\nThis year’s summit themed, ‘Accountability and Transparency in the Education Sector: Issues, Challenges and Opportunities’, hosted by The Education Partnership (TEP) Centre attracted experts and stakeholder to share knowledge and discuss issues, challenges and innovative practices pertaining to accountability and transparency in Nigeria’s education sector.\nWhen giving a brief context to the summit theme, Mr. Chinenye Mba-Uzoukwu, a steering committee member of the National Innovation Collaboration on Education, highlighted that only students are held accountable through testing because they are regarded as the weakest in the ecosystem, while other stakeholders within the ecosystem are hardly held responsible.\nPeriodic Reviews\nSpeaking on the theme of the summit during his keynote address, Smith advocated for periodic reviews and assessment studies in order to identify missing gaps and find solutions to uneven development outcomes across Nigeria’s educational system, ‘responsibility can be shared, but accountability cannot’, he added.\nExperts at the summit were of the view that every organisation either commercial or otherwise including schools are established and sustained essentially to achieve certain assured objectives, stressing that in the education system, one of the vital mechanisms to be put in place towards achieving the goals of the school and ensuring quality service delivery to the society is accountability. Accountability etiquette tends to imply that performance is related to the organisational goals.\nCollaboration\nDuring her opening remarks at NEDIS 2018, the convener; Dr. Modupe Adefeso – Olateju, Managing Director, TEP Centre, who remarked on the importance of the conference said, “Collaboration, networking and partnerships have been the biggest outcomes from this platform every year”.\nOlateju also added that adequate planning and proper reporting and verification should be imbibed in order to ensure responsibility is taken for performance and non-performance.\n“Education as an investment in human capital has become a matter of priority for both government and individuals. The general belief is that education helps to enhance the well-being of the individual and the society at large. With this socio-economic satisfaction, education in Nigeria is seen as a big industry with large investment”, Olateju noted.\nTransparency\nDelegates at the event included, Nigeria Country Director, Development Alternatives Inc. (DAI), Dr. Joe Abah; Senior Programme Officer, MacArthur Foundation, Dr. Amina Salihu; Education Adviser – United Kingdom Department for International Development (DFID), Ms. Esohe Eigbike and Executive Chairman Edo State Universal Basic Education Board (SUBEB), Dr. Joan Oviawe.\nOthers include Mr. Alhaji Ja’afaru Sani, Ms Abiose Adams; Vice-President Measurement and Evaluation, Bridge International Academies, Steve Cantrell; Nosakhare Owen Erhahon, an Edo State school teacher and many more, were unanimous about the importance of punitive measures for leaders and policy makers especially at the state levels for non- transparent and non-accountable practices.\nThey stressed that that information about transparency in education should be in the public domain to the citizens and that personal development and human capacity building should be made a priority.\nCharge to Media\nThe media was charged to be actively engaged and diligent at ensuring that citizens have a good perception of the transparency models being recommended in the education sector in order to effectively advocate for the desired change. Media professionals were told to communicate properly the vision of the educational system developed by government so it can be understood by every citizen.\nStakeholders\nStakeholders at the event expressed belief that as an investment, there are problems associated with its financing, adding that one of the factors that have contributed to these problems is the widening perception of education as the key to upward economic and social mobility. This has implication in expecting that education should be able to yield dividends in line with the need of the nation. Therefore, on societal grounds and from economic perspectives, great investments were found on societal grounds, whereas from economic perspectives, great investments in education can be justified because of its expected generous returns.\nUNESCO Report\nThe United Nations Organisation for Education, Science and Culture (UNESCO), is known for tasking governments to design accountability and transparency for schools and teachers, adding that governments should set up independent institutions to handle complaints emanating from the sector.\nWhile calling for transparency and accountability in the education sector, Manos Antoninis, Director of UNESCO, Global Education Monitoring (GEM), in his 2017 report said: ”Governments should develop credible and efficient regulations with associated sanctions for all education providers, public and private, that ensure non-discrimination and the quality of education. They should allow for democratic participation, respect media freedom to scrutinise education and set up independent institutions to handle complaints.”\nHe added that, “governments should design accountability for schools and teachers that is supportive and avoid punitive mechanisms, especially those based on narrow performance measures. Whereas transparency would help identify problems, only one in six governments publish annual education monitoring reports.”\nAntoninis stressed that strong independent bodies such as ombudsmen, parliaments and audit institutions are also needed to hold governments to account for education because lack of accountability opens the door to corruption.\nThe report argued that it is crucial to set and enforce regulations ranging from contract tendering to teacher qualifications. Fewer than half of low and middle-income countries had standards for early childhood education and just a handful had mechanisms to monitor compliance. There are no regulations on class sizes in almost half of countries.\n”No approach to accountability will be successful without a strong enabling environment that provides actors with adequate resources, capacity, motivation and information to fulfil their responsibilities,” Antoninis added.\nWhile citing Lagos State as an example, Antoninis said: ”In Lagos, Nigeria, only 26 per cent of private schools in 2010/2011 had been approved by the State Ministry of Education.”\nPointing out the danger of unapproved schools, he warned that in countries with weak accreditation processes, thousands of students would graduate with unrecognised degrees. He noted also that in Kenya and Uganda, private schools were operating without qualified teachers and with inadequate infrastructure before regulations were put in place and courts shut them down.\nHe however, advised that where formal mechanisms fail, citizens could play a vital role in holding governments to account for meeting their right to education. In Colombia, he said, a citizens’ campaign successfully challenged the government in court leading to the establishment of free education.\nThe report emphasised the importance of accountability in addressing gaps and inequalities. Globally, less than 20 per cent of countries legally guarantee 12 years of free and compulsory education. There are 264 million children and youth out of school and 100 million young people currently unable to read.\nEducation from the investment point of view, he said, is an input-output process, adding, “the process in terms of desirability is a function of cost-benefit, cost-efficiency and cost-effectiveness analysis, which is measured in terms of utilisation of real resources. The cost-expenditure in education is escalating. This trend has bugged the minds of many investors in education because of the deficiency seen in the educational products”.\nDecades of Neglect\nOver the years calls for accountability have become imperative because of the demand for constructive changes in the education system. In the schools, administrators and their subordinates have been said to neglect these essential ingredients in the performance of their administrative functions.\nThe effect is that there are neglect returns and wastages in the system. Wastage of real resources, human, fiscal and materials, is now rampant in the system, some resources are misallocated and misused. Huge direct and indirect loss involved is of great concern to investors. Obviously, administrators are confronted with enormous challenges as regards matter of accountability during their managerial function.\nAccountability in education sector has become very imperative considering the fact that the society expects very much from the school system. All operators in the school system have an obligation to live up to their responsibilities by making the education system very responsive, competitive and productive.\nRecommendation\nAn important conclusion from the summit was the clear focus on long-term planning and investment for sustainable development of the education sector in Nigeria. Speakers and delegates discouraged the short-term spending habits of public and non-state actors in education. According to them, education funding and development can only be sustained by establishing evidence-based accountability measures.\nThe fourth edition of NEDIS recommended that the quest for quality education in Nigeria can become a reality if the government provides an enabling environment for the development and implementation of sound policies and structures related to accountability and transparency.\nThe popular proverbial saying that, “No man is an Island” rings true for accountability and transparency in education because the establishment of strong accountability systems require collaborative efforts among all stakeholders.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/01/10/advocating-reforms-for-accountability-transparency"}
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index 0000000000000000000000000000000000000000..c766f6c874c845bbd418e9a02881082031f437d3
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+{"doc_id": "23d471598442232b217803d90b8dfc71", "text": "Advertisement\nGood infrastructure and investment opportunities\nThe Royal La Palm and Labadi Beach hotels are no doubt among the best hospitality facilities in Accra and for that matter the country.\nThe two have hosted and continue to host major international events apart from serving the domestic market.\nPatrons who visit these places would admit that the facilities are first class as compared to any of their kind in any part of the world - and service delivery is superb.\nThese notwithstanding, there are many who, if given the option, may prefer an alternative. The reason is simple; the beach road leading to these magnificent hotels from all directions is not customer-friendly, to put it mildly.\nFrom the Osu side, the road has developed huge potholes - some cutting across the road and leaving no room to manoeuvre.\nWhen coming from the Teshie end, the story is not different. Motorists have to indulge in acrobatics, weaving their way in a zigzag manner after crossing the bridge over Kpeshie Lagoon in order to avoid the craters in the middle of the road.\nBeachfronts in all major cities are prime zones that are developed to yield maximum returns. Unfortunately ours are not so and have rather become refuse dumps and places for open defecation.\nThe siting of Labadi Beach and Royal La Palm Beach hotels, I believe, are pioneering attempts to upgrade our coastlines and turn them into recreational and money spinning zones.\nAn addition to this effort is the high-rise apartment building under construction which will beautify the beachfront of the capital city and bring it closer to what is common in other cities of other countries.\nOne would expect that for a country that is making strenuous efforts to attract global attention for the much-needed foreign investment, such bold private initiatives would be backed by state support in the form of good road network.\nLocation and accessibility are two factors that drive the hotel industry. Therefore, no matter the quality of facilities and services, a hotel is likely to lose a big chunk of clientele if accessibility becomes a problem. I, as an individual, am disappointed by the neglect of this important road in the capital.\nIncidentally, along this same road could be found the Military Academy and Training School (MATS), the Ghana Armed Forces Staff and Command College and the Kofi Annan International Peacekeeping Training Centre (KAIPTC).\nThese are very important national institutions that require that visitors to these places should not have any doubt about the importance we ourselves attach to them. If there is any programme to give this road a major facelift, I dare say it is slow in coming.\nI have decided to use the Beach Road to illustrate the point that we cannot claim to be courting foreign investors when we fail to do some of the most basic things that would send the signal that we mean business.\nA good road network opens enormous opportunities to not only foreign investors but to local entrepreneurs and industry that will rely on good roads to access raw materials and to reach their potential markets.\nA lot of the country's tourism potentials have remained largely untapped or woefully underutilised because of bad roads or a complete lack of them.\nKotoka is the only airport in the country which links us to the outside world. It may come nowhere near those in Dubai, Istanbul, Heathrow (London), JFK (New York) and many others that are in a class of their own. But this is what we have for now and the last thing we could do is not to take good care of it.\nFor more than a week now the Cargo Village has been exuding a powerful stench which has become unbearable for workers and customers who go to transact business there.\nThe information I got was that the unfriendly odour was coming from a burst sewage pipe. Whatever the cause, this should not have been allowed to last for more than a day.\nAs if we have not shown enough disinterest in the functioning of our only international airport, livestock from the nearby police barracks have found the inner perimeter of the airport a free-range grazing ground. This cannot be the gateway to West Africa!\nGhana, our beloved country, has a lot of competitive advantage in the sub-region which it could exploit to maximum advantage but which, unfortunately, it is not able to do. Apart from the proverbial hospitality, we have a stable, if even sometimes acrimonious, political climate.\nWe have been spared almost all the misfortunes of others which include civil and religious strife. Even Ebola has passed over us (I strongly believe so). So what is our problem?\nLet us all think seriously about this. In a race, you do not look backwards to see those behind you. Instead of taking consolation by looking at those behind us, let us do the most prudent thing by aiming at those ahead of us with determination to overtake or at least be at par with them.\nWriter's email:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/features/from-my-roof-top/good-infrastructure-and-investment-opportunities.html"}
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index 0000000000000000000000000000000000000000..ab82643d980c8afadff7e7224b74a10eb443660a
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+{"doc_id": "23dcc0a6f91fcb4e77c532e53e207ddf", "text": "The freefall of naira, one of the world’s worst-performing currencies last year, has sparked a bloodbath among multinational companies operating...\nThe freefall of naira, one of the world’s worst-performing currencies last year, has sparked a bloodbath among multinational companies operating...\nThe Rural Electrification Agency (REA) and Ernst & Young (EY) have concluded plans to organize a workshop to dissect ways.../p>\nNaira on Thursday appreciated across official and parallel markets as Nigeria’s external reserves rose by 0.74 percent in about two.../p>\nJohnvents Industries, a cocoa processing company, has successfully redeemed its series 4 commercial paper of N3.68 billion. It said this...\nAdedoyin Oyewole is a senior program manager at Amazon. Her desire to drive positive change and revolutionize the country’s financial...\nOgbonnaya Onwudike, a professor of Animal Nutrition and Biochemistry, is the vice chancellor of Rhema University, a faith-based university, in...\nTwo acrobatic brothers from Tanzania have won the first season of the United States reality competition America’s Got Talent (AGT):...\nNigeria international Victor Osimhen played a pivotal role in securing a draw for Napoli against Barcelona in their Champions League...\nSmaller nations in challenging regions, like Liberia and Chad, struggle with limited resources, weak financial sectors, and unfavorable tax regimes,...\nKenya’s shilling is heading for its best week in almost three decades after strong demand for a Eurobond sale boosted...\nThe global economy showcases significant disparities in national wealth and prosperity. Gross Domestic Product (GDP) per capita, a crucial indicator...", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/?amp=1"}
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index 0000000000000000000000000000000000000000..2c8cd9d669d8f41010506911fb93ec553dc93bf5
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+{"doc_id": "251b9a3d6a24c446cb85078717b5dbd8", "text": "By Martin Mutua and Moses Njagih\nNAIROBI, KENYA: With pile up of unfinished business inside electoral body, missed deadlines, and pop-up of warning signs a crisis is building up, the question now is whether March 4 date is feasible.\nThat was the basis of the high-level talks Independent Electoral and Boundaries Commission had with top Government officials on Wednesday, and the cause of the confrontation between two Cabinet ministers.\nIEBC chairman Issack Hassan subtly justified the fear when he declared if the 15,000 biometric register kits are not delivered in the next ten days, then the entire electoral calendar could be in danger.\nWith about four months to the elections, billed to be Kenya’s biggest ever given there will be six positions to be fought for on the ballot, he could have been warning Kenyans that the March 4 date may then have to be reconsidered.\nSome of the pending business causing worry is the fact that 30,000 registration clerks have been employed, but they cannot be trained until the kits are delivered.\nSecondly, the 200 BVR kits delivered were either samples or dummies lacking key software, and yet the supplier can only proceed to assemble the kits on being fully paid, because they are assembled on order.\nIEBC sources also report internal fears that unlike previous elections, there is still a lot yet to be done. They point out the fact that even the warehouses are still to be stocked with such basic materials as stationery.\nFurthermore, the Campaign Financing Bill, which sets ceiling for monies to be spent in campaigning by candidates, and the modalities for monitoring and disciplinary measures for those who breach regulations, is not out, but parties are on the campaign trail.\nThe other factor worrying Kenyans is the massive logistical burden required to distribute the BVR kits, which in addition have to be ferried from one registration centre to another yet each kit’s battery can only be moved around on pick-ups. Worse still, despite the missed deadlines, IEBC still is expected to meet its target to register 18 million voters.\nThe seriousness of the perceived lack of adequate preparedness as well as the fear time is moving fast and there are many pending tasks, was discernible when Prime Minister Raila Odinga met IEBC team on Wednesday.\nHe invited them to discuss the perceived crisis building up, which has even triggered limited calls for elections to be pushed to August next year. A situation worsened by the absence of BVR kits this late, and in a country without a voter register yet.\nJustice Minister Eugene Wamalwa had on Tuesday made startling remarks accusing some people in the Treasury of sabotaging the acquisition of the kits and warning this was a plot to scuttle elections.\nIn addition, IEBC’s ‘line minister’ threated he would name and shame the people he had in mind.\nPayments not made\nStay informed. Subscribe to our newsletter\nOn Wednesday it also emerged during the meeting at the PM’s office that the BVR kits have not even been paid for fully, and it was only agreed that the Treasury settles the pending bills with the overseas supplier by tomorrow for the kits to be delivered.\nHassan, whose team had earlier declared BVR mode of registration was no longer feasible and settled for a manual process, expressed doubts over the delivery of the kits.\n“We are leaving this place cautiously optimistic that the Government will pay the balance as promised so that BVR kits can be delivered,’’ he said.\nHe then unleashed the warning that should concern every Kenyan: “If we would not have got them by November 5, it could present serious challenges.”\nThe cautionary approach IEBC was taking is due to the fact that the matter is already out of its hands and squarely within the Executive, which may have interest in electoral process, including possible delays.\nRaila promised Kenyans there was no plot in Government to delay the General Election, insisting the country will go to polls on March 4, “not a day earlier. Not a day later”.\n“We are convinced that all officers involved, from the Attorney General, to the Treasury and IEBC are committed to doing all that they can at required speed to ensure everything is in place for the March 4 elections,” assured Raila.\nHe added: “There is no reason the country should mull over postponing the elections, especially when the historic opportunity awaits the ruling coalition to preside over a peaceful transition to a new democratic government.”\nThe meeting on Wednesday resolved the Treasury releases the remaining 60 per cent payment to the Canadian Commercial Corporation (CCC), to ensure the kits are delivered by October 30.\nIt is CCC, which has contracted the French company Safran Morpho to deliver 15,000 BVR kits for electronic voter registration.\nRaila promised to engage the French Government to ensure the delivery of the kits was fast tracked once payment is made.\nFinance Minister Njeru Githae fought back accusation his team at the Treasury was to blame for the delay. He argued the Government could not make payments before the AG signed the Financing Facility Agreement (FFA). He insisted it was only last Monday that the document was presented to Prof Githu Muigai’s office.\n“We had gone out of the country with the PS, but had left instructions that if the agreement was signed, the same be sent to us wherever we were so that we could sign. But it was only on Monday that the Standard Chartered Bank in Canada sent the agreement,” said Githae, who was accompanied by his PS Joseph Kinyua.\nHe added: “We have done what is humanly possible on our part. Kenyans should appreciate the fact that at the Treasury we do not do procurement, but because this was a special case we had to change our rules.”\nGithae said it was wrong for Wamalwa to issue such an alarming statement to the effect that the Treasury was sabotaging the process without getting the facts.\nHe said he was to sign the agreement on Wednesday, but rescheduled it to today after he was informed the CCC representatives would be in the country today. He added he would make payments tomorrow.\nShifting deadlines\nBut IEBC has shifted its deadlines several times on the basis of acquisition of BVR kits, which were supposed to have been acquired early this year.\nThe Government led by President Kibaki and Raila struck a deal in August to acquire the kits from Canada. They were expected to have arrived in September, but the dates have been shifted several times, with the latest projection put at Wednesday, next week.\nSeveral MPs led by the House Committee on Implementation of the Constitution warned any attempt to move the March 4 polls would be resisted.\nCIOC Chairman Abdikadir Mohammed, Education Minister Mutula Kilonzo, Government Chief Whip, Jakoyo Midiwo, and Chepalungu MP, Isaac Ruto, said there was need for the commission not only to give public assurance on the matter, but also show by action the progress of restoring public confidence.\nAbdikadir said the delayed delivery of BVR kits had caused public concern.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2000069192/standard-digital"}
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+{"doc_id": "267e7844b392eb5884fc7323376a689f", "text": "The lead story on the front page of BusinessDay on February 26, 2020 had the headline; Agric crowdfunding at risk of Ponzi schemes as regulation lags. Three years later, the fears expressed in that story by this reporter have sadly become reality for thousands of Nigerians who thought they were investing to support local agriculture.\nFor almost five years when the run lasted, start-ups known as Agritech platforms, offering 15 to 50 percent gave some of the best returns on investment in Nigeria. As many people have now found out, ‘return of investment is better than return on investment’. Today, tens of thousands of victims lick their wounds with heavy hearts as billions of naira remain stuck in various platforms.\nFarmers are poor, they produce so little, and at the same time, Nigeria has been facing severe food crisis for the most part of the last decade. It was on this premise that agritech platforms claimed to offer a solution to all of these in one strike. Using technology, they created websites and mobile apps to aggregate funds from the public, having identified ‘viable farming projects’ into which those funds would be invested. It was to be the perfect win-win that could change the world, starting from Nigeria.\n“We had disposable income and you have farmers and people that need investment. I have farmed in the past, I used to own a farm in Jos before I left for Lagos and I know that the returns were possible,” said Agnes who invested N10 million across three platforms; Agrilet, Farmsponsor, and Bazuze.\nThe business model of the agritech companies was similar. For instance, a maize farming project is divided into 100 units of say N20, 000 per unit with a return of 25 percent payable after 4 months. It seemed straightforward enough at the time, except there was no regulation in place to protect the investing public.\nThe companies, though different, had an iteration of ‘agric’ or ‘farm’ embedded somewhere in their names. Popular ones were Farmcrowdy (which later merged into EMFATO, then Crowdyvest in a series of smart-by-half moves), Thrive Agric, Farmsponsor, Agropartnerships (owned by Farmforte), Porkmoney, Agrorite and HoCorn (known for its aggressive, widespread marketing). There were less popular ones like Agrilet and Shopagric, and dozens more. Then those without actual corporate entities but which relied on owners that claimed and advertised on social media that they were into agriculture. A picture in a farm here, and another in what was supposedly a warehouse for harvested crops, and they would suddenly build a following, and with it, investors that later became victims of fraud. While not all defaulted, more than 90 percent did in the end.\nHow many of these companies actually invested in agriculture? This question remains unanswered, two years after they all fled the scene\nIt was often a competition among the companies to announce fund raises, and every now and then, advertise the thousands of farmers ‘being impacted’ by their operations. Suddenly, everything went quiet. But for investors, it was about to get loud. BusinessDay saw several investment certificates and other documents that gave investors assurances their funds were safe, but it all turned out to be a ruse. Not even the so-called insurance packages with reputable insurance companies in Nigeria.\nMuch of the default started in 2021, when the Securities and Exchange Commission (SEC) finally decided to regulate the space. Onyeka Akumah, founder of Farmcrowdy who made it a bragging right that his company pioneered agric crowdfunding in Nigeria had told this newspaper that the company was eager for regulations, especially to weed out the potentially fraudulent players. Other major players contacted in an article at the time echoed his sentiments.\nIn request for comments at the time, none of the companies told this newspaper they had reservations with the SEC regulations that were to commence on June 30, 2021. But as the date for regulation to commence approached, the companies disappeared from the scene. Suddenly, they claimed they were no longer into crowdfunding. And thus began the series of most defaults.\nRead also: Nigeria’s financial sector under siege: The alarming rise of cyber fraud and inadequate defenses\nA long list of victims\nNo one has documented how many Nigerians have money stuck with these platforms, but what is clear is that there are several thousands of them. Many of whom invested in more than one platform.\n“It was a shock to us in June, when a day before we were to receive our money, Agrilet sent us an email that it was unable to pay,” said Binta, who along with her husband, invested N1.74 million in a poultry farm offered by Agrilet for 20 percent returns after four months. “It wasn’t something I was expecting because there was no indication they were struggling or not using the funds for what they were meant to.”\nBinta (not her real name) had first tried Agrilet in 2020 for three months for a fish farm, and she was paid. After that, she convinced her husband to also invest, even though he was sceptical. When the default happened, “he told me ‘I told you so’,” she said. “Thank God I have an understanding husband because it is something that could have affected our marriage.”\nAccording to some investors, Agrilet had collected up to N400 million, some of which they claim the company’s CEO, a certain Victor Yunusa, had invested in other things, including real estate. BusinessDay could not reach him as phone numbers provided were not connecting and an email sent last week has not been replied. An EFCC case and another instituted with police have both stalled, as confirmed by Kayode Agbedejobi, partner, KP Legal Practitioners that was engaged to take up the case.\nLike the majority of people, that was not Binta’s only investment. Along with her husband, they had also invested N1 million each in the Farmforte Food Valley in April, 2021. The investment was to run for a year, with 20 percent returns. In the same June when she got Agrilet’s email, she also got Famforte’s email that the company was unable to make repayments to those due at that time. She didn’t panic initially as her repayment wasn’t due till the following year but when it became due, it was clear she and her husband were also not getting paid again.\nKingsley (an alias), who works in the energy industry has at least N21.5 million stuck with three platforms that he disclosed. N10 million for a poultry farm investment in Shopagric, said to be owned by a veterinary doctor, N5 million for a ginger farm in Groupfarma, and N6.5 million in Agrilet for poultry and sesame farming.\n“At some point, I went into depression,” said Kingley. “Everything just happened at the same time and even to date, there are things that I can’t afford to do.” In September of that year, his first child was going to start secondary school but his funds were not available.\nOn the home front, “there was so much bashing,” he said. “At that time, there was a serious clamour for local investment in Agriculture. I went in with the mind-set that I was supporting local economic growth.”\nFor Agnes, a mother of two who lost her job with an airline at the peak of COVID, she had invested her severance pay and funds from three pensioners she said were her relatives. Her husband’s business had also collapsed during the pandemic and they decided to invest in agriculture through the agritech platforms as a way to sustain the family, while hoping to make an impact.\nThe N10 million invested since 2021 (out of which N2.5 million belonged to the pensioners) was; N6.5 million in Agrilet for a poultry farm at 20 percent returns after six months, N1.5 million in Agropartnerships and N2 million with Bazuze, which she said later repaid 40 percent.\nRead also: Late fraud reporting fueling low stolen funds recovery – PalmPay\nApart from not working, she said the investments were made because of her special needs son. “It is very expensive to cater for a child with a special need,” she said. Instead, “I lost everything. The only money I had left was to pay the people I invested on their behalf.” She has now left Nigeria with her family and is not looking back, except to get justice and recover her money.\nEsther, another investor with Agropartnerships since 2018/19, did different cycles without issues until 2020/2021. She has N750,000 stuck in two different cycles, the last of which was N250,000 for a cashew value chain project in December 2021. Repayment was supposed to come in 2022 along with 40 percent returns, but neither capital nor interest has been paid.\nShe typically did not invest her money outside of fixed deposits or savings. “This is like my first non-traditional type of investment,” she said. But she went ahead because of how credible the company appeared.\n“I used to follow Money Africa and other pages that talked about them. They also appeared in the media, and there was an engagement with Godwin Obaseki, governor of Edo State,” she said. All of these gave confidence that “okay, let’s put money on it,” she said.\nShe also referred her younger sister and a friend to invest with the platform and they had both invested N1 million at the minimum. “That was another painful part of it,” she said.\nWanted men\nIn June, it was reported that the Economic and Financial Crimes Commission (EFCC) declared Osayi Osazuwa and Uyi Osayimwense, founders of Farmforte, wanted. In July, the investments and securities tribunal sitting in Abuja ruled that the operations of Agropartnerships (which they owned) was illegal in Nigeria. It was also reported that the court ordered a freeze of some bank accounts.\nRead also: Kano reveals alleged massive payroll fraud, including 13-year-old employee\nIn 2021, Gloria Igberaese and Muyiwa Folorunsho, were reported to have been declared wanted by the Interpol over their involvement in multi-million dollar investment fraud from their businesses which included PorkMoney and Porkoyum. They allegedly defrauded investors up to N1 billion.\nIn 2022, Harrison Osemwengie, founder of HO Corn, was reported to have been declared wanted by Interpol “over multi-billion-naira investment fraud”.\nThese are just a tiny fraction of those whose companies have committed these alleged frauds, and even till date, none has been reported apprehended. Many more remain free men, living large while their victims gnash their teeth.\n“I guess the reason why this keeps happening is because of the slow justice system,” said Agbedejobi, the lawyer.\nOn its part, Crowdyvest, which is said to be owing 3,700 crowdfunding investors ₦7.7 billion, recently offered to convert their debt into equity in the company. Much of the company’s woes emanated from Farmcrowdy, the agritech platform it was once sister companies with, when it acquired its debt.\n“I know that a lot of Nigerians will say we were greedy, but we were not. It could happen to anybody,” said Agnes. “We felt that we were helping people (i.e. farmers) as done in other parts of the world so why can’t we do it in Nigeria?”\nFor Fred (an alias), who has invested more than N10 million in Farmcrowdy (up till Crowdyvest), “this whole thing was more than regulation. Many people were victims based on trust.” He is still owed N1 million after N1.6 million was paid to him on “compassionate grounds” when he had to bury an uncle who was a father figure to him. Not many people get such courtesies, not even for life threatening cases.\nIn the end, how many of these companies actually invested in agriculture? This question remains unanswered, two years after they all fled the scene when SEC regulation that would have demanded transparency was to be implemented.\nAdditional note:\n- In May 2021, Thrive Agric reported it had completed overdue payments to its investors after a delay attributed to disruptions from the COVID-19 pandemic\n- The names of victims are used as aliases at their requests, especially for those who felt their anecdotes revealed personal information", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/in-nigeria-agriculture-became-fraud-tech-was-the-enabler/?utm_source=auto-read-also&utm_medium=web"}
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+{"doc_id": "26e6783861dff6c7efadffc9e5f020eb", "text": "Covid-19 costs tourism US$1bn\nFarirai Machivenyika and Ishemunyoro Chingwere\nThe country’s tourism sector could lose up to US$1,1 billion due to Covid-19 travel restrictions that have crippled the travel industry.\nThe projection was spelt out by Environment, Climate, Tourism and Hospitality Industry Minister Mangaliso Ndlovu when he addressed a news conference after meeting tourism players in Harare yesterday.\nThe meeting with tourism players was meant to discuss modalities of the $500 million Bank Guarantee Facility that Government has provided to help the sector recover. The facility is meant to assist the tourism sector access working capital loans from banks and insulate their businesses from the effects of the pandemic.\nCovid-19 came at a time when the local tourism sector was already in a spot of bother as evidenced by a 11 percent decline in tourists arrivals for 2019 compared to the same period in 2018.\nDetailing the projection, Minister Ndlovu said Zimbabwe stands to lose up to US$1,1 billion if the current global travel restrictions persist up to year-end.\nThe worst case scenario is based on the assumption of an 85 percent decline in arrivals to close the year at 350 000 tourist arrivals.\nThe best case scenario could see Zimbabwe losing 30 percent in tourist arrivals and end the year with 1,6 million arrivals. This scenario works on the assumption that the pandemic will soon be contained and travel restrictions lifted by second half of the year.\n“The second is the best case (optimistic) scenario which assumes a 30 percent decline in arrivals and is based on the assumption that the outbreak will be contained by the second half of the year,” said Minister Ndlovu.\n“This may see us registering 1,6 million arrivals by year-end. The middle of the road scenario assumes a 60 percent decline in arrivals resulting from Covid-19 and this may see us registering approximately 920 000 tourist arrivals by year end.\n“The last is obviously the worst case scenario which assumes an 85 percent decline in arrivals to close the year at 350 000 tourist arrivals.\n“This is predicated on the assumption that the current status of restrictions on International travel persists until year end especially in our major source markets of Europe and the US.\n“Overally, we also anticipate a consequent fall in tourism business, with the country set to lose between US$500 million to US$1,1 billion in potential tourism revenue in 2020 from the projected revenue of US$1,4 billion,” he said.\nIn addition to the Government guarantee bank facility, Government has approved the establishment of a Tourism Revolving Fund and has injected seed capital of $20 million for tourism businesses.\nWith international tourism expected to be slow to recover, Minister Ndlovu also announced a waiver of Value Added Tax payable by domestic tourist for accommodation and services.\nThis, he said, “. . . is envisaged to significantly lower the cost accessing tourism facilities by locals,” and thus increase tourism products uptake.\nGovernment has also approved the deferment of the liquidation of foreign currency paid by international clients as well as making an undertaking to settle all its overdue bills with the tourism sector players.\nAssociation of Zimbabwe Travel Agents chairman Mr Ignatius Matungamire, thanked Government for the $500 million but urged Government to provide a grant for their members.\n“We acknowledge and appreciate what Government has agreed to give us, this $500 million as a guarantee but the travel sector is at a standstill right now and it hasn’t been operating well before Covid-19 because airlines withdrew from the market so what we are saying is that the travel industry and the travel agencies are not operating at all and there is no revenue coming in so besides what the minister has offered we would have been in a better position if part of this money had come in the form of a grant like what has happened in the South African market,” he said.\nZimbabwe youth in tourism’s director general of Mr Stewart Mutizwa said: “Given the contagious nature of the virus it is crucial that we have appropriate health and safety policy in place especially for hotel business that rely on person-to-person interaction.\n“In this context hoteliers should promote proper health and safety policy measures, which may include the following, self-service payment systems, orders through mobile applications, non-contact service and order delivery and lastly can you set us a certain percentage for youths in this tourism recovery plan.”\nSafari Operators Association of Zimbabwe president Mr Emmanuel Fundira also welcomed the Government guarantee facility.\n“The $500 million is a welcome development. My observation is that Government has to work closely with financial institutions to ensure that the terms and conditions of these facilities are accessible,” Mr Fundira said.\nHe added that they have been engaging international partners like the Safari Club International where\nmembers properly registered can prove that they are involved in conservation so that they could get a US$5 000 grant.\n“On top of that the Americans themselves, our clients and our main source market have gone even further to mobilise US$100 million to support conservation to ensure that we can continue maintaining our facilities and we can continue paying our staff,” he added.\nMr Kumbi Chiweshe, who represents the Zimbabwe Tour Operators Association, called on Government to come up with policies that would improve disposable for ordinary citizens to boost domestic tourism.\n“If you are thinking of a stimulus for the industry there is need for a thought to be given to financially relieve all households . . . so that they have disposable income to spend out there. In our rush to survive as an industry there might be need to capacitate the market so that they can have something to spend out there,” Mr Chiweshe said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/covid-19-costs-tourism-us1bn/"}
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+{"doc_id": "27da07553657047ba58241a2ea13efb7", "text": "Many have argued for and against the proposed change of education system, from the current 8-4-4 to 2-6-3-3-3. Factors that have led to the perceived failure of 8-4-4 system have been raised.\nUndeniably, 8-4-4 system, which is considered the brain-child of former President Moi, was hurriedly implemented without planning. No effort was spared to assess the universal accessibility to quality technical teachers, textbooks, workshops and equipped science laboratories at primary and secondary levels.\nSecondly, the taskforce that crafted the system, led by Canadian educationist Prof McKay, did not provide transition clauses or period from 7-4-2-3 system to 8-4-4. Thirdly, the rolling out process of 8-4-4 was accompanied by myriad episodes of sycophancy by politicians resulting in ostracism of those that dared question the speedy implementation.\nIn fact, with the coming of 8-4-4 system, textbooks got merged and thus became bigger and the workload for students became bulkier.\nEducation as we know it today, had the primary purpose of safeguarding the interests of the colonialists by providing them with cheap labour and neo-colonising the minds of African children that were found brilliant by the colonial education system. The brilliant minds got lured by the so-called white collar jobs that were lowly paying while the majority of the students that got average grades or those that failed in exams got entrusted with non-white collar in jobs in agriculture as farm labourers, drivers, salesmen and merchants, as well as businessmen.\nIt was safe and easy for the colonialists to arm-twist average minds in trade given the brilliant minds had been driven into oblivion by the lure of white collar jobs from which they got peanuts as pay and consequently many could not dare engage in business as it was anathema for them given their academic brilliance!\nBy creating a false sense of security among the brilliant minds in the white-collar jobs, the colonialists managed to entrust the construction industry, agriculture, real estate, procurement, technicians and business-related trades to those considered failures from the education system. It is no surprise then that professions that drive the economy were left to the less-endowed academically while the elite of society took up jobs in the service industry as teachers, doctors, lawyers, engineers and accountants among others.\nIt is this disparity that the 8-4-4 sought to undo by encouraging citizenry to embrace careers that drive the economy like agriculture, fishing, livestock management, sports, arts, real estate, business and technology instead of focusing only on service industry jobs that form the bulk of white collar jobs.\nProgressive learning\nIn my view, we could have gotten out of the circus by realigning our development goals to our education system. For example, we could have easily succeeded if all careers did not have direct admission to degree level but instead all those joining various fields started at, say, certificate level.\nThis way, all those that we consider dropouts even at Class Eight can have a chance to do trade test, then certificate, then learn relevant subject for a year or two before embarking on diploma and thereafter higher diploma, degree, masters and PhD if they prove capable.\nWe could also get rid of the massive brain wastage that we currently engage in through the various exams that are a cutthroat competition. At the same time it will encourage our citizenry to engage in lifelong learning instead of pre-occupation with worthless grades.\nTo give credit where it is due, the 8-4-4 system helped streamline university admissions as previously only the rich could take their children abroad for university education after Form Four under the 7-4-2-3 system while those from poor families ended going up to Form Six as local universities only admitted those with that kind of education.\nThe 8-4-4, initially, created a level playing field in the university intake realm until recently when the parallel degree system was introduced to erode the gains that had been attained as those with the means can advance to university immediately after KCSE while those from humble origins are made to wait for a year or two before joining university.\nIt is such challenges that we need to address instead of advocating for a speedy change of systems.\nStay informed. Subscribe to our newsletter\n{Concerned Kenyan, Nairobi}\nKRA State agency, Njiraini hiring suspect\nRecent media reports quoted KRA board chairman Maj (rtd) Marsden Madoka arguing that KRA Act does not define authority boss’ office as a State office. Nothing could be further from the truth.\nHowever, whether the enabling statute of a public institution describes its officers as State or public servants is immaterial. These leaders serve the public and hold office in trust on their behalf.\nI have respect for Madoka as an accomplished military officer who served this country with dedication and honour before plunging into politics. However, I choose to disagree with him on the suspect KRA boss appointment procedure he seeks to defend.\nKRA is a State institution. It is, in fact, an arm of the Treasury, which collects revenue from taxpayers to help finance Government expenditure. By the nature of its position in Government, KRA cannot be construed in any other sense than that it is a State institution and, therefore, its head as well as the board members are and remain State officers.\nAddress hiring mystery\nThis is irrespective of what the KRA Act stipulates or omits. The Act is subordinate to the Constitution and must be construed in the light of its principles and objects. To this end, therefore, I submit that KRA is an institution that falls squarely within the province of State organs just as Central Bank, Capital Markets Authority, Kenya Bureau of Statistics and Government-owned banks.\nJohn Njiraini, the KRA boss designate is a brilliant accountant who spent many years teaching at the Faculty of Commerce at the University of Nairobi. I have no doubt Njiraini will make a good CG at KRA given the opportunity.\nHowever, the manner in which he was recruited raises more questions than answers. The process was shrouded in mystery because the public and the Press were denied access to the interview and evaluation sessions conducted by KRA board and Kenyans only got to know the outcome when the board chair announced the results.\nWhy was this process kept out of the public eye if, indeed, it was above board as alleged by Madoka?\nWhat will assuage Kenyans concerns that the process may have been manipulated?\nThe argument by Madoka that KRA CG is not a state officer is hollow and cannot go unchallenged.\nAll future recruitments of CEOs in the public sector must adhere to the spirit and the letter of the Constitution so that our nation can regain its lost ground on regional and ethnic diversity to ensure the large and small ethnic and regional blocs of this country find an equilibrium in the sharing of limited national resources.\n{Patrick William Kimosop, Nairobi}\nObama call for Israel, Iran diplomacy good\nUS President Barack Obama’s call for diplomacy to resolve the conflict between Iran and Israel should not be only viewed in the light of the US interests around the world.\nThe truth is the controversial nuclear reactor at the centre stage of the whole matter is not only a risk to the Middle East peace, but also have a global implication.\nAny attempt by Israeli Prime Minister Benjamin Netanyahu Government to use air strikes against Iran shall only worsen the situation by plunging the entire world into a complex social, political and economic desperation.\nAlready Iran seems to be waiting for the anticipated attack to which is gearing itself up to respond by launching attacks on all US allies around the world.\nAfrica is the most disadvantaged as the continent is always at the receiving end.\n{Masafu C Simiyu, Nairobi}\nToo many unlearned lessons on drug abuse\nThe rate at which world’s entertainment fans are losing leading music icons is alarming.\nIn June, 2009, American singer Michael Jackson died at age 50 of propofol intoxication after he suffered a respiratory arrest at his home near Los Angeles. Now pop music queen Whitney Houston has died at 48.\nUnfortunately, most of the renowned singers deads have something to do with drug and substance abuse.\nWhitney adds to the long list of Millie Jackson, Smokey Robinson, Black Moses, Glorya Gaynor, Helen Shapiro, Aretha Franklin and Rose Royce among others.\nWhitney will be missed bigtime.\n{Justin Osey Peter, Via Email}\nDate irrelevant, let’s choose fine leaders\nThe debate over the elections date seems to be taking a new dimension each passing day. While some politicians are against the dissolution of coalition by October, to allow elections in December, others are fully in support of it.\nRecent surveys have shown Kenyans are in support of December elections, but this is nothing to debate about. Whether the elections should be held in December or March next year, or weather the coalition principals dissolve it or not, it should be clear in the minds of politicians the country is in need of fresh and good leadership.\nCome the said elections, we go for leaders who prove their ability to take us to great heights of leadership.\n{Nixon Kanali, Nairobi}", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2000052025/8-4-4-to-go-but-challenges-remain"}
\ No newline at end of file
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new file mode 100644
index 0000000000000000000000000000000000000000..5cf30ec886136927d6f496e42951d317ace3ae1e
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "28fd3db5e3e57d5cfd7f8ddd4a875978", "text": "Banks flock to Gikomba\nBooming business at Gikomba market is attracting financial institutions.\nSeveral banks are opening branches near the market and offering services to traders.\nGikomba market hosts many businesses including those dealing in clothes, furniture, food and curios.\nSo far, the market has attracted seven banks with possibility of more being opened. The ones that have opened branches there include Barclays, Cooperative, Equity KCB, Family, CFC, Stanbic and Fina.\nJeremiah Mutiso, who has been running a furniture business for more than five years in the area, said scarcity of banks meant many traders kept money in their houses.\n“Many thought one could only qualify to have a bank account if they were formally employed. Almost everyone here now has an account,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairobinews.nation.africa/banks-flock-to-gikomba/"}
\ No newline at end of file
diff --git a/clean/cc/299472c1eaa6a68f25198950f9f1fae1.json b/clean/cc/299472c1eaa6a68f25198950f9f1fae1.json
new file mode 100644
index 0000000000000000000000000000000000000000..a2a719bd9e47f24c2d0dd18d54ee196ed4230964
--- /dev/null
+++ b/clean/cc/299472c1eaa6a68f25198950f9f1fae1.json
@@ -0,0 +1 @@
+{"doc_id": "299472c1eaa6a68f25198950f9f1fae1", "text": "Lucky Montana, for years the driving force at the Passenger Rail Agency of South Africa (Prasa), has been suddenly sidelined. While Prasa has come under attack in recent weeks, his troubles began with the new board. Now, Prasa is without a CEO while it spends billions on new trains and with Montana promising to tell the full story, things might only get worse for the state-owned enterprise. By GREG NICOLSON.\nWhat did Lucky Montana do when Prasa was accused of blowing R600 million on trains that don’t fit the SA standards, while his chief engineer was accused of lacking qualifications, and when it was emerging that Prasa might have lost R1.3 billion because a failure in foreign currency hedging? He threw on a train driver’s uniform, accused detractors of racism, and took journalists on a train ride. It confounded the media, just enough (because if a train can cruise for 40km in a controlled environment, it must be fine, right?)\nMontana’s leadership has been characterised by such bravado as he has marched forward with transforming the rail network, but on Wednesday it was one of the key reasons, according to the board, for his “early release”.\nMontana was serving notice before leaving Prasa in December, but the board said he had served his last day on Wednesday after a breakdown in the relationship between him and non-executive chairman, Dr Popo Molefe. In the midst of multiple allegations against the Rail Agency, it leaves the parastatal without a CEO during its most important expansion.\nSpeaking on Talk Radio 702, Molefe said the board resolved to investigate some of the irregularities and wasteful expenditure featured in an interim report from the Auditor General, but claimed the decision to send Montana packing had nothing to do with claims in the media that Prasa went ahead with buying 13 locomotives from Spanish manufacturer Vosslah Espana for R600 million despite concerns they would compromise safety and damage SA’s rail infrastructure.\nMolefe said Montana resigned earlier this year after the board rejected a R2.4 billion tender “which was not done in a manner that followed process, which did not follow the Public Finance Management [Act] prescript, did not follow policy of the company”. Then he talked about insubordination. “He stood on public platforms attacking the board that he is supposed to account to, [saying] that it is a board that is not fit to lead the organisation and it cannot act in the best interests of Prasa,” Molefe said. “Here’s a man who is on his way out, he’s leaving, but he wants his last days in the organisation to be the last days where there is no stability, where there is acrimony between himself and the board. We concluded that there is no rational basis therefore to spend the next couple of months in this environment with a person who is exiting anyway; he’s leaving.”\nSpeaking in June to Financial Mail, Montana said the board could hinder Prasa from meeting its infrastructure roll-out targets. “We have the required skills but I am not convinced that the board will be able to act in the best interests of Prasa under the chairmanship of Popo Molefe and his modus operandi of interfering with the business of Prasa,” he told the magazine. The CEO seemed to have transport union Satawu on his side after it called for the board to be dissolved.\n“The board knows that it is being disingenuous, that it’s not telling the truth,” Montana told Talk Radio 702 on Thursday. He suggested the decision was unjust and he plans to give his own press briefing on Friday. The Prasa board will also brief the media Friday.\nMontana had harsh words for Molefe. “He chose to win the battle but I think that out of this he’s going to lose the war. He’s going to lose the moral fight. He knows deeply when he looks at himself in the mirror, I don’t think he will be at peace with himself until the end of time. He knows that it was a cowardly decision and he could have easily waited to discuss that with me, but he didn’t do that.” After submitting his resignation earlier in the year, Montana consulted different industry stakeholders and suggested he could stay on if needed, but the acrimonious relationship with the board appeared to make the prospect impossible.\nBoth Montana and Molefe claimed the recent allegations against Prasa did not play a role in the early departure, but it’s hard to imagine the pressure on Montana, and his regular presence in the media recently, might not have been seen by the board as an opportunity to get rid of him while public sentiment is on its side.\nRegardless, Montana’s sudden absence leaves a gap in leadership at Prasa at a critical moment. It plans to invest R123 billion over 20 years on the rolling stock renewal project. The first phase, worth R51 billion, has been awarded to Gibela, a consortium led by French multinational Alstom. Montana recently said many of the black industrialists the state plans on developing would come from partnerships between Gibela and local companies. As the last two weeks have shown, there are many opportunities for things to go wrong, and lots of money to make for those who get the right deals.\nListing the recent allegations against Prasa, Democratic Alliance shadow minister of transport, Manny de Freitas, on Thursday said releasing Montana from his position reinforces the party’s call for the parastatal and Transport Minister Dipuo Peters to account to Parliament. De Freitas said “it is so vital that the apparent rot at Prasa is halted immediately and that the allegations are answered in a transparent manner”.\nPrasa chief operations officer, also serving as Autopax acting head, Nathi Khena, will act as Prasa CEO until a replacement for Montana is appointed. His first priority will be stability – convincing the public Prasa has a handle on things, which seems questionable at the moment, and that it can handle the infrastructure roll-out. That won’t be easy as these battles are often fought with allegations of vested interests and tender fraud. With Prasa spending billions, there are plenty of allegations to go around. DM\nPhoto: Lucky Montana, former chief executive of Prasa. (Leon Nicholas, Mail & Guardian)\nRead more:\n-\nPassenger Rail Agency of SA: Danger signals in Financial Mail\n-\nLucky Montana: No passenger himself in Financial Mail\n-\nPrasa failed to hedge on locomotives in BDLive\n-\nPrasa, Transnet had concern over locomotive height in News24", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.dailymaverick.co.za/article/2015-07-17-derailed-released-lucky-montana-out-of-prasa/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..9ef3aea207e3dd0e2e424ae5e858c3db49fd7452
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "2b0a705fcdf479eef79c8b57acd69855", "text": "The government’s austerity fiscal plan of slashing of budgets across departments has seen Public Works and Infrastructure (DPWI), particularly the Property Management Trading Entity (PMTE), being hard put to maintain the more than 80 000 properties portfolio worth more than R638 billion in accumulated surplus.\nThe PMTE is responsible for the development of government precincts, construction work, estate management, maintaining the asset register and management of state facilities.\nThe PMTE faces a R1.5bn deficit and has racked up more than R1.8bn from R851 million in bank overdrafts due to fellow client departments and municipalities not paying on time, citing budget cuts.\nIn the 2022/2023 financial year the PMTE has only been paid R2.9bn of the projected R5.1bn by municipalities, with the major reason for lack of payment cited being the budget cuts.\nDPWI chief financial officer Mandla Sithole said: “The revenue has not ever been 50% of what we have projected. We have a maintenance backlog of R33bn. We have to spend money to deliver services that are not paid for on time. Which is why we say we have to work harder at sweating our assets.“\nThis was at the presentation of the DPWI annual report for the 2022/2023 financial year to Parliament’s select committee on transport, public service and administration.\nSithole said state properties leased out for accommodation had a more than 70% take-up rate of the portfolio, but that the revenue did not amount to a quarter of what was expected with more than R1.7bn outstanding, principally by Correctional Services, which was in the red for R158m.\nThe PMTE has immovable assets of R149bn and current asset liabilities of R3.5bn.\nIn the reporting period, the DPWI received an R8.1bn allocation, down from R8.4bn in the previous year, and spent R7.9bn with a variance of R242m.\nA high vacancy rate, which the department is urgently attempting to fill in more than 243 senior posts, resulted in an R83m underspending in the compensation of employees.\nRecovery of arrears from municipalities is at 66%, far lower than the 91% recovery the entity realises from private sector leases and other claims which netted R5.1bn from a projected R5.4bn, a 94% recovery.\n\"If they (client departments) paid a quarter of what we are owed, we would not have to run a bank overdraft,\" Sithole said.\nThe department had come under attack from parliamentarians on the maintenance of the parliamentary villages as well as the ongoing reconstruction of the parliamentary building, which has been turned over to a private company instead of the department.\nDPWI director-general Lwazi Mahlangu said in support: “Those (departments) that complain should give us the money to be able to do wonders. Most of our clients are not paying because of the budget cuts.”\nAnother financial blunder was the DPWI’s more than R800m purchase of the Telkom Twin Towers building, which Mahlangu defended, was intended for the SAPS to collapse 15 properties and occupy one centre.\nMahlangu said the DPWI’s construction project management had been hampered by factors including interruptions by the construction mafia, late approval of funding by client departments, cancellation of bids due to bidders being unresponsive, slow progress by contractors due to poor planning and financial difficulties as well as requests for time extensions.\nMahlangu said through the expanded work programme and other initiatives, the department had created 4.6 million work opportunities, falling short of its 5 million target.\nIt had released more than 120 000 hectares in 110 plots to the land reform programme.\nBUSINESS REPORT", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/business-report/companies/austerity-budget-bites-at-states-property-portfolio-a2de990c-087e-4d9c-a747-c6e6295c48ba"}
\ No newline at end of file
diff --git a/clean/cc/2b18e65125cf6971fd02d843e1ec7fe6.json b/clean/cc/2b18e65125cf6971fd02d843e1ec7fe6.json
new file mode 100644
index 0000000000000000000000000000000000000000..67d18dfbcbdeb1170a4ad4f9df29499950f569f1
--- /dev/null
+++ b/clean/cc/2b18e65125cf6971fd02d843e1ec7fe6.json
@@ -0,0 +1 @@
+{"doc_id": "2b18e65125cf6971fd02d843e1ec7fe6", "text": "Lagos is the most vibrant city in Nigeria. It’s seductive charms are legendary, and for good reason.\nInviting cafes and lounges, lustrous boutiques, top notch museums, and an impressive restaurant scene make Lagos the runway model of Nigerian cities—beautiful, fashionable, confident, and inspiring envy at every turn. However, its size and scope can make it a challenge and sometimes, you are faced with certain experiences that make you wonder at a traveler’s love with such an elusive town.\nTo avoid having these experiences, Jovago.com, Africa’s No. 1 online hotel booking portal presents a list of 7 things you should never do in Lagos.\nSkip your fare in a bus\nTaking public transport, including the Moluwe and Danfo buses, may be the cheap option of transportation in Lagos, but it is not free.\nA fare is usually required and it is important you ensure you have enough cash to settle the transport fee before jumping on the bus. While it might be tempting to skip your bus fare, either because you think the conductor will not notice or you believe you can come up with a story touching enough to make them waive the fare, don’t do it. The public embarrassment and possible physical harm will not be worth it.\nSome fare-jumpers have found themselves spending quality time at the hospital, treating wounds inflicted on them for trying to play hooky.\nPut Your Wallet in Your Back Pocket\nWhile most Lagosians are nice and helpful there are always folks looking to take advantage of unsuspecting tourists (and locals!). Never place your wallet in your back pocket, as you are bound to lose it – sometimes without even knowing.\nBe smart, use common sense and keep an eye on your wallet is, particularly when you’re in crowded places such as Obalande, Oshodi and Balogun market.\nFlash cash around\nWhether it’s when paying for things on the street, counting your money or taking out a wad of cash and then asking the waiter how to figure out the bill, flashing cash is never a good move in Lagos.\nThe Nigerian currency is not hard to figure out. Always keep a running tally in your head so you do not have to whip out your cash and start counting; this will also protect you from thieves.\nTry to cut in line\nWith so many amazing things to do in Lagos, sooner or later you are going to have to wait in a line. Whether you’re queuing up to snag rush movie tickets, trying to grab a meal at a popular eatery or waiting to use an ATM in a shopping mall, you are going to have to wait along with everyone else.\nIf you stealthily try to make it to the front, you will be caught and blessed with the wrath of a crowd of scary, impatient Lagosians…and this is not something you want to deal with.\nTaste street food with no intention to buy\nIn some part of the country, street vendors will encourage you to have a taste of what they are selling, even if they know you may not end up buying.\nSome people actually eat to their fill by tasting street food from numerous vendors. However, in Lagos, if you are going to taste it, you better be prepared to pay for a portion, even if it is as small as NGN50 worth. Most street vendors will reign insults and curses on you, while some other will take a step further and cause an embarrassing scene if you refuse to make a purchase.\nPay a hawker before collecting the purchase\nDespite the ban by the state government, the traffic in Lagos ensures that there are hawkers lurking around to meet the needs of stressed and tired commuters.\nIf you are looking to buy anything from a hawker, never give them the cash before you receive the item as there is a huge chance they will disappear with your cash and the item. Also, if they need to give you some change after purchase, do not hand them the cash. Instead, ask them to return with the change you need before you make the purchase.\nCompare Lagos with life elsewhere\nThis applies mostly to visitors. Do not spend time comparing things in Lagos to things in other cities in the country or even around the world. Do not complain that it is crowded and there is traffic almost on every street or that you come from an area with cheaper transportation. It is just rude to say where you come from is better than Lagos – so why did you visit? Things are DIFFERENT in Lagos. The sooner you learn and accept this, the more enjoyable your stay will be.\nNkem Ndem Vivienne", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/art-and-travel/article/7-things-you-should-never-do-in-lagos/"}
\ No newline at end of file
diff --git a/clean/cc/2be544d42199c1e4a67c2a3a553fa790.json b/clean/cc/2be544d42199c1e4a67c2a3a553fa790.json
new file mode 100644
index 0000000000000000000000000000000000000000..ef86c382535326f870805534b6aa2dff5e56dc29
--- /dev/null
+++ b/clean/cc/2be544d42199c1e4a67c2a3a553fa790.json
@@ -0,0 +1 @@
+{"doc_id": "2be544d42199c1e4a67c2a3a553fa790", "text": "Dr. Orji Kalu\nLatest\nNOW\nAs part of activities lined up for its launch, the Support Association for Fibroids Awareness (SAFA) will provide free consultation for women living with fibroids and non-surgical fibroids removal.\n19 mins ago\nThe family of Paul Moses Akpan in Ikot Akpan Ukam in Mkpat-Enin Local Council of Akwa Ibom State have concluded arrangements to hold the final burial ceremony of their beloved father, Apostle Paul Moses Akpan\n33 mins ago\nThe House of Representatives Committee on Petroleum Resources (Downstream) yesterday read the riot act to fuel racketeers and downstream sharp practices in the country.\n33 mins ago\nThe Acting Vice Chancellor, Trinity University, Yaba, Lagos, Prof. Clement Olusegun Olaniran Kolawole, has reiterated the call to add private universities to the beneficiaries of Tertiary Education Trust Fund (TETFUND), saying this is the way to go for the advancement of education in Nigeria.\n1 day ago\nTwo women who filed lawsuits against singer Trey Songz alleging sexual assault in 2015 have voluntarily dismissed their cases, according to court documents obtained by TMZ. The lawsuits, filed in October 2023, accused Songz of non-consensual sexual acts at a party at his home. Neither party has provided a reason for dropping the lawsuits. Songz…\n1 day ago\nThe Central Bank of Nigeria (CBN) on Friday said it is considering raising the minimum capital requirements for Bureau De Change (BDC) operators to N2 billion for Tier 1 licenses while it would be N500 million for Tier 2 licenses.\n1 day ago\nApple has officially debunked the age-old myth of using uncooked rice to rescue waterlogged iPhones. The company’s advice? Don’t put your iPhone in a bag of rice. Here’s why. For years, desperate iPhone users have turned to a bowl of uncooked rice as a last effort to save their water-damaged devices. The idea was that…\n1 day ago\nSuper Falcons of Nigeria held Cameroon's Indomitable Lionesses to a 0-0 draw in Douala, in the first leg of the Paris 2024 Olympic qualifiers on Friday. The Falcons are targeting a first Olympic appearance since Beijing 2008. Since the 2008 games, the former African champions have missed three consecutive editions (2012, 2016, 2020). Friday's game…\n1 day ago\nProf. Ango Abdullahi, a member of the Northern Elders Forum, has endorsed moves by some lawmakers to return Nigeria to the Parliamentary System of Government.\n1 day ago\nAfrica’s top ten songs to hit their peak have been carefully curated for you, with each topping the charts at different times of the week. they are the most streamed on major platforms like Spotify and Billboard. Tyla’s grammy winning “Water” caps it on the Billboard dominating Nigeria's Grammy nominees, Ayra Star, Tems and Burnaboy.…", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/tag/dr-orji-kalu/"}
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diff --git a/clean/cc/2cfd04f86b992208557e81585ed40f55.json b/clean/cc/2cfd04f86b992208557e81585ed40f55.json
new file mode 100644
index 0000000000000000000000000000000000000000..d57b435d7335f9c7746a27e3bda9415dd1c6cfaf
--- /dev/null
+++ b/clean/cc/2cfd04f86b992208557e81585ed40f55.json
@@ -0,0 +1 @@
+{"doc_id": "2cfd04f86b992208557e81585ed40f55", "text": "Mastering Solar Power (Online Course)\nOther Events Information\nMastering Solar Power (Online Course)\nOption 1: 6, 8, 14, 15, 16 February 2024 Option 2: 22, 23, 24, 25, 28 October 2024\nCommences: 6 February, 22 October 2024\nBuilding solar power into clean, modern & flexible power systems\nA comprehensive, up-to-date and business-focused roadmap to success in delivering solar power growth, today and tomorrow.\nAttendees will gain a good understanding of the key factors from an integrated, multidisciplinary and commercial viewpoint, including: target market analysis, economic competitiveness, channels-to-market, financing influences and risk, project development processes, best practices and emerging technologies.\nThe course schedule includes illustration of key project development considerations, including energy yield, financial and other simple calculations, along with the chance to discuss key planning and market environment considerations.\nIn keeping with the business-focused theme of the course, these illustrative exercises are designed to provide time-efficient clarification of the key course takeaways, aimed at commercially-focused business developers and investors. They are therefore accessible to nonexperts, not designed to replicate the complex or in-depth detailed planning undertaken – over much longer periods! – by engineers and technical teams.\nClick here for more information\nhttps://www.infocusinternational.com/solar-online", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessghana.com/site/events/other-events/476553/Mastering-Solar-Power-(Online-Course)"}
\ No newline at end of file
diff --git a/clean/cc/2e676d6d159219714deb0aca95b374ab.json b/clean/cc/2e676d6d159219714deb0aca95b374ab.json
new file mode 100644
index 0000000000000000000000000000000000000000..7160fe9e2190d5299d88e9e083886404487d547a
--- /dev/null
+++ b/clean/cc/2e676d6d159219714deb0aca95b374ab.json
@@ -0,0 +1 @@
+{"doc_id": "2e676d6d159219714deb0aca95b374ab", "text": "Last month, when Econet launched the mobile phone based savings account, in an article titled, “EcoCash (Save) is the new bank account for the masses” we wrote:\nThe savings account opens up opportunity for EcoCash to launch even more services that so far have been the reserve of traditional financial institutions. Loans especially. And even the release today has a hint of that when you read that they are encouraging employers to start paying salaries into this savings account. Once a salary is being paid into an account, loans can be issued to that subscriber with enough confidence it won’t go bad. And again this doesn’t necessarily have to be the micro loans.\nIt didn’t take too long. Today, a press release from the company appeared in our mailbox. The title: “EcoCash to lend money“.\nAnnouncing the service, the mobile operator said that starting early next year, users of mobile money savings service will be able to borrow from the company’s partner financial institutions via EcoCash. So far, that financial institution partner is Steward Bank.\nThe release doesn’t have details about the service – who will qualify, amount limits, how long the loans will take to process, interests rates and so on. We’re guessing however that platform will do some kind of credit rating based on inflows into the savings account; most probably predictable inflows such as salaries. If meeting requirements, the loans will likely be processed much faster than traditional loans banks provide. The price of the money is anyone’s guess right now, but we’re guessing it’ll largely be at par with market rates.\nWe will posting more details as we get them, but in the meantime, here’s the full release:\nEcoCashSave account holders will soon be able to also borrow money, just like ordinary bank account holders. This is part of what will be called EcoCashCredit that Econet is planning to roll out early in the new year.\nEconet Wireless CEO, Douglas Mboweni, confirmed that a scheme is being developed whereby people can also borrow money from EcoCash.\nHe said the borrowing will be done through partner banks, including Steward Bank.\nHe said lending was a natural next step, adding that the plan was to lend for uses such school fees, right up to housing loans. He said more details would be released in the new year.\nMeanwhile, Mr Mboweni confirmed that the number of bank accounts held by Steward Bank on behalf of EcoCashSave now surpassed those held by all the banks put together. “We have more than 900,000 account holders, compared to 850,000 for all the banks,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2013/11/ecocashcredit-econet-provide-loans-via-ecocash/"}
\ No newline at end of file
diff --git a/clean/cc/2f7e7dc2fc1a5bfb8fb103a4856eb132.json b/clean/cc/2f7e7dc2fc1a5bfb8fb103a4856eb132.json
new file mode 100644
index 0000000000000000000000000000000000000000..a7f49d6aa26e4f66b98fcc15eb54580b86674b08
--- /dev/null
+++ b/clean/cc/2f7e7dc2fc1a5bfb8fb103a4856eb132.json
@@ -0,0 +1 @@
+{"doc_id": "2f7e7dc2fc1a5bfb8fb103a4856eb132", "text": "Getting away with murder?’: European Oil and Gas majors’ 2022 emissions alone could cause at least 360,000 temperature-related premature deaths before 2100\nDUBAI, UAE, December 5, 2023 -/African Media Agency (AMA)/- An estimated 360,000 people could die prematurely before the end of the century because of global heating caused by the 2022 greenhouse gas emissions of nine major European oil and gas companies alone, according to a Greenpeace Netherlands study.[1]\nReleased today at COP28, the study analyses the self-reported 2022 greenhouse gas emissions of nine major European oil and gas companies: Shell, TotalEnergies, BP, Equinor, Eni, Repsol, OMV, Orlen, and Wintershall Dea. Using the Mortality Cost of Carbon method developed by US researcher R. Daniel Bressler, it estimates that these companies could collectively cause an estimated 360,000 temperature-related premature deaths before the end of the century with their emissions of 2.7 billion metric tons of CO2 from 2022 alone.[2]\nPanellist and climate justice activist Vanessa Nakate said: “Fossil fuels are key to environmental destruction, especially for people in the global south. It’s no secret that burning more oil and gas worsens climate breakdown – and right now, they are already harming people’s lives in Uganda, where I’m from, in communities across Africa, and all over the world. This is a matter of climate justice. We need wealthier countries that are most responsible for the climate crisis to stop new fossil fuel projects, invest in clean energy – and help global south nations to do the same.”\nLisa Göldner from Greenpeace’s Fossil Free Revolution campaign, said: “Are fossil fuel companies getting away with murder? Just one year of emissions will create deadly ripples until the end of the century. So, if the fossil fuel industry continues extracting and burning fossil fuels at today’s scale, millions of people all over the world could die prematurely. Phasing out fossil fuels is a matter of life and death, so governments need to act now to ban new fossil fuel projects and force fossil fuel companies to rapidly cut their emissions.”[3]\nAccording to the report, the estimates are likely extremely conservative for five reasons: they only consider excess deaths caused directly by extreme temperatures and don’t assess other climate impacts like more frequent and more extreme flooding, drought, wildfires or storms or infectious disease; they don’t take into account deaths caused by air pollution resulting from burning fossil fuels, or other hazards that result from the production and use of fossil fuels; the companies’ self-reported carbon emissions could be lower than estimates applying other carbon accounting approaches; the study uses a conservative future greenhouse gas emissions scenario; and this estimate only looks at the year 2022, meaning these excess deaths will multiply year by year if fossil fuel emissions are not drastically cut. For these reasons, the true number of premature deaths attributable to the greenhouse gas emissions of the nine oil and gas companies could be larger.\nThe study, called ‘Today’s emissions, tomorrow’s deaths: How Europe’s major oil and gas companies are putting lives at risk’, is being discussed at a COP28 press conference today (Tuesday 5 December).[4]\nGreenpeace is calling on world leaders at COP28 to agree to a swift and fair phase-out of coal, oil and gas, ban all new fossil fuel extraction, and to increase taxes on fossil fuel companies to pay for climate finance and loss and damage, with developed countries who have historic responsibility for emissions leading the way. In 2022, these nine companies reportedly made enormous profits of a combined $163.07 billion. Meanwhile, developing countries are facing climate loss and damage costs of around $400bn by 2030.[5][6]\nIndependent legal experts in Europe consulted by Greenpeace Netherlands have said that there could be legal basis to prosecute fossil fuel companies for endangering both human life and the environment under their respective national criminal laws, but that the criminal justice systems have been historically under-used for this purpose.[7] Greenpeace Netherlands is calling for laws to be further tested through strategic litigation as a way to address the existential threat of the climate crisis and advocate for impacted communities.\nNotes to editors:\n[1] Read the full study “Today’s emissions, tomorrow’s deaths: How Europe’s major oil and gas companies are putting lives at risk”.\n[2] About the Mortality Cost of Carbon method: The Mortality Cost of Carbon was developed by US researcher R. Daniel Bressler to estimate the number of expected temperature-related excess deaths which will take place globally until the year 2100, caused by present day carbon emissions.\nInstead of reporting scope 3 category 11 emissions, BP introduces the category “emissions from carbon of own upstream production” in their reports which only covers part of the emissions that the other five companies report under scope 3 category 11.\n**This is the sum of cumulative temperature-related excess deaths by 2100 projected using emissions equivalent to those from each company, rounded to 2 significant figures.\n[3] Lisa Göldner is a campaigner from Greenpeace Germany.\n[4] The study is being discussed in a press conference at COP28 on Tuesday 5 December. It is being led by panellists Greenpeace Germany campaigner Lisa Göldner and Ugandan climate justice activist Vanessa Nakate.\n[5] Oil & gas companies 2022’s self-reported profits:\n● BP: $28 billion\n● TotalEnergies: $36.2 billion\n● Repsol: $4.54 billion\n● Equinor: $28.7billion\n● Shell: $40 billion (“adjusted earnings”)\n● Eni: $14.12 billion\n● Wintershall Dea: $1.01 billion (€928 million)\n● OMV: $5.6 billion (€5.17 billion)\n● Orlen: $4.9 billion (€4.54bn approx)\n– Total = $163.07 billion\n[6] Submission on the Strategic Workstream on Loss and Damage Finance\n[7] Read Greenpeace Netherlands’ response which elaborates on the concept of “climate homicide” based on the analysis of criminal lawyers from the UK, Italy, France, Netherlands and Czechia. According to the analysis, at this time, the most relevant legal avenues explored are:\n● Under Czech law, reckless endangerment of human life, and negligent homicide;\n● Under Dutch law, the endangerment of public health or the life of another;\n● Under UK law, corporate manslaughter;\n● Under Italian law, death or injury as a consequence of environmental pollution;\n● Under French law, involuntary manslaughter and bodily harm, and refraining from fighting a disaster is likely to create a danger for people’s safety.\nDistributed by African Media Agency (AMA) on behalf of Greenpeace.\nContacts\nFor more information, contact Jasmine Watkiss, International Media Coordinator, Greenpeace UK: +44 7796 947448, jasmine.watkiss@greenpeace.org. For technical questions about the Mortality Cost of Carbon methodology, R. Daniel Bressler is available for a limited number of interviews.\nPlease contact Jasmine to be put in touch.\nGreenpeace International Press Desk: pressdesk.int@greenpeace.org, +31 (0) 20 718 2470 (available 24 hours). For the latest international releases follow us on Twitter @greenpeacepress\nThe post Getting away with murder?’: European Oil and Gas majors’ 2022 emissions alone could cause at least 360,000 temperature-related premature deaths before 2100 appeared first on African Media Agency.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/ama-press-releases/getting-away-with-murder-european-oil-and-gas-majors-2022-emissions-alone-could-cause-at-least-360000-temperature-related-premature-deaths-before-2100/"}
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index 0000000000000000000000000000000000000000..b1b2f3b67f1a1767c6ba79605f6acc37d373417f
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+{"doc_id": "32305f093b5904b332cbb2b5950f9ad6", "text": "Johannesburg - DRDGold has declared a final dividend of 10c a share after bolstering gold production to 150 145 oz, which boosted operating profit 48 percent to R384.3 million in the year to June.\nDRDGold, which has one main operation - Ergo - a mine some 50km east of Johannesburg, notes this dividend is a five-fold increase on the one declared for the 2014 financial year.\nThe dual-listed company’s CEO Niël Pretorius says the improved dividend is thanks to “very satisfactory results”.\nRevenue increased by 16% to R2.1 billion as the company received a slightly higher price, 4 percent up, for its gold.\nGold miners have been battling the falloff in the price in recent months and there are fears the mining sector could shed as many as 40 000 jobs. Currently, government, labour and business are seeking to ink a deal that would save jobs across the industry, which was once the mainstay of SA’s economy.\nAfter accounting for total cash operating costs - including the negative impact of Eskom’s higher winter tariffs in the last quarter - this figure came in 13% higher at R1.7 billion.\nYield, up 14% to 0.197g/t, drove improved gold production and reflected a sharp turnaround in the performance of the Ergo plant, DRD says in a statement. This also offset slightly lower throughput, which came in at 23.75 million tons, because of the heavy rains.\nCash operating costs were stable at R372 932/kg.\nLooking ahead to the next year, Pretorius says the company’s focus will be to fully integrate the new high-grade FFG and established low-grade carbon-in-leach (CIL) circuits.\nIn its results commentary, the company says its results for the three months to June “reflect periods of challenges both tackled and successfully resolved, and of ‘things coming together' as planned”.\nAmong the highlights of 2015, DRD counts weathering the impact of “extraordinarily” heavy summer rains on its reclamation activities, and agreeing with Eskom to a way to better “deal with the vicissitudes of its load-shedding”. Internally, it developed a system to continuously monitor power consumption and could, when alerted by Eskom, turn off non essential equipment.\nDRD’s total attributable mineral reserves were 22% higher at 1.86 million ounces in 2015, while total attributable mineral resources were 37% higher at 50.73 million ounces. These increases came after it wrapped up its buyout of minorities with a stake in Ergo Mining Operations.\nHowever, DRD says its year-long bid to sell out of East Rand Proprietary Mines (ERPM) is still ongoing as some regulatory approvals are outstanding. The company is hopeful the deal can be wrapped up “in due course”.\nIOL", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/business-report/companies/drdgold-bolsters-income-1908675"}
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index 0000000000000000000000000000000000000000..2d245fd6b43a46d6fbfb56f8b666e4c430d24112
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+{"doc_id": "331b75280d1fad08b87c062ea506a0ec", "text": "The Nigerian hospitality sector saw a strong rebound in the first half of this year, after two years of pandemic-related disruptions.\nThe sector recorded 70 percent average occupancy in H1, according to stakeholders, on the back of improved business activities, boosted by the return of foreign guests and business travellers as well as increased corporate and government patronage across both independent and foreign brands.\nIn the period under review, business activities recovered to almost 2019 levels, especially across the major international brands, with Transcorp Hilton Hotel Abuja, leading in revenue growth.\nThe half-year witnessed sustained occupancy rate of between 70-80 percent across most international brands and 50-60 percent across some independent hotels, a pointer to the fast recovery of the sector from the lingering impact of the COVID-19 pandemic.\nComparing the H1 2022 with results from the same period in the two previous years, the sector witnessed the worst H1 result in history in 2020, with zero revenue during the three-month lockdown due to the pandemic that saw all hotels shut down, resulting in over N50 billion revenue losses.\nThe sector barely recovered in H1 2021 as it continued to battle the fallout of the pandemic, travel restrictions, health and safety concerns and low purchasing power to stay afloat, leaving earnings below the N20 billion mark set by industry stakeholders for the first phase of recovery in the H1 of 2021.\nHowever, the sector earned more in H1 2022 with over N30 billion revenue, almost double of H1 2021 earnings, yet the figure fell short of the 2019 levels of over N60 billion, which was adjudged the highest before the pandemic disruption.\nSpeaking on the H1 2022 result, Owen Omogiafo, president/group CEO, Transnational Corporation Plc, said the group recorded strong performance in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment.\nTranscorp’s half-year results for the year ended June 30, 2022, showed an improved performance across all its major investment lines.\n“Our hospitality arm, Transcorp Hotels Plc recorded a revenue growth of 173 percent over the same period last year, demonstrating a strong and sustained recovery from the impact of COVID-19 pandemic, leveraging innovative strategies and superior customer experience,” Omogiafo said.\nRadisson Hotel Group in Nigeria also said it saw an improvement in its performance in H1 2022.\nAccording to Christophe Noel, general manager at Radisson Blu Hotel Ikeja, Lagos, business was good in the first half of the year with sustained occupancy. “So far, I cannot tell you that we have been badly affected. We have good occupancy,” he said.\nAccording to him, the flexibility in their approach, and the ability to adapt, respond, and implement measures swiftly, coupled with the Radisson Hotel Group’s five-year plan on significant investments, new brand architecture, new IT systems, new revenue management systems, and a new loyalty programme, have helped to keep guests coming and the hotel focused and afloat despite the economic headwinds in H1 2022.\nWellington Mpofu, executive assistant manager, commercial at Radisson Blu Anchorage, Lagos, said H1 2022 was good with occupancy sustained between 60-70 percent, almost the same as pre-pandemic level of 2019.\nHe attributed the improvement to “the return of normalcy in the system and the personalised service and world-class facility offerings at the hotel, which has the best waterfront in Nigeria”.\nEmmanuel Ele, CEO of Six Regions Hotel, a hospitality consulting firm, said hoteliers were back on track, opening a few hotels within the period, while some of those shut down during COVID-19 reopened in the first half of this year.\nRead also: Economy in focus as banks, organised private sector brainstorm\nBut many hoteliers are concerned that the rising operating costs, soaring inflation in the country and political risks ahead of the 2023 elections could dim the sector’s growth prospects in the second half.\nOluomo Jamiu Talabi, president of Lagos Hoteliers Association and CEO of Bosede Talabi Guest House, Ojota, Lagos, decried that the high cost of operation is impacting the business negatively, leaving many with the options of increasing rates, shutting down or converting hotels to real estate.\nFor him, the increasing cost of operation puts operators in a tight corner, while making the rest of the year uncertain because there seems to be no control over costs, especially that of diesel.\nBrain Efe, general manager of Victoria Crown Plaza Hotel, Victoria Island, Lagos, also lamented that the sector would likely face a harsher situation in H2 than the COVID-19 lockdown on the back of the sky-high price of diesel.\n“Hotels were shut down during the lockdown and the sector managed the unfortunate situation, but it will be worse when your cost of operation is so high and you cannot transfer it to the customers who are also impacted by low purchasing power,” Efa said.\nHe is worried that many suggest that increasing rates is the only way out for hotels, and wondered how much hotels will increase rates to and not lose guests.\nFor him, the second half of the year is not looking bright, considering the mounting number of economic headwinds.\nIn order to stay afloat and ensure that the guests continue to enjoy the best of hospitality offerings during their stay at any of its hotels in Nigeria, the Radisson Hotel Group plans to respond to the economic situations accordingly.\nThe Transcorp boss, however, sees a better second-half result, saying: “We do not plan to rest on our laurels, and we will continue to surpass past performances.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/arts-and-life/article/hotels-rebound-to-pre-pandemic-levels/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..b314751d08be28415f6850523caed23fc3d867d7
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "33fbff0c78f33fd7ba42989e102fed38", "text": "Last month, the European Commission unveiled its much-anticipated blueprint for banking reform, aimed at reining in risk-taking by the European Union’s largest banks. But the proposal has met significant resistance, with some warning that it would erode European banks’ competitiveness, and others arguing that it is inadequate to mitigate banking risks effectively. How this debate unfolds will have profound implications for the EU’s future.\nAccording to Michel Barnier, the EU commissioner spearheading the reform effort, the proposed measures – including regulatory authority to divide banks’ riskier trading activities from their deposit-taking business, and a ban on proprietary trading by the largest banks – would enhance financial stability and protect taxpayers. But the draft regulation falls far short of the recommendations made by a high-level expert group in 2012, which included an impermeable wall between banks’ speculative-trading business and their retail and commercial banking activities.\nNonetheless, many claim that Barnier’s proposal goes too far. Perhaps the strongest reaction came from Bank of France Governor Christian Noyer, who called the proposals “irresponsible and contrary to the interests of the European economy.”\nThe positions taken in this complex debate do not align neatly with the traditional left-right political spectrum. Barnier is a center-right Frenchman recommending more public control over private banking activities. (Indeed, stricter banking regulation has been endorsed by all.) And, while Noyer’s position at the central bank makes him independent, he is championing banking-sector autonomy in a country led by a left-wing government. What is at stake is Europe’s capacity to avoid another financial meltdown – one that could be even more devastating than the 2007 crisis.\nOf course, to some degree, a capitalist system will always be vulnerable to shocks and crises. The question is how to respond to them to minimize the fallout, while bolstering the system’s resilience.\nIn 1929, a crisis among speculating capitalists prompted poorly conceived and excessive reactions, leading to a deep and prolonged depression. Less than four years later, US President Franklin D. Roosevelt’s newly elected government passed the Glass-Steagall Act, which prohibited commercial banks from trading securities with clients’ deposits.\nBy forbidding investment banks from holding cash deposits, Glass-Steagall helped to support more than a half-century of financial stability after World War II. This – together with the gold exchange standard, which ensured that credit did not exceed the economy’s productive capacity – contributed to sustained global economic growth.\nEverything changed in 1971, when US President Richard Nixon, unable to contain the fiscal deficit resulting from spending on the Vietnam War and expanded social-welfare programs, abolished the dollar’s direct convertibility to gold. The resulting exchange-rate, interest-rate, and commodity-price volatility continues to this day.\nThe financial sector has since made every effort to design instruments that protect against price fluctuations, to transform private debt into tradable financial securities, and to gain access to speculative markets. But these efforts were conducive to fraud and delinquency, and thus spurred a wave of new financial crises – in Europe in 1992, in Asia in 1997, and in Russia in 1998 – as well as a recession in Europe and the United States in the early 2000’s.\nTwo other destabilizing developments emerged in the last quarter of the twentieth century: a strong incentive to use debt to prop up demand, and a shift toward financing public debt through private institutions at market prices, under the pretext of fighting inflation. These trends boosted public-debt burdens, while flooding the global financial system with liquidity generated by private banking activities that were unconnected to transactions in the real economy.\nAs a result, by 2006, global liquidity amounted to more than twice the value of world GDP. Add to that the American financial sector’s untenable subprime and securitization activities, and it is not surprising that the next two years brought the global financial system to the brink of outright collapse.\nTo prevent the crash from triggering another Great Depression, governments intervened with massive taxpayer-funded bailouts, causing public-debt burdens to swell further, reaching unsustainable levels in many developed economies. Making matters worse, the US, the United Kingdom, and Japan began implementing quantitative-easing policies – that is, they began printing money – in an attempt to sustain GDP growth.\nThrough all of this, governments have strengthened bank regulation only slightly, leaving key issues like liquidity creation, exposure to derivatives, and tax avoidance largely unaddressed. Today, 98% of the $750 trillion in global liquidity is in speculative markets. Like all bubbles, this one is bound to burst.\nThe European Commission has acknowledged the danger, declaring that the only way to mitigate it is to separate the real economy from speculative markets by preventing banks from being involved in both. But, according to Noyer, such a move would not work in the eurozone, where banks’ profits depend largely on their risky activities. If those activities move to the UK, the eurozone economy will suffer considerably.\nFrom a short-term perspective, Noyer’s position is largely correct. But the profits that would be lost remain lower than the potential costs of another major financial crisis. The eurozone’s member states should never again have to face such costs.\nBy: Michel Rocard", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/analysis/article/taming-europes-banks-2/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..9bea1464f51a08136344f8f452b84ca58c97f628
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "3496896a153c3b4a2de8584656078754", "text": "A UK-based Zimbabwean Lawyer, Prosper Mwedzi has created the first ‘tourism-focused’ cryptocurrency in the country. VicFalls Coin is a crypto that he hopes will be used in the tourism sector, particularly in the Victoria Falls Community (both in Zimbabwe and Zambia). Though the coin seems like a grand idea on the surface, there are many questions that remain unanswered and in its current state I’m not sure who would use the coin or why they would use it.\nThe coin runs on an already existing blockchain; Waves Blockchain. Waves is an open-source blockchain platform that allows users to launch their own custom cryptocurrency tokens. The coins are being given away on the VicFalls Coin website and if you are interested you can sign up for the coins here.\nWhy is it free?\nWell according to their website VFC is free because:\nThis token, apart from aiming at bringing tourists to Victoria Falls, it is meant to encourage the adoption of crypto-currency in the third world. Some people cannot afford to spend money on digital assetts, others are still worried about losing money in the new technology, others are simply reluctant to embrace it. Giving digital assets for free will enable the VFC Community to experiment with the asset and send it to one another without risking any money. It will enable the community to engage and feel that they are part of something and organically grow the value of the token. Lastly, there are currently too many scams on the market involving crypto-curencies, therefore if you offer something for free, you reduce the prevalence of scammers taking over the platform\nThe free coin approach seems to be a blunder because that means when someone trades their free coins and they are converted to hard currency or for another crypto then someone is going to have to pay for the coins being given away right now. Not a particularly sustainable business model unless the backers have hoards of cash that they are willing to burn through.\nBased on the quote above it seems like these guys are good Samaritans. All their aims seem very selfless and not motivated by profit. Is this the best way to run a business? Maybe the founder is willing to fund the trade of coins initially and then pull out once there is a functional ecosystem around VicFalls but this was not stated on the website, and is an assumption on my part. In terms of making profit the guys seem to be playing the long game.\nThe token will gain value… eventually\nThe creators of the coin believe it will gain value as more people use it:\nThe community as a whole will have the onus to add value to VFC by building partnerships with local business to offer discounts in exchange for the token.\nI’m not sure if this is a particularly good idea as the same people who VFC founders have already noted as being in need of convincing to adopt digital assets will now have to also rally behind the use of these same assets in their day to day lives. In an environment where even the most popular cryptocurrency (Bitcoin) is facing the same problems of wider adoption, what are the odds of a community pushing a coin that has no clear use case or backing?\nWhat’s actually backing the coin?\nUsually, crypto-currencies are either utility coins or security coins. Allow me to get a bit technical and explain the difference between utility coins and security coins.\nUtility coins allows provide holders of the coin with future access to a service or a product whilst security coins/tokens derive their value from external/tradeable assets. VicFalls Coin does not seem to fit either of the two categories as of yet because the founders have not really proposed a specific use case.\nTime will tell\nIt will be interesting to see what VicFalls Coin becomes but right now in its current state it seems like something that would appeal more to hobbyists or enthusiasts than a viable trade object. I also wonder how they will actually boost the adoption of the coin.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2018/04/victoria-falls-now-has-crypto-currency-coin-meet-the-cool-but-flawed-vicfalls-coin/?amp=1"}
\ No newline at end of file
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new file mode 100644
index 0000000000000000000000000000000000000000..4afd2770e780a651238a97dd91e69645f25c7640
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "358a9a8b8ea7d3eba223ce12e30fb5c3", "text": "The Federal Airports Authority of Nigeria (FAAN) has reassured Nigerians that the planned relocation of its headquarters from Abuja to Lagos is in the best interest of the country.\nFAAN admitted that relocation wasn’t an overnight decision but was made after wide consultations by the new management with stakeholders, which also involved the unions.\nIn a statement made available to BusinessDay, it pointed out some of the reasons behind this move, stating that it is in the best interest of the authority and the country in general.\nThe airport regulatory agency said, “Those affected by the decision to move the headquarters to Abuja have since returned to Lagos as there is no office space for them in Abuja. It was ill-advised in the first place to move the headquarters to Abuja when there was no single FAAN building in Abuja to accommodate all of them at once.\n“Having returned to Lagos, the Authority would be liable to pay them DTA (Duty Tour Allowance) because technically they are working out of station as their official posting is to Abuja. The Minister has decided to stop this waste of public resources and rip-off on the public purse.\n“The other option open to the Authority was abandon the old FAAN building in Lagos to rot away and to use its scarce resources to rent an office space in Abuja for millions of naira of public money when, in actual fact more than sixty percent of its activities are in Lagos, given the huge passenger volume of the Lagos airports. The stakeholders and the Minister decided against that and to save the country this waste.\n“The Minister has rolled out plans to get concessionaires to build befitting offices for the Authority in Lagos and Abuja and until that is done, the Authority will continue to manage its old building in Lagos that can accommodate all its Directors and senior officials for now.\n“Abuja continues to have full operational offices and the Authority has not scaled down operations in Abuja one bit. It is just the technical decision of where the Authority has its ‘corporate headquarters’ that has been taken without affecting the structure of operations as they are for now in both cities.\n“In the near future, when befitting corporate buildings have been built for the Authority in both Lagos and Abuja, a final decision will be taken as to the location of the permanent headquarters, depending on the exigencies of the time.\n“The Authority wishes to assure members of the public that it will continue to act in the best interest of the public and the country.\n“The Honourable Minister is committed to taking decisions that are in the best interest of the country, especially as it concerns public funds and will not yield to ethnic or sectional sentiments that will derail this commitment.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/relocation-to-lagos-its-in-the-best-interest-of-the-country-says-faan/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..b541241441bebcd15ded44071259e10bb5bcec98
--- /dev/null
+++ b/clean/cc/359cb04d856a70cdf2370beaca47501a.json
@@ -0,0 +1 @@
+{"doc_id": "359cb04d856a70cdf2370beaca47501a", "text": "Africa's dream of thriving e-commerce is taking shape following the rollout of an online trade platform.\nThe initiative, launched on Monday, is part of the continent’s plan to accelerate its move towards plugging into, and reaping the rewards of, the global digital economy.\nInnovators and businesses across the continent will now enjoy a one-stop platform from the African Continental Free Trade Area (AfCFTA), which eliminates hurdles in cross-border transactions while also reducing tariffs on 90 percent of all goods traded.\nAfCFTA secretariat told Digital Business that the project also seeks to help business owners find funding for their innovations, an initiative it believes will boost trade across the continent ahead and after the January 1, 2021 timeline for the commencement of the free-trade programme.\n\"The quick launch of the AfCFTA group of apps and the Vision Challenge to resource our innovators and entrepreneurs with the key instruments to drive trade on the continent shows the unique passion being invested in this enterprise,\" said Francis Mangeni, director of trade promotion and programs at the AfCFTA Secretariat.\nThe same app is also meant to issue every organisation or business interested in benefiting from the initiative a \"trusted identity\" so that it can find partners across Africa, export and import goods under the low duty regime, and satisfy some digital identity requirements at banks and financial institutions.\nThe AfCFTA App which can be downloaded online is also a knowledge creation and sharing platform and a bridge to the upcoming African Trade Observatory.\nThis comes barely two weeks to the extraordinary Summit of the African Union Heads of State slated for December 5, 2020 that will take many critical decisions about the direction of AfCFTA.\nThe project could be Africa's \"biggest opportunity\" to transform its economy into a global powerhouse since it is now the world's biggest free trade area in terms of participating countries, with a combined population of 1.3 billion people.\nThe secretariat hopes that the app will be the enabler of its broader vision.\nThe platform is an African Union initiative in partnership with Sankoree Institute, an affiliate of AfroChampions. The two said they intend to propel the project to success with the backing of the continent's development finance institutions.\n\"It is true that Africa has seen a number of trade agreements at regional level, but AfCFTA is different because it is being set up as the ultimate programme to fulfill the dreams of the founders of the African Union: a truly single market big and strong enough to compete for the biggest of global opportunities,\" added Mr Mangeni.\nOnce fully operational, economists say AfCFTA would considerably expand intra-Africa trade whilst helping the continent move up the value chain in multiple industries, helping achieve the vision of Agenda 2063 of a united, prosperous continent relating on equal footing with its peers on the global stage.\nFounder of Harare-based technology and energy company Econet, Strive Masiyiwa acknowledges the power of digital technologies in growing businesses and African economies.\nHowever, according to him, to attain inclusive benefit from the new technologies, where all 54 nations walk at the same pace, African governments must design a workable plan.\n\"Digital tools have enabled entrepreneurs access markets and have also supported governments to deliver services more efficiently to citizens. But without visionary planning and 21st century skills training for everyone, these same technologies over time could lead to job losses and escalate financial inclusion snags,\" he cautions.\nHe gives the example of the global Artificial Intelligence (AI) market which is estimated to be worth over Sh1.8 quadrillion and this money, it emerges, will be split between the United States and China who will take up 70 percent of it.\n\"Of the remaining 30 percent, the African bloc should strive to get at least 10 percent. Let's create our own version of Silicon Valley, our own platforms whilst including everyone,\" he remarks.\nAU commissioner for Trade and Industry, Albert Muchanga recently pledged AU's commitment in utilising AfCFTA to foster digital sovereignty through innovation harnessing digital technologies but said internet penetration is still way below the global average.\n\"We have prioritised creating an enabling environment for the digital platforms to adopt the digital transformation strategy. A plan is in place for September 2021 to provide a platform to 150 youth across the continent on a competitive basis to interact with professional tech players and probably have their start-ups funded by the partners,\" he noted.\nProf Bitange Ndemo of the University of Nairobi's Business School calls for more commitment towards the actualisation of the trade bloc, to ward off vulnerability to technological manipulation by the developed world, as African states remain stuck in disjointed progress in the Fourth Industrial Revolution.\n\"Time is running out for the unification of all 55 nations. We need to enhance efforts of strengthening AfCFTA which will be a 1.3 billion people digital single market for Africa to negotiate in the global digital economy. We cannot compete as independent nations, we have to unite so that the world can listen to us,\" he remarks.\nA recent research study, E-conomy Africa 2020, released by Google and the International Finance Corporation, estimates that by 2025 the internet economy will contribute Sh19.5 trillion to the Africa's GDP, with a projection of Sh77.5 trillion by 2050.\nDriving the continent's digital transformation is a combination of modern innovations in the fields of fintech, e-commerce, telemedicine, edtech, entertainment, transport, food delivery and e-logistics.\nSince 2000, the number of people with internet access has grown to over 520 million, which is 40 per cent of the population; with 60 per cent of them accessing the internet via mobile phones.\n\"Increasing internet access to reach 75 per cent of the population could create 44 million jobs. By 2025, 167 million more people from Africa will have subscribed to mobile services, reaching 623 million users, and smartphone connections in the region will more than double,\" the report projects.\nSome 144 mobile money services are available across Sub-Saharan Africa, serving more than 469 million registered accounts, with daily transactions amounting to over Sh130 billion by the end of 2019, compared with 298 million registered accounts for traditional bank accounts in 2017.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/technology/inside-africa-new-plan-to-tap-power-of-e-commerce-3210002"}
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+{"doc_id": "36a753615f45388e76f394027c67b2e3", "text": "Foreign airlines are taking measures to cushion the effects of their trapped funds in Nigeria, even as those travelling out of the country are adjusting to high costs of tickets.\nAirlines have since blocked low ticket inventories, leaving highest inventories to be sold in naira only while the low ticket inventories on most airlines’ websites can only be bought with dollar cards only.\nSome passengers are already flying from Accra, Ghana to London, Canada and other frequently visited destinations in a bid to save costs as ticket prices in Nigeria have seen an increase of over 500 percent, while others are buying tickets from travel agents from other countries.\nEmirates had last week announced that it would suspend all its flights from September 1, 2022, after the airline cut its operations from Dubai to Lagos from 11 per week to seven, due to its inability to repatriate its blocked funds from Nigeria.\nIn the last six months, foreign airlines have been unable to access their funds from tickets sold in the country as a result of foreign exchange scarcity and have resorted to buying dollars from the black market for as high as N680 to a dollar against the official rate of N429 to a dollar.\nThe trapped funds have since February grown from $100 million to over $ $464 million in July, according to the International Air Transport Association (IATA), making it very difficult for airlines to operate.\nRead also: Explainer: Airlines’ trapped funds and the effects on travel\nIn a bid to mitigate the effects of the situation, foreign airlines started by blocking lower ticket inventories on their websites, making it difficult for passengers to buy affordable tickets. Ticket prices increased gradually from 50 percent to over 500 percent.\nIndustry stakeholders have said more airlines may suspend operations in the country as US airline United and Spain’s Iberia pulled out of Nigeria in 2016 when the blocked funds reached $600 million.\nKingsley Nwokeoma, president of Association of Foreign Airlines and Representatives in Nigeria (AFARN), told BusinessDay that if the government failed to work with foreign airlines to resolve the issue, it would affect the economy and would be a plus for neighbouring countries.\nHe said: “There are people who have been flying Emirates all their lives. Some of these people won’t mind going to Cotonou and still fly Emirates. For instance, Air France, KLM, and Lufthansa fly to neighbouring countries. These African countries are happy when things like this happen to us.\n“When people fly to Ghana, it will boost their economy because when Nigerians travel to Ghana, they would stay in a hotel and would decide to spend on tourism there. Emirates has set the ball rolling and other airlines may take the same decision.”\nNwokeoma advised the Central Bank of Nigeria (CBN) to sit down with the airlines and try to see how they would pay part of the money to the airlines. “Boeing will not ask the airlines if people are repatriating money or not; they want their money paid,” he added.\nThe AFARN president said the amount of money being owed by the CBN “is embarrassing because it is a business these airlines are running and if there are no funds, it will definitely affect safety”.\nHe said: “Imagine if all other countries are not repatriating, then there will be no airlines. It is still from these monies that airline staff in Nigeria are being paid. Nigeria owes close to one billion US dollars scattered all around. It is more than what IATA stated.\n“More airlines may suspend operations going forward. BA, Qatar Airways and some other airlines have reduced frequency, and if this continues, some airlines will close shop in Nigeria. The airlines are not making money and all the aircraft that are coming into Nigeria are still being paid for. These airlines have bills with Boeing and Airbus and all other manufacturers. So, if we are going to be an impediment, then they will have to stop coming here.”\nAlready airlines are taking other measures to ensure more of their funds are not trapped in Nigeria.\nFor instance, almost all airlines have blocked their low ticket inventories and are only selling high inventories, making fares very high.\nNigerians can however purchase the lower inventories using their dollar card. This implies that without a dollar card, passengers cannot get cheap tickets.\nBusinessDay’s findings show that there are over 16 foreign airlines operating in Nigeria, with almost all doing at least one daily flight into Nigeria.\nEmirates has the largest frequencies, with 11 weekly flights into Lagos which was recently reduced to seven flights, and seven weekly flights to Abuja.\nEmirates carries an average of 350 passengers per flight. For 11 flights from Dubai to Lagos, the airline carries 3,850 passengers. To operate a return flight, the airline would carry an average of 7,700 passengers weekly on the Dubai-Lagos route.\nWith the reduction of flight frequency to seven, it means the airline now carries an average of 4,900 passengers weekly on the same route.\nExperts say the remaining 2,800 passengers would have to jostle for flights on Ethiopian Airlines, Egypt Air, Etihad Rwanda and Air Peace, which fly directly to Dubai or connect passengers to Dubai.\nIf the airline suspends operations, it would mean 7,700 passengers would have to jostle for other carriers weekly with reduced frequencies and capacity, thereby causing a strain on international travel in Nigeria.\nSusan Akporiaye, president of the National Association of Nigeria Travel Agencies, told BusinessDay that if the federal government failed to wade into the situation, other airlines may also suspend flights.\nAkporiaye said IATA’s latest publication implied that more airlines may have to suspend too and this would benefit other African countries because more passengers will fly from those countries.\nIATA, on Thursday, expressed disappointment with the Nigerian government for the continued withholding of foreign airlines’ revenues, which prompted Emirates to stop flying to Nigeria.\n“IATA is disappointed that the amount of airline money blocked from repatriation by the Nigerian government grew to $464 million in July. This is airline money and its repatriation is protected by international agreements in which Nigeria participates. IATA’s many warnings that failure to restore timely repatriation will hurt Nigeria with reduced air connectivity are proving true with the withdrawal of Emirates from the market,” Kamil Alawadhi, IATA’s Regional Vice President for Africa and the Middle East, said.\n“Airlines cannot be expected to fly if they cannot realise the revenue from ticket sales. Loss of air connectivity harms the local economy, hurts investor confidence, impacts jobs and people’s livelihoods. It’s time for the Government of Nigeria to prioritise the release of airline funds before more damage is done.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/airlines-travellers-adjust-as-trapped-funds-up-364/"}
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+{"doc_id": "37255b6827fc369886b1fd41af1f9efd", "text": "The International Air Transport Association predicts a reduction in Nigeria and other African airlines’ losses from $500 million in 2023 to $400 million in 2024.\nIATA, headquartered in Switzerland, forecasts global airlines to generate approximately $964 billion in revenue next year.\nDirector-General Willie Walsh, presenting the global airline industry outlook in Geneva, projects a global aviation profit of $25.7 billion in 2024, boasting a 22.7 percent net profit margin fueled by record revenues.\nThe outlook report read in part, “Airline industry net profits are expected to reach $25.7 billion in 2024 (2.7 percent net profit margin). That will be a slight improvement over 2023, which is expected to show a $23.3 billion net profit (2.6 percent net profit margin).\n“Airline industry operating profits are expected to reach $49.3 billion in 2024 from $40.7 billion in 2023. Total revenues in 2024 are expected to grow 7.6 percent year over year to a record $964 billion.”\nIATA anticipates a historic high in travel, estimating around 4.7 billion people travelling in 2024, surpassing the pre-pandemic level of 4.5 billion in 2019.\nRead also:Nigeria, Kuwait sign Bilateral Air Service Agreement\nWalsh added that, “Considering the major losses of recent years, the $25.7 billion net profit expected in 2024 is a tribute to aviation’s resilience. People love to travel, and that has helped airlines come back to pre-pandemic levels of connectivity. The speed of the recovery has been extraordinary, yet it also appears that the pandemic has cost aviation about four years of growth. From 2024 on, the outlook indicates that we can expect more normal growth patterns for both passenger and cargo.\n“Industry profits must be put into proper perspective. While the recovery is impressive, a net profit margin of 2.7 percent is far below what investors in almost any other industry would accept. Of course, many airlines are doing better than average, and many are struggling. But there is something to be learned from the fact that, on average, airlines will retain just $5.45 for every passenger carried.\n“That’s about enough to buy a basic ‘grande latte’ at a London Starbucks. But it is far too little to build a future that is resilient to shocks for a critical global industry on which 3.5 percent of GDP depends and from which 3.05 million people directly earn their livelihoods.”\nThe IATA chief mentioned how airlines fiercely compete while facing tough regulations, high costs, and complex supply chains.\nFuel prices are expected to reach $113.8 per barrel in 2024, making up 31 percent of costs at $281 billion. Although the industry is recovering well, profits are just 2.7 percent, much lower than in other industries.\nThis emphasises the need for realistic expectations despite the impressive recovery.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/airlines-target-964bn-revenue-nigerian-african-carriers-record-losses/"}
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+{"doc_id": "37753268acce652654269b4a89d5a2d5", "text": "5 Feb\nThere is an erroneous belief in many quarters that corruption is the biggest problem militating against Nigeria’s progress. Although such insinuation may appear as the gospel truth, it is better to put issues in a proper perspective in order to correct such misconception.\n4 Feb\nThe Nigerian Transparency Council (NTC), a watchdog organisation, has ignited fresh controversy surrounding the acquisition of OVH Energy Marketing by the Nigerian National Petroleum Company Limited (NNPCL) and its retail group. In a petition submitted to the House of Representatives Committee on Downstream Petroleum, led by Hon. Ikenga Imo Ugochinyere, who represents Ideato Federal Constituency,…\n31 Jan\nNigeria has ranked 145th among 180 countries and scored 25 out of 100 points on the 2023 Corruption Perception Index (CPI).\n30 Jan\nSouth Africa's corruption perception index has dropped to its lowest in 12 years and was below the global average, global corruption watchdog Transparency International said on Tuesday.\n30 Jan\nAhiazu Patriotic Forum, a non-governmental organisation with a focus on patriotism, equity, and building public trust, has decried the many cases of misappropriation and corruption leveled against many political leaders across the local government area. This development is coming on the heels of multiple allegations of corruption involving cases of diversion of palliatives donated to…\n22 Jan\nFirst national Chairman of the All Progressives Congress (APC), Chief Bisi Akande, appears to have forgotten that corruption has crippled the country.\n19 Jan\nAlleged resistance to change by those benefiting from corruption has been identified as the major factor impeding the move for local council autonomy in Nigeria.\n15 Jan\nWith recent reports of illegal organ harvesting in the country, many Nigerians are concerned about the ugly development and are exploring measures to prevent such activities in Nigerian hospitals, both private and public.\n15 Jan\nDetails of corruption allegations emerging from government ministries, departments and agencies are shocking to Nigerians, who are consequently swooning against the fact that the Presidency of Bola Ahmed Tinubu is still very young,\n13 Jan\nProfessor Olajumoke Morenikeji is a scholar in the fields of parasitology, ecology and environmental biology in the Department of Zoology, University of Ibadan (UI). The Teen’s Pastor is Chair, Olusegun Obasanjo Presidential Library Wildlife Park and Chair, Pangolin Conservation Guild Nigeria (PCGN).\n12 Jan\nNiger State Internal Revenue Service (NGSIRS) has intensified its crackdown, resulting in the arrest of several individuals involved in the unlawful production and sale of counterfeit motor vehicle stickers and emblems. The latest arrests are the Paiko Local Government Area revenue officer and its director, who were apprehended for their roles in this illegal operation.…\n4 Jan\nCorruption clearly represents one of the most serious political, economic and societal problems.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/tag/corruption/page/2/"}
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index 0000000000000000000000000000000000000000..f0b781e17479f67a20dbfc8f28d3993e1788fbd1
--- /dev/null
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+{"doc_id": "3a38f5bbe23ee454f8c29018ba7105c2", "text": "Changing reservations on approved master plans\nPardon Gotora, Urban Scape\nShould we perpetually change land use on approved master plans? On October 22, 2019, The Herald reported that “Southerton residents have approached the High Court seeking an urgent interdict to stop the development of residential stands in a recreational park in Bexley Circle”.\nThe argument by the applicants, which, in my view was their strongest foot, was that changing the land use of the area was an infringement on their rights and that of their children who use the playground.\nAs an interested party in the urban space, I followed the proceedings from a distance with great zest and kept my eye on the ball. The sole purpose was to draw lessons from the finalisation of the case and also to gauge if residents have a voice which can be heard, regardless of gender, class, creed or race.\nTime elapsed, the judiciary system was taking its course. On Tuesday May 19, 2020, The Herald carried a story entitled “Bid to convert recreational park into stands hits snag”.\nIt took the judiciary to block City of Harare from parcelling out stands in a recreational park in Southerton.\nIn other words, the public good that was benefiting the whole of Southerton Community and beyond was intended to benefit only a handful.\nPeople need shelter, but they also need social amenities. The playground is unequivocally a necessary social amenity.\nIt is prudent to note that change of reservation is not peculiar to Harare. All local authorities do apply for change of reservation to the Ministry of Local Government and Public Works (hereinafter referred to as the Minister) who administers the Regional Town and Country Planning Act (Chapter 29:12), (hereinafter referred to as the Act).\nThe Act provides for change of reservation on a local plan, an approved master or layout plan.\nIt states that the local planning authority shall keep under constant examination and review the factors which affect or are likely to affect the planning area. In the event that, as a result of such examination or review, the assumptions upon which the master plan or local plan are based are found to be no longer valid, the authority shall consider appropriate proposals for the alteration, repeal or replacement of such plan.\nThus, in the event that there is need, the local planning authority drafts a proposal for the alteration, repeal or replacement of a master plan and sends copy of that draft, appended with a report on the study carried out in terms of section 13 of the Act, to the Minister for approval.\nThe minister may, approve the proposal, if in his opinion, the proposed alteration would not adversely affect the interests or rights of a substantial number of people.\nSo it is the extent of the negative effects and the quantum that matter for the minister to make a determination.\nHowever, the same Act demands that in formulating the contents of a local plan, the local planning authority shall take such steps as will, in its opinion, ensure that there is adequate consultation in connection with the matters proposed to be included in the local plan.\nCommunity and/or stakeholder engagement becomes fundamental in this instance. This is the stage preceding what the Act refers to as “Consideration of objections and determination of local plan”.\nIn so doing, the local planning authority is expected to consider any objection to, or representation in connection with, a draft local plan made.\nThis is how it works, when the local planning authority drafts a proposal for change of reservation or plan alteration, they place on public exhibition for two months a copy of the draft local plan with a statement indicating the time within which objections to, or representations in connection with, the draft local plan may be made to that authority.\nThey also give public notice of the place or places at which, and the period for which, the draft local plan will be exhibited and the time within which objections to, or representations in connection with, the draft local plan may be made to that authority.\nPublic notice entails placing an advertisement in a local newspaper. Without considerations of the period of when the Act was enacted, there are so many far-fetched assumptions, (i) that all stakeholders have access to a newspaper, (ii) that all stakeholders will obviously visit the council offices during the currency of the notice and take a glance at the notice board, (iii) that all stakeholders are literate and are conversant with English language, (iv) that it ignored use technology to settle bills without visiting council offices.\nThe list is endless.\nCouncils are even wiser when it comes to matters of expediency, they place very tinny advertisements in the least read editions. The general public perception is that, Thursdays and Sundays’ papers are known for advertisements, particularly jobs, so readership is allegedly higher.\nSo some local authorities with nuanced motives evade advertising change of use in these editions. As a result, few objections or representations are received.\nHowever, it does not follow that every change of reservation is “evil”. But institutional stands, wetlands, buffer zones, recreational facilities such as play grounds and parks have been decimated in this manner.\nChitungwiza provides a typical example, children are forced to dice with death and bruises to their toes kicking the tar mark, nurturing their talents on the pothole-riddled streets while dodging cars.\nA moratorium from the minister banning any pending change of reservations is germane.\n[email protected]", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/changing-reservations-on-approved-master-plans/"}
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+{"doc_id": "3dab482d237f88e952cfd1bc42f7f600", "text": "Index rises by N166 billion as BUA Cement, 39 others gain\nRecovering from the previous losses, Nigerian Exchange Limited (NGX) posted a gain of N166 billion amid price appreciation in BUA Cement and 39 stocks.\nAt the close of transactions yesterday, the All-Share Index (ASI) gained 303.34 points, representing a gain of 0.43 per cent to close at 71,250.17 points.\nAlso, market capitalisation rose by N166 billion to close at N38.989 trillion. The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, Northern Nigeria Flour Mills (NNFM), FBN Holdings (FBNH), Access Holdings and UAC of Nigeria (UACN).\nOn what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “We expect a mixed sectoral performance tomorrow, amid trades in the banking sector dominating market activity.”\nAs measured by market breadth, market sentiment was positive, as 40 stocks gained relative to 16 losers. Secure Electronic Technology emerged as the highest price gainer of 10 per cent to close at 77 kobo.\nMultiverse Mining and Exploration followed with a gain of 9.95 per cent to close at N7.07 kobo while SUNU Assurance advanced by 9.92 per cent to close at N1.33 kobo.\nFBNH rose by 9.86 per cent to close at N26.75, while Thomas Wyatt Nigeria appreciated by 9.82 per cent to close at N3.02 kobo. On the other side, Abbey Mortgage Bank led others on the losers’ chart with 9.88 per cent to close at N1.55, per share.\nFTN Cocoa Processors followed with a decline of 9.09 per cent to close at N1.50, while DAAR Communications shed 8.82 per cent to close at 31 kobo. Wapic Insurance lost 7.14 per cent to close at 65 kobo, while Veritas Kapital Assurance depreciated by 5.41 per cent to close at 35 kobo.\nThe total volume traded rose by 20.93 per cent to 433.568 million units, valued at N11.114 billion, and exchanged in 7,016 deals.Transactions in the shares of UACN led the activity with 61.711 million shares worth N947.412 million.\nUnited Bank for Africa (UBA) followed with an account of 58.297 million shares valued at N1.241 billion, while Guaranty Trust Holding Company (GTCO) traded 22.997 million shares valued at N908.187 million.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/index-rises-by-n166-billion-as-bua-cement-39-others-gain/"}
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+{"doc_id": "4282173ff2a3762352cc7f63bebf40f3", "text": "President Uhuru Kenyatta’s assent to the Data Protection Act 2019 portends new dynamics for tech firms and people on the use of information.\nThe Act introduces new controls on how public and private entities handle, process and transact with Kenyans’ data.\nThe move comes at a time when many Kenyans have surrendered their data to the State agencies during Huduma Namba registration as well as financial technology firms and social media that may abuse such data.\nThe new law came into effect the same day the President met with Amazon Web Services (AWS) executives led by Vice President Teresa Carlson, with the firm planning to set up operations in Kenya.\nThe Head of State said Kenya has the requisite infrastructure and educated young population to support the establishment of an edge location by Amazon.\n“I am delighted to welcome AWS’s investment in Kenya,” said the president. “The launch of Amazon CloudFront will put us in the forefront of accelerated innovation - enabling startups, enterprises and our government agencies to focus on building the best user experience.”\nThe announcement brings out the delicate balancing act that the State will have to make to promote the expansion of tech-multinationals into the country as well as protect the interests of Kenyan consumers and firms.\nThis means the enforcement of the Data Protection Act 2019, a piece of legislation that has been years in the making, will determine the success of regulators to protect the interest of Kenyan consumers from exploitation by multinational tech giants.\nAmazon has over the past decade grown into the world’s largest online retailer and this year became the world’s most valuable company worth more than Sh30 trillion. The meteoric rise of Amazon has largely been on the back of personal consumer data. From its online store to streaming services and digital home assistants, the company has access to valuable data on consumer behaviour, patterns and trends. Such information is analysed and used to create products and services that almost always strike gold in the market.\nThe success of Amazon and other technology giants such as Facebook, Netflix and Uber has however raised concern that large multinationals are raking in billions of dollars from users’ data without any value accruing to owners of the data.\nIn Kenya, the success of fintech providers such as Branch, Tala and Safaricom’s Fuliza have all exemplified the value of mining consumer data.\nTala and Branch last year topped the list of most heavily invested start-ups in Kenya with Branch announcing a Sh17 billion in debts and equity investment earlier this year to expand its loan portfolio.\nLast year, Tala announced it had raised Sh5 billion in its third round of investment - bringing its total financing to Sh10.5 billion and in just nine months, Kenyans borrowed Sh140 billion from Fuliza.\nA recent report by the United Nations Conference on Trade and Development (UNCTAD) noted that increasing digitisation from businesses, governments and individuals has created a data economy that is expanding in unprecedented speed.\nFeeding our personal information into these data behemoths has created an asymmetrical relationship between consumers and data companies that governments and regulators are only beginning to realise. According to UNCTAD, the US and China account for 90 per cent of the value of world’s 70 largest digital platforms with Europe’s share at four per cent and Africa and Latin America at just one per cent.\nStay informed. Subscribe to our newsletter\nThought the data protection law will reign in the power of tech giants, its success is dependent on how the various State organs implement it.\nThe yet to established Data Commission will be tasked with formulating and implementing data awareness programmes, monitor and investigate complaints regarding violation of the laws.\nThe Commission’s set up is likely to mirror the Public Complaints Commission (The Ombudsman).\nUsers can lodge a formal complaint with the Commission in writing or orally for prescribed action that could range from dismissal of the complaint to recommending investigations on the accused individual or agency.\nCompanies will, however, be required to inform the Commission in instances where the personal data of users under their care has been lost or stolen for instance through a cyber-attack. This will entail a budget to establish directories and hire staff specialised across the various sectors.\nIn comparison, the Commission on Administrative Justice was allocated Sh565 million in the 2019/2020 financial year.\nAside from the massive financial and skills resources required to establish the Data Commission, the judiciary and the industry regulators will be key to the successful enforcement of the data law.\nWhile the law makes it implicit for private and public entities to obtain informed consent from users, processing or transferring their data, numerous loopholes can be exploited.\nAccording to the Act, firms can collect personal data without notifying users in instances where the information is publicly available or where a user has authorised its collection from a third party.\nUsers’ consent can also be waived in cases where the information being sought is will help detect or prevent crime or threatens national security. Privacy experts say this gives State security agencies a leeway to carry out blanket surveillance and data collection under the guise of national security.\nData privacy watchdog Privacy International last year’s report says Kenyan security agencies routinely work with mobile service providers to carry out surveillance on users outside the confines of the law.\nThe report notes that Kenya’s spy agency- the National Intelligence Service (NIS) has direct access to telecommunications networks and can even bypass mobile service providers to access users’ data.\n“Telecommunications operators end up handing over their customers’ data because they largely feel they cannot decline agencies’ requests, in part due to the vagueness in the law and telecommunication industry regulations,” reads the report in part.\nCommissions and independent state bodies have found it difficult to rein in the executive and legislature from violating public finance legislation and the new Data Commission is unlikely to be different unless strict enforcement is realised.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2001349059/enforcement-of-data-protection-law-remains-tall-order-for-new-agency"}
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index 0000000000000000000000000000000000000000..8e19bb950d32daf052ef6388492588b7408c4224
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+++ b/clean/cc/4400ddd1bc8f0b90f8f346e950c52609.json
@@ -0,0 +1 @@
+{"doc_id": "4400ddd1bc8f0b90f8f346e950c52609", "text": "By Oghenevwede Ohwovoriole\nThe Director-General of the National Identity Management Commission (NIMC), Mr. Aliyu Aziz, has declared that 42 million Nigerians have been captured by the NIMC in the ongoing National Identity Number (NIN) exercise, which is being carried out under the unique digital national identification programme.\nAziz, who disclosed this yesterday in Abuja during the second edition of the National Identity Day celebration, said the exercise would help to curb insecurity by enabling security agencies to tap into the commission’s database to identify individuals.\nThe theme of this year’s celebration was tagged “Identity for Health, Sustainable Development and Growth.”\nThe NIMC boss emphasised that the NIN is for all residents in Nigeria as it does not confer citizenship on anyone.\nHe said that the NIMC has been able to harmonise 11 million out of 14 million records the commission got from the Central Bank of Nigeria on Nigerians with Bank Verification Number, adding that the harmonisation exercise would be extended to the National Pension Commission, the Nigeria Immigration Service, the Federal Road Safety Commission and the Nigeria Communication Commission.\n“If you have data, then you can intelligently utilise your data and if all your databases are talking to each other you can drive a lot of intelligence from that data; that is the only way that we can resolve the issue of insecurity,” he said.\nAziz noted that the commission is celebrating 16th September as National Identity Day in collaboration with the global agitation for the day to be formally declared as world international identity day.\n“Nigeria has been positioned to take giant steps in providing unique identity to all through collaboration with government institutions and viable partnership with the private sectors. In a similar manner, our nation’s ID goals can be fully realised when we leverage the adoption and use of digital identity to improve governance, enhance social accountability, promote security and provide basic services to the people,” he said.\nThe director general of the NIMC said that a digital identification system for continuous data and reliable statistics under the new world order is crucial for Nigeria’s survival and growth as a nation in this era of digital inclusion and digital economy.\nHe said the commission will register children at birth and tie their NIN to one of their parents until the child is 16 years.\nHe, however, disclosed that the commission is underfunded and has only 100 registration centres when it actually needed about 4000.\nHe thanked the Minister of Communications and Digital Economy, Dr. Isa Pantami, for recognising that the digital economy would not flourish without a smartphone, a virtual account, Broadband infrastructure and digital identity as its foundation.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2020/09/17/nimc-registers-42m-nigerians-in-nin-exercise"}
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new file mode 100644
index 0000000000000000000000000000000000000000..9205d74ff6d75a333c446c102059ec298fb7bcde
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "44c659dc537257b11a8c020cbaaf9373", "text": "U.S Stocks closed lower at the last trading session for the week after a volatile session. These recent sell-offs were triggered by leading tech brands such as Facebook, Amazon, and Google, which lost more than 2%. Netflix’s stock price lost 1.8% and Microsoft also dropped 1.4%.\nHowever, Apple’s stock price ended the trading session up by 0.1% after falling as much as 8.3%. Tesla’s share price also reversed a drop of more than 8%, ended the trading session up 2.8%.\nThe Dow Jones Industrial Average closed 159.42 points lower, or 0.6%, at 28,133.31 points. At one point, the 30-stock average fell as much as 628.05 points or 2.2%. The Dow was also higher for a moment yesterday.\nThe S&P 500 dropped 0.8% to 3,426.96 but finished well off its session low. The broader-market index plunged by 3.1% at its session low and briefly traded positive on the day. The Nasdaq Composite also dropped 1.3% to 11,313.13 but also closed well above its low of the day.\nIn an explanatory note to Nairametrics Stephen Innes, Chief Global Market Strategist at AxiCorp spoke on the prevailing market conditions and the macros triggering the sell-offs. He said;\n“This sell-off looks an awful lot like a retail meltdown, similar to what we see in China markets as a lot of weak retail longs getting taken to the cleaners by the aggressive short seller on the street in a vast momentum style clean out, but I think there is more than meets the eye.\n“While I don’t think it’s a healthy meltdown, getting rid of some of the short-term speculator froth will offer up better levels for the Wall of Money to indulge as we know the Fed is going anywhere soon, although probably holding back the big guns for a possible rainy day in the future if the winter months prove to be explosive for the virus.”\nHowever, there appears to be no particular driver of the recent sell-offs recorded in the world’s largest equity markets other than a reversal of the substantial gains seen over the past two weeks on the surface.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/09/05/u-s-stocks-close-lower-as-facebook-amazon-google-drop-2/"}
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index 0000000000000000000000000000000000000000..7265add9ece2d3ca55fb6ad0812189c31b379bdc
--- /dev/null
+++ b/clean/cc/45ef01008ef98b5322d2bf423c5ec457.json
@@ -0,0 +1 @@
+{"doc_id": "45ef01008ef98b5322d2bf423c5ec457", "text": "No fewer than 2.7 million Ethiopians may need food assistance in spite of the reported bumper harvest of 231 million quintals of grains in the 2013 fiscal year, a survey carried out by an Addis Ababa based local media reported on Wednesday.\n“Ethiopia finds itself in critical need of donors’ assistance, in order to feed 2.7 million people,” the report said.\nThe Ethiopian Government had recently announced an eight per cent growth in the country’s Agriculture sector over the period of 10 years with an upbeat bumper harvest of 231 million quintals of grain for the current fiscal year.\nAccording to the report, the projection was based on the document of the joint meeting of donors and the Ethiopian government who deliberated on the issue on Jan. 24. in Addis Ababa.\n“The meeting was convened to agree on the projection of the volume of humanitarian assistance needed for 2014,” it said. “The joint Government and Humanitarian partners’ Document-showed that 2.7 million of the 91 million people in the nation, according to the latest estimate by the World Bank are in need of humanitarian aid.”\nIt said the total food requirement was estimated at 388,635 MT with a breakdown showing a shortfall of 314,684 MT of cereals, 31,468 MT of pulses, 9,441 MT of oil and 33,042 MT of blended or supplementary food.\nThis comes against the government’s recent announcement that agricultural productivity in the nation is projected to grow in leaps and bounds.\nThe report said in spite of the normal and above normal 2013 rains, which further improved the food security situation in the country, humanitarian challenges will continue in 2014 in north eastern Amhara, Afar and the southern Tigray regions.\n“These are all areas that receive inadequate seasonal rainfall and in some areas affected by various hazards, like floods, conflicts, crop pests and diseases,” according to the report..\nThe report also says that water shortages persist in the drought-prone areas in northeastern Afar, South Region, southeastern Tigray and the lowlands of the southern pastoral areas.\n“The nation’s 12.27 million hectare of land was covered with cereals during the year 2012/13. This was a 1.52 per cent increase compared to that of the previous year.”\nNAN", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/africa/article/2-7m-ethiopians-need-food-aid/"}
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index 0000000000000000000000000000000000000000..c8d656ec79d8296145372811326093055cfc4a3c
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "4667d75e716dea36f7ef9a6549061bf7", "text": "Nigeria, others account for 3.5 per cent of global FDI\n• Investment flows to Africa dropped by 44 per cent\nUnited Nations Conference on Trade and Development (UNCTAD) said Nigeria saw its foreign direct investment (FDI) inflows regressed to a negative region of $187 million in 2022 owing to equity divestments even as Africa contributed 3.5 per cent of global flow in the year.\nUNCTAD disclosed this in its World Investment Report 2023 published yesterday.\nAccording to the report, FDI flows to Africa declined to $45 billion in 2022 from a record $80 billion in 2021.\nThis, it revealed, accounted for 3.5 per cent of global FDI.\nAccording to UNCTAD, international project finance deals targeting Africa showed a decline of 47 per cent in value.\nAnnounced Greenfield projects, however, rose by 24 per cent to $2 billion. Flows to Senegal remained flat at $2.6 billion, according to the report, while FDI flows to Ghana fell by 39 per cent to $1.5 billion.\nThe number of greenfield project announcements rose by 39 per cent to 766 with six of the top 15 greenfield investment megaprojects worth over $10 billion announced in 2022 and situated in Africa.\nIn North Africa, Egypt saw FDI more than double to $11 billion as a result of increased cross-border merger and acquisition (M&A) sales. Announced Greenfield projects more than doubled to 161 while international project finance deals rose in value by two-thirds, to $24 billion. Flows to Morocco decreased slightly, by six per cent to $2.1 billion.\nIn East Africa, flows to Ethiopia decreased by 14 per cent to $3.7 billion. The country remained the second-largest FDI recipient on the continent. FDI to Uganda grew by 39 per cent to $1.5 billion on investment in extractive industries. FDI to Tanzania increased by eight per cent to $1.1 billion.\nAlso, in Central Africa, FDI in the Democratic Republic of the Congo remained flat at $1.8 billion, with investment sustained by flows to offshore oil fields and mining.\nIn Southern Africa, flows returned to prior levels after the anomalous peak in 2021 caused by a large corporate reconfiguration in South Africa. FDI in South Africa was $9 billion – well below the 2021 level but double the average of the last decade. Cross-border M&A sales in the country reached $4.8 billion from $280 million in 2021. In Zambia, after two years of negative values, FDI rose to $116 million.\nOver the past five years, FDI inflows have risen in four of the regional economic groupings on the continent. FDI in the Common Market for Eastern and Southern Africa grew by 14 per cent to $22 billion. Flows rose also in the Southern African Development Community (quadrupling, to $10 billion), the West African Economic and Monetary Union (doubling, to $5.2 billion) and the East African Community up by nine per cent to $3.8 billion.\nThe report further revealed that intraregional investment remained relatively small, despite an increase over the past five years. In 2022, intra-regional Greenfield project announcements represented 15 per cent of all projects in Africa (two in terms of value), as compared with 13 per cent (two per cent in value) in 2017.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/nigeria-others-account-for-3-5-per-cent-of-global-fdi/"}
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index 0000000000000000000000000000000000000000..426d3d34934cede01e2652b519e2746d6a831bb2
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+{"doc_id": "48bcdee73e1b58681764bdce63f91a62", "text": "The Nigerian aviation industry has experienced notable growth and faced significant challenges over the years. Despite the numerous challenges, the sector is still pushing ahead, staying resilient.\nThe aviation industry’s growth is largely attributed to increased domestic air travel demand. This sector includes activities such as scheduled and chartered air transport services, as well as air cargo transport services.\nBusinessDay takes a look at key issues that will shape the aviation sector in 2024.\nTrapped funds fiasco\nIn the last two years, foreign airlines have been finding it difficult to access their funds from tickets sold in the country as a result of foreign exchange scarcity and have resorted to buying dollars from the black market.\nAs a consequence, some carriers opted to suspend flights into Nigeria, while others responded by hiking their fares.\nRecently, the Central Bank of Nigeria (CBN) announced on Tuesday that it had settled all verified claims by foreign airlines, disbursing an additional $64.44 million.\nThis brings the total amount paid to the aviation sector to $136.73 million, with the CBN confirming the clearance of all verified airline claims.\nHowever, the International Air Transport Association welcomed the latest $64.44 million payment but highlighted that approximately $700 million remained unpaid, urging further action.\nIn a statement, the Geneva-Switzerland-based body representing global airlines, said: “IATA welcomes the Central Bank of Nigeria’s announcement that it has released an additional $64.44 million in blocked airline funds. While this development is encouraging, it’s crucial to recognise that approximately $700 million remains blocked with Nigeria’s commercial banks.”\nThe naira hit an unprecedented low against the US dollar recently, plummeting to nearly 1,500/$, according to FMDQ Exchange data on Monday.\nOver the past three months, the CBN has cleared $2.5 billion in overdue foreign exchange debts.\nNigeria’s ability to clear all backlogs will be a key trend that will shape the aviation sector in 2024.\nSurging fight tickets\nA noticeable hike in airfare also greeted the confines of 2023. To illustrate, the cost of one-way tickets for flights between Lagos and Abuja, previously at N65,000 in 2022, soared to N190,600 in 2023, marking a substantial 192.31 percent price increase.\nSimilarly, ticket prices that stood at N50,000 in 2022 surged to N266,800 by the end of 2023. This sharp escalation represented a concerning development for air travellers amidst the economic challenges in the country.\nTo this end, passengers experienced an unstable stream of ticket fares that differed noticeably from the stretch of 2022. This change caused groans from passengers.\nSome clung to their consistent patronage of air travel due to the outcry of insecurity in the country; they did not want to take the risk.\nStakeholders blamed the hike in jet fuel prices as aviation fuel prices rose from N800 to N1,000 per litre. With the continuous high cost of operations, air tickets will continue to make rapid climbs and this will impact the sector’s growth for the year.\nFAAN relocation to Lagos\nThe Federal Airports Authority of Nigeria (FAAN) recently announced its intention to relocate its headquarters from Abuja to Lagos.\nWhile the planned relocation has led to several reactions, with some supporting the government’s decision, saying it was in the interest of the sector and would eliminate unnecessary expenditures, others are opposing the move, stressing that attention should rather be channelled into infrastructure upgrade rather than relocating to Lagos.\nStakeholders in the aviation sector have said if the relocation is properly carried out, it would benefit the aviation sector, considering that 60 percent of aviation activities and even passenger traffic emanates from Lagos.\nSeyi Adewale, chief executive officer of Mainstream Cargo Limited, said there are significant benefits of relocating FAAN critical headquarter departments back to Lagos, one of which is protecting the sanctity and wellness of the family unit.\nAdewale said this is critical to the well-being of society, adding that any policy geared at maintaining, retaining, and securing the well-being of the family unit should be prioritized and preserved.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/key-issues-to-shape-nigerias-aviation-industry-in-2024/"}
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index 0000000000000000000000000000000000000000..f94dc42e6b817d47953a7ec08a43c8cf3850f3d1
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "48bf4abf087a428a9fbec88f3a7680a2", "text": "Siemens Healthineers appoints Vivek Kanade as new Head for its Middle East and Africa operations\nSiemens Healthineers (www.Siemens-Healthineers.com), one of the world’s leading medical technology companies, announced the appointment of Vivek Kanade as the new Head for the company’s business/operations in the Middle East and Africa (MEA). The appointment, effective 4 December 2023, follows the company’s decision to unite its operations across the Middle East and the African continent with the aim to better serve the diverse needs of healthcare providers and communities.\nKanade is a Siemens veteran bringing more than thirty years of experience in the company from across different geographies and functions. In his previous role, Kanade held the position of Head of Strategy for the company’s expansive Asia Pacific Japan region, prior to which Kanade was the Head at Siemens Healthineers for India, Bangladesh, Nepal, Sri Lanka, Bhutan and the Maldives. During this time, he was also Co-Chair at NatHealth in India, actively advising the Indian medical technology industry.\nCommenting on the appointment, Vivek Kanade said: “As we strengthen our role as a trusted healthcare partner in this diverse growth region, this structural consolidation enables us to pool our strengths in following our core objectives, which include enhancing Access to Care and paving the way for better healthcare infrastructures in our markets. I am humbled and excited to start this new position, and look forward to uniting our strengths across the new zone and creating a positive difference in the lives of millions of patients across the Middle East and Africa.”\nIn his current capacity, Kanade has a vision to create an even bigger impact on patient’s lives, increasing patient touchpoints and leveraging the diverse opportunities in economically challenging growth markets of Africa and the Middle East.\nPart of this vision and a strong focus area will be Access to Care, a Siemens Healthineers initiative structured around providing healthcare to everybody, everywhere. The initiative entails improvement of healthcare infrastructure, tackling the shortage of qualified staff and availability of healthcare provision for rural and underserved communities to making a lasting impact where it is needed the most.\n“We aspire to create better outcomes and experiences for patients, no matter where they live by accelerating global development, building strategic partnerships, fighting the most threatening diseases, and rethinking the value chain,” added Kanade. “Specifically, we’re focusing on projects that are first and foremost scalable and fit our strategy while making an impact on local communities, by untapping new markets, capacity building and ensuring community reach.”\nDistributed by APO Group on behalf of Siemens Healthineers.\nAbout Siemens Healthineers:\nSiemens Healthineers pioneers breakthroughs in healthcare. For everyone. Everywhere. Sustainably. The company is a global provider of healthcare equipment, solutions and services, with activities in more than 180 countries and direct representation in more than 70. The group comprises Siemens Healthineers AG, listed as SHL in Frankfurt, Germany, and its subsidiaries. As a leading medical technology company, Siemens Healthineers is committed to improving access to healthcare for underserved communities worldwide and is striving to overcome the most threatening diseases. The company is principally active in the areas of imaging, diagnostics, cancer care and minimally invasive therapies, augmented by digital technology and artificial intelligence. In fiscal 2023, which ended on September 30, 2023, Siemens Healthineers had approximately 71,000 employees worldwide and generated revenue of around €21.7 billion. Further information is available at www.Siemens-Healthineers.com.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/apo-press-releases/siemens-healthineers-appoints-vivek-kanade-as-new-head-for-its-middle-east-and-africa-operations/"}
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index 0000000000000000000000000000000000000000..761a01dde1b4d5ac7746069ed67f7b68d60a7f00
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+{"doc_id": "491e2402c6d3f3702dc477f04685cb7e", "text": "‘Government is frustrating local shipbuilding, capabilities’\nIni Ekong Charles Udonwa is the Executive Chairman of Norfin Offshore Shipyard Limited and Executive Chairman of Norfin Offshore Group, promoters of a new shipyard located at Oruk Anam, Akwa Ibom State. In this interview with AYOYINKA JEGEDE, he reveals how shipbuilding and maintenance can help reduce insecurity, unemployment and other vices in the country.\nWhat’s the importance of shipbuilding to the nation’s economy?\nNigerians, the government and companies import averagely $5.6 billion dollars worth of vessels into the country yearly to operate in oil and gas industries, and also into fishery industry. Most of these are in purchases of Floating Production, Storage and Offloading ships (FPSO), security vessels, jack up rigs, Liquefied Natural Gas (LNG) vessels and other related offshore support vessels. For instance, Egina FPSO delivered to Nigeria in January in 2018 costs up to $8 billion.\nIn shipbuilding, 40 per cent capital cost goes into human labour, which means Nigeria is contributing about $1.8 billion worth of human capital cost yearly to foreign shipyards, needless to say about the loss in technology transfer and real engineering experience and expansion for our teeming youths. Nigeria also loses about $6.2 billion estimated earnings yearly from shipbuilding, ship repairs and spare parts manufacturing activities and other losses of about $4.6 billion in regional trade due to lack of domestic vessels access for goods transportation.\nIt can be said that the world’s economy “rides on the sea” as borne out by the fact that approximately 80 per cent of international trade is moved by sea. However, as said by Okonjo-Iweala, “Nigeria’s share in world trade last year was 0.33 per cent, which showed a small fraction of what Nigeria could do. Our share in Africa’s trade is 19 per cent, which is below our share of Africa’s Gross Domestic Product (GDP). This means we can turn it around.” We can only turn things around with a focused logistics and seaborne transportation plan and policies.\nNigeria’s shipbuilding industry is of strategic importance to the economy and plays an important role in employment generation, development of manufacturing and related industries, foreign exchange savings, provide for national security and most important, create access for regional and international trade.\nThe last three decades have seen the rise of Asian economies, led by Japan, followed by South Korea and now China. These three countries have cornered 86 per cent of world shipbuilding from a mere 8 per cent in 1975. In contrast, Nigeria has no policy or future growth plans in shipbuilding.\nFrom all these foreign built ships imported to Nigeria yearly, we are at the same time losing tremendous foreign exchange and currencies. It defeats the right senses to see the Central Bank of Nigeria (CBN) proposing unwitting policies to attract foreign currencies from Nigerians in diaspora while we are wasting away the foreign currencies in the buying of ships overseas.\nGovernment should look into ship building industry as the main aid to diversification and as an alternative source of revenue to the national economy. We require ships for support to oil and gas industry, we require ships for regional trade, we require ships for human transportation, we require fishing trawlers, etc. We will always require ships to exist as a nation, and then it is imperative that we should embark on building these ships in Nigeria.\nHow will shipbuilding help in reducing unemployment as well as encourage diversification from oil to Agriculture?\nNigerian government has to look into shipbuilding as a major part of the economic recovery and expansion plan and centralize our next growth pattern in diversifying to prominent shipbuilding activities. It must be the number one target for us to expand in agricultural produce trade regionally. The Federal Government is investing heavily in the agriculture, but how do we get our products to the regional market? Our farmers are tired of seeing rotten unconsumed products wasting away because of lack of access to regional trade routes.\nWe are selling our children’s future by not building ships in Nigeria. As I had mentioned earlier, Nigeria is contributing yearly about $1.8 billion worth of human capital cost to foreign shipyards. Do the mathematics and calculate how many of our youths would be employed with the amount of money lost yearly. When you look at Nigerian youths and compare them to the youths in Western Europe, Singapore or Japan or South Korea or China: at 22, they gain employment as soon as he/she finishes university. But in Nigeria, our youths remain unemployed and are sacrificed to crime. A sizeable shipyard like ours can easily employ up to 5000 youths if supported. That means, 5000 youths taken away from crime and cultism.\nIt can be noted that USA have up to 500 shipbuilding and repair yards, Europe do have up to 200 shipbuilding and repair yards, China do have up to 80 shipbuilding yards, South Korea up to 30 shipbuilding yards, Singapore with up to 30 shipbuilding and repair yards. Nigeria needs up to at least 50 sizeable shipbuilding yards that can employ up to 100,000 youths.\nAt this moment, the Federal Government is strategizing and aiming to diversify our economy to LNG, LPG and agriculture, but the government is not strategizing on how to champion and move these products to the regional markets and to every overseas markets with ships built in Nigeria, thus a great component of this earnings and labour is lost to overseas shipyards.\nWithout Nigerian government supporting ships building in the country, the nation will continue to struggle with the same challenges of past 50 years.\nWhat are the challenges you have encountered in the quest to build local shipyard?\nOur major challenge is with the Federal and State Governments of Nigeria. There is no support at all by the executive arm of government, neither the legislatures nor the Judiciary.\nFor example, six years ago, Nigeria was included in the next 11 economies poised for growth and at higher par to Vietnam. Just recently in 2020, the Nigerian Ports Authority (NPA), bought several ASD Tugs and pilot boats from a Vietnamese shipyard, despite the cry from our youths for employment opportunities, despite the increase in banditry, cultism and militancy. The government is causing and creating an environment where Nigerian shipbuilding capabilities is denied. A good Nigerian shipyard such as ours would have built those vessels at a cheaper cost to NPA, and the cost of transportation of those vessels to Nigeria would have been eliminated altogether.\nIf we were provided opportunity and contracts to build two of the Azimuth Stern Drive (ASD) tugs as NPA did for the Vietnamese shipyard, we would have employed at least 200 Nigerian youths and given them a chance to realise their dreams.\nWhen we continue to import ships into this country, we employ labour overseas while our own youths are going into insecurity. The importance of the Nigerian shipbuilding capabilities for Nigeria’s long-term economic growth, strategic interests and security concerns clearly indicates that the growth of Nigeria shipbuilding, in both, the commercial and naval sectors is a pressing strategic imperative.\nRecently, the governor of the Central Bank of Nigeria stated that Nigeria needs to be given a chance to reset and diversify its economy. Nigeria has been given a fair chance to reset and diversify its economy, but the government, by the very act of building ships in Vietnam versus building in Nigeria should be seen as insincere about her plans to diversify.\nNigeria needs a more ambitious and proactive approach to enhancing local content and local jobs in the shipbuilding supply chain. Our executive and legislative policies should be amended to require targeted levels of both commercial and Naval shipbuilding production in Nigeria for the adaptation, maintenance, transportation, and services for the African market.\nTaxes for imported vessels to Nigeria must be raised to 300 per cent of the new building cost price to deter importation and vessels below 3500 tons must not be allowed to be imported into Nigeria at all. For instance, comparing the gains in importation in tariff and taxes received by the Nigeria Customs Service against the earnings by the overseas shipyard and the labour loss to Nigeria, it is really a sad story for Nigerian youths.\nWe are aware that the African Continental Free Trade Agreement (ACFTA) has taken off. We now have a single market of over 2 billion people with over $3 trillion in expected GDP and 52 per cent projected increase in intra African trade by 2022. There’s no better time than now to develop massive domestic shipbuilding capabilities in Nigeria. Our people have the talents, we believe government will muster political will to change our narratives, we at Norfin Offshore Shipyard Ltd are set to deploy our experience to unleash the incredible potential of our people. While our focus today may be oil and gas and agriculture, we now have a great opportunity to harvest prosperity through the new initiative in shipbuilding. Admittedly, we cannot achieve a future beyond oil unless we properly harness our present oil and gas proceeds to other sustainable economies and industries similar to what UAE has achieved. This is exactly the reason Norfin Offshore Shipyard Ltd is embarking on this monumental project because we believe in our country and we believe in our dear Akwa Ibom State. From this blessed country, we will dominate African market with our skills, talent and resourcefulness.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/features/travel/government-is-frustrating-local-shipbuilding-capabilities/"}
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index 0000000000000000000000000000000000000000..af56578d75e243fe8f48b6682cb2a33c8b5ddb52
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+++ b/clean/cc/492b6d753d16c380b779c9a2a7d1cf57.json
@@ -0,0 +1 @@
+{"doc_id": "492b6d753d16c380b779c9a2a7d1cf57", "text": "EFF leader Julius Malema is reportedly aiming to shut down Absa banks across the country as part of a campaign to transform ownership.\nAccording to the Sunday Times, the political figure is demanding that 51% of the bank be put into black hands, and follows a similar march to the JSE last month.\nHe said that Absa would not be able conduct business as a result of the campaign. “Fighters will walk into a branch and occupy it. No service, no nothing. We will close it down.\nMalema, the Times said, wants 500,000 people to occupy the financial district of Sandton, although no time for the march has been allocated yet.\n“I have got a strong proposal, which I have given to the EFF, that we should consider shutting down one of the banks. I’ve got Absa a priority because it’s…racist and one of the banks that incorporated with the Broederbond banks.”\nAbsa is now majority owned by UK-based Barclays. It serves approximately 10 million clients, and has more than 800 branches countrywide. It also employs more than 30,000 people.\n“There is a huge debate going within the EFF about detailed practical programmes of attacks on white capital,” Malema reportdely said.\nAbsa told the paper that it had not received any communication from the EFF.\nThis article can be found in the 8 November, 2015. edition of the Sunday Times.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/103357/we-will-shut-racist-absa-down-malema/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..0173cd6aaff2e152b1d6e154e01abf2dd5952a3f
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "4ce700869cb8bf3d9c85708322ed6324", "text": "All set for Mash West devolution indaba\nWalter Nyamukondiwa Mash West Bureau\nAll is set for the Mashonaland West Devolution Conference which is expected to set benchmarks and lay the foundation for a competitive provincial Gross Domestic Product (GDP) tomorrow.\nLocal Government, Public Works and National Housing Minister July Moyo is set to deliver the keynote address as Government operationalises the decentralisation of governance to provinces.\nGovernment has started disbursing part of the $310 million earmarked for devolution and Mashonaland West like all the country’s other nine provinces is set to get $31 million.\nIn an interview yesterday, Provincial Affairs Minister Mary Mliswa-Chikoka said the Indaba brings together stakeholders in the key economic pillars of agriculture, mining, tourism and local authorities, among others.\n“We have a bias towards the business cluster or enterprise,” she said. “The idea of the Indaba is to have entrepreneurs, big corporates, small to medium enterprise to come together and take the vision on where we want to take our provincial economy.\n“This will also inform what we need to do as a province to get to that destination. The engine is already heated up and we have a number of people and organisations confirming their attendance.”\nMinister Chikoka-Mliswa said there have been numerous enquiries from people interested in being part of the conference which is expected to be the game-changer in terms of growth and employment creation opportunities.\nSpeakers at the conference will be drawn from the Ministries of Finance and Economic Development, Industry and Commerce, Lands, Environment, Tourism and Hospitality Industry.\nAt least 250 delegates are expected at the conference which is expected to set the tone for development of the province.\nMinister Mliswa-Chikoka said dialogue and convergence on the expected development path to be taken was key for the growth of the province.\n“The Devolution Conference is aimed at getting everyone up to speed with the thinking of government while also getting input from all players on how best we can move the province forward,” she said. “It will provide a platform for dialogue, cooperation and the deepening of ties between captains of industry and the offices of Minister of State for Mashonaland West.\n“This indaba is key as we set out to make our province the best in Zimbabwe in line with our 2019 Mashonaland West Provincial mantra: “If You Want The Best, Come To Mashonaland West”.\nShe said Mashonaland West can only grow into the best through collaborative efforts hence the need to re-group, network, and build lasting synergies which will be key to us attaining our devolution thrust.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/all-set-for-mash-west-devolution-indaba/"}
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diff --git a/clean/cc/4d27442b514d025c33320a29cf824a1e.json b/clean/cc/4d27442b514d025c33320a29cf824a1e.json
new file mode 100644
index 0000000000000000000000000000000000000000..23e69a41fc83693a694c4b719cd80e4aaadf8cb0
--- /dev/null
+++ b/clean/cc/4d27442b514d025c33320a29cf824a1e.json
@@ -0,0 +1 @@
+{"doc_id": "4d27442b514d025c33320a29cf824a1e", "text": "Yesterday Telecel Zimbabwe launched a debit card for their mobile money users called the TeleCash Gold Card.This product had been in the pipeline for a while now, with Telecel having given some information on the card and what it would mean for subscribers at the launch of Telecash some months ago.\nWhile the launch itself might not have fully expressed the potential impact of this product, the Telecash Gold Card is a huge leap in mobile money services locally.\nIts value to financial services through mobile commerce is something that will sooner or later lead the other MNOs to emulate it. This of course will depend on thawed relations between guys like Econet and local bankers.\nLooking at the Gold Card its greatest strength is undeniably the convenience it will create for retail payments made through mobile money. Anyone who has made a payment at retail outlet till points, or stood behind someone doing so, will tell you how the payment process involving USSD codes can make a grocery run last longer than it should. These frustrations are the reason behind the rise of mobile money apps like ZimCodes.\nThese apps are a great convenience no doubt, but a limited reach hampered by a limited smartphone penetration and local Android market share means the majority of mobile money users still have to key in USSD codes just to pay a merchant.\nThe Gold Card is bringing the simplicity of swiped payments to mobile money where the majority of Zimbabweans experience “formal” banking services. TeleCash’s subscriber total of 600,000 (sign ups for the first 5 months of trading by the way) is more than half of all formal bank accounts which numbered 853,000 a few months ago. This is a representation of how many people will benefit from added services to their mobile money wallet that acts as their account.\nWith the one product these guys are bringing some of the functionality of formal banking to m-commerce. While TeleCash’s competitors have had solutions that try to do the same thing (kudos to Textacash for ZimSwitch integration) the TeleCash effort has the advantage of digging into a huge potential market courtesy of it’s Telecel mobile communications brand.\nAnother Gold Card value proposition is the ability to access mobile money via all ZimSwitch ready ATMs. This spares a subscriber the challenge of hunting for a point to redeem money in their wallet and gives TeleCash an edge in their perennial scramble for more agents.\nIf what Telecel has promised to deliver with this card in the near future is anything to go by, this product is going to have an even bigger impact on the market. The attempt at remittance services that Telecel is keen on channeling through TeleCash will turn the card into another tool for the redemption of diasporan inflows.\nThe Gold Card service that most people are keen on, particularly the unbanked, will be enabled international payment facilities through VISA and MasterCard that the Telecel representatives said they were negotiating for right now.\nDespite the string of complexities that come with inking such a deal,(RBZ regulation on externalisation of forex through mobile money is a big obstacle here) if Telecel pulls it off TeleCash it will have leapfrogged local banking services and mobile money providers.\nIn any case the new TeleCash debit card is worth its weight in Gold.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2014/07/information-telecash-gold-card/"}
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index 0000000000000000000000000000000000000000..85d8b06bd8ebe5050ed119be7f1045d1fead584b
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "4dd4eb64ca2dfdafe0f3e942955d6c62", "text": "Fuel Subsidy: States’ finance commissioners back Tinubu, urges remittance to federation account\nForum of Commissioners for Finance, yesterday, threw their weight behind the decision of President Bola Ahmed Tinubu to remove fuel subsidy. Led by Mr. David Olofu, the forum called on the Federal Government to ensure that all accruals from the removal of fuel subsidy go to the federation account.\nOlofu, the immediate past Commissioner for Finance and Economic Planning, Benue State, argued that fuel subsidy removal was in the best interest of the country.\nJustifying the call for all federation revenue to go into the federation account, he argued: “Nobody has any authority whatsoever to deduct any amount from the federation revenue.\n“So, I will align myself with the position of the constitution and recommend that all the accruals go into the federation account and let it be disbursed from the federation account,” he stressed.\nHe, however, said that the Federal Government should come up with policies and programmes that could address the challenges Nigerians are currently facing as a result of increase in the pump price of fuel due to the removal of subsidy.\nOlofu appealed to Nigerians to be patient saying, the long-term benefit of what has been done by the president far outweighs the short-term pains people were going through.\nThe incoming Chairman of the forum, Wale Akinterinwa, commended his predecessor, saying that Olofu did a very good work while leading the forum.\n“He has actually elevated the forum to a much higher level than he met it. Be that as it may, I will try to ensure that I continue from where he stopped.\n“I will continue to sustain the good relationship he has created with all the revenue generating agencies, as well as the Ministry of Finance and the Office of the Accountant General of the Federation,” he said.\nAkinterinwa, who is the Commissioner of Finance, Ondo State, reiterated that the removal of fuel subsidy was an over due issue.\nThe Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, on his part, commended the forum for taking the issue of federation account very seriously.\nHe also said that the removal of fuel subsidy was good for the economy. Shehu urged states to ensure that the monies that will eventually go to the states are put to use properly.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/news/fuel-subsidy-states-finance-commissioners-back-tinubu-urges-remittance-to-federation-account/"}
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diff --git a/clean/cc/5015b5b5baea686b024838ef7d540ed4.json b/clean/cc/5015b5b5baea686b024838ef7d540ed4.json
new file mode 100644
index 0000000000000000000000000000000000000000..bcb7f8e09a538ea980e5c4e3f18cf9877a49da34
--- /dev/null
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+{"doc_id": "5015b5b5baea686b024838ef7d540ed4", "text": "Johannesburg - The dust seems to be settling in Zimbabwe, with the transfer of power from one Zanu-PF veteran to another bloodlessly, for the most part, complete.\nElite pacts, or high-level negotiated settlements as they are otherwise clinically called, are a recurrent theme in southern African history, especially in the settler colonies of South Africa, Kenya and Rhodesia/Zimbabwe.\nWe are once again seeing a resuscitation in Zimbabwe – with the military clique, and desperate opposition, eager to reap the spoils of the carcass of now former President Robert Mugabe.\nThis of course all comes at the expense of the masses of Zimbabwe.\nThis has not worked in the past, and it cannot work now; and will only serve to avert the real issue for Zimbabwe – the economy.\nThe key failure in the international community has been in understanding this elite pact. Will it work this time? What will be different this time? We need to shift focus, with an understanding that the rush to elections, while symbolically appealing, will not get to the core of the deep-seated issues that need hard pragmatism.\nThe nature of the problem is indeed transcendent of Mugabe the individual. Rather, it is a deep economic crisis that stems from internal and external forces.\nThere have been bad policies by the liberation movement-turned-government (price controls, hyper-inflation causing quantitative easing and currency mismanagement which at one point saw the printing of Z$100 trillion notes as well as a lack of investor incentivising to mention just a few) to the extent that, in 2008, the Zimbabwean inflation rate was estimated at a rate of 76.8 billion% per month. And while more than one-third of the population is between the ages of 15 and 35 years, a staggering 86% of young people of working age are unemployed.\nAt the same time, however, the international community contributed to the crisis through, particularly, shock therapy measures by the World Bank and International Monetary Fund. That concoction is what brought us here. This is not to say Mugabe’s repression played no role; indeed it did. But that repression was something which Zanu-PF government inherited from the British colonial rule and latter day Ian Smiths Rhodesia and was never transformed; there were only cosmetic changes which failed to address the popular deficit in that country.\nZanu cadres were given custodianship of such a state, and as primed, carried out massive corruption and self-beneficiation. In other words, they failed to carry out the people’s demand for total liberation and emancipatory change in everyday life; the very promise which had made Zanu-PF so popular to begin with. Progressive steps taken in the early days were reversed in effect by subsequent regressive ones, enacted by an increasingly self-insulating political party.\nThe saddest part of all this, of course, is that the opposition is in tatters. The opposition were caught off guard when the events of November 14 took place. By every measure they are not in control of the fast-paced changes in Harare.\nTheir responses were predictable and indeed self-preserving kind. They have shown an immense eagerness for an elite pact with the generals in a “government of national unity” arrangement. Whether by design or by sheer coincidence, their response – and indeed that of the people who took to the streets in their hundreds of thousands after the announcement of Mugabe’s resignation – has played right into the hands of the military, and they are entirely caught up in the Zanu-PF cobweb; a fact which can only serve to strengthen Zanu-PF.\nTo begin with, it immensely legitimises them and Emmerson Mnangagwa and a flawed transition of government. Second, this will buy them a much-needed period in which to re-brand Zanu-PF for a post-Mugabe period. And, although Mugabe will be out of government, Mugabeism will continue in his absence.\nThe old guard is the same crop of people who protected him and his looting, from which they benefited immensely. And, of course, there is the big question of whether the opposition has any chances of winning in a context where Mugabe is no longer president. They have based their message on negative campaigning; but now that Mugabe is gone, the Zanu-PF may see a surge in popularity against the backdrop of an opposition party with no political and economic message outside of “Mugabe must go”. Now that he is indeed gone, the people may look in vain for a reason to vote for the The Movement for Democratic Change Zimbabwe, and it may look in vain for a reason to give the people to vote for them.\nIndeed, even if Mnangagwa, who is now preparing for election for a full term next year, were to agree to a government of national unity, that would only play to his benefit as it would allow him to parachute the opposition on his own terms.\nThere is already a consensus in the country, the region and the world that it is better to deal with the devil you know. Working in his favour is the experience factor (it is still possible that part of the reason why the Zanu-PF-oriented military staged the coup was because they thought Grace Mugabe would most likely be widely rejected at the polls because of her lack of experience), and he is understood in the west and the east, as well as the region. He had already held a meeting with President Zuma before even being inaugurated, which can only be interpreted as a de facto blessing of his ascendency.\nPretoria, Washington, and London are therefore respecting the transition, but will continue to hope, until he proves them wrong, that he will move the country away from the path of repression (in which he was a direct participant) and become a converted democrat; though rare, the likes of this were witnessed in Ghana under Lieutenant-Colonel Jerry Rawlings and in Nigeria under incumbent President (and Major-General) Muhammadu Buhari.\nThe elephant in the room, of course, is whether Mnangagwa can go any distance in fixing the Zimbabwean economy, an economic situation whose decrepit nature has become a caricature in itself.\nDoes he have the right policies? Is he supported in the region and the world (critical external players with whom he will have to interact and co-operate to reverse the economic reality in Zimbabwe). As said earlier, the root causes are internal and external – the only cogent answer can therefore be that it is not only up to him and the policies he puts into place.\nA pragmatism is needed to prevent a reversal to the failed policies of the past. To begin with, an elite pact is not what Zimbabwe needs. There needs to be a people-centred approach to the problem. The Mnangagwa government must find ways to first put a stop to the exodus of the people of Zimbabwe and the brain drain. It must equally think seriously and quickly in terms of the experiences of other post-crisis nations and bringing back their diaspora, and that means understanding why they left in the first place. At the same time, it must also tap into the skills and education those people have surely returned with and at the same time act like a 21st century government; people do not need to physically return for them to meaningfully contribute to their mother country. Indeed with remittances currently standing at twice the level of developmental assistance, taking advantage of the “diaspora economy” may immensely benefit the country.\nWhat of the international community? Let us be frankly aware that these shifts in Zimbabwe are taking place in which there is great withdrawal by states; with the Trump White House bent on an “America First” policy, Whitehall attempting to reverse its membership in the EU, which is as protectionistic as ever.\nFor South Africa, the primary issue is the official usage of the rand in Zimbabwe in a co-ordinated manner that is structured. The international investor community must be given incentives to come back to Zimbabwe. Property rights should be guaranteed, as should be fair trade that is not alienating investors.\nA look at the agricultural sector, which is Zimbabwe’s strongest, raises eyes towards Britain and the land question. Britain, as a former coloniser, must cleanse its original sin and respect the commitments it made in the Lancaster House negotiations instead of buck-passing to South Africa.\nThe EU and US must move beyond their neo-colonial and somewhat racist policy of sanctions which would seem to imply that they are more concerned with white farmers than with the black people of Zimbabwe. The lifting of the sanctions will give space to the new government to start afresh.\nThere should be incentives for them to achieve milestones in reversing the draconian policies of the previous government. To that end, the heavily indebted poor countries initiative, which was brought about for purposes of debt forgiveness for poor countries, should find application in Zimbabwe, failing which what could be a renewed start could soon become consumed with paying off the atrocious debt of the Mugabe era.\nWill any of these potential policies find application? There is a need to see Mnangagwa hit the ground running. To be watched closely will be the states he will visit. South Africa is probably high on his list, as are Beijing and London.\n*Monyae is a political analyst and co-director at the University of Johannesburg Confucius Institute.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/news/world/where-to-from-here-zimbabwe-12144671"}
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diff --git a/clean/cc/50504fb80d6866961723e04f879dc6d1.json b/clean/cc/50504fb80d6866961723e04f879dc6d1.json
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index 0000000000000000000000000000000000000000..34291dd93ada687b6bee8f09560741427587f39f
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "50504fb80d6866961723e04f879dc6d1", "text": "Advertisement\nYou can’t deposit or withdraw money without these three items – Bank of Ghana warns\nThe Bank of Ghana (BoG) has directed banks and other specialised deposit-taking institutions to ensure that people who deposit money into and/or withdraw same from accounts that are not theirs provide their “full personal details” to the transacting institution.\nIn a notice published in the Wednesday edition of the Daily Graphic, the central bank said such persons must provide their “name and address, a verifiable identification card and a telephone number to the requisite bank or specialized deposit-taking institution.”\nIt said the directive was in compliance with the section 23 of the Anti-Money Laundering Act, 2008 (Act 749), as amended.\nThe Act seeks to shine transparency on persons engaging in financial transactions in a bid to stem money laundering.\nThe notice was signed by the Secretary of BoG, Frances Van-Hein Sackey.\nIt said “in accordance with section 23(7) of the Anti-Money Laundering Act 2008, (Act 749) as amended, all banks and specialised deposit-taking institutions shall require the full personal details of a person who makes a deposit into or withdrawal from an account on behalf of another person.\n“Banks and specialised deposit-taking institutions and the general public are to take note and be guided accordingly,” it said.\nGraphic Online understands that some of the banks and specialised deposit-taking institutions were complying with the directive prior to the September 4 notice.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/you-can-t-deposit-or-withdraw-money-without-these-three-items-bank-of-ghana-warns.html"}
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diff --git a/clean/cc/5112e16b566756b1e936bd7ae13654fc.json b/clean/cc/5112e16b566756b1e936bd7ae13654fc.json
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index 0000000000000000000000000000000000000000..e8ddf25af1e2fec682ee7ed73a4a1132c177024f
--- /dev/null
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+{"doc_id": "5112e16b566756b1e936bd7ae13654fc", "text": "The Central Bank of Nigeria (CBN) gave an official node to telecommunication operators’ push to offer mobile money services in Nigeria as the industry regulator issued final approval to three firms to operate as Payment Service Banks (PSBs) on Friday.\nThe three firms are Hope PSB a subsidiary of Unified Payment, Globacom’s Money Master and 9Mobile’s 9PSB. The apex had issued Approval-in-Principle (AIP) to the three subsidiaries in September 2019.\n“Three Payment Service Banks (PSB) have been granted final approval to operate as PSBs following compliance with licensing requirements: a. Hope PSB b. Moneymaster PSB c. 9 PSB,” the CBN said in a tweet.\nA PSB license allows the companies to among other things; maintain savings accounts and accept deposits from individuals and small businesses, which is covered by the deposit insurance scheme; carry out payments and remittance (including cross-border personal remittance) services through various channels within Nigeria; issue debit and prepaid cards, and operate an electronic purse or wallet.\nFor a company to obtain the licence to operate as a payment service bank the CBN said it would have to provide the financial requirement of N5.35 billion.\n“Minimum capital N5,000,000,000.00, Non-refundable application Fee N500,000.00, Non-Refundable Licensing Fee N2,000,000.00 and change of name fee N1,000,000.00,” as complied from the new circular that has the guideline issued by the central bank for licencing and regulation of Payment Service bank.\nAccording to the circular, the structure of the banks include the fact that they shall among other requirements operate mostly in the rural areas and unbanked locations targeting financially excluded persons, with not less than 25% financial service touchpoints in such rural areas as defined by the CBN from time to time\n“Enter into direct partnership with card scheme operators. Such cards shall not be eligible for foreign currency transactions; deploy ATMs in some of these areas; deploy Point of Sale devices,” the apex bank stated.\nPayment Service Banks according to the central bank shall not grant any form of loans, advances and guarantees (directly or indirectly) or accept foreign currency deposits; deal in the foreign exchange market except as prescribed by the CBN.\nThey shall also not participate in insurance underwriting; undertake any other transaction which is not prescribed by this Guidelines, and shall not accept any closed scheme electronic value (e.g. airtime) as a form deposit or payment.\nThe apex bank said the license of a PSB may be revoked by the regulator subject to any of the following conditions: Failure to comply with any of the provisions of the PSB Guidelines or other circulars and Guidelines issued by the CBN from time to time, failure to comply with the provisions of the BOFIA, and Voluntary liquidation by a PSB with the prior written approval of the CBN.\nBefore now, only banks and licensed financial institutions were allowed to provide these services. Although telecom operators and other fintech companies indicated interests to operate in the market, the CBN policy would not allow them. The regulator eventually shifted because of the increasing rate of financially excluded people in Nigeria and the lack of progress in getting banks to provide financial services to people living in areas that lack access.\nThe apex bank has a target to ensure that 80 percent of the country’s adult population is financially included in the financial cycle by the year 2020. The CBN had in a circular on July 2018, lamented that Nigeria was not meeting any of the financial inclusion targets agreed and contained in the 2012 Financial Inclusion Strategy. Not only was the country not meeting its targets, but it was also declining in growth. For instance, while Nigeria achieved 60.3 percent in 2012, it declined to 58.4 percent in 2016 against a target of 69.5 percent translating to financial exclusion of about 41.6 percent.\nThe World Bank Global Findex Report 2017 estimates that of the 1.7 billion adults who are unbanked and financially excluded worldwide out of the estimated world adult population of billion, Nigeria has 3.4 percent even though its population is 2.6 percent of the world population.\nIn a bid to grow the number of financially included people, the CBN released an exposure draft in October 2018 in which it proposed Payment Service Banks aimed at deepening financial inclusion in Nigeria.\nAt least 30 business names applied for registration as PSBs as of December 2018, according to data from Corporate Affairs Commission (CAC) which BusinessDay saw.\nAmong the list of applicants were four of the telecommunications companies that operate in Nigeria, MTN, Globacom, Barti Airtel and 9Mobile. Other companies include Probity Payment Service Banks; IFIS; Hope PSB; Goals; A-Tel; among others.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/banking-finance/article/cbn-issues-licence-to-glo-9mobile-up-subsidiaries-for-psb-services/"}
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diff --git a/clean/cc/528456690e0e37380f41c02ce40291a9.json b/clean/cc/528456690e0e37380f41c02ce40291a9.json
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index 0000000000000000000000000000000000000000..7d01dfcec30f767f58a48be1acea57a726e9594c
--- /dev/null
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+{"doc_id": "528456690e0e37380f41c02ce40291a9", "text": "SOMEONE said strategy is everything. He is wrong for nothing is everything as President Bola Ahmed Tinubu, a hyped master strategist, is finding out in running Nigeria. If you are a good man, the paucity of like-minded folks would shock you.\nIf you are a bad man, one of your earliest discovery would be that there were people by far worse than you, and unwilling to yield the competition.\nTinubu had long declined to be counted among saints. It was a brave choice, not only in his circumstances, but in the seeming acceptance that the baggage he pulls along would have drown anyone, except Tinubu. Sadly, he has pressed the panic buzzer too early in the day.\nRead also: Tinubu withdraws Kashim’s nomination as FERMA chairman\nHow would he survive that? How could he react swiftly and beyond reasoned action on a slim matter like the headship of the Federal Roads Maintenance Agency, FERMA? What was wrong in appointing a young man to head FERMA? Is there a statutory age provision for the role? Tinubu crumbled when voices rose against the 25-year old Ibrahim Imam. The first-class graduate of a foreign university also parades a Master’s degree. His qualifications are relevant to civil engineering.\nThe loudest dissents were over his age, though he had completed the National Youth Service Corps only last year.\nHis rash management of the matter was devoid of any semblance of logic or attention to the yearnings of any section of Nigerians, except those Tinubu thinks can save him from future troubles.\nThe decision to send the young Imam away confirmed a few things about Tinubu, and the All Progressives Congress, APC, which has been consistent in declining from a political party to a party, and more likely to end up as a town hall, different, speaking incoherent tunes.\nHow would Tinubu have forgotten the song and dance that APC made of its ‘Not Too Young To Run’ Act that mainly opened places for younger people places in government? We knew it was a panicky appeasement of younger people after their occupation of the Lekki Toll Gate in Lagos, three years ago, over police brutality.\nThey stirred President Muhammadu Buhari to momentarily wakefulness – again for the moment.\nWhat is wrong with a 25-year-old being the Chairman of FERMA? Was the ‘Not Too Young To Run’ law a slogan that expired with Buhari? Does Tinubu, burdened with the present, not have space for young people, the future?\nTinubu did not think of the long list waiting for appointment when he took young Imam. A rich President may not be interested in FERMA’s 2022 budget of N82.6 billion. FERMA had N80 billion to dispense under capital projects and over-heads. A common name for both is contracts, better still patronage. Should a young man who lacks the experience to dispense patronage control money?\nRead also: Kidnappings soar despite Tinubu promises to curb insecurity\nThe main challenge lies elsewhere and makes FERMA’s resources pale to nothing. Imam’s father was the problem. Kashim Ibrahim-Imam is the Chairman of the Board of Trustees of the Tertiary Education Trust Fund, TETFund. The organisation has more loads of money than the ordinariness of its name tends to suggest.\nImagine an organisation that has no annual budget. Funds flow into its coffers from 2 per cent tax on the profits of companies in Nigeria. Federal Inland Revenue Service, FIRS, collects the money on behalf of TETFund.\nPlease take a minute to digest that; I took a couple of minutes to do so. You can call TETFund a gold mine, an oil well without spillage and host community issues. Ibrahim-Imam leads decisions at TETFund. There are thousands of contracts spread over 43 federal and state 48 universities; 40 federal and 49 state polytechnics; 27 federal and 54 state colleges of education.\nTETFund pays for different interventions – facilities, equipment, books, publications, lecture halls, scholarships for lecturers, researches – in public universities, polytechnics, and colleges of education – to improve the quality of education. There are 261 public institutions that qualify for TETFund’s interventions.\nA simple argument that saw the younger Imam jobless, only days after his nomination to the Senate, was that his father’s compensation was more than enough for a couple of families in one electoral tenure.\nThose who knew TETFund’s worthy led the protest that panicked the President in another round of presidential foible. While Buhari excelled in sprinkling his appointments with names of the dead, Tinubu’s excellence has been in appointing people without diligence over their credentials, and the high octane politics like Imam’s raised.\nMired in distant pasts that have planted themselves unyieldingly in the present, Tinubu’s acclaimed bravery has deserted him. His followers consider him strategic. What they tend to ignore is that Tinubu as president is different. Every evidence, for or against him, point to a man who is better left to bear his numerous burdens alone. He is the one who knows how many shoes he wears. He cannot count their pinches.\nDistant watchers come to sudden conclusions about Tinubu as he navigates life. It is obvious that we do not know Tinubu in enough measures, and convincing circumstances, to reach conclusions about him.\nRead also: Tinubu ends no work, no pay order for doctors\nIs it a surprise that anyone who tries to defend Tinubu turns out a liar? They have all taken risks about a man they thought they knew. They find out in the journey with Tinubu that they do not know their leader. Why then bother about the direction?\nTinubu has become a shared burden. We can mock him, we make jokes of the President but the real joke – and it is on all of us – is how he got here.\nA Nigerian president that could not use the Imam appointment to firm up his care for the youth (and it did not have to be Imam), or is busy flicking through wads of pages on Chicago, and strategies for stopping FBI from generating more questions about him, deserves more than self-pity. We do not know Tinubu enough to determine what quantum of pity to deploy to his causes.\nFinally…\nCANDOUR can be another name for Godswill Akpabio, our uncommon Senate President, who has admitted he was a bad example in conversations about corruption.\nHe is right. As a Senate President managing an allegation of stealing N108.1 billion, the worse thing to permit a future Chairman of the Economic and Financial Crimes Commission, EFCC, was the imprudence of using you as an example.\nOla Olukoyede had said, “If we are investigating the Senate President for example…” Akpabio retorted, “I’m very glad that the nominee wants to use the Senate President as an example. But Mr. Nominee, leave the Senate President for now, look at this direction (pointing at the seats of opposition lawmakers).”\nVICE Chancellor of the University of Medical Sciences, Ondo, Prof. Adesegun Fatusi: “I believe firmly that anyone who has gone to government school under government sponsorship must be bonded to serve the country for five years before he/she goes and I have absolutely no apology for that.”\nRead also: Tinubu approves 4 months withheld salaries for ASUU memebers\nHe should also advise government to create more opportunities, more scholarships for medical studies in Nigeria. Ganiyu Abiodun Johnson has sponsored a bill to prevent Nigerian-trained medical or dental practitioners from being granted full licences until they have worked for a minimum of five years in Nigeria. The bill has passed second reading in the House of Representatives.\n.Isiguzo is a major commentator on minor issues", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/ferma-a-tear-for-nigeria-as-tinubu-presses-panic-button/?utm_source=auto-read-also&utm_medium=web"}
\ No newline at end of file
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new file mode 100644
index 0000000000000000000000000000000000000000..ecbf5912aa9564a3e1a5f12c9674aae44049049d
--- /dev/null
+++ b/clean/cc/53c312ff6fce60e1a5fae14fab98183a.json
@@ -0,0 +1 @@
+{"doc_id": "53c312ff6fce60e1a5fae14fab98183a", "text": "Johannesburg - South Africa could lose 60 000 jobs in the beverage industry due to a proposed tax on sugary drinks, the chairman of Coca-Cola Beverages Africa, Phil Gutsche, said on Tuesday.\nThe National Treasury had proposed a 20 percent tax on sugar-sweetened drinks under a plan that delighted health campaigners and angered drink makers.\nThe sector employs about 200 000 people.\n“If this tax proceeds, we stand to lose 60 000 jobs in our industry. More than 5 000 livelihoods will be affected in Nelson Mandela Bay alone,” said Gutsche.\n“The poor will, therefore, literally become poorer and not thinner.”\nGutsche was supported by Mapule Ncanywa, the executive director of the Beverage Association of SA, who said 97 percent of the country’s obesity problems had nothing to do with sugar-sweetened beverages.\nNcanywa said voluntary reformulation, packaging, labelling and other targeted commitments already adopted in South Africa, would result in greater impact on tackling obesity than the anticipated reduction of 37 kilojoules a day.\nNcanywa said the industry was committed to the economy. She said if the industry continued to grow, its contribution to tax receipts would quickly outpace expected revenues from the sugar-sweetened beverages tax.\nBUSINESS REPORT", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/business-report/economy/beverage-tax-could-cost-sa-60-000-jobs-2057832"}
\ No newline at end of file
diff --git a/clean/cc/56971683fcb3a7b29698856d9c091b17.json b/clean/cc/56971683fcb3a7b29698856d9c091b17.json
new file mode 100644
index 0000000000000000000000000000000000000000..057c299bdab822f24909d062fda19e56ab85e551
--- /dev/null
+++ b/clean/cc/56971683fcb3a7b29698856d9c091b17.json
@@ -0,0 +1 @@
+{"doc_id": "56971683fcb3a7b29698856d9c091b17", "text": "Allied for Climate Transformation by 2025 (ACT2025) issued a statement on the call for enhanced implementation ahead of the COP27, which begins next week in Egypt, calling for increased action in solidarity with vulnerable countries.\nThe 44-page document highlighted UN COP26 decisions that fell far short of the expectations of vulnerable developing countries.\nIt said significant mitigation and adaptation gaps remained unfilled; a loss and damage finance facility—which could have provided a lifeline to enhanced loss and damage action; and a climate finance commitment of $100 billion per year that went unfulfilled.\n“Many of these issues were cast off, to be addressed at another time. Yet, the science is clear: it’s now or never. We need to move from aspirational to operational,” the document authored by 16 experts said.\nDespite the fact that the globe has managed to reduce the warming gap from a predicted 4°C to 2.1°C over the past few decades, the authors stressed that pledges made by countries should be turned into action.\n“Countries must set credible, ambitious 1.5°C-aligned targets, protect the lives and livelihoods of the most vulnerable communities around the world, and ensure sustained cooperation.\n\"This must be complemented by diplomacy and dialogue beyond the United Nations Framework Convention on Climate Change (UNFCCC) process, with intervention from the G7 and G20, to advance the shared cause for solidarity.”\nThe Alliance for Climate Transformation by 2025 (ACT2025) wants the Paris Agreement to be improved with concrete decisions at COP27 on five key pillars.\nThe first step is to close the mitigation gap toward limiting global temperature rise to 1.5°C by firmly acknowledging and responding to the IPCC's Sixth Assessment Report (AR6), which requires all countries, particularly the G20, to update their Nationally Determined Contributions (NDCs) and long-term strategies in a credible, ambitious manner, in accordance with the Glasgow Pact and the scientific evidence provided by the IPCC Working Group III report, and to align short- and long-term policy.\nACT2025 also wants developed countries to be tasked with leading on climate ambition; highlighting policy best practices, particularly for sectoral action; supporting energy transitions and fossil fuel phaseout; and ensuring economic diversification through the Work Programme on Mitigation Ambition and Implementation.\nThe second key pillar focuses on delivering high-quality, scaled-up finance flows, particularly to the most vulnerable, while demonstrating tangible and credible progress from developed countries, particularly the G7, toward delivering $600 billion cumulatively by 2025.\nAccording to ACT2025, this progress must include a roadmap for increasing transparent, accessible, and grant-based adaptation finance, with the goal of achieving parity between adaptation and mitigation finance by 2025.\nThe consortium also wants COP27 to provide clear finance targets for mitigation, adaptation, and loss and damage finance, as well as recognise the role of the private sector and other non-state actors while keeping developed-country public finance at the centre of the new collective quantitative finance goal.\nAccording to the document, it must draw on lessons learned, science, and the needs of developing countries, while acknowledging that trillions of dollars will be required to achieve a 1.5°C-aligned transformation.\nThe third key pillar is to strengthen efforts to implement adaptation measures by making significant progress under the Glasgow-Sharm el-Sheikh Work Programme on the Global Goal of Adaptation.\nThe Work Programme necessitates agreement on an elaborated outline for the goal's scope and definition, as well as key elements on methodologies, indicators, data and metrics, needs and support, goal reporting, and mechanisms to review progress and inform the global stocktake.\nIt also requires countries to expedite the development of National Adaptation Plans and Adaptation Communications, and it calls on developed countries to provide predictable, grant-based funding for the development and implementation of adaptation plans, particularly through the Adaptation Fund and other Financial Mechanisms entities.\nThe fourth key pillar emphasises the provision of financial compensation for loss and damage. It requests that COP27 establish a loss and damage finance facility and develop a process to secure adequate, accessible, additional, and fit-for-purpose financing by COP28 in 2023.\nIt included making \"Loss and Damage\" a permanent agenda item for the Subsidiary Bodies and the COP. It also proposed an agreement on robust institutional arrangements and adequate funding for the Santiago Network on loss and damage, which would ensure access to technical assistance for developing countries and entail a paradigm shift in executing country-owned technical assistance that recognizes local expertise.\nThe final key pillar wants COP27 to implement the Paris Rulebook in order to hold countries and non-state actors accountable, to ensure that the first global stocktake process is inclusive, with ample awareness raising and participation of Global South organisations, and to pave the way for a robust and comprehensive outcome that covers mitigation, adaptation, loss and damage, and support, and to promote increased NDC ambition with equity at its core.\nThe authors also urge the United Nations Secretary-General to mandate that the High-Level Expert Group on Net-Zero Emissions Commitments of Non-State Entities (HLEG) develop robust recommendations to hold stakeholders accountable for commitments made outside of the Convention on Climate Change.\nAccording to the latest IPCC report, vulnerable countries around the world cannot wait for multi-year dialogues when their needs are so pressing, and thus COP27 must ensure that no one is left behind.\nIn the coming months, ACT2025 promises to further develop the five key elements of a COP27 enhanced implementation package for consideration by governments and other stakeholders.\nThe Allied for Climate Transformation 2025 (ACT2025) is a group of think tanks and experts working to elevate the needs and priorities of vulnerable developing countries in order to achieve ambitious, balanced, just, and equitable outcomes at the UN climate talks and chart a path forward to greater global solidarity.\nThe Caribbean Community Climate Change Centre (Caribbean), the Centre for Climate Change and Development at AEFUNAI (Nigeria), the International Centre for Climate Change and Development (Bangladesh), the Manila Observatory (Philippines), Power Shift Africa (Kenya), Transforma (Colombia), and the World Resources Institute (Global) are the consortium's core partners.\nLatest Stories\n-\nWhy Afua Asantewaa’s Guinness World Records attempt was disqualified\n-\nBawumia eulogises former Chairperson of the Church of Pentecost\n-\nEmbrace the spirit of curiosity and creativity – Ag. UniMAC VC charges freshers at 2nd matriculation\n-\nNDC commemorates 58th overthrow of Osagyefo Dr Kwame Nkrumah\n-\nTraditional games: Ampe, skipping rope, hot scotch once busy pastimes for young girls now waning\n-\nECOWAS lifts sanctions imposed on Niger\n-\nHow I was sex trafficked by my husband for 13 years\n-\nCAF Champions League: Medeama exit competition\n-\nI used to visit pastors for spiritual handkerchiefs – Fameye\n-\nYoung artists are not humble enough to learn – Nana Poku Ashis\n-\nInternational Organization for Migration, others appeal for $112m for migrants\n-\nNCA shuts down 4 radio stations in Bawku\n-\nNigeria’s Iwobi and Bassey score as Fulham hand Manchester United first defeat in 2024\n-\nJordan Ayew excels in Crystal Palace win over Burnley with goal and assist\n-\nI had an affair with a colleague but I did not tell her I was married", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/cop27-will-sustain-implementation-of-ambitious-climate-action/"}
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index 0000000000000000000000000000000000000000..509a9eefb6ca929710380f857734d11fae44c032
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "586edd64bd0d2231949063c3d704622a", "text": "Purchasing power in the Sahel region has stagnated over the past decade being strongly linked to the rising cost of living. In 2013, the average GDP per capita in West Africa stood at $1,905. Fast forward to 2022 we can see a GDP per capita of $1,690, indicating very negative growth regionally. This trend correlates with an uptick of inflation in various Sahel countries, as well as a surge in violence by bandits and jihadist groups.\nTo comprehensively analyse the reasons for these setbacks we must revisit the various themes found in all of these governmental styles. In the Sahel, we can analyse a more relaxed neoliberal style of governance as commonplace and as a de facto way of governance for most states. Alongside this we can see that generally these states share the same trade positionality, as poor free market states with large trade deficits and we can also see a decline in investment in the latter years of the decade.\nThe African continent due to underdevelopment, is pushed to the periphery of the world economy. The continued deficits are haunted by the ghost of free trade\nNeoliberalism\nNeoliberalism, as aptly defined by David Harvey is a “theory of political economic practices that proposes that human well-being can best be advanced by liberating individual entrepreneurial freedoms and skills within an institutional framework characterized by strong private property rights, free markets and free trade.”\nAs argued by him neoliberal frameworks at minimum set up military, defence and legal structures that defend private property and allow at its most basic for the market to function. It helps create markets where they are not present (for example a for profit health care system versus a single payer one). State intervention in the economy is discouraged as the state is seen as a statist villain. Neoliberals argue that whatever the state can do, the market can do better. This has been a common vision of economic thinking since the election of Thatcher in Britain and practiced in countries such as Chile under Pinochet. Deregulation and Privatization have been lauded in African think tanks as a prerequisite for development when we can see the negatives of state agencies and the cost of living.\nRead also: Households’ cost of living surges in Tinubu’s 100 days\nAfrica itself transitioned into these types of economic models after the oil crisis of the 1980s. While neoliberalism is a typical West African economic orientation, this was modelled first with Sadat’s reforms. Egypt, which had emphasized previously a developmental model of import substitution industrialization, undertook the gradual privatization of hundreds of public enterprises known today as Infitah. This greatly exasperated the inequities between rich and poor Egyptians and these indigenous enterprises could not generally compete causing mass unemployment and the slashing of wages. This was directly linked to the cost of living crisis and the promised aid and assistance dried up creating a poor class of people that could not afford the amenities that were promised with economic liberalization. Many countries suffering from balance of payment problems found themselves in this conundrum and ultimately took to becoming much poorer due to the end of protectionism protecting their emerging industries.\nMany African nations took these measures with the belief that public sector and governmental corruption would be offset by having a strong private sector that would avoid corruption and be profitable. But in most cases this was a free for all, the people that were able to buy these enterprises were people from the government and the very rich. These private enterprises lost even more oversight and due to their institutional ties and wealth they are able to lobby in a way that makes corruption even worse for the government to tackle.\nDespite declining GDP and living standards, there has been little correction in the face of economic crises in these African nations. These countries are encouraged to privatize their public enterprises, resulting in the displacement of thousands from public sector jobs. Subsidies, designed to assist the working class in affording essentials like fuel and consumer goods, are being reduced, leaving millions with diminished purchasing power. IMF conditionalities often hinder countries from using loans productively; instead, they are used as temporary fixes for perpetual budget shortfalls. For instance, in Ghana, which is grappling with soaring inflation and a cost of living crisis, the IMF required a freeze on public sector eagles and hiring in exchange for loans, leading to layoffs and heightened poverty among these workers.\nThe current strategy of these governments, which prioritize expanding market mechanisms at the expense of workers, has proven to be unsuccessful and fails to generate the level of growth required to become a rapidly developing economy.\nRetreat in investment\nThere has been a net decline in investment in Africa which has negatively impacted the economies of the Sahel. In general, more money flows outside of Africa than into Africa. Negative regional growth lowers the possibility of investment. In a lot of cases the concept of labour power is stressed where it is seen that Africa having a large population of manual laborers could attract investment the way that China did in the 1970s.\nThe main issue with this assessment is that capital invests primarily in sectors where the profit rate is much higher, meaning that is more likely to invest in richer, more educated sectors of the world. In 2022, Africa only made up 45 billion of FDI compared to 1.295 trillion of total investment around the world, less than 3% of total FDI. Capitalists prefer high wage countries where there is high purchasing power to afford products. With the developed world primarily in crisis, the demand for the products of African countries will decrease. FDI is a niche that only some rapidly developing countries can depend on but they are the exceptions. It is near impossible to facilitate growth from “comparative advantage.” from labour investment.\nIn China and the Asian tigers investment primarily came from Cold War political contexts, a lot of them focused heavily on obtaining an educated population. In China, this was facilitated through tech transfers and an industrial base originating from its communist political history. Viewing these specific conditions as being able to be copied is obscene when comparing two different specific models of investment. Developed industries even if their rentier (like a majority of Third World Resource development) attract investment not just “ease of trade.”\nRead also: Nigerians rely on sport betting, loans as cost of living rises\nTrade positionality\nThe African continent due to underdevelopment, is pushed to the periphery of the world economy. The continued deficits are haunted by the ghost of free trade. For years many have argued that Africa should use its position as a resource rich and cheap labour to utilize its “comparative advantage” and invest in any relevant sectors. The argument by free traders began with Portugal and UK (which ended up with mass unemployment in Portuguese industries and the deficits were only co-operated with colonial plunder) and now is being applied to the African continent.\nWhat free-traders fail to see is that the theory of free trade does not co-equally benefit both partners in a free trade agreement. The countries that benefited the most from free trade have had cycles of protectionism growing its industries allowing it to outcompete, outproduce and oversaturate market share in comparison to the poor countries specializations. It is very difficult to grow via export-led development as historically the era of free trade (1980s onward) has been marked by reduced terms of trade and poverty between Africa and the Developed world.\nOverall, high wage countries have more productive techniques and therefore more of an advantage, huge economic blocs like the EU can prevent countries from exporting what they would like by limiting imports. African countries don’t have the finesse to prevent this; exporting to the west at negative terms of trade is better than having fewer markets to export too (which would cause even more unemployment and deficit issues). When free traders point to a global reduction in poverty, this can only be seen with China’s heterodox political model, poverty in Africa has not reduced significantly with this political model.\nConclusion\nThe Sahel has faced significant economic issues over the past decade, leading to stagnation in purchasing power and declining living standards. The link is undeniable. The average per capita GDP in West Africa has declined showing negative prospects for future growth under this mode. West Africa’s economic challenges should be based on a rejection of this current economic model, better investment practices and trade practices that show finesse and understanding of Africa’s current role in the world economy. The way to fight underdevelopment in West Africa should be based in a departure from the status quo and a commitment to addressing the average West African workers’ concerns.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/cost-of-living-crisis-and-neoliberalism-in-west-africa/?utm_source=auto-read-also&utm_medium=web"}
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new file mode 100644
index 0000000000000000000000000000000000000000..07b1744c41b231daedf3edaa03c4ebdd526c5d28
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "5a3c64a3c2aafd891da42935b79501ac", "text": "energy efficiency\n9 Jun 2023\nIn the wake of an energy crisis triggered by Russia’s war in Ukraine, the world has become a lot more energy efficient, according to a new study. Are we seeing a permanent, global shift in energy transition? Yuka Royer speaks with Fatih Birol, the head of the International Energy Agency.\nLatest\n1 day ago\nAs tensions escalate in the Gaza Strip, many displaced Palestinians are now gripped with fear about Israeli forces launching a relentless assault on the city of Rafah.\n1 day ago\nIn an interview with FRANCE 24, NATO Secretary-General Jens Stoltenberg said he expected that \"regardless of the outcome of the US elections\", Washington \"will continue to be a committed NATO ally\".\n1 day ago\nDoctors in the U.S. are struggling to contend with burnout, staffing shortages and overwhelming administrative workloads, according to a new survey. Despite these challenges, 83% of doctors in the survey said they believe AI could eventually help. More than 1,000 doctors were surveyed between Oct. 23 and Nov. 8 in the study, commissioned by Athenahealth.\n1 day ago\nOn January 6, the US aviation regulator FAA ordered the temporary grounding of certain Boeing 737-9 MAX aircraft operated by US airlines or in US territory, affecting 171 planes.\n1 day ago\nRussian investigators have said they are carrying out a 14-day forensic \"investigation\" of the opposition leader's body. Navalny's family has so far been refused access to his remains.\n1 day ago\nIsrael's GDP fell by 19.4 percent in the last quarter of 2023, according to preliminary figures published by the country's Central Bureau of Statistics on Monday. It's the biggest contraction the economy has seen since the early days of the Covid pandemic, and can be attributed to the impact of the war on Gaza following the October 7 Hamas attacks.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://tv.guardian.ng/tag/energy-efficiency/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..bb678795f7a034fbfdaf2a15ab2d05f068057580
--- /dev/null
+++ b/clean/cc/5aa5af2ac68d21523a70fb9be20cd147.json
@@ -0,0 +1 @@
+{"doc_id": "5aa5af2ac68d21523a70fb9be20cd147", "text": "In a move that confirms its dominance of the ground handling sub-sector of the Nigerian aviation industry, NAHCO Aviance has signed a series of contracts to provide excellent service to eight international and domestic operators.\nIn a statement issued after the New Year holiday, the company disclosed that it will handle long-term client and partner Egypt Air from January 1, 2024, to December 31, 2028.\nEgypt Air has joined the list of NAHCO’s clients with five-year contracts, in addition to Qatar Airways, Turkish Airlines, and Ethiopian Airlines, which recently increased NAHCO’s share of its warehousing wallet.\nThe contract with Egypt Air rounded off the list of contracts entered into with several airlines, including Nigeria’s largest carrier, Air Peace, for domestic, regional, and international operations; Rwand Air (including at Kano); ASKY; Air Maroc; DHL Aviation; Dana Air; and Astra Aviation.\nThe contracts, excluding Egypt Air’s, are for three years each.\nGMD/CEO of the company, Indranil Gupta, expressed his delight about the development, saying the company will always be the go-to ground handler in the country.\nHe said, “These partnerships underscore the confidence our clients place in the excellence and efficiency with which NAHCO is synonymous. Our dedicated and robust workforce is committed to upholding the highest operational standards. We remain unwavering in our pursuit of continuous growth and improvement, always exceeding expectations to ensure client satisfaction.”\nSaheed Lasisi, the Group Executive Director of Commercial and Business Development, acknowledges the competition in the industry but adds nonetheless that NAHCO will always be the provider that airlines will partner with.\nAccording to him, the company has a strong and dedicated workforce that is second to none in the industry.\n“It is very clear that NAHCO is a strong and efficient brand that has endured more than 44 years of aviation handling efficiency and high-quality standards.\n“Our professional and operating ethics set us far above other operators, and this is further proven by our growing list of satisfied local and international airline partners. We will deliver on our promises, and we will deliver service beyond expectations,” Lasisi said.\nLasisi disclosed that the first set of modern GSE, which the company had paid for, will arrive on the shores of Nigeria this quarter, 2024.\nHe explained that the investment in modern GSE is strategic as NAHCO seeks to expand its operations and further delight its clients.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/nahco-signs-8-aviation-handling-contracts/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..906fecb50a1681ee400bb73b78db158e11d3c90b
--- /dev/null
+++ b/clean/cc/5d0187ed25749e41e32f28e11e90969f.json
@@ -0,0 +1 @@
+{"doc_id": "5d0187ed25749e41e32f28e11e90969f", "text": "$1,1bn availed for boreholes\nElita Chikwati\nSenior Reporter\nAround 1 800 boreholes will be drilled this year, almost a third at schools, using $1,11 billion from the Government for both horticultural production and primary water supplies with provincial leaders and local communities deciding where the drilling takes place.\nThis comes as Government is targeting to drill 44 600 additional boreholes countrywide by 2025 to provide water with 35 000 to be drilled in villages and 9 600 at institutions.\nThis programme will address the twin challenges of water security and food nutrition security for the rural populace as the country moves towards an upper middle-income economy by 2030.\nAgriculture, Lands, Fisheries, Water and Rural Resettlement Minister Anxious Masuka in his Ministerial statement he presented in Parliament last Tuesday said Treasury had availed funds for massive borehole drilling.\n“Treasury has, in 2021, availed $760 million through District Development Fund and ZINWA and another $ 350 million through the Ministry of Primary and Secondary Education for borehole drilling, altogether $1.11 billion. This will be sufficient to fund the drilling of around 1800 boreholes countrywide.\n“Zimbabwe has approximately 41 754 boreholes in various provinces. These water points provide potable water to rural communities but their functionality is about 55 percent,” he said.\n“These will be drilled at a distribution rate of one borehole per village and one at every one of the 9 600 schools. To start off, we will target three boreholes per ward and where there is sufficient yield, piped water schemes powered through solar energy will be developed to serve villages and institutions. We have dubbed this programme the Presidential Rural Horticulture Scheme which is part of the broader Horticultural Recovery and Growth Plan,” he said.\nMinister Masuka said Ministers of State for Provincial Affairs and Devolution will co-ordinate the borehole site identification efforts with local community leadership.\nVillagers will also identify three potential sites that will be subjected to hydro geological surveys for confirmation of potential sites for drilling.\nIt is these sites, identified by the locals and where scientific confirmation of potential for water has been made, where boreholes will then be drilled, he said.\nMinister Masuka said currently, the process of identifying the three sites per ward had just commenced.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/11bn-availed-for-boreholes/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..05b777856b12300c47a2034c142aa9503815b403
--- /dev/null
+++ b/clean/cc/5dfb97edcc962e733b6294144a6567f3.json
@@ -0,0 +1 @@
+{"doc_id": "5dfb97edcc962e733b6294144a6567f3", "text": "National Drug Law Enforcement Agency\nLatest\n18 mins ago\nA multinational health and wellness company, QNET, has commenced training for business representatives and marketers in the Sub-Saharan Africa on new business models that will enhance their marketing skills.\n25 mins ago\nA rights group, Nigerian Unemployed Youth Vanguard has blamed the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso for the hyperinflation and it's attendant consequences on the wellbeing of the citizenry.\n27 mins ago\nThe President of African Export-Import Bank (Afrexim Bank), Prof. Benedict Oramah, has said with enabling environment in trade institutions Nigeria would lead Africa in trade value chain.\n31 mins ago\nActors Guild of Nigeria (AGN), has renewed its partnered with ruzu herbal products company to ensure universal healthcare coverage among the members and Nigeria at large.\n1 day ago\nMark Dodson, the voice actor known for bringing iconic characters to life in \"Star Wars\" and \"Gremlins,\" has passed away at the age of 64. Dodson's most recognizable roles included the cackling court jester Salacious Crumb in \"Star Wars: Return of the Jedi\" (1983) and the mischievous Mogwai in \"Gremlins\" (1984). His talent extended beyond…\n1 day ago\nTo enhance Nigeria’s oil production capabilities, the country has been urged to adopt Brazil’s model of public-private partnerships (PPPs) and policy reforms that triggered investments in deep water oil reserves.\n1 day ago\nNigeria's richest man Aliko Dangote has named the \"biggest\" road network in his refinery complex after the former CEO of Access Bank Herbet Wigwe. Wigwe died in a helicopter crash in the United States along with his wife and son in February. \"I have actually decided to name our major refinery and petrochemical road—out of…\n1 day ago\nThe Senior Staff Association of Nigerian Universities (SSANU) and the Non-academic Staff Union of Education and Associated Institutions (NASU) have given the Federal Government a seven-day ultimatum to meet their demands or they will embark on strike.\n1 day ago\nThe Minister of Agriculture and Food Security, Senator Abubakar Kyari, has revealed that the Federal Government will release more foodstuffs into the Nigerian markets very soon.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/tag/national-drug-law-enforcement-agency/"}
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index 0000000000000000000000000000000000000000..dea2c02290ed5b1a7806c2ff33cb503eead0ab28
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@@ -0,0 +1 @@
+{"doc_id": "61a77bf750464d42f88cdaf6e446fcb8", "text": "Buhari and four years of threats to press freedom\nThe vexatious media accreditation requirements recently released and withdrawn by the National Assembly in the twilight of the eighth legislature fittingly capture how the media fared in the four years of President Muhammadu Buhari’s administration: trampled.\nDue to take effect from June 11, the guidelines demanded, among other provisions, that media organisations should submit copies of their income tax return for the last two years if they wish to be accredited for the coverage of NASS activities. Media stakeholders considered the action an attempt to trample on the freedom of the press.\nThe Nigerian Guild of Editors (NGE), in fact, described the guidelines as, “a scurrilous attempt to gag the press in a democracy and it cannot stand. These guidelines run contrary to the grains of reason, democratic ideals and they are a clear affront to the letter and spirit of the Nigerian constitution, which empowers journalists to freely practise their profession without any gag, muzzling and restriction.”\nThe guild regretted that the same eighth National Assembly, which benefited immensely from free press in its moments of trial, had turned against the press.\nSocio-Economic Rights and Accountability Project (SERAP) had reacted in a statement by its deputy director Kolawole Oluwadare that implementing the ‘accreditation guidelines’ would allow the lawmakers to escape accountability for their constitutional functions.”\nSERAP urged the Senate President Bukola Saraki and Speaker of the House of Representatives Yakubu Dogara to “open the windows and let in the daylight” of the National Assembly by immediately withdrawing the accreditation guidelines and allowing journalists to freely cover the activities of leadership and members of the National Assembly.”\nThe organisation had threatened to take national and international legal actions if the unlawful guidelines were not withdrawn by Friday, May 24.\nComing barely three weeks after the country joined the rest of the world to mark the World Press Freedom Day, on May 3, the guidelines underscored the statement that the country’s leaders pay lip service to advancing one of the fundamental tenets of democracy: free press.\nEarlier, in April 2017, the Chief Security Officer to the President, Mr. Bashir Bindawa, withdrew the press pass of the Aso Rock correspondent of Punch newspapers, Olalekan Adetayo. This dented the Buhari-led administration, which was barely two years old, bringing back memories of what the press was subjected to during the 1984 to 1985 era of the president when he was a military head of state. Although the pass was later restored, the damage had already been done.\nAttacks, attacks, attacks everywhere\nThe Director, International Press Centre (IPC), Mr. Lanre Arogundade, told The Guardian that not less than 60 journalists had been attacked in the last four years. He said, “there is too much hostility towards the media not just from government but some individuals. There is no strong commitment on the part of government to enable the FoI Act thrive.”\nThe Guardian checks revealed records of disagreements between journalists and state governors, especially in Rivers, Plateau and Kano states may have occurred while bloggers and social media writers also experienced the same.\nThe other biggest threat to the media these past four years has been the ever-present overzealousness of security agencies that routinely interfere with the responsibilities of the press to cover and report events.\nThe Nigerian press has had to face police brutality, arrests, torture and even death for the least publication that gets authorities mostly politicians and businessmen provoked.\nIn September 2017, soldiers attacked journalists at the NUJ office in Umuahia, beat them up and destroyed their work equipment for taking photos of the army during an Operation Python Dance show.\nIn 2018, a member of the House of Representatives caused police to arrest and detain a journalist working with Daily Trust, one Musa Krishi, for allegedly publishing an advertorial purported to be critical of the parliamentarian.\nDuring the last election, for instance, it was widely reported that security operatives routinely harassed and intimidated journalists, significantly impacting on election coverage. A group, The Committee for the Protection of Journalists, on March 13, 2019 complained of the incessant harassment of journalists during the presidential and governorship elections.\nNonso Isiguzo, a news editor with the privately owned Nigeria Info, a radio station, told CPJ that he was travelling on an election day between polling stations to report on elections in the Ahoada West Council of Rivers State when armed men, some wearing camouflage uniforms, stopped their Nigeria Info-branded car, told Isiguzo and his driver, Sunday Isiitu, to get out, and took their car keys.\nShortly afterwards, a second car carrying five others whom Isiguzo identified as journalists with accredited press tags was also stopped at the same point on the road.\nAlso, on an election day, the report, which cited another report by the BBC Pidgin, continued, Segun Adewale, a local politician known as ‘Aeroland’ and a member of the Peoples Democratic Party, hit and shoved BBC reporter Ajoke Ulohotse in Abeokuta, Ogun State.\nThe case of Mr. Jones Abiri, publisher of a Bayelsa State-based weekly paper, Weekly Source, also comes to mind. Abiri was arrested by operatives of Nigeria’s State Security Service (SSS) in July 2016 and detained till July 2018. Before he was charged to court, the Nigerian government had denied he was a journalist but only a crime suspect.\nIn January 2019, soldiers simultaneously invaded the office of the Daily Trust newspaper in Abuja and its outstation in Maiduguri, arrested the regional editor, and carted away computers and laptops for allegedly publishing classified military information, thus undermining national security.\nKunle Sanni, a Premium Times journalist was abducted by political thugs for taking pictures of alleged underage voters at a polling unit of Governor Simon Lalong in Plateau State. He was later released after he was forced to delete the pictures.\nThough Nigeria is one of the highest ranked African countries with vibrant media, the country’s press is still subjected to attacks by institutions of government.\nThe 2019 ranking of press freedom, which was conducted by Reporters without Borders, also known as Reporters Sans Frontières (RSF) saw Nigeria drop a place from 119 in 2018 to 120, among 180 countries.\nThe RSF bemoaned the incessant harassment and intimidation of journalists by military officers and politicians in the country, noting that journalists in Nigeria face obstacles when reporting stories that had to do with politics, terrorism and financial embezzlement.\nThe body said, “the defence of quality journalism and the protection of journalists need to be priorities during Buhari’s second term.”\nA tall order for FoI Act\nWhile assessing the state of the media in the last four years, Arogundade said that it had not been a smooth sailing for the media considering the many violations related to the issue of the FoI Act.\nHe said: “During the general elections, an unprecedented number of journalists were harassed and stopped from doing their work, even the fact that journalists were accredited by the Independent National Electoral Commission (INEC) did not stop those kinds of situations. While journalists have been striving to do their work, the environment is not made conducive by government.”\nA professor of mass communication, Lagos State University, School of Media and Communications, Lai Oso, said for the FoI Act to function well in the country, the media and civil society must use the tools at their disposal. He said, “the media institutions are not using the tools as expected. We need to build coalition, network that would be able to finance the use of the FoI Act instrument, as it would require a lot of resources.”\nArogundade lamented that it was quite worrisome that the trend of journalists’ harassment had continued. According to him, even government agencies and bodies have failed to ameliorate the media plight by not responding to their FoI request and as at when due.\nThe social media blossomed during that era, not essentially because government enabled it but because of developments in smartphone technology that allowed the spread of the digital experience and the consequent availability of the Internet to a larger segment of the population.\nThere is no absolute freedom anywhere in the world and it is also important that journalists understand the provisions of the Freedom of Information Act.\nThe Freedom of Information (FoI) Act is not a repetition of the United Nations Charter on Human and People’s Rights, which is also enshrined in the Nigerian Constitution and provides for the right o freedom of information. The FoI Act is an enabler for journalists to ask for information and rely on an existing law of the land to be allowed access.\nOso said the media in the last four years had experienced some challenges especially from security agencies that often go beyond the line in terms of their relationship with journalists. “ This, in a way put some kind of question at the level of tolerance and press freedom. By and large, I think we have had a very robust media engagement. The government has expressed a lot of reservations with the social media, but so far, no attempt has been made in trying to cut some of the excesses of the social media,” Oso said.\nOso said the media-government relationship could be characterised as love and hate. Oso noted, “Government has not been able to sum up the will to clamp down on the media, because of the robustness of the critical mark of opposition to such an attempt.”\nStrengthening the media for the future\nThe media enjoyed more freedom under the administration of former President Goodluck Jonathan but events since then appear to project the Buhari-led administration as seeming ready to settle score with the media in the last four years.\nHowever, Oso argued against the belief that the Jonathan Goodluck-led administration was more media-friendly, saying, “the way the All Progressives Congress (APC) engages the media is different from the way the PDP does. It’s not that the government prevented the media from doing something for the PDP, as they were free to organise their own media engagement. You will find out that the way APC uses the media today is different from the way they did as opposition; they were more creative but the PDP has not been too good at their use of the media.”\nWhile many argued that the last four years recorded the highest number of attacks on journalists in the country, others believe that the current administration had nothing to do with the attacks.\nAlso, the increasing influence of state actors on the media outcome is another issue. Many media houses displayed dangerous political bias, with editorial content leaning towards identifiable political interests, a situation described as not signifying equity, and which also runs counter to the watchdog role of the media. Journalists covering state houses have often been induced to treat news stories mainly from the perspectives of the state actors.\nIn an industry now dominated by fake news, it’s even becoming very difficult to draw the lines between news and junk. Social media with its speed and viral nature has made this even more pervasive.\nAccording to the Nigerian Press Council, “the Nigerian media have fallen victim of manipulations by government and politicians. We are being witnesses to the fallen standard of journalistic profession and its negative contributions to nation building through a hackneyed uncouth and indiscrete reporting of events and issues… ethnic polarization of media houses and consequent undue influence on power and political tussles. As a result, in moment of crisis, the media become ready tools for those actively involved in the crisis of power.”\nUnder section 22 of the 1999 Constitution, the media is required to uphold the fundamental objectives of the state and uphold the responsibility and accountability of the government to the people.\nSome have argued that the duty imposed on the media has been frustrated by the denial of access to information on public affairs. The provision of the constitution is a fundamental right by virtue of section 38 of the constitution, which stipulates, “every citizen shall have the right to freedom of expression including the right to obtain information and impart ideas.”\nPerhaps, many Nigerians are ignorant of the right the act gives; to request information from any public institution from all arms of government; executive (presidency), legislature (lawmakers), judiciary (courts) or any other parastatal supported by public funds or private organisations that provide public services or utilise public funds.\nWhat this means is that a lot depends on the journalist seeking the information. Any journalist whose access to information is restricted therefore has recourse to this law. Although reports have indicated that most government ministries, departments and agencies routinely frustrate efforts to effectively apply this law, records have indicated that most of the people seeking access to government information using the provisions of this law are not even practising journalists. Most are NGOs.\nTo strengthen the freedom of the press in the country, Arogundade said that the media must adopt the principle of “an injury to one is an injury to all”, adding, “media professional bodies such as NGE, NUJ, NPAN and so on need to start a dialogue with the government, police, army and others to have a clear understanding of the situation and subsequently proffer solution.\nA mass communication lecturer at the University of Jos, Dr. Taye Obateru told The Guardian that the media had done very well in aiding democracy growth in Nigeria, “The fact that we have independence at all has a lot to do with the media. The media fought for the restoration of democracy after the military interregnum. It is not as if the media took to campaigns but other civil organisations partnered with the media to ensure growth.”\nObateru, whose PhD thesis was on professional media practice in Nigeria said the media sometimes go overboard to survive. “Many media outfits are not strong enough to retain the best hands or pay good wages. In terms of compromise, a hungry man is vulnerable to manipulations.”\nHe, however, advised that journalists should continue to strive to uphold best practice, “At the end of the day, what journalism thrives upon is integrity, and should one lose it, it is like throwing caution to the wind,” he said.\nWhile assessing media regulators, practitioners and owners in the democracy era, Chairman Unilag Radio, Centre of Excellence, Prof. Ralph Akinfeleye said the press had done well but there was room for improvement. “I will say also that the government on its own part has exhibited some elements of tolerance. This is subject to some occasional misgivings on the true meaning of democracy on the part of politicians and of the true meaning of free press for sustaining democracy on the part of lawmakers and policy makers.\nAkinfeleye noted that the media had failed to deal with hate speeches, in spite of its crucial role in ensuring the survival of democracy. “Government should exhibit more tolerance by not withholding information, it should release information to journalists as at when due.\n“An article written in 2011 on freedom of the press as contained in the document allows the press to demand any public information and the government is empowered by this provision to release the document to the journalist, and the journalist does not need to state any reason why he or she needs this document,” he added.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/features/buhari-and-four-years-of-threats-to-press-freedom/"}
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index 0000000000000000000000000000000000000000..6e23fb666a3dd9579b042aec640b353a69bfff90
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+{"doc_id": "621f5a84184a2b374fb0df066aade0ce", "text": "On Monday, President Ruto cracked the whip at Kemsa and a day later, reorganised the PSs in changes that affected seven.\nIn a Cabinet meeting on Tuesday, a furious President said he will not allow the pilferage of public funds and cautioned CSs to desist from malpractice.\n\"There was pin-drop silence in the Cabinet as the president articulated his point on corruption. The Cabinet was tense and everyone quiet, one of those moments and the air you do not admire in a meeting,\" said a CS who sought anonymity.\nAccording to sources, the Head of State was infuriated by intelligence reports that a family of a senior member of the Cabinet was involved in the bungled malaria nets procurement funded by the Global Fund.\nThe intelligence reports said the push by the family member of the Cabinet official saw the tender awarded to Partec East Africa Ltd and Shobikaa Impex Ltd out of the 16 companies listed.\nThe trouble with the tender was triggered by a letter written by the sacked PS dated February 21 addressed to Kemsa CEO pointing out what she said were inconsistencies in specifications for the nets in the Global Fund tender.\nMs Ramadhani, obliged in her response to the PS acknowledging that: \"The specification...on technology misses the requirement number 2 \"synergist piperonyl Butoxide(PBO) LLINs - Combination nets, which is inconsistent with specifications that were shared by MOH (Ministry of Health)-DNMP.\"\nHowever, a day later, the financiers, Global Fund, wrote a letter dismissing the justification for Mburu's change of specifications. \"The nets being procured are pyrethroid and not PBO, therefore the requirement for the PBO's should not be included in the tender document,\" said the financier\nGlobal Fund decided to take up independent procurement, which eventually awarded the tender to Wambo.org. This saw the government lose about Sh400 million in earnings from the Global Fund tender to supply the ministry with more than 10 million insecticide-treated nets.\nIn the Cabinet changes, Ministry of Health PS Peter Tum (Medical Services) was moved to Sports while Correctional Services PS Mary Muthoni replaced Mburu as Public Health PS. Harry Kimtai who was the PS for Livestock Development took over from Tum at the helm of the Medical Services docket of MOH.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2001473141/furious-ruto-fires-warning-shot-to-state-officers-over-corruption"}
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index 0000000000000000000000000000000000000000..5e96de8c2c31c6b04ce927fd66fb92079cf023ae
--- /dev/null
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+{"doc_id": "62dfae8d21b6345ab5e34be91b3cbd09", "text": "Mid-month data from the Central Energy Fund shows that South African motorists face further pain at the pumps in April, due to an expected massive hike in both petrol and diesel prices.\nThe data covers the period to 14 March 2022 and shows significant increases for both petrol and diesel vehicle owners, amid rising international petroleum prices as a result of Russia’s invasion of Ukraine.\nShould current market conditions persist and these increases be realised, the hikes would see fuel prices once again pushed to record highs.\nThe mid-month changes are as follows:\n- Petrol 95: increase of R2.27 per litre;\n- Petrol 93: increase of R2.19 per litre;\n- Diesel 0.05%: increase of R3.12 per litre;\n- Diesel 0.005%: increase of R3.26 per litre;\n- Illuminating Paraffin: increase R2.66 per litre.\nThe Department of Energy has stressed that the daily snapshots are not predictive and do not cover other potential changes like slate levy adjustments or retail margin changes, which is determined by the department at the end of the month, taking all variables into account.\nThe Department of Energy makes adjustments based on a review of the whole period. Furthermore, the outlook can change significantly before month-end.\nThe Central Energy Fund and the government are meeting on Tuesday (15 March) to discuss possible interventions to assist with managing fuel prices. Economists and analysts have suggested temporarily cutting fuel levies to provide some relief.\nFuel prices are affected by two main components – the rand/dollar exchange rate and changes to international petroleum product costs, primarily driven by oil prices.\nBoth components have been affected by the Russia-Ukraine war over the last few weeks, leading to significant increases in fuel costs across the world.\nRand/Dollar exchange rate\nAs markets remained vulnerable to news coming out of Ukraine, the rand benefitted from the turmoil with investors moving to safer assets in the commodity market.\nAlthough the South African currency is considered a relatively risky asset, it gained favour amid rising gold, palladium and coal prices.\nHowever, the local unit weakened on Monday as the rally in commodity prices eased and markets braced for rate hikes in the United States and Britain, Reuters reportsed.\nNedbank analysts said the foreign exchange markets remained vulnerable to developments in Ukraine, but the focus this week is also on the upcoming Federal Open Market Committee (FOMC) meeting.\nThe meeting is expected to begin hiking interest rates from their pandemic lows, with investors also watching projections for the frequency and size of future rate increases.\nAccording to Citadel Global, markets anticipate that the US Fed will hike interest rates during the Wednesday meeting, meanwhile, US and Chinese officials will continue discussions on the war in Ukraine.\nOil prices\nThe biggest shock for global markets coming out of the war is the oil price. At the time of the initial attack on Ukraine, oil was already trading towards the $100 per barrel mark. However, the news of Russia’s invasion rapidly pushed prices well over the $100 threshold.\nIn the weeks that have followed, sanctions on Russia – an oil and gas producer – have hit global prices hard, and a decision from foreign markets to reject Russian oil and other fuels pushed prices over $120 per barrel. For context, oil hit record highs of $140 a barrel in 2007.\nThe heat is coming out of the oil market, Bloomberg reported.\nFollowing assurances from OPEC and other oil bodies that there is no global oil shortage, the heat from the oil market has rapidly died down. Covid concerns, especially in China, have also cooled off demand, leading to a drop.\nAccording to analysis from Bloomberg, West Texas Intermediate oil futures have shed around 20% since closing at the highest since 2008 a week ago, dropping below $100 a barrel on Tuesday. That followed a tumultuous period of trading that saw prices fluctuate wildly, with intraday swings for global benchmark Brent crude eclipsing $20.\n“The latest developments to rattle the market are a resurgence of (Covid) virus cases in China, the world’s biggest crude importer, and what appears to be progress in cease-fire talks between Ukraine and Russia.\n“While there are still concerns that the disruption to Russian oil flows is squeezing an already tight market, OPEC and others have been quick to point out there is no shortage,” the group said.\nThis is how the price changes are expected to reflect at the pumps:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/568084/here-is-the-expected-petrol-price-for-april-3/"}
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index 0000000000000000000000000000000000000000..b0060ba49bd643c9d440dbcb540d6f9292c98d1c
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "659565f00a00f883520275ff9a497f7c", "text": "The government is racing against time to pay Sh12 billion as part of a loan that it guaranteed Kenya Airways six years ago.\nThe Treasury's disclosures tabled in Parliament show that Sh2.8 billion ($22.9 million) has been paid to the US Exim Bank against Sh14.8 billion ($118.1 million) due in the current financial year ending June.\nThe government is expected to shoulder the heavy burden of settling the national carrier’s debt which it guaranteed after the company’s losses left it unable to pay its loans.\n“In the 2022/23 financial year, $118.1 million (Sh14.8 billion) is due for payment of which $22.9 million (Sh2.8 billion) has already been paid by the guarantor,” Treasury says in a report tabled before Parliament.\nThe balance comes at a time when the US lender slapped the Treasury with a default notice in December last year amid a cash crunch occasioned by the servicing of Chinese debt.\nA huge chunk of the national debt servicing goes to Beijing for loans that the government tapped to fund infrastructure projects like the Standard Gauge Railway.\nThe Treasury has a controlling 48.9 percent stake in Kenya Airways which it has been bailing out over the years amid losses from its passenger and cargo operations.\nKQ, as the carrier is known by its international code, originally had loans amounting to $842 million (Sh74 billion at an exchange rate of 88) of which the government guaranteed portion to Exim Bank USA was $525 million (Sh46.2 billion).\nThe guarantee was approved by Parliament in 2017.\nPart of the debt had been over time and the outstanding balance as of December stood at $462.5 million (Sh58.9 billion at current exchange rates).\nThe Treasury is expected to have completed the guaranteed KQ debt in the 2026/27 fiscal year and the money it will have spent will be reflected as shareholder loans to the struggling carrier.\n“The loan was expected to be fully serviced by the end of full-year 2026/27, after which the government as per section 61 of the Public Finance Management Act would recover the sums of money paid, as shareholder loans,” Treasury said.\nKQ narrowed its loss in the half year ended June 2022 to Sh9.8 billion from the Sh11.48 billion loss it recorded in a similar period the previous year.\nRead: Kenya Airways defaults on Sh25bn State loans\nThe company has issued a profit warning for the year ended December 2022, citing foreign exchange losses that are anticipated to overshadow revenue growth. This means that the NSE-listed firm will post a larger loss in the review period, having recorded a net loss of Sh15.8 billion in the prior year.\nThe weakening of the shilling has hurt the profitability of scores of companies by, for instance, inflating their liabilities denominated on foreign currencies. Negative foreign exchange movements can also diminish the value of sales made outside Kenya.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/state-faces-12bn-kq-debt-pressure-4144086"}
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index 0000000000000000000000000000000000000000..b278ee8f3dd7de042536e8685c041d6f948c1d09
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "6679ca9c7e586e1aa8d77124603cfca0", "text": "Finance Minister, Ken Ofori-Atta, has challenged all Ghanaians not to lose sight of the greatest strength of being Ghanaian despite the challenges facing the country.\nHe is therefore asking all of us to play a constructive role in getting the nation fully back on track.\nPresenting the 2023 Budget and Economic Policy, Mr. Ofori-Atta said the country has real prospects and will rise again despite the challenges.\n“The challenges we face are daunting but we must not lose sight of the greatest strength of being Ghanaian: resilience, entrepreneurial zeal, faith, courage, solidarity and hope. I, therefore, ask all of us to play a constructive role in getting our nation fully back on track”.\n“Ours is a country with real prospects and the challenges notwithstanding, Ghana will rise again, and my faith is premised on the fact that a lot has already been achieved, especially over the course of the Fourth Republic and our policy, as outlined in this budget to reset the economy, if supported will ensure that, indeed, we have not wasted the current global crisis”, he explained.\nHe assured that the economy will bounce back stronger and the progress and prosperity of the people even more assured.\nLatest Stories\n-\n9 awkward but completely normal things that happen during sex\n-\nSexy gift ideas for her any time of the year\n-\n4 fun & simple ways to upgrade your date night\n-\nOnion Sellers Association allays fears of price hikes\n-\nBanking sector clean-up served as a shock absorber during Covid-19, economic crisis – John Awuah\n-\nNorth Tongu Assembly members fail to elect PM after 4th attempt; DCE fumes\n-\nDigital industry players must shape digital landscape in Africa – Minister\n-\nAssociation of Sports Betting Operators presents learning materials to 939 pupils in flood-affected communities\n-\nMan, 30, dies in alleged attempt to steal ECG cables\n-\nAklakpanu bridge will be reconstructed to boost economic growth – North Tongu DCE assures\n-\nAwutu Senya West Assembly members reject President’s nominee\n-\nConsider the use of local rice for school feeding – Rice farmers\n-\nKyei-Mensa-Bonsu to address resignation issues today\n-\nCyber-attack hits Malawi’s immigration service\n-\nKenya scraps entry fee for South Africans and several other foreign nationals", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/challenges-daunting-but-we-will-overcome-finance-minister/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..25eb826ac888b7b8fe240bf525d02a2ceee14e6b
--- /dev/null
+++ b/clean/cc/6843f7f6cc4efb46acc781b83eb95224.json
@@ -0,0 +1 @@
+{"doc_id": "6843f7f6cc4efb46acc781b83eb95224", "text": "BLOG: We should raise the bar in the choice of Nairobi’s governor\nFour big names will be fighting it out for the job of governor of Nairobi. In the race are the incumbent, Dr Evans Kidero, Mr Peter Kenneth, Mr Mike Sonko and Mr Miguna Miguna.\nWe must demand big, bold, and new ideas from these guys. I say this knowing very well that — as a society — we set very low standards for leadership.\nAs a people, we suffer from a culture of low expectations. We allow our leaders to go to the roof to celebrate mere gestures in place of solid game-changing policies.\nI want to suggest that in choosing the governor for Nairobi, we should raise the bar very high. I say so because when you study the trends in the rest of the world, what matters today — in terms of driving industrialisation — is the competitiveness of cities and regions. Trends show that the attraction for international capital is no longer the country itself.\nISLAND OF COMPETITIVENESS\nCities are campaigning between themselves for talent, innovation and investment. So much so that when even where the economy of a country is weak, there will still be cities and regions that will be bubbling with economic activity, making them islands of competitiveness in seas of mediocrity.\nThese guys who are gunning for the position of governor of the city of Nairobi must demonstrate to us in manifestoes and position papers that they are fully abreast with international trends and that they have what it takes to deliver.\nCall me an idealist, if you like. But in an economy whose capacity to create new profitable companies, well-paying jobs, and whose ability to secure food security is waning at a fast rate, we must seek to create islands and clusters of excellence somewhere where greater experimentation and risk-taking is allowed.\nToday, we aspire to establish the proposed Nairobi International Financial Centre. As a matter of fact, a Bill establishing the proposed centre is in its first reading in Parliament.\nThe ambition is to create the largest sector of the city economy, a city within a city in an image of similar international financial centres in Mauritius, Hong Kong or Singapore. Nairobi will have to build new Class A infrastructure to accommodate the centre.\nBALANCE SHEETS\nAdmittedly, cities don’t have healthy balance sheets. But the trend you will see in places such as South Africa today are cases where cities like Johannesburg have come up with creative ways of raising capital such as ring-fencing revenues in the healthy segments of their operations, issuing bonds in capital markets against the revenues.\nEven the defunct City Council of Nairobi used to issue bonds in the 1970s and 1980s. Clearly, the scope of what must be done is way beyond the grasp of a populist whose only claim to leadership is the ability to sway irrational mobs by telling them lies, or a thug imposed on Nairobi by tribal bigwigs.\nWe forget that these guys are running to govern a city that is in competition with other cities of the world.\nWhat then should be the top priorities for the next governor of Nairobi in the medium term?\nI can’t claim to have all the answers. But I think that first priority for the next governor should be how to take the county government to the next level in terms of modern public financial management.\nAUDITOR-GENERAL REPORTS\nIf you read from successive reports of the Auditor-General on the Nairobi County Government, you will realise that the heart of the rot of public financial management in the city government is an antiquated cash-based accounting system that cannot support robust internal controls.\nThe next governor must seek to implement a modern accounts payable system that is based on double entry book keeping and operates in an Enterprise Resource Planning (ERP) environment. We should demand regular financial statements for Nairobi.\nIn addition, the county government needs a Treasury Single Account. I say so because if you don’t address financial management, Nairobi’s usual story of revenue leakages, hundreds of millions not remitted by lawyers and billions owed by parastatals and government departments for years will persist forever.\nThe job of governor will require a man or woman of calibre, knowledge and experience, especially because our capital city is urbanising in very complex ways.\nCOMMUTER SYSTEM\nThe informal sector is growing faster than the formal sector. Nairobi does not have a functioning urban commuter system. I want a governor who will be prepared to take bold decisions even when such decisions threaten supporters and vested interests.\nI want a governor with a costed plan for dealing with matatu chaos and committed to returning the commuter system to what it used to be in the heyday of Kenya Bus Service. I want to hear fresh and researched ideas on how to deal with markets, housing, health and education.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairobinews.nation.africa/blog-raise-bar-choice-nairobis-governor/"}
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+{"doc_id": "695a785091de62d6a6013ca18c9bc111", "text": "Underwriter posts N5 billion earnings, pays three kobo dividend\nPrestige Assurance Plc posted a Gross Written Premium (GWP) of N4.792 billion in 2018, its former Acting Chairman, Sir. Muftau Oyegunle, has said.\nOyegunle disclosed this at the company’s 49th yearly general meeting in Lagos, stressing that the 26 per cent performance increase was against N3.809 billion recorded in 2017.\nAccording to him, the gross premium income was N4.66 billion; pre-tax was N645 million; the total assets moved from N11.8 billion to N13 billion; claims paid was N1.23 billion and a dividend of 3 kobo per share for 2018 financial year, was paid to shareholders.\nHe noted that the company’s board has taken certain steps to increase gross premium income, as well as retention capacity, adding that the objective is to grow yearly premium and profit margins.\nThis includes after-tax through expanding and deepening the deployment of digital marketing; retail sales; strengthening the portfolio of products and increasing physical presence across the nation by expanding the network of micro-offices.\nOyegunle also remarked that the management is working to simultaneously curtail costs and improve efficiency and customer experience through the use of information technology.\nOn recapitalisation, he noted that the board is examining the various options available to ensure the firm meets the new capital requirements and remains a significant participant in the sector.\nHe said the firm shall continue to work to ensure it retains its brand name and identity as one with a penchant for quality.\nHe sought the shareholders’ approval to increase the firm’s authorized share capital from N3 billion to N10 billion by creating 14 billion ordinary shares at 50 kobos, which will rank pari-pasu with existing shares of the company, and he was granted the permission by the shareholders.\nHaving secured the nod of the shareholders, he implored them to pick up their rights issues to enable the firm to meet the new capital requirement.\nOne of the shareholders, Nona Awo, lauded the company’s outstanding performance and urged the board and management to quickly approach the market to raise the required capital.\nHe also implored members of the board from India, to ensure they attract capital from their country to support the firm’s recapitalisation bid.\nOther shareholders who spoke, pledged to acquire their rights as the firm possesses a bright future.\nThe shareholders also gave their supports to the nomination of Dr. Adedoyin Salami as the firm’s new chairman.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/underwriter-posts-n5-billion-earnings-pays-three-kobo-dividend/"}
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index 0000000000000000000000000000000000000000..182c4b61da31fe2d54dbd7394c639197af56c103
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+{"doc_id": "69efccbef80d0f1825aba2de5bdee3bb", "text": "According to Professor Innocent Ujah, the President of the Nigerian Medical Association (NMA) Nigeria lost over 9,000 medical doctors to the United Kingdom, Canada and the United States of America between 2016 and 2018. In fact, no fewer than 727 medical doctors trained in Nigeria relocated to the United Kingdom alone between December 2021 and May 2022.\nHe made this shocking statement during the Maiden NMA Annual Lecture Series earlier in the year. The event was held in Abuja. The theme of this year’s lecture is ‘Brain Drain and Medical Tourism: The Twin evil in Nigeria’s Health System.’\nAre you alarmed by this saddening situation that has the best brains in the medical field jetting out to greener pastures far beyond our shores? You should be and that is because the loss left Nigeria with only 4.7 per cent of its specialists to service the healthcare needs of over 200 million people!\nQuoting World Health Organisation (WHO) data, he said Nigeria has a doctor-to-population ratio of about 1: 4000-5000, which falls far short of the WHO recommended doctor-to-population ratio of 1:600. Ujah is worried because the worsening menace of brain drain worsens the already depleted healthcare resources in Nigeria. And here we are I a country currently battling a myriad of challenges including escalating insecurity, mass youth unemployment, hiccups in the education sector exacerbated by the ASUU strike and of course, the highest inflation rate over the past 18 years.\nThe real source of concern is that it is not only in the medical field that we are bogged with the incubus of brain drain. But first, what is it all about? According to Wikipedia, “brain drain from Nigeria is the exodus of middle-class and highly skilled Nigerians which has been occurring in waves since the late 1980s to early 1990s”.\nThough this trend was initially restricted to certain professions but it has now become free- for- all with the introduction of visa programs in order to fill workforce gaps in developed nations. This was sparked by an economic downturn following a period of economic boom in the 1970s and 1980s propelled by the discovery of oil wells in Nigeria. That reminds us of the Structural Adjustment Program days of the military junta led by the famed IBB, General Ibrahim Babangida.\n“It’s time to end the brain drain and move to brain gain. It’s time for a great mind of Nigeria to return home. You’re the mind we need.”\n― Deji Olukotun\nBut more importantly, we should be asking ourselves about the root causes of brain-drain, with the salutary aim of proffering and acting on workable solutions. The answer is not far-fetched as\nPersisting poor leadership has been fingered by some researchers as a critical factor leading to mass brain drain. For instance, the political leaders could not manage the economic prosperity of the 1970s and 1980s which came about by the discovery of oil wells.\nRead also: 2023: Eschew politics of rancour, acrimony – Abiodun tells Nigerians\nNigeria, which became a destination for economic migrants with an influx of teachers and lecturers from Ghana and India into public secondary schools and universities soon found itself under the economic downturn and an IMF-mandated structural adjustment program. Austerity measures were imposed led to a downturn in funding of the educational sector. This led to several student uprisings which triggered a mass exodus of the expatriates and an export of skilled Nigerian workers. Ever since, many Nigerian students have shown increasing interest, especially in travelling to developed societies, soon after the completion of their study.\nSubsequently, significant factors such as mass unemployment, poor working conditions, poor salary structure, political and religious crises, lack of quality education delivery and mass poverty as Nigeria became the World Poverty Capital (OXFAM Report, 2018) led to more brain drain.\nAccording to Wikipedia, even the entertainment industry was not left out as some celebrities, including Opeyemi Aiyeola, Doris Simeon, Lara George, Eldee, Lola Alao, Regina Askia and Bayo Bankole migrated to other countries. So, what are the telling effects of this anomaly on our dear nation, Nigeria?\nBeginning with health sector, according to the Mo Ibrahim Foundation, it costs Nigeria between $21,000 and $51,000 to train a single medical doctor. But the country has lost more than $2bn since 2010 to training doctors who later migrate. It therefore, means that countries such as the UK with10percent of doctors coming from African nations save about $2.7bn by recruiting these doctors. Nigeria is holding the short end of the medical stick!\nIn retrospect, concerned health stakeholders alerted the federal government to a looming shortage of medical doctors, with a projection of over 50,120 doctors and 137,859 nurses in Nigeria by the year 2030. That was in July, 2021. For instance, as at March 2020 the ratio of doctor –to- patient ratio stood at 1: 2,753. This falls far short of the one medical doctor-to-600 people as recommended by the World Health Organisation (WHO).But that is not all to worry about.\nSome other effects of brain drain identified so far “include loss of human capital assets, lost income from the loss of tax of the migrated manpower to foreign countries and the loss of capital invested in the subsidised public education of migrated manpower”. So, how do clip the widening wings of brain drain from taking our best and brightest minds outside our shores?\nWe should admit that quality healthcare delivery is part of the United Nations’ Human Rights Declaration of 1948. It is also expressly stated, in section 17(3)(d), of the 1999 constitution (as amended)which guarantees “adequate medical and health facilities for all persons.”\nThere has to be the enabling environment of peace and security in place, to act as catalysts to increase human resources and healthcare delivery. More budgetary allocations should go to these sectors. It is sad to note that the country’s budget for education as a percentage of its GDP has never surpassed a single digit from 2016 till date. In fact, in 2021, Nigeria’s education budget of 5.6 percent has been the lowest since 1999. This falls short of the 26% as recommended by UNESCO.\nAs for the health sector, finding solutions go beyond the government setting up a Health Reform Committee geared towards reversing the brain drain. For instance, the country’s budget in 2021 was 13.6 trillion, and the health ministry got 514 billion, being 3.7 per cent of the budget. Now you should understand one of the reasons behind the massive brain drain.\nNotably, in a 2017 survey carried out by Nigeria’s polling agency, NOI Polls, in conjunction with Nigerian Health Watch it was found that 88 percent of doctors were considering work opportunities abroad! Over half of the doctors registered with the Medical and Dental Council of Nigeria (MDCN) practice outside Nigeria.\nAlso, medical tourism should be banned. Shortage of medical specialists contributes towards medical tourism as a handful of Nigerians spend ₦359.2 billion annually while seeking care abroad.\nThe forthcoming 2023 general election provides yet another golden opportunity to the Nigerian electorate to choose political leaders, wisely, especially those who understand exactly where we are currently trapped in and have to muster the political will to do the needful. That is, with regards to the all-important education and the health sectors.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/the-dangers-of-massive-brain-drain/"}
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index 0000000000000000000000000000000000000000..ce08e8c261cee24e8c8e5628ba696480443430a8
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+{"doc_id": "6a174874712a9a5bbdcb47d02c8c8254", "text": "Advertisement\nAyekoo, our farmers\nIn the auditorium of the University of Mines and Technology (UMaT) in Tarkwa in the Western Region, tables are laid and the stage is set awaiting gallant farmers from every part of the country to receive national honours for feeding the nation over the years.\nPresident Nana Addo Dankwa Akufo-Addo will grace the occasion and convey the nation’s appreciation to the men and women who toil to till the land and exploit the ocean and rivers to put food on every table.\nHe will also crown the National Best Farmer among other awardees.\nOver the years, awarding farmers happened at durbars on parks and stadia, mainly from the capital, Accra.\nHowever, for many years the event has been decentralised for every region to have a feel of the National Farmers Day celebration.\nFrom the Ashanti Region in 2017 when the 33rd edition of the Farmers Day was marked on the theme, “Planting for Food and Jobs”, it moved to the Aliu Mahama Sports Stadium in Tamale in 2018 for the 34th edition.\nThe celebration was on the theme: “Agriculture: Moving Ghana Beyond Aid”.\nIn 2019, the 35th celebration moved to Ho, the Volta Regional capital, and held on the theme, “Enhancing small-scale agriculture towards agribusinesses development\".\nIn 2020, the 36th National Farmers Day was held at the Methodist Park at Techiman in the Bono East Region.\nIt was on the theme, “Ensuring Agribusiness Development under COVID-19 – Opportunities and Challenges”.\nThe 37th National Farmers Day was held at Cape Coast, the Central Regional capital and was on the theme: “Planting for Food and Jobs — Consolidating Food Systems in Ghana”.\nFrom there, it moved to Koforidua, the Eastern Regional capital, where the 38th edition was held on the theme: “Accelerating agricultural development through value addition”.\nToday’s show, the 39th edition, will be on the theme: \"Delivering smart solutions for sustainable food security and resilience\".\nHistory\nFarmers Day was instituted by the government in 1985 in recognition of the vital role farmers and fishers play in the economy, especially the highly commendable output of farmers and fishermen in 1984, which resulted in about 30 per cent growth, after the bad agricultural years of 1982 and 1983.\nIt is celebrated on the first Friday of December every year.\nThe first National Farmers Day was celebrated on Friday, December 6, 1985 at Osino in the Eastern Region.\nSince then, the event has rotated around the 10 regions to engage other regions to be part of this big event.\nThe institutionalised farmers day awards, which is always on a chosen theme, also acknowledge the untiring efforts of farmers and fishers at feeding the country’s growing population, providing raw materials to the nation’s industries, and contributing substantially to the nation’s foreign exchange earnings.\nFrom a humble beginning of a machete, a pair of Wellington boots and a transistor radio as the award for the National Best Farmer, the award scheme has tremendously improved over the years.\nThe award to the first best farmer comprised two machetes, a pair of Wellington boots and a preset radio at a national durbar held at Osino in the Eastern Region in 1985.\nEver since, the value of the awards has improved from year to year, moving from bicycle to power tillers to tractors, to pickups and then to a three-bedroom house for the ultimate winner from 2002 to 2016.\nFor 17 years, the Agricultural Development Bank (ADB), has been supporting the Best Farmer with a prize equivalent to $100,000.\nOther banks such as Stanbic Bank Ghana have stepped in handy to offer handsome packages to the farmers and fishers.\nThis development underscores the extent to which governments over the years have increasingly set great store by the National Farmers Day.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/features/opinion/ghana-news-ayekoo-our-farmers.html"}
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index 0000000000000000000000000000000000000000..9db71d8a368cc2d3bde189b4f3e29dcc83d8cd41
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+{"doc_id": "6d608ae4278192891e7dcf9ab5240e24", "text": "Nigeria’s inflation rate rose to 13.22% in August 2020, highest recorded in 29 months, since March 2018 (13.24%). This was contained in the recent Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS).\nThe latest figure is 0.40% points higher than the rate recorded in July 2020 (12.82%). while on a month-on-month basis, the Headline index increased by 1.34% in August 2020.\nFood inflation: A closely watched component of the inflation index, stood at 16% in August compared to 15.48% recorded in July 2020. On month-on-month basis, the food sub-index increased by 1.67% in August 2020, up by 0.15% points from 1.52% recorded in July 2020.\nThis rise in the food index was attributed to increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Oils and fats, and Vegetables.\nCore inflation:Thisexcludes the prices of volatile agriculturalproduce,also rose to 10.52% in August 2020. It is up by 0.42% points when compared with 10.1% recorded in July 2020. On month-on-month basis, the core sub-index increased by 1.05% in August 2020. This was up by 0.30% points when compared with 0.75% recorded in July 2020.\nWhat drove inflation: Inflation for the month of August was driven by recorded increase in prices of Passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance, and Repair of personal transport equipment.\nOthers are Vehicle spare parts,Motor cars, Passenger transport by road, Repair of furniture, and Paramedical services.\nUpshot: As Nigerians continue to grapple with the effects of the COVID-19 pandemic, and the reopening of the economy, prices of commodities such asair transport, and medical services seems to have been affected due to policies implemented, with the aim of curbing the spread of COVID-19 in the country.\nIt is therefore evident that Nigerians are spending more, despite fixed income, contraction of economic activities, and dwindling rate of investment returns.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/09/15/breaking-nigerias-inflation-rate-hits-13-22-in-august-2020-highest-in-29-months/"}
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index 0000000000000000000000000000000000000000..1b97681dd38169b5f4e95e8e96b7a9cd07f2d65a
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+{"doc_id": "6d8fc17ddc41c4b102c16b1c37cbd98c", "text": "12 positives of the Jubilee government so far\nThe Jubilee administration recently marked two years in power and there were mixed reactions among Kenyans on its successes and failures.\nLast week, we brought you the blunders of both President Uhuru Kenyatta and his government.\nToday, we dug for their successes and this is what we came up with. Do you agree?\n1. Free maternity\nFree maternity services has been issued in all public hospitals. As a result, the government says, the number of women seeking the services has risen by 50 per cent.\nThe President signed an agreement worth Sh38 billion that will see 98 county hospitals equipped with cancer and dialysis machines. However, governors have refused to sign up to the programme saying they were not consulted.\n2. Opening JKIA terminal\nThe Jomo Kenyatta International Airport (JKIA) Terminal 2 was opened after an upgrade. The upgrade has raised the number of passengers from 2.5 million to 7.5 million, a 200 per cent increase, according to the government.\n3. Slum clean up\nThrough the Ministry of Devolution and Planning and in partnership with resident communities, the government has embarked on slum upgrading in Kibra, Korogocho, Mathare and Nyalenda in Kisumu. The programme has employed over 3,000 community youths on casual basis and established 15 village committees to spearhead the programme.\nThis has sen some 812 housing units being constructed at Kibera Soweto East–Zone “A”, alongside construction of classrooms, offices, and sanitary facilities at Mukhaweli Primary School in Bungoma County, construction of high mast flood lighting structures in various slums, construction of 3.5km access road in Kibera Phase II, among others.\n4. Beyond Zero Campaign\nFirst Lady Margaret Kenyatta launched the campaign as a way of promoting the right to health of Kenyan women. So far, the Beyond Zero Campaign has distributed fully kitted mobile clinics to 21 counties.\nBesides promoting safe motherhood, the initiative also aims at reducing mother to child HIV infections to zero. There is a national marathon to that effect.\n5. Digitization of records\nThe Teachers Service Commission has so far digitized 6,000 teachers’ files, while the Ministry of Lands, Housing and Urban Development is currently digitizing and developing the National Land Information Management Systems.\nTo date, the government says, 13 land registries have been reorganized in readiness for digitization and tender for automation has been awarded.\n6. Use of social media\nMore than ever before, the Government has adopted the use of social media as mechanisms for easy access to information and feedback collection tools amongst citizens, business community and the diaspora.\nHowever, there has not been a clear checklist on the direct benefits this move has had on Kenyans.\n7. Huduma Centres\nThe Government through the Ministry of Devolution has established 11 Huduma Centres to take services closer to the people. The idea of a one-stop shop has brought all Government services under one roof thereby increasing efficiency in service delivery.\nThe centres, it is hoped, have also reduced corruption by increasing transparency and accountability through institutionalization of the open office concept.\n8. Electricity\nSome 325 megawatts of power have been injected into the national grid in the last two years. About 280MW of this energy was generated from Olkaria I and IV; 25MW from geothermal well heads and 20MW of wind at Ngong Hills.\nAs at December 2014, Kengen’s installed capacity was at 1,575MW. The Government has also embarked on an ambitious plan to connect 22,000 primary schools to the national grid and solar energy.\n9. Roads\nThe Government embarked on the tarmacking of 10,000km road network to be implemented through the Annuity Financing program, which is designed to make Kenya a low-cost investment and trading destination, promote national integration, and improve security due to connectivity of regions and communities.\nSo far, contracts for the construction of the initial 3000km have been awarded to the private sector.\n10. Standard Gauge Railway\nThe construction of Phase I (Mombasa-Nairobi) of the SGR was commissioned in April, 2014. The project, when completed, will reduce freight costs by as much as 60 per cent, reduce road haulage and associated costs, and increase speed and efficiency.\nThe project has so far employed about 5,377 Kenyans out of the projected 30,000 jobs.\n11. Euro Bond\nKenya successfully launched the Sh180 billion ($2billion) Euro Bond in 2014 which was oversubscribed. The proceeds of the bond were used on some of the flagship projects.\nBesides, the bond proceeds are expected to stabilize the foreign exchange, reduce interest rates in the local economy and spur growth and investments.\n12. Economy rebased\nIn 2013, the country rebased its GDP culminating in a rise from Sh3.8 trillion ($43 billion) to Sh5 trillion ($55 billion). The rebasing, economists say, boosted the country making it the ninth largest economy in the continent and made it a lower middle-income country.\nThe Gross National Income (GNI) per capita also increased to Sh104,400 ($1,160)above the current World Bank’s threshold of Sh93,240 ($1,036) to qualify for middle income country status.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairobinews.nation.africa/12-positives-of-the-jubilee-government-so-far/"}
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index 0000000000000000000000000000000000000000..40d6207a4106990441defd96edb6097c9eb9491f
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+{"doc_id": "6f1ec90368f6537ec461865535123119", "text": "The Central Bank of Nigeria (CBN), in collaboration with key stakeholders, has finalised the guidelines for the enrolment of Nigerian banks’ customers in the Diaspora for Bank Verification Number (BVN) issuance.\nConsequently, Nigerian banks’ customers in the Diaspora could present themselves for enrolment for the BVN, without coming to Nigeria, through the use of foreign-based Nigerian banks or use of a consultant – Online Integrated Solutions (OIS).\nNigerian banks abroad are expected to capture necessary data, generate a BVN and communicate same to the customers. Thereafter, the customers are expected to forward the assigned BVN to their banks, for linkage with their accounts.\nThe CBN said a web portal to achieve this linkage to bank accounts had been developed and deployed, while the process of such linkage would be made available by Nigeria Inter-Bank Settlement System (NIBSS) to all those enrolled abroad.\nIn a circular signed by director, banking and payments system department, CBN, it stated that all deposit money banks with branches/subsidiaries abroad were enjoined to work with NIBSS to ensure seamless implementation of the option.\nMeanwhile, OIS has been engaged to establish stations for data capture and generation of BVN at a fee of 30 pounds or its equivalent per transaction, payable by the customer.\nOn the other hand, the CBN said it was in the process of reviewing the Guide To Bank Charges (GBC) and consequently requested banks and other financial institutions to provide a list of their existing products and services as of March 31, 2013, which were not adequately covered in the extant Guide to bank charges.\nThey are also to provide a list of new products and services introduced from April 1, 2013, to date, their fees and charges, and justification for such fees and charges.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/banking/article/cbn-issues-guidelines-on-bvn-enrolment-for-diaspora-bank-customers/"}
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index 0000000000000000000000000000000000000000..cf2b0f6c799d42af904d57fc8fc6f67026569f29
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+++ b/clean/cc/6f7232855fdc7c36290060970aaeab8d.json
@@ -0,0 +1 @@
+{"doc_id": "6f7232855fdc7c36290060970aaeab8d", "text": "Chinese Premier Li Qiang said Tuesday the country's economy was expected to have grown by around 5.2% in 2023, as he addressed an annual meeting of global elites in Davos.\nThe figure would represent an improvement on the three percent recorded in 2022, when tight zero-Covid curbs hammered business activity.\nBut it would still mean the lowest growth since 1990, excluding the years of the pandemic.\n“The Chinese economy generally rebounded and improved last year,” Li said in a speech at the World Economic Forum.\n“Our GDP (gross domestic product) growth is expected to be around 5.2 percent, higher than the target of around five percent that we set at the beginning of last year,” Li said.\nDespite lifting health restrictions, the world's number two economy is still weighed down by a lack of business confidence and sluggish consumption.\nA debt crisis in the crucial property sector and soaring youth unemployment have added to the malaise.\n“No matter how the world situation changes, China will adhere to its basic national policy of opening up to the outside world,” Li said.\nHe added that “the door to opening up will only get wider and wider”.\n“Choosing the Chinese market is not a risk but an opportunity,” he told the audience.\nChinese condemns trade 'barriers'\nQiang also told the world's political and business elites in Davos that “discriminatory” trade barriers were a threat to the global economy - in a not-so-subtle dig at the US.\nLi's remarks came as the World Economic Forum's 54th annual conference is preoccupied with a slew of global risks, including wars in Ukraine and Gaza, climate change and the rapid rise of artificial intelligence.\nUkrainian President Volodymyr Zelensky, who is attending the forum in person for the first time, will speak later as he seeks to shore up support from allies after nearly two years of war with Russia.\nLi spoke just days after tense presidential elections at the weekend in Taiwan, the democratic island that Beijing claims as part of China.\nBut the most senior Chinese official to attend the WEF since 2017 did not address the election and instead focused on trade, his country's economy and AI.\nHe said “new discriminatory trade and investment measures” have been appearing every year and that “any obstacles or disruptions can slow down or block the flow of lifeblood of the world economy“.\nLi did not name any countries but Beijing has tussled with the US and the European Union over trade in recent years, particularly on high-tech and clean energy.\nUS-China trade tensions soared under the presidency of Donald Trump and have continued under President Joe Biden.\nIn October, the US announced tighter export curbs on state-of-the-art artificial intelligence chips, sparking fury in Beijing.\nThe EU, meanwhile, has launched a probe into Chinese electric car subsidies.\nWithout naming a country, Li said that “there are many examples where one side's capriciousness undermines mutual trust with others.”\nBut US and European companies have long complained that of obstacles to doing business on a level-playing field in China.\nUkraine support\nLi was sharing the spotlight with Zelensky, who met with the “CEOs for Ukraine” group and US Secretary of State Antony Blinken.\nKyiv is scrambling to ensure that support from allies does not waver during the biggest war in Europe since World War II, as the world's attention has swayed to the Middle East amid fears of a spillover from the conflict in Gaza.\n“We are determined to sustain our support for Ukraine,” Blinken said after the talks.\nWearing a dark sweater and olive green trousers, Zelensky was greeted with a standing ovation as he entered a closed-door meeting of “CEOs for Ukraine”.\nAI fears\nArtificial intelligence also dominated discussions after last year's flurry of examples demonstrating the technology's dizzying advances.\nDespite the excitement, there are worries about the threats posed by AI.\nMisinformation and disinformation driven by AI ahead of elections in countries, including the US, are the biggest global risks this year and next, the WEF said last week.\nLi said a “red line” must be drawn in the development of AI to ensure that the technology benefits society and not just “small group of people“.\nHe said, “good governance” was needed for the technology and that the world must avoid “camp-based division or confrontation” over AI.\nPresident of the European Commission Ursula Von der Leyen warned that “Europe must up its game” on the technology and “show the way to responsible use of AI”.\nAFP", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/business-report/economy/china-economy-grew-around-52-in-2023-premier-b771e0d4-2aa0-46a0-b0fd-c0fec7f8d6d1"}
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index 0000000000000000000000000000000000000000..7107ff3fb307d27d2acfcd50e559e3c562c0ac52
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+{"doc_id": "7112deca21aac972cfdefea075d62f5d", "text": "The Managing Director/CEO of Nigerian Breweries Plc, Mr. Nicolaas Vervelde, Thursday said the company’s robust dividend payment policy was informed by the need to always satisfy shareholders of the company. The company is paying a total dividend of N38 billion for the year ended December 31, 2015, which translates to N4.80 per share. The dividend is almost 99 per cent of the earning per share (EPS) of N4.82.\nExplaining the company’s dividend policy at the pre-annual general meeting media briefing in Lagos, Vervelde said before the board decides on the amount of dividend to pay for a year, it looks at the strength of balance sheet and cash requirement.\nAccording to him, the company has a strong balance and has little need for cash now, hence the dividend recommended for the shareholders in 2015.\n“We only hope that the dividend we recommended will be appreciated by our shareholders because we believe it is good for them considering the current economic situation,” he said.\nVervelde said 2015 was challenging with reduced consumer purchasing power and increased cost of doing business mainly due to inflation and devaluation.\n“Notwithstanding, our twin agenda of cost leadership and market leadership supported by innovation helped us to maintain strong results and deliver good returns on investment to our shareholders,” he said.\nHe said the company’s products remain leaders in their individual markets, assuring that going forward, that positive trend would be sustained.\nAlready, Nigerian Breweries has begun 2016 on positive note, recording growth in revenue and bottomline. The company recorded a profit after tax (PAT) of N10.45 billion for the first quarter ended March 31, showing an increase of four per cent above the N10.10 billion recorded in the corresponding period of 2015.\nThe company explained that growth in revenue was a reflection of its strong and effective route to market, increased sales during the festive Easter period as well as higher number of sales days in the period as against the lower number of days recorded in the corresponding period of 2015 due to the general elections.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com:443/index.php/2016/05/06/nigerian-breweries-explains-robust-divided-payout-policy"}
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index 0000000000000000000000000000000000000000..01f265d681bbd0008e68e5183af8dfc5f227f655
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+{"doc_id": "721de597027845e851845b2b599bae1f", "text": "manage\n13 Nov\nA survey by SBM Intelligence shows that Nigerian consumers spend about 97.4 per cent of their average income on food. The report highlights how high inflation, sluggish economic growth and high unemployment rates fuel Nigerian consumers' cost-of-living crisis. Seyi Awojulugbe, Senior Analyst, SBM Intelligence joins CNBC Africa for more.\n2 Jul 2023\nIn the latest installment of Inside Stuff with Martins Oloja, the multi-award-winning journalist and Editor-in-Chief of The Guardian talk about Federal character and nation-building under the current administration.\n25 Jun 2023\nInside Stuff with Martins Oloja this week examines the 'The Student Loans' (Part 2). Beyond the student loans. The Nigerian University system needs more than student loans.\n18 Jun 2023\nInside Stuff with Martins Oloja this week examines the 'The Student Loan'. Beyond the student loan. The Nigerian University system needs more than the student loan.\n11 Jun 2023\nInside Stuff with Martins Oloja this week examines the race to become the next Nigeria Senate President and Speaker House of Assembly. And its consequences if Nigeria gets it wrong next Tuesday.\n4 Jun 2023\nFrom May 29, 2023, our nation’s eyes once again turned toward public leadership for a new direction and meaning. And so as most governments, especially in the last 24 years have appeared to us as unprepared for governance, we need to encourage the new administration in Abuja and 28 states to begin to manage priorities in the public sector as if it were in the organised private sector", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://tv.guardian.ng/tag/manage/"}
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@@ -0,0 +1 @@
+{"doc_id": "733bda6b7f0f80dfb880a6fecea1e45c", "text": "Nigerians could be forgiven for believing (erroneously) that ours is an incredibly complex country and that governing and taking it to prosperity is nothing short of rocket science.\nNothing could be further from the truth. I make these admittedly bold assertions based on a combination of personal experience in international and Nigerian institutions, empirically researched and established facts, and some insight into the art and science of strategy.\nNote that I make reference to “strategic thinking” rather than the more popular phrase “strategic planning”. It is no accident. Why? Because strategy, a constant in war and peace, and in the successful governance and economic management of nations, businesses and even personal affairs, is first and foremost about THINKING before it is about plans. Those who “plan” without thinking deeply will either fail or not succeed to the level of those who think seriously. Thought creates visions, which create possibilities, which in turn create goals. On the basis of these three things, a Big Hairy Audacious Goal (BHAG) can take shape. Plans are then made to achieve this goal, including plans to execute the plan. This should be backed up by the discipline of actual execution of strategy, including process integrity and goal achievement monitoring and measurement. This is how nations, corporations and individuals achieve genuine, sustainable success. The success and prosperity of nations are never accidents.\nLet us bring the matter home and down to earth. Nigeria is at an important juncture in its evolution. President Muhammadu Buhari has a historic opportunity. But one senses a tension between two competing impulses in Nigeria today as we wait for PMB to fully unfold his agenda. That tension is between the past, the present and the future, but more between the first and the latter, with the present as a bridge between the two. It is not by accident that, in electing in a keenly contested vote a former military ruler who held office three decades ago, Nigeria had to return to its past in order to forge its future.\nBuhari has zeroed in (so far) on combating corruption and recovering stolen funds, on the one hand, and preparing to give Boko Haram a bloody nose, on the other. There is no contention about the importance of security. Nor is there, even, any contention about the importance of combating corruption. But there is some dissonance on the matter of the balance between focusing heavily on probing and punishing past corruption and the task of constructing a future that can take us from being a poor country to a truly wealthy one, from a physical country to a real nation with a common goal and destiny. What is the balance between facing the past and building the future?\nSome may view this as a false dichotomy, since in fact there is a link between corruption in Nigeria and the country’s poor economic performance, and the amounts of funds believed to have been stolen over the decades certainly have significance in economic terms beyond morality. But it is a valid question, for the reasons that follow. First of all, accountability, especially for egregious acts of corruption, is necessary as a deterrent against impunity. But beyond this, the truth is that corruption, in the case of Nigeria and horrendous as it is or has been, is only a symptom of two underlying problems. The first is the absence of a real worldview, in which a value system is proactively embedded, and which keeps corruption in check lest it prevents or undermines economic and social progress. The second is the reality that our country’s constitutional and political structure, which birthed the deformed federalism we have today, has blocked both Nigeria’s economic transformation and the emergence of a true national unity in diversity. That unity can be better attained through a manufacture of consent that breeds a sense of justice done and seen to be done. A country in which these two fundamental determinants of societal destiny are suppressed, faces a serious obstacle. That obstacle is more foundational and important than whatever symptoms the “original sin” breeds. This is precisely why politics in Nigeria are not a competition of ideas. Rather, it is a bitterly divisive struggle for power by ethnic nationalities, for the purpose not of a broad-based national progress but that of parochial patronage and client networks. This is the foundation of massive corruption in Nigeria.\nFor Nigeria to achieve true economic power and fulfill its destiny, we must re-imagine, redesign and reconstruct our country. PMB has enormous political capital, far more than perhaps any other politician in Nigeria that can be deployed to this strategic imperative. Strategic thinking about Nigeria’s future requires, beyond the humdrum yo-yo of daily governance, that we address the following questions. Is the Vision 2020 a real BHAG, and if so, where are we with it? What type of free market economy is best for Nigeria, and how can we move from mere economic growth to economic development? The latter two are not the same thing. Between neo liberalism and a developmental state, which approach will lead us there? How can industrial policy help Nigeria achieve economic complexity and how can we build the “productive knowledge” that is a sine qua non for complexity? How can the combination of a real industrial manufacturing economy, which is what determines the real value of a country’s exchange rate, combine with fiscal policy to incentivize a monetary policy that creates access to real capital at affordable prices? In other words, how can we put capital into our capitalism? At the political level, what type of federalism is best for Nigeria? How will a re-engineered division of powers and responsibilities between federating units and the central government, revenue allocation formula, and derivation principles (“resource control”) of oil and solid minerals bring about a sense of equity and act as incentive to unleash massive economic production and hence transformation? These are the real questions that will determine our future.\nTo demonstrate why it is important to think strategically about Nigeria’s future beyond the (necessary) fight against corruption, let us look at Rising Asia. In China, Deng Xiaoping began a period of stunning economic transformation in the late 1970s which fundamentally altered China’s communist state to a capitalist one, unleashing the latent productivity of over one billion Chinese. This was a fundamental redesign of the basics on which modern China was established in 1949 by Mao Zedung after a debilitating civil war. Today, China is the world’s second largest economy, set to overtake the United States as the largest in the next two decades. Corruption has risen, along with China’s meteoric ascent, but President Xi Jin Ping is fighting back, with success. But wide scale corruption has not stopped China’s rise, even as it is rightly considered a strategic threat. Why? Because 400 million Chinese have been lifted out of poverty in the past three decades.\nMalaysia, with 27 million people is a rising emerging market that, in the early 1960s was well behind Nigeria in terms of economic prospects. Today it is a newly industrialized country with a GDP per capita of $11,000 (compared with Nigeria’s $3,000), foreign reserves of $100 billion, and a sovereign wealth fund with $41 billion in assets. In 1991, then Malaysian Prime Minister Mahathir bin Mohammed set a Vision 2020 BHAG in which his country would achieve the status of a self-sufficient industrialized nation by that date. That target has since been met. Manufacturing accounts for 40 per cent of GDP, and Malaysia is the 14h most competitive economy in the world, ahead of Australia, UK, South Korea and Japan in competitiveness. Meanwhile, what about corruption in Malaysia? It hasn’t disappeared, but strong institutions confront the menace. As I write, a special task force is investigating allegations that Malaysia’s current Prime Minister Najib Razak received $700 million from a state investment fund into his personal bank account.\nThe point from these examples is that facing forward and building our future successfully will take more effort than facing the past. Justice is an irreducible but complex phenomenon. Once it deals with certain categories of past crimes (as opposed to present crimes) such as war crimes or governmental corruption, it all becomes political and prone (rightly or wrongly) to perceptions of selectivity.\nThe pursuit of accountability for past corruption in Nigeria should be carefully targeted and controlled, building anti-corruption systems and avoiding vendettas. It should be balanced with the need to avoid sapping the energy and focus required to build the future, breeding resentment, and interfering with the even more fundamental futuristic task of manufacturing consent. That is why the Japanese Emperor Hirohito was ultimately not prosecuted in the Tokyo war crimes trials after World War II, because the conquering Allied Powers needed a bridge between Japan’s past as an enemy Axis Power and its future as a new Western ally. As the American scholar-diplomat and statesman, Henry Kissinger so pithily put it: “It is the temptation of war to punish; it is the task of policy to construct. Power can sit in judgment, but statesmanship must look to the future.”\nKingsley Moghalu\nMoghalu, former deputy governor of the Central Bank of Nigeria, is Professor of Practice in International Business and Public Policy at Tufts University’s Fletcher School of Law and Diplomacy in Massachusetts, USA and the chairman of Sogato Strategies LLC.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/analysis/article/strategic-thinking-about-nigerias-future/"}
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+{"doc_id": "765c522ff17c8c86bdfeae18ea8e8881", "text": "Advertisement\nCreative industry lacks support because they portray expensive lifestyles when they need help -Hammer\nWell established Ghanaian music producer, Hammer of the Last Two is cautioning creatives especially musicians to desist from portraying affluent lifestyles which gives the wrong impression that the industry is doing well.\nSpeaking on Joy FM’s Showbiz A-Z recently, Hammer, real name, Nana Poku Osei disclosed that most of the celebrities who drive luxurious cars have other sources of income apart from music.\nHowever, those of outside the industry and oblivious of their challenges assume all is well since they don’t portray that they need help. (Read I have not been a good father to my daughter – Ofori Amponsah)\n“We are not displaying suffering to them. We are buying cars with different money. We are flexing. Most people in the creative [music] industry are not buying cars with the music money.\n“If you are doing Forex Trading at home and you buy an X Class, and you are pulling up in it and a tax man is looking at you, what are you talking about?\n“We have to speak the truth to power. Let's show them we are suffering. But we can't go around shopping at the expensive places, driving the biggest cars and expect them to feel for us.\n“If you want to show that your works are promoting the tourism industry, show it. Prove that you are an up and coming artiste and you can't afford these things,\" he said.\nHammer’s comments come in the wake of passionate pleas from creatives to government to grant them tax incentives to attract investors.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/entertainment/showbiz-news/creative-industry-lacks-support-because-they-portray-expensive-lifestyles-when-they-need-help-hammer.html"}
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diff --git a/clean/cc/781fa1d5869f7039807166dafeba223f.json b/clean/cc/781fa1d5869f7039807166dafeba223f.json
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index 0000000000000000000000000000000000000000..13cd9cb9ba4d66bd103b457dc71e637cfa678075
--- /dev/null
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+{"doc_id": "781fa1d5869f7039807166dafeba223f", "text": "Betting firms cash in on Kenya’s gambling craze\nIn her book Kenya@50: Trends, Identities and the Politics of Belonging, Dr Joyce Nyairo says it is fair to argue that in the past 10 years Kenya has become a nation of gamblers.\n“Not only do promotional offers and lotteries, of all kinds, run by all sorts of corporates, dominate the media scape — from radio to TV, the dailies, the Internet and outdoor advertising — casinos have proliferated tenfold,” the cultural analyst says in her book.\nNyairo adds that the proliferation of casinos in major urban centres in Kenya is both a reflection of, and an impetus for, a growing gambling mentality.\nSPORTS RESULTS\nIf Kenya has become a nation of gamblers, nowhere has this been reflected than in sports betting, which entails the activity of predicting sports results and placing a wager on the outcome.\nAccording to outgoing BCLB chairman Prof Paul Wambua Musili, there are close to 30 licensed bookmakers with sports betting licences in Kenya.\nThe greater percentage of these are operators who run betting shops as well as casinos, which also hold sports betting licences.\nAnother 10 operators run sports betting using the mobile platforms. The latter category includes SportPesa, Betin, Betway, Oxygen 8 (which operates Bet Yetu), Justbet and mCHEZA.\nGAMING INDUSTRY\nThe regulatory framework for sports betting is found in the Betting, Lotteries and Gaming Act (Cap 131 Laws of Kenya), which establishes the Betting Control and Licensing Board (BCLB). BCLB is charged with licensing and regulating the gaming industry in Kenya.\nSports betting has grown in leaps and bounds in Kenya since 2013 when the first online sports betting company SportPesa was registered.\n“Since registering SportPesa in 2013, we have licensed other operators to open up the sector,” said Musili. “We have been closely monitoring the sector with a view to weeding out rogue operators and to instil discipline in the industry.”\nStatistics released by PriceWaterhouseCoopers (PwC) late last year indicate that the annual gross turnover of sports betting industry in Kenya is $20 million (Sh2.1 billion).\nREVENUE TO GROW\nWith more competition, the gross revenue is projected to grow to more than $50 million (Sh5.1 billion) in the next three years.\nMusili attributes this growth to technology, which has made it possible for people to bet on any sports activity anywhere, anytime.\n“Growth of sports betting has been aided by technology,” said Musili. “People can bet on matches through their mobile phones wherever they are, at any time.\n“People have embraced technology and the operators have cashed in on this, but herein lies the problem for the regulator: BCLB has not acquired modern technology to regulate online betting.”\nADDICTIVE\nIn her book, Nyairo warns that gambling can be addictive. She says betting draws one into the idea that they are being rewarded while in real sense they are being roped into the bondage of eternal betting.\nThose who get match predictions right and win some money or hit the jackpot swear to continue betting, the scholar says.\nLast month, Elimah Khanaitsa, a 27-year-old saleslady from Kakamega, became the first woman to win the SportPesa jackpot. Having earned Sh22 million, she vowed to continue betting.\n“I didn’t believe I had won the jackpot,” Khanaitsa, who was flanked by her husband, told a battery of journalists. “To confirm I had won, I withdrew Sh2,000 and another Sh70,000.\n“I’m targeting the next jackpot and I will continue betting.”\nThis was the second biggest jackpot. Two months earlier, SportPesa had given out another jackpot of Sh29 million.\nJACKPOT\nFaustine Imbali Asenahabi also won the Sh10 million jackpot in the Betin Kenya betting game.\nAsked for his opinion on betting, James Ayuo, a sales executive in Nairobi, said: “Sports betting is the in-thing. People pay rent using their winnings. If you are a fan of a team that is playing, you just need to bet with your head and not your heart.\n“I will keep betting for as long as I can.”\nAccording to Musili, gambling is a demerit good which must be regulated.\n“By its very nature, gambling has many incentives that attract deceitful, dishonest and disorderly conduct from operators,” said Musili. “Gambling is a demerit good and, as is the practice worldwide, demerit goods are subject to heavy taxation or direct control to reduce consumption because of their potential harm to the consumers and their families.\n“Addictive substances are heavily regulated because addiction causes great harm to society. Those addicted to gambling can lose all of their money and end up homeless, as well as drive their families and friends to bankruptcy.”\nBET FOR FUN\nThe director of communications at SportPesa, Kester Shimonyo, said people should bet for fun but it should not be taken as a fulltime economic activity.\nDespite the phenomenal growth, the sports industry is yet to fully benefit from sports betting.\nWhereas SportPesa and Betway have sought to sponsor Kenyan Premier League clubs, the law does not provide for oversight on use of good cause money.\nAs such, when SportPesa sponsored the KPL last season, the value of the sponsorship remained a top secret, the online betting company citing confidentiality.\nWithout oversight, clubs and initiatives meant to benefit from good cause money stand to get the short end of the stick after the cameras have stopped clicking.\nFurther, the government is yet to realise revenue from the 20 per cent withholding tax that The National Treasury imposed on winnings from betting two years ago. The law requires the players, not operators, remit part of their winnings from betting. Poor implementation of this law has led to revenue leaks.\nIn 2012, the Ministry of Sports established a Sports Lottery Fund, through which money raised from the betting industry would benefit the development of local sports. However, this has also failed to take off.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairobinews.nation.africa/betting-firms-cash-kenyas-gambling-craze/"}
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index 0000000000000000000000000000000000000000..23e0c2ded463131676b120fac2c8cca9acee995c
--- /dev/null
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+{"doc_id": "78bda9e89c2b33c87a206311e45b73fc", "text": "Advertisement\nYango Drivers happy over new changes to app\nDrivers of leading ride-hailing service, Yango, have disclosed that the latest changes to the platform such as the earnings and flexible mode, Yango Map and Yango Pay, have significantly improved driving experience, aside enhancing convenience and productivity on the app.\nIn line with its ideals of providing convenient and safe transport to Ghanaians, Yango continues to improve its value proposition on the domestic ride-hailing market with regular changes and addition of new features that deliver superior riding experience to both drivers and riders.\nAccording to the drivers, the new changes that have been introduced in the app uphold Yango’s willingness to respond to feedback from its partners, drivers and riders in general.\n“There have been several changes to the Yango app which is very good. For instance, we see changes in the earnings side and recently we saw the introduction of Yango Maps, which is very good because it helps drivers to justify their earnings per trip.\nAlso, we [drivers] are now able to choose which map to use and that has been very effective for my work. For drivers on the flexible mode, we have an advantage because we don’t pay much commission,” said Rexford Cudjoe Mensah, one of the drivers, said in an interview.\nAccording to him, these latest additions to the Yango App have also improved driver safety and enhanced general experience on the app.\nHe added: “I can say that Yango is a very responsive app in the sense that the company pays attention to feedback from drivers in terms of market trends and challenges and take appropriate actions on them.\nThis has greatly improved the app experience compared to when I started driving on it.\nMr Cudjoe Mensah further touched on the benefit of driving on the “Flexible Mode”: “It’s less stressful; it releases me from the burden of having to worry about the number trips, uploading my balance and also my earnings.”\nDue to the several benefits that this mode provides, most drivers are ever ready to drive on the flexible mode, he added.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/yango-drivers-happy-over-new-changes-to-app.html"}
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index 0000000000000000000000000000000000000000..ed3a09881207587094cb0f6761fc71467378520f
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+{"doc_id": "7d45f5a7998523ca9c47d30901efd76c", "text": "Want to end the poverty cycle? Empower women\nOf the 960 million illiterate people in the world, two-thirds are women. Startling? Read on. And in well-functioning economies, we know that the education level often has a direct positive correlation with the economic enrichment of one’s household and professional prospects. To compound that fact, women make up 70% of the world labour but only earn 10% of the world’s income. Meaning women’s labour contribution is uncompensated especially in the rural areas in being caretakers of the sick and elderly, farmers and more. This leads to a greater poverty rate, it slows down economic growth and lowers the standard of living. As if that weren’t enough, women make 30-50% less than men worldwide. With these facts laid out, it is no wonder this article will be tailored toward the female population in addressing ways in which to factor gender into the agenda of poverty alleviation.\nWhat does the future hold for the girl child living in poverty?\nA girl living in poverty is statistically likely, to be married off early, lack the funds/resources to continue her education, have children at an early age and to continue the cycle of poverty. The health risks of her children are also heightened not only because her education level is likely low due to poverty, but she would also lack the funds to seek proper treatment and care to aid in preserving the health and the lives of her children. It is a known fact that women and girls invest 90% of their earned income into their families and communities, and for this reason alone women and girls should be empowered economically if a nation is to be brought out of poverty and any other form of economic shortfall.\nUnfortunately, pervasive underlying factors, such as inadequate structural conditions, including insufficient policy framework to integrate gender into poverty alleviation efforts and gender norms and discriminatory social norms keep many women from contributing to the household income and national GDP as agents for economic progress.\nHow can women be empowered to break the cycle of poverty?\nOne of the greatest tragedies of the 21st century is the gender pay parity. In this time in human development it makes absolutely no sense for women to be making a fraction of what men make given the ever-changing household models and unique circumstances of building a home and raising children. Economic empowerment for women through policy insists on equal pay between men and women and also closing the employment participation gap between men and women is crucial to bring women out of vicious cycle of poverty. I repeat, increasing women’s percentage share of the world’s income, and closing gender pay parity will not only substantially bring nations out of economic slumps but also drive sustainable growth and economic power for generations to come.\nService delivery providing women with access to property, assets, and financial services lead to their social protection. Secondly, increasing women and girls’ education, and providing technology tools for digitization skill building and internet access leads to women and girls moving out of poverty at vast rates. Currently, women are more likely than men to report lack of skills as a barrier to Internet use. A survey of women in developing countries found that of women using the internet 75 percent use the Internet to further their education which sustains the wealth-building efforts and prevents future generations from regressing back to poverty.\nSpeaking of tech, in the age of technology, it is almost impossible to be upwardly mobile without a good grasp on tech skills even at the most basic level. When rural and urban women are provided with technology access and computer skill training, studies show that this increase in internet connectivity leads to a $21 return on investment for every dollar spent on poverty alleviation efforts and giving internet access to women could contribute between $13-18 billion to annual GDP across 144 developing countries.\nWhen women have access to formal financial institutions and avenues to join saving mechanisms like cooperative savings groups and organized sectors they utilize the network for family enrichment. For example, the United Capital Wealth for Women Fund is a great new avenue tailored specifically for women to prevent poverty and make women economically independent.\nAs mentioned earlier, women do much of the unpaid labor that makes the world go ‘round and by providing a wider variety of occupations and enterprises beyond low-productivity activities and informal sectors, unpaid women can become lucrative service providers and business- owners while enhancing the skills of which they are already accustomed.\nWomen farmers can be assisted out of poverty by providing them with seed capital, access to inputs, actual seeds, credit facilities and extension services which will also encourage more women participation in the agricultural labour force. The Lagos State Ministry of Women Affairs and Poverty Alleviation, which spearheads initiatives that address these needs throughout Lagos state, equip women with early economic empowerment tools to help them start businesses and there are free skills training courses at their Skill Acquisition Centres also offered by the Ministry. Access to land and credit for the ability of women farmers and entrepreneurs to invest, operate to scale, and benefit from new economic opportunities is also incredibly necessary to lift agric-skilled women out of poverty.\nPoverty affects the young, the old, the healthy, and the frail and empowering women to break the cycle of poverty is the number one way out.\nFor more information on The Lagos State Ministry of Women Affairs & Poverty Alleviation and to find your nearest Skill Acquisition Centres in Lagos for free skill training courses and other poverty alleviation tools visit http://wapa.lagosstate.gov.ng/\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/features/want-to-end-the-poverty-cycle-empower-women/"}
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+{"doc_id": "80011fd1d76ceb02db559a8e60103d44", "text": "“Empirical data affirms that Nigerians are willing to fulfill their tax obligations when they see meaningful returns on their tax contributions.”\n– Taiwo Oyedele (Chairman, Presidential Committee on Tax Reforms)\nOne of the bold steps taken by President Ahmed Tinubu-led administration so far was the inauguration of the presidential committee on fiscal policy and tax reforms back in August, 2023. It is worthy of note that the president approved the establishment of the committee in July of this year and appointed Taiwo Oyedele, a tax and Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers, as the Chairman.\nRead also: Oyedele-led tax reforms embrace Afonomics proposal as fourteenth point\nThe committee comprises experts from both the private and public sectors and is responsible for various aspects of tax law reforms, fiscal policy design and coordination, harmonisation of taxes, and revenue administration. According to the Special Adviser to the President on Revenue, Adelabu Adedeji, the president recognises the importance of a sound fiscal policy environment. And indeed, how an effective taxation system could act as catalyst for the functioning of the government and the economy.\nThe committee will go beyond advising the government on necessary reforms to also drive the implementation of such recommendations. It also has a mandate to achieve an 18 percent tax-to-GDP (tax to gross domestic product) ratio within three years. The current dire economic situation however, brings forth some burning questions, needing urgent answers.\nFor more public enlightenment we need to know what taxation is all about, the percentage of the income thereof, the disbursement pattern, the beneficiaries, and of course, the hurdles between its collection and the implementation and how to scale over them.\nIn its distilled essence, taxation as a tool of fiscal policy is a compulsory levy imposed by the government on the income of taxpayers in a given geographical area. The noble aim of course, is to ensure the welfare for the greatest number of the citizenry through a fair distribution of financial resources. That plays out of course, in an ideal situation.\nAs reflected in my previous thought on the critical issue back in 2017 titled: “Taxation and the People’s Parliament”, given Nigeria’s peculiar scenario, the challenges are characterized by multiple taxation, lack of credible data, and information asymmetry. Access to information remains weak for the average investor, as well as the general public. Relevant data meant for stock analysis is often published with a lag. Sometimes, managers give the wrong information with regards to their actual income.\nAnother frictional factor to taxation here is that many of the rich hardly pay taxes commensurate with their huge incomes. In fact, it has been proven time and again that some of the favoured political apologists and sponsors of some political parties are given questionable tax waivers. There is over dependence on oil revenue at the expense of agriculture and industrialisation. With all these anomalies, is there value for money for taxation for the ordinary Nigerians? The answer is in the negative.\nRead also: FG eyes new tax reforms, ‘conservative’ oil benchmark\nThere still exists the untoward practice of some dubious and unpatriotic accountants preparing different account statements for banks and the Federal Inland Revenue Service, FIRS. The oil benchmark cannot be agreed upon. Banks are not funding the manufacturing sector. Fake products are all over the place. Unlike the European Union, EU countries which came together to harmonise tax policies there is no stable economic model to apply holistically in Nigeria.\nIn response and in the face of these daunting odds the Accounting Education and Research Services, ACCERS came together as concerned professionals some years ago with relevant stakeholders in the financial sector as the People’s Parliament to fashion the best way forward out of the nation’s economic wood. These included capital market operators, bankers and accountants. Others were members of ICAN, CITAN, ANAN, legal practitioners, industrialists, small scale entrepreneurs and academicians.\nAccording to Otunba Abdul Lateef Owoyemi, the past President of the Institute of Chartered Accountants of Nigeria,(ICAN) enlightened Nigerians must ensure that our tax and other fiscal policies are in sync with international best practices. This has become expedient with the ongoing ‘fiscal cliff’ of the euro-zone countries and the looming policy crisis facing the U.S.\nNigeria, like many other countries across the globe is left with three possible policy options, for economic survival. The first is to drastically cut down on public expenditure, which the federal and state governments are not willing to do. If not, how do we explain the current painful yet, preventable situation that has each lawmaker smiling home with an SUV vehicle worth N160 million when some 133 million Nigerians are multi-dimensionally poor and 71 million of them daily agonise in extreme poverty?\nSimilarly, how do we explain to the ordinary citizen that Mister President who has called on them to make sacrifices to stabilize the wobbling economy has since obtained approval from the Federal Executive Council (FEC) for the renovation of the president’s official residence with N4 billion at Dodan Barracks,Lagos? Yet, there is an additional N4 billion approved for the construction of office complex? Not left out of the spending spree and jamboree at the executive level is the approval of N1.5bn for vehicles for the First Lady’s office.\nComing at a time that food inflation has galloped to 29.34%, as the highest in 18 years, and also when unemployment of graduates has escalated to the level of a time-bomb the fear that the taxes would be judiciously applied is real!\nThe second approach on impactful taxation is to allow those who have the ability to pay higher taxes to do so, as former President Barack Obama’s administration championed in the U.S. The third is to combine the two to meet the needs of the society.\nThough several research findings have raised alarm over the over reliance on petro-dollars not much has changed. The persisting problems that have bedeviled the energy sector for eons, as well as even ineffective road construction and repairs are reflective of the gross failure of the economic policies. More has been said than done on economic diversification.\nNigeria must develop its tax system in such a manner that there is a great collaboration amongst the federal, states and local governments and for the last two to have a fairer sharing formula for tax collected. Tax revenues should henceforth be separated from all other revenues and should be shared in accordance with contributions from the states.\nRead also: Experts task FG on tax reforms to rejig Nigeria’s economy\nTo further strengthen the implementation of tax policies in Nigeria the full computerisation of the entire economy and transactions has become imperative. This would reduce corruption. Stable infrastructure should be put in place along with effective monitoring of governance. We should do away with poor corporate governance.\nWhat is of significance to the average citizen is the implementation of the recommendations made vis-à-vis accountability, fiscal responsibility, thoroughness in terms of prioritizing the crying needs. They want the assurance that the poor would not be taxed to satisfy the tastes of the rich and mighty. They would therefore, be happy, if at the end of the day it guarantees adequate and nutritious food on their table in a safe and secure environment.\nAbove all, government should sustain public enlightenment on the need for the citizens to pay their tax as at when due. There should be accountability on the part of government. And Nigerians should also begin to ask pertinent questions on how their various taxes are utilised.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/factors-that-strengthen-tax-reforms/"}
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+{"doc_id": "804085dda13dc41346c1a7af1ac84cd6", "text": "Harare - Zimbabwean police on Wednesday used batons, tear gas and water cannon to beat up and disperse supporters of the main opposition party who had gathered outside its building in the capital to listen to a speech by their leader.\nThe latest police action comes as the opposition Movement for Democratic Change (MDC) accuses President Emmerson Mnangagwa of adopting the heavy-handed tactics of his predecessor, Robert Mugabe who died on September 5.\nOn Sunday, Mnangagwa defended his record in an opinion piece carried by CNBC Africa, saying his administration was opening up political and media space.\nBut police have this year banned several MDC gatherings, saying they feared the events would turn violent.\nHundreds of police blocked roads leading to MDC headquarters in Harare but supporters continued to gather, singing and chanting before the arrival of party leader Nelson Chamisa, who was set to address them.\nA few minutes after Chamisa entered the party building, police charged the crowd with batons and fired tear gas, causing a stampede, according to Reuters witnesses.\nPolice officers declined to comment.\nMDC officials said the skirmishes once again showed that the opposition party was a victim of government brutality.\n\"The MDC strongly condemns that violent attack by the police on the citizens who had peacefully gathered outside our (headquarters). This kind of barbaric brutality is totally unacceptable in Zimbabwe,\" MDC national spokesman Daniel Molokelo said in a statement.\nPolitical tension is rising in Zimbabwe, where the population is grappling with a severe economic crisis that has seen rolling power cuts lasting up to 18 hours a day and shortages of foreign currency, fuel and medicines.\nMost public sector doctors have been on a strike over pay since September, which has paralysed government hospitals where the poor seek treatment. Other public sector workers are demanding US dollar-indexed salaries to protect them from soaring inflation.\nCritics say Mnangagwa has failed to keep promises he made during last year's election campaign to revive the economy by pushing through economic reforms, attracting foreign investment to create jobs and rebuilding collapsing infrastructure.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/news/water-canons-batons-mdc-condemns-police-brutality-on-zimbabweans-37637669"}
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index 0000000000000000000000000000000000000000..8a64b8f9ea5d509c56469b64f6cb1e73e6eb12cd
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+{"doc_id": "8170b80c814e500a42ce493999f0255d", "text": "The Standard Group Plc is a\nmulti-media organization with investments in media platforms spanning newspaper\nprint operations, television, radio broadcasting, digital and online services. The\nStandard Group is recognized as a leading multi-media house in Kenya with a key\ninfluence in matters of national and international interest.\nAt least 45 political parties in Kenya will receive a total of Sh1.48 billion from the Political Parties Fund.\nPresident William Ruto's United Democratic Alliance (UDA) Party will get the lion's share of the fund.\nAccording to the Office of the Registrar of Political Parties, UDA has bagged Sh577.2 million, followed by Orange Democratic Movement (Sh308.3 million), Jubilee Party (Sh135.1 million), Wiper Party (Sh72.1 million) and Democratic Action Party of Kenya (DAP-K) will get Sh31.6 million, rounding out the Top Five recipients of the fund.\nAccording to Speaker of the National Assembly Moses Wetangula, UDA has 145 MPs, ODM (86), Jubilee (28) and Wiper (26).\nOthers are the United Democratic Movement (UDM) 8, ANC (8), Ford-Kenya (6), KANU (6), DAP-Kenya (5), PAA (3), Kenya Union Party (3), UPIA (2), Maendeleo Chap Chap (2) and The Service Party (2).\nIn the Senate, UDA has the highest number of representatives with at least 32 of the 67 senators.\nThe Political Parties Act 2011 sets aside 0.3 per cent of the national government revenue to finance activities of political parties.\nAccording to the law, 70 per cent of the fund is shared based on the total number of votes secured by each political party in the preceding general election.\nOther criteria include number of elected leaders from the special interest category, administrative expenses and the number of nominated leaders.\n\"All parties qualifying for the fund must be accountable for their allocation and use it for purposes compatible with democratic principles as prescribed in the Political Parties Act, 2011. We expect accountability, transparency and prudent utilisation of the funds by the beneficiaries,\" Registrar of Political Parties Ann Nderitu said on September 21, 2022.\nBelow is the full list of the funds that the political parties will receive from the National Treasury:\nUnited Democratic Alliance (UDA) - Sh577,162,898\nOrange Democratic Movement (ODM) - Sh308,26,0679\nJubilee Party (JP) - Sh135,113,518\nWiper Democratic Movement (WDM) - Sh72,110,017\nDemocratic Action Party of Kenya (DAP-K) - Sh31,642,281\nUnited Democratic Movement (UDM) - SH26,897,846\nAmani National Congress (ANC) - Sh26,600,684\nForum for Restoration of Democratic-Kenya (Ford-Kenya) - Sh25,863,869\nKenya African National Union (KANU) - Sh23,938,039\nDevolution Empowerment Party (DEP) - Sh13,781,840\nMaendeleo Chap Chap (MCC) - Sh12,666,731\nPamoja African Alliance (PAA) - Sh11,501,302\nThe Service Party (TSP) - Sh10,554,051\nMovement for Democratic Growth (MDG) - Sh9,798,978\nKenya Union Party (KUP) - Sh9,505,566\nUnited Party of Independent Alliance (UPIA) - Sh9,968,11\nUnited Progressive Alliance (UPA) - Sh8,677,952\nChama Cha Mashinani (CCM) - Sh8,113,606\nTujibebe Wakenya Party (JIBEBE) - Sh7,581,022\nMuungano Party (MP) - Sh6,743,290\nChama Cha Kazi (CCK) - Sh6,533,345\nDemocratic Party of Kenya (DP) - Sh5,485,815\nUnited Democratic Party (UDP) - Sh5,374,364\nNational Rainbow Coalition (NARC) - Sh5,153,865\nParty of National Unity (PNU) - Sh4,462,017\nChama Cha Uzalendo (CCU) - Sh3,923,355\nNational Reconstruction Party (NRA) - Sh3,399,792\nProgressive Party of Kenya (PPOK) - Sh3,153,535\nSafina Party (Safina) - Sh3,138,585\nNational Agenda Party of Kenya (NAP-K) - Sh2,238,311\nUbuntu People's Forum (UPF) - Sh1,998,602\nKenya National Congress (KNC) - Sh1,852,839\nNational Ordinary People Empowerment Union (NOPEU) - Sh1,352,449\nFederal Party of Kenya (FPK) - Sh1,257,686\nKenya Social Congress (KSC) - Sh1,217,909\nCommunist Party of Kenya (CPK) - Sh1,047,848\nPeople's Trust Party (PTP) - Sh842,763\nPeople's Empowerment Party (PEP) - Sh837,622\nPeoples Democratic Party (PDP) - Sh795,008\nShirikisho Party of Kenya (SPK) - Sh687,791\nMabadiliko Party of Kenya (MPK) - Sh638,844\nGreen Thinking Action Party (GTAP) - Sh582,538\nMaendeleo Democratic Party (MDP) - Sh582,101\nKenya African Democratic Union Asili (KADU-Asili) - Sh479,832\nGrand Dream Development Party (GDDP) - Sh466,800\nJustice and Freedom Party of Kenya (JFP) - Sh277,033", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2001459893/full-list-millions-of-shillings-your-party-has-pocketed-from-political-parties-fund"}
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+{"doc_id": "822991541797155e26ad92cd33e98fa8", "text": "As many South Africans grapple with the financial aftermath of the festive season, January - or Januworry as many call it - is a month of belt tightening. While a significant portion of the population struggles to recover from December's budgetary excesses, the country's wealthiest individuals navigate a very different economic reality.\nThe latest Forbes Real Time Billionaires list casts a spotlight on this disparity, revealing a small, elite group whose financial concerns are worlds apart from the average South Africans. Topping this list is Johann Rupert and his family, with an astounding net worth of $10 billion (R187bn)\nAccording to Forbes Real Time Billionaires, South Africa’s richest people are:\n1. Johann Rupert & Family - The Luxury Goods Titan\nAt the top of this illustrious list is Johann Rupert, chairman of the Swiss luxury goods firm Compagnie Financiere Richemont. The company is well-known for brands such as Cartier and Montblanc. Rupert, with a net worth of $10 billion (R187bn), has not only carved a niche in the luxury market but also holds significant interests in investment company Remgro and Reinet, an investment holding company based in Luxembourg.\n2. Nicky Oppenheimer & Family - Diamonds and Diversification\nFollowing Rupert is Nicky Oppenheimer and his family, with a net worth of $8.3 billion (R155bn). The Oppenheimer fortune was primarily built on diamonds through De Beers, once the world's largest diamond producer. In recent years, Nicky Oppenheimer has diversified his investments, venturing into private equity, real estate, and other sectors through his family's investment arm, Stockdale Street Capital.\n3. Patrice Motsepe - Mining Magnate and Philanthropist\nPatrice Motsepe, South Africa's first black billionaire, stands third with a net worth of $2.5 billion (R46bn). His wealth originates from African Rainbow Minerals (ARM), a mining company with interests in a variety of minerals. Motsepe is also known for his philanthropic efforts, having pledged to give half his fortune to improve the lives of the poor, following The Giving Pledge initiated by Warren Buffett and Bill Gates.\n4. Koos Bekker - The Media Mogul\nKoos Bekker, valued at $2.3 billion (R43bn), transformed South African newspaper publisher Naspers into an e-commerce investor & cable TV powerhouse. His wealth is tied to Naspers' investments in global tech companies, including a remarkable stake in Tencent. Bekker, known for his visionary approach, has been instrumental in positioning Naspers as a significant player on the global tech stage.\n5. Michiel le Roux - Banking on Success\nMichiel le Roux, founder of Capitec Bank, has a net worth of $1.1 billion (R20bn). Le Roux's Capitec Bank has revolutionised South African banking, offering accessible and affordable banking solutions to millions. His success story is a testament to the potential of innovative financial services in a developing market.\n6. Christoffel Wiese - Retail Ruler\nLastly, Christoffel Wiese, with a net worth of $1 billion (R18bn), made his fortune in retail. He is the largest single shareholder of Shoprite, Africa's largest supermarket chain, and holds significant stakes in various retail and property companies. Despite facing challenges, Wiese's resilience and business acumen have kept him afloat in the billionaire's club.\nAs South Africa moves forward, the stark contrast between the immense wealth of these billionaires and the financial struggles of the average citizen becomes increasingly evident. While Johann Rupert, Nicky Oppenheimer, and their peers continue to thrive in their respective industries, many South Africans face a challenging start to the year, still reeling from the financial strain of not just the festive season, but increases in food, fuel and utility bills.\nThe stories of these billionaires, diverse in their paths to fortune, from luxury goods and mining to banking and retail, are more than just tales of success; they are reminders of the economic divide in South Africa.\nIOL News", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/news/south-africas-billionaire-boom-no-januworry-problems-for-south-africas-richest-men-c84eefad-11bb-4436-9505-ccd197646269"}
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+{"doc_id": "8279baf977f4a11c8dac8a6b8e08c6b7", "text": "We're pretty used to hearing outlandish valuations on internet companies that, if they were people, would be barely out of nappies.\nWe’re pretty used to hearing outlandish valuations on internet companies that, if they were people, would be barely out of nappies. It happened during the first dotcom boom, and it’s happening again now. But news that Facebook is now “officially” worth $50-billion made even the most seasoned cynics choke on their lattes.\nHow can a seven-year-old company be worth that much? Simple — Goldman Sachs (the investment bank) and Russian technology giant, Digital Sky Technologies (DST), are investing $500-million in the company in exchange for 1% of its shares. So it follows that 100% of its shares must be worth $50-billion.\nOr does it? Despite all these superheated shares fizzing around Facebook is still a private company. All of these trades are in what the investment trade coyly calls “secondary markets”. This means that, unlike a publicly listed company, Facebook is not obliged to report its earnings to the market.\nGoldman is planning to sell another $1,5-billion worth of the shares to its own clients in the next two weeks, and so it has been talking the stock up. Reuters reports that a potential investor “believes Facebook has $2-billion in revenues, though the person does not know if the fast-growing company is cash flow positive or profitable”.\nEven if all of that revenue were profit, Facebook stock would be worth 25 times its yearly earnings — a measure known as the “price/earnings” or PE ratio. It’s far more likely that their real earnings (after costs) are around $500 million, which would make their PE 100. Given that a PE of 20 is considered high, 100 should give investors pause, since it implies that it would take 100 years (at current earning rates) for the company to ‘pay back” the investment in its shares. And that’s assuming Facebook is, in fact, making $2-billion per year and $500-million in profit — again it’s under no obligation to tell anyone the real numbers.\nAnother way to look at this valuation is in terms of Facebook’s bread and butter — its user numbers. At the moment it has just shy of 600-million active users around the globe (that’s twice the population of the United States). This deal means that investors are effectively paying about $83 per user.\nThat seems like a lot until you consider that each time an advert is clicked in Facebook it earns them around 60 US cents. So it would take 133 clicks from each user to earn that back. I know what you’re thinking: I’ve probably only clicked on a dozen ads in my entire time on Facebook. But advertising is only one of their revenue streams.\nGames like Farmville and Mafia Wars earn Facebook hundreds of millions of dollars per year. Some players literally spend a hundred dollars a month on their virtual farms and crime empires. All Facebook needs is a couple of million of those users — less than 1% of total players — and its 10% of the way there.\nAnd then there’s future growth. In September 2009 Facebook had “only” 300-million users — now it has nearly 600-million. Facebook executives don’t even blink at the idea of a billion active users — they expect it. If we assume they have a billion users by the end of 2012, then Goldman and co have really paid $50 per user — or 83 advertising clicks over the entire history of each user.\nEven so, without seeing their earnings in black and white Facebook remains a gamble. Sometimes, like Google with its PE of 25 (that was once as high as 50), the gamble pays off handsomely. And sometimes like Webvan, an ill fated casualty of the dotcom bust, the gamble goes spectacularly wrong.\nBut given how much scorn was heaped on Facebook by market analysts when it refused a $1-billion offer from Yahoo! in 2006, you can forgive its shareholders for not taking our opinions as gospel.\nIt makes you wonder about three-year-old Twitter, recently valued at $3,7-billion. The analysts are saying all the same things about the micro-blogging giant as they were about Facebook back in 2006: no business model, unsustainable growth and opaque earnings reports.\nPerhaps the most unlikely winner out of this deal is homegrown media giant Naspers. They own 28,7% of the Mail.ru Group (previously DST Limited) who in turn own 2,38% of Facebook. That means Naspers effectively owns around 0,83% of Facebook — worth about R2,9-billion at today’s exchange rate.\nInterestingly DST Global, a separate entity in which Naspers has no significant holdings, already owns 10% of Facebook. This new tranche takes their investment to about 10,5%.\nOf course that number is trivial by comparison with Naspers’ 35% stake in China’s Tencent — a social media company currently valued at $42-billion on the Hong Kong stockmarket. Tencent’s main brand, QQ, passed the half a billion users mark years ago and is still growing. Suddenly $50-billion doesn’t seem that ridiculous anymore.\nA previous version of this article had two factual inaccuracies. Firstly, it implied that revenue equated to earnings, and therefore gave an incorrect definition of the PE ratio. Secondly it stated that Naspers now owns 3% of Facebook when in fact, due to ownership structures at DST, it only owns 0,83%. We regret these errors.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://mg.co.za/article/2011-01-05-is-facebook-really-worth-50-billion/"}
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index 0000000000000000000000000000000000000000..bc7369c514c7b5ff517e57a9005db22cf3a12385
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+{"doc_id": "827f1556bfb5daa2222f58419c4fd0af", "text": "Aircraft capabilities, sizes, air traffic control, the need for efficient and safe operations, the minimization of noise pollution, especially around the airport and surrounding area, and the presence of obstructions in the airspace are some of the qualities required of a world-class airport, as Arch20, a global name in architecture and urban design, pointed out.\nA modern airport should carry a presence of peace, tranquility, comfort, and style, attributes that have the potential to attract a large number of visitors.\nThe Skytrax World Airport Awards have been announced, revealing the best airports worldwide for 2023.\nIn the Africa category, four airports in South Africa made the list, with the others coming from Kenya, Morocco, Rwanda, and Mauritius.\nRead also:Explainer: What Air Peace, Ibom Air, others can learn from Ethiopian Airlines\nThese are the top 10 airports in Africa\nCape Town Airport, South Africa\nCape Town Airport, South Africa, was ranked as the best airport in Africa by the Skytrax World Airport 2023 Awards.\nAccording to Airport Company South Africa, “the Cape Town International Airport is Africa’s 3rd largest airport.\n“It is also Africa’s premier tourist and VIP destination and has established a reputation as Africa’s premier international award-winning airport, consistently performing among the best in the world for service in its category.”\nIt’s the primary gateway for travellers visiting the Western Cape region.\nThe airport has a modern and well-equipped terminal with various facilities for passengers, including shops, restaurants, lounges, and banking services. It’s designed to accommodate both domestic and international flights.\nThe airport is located about 20 kilometres (12 miles) from the city centre. The airport provides good connectivity to Cape Town through various transportation options, including taxis, buses, shuttles, and car rental services.\nIt’s one of the busiest airports in Africa, handling a significant volume of domestic and international flights. The airport has seen continuous growth in passenger numbers over the years.\nDurban King Shaka Airport, South Africa\nDurban King Shaka Airport, ranked number two, is the second South African airport on this prestigious list.\nAlternatively known as King Shaka International Airport, the airport serves as a primary air travel hub for the city of Durban and the wider KwaZulu-Natal region in South Africa.\nThe airport boasts modern facilities and a well-designed terminal to accommodate both domestic and international flights. Its design reflects the cultural and natural heritage of the region.\nIt is located approximately 35 kilometres (22 miles) north of Durban’s city centre, offering convenient access to the city and surrounding areas. Various transportation options, including buses, shuttles, taxis, and car rentals, connect travellers to and from the airport.\nThe O.R. Tambo International Airport, Johannesburg, South Africa\nJohannesburg, South Africa, has two major airports. The O.R. Tambo International Airport and Lanseria International Airport.\nO.R. Tambo International Airport, located in the eastern suburbs of Johannesburg, is the primary and busiest airport in the country and, in fact, the entire African continent.\nThe airport is believed to handle a significant volume of both domestic and international flights. It serves as a crucial hub connecting Johannesburg to various destinations worldwide.\nThe airport is well-connected to Johannesburg’s city centre and surrounding areas via various transportation options, including taxis, shuttles, buses, and a Gautrain rapid rail link.\nThe airport offers a range of facilities for travellers, including shops, restaurants, lounges, banking services, car rental agencies, and business facilities.\nMohammed V International Airport, Casablanca, Morocco\nCasablanca is the major economic hub of trade and commerce in Morocco, and its international airport, known as the Mohammed V International Airport, is the country’s busiest airport and one of the largest in North Africa.\nThe airport is located about 30 kilometres (18 miles) south of Casablanca. It serves as a vital transportation hub connecting Morocco to various domestic, regional, and international destinations.\nMohammed V Airport features modern facilities and amenities, including shops, restaurants, duty-free outlets, lounges, banking services, car rental agencies, and VIP services, ensuring a comfortable experience for travellers.\nIt handles a significant volume of domestic and international flights, catering to millions of passengers annually. As one of the primary gateways to Morocco, the airport experiences substantial traffic throughout the year.\nSir Seewoosagur Ramgoolam International Airport, Mauritius\nSir Seewoosagur Ramgoolam International Airport, named after the first Prime Minister of Mauritius, is the primary international airport in Mauritius. It is ranked the fifth-best on the continent of Africa.\nThe airport is located in Plaine Magnien, about 48 kilometres southeast of the capital city, Port Louis, making it the main gateway for travellers visiting the island nation.\nJust like its counterpart in South Africa or Morocco, the Sir Seewoosagur Ramgoolam International Airport offers modern facilities and services, including duty-free shops, restaurants, lounges, car rental services, currency exchange, and VIP services, ensuring a comfortable experience for passengers.\nThe airport manages lots of flights, both within Mauritius and to other countries. It’s super important for connecting Mauritius to places all around the world, especially for tourists and people doing business.\nThe airport offers different ways to travel around the island, like taxis, buses, shuttles, and rental cars, helping travellers get to different places easily.\nMarrakesh Menara Airport, Marrakesh, Morocco\nMarrakesh Menara Airport is the only international airport in the vibrant city of Marrakesh, Morocco.\nRanked the sixth best in Africa, the airport is located about 6 kilometres southwest of the city centre, making it easily accessible for travellers visiting Marrakesh.\nThe Marrakesh Menara Airport provides various facilities and services for passengers, including shops, restaurants, currency exchange, car rental services, VIP lounges, and Wi-Fi access, ensuring a comfortable experience for travellers.\nThe airport handles both international and domestic flights, serving as a significant entry point for tourists visiting Marrakesh and the surrounding region.\nJust like all international airports, Marrakesh Menara Airport provides transportation options like taxis, buses, shuttles, and car rentals, connecting travellers to different parts of Marrakesh and beyond.\nThe airport plays a crucial role in welcoming tourists to the city, which boasts many popular tourist destinations.\nBole International Airport, Addis Ababa, Ethiopia\nThe Bole International Airport in Addis Ababa is not only the major airport in Ethiopia but also serves as a major airport in East Africa.\nRanked as the seventh best in Africa, the airport connects Addis Ababa to various international destinations and serves as a key transit point for travellers.\nAddis Ababa, which is the capital city of Ethiopia, serves as a significant economic, political, and cultural centre in the region.\nThe airport’s location helps attract a huge volume of trading and commercial activities to the country.\nIn a country that boasts the best airline in Africa, Ethiopian Airlines, the city is not only rich in history but is also known for its diverse culture, museums, and historical sites.\nIt’s home to the headquarters of the African Union and several international organisations.\nAddis Ababa plays a crucial role in Ethiopia’s economy, hosting various industries, including manufacturing, finance, and commerce. It serves as a centre for trade and investment within the country and the region.\nKigali International Airport, Rwanda\nKigali International Airport, Rwanda’s eighth-best airport on the continent, is the primary airport serving Kigali, the capital of Rwanda.\nThe airport is located in the eastern part of Kigali. It is a vital transportation hub in the country, serving domestic and international flights.\nIt offers modern facilities for travellers, including shops, restaurants, lounges, currency exchange, car rental services, and VIP amenities, ensuring a comfortable experience for passengers.\nThe airport has planes going inside the country and to other countries too. This helps Rwanda connect to lots of places in Africa and other faraway spots.\nTransportation options such as taxis, shuttles, and car rentals are available at the airport, providing convenient connections to different parts of Kigali and other areas in Rwanda.\nKigali Airport serves as a gateway for tourists visiting Rwanda, known for its natural beauty, wildlife, and cultural heritage. Additionally, the airport facilitates business travel, supporting Rwanda’s economic activities.\nJomo Kenyatta International Airport (JKIA), Kenya\nJomo Kenyatta International Airport (JKIA) is the main international airport in Nairobi, Kenya, and serves as a key gateway to East Africa.\nJKIA is located about 15 kilometres (9 miles) southeast of Nairobi’s city centre, making it easily accessible for travellers.\nThe airport boasts various amenities and services, including duty-free shops, restaurants, lounges, banking services, car rental agencies, and VIP services, ensuring a comfortable experience for passengers.\nFor traffic, the JKIA is an important economic hub for both domestic and international flights, connecting Nairobi to numerous destinations across Africa, Europe, Asia, and the rest of the world.\nThe airport offers multiple transportation options, such as taxis, buses, shuttles, and car rentals, linking travellers to different parts of Nairobi and beyond.\nThe airport also serves as a major economic centre in East Africa and plays a crucial role in providing business travel and trade activity support within the region.\nBram Fischer International Airport, Bloemfontein, South Africa\nBram Fischer International Airport, Bloemfontein, South Africa, is ranked the 10th best airport in Africa for 2023.\nThe airport serves as the main airport for the city and the broader Free State province. It is located approximately 15 kilometres (9 miles) northeast of Bloemfontein’s city centre, making it easily accessible for travellers.\nBram Fischer Airport, just like the airports in Cape Town and Johannesburg, offers essential amenities for passengers, including shops, restaurants, car rental services, and parking facilities, ensuring convenience for travellers.\nThe airport mostly has planes that fly within the country, but it also has some planes that go to nearby places in South Africa like Johannesburg, Cape Town, and Durban.\nVarious transportation options, including taxis, shuttles, and car rentals, are available at the airport, providing connectivity to different parts of Bloemfontein and surrounding areas.\nUnfortunately, none of the international airports in Nigeria made it to the list.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/see-the-list-of-top-10-best-airports-in-africa/"}
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+{"doc_id": "82f8c2ad245e164e602999e2ddc58d9e", "text": "murdered\n12 Oct\nThe suspects, Joseph Joy Adanma and Vandora Oreoluwa Favour had during sex romp, tied Mr. Adeniyi Ojo, the son of Chief Emmanuel Ojo, a prominent figure in Ilorin, Kwara State to a hotel bed, stole his phones and other belongings, and killed him. The police intelligence team had tracked the stolen phones to their abode in Mowe, Lagos, where they were arrested.\nLatest\n41 mins ago\nSince February 24, 2022, Russia's full-scale invasion has had a huge impact on Ukraine, but also the European Union. To tackle inflation and other economic consequences, the EU has taken measures to try to shield its inhabitants from the cost-of-living crisis. We take a closer look.\n41 mins ago\nEurope Now brings you a special programme from Kyiv to mark the second anniversary of full-scale war in Ukraine. The fighting has killed and injured hundreds of thousands of people and left around a fifth of Ukrainian territory under Russian control, but this has not deterred Kyiv from seeking full membership of the European Union. In this first part of the show, we focus on Ukraine's reforms and its cultural heritage.\n1 hour ago\nLina Soualem's latest film looks back at four generations of Palestinian women, with her mother, actress Hiam Abbass, serving as a guide to their family history. \"Bye Bye Tiberias\" charts their displacement from the shores of the Sea of Galilee to the village of Deir Hanna, using home videos and archive footage to place this very personal story within its larger historical context.\n1 hour ago\nNorwegian Prime Minister Jonas Gahr Støre spoke to FRANCE 24 about the war in Ukraine ahead of the second anniversary this week of Russia's full-scale invasion.\n3 hours ago\nLocated one hour from Madrid, the Toledo Training Command centre is one of the largest military training centres in Europe. Hundreds of Ukrainian civilians who have volunteered to head to the front are training there as part of the EU Military Assistance Mission in support of Ukraine (EUMAM), set up in October 2022. Spain is one of the EU's key training providers, having already trained 4,000 Ukrainian soldiers.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://tv.guardian.ng/tag/murdered/"}
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+{"doc_id": "84f2764b59298d6e32094ae18fd5e710", "text": "Investec has announced that it has launched a new trading app for investors and traders called Clarity, which offers access to local and global markets.\nIn a statement, the group said that backed by Investec’s trading and investing capabilities, Clarity is a new online platform that offers instant access to local and global markets – in rands or foreign currency (USD) – with a low minimum investment.\nClarity business head Tinus Rautenbach said: “We are launching Clarity for the South African investor who wants to build their investment portfolio in their way. These are digitally comfortable investors who want to control their destiny and invest on a global stage.”\nAccording to the company, users can instantly transfer rands into foreign currency (USD) and can earn interest on funds held in an overnight savings account. A digitally led in-app service model offers live chat functionality and self-service capabilities.\nInvestec head for savings Rene Grobler said with trading and investment information, transparent pricing, and low fees, Clarity empowers investors looking to experience the freedom of investing on their terms.\n“As Clarity is backed and endorsed by Investec, a trusted and respected financial institution, the independent investor can trade and invest across the globe with confidence.”\nInvestec Bank Limited CEO Richard Wainwright said following the boom in self-directed investing during the pandemic, Investec identified a need to empower a new breed of retail investor who wanted to trade online and in real-time.\n“Clarity brings the independent investor to a place where they’ll have the best of Investec’s capabilities at the touch of a button. The platform opens up global markets to a generation of self-directed investors across South Africa.”\nWhile Clarity, by Investec, is currently exclusively available to Investec Private Banking clients, the broader retail market in South Africa will get a chance to trade with less complexity and more clarity in early 2024, the company said.\n“The initial rollout to Private Banking clients offers additional investment opportunities within the Investec ecosystem and strengthens our client value proposition with a self-directed platform to obtain their share of the investment markets,” said Wainwright.\nPERSONAL FINANCE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/personal-finance/financial-planning/investec-launches-new-trading-app-5b696d42-74fd-44d1-ba23-bdad3a1d492f"}
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index 0000000000000000000000000000000000000000..70582a6a9c72471568bb6312bdf7a3c943799fd2
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+{"doc_id": "84fece427c113f8669098dc27bef39bd", "text": "By Davidson Iriekpen\nJustice Ibrahim Buba of the Federal High Court in Lagos has fixed tomorrow to rule on the garnishee proceedings filed by some Ogoni chiefs from Ejama community in Rivers State against the Central Bank of Nigeria (CBN) and First Bank of Nigeria Limited for their failure to pay a N122 billion judgment debt against Shell Petroleum Development Company Limited (SDPC).\nThe judge also fixed the same day to rule on whether to jail the Chairman of First Bank, Mrs. Ibukun Awosika, for failing to pay the amount as ordered by a Federal High Court in Owerri, Imo State.\nJustice Buba fixed the date after hearing all the applications filed by the different parties in the suit last Friday.\nIn the substantive suit, the Ogoni chiefs had sued the Royal Dutch Shell Plc, Netherlands; Royal Dutch Shell Plc, United Kingdom and SPDC over alleged oil spills that occurred when Shell operated in the community at the Federal High Court in Port Harcourt.\nJustice Buba had in his judgment in 2010 awarded N17 billion to the representatives of the Ogoni people.\nThe court equally granted the Ogoni chiefs 25 per cent interest charge on the principal sum of about N17 billion.\nSPDC had then appealed against the judgment and applied for a stay of execution of the judgment pending the appeal.\nAs a condition for granting the stay of execution, the court required Shell’s bankers, First Bank, to provide a guarantee of the judgment sum.\nThis condition was complied with. But Shell’s appeal failed at the Court of Appeal on technical grounds, ostensibly because it filed its processes out of time and without regularising them.\nAt the resumed hearing of the matter last Friday, lawyer to SPDC, O. Ochobi (SAN), informed the court of his client’s application dated and filed on January 22, 2018, seeking to join in the garnishee proceeding, and informed the court that he was yet to be served with all the processes in the suit.\nHe also told the court that the judgment creditors filed their written addresses in opposition to his motion out of time and without regularising it, adding that the applicants also failed to pay default for filing out of time, adding that it was contrary to Order 48 Rule 4 of the Federal High Court.\nResponding to Ochobi’s application, lawyers to Ogoni chiefs led by Chief Lucius Nwosu (SAN) told the court that he had filed a counter affidavit to SPDC’s application.\nNwosu said the suit before the court is not against the party seeking to be joined but against the guarantor (First Bank).\nHe described SPDC as a meddlesome interloper. He therefore urged the court to dismiss SDPC’s application with punitive cost.\nBut the presiding judge, Justice Buba, after citing plethora authorities, granted SPDC’s application, and urged all parties in the suit to serve them with all the processes in the suit.\nAfter the ruling on the SPDC’s application, lawyer to the First Bank, Chief Wole Olanipekun (SAN), told the court that after the ruling on the application seeking to join, if his clients, First Bank and its Chairman, Ibukun Awosika, would still be allowed to be a party in the suit following the ruling delivered by the court in favour of the SPDC.\nOlanipekun informed the court that he had filed an application challenging the court’s jurisdiction to entertain the contempt suit.\nAlso, Professor Febian Ajogwu (SAN), counsel to the garnishee applicant (CBN), told the court that he had motion on notice dated January 19, 2018, with an affidavit deposed to Amaka A, with a written address dated and filed the same date. He also told the court that he filed a further affidavit deposed to by one Osita Nwosu together with a reply on point of law.\nHe said the application is seeking to set aside or dismiss garnishee order made by an Owerri division of the court in respect of the suit.\nAjogwu told the court that the order was made without compliance with the Section 84 of Sheriff and Civil Act, adding that the order must be made with the consent of the Attorney-General of the Federation (AGF).\nHe said for special emphasis, the order has to be made with AGF’s consent.\nAjogwu contended that there was no debtor-creditor between the parties.\nThe CBN counsel also stated that the CBN is not an indebtedness judgment creditor, and that it does not have the funds of the guarantor (First Bank).\nAjogwu also notified the court that the suit before the court is going on in parallel with the suit still pending before the Supreme Court, and that the funds sought to be attached by the creditors is not link with any account.\nHe therefore urged the court to set aside the order.\nResponding, the Ogoni chiefs’ lawyer, Nwosu, told the court that he filed a garnishee application ex-parte on January 5, 2018, with an affidavit of 52 paragraphs, and plethora of exhibits, and a written address.\nHe also told the court that he had filed a counter affidavit to the garnishee’s application in opposition to set aside the order.\nNwosu contended that the exhibits attached with the application showed that the AGF consented, saying AGF’s reply to their letter on the order was interpreted as his consent.\nHe also stated that the exhibits showed the guarantee issued by the other banks, including Zenith, Access and Union Banks, adding that the exhibits also included a letter of negligence of the CBN’s lawyer.\nThe Ogoni lawyer told the court that Order 2, Rule 20 makes the surety a primary obligor, who had agreed to pay someone’s debit in the event the appeal of Shell failed at the Appeal Court.\nHe told the court that if it sees that the matter does not stop at appeal judgment, it should sue in entity, and award a punitive cost against him personally. But if the court sees that the garnishee stops at the appeal judgment, the court should order the garnishee to pay the money with substantive cost.\nNwosu said the action of the garnishee and the contemnors is a collusion one, as the garnishee filed its application to dismiss the order nisi four days after the contemnors filed theirs.\nHe urged the court to make the order nisi absolute, and dismissed the garnishee’s application with punitive cost.\nResponding to Nwosu’s submission, Ajogwu urged the court not to make the order absolute, rather the court should dismiss it. He said it is important to rely of section 84 of Sheriff and Civil Act, as obtaining AGF’s fiat is a condition before garnishee proceeding could commence.\nAfter listening to the submissions of all parties, Justice Buba adjourned till May 22, 2018, for ruling on both applications garnishee and contempt proceedings.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2018/05/21/court-fixes-tomorrow-to-rule-on-n122bn-judgment-debt-against-shell-fbn?shared=email&msg=fail"}
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+{"doc_id": "883fa6f3303ab3808bda8425c1f122c8", "text": "Access to capital can be a critical driver for the growth and sustainability of virtually any business and one of the ways a company can access capital is by issuing shares. Money paid by investors or financiers to purchase units of ownership in a company, when aggregated, is the company’s share capital and a company seeking to acquire more funds to do business may increase its share capital, thus allowing current and new shareholders or investors to increase or acquire ownership respectively.\nWhilst investors in a public company can trade their shares on the stock exchange, a private company’s shares cannot be publicly traded; a shareholder in a private company may only transfer shares to another private individual, where there are no restrictions on such transfer. But did you know that a company can also buy its own shares and subsequently deal with those shares for value? Share repurchase can drive a business’ overall profitability and create value for its shareholders. The commercial and regulatory implications of this practice will be examined in more detail below.\nA company repurchasing its shares (either by acquiring new shares or buying them back from existing shareholders) is basically a company reinvesting in itself. This practice is generally restricted, based on a fundamental principle of company law that a company must maintain and not reduce its capital. A company should ordinarily not finance the purchase of its own shares, either by using capital contributed by its shareholders, or by taking loans secured by its capital.\nTo cite an analogy, a grocery trader who uses his business capital to purchase the same groceries stocked up for trading, will not be growing that capital, but rather ‘recycling’ it. This principle extends to restrict a company giving assistance to a third party to purchase its shares, paying any dividends out of capital or enabling a subsidiary to purchase the shares of its holding company.\nWhen a public company repurchases its shares, the repurchased shares are cancelled and this reduces the company’s share capital. For a private company repurchasing its shares, these are kept as treasury shares (shares in the reserve). When shares are repurchased in a private company, it gives the impression that new funds have been injected into the company through share capital enhancement, but in the real sense the capital to run the company’s business has been reduced. Ensuring that such share repurchase does not create a misleading appearance of capital growth is what the regulators guard against.\nSHARE REPURCHASES UNDER NIGERIAN COMPANY LAW\nUnder the now defunct Companies and Allied Matters Act (CAMA) 1990, a company was not permitted to acquire or buy back its shares either from the open market or from existing shareholders. This was meant to serve the dual purpose of avoiding the reduction of the company’s capital and preventing incidents of fraud perpetrated by directors and shareholders repurchasing shares of their company to give an overinflated image of the company’s performance.\nIn more advanced markets like the US and the UK, share buybacks are well recognized but are typically understood in the context of public companies whose shares are traded on the stock exchange. This perhaps explains the reason Nigeria’s Securities and Exchange Commission (SEC), in accordance with international best practice, had from time permitted a public company to buy back its shares from the open market upon the fulfilment of certain conditions.\nRead also: Buhari launches NNPC Limited, says new status will deliver value to 200 million shareholders\nWith the coming into law of the CAMA 2020, private companies are now generally allowed to repurchase their shares and the company can enter its name in the register of members. As long as the company fully paid for the shares and the purchase is not from the capital of the company but its distributable profits , it can subsequently deal with those shares for value.\nAlthough the Securities and Exchange Commission Rules and Regulations 2013 (the SEC Rules) principally regulate share repurchases by public companies, most pre- and post-conditions for share repurchases set out by CAMA 2020 also seem to mirror the SEC Rules. The Rules provide that public companies may repurchase their shares either from the open market (where the price is determined by the current market value of shares) or self-tender (where the price is determined by the Board and the price must not be fixed above 5% over the average market price of the shares). It is also worthy of note that shares repurchased by public companies pursuant to the SEC Rules cannot be kept as treasury shares but must be cancelled in accordance with the procedure for cancellation of shares set out in CAMA.\nCOMMERCIAL CONSIDERATIONS FOR PRIVATE COMPANIES\nPrivate company share repurchases are not done on a stock market, but in ‘off-market’ purchases and there are several commercial considerations which could trigger a company to repurchase its own shares:\n1. TO FACILITATE THE BUY–OUT AND EXIT OF A DIRECTOR/SHAREHOLDER\nWhere a director/shareholder wants out from a company and would only resign further to a compensation, the company can offer to purchase his shares at a market or fair price, especially where the other shareholders are not interested in buying the shares. The company can re-allot the shares sometime in the future to another shareholder.\n2. REGULATORY COMPLIANCE\nCertain industries have regulatory prescriptions as to minimum share capital requirements for companies operating in that industry. Companies may elect to increase their share capital in compliance with that prescribed minimum. The CAMA prescribes in Section 128(1) (a) that a company increasing its share capital must pay up at least 25% of said share capital to give effect to the increase. A private company may use treasury shares to map out the financing of the share increase.\n3. SHARE ACQUISITION FOR THE PURPOSE OF AN EMPLOYEE SHARE COMPENSATION SCHEME\nA company can consider holding a percentage of its shares to set up an employee compensation plan. Typically, under such a plan, employees would become entitled to the shares as a benefit after spending a certain period of time at the company. The company would hold shares in reserve for those of its employees who have not yet become eligible to access the benefit.\nCOMMERCIAL CONSIDERATIONS FOR SHARE BUYBACK FOR PUBLICLY TRADED COMPANIES\nBetween 2021 and 2022, Dangote Cement Plc embarked on a share buyback program, purchasing its shares in the open market, and as a result of the buyback, the company’s shares went up by 10% the day it announced its repurchase plan.\nWhile admittedly the Dangote brand may be considered a unicorn in Nigerian business and there may be other market variables which may have contributed to the increase in the value of the company’s shares, this example demonstrates the intrinsic value of a share buyback and the benefits shareholders of a company may derive from investing in its own shares. Here are a few other reasons a publicly-traded company may want to repurchase its shares from the open market:\na) INCREASE EARNING PER SHARE\nA publicly traded company could buy its own shares in a bid to reduce the number of shares available for trading; thereby raising demand, and by extension, the price of its shares in the market. A reduced number of shares in issue increases the Earning Per Share (EPS) of each share, and the greater the EPS of each share, the greater its attractiveness to investors.\nb) ALTERNATIVE TO PAYING DIVIDENDS AND TAX PLANNING MECHANISM\nA public company can also repurchase its shares from the open market for the purpose of returning surplus cash to shareholders as an alternative to paying dividends. A share buyback financed from the distributable profits of the company gives the company the opportunity to buy the shares from its shareholders for value.\nThis purchase is another means of distributing profit to the shareholders and such distribution will not be subject to withholding tax (distribution of the profit as dividends will be subject to withholding tax). The proceeds from the disposal of the shares by the shareholders will only be subject to Capital Gains Tax where the proceeds from the disposal is more than 100 Million Naira (N100, 000,000) in a consecutive 12-month period.\nc) ANTI-TAKEOVER MECHANISM\nShare repurchase can also be applied strategically as an anti–takeover mechanism. A company can choose to buyback its own shares to prevent a shareholder from acquiring a majority stake through a mandatory take-over process. By reducing the liquidity and number of shares available in the market, the value of the outstanding shares will be enhanced and the company’s exposure to such mandatory take–over is reduced.\nCONCLUSION\nThere is no doubt that a company and its shareholders can benefit from a repurchase or buyback of the company’s shares but the mechanism of repurchase or buyback must not offend the fundamental principle that capital must be maintained. The repurchase must therefore not reduce the share capital of the company, the company must not give a misrepresentation as to the capital standing and credit worthiness of the company and such repurchase must be financed from the distributable profit of the company.\nThe statutory leeway afforded for companies to purchase their shares offers greater flexibility to structure commercial transactions, can drive an increase in the price of shares traded on the stock market, thereby increasing shareholder value and it is also a viable tax planning tool.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/shareholder-value-enhanced-by-share-buypack/"}
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+{"doc_id": "88d83d9d27d0212fbacc502e1279bef5", "text": "Advertisement\nGhana defaults on payment of domestic debt\nINTERNATIONAL ratings agency, Fitch Ratings, says Ghana has defaulted in servicing its local debt but has the prospect of recovery.\nThe agency downgraded the country’s local currency rating to ‘RD’ from ‘CCC’ this week in the latest misfortunes to have hit the troubled economy.\n“Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below,” the agency said in a statement.\nIt blamed the downgrade mainly on the government’s inability to make payments on some of the local-currency bonds issued prior to the domestic debt exchange and the lack of certainty on when the payments would resume.\nStandards and Poor’s (S&P), another ratings agency had earlier downgraded the local debt to the same status while Moody’s is yet to issue its ratings.\nThe latest development now makes Ghana second only to Zambia in Africa and fourth in the world with a default creditworthiness.\nFitch said in a statement that it has also downgraded to 'CC' from 'CCC' and subsequently withdrawn the issue ratings on five local-currency bonds issued prior to the domestic debt exchange.\nIt said it had also affirmed the issue rating of local-currency bonds issued on the completion date of the domestic debt exchange at 'CCC.'\nExplaining the bases for the downgrade, Fitch said the missed payments on some of the local-currency bonds issued prior to the domestic debt exchange could affect one or more of these five previously rated bonds.\n“These five bonds are ISIN no. GHGGOG044744, GHGGOG066150, GHGGOG043563, GHGGOG065475, GHGGOG044751.\nIt said although the government announced that it was resuming payments on local-currency bonds issued prior to the domestic debt exchange (the 'old bonds') on March 13, 2023 to bondholders who were either ineligible or did not participate in the domestic debt exchange, it failed to honour that commitment.\n“The authorities have subsequently acknowledged that only the coupon payments on the two-year note that matured on 20 February 2023 and the 20-year note maturing in 2039 had been made. The principal payment on the former note has not been made,” it said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/ghana-defaults-on-payment-of-domestic-debt.html?__sta=vhg.hhksexovlelzhlzjnmjofs%7CIVIQ&__stm_medium=email&__stm_source=smartech"}
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index 0000000000000000000000000000000000000000..35b7a5a186589a843c4dfb42c77ce58bff701e03
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+{"doc_id": "894463336c1b4e30fe1f8e0ef144adc0", "text": "Despite the hardship and pains of Nigerians occasioned by the various reforms of the federal government, the World Bank said the policies were necessary for the country’s economic growth and development.\nAccording to Nigeria Development Update (NDU), a biannual report series by the World Bank released in December, titled “Turning the Corner: From reform and renewed hopes”, four major reforms have been initiated since President Bola Ahmed Tinubu assumed office in May.\nThese policies are: fuel subsidy removal, liberalisation of foreign exchange market, removal of 43 items from the foreign exchange (FX) restrictions and starting the tightening of monetary policy. These reforms have far reaching consequences on the economy and lives of Nigerians if properly implemented, according to the Bretton Woods institution.\nWhy the removal of fuel subsidy?\nThe fuel subsidy regime, according to analysts, has plunged the country into economic crises, leading to its removal in May, 2023. This was one of the profound moves made by the president on the day of his inauguration, declaring an end to the long existing fuel subsidy which cost the government about N300 to N 400 billion per month thereby increasing debt.\nPrior to the removal of the subsidy, petrol subsidised in Nigeria was smuggled across the border, meaning that Nigerians were subsidising petrol for neighbouring countries. Within Nigeria, this subsidy was mostly going to those who used more petrol, and not to poorer Nigerians, according to the World Bank report.\nAs soon as the subsidy was removed, the price of petrol jumped up, resulting in a hike in transport fare as well as cost of living. The average retail price paid by consumers for Premium Motor Spirit (petrol) in May 2023 was N238.11 per litre; it stood at N648.93 as of November, according to the National Bureau of Statistics (NBS).\nThough the reform has toughened the livelihood of many Nigerians, its long-term effects, if the government works with sincerity of purpose, will shape the economic landscape of the country.\nThe World Bank estimates that N2 trillion could be saved in 2023 from the removal of the subsidy, about 0.9 percent of GDP. Additionally, between 2023 and 2025, the expected gains are over N11 trillion, a great gain for the economy.\nWhy liberalise the foreign exchange market?\nAlso, to further revamp the economy from its regression state, the Central Bank of Nigeria (CBN), in June 14, 2023 unified the multiple official foreign exchange (FX) windows and committed to a willing-buyer-willing-seller principle in the Nigerian Foreign Exchange Market (NAFEM).\nThe unified exchange rate is expected to create a more stable economic environment; attract foreign direct investment (FDI), reduce uncertainties for businesses and drive economic growth and development.\nThe changes to operations in Nigeria’s FX market implies that the country has eased its control of the naira, allowing the local currency to freely float.\nA free-floating exchange rate occurs when the government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.\nWhat led to the removal of 43 items from the foreign exchange (FX) restrictions?\nOn June 23, 2015, the CBN issued a circular which put 41 product categories on a list of items not valid for forex in the Nigerian Foreign Exchange market. Two more product categories were added in subsequent years, limiting the total of imported product categories from accessing FX to 43, according to a BusinessDay report.\nThese items include: Rice, Cement, Margarine, Palm kernel, Palm oil products, Vegetable oils, Meat and processed meat products, Vegetables and processed vegetable products; Poultry and processed poultry products; Tinned fish in sauce (Geisha)/sardine; Cold rolled steel sheets; Galvanised steel sheets; Wheelbarrows; Head pans; Metal boxes and containers; Enamelware; Steel drums; Steel pipes, Wire rods (deformed and not deformed); Iron rods; Reinforcing bars; Wire mesh; Steel nails; Security and razor fencing and poles; Wood particle boards and panels; Wood fibre boards and panels; Plywood boards and panels; Wooden doors; Toothpicks; Glass and glassware; Kitchen utensils, Tableware; Tiles-vitrified and ceramic; Gas cylinders; Woven fabrics; Clothes; Plastic and rubber products; Polypropylene granules; Cellophane wrappers and bags; Soap and cosmetics; Tomatoes/tomato pastes, and Eurobond/foreign currency bond/share purchases.\nThe restriction, aimed at reducing foreign exchange demand for products that could be locally produced, improved employment generation and conserved foreign reserves.\nHowever, the restrictions pushed importers into the parallel market, contributing to the surplus demand for forex. This weakened the parallel-market exchange rate, pushing up prices.\nRemoving these restrictions eliminate the need for importers of these products to go to the parallel market, reducing the pressure on the naira.\nAccording to the World Bank report, when import restrictions are lifted, prices could fall by 4.7%, helping 1.3 million people, around 0.6% of the population out of poverty and making life more livable and affordable.\nAdditionally, the removal of the 43 items from the foreign exchange (FX) restrictions according to the report, is expected to help reduce prices on staples such as rice, poverty rates coming down, spur competition by removing exchange rate access distortions, and raising revenues for the government.\nWhy tight monetary policy?\nIn a bid to abate inflation and put the economy on the right pedestal, the CBN is expected to start tightening monetary policy.\nTight monetary policy, according to a BusinessDay report, is a set of measures taken by a country’s central bank to slow down the growth of money supply and reduce inflation. Such measures include raising interest rates, increasing cash reserve requirements, and selling government bonds.\nAccording to the World Bank, “money supply grew by 34.6 percent to reach 27.5 percent of GDP in September 2023, the highest in over a decade.”\nMonetary policy transmission is still hindered by the CBN’s development finance schemes and central-bank financing of fiscal deficits through Ways and Means, according to the report.\nAre the reforms the reasons for inflation?\nThe removal of the fuel subsidy in May, 2023, saw inflation quickened to an 18-year high of 28.2% in November from 22.4% in May, according to the National Bureau of Statistics (NBS).\nIn the same token, naira depreciated significantly as a result of the liberalisation of the foreign exchange. According to the Financial Derivative Company Ltd., a dollar, which was N422 before the announcement, moved to N589 on June 24, N770.88 in July, N783.17 in November, and N764.5 as of Tuesday, 26th December, 2023.\nThe depreciation of the naira led to FX losses and gains for businesses and caused a surge in import costs, leading to inflationary pressures.\nAccording to the World Bank report, “rising inflation has increased poverty from 40 percent in 2018 to 46 percent in 2023, pushing an additional 24 million people below the national poverty line.”\nThe report showed that the number of poor rose from 79 million in 2018 to 104 million in 2023, with urban poor—more exposed to inflation—increasing from 13 to 20 million. Meanwhile, poor people in rural areas increased from 67 to 84 million.\n“The recent reforms are expected to undo the increases in poverty seen in recent years from 2024 onward, albeit only marginally and slowly,” the report said.\nIs the government taking measures to curb rising inflation?\nThe government is making frantic effort to douse the spike in prices occasioned by the rising inflation.\nSome of the measures, according to the report, are the further tightening of monetary policy; reduction of government expenses and raising its revenues so as to prevent further borrowing from the central bank.\nThe report noted that “inflation will gradually decline in 2024 and beyond, if monetary policy tightening is accelerated.”\nWill the reforms be beneficial to Nigerians moving forward?\nThe removal of petrol subsidy has saved the government from subsidising fuel for other countries, directing the money to cater for the poor.\nAccording to the report, targeted cash transfers were made available to the poor and vulnerable people (between October to December) to help cushion the adjustment to higher fuel prices.\nIt further revealed that N25,000 (about US$32) per month is to be transferred to each of the vulnerable people, resulting in 15 million recipients and their families (directly benefiting over 67 million Nigerians) through the state social register for three months.\nThe total costs of these transfers to provide relief to Nigerians are similar to what Nigeria was previously spending every three months on the subsidy, according to the World Bank.\nWhat could be done to boost the economy moving forward in 2024?\nDespite the rolled out reforms by the federal government, more still needs to be done to boost the “sluggish” economy.\nThe report highlighted that there must be detailed plans by the government to improve power, transport, infrastructure, public service delivery, security, and business environment.\nIn addition to the aforementioned, the report indicated that to come out of the economic crisis, there must be reduction in trade restrictions; review of tariffs to reduce costs of key inputs for producers; simplify and harmonise import and export procedures and address bottlenecks such as ports, logistics and congestion.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/what-to-know-about-the-world-banks-report-as-nigerians/"}
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+{"doc_id": "898de6a071aa41d4f24a813d4967c99d", "text": "A man hangs out fish to dry next to a stream formed as a result of intense flooding in Maban, South Sudan. (Photo by Alex McBride/AFP)\nThe South Sudan central bank announced last month that the country had nearly run out of foreign cash reserves.\nDaniel Kech Pouch, the second deputy governor at the Bank of South Sudan, told reporters in Juba that there is nothing the central bank can do to stop the South Sudanese pound from depreciating further against the United States dollar.\n“It’s difficult for us now at this moment to stop this rapid exchange rate, because we don’t have the [foreign] reserves for us to intervene in the market,” Pouch said, adding that each commercial bank has its own rate in addition to the parallel or black-market rates. The official exchange rate is 165 South Sudanese pounds to $1, but on the black market it can be as high as 400 South Sudanese pounds.\nPouch added that the central bank is unable to intervene and reduce the country’s skyrocketing inflation rate, which now stands at 35%. He said that, although the black market is flush with US dollars, those dollars do not make their way to the central bank.\n“There are other agencies that bring money to South Sudan that does not come through the central bank. And there are some commercial banks that bring money which does not also come through the central bank,” Pouch said.\nSouth Sudan’s economy has been devastated by a number of factors, including recent floods, a drop in global oil prices and the Covid-19 pandemic, to name a few, according to the deputy governor of the bank.\nThe country’s economic troubles date back to January 2012, when South Sudan suspended all oil production following disputes with Sudan over processing and transit fees for exporting Juba’s crude.\nEconomists believe having no “hard” currency will make it difficult for South Sudan to import goods.\nProfessor Marial Awou, a former dean of economics at the University of Juba and vice- chancellor of South Sudan’s Upper Nile University, said that since South Sudan became independent in 2011, the government should have built major infrastructure to prepare the country for such economic shocks.\n“But that did not take place because of scarcity of foreign exchange. So, it will have a severe impact on the economy of South Sudan,” Awou told The Insider, a local online investigative journalism newspaper. “Even people who have things to sell, no one’s going to buy [their goods]. So, when they stay in their shops and in their selling places, they’ll get tired and pack their things and go home.”\nAhmed Morjan, an economics lecturer at the University of Juba, said the bank’s failure to secure foreign currency and boost the value of the local currency will translate into more suffering for ordinary citizens.\n“It will be very difficult for businesspeople to import goods from the outside world; hence, it will have a negative impact on what we consume,” he said.\n“On the common man, it’s going to be serious, because we will not get what we want, we will not be able to buy what we want, and our consumption of almost everything will go down. This will lead to reduction in the welfare of the citizens,” Morjan added.\nHe said that “political instability, corruption and, most recently, Covid-19 are the reasons the central bank ran out of foreign reserves”. He advised the government to immediately ask the International Monetary Fund (IMF) and World Bank for a financial bailout as a short-term solution.\n“If we want a long-term solution, then the country should diversify its exports and that can only be done if there’s peace,” Morjan told The Insider. Without peace, he noted, it would be difficult for South Sudan to diversify its economy and stabilise the exchange.\nThe central bank is in talks with representatives of the IMF, who are currently in the country to discuss how the economy can be strengthened.\nIn a statement issued on August 21, the governor of the Bank of South Sudan, Gamal Abdalla Wani, noted that the effects of the gloomy global economic outlook triggered by Covid-19 and lower oil prices have negatively affected the economy of South Sudan.\nThe statement stipulated that the bank, in conjunction with the ministry of finance, is seeking to secure budget support to the ministry by negotiating with the IMF and World Bank. The bank is also seeking the balance of payments support.\n“The bank is also unlocking other resources, such as gold, to supplement its reserve. It is also working in conjunction with other competent authorities to market Gum Arabic, with a view to diversify the economy,” Wani said.\nSouth Sudan is also seeking a $250-million loan from the African Export-Import Bank. The deputy minister of agriculture, Lily Akol Akol, said on national television station SSBC that the money would be used to fund the implementation of a delayed peace agreement, fight Covid-19 and support food security. “The African Export-Import Bank agreed to continue with the process of finalising the loan, provided that the government of South Sudan goes through the right procedures,” Akol said.\nThis story was first published by South Sudan’s The Insider", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://mg.co.za/africa/2020-09-01-south-sudans-forex-shortage-highlights-broader-economic-crisis/"}
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index 0000000000000000000000000000000000000000..6890feb88129a4437724f593b55a9c162fbed21b
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+{"doc_id": "8bf0c03d166b852c0a4bd20676359d86", "text": "Ethereum whales have been making huge transactions lately, as major entities are rushing to cash in on this fast-growing crypto presently trading at $387.\nData from advanced crypto tracker, Whale Alert, revealed an unknown ETH whale moving 200,000 ETH worth $77.781 million, transferred from an unknown wallet to another unknown wallet just a few hours ago.\nAs at the time this report was drafted, Ethereum traded at $387.65 with a daily trading volume of $18.9 billion, ETH price has been down -13.3% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.\nWhat is an Ethereum Whale? In the Ethereum world, traders or investors who own a large number of Ethereum are typically called whales. This means an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.\nWhat you need to know: Ethereum is a cryptocurrency created for the deployment of smart contracts and decentralized applications that are designed and operated without any fraud, interruption, control, or interference from a third party.\nWhile Ethereum refers to the blockchain network, the native currency that flows within the Ethereum economy is called Ether (ETH).\nOn Ethereum, all transactions and smart contract executions require a small fee to be paid called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.\nDownload Nairametrics App for breaking news and market intelligence.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2020/09/04/ethereum-whale-transfers-200000-eth-as-price-drops-to-387/"}
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index 0000000000000000000000000000000000000000..6310ff416f144c73209124b7509eb4b813d469a5
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+{"doc_id": "8c122e5ecb4ec98620ca35d4f334e5ea", "text": "When Equity Group released its half-year financial results last week, many eyes were drawn to a line on its income statement that showed the lender’s total comprehensive income stood at a negative Sh13.88 billion, yet profit after tax had gone up by 36 percent to Sh24.4 billion.\nThis was all down to a downward revision in the value of bonds on the bank’s books, essentially an erosion in the paper value of these holdings that comprise both local Treasury bonds and international issuances denominated in hard currencies.\nIt is largely similar to the periodic erosion of paper wealth at the equities market at the Nairobi Securities Exchange (NSE), depending on daily share price movements.\nAnd just like the paper wealth movement at the stock market, such losses or gains in valuations would only be realised upon sale of a security, hence those holding the papers to maturity need not include such deficits on profit and loss line.\nEquity, at the end of June, held investment securities worth Sh365 billion, out of which Sh236.8 billion were in form of Kenya government Treasury bonds and bills.\n“Essentially what we are saying is that the yield at the Nairobi Securities Exchange (NSE) and the Eurobonds has gone up significantly. This is because of the appreciation of the US dollar against all other currencies, where for instance it has now hit parity with the Euro,” said Equity Group chief executive officer James Mwangi.\n“But we hold that portfolio to maturity so it will never actualise (as a loss), and yet it's a very high earning portfolio.”\nA look at the books of all the nine tier one lenders for the six months to June shows similar adjustments in the fair value of their investment securities, with these lenders collectively taking a paper hit worth Sh58.9 billion on their bonds holdings.\nIn June 2021, this downward revaluation stood at just Sh312 million, reflecting the stable yields in the bonds market at the time. The paper erosion in value is a direct result of the rising yields on bonds both locally and in the international market. Whenever yields on bonds rise in the market, the price of these papers falls.\nIn the past one year, the yield curve for government securities has risen significantly, indicative of rising risk perception on lending to the State.\nThe rates on short-term Treasury bills are now averaging between 8.5 percent and 10 percent, while bonds rates have risen to the range of 11.5 percent to 13.9 percent from 9.5 percent to 13 percent a year earlier.\nYields (or indicative rates) in the secondary market are a pointer of the interest rate that investors would demand to lend to the government at that particular time.\nThey are an indicator of the risk rating that investors apply on new lending to the government, hence guiding the pricing of new bond offers being floated.\nAt the same time, the price one would command when selling their bonds drops when yields go up, due to factors of demand and supply.\nThe prospects of offloading bonds in hand and reinvesting the proceeds in higher earning papers (due to elevated yields) means that many would be looking to sell, and there would be few buyers since they can get better returns by participating on primary sales of new bonds.\nSellers are therefore forced to offer a discount on the selling price their bonds in the secondary market in order to secure buyers, hence the drop in valuation of these existing papers.\nFor banks, these price drops translate into billions of shillings worth of devaluation of bond holdings, given their position as the biggest lenders to the government in the domestic market.\nAt the end of June, the nine tier-one lenders—who control 75 percent of the banking industry by market share—held Sh1.36 trillion worth of government securities, up from Sh1.25 trillion a year earlier.\nCrucially though, the dip in bond valuations does not reflect in their profitability under the current accounting standards being applied by the banking sector (IFRS 9), unless they sell their holdings and book a loss. At the same time, their capital is also shielded from harm from a regulatory point of view.\n“The good thing is that, the Central Bank of Kenya (CBK) recognise it so it doesn't affect our capital ratios…it's not written off against our regulatory capital.\nThe international accounting standards also recognise it so it doesn’t go through the profit and loss, it goes to fair value and is offset against capital for accounting purposes but not for regulatory purposes, so it doesn't affect the bank,” said Mr Mwangi.\nThere is a downside, however, for the government as it looks to borrow even more money from the domestic market to fill its budget hole in the current fiscal year.\nAs a result of the rising yields hurting the market valuation of their bonds, banks have been exercising caution when taking on new bonds, contributing to the recent underperformance in bond issuances floated by the Treasury.\nFor instance, the August Treasury bond sale that targeted Sh50 billion fell Sh11.5 billion below target as demands for higher rates forced the CBK to leave bids on the table.\nTwo other papers floated in July also returned below par volumes for the government. The first, a tap sale of an infrastructure bond first sold in June, raised Sh6.4 billion out of a target of Sh20 billion.\nThe second consisted two reopened 15-year papers that the State floated in mid-July seeking Sh40 billion, which raised Sh9.3 billion.\nIn the current fiscal year, the government is seeking to borrow Sh845 billion to finance the budget deficit, out of which a net of Sh565 billion is expected to come from the domestic market and the rest from external lenders.\nInternationally, the government has been unable to issue a new Eurobond this year because of elevated rate demands by investors, with yields in the secondary market in London and Irish stock markets where Kenya has listed its existing portfolio of Eurobonds going to as high as 22 percent in June.\n“It is a consideration because there is a lot of uncertainty, and not so much because of the Kenyan market per se but the global macros. We are seeing that Europe is in recession for instance, and these are factors that could influence trade among other things,” said Absa Bank Kenya chief executive Jeremy Awori.\n“Banks have made their own assessments as to whether they want to hold on to government instruments, and especially those that they are trading. Things will however settle after the elections.”\nGlobal shocks have largely been to blame for the uncertainty in the market which has pushed rate demands higher. The Russia-Ukraine war which began in February has been the biggest factor after disrupting global supply of key commodities such as food grain and oil, which Ukraine and Russia are significant source markets.\nAs a result, global inflation has gone up significantly this year, compounded by drought in Europe, Africa and Asia that has caused the prices of food items to shoot up as countries conserve limited supplies for their domestic use.\nThe US, UK and EU have also been raising their interest rates in response to their inflation hitting multi-decade highs, with the effect of drawing capital from emerging and frontier economies such as Kenya.\nThis has also strengthened the dollar, and made local markets less attractive to investors as other currencies such as the Kenya shilling suffer steep depreciation.\nLocally, inflation has also gone up sharply this year, rising to a 62-month high of 8.3 percent in July due to higher cost of imported goods, fuel and raw materials.\nIn its May monetary policy committee meeting, the CBK raised its base rate by 0.5 percentage points to 7.5 percent, signalling the higher yield demands in the domestic debt space as banks adjusted to the tightening of the market.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/data-hub/why-lenders-aren-t-worried-as-sh59bn-wiped-off-bonds-3930468"}
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index 0000000000000000000000000000000000000000..68fc90b8a5bd34a2264c0a9e233c5d027171c4bb
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+{"doc_id": "8d01c8d798348a6a3d3925eb22827de7", "text": "The reinstatement of charges on bank-to-mobile transactions has helped lift revenue for Safaricom’s platform M-Pesa.\nThe Central Bank of Kenya (CBK) waived the fees on cash transferred from banks to mobile wallets and vice versa from mid-March 2020 until the end of last year.\nThe charges were reintroduced —though at reduced levels— at the start of this year and helped boost Safaricom’s revenue in the last three months of its financial year ended in March.\nRead: Cost of sending mobile cash up, bank transfers to fall\nThe telco’s total revenue from these transactions rose 25.7 percent to Sh2.6 billion in the year under review, up from Sh2.07 billion the year before.\nRevenue from mobile wallets to bank accounts, on the other hand, increased 13.9 percent to Sh19.13 billion.\nFor bank-to-mobile deals, most of the charges go to the lenders and the telco takes a smaller piece of the fee in their revenue-sharing agreements.\nWhile the tariffs for the transactions were cut significantly, banks and Safaricom, which has the largest share of mobile money, could grow their revenue if the growth of digital payments continues to rise.\nBanks reduced their charges by an average of 45 percent while Safaricom and Airtel slashed their fees by an average of up to 47 percent.\nThe fees were waived to offer financial relief to consumers besides enhancing uptake of cashless transactions in the context of the Covid-19 pandemic, which was spreading through contact with contaminated items among other means.\nRemoval of the fees led to a surge in digital payments, the CBK said.\nBetween March 2020 and October 2022, the number of Kenyans actively using mobile money increased by over 6.2 million.\nOver the same period, the monthly volume and value of person-to-person transactions increased from 162 million transactions worth Sh234 billion to 440 million transactions worth Sh399 billion.\nRead: Top banks eye billions from mobile transaction fees\n“This outcome confirms that the mitigation measures were timely and effective, and resulted in significant benefits across the financial system,” the CBK said in December.\n“The resumption of revised charges is aimed at building on these gains, facilitating a transition towards sustainable growth of the mobile money ecosystem, and ensuring affordability of payment services for Kenyans.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/charges-on-bank-to-mobile-deals-lift-m-pesa-revenue--4242420"}
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index 0000000000000000000000000000000000000000..7444d302c850b59f531a5d253381051f04b0c4e3
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+{"doc_id": "8d65cd9b8e85281765d3ae523d76fe61", "text": "Expanding debt without accountability: ‘Ways and Means’\nThe Buhari Years: What we ordered vs what we got – civil society leaders reflect on the Buhari Administration and its achievements, shortcomings, and regressive steps.\nThis article focuses on Nigeria’s debt burden.\nNigeria’s upper legislature has approved N23.7 trillion to be securitized, a move that raises Nigeria’s aggregate debt from N46 trillion to N70 trillion. Nigeria’s Debt-to-GDP has now risen from 23.2% to 35.1%, meaning it might need to raise its 40% debt limit in the nearest future. Nigeria’s ‘Ways and Means’ (pejoratively known as ‘money printing’) grew from N790 billion in May 2015 to N23.7 trillion in 2022.\nThis means the Central Bank of Nigeria (CBN) has been lending to the Federal Government against its laws, which stipulate that the government is not supposed to borrow more than 5% of its previous year’s revenues from the CBN. In fact, the CBN breached this rule by lending up to 91.27% of the federal government’s 2021 revenues in 2022, throwing such fiscal guardrail into the dust. This process was breached serially, and the current securitization was the validation of the illegality.\nSeveral governance issues have now been brought to the fore, which have highlighted perennial issues relating to the erosion of public sector accountability, improper fiscal management, and a continued misunderstanding of the role of separation of powers. Hence, there are a few things to consider due to this approach.\nWhile the Federal Government continues to expand its budget expenditure and revenues are not anchored on realistic projections, it used the ‘Ways and Means’ copiously to shore up expenditure, denying the opportunity to rationalize expenditure and set priorities in line with its revenues. It is a well-known approach as extra-budgetary support from monetary authorities and is usually laid with conditions for fiscal consolidation or operational efficiency.\nApart from raising the domestic debt from N8.8 trillion in December 2015 to N27.6 trillion in December 2022 and foreign debt from $10.7 billion as of June 2015 to $37.23 billion by December 2022, the federal government continued on a borrowing spree without considering that it was an optimizing expenditure. If the federal government has the leeway to borrow money indiscriminately from the CBN, what then is the incentive to grow revenues? Will taxes remain the fiscal option to provide equilibrium in society if the CBN continues to inject funds in a haphazard manner?\nFor instance, during high oil prices, the Federal Government showed no urgency to grow production to benefit from the windfall, as oil production collapsed to a nearly 20-year low of 900,000 barrels per day.\nAt the initial review, the National Assembly requested details of the Federal Government’s funds use that justified the securitization. No response was given to this demand, and it is puzzling that the Senate approved it nonetheless. Accumulating debt for sustainability purposes should come with clarity of funds allocation and use to help assess if they are applied to self-liquidating projects or have the capabilities to further generate revenues in the near or long term. The absurd part of the ‘ways and means’ situation is that Nigeria largely borrowed these funds to finance consumption, as shown in the recurrent funding gap.\nThis reinforces that the ‘Ways and Means’ financing has been converted to a budget funding instrument as opposed to the liquidity support it was intended to be. While the federal government has secured a moratorium for three years before the interest (at 9%) would be paid, what says that the federal government’s “grace” period won’t be extended? Is it not possible that debt service costs can be paid to CBN, only to be borrowed again? In every element of social justice and in line with the Fiscal Responsibility Act, debt should be used for capital projects and human capital development. Still, the federal government used the ‘Ways and Means’ to cover its recurrent shortfalls. Nigeria might have distorted its fiscal structure.\nThe inability of the Federal Government to control itself regarding the continuous exploitation of the ‘Ways and Means’ facility may show a deeper problem of an Executive that cannot abide by its own rules. Such a scenario smacks of ‘Rule by Law’ (as opposed to ‘Rule of Law’), where laws and rules exist for everyone except those in government or those powerful enough to change the laws.\nOver the years, different organisations have reiterated that the ‘Ways and Means’ advances significantly impact devaluation and inflation as it continues to increase the money supply without commensurate asset backing. However, the 10th National Assembly, through its Appropriation Committee and Public Accounts Committees, did not apply the necessary oversight to ensure that the law was kept. It also means that the Executive can continue to break rules and use the National Assembly to validate such abuse at the end of the period. Between 2019 and 2022 (which mainly captured the 10th National Assembly), the ‘Ways and Means’ advanced to the federal government N18.3 trillion. This was 77% of the total amount securitized, which explains that every level of scrutiny was clearly suspended. Even if the Executive intended to approach the National Assembly, the former should have asked for an amendment of the relevant section of the CBN Act to allow for a larger threshold for the size of advances it aimed for.\nAnother critical point to note is that the volume of debt securitized was a stock and not a flow. What will happen to ‘Ways and Means’ that was obtained after the request to securitise the N23.7 trillion was made? What deterrence is in place to prevent future debt accumulation through ‘Ways and Means’?\nPrevious administrations have tried to limit national debt due to its potentially corrosive effect on public revenues (famous efforts such as the Paris Club exit in 2005 and its impact on sovereign risk ratings cum cost of borrowing). Previous administrations also expanded ‘buffer funds’ such as the Excess Crude Accounts and Sovereign Wealth Fund, which helped weather the Global Recession crisis. The current government suspended rules of fiscal prudence and leaned on the CBN beyond acceptable limits. This broke the independence of the Central Bank and made price stability its undesired target, as inflation galloped to 22% and gradually eased the national currency from being an assured store of value.\nIt behoves the next administration to check the overwhelming presence of the monetary institution; else, we might continue on this irrecoverable slope where the apex bank is fully degraded to a mere federal government parastatal.\nOnigbinde is the co-founder of BudgIT, a civic organisation focused on strengthening civic engagement and institutional accountability. This piece received contributions from Iniobong Usen, Vahyala Kwaga and Tosin Iseniyi.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/issue/expanding-debt-without-accountability-ways-and-means/"}
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+{"doc_id": "8efcd16156269577dfecf0c2815bce69", "text": "Residents in Bronkhorstspruit and surrounding areas have been informed about a 10-hour power outage on Saturday due to Eskom’s planned work involving a connection on an in-line strain tower.\nMunicipal spokesperson Selby Bokaba said the City of Tshwane received a notification from Eskom about a planned power supply interruption.\nThe interruption is scheduled on February 17 and it is expected to last for 10 hours - from 7am to 5pm.\n“In the interest of safety, power supply will be shut down during this period,” Bokaba said.\nThe affected areas will be Bronkhorstspruit, Ekangala, Kromdraai and Kwaggafontein.\nBokaba said: “Customers are advised to treat all electricity supply points as live at all times. The City of Tshwane apologises profusely for the inconvenience that may be caused as a result of this planned power supply interruption.”\nLast month, Eskom left residents without power during a day-long major maintenance work carried out on the distribution network in Bronkhorstspruit.\nMeanwhile, Tshwane Mayor Cilliers Brink announced that the City has put out a Request for Information notice to potential independent power producers interested in alternative energy generation.\nThis, he said, was part of ongoing efforts to move Tshwane closer to energy independence and stabilising the electricity supply to all communities.\n“The request invites interested parties to submit information on alternative and renewable energy solutions and technologies that the City can use to become less reliant on Eskom,” he said.\nBrink said it serves as an important information-sharing process and one of the key steps in issuing a detailed and evidenced-based request for proposal to diversify and secure our energy supply mix at the Pretoria West and Rooiwal power stations.\n“The City is making progress in our journey to reduce the burden of load-shedding. Last month, the council approved the second Rooiwal report giving permission to proceed with the 40-year lease of Rooiwal power station and Pretoria West power station,”he said.\nHe said through the lease the City would ensure that at least 1 000 MW of energy comes from alternative sources over the next three years.\nThe closing date for the Request For Information is February 20 2024 and documents can be downloaded from both websites of the City and the National Treasury.\nPretoria News\nrapula.moatshe.co.za", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/pretoria-news/news/10-hour-power-outage-to-hit-bronkhorstspruit-013d71f9-ba27-4811-b747-9bccd0fd7472"}
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index 0000000000000000000000000000000000000000..118922b8abdd7de3c7584cfecbe923e9a1566c02
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+{"doc_id": "8efd81a8cb5361a345ba4b3f40841748", "text": "Gold is a global asset and currency as from time immemorial; it has provided a safe haven for countries and individuals in times of market turbulence. Therefore, a country that is not actively participating in gold trading will be losing many opportunities in terms of job creation, royalties and taxes to government, as well as market depth for portfolio diversification.\nWhile investors could trade shares, bonds and exchange traded funds on the Nigerian bourse, there has never been an official platform for the trading of gold, and it was this lacuna that the management of the Lagos Commodities and Futures Exchange (LCFE) filled on July 28, 2022 when its platform began the trading of gold.\nLCFE can draw inspirations from the telecommunications and contributory pensions sub sectors which are two unique areas the private sector has succeeded beyond expectations in Nigeria. From these sectors, it has been established beyond doubt that a country always succeeds whenever the private sector leads. We can see this in the positive developments in the nation’s telecoms and pension sub sectors.\nFollowing the opening up of the nation’s telecommunications sector in 2001, active telephone lines rose from 200,000 in 2001 to 180 million active voice and internet lines in 2022.Not only that, one of the players in the nation’s telecoms sector, MTN Nigeria Plc in 2021 alone paid N138.03 billion as taxes; N48.4 billion as salaries to workers; N21.4 billion in the forms of advertisements, sponsorships and sales promotions; N159.9 billion as finance costs to financial institutions; and N267.1 billion as dividend to shareholders, and all these were injections into the Nigerian economy.\nConsequently, the contribution of the nation’s telecommunications sector to GDP rose from about 2 percent in 2001 to 12.61 percent as of the end of the fourth of 2021. In the pension sub sector, the contributory pension assets now worth N13.87 trillion as of March 2022.\nThat is exactly what is about to happen in the nation’s commodities sub sector. With the launch of gold trading on July 28, LCFE has set in motion a private-sector led process that will unlock about $1 trillion presently not fully optimised within the country’s agriculture, oil and gas, solid minerals, and currency sub sectors.\nPrior to the launch, a number of events had already taken place to sensitise the investing public about the opportunities that are about to be unlocked.\n“We have sensitised, trained, and educated relevant stakeholders to ensure that the participants of this market are adequately prepared to participate effectively on the Exchange. At this point the Exchange has registered and on-boarded over one hundred stakeholders such as dealing member firms, commodity brokers, issuing houses, solicitors, insurance companies, trustees, custodians, settlement banks and many more,” Akin Akeredolu-Ale, Managing Director/CEO, Lagos Commodities and Futures Exchange, said.\nQ: It is a precious metal which has been in use from time immemorial functioning as a monetary instrument for exchange of goods and services, and as a store of value\nWhy gold?\nGold is regarded as the third most valuable metal after platinum and palladium. It is a precious metal which has been in use from time immemorial functioning as a monetary instrument for exchange of goods and services, and as a store of value. Gold also serves as an ornament, and has some industrial applications in electronics and computing.\nRead also: FG’s N19trn CBN debt to 100-year bond not feasible – analysts\nData from the World Gold Council showed that as of end of first quarter of 2022, jewellery fabrication attracted 517.8 tonnes of gold; 281.9 tonnes for barand coin investments; 268.8 tonnes for exchange traded funds(ETFs) and similar products; 83.8 tonnes as central bank net purchases, and 81.7 tonnes for use in the technology industries.\nRegarding the gold reserves of central banks across the world, the United States of America(USA) as of December 2021, held 8,133 tonnes of gold, and with that, led other countries across the world. It was followed by Germany, 3,359 tonnes; Italy, 2,452 tonnes; France, 2,452 tonnes; Russia, 2,299 tonnes; China, 1,948 tonnes, and Switzerland, 1,040 tonnes.\nAll other countries have less than a thousand tonnes of gold.\nAlgeria and South Africa are Africa’s leading countries with gold reserves amounting to 174 tonnes and 125 tonnes respectively. Nigeria is the 62nd country in the world with 21.4 tonnes of gold in the reserves of Nigeria’s central bank as of December 2021. It should be noted that in 2021, the Central Bank of Nigeria (CBN) bought 12.5kg gold bar worth N268 million.\nNigeria has an estimated gold reserves of about 200 million tonnes spread across states such as Zamfara, Oyo, Osun, Kogi, Kwara, Kaduna, Bauchi, Abia, Edo, among others. Meanwhile, according to President Muhammadu Buhari, the country lost 97 tonnes of gold valued at about $3 billion through illegal gold smuggling between 2012 and 2018.\nTherefore, one of the benefits of the gold trading on LCFE is to provide an official platform for artisan miners and other stakeholders in the gold value chain to sell gold, thus reducing the losses through illegal smuggling.\nApart from that, gold trading has the potential to create many jobs. That was envisioned in the Presidential Artisanal Gold Mining Development Initiative (PAGMI), where gold mining in Nigeria was expected to generate about $150 million in taxes; $25 million in royalties, and $500 million in the forms of accretion to Nigeria’s foreign reserves on an annual basis. The sector was also projected to generate about 250, 000 new jobs.\nInvestors have long described the Nigerian markets-money and capital markets as shallow, which means there are not many investment instruments for investors to diversify their portfolios and reduce their risks.\nThe launch of god trading provides alternative investment assets to local and international investors for portfolio diversification and to hedge against risk.\n“Gold is acceptable worldwide and is an addition to tradable asset classes in Nigeria. Its introduction should portend great value to the Nigerian economy and financial market as it will deepen the market and provide more opportunities to market players”, Saheed Bashir, CEO Meristem Securities, said.\nGold backed exchange traded funds (ETFs) will receive more patronage in Nigeria. On the Nigerian Exchange Group, only Newgold ETF is currently being traded. It closed at N10,600 per unit as of August 1,2022. With official market for trading gold now available, expectations are high for more of such products to be created, further deepening the market, and serving as another source of investment attraction to the Nigerian market.\nFurther, Artisanal miners will overcome the challenge of inaccessibility to formal market and they will be able to monitor the price of gold at a local bourse. Until now, the absence of this service in Nigeria through a local platform has been one of the causes of cheating of artisanal miners by dubious gold traders.\nThe provision of gold price in local currency now comes from LCFE which stated that as of July 29, 2022, in line with the standards set by the London Bullion Market Association (LBMA), a 50gof Eko Gold Coin cost N2,392,656.59.\nGold is now an additional asset class to stocks and bonds offering its unique returns to investors. According to Nick Lioudis who stated on Investopedia that over a 20-year period, that is, from 1990 to 2020, the price of gold rose by 360 percent while that of the Dow Jones Industrial Average(DJIA) gained 991 percent. But over a 15-year period, 2005 to 2020, the price of gold rose by 330 percent compared with 153 percent for DJIA.\nUsing another time range, Goldprice.org put a 5-year and 20-year returns on gold at 38.93 percent and 479.23 percent respectively. Gold price data provided by Goldprice.org showed that as of August 1, 2022, the spot price for gold traded within the range of $1,758.84/oz and $1,774.38/oz posting a daily return of about 0.25 percent.\nGold trading requires requisite knowledge. LCFE with this development has kept all the stakeholders in the gold value chain on their toes to acquire the technical know-how on how to optimise returns on gold especially with regards to gold derivatives such as options, futures and forwards. In effect, the launch is going to engender the transfer of skills to Nigerian traders and investors through regular trainings and partnerships with the leading gold traders in the world.\nLCFE is going to be the melting point for investors in the gold value chain within the Central and West African sub regions.\nAs Africa’s biggest economy, the step taken by LFCE will surely attract gold traders from these regions to the Nigerian market. We have seen in recent times how banking, telecoms, and insurance sub sectors have attracted foreign investments such as MTN and Airtel in telecoms, Stanbic IBTC in banking, and Samlam, Old Mutual, and AXA SA in the insurance sub sector.\nIn all of these, regulation must either be ahead of the market activities, by anticipating what is likely to be new developments, or must at least keep pace with the market growth, so that government will not constitute a bottleneck to gold market development in Nigeria.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/how-trading-of-gold-on-lcfe-can-boost-nigerian-economy/"}
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+{"doc_id": "90f13432daaa829f8a40603dab4fb18a", "text": "The Chief Executive Officer, Ecobank Transnational Incorporated (ETI), Ade Ayeyemi has reiterated that African countries must adopt a continent wide approach to business and also focus on wealth creation to be relevant in the global value chain. According to Ayeyemi, for the African Continental Free Trade Agreement (AfCFTA) to become a reality, there must be commitment and readiness for trade facilitation by the individual nations.\nHe noted that African governments must unequivocal commit to the agreement and their preparedness as individual nations with their implementation strategies, commitment to free movement-signing and ratification of protocol on free movement of people and country’s Visa openness, readiness for trade facilitation – quality of trade infrastructure and efficiency of ports/Customs, which is still work in progress in nearly all countries.\nAyeyemi who was speaking at the Ecobank virtual Regional Trade Conference 2020, noted that Ecobank is fully committed to Africa as the foremost Pan-African Bank to Unequivocally support the implementation of AfCFTA, readiness to use its unique pan-african platform to facilitate trade, payment and business and deployment of its strong Africa knowledge to support governments and businesses. The Ecobank CEO emphasized that “no country is so poor that it has nothing to give and no country is so rich that it has nothing to receive. All of us must come together to become better.”\nAlso speaking, Segun Awolowo, Executive Director/ Chief Executive, Nigeria Export Promotion Council (NEPC), said with a market of 1.2 billion people and combined GDP of $3 trillion, there is huge potential for Nigeria to increase its export to Africa. According to him, most of exports had been informal exports, but with platforms like Ecobank, it is going to be formal and add real value to the economy. He said in 2018, the export value of Nigeria to Africa totaled around $6.99 billon but its export to the rest of the world totaled $45.92 billion. However, Nigeria’s export is majorly crude oil and natural gas which constitute 91%.\nMr Awolowo revealed that using the international trade center export’s tool, NEPC has identified areas of untapped potential for Nigeria in Africa such as fertilizer, ginger and sesame, as these are what other African countries are buying. “Nigeria must, and can, live in a world where it no longer sells oil.\nNigeria is working on key game changers in infrastructure in order to achieve this, especially in the area of ease of transportation and also in the area of incentives, export expansion grant like pre-shipment incentives and export development fund, which serve to prepare , facilitate and support exporters to the global market”. He stated\nSpeaking on “International trade, the pan African perspective”, Tei Konzi, Commissioner, Trade, Customs and Free Movement, ECOWAS, represented by Kolawole Sofola, Acting Director, Trade ECOWAS said 85% of our products go outside the continent and this must be changed. “We can bring these trade back to Africa and increase activity in the continent in agriculture, mining amongst others. We are yet to conclude our tariffs, but at the moment, ECOWAS trade more with outside countries than it does with African countries and this is why we are bent on making sure the AfCFTA succeeds”.\nHe noted that the AfCFTA is a comprehensive trade agreement that seek to create a single market for goods and services and free movement of persons through the progressive liberation of the market for goods and services and also contribute to the movement of capital to facilitate investment. He said it is meant to be the foundation of continental customs union at a later stage.\nThe Ecobank virtual Nigeria ‘Africa Trade Conference 2020’ which is part of the Ecobank Digital Series is to showcase Ecobank’s unique intra-Africa trade solutions that enable settlements of international transactions and mitigation of payment risk while providing regional solutions to exporters. Ecobank trade products and solutions are designed around two broad areas; Trade Finance and Trade Services.\nTrade Finance enables customers benefit from adequate and well mitigated credit facilitation in the area of Import finance, export finance, bill discounting, trade loans, distributor finance, payables and receivables finance, structured trade and commodity finance amongst others while trade services, offer our customers the advantage of speedy turn around and error free processing of their import letter of credits, import collections, avalised bills, Customs bonds, export collections as well as their local purchase orders and payment invoices, via our electronic trade platforms OMNI e-Trade and OMNI eFSC (electronic financial supply chain).", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2020/09/22/ayeyemi-africa-must-think-continental-focus-on-wealth-creation"}
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+{"doc_id": "9211c0895325d507d4c9d6b8ff92d135", "text": "George in Makurdi\nThe Nigerian Stock Exchange (NSE) has advised workers in the country to invest in stocks despite the current economic recession.\nAddressing participants at a two-day workshop on ‘Financial Planning -The Stock Market Option,’organised by the Benue state government in conjunction with the NSE, the Senior Manager of the Exchange, Mr. Oliver Achugbue said numerous measure had been put in place to prevent a re-occurrence of the crash.\nAchugbue said: “Our rules have been strengthened, enforcement is assured and compliance is non-negotiable. We encourage those investors who left the market during the 2008-2010 crises to return.\n“I want to assure willing investors that the market has gotten to the level it can no longer fall, as a member of the World Federation of Stock Exchanges, WFSE, all rules and regulation are strictly adhered to in line with global guiding practices.”\nDeclaring the workshop open, the Benue state Commissioner of Finance, Mr. David Olofu, said the training was intended to assist Benue state civil servants better appreciate the Nigerian Stock and its investment opportunities.\nOlofu assured that despite the current economic challenges the government was committed to paying the salaries, pensions and gratuities of its serving and retired workers to enable them take advance of the capital market to invest.\n“This training will also help them learn how to find the right balance of spending and saving from their hard earnings that could help them grow their money for tomorrow'” the Commissioner added.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2017/08/18/nse-capital-market-still-strong-despite-recession"}
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index 0000000000000000000000000000000000000000..802078c7942164680bb5d0e0965412bccd669465
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+{"doc_id": "92d39faee086d82283610ff3aa0420da", "text": "[Image Source: Telegram Channel]\nLast August, we reported Telegram’s plans to launch a cryptocurrency. Well, all of that has gone down the drain because of a fight with regulators.\nTelegram’s founder Pavel Durov announced that they would be abandoning the US$1.7 billion dollar project because of the messaging company’s ongoing legal standoff with the Securities Exchange Commission (SEC).\nSEC won a preliminary ruling that restricted Telegram from selling its Gram cryptocurrency in the United States. Earlier on the SEC is also said to have raised concerns that their fear was Telegram would flood the market with billions of coins through an unregistered offering of securities.”\nDurov warned people not to fall for scammers acting as if the crypto is already on sell:\nTelegram’s active involvement with TON is over. You may see – or may have already seen – sites using my name or the Telegram brand or the ‘TON’ abbreviation to promote their projects. Don’t trust them with your money or data.\nPavel Durov\nThe founder of the messaging platform didn’t take to the ruling too kindly and compared the banning of the blockchain platform to the US being able to ban coffee shops in other countries:\nIf the U.S. suddenly decided to ban coffee and demanded coffee shops in Italy be closed because some American might come there – we doubt anyone would agree\nPavel Durov\nCrypto and the regulatory cloud\nEver since crypto came to the fore, there has always been a regulatory cloud looming over it. Sometimes projects get greenlit sometimes they don’t and that uncertainty will no doubt sour the interest of potential investors who were looking to invest in this field.\nLibra – a digital currency from Facebook went through a similar process with the announcement bringing much excitement. The regulatory pressure that ensued resulted in most of Facebook’s partners abandoning the social media giant way ahead of launch. These partners were also supposed to provide funding for the project.\nSo whilst Libra might still see the light of day – it will be very different from what Facebook envisioned.\nWithout government sentiment towards cryptocurrencies shifting – the cryptocurrency market will continue to be the domain of false starts.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2020/05/telegram-abandons-blockchain-project-due-to-regulatory-pressure/?amp=1"}
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+++ b/clean/cc/942b7efd677b0134854dd2d696097874.json
@@ -0,0 +1 @@
+{"doc_id": "942b7efd677b0134854dd2d696097874", "text": "Drought-related water shortages in Nairobi has seen some of the city’s commercial car wash operators squeezed between a rock and a hard place — extra costs for water, and a decrease in the number of clients.\nConsequently, their earnings have dropped, since this was not the time to raise charges; it is the time to cling to the few clients one has, sometimes by reducing the charges.\nYet others, who put in place more reliable water supplies, or chose more stable customer markets, are surviving unscathed.\nThe city’s car wash businesses are now plotting varying courses depending on how well they catered for the impact of drought when they launched their operations.\nIn Nairobi West, car wash operator Daniel Ouma has seen his number of customers fall from 10 to six a day, due to water shortage, which forced him to stop using a high-pressure water pump to save the precious commodity.\n“I spend two to three hours collecting water from vendors in the morning. During the rainy season, we received a constant supply of water, but with the biting drought this has changed, as we are now getting water two to three times a week,” said Mr Ouma.\n“I have reduced the volume of water used in the washing process from a maximum of 600 litres a day to about 350 litres.” His plight is echoed by almost all of the car washing businesses connected to municipal water, which is now in short supply.\nAccording to the Nairobi Water and Sewerage Company, the city receives a supply of 505,000 cubic metres of water a day, against a demand of 760,000 cubic metres a day. As a result of the current shortfall, Mr Ouma is now earning an average of Sh700 to Sh950 a day, down from Sh1,000 to Sh1,500 during the rainy season.\nIn some areas, where car washing is considered more of a luxury, the dry season is also reducing the number of clients as cars get dirty more slowly in the drier conditions.\n“In the dry season, car owners only have to deal with dust, which is easily wiped, therefore, they slow to washing their cars very two to three days, but in the rainy season, the muddy roads force them to wash their cars almost daily, which is good business for us,” said John Maina, a car wash operator in Nairobi’s Upper Hill area.\nThis seasonal fluctuation has forced Mr Maina to reduce his rates by 30 per cent from Sh200-Sh300 to Sh150-Sh200 in a bid to attract new clients, with his client numbers down by some 50 per cent this season and his profits by approximately 33 per cent.\n“Last year, between May and September, I used to wash 15-20 cars in a day, but at the moment I wash an average of eight to 12 cars,” he said.\nMr Maina also buys water from the Nairobi Water and Sewerage Company, paying an average of Sh1,000 a month, but this is now being rationed at least twice a week, meaning his team of six is often buying water from other vendors at one shilling per litre.\n“It is important, therefore, to consider the location and resources such as water before setting up of a car wash,” said John.\nREAD: Carwash opens door for entrepreneur’s success\nIn this, the degree of the seasonal fluctuation varies by area. In Kitisuru, an affluent suburb in Nairobi’s Westlands area, commercial car wash operators say business levels remain much the same now as in the rainy season.\nMoreover, “since we source our water directly from the Thigiri stream, we experience no water problems,” said Martin Munyiri, a car wash operator at Kitisuru Junction.\nMartin dropped out of university in 2016 and ventured into the car wash business, teaming up with three friends, each of them contributing Sh10,000 each towards purchasing a second-hand car washing machine.\n“We wash all types of vehicles, including motorbikes and canters. For a motorbike, we charge Sh80-Sh100, matatus (public service vehicles) go for Sh150-Sh300, canters for Sh600 to Sh1000, while small cars such as a Vitz fetch Sh150 to Sh250, although these prices sometimes depends on negotiations with the customers,” said Martin.\n“The business peaks on weekends, as many residents in the area are free and have enough time to visit us. Sometimes we wash up to 20 cars in a day with each of us taking home at least Sh1,500.\n- African Laughter", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/enterprise/car-wash-brigade-feels-the-pinch-of-drought-in-city--2189632"}
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diff --git a/clean/cc/94612cecc604ea1d0d38e0c18f0ea8e8.json b/clean/cc/94612cecc604ea1d0d38e0c18f0ea8e8.json
new file mode 100644
index 0000000000000000000000000000000000000000..646025d118c6269426e51c1a22fec5542fdd00a9
--- /dev/null
+++ b/clean/cc/94612cecc604ea1d0d38e0c18f0ea8e8.json
@@ -0,0 +1 @@
+{"doc_id": "94612cecc604ea1d0d38e0c18f0ea8e8", "text": "Whereas empowering the Kenya Revenue Authority (KRA) to go after wealthy tax evaders is a welcome move as both the Treasury and the National Assembly have signalled, it also places a huge responsibility on the tax agency to first clean its house if the injection of Sh2 billion to hire detectives is to have a significant impact.\nFirst, KRA must complete the lifestyle audit of its employees and make the findings public as a sign that it is serious about eliminating collusion between its officers and tax dodgers.\nWithout a doubt, rogue tax officers are in part to blame for the less than satisfactory performance of the agency over the years, and the result of this has been that honest tax payers have had to carry a disproportionately larger share of the tax burden.\nThis is a critical issue that KRA must address so as not to disillusion those who are already in the tax bracket and are diligent at paying their taxes.\nOnce KRA has put its house in order, it must then demonstrate that the 1,000 new employees it hires to go for the tax evaders are themselves people of integrity and taxpayers as well. It must come up with a code of conduct that ensures its new hires, as well as the old, uphold high levels of integrity and patriotism.\nIf does not, it will only be throwing more people into a battle that can only be won or lost on the dedication of the people picked for the job.\nThe hiring must be transparent and eschew the pitfall of putting in place people who pay their way into the team or who are hired on the strength of their political connections.\nOnce the team gets down to work, it must understand that its job is to collect the taxes due – estimated at Sh50 billion. They must understand unequivocally, that their job is not to harass business owners and wealthy individuals without justification. The aim is to collect tax, not close down businesses.\nFinally, their targets must be measurable and an incentive system designed to both reward success and sanction poor performance. Only in this way with KRA and the public get value for money.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/analysis/ideas/KRA-must-lead-by-example-in-war-against-tax-cheats/4259414-5366166-rtjw09/index.html"}
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diff --git a/clean/cc/96ca448b9a459e6ac1ad7d125b06792c.json b/clean/cc/96ca448b9a459e6ac1ad7d125b06792c.json
new file mode 100644
index 0000000000000000000000000000000000000000..e3cf4680f0893e9e492459e2165739bc70f53b3e
--- /dev/null
+++ b/clean/cc/96ca448b9a459e6ac1ad7d125b06792c.json
@@ -0,0 +1 @@
+{"doc_id": "96ca448b9a459e6ac1ad7d125b06792c", "text": "Minister hopeful Nigeria becomes net exporter of technology in four years\n.To explore hardware opportunities at Aba industrial cluster\n.Promises regulations won’t stifle service providers\nThe Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, has said that the full implementation of the Ministry’s blueprint recently released, should see Nigeria become a net exporter of technology in another four years.\nTijani said everything is being done currently to ensure that the country moves from becoming a consuming nation to producer, stressing that technology will be very crucial in achieving this.\nSpeaking yesterday on a television programme, witnessed by The Guardian, he said the potential of Nigeria’s ICT sector remains huge, stressing that the industry has contributed immensely to the country’s Gross Domestic Product (GDP) to the tune of over 18 per cent.\nHe said to achieve more from the sector, the country needs to be more intentional with driving the ICT sector. He pointed out that the various skills acquisition and training planned by the ministry should see Nigeria exporting technology abroad in another four years.\n“Today, unlike other regions, Europe, America and the likes with aging demographics, 60 per cent of Nigerians are young and youthful with the required energy to develop. We shall explore these demographics. Technology is going to help leapfrog development in Nigeria and rub off well on the economy,” he stated.\nTijani disclosed that the Federal Government will open applications for its three million digital skill empowerment programme today (Friday). He said the application will be for both trainers and individuals hoping to get technical skills.\nAccording to him, the first phase of the programme would be targeted at 30,000 Nigerians, saying “Starting from this Friday, you will see applications being released for both trainers and those who want to be fellows.\n“So everything we’re going to do, we won’t start by saying we want to train 3 million people. The approach we are going to take is we are going to start with one per cent of that, in the first zero to three months.”\n“The model will be that we are starting with one per cent of our three million target and that is going to run for the first three months. And that one per cent is going to be 30,000 people. It sounds like a lot. But one thing we’ve also done is if you take the 36 states of the country and you break down that 30,000.”\nFurther, he said the industrial cluster in Aba, Abia State would be explored greatly, stressing that a centre for development would be set up there to explore, especially in the development of hardware products for the ICT industry, “because those people are really doing a lot in that space. We have the capabilities to produce hardware in Nigeria and Aba can be a launchpad. We can leverage that space by bringing in new technology to aid what they are doing. There is also Alaba Market and the Computer Village in Lagos.”\nSpeaking on the challenges facing the sector, where some 568 firms have become moribund, Tijani said: “The globe had gone through a lot in the last three years, even with the coming of COVID-19, economic slowdown, among others. The challenges are noted. We shall use policies, not as regulatory tools to stifle but bring more players on board.\n“The challenges are huge. We must encourage more technology companies to come up and not go down. This must also be mentioned that the country has also produced some big firms, including Flutterwave, Andela, among others. We also have brands such as MTN, Airtel becoming bigger. We will do everything within our means to keep players from collapsing. More technology, especially local players, must be encouraged to stay afloat and that would be done with policies,” Tijani stated.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/minister-hopeful-nigeria-becomes-net-exporter-of-technology-in-four-years/"}
\ No newline at end of file
diff --git a/clean/cc/989136093f6f61cf0b960de2afb80043.json b/clean/cc/989136093f6f61cf0b960de2afb80043.json
new file mode 100644
index 0000000000000000000000000000000000000000..45e73c78dfd288f0bccb379de3ea47b18988ea8e
--- /dev/null
+++ b/clean/cc/989136093f6f61cf0b960de2afb80043.json
@@ -0,0 +1 @@
+{"doc_id": "989136093f6f61cf0b960de2afb80043", "text": "BULAWAYO Progressive Residents Association (Bpra) has joined parents and police in the country’s second largest city to fight drug abuse and rowdy…\nA LUPANE community organisation has called on the government to give preference to disadvantaged students from the region when enrolling students at…\nINDUSTRY and Commerce minister Mangaliso Ndlovu, pictured, has allayed fears government is interfering with the interbank market exchange rate saying such accusations…\nZIMBABWE’s biggest labour federation the Zimbabwe Congress of Trade Unions (ZCTU) has given the theme for the 2019 Workers Day commemorations as…\nHARARE residents are threatening to sue Harare City Council and government over the worsening water situation and arbitrary disconnections. Community Water Alliance…\nFORMER Energy and Power Development minister Elton Mangoma and two Zesa Holding bosses’ trial was yesterday postponed again because the State witness…\nSCORES of Rwandese refugees currently residing in Zimbabwe have approached the High Court seeking to challenge the government’s decision to repatriate them…", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://dailynews.co.zw/2019/04/"}
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diff --git a/clean/cc/9a56200d7d9a2a0b932591496ad9652f.json b/clean/cc/9a56200d7d9a2a0b932591496ad9652f.json
new file mode 100644
index 0000000000000000000000000000000000000000..78f16318618c06e4a921121584e672baa8da01dd
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "9a56200d7d9a2a0b932591496ad9652f", "text": "Late last week the Telecel Group and Startupbootcamp Afritech announced the finalists for its Africa wide accelerator. Among the chosen few is a Zimbabwean startup called Dawa Health, which offers antenatal care to expecting parents.\nTheir field of interest is especially important because pregnancy-related deaths are caused by insufficient antenatal care. According to the World Health Organisation (WHO), two-thirds of pregnancy-related deaths are preventable and antenatal care is a primary component. Furthermore, Sub-Saharan Africa and Sothern Asia accounted for 86% of maternal deaths worldwide in 2017.\nDawa Health is stepping in by offering information through a chatbot, antenatal care kits, and has established a network of Community Health Agents to assist expecting mothers in remote areas. The was co-founded by Tafadzwa Munzwa and is operating in Zambia and we got a chance to speak to him.\nYou can play or download the podcast with the link below:\nNB: Techzim is now zero-rated for text-based content. However, for embedded videos and media like podcasts, you will need to have data.\nYou can subscribe & listen to Technikari on these podcast sites & apps\nYou should also check these Technikari episodes\nFarmHut CEO, Ryan Katayi stopped by to talk about the US$100K the startup recieved from the Hult Prize Foundation.\nIf you deposit USD into a local foreign currency account, that money is not covered by the Deposit Protection Corporation (DPC). This means if a bank goes belly up there are few guarantees that your forex could be recovered.\nIf you are looking for an android keyboard that has a more comprehensive dictionary and offers predictive text for Shona, Ndebele and more. Check out the conversation we had with Bhala country director Njabulo Sandawana.\nE-commerce is on the rise and one of the big players in the industry Kuda Musasiwa is looking to give entrepreneurs and businesses a jump start through the Fresh Ideas Software as a Service (SaaS) or e-commerce builder.\nAccess to partners, hubs, accelerators and potential backers are the things that make or break a burgeoning startup. It is often difficult for local startups to get an audience with people who could help further their ideas. However, there are companies out there that can help with this and one of them is DeutschConnect. We spoke to the CEO of the company, Kumbirai Chipadza about the opportunities for Zim Startups in Germany and Europe.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2021/06/meet-dawa-health-the-startup-fighting-to-reduce-maternal-mortality/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..469d30def6314a79e92e02fbbea6f5956d5639bf
--- /dev/null
+++ b/clean/cc/9be853d205559d66efdc030099fc373f.json
@@ -0,0 +1 @@
+{"doc_id": "9be853d205559d66efdc030099fc373f", "text": "The Fuel Retailers Association has cautioned against a proposal to ‘deregulate’ the country’s fuel price.\nThe move is expected to allow retailers to compete on price and offer motorists discounts and special offers to fill up at their stations. However, the association warned that the change could have to opposite effect of promoting competition, and ultimately set the country’s fuel sector back decades.\nSpeaking to news channel eNCA, the association’s chief executive Reggie Sibiya said the move will effectively destroy the transformation of the sector and prevent the emergence of new fuel retailers.\nSibiya said that fewer than 20% of the country’s petrol stations are owned by black South Africans, and a move to cut fuel margins further would hit these owners the hardest.\nHe added that the planned proposal did not amount to ‘full deregulation’ which would allow the country’s petrol stations to set any price they want for fuel. Instead, the move to introduce a petrol price ceiling was the worst form of regulation and akin to a ‘nazi regime’ as it does not take into account all of the additional margin costs that fuel retailers have to pay, Sibiya said.\n“It’s a killer – you want to kill businesses this is what is being proposed here. We did say in a 2018 proposal that this is not going to work and we are surprised that it is being introduced now in an opportunistic way, taking advantage of rising fuel prices.”\nSpeaking to the Sunday Times this week, finance minister Enoch Godongwana said full deregulation would only take place once the National Treasury figures out how to recoup the R90 billion loss the fiscus would take if fuel taxes are removed in one go.\nGodongwana said the government was already considering several options to make up this shortfall, including additional taxes on motor licence renewal fees to fund the Road Accident Fund which relies on funding through a fuel levy.\nOnce the government has figured out a way of removing taxes and other administered prices from fuel, that will make it attractive for competition and drastically lower the price consumers pay.\nOuta chief executive Wayne Duvenage said fuel stations would be able to publish their prices visibly at their pumps, with deregulation also potentially leading to retailers such as Pick n Pay entering the market.\n“It is not going to be cheap because of the margins. There is not much for retailers to play with. Some retailers might discount it, but what you don’t want is manipulation by a few of the bigger players who push prices too high. However, the deregulation will create a little bit of competition,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/574252/warning-over-petrol-price-deregulation-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/9c638eb1e46af9f2194c916f5c8f50bf.json b/clean/cc/9c638eb1e46af9f2194c916f5c8f50bf.json
new file mode 100644
index 0000000000000000000000000000000000000000..305074370c85bc6a79e7a7b3a06b25b5fbbc900a
--- /dev/null
+++ b/clean/cc/9c638eb1e46af9f2194c916f5c8f50bf.json
@@ -0,0 +1 @@
+{"doc_id": "9c638eb1e46af9f2194c916f5c8f50bf", "text": "‘How Nigeria can attain $1 trillion economy by 2030′\nThe government would need to unlock the huge long-term financing potential of the capital market and tie borrowings with infrastructure bonds to achieve a consistent 16 per cent yearly growth in the next six years to attain a $1 trillion economy by 2030.\nThere was the position of experts at the 2023 yearly conference of the capital market journalists in Lagos at the weekend.\nA professor of finance and capital market, Uche Uwaleke, said with the country’s widening infrastructure investment needs and high public debt profile, mobilising long-term financing through the capital market and deploying domestic market borrowings into infrastructure bonds are critical to achieving the target.\nSpeaking on ‘Leveraging Capital Market in Financing the National Development Plan’, Uwaleke pointed out that despite the creation of a development plan designed to tackle the country’s huge infrastructure gap, Nigeria is still rated one of the lowest in stock of infrastructure to GDP among emerging economies.\nHe said: “To narrow the gap, the government, through the creation of the National Integrated Infrastructure Master Plan, proposed an investment of $3 trillion in infrastructure over the next 30 years, amounting to a yearly spending of $100 billion.\n“This translates to a yearly investment of over N42 trillion which constitutes more than the size of the total annual budgets of the federal and sub-national governments. Financing this huge infrastructure gap presents a formidable challenge to the government given Nigeria’s low revenue to GDP ratio of less than 10 per cent making the capital market route inevitable.”\nUwaleke pointed out that the capital market is currently beset with myriads of challenges, which has continued to constrain its full development despite giant strides achieved in the last two decades, noting that the extent to which the Nigerian capital market can facilitate economic development is a function of its level of development.\nHe listed some of these challenges as including a weak domestic economy, poor savings mobilisation, small size relative to GDP, market concentration among others.\nUwaleke noted that economic growth in Nigeria has been weak, especially in recent times owing in part to the overreliance of the economy on crude oil.\nAccording to him, while the unemployment rate has grown from 27.1 per cent in Q2 2020 to 33.3 per cent in Q4 2020, the situation is made worse by rising inflation, which results in negative real rates of return on investments in the capital market.\n“In addition, the pursuit of low inflation and GDP growth has been hindered by a huge infrastructure gap, even as infrastructure stock represents only 35 per cent of GDP far below that of peer countries.\nUwaleke stressed the need to address the issue of rising cost of food prices, noting that this has continued to drive stagflation, a situation of high inflation with weak and tepid economic growth.\nHe urged the government to focus more on reviving the manufacturing sector and agriculture as key drivers of sustainable economic growth.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/how-nigeria-can-attain-1-trillion-economy-by-2030/"}
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diff --git a/clean/cc/9c8558fdfd2c3eb14e06b840ecbffd15.json b/clean/cc/9c8558fdfd2c3eb14e06b840ecbffd15.json
new file mode 100644
index 0000000000000000000000000000000000000000..83fb515731578b4491198d78994a826576f342c3
--- /dev/null
+++ b/clean/cc/9c8558fdfd2c3eb14e06b840ecbffd15.json
@@ -0,0 +1 @@
+{"doc_id": "9c8558fdfd2c3eb14e06b840ecbffd15", "text": "9 Feb\nFollowing price depreciation in many blue chip stocks, the Nigerian equities market sustained sliding profile yesterday as the all share index (ASI) to slide further by 0.9 per cent.\n6 Feb\nTransactions on the equities sector of the capital market reopened the week on a downturn, amid sell-off in MTNN, tier-one banks as market capitalisation fell by N437 billion.\n5 Feb\nThe Nigerian Exchange Limited (NGX) banking index led the losers’ chart at the end of last week's transactions with -4.52 per cent loss. Following the sector last week was the insurance indices with -4.07 per cent. The oil and gas indices also declined by -2.47 per cent.\n30 Jan\nThe Nigerian equities market reopened in an upbeat yesterday, as investors jostled for dividend-paying stocks to reposition for the 2023 earning season, causing market capitalisation to appreciate further by N1.24 trillion.\n25 Jan\nThe Nigerian Exchange Limited (NGX) achieved a new record of 100,000 mark as sustained bargain hunting in Dangote Cement Plc propelled the all-share index (ASI) to rise by three per cent.\n19 Jan\nThe reign of the bulls continued unabated on the equities sector of the capital market yesterday as the capitalisation crossed N50 trillion mark, while the all-share index (ASI) hit 91,000 mark.\n18 Jan\nThe Nigerian Exchange Limited (NGX) sustained rising profile at the end of yesterday's transactions as the All-share index crossed 90,000 mark, occasioned by bargain hunting in Dangote Cement Plc and 46 others. The All Share Index (ASI) rose by 2,092.15 points, representing a gain of 2.38 per cent to close at 90,063.25 points. Also, market…\n15 Jan\nThe consumer goods emerged as the best-performing index at the end of last week's transactions on the equities sector of the Nigerian Exchange Limited (NGX) with 9.6 per cent gain.\n12 Jan\nThe equities market rebounded yesterday, as renewed interest in 48 stocks lifted market capitalisation by N314 billion.\n10 Jan\nThe Nigerian equities, yesterday, witnessed an unprecedented rally that propelled a surge in market capitalisation by N1.567 trillion as virtually all the stocks recorded price appreciation.\n3 Jan\nThe Nigerian equities market reopened on a brighter note on the first trading day in 2024 as investors repositioning for 2022 full-year earnings and dividend payout persisted.\n1 Jan\nDespite rising insecurity and a mix of macroeconomic challenges, the Nigerian equities market soared significantly last year 2023 with investors gaining N13 trillion in nominal terms.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/category/business-services/capital-market/page/2/"}
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diff --git a/clean/cc/a1008d0917f6244562558d6fb018c12c.json b/clean/cc/a1008d0917f6244562558d6fb018c12c.json
new file mode 100644
index 0000000000000000000000000000000000000000..7b69ac872a7fa79e916f4668485243742d3ac892
--- /dev/null
+++ b/clean/cc/a1008d0917f6244562558d6fb018c12c.json
@@ -0,0 +1 @@
+{"doc_id": "a1008d0917f6244562558d6fb018c12c", "text": "Chief Executive Officer (CEO) of Vodafone Ghana, Patricia Obo-Nai has won Africa’s Most Respected CEO in the Telecommunications category at the Africa Most Respected CEO Awards, held in Dubai, United Arab Emirates (UAE).\nThe awards celebrated CEOs and senior public officers from Botswana, Cote d’Ivoire, Ghana, Nigeria, Benin, Ethiopia, Kenya, Namibia, South Africa and Tanzania in various categories such as agro-processing, automobile franchise sales, ICT, tourism, leisure and recreation, private security services, health, insurance, telecommunications, media, pharmaceuticals, aviation, among others.\nSpeaking at the awards ceremony, Surrender Singh Kandhari, the chairman of Al Dobowi Group, and African Chamber for Trade United Arab Emirates said: ‘’The awards are aimed at bringing together business captains, public sector officials and investors in Africa who deserve recognition for accomplishments in their respective areas of endeavour in the COVID-challenged emerging African corporate ecosystem.’’\nPatricia’s contribution to the telecommunications industry is unquestionable. In addition to championing various innovations in the industry, she is celebrated for her outstanding leadership during the heights of the pandemic. Under her leadership, Vodafone Ghana introduced remarkable initiatives as part of a comprehensive relief package for Ghanaians.\nShe is a fierce advocate for technology and continues to emphasize the need for Africa to leverage technological advancement to drive sustainable development and secure its participation in the digital economy.\nPatricia reinforced this in her recent OpEd titled 'Connecting Africa is the Seminal Challenge of our Time’, she said: ‘’To expedite Africa’s economic recovery post-pandemic, the continent must accelerate digitalisation and expand regional cooperation.\"\nShe also called on governments, industry players and businesses to join Vodafone as it embarks on this campaign.\nPatricia is also known for her strong passion for gender issues and interventions that offers economic opportunities to women. Whilst speaking during the United Nations General Assembly last year, she made a call for an urgent solution to end maternal mortality across sub-Saharan Africa, describing it as unacceptable in this age.\nShe also joined other female giants last year at the G7 Partnership on Women’s Digital Financial Inclusion in Africa’s event to deliberate on Catalyzing Digital Financial Services for Women Across Africa.\nThe Mobile Magazine describes her as the ‘First lady of Mobile’. She has also won several awards including the CEO of the Year at the Ghana Information Technology and Telecommunications Awards (GITTA) as well as the Women Leadership Excellence Awards at the CEO’s Summit and Awards.\nThe Africa’s Most Respected CEOs Awards was held under the theme: ‘The Role of the African Corporate Pace-setters in Maximizing the Opportunities Offered by the AfCFTA.’ The awardees are first selected by public voting for nominees in each category.\nThe awards event was organized by The Business Executive Ltd., an events and media company based in Accra, Ghana.\nLatest Stories\n-\nThe Roll Call of Biblical Financial Evangelists\n-\nMahama accuses Bawumia of dubbing NDC’s policy promises\n-\nMahama echoes vision for resilient governance and economic recovery at NDC LAB Policy Dialogue\n-\nGSE’s Abena Amoah not on Bawumia’s economy committee\n-\nNDC’s Policy Dialogue marks milestone in pre-election strategy – Mahama\n-\nEOCO to launch lifestyle audits targeting celebrities and individuals with suspected unexplained wealth\n-\nUpper West Akim MP cuts sod for the construction of Mepom to Esaaso Road\n-\nEngineers urged to embrace preview of their works\n-\nParis 2024Q: Zambia edges Ghana 1-0 for crucial first-leg advantage\n-\nDr. Christian Sewordor Mensah: The Role of Sector Skill Bodies in using ESG and CSR Principles in shaping Sustainable Education and Training\n-\nTyler Perry halts $800 film studio build over AI fears\n-\nAkufo-Addo appoints Ofori-Atta as Senior Presidential Advisor\n-\nMIIF aims to position Ghana as electric vehicle hub in Africa\n-\nAvatar: The Last Airbender receives mixed reviews from critics\n-\nMahama slams Police’s decision to dissociate itself from DCOP Waabu’s comments on election security", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/ceo-of-vodafone-wins-africas-most-respected-ceo-in-telecommunications/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..3b1f15c2d61135dea2ea1194b71033263cf47324
--- /dev/null
+++ b/clean/cc/a184c1305031b80a369d0bbf34f8deed.json
@@ -0,0 +1 @@
+{"doc_id": "a184c1305031b80a369d0bbf34f8deed", "text": "Insurer gets NAICOM’s nod to underwrite agricultural business\nKBL Insurance Limited has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural risks in the country.\nThe ‘no objection’ nod will enable the organisation to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.\nWith the approval, the underwriter has introduced poultry insurance, multi-peril crop insurance, livestock insurance, fish farm insurance, farm property and produce insurance as well as area yield index-based agric insurance.\nWhether by natural perils or some unforeseen disasters that affect profitable productivity, such as drought, the underwriter said adequate relief is now in place for practitioners in the agribusiness industry in the country.\nSpeaking to participants at the Poultry Association of Nigeria’s 2023 South East Poultry Summit and Expo, held in Enugu Southeastern Nigeria, the Head of Agric Insurance at KBL Insurance, Chris Nwachukwu Ezea, said: “What we are bringing to the market is in alignment with our company’s strategic objectives and core values. We give our clients first-class treatment that they have never seen elsewhere. It is in tandem with our critical business pillars of professionalism, proactiveness, and prompt response to requests as well as timely settlement of claims.”\nNwachukwu also assured that the firm would treat clients’ farms with a high sense of duty and ownership responsibility and that it was ready to offer farmers adequate recommendations and support.\nManaging Director of KBL Insurance, Ukachi Orji, said the underwriter would provide lasting solutions and sustainable options to Nigerian farmers, whose businesses, over the years, have faced a lot of difficulties, particularly a lack of access to funds.”\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/insurer-gets-naicoms-nod-to-underwrite-agricultural-business/"}
\ No newline at end of file
diff --git a/clean/cc/a271749a6954868a40fc791a635b87b0.json b/clean/cc/a271749a6954868a40fc791a635b87b0.json
new file mode 100644
index 0000000000000000000000000000000000000000..11462b465b9aa2275a7f29840a08b07ff89f6d77
--- /dev/null
+++ b/clean/cc/a271749a6954868a40fc791a635b87b0.json
@@ -0,0 +1 @@
+{"doc_id": "a271749a6954868a40fc791a635b87b0", "text": "The surge in the prices of goods and services occasioned by the sharp removal of fuel subsidy, rising inflation and naira devaluation has thrown many Nigerians into fight for survival.\nMany Nigerians have continued to decry the ever-rising rate of prices of food items, drugs as well as other household needs.\nTraders at the Obadore mini-market along LASU-Igando road have also had a fair share of the weakened currency resulting in the unstable prices of the various food items they sell.\nOne of the traders, Ruqayat Bello, blamed the government for not providing enough alternative measures before taking bold steps in the economy.\nShe added that prior to May before the new administration took over the reins of government, prices of food items were not as high as what’s experienced now.\n“A bag of rice was sold around N28,500 in April, now it is between N52,000 to N55, 000; a keg of vegetable oil sold for N32,000 around the same period is N42,000 now. Even “garri” – cassava flakes – which used to be N18,000 per bag now goes for N28,000,” she said.\nCow sellers are also not left out in this menace. For them, insecurity, high cost of transportation and feeding are the reasons for the sudden rise in the sales of cows.\nOlalekan Oluwafemi, a farmer in the Ikotun area of Lagos State, said major cows that are sold in Nigeria are from Niger and Katsina, adding that cost of transportation and insurgency made cows to be expensive.\n“Apart from the high demands of cows because of the festive season, the cost of transporting a cow from Katsina which used to be N20,000 earlier this year is now around N60,000.”\nHe said many religious houses who used to buy two to three cows for anniversaries now settle for one due to the economic austerity in the country.\n“A big cow was sold for around N400,000 in September but that same size goes for N750,000 to N800,000 now. I sold one for one million naira last week. Due to this increase, many churches who patronise us for more than three cows can barely get one,” he complained.\nBeyond the doubling cost of household consumables, the persistent increase in drug prices have equally added to the many troubles of Nigerians.\nThe exit of a major drug manufacturing company, GlaxoSmithKline Consumer Nigeria, in August, has put many drugs on the high.\n“I started using Xalatan eye drop when it was N1,500, now it is sold at N12, 500 as at November, anyone who is not financially buoyant cannot survive in this country, ” Babatunde, a retired director of education in Lagos lamented.\nThe increased rate of inflation pegged at 27.3 percent in October, according to the Central Bank of Nigeria, has a great effect on the cost of living and adversely affects the standard of living of both the rich and the poor.\nIt has made many Nigerians resort to reviewing and prioritising their spendings and lifestyles.\nWhile many other countries have recorded significant decreases in inflation, including Ghana, Nigeria’s keep skyrocketing, making life unbearable for its people.\nSeveral analysts have predicted that the inflation rate may hit 30 percent by December, toughening the livelihood of the citizens.\nThe Economist Intelligence Unit noted that in the absence of further rises of petrol prices or devaluation of naira, inflation will moderate from an estimated 28.7 percent at end-2023, to an average of 23.6 percent in 2024.\nAccording to the Nigerian Development Update, a biannual report by the World Bank in December, 2023, it revealed that reaping the benefits of the bold reforms, economic adjustments are necessary by the government; while sustaining and fully implementing the reforms and taking complementary actions are essential.\n“The removal of the petrol subsidy and the FX reforms have opened a window of opportunity that, if effectively seized by sustaining and building on these reforms, could have a transformative impact on the lives of millions of Nigerians and establish a solid foundation for sustained growth,” the report revealed.\nThough the government has taken bold steps through the various reforms initiated, Nigerians eagerly await its manifestations in their day-to-day living moving forward.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/inflation-bites-hard-as-nigerians-struggle-for-survival/"}
\ No newline at end of file
diff --git a/clean/cc/a2e8c4165b63f1934be929e941f9650f.json b/clean/cc/a2e8c4165b63f1934be929e941f9650f.json
new file mode 100644
index 0000000000000000000000000000000000000000..613633da63cf88694e06b51f45910d0c3e00cff3
--- /dev/null
+++ b/clean/cc/a2e8c4165b63f1934be929e941f9650f.json
@@ -0,0 +1 @@
+{"doc_id": "a2e8c4165b63f1934be929e941f9650f", "text": "Banking industry capital adequacy ratio (CAR) increased marginally to 15.60 per cent in April 2019 from 15.14 per cent in February 2019, while Non-Performing Loans (NPLs) decreased to 10.95 per cent from 11.28 per cent during the same period.\nHowever, the NPLs ratio is still higher than the prudential limit of 5.0 per cent. Other vulnerabilities in the industry include high concentration and contagion risks as well as significant FX exposure.\nTotal banking industry credits declined by 0.58 percent between April 2018 and April 2019, a trend that has persisted since 2017.\n“This is a worrisome development given the slow and fragile economic activity in the country”, said Godwin Emefiele, governor of the CBN in his personal statement.\nMaximum and prime lending rates rose in April, while rates on consolidated demand, savings and terms deposit declined, further worsening the gap between the average lending and deposit rates.\n“It is also disappointing that the decrease in the MPR in March has not impacted in expected way on rates at the retail end of the credit market, although rates on intermediate financial assets decrease”, Adeola Festus Adenikinju said in his personal statement.\nHe said Coordination between monetary policy and fiscal policy is important to ensure that current policy interventions have the desired impacts on the economy. Fiscal deficit is high and worrisome, government debt is rising in the face of underperforming revenue, and security is a major challenge, posing significant threat to investment and economic growth.\nThese conditions have tended to increase averseness to risk in the industry leading to some form of asset substitution. It is especially concerning that credit to the private sector is declining and this needs to be halted and possibly reversed to strengthen economic activity and job creation.\nAlmost three months after the Central Bank of Nigeria (CBN) cut its benchmark interest rate by 50 bps to 13.5 per cent, in March 2019, lending to the private sector continued to decline with attendant high cost.\nThis was the position of members of the Monetary Policy Committee (MPC) who participated in the last meeting held in May 2019 as released on Tuesday by the CBN.\n“In arriving at a decision at the May MPC meeting, I reckoned that the effects of the downward adjustment of the MPR in March had not fully manifested and that downside risks to growth were quite strong”, Edward Lametek, deputy governor said.\nAlthough, interbank rates slightly eased in response to the adjustment in the policy rate, retail rates remained sticky downwards. More importantly, credit to the real economy declined.\nFrom March 2019 and May 2019, central banks survey revealed that only Nigeria reduced her policy rates, while others held their policy rate constant.\nThese included the Fed, Bank of England, ECB, Reserve Bank of India, Bank of Japan and Peoples Bank of China, all of which retained their policy rate in response to the prevailing uncertainties in the global economy.\nBalami, Dahiru Hassan explained in his personal statement that the reduction in the NPLs was driven by write offs and recoveries. There was also increase in provisioning by banks for NPLs in the review period. Similarly, the industry liquidity ratio (LR) rose further from 51.05 percent in February, 2019 to 52.61 percent in April 2019. This performance was 4.81 percentage points.\nHOPE MOSES-ASHIKE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/banking-finance/article/banking-industry-car-rises-to-15-60-in-april/"}
\ No newline at end of file
diff --git a/clean/cc/a7cbf1b08df39027b75a5b7d3c9daced.json b/clean/cc/a7cbf1b08df39027b75a5b7d3c9daced.json
new file mode 100644
index 0000000000000000000000000000000000000000..eb7307311a01601e1fcdf5e6e6e604ad4dbb3182
--- /dev/null
+++ b/clean/cc/a7cbf1b08df39027b75a5b7d3c9daced.json
@@ -0,0 +1 @@
+{"doc_id": "a7cbf1b08df39027b75a5b7d3c9daced", "text": "Advertisement\nDelta Air Lines revenue hits $54.7 billion\nDelta Air Lines last year recorded over $ 5 billion of pre-tax income, a near doubling over 2022; guiding to 2024 free cash flow of $3 to $4 billion, and an improvement of up to $2 billion over 2023.\nThis was contained in the reported financial results of the Airline for the December quarter and full year 2023 which also provided its outlook for the March quarter and full year 2024.\nA press release issued by Kingdom Concepts Consult Accra to the Daily Graphic stated that Delta delivered industry-leading operational performance and financial results in the December quarter.\nThe CEO of Delta Airlines, Ed Bastian, said 2023 was a great year for Delta.\n“Our people and their commitment to deliver unmatched service excellence for our customers is at the foundation of Delta's success.”\n“We are thrilled to recognise their outstanding work with $1.4 billion in profit sharing payments next month,\" he said.\nHe added that, “in 2024, demand for air travel remains strong and our customer base is in a healthy financial position with travel a top priority. We expect to grow full year earnings to $6 to $7 per share and generate free cash flow of $3 to $4 billion, further strengthening our financial foundation.”\nPreference\nDelta's president, Glen Hauenstein, said with industry-leading operational performance and best-in-class service delivered by workers of Delta, more customers than ever are choosing Delta.\n“In 2023, we delivered a record $54.7 billion in revenue, 20 per cent higher than 2022. Premium and non-ticket revenue has reached 55 per cent of total revenue, supporting Delta's differentiated financial results from the industry,” he said.\nHe added that, “with strong demand for international travel and a positive inflection in the domestic environment, we expect March quarter adjusted revenue to be three to six per cent higher than the prior year”.\nMr Hauenstein said: “With our outlook for continued revenue growth, we expect March quarter unit revenues to be flat to down 3 per cent over 2023.”\nUnit revenues\n“The midpoint of this outlook implies a two-point sequential improvement in unit revenues on a year-over-year basis.”\n“The March quarter includes a headwind from higher international mix, the normalisation of travel credit utilisation and lapping a competitor's operational challenges in the year ago period,” he said.\nThe statement also noted that Delta had announced that it reached an agreement with Airbus to purchase 20 A350-1000s, with options for 20 additional wide-body aircraft.\n“Deliveries of the aircraft are scheduled to begin in 2026. In addition to improved fuel efficiency, these aircraft will add higher gauge, more premium seating and greater cargo capabilities to the international widebody fleet,” it stated.\nThe statement added that “the company also announced a service agreement with Rolls Royce to service its Trent XWB-97 engines. The order for the aircraft is within Delta's previously announced capital expenditure and capacity targets”.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/delta-air-lines-revenue-hits-54-7-billion.html"}
\ No newline at end of file
diff --git a/clean/cc/a7d1a717e7bfb2b18982e9de6c863ef3.json b/clean/cc/a7d1a717e7bfb2b18982e9de6c863ef3.json
new file mode 100644
index 0000000000000000000000000000000000000000..130ed3a65276790f1476e5949489ef6fbe68a12e
--- /dev/null
+++ b/clean/cc/a7d1a717e7bfb2b18982e9de6c863ef3.json
@@ -0,0 +1 @@
+{"doc_id": "a7d1a717e7bfb2b18982e9de6c863ef3", "text": "Elections! Economically speaking…\nThe run-up to Nigeria’s presidential elections garners interest from both the domestic and international communities.\nGiven that the macro environment is closely linked to politico-economic activities and the general notion is that elections bring a loss of macro discipline, examining economic trends during election periods is necessary.\nAn extensive look at inflation reports during these election cycles shows that food inflation posted very small increases in Q4 2010 and Q4 2014 (i.e. the quarter leading up to election in the respective years).\nAs for the 2019 election, clashes between farmers and herdsmen in growing areas appears to have had a larger impact on food inflation than electioneering.\nOther than benign food prices, the main reason for the containment of inflation ahead of elections has been the exchange-rate regime. This exchange-rate regime has been supported by a firm oil price.\nBonny Light (spot) averaged US$61/b in the eight months before the 2007 polls, US$99/b in the run-up to 2011’s and US$68/b in the eight-month period leading up to the 2015 election.\nAs for foreign exchange reserves, there was an 21% y/y increase recorded by end-December 2007; there was also an increase, but by just 2% y/y, posted in end-December 2011 while end-December 2015 reserves declined by over 8%.\nThe reduction in reserves for the latter can be linked to the oil price slide and production challenges the country faced at the time.\nThe build-up to elections can result in a flight of foreign portfolio investors (i.e. offshore investors).\nThis occurs when a serious contender has an anti-business agenda or where markets fear a very close result challenged on the streets and in the courts.\nThe results of the last three presidential elections in Nigeria have not resulted in this scenario nor have plausible candidates threatened radical change.\nMeanwhile, the principal, non-electoral reason for net outflows was the downward trend in the oil price from an average of US$102.3/b for spot Bonny Light in August 2014 to US$57.5/b in April 2015.\nAs the oil price weakness continued so the Nigerian Stock Exchange All Share Index lost ground and the economy slowed, leading to the recession of 2016 and Q1 2017.\nThe net outflow data are not readily available for 2007 and 2011 and so it is difficult to make further comparisons.\nOn a fiscal note, based on official data released by the CBN, there was a sharp fall in FGN spending at the time of and immediately after elections. The habitual delay in budget passage may have caused this.\nIn 2015, total FGN expenditure was N4.8trillion with a fiscal deficit of N1.6trillion. In 2011, FGN expenses hit N4.2trillion (slightly lower than 2009) with a fiscal deficit N817billion.\nHowever, there was a rise in FGN spending in the build-up to the 2011 elections when compared to the previous year due to the substantial increase in the national minimum wage.\nThe GDP growth figures for 2007, 2011 and 2015 were 6.6% y/y, 5.3%y/y and 2.7% y/y respectively.\nFor the latter, the economic shock from slippage in global oil prices was the core reason for the slower pace in growth during the 2015 election year.\nGiven that Nigeria depends heavily on its oil revenue, this put pressure on the economy. However, there has been some recovery in oil prices since then.\nThree election cycles ago i.e. 2007, the outperformers in terms of sectorial growth were telecommunications and technology services, trade and the segment which captures ‘hotels and restaurants’.\nThis points towards healthy consumption spending and some level of ease on consumer pockets. This trend was similar in 2011.\nHowever, the arts and entertainment industry took the top position. As for 2015, the pace of growth for most sectors slowed visibly.\nThe general opinion is that tightly contested elections in Africa automatically result in instability and macroeconomic slippage.\nHopefully, the margin of victory (small or large, whichever) from this year’s election will not lead to this.\nHowever, one thing is for sure- there would be a sigh of relief when the election process is completed.\nChinwe Egwim is Macroeconomist at FBNQuest Merchant Bank\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/elections-economically-speaking/"}
\ No newline at end of file
diff --git a/clean/cc/a8f37ecc476db0acf2dce2cfde9529ca.json b/clean/cc/a8f37ecc476db0acf2dce2cfde9529ca.json
new file mode 100644
index 0000000000000000000000000000000000000000..0320590b9580a18d27f6d2b9b67b896b9aba3485
--- /dev/null
+++ b/clean/cc/a8f37ecc476db0acf2dce2cfde9529ca.json
@@ -0,0 +1 @@
+{"doc_id": "a8f37ecc476db0acf2dce2cfde9529ca", "text": "The opposition National Democratic Congress (NDC) has charged government to provide the process of how recruitments for the Agyapa Minerals Royalty agreement were undertaken.\nThe Minority Leader, Haruna Iddrisu speaking at a press briefing on Tuesday questioned how the law firm of a member of the ruling party, Gabby Otchere-Darko was selected to facilitate the Agyapa deal.\nHe also asked government to reveal a well detailed process how the Chief Executive Officer of Agyapa Minerals Royalty limited, Kofi Osafo Maafo was selected.\nAccording to Mr Iddrisu, the information is necessary since the Akufo-Addo administration carried out the whole Agyapa deal with opaqueness and ‘indecent haste’.\n“We demand just basic minimal information how African Legal Associates of Gabby Otchere Darko were procured and whether this was done competitively and advertised for all to stand a chance.\n“We also want to know the cost of the transaction and how much have been paid to those legal firms and why the choice of the Senior Minister’s son [Kofi Osafo Maafo] as the CEO of Agyapa,” he said.\nCommenting on the Agyapa deal as a whole, the Tamale North MP said the agreement does not meet standards of due diligence and constitutional requirements and Thus, the NDC will not respect the agreement should it win the 2020 elections.\nThe Agyapa Royalties deal\nParliament on August 14, approved the controversial Agyapa Mineral Royalty Limited agreement with the government of Ghana despite a walkout by the Minority.\nTwo years ago, the house passed the Minerals Income Investment Fund Act 2018 which establishes the Fund to manage the equity interests of Ghana in mining companies, and receive royalties on behalf of government.\nThe purpose of the fund is to manage and invest these royalties and revenue from equities for higher returns for the benefit of the country.\nThe law allows the fund to establish Special Purpose Vehicles (SPVs) to use for the appropriate investments.\nLast month, government introduced an amendment to the act to ensure that the SPVs have unfettered independence.\nLatest Stories\n-\nUniversity of Ghana revises plagiarism policy to include AI\n-\nPrivate tertiary institutions must charter before August 31 – GTEC warns\n-\nKenneth Mitchell: ‘Star Trek’ and ‘Marvel’ actor dead at 49\n-\nBawumia lauds Ahmadiyya Muslim Mission for contributions to Ghana’s development\n-\nIf I can do it, you can too – Adekunle Gold to sickle cell survivors\n-\nReview BoG’s Inflation Targeting framework – US-based economist\n-\nBright Simons’ full argument against Agyapa Deal\n-\n2024 Elections: More pink-slime websites to outnumber legitimate news sites – Research\n-\nParis 2024Q: ‘We showed we are able to play amazing football’ – Nora Hauptle on performance against Zambia\n-\nBlame government for increasing unemployment and not universities – Gatsi\n-\nUkraine war: Indians ‘duped’ by agents into fighting for Russia\n-\nPublish sanctions imposed on Sentuo Oil Refinery – IES and COPEC to NPA\n-\nBogoso Prestea Gold Mine to be recapitalised as part of planned restructuring\n-\nAkufo-Addo to deliver SONA tomorrow\n-\nI’ve no plans of becoming Bawumia’s running mate – Kennedy Agyapong", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/agyapa-deal-ndc-questions-recruitment-of-gabby-otchere-darko-kofi-osafo-maafo/"}
\ No newline at end of file
diff --git a/clean/cc/aa9d73f28dad5b8dfba08048253197d9.json b/clean/cc/aa9d73f28dad5b8dfba08048253197d9.json
new file mode 100644
index 0000000000000000000000000000000000000000..3e0183ed952ec110f9337584349c2fde9d6bf1c9
--- /dev/null
+++ b/clean/cc/aa9d73f28dad5b8dfba08048253197d9.json
@@ -0,0 +1 @@
+{"doc_id": "aa9d73f28dad5b8dfba08048253197d9", "text": "FIRS seeks partnership with EFCC on tax compliance\nThe Federal Inland Revenue Service (FIRS) has called for synergy between the agency and the Economic Financial Crimes Commission (EFCC) in tracking and reporting local and trans-border financial transactions of companies, multinationals and high-net-worth individuals.\nChairman of FIRS, Zacch Adedeji, made the call when he visited the Executive Chairman of the anti-graft agency, Ola Olukoyede, at his office in Abuja yesterday.\nAdedeji said the collaboration was necessary as socio-economic activities “are speedily transcending from bricks-and-mortar to a digital and knowledge-driven economy”.\nAccording to the chairman, FIRS uses third-party data, information and intelligence from sister agencies such as the EFCC to track financial transactions.\nA statement by the Special Adviser on Media to the FIRS chairman, Dare Adekanmbi, said the chairman sought the commission’s support in terms of data sharing to enhance intelligence gathering and investigation.\nWhile stressing the need for the two agencies to constantly engage and coordinate meetings to address specific challenges, the FIRS boss acknowledged the roles of FIRS and EFCC in ensuring fiscal stability and combating financial crimes in the country, revealing that the existing working relationship between the two agencies has helped in improving tax compliance.\n“We should also explore the possibility of joint initiatives, public awareness campaigns, and stakeholder engagement with businesses and the general public in promoting tax compliance and deterring economic crimes.\n“We could also benefit from joint training and capacity-building programmes to enhance the skills of both the FIRS and the EFCC personnel in detecting and addressing financial crimes related to tax evasion.\n“I am also aware of pending tax investigation cases involving the EFCC. I humbly request the chairman to help us facilitate the transfer and closure of these cases and to enable us to collect the much-needed revenue,” he said.\nWhile congratulating Olukoyede on his appointment, Adedeji noted: “As the nation is going through a transformational stage in repositioning its socio-economic landscape through the Renewed Hope Agenda of the president, the EFCC and the FIRS have a critical role in supporting the reforms and ensuring the desired outcomes.”\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/business-services/firs-seeks-partnership-with-efcc-on-tax-compliance/"}
\ No newline at end of file
diff --git a/clean/cc/ab7e1e6520ea3a3c6da98d25a31260a8.json b/clean/cc/ab7e1e6520ea3a3c6da98d25a31260a8.json
new file mode 100644
index 0000000000000000000000000000000000000000..065ebdbae389c752e0f1032ad11a70efb0ea465b
--- /dev/null
+++ b/clean/cc/ab7e1e6520ea3a3c6da98d25a31260a8.json
@@ -0,0 +1 @@
+{"doc_id": "ab7e1e6520ea3a3c6da98d25a31260a8", "text": "Indian security forces fired tear gas Tuesday to stop thousands of farmers demanding minimum crop prices from marching on the capital New Delhi after talks with the government failed.\nLocal broadcasters showed thick clouds of tear gas fired to disperse protesters near Ambala, some 200 kilometres north of the capital.\nPolice have set up a fearsome blockade of metal spikes, cement, and steel barricades on the highways from three surrounding states leading to the capital.\n\"Maximum numbers have been deployed,\" Ranjay Atrishya, assistant commissioner of Delhi Police, told AFP.\nPublic gatherings of more than five people have been banned in the capital.\nFarmers in India have political heft due to their sheer numbers, and the threat of renewed protests comes ahead of national elections likely to begin in April.\nTwo-thirds of India's 1.4 billion people draw their livelihood from agriculture, accounting for nearly a fifth of the country's GDP, according to government figures.\nIndian broadcasters showed columns of hundreds of tractors moving towards the capital from the surrounding states of Punjab, Haryana and Uttar Pradesh.\nAn AFP photographer saw police close roads at Ghazipur on the outskirts of Delhi, using multiple lines of blockades. A first line of defence using razor wire was set up, then metal barriers, concrete blocks and finally police buses.\n- 'Oppressing us' -\n\"We tried our best to solve our problems through discussions with the government, but they are insistent on oppressing us,\" Sarwan Singh Pandher, a top farmers' union official from Punjab, told reporters.\nThe farmers are demanding a law to fix a minimum price for their crops, besides a clutch of other concessions including waiving off loans.\n\"The government should listen to the farmers instead of using tear gas shells and guns against them,\" said Randeep Surjewala, an opposition Congress MP from Haryana, where many of the protesting farmers come from.\nFarmers have called for a \"Delhi Chalo\", or \"March to Delhi\", echoing protests in January 2021 when farmers breached barricades and marched into the city on Republic Day.\nProtests by farmers against agricultural reform bills in November 2020 lasted for more than a year, forming the biggest challenge to Prime Minister Narendra Modi's government since it came to power in 2014.\nTens of thousands of farmers then set up makeshift camps, with at least 700 people killed during the protests.\nIn November 2021, a year after protests began, Modi pushed through parliament the repeal of three contentious laws that farmers claimed would let private companies control the country's agriculture sector.\nThousands of Indian farmers die by suicide every year because of poverty, debt and crops affected by ever-more erratic weather patterns caused by climate change.\nIOL", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/news/world/indian-police-fire-tear-gas-as-protesting-farmers-march-to-capital-110b3e1a-ea01-4d24-918d-e18866594f25"}
\ No newline at end of file
diff --git a/clean/cc/ac0f384981016c44ab330fe6e37fd708.json b/clean/cc/ac0f384981016c44ab330fe6e37fd708.json
new file mode 100644
index 0000000000000000000000000000000000000000..aa24b9c52f9f6485db08f743d7448733a852631e
--- /dev/null
+++ b/clean/cc/ac0f384981016c44ab330fe6e37fd708.json
@@ -0,0 +1 @@
+{"doc_id": "ac0f384981016c44ab330fe6e37fd708", "text": "The former Chief Executive Officer of the Ghana Shippers Authority, Dr Kofi Mbiah, says the corruption at Ghana's ports is not peculiar to the current NPP administration.\nAccording to him, the rot at the ports transcends all regimes.\nSpeaking in an interview with Samson Lardy Anyenini on Newsfile on Saturday, the past Shippers Authority boss confirmed that underhand dealings at the ports have been a longstanding challenge.\nIn this regard, he said, \"It is generally known. Especially for those of us in the ports industry, this is known. And it transcends all the regimes I must say. Why it will start from a particular time I do not know, but I can tell you that it transcends all the regimes\".\nHaving noted the challenge, he urged all relevant stakeholders to work hand in hand to implement stringent measures to make transactions at the ports more transparent and devoid of corruption.\nDr Mbiah's comments come in the wake of recent allegations of conflict of interest and corruption at the ports involving Labianca Group of Companies and the Customs Division.\nA report by the Office of the Special Prosecutor concluded that the owner of the company, Eunice Jacqueline Buah Asomah-Hinneh, had taken advantage of her position as a Board member of the Ghana Ports and Harbours Authority (GPHA) at the time to get favours.\nAccording to the Office of the Special Prosecutor, it recovered an amount of ¢1.074 million from the company whose owner also doubles as a member of the Council of State.\nA Deputy Commissioner of Customs in charge of Operations, Joseph Adu Kyei was also cited by the OSP for issuing what it described as an unlawful customs advance ruling.\nBut the Commissioner of Customs took exception to this position and accused Mr Agyebeng of attempting to tarnish his image following which the OSP called for all documents related to similar transactions by September 30.\nMeanwhile, the Special Prosecutor says it is embarking on a full-scale probe of some activities at the Customs Division of the Ghana Revenue Authority (GRA).\nThe auction sale of vehicles and goods among other activities, he added is the focus of this latest investigation.\nLatest Stories\n-\nFinance Ministry fears losing $3.8bn in World Bank financing if Anti-LGBTQ+ bill becomes law\n-\nRainstorm destroys VIP stands of Sunyani Coronation Park\n-\nGovernment borrowed GH¢24bn via T-bills in February 2024\n-\nEdna Obiri: Unraveling the threads of unseasonable warmth: A climate wake-up call\n-\nAnti-LGBTQ+ Bill: Akufo-Addo won’t assent – Security Analyst\n-\nNollywood grieves as Kate Henshaw mourns loss of mother\n-\nInflation to inch up to 23.9% in February 2024 – Report\n-\nI was shocked – Former Oti Regional Minister speaks after reshuffle\n-\nDon’t assent to Anti-LGBTQ+ Bill – Finance Ministry tells Akufo-Addo\n-\nTributes pour in for Nollywood star Mr Ibu\n-\nGhana at 67: Centre seems to be shattering, breaking hearts and minds\n-\nCanon to spotlight sustainability champions at Global Good Awards 2024\n-\nGulf Cooperation Council countries reaffirm unwavering support for Morocco’s sovereignty over Sahara\n-\nBaba Rahman scores for PAOK in Greece Super League win against Lamia\n-\nEnimil Ashon: $6m wasted reviewing 1992 Constitution!", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/corruption-in-port-operations-transcends-regimes-former-shippers-authority-ceo/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..aad128308aa26f58d43b35877cf177db9aae8d0d
--- /dev/null
+++ b/clean/cc/afad7ca19bd34d094d00137033c23743.json
@@ -0,0 +1 @@
+{"doc_id": "afad7ca19bd34d094d00137033c23743", "text": "The Skyway Aviation Handling Company (SAHCO) PLC, has won the contract of providing Passenger, Baggage and Ramp Handling services to Uganda Airlines at the Murtala Muhammed International Airport, Lagos.\nUganda Airlines which is the flag carrier of the Republic of Uganda would be flying from Entebbe International Airport in Uganda thrice a week to Lagos, Nigeria. The airline that is rated at the top of the list of the youngest fleets of the world airlines is also known as the Uganda National Airlines Company.\nRead also: SAHCO shareholders approve 16.5kobo dividend per share\nPatrick Ziwa, the Ugandan Country Manager said concerning the partnership between SAHCO and Uganda Airlines that they are happy and blessed to be in Nigeria starting from the 19th of October, 2023. He went on to say that Uganda Airlines is excited about working with SAHCO, partnering with SAHCO and also supporting SAHCO during this novel journey.\nSAHCO has been able to attract and retain the confidence of both her existing airlines and new airlines due to the seamless, safe and speedy service delivery which SAHCO is known for.\nSAHCO is the only Aviation Ground Handling company that is present in all the commercially operated airports in Nigeria. In recent times, many foreign airlines have moved their aviation ground handling operations to SAHCO so as to enjoy being handled by a loyal and dedicated workforce who are well trained and whose integrity is undoubtable, delivering their activities in line with global best practices.\nAlso, SAHCO has invested on modern aviation ground support equipment (GSE) which operate on alternative power sources and are rugged to enable effective maneuvering in the Nigerian terrain. These GSE are also equipped with the technology to guarantee zero carbon emission to ensure the commitment of SAHCO to protecting the environment. Among these is the first ever Cool Dollies which are used to convey temperature sensitive shipment from the aircraft to the warehouse to safeguard that the shipments are not denatured.\nRead also: How Airbus gives modern aircraft lift off in Nigeria, Africa\nIn the same vein, Ibom Air has signed an aviation ground handling contract with SAHCO to handle her regional flights starting with the Lagos to Accra route which also commenced on October 17, 2023 by providing Passenger handling services, Baggage handling services, Ramp handling services, Cargo handling services and Premium Lounge services.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/sahco-gets-contract-to-provide-ground-handling-services-to-uganda-airlines/?utm_source=auto-read-also&utm_medium=web"}
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diff --git a/clean/cc/b0a4e57d3d3971fca3221680fce91c15.json b/clean/cc/b0a4e57d3d3971fca3221680fce91c15.json
new file mode 100644
index 0000000000000000000000000000000000000000..190a5b503321b68cbec4b8a92cd8455bf13a6d89
--- /dev/null
+++ b/clean/cc/b0a4e57d3d3971fca3221680fce91c15.json
@@ -0,0 +1 @@
+{"doc_id": "b0a4e57d3d3971fca3221680fce91c15", "text": "Developing and managing the mineral wealth of Zimbabwe for tomorrow\nAfrican countries, mineral exploration and production constitute significant parts of their economies and remain keys to economic growth.\nThe continent is richly endowed with mineral reserves and ranks first or second in quantity of world reserves of bauxite, cobalt, industrial diamond, phosphate rock, platinum-group metals (PGM), vermiculite, and zirconium. Gold mining is Africa’s main mining resource.\nHowever, in spite of this rich mineralisation African countries are still wallowing in poverty. The primary problem has been the racist and colonial natural resource laws in Africa which empower the investor at the expense of the citizenry who are the bona fide owners of the resource.\nBased on this flawed framework most of the mining deals and activities on the continent have been opaque and detrimental to Africans. Corruption by both public sector and private sector players has compounded the malaise. Secondly, mining in Africa has been largely extractive without beneficiation or value addition.\nThis has led to African countries exporting cheaply priced raw commodities, while importing expensive refined products. The lack of meaningful benefits to African people from their natural resources is a key part of what is currently being described as leakage of resources from the continent.\nAfrican leaders and industrialists need to make a lot more noise about the leakage of money from the continent. Plugging the leaks is one of the major ways of keeping Africa’s growth steady. If this is addressed we will have enough resources on the continent. We will have sufficient investable capital from the continent. This will smash the current unsustainable overdependence on foreign aid and foreign direct investment.\nIntra Africa investment and investment outflows from the continent into the rest of the world will become practical propositions.\nAfrican governments and societies must harness the opportunities created by natural resources effectively. They must ensure the huge opportunities for economic development and prosperity provided by resource discoveries and commodity booms will never again be missed. Some of the poorest countries in Arica have large amounts of natural resources and these can provide a pathway out of poverty.\nYet in the past, these opportunities have often been missed, and resource abundant countries have consequently remained poor. Natural resources have the potential to be transformative if they are properly harnessed for development.\nHowever, the decision chain from the discovery of natural assets through to their conversion into a productive economy is long and complex. This is why the process has so often been unsuccessful on the African Continent. Africa is too rich to be poor.\nIt is within this continental context that we assess Zimbabwe’s mineral strength and how it can be leveraged to improve the quality of our people’s lives. The recent work of Paul Jordan and ZEPARU has been instructive in identifying the key policy issues with respect to the mining sector in Zimbabwe, in particular around geological and mineralization issues.\nTheir research findings must inform and lay foundation to discussions in the Chamber of Mines. Zimbabwe has a rich and diverse minerals resource base that should be an important contributor to sustainable growth and development. The sector has rebounded dramatically from the hyperinflation economic crisis and with dollarisation the value of mineral production has increased six-fold to about $3 billion in 2011.\nHowever, if this increased mining activity is to ultimately result in more than just holes-in-the-ground, the crucial mineral linkages need to be realized while the resources are still extant.\nZimbabwe has an extensive mineral value proposition. These mineral assets are mainly found in the following geological formations and bodies: The Greenstone Belts: Gold and silver, as well as considerable resources of iron ore, nickel, copper, cobalt and podiform chromite, also chrysotile asbestos (Mashaba Igneous Complex), limestone, pyrite and antimony; The Great Dyke: PGMs5 & Au with associated copper, nickel and cobalt. Also, chromium (chromite seams), as well as minor asbestos and magnesite; The Magondi Super group: Copper and silver (Dewera Group); The Karoo Basins: Considerable bituminous coal, coking coal, anthracite and coal-bed methane (CBM) resources; The Carbonatite Igneous Complexes:, phosphate (Dorowa, Showa); Kimberlite pipes: diamonds (Murowa, River Ranch); Pegmatites: Lithium minerals, columbite-tantalite, cassiterite, et al; Recent alluvial & placer deposits: Gold and diamonds (from Umkondo conglomerates).\nPaul Jordan and his colleagues have emphasized that in order to optimise the economic linkages the current “colonial” minerals governance regime of “free mining” needs to be fundamentally overhauled to both encourage the discovery of new mineral deposits and to maximise the developmental impact of known mineral assets through public tender against developmental outcomes.\nIn this regard a Mineral Cadastre Information Management System (MCIMS) being developed by the Ministry needs to be operationalised quickly. The current historically high mineral prices fuelled by strong Asian appetite are likely to continue for the next couple of decades, so long as the major Chinese and Indian economies continue to display robust growth. Zimbabwe needs to take advantage of this window of opportunity to use its finite mineral resources endowment to catalyse wider national economic growth and development through the maximisation of the key economic linkages.\nZimbabwe’s mining sector has continued to be the lead in economic performance, contributing an estimated 16 percent to GDP in 2012, up from 13 percent in 2011. The sector also continued to lead in export earnings, rising to USD2 billion in 2012, from USD1.8 billion in 2011.\nThe major drivers of this growth in export earnings were diamonds, platinum and gold. Overall, mineral production maintained its upward trend, meeting most Medium Term Plan (MTP) projections for 2012. This year, 2013, looks no different, assuming the current momentum is maintained.\nMilitating against higher growth rates, however, is the unavailability of medium to long term credit facilities for working capital and recapitalization requirements as well as perennial power shortages.\nThese enablers, if they remain unresolved, will continue to be major impediments to potential growth targets. Being number six in the world in terms diamond resource (potential control of about 25 percent of world diamonds), having 90 percent of world platinum between us and SA, and having extensive Gold deposits, Zimbabwe has massive natural resource potential. In fact, in terms of what is called the natural resource per capita we are number one in the world. So, why are we poor? Why are we hungry?\nThis 74th AGM of the Chamber is fortuitous as it occurs while we are currently fashioning a new mining policy framework leading to new Mines and Minerals Act. This policy seeks to ensure the sustainable development of the mining industry and its contribution to the economy.\nThe current Mines and Minerals Act is clearly now an archaic piece of legislation which is in dire need of upgrading to bring it up to date with modern trends in the global mining industry and the country’s current and future aspirations. More specifically and accurately the current Act is a colonial law that empowers the investor at the expense of national interest.\nThe Government is working on having this Act repealed in its entirety and have it replaced by a totally new Mines and Minerals Act that caters for the dynamic modern day needs of the sector, while resolving historical institutional injustices.\nMining in itself is clearly not sustainable, as it depletes finite national assets. However, mineral extraction can indirectly become sustainable in so far as it catalyses sustainable economic activity in other, sustainable, sectors, through maximising the economic linkages while the resource is still in existence.\nStrategies to develop these complex and diverse linkages are therefore key elements of the new mining policy. Mining proceeds must be used to develop secondary industries linked to the minerals, and other industries not linked to mining at all. Schools, hospitals, roads and community housing must also be spear headed by mining activities. This way, when the mineral resource is exhausted the Zimbabwean economy and its communities can continue to flourish.\nIn redesigning the mining policy and laws in Zimbabwe we seek to achieve sustainable exploration, extraction, utilization, management, marketing and beneficiation of minerals.\nThe objective is to understand the status quo, and then fashion a framework for developing and managing the mineral wealth of Zimbabwe for posterity. The foundational objective is to ensure sustainable, shared and inclusive economic development of the country. A key reform of the mining laws is that the right to mine should be linked to payment for the value of the un-mined asset.\nAs the State we must know the value of each mineral claim. This requires comprehensive knowledge of our geology and mineralization. Quantification and valuation of the un-mined asset should be done before engaging investors. New technologies such aero-magnetics, big data, and cloud computing must be deployed. The state must invest massive resources in exploration\nThe difference between working capital and equity capital must be understood and factored in all mining deals. The value of the un-mined asset is the country’s contribution to equity and the investor must acknowledge and match this. The investor’s contribution to equity must not be confused with working capital they deploy. Working capital must be separate and in addition to contribution to equity capital.\nThe situation where the value of the un-mined asset is not reflected on the balance sheets of corporates is not acceptable. Unmined assets have value and can be leveraged. How can mining claims have no value, and yet corporates list them on foreign stock exchanges and raise billions? In some cases the investor goes on to sell the claims (they got for free) to other investors for tonnes of cash. Moreover, when claims (green fields) are handed back to government serious cash is demanded.\nHow is this possible if claims have no value or their value is said be difficult to determine? Discovery of a mineral resource should not mean ownership. In fact once a country has established its geology and mineralisation, the claims can be auctioned.\nThe management of natural assets can be improved within a given political system by both domestic and international actions. In setting the tax and royalty rates, the government faces an internal agency problem. The government must delegate the negotiation to a small group of its members and resource extraction companies have a strong incentive to bribe these individuals.\nTo protect itself the government needs to adopt a process that is transparent. Secret negotiations are ideally suited to corruption. The agency problem is compounded by an information problem.\n(To be continued)\nThe writer Professor Arthur G.O. Mutambara is Deputy Prime Minister of Zimbabwe.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/developing-and-managing-the-mineral-wealth-of-zimbabwe-for-tomorrow/"}
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diff --git a/clean/cc/b0afb84318b0c9b5b6ab8ae9a062a5d8.json b/clean/cc/b0afb84318b0c9b5b6ab8ae9a062a5d8.json
new file mode 100644
index 0000000000000000000000000000000000000000..228fa371469b09f381da1af074869d321eaa915a
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@@ -0,0 +1 @@
+{"doc_id": "b0afb84318b0c9b5b6ab8ae9a062a5d8", "text": "Turkey’s lira hit two-week lows versus the dollar on Tuesday while stocks fell 3 percent after the latest twist in a government corruption scandal, while concerns about Chinese yuan moves weighed on other emerging assets.\nUkraine’s hryvnia sank to a fresh five-year low but its sovereign dollar bonds held most of Monday’s huge gains as hopes grew the country would receive Western aid, including from the IMF, which promotes greater exchange rate flexibility.\nVoice recordings were posted on YouTube late on Monday purportedly of Turkish Prime Minister Tayyip Erdogan telling his son to dispose of large sums of money on the day news broke of a graft inquiry into his government.\nThe incident comes at a sensitive time for Erdogan, whose AK Party officially began campaigning for March local elections Erdogan’s office said the recordings were fake.\nAnd external conditions are not supportive for Turkey either as the Federal Reserve plans to reduce its monetary stimulus, in the so-called tapering process.\n“In Turkey you have the tapering worries but you also have a layer of political risk on top. In a sense what’s happening today is a continuation of themes that have been running for a while,” said HSBC emerging equity strategy head John Lomax.\nThe lira fell 0.6 percent to 2.2096 per dollar while local stocks fell more than 3 percent at one point. Turkey’s benchmark two-year government bond fell a third of a percent in price, pushing yields to 10.95 percent.\nCHINA, UKRAINE MOVES\nChina’s yuan fell beyond the official midpoint rate for the first time since September 2012.\nThe moves are linked to Beijing’s plans to usher in more reforms including lending curbs and a widening of the currency band to 2 percent or more from 1 percent.\nSuch reforms may be announced at next week’s National People’s Congress meeting.\n“China is preparing to widen the daily trading band and they are trying to prepare the market by increasing two way volatility in the exchange rate,” said Flemming Nielsen, analyst at Danske Bank in Copenhagen.\n“As we have seen, the two major drivers for emerging markets have been Fed tapering and slower growth in China. It is difficult to call the bottom for emerging markets as long as we cant call a bottom in China.”\nThe broader benchmark MSCI emerging index fell 0.1 percent, weighed down by China’s CSI300 share index which fell 2.6 percent.\nThe yuan was trading at 6.1247, much softer than the midpoint which was set at 6.1184.\nThe hryvnia fell more than 3 percent to 9.4460 per dollar , as focus turning to whether the country will get aid from donors including the IMF.\nA floating hryvnia was a key pre-condition the IMF sought to renew its loan package to Ukraine last year.\nUkraine’s sovereign dollar bonds maturing in 2014 and from 2017 all the way to 2023 all fell around 1 cent to the dollar, having rallied up to 10 points on Monday.\nUkraine’s stocks rallied 3 percent to a fresh 1-1/2 year high at one point but later slipped back, after soaring 15 percent on Monday. Ukraine is the best performer in MSCI frontier equity index.\nForward currency markets are pricing in the hryvnia trading at 10.47 in six months, a depreciation of nearly 10 percent from current levels.\nIn Russia, nervousness over Ukraine weighed on the rouble and stocks\n“There’s a correction of the strongly overbought Chinese Yuan, plus uncertainty in the situation with Ukraine – these factors negatively influence the rouble,” said Denis Korshilov, head of markets at Citibank Russia.\nElsewhere, Nigeria’s naira rose 0.7 percent to 164.50 per dollar while local stocks rose over 1 percent , recovering from a sell-off following the suspension of the central bank governor.\nReuters", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/africa/article/turkey-china-lead-falls-in-emerging-markets/"}
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diff --git a/clean/cc/b1ede5d285176e84dc998b8a3302c975.json b/clean/cc/b1ede5d285176e84dc998b8a3302c975.json
new file mode 100644
index 0000000000000000000000000000000000000000..b21584c2448cdb3132c30a964862fea602a41f24
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "b1ede5d285176e84dc998b8a3302c975", "text": "Kenya: The word ‘flat-footed’ originates from a disease called Pes planus or fallen arch, which flattens the arch of the foot and causes an imbalance of forces important to the biomechanics of motion and balance of weight on the human feet during motion. This term is also widely used in sports.\nIn football, when a player is caught flat-footed, s/he is unable to stretch out to reach for the freely moving ball or when dribbled by an opponent. In the flatfoot position, a player is not ready to tackle an opponent or receive a pass. It may be due to loss of concentration, poor posture or deliberate challenge plotted by the opponent. At all times, a player is expected to be on toes, moving about to avoid being caught in this position hard to recover from, in time to make a save or dispossess an opponent of the ball. Enough of football, now let’s talk politics.\nIn politics in democracies world over, an election leaves two groups of people: losers and winners. The winners obviously ceremoniously rejoice while the losers whine over everything from internal malfunctions to a plot by the winners to make them lose. Our Kenyan election cycle is not spared of this.\nAfter the historic 2013 General elections, the first of its kind under the guidance of the iconic new constitution, the Jubilee coalition emerged the winners, albeit not without court battles. The CORD coalition half-heartedly accepted their fate in the opposition. They have incessantly complained publicly about how their victory was stolen. They have mentioned how two communities could not have the numbers to beat the other 40. Logical?\nHowever, this has only served to create animosity between the ruling coalition and the opposition. It has even trickled down to important national matters of security and citizen service delivery. The Jubilee coalition has proved to be having the hardest job of surmounting an opposition so quick to prey on its failures and wrong decisions to popularize itself to the electorate, and presenting itself as the best alternative government Kenyans never elected. Well, the wit of a man is seen at times of crisis.\nThe Jubilee coalition has found itself in narrow defiles that require the strongest will to survive. When the Westgate terror attack knocked, it would be the first crisis to a budding government just learning the ropes. Even though there were outright failures in response and chain of command on parts of security apparatus, the government could find refuge in its then greenness. At normal times, sackings and prosecutions would have ensued, but President Uhuru absorbed the pressure and instead asked Kenyans to be patient. Well, it was until recently that the memories were ignited amidst high emotions and grief as relatives to the deceased remembered their departed in their first anniversary.\nNo meaningful arrests have been made on direct perpetrators. The joint Parliamentary committee report co-chaired by Committees on Administration and Foreign Relations, and Defense and National Security chairmen was rejected by MP’s for being ‘“shoddy, useless bunch of papers and a mere research paper’’ with ‘’short-changing’ recommendations. The Waheshimiwa expected recommendations on sacking of the responsible people and demanded for accountability from top security officers. The fact that Majority Leader Aden Duale led the castigations, calling for sackings gave weight to the opposition’s claims of an incompetent Government, citing that it is the government’s duty to secure its people.\nSuch open failures have been the best opportunities for the watchful opposition to point to fissures in the government.\nThen came the time for President Uhuru to make crucial ministerial appointments. As expected, ethnic and gender imbalance were a glaring misdeed, but the government hid under the garb of professionalism. This it maintained, despite flouting its earlier resolve to reflect the diversity of the Kenyan people in public positions. Before the last two appointments were made, speculations were rife that some of his post-election coalition partners could be beneficiaries. This didn’t happen, but still he again flaunted his declaration to appoint only professionals through meritocracy. However, Ngilu and Balala were appointed. The opposition found this a fault line.\nIn the recent ambassadorial appointments done by the President, a section of opposition MP’s claimed that it was an ethnic zero-sum game, since it involved replacing someone with another of own tribe. Despite having Parliament as a platform to raise these issues, they did not do more than complain about numbers as the names were being passed by parliament.\nAll through these, the opposition gained popularity with every mistake of the government. It was not until the presidency convened a meeting with his MPs that a strategy was reached to counter the surging opposition amidst claims that the ruling coalition was losing grass root support.\nAt the peak of heightened political activity by the opposition, disaster struck the coastal town of Lamu vicinity. At the time, CORD had taken its dialogue campaign to Lamu. The same night unknown attackers used guns and pangas to kill tens of people in one night. This would repeat itself in two more nights resulting into more deaths in more towns.\nThe opposition was satisfied that it was the act of Al Shabaab militia. But not so with government intelligence who blamed ‘local political networks’ involvement. President Uhuru in a press statement on the Mpeketoni attack absolved Al-Shaabab of responsibility, even after the terror group had claimed responsibility. CS Lenku went ahead to blatantly blame the opposition mercenaries on the deaths. Then it was clear that a war had been waged between the CORD coalition and Government. The opposition halted its campaigns in good will to resolve the crisis, by popular demand. To date, no serious prosecutions have been done and the opposition leaders are roaming free. Was it true?\nTo an opposition that has in many instances relied on government mistakes to further its agenda, it can be very confusing when the latter no longer makes any mistakes.\nIn the run-up to last year’s General elections, CORD did not do more than mention the Jubilee leaders’ cases at the ICC over the 2007/8 post-election violence as the only reason they deserved to lead the country. Despite their political experience, they could not offer better promises as their rivals. When it came to the moment President Kenyatta was summoned to appear before the Hague-based court, they expected to leverage on any wrong decisions to popularize themselves one again.\nStay informed. Subscribe to our newsletter\nMost CORD MP’s advised the President not to honor the summon arguing that he did not have to. This was outright misadvise and dishonesty with ulterior motives. CORD knows well what would have befallen Uhuru as a person should he have failed to honor the summon. The fact that CORD openly misguided the President on a case of international magnitude is a matter of morality, and this surpasses fair political gaming. In fact, it is huge disrespect to the institution of Presidency which CORD leadership has been longing for for decades. Perhaps the missing piece of advice for CORD is that one cannot occupy a seat s/he disrespects.\nWhen their expectation failed to materialize, CORD resorted to childish legal hullabaloos about President’s special parliamentary address on Monday, claiming it was unnecessary.\nEven though CORD as a coalition is young, its leaders have been in the political scene for long. What they have failed in doing is to offer better alternatives and engage the public in a manner appreciable to the electorate. You cannot be good because the other is bad. When one mentions a referendum in which the government must participate to pass, then Kenyans are being taken for a ride. It is not the best contribution the Opposition can make to Kenyans. There are myriad policy issues that need be tabled, debated and passed. There are tax policy loopholes that need be filled to ensure that multinational companies remit required taxes to the Treasury, thereby lessening the tax burden on Kenyans. If CORD cannot pursue these, then even the plebiscite move is a waste of time. A constitution is a document that must be acted upon to benefit the citizens, and you cannot act by changing it only.\nFinally, if CORD’s political game would be to leverage on Government failures to popularize itself, then it will always be caught flatfoot. Without presenting independent development agenda for this country, the opposition risks extinction. This unavoidable result would be disastrous to the coalition and its members. As things stand now, should the cases facing Uhuru and Ruto at the ICC be terminated, CORD would end. The government has realized their game, and will first plot its fast downfall by doing things right. Then CORD will diminish into oblivion. Oops!", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.standardmedia.co.ke/article/2000161278/europe-president-uhuru-s-decision-caught-cord-flatfooted-again"}
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index 0000000000000000000000000000000000000000..1f0e855e9cd0ba0e68bcdf1ba9e0c49ed5ffa99a
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "b45c1622cf12ef0ea886e013c4011d5c", "text": "Tourism has continued to recover at a strong pace as destinations across the world welcomed almost three times as many international arrivals in the first quarter of 2022 as in the same period of 2021, with Europe leading the sector’s rebound.\nAccording to the latest UNWTO World Tourism Barometer, international tourism saw a 182 percent year-on-year increase in January-March 2022, with destinations worldwide welcoming an estimated 117 million international arrivals compared to 41 million in Q1 2021. Of the extra 76 million international arrivals for the first three months, about 47 million were recorded in March, showing that the recovery is gathering pace.\nHowever, Europe and Americas are leading the recovery.\nUNWTO data shows that during the first quarter of 2022, Europe welcomed almost four times as many international arrivals (+280 percent) as in Q1 of 2021, with results driven by strong intra-regional demand. In the Americas arrivals more than doubled (+117 percent) in the same three months. But, arrivals in Europe and the Americas were still 43 percent and 46 percent below 2019 levels respectively.\nThe Middle East (+132 percent) and Africa (+96 percent) also saw strong growth in Q1 2022 compared to 2021, but arrivals remained 59 percent and 61 percent below 2019 levels respectively. Asia and the Pacific recorded a 64% increase over 2021 but again, levels were 93 percent below 2019 numbers as several destinations remained closed to non-essential travel.\nBy subregion, the Caribbean and Southern Mediterranean Europe continue to show the fastest rates of recovery. In both, arrivals recovered to nearly 75 percent of 2019 levels, with some destinations reaching or exceeding pre-pandemic levels.\nWith all the positive turns, destinations opening up faster.\nAlthough international tourism remains 61 percent below 2019 levels, the gradual recovery is expected to continue throughout 2022, as more destinations ease or lift travel restrictions and pent-up demand is unleashed. As of 2 June 2, 2022, 45 destinations (of which 31 are in Europe) had no COVID-19 related restrictions in place. In Asia, an increasing number of destinations have started to ease those restrictions.\nRead also: Nigeria to host global conference on tourism, creative industry November\nDespite these positive prospects, a challenging economic environment coupled with the military offensive of the Russian Federation in Ukraine pose a downside risk to the ongoing recovery of international tourism. The Russian offensive on Ukraine seems to have had a limited direct impact on overall results so far, although it is disrupting travel in Eastern Europe. However, the conflict is having major economic repercussions globally, exacerbating already high oil prices and overall inflation and disrupting international supply chains, which results in higher transport and accommodation costs for the tourism sector.\nThe UNWTO urges destinations to export revenues for faster recovery as spending rises.\nThe latest issue of the UNWTO Tourism Barometer also shows that US$ 1 billion were lost in export revenues from international tourism in 2021, adding to the $1 billion lost in the first year of the pandemic. Total export revenues from tourism (including passenger transport receipts) reached an estimated US$ 713 billion in 2021, a 4 percent increase in real terms from 2020 but still 61 percent below 2019 levels. International tourism receipts reached US$ 602 billion, also 4 percent higher in real terms than in 2020. Europe and the Middle East recorded the best results, with earnings climbing to about 50 percent of pre- pandemic levels in both regions.\nHowever, the amount being spent per trip is on the rise – from an average US$ 1,000 in 2019 to US$ 1,400 in 2021.\nAs well, there is hope for stronger than expected recovery ahead as the latest UNWTO Confidence Index showed a marked uptick. For the first time since the start of the pandemic, the index returned to levels of 2019, reflecting rising optimism among tourism experts worldwide, building on strong pent-up demand, in particular intra-European travel and US travel to Europe.\nAccording to the latest UNWTO Panel of Experts survey, an overwhelming majority of tourism professionals (83 percent) see better prospects for 2022 compared to 2021, as long as the virus is contained and destinations continue to ease or lift travel restrictions. However, the ongoing closure of some major outbound markets, mostly in Asia and the Pacific, as well as the uncertainty derived from the Russia-Ukraine conflict, could delay the effective recovery of international tourism.\nA higher number of experts (48 percent) now see a potential return of international arrivals to 2019 levels in 2023 (from 32 percent in the January survey), while the percentage indicating this could happen in 2024 or later (44 percent) has diminished compared to the January survey (64 percent). Meanwhile by end April, international air capacity across the Americas, Africa, Europe, North Atlantic and the Middle East has reached or is close to 80% of pre-crisis levels and demand is following.\nUNWTO has revised its outlook for 2022 due to stronger-than-expected results in the first quarter of 2022, a significant increase in flight reservations, and prospects from the UNWTO Confidence Index. International tourist arrivals are now expected to reach 55 percent to 70 percent of 2019 levels in 2022, depending on several circumstances including the rate at which destinations continue to lift travel restrictions, the evolution of the war in Ukraine, possible new outbreaks of coronavirus and global economic conditions, particularly inflation and energy prices.\nWorld Tourism Organization (UNWTO), is a specialized agency of the United Nations.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/arts-and-life/article/global-tourism-recovery-gains-momentum-as-restrictions-ease-confidence-returns/"}
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+{"doc_id": "b520b449aeca298abfc553b56b2b8f98", "text": "The market price for petrol would rise above N400 per litre even if the Dangote Refinery and those owned by the Nigerian National Petroleum Company Limited (NNPC) were to come on stream, an analysis of oil prices, import duties and refinery contracts show.\nPresident Muhammadu Buhari’s government strategy of kicking the can further down the road when it comes to developing a pragmatic approach to dealing with galloping fuel subsidy cost guarantees that it haunt the new government coming in next year.\nThe coming on stream of the Dangote and NNPC refineries as expected next year will only remove freight charges of N24 at the central bank exchange rate and N34 at the parallel market rate. Some port charges could be saved but costs will increase to distribute the products around the country.\nThere is no conceivable situation where the Dangote Refinery, if it comes on stream in mid-2023 as expected, will sell refined petrol below N400/litre if oil prices hover around $100 per litre.\nExpected to produce 55 million litres of refined petrol daily, the Dangote Refinery and refurbished NNPC refineries could significantly reduce petrol imports.\nThe Dangote Refinery is a private enterprise, with the NNPC holding 20 percent stake on behalf of the government. The NNPC says it would supply half of the crude required by the plant, and if this is sold at market price, it would be impractical to continue paying subsidies.\nRead also: How 650,000 bpd of Dangote Refinery will benefit Nigeria – Mohammed\nA cash-strapped Federal Government cannot afford to give its own share of the crude from joint venture operations free to Dangote Refinery.\nAccording to Mele Kyari, group chief executive officer of NNPC, in a recent briefing, said the NNPC refineries alone cannot meet a quarter of Nigeria’s current capacity put at 66 million litres daily due rising consumption fuelled by growth in population.\nKyari had said that the NNPC planned to outsource the operations and management of the country’s four refineries after fixing them, a condition for obtaining the financing for the repairs. He said the NNPC already had contracts in place for their management after the refineries become operational.\n“We will get the refineries back and run it as a business, we borrowed money to fix it and repayment for loans obtained is tied against the productivity of the refineries,” said Kyari.\nThis contract compels the refinery management to run profitably in order to generate enough money to repay the loans.\nThis is why marketers under the aegis of the Major Oil Marketers Association of Nigeria (MOMAN) say the Federal Government has no other option than to end the subsidy in light of current economic realities.\nPetrol prices index website, globalpetrolprices.com, that compiles petrol prices around the world puts the average price of petrol around the world at $1.36 per litre.\nHowever, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices, it said.\n“The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different,” the analysts said.\nRead also: Dangote Refinery to curb petrol import, subsidy impact muted\nAccording to the data, petrol price in Nigeria is cheaper than eight other places in the world but the only difference is that these other countries have functional refineries.\nYears of mismanagement and corruption has left Nigeria’s refineries in a decrepit condition as government officials jump on lucrative petrol import contracts leading the refineries to rot.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/analysis/article/petrol-to-sell-above-n400-litre-even-with-dangote-nnpc-refineries/"}
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+{"doc_id": "b59567596ceae3759e141e6704b45904", "text": "language\n5 Nov\nSports commentator Aderonke Adesola is not the voice most Nigerians expect to hear on the radio. She is 25 years old, a woman and hosts her sports show in the local Yoruba language instead of English, which dominates most programming in Nigeria.\nLatest\n30 mins ago\nDiscover the hidden masterpieces of female artists spanning centuries, from Hildegard of Bingen's mystical illustrations to Sonia Delaunay's vibrant abstracts.\n31 mins ago\nCooling inflation, sound economic growth and low unemployment over the past year should ordinarily be helping US President Joe Biden in what is shaping up to be a rematch with former President Donald Trump. But so far, this hasn't been reflected in the polls.\n5 hours ago\nFollowing the fire outbreak at Agbado Road, Toyin Bus Stop, Iju Ishaga on Tuesday night, GuardianTV decided to visit the scene to get more information. Here's what people had to say.\n5 hours ago\nThe Al Ula event saw individual men and women, as well as teams of up to four, spend 8 hours running, jumping, climbing, crawling, and swinging over a trail in the middle of the desert. British athlete Jon Albon took the men's individual honors with Australian Ryan Atkins finishing second and American Mark Batres third.\n5 hours ago\nAs shoppers await price cuts, retailers like Home Depot say their prices have stabilized and some national consumer brands have paused price increases or announced more modest ones. Yet some industry watchers predict deflation for food at home later this year.\n1 day ago\nGerman bishops are concerned about right-wing extremism and have explicitly positioned themselves against the populist Alternative for Germany. An unusual move, as they are usually loath to comment on political parties.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://tv.guardian.ng/tag/language/"}
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+{"doc_id": "b5ae56971209672738a37f8c77894647", "text": "South Africa is one of the worst countries in the world when it comes to developing, drawing and retaining a skilled work force – underpinned by a poor education system and low worker motivation.\nThis is according to the IMD World Competitiveness Center’s World Talent Report for 2015, which looks at a country’s ability to develop, attract and retain talented individuals.\nThe ranking is structured according to three factors: investment and development, appeal and readiness.\nThe first factor takes into account the investment in and development of home-grown talent, while appeal goes beyond the focus on the local labor force to incorporate the ability of a country to tap into the overseas talent pool.\nThe readiness factor looks at the context of the talent pool, considering the growth of the labor force and the quality of the skills available, the group said.\nThe 2015 ranking is led by Switzerland, Denmark, Luxembourg, Norway and the Netherlands, with Finland, Germany, Canada, Belgium and Singapore completing the top 10.\nSouth Africa\nOverall, South Africa ranked 51st out of the 61 countries analysed, with a low investment and development score as well as a low level of readiness (55 and 54 out of 61, respectievly).\nThe only category in which South Africa came out as “okay” (34 out of 61) was in Appeal, where the cost of living and quality of life – as well as remuneration, and personal rights – made the country appealing to global talent.\nSouth Africa’s ranking on the index has climbed five places from 2014, but remains far away from its best placement of 43rd in 2006.\nAccording to the report, there are five criteria which South Africa performed the best in – however, the flip-side shows that, despite those good points, the country still struggles with many others.\n5 best factors for talent in SA\n- A low cost of living makes the country appealing\n- Moderate success in attracting and retaining global talent\n- Effective personal income tax rate\n- The labour force is growing\n- Public expenditure on education is high\n5 worst factors for talent in SA\n- There is low worker motivation\n- There is a shortage of skilled labour\n- The country has a poor education system – with a very high pupil-teacher ratio\n- Science education is not emphasised enough schools\n- There are insufficient apprenticeships available in the market\nWorryingly, South Africa was ranked 3rd for its public expenditure on education (at 7% of total GDP), but ranked 58th for its education system, and its degree of emphasis on science in schools.\nThis shows that South Africa maintains one of the worst education systems in the world, despite billions of rands being pumped into the sector.\nTo put this into perspective, Denmark and Iceland are the only two countries to spend more on education – and both those countries run education systems in the upper reaches of the ranking (8th and 14th, respectively).", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/104633/the-5-best-and-worst-things-about-skills-in-south-africa/"}
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+{"doc_id": "b7143f3991df3c5516d61b1acb26fbae", "text": "I dwelt extensively on two of the major business relationships that existed between the NPA and Integrated Logistics Limited otherwise known as Intels in previous chapters.\nI explained that the company.\nbecame concessionaires operating some of the terminals owned by the NPA in Onne, Port Harcourt, Warri and Calabar following the Port Reforms in 2006.\nI also explained the service boat management operations for which the company monitored and collected revenues on behalf of the Authority from 1997 until 2020 when the contract expired.\nAt the expiration of the contract, the Authority placed advertisements requesting for expression of interests for provision of service boat operation agency for the Nigerian Ports Authority.\nIntels joined other companies to submit bids for the contract. They were however disqualified for flouting some of the regulations guiding the process.\nUpon disqualification from the process however, the company instituted legal proceedings seeking to stop the NPA from completing the procurement process.\nIt raised the issue of the construction of Onne 4B as one of the reasons it should continue to monitor service boats’ operations for the NPA.\nUpon completion of the tenders process, the Authority, in a letter dated 9 November 2020, presented the four companies recommended by the Parastatal Tenders Board for the consideration of the Ministerial Tenders Board.\nAfter this, it was to be presented to the Bureau of Public Procurement, to issue a certificate of “No Objection” and ultimately, the recommendations would be presented to the Federal Executive Council (FEC) for approval.\nIn the letter, we provided the Minister with details of the process that produced the recommended companies.\nWe also explained that we now provided an agent for each of the pilotage districts thereby removing the monopoly of one company managing all four. The contract would also be for a period of ten years during which agents would earn a commission of 15% as opposed to the previous situation where Intels handled the operation in four pilotage districts at 28% commission.\nThe Minister held on to the letter without declining the Authority’s request or taking any step towards completing the process. On 22 January 2021 however, he wrote to the President asking for the restoration of suspended contracts between Intels and the NPA.\nIn the letter, entitled: “restoration of suspended contracts between Integrated Logistics Services Limited and the Nigerian Ports Authority,” the Minister reminded the President of the “long-running issue of contractual disputes” between the two parties and how it has resulted in protracted legal disputes at the instance of the company.\nHe explained that court orders as a result of litigation had affected the financial projections of the NPA and the national treasury negatively. On the strength of this, he requested the President to approve:\n‘The restoration of all contracts between NPA and Intels currently suspended or purportedly terminated by NPA which are now the subject of legal disputes between the parties.’\nIn addition, he sought a directive for the withdrawal of all cases in court or at arbitration by all parties with a view to administrative resolution by his office.\nUpon sighting the approval, the COS to the President contacted me and requested that I provide details of all NPA’s contractual relationship with Intels.\nI felt the minister’s recommendation were awkward as no contract between NPA and Intels was terminated.\nWhile it is possible to withdraw cases in court and seek amicable resolution to all conflicts, the service boat operations contract had ended as a matter of effluxion of time in August 2020. It was not terminated.\nIn other words, at the time that we were asked to restore this contract, no contract existed. It was, therefore, impossible to restore something that did not exist!\nMore than that, however, was the flurry of court actions that would undoubtedly ensue because of the latest directive.\nTens of companies went through the bid process for these contracts. At the end, the best four were selected and recommended to the Minister. These companies were already waiting to receive final approval from the government and were not likely to take this policy shift with equanimity.\nThe floodgates of litigation would be opened with the attendant negative optics in the light of attracting foreign investment.\nThe disruptive effect of the directive on our efforts to sanitise the sector and ensure that the country gets the best of its resources, preoccupied my mind for the next few days. I ventilated on a few occasions during discussions with my colleagues on the Executive Management Team of the NPA.\nOn 25 January 2021, I responded to the Chief of Staff and forwarded a letter with the heading: ‘details of the respective contractual relationships between Nigerian Ports Authority and Intels Nigeria Limited.’\nThis letter started as follows: “In line with your request for the Authority to provide details of its respective contractual relationships with Intels Nigeria Limited, please find below as requested…”\nThe letter listed the following contracts with short notes that provided information on their import and guiding terms and conditions.\nConcession agreement for Onne Terminal A and B in Rivers Ports, Rivers State\nConcession agreement for Calabar Terminal A in Calabarorts, Rivers State\nConcession for Warri New and Old Terminal, Delta Port, Delta State\nService Boat Operations Managing Agent, where I highlighted the following: “It is important to note that the agreement with Intels on this service was not terminated but it reached the end of its contractual period in August 2020.”\nConstruction of Onne 4\nConstruction of Onne 4B\nUtilisation of berths 9,10,11\nManaging Agent for the maintenance and operations of water supply at Onne.\nConcluding the letter, I wrote: “based on the above, the Chief of Staff is invited to note the following:\n1. Note the above listed 1 to 8 contractual relationships between the Authority and Intels.\n2. Note that the Authority has not terminated any contract with Intels\n3. Note that in the case of the service boat operations managing agent, Intels filed a suit against the Authority for a contract that expired but was not terminated.\n4. Note that in the case of berth 9, 10, 11, Intels filed a suit against the Authority for the withdrawal of an offer letter not the termination of an agreement as no agreement was signed for the use of the berths.\nUpon the review of the information provided by the NPA, the Chief of Staff sought advice from the Attorney-General of the Federation and Minister of Justice, the Director General of the Bureau of Public of Procurement (BPP) and Director General of the Infrastructure Concession and Regulatory Commission (ICRC).\nIn a letter dated 23 February 2021, Prof. Gambari informed the recipients of this correspondence that although the President had earlier approved the restoration of all Intels’ contracts and the withdrawal of all court cases, additional information from the NPA made it necessary to seek counsel in assessing the legal and procurement related issues involved.\nHe directed an expeditious review of the submissions provided with a deadline of 9 March 2021.\nIn its letter on 9 March 2021, the BPP agreed with the NPA that the concession agreements for the Terminals in Warri, Port Harcourt and Calabar were subsisting and not terminated. It also agreed that the contract for service boat operation expired rather than being terminated.\nThe letter said about the service boat contract in part: ‘the effective date for the contract for the service boat operations management agent was 9 August 2010 and it was to continue in force for Ten (10) years until 8 August 2020.\nThis supports the NPA’s position that the contract naturally expired and was not terminated.’\nIt noted that Intels initiated the court case against the NPA to stall the procurement process for the engagement of a new service boat operation agent, which will negatively affect the Authority’s revenue.\nOn the construction of Onne 4B, which Intels uses as basis for the case, the BPP wrote: ‘Messrs. Intels and Deep Offshore Nigeria Ltd are recognised as separate entities under the law and as such, any perceived contractual issue between NPA and Messrs.\nDeep Offshore Nigeria Ltd on the Onne 4B project should not form the basis for Messrs. Intels to institute a lawsuit against the NPA to stall a procurement process for a separate service. This is particularly so, as the NPA has already committed to Messrs. Intels that it remains committed to discharging its debt obligations on the Onne 4B project and will do so irrespective of the expiration of the Intels contract as service boat operations management agent.‘\nIt said further that the NPA’s decision to initiate a procurement process ahead of the expiration of the contract for service boat operation management was in order, and that it was important for the Authority to conclude the process expeditiously since a public tender had been issued and the country was already losing revenue from the stalled process.\nIn the final analysis, the Director General of the BPP, Mr. Mamman Ahmadu, who signed the letter, stated that while seeking amicable settlement of contractual issues like the one in question was desirable, ‘the correct procedure is that contracts should be won through a proper procurement process that complies with the provisions of PPA, 2007.\nFurthermore, there is need to need to avoid the kind of monopoly being enjoyed by Messrs. Intels, which has cascaded into the entitlement mentality being demonstrated by the firm.’\nBefore this, the Federal Ministry of Transportation wrote the Authority on 17 February 2021. The letter, signed by the Director of Maritime Services, Mr. A.D. Suleiman, conveyed the President’s approval of the restoration of all Intel’s contracts and withdrawal of all cases. It informed the Authority that a committee headed by the Permanent Secretary supported by three directors in the ministry had been set up to engage with the company and Intels.\nA meeting of this committee held on 15 March 2021, and I used the opportunity to explain that the Authority had suspended action on the issue pending the review advice sought by the President from the AGF, DG BPP and DG, ICRC. I pointed out that the FMOT and NPA were copied in the letter written by the Chief of Staff to the President for this purpose.\nNevertheless, the Minister directed the Authority to forward the agreement with Intels on the service boat operation.\nOn 18 March 2021, I sent the agreements to the Minister with a cover letter reiterating my submission at the meeting three days earlier and suggesting that the Authority was awaiting this review.\nThis situation subsisted until 5 May 2021, when I was asked to step aside from office for the investigation of the management of the Authority since 2016. It turned out that one of the allegations against me was “failure to obey presidential directive,” despite all the explanations I offered on the issue of restoration of Intels pilotage contract.\nThe issue, however, came to an end in November 2021 when the President was reported to have followed the advice of the AGF, DG BPP, Acting DG ICRC, who were unanimous in their conclusion that the NPA was justified in its handling of the matter.\nThe lead report in THISDAY, on 11 November 2021 had the headline; ‘Buhari Cancels Restoration of Intels’ Pilotage Contract.’\nIt had two kickers: ‘AGF, BPP back Bala Usman,’ and ‘President orders conclusion of the procurement process within 60 days.’\nTHISDAY quoted the AGF as having written to the President as follows: ‘…There is certainty in the duration of the contract and the position of the law remains clear that a written contract freely entered by the parties is binding on them.\nAccordingly, the contract for Managing Agent awarded to Messrs Intels in 2007 validly came to an end and extinguished pursuant to the terms of agreement between the parties, which specified an end date of August 2020.\nThe agreement did not provide for any further extension of the contract in favour of Intels.\nRead also: Chapter 14: The Channel management contract\n“It is also to be noted that NPA, pursuant to the expiration of the contract, kick-started the procurement process to appoint another managing agent to forestall any break in the service being rendered. NPA submitted that it concluded the tender /bidding process and forwarded the result to the Minister of Transportation for same to be presented for FEC’s approval.”\nThe report said that: ‘Intels, the AGF added, resorted to litigation to frustrate the conclusion of the procurement process based on its grievance on a different subject-matter.\n‘The development, the AGF added, had created a vacuum in the provision of this critical service in the maritime sector with its attendant loss of revenue from service boat operation to the Federal Government.\n‘The AGF also stressed that the approval granted to the minister by the president in January last year (2021), which Bala-Usman was said to have disobeyed, was based on insufficient information at the time.\n‘The purported termination, he concluded, could not have occurred since the contract came to an end in 2020 based on the agreement by the parties.’\nAlthough it took a while before the truth about the conflict between Intels and the management of the NPA under my watch came to light, it was gratifying that Nigerians and the global maritime community eventually saw the justification for the stance that we took.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/arts-and-life/article/chapter-15-directive-to-reinstate-an-expired-contract/?utm_source=auto-read-also&utm_medium=web"}
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+{"doc_id": "b72ad68a9aae096e64a61607e240a63e", "text": "Jonathan Eborah\nIn every geographical and political jurisdiction and in all financial markets, the issue of unclaimed financial benefits is increasingly becoming a matter of serious concern to governments, financial markets and the general public. Across board and in every nation, unclaimed financial benefits continue to grow year-on-year. The acceleration in growth and the divergent views of the public on the reasons for the growth gave rise to this article which is an attempt to properly examine the nature and types of unclaimed benefits, particularly where we are in Nigeria, and what could be done (in addition to what has been done already) to reduce their growth to minimum acceptable levels and develop the right attitude towards it.\nTypes of Unclaimed Fund/Benefits\nUnclaimed Funds or financial benefits are money and other assets whose rightful owner(s) cannot be located by the paying agency or institutions and where the owners or their proxy cannot locate the paying agency or institutions. Sometimes, it occurs where the beneficiary is located and aware but reluctant to activate collection. In strict sense, the first situation is called lost funds while the second situation is called unclaimed funds but for purpose of this discourse, all are grouped as unclaimed fund/benefits.\nThere are many types and reasons for unclaimed fund/benefits, but we shall categorize them into six broad headings – Unclaimed Dividends, Unclaimed Account Balances/Cheques and Redundant Bank Accounts, Unclaimed Insurance Benefits, Unclaimed Tax/Social Security Benefits, Unclaimed Pensions, and Unclaimed/Lost Asset and Properties.\nUnclaimed Dividends & Shares\nThis is the most popular form of unclaimed fund/benefits, especially in Nigeria. But it is a worldwide problem, occurring in varying degrees across nations. It typically refers to that portion of total declared dividends (amount of monies paid out of the distributable profit of a company) payable to equity shareholders after deduction of government withholding tax but remains unclaimed for a given period of time after the payable date. In Nigeria, it becomes unclaimed when the equity investors fail to claim such benefits within 6 months.\nUnclaimed Dividend and Shares could be in form of declared dividend, liquidation dividend, take-over benefits (and sometimes bond coupon), etc. Take-over benefits are made up of unclaimed shares and shares in dissenters’ register. As at year end 2019, the total value of unclaimed dividends in the Nigerian capital market was N158.44 billion; in the United Kingdom, it is estimated that over £3 to £4 billion of unclaimed dividends is available across the FTSE 100; in Australia, it is AS$1.1 billion (Australian dollars).\nOver the years, in many nations including Nigeria, several steps have been taken to curb the unclaimed dividends problem, yet, it kept rising. In Nigeria, the capital market community led by the Securities & Exchange Commission have introduced the following policies – separation of the custodian of unclaimed dividend funds into two after 15 months. Fifteen months from the payable date of a declared dividend, 90 per cent of the unclaimed portion will be returned to the company that declared the dividend while 10 per cent will remain in the custody of the Registrars who are the paying agents.\nThe second major step is the establishment of “Electronic Dividend Payment System” called e-DMMS where shareholders/investors’ dividends are paid direct to the respective accounts of the investors on the payable date. To achieve this, SEC working with the Central Bank of Nigeria (CBN) agreed to allow savings account holders to receive Unclaimed Dividends through Savings Accounts.\nIt is noteworthy that many countries operate the electronic payment system, yet, unclaimed dividends keep rising. The third major step is that they authorized investors who bought shares with multiple names to regularize their position through their Stockbrokers and Registrars with valid evidence of purchase.\nUnclaimed Bank Balances, Cheques and Dormant Accounts\nAnother is unclaimed benefits from bank deposits, dormant bank accounts, owner untraceable deposits/cheques, etc., for various reasons. For context, the UK has an estimated £15 billion pounds held in dormant bank and building society accounts. In Nigeria, about 47 million bank accounts with estimated deposit volume in excess of N1 trillion are dormant or redundant with effective unclaimed benefits.\nDormancy occurs when there is loss of contact between a bank and its customers over a period. Generally, accounts are classified as dormant after a specific period of the absence of a customer-initiated transaction. This period of inactivity is usually referred to as the dormancy period. Dormancy period varies from nation to nation (where there are laws). In context, Dormant Period is 15 years in Ireland and Portugal, 7 years in Australia, 10 years in Canada and Switzerland, 3-5 years in USA (depending on State Laws), 26 years in Spain and Greece, 30 years in France and 25 years in New Zealand. However, in Nigeria, on October 7, 2015, CBN issued “Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria.” The CBN Guidelines defined dormant accounts in Nigeria as accounts where there is no customer or depositor-initiated transaction for a period of One (1) year after the last customer or depositor-initiated transaction. The Guidelines also defined Unclaimed Funds (Bank) as proceeds of stale local and/or foreign currency drafts not yet presented for payment by beneficiaries, funds received from a correspondent bank without sufficient details as to the rightful beneficiary and/or a recall of funds made to the remitting bank to which the Nigerian bank’s account had not been debited, and judgment debt for which the judgment creditor has not claimed the amount of judgment award. In addition, it defined customer or depositor-initiated transactions to include cash deposits, withdrawals and transfers to or from the account.\nOne major provision in the Guidelines is that dormant account balances shall continue to be reflected in the books of banks as deposit liabilities until they are eventually withdrawn by the account holders or disposed of on their instructions.\nUnclaimed Insurance/Benefits\nA lot of insurance policy details and fine lines are often misunderstood or completely ignored by insurance policy holders. Often times the primary function of the policy is reckoned with, while all the other add-ons in the policy are completely ignored. This has led to mounting but unclaimed insurance benefits, accruing to policy holders lying idle across countries.\nUnclaimed Tax/Social Security Benefits\nIn many countries, millions of families and individuals fail to claim their tax benefits for various reasons, which leads to annual figures of unclaimed tax benefits in billions of dollars. These include child tax credit, working tax credit and tax refunds, Job seekers’ allowance, income support, child benefit, council tax support, housing benefits, etc. In the UK, the figure for annual unclaimed tax benefits is about £15.9 billion. In the United States of America, it is currently about $58 billion. Incidentally, in Nigeria, there is no data.\nUnclaimed Pensions\nUnclaimed pensions represent another sore but common source of unclaimed benefits worldwide. Unfortunately, a lot of retirees and families are living in poverty because of this. A myriad of factors is responsible for this. In the UK for example, there is an estimated £19.4 billion of lost or forgotten pensions. In the USA it is estimated at US$300 million unclaimed by over 38,000 individuals. Namibia has unclaimed benefits of about N$150 million (US$9.5 million) comprised of roughly 130,000 members/beneficiaries.\nIn Austria, the total lost accounts and unclaimed benefits was AS$16.2 billion (US$12.2 billion) comprised of Lost Accounts AS$13.5 billion (US$10.1 billion) and Unclaimed Benefits AS$2.7 billion (US$2.0 billion) for 5 million member beneficiaries/ accounts.\nAccording to the International Organisation of Pension Supervisors (IOPS), there are two classes of Unclaimed Pensions, namely: Lost Accounts and Unclaimed Benefits.\nLost Accounts are adopted for situations, either during the accumulation or pay-out phase, where the administrator of the pension fund did not have contact details for the holder of an account. Unclaimed Benefits are used to describe the more specific case where a member who has a right to claim benefits does not make an application or take other procedural steps to claim it.\nIn context, different jurisdictions adopt different names for different purposes. In Nigeria, there is no known record for unclaimed Pensions.\nUnclaimed/Lost Asset and Properties\nAssets and properties are considered dormant, unclaimed or lost, when contact with the owner is lost usually due to name change, unreported change of address or death of the owner.\nIn the UK as at the end of 2019, over £200 billion worth of assets were reported unclaimed or lost. In the USA the figure is $49.5 billion.\nComparative Analysis\nTo enable us make valuable comparison with the figures we have, we consider it necessary to convert the figures to a common currency (Naira). Therefore, using a Naira baseline (of N500 to £1, N380 to US$1, N66 to GH₵1 and N260 to AS$1) to make comparative analysis, we discovered that:\nComparative Unclaimed Dividend\nFor unclaimed dividends, Nigeria has a total outstanding figure of N158.44 Billion compared to the UK’s outstanding figure of N1.5 trillion.\nThis can also be compared to Australia’s N286 Billion. This is shown in a table below:\nS/N Country Unclaimed Rate Naira Value (N)\n1. Nigeria N158,440,000,000 N1 158,440,000,000\n2. UK £3,000,000,000 N500/£1 1,500,000,000,000\n3. Australia AS$1,100,000,000 N260/AS$1 286,000,000,000\n4. USA US$ (No records yet) N380/US$1\nThus, in terms of unclaimed dividends, comparatively among the three nations stated above with values, the UK has the highest quantum in Naira at N1.5 trillion followed by Australia at N286 Billion. Nigeria has the lowest at N158.44 Billion.\nFurthermore, in Nigeria, the following are the total declared dividends from January 2009 to October 2019 together with the unclaimed portion.\nComparative Unclaimed Bank Deposits\nLooking at unclaimed bank deposits, Nigeria has an outstanding figure of N1 trillion naira, compared to the UK’s N7.5 trillion as seen in the table below:\nS/N Country Unclaimed Rate Naira Value (N)\n1. Nigeria N1,000,000,000,000 N1 1,000,000,000,000\n2. UK £15,000,000,000 N500/£1 7,500,000,000,000\nFrom the above table, unclaimed bank deposits in the UK is higher than that in Nigeria 6.5 times.\nComparative Unclaimed Tax Benefits\nWhen we consider unclaimed tax benefits in the United Kingdom in Naira terms, we have an annual unclaimed benefits figure of 7.95 Trillion Naira while the USA has 22.04 Trillion Naira. This is shown in a table below:\nS/N Country Unclaimed Rate Naira Value (N)\n1. Nigeria Not Available N1 Not Available\n2. UK £15,900,000,000 N500/£1 17,950,000,000,000\n3. USA US$58,000,000,000 N380/US$1 22,040,000,000,000\nFrom the above analysis, unclaimed Tax Benefits in USA is higher than that in the UK with N14.09 Billion. There is no record for Nigeria.\nComparative Unclaimed Pension Benefits\nConsidering unclaimed pension benefits in naira terms, the UK presents a figure of N9.7 Trillion while the USA has a figure of N114 Billion.\nS/N Country Unclaimed Rate Naira Value (N)\n1. Nigeria Not Available N1 Not Available\n2. UK £19,400,000,000 N500/£1 9,700,000,000,000\n3. USA US$300,000,000 N380/US$1 114,000,000,000\n4. Australia AS$16,200,000,000 N260/$1 4,212,000,000,000\nFrom the above analysis, unclaimed Pension Benefits in the UK is the highest at N9.7 Trillion followed by Australia with N4.212 Trillion. The US has the lowest with N114 Billion. From the above, the Unclaimed Pension in the UK is higher than that in the US with N9.586 Trillion. There is no record for Nigeria.\nComparative Unclaimed Properties\nFor unclaimed properties, in naira terms, the UK presents N100 Trillion while the figure for USA is N18.81 Trillion.\nS/N Country Unclaimed Rate Naira Value (N)\n1. Nigeria Not Available N1 Not Available\n2. UK £200,000,000,000 N500/£1 100,000,000,000,000\n3. USA US$49,000,000,000 N380/US$1 18,810,000,000,000\nFrom the above analysis, unclaimed Properties in the UK is higher than that in the USA with N81.19 Trillion. There is no record for Nigeria.\nContributory Factors\nThere are myriad of factors that contributed to these unclaimed funds across the globe some of which are highlighted hereunder:\nUNREPORTED CHANGE OF ADDRESS\nThe main factor that contributes to the issue of unclaimed benefits of any kind is unreported change of address. Whether by omission or commission, when beneficiaries, heirs, assigns or next of kin to any kind of benefits relocate or move to a new address without reporting such changes to the governmental authority or financial institution responsible for providing such accrued benefit. Benefits remain unclaimed at the time of dispensing since there is no way to trace the beneficiary until proper and present address information is supplied to the concerned agency or institution.\nUNREPORTED CHANGE OF NAMES\nSome persons change their names due to marriage, while others for religious or family reasons do so, but fail to effect the statutory publishing of such name change in the proper publication as stipulated by law, or forward same to the concerned agency or institution from which the benefit accrued. Thus, cheques are written, dividends paid, transfers made, etc. but cannot be completed because of the unreported and un-updated name changes.\nUNREPORTED BANK ACCOUNT CLOSURE\nWhether the account was closed by the beneficiary or the bank; or the bank/financial institution went under while the beneficiary failed to provide another bank account details to the institution or agency responsible for their benefits, such benefits remain unclaimed until a new account is provided. This is one of the reasons why the electronic payments campaign may not lead to zero unclaimed dividends. What is important is that continuous effort is made to reduce the quantum in terms of size and, possibly, volume.\nINCOMPLETE AND ILLEGIBLE RECORDS\nMost beneficiaries do not take the time to legibly fill in their details in the forms, sometimes they fill in incomplete records and information. These do not however come to matter until it is time to process their benefits, when such incomplete or illegible records make it impossible. Some even fill in wrong phone numbers or may have changed their phone number without updating such with the institution or agency responsible for the benefit.\nUNADDRESSED BENEFICIARY’S DEATH\nSome beneficiaries do not update their records for next of Kin before they die. In some cases, the next of Kin in their record has long died but they failed to change to a living person by omission or carelessness. Oftentimes, beneficiaries do not bother to update their families, next of kin, heirs, etc. with details of their shares, estates, accounts, etc. Thus, upon their death, their benefactors who should claim such benefits are completely in the dark.\nSTRATEGIC NEGLIGENCE\nThere are investors who may have been located by the paying agents like Registrars but strategically refuse to activate their claims. Sometimes, they deliberately leave their benefits or accounts as a means of accumulating funds for a particular project. This is particularly true of unclaimed dividends where investors may not be interested in collecting the little dividends paid to them until they consider it accumulated enough for claim. This is prevalent where the benefit does not constitute a major income to the recipient.\nWITHDRAWAL OF DIVIDEND WARRANTS AS A MEANS OF PAYMENT\nThe withdrawal of dividend warrants from paying shareholders who have not mandated or signed-on to electronic payment system in some climes implodes the unclaimed funds. There are people who want to receive their warrants and decide the bank where they want it deposited – it must not be one bank. The choice of bank to deposit their warrants is determined by where their greatest need lies at that point in time. Dividend warrants are still being used in some developed world for those who want to be paid by that instrument.\nINCREASED LEVEL OF RETRENCHMENT AND CHANGE OF JOBS\nLoss of jobs and change of jobs often make some people abandon salary accounts, particularly where they were opened on the instance of their employer. This leads to loss of bank accounts and change of addresses which may not be notified to paying agents.\nDISCUSSION\nBased on the forgoing, the following statements could be made about unclaimed funds and benefits in governmental and financial institutions:\na) Globally and among the jurisdictions chosen for this study, the highest unclaimed dividend is posted by the UK at 1.5 Trillion Naira followed by Australia at 286 Billion Naira. Nigeria stood at the lowest position with N158.44 Billion Naira.\nFurthermore, in Nigeria, the analysis shows that percentage of total dividends paid out from the dividends declared between January 2009 and October 2019 was 94.84% which is significantly encouraging. And the volume and percentage of unclaimed dividends in the custody of Registrars for same period stood at N13.14 billion and 0.52% respectively. The percentage of unclaimed dividends to dividends declared for the period was 5.16%.\nb) On unclaimed bank balances/accounts, the UK has the highest unclaimed funds at 7.5 Trillion Naira while Nigeria has 1 Trillion Naira.\nc) Relative to Unclaimed Tax Benefits, the analysis shows that the US has the highest unclaimed tax benefits at 22.04 Trillion Naira and the UK has 17.95 Trillion Naira. There is no data for Nigeria to compare.\nd) On unclaimed pension benefits, the UK has the highest at 9.7 Trillion Naira, followed by Australia at N4.212 Trillion. No record for Nigeria to compare.\ne) Regarding unclaimed properties, analysis indicate that the UK has the highest figure at 100 Trillion Naira compared with the US at 18.81 Trillion Naira only. There is no record for Nigeria to compare.\nf) From the analysis of all the groups, the highest single unclaimed benefit is posted by the unclaimed properties at N100 Trillion in the UK. The second is posted by Unclaimed Tax Benefits at N22.04 Trillion in the US. The third is posted by Unclaimed Pension Benefits at N9.7 Trillion Naira in the UK. The fourth is posted by Unclaimed bank balances at N7.5 Trillion in the UK. The fifth highest which is also the least figure in all the types of unclaimed funds is posted by unclaimed dividends at N1.5 Trillion in the UK. This indicates that in all countries considered where data is available including Nigeria, Unclaimed Dividends represent the lowest of unclaimed benefits.\nCONCLUSION\n• While effort should be directed at reducing unclaimed benefits globally, Unclaimed Dividends represent the least unclaimed funds across all jurisdictions.\n• From the entire analysis, there are only two countries whose unclaimed benefits fall below the Trillion Naira threshold and they are Nigeria’s unclaimed dividends at N158.44 Billion and the US’ unclaimed pension benefits of N114 Billion. This indicates that there are unclaimed dividends in Nigeria and unclaimed pension benefits in the US, but they are comparatively insignificant to what obtains in their respective classes in other nations and in other classes.\n• For Nigeria, with total dividend payout of 94.84% between 2009 and October 2019, it appears that the effort by the stakeholders to reduce Unclaimed Dividends is yielding results.\nRECOMMENDATIONS FOR UNCLAIMED DIVIDEND FUNDS IN NIGERIA\nBased on the forgoing, it is imperative that there is an understanding of the myriad of benefits across board that remain unclaimed by individuals and families owing to the factors stated above. In Nigeria, there are two classes where we have data and the CBN have taken care of the unclaimed bank deposits class. Thus, our recommendation will focus on the outstanding class which is the Unclaimed Dividend Funds and we suggest as follows:\ni. There must be an understanding that unclaimed dividends (like other unclaimed funds) is a global phenomenon.\nii. The Multiple Subscription Initiative by the capital market community should be sustained to reduce unclaimed shares which will ultimately further reduce unclaimed dividends.\niii. The SEC should insist that every new entrant to the capital market must be fully known and provide all that is required for electronic payment.\niv. ICMR should establish a Special Depository licensed by the SEC with the responsibility to locate owners of unclaimed accounts or their next of Kin and encourage them to activate their claim, take up insurance cover over the funds, and manage the funds which shall remain with the Registrars.\nThis will become a Nigerian model which may be adopted by other countries. ICMR (The special Depository), will have a role in addressing the issue of Unclaimed Dividend Funds by collecting data from Registrars, building and maintaining infrastructure frameworks that will help reconnect members with their unclaimed funds so as to solve, or lessen the issue of unclaimed dividend/funds on a continuous basis.\nv. Continuation of public enlightenment by the SEC, the special Depository and other stakeholders.\nvi. Finally, banks should encourage and assist their customers to embrace the eDMMS.\nEborah is the Registrar/CEO, Institute of Capital Market Registrars", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2020/12/07/dimensions-of-global-unclaimed-funds"}
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+{"doc_id": "b7469e4155142c0e7d7976fa0ff00d8f", "text": "S\nouth Africa is generally a divided, unhappy and increasingly corrupt country with its growth potential hampered by contradictory and ever-changing government policy.\nIt needs fast economic growth to reduce high unemployment and poverty but that has not been forthcoming for two reasons. The first is that expenditure to redress the apartheid legacy has reduced the resources available for investments in the knowledge economy through investments in research and development, infrastructure and tertiary education.\nThe second reason is that many of the government’s honourable and justifiable goals have been accompanied by large amounts of wastage, policy experimentation and cronyism.\nThis is the conclusion we reached in a recent paper that updates three scenarios we set out last year ahead of South Africa’s national elections in May 2014.\nThe three scenarios\nThe original three scenarios were for South Africa through to 2030. This is the same horizon as the government’s National Development Plan. These were:\n• Bafana Bafana – named after the country’s bumbling national soccer team. We concluded that this is South Africa’s current pathway, fumbling along with no clear leadership or direction.\n• A Nation Divided. In this scenario the ruling African National Congress (ANC) adopts populist policies to shore up support. Eventually both the economy and the ANC pay a heavy price.\n• In Mandela Magic, the government implements the NDP. This could either come about through a revitalisation of the ANC or the growth of competitive multiparty democracy.\nThree factors contributed to a deterioration of our growth forecasts since our first paper was published. The first is the severity of the electricity constraint on South Africa’s growth prospects. This became more pronounced at the end of 2014.\nThe second factor was the weaker than expected global economic recovery, particularly in Europe – an important trading partner. And lastly, continued domestic policy flip-flops have compounded poor leadership and a lack of vision.\nUntil 2022-23, when the electricity supply problems are expected to be resolved, South Africa will grow at a rate well below that forecast in the original Bafana Bafana scenario. A number of characteristics of the low-road scenario Nation Divided are also evident. This reflects the lack of a clear policy direction, poor leadership and little commitment to the actual implementation of the National Development Plan, which became government policy in 2012.\nMost ominous is the possibility South Africa could have its international credit rating reduced from investment grade to junk status. This would have a debilitating impact on growth prospects, raising the cost of debt and reducing investor confidence.\nWe point to a concern that policy proposals do not appear to be subject to sufficient cost-benefit analysis, and that there is an absence of policy coherence in government. Two recent examples that illustrate this are:\n• Decisions about the affordability and requirement for the proposed nuclear energy-build program; and\n• The barriers raised to tourism and skilled foreigners through visas and immigration requirements.\nOur updated forecasts, now to 2035, are for lower economic growth. We paint a generally less optimistic picture of the country’s prospects than we did 18 months ago.\nWe conclude that competition for resources within the ruling ANC fuels factional politics. Graft and corruption flourish as government expands its role in the economy in an effort to increase employment. Key state-owned companies are in disarray. Increasingly, chief executives – many without the necessary experience or qualifications – fall foul of the law, or another faction of the ANC.\nAfter an expensive golden handshake, a new executive is parachuted in with similar lack of experience but good political connections. The net effect is often the sustaining of a nebulous patronage network facilitated by efforts to grow black industrialists overnight.\nIn sharp contrast to the thorough and detailed impact reports on a variety of areas regularly issued by the presidency, little time is spent looking ahead. As a result, short-term political considerations lie at the heart of decision-making and the country’s growth is slow.\nOutlook for growth\nUnder the original Bafana Bafana scenario we had forecast an average growth of 4.1% to 2035. This was reasonable given the positive fundamentals of South Africa. In time, the investment made in education, health and poverty alleviation since 1994 accentuate South Africa’s substantial growth potential.\nWe have since revised this forecast down by 0.6 percentage points to 3.5%. Although this may seem a small difference, the power of compound interest means it is not. The downward revision means that the economy will be 10% smaller (equivalent to a difference of US$106 billion) than it would have been were the economy to grow an average 4.1% to 2035.\nIFs version 7.09 – The forecast assumes that the electricity shortage will affect multifactor productivity and includes updated data from the 2014 mid-year population estimates released by Statistics South Africa.\nThe lack of a dependable electricity supply will have a severe dampening effect on the South African economy for up to a decade. This means that the country is unlikely to escape from its middle-income trap in the near term.\nThe level of human, social and capital investment still needed after the end of apartheid will continue to limit investments in the knowledge base and other sources of improved productivity. However, in the long run, these investments made in social and human capital will have a positive impact on growth. This is a key reason for the relatively robust growth rates forecast to 2035 under all scenarios.\nYet, even under these rates of growth, South Africa is likely to grow more slowly than its potential, below the average rate forecast for upper middle-income countries and slower than the average for the rest of the Africa.\nThis would not be a new phenomenon. South Africa has grown more slowly than other upper middle-income countries for several decades, giving rise to high unemployment and poverty.\nJakkie Cilliers", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/analysis/article/why-south-africas-economy-is-likely-to-grow-more-slowly-than-its-potential/"}
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+{"doc_id": "b877df26b474c115a2505c869ae39ee3", "text": "The UNICEF Innovation Fundis looking to makeup to $100K equity-free investments (in USD and/or cryptocurrency) to provide early stage (seed) financing and mentoring to for-profit technology startups that have the potential to benefit humanity.\nApplicants have the opportunity to receive a portion of funding in cryptocurrency (bitcoin or ether) through their recently launched CryptoFund. Given the current global climate and a dramatic shift to a digital world as a result of COVID-19, open-source solutions that address critical needs for society are as important as ever.\nIf you have a start-up registered in one of UNICEF’s programme countries and have a working, open-source blockchain prototype (or you are willing to make it open-source) showing promising results you can apply.\nWhat is UNICEF looking for?\nThe CryptoFund site describes a few areas of interest but it’s important to note that it isn’t limited to those areas, so if you fall out of the areas of interest below you can still apply:\nFinance\nFinancing enables individual people to participate in and contribute to various ecosystems. The solutions should;\n- Enable people to use, earn, and hold cryptocurrencies;\n- Allow people to access decentralised financial instruments;\n- Explore new models to empower communities to act as their own economic hubs;\n- Make financial systems more transparent.\nConnect\nAround the world, groups work together to deliver services. Increased transparency and accountability in these processes lead to better results. solutions should;\n- Allow various group to work together in a transparent and accountable nature (i.e. supply-chain, contract management, data tracking, etc.)\n- Enable decentralized deal-making, for example through decentralised marketplaces\nEmpower\nUNICEF supports the creation of open-source software to ultimately enable communities with new tools. Solutions should;\n- Explore new ways of making decisions (i.e. using a decentralized method such as DAOS to determine what projects should receive funding)\n- Protect user data collected through solutions through zero knowledge proofs or other mechanisms.\nAgain, important to note is the fact that even if your blockchain solution doesn’t meet the above criteria it might still be accepted;\nOur funding is not necessarily limited to the above. We are interested in companies that use distributed ledger tech in new, groundbreaking, ways that are scalable, and globally applicable.\nIf you are aligned with our general criteria, we want to hear from you.\nUNICEF\nHow to apply\n- You must be registered as a private company in a UNICEF programme country;\n- You are working on open source technology solutions or willing to be open-source under the following licenses or their equivalent: BSD, GNU, MIT (software), CERN, MIT, TAPR (hardware), or CC-BY (content);\n- You have an existing prototype of the solution with promising results from initial pilots;\n- Your solution has the potential to positively impact the lives of children.\nStep 2) Read the full Request for Expressions of Interest document and FAQs\n- Read the full Request for Expressions of Interest (REOI) document to understand the submission process and to learn more about the kinds of projects that qualify and how the scoring will be done;\n- Read the FAQs;\n- For any other questions, please submit through the form here.\nStep 3) SUBMIT\n- Submit your expression of interest by completing the form.\n- All submissions must be made in English. If you wish to preview the questions to prepare your submission, view/download this PDF.\n- To support your preparation, please note that the submission form also asks for a link to a 2-min pitch video. Detailed instructions can be found in the form.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2020/06/unicef-avails-100k-funding-opportunity-for-blockchain-startups/?amp=1"}
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+{"doc_id": "ba1ee0ac4bdccb30767e60d85ca36451", "text": "Ndubuisi Francis in Abuja\nNigeria’s gross domestic product (GDP) is projected to hit $595 billion in the next three years (2020), according to the latest Africa Investment Index 2016 released by Quantum Global Lab.\nWith a GDP of $415 billion currently, Nigeria is the biggest economy in Africa, and the GDP is projected to grow to about $595 billion by 2020 based on the latest report Africa Investment Index.\nNigeria is the 19th most attractive economy for investments flowing into the African continent, according to the The Cable, an online news platform, citing the latest Africa Investment Index 2016 by Quantum Global Lab.\nThe country attracted a net foreign direct investment of $3.1 billion in 2015, Quantum Global Lab stated.\nSpeaking at an investment summit, Head of Quantum Global Research Lab, Mthuli Ncube, said Nigeria still has prospects despite the current economic challenges.\n“Despite the current economic challenges, we are quite confident on the medium to long term market prospects.â€\n“Nigeria has earmarked a significant amount of capital to develop critical infrastructure in the country and there are various opportunities for public-private collaboration providing investors’ return on their investments. We anticipate that investment in infrastructure will underpin the growth of the economy and meet the needs of a large Nigerian growth population,†he said.\nNcube advised the government on the steps to take to grow the economy.\n“The short to medium-term focus of the Nigerian government is to reduce imports and address primary sector blockages, such as roads, bridges, power, railway, aviation, water, housing, agriculture, education and health,†he said.\n“Despite the current market volatility, Nigeria presents tremendous investment opportunities in these areas, which would not only support the local economy but\nalso deliver significant yields to foreign investors,†he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2017/07/11/nigerias-gdp-to-hit-595bn-by-2020"}
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index 0000000000000000000000000000000000000000..69138c54dd5b139ab5382ec7ff2114e4370fd87f
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+{"doc_id": "bbd4d4db6421e8b62ac452886d1465f8", "text": "Enterprise Group was incorporated on 24th November 2008 and is the holding company of the Group. The original entity was Enterprise Insurance Company, established in 1924 and is the oldest insurance company in Ghana. It was listed on the G…\nEnterprise Group was incorporated on 24th November 2008 and is the holding company of the Group. The original entity was Enterprise Insurance Company, established in 1924 and is the oldest insurance company in Ghana. It was listed on the G…\nGFX Prime is a boutique Investment Bank providing wholesale market participants prime liquidity services to assess trading availability and successfully execute trades.\nSeerBit is an enterprise payment gateway developed for businesses, banks, and other marketplace companies. The following are some of our solutions; we provide cards, accounts, bank transfers, recurrent, and digital wallets such as mobile m…\nNIMED Capital Limited (“NIMED”) is a wholly owned Ghanaian business with a drive to provide top-notched corporate finance and investment banking services to Africa and beyond. We are focused on helping individuals and organizations attain …\nafb Ghana is a financial services company that provides innovative consumer credit products. We are committed to responsible lending and our products include Payroll Loans, afb Direct loans, and SmartCash loans to informal or market trader…\nInterpay enables businesses to receive customer payments via all possible channels such as bank payments, cards payments and all Mobile Money (MTN, Vodafone, Tigo, Airtel). More information: www.interpayafrica.com | 0302 263 014\nSteward Capital Partners Limited, Africa’s premium integrated Investment Banking, Securities and Assets Management firm, is a private limited liability company, registered under Ghana’s Companies Act of 1963, Act 179, and licensed by the S…\nThe BEIGE Group (TBG) is a Financial Services Provider. We have four (4) distinct subsidiaries that provide Financial Services in BANKING, PENSIONS, INSURANCE and INVESTMENTS. Each of our subsidiaries is a regulated entity and is further g…\nPetra Trust\nPetra Trust is a defined contribution pensions company set up and licensed as a corporate trustee to provide trustee services to both employers and individuals under the Pension Law 2008, Act 766. Petra Trust was established…\nGroupe Nduom is a business group of African and American origin. Groupe Nduom’s diverse business ventures are united by a strong emphasis on effective corporate governance.\nMaximusFX is one of the leading forex brokers, which provides services worldwide and has been established as a separate subdivision of a dominant consulting services firm.\nThe clients of MaximusFX have direct access to the global financ…", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessghana.com/site/directory/financial-services/finance-companies"}
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+{"doc_id": "be1e2e9b7f3829e120f6ff5b7c03e9c7", "text": "A\ns the need for the elusive foreign exchange to meet the growing competitive environment heightens, some banks are devising means of accessing the forex through cutting corners and conversion.\nThe development is also informed by tight regulations and dwindling interest margins, among others, making some banks, discount houses and investment and asset management companies convert to ancillary banking services such as merchant and Islamic banking, BusinessDay investigations have shown.\nThe development is part of the survival strategies of some of this institutions for 2014.\nWhile Sterling Bank was recently granted an operating licence by the Central Bank of Nigeria (CBN) to commence non-interest banking services, Associated Discount House Limited (ADHL) is said to be putting finishing touches to its proposed plan of converting to a merchant bank, joining First Securities Discount House (FSDH), which brazed the trail early last year.\nThe implication is that on conversion, the merchant banks will have access to the foreign exchange through active participation in the CBN’s Retail Dutch Auction System (RDAS) so as to cushion the effect of losses being incurred in some aspects of their operations.\nBusinessDay further gathers that the CBN is currently processing some applications for conversion, a development attributed to the apex bank’s tight monetary policy and in furtherance of the financial inclusion strategy.\n“We expect the emergence of robust ancillary financial services such as mobile money, merchant banking, Islamic banking, agency banking, etc, as a result of the various CBN policies to eliminate cost of banking. These will drive the financial inclusion of the CBN further,” say analysts at Afrinvest.\nMerchant bank is a bank that mainly deals with international financial activities such as foreign real estate investment and long-term company loans. Although the banks do not provide regular banking services to the general public, nowadays they provide underwriting and consultancy services for wealthy institutions, as well as individuals. Issuance of letter of credit, international fund transfer, foreign corporate investment and foreign real estate investment are some examples of services offered by a merchant bank.\nIn a response to BusinessDay’s inquiry on the performance of economy in the outgoing year and outlook for 2014, the analysts say: “Nigerian economy has been resilient so far in the year 2013, amid the global happenings. The relative stability in the key macro-economic indicators played a very vital role in attracting foreign portfolio and direct investments to the country.\n“In addition, the tight monetary stance of the CBN to ensure price and foreign exchange stability yielded positive results. The tight monetary policy in the last 15 quarters has also helped to stabilise the naira spurring huge flows of Foreign Portfolio Investments (FPI). Compared to the foreign exchange losses in other emerging markets (Indian rupee [-18.5%], Indonesian rupiah [-15.4%], Brazilian real [-13.7%], South African rand [-9.9%]) as a result of the capital inflow reversal in July against the dollar, the naira lost only 3.4 percent within the same period. This outperformance certainly reflected the FPI dynamics within the same period.”\nA top industry operator told BusinessDay last week that although the various policies of the CBN were aimed at eliminating high cost of banking services, the tight monetary policy measures had put some financial institutions in a tight corner.\n“The recent 50 percent hike in cash reserve ratio (CRR) and likely further hike in the new year has put some banks in tight liquidity situation, as their accounts are usually low following efforts to meet the foreign exchange requirements of their customers at the Retail Dutch Auction System (RDAS). On the other hand, it has engendered tough operating environment for Discount Houses,” said the industry source.\nBasheer Oshodi, Sterling Bank’s group head, non-interest banking, says in a release Tuesday that the bank had in the last two years invested in human and material resources to justify its clamour for this specialised banking service, making it to emerge the pioneer national commercial bank to fully explore the non-interest banking space as an effective means towards achieving wholesome financial inclusion in the country.\n“Given our understanding of the need to address a huge market of adult Nigerians presently excluded from access to formal banking services and support, Sterling Bank started looking at this specialised market about two years ago and embarked on an in-depth research to stay ahead of competition in servicing customers in a manner that positively exceed their expectations with resultant delight. It is our belief at Sterling Bank that non-interest banking can seriously contribute to wealth creation in the country, while in the same breath reducing poverty and unemployment,” Oshodi says.\nBy: John Omachonu", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/banking/article/as-banks-discount-houses-explore-ways-of-accessing-forex-through-conversion/"}
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diff --git a/clean/cc/bedc1a49f2808a928a0c6fe6fa0315d9.json b/clean/cc/bedc1a49f2808a928a0c6fe6fa0315d9.json
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index 0000000000000000000000000000000000000000..f19d13469d0d149b04f276ca52cfa15b62eb0daf
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+{"doc_id": "bedc1a49f2808a928a0c6fe6fa0315d9", "text": "Grid Edge Technologies take Centre Stage as South Africa Moves to Avert an Electricity Crisis\nSiemens South Africa (www.Siemens.com) and EE Business intelligence collaborate to host a virtual Grid Edge Symposium that will introduce the power of Grid Edge technologies; discover how Grid Edge solutions could revolutionize the South African energy landscape; Grid Edge technologies will play an instrumental role in decarbonizing the global energy system.\nThe global energy system is being transformed, becoming more decentralised, utilising more renewables and turning electricity consumers into prosumers (consumers and producers) of electricity; but this change creates challenges at the interface between the grid and consumers – the grid edge.\nThese developments are highlighting a change of perspective in the global energy landscape. In the past, companies have mainly focused on the grid – the regulated side of the medal; however, the rising need for sustainability as well as new technologies is shifting focus to the other side of the coin: to buildings, prosumers and consumers.\nTo explore grid edge technologies and solutions, Siemens South Africa, in collaboration with EE Business Intelligence, is hosting a Grid Edge Virtual Symposium on Thursday 14 October 2021 from 09h30 to 11h30 SAST (GMT+2).\nThe virtual symposium will be moderated by Chris Yelland, MD at EE Business Intelligence, and the opening keynote presentation will be made by Sabine Dall'Omo, CEO of Siemens Southern and Eastern Africa, and President of Siemens Smart Infrastructure.\n“The interlinking of existing smart technologies for grids, buildings and industrial automation, is creating a new dimension in the sustainable energy landscape; this is what we at Siemens call the ‘grid edge’. The major building blocks for grid edge include decentralized energy solutions, renewable integration, grid-interactive buildings, energy storage and eMobility charging infrastructure, these are topics that have become fundamental to addressing South Africa’s energy crisis and transition” said Sabine Dall’Omo CEO of Siemens Southern and Eastern Africa.\nSolutions at the grid edge could enable domestic, commercial, industrial, mining, agricultural and transportation entities to optimise their energy efficiency and consumption. They empower customers and prosumers to intelligently integrate renewables, and to take control of their energy supply.\nGrid edge technologies also support infrastructure for eMobility expansion, where electric vehicles (EVs) may be connected to the grid as distributed energy storage entities. When connected at the grid edge, EVs may be charged from the grid as a consumer and generate electricity back into the grid as a producer when so required.\n“As delays and gaps in public procurement processes for new generation capacity in South Africa in terms of the country’s Integrated Resource Plan for electricity IRP 2019 become clearer, grid edge technologies are beginning to take center stage. Customers are realising that they need to take control and responsibility for their own energy future, and become part of the solution”, said Chris Yelland, managing director at EE Business Intelligence.\nBy working at the grid edge, the relationships between consumption, production and storage are redefined. Digitalization and new business models are helping manage complex energy flows and the interplay between production and consumption –increase the energy system’s flexibility and reliability.\nGrid edge solutions are therefore accelerating the transition towards a lower-carbon future and transforming today’s energy landscape to create a more caring environment.\nAdditional Information\nPresenters at the Grid Edge Virtual Symposium include:\n- Guenther Fleischer, Siemens Business Developer, and global expert for Smart Infrastructure.\n- Deon Henriksen, Siemens Smart Infrastructure Vice President for Digital Grid and Distribution Systems.\n- Marco Rahner, Siemens South Africa Smart Infrastructure Sales Director and technical portfolio expert.\n- Christian Pohl, Siemens global Business Development Manager – Sustainability and Decarbonisation.\nTopics that will be covered at the Grid Edge Virtual Symposium include:\n- The role and future of Grid Edge in the South African market.\n- Smart integration of renewable energy resources.\n- Distributed energy solutions for local energy supply.\n- Enabling Grid Edge technologies through Power Electronics.\n- eMobility charging infrastructure.\n- Smart Infrastructure for Industry and Independent Power Producers.\n- Software Solutions at the Grid Edge.\nAttendance at the at the Grid Edge Virtual Symposium is free-of-charge, register to attend online here (https://sie.ag/3FEj9AM).\nDistributed by APO Group on behalf of Siemens South Africa.\nContacts for journalists:\nFor further information on the virtual event:\nSiemens\nAlthea Borman\nMobile +27 71 360 8873\nE-mail: althea.borman@siemens.com\nEE Business Intelligence\nChris Yelland\nMobile 082 317-4175\nEmail chris.yelland@ee.co.za\nFollow us on Twitter https://bit.ly/3FDx6yI\nAbout Siemens AG:\nSiemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 170 years. Active around the world, the company focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process and manufacturing industries. Siemens brings together the digital and physical worlds to benefit customers and society. Through Mobility, a leading supplier of intelligent mobility solutions for rail and road transport, Siemens is helping to shape the world market for passenger and freight services. Via its majority stake in the publicly listed company Siemens Healthineers, Siemens is also a world-leading supplier of medical technology and digital health services. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power that has been listed on the stock exchange since September 28, 2020.\nIn fiscal 2020, which ended on September 30, 2020, the Siemens Group generated revenue of €57.1 billion and net income of €4.2 billion. As of September 30, 2020, the company had around 293,000 employees worldwide. Further information is available on the Internet at www.Siemens.com.\nThis document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to, those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks of the Annual Report, and in the Half-year Financial Report, which should be read in conjunction with the Annual Report. Should one or more of these risks or uncertainties materialize, events of force majeure, such as pandemics, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.\nThis document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.\nDue to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.\nAll information is preliminary.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/apo-press-releases/grid-edge-technologies-take-centre-stage-as-south-africa-moves-to-avert-an-electricity-crisis/"}
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index 0000000000000000000000000000000000000000..d6766e35281aff4d27eb19173f7f2e7027e71d2b
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+{"doc_id": "c03d6946f9cacb2b2275298402cdb1e8", "text": "Emirates, one of two flag carriers of the United Arab Emirates (UAE) has disclosed that all efforts it has made to resume operations into Nigeria in the last five months it suspended flights into the country has proved abortive.\nThis is as the carrier disclosed that currently around 50 percent of the amount approved for clearing within its backlog is still overdue for repatriation.\nThe airline said in a statement that it has been five months since it suspended operations to and from Nigeria, and during this time it has seen little progress in the clearing of its backlog of funds.\nAccording to the airline, as of today, Emirates still has a substantial balance of blocked funds that is yet to be repatriated, and the progressive clearing its backlog remains beset with constant delays.\nRead also: Don’t compromise democracy by enabling election violence, Atiku cautions parties\n“Today, around 50 percent of the amount approved for clearing within our backlog is still overdue for repatriation,” the airline stated.\nAccording to the airline, it had made many concerted efforts to enable a swift return to Nigeria but all efforts have not yielded needed solutions.\n“We had proposed a number of solutions and measures to recover our funds, and engaged in dialogue with government stakeholders and industry bodies. Regretfully and despite many media reports of public assurances made at the highest levels, solutions continue to be stalled.\n“We acknowledge that the wider aviation industry and the local value chain it supports in Nigeria face a similar market reality,” the statement read.\nThe airline further stated that unless there is a committed strategy by the local authorities to deliver concrete action, air services for travellers, for businesses seeking global market opportunities and for investments – all supported through air transport and critical to Nigeria’s economic recovery – will continue to dwindle.\n“We remain committed to finding a mutual resolution with the Nigerian government and Central Bank to repatriate the rest of our blocked funds in a swift manner, and provide a roadmap that includes firm measures to prevent future repatriation accumulation challenges and delays.\n“We call on them to work with us, hand in hand, to ensure Nigerian travellers and businesses have unfettered connectivity and access to our global network,” the airline added.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/trapped-funds-emirates-says-all-efforts-to-return-to-nigeria-abortive/?utm_source=auto-read-also&utm_medium=web"}
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index 0000000000000000000000000000000000000000..7c4f2a87e6929b073e0e21553bdb363072456bc1
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+{"doc_id": "c066f68f02b6933f9bf4939d584cb536", "text": "The African Development Bank (AfDB) has introduced its first sustainable US dollar-denominated 750 million perpetual subordinated hybrid capital notes.\nRated Aaa/AAA/AAA/AAA by Moody’s/S&P/Fitch/Japan Credit Rating, all stable, the transaction marks a significant step for the institution in optimising its balance sheet in line with the G20 Capital Adequacy Framework (CAF) recommendations to boost lending capacity.\nLaunched on January 30, 2024, with a coupon of 5.75 percent until August 2034 and a 10.5-year first call date, the transaction garnered immense interest, reaching a peak order book of over USD 6 billion.\nOver 275 investors participated, with a majority being allocated shares. Hedge/Specialized funds dominated the allocation (54.8%), followed by Asset Managers (27.8%), Central Banks/Official Institutions (6.7%), and Pension Funds/Insurance (6.6%).\nHassatou N’Sele, Vice President for Finance and CFO of the AfDB, highlighted the significance of the move: “This landmark transaction was received with marked enthusiasm by a broad range of investors. It paves the way for the African Development Bank and other AAA-rated Multilateral Development Banks to further leverage their capital base and increase their support to Africa and the developing world.”\nOmar Sefiani, Bank Group Treasurer, expressed satisfaction with the overwhelming response from investors: “We saw tremendous interest from over 275 investors resulting in a record order book for the AfDB. The outstanding success of this transaction allows the African Development Bank to demonstrate that MDBs can tap the private investor market to supplement their capital base and therefore allow incremental sustainable lending to their clients.”\nThe AfDB mandated BNP Paribas and Goldman Sachs International as Joint Structuring Agents and Barclays, BNP Paris, BofA Securities, and Goldman Sachs International as Joint Bookrunners to lead manage its new Perpetual Non-call (PerpNC) 10.5-year inaugural USD Global SEC-exempt Sustainable Hybrid transaction.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/africa/article/afdb-sells-hybrid-note-in-development-finance-first-says-reuters/"}
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index 0000000000000000000000000000000000000000..92c1f4efd94947d09d41d7c819ca1956cd8fbd64
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+{"doc_id": "c175d720ebac269a8b17d3f09f722e88", "text": "Advertisement\nDomestic revenue mobilisation drive: ISSER, IEA call for bold initiatives\nAn economic research institution and a think tank have called on the government to deepen revenue generation efforts to increase inflows.\nWhile the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Legon called for the acceleration of domestic revenue mobilisation generation efforts to minimise the tendency of borrowing to finance the fiscal gap, the Institute of Economic Affairs (IEA) urged the government to plug the loopholes in the tax system.\nThe two institutions made the call at their separate post-mid-year budget review fora in Accra yesterday.\nBold, ambitious\nAddressing the media, the Director of Research at the IEA, Dr John Kwakye, said the lack of sufficient ambition in scaling up revenue had contributed to higher financial imbalances (deficit) while constraining economic growth.\nHe said governments had been too slow in moving the economy forward, 64 years after independence.\nDr Kwakye stressed that it was time to take bold, innovative and ambitious measures to achieve the necessary quantum jumps in the country’s development indicators.\n“We need to lift our people out of poverty within a generation. The opportunity should be seized to redirect our budget projections to this end while implementing transformative policies to accelerate the development of this country,” he stated.\nProjection\nHe said tax revenue and total revenue projections of GH¢56 billion and GH¢72 billion, respectively, for the year were insignificant.\n“In GDP terms, tax and total revenue are 12.7 per cent and 16.5 per cent, respectively. These ratios compare unfavourably with those of our middle-income peers, which average of 25 per cent and 30 per cent,” he noted.\nExemptions Bill\nHe pointed out that the country lost in excess of GH¢5 billion annually through tax exemptions.\nDr Kwakye said those exemptions were, however, subject to considerable abuse.\n“The government drafted a bill to streamline the exemptions, but it has been languishing in Parliament since 2019. The political will to pass the bill seems to be lacking, ostensibly due to entrenched interests.\n“Parliament needs to do the needful in passing the bill with urgency to plug a big hole in the tax system,” he said.\nProperty tax\nHe reiterated his argument that property taxes constituted potentially a large pool of revenue, given the sprawling mansions in the urban areas, but they were barely collected.\nDr Kwakye, who had been calling for an improved collection of property rates over the years, suggested that a full inventory of properties be taken to ensure that market-rate taxes could be levied appropriately.\n“Making property tax collection the responsibility of metropolitan, municipal and district assemblies (MMDAs) and allowing them to retain part as their internally generated funds will be a good step to boost property taxes,” he stated.\nISSER’s views\nThe Director of ISSER, Professor Peter Quartey, also addressing the institute’s post-mid-year budget review forum, said since there were no supplementary estimates this year, the focus was on how well the budget operation was performing.\n“The first has to do with revenue mobilisation. It looks like in the first half of the year, we missed our revenue target by 13 per cent, but the expenditure exceeded target.\n“But more critical are the new taxes that were introduced in the 2021 budget which we need to assess to see whether they are yielding the right revenue as expected or rather becoming nuisance taxes to businesses,” Prof. Quartey observed.\nHe said the assessment should also border on whether or not the taxes were “nuisance” taxes that stifled private businesses.\nBy the end of the year, he said, the assessment of the levies should determine whether they would continue to stay on the country’s tax books or be removed.\nTwo taxes\nThe mid-year budget review showed that the new tax measures, consisting of COVID-19 Health Levy and the Financial Sector Clean-up Levy, yielded GH¢249.7 million in the first half of the year, below the target of GH¢358.1 million.\nProfessor Quartey stated that the overall fiscal deficit of 5.1 per cent of GDP fell short marginally of the 5.2 per cent programmed for the first half of the year.\n“Note that revenue accrues better in the second half of the year, compared to the first half. We, however, have to accelerate our domestic revenue mobilisation generation efforts to minimise the tendency to borrow to finance the fiscal gap,” he said.\nContext\nThe Ghana Revenue Authority (GRA) has started some measures to digitalise its operations. It has since integrated its tax identification numbers (TIN) with Ghana Card numbers, a process that has enabled it to identify more potential taxpayers.\nThe GRA has also introduced a tax stamp for excise duty products, automated the collection of taxes and reviewed its Value Added Tax system, all in a bid to improve compliance.\nLending\nProf. Quartey said given that the risk of inflation and growth had been fairly balanced, as suggested by the Monetary Policy Committee (MPC) of the Bank of Ghana, efforts to encourage financial institutions to lend to productive sectors of the economy would be key.\nIn spite of those positive developments, a further decline in the lending rate was expected in order to stimulate private businesses and promote growth and employment, the economist and researcher said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/domestic-revenue-mobilisation-drive-isser-iea-call-for-bold-initiatives.html"}
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index 0000000000000000000000000000000000000000..0a5e8c823b6c87818c21525879e68e8192065e70
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+{"doc_id": "c1a91ea84b1f1fadf29feaf5f99363a2", "text": "Robert Brand and Mike Cohen\nFIRMs funding R47 billion of local wind and solar energy projects are driving up prices to lock in long-term borrowing costs as they seek protection from fluctuating interest rates.\nPayments to secure 10-year rates jumped 69 basis points to a four-month high of 7.13 percent on Monday from a record low in July. The premium of 10-year swaps over two-year contracts widened 18 basis points since October, indicating that demand for the longer-term contracts outstripped shorter-dated swaps. The spread for similar contracts in Russia has declined 32 basis points.\nThe Department of Energy signed agreements for 28 renewable energy projects this week, opening the way for bank financing deals to be struck. Borrowers are using swaps to convert floating rates to fixed payments to reduce the risk of rising repayments should interest rates increase. Higher swap prices may boost hedging costs for other local companies.\n“The market is positioning itself ahead of the deals, which are expected to be done in the next week,” said Brigid Taylor of Nedbank investment banking. “You’ve seen a rally in the swap curve” amid speculation that as much as R12bn of swaps need to be hedged, she said.\nSouth Africa has embarked on a renewable energy drive to lessen the country’s reliance on coal as it boosts generation capacity to avoid a repeat of power outages in 2008 that shut mines and plants. Eskom’s generation capacity is 40 000 megawatts (MW), mostly from coal. Eskom supplies 95 percent of the nation’s power.\nThe nation plans to generate 18 800MW more electricity from alternative energy sources by 2030. Forty-seven projects worth R73bn were approved in the first two bidding rounds that began last year.\n“Most projects want to secure fixed interest rates,” Chris Hall of the SA Photovoltaic Industry Association said this week. “You want to try to bed down the cost as much as possible.” Hedging plans were being made by banks financing the projects, with the costs borne by developers, he added.\nMost firms use debt funding to cover 75 percent of costs of projects at rates of 350 basis points to 425 basis points more than the Johannesburg interbank agreed rate, data show.\nLoans to fund the projects, which stretch up to 15 years, were usually rated lower than asset-backed debt because of high risks with construction and delivery, Andrew Canter of Futuregrowth said last week.\nLenders “are forcing a minimum hedge from the project side”, pushing up swap rates relative to bond yields, he added.\nThe yield difference between 10-year swaps and government bonds of similar maturity had widened by 34 basis points since October 1 to 44 basis points on Monday. The swaps offer firms the opportunity to fix borrowing costs as investors reverse bets on further rate cuts.\nReserve Bank governor Gill Marcus said last week that investors should not assume that policymakers would “automatically” cut rates again to spur economic growth. The central bank’s primary responsibility was to control inflation.\nThe cost of insuring South African dollar debt over five years using credit-default swaps rose 1 basis point to 154 yesterday, indicating a deterioration in risk perceptions. The credit default swaps have climbed 27 points since mining strikes began at Lonmin on August 10, before spreading to other platinum mines and gold and iron ore plants. The contracts pay the buyer face value in exchange for the underlying securities or the cash equivalent if a borrower breaks debt deals.\nThe renewable energy projects were “brilliant long-term savings assets in that they have a natural inflation hedge”, Jurie Swart of Old Mutual Investment Group said this week.\nThe tariffs that plant owners are paid for their electricity would probably escalate by inflation-related levels, offering protection, he added.\nSwap rates will probably continue to rise as the energy deals are closed.\n“You’re going to see increased flow” in the swap market on the back of the energy deals, Quinten Bertenshaw of ETM Analytics said on Monday. “It definitely is going to increase the cost of corporate hedging if these swaps move up too aggressively.” – Bloomberg", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/business-report/economy/clean-energy-derby-stokes-hedging-costs-1418702"}
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diff --git a/clean/cc/c39ad1076d7fbad1f470f0ff3e5c3343.json b/clean/cc/c39ad1076d7fbad1f470f0ff3e5c3343.json
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index 0000000000000000000000000000000000000000..a8343a837062350d4495391a0021aba23b8010d2
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+{"doc_id": "c39ad1076d7fbad1f470f0ff3e5c3343", "text": "Cape Town - With rising interests rates and the threat of South Africa’s sovereign debt being downgraded to junk status, estate agents in Cape Town’s townships say their trade is far from depressed.\nIn Khayelitsha’s Litha Park, there is significant construction activity, not from the government but private investors hoping to make a profit from the demand for housing in an area that sees itself as a suburb.\nIn Mitchells Plain, estate agents are battling to find houses for sale and some houses have gone for R900 000, which used to be an unheard of figure. Estate agent Wiseman Masilo has been trading in property for the past 14 years.\n“We are busy, lots of clients want to sell their houses because they are moving to better areas like Kuils River and Blue Downs,” said Masilo.\nHomeowners were also selling because of unemployment and they wanted to raise capital for business ventures or to downscale and move back to the Eastern Cape.\nMasilo said there was an increased demand for rental housing units in Khayelitsha, with most of these being built by private investors who already owned property in areas like Litha Park.\n“Many people are applying for second bonds and using that money to convert their houses into multiple dwellings, building flats,” said Masilo.\nAnd while the City of Cape Town had previously turned a blind eye to construction, Masilo said officials had now started to clamp down.\nCity spokesperson Priya Reddy said its building inspectors would routinely visit building sites to investigate complaints submitted about suspected illegal building work and land use contraventions. “We encourage the community to report suspected illegal building work. Where contraventions have been found, the City will take the necessary action.”\nMasilo said: “People are renting out their properties in the hope of making money from the demand for housing in this area. Tenants are usually too indebted to be financed by banks to buy property, so renting is better than putting up a shack in a squatter camp.”\nKatiso Motale, who also sells properties in Khayelitsha, agreed:\n“Young people are entering the labour market and they can’t afford to buy so they rent instead.”\nDown Spine Road, in Mitchells Plain, estate agent Jonathan Jacobs is literally knocking on doors, trying to see if he can get homeowners interested in selling. In between juggling calls on his cellphone, Jacobs says: “The demand for property is unending and it ranges in price from R350 000 up to R750 000. And you can get some properties here (in Mitchells Plain) in the million rand range.”\nSo buoyant is the market Jacobs says he recently sold a house for R910 000, “and it was done within 30 minutes”.\nMitchells Plain estate agent Wayne Therons said his buyers were not yet feeling the impact of interest rate hikes. “People here in Strandfontein sell their houses to upgrade, and most of them leave to live in the northern suburbs where the stands are bigger.”\nFNB property economist John Loos said the housing market has been stronger, with higher price inflation a factor, but in recent years it has been slowing.\nGovernment-funded township revitalisation programmes were factors which had positively affected property values.\n“What is still lacking in townships is that they don’t have big economies and a lot of professionals move away. We need a lot more mixed-use industry to be established,” said Loos.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/news/south-africa/western-cape/property-boom-in-townships-2002892"}
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index 0000000000000000000000000000000000000000..a1691bc2589028f9e7af800ec9442e0068d58d82
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@@ -0,0 +1 @@
+{"doc_id": "c3d69fd2584cb678b0b669ac93a2e3d4", "text": "Deposit Money Bank (DMBs) can henceforth offer mobile money wallet services without prior approval from the regulator, the Central Bank of Nigeria (CBN) said in a circular on Thursday.\nHowever, banks are expected to notify the CBN before commencement of these services and are required to operate within the extant regulation of mobile money operations.\nThe move is to complement recent growth in agent banking services under the Super Agent and Shared Agent Network Expansion Facility (SANEF) initiative and in recognition of the increasing demand for no-frils mobile money services.\nThe circular with the reference number PSMDIR/GEN/CIR/01/011, dated on June 4, 2019 to all DMBs, titled ‘Operation of Mobile Money Wallets by Deposit Money Banks’ was released on the website of the Bank.\nThe circular was co-signed by Sam Okojere, director, payment system management department and Ahmad Abdullahi, director banking supervision department.\nThe CBN remains committed to deepening financial inclusion in line with its objective to achieve the national financial inclusion target of 80 percent by 2020.\nAlso, the CBN on Thursday released another circular to all DMBs on the ‘Modalities for the Implementation of the Creative Industry Financing Initiative (CIFI).\nThe CBN in collaboration with the Bankers Committee introduced CIFI to improve access to long-term, lo-cost financing for entrepreneurs and investors in the Nigerian creative and Information Technology (IT) sub-sector, as part of efforts to boost job creation in the country, particularly among the youth.\nThe circular with the reference number FPRD/DIR/GEN/CIR/07/031 was signed by Joseph Gana for director, financial policy and regulation department, CBN.\nAccording to the circular, the initiative shall be funded from the Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), an initiative of the bankers committee with a seed of N22.9 billion.\nConsequently, out of this amount, student software development loan was put at N1.0 billion, IT – N5.5 billion, movie production – N3.0 billion and disaggregated into production – N1.5 billion, equipment financing – N1.5 billion, movie distribution – N4.0 billion, music – N5.4 billion, and fashion – N4.0 billion.\nHOPE MOSES-ASHIKE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/banking-finance/article/banks-can-now-offer-mobile-money-wallet-services-without-prior-approval-cbn/"}
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index 0000000000000000000000000000000000000000..5c9f995ca5cde03f6b83b3584103b36843c6c99c
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+{"doc_id": "c427d52944aaf6e1dba73c8343e815d4", "text": "Bankole Bernard, the group managing director of Finchglow holdings, has said that the absence of a Central Data System (CDS) has continued to hinder the growth of Nigeria’s aviation industry.\nBernard, who said the establishment of the central data system would resolve half of the many challenges the industry is facing, explained that with a central data system, it is possible to know the number of pilots, engineers, Air Traffic Controllers(ATC) that have migrated to other countries for greener pastures.\nBernard made these comments during an interview session with members of the League of Airport and Aviation Correspondents (LAAC) conference committee at the company’s Victoria Island office in Lagos.\n“The issue of data is a serious challenge in the Nigerian aviation industry and I remember I told the minister some time ago that anybody that will be bold enough to create a central data system for the aviation industry has solved half of the problems of Nigeria, not even the industry alone.\n“Once the ministry or a sector is willing and ready to do it, every other one will follow suit. Till tomorrow, I don’t have a database I can log in to see the number of people leaving Nigeria. Why are they keeping the record? Is it not public information?,” he said.\nRead also: Emirates invests $2bn to create new in-flight experience\nSpeaking further Bernard said without a central data system, it is difficult to ascertain the personnel within the industry, adding that the a data system is all encompassing; containing personnel, assets, number of aircraft and many more.\n“The foreigners that the airlines intend to engage or the ones they engaged with in the past, they are going to pay them in dollars. Where is the dollar today? Once we have a central data system, our problem is automatically solved,” he said.\nHe insisted that the Nigerian Civil Aviation Authority (NCAA) should be in position to set it up and be the custodian of the system as the regulator, adding that the International Air Transport Association (IATA) has its own data of airlines operating into Nigeria.\n“The regulator should be the custodian of such information or it can have an arrangement where an organisation can get the data on their behalf. IATA has its own record of airlines that operate into Nigeria. If I contact IATA now for the number of flights coming into Nigeria, they will give it to me, but I will pay for it. The reason is because they have all the numbers of their member carriers. The only ones they will not have are those who are not their members. So, why will IATA have data and Nigeria as a nation doesn’t have one?”\nOn how Nigerian airlines can stay longer on international routes, the Finchglow GMD, said that the lack of commercial directors has placed a lot of burdens on the airlines, advising them to take time to understand the business they are into\n“I think the Nigerian airlines need to take a step back and really understand their businesses. I think the lack of commercial directors is putting a lot of burdens on the Nigerian airlines. Before any airline goes into operating a new route, you must have robust planning of your expected performance on such a route.\n“The Nigerian airlines should get their commercials right. Other people are getting it right and they come to Nigeria despite the aviation fuel challenge and the problem of forex,” he said.\nHe pointed out that anytime airlines go to the Central Bank of Nigeria (CBN) to buy dollars, it is subsidised by the Federal Government, adding that what some Nigerian airlines are saying is that the government should continuously subsidise gfor them to remain in business.\nBernard argued that Nigerian airlines chose the international routes they wanted to fly and as a result, they should have planned the operations very well before they started the route.\n“Our airlines choose the foreign routes they want to operate into and one expected them to have put their figures together. Why can’t Nigerian carriers realise the fact that there are more opportunities in the domestic market and the West Coast for them, which will add more value to their bottom line than the long hauls?\n“Someone told me recently that a return flight to Maiduguri is now about N400,000 and I said that makes a lot of sense. It is either you want to fly or you go by road where you may be kidnapped. It is not the airlines’ fault that they are charging that amount of money, but it is the reality on ground,” he explained.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/how-lack-of-central-data-system-cripples-nigerias-aviation-sector-finchglow-gmd/"}
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index 0000000000000000000000000000000000000000..da3570689622dbe77ef3e3559a72f8a95da05122
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+{"doc_id": "c6c12ab87c4684a9d0a4c1004458b273", "text": "No one can – or should – be surprised by the remarkable decline of foreign capital investment in Nigeria’s economy in recent months and years. The divestment of about N300 billion worth of investment by Procter & Gamble, GlaxoSmithKline, PZ, Unilever and others is simply logical from the standpoint of the business operators. But, as someone who advises some of the world’s largest institutional investors in emerging markets for a living, I believe this phenomenon calls for a more nuanced understanding of the role of foreign investment in economic growth and transformation if such investments are to be truly helpful to our economic aspirations.\nOutside of a role as part of a grand economic strategy, foreign investment may not serve the purpose of real economic transformation – which is a different thing from growth – whether it rises again or continues to fall. The GSM revolution in the early 2000s was a notable exception and game-changer.\nRead also: Why Nigeria needs to balance foreign investment with local growth KPMG\nForeign investment is not just a quest for profits for investors, which is first and foremost what it seeks. It also is a barometer of external market confidence in how a country which has investment potential is managed. We must understand that “the economy” is not some stand-alone item we can separate from every other aspect of how we manage our affairs as a people and as a country.\nIssues of security, corruption, the courts and the rule of law, who we appoint to certain sensitive positions, all matter. So do how our public institutions are run – their strength, independence, and their effectiveness in achieving their mandates. It is the sum total of these things, together with real, knowledge-based economic management and purposeful political leadership, that determine both investor perception and how the economy performs.\nForeign direct investment (FDI) – “bricks and mortar” or equity investments in business enterprises in one country with capital from another – can create jobs. But this is more the case in some sectors such as agriculture and manufacturing, than in others such as the purely extractive plays in natural resources that have historically formed the bulk of FDI in African countries. Foreign portfolio investment (FPI) – passive investments in financial asset classes such as bonds and equities in the stock market – can help maintain or improve foreign exchange supply for a country such as Nigeria with an undeveloped value-added export economy and a dependence on a natural resource for foreign exchange inflows. This has created a problem for the value of the Naira and is a major reason foreign multinationals are exiting.\n“Outside of a role as part of a grand economic strategy, Foreign Investment may not serve the purpose of real economic transformation.”\nCountries with serious economic management have varying attitudes to foreign investment, depending on their overall economic development and transformation strategy. India is a rising economic power, but it is highly suspicious of foreign investment and is less welcoming of it. India is more interested in outward FDI in which its companies invest abroad, than in inward foreign investment in which it is the host of FDI. China takes a similar approach of care in receiving FDI, but has generally been far more open to it than India.\nRead also: Nigeria’s foreign investments slide to $655m, lowest in 11 years\nIn Nigeria, our political leaders have spent billions on foreign travel chasing increasingly elusive foreign investors. More work and valuable time at home creating the conditions that will attract such investors would have been a more productive investment. But the frequently misplaced efforts have been stymied by our macroeconomic distress, insecurity, and corruption.\nWeak physical infrastructure, capricious legal systems, absence of skilled manpower (made even worse by the seemingly endless “japa” wave of emigration), policy inconsistency (investors seek predictability), are a major challenge. The absence of adequate electricity is a foundational disincentive. Rising poverty rates have also dulled the previous attraction of our 200 million population, as the middle class is under threat of extinction and people have less disposable incomes.\nBeyond our present problems, and returning to the standpoint of economic strategy which ought to guide our future outlook, lies the question: How much does FDI/FPI really matter? Does FDI cause economic growth and development? Can investment inflows from abroad play a fundamental role in economic transformation? The answer is: “It depends”. There is a widely held belief that FDI is essential for development. It certainly can play an important role, but only if some conditions are met.\nFDI facilitated the economic transformation of China and Singapore. But these two countries did not blithely assume that FDI would work a miracle for them, the way we tend to in Nigeria. They approached incoming FDI from the standpoint of strategy. They kept a firm grip on the evolution of their economies and calibrated their FDI strategies to shifts in their domestic conditions such as cheapness of labour and the availability of skilled labour.\nBut there is evidence that FDI does not automatically trigger productivity. It can complement, but not substitute, LOCAL factors that are essential for development. We need to understand three important things about foreign investment. The first is that the real importance of foreign investment depends on the receiving country’s prior level of development. The economic growth impact of FDI is more in high-income developing countries than in low-income ones. In the latter, investments in secondary school education would matter more than FDI. Second, well-performing economies attract more investment than weak economies, which often experience capital flight.. Growth therefore drives FDI, rather than FDI driving growth. Third, the assumed technology-transfer benefits of foreign investment only happen when the investment is made in countries in which research and development (R & D) is a practical priority. We cannot honestly argue that this is the case in Nigeria. But it is in South Africa. In China, investment in R & D increased by 20% annually between 1999 and 2011, to more than $100 billion.\nRead also: Companies exit will hinder FG’s effort to attract foreign investments NECA\nForeign direct investment can concretely help lift a country’s economy if it is targeted at the real economy. But two most important factors must be present. These are (a) the presence of a skilled labour force and (b) infrastructure, in particular electric power, efficient seaports, and rail infrastructure. Nigeria is clearly deficient in the former, which brings back the conundrum of an education system that does not position the country for real productivity. A focus on the latter without the former cannot be transformational because there isn’t the required level of human capital to take advantage of the infrastructure projects for real wealth creation. This has been a fundamental error of economic thinking in Nigeria. The first and most fundamental condition of economic transformation is human capital. HCI (Human Capital Index) measures the contributions of health and education to worker productivity. Nigeria has one of the lowest human capital indexes in the world, ranked at 164 out of 169 countries by the World Bank in 2020. Singapore ranked at number one. Borrowing to build roads and rail in a country with nearly 20 million school-age children out of school is to put the cart before the horse. China’s first massive investments in the 1950s, 60s and 70s were in building skilled human capital. In order words, Singapore and China built the essential foundation before FDI could be of any real help.\nSeen from this perspective, we need to return to the drawing board. Rather than a misplaced belief in the transformative power of FDI on its own, we should focus predominantly on two things – our own local investments, combined with types of FDI, that can help address our problems of weak human capital (e.g. technical/vocational, technological, and health-services education, and building adequate energy infrastructure). This is why you will see companies like Boeing in Egypt, but not in Nigeria.\nWe must have a real national strategy for FDI, as well as sub-national strategies that key into national priorities in a well coordinated manner. One of the most important priorities we must pursue is the diversification of Nigeria’s seaports. Nigeria’s Southeast region, which is a major trading and industrial hub, needs at least one major seaport. This will massively boost Nigeria’s economy. We need to align FDI with a transformational paradigm shift towards competitive advantage – the ability to source raw materials from anywhere, manufacture value-added products for domestic and export markets at competitive costs, as well as information and communication technologies and a diversification from extractive industries. Investors must be offered strong protections, and we must prioritise governance and institutions.\nRead also: CBN’s proposed capital raise for banks seen boosting foreign investments\nI know from personal experience that investor confidence in the independence and strength of the Central Bank of Nigeria between 2009 and mid-2014 drove high levels of FDI and FPI towards Nigeria at the time.\nFinally, we must adopt a national interest stance in engaging with FDI. Nigerian leaders often pursue foreign investment as if investors are doing us a favour. This is a sure recipe for a weak negotiating hand and a failure to identify, and protect, our own national interest. Capital seeks to expand and grow. Providing investors the opportunity to pursue that fundamental interest must be on the condition that it advances another – the national interest of the FDI host country. Local populations must benefit from job creation, rather than investments serving the rent-seeking interests of political cabals. And investment, domestic or foreign, must be environmentally sustainable. Just ask the impoverished people in Niger Delta’s toxic wastelands of oil spills how much they have benefitted from the “foreign investment” in the region by the oil majors.\nIn this context, the extraction of solid minerals in Nigeria is the next frontier. The Federal Government’s new policy stance that investments in solid mineral extraction must have – value-addition components is a step in the right direction. But we must first see that happen in real life in a country in which its security apparatus appears unable to stop illegal mining of minerals in various places. To that policy should also be added a requirement for investors to establish technical training institutes for local youth who should eventually be employed in such industries.\nMoghalu, a former deputy governor of the Central Bank of Nigeria, is the CEO of the consulting firm Sogato Strategies LLC and Chairman of the Africa Private Sector Summit", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/foreign-investment-is-not-a-magic-wand/"}
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+{"doc_id": "c834489202146b0ac2eb477df2fe017d", "text": "2 996 graduates capped at NUST\nNqobile Tshili Bulawayo Bureau\nPRESIDENT Mnangagwa yesterday capped 2 996 graduands at the National University of Science and Technology (NUST), among them, Information, Publicity and Broadcasting Services Minister Dr Jenfan Muswere who graduated with a PhD in Development Studies.\nIt is Dr Muswere’s second PhD degree and his thesis was titled: “Corporate Governance Practices and Performance of State-owned Enterprises in the Information and Communication Technology Sector in Zimbabwe: A New Public Management Approach”.\nAlso graduating with a PhD in Development Studies was Dr Susan Marimira Chido whose thesis was: “Developing an Innovation and Communication Platform (ICP) Framework Capable of Stimulating Multi-stakeholder Participation in Transfrontier Conservation Areas”.\nKing Lobengula’s descendant Dr Peter Zwidekalanga Khumalo graduated with a PhD in African Leadership and his thesis was titled: “Cultural Leadership Response Mechanism in Drought and Famine Disaster Management among the Ndebele Tribe in the South-Western Region of Zimbabwe”.\nPresident Mnangagwa also capped Dr Wilbert Fungura who graduated with a PhD in Business Administration and his thesis was titled: “Organisational Learning, Competitive and Performance of the Zimbabwean Banking Sector”.\nMr Donald Zvada, who graduated with a BSc in Operations Research and Statistics received the coveted Emmerson Dambudzo Mnangagwa Chancellor’s Award and pocketed US$1 000 for being the best graduating male student at under-graduate level.\nMs Rachel Deline Muyambo, who was studying for a Bachelor of Engineering Honours Degree in Industrial and Manufacturing Engineering was the best female graduating student and received the Emmerson Dambudzo Mnangagwa Chancellor’s Award of US$1 000.\nMs Letwine Mutsau and Mr Simbarashe Shadreck Chitima who both graduated with a Master of Science Degree in Records and Archives Management respectively received the Emmerson Dambudzo Mnangagwa Chancellor’s Award for best post-graduating female and male students and respectively received US$500.\nFour graduates, Miss Saviour Munotyaani, Miss Bester Nokuthaba Sibanda, Mr Henry Melusi Phiri and Mr Daniel Shaun Chembesi each received the Emmerson Dambudzo Mnangagwa’s Chancellor Award for the Best Innovative Projects.\nWhile it was a moment of jubilation for most of the graduates and their families, it was a sad tale for three families as their children graduated posthumously.\nDuring the sombre moment President Mnangagwa got to his feet as he capped family representatives of the deceased.\nNUST Vice Chancellor Professor Mqhele Dlodlo said the Presidential awards motivated the students to excel in their studies.\nHe said the university remains oriented to its science, technology, engineering and mathematics (STEM) mandate and is introducing more programmes to ensure an increased number of females are enrolled at NUST.\nHe said from the 2 996 graduates, 46 percent were female and 54 percent male.\n“We are confident that the 50-50 gender parity in education will be achieved soon. The university has set up a gender committee and partnered with Katswe Sistahood in setting up a Gender Knowledge Hub, whose operationalisation is planned for the coming year,” said Prof Dlodlo.\n“The centre will support female students and academics, as well as contribute to increasing enrolment of female students in STEM disciplines through debunking the myth that it is a difficult field for boys only.”\nProf Dlodlo said it was encouraging that 58 percent of its graduates came from the STEM disciplines, describing it as a clear indicator that the university is firmly grounded in its field of mandate.\n“To consolidate this achievement, the university has embarked on a process of stematising the Faculty of Commerce programmes. A total of 250 students are graduating with First Class and Distinctions. We are graduating 44 students from Botswana, Malawi and Zambia,” he said.\nProf Dlodlo said graduates have been equipped with skills to be solution-driven and innovative to address national challenges.\n“NUST is your home, I invite you to continue working with us at the Innovation Hub, Technovation Centre, Bulawayo Technology and many other university centres that produce goods and services.\n“Nust has trained you not just to be job seekers, but entrepreneurial graduates who are creators of employment through start-up projects. Nust is a big brand, keep it flying high,” he said.\nProf Dlodlo said the fruits of the Heritage-Based Education 5.0 are being felt globally as the country’s universities are excelling in international competitions.\n“NUST, together with two other local universities, achieved a great milestone when we were ranked among the best universities in Africa.\n“This is a testimony that the new education philosophy has the power to limit the impact of the economic sanctions imposed on the country that have placed a huge burden on the operations of higher and tertiary education institutions,” he said.\nProf Dlodlo said NUST was ranked 24th from 88 universities in 20 countries in teaching, research and societal impact by the Times Higher Education Sub-Saharan Africa University Rankings, demonstrating Government’s commitment to transforming the higher and tertiary education system.\nHe said NUST is heavily involved in national construction projects through the provision of expertise including architectural designs for several Government projects and the production of graduates to close the skills gap in the construction industry.\nProf Dlodlo said the university has since introduced new programmes to support the construction sector.\nThe university produced first-time graduates in the Bachelor of Construction Studies in Construction Management, Bachelor of Construction Studies in Quantity Surveying and Master of Science in Big Data Science.\n“These new degrees and graduates are in response to your call for the universities to develop new knowledge, skills and competencies,” he said.\nProf Dlodlo said the university next year will introduce a Faculty of Agricultural Science and Technology to support growth in the agriculture sector.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/2-996-graduates-capped-at-nust/"}
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index 0000000000000000000000000000000000000000..4ba7025dbce0e136535be7b8940a996186a58b84
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+{"doc_id": "c8cdb55c53bf2630c5d8ee6cbf600b11", "text": "Propertymart lauds Fashola, proffers solution to housing challenges\nPropertymart Real Estate Investment Limited has expressed support for the housing provision dream of the supervising minister for Nigeria, which needs almost one million housing units annually.\n“Nigeria offers a high return on investment in prime real estate, and hosts one of the world’s fastest growing populations – a huge attraction for investors,” says Mr. Fasunwon Deji, Deputy Managing Director of Propertymart.\nNigeria, by all indices and despite its challenges, represents a huge market for real estate development. The ongoing Federal Housing Scheme is being implemented to address the housing needs of Nigerians plug the housing deficit, which is put at about 17 million units.\nMinister of Power, Works and Housing, Babatunde Fashola (SAN), has said that the scheme is aimed at delivering affordable houses to workers based on the National Housing Policy.\n“There is a National Housing Policy in place aimed at providing affordable housing but there has been no programme in place to deliver the houses. That is what this programme is all about,” said the minister.\nGoing by his antecedents while in office as the former governor of Lagos State, Mr. Fashola, as the Minister of Power, Works and Housing, seems to be the right candidate to push through such progressive policies.\nMr. Fashola has shown that he understands the business of government in providing an enabling atmosphere for investors, going by strategies being adopted in the implementation of the Federal Housing Scheme, which he has described as also a part of government’s multi-facet approach to economic development.\n“The programme is part of government efforts to create value chain economic activities, aimed at empowering Nigerians all over the country. Workers will be happy on site getting paid from contractors to take care of their families and patronising food and others,” he had said, adding that the minister also said the ministry was training artisans like carpenters and bricklayers to be relevant technically.\nTo encourage investors, Fasunwon believes that Nigeria’s policy makers need to ensure that access to long-term finance is guaranteed to enable investors attract consumers from the upper end of the market that play in the prime real estate sector.\nAccording to him, the gaps in government-run infrastructure would also need to be plugged to guarantee efficient urban development, adding that roads, electricity, security, etc. are significant areas that the government would need to invest in to ensure that developers and clients enjoy best practice residential and commercial property standards.\n“The government would also need to promote favourable macroeconomic policies which will in turn encourage private sector investors to partner with her in providing low-cost mass housing. These policies must result in low interest rates, stable exchange rates and low inflation to encourage investors move into mass housing projects and low-income earners move from rented (substandard in most cases) housing to their own affordable mortgage-enabled homes. These policies, in conjunction with a broader economic growth stimulation that results in lifting more Nigerians above the poverty line, will make low-cost housing actually affordable for the low-income earner,” he stated.\nAdditionally, he wants processes for land acquisition, construction permits and property registration must also be simplified and automated in line with global best practice.\n“We cannot continue with a culture that frustrates estate developers and discourages prospective home owners. In extreme cases, prospective property owners have had to wait years to secure required approvals and documentation. Controversial legislation such as the 1978 Land Use Act and the 2012 National Housing Policy must be revisited to tackle areas of their implementation that stifle the growth of the real estate sector,” Fasunwon added.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/issue/propertymart-lauds-fashola-proffers-solution-to-housing-challenges/"}
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index 0000000000000000000000000000000000000000..5466e696c2a20e9e50498e9c94c55bbec11d30af
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+{"doc_id": "c99da1b4add944ac3c641866be699395", "text": "To boost the growth of its fashion industry, Nigeria can take a cue from France, where fashion and cosmetics brands are driving growth and creating jobs.\nFour cosmetics and fashion firms are French biggest companies by market valuation, according to the Paris Stock Exchange. They include LVMH valued at $500 billion, L’Oreal ($238.98 billion), Hermes ($212.88 billion) and Dior ($157.69 billion).\nLVMH controls around 60 subsidiaries that manage 75 brands, which are mostly fashion brands; L’Oréal is the world’s largest cosmetics company; Hermès specialises in leather goods; and Dior sells only shoes and clothing.\nNigeria’s fashion industry is still at its early stage of growth. According to data from the National Bureau of Statistics, the industry has been on an upward growth trajectory of 17 percent per annum in the past decade.\nHowever, fashion experts have said the 17 percent annual growth shows that Nigeria is only scratching the surface as infrastructural challenges, poor distribution channels, regular power outage and lack of modern manufacturing techniques, among others, have made the industry experience slow growth.\nFrance is leveraging good infrastructure, public export promotion and modern techniques to attract investors in the fashion space.\n“The Nigerian fashion industry cannot as of yet compete with the revenue generated by the French counterparts. First of all, we have a lot of infrastructural issues in Nigeria, from irregular power supply, lack of good distribution channels, modern manufacturing technologies; all these make it hard to run businesses in Nigeria successfully, not to talk of making profit and contributing more meaningfully to the country’s GDP,” Sola Oyebade, CEO of Mahogany International and founder of Fashions Finest Africa, told BusinessDay.\n“As we speak, we’ve still not mastered the art of mass production of apparels and cosmetics products in Nigeria. The quality control is not there and it becomes difficult to have the same quality across the board for all products that encourages trust and willingness to buy by not just Nigerians but the global economy,” he added.\nOyebade said LVMH, L’Oreal, Hermes and Dior are large conglomerates, while most companies in the Nigerian fashion industry are small and medium enterprises (SMEs) that have major difficulties getting access to the funds that are required to scale up.\nHe said in order to build a company worth billions of dollars, the country needs more billions to invest, create indigenous products on a large scale, distribute and export, adding that the average fashion company in Nigeria is funded on a customer-to-customer basis.\nHe said: “Generally speaking, our consumers, en masse, do not have the buying power of the average European or American consumer. This means that we would never achieve the significant sales that would make any meaningful contribution to our GDP.\n“As much as we are experiencing an awakening in using locally produced projects, we are still struggling to view Nigerian-made products as luxury products.”\nAccording to him, these French companies produce products that are viewed as luxury products. “So, people from all parts of the world pay more to own an Hermes bag than they would a locally made bag.”\n“I would say that maybe a very few people will buy a Nigerian-made product that’s as expensive or more expensive like the products produced by these French companies but the number is so miniscule that it doesn’t make a difference, at least not yet,” he added.\nLexy Mojo-Eyes, founder Legendary Gold Limited, which organises The Nigeria Fashion Show and the Nigeria Fashion Week, said the Nigerian fashion is not doing as well as it should because the sector is still very young and many investors have not yet started looking at this sector as serious business.\nHe said: “Players in this sector are still SMEs and not big conglomerates. Bernard Arnault, who owns Louis Vuitton, Christian Dior, Givenchy, Tiffany’s, Marc Jacobs, Sephora, Fenty Beauty and so on, is today the richest man in the world with $211 billion.\n“He just overtook Elon Musk. But if you have followed these brands closely, they have been there for decades and lots of huge, consented and deliberate funds were pumped into these brands over the years.”\nOn lessons to learn from France, he said investors should seriously start looking at the fashion and beauty industry including their value chains as the next oil and gold.\nHe said fashion products are daily essentials. “Everyone wears clothes and uses cosmetic products daily. So, this shows you the economic viability of these sectors.”\nRonke Ogunwusi, founder of Africa Fashion Week Nigeria and London, said Nigeria needs a lot of collaborations and alliances, as this will enable the fashion industry to expand its reach far and fast.\nShe said the cosmetics and fashion businesses in France have the backing of investors who have seen the vast potential in the fashion and cosmetics industries and have invested hugely in it and this in turn has contributed immensely to the growth of the country’s economy.\nShe said: “The owner of LVMH brand, among other brands, has no experience in fashion or cosmetics but saw an opportunity and invested and it has benefitted the growth of the economy.\n“Right now, our African Adire fabric is becoming a global fashion statement and if we position it well as a non-oil export, it can contribute to the growth of our GDP enormously and reduce poverty and create wealth; and this one of the reasons why His Imperial Majesty, the Ooni of Ife, set up a free adire textile training hub in Ife for women and youth.”\nShe said most of the French brands have been around for decades and have stood the test of time because consumers trust them, “That is why brands like LVMH acquire more brands to add to their portfolio, like Tiffany and Co that is being acquired for $15.3 billion.”\nLannre Da-Silva, founder of LDA fashion label, who cited data from the Nigerian Export Promotion Council, said the fashion sector accounts for 37 percent of e-commerce revenues in Nigeria.\nRead also: In race to close knowledge gap, Mykmary unveils fashion business school\nDa-Silva said his findings shows that fashion including textile and footwear sub-sector is a major contributor to Nigeria’s Gross Domestic Products. “Perhaps, we are underestimating our industry, and the progress we are steadily making.”\nShe however hinted that France’s fashion industry has remained the economic powerhouse of the country because France is a highly developed social market economy with notable state participation in strategic sectors and the world’s seventh-largest economy by nominal GDP.\nShe said: “France is big on public export promotion strategies as it cuts across many export and potential export firms thereby having a great impact on the national and international economies.\n“The public export promotion sub-sector is an important employer of labour. Among the western economies, France has one of the most organised, ambitious, and professionally structured public export promotion strategies. This enables France to rank in fourth place among the major exporting nations of the world.”\nDa-Silva said Nigeria’s export economy can draw several lessons from realities about export economies and international markets.\n“The policy makers in Nigeria should consider constructing future export promotion policies on three virtues: professional competence, intellectual ability and skill in strategy,” she added.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/arts-and-life/article/fashion-made-in-france-lessons-for-local-brands/"}
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+{"doc_id": "cbbe3223362b9f9057b232ed54699b36", "text": "EDIFYING ELUCIDATIONS BY OKEY IKECHUKWU\nThe visit to Zamfara State in 2014 was at once frightening, sobering and demoralising. Though seated in a sprawling parlour with massive chairs, we were all unconsciously in a huddled position, as the then Secretary to the State Government explained how he abandoned his farm and ranch because of cattle rustling and fear for his personal safety. Zamfara was at the mercy of the elements and it was impossible to deploy law enforcement agents, even for himself, in any meaningful way. He talked about the humiliating experience some of the men were often subjected to by the bandits. They would take a man’s cattle and probably some of his wives and then still make him drive the cattle for quite a distance into the wilderness for them, before allowing him to go back home, alone.\nOur visit to the state agricultural and animal husbandry project revealed some of the neatest looking cows and animal any of us had ever seen. There weren’t even animal droppings in the place. Why would cows in a local facility be looking like they came from a car wash? Then it hit some of us: the animals, not more than seven in number, were procured on the day of our planned visit and stationed for our viewing.\nWe eventually met with the governor. My first question to him before things became somewhat more formal was whether he was related to Sule Lamido, the Jigawa State governor. The physical resemblance was not just striking but totally and mercilessly so. He answered in the negative and observed that he has had to answer that question more times than he could remember. The man did not resemble Lamido in his performance in office, though. A visit to Jigawa State revealed a great contrast. The foresight, robust planning and incredible infrastructural strides of Lamido will leave you with one question: “what was this state before Lamido’s tenure.” But let us not digress.\nThe Zamfara State governor’s comments about his state and the misfortunes of his people centred around “derivation,” as a lot of gold was mined in the state and carted away while his people were ravaged by poverty. He said that “Abuja people” and other big men and their Chinese collaborators controlled the place. There was also talk about heavy gold hauls on several fronts, including occasional use of helicopters for minor quick evacuations on Thursdays. It was also a sorry tale of lamentations when we met his commissioners, who all seemed not to really have anything to do. It was written all over them. The ones we tried to engage in brief private banter about their portfolios had little to say. Their being called together to meet with our team from the National Institute for Policy and Strategic Studies was like a major international event.\nThe smell of death hung in the air everywhere at the once-vibrant textile mill in the state. It had enough electricity generating capacity to serve the entire state but, like the textile mill itself, the generators were severely underutilized. It was producing nothing, except for some bales of raw cotton it was milling for some local farmers. Listening to the very professional gentleman who gave the history of the mill, its capacity, its impact on unemployment and the local economy before it went under, left everyone with goose bumps. He lamented the decades of neglect. He also had a detailed breakdown of what it would take to revive the textile mill. But he had no answer to the competition from cheaper imported materials, especially from China and Korea.\nThe dam in the state was in a grievous state of neglect. It had been for decades. It displaced more people and communities than was anticipated by the original Environmental Impact Assessment (EIA) that preceded its construction. But most of such the displaced persons were not compensated. The swathes of lost farmlands, homesteads and local economies wrecked by all this was a matter of indifference to the powers that be, even at the time. There was this eerie air about the entire state, as there were only very few people on the streets at any time of the day. Shops rarely opened before 9.30a.m and would close sometime around 5p.m.\nThen we visited Bukuyum, one of the holy lands of Zamfara’s gold production. The place was dull, drab and dreary. The few local people around had an inexplicable wan look about them. You could touch the poverty in the air. Then were taken to the local government headquarters to wait for the local government chairman. He arrived nearly an hour later in a whirl of dust. As he emerged from his impressively brand new Nissan Armada SUV, impeccably well dressed in high profile Agbada and looking every bit like an emperor from some foreign land, I knew that all might not be well with the people of Bukuyum and Zamfara State in general for a long time to come. This man was a stranger here, as defined by his lifestyle, but the people were happy to see him and clear the way for him.\nWe were well received, but we did not feel well about our reception. There were just too many tattered looking young and not so young adults everywhere. The refreshment we were given was raided partly by some hungry bystanders and by some of those who helped in serving the food. Whatever was available was appropriate for serving the food and some of us were advised to eat rice with our bare hands in the absence of enough spoons. We couldn’t. The scariest element of it all was that it all seemed very normal to the people from the area. Such grinding poverty! Such disconnect from the 21st century! Such shameless leadership! Such reprobate guardians of the commonwealth!\nThis is the state that registered only 28 candidates for admission into secondary school. Meanwhile only 24 Zamfara students passed the last National Common Entrance Examinations (NECO). Is this how the state will become part of tomorrow’s world? Some other northern states have a better record, with 50 and even more. But how does the total number of registered candidates from the 19 states of the north make sense in an examination that registered nearly 25,000 candidates from 36 states and the FCT?\nAnd the relentless, daily killings are going on in all the northern states, while everyone thinks that power resides in the north today. It does not. Real power is seen in the level of living and social stability. The northern political elite would seem to have been diligently digging its own grave for quite some time now, but without knowing it. They have allowed a new breed of wild youths, not sufficiently socialised even in line with the ‘Ranka dede’ culture to acquiesce in want and deprivation, to become dominant. Drugs, poverty, motiveless criminality and rapacious daredevilry have chased all the northern big men to Abuja. But for how long will they be in exile? Is Abuja itself still safe? Are some high profile estates and exclusive neighbourhoods in Abuja not being quietly attacked these days?\nProperty rates have crashed beyond measure all over the north. Investors have fled. Local economies have collapsed. Re-desertification has taken over many places, as farmlands and animal husbandry are abandoned. Proceeds of crime have become the new means of livelihood for a new majority, who now pose a threat to the children and peace of mind of those who had the chance to make a difference but failed to do so. No one can see it clearly enough for now, but it is there. A mocking skull and demeaning emptiness! An unchartered malignancy that can best be described as a sickness unto death.\nI listened with a mixture of dismay and consternation to a former, very highly respected, National Security Adviser at a stakeholders event he convened in Abuja on the herdsmen and kidnapping menace now plaguing the nation; and particularly North. He told us about his several meetings with kidnappers on various major routes and how they explained to him why nobody could ever come after them in the forest and hope to get out alive. He talked about the ready availability of AK47 rifles to every male as from the age of 14, the fact that kidnapping had become the quickest way of raising money to buy more cattle and improve their social status – since your pre-eminence is closely tied to the number of cows you owned. But the elders in the place were now worried that the younger elders no longer listened to them and were doing things they would not have contemplated themselves. Thus that even their free-band society was collapsing before their very eyes.\nWhat really killed it for the retired soldier was when it was time for the afternoon prayers. Majority of these “Muslims” did not understand why he called for prayers. He also observed that many actually did not know how to pray. That was when a dreadful realisation hit him. The people he had come to see were ethnic Fulanis and lived the traditional nomadic life. But they did not understand the concept of kith and kin beyond their small hunting bands and immediate offsprings. He was horrified. Spread out before him were degenerate marauders who knew nothing about modern statehood, law and order etc.!\nAnd it is in the midst of the foregoing that we are speaking of the abatement of the madness in the land? How? The late Abubakar Rimi would probably still be alive today if he had not encountered his ‘brothers’ on a lonely road in the dead of night. He spoke to them in Fulfulde. He even tried to reason with them about the wrongness of their “line of work”. Did they listen to him? Did they not still rob him? Was it not out of some inverted respect that they spared his life, after warning him to keep his preachment to himself as they were simply trying to “make a living” and feed their families?\nThe North is in trouble – and the rest of the nation with it. A region that has the highest allocation from oil revenue, the highest earnings from tax mostly paid by other regions, the highest earning from bunkering and the highest earnings from the illegal mining of gold and other natural resources, is ravaged by poverty, underdevelopment and a burgeoning population of unemployable youths. Is this right? Is this normal? Is anyone paying attention – as the North goes under?", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2019/04/17/as-the-north-goes-under"}
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+{"doc_id": "cde0cb2de5dc0babc676211a0af8136f", "text": "The Central Bank of Nigeria’s (CBN) gradual phasing out of Commission on Turnover (COT) by 2016, restriction on public and private sector deposits, declining yield in the fixed income market, and introduction of interest on savings account have impacted banks’ earnings significantly.\nThis is evidenced by the moderating growth of industry gross earnings from 40.9 percent in 2012 to 15.8 percent in 2013, according to a report by Afrinvest, a foremost investment banking firm.\nConsequently, analysts at Afrinvest expect banks to begin to device new ways of attracting deposits, perhaps including the option of paying interest on current accounts.\nIn the United Kingdom (UK), there have been signs of increasing competition between current account providers over the past year, with several current accounts offering better rates of interest than a\ncustomer would expect from an easy access savings account.\n“In Nigeria, rather than paying interest on current accounts, banks will even charge you Commission on Turnover (COT),” a bank customer told BusinessDay.\nFor instance, TSB and Nationwide offer current accounts with a 5 percent rate of interest; Lloyds Bank offers a current account paying up to 4 percent interest; Santander’s 123 account pays 3 percent interest plus cashback on household bills. Halifax offers an account that pays £5 a month as well as up to £100 to people who switch to it. The Co-operative Bank is offering people £100 to switch to it plus a £25 donation to charity; First Direct, the internet and telephone bank, which regularly tops consumer satisfaction surveys, is also offering £100 to switch.\nAccording to Afrinvest, banks have had to compete within a much stiffer operating environment for funds and as such have had to pay more for deposits, which increasingly have been engaged in creating risk assets.\nThe limited number of bankable deals emerging within the corporate finance space and the payback timeline in infrastructure project financing may also have contributed to the reasons for this shift to\nrisk assets creation, the analyst said in the report, indicating that the era of ‘real banking’ may have begun.\nThe report revealed that tier 1 and tier 2 banks deposits grew by an average of 18.4 percent and 15.3 percent to N13.2 trillion and N5.7 trillion, while the loans grew by 25.3 percent and 24.1 percent to N8.3 trillion and N3.6 trillion in full year: 2013, respectively. Overall, lending to the private sector by deposit money banks increased by 8.1 percent and 2.8 percent in Q2, 2013 and Q4, 2013, respectively, to N17.0 trillion in Q2, 2014.\nHowever, many banks are already engaging in aggressive banking push in their efforts to win customers. “Consumer banking is also of critical importance to the domestic economy, as it enables us to mobilise customer deposits that allow us to provide loans to our retail and business customers, generating employment and wealth in the process,” says Ayoola Adio, head, personal banking, Stanbic IBTC Bank, in an e-mail response.\nSpeaking on how this product is being administered, Adio says, “We have designed our workplace banking as the channel to attract new customers and expand relationships with existing clients in the\nconsumer banking space. We team up with the employer to service the financial needs of employees – this becomes an added benefit to their employee value proposition.\n“This is the ultimate in convenience, as our relationship managers visit employees at their workplaces, giving them access to a wide range of financial services during office hours, thus making them more\nproductive, as there will be no more wasted time travelling to the bank.\n“It gives us the opportunity to cross-sell and deepen relationships – to understand the needs of the employees and provide tailor-made solutions to address them. This puts our teams constantly in front of prospects and customers.”\nHOPE MOSES-ASHIKE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/banking/article/banks-contemplate-paying-interest-on-current-account-to-attract-deposits/"}
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+{"doc_id": "ce2a4a08c869d89aedf43526eaa52553", "text": "Apart from the high fares Nigerians have to pay to travel to other countries, Nigerians holding green passports are faced with another problem of experiencing visa-on-arrival denials from several countries as a result of the ‘devaluation’ of the passports globally.\nIn a recently released third quarter Henley Passport Index, which is an authoritative ranking of all the world’s passports according to the number of destinations their holders can access without a prior visa, Nigeria takes the bottom spot as a country with one of the 20 worst passports to hold in 2023 with visa-free access to only 46 countries.\nNaziru Mikail Abubakar who recently travelled from Abuja to the Swedish city of Gothenburg to attend the 2023 Global Investigative Journalism Conference (GIJC), narrated his experience.\nHe arrived in Istanbul at 6.30 a.m. local time, he said he rushed to the Turkish Airlines ticketing desk to change his ticket to the next available flight to Gothenburg, and then the drama began.\nAbubakar said he was surprised to discover his passport no longer allows him to obtain a Turkish e-visa, a seamless process he often experienced before.\nRead also 10 most powerful passports in Africa\nHe said the passport has also forfeited numerous privileges that holders once enjoyed in various countries.\nJust like Turkey, several countries have stop granting holders of Nigerian passport visa on arrival or e visas, making travel options for tourists and travellers from Nigeria limited.\nLast year, Ethiopia stopped issuing visa-on-arrival for Nigerian citizens.\nIn a circular by Ethiopian Airlines to passengers on Tuesday, it stated that effective immediately, there will be no more visa on arrival for Nigerian citizens.\nRead also: Immigration cleared 60,000 passports backlog in 4 days, says FG\nThe airline stated that passengers are to obtain their visa at Ethiopian embassy in Abuja before travelling.\n“Passengers transiting overnight in Addis Ababa are not affected by the ban. Passengers having layover in Addis to travel the next morning to Zanzibar, Seychelles, Lusaka, Lilongwe, Harare, Cape Town etc are not affected by the ban and do not need transit visa for their trips,” the airline stated.\nApplications for visas to South Africa have since reduced as Nigerians continue to experience delays and denials to South Africa\nAfter Nigeria, other countries with worse passports include South Sudan with 46 visa free access to countries, Congo 45 countries, Eritrea 44 countries, Iran 44 countries, Sudan 44 countries, Lebanon 43 countries, Kosovo 42 countries, Libya 41 countries, Sri Lanka 41 countries, Bangladesh 40 countries, North Korea 39 countries, Nepal 38 countries, Palestinian Terr 38 countries, Somalia 35 countries, Yemen 35 countries, Pakistan 33 countries, Syria 30 countries, Iraq 29 countries, and Afghanistan countries.\nSingapore now has the world’s most powerful passport. The Lion City beat Japan, whose passport had been the most powerful for over five years.\nHenley Passport Index revealed a major shake-up, with Germany, Italy and Spain coming in second and Japan sharing the third rank with six other countries.\nThe most powerful passports in the world, according to Henley Passport Index are as follows:\nSingapore — visa-free access to 192 countries\nGermany, Italy and Spain — visa-free access to 190 countries\nAustria, Finland, France, Japan, Luxembourg, South Korea and Sweden — visa-free access to 189 countries.\nDenmark, Ireland, Netherlands and the United Kingdom — visa-free access to 188 countries\nBelgium, Czech Republic, Malta, New Zealand, Norway, Portugal and Switzerland — visa-free access to 187 countries.\nAustralia, Hungary and Poland — visa-free access to 186 countries.\nCanada and Greece — visa-free access to 185 countries.\nLithuania and the United States — visa-free access to 184 countries\nLatvia, Slovakia and Slovenia — visa-free access to 183 countries\nEstonia and Iceland — visa-free access to 182 countries.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/more-troubles-for-travellers-as-nigerian-passport-face-devaluation/?fbclid=IwAR3LzGeKPRPrnbZuwb4PY99rs2UgXqOBFcWFy-1MRm6d27aYjV1qmi1OkhQ"}
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index 0000000000000000000000000000000000000000..eea180b943b3e57e6ccdb0e2013b4d44a80142db
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+{"doc_id": "ce5543ab8d35d96363d3645d29faea4c", "text": "Food processor Unga Group cut 117 jobs in the year ended June, with most of the retrenchment occurring in the sales and distribution units.\nThe company’s workforce dropped to 283 in the review period compared to 400 the year before, according to disclosures in its latest annual report.\nIts sales team shrank the most to 39 from 126 while the staffing in the production department declined to 103 from 134.\nThe staffing in management and administration however rose by one to 141. The job cuts came as the company reported losses from normal operations, pointing to reduced margins.\nREAD: Unga starts recovery of payments to Seaboard\nUnga said it is feeling the heat of increased competition, noting that the marginal sales growth registered in the review period came from raw material price inflation.\n“This has been a difficult year for the board. Our animal nutrition business has continued to struggle in the face of increased competition, raw material supply bottlenecks, and compressed demand due to the high cost of living which has forced farmers to seek alternative animal feeds,” Unga said in the report.\n“We have had to make extremely difficult decisions as a board, with more concerted efforts focused on fire fighting in order to keep our business running in the face of all of the aforementioned headwinds.”\nUnga’s managing director Joseph Choge said the packaged food business has become more competitive with the entry of new players in the past few years.\nThis has sparked a price war, with most firms betting on lower prices to gain market share in an economy where rising inflation has hurt consumers’ purchasing power.\n“The competitive landscape has continued to intensify, with over 50 new millers joining the fray over the last two years alone,” Mr Choge said.\nHe added that the company continues to be affected by cheap poultry imports from the region and fish from Asia, shrinking the market for its animal nutrition products.\nALSO READ: Unga gets nod to form two animal feed joint ventures\nUnga says it will continue to differentiate itself as a supplier of quality products, leveraging its decades-old brands.\nThe company’s sales rose 1.2 per cent to Sh18 billion in the year ended December. Higher costs saw the company report an operating loss of Sh502 million, reversing an operating profit of Sh616.2 million a year earlier.\nUnga however saw its net profit grow to Sh311.3 million from Sh293.4 million, benefitting from a one-time gain of Sh802.5 million from the sale of its Ennsvalley bakery business.\nUnga is the latest to disclose job cuts, joining the companies that have trimmed their workforce in the wake of the Covid-19 pandemic.\nThe layoffs have been witnessed in various sectors including manufacturing and services as companies grapple with sluggish sales and falling margins.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/unga-group-cuts-117-jobs-amid-sluggish-sales--4037620"}
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index 0000000000000000000000000000000000000000..3fa8428da063c29a4c15c75576e9b11435a97c85
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+{"doc_id": "ce64cc3941a3834eb3ab16d296378867", "text": "The Nigerian Senate has ten principal officers, namely, Senate President, Deputy Senate President, Majority Leader, Minority Leader, Chief Whip, Minority Chief Whip, Deputy Majority Leader, Deputy Minority Leader, Deputy Chief Whip and Deputy Minority Whip.\nThe ruling party produces the Majority Leader, Deputy Majority Leader, Chief Whip and Deputy Chief Whip. The opposition produces the Minority Leader, Deputy Minority Leader, Minority Whip and Deputy Minority Whip. But to ensure a balanced ethnic representation, the ruling party or opposition can produce the Senate President or Deputy Senate President.\nThe above is also true of the House of Representatives. For instance, the opposition Nigerian People’s Party (NPP), produced Speaker Edwin Ume-Ezeoke in the Second Republic even though the then ruling National Party of Nigeria (NPN), controlled the House.\nIn the election and nomination of these officers, Section 14 (3) of the 1999 Constitution provides for Federal Character without which ethnic suspicion and rivalries become the order of the day. This section states, “The composition of the Government of the Federation or any of its agencies and the conduct of its affairs shall be carried out in such a manner as to reflect the federal character of Nigeria and the need to promote national unity, and also to command national loyalty, thereby ensuring that there shall be no predominance of persons from a few ethnic or other sectional groups in that Government or in any of its agencies.” Government of the Federation refers to the three-arm of Executive, legislature and judiciary; as well as the armed forces.\nFurthermore, Oluwalogbon ‘Leke Abraham opined that the ruling elite informally agreed, in the spirit of equity, that the six geo-political zones, namely, North East, North Central, North West, South West, South East and South-South must be represented in every government. This is called zoning.\nNwachukwu Orji, quoted by Abraham, explained that federal character and zoning complement to ensure ethnic harmony. Whereas zoning is an informal arrangement, federal character is enshrined in our constitution. Zoning applies to elective positions; but federal character applies to appointive positions. And thirdly, zoning focuses on allocation of offices to geo-political zones while federal character guarantees equitable distribution of same among states (See Abraham’s ‘The Politics of Leadership Instability in Nigeria’s Senate, 1999-2011.’ International Journal of Politics and Good Governance, Volume VII. No.7.1 Quarter 1 2016. ISSN: 0976-1195. Orji’s ‘Eat and Give Your Brother: The Politics of Office Distribution in Nigeria.’ Inspire Journal of Law, Politics and Societies. 3 (2) 125-139).\nOn 11th June, the Nigerian 9th National Assembly, NASS, “elected” its principal officers. This was in line with Section 50 of the 1999 Constitution stipulating that the four principal officers, namely, Senate President, Deputy Senate President, Speaker of the House and Deputy Speaker be elected indirectly in-house. Other officers are to be appointed.\nAhmad Ibrahim Lawan (APC North East) emerged President of the Senate with Ovie Omo-Agege (APC South-South) as Deputy President. Femi Gbajabiamila (APC South West) was elected Speaker of the House and Ahmed Idris Wase (APC North Central) as his deputy.\nTheir elections were in clear violation of both the federal character principles and zoning. Recall that in the Executive, President Muhammadu Buhari (APC) already represents the North West while Vice President Yemi Osinbajo (APC) represents the South West. Since the South West is represented by Osinbajo, the Speakership slot belongs to the unrepresented South East by right. The Buhari-led All Progressives Congress (APC), violated Section 14 (3) of the 1999 constitution; giving the South West a slot meant for the South East. This is not minding that the North also controls the Judiciary with Ibrahim Muhammad Tanko as Chief Justice of Nigeria. This underhand dealing is unprecedented.\nIn the First Republic, 1960-1966, the three Regions were equally represented in the Government of the Federation. In the Executive, Nnamdi Azikiwe (NCNC Eastern Region) was the President. Tafawa Balewa (NPC Northern Region) was Prime Minister. In the Legislature, Nwafor Orizu (NCNC Eastern Region) was President of Senate; while Ibrahim Jalo Waziri (NPC North) was Speaker. In the Judiciary the Western Region was represented by Adetokunbo Ademola who was Chief Justice of Nigeria.\nIn the Second Republic, 1979-1983, the ruling NPN respected federal character and zoning. In the Executive, President Shehu Shagari (NPN Sokoto) represented the North. Vice President Alex Ekwueme (NPN Anambra) represented the East. In the legislature, Joseph Wayas (NPN Cross River) represented the Niger Delta minorities while Edwin Ume-Ezeoke (NPP) represented the East. The West had Atanda Fatai Williams who was Chief Justice of Nigeria.\nIn this Fourth Republic, 1999 to the present, federal character and zoning were respected till the formation of the Hausa/Fulani-Yoruba duopoly in 2015. The Lawan and Gbajabiamila-led 9th Assembly is sectarian, at best, and rabidly anti-Igbo in form and content. Such dangerous assembly can be trusted to perpetual anarchy while preaching One Nigeria. It can only harden sectarian cleavages rather than promote our common values. The hate-politics spewing from it can only yield hate-speech.\nWe remind all that the Igbo membership of Nigeria supersedes their membership of ephemeral Peoples Democratic Party, PDP, and APC. Their representation in the Government of the Federation is a matter of constitutional right rather than party privilege, denial of which negates such government. Nigeria 2023, raison d’etre for this gang-up, looks increasingly an improbable possibility.\nBuhari must tell Nigerians why he’s purging Igbos from the leadership of the army, navy, air force, police, customs, National Security Council, judiciary and 9th Assembly. When did politics become another civil war? The esteemed Chimmuanya Orih is wrong. We Igbos refused to give Buhari our votes this 2019, not because we hated him for defeating Goodluck Ebele Jonathan in 2015 as Orih thinks, but because he would not restructure Nigeria to enthrone equity. But Buhari’s self-defeating purge dents his own lofty legacy; making one to wonder how posterity would remember him.\nLawrence Baraebibai Ekpebu, Buhari’s ambassador to Cote d’Ivoire in the mid 1980s and author of multi-award winning ‘Zaire and the African Revolution,’addressed the question of Buhari’s legacy in ‘Nigeria: Averting Paradox of Development.’ Considering Buhari’s larger-than-life image as an army general, military Head of State and elected civilian president, he advised Buhari to decline a second tenure, restructure Nigeria and ride into the golden sunset of history like the great Madiba. Buhari didn’t do that and went for a second tenure, only to lose in substance. He’s entangled with sectarian politics that diminishes him. This for a towering statesman who was to Nigeria what De Gaul was to France.\nOne question that tortures every self-respecting Igbo is why Orji Uzor Kalu turned himself into His Master’s Voice. Kalu fought former President Olusegun Obasanjo to a standstill to fix the Owerri-Onitsha Road, to believe Chris Nwedo. We now ask the learned Nwedo, so where is Kalu’s fighting spirit today? What changed him? Kalu speaks with perceptible fear in his voice. He’s today sermonising Ndigbo to expect nothing from the APC for failing to vote for the party. But did the Yoruba vote for the PDP in 1999 and 2003 even though they got the Presidency? Ndigbo must stop their former governors from representing them in the Senate. The EFCC could be hounding them.\nAt 26, I went into political exile as supporter of MKO Abiola. Isn’t it ironic that certain elements from Abiola’s own South West, on the very eve of June 12, championed this anti-Igbo agenda? Can we detest the injustice meted out to Abiola and the Yoruba and remain patient when same is visited on the Igbo?\nMy point is, while in exile in Belgium, I visited Waterloo. I wondered how the Duke of Wellington with 68, 000 troops could have defeated Napoleon Bonaparte and his 72,000 soldiers. It was Victor Hugo who put me in the clear. In “Les Miserables,” he said that Napoleon fell because he offended God. The ceaseless weeping of countless mothers whose sons perished in the Napoleonic wars finally moved Heaven to intervene. On the D-Day of 18th June 1815, therefore, everything worked in reverse for Napoleon. Non-military factors that Wellington was equally exposed to, rather than soldiers and guns, ultimately led to his downfall.\nOne, where Napoleon was told during reconnaissance that the field was flat, the place turned out to have deep ravines. In the heat of the battle, the ravines swallowed wholesale his charging elite cavalry, the very backbone of his army. Hugo believed God sent his angel posing as a poor Waterloo villager to misinform Napoleon.\nTwo; on 16th and 17th June, especially the night of 17th preceding the encounter, the gates of heavens were thrown open drowning Waterloo and its environs in great deluge. Mid-June is summer without rains. Yet, in 1815, the reverse was the case. In the morning of 18thJune, Napoleon was compelled to delay fighting till 11.20am for the reluctant sun to dry the water-sodden field before he could manoeuvre his sinking canons into position. The delay made it possible for Prussian reinforcement to reach the beleaguered Wellington.\nThree; darkness descended on the battlefield much earlier than expected in what Hugo called “unseasonably clouded sky.” At the point of darkness Wellington had the upper hand. Another hour of daylight, and fighting, could have changed that.\nAnd four, underdog Wellington only finished what Heaven started. Napoleon was put to rout and Europe had peace. Hugo summed: “When humanity cried out against a clearly bloodthirsty and vile government, mysterious forces latent in the trees and the air were moved to intervene.”\nCHIGACHI EKE\nEMAIL: [email protected]", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/9th-national-assembly-is-against-the-igbo/"}
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+{"doc_id": "ced38e075c2a3255094723b0956db514", "text": "The South African Reserve Bank (Sarb) Governor Lesetja Kganyago has appointed Dr David Fowkes to serve as a member of the Monetary Policy Committee (MPC) while the Presidency looks for former deputy governor Kuben Naidoo’s replacement.\nNaidoo tendered his resignation from the Sarb to President Cyril Ramaphosa in October 2023, just less than 18 months before the end of his second five-year contract.\nNaidoo was one of three deputy governors of the Sarb and a member of the crucial five-member MPC, which oversees the interest rates in the country.\nSince Naidoo left the Sarb, a replacement has to be found in order to balance the MPC’s voting split and avoid a stalemate when it comes to interest rates decisions.\nKganyago reiterated that his hands were tied on the replacement of Naidoo as that appointment can only be made by the President.\n“We are not the appointing authority. The President is the appointing authority. The terms of reference of the MPC say that we can include up to four staff members of the Reserve Bank in the MPC,” he said.\n“It always makes sense to have an odd number so that the Governor does not have to exercise two votes, and the Governor can exercise one vote like everybody else. The maximum number [of Sarb staff members to the MPC] is thus eight, and we can go to seven.\n“At the moment we are five. When the President makes an appointment of a deputy governor we will go to six, and we will continue to search like we have been doing for another person to take it to seven. But six is definitely better than five.”\nFowkes’ appointment to the MPC became effective from 12 January 2024 after he was appointed as an adviser to the governors on 1 December 2023.\nHe has served the Sarb in various positions since joining the organisation in 2013.\nPrior to his appointment as adviser, he worked in the Financial Markets Department where he led the reform of the Monetary Policy Implementation Framework, which became operational in 2022.\nBetween 2013 and 2021, Fowkes worked in the Economic Research Department where he edited the Bank’s flagship publication on monetary policy, the biannual Monetary Policy Review, as well as provided analyses on domestic economic developments for MPC meetings.\nIn addition to his role as an MPC member, in his capacity as adviser, Fowkes will offer analytical support to the governors on significant economic and financial developments and their implications for the bank and its policies, among a range of other tasks.\nFowkes has a Master’s degree from the University of the Witwatersrand, and a Doctorate from the Johns Hopkins University School of Advanced International Studies in the United States, as a Fulbright Scholar.\nBUSINESS REPORT", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/business-report/economy/dr-david-fowkes-appointed-to-serve-as-member-of-sa-reserve-banks-mpc-0c2be9e7-5c7e-4b1f-8849-0e4a7c3565a4"}
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+{"doc_id": "d8db5057ee0e9c7f5c872445cc17355f", "text": "Advertisement\nGhana RE profit declines by 5% — Pays GH¢5m dividend to government\nPROFIT of Ghana Reinsurance PLC declined by five per cent in 2022 on account of high claims ratio and impairment losses as a result of the Domestic Debt Exchange Programme (DDEP).\nThe company’s profit after tax fell from GH₵51.73m in 2021 to GH¢49.50m in the year under review.\nThese developments impacted negatively on the Return on Equity (ROE) resulting in a decrease from 16 per cent in 2021 to 14 per cent in 2022.\nIn spite of the financial losses, the company declared a dividend of GH₵5m to be paid to the sole shareholder, Government of Ghana.\nThis is against the dividend of GH¢12m declared in 2021.\nThe Board Chairman of the company, George Otoo, announced this on Friday at the group’s 20th annual general meeting (AGM) in Accra.\nHe said an amount of GH¢248.3m was incurred as net claims for 2022, representing a 77 per cent increase over the GH¢140.2m recorded in 2021.\nThis deteriorated claims percentage rose from 43 per cent to 58 per cent in 2022.\nThe increase, he said, was attributable to the Oil Marketing Companies (OMC) bond claims and the depreciation of the cedi in the second half of 2022.\nMr Otoo said shareholder’s equity grew by 20 per cent from GH¢ 435.75 m in 2021 to GH¢521.72m in 2022.\nPremium income\nThe Board Chairman said gross premium income recorded for the year under review was GH¢550.23m compared to the 2021 figure of GH¢385.92m representing an increase of 42 per cent.\n“General business contributed about 95 per cent of the Group gross premium which represents GH¢520.69m in absolute terms.\nThis represents a growth of about 45 per cent of the 2021 figure.\nThe largest contributor to this key achievement is the gross premium from Fire Business which contributed about 63 per cent to the premium generated from General Business and 59 per cent to the total premium recorded by the group,” he said.\nHe said Life business portfolio contributed five per cent to the group’s total gross premium, adding that “the gross premium increased from GH¢26.58m in 2021 to GH¢29.54m in 2022, this represents a growth of 11 per cent.”\nImpairment loss\nMr Otoo explained that the group in compliance with International Financial Reporting Standards (IFRS) recognised an impairment loss of GH₵60.60m in 2022 as a result of DDEP.\n“The provision covered its holdings in GOG bonds, treasury bills and Euro bonds, the GHS60.60m provided for under International Accounting Standards (IAS 39) impacted negatively on the profit for the year,” he said.\nHe said the company’s Capital Adequacy Ratio (CAR) for 2022 was 315 per cent far above the minimum regulatory figure of 150 per cent.\nHe added that the board and management of the company have put in place measures to mitigate the negative impact that it will have on the group’s liquidity, profitability and solvency position going forward.\nOutlook\nThe Board Chairman explained that 2022 marked the year two of the three-year strategic plans of the company have seen tremendous progress in the four pillars of the strategic plan.\nHe gave an assurance that the company would be able to meet most of the targets set in the strategic plan, notwithstanding the challenges of the economic environment which was not envisaged when the strategic plan was drawn.\nReacting to the dividend declared, the Acting Head of Public Entities and Assets Unit, Public Investments and Assets Division (PIAD) at the Ministry of Finance and Economic Planning (MoFEP), Kwame Okyere-Mensuo, expressed appreciation to the group for the dividend despite the economic adversity.\n“We appreciate the dividend because some companies did not declare a dividend due to recapitalisation and global economic crisis. However, we expect an increase and we hope to recover from our economic challenges,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/ghana-re-profit-declines-by-5-pays-gh-5m-dividend-to-government.html"}
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index 0000000000000000000000000000000000000000..1515cc65be391ef9236f7d1aacd65be0bc0809db
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+{"doc_id": "d94807cfd39c2f34c51612dffc8fac27", "text": "Amina Mohamed gives Helb defaulters 100pc waiver\nThe Education ministry has given Higher Education Loans Board (Helb) defaulters 100 per cent waiver on penalties until June 30, 2018.\nEducation Cabinet Secretary Amina Mohamed announced the waiver on Thursday when she attended the Helb-Employers Forum.\nInitially, Helb loan defaulters had been granted 80 per cent waiver and the latest move is aimed at boosting repayments.\nHowever, Ms Mohamed said the amnesty only covers those who will pay their debts in lump sum.\nMs Mohamed asked all university students to acquire smart cards from the lending corporation in order to access loans.\nThe CS asked all Helb beneficiaries to repay their outstanding loans to enable the board finance other students.\nShe asked employers to submit deductions to Helb, saying it is not a favour but a legal requirement.\nDEFAULTERS\nHelb Chief Executive Officer Charles Ringera said 17, 000 defaulters cannot be traced.\nLast year, Helb had 85,000 loan defaulters owing Sh9.6 billion.\nA total of 169,909 graduates had fully repaid their loans worth Sh13.2 billion by September 2017, while some 136,783 beneficiaries were servicing loans worth Sh20.7 billion.\nIn 2017, Helb said it had received a surge in notifications from employers indicating retrenchment of their workers resulting in a dip in repayments.\nNAME CHANGE\nDuring the forum, Ms Mohamed announced that Helb is set for a name change.\nThe board will be renamed Tertiary Education Funding Corporation in bid to boost service delivery.\nMs Mohamed urged Helb officials to improve service delivery, saying students and vice chancellors had raised concerns over delay in funds disbursement.\nLast year, the Treasury accused Higher Education ministry officials of failing to develop long-term plans for disbursement of student loans, causing funding shortfalls that hurt learners from poor backgrounds.\nMost of the students in public universities come from poor backgrounds and require financial assistance.\nMeanwhile, the number of students enrolled in universities has grown 56 per cent over the past four years.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairobinews.nation.africa/amina-mohamed-gives-helb-defaulters-100pc-waiver/"}
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+{"doc_id": "da253ea68d507f9bef8199241e1fd39c", "text": "The International Air Transport Association (IATA) released data for June 2023 global air cargo markets showing the smallest year-over-year contraction in demand since February 2022.\nThis reflects strategic capacity adjustments airlines are making amid a weakened demand environment.\nGlobal demand, measured in cargo tonne-kilometers (CTKs), fell 3.4 percent in June compared to June 2022 (-3.7percent for international operations). For the half year, demand slid 8.1 percent compared to the January-June period of 2022 (-8.7 percent for international operations). However, demand in June was only 2.4percent below June 2019 levels (pre-pandemic).\nCapacity, as measured by available cargo tonne-kilometers (ACTKs), rose 9.7 percent compared to June 2022, which was a slower rate compared to the double-digit growth recorded between March and May.\nCapacity for the first half of 2023 was up 9.9 percent compared to a year ago. Capacity is now 3.7 percent above June 2019 (pre-pandemic) levels.\nKey factors influencing air cargo demand include:\nGlobal cross-border trade decreased by 2.4 percent year-over-year in May, reflecting the cooling demand environment and challenging macroeconomic conditions.\nThe difference between the annual growth rates of air cargo and the global goods trade narrowed to -2.6 percentage points in May, representing the smallest gap since January 2022. However, the gap still suggests that air cargo continues to suffer more than container cargo from the slowdown in global trade.\nIn June, both manufacturing output Purchasing Managers Index or PMI (49.2) and new export orders PMI (47.1) were below the critical threshold represented by the 50 mark, indicating a decline in global manufacturing production and exports.\n“We remain hopeful that the difficult trading conditions for air cargo will moderate as inflation eases in major economies. This, in turn, could encourage the central banks to loosen the money supply, which could stimulate greater economic activity,” Willie Walsh, IATA’s director general said.\nJune regional performance\nAfrican airlines posted a 2.8 percent decrease in demand compared to June 2022. This was a decline in performance compared to the previous month (-1.9 percent). Capacity in June was down 3.7 percent compared to the same month in 2022. For the first half of the year, cargo demand slowed by 4.4 percent while capacity climbed 1.6 percent.\nAsia-Pacific airlines saw their air cargo volumes decrease by 3.6 percent in June 2023 compared to the same month in 2022. This was also a decline compared to May (-2.5 percent), mainly owing to weak demand on within-Asia markets, although the Asia-North America trade lane saw improved performance.\nAvailable capacity in the region increased by 24.4 percent compared to June 2022. Looking at the first half of 2023, cargo demand was down 6.5 percent versus the year-ago period against a 27.0 percent rise in capacity.\nRead also: Why Nigeria’s export cargo face rejection in foreign markets\nEuropean carriers experienced a 2.8 percent decrease in cargo volumes in June 2023, compared to the same month in 2022. This was an improvement in performance compared to May (-6.6 percent), in part due to the aforementioned Europe-North America performance. Capacity increased 4.4 percent compared to June 2022. Cargo demand was down 10.2 percent for the first six months of 2023 compared to last year, as the half-year capacity rose 2.5 percent.\nMiddle Eastern carriers posted a 0.5 percent increase in cargo volumes in June 2023 versus a year ago. This was a strong turnaround from the 2.9 percent year-over-year decline registered in May.\nCapacity rose 11.1 percent for the month. Both Middle East-Asia and Middle East-Europe route areas saw annual growth. For the first half of the year, cargo demand was down 5.6 percent compared to a year ago, with an 11.2 percent hike in capacity.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/aviation/article/airlines-adjustments-to-demand-sees-global-air-cargo-contraction-easing/"}
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+{"doc_id": "dd13eeba2d1eff7c2a134dbb8c8a4d6f", "text": "It is with great pleasure that I join captains of the private sector, distinguished legislators, accomplished bureaucrats and stakeholders of Nigeria to support this brilliant initiative of the management of Businessday to organise an annual conference on the Solid Minerals Sector.\nThere has been a visible resurgence of the conversation on and about the Solid Minerals sector since we set the agenda for the repositioning of the sector for international competitiveness in September 2023 with the declaration of the Seven Point Agenda. The Agenda, a critical review of the existing Roadmap and the updates from the ministry’s bureaucracy seeks to propel changes and reforms by simultaneous calibration of the drivers of development in the sector for accelerated traction to achieve the desired crescendo that would, once and for all, establish the El Dorado of industrial revolution without environmental devastation; and communal happiness based on the rigid enforcement of fairness, equity and justice.\nIt is a testament to the depth of discernment, entrepreneurial vision and enlightened patriotism of Businessday as a corporate stakeholder that it was among the first to see the light at a time when others were still beclouded by limitations of the ancient regime and the conspiratorial peccadilloes of defeated aspirants labouring under the illusion of judicial annulment.\nIn a celebration of foresight, Businessday on October 15, 2023, 53 days after ministers were sworn in, ran a banner headline showcasing the ministers of solid minerals and interior as early starters. We did not see this as a personal achievement. Rather, we believed it was an acknowledgement of our collective responsibility as the Federal Executive Council under the progressive leadership of President Bola Ahmed Tinubu to change the content and tempo of governance by putting the people first in policies, programmes, and projects.\nIt was also significant because, considering the adversarial legacy of the Nigerian media forged in the crucibles of anti-colonial struggle, the typical knee-jerk reaction to a new regime has been to draw lines of battle and engage in often atrocious attrition. Many of you witnessed the attempt to abort the emergence of this civilian administration, even at its embryonic stage, by media carpetbaggers. It was therefore a matter of great relief that Businessday broke from this negativism by demonstrating exemplary liberalism, openness, and fairplay.\nThere has been a visible resurgence of the conversation on and about the Solid Minerals sector since we set the agenda for the repositioning of the sector for international competitiveness in September, 2023 with the declaration of the Seven Point Agenda.\nHaving distinguished itself as a news organisation with a higher commitment to the public cause and displayed objectivity in its approach to the execution and executors of the social contract, Businessday earned the trust to partner with the government. For your information, we received many proposals from various media organisations to partner with them and endorse a similar event, but we honestly and sincerely believe only those who earn such a trust deserve our endorsement.\nLet me therefore congratulate the publishers of Businessday for this germ of an idea whose genesis we are assembled to witness. And I dare declare that in the course of today’s event, there shall be many revelations. This conference is distinct from other media engagement, highly technical and experiential events such as the Nigerian Mining Week and the African Natural Resources and Energy Investment Summit which the Ministry organises in partnership with foreign and domestic exhibition companies. The Businessday Solid Minerals Conference will enlighten the Nigerian press about the structure, needs and positioning of the sector and through sensitization, enable the media to understand the workings and support our efforts to position it as the next source of our commonwealth.\nThe authenticity of our Seven-Point Agenda as the elixir to the ills ravaging the sector has been validated by critical stakeholders. The Federal Executive Council adopted the programmes as the administration’s policy. The two arms of the National Assembly embraced the programme for its vision and practicability. Recently, the National Council on Mining met in Ilorin, Kwara State, and worked out modalities to mobilise the sector to achieve the programme as a matter of urgency.\nThe Nigerian Solid Minerals Corporation\nCentral to our efforts to reposition the sector is the establishment of a private-sector-driven, Nigerian Solid Minerals Corporation. Following successful deliberations with the legislative arm, the process of creating the law for this critical institution has begun. On February 12 and 13, 2024, the Solid Minerals Committee of the House of Representatives will hold the first policy dialogue on the proposed law to create the corporation.\nIn working with the legislature to establish the legal and legitimate foundation for the institution, our resolve to ensure that a share structure in line with a private sector-led strategy in which the Federal Government will hold not more than 25 percent, of the Nigerian citizens will, by public shares hold 25 percent and private investors, each with a maximum of 10 percent of the shares of the N1 Billion share capital, will be achieved.\nWe are also determined to learn from the pitfalls of the defunct Nigerian Mining Corporation by ensuring that the new company operates according to the values of the market by reducing unnecessary intervention to the barest minimum and motivating its officials to make decisions solely for profitability and capital formation in the sector.\nExploration data\nThe case for the acquisition of massive exploration data to de-risk investment has been successfully articulated. The First Nigerian Integrated Mineral Exploration Project succeeded in producing data on the occurrence of seven key minerals – Gold, PGM, Nickel, Chromium, Cobalt, Lead/Zinc, Silver, Copper, Baryte, Iron ore and earth minerals -across the country in specific locations. It led to the creation of special areas in the cartography of our cadastral systems. The Second Nigerian Integrated Mineral Exploration Project is more ambitious because it intends to produce total and comprehensive coverage of all categories of minerals in the entire Nigerian landscape of 923,768 square kilometres. It may even extend to the coastal foreshores to explore the opportunities in deep-sea mining.\nAs urgent and critical as it is, we are faced with the challenge of the best funding model that will deliver value for money in the short and long term. As you are aware, there are several offers of partnership, including the proposals from GeoScan GH of Germany, the Africa Finance Corporation, Excalibur etc. Very soon, we shall initiate the call for the Expression of Interest to critically review serious proposals.\nLet me assure you, that the success of this project will lead to a quantum leap in investment traffic and commitment and help to transform the economy from the current ignorance–based licence acquisition to an open, resource-rich mineral licensing for extraction regime.\nSecurity and safety of mining\nPresident Bola Ahmed Tinubu has taken the bull by the horns and demonstrated vigilant preparedness by setting up the inter-ministerial committee for the security of natural resources at sea and on land. At the last meeting of the committee in my office, I announced our decision to give the heads of security agencies two weeks to roll out the modalities for the new security architecture that will take care of agriculture, coastal economy and mining.\nOur minerals are critical natural resources. They require planned, consistent and sustained protection. To maximise their investment potential, access to secured mines and a safe environment is important. I am sure that the modalities which would be unveiled will allay our fears and give citizens sighs of relief.\nDomestic and International Investment Promotions\nWithout a modicum of doubt, Nigeria is very rich in minerals. If this was the only requirement for Foreign Direct Investment, we would sit arms akimbo and wait for the investors to come. It is not. We are competing with other countries across the continents for investors. In Africa, our competitors include Zimbabwe with close to 40 different minerals; Gabon believed to have the second largest deposit of manganese in the world; the Democratic Republic of Congo with high-grade copper; Ghana, known since ancient times as the Gold Coast; Egypt, marked for its richness in platinum. Others are Libya, Angola, Zambia and South Africa.\nThe struggle to attract foreign investors starts with the creation of a supportive investment climate in the country by adopting international best practices which translate to the ease of doing business. In this regard, various assets have been mobilised to encourage investment. These include the EMC+, the online licensing application platform through which anyone anywhere in the world can apply for various categories of mining licences and approvals. This is a progressive advancement over the former intranet-based system limited in functionality and hours of access. The plan to further improve this system has commenced as we speak.\nIt also includes the production of geological survey data on mineral occurrences across Nigeria to provide both a bird’s eye view and a detailed analysis for the potential investor. Very soon, we shall be launching a new online platform to aid investors and mining professionals’ decision-making. This platform combines over 10 different sets of data about the Nigerian landscape- demography hydrology, geology, infrastructure etc and provides scenarios to aid projections and analysis. Efforts are also being made to improve the Nigerian Mining and Minerals Act 2007 to accommodate the changes over the years and make it more amenable to national priorities.\nMeanwhile, the Ministry continues to facilitate the processing of applications for permits to refine minerals and to process and purchase. Last year, no fewer than 499 licences were granted to applicants involved in the business of purchasing and sales of minerals. Predictably, applications for the purchase and sale of Lithium topped the list with 146 licences, followed by Gold, 91; Tin, 46 and Coal, 32. Other minerals for which licences were granted include Tantalite, Iron Ore, Kaolin, Feldspar, Beryl, baryte, Columbite, Mica and Aquamarine.\nOur track record in environmental safety compliance in conjunction with the Ministry of Environment includes the rehabilitation of mined-out areas so that they can still be of use to the community. Rayfield in Jos South Local Government Area was among 5 communities that benefited from this programme last year.\nThese form the content of the promotional engagements that occur during attendances at international mining conferences enabling us to woo otherwise unenlightened prospectors to our country and facilitating their investment. Thus, our delegations to the AfricaDownUnder, in Perth, Australia; Mines & Money in London, United Kingdom and the Future Metals Conference in Riyadh, Saudi Arabia maximised the investment opportunities.\nSupport for artisanal cooperatives and campaign against illegal mining\nOur campaign against illegal mining and call on artisanal miners to form co-operatives and get government recognition, support and legal basis to mine is yielding fruits. To date, there are 2,329 registered artisanal miners co-operatives in the country. In 2023, 123 co-operatives were registered. Significantly, 77 of 123 opted for registration following my appeal to them to join hands with the Federal Government. The Ministry provides extension services to these cooperatives by improving their bookkeeping skills and drilling techniques. I wish to further urge artisanal miners to come together and register as co-operatives.\nTo ease the operations of this sub-sector, the Ministry has licensed 986 buying centres across the 36 states of the Federation. Plateau, for obvious reasons of its long mining history, has 315 centres followed by Federal Capital Territory, 224 and Lagos, 108.\nValue addition for industrial transformation and financial stability\nEconomic security compels countries to either invest in reserves or maximise the extraction through value-addition. We should be curious that countries which are the destination of raw minerals exported from Nigeria have humongous deposits of most of these minerals. The implication is that they are consolidating their reserves by depleting the reserves of other countries. One of the ways to ensure that Nigeria does not lose in this strategy of achieving global dominance is to discourage the export of raw materials and encourage the processing and refining of these raw minerals to feed the modern electrical industry.\nLet me commend many mineral extraction companies which have taken the bold step of industrialising their raw materials. We thank you for plugging into the future. To us, creating a domestic reserve for our processed minerals also has the financial advantage of supporting the stability of the Naira, our national currency in foreign exchange transactions. Heads or tails, we are sure to win.\nCommunity development agreements\nLast year, I launched the revised requirements for Community Development Agreements. It was the appropriate forum to appeal to holders of mining licences to ensure that they negotiate with the communities in their mining areas and sign the agreements which ensure that the communities benefit from the wealth created by their commonwealth. I wish to note, with dismay, that only 18 companies signed CDAs with their communities last year. We hope to enforce the implementation of the revised guidelines in the new year and those found wanting will face stiff penalties.\nConclusion\nLadies and gentlemen, it is indeed a great privilege to share, with you, the progressive strides of President Bola Ahmed Tinubu’s administration, in the solid minerals sector and our commitment to keep working night and day, to ensure that this sector becomes the main source of livelihood for our citizens. I call on you, gentlemen of the press, to join the crusade to make solid minerals the next petroleum of the Nigerian economy.\nThis is an address delivered by the honourable minister of solid mineral development, Dr Oladele Alake, at the first Solid Minerals Conference organised by BusinessDay Newspapers.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/forging-a-new-frontier-the-inaugural-solid-minerals-conference-by-businessday-newspapers/"}
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+{"doc_id": "dd41b2976519ac3fe03e383581b5f787", "text": "Obinna Chima and Nume Ekeghe write that Nigeria’s infrastructure deficit is a hindrance to sustainable economic growth but presents huge opportunities to investors\nInfrastructure financing plays critical role in promoting economic growth, improving standard of living, poverty reduction, enhancing productivity and in improving competitiveness.\nIt also contributes to environmental sustainability.\nClearly, Nigeria is currently faced with huge infrastructural gap that has hindered its desire to exploit its rich natural and human resources to stimulate its development.\nFor instance, in spite of the country’s huge oil and gas, sunlight and hydro resources, Nigeria cannot generate enough electricity to drive its development.\nIndeed, the country’s infrastructure deficit has stymied its economic growth. The challenges of the absence of critical infrastructure continue to impact negatively on the cost of doing business, investment, and capital inflow into the country.\nTo the acting Director General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwah, the total amount of funds required to provide quality infrastructure in Nigeria over the next six years is about $100 billion.\nIzuwah estimated that while about $60 billion would be required for the oil and gas sector; about $20 billion to revamp the power sector; $14 billion for road; and between $8 and $17 billion for rail tracks.\nSome other sectors that require huge investments include housing and highways, ports, airports, dams, bridges and tunnels, water and telecommunication.\nTo this, Izuwah and other experts that spoke at the 2017 annual conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos at the weekend, stressed the need to evolve creative options to generate long-term finance to tackle Nigeria’s infrastructural challenges.\nThe Nigerian Situation\nThe ICRC boss pointed out that Nigeria fairs poorly on domestic savings, investments and government spending compared with her peers.\nIzuwah said the federal government’s decision to concession most of the port terminals was a step in the right direction.\nAccording to him, Nigeria’s huge gap in infrastructure has over the years, diminished economic growth and competitiveness.\n“At present, the value of Nigeria’s infrastructure is about 35 per cent of Gross Domestic Product (GDP), paling in comparison with 70 per cent for larger economies,†he added.\nIzuwah said between 2009 and 2013, Nigeria invested a mere $664 per capita per annum in infrastructure or three per cent of GDP, compared with an average of $3,060 or five per cent of GDP in developed countries.\n“Less than 56 per cent of Nigerians have access to electricity compared to 80 per cent for developed countries. This level of access translates to an average of 24 hours in a week.\n“For over 75 per cent of businesses operating in Nigeria, power supply is a major constraint. Of the over 10,000 MW of Nigerian power sector generation capacity, between 2,500 to 3,500 MW is available for over 170 million.\n“Compares unfavourably with South Africa that generates 50,000 megawatts for a population of about 50 million,†he added.\nIzumah pointed out that about 68 per cent of all roads in the country are in deplorable condition, with only about 18 per cent of Nigerian federal roads paved.\n“Experiences from other countries show that primary financing by banks and refinancing through bonds is the ideal model for infrastructure funding.\n“Through this model, the focus of commercial and merchant banks in infrastructure financing should be on providing funding up to the pre-commissioning stage of projects.\n“Given their strong project appraisal and monitoring skills, and their healthy capitalisation, banks are well placed to take up financing in the pre-commissioning phase, when project risk is the highest.\n“After commissioning, banks must refinance the debt (through bonds) to long-term investors.\n“Refinancing frees up bank funds and enable these funds to be deployed in new infrastructure projects,†he added.\nThe President/Chief Executive of the Africa Finance Corporation (AFC), Mr. Andrew Alli, also stressed the need for the federal government to create the right environment to be able to attract private capital for infrastructure financing.\nAlli pointed out that federal and state governments’ fiscal inflows are grossly inadequate to match the pace of investments required in infrastructure.\nRepresented by the Vice President and co-head of advisory at the AFC, Fola Fagbule, Alli said that the Nigerian government ability to spend was limited due to its weak earning capacity.\nSpecifically, the power sector according to him, recently privatised, was still significantly government driven with challenges of transmission, gas supply, tariffs, payment security, and operational limits which has left the industry in critical state regarding suitability for long-term investment.\nThe overall effect of this according to the AFC boss is that Nigeria still struggles to provide an adequate supply of reliable power to its population of approximately 170 million people, as generation capacity was still about 3038 megawatts at March, 2017.\n“If we don’t have a cost reflective tariff, we will not have the kind of investment we want,†he stressed.\nAlli further expressed concern that despite its recent unbundling, “this industry is at a critical juncture in terms of privatisation, liberalisation and other conditions for long-term investment sustainability, both by public sector and private financiers. Both the public and private sides have fallen short of requirements to create a bankable and sustainable sector. â€\nSimilarly, he said the transport sector was largely financed by the federal government hence limited by annual fiscal constraints.\nThe end result in Nigeria Alli added was that roads and rail typically get the most attention, but funding is “poor and opaque.â€\nArguing that money is not the problem of infrastructure financing, Alli said other challenges that needs to be addressed include bad procurement processes, structural problems that make it difficult for investors to get value for money, funding structure, maintenance, tolling, among others.\nHe also frowned on inadequate attention which Nigeria pays to meeting the needs of specific investors and projects already in progress, or on creating policy incentives that will spur investments.\n“Even though the Country has proven gas reserves greater than oil reserves and world class deposits of tin, substantial iron ore and coal resources, unfavorable policies around pricing and access to acreage have limited infrastructure investment and development for several decades in Nigeria,†said the AFC boss.\nIn proffering solution to poor infrastructure financing, the AFC president said there should be major overhaul in approach, for large ticket billion-dollar projects to work.\n“We need to reduce significantly, the level of opaqueness in public procurement. We must establish the framework for private contractors to borrow against a contract. Ministries must spend more time developing contract that private capital can relate with. On natural resource, he said, significant amount of acreage are in the hands of those who have no real interest.\n“Everyone involved in the privatisation exercise has some blame to carry. We need to achieve a reset of the privatisation programme. We are not seeing an empowered regulator that can enforce what is agreed. Enforcement will be painful on both sides, but that pain is necessary,†Alli stated.\nAlso, the Chief Executive Officer, Rand Merchant Bank Nigeria, Michael Larbie, said clearer legal and regulatory framework, improved and efficient competitive bidding procedures, consistent sector policies, (e.g.tariffs regimes, rule of engagement), strengthened management of fiscal obligations and supportive regulatory environment are key in improving the quality of infrastructure in Nigeria.\n“Government must build a track record of public private partnership (PPP) performance to attract large sums of long-term funding from pensions funds and insurance.â€\nHe noted that deepening diversification of the Nigerian economy from oil, and development of higher value-added businesses, large consumer market and growing middle income families, were some of the opportunities in the Nigerian market.\nAccording to the RMB boss, resolution of poor electricity output would result in significant increase in productivity.\nTowards Better Infrastructure\nFor Larbie, some of the key success factors required in improving the pallid state of infrastructure in the country include eliminating the financial constraints by building a track record of PPP performance to attract large sums of long-term funding from pensions funds, insurances, etc.\nIn this regard, significant development of the capital market would be required. He also recommended priority access to forex for support of delivery of strategic public assets as well as the need for a central bank administered funds for infrastructure.\nHe also suggested that the government allocates “the risk to the party best able to manage it. Political risk must be adequately covered, including policy changes through political cycles.\n“Construction, operational, demand/market risk should be borne by the private sector. Forex certain Force Majeure events risk to be shared.\n“Government must ensure harmonious approaches among the government agencies and there should be clear role and responsibility with a capacity building for smooth implementation.\n“Government must allow for fair returns to private investors and provide budgetary support or guarantees when necessary,†he added.\nThe RMB boss also called for clearer legal and regulatory framework, improved and efficient competitive bidding procedures, consistent sector policies, (e.g. tariffs regimes, rule of engagement), and strengthened management of fiscal obligations.\nAlso, the Chief Executive Officer of Viathan Engineering Limited, Mr. Ladi Sanni, said there was need for more private capital to give infrastructure a facelift in the country.\nSanni said: “Part of the problem we have in Nigeria is contract sanctity. The judiciary has a role in interpreting the legal framework. Government needs to demonstrate that private investors can go in to long term investment with them.\n“Government bonds limits investment into high risk power project. We would like government to look at the issues of infrastructural bond.â€\nIzuwah who advocated increased PPP in the country, said private capital sanities corruption.\nCiting case studies in India, Kenya, South Africa, and even Zimbabwe, Izuwah said Nigeria requires stable, multi-year funding mechanisms.\n“PPPs cannot by themselves bridge the gap. Government spending needs to be more smartly deployed, to achieve the best value for money in any given project,†he added.\nHe however said there were a number of major policy constraints to private investment inflows into infrastructure in Nigeria, broadly categorised into three areas: tariffs and regulations; public procurement approach and investment climate.\nAccording to him, private capital is a force for good, saying a number of factors prevent Foreign Direct Investment (FDI) and cause diversion of capital to other countries where the investment climate is more favourable.\nPolitical will, according to him remains key to ensuring appropriate tariffs across sectors and projects, adding that most sub-sectors are still not open to investment specially rail and roads .\nHe added: “Enhancing the investment climate and clearing roadblocks to investor entry is one major area where FGN can make a direct, near-term impact.\n“We need a national infrastructure acupuncture plan. We need to choose the areas to put the pin. If we are not careful, our factor endowment can become a problem. Our total broad money is 20 per cent of our GDP.\n“Government money is 20 per cent of our GDP. When you combine logistics and lack of energy, your productivity goes south. A developed country is not where the poor has a car, but where the rich use public transport. Time waits for no one, so the concept of African time makes no sense. Transforming Nigeria is doable.â€", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.thisdaylive.com/index.php/2017/09/20/filling-nigerias-infrastructure-gap"}
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+{"doc_id": "ddea2ddd77f39596d23f2a08d5dba711", "text": "The sun paints the Zanzibar sky a fiery farewell, but the usual clinking chorus of nightlife is replaced by an unnerving silence.\nNot a bottle pops, not a cap flies, for paradise faces a chilling truth: beer, the lifeblood of its bars and beaches, is fast becoming prohibitively expensive.\nWhat began as a whisper of scarcity for popular brands like Kilimanjaro has morphed into an island-wide drought.\nStores struggle to keep shelves stocked, and prices have skyrocketed by almost 100 percent in Stone Town and tourist havens like Paje and Kendwa.\nLocal beers now command a steep Sh3,000 to Sh4,000 price tag, leaving both locals and tourists reeling.\n\"There's a real shortage,\" sighed a bar manager at Maisara. \"You can't be sure of having stocks, let alone at yesterday's price. We simply can't sell at the old rates.\"\nA liquor dealer, Mr Peter John Sige echoes the frustration, saying for the last two weeks, his business has battled a crippling lack of beer.\n\"This is our livelihood,\" he says, a hint of desperation in his voice. \"There are talks of changing agents due to regulations, but this sudden shift has thrown everything into chaos.\"\nMr Frank John Kahamu, a secretary at the Amani Alcohol Merchants Union, paints a stark picture.\n\"This shortage hits hard,\" he declares. \"Amani alone has over 3,000 people in bars, employed or self-reliant. If this continues, layoffs are inevitable. We can't keep paying wages with empty shelves.\"\nStabilizing the market, he warns, will be a long and painful journey, even after deliveries resume.\nThe sudden change in importers, he believes, has shaken the entire supply chain.\nTourist hotels in Nungwi, Kendwa, and Paje are bearing the brunt of the crisis.\nGuests accustomed to sunset sips find themselves facing dry taps, adding to the growing disappointment with the island's current state.\nThe businessmen say the root of the problem lies with the Zanzibar Liquor Control Board (ZLCB).\nTheir delayed permits for the three established importers - One Stop, Scotch Store, and ZMMI - sparked the initial hiccups.\nBut, a more drastic decision followed on January 2, 2024, the board refused to renew licenses for these seasoned players, who had served the islands for over two decades.\nNewcomers were granted licenses, but they remain empty shells, yet to bring in a single bottle.\nThe Citizen's investigation reveals a lengthy vetting process for new importers, as they need to comply with manufacturers' code of conduct.\nThis, observers fear, could prolong the agony, potentially taking up to six months.\nImporters pay a hefty Sh30 million annual fee to the board to be licenced and Zanzibar law also demands importers be Zanzibari residents with a clean tax record, a warehouse, and a delivery vehicle.\nEfforts to reach Liquor Board chairman Juma Chum proved futile. Phone calls went unanswered, texts, too, were not replied.\nThe sudden policy shift hangs heavy in the air, an unanswered question mark looming over Zanzibar's parched shores.\nThe first official alarm bell was rung by former Minister of Tourism and Heritage Simai Mohammed Said.\nMeeting with tourism stakeholders last week, he painted a stark picture of Zanzibar's dependence on tourism, a sector contributing over 30 percent of the island's Gross Domestic Product (GDP).\n\"We've seen the board's decision,\" he said, frustration in his voice. \"Hotels face shortages, businesses struggle. I urge investors to remain patient while we seek for solutions.\"\nAccording to him, efforts to reach the Liquor board chairman for the stakeholders’ meeting on that day did not bear fruit.\nZanzibar's thirst for normalcy remains unquenched. The familiar clink of glasses, the laughter echoing from bustling bars, has been replaced by an anxious murmur with no end in sight and for now only time will tell.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nation.africa/africa/news/zanzibar-s-beer-price-spikes-amid-importer-shakeup--4521646"}
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+{"doc_id": "de005b0bc117ed0a27e1465cc98d8bd7", "text": "The acquisition of the Federal Government’s (FG) 40 shareholding in electricity distribution companies (DisCos) by the Ministry of Finance Incorporated (MOFI) has sent shockwaves through the Nigerian power sector.\nWale Edun, minister of finance and coordinating minister of the economy, in an Order, dated January 10, directed the board of directors of the MOFI to assume ownership, control, and management of all equity holding of the Federal Government of Nigeria in Nigeria’s 11 DisCos.\nEdun also directed MOFI to “Assume ownership, control, and management of all equity holding of the Federal Government. of Nigeria, as contemplated and provided for by law and/or any contract; and issue all appropriate notices, instruments, and documents which are required to give effect to this directive”.\nWhile some see it as a long-awaited step towards privatization and improved efficiency, others are raising concerns about several knotty issues surrounding the deal.\nHere are four knotty issues surrounding this:\nContravention of National Economic Council and NCP decisions\nIn 2011, the National Economic Council (NEC) and the National Council on Privatisation (NCP) reached specific decisions regarding State and Federal Government shareholdings in the DisCos. These decisions, ratified in 2012, addressed issues like state valuation, individual State equity caps, and the non-interference of Government in DisCo management.\nA document seen by BusinessDay which expressed the views of some legal experts said MOFI’s actions appear to directly contradict these established agreements, particularly regarding the withdrawal of BPE directors and the re-issuance of share certificates.\nState Government stake disregard\nStates were allocated specific equity rights in DisCos based on 2018 NERC valuations.\nExperts said MOFI’s takeover attempt appears to ignore these allotments and disenfranchise state governments. Additionally, in some DisCos like Port Harcourt, the federal government reportedly has no shares and owes states money for past equity sales.\nPotential violation of shareholders’ agreements\nEach DisCo has a Shareholders Agreement signed by the federal government, state governments, and core investors. Legal experts said these agreements likely contain provisions for share transfer and management changes, which must be adhered to.\nExperts said MOFI’s unilateral takeover attempt, without consultation or consent from other shareholders, could be considered a violation of these agreements and potentially trigger legal disputes.\nLack of transparency and due process\nThe document circulated by MOFI lacks clarity and raises questions about the process followed for this decision. Transparency and proper procedures are crucial for any government action, especially involving significant assets and contractual agreements.\nExperts said the apparent disregard for established procedures and the lack of communication with other stakeholders raise concerns about MOFI’s intent and the potential implications for DisCo operations and governance.\nUnclear motives with the new electricity act\nThe recent Electricity Act allows for increased state participation in DisCos.\nLegal experts said it is unclear why MOFI seeks to maintain FGN control through itself or BPE instead of facilitating state involvement as envisioned by the law.\nStakeholders in Nigeria’s power sector urged MOFI and relevant authorities to address these concerns through open dialogue and adherence to established regulations.\nThey said a transparent and legally sound approach is crucial for ensuring continued stability and development within the Nigerian electricity sector.\nMOFI restructuring as FGN asset manager\nIn a three-page statement on Monday, January 15, MOFI said it is taking significant steps to ensure that FGN assets deliver full value to the country.\nMinistry of Finance Incorporated said it would also develop and implement policies and regulations that ensure the creation and management of assets from debt-related transactions; develop and implement policies and regulations that ensure the creation and management of assets from concession-related transactions; and create a robust pipeline of FG-owned and FG-linked investment opportunities.\n“MOFI’s resumption of its rights of management of the FG’s 40 percent shareholding in the eleven electricity distribution companies and the various equity stakes in related energy sector companies is an essential element of this consolidation. It will drive operating efficiency, best corporate governance practices and ultimately maximise the value derived from these electricity assets, in alignment with President Bola Ahmed Tinubu’s economic growth agenda,” MOFI further said.\nThe Nigerian Electricity Regulatory Commission (NERC) had on January 8 put up for sale the Kaduna DisCo, the sixth largest power distribution utility over a $130 million debt, less than two years after the lenders who took over the company failed to turn it around and make it profitable.\nThe power distribution company owes N110 billion ($130 million) to companies including the Nigerian Bulk Electricity Trader and power generation firms.\nThe federal government, AMCON and some banks were forced to take over Kano Electricity Distribution Company, Ibadan Electricity Distribution Company, BEDC Electricity Plc, Kaduna Electric, and Port Harcourt Electricity Distribution Company at different points due to alleged poor performance and liquidity crisis.\nIn a bid to tame the above development, MOFI said “In the past 24 months, and particularly since the amendment of the MOFI Act by the Finance Act, 2023, MOFI has been reformed and restructured from a Unit in the Office of the Accountant-General to a full-fledged public sector (FGN) asset management corporation.\n“This arose from the recognition that FGN assets across practically all economic sectors nominally valued at very significant sums were largely moribund or grossly underutilized and poorly managed. Consequently, it was determined in 2021 by the then Minister of Finance, amongst other relevant decisions, that MOFI would adopt a new, value-driven strategic direction in aggregating and managing FGN assets”, MOFI said in the statement.\n“It was further determined that in line with global best practice, MOFI would take on an expanded and more active role, not to directly take over and run the corporate entities created around these FG assets but rather to work with its co-promoters and co-shareholders to develop and implement corporate policies and practices that ensure that these assets are operated for maximum value. This revitalised strategy is underpinned by a three-point agenda of establishing and confirming state ownership, professionalising state ownership and strategic resource mobilisation and investment.\n“The process of reform and restructuring leads to the consolidation and assumption of the ownership rights of MOFI’s shareholdings across various asset classes. This strengthens the FG’s shareholder rights and ensures that entities in which MOFI holds equity stakes fulfil their socio-economic responsibilities and generate substantial financial returns for the FGN.\n“MOFI’s resumption of its rights of management of the FG’s 40 percent shareholding in the eleven electricity distribution companies and the various equity stakes in related energy sector companies is an essential element of this consolidation. It will drive operating efficiency, best corporate governance practices and ultimately maximise the value derived from these electricity assets, in alignment with President Bola Ahmed Tinubu’s economic growth agenda,” MOFI further said.\n“MOFI extends its gratitude to the BPE for its stewardship of these shares. As a reformed and active entity, MOFI is taking significant steps to ensure that these assets deliver full value to the country. We look forward to collaborating with our key stakeholders and, through our concerted efforts, making a tangible impact in contributing to a thriving, resilient and growing Nigeria,” the statement reads.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/four-knotty-issues-around-mofis-takeover-of-fgs-stakes-in-disco/"}
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+{"doc_id": "de07cc8683225e87450651c634fde18a", "text": "The Bank of Ghana (BoG) is forecasting a peak in inflation later this year before trending back towards the medium-term horizon.\nAccording to the Central Bank, this is due to the risk to the inflation outlook as result of increased commodity prices, particularly crude oil.\n“The rest are heightened supply chain disruptions, and the over 20% increase in utility tariffs set to kick in from 1st September, 2022”.\nThe warning was contained in an address by the First Deputy Governor of the BoG, Dr. Maxwell Opoku Afari read on his behalf by Dr. Philip Abradu Otoo, Director of Research at a Financial Literacy Workshop for Journalists in the Northern Zone of Ghana.\nThe two-day training workshop was organised for selected Business and Financial Reporters in Tamale, Northern Region.\nIt was under the theme: “Sustaining the Recovery: The Role of the Journalist in Building Confidence”.\nImplications\nIt is not clear for now what the forecast by the Central Bank will mean for the current rate of inflation pegged at 31.7% in July 2022.\nSome observers have said it could show that the trend will go up further in the month of September and October 2022.\nBy this, some have observed whether if the Monetary Policy Committee of the Bank of Ghana will hike the policy rate again to deal with the fresh challenge.\nThe Bank of Ghana recently justified the increase in the policy rate to 22% because of threats to the inflation rate outlook.\nFinancing government\nThe First Deputy Governor noted that the Central Bank’s overdraft to government has helped close the financing gap as reflected in the Mid-Year Budget review.\nThis challenge, the Dr. Opoku-Afari, said is as a result of the access to the international capital market and given the constrained domestic financing.\n“It is expected that the ongoing policy discussions with the International Monetary Fund (IMF) will help address the underlying macroeconomic challenges, restore fiscal and debt sustainability, and re-anchor sustainable balance of payments”.\nBanking sector development\nThe First Deputy Governor was quick to add that the remarkable resilience of the banking sector over the last two=year period could be attributed to the comprehensive financial sector reforms that took place before the Covid-19 pandemic struck in 2020.\n“The sector has since remained liquid, profitable, and well-capitalised”, he noted.\nDr. Opoku-Afari added that the industry’s measure of solvency, the Capital Adequacy Ratio, has remained well above the revised regulatory 13% prudential limit\nTraining for Journalists\nDr. Opoku-Afari highlighted the role of the media “during periods of heightened uncertainty when all kinds of news including fake news are rife on social media, even at times within mainstream media”.\n“The spread of such misinformation has the potential to jolt financial markets and create panic among the general public with dire implications for financial stability”, he added.\nThe training workshop was aimed at equipping journalists with a better understanding of issues including monetary policy formulation, inflation targeting, forex trading and the foreign exchange market, balance of payments and the BoG’s eCedi.\nThe training workshop is part of efforts by the Central Bank to build a strong pool of financial and business journalists who will help the public to appreciate and understand its programmes and policies.\nThe participants at the workshop were drawn from the Northern, Upper East, Upper West and East Regions.\nThe Central Bank in June 2022, organized a workshop for journalists in the southern zone\nLatest Stories\n-\nRex Omar suggests tenure of Ghana’s presidency be made six years\n-\nAfrican Games 2023: Athletes guaranteed safety – Sports Minister Assures\n-\nBorteyman Complex to be converted into University of Sports for Development after African Games\n-\nTontokrom clash: Asanko Gold intimidating us with ‘machomen’ – Chief claims\n-\nThe formation of Ghana National Gas Company\n-\nAfrica Games: Golden Arms target gold medals, receive boost from NHIS, HD+, KOFATA and others\n-\nGlobal Sports Icon, Ed Moses to grace launch of interactive exhibit celebrating Africa’s sporting heroes\n-\nRwanda: The African Development Fund commits $12 million to the rapid operationalization of the African Pharmaceutical Technology Foundation (APTF)\n-\nFirst Africa Agriculture Investment Summit comes off on March 16 in London\n-\nAfrican Games infrastructure cost $195 million – Sports Minister\n-\nBonwire Kente weavers call for establishment of local thread factory for sustainability\n-\nWe have never been serious about addressing unemployment – Prof. Baah Boateng\n-\nChanging Mindsets: World Hearing Day 2024 advocates for Inclusive Ear and Hearing Care\n-\nAcademic City host top companies for Career Fair\n-\nWhy African producers are pondering ‘what comes next’ as streamers shift course", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/bog-warns-inflation-may-peak-later-in-2022-due-to-threat-to-outlook/"}
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+{"doc_id": "df24382ce4b5cf953dfe7ddc2f5a091f", "text": "Health experts advocate insurance coverage for IVF treatment\nHealth experts have called on government to support Nigerians who have fertility challenges by providing insurance coverage to access In Vitro Fertilisation (IVF) treatment.\nThey lamented that government has not taken fertility treatment seriously, as many insurance companies in the health sector belittle or overlook infertility and don’t want to get involved in IVF treatment.\nChief Medical Director of Deda Hospital, Dr. Sunday Onuh, who stated this during launch of the radiography unit of the hospital, disclosed that, in January, the medical unit of the Central Bank of Nigeria took a step to sponsor staff with challenges in childbirth, particularly those with primary infertility.\nHe said: “Insurance generally, either National Health Insurance Scheme or private health insurance, none have delved into infertility, and that is an area government can come in and help the masses.”\nOnuh also lamented the high import duty on IVF products, which has made cost of treatment very high and called on the Federal Government to reduce import duty on the products and provide foreign exchange (forex) to import them, so that people could stop patronising the black market, thereby making IVF more affordable.\nHe said: “These are ways government can come in and make things affordable. If import duty is so high, exchange rate is high; the cost to the consumer will be high. But if those things go down, cost to the consumer will be low.”\nSpeaking on the newly acquired Magnetic Resonance Imaging (MRI) machine, the CMD said: “The MRI machine can compete with any other in the world because it is the latest specification for MRI and makes medical imaging conspicuous with sharp imaging, when you need to make diagnosis with sharp imaging. It’s much faster than the specifications that have been in existence.\n“The better the imaging the lesser the time you need to subject the patient of going through the machine. The resolution is very high and clear and you don’t have to be over-specialised before you can interpret the results.\n“Before now, we have been sending patient out and they come back with stories of how they were delayed, but now with the speed you can get things done same day. This makes diagnosis fast and instituting treatment promptly makes it easier for us and also for the patients.\n“As a hospital and also as a unit, we have plans to expand our radiology department and it does not just stop at MRI, there are other areas we are looking to go into in the near future. We want a one-stop kind of hospital where all the departments are represented; we have been building on it gradually.\n“We only recently introduced the plastic surgery unit, where we have done major plastic surgery with fantastic result. We also do vaginal rejuvenation where in one who has some tear that has not healed, we have been doing a lot of reconstruction. The area we want to go into is using laser machine for the rejuvenation to bring back the tone of the vagina,” he stated.\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/features/health/health-experts-advocate-insurance-coverage-for-ivf-treatment-2/"}
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index 0000000000000000000000000000000000000000..ad224f5644763b2ff9116b34ccbd6c94a9b55d06
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@@ -0,0 +1 @@
+{"doc_id": "e106994cab44d13f727c3ea74e7f5e89", "text": "The embattled residents of the Thembelihle informal settlement, south of Johannesburg, have decided to suspend their protest action and heed Gauteng provincial minister Humphrey Mmemezi’s call for further negotiations.\n“We will meet him [on Wednesday] and if we don’t get a positive outcome, we are going back to the street,”said Thembelihle Crisis Committee spokesperson, Bhayiza Miya.\nMmemezi’s spokesperson, Motsamai Motlhaolwa, could not be reached to comment about the meeting.\nMiya said Thembelihle residents had since forged a working relationship with members of the Indian community from neighbouring Lenasia who are in favour of negotiating with the government rather than continuing the protests, which have not yield any positive results.\nMmemezi’s address to the residents last week suggested a bleak future for the Thembelihle settlement, which has stood for over 20 years. He told them that the government could not build houses in the land because it is a dolomitic area, a statement that angered the residents even further.\n‘Conduct a proper study’\nMiya said although the residents were prepared to negotiate, they wanted a proper study completed that must show why the government cannot rehabilitate the land for housing, before they can agree to relocation.\nKhalil Ebrahim, one of the Lenasia residents who has decided to join forces with the Thembelihle residents, said it was important to stand by one’s neighbours.\n“We have a working relationship [with Thembelihle] in a sense that we want people to understand — we are all South Africans. We have one voice,” he said.\nOn the first day of protest, parts of Lenasia were left in the dark after the protesting residents burnt down three substations supplying power to their neighbours but Ebrahim said they were more concerned with the plight of the people of Thembelihle than the lights being off. “We know what it is like to live without electricity.”\nHe said the only way forward is negotiation with government because the violence had not achieved anything.\n“We need true leadership, people who can stand their ground and do what’s right for the community,” said Ebrahim.\nPrimary demands\nWhen the residents started the protest action, their main demands were for electricity, proper housing, roads and better sanitation.\nViolence broke out on the first day: residents hurled stones at police and vehicles passing by on the Klipspruit Valley Road, and barricaded entrances to the squatter camp with rocks and burning tyres.\nReports emerged of a 15-year-old girl who was trampled by protesters fleeing the police, and an 11-year-old boy who was hit by a stray rubber bullet. On the third day, residents accused the police of brutality, after a resident, Lloyd Baloyi, was allegedly shot by police while in his shack.\nOther allegations included police shooting residents with rubber bullets and teargas while they were inside the settlement, and some residents claimed the police had physically pulled them from shacks.\nBaloyi was admitted at the Chris Hani Baragwaneth Hospital on September 7 and discharged at the weekend. His brother Shadrack said this week that Baloyi still could not walk and an attempt to open a case with the police was unsuccessful.\n“They said in order to open a case he [Lloyd Baloyi] must accompany me.”\nLawyering up\nMiya said residents had around 30 cases to open against the police, and they were meeting their lawyers on Friday.\nHowever, Lenasia police again dismissed reports of police violence.\n“That’s mere speculation. There are also speculations that shots were fired from the residents’ side. I think those are to be subjected to investigations,” said Lenasia station commander, Ngwako Masao.\n“You see what we have to put across there is that we cannot allow, as the police, a situation where some individuals take advantage of service delivery protests and see it as an opportunity to commit crime.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://mg.co.za/article/2011-09-13-lenasia-residents-take-up-thembelihles-cause/"}
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index 0000000000000000000000000000000000000000..6c856996101b847aa44ded5da365c1c2deadba7c
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@@ -0,0 +1 @@
+{"doc_id": "e2cf4014dfd996e55de31b7b8eead8c4", "text": "Old Mutual’s has made an expansion drive into Sub-Sahara where it intends to deploy $500 million of investments in, asset management, insurance with acquisitions in Nigeria and Ghana.\nTo this end, Old Mutual plc has appointed Adiba Ighodaro, UK based Nigerian and partner with Actis a non-executive director in the 168 year old organization.\nAlso joining the board is Zoe Cruz, former co-president for Institutional Securities and Wealth Management at Morgan Stanley.\nPatrick O’Sullivan, chairman of Old Mutual Plc, said: “We are very pleased to welcome Zoe and Adiba to our Board. Zoe’s extensive experience of international financial markets and asset management will provide us with additional insight into these important areas of the Group’s business, while Adiba’s deep knowledge of investing and operating in sub-Saharan Africa will widen the Board’s ability to evaluate opportunities as we pursue our strategy of expanding further into this region.\n“With these appointments, we now have a Board which reflects substantial diversity in terms of skills, experience, geography and gender. The composition of the Board has been structured so as to match and support the evolution and focus of the Group’s strategy.”\nAdiba Ighodaro responding to her appointment said “No other group of its kind is better positioned to expand its activities across rapidly growing markets in the rest of Africa. Joining the Board at this juncture and contributing what I can to solidifying this growth will be a privilege.”\nAdiba is currently a Partner with Actis, an emerging markets investment firm. Adiba obtained a law degree in London, and was called to the UK Bar before moving to Nigeria, where she also qualified at the Nigerian Bar and worked initially in private practice. She then joined the Commonwealth Development Corporation (CDC) in 1991, first in London, and later in Lagos, with a remit to establish CDC’s Nigerian business. In 1995 she moved her focus to the Caribbean as a Senior Investment Executive and Investment Manager of CDC, helping to obtain investment for and dispose of some of the company’s interests in Africa and the Caribbean. Later she became CDC’s Country Manager for Nigeria. She also became Head of West Africa, with responsibility for building the investment business of its Actis unit across the region.\nActis was spun out of CDC in 2004, resulting in Adiba’s role changing primarily to raising investment funding including for Actis’s $3 billion Global Emerging Markets Fund and $1.2 billion Infrastructure Fund.\nAdiba was a founding Board Director and Investment Committee member of Capital Alliance Private Equity Limited, Nigeria. She has also contributed extensively to various think tanks, including the Nigerian Economic Summit Group, the Privatisation Committee and the Nigerian-South African Business Council. She has an LLB from Kings College University of London and a Certified Diploma in Accounting & Finance (ACCA).\nOld Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.\nIn the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 billion of funds under management from core operations.\nBy: Modestus Anaesoronye", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/analysis/article/old-mutual-drives-investment-expansion-into-sub-sahara-africa/"}
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index 0000000000000000000000000000000000000000..423564ef1430b7c5920371e5ea723a76ba012ec0
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@@ -0,0 +1 @@
+{"doc_id": "e3410ec5c31736994e0db4f7f695fd91", "text": "Quick cash and easy credit is available everywhere you look, but as SA faces off against a vicious credit storm, the new credit amendment bill presented by the ministry of trade and industry doesn’t go nearly far enough to reform a reckless industry. By MANDY DE WAAL.\nIn a bit of a spot and need some money? It is so quick easy to get access to cash these days – you hardly even have to leave home. If you’ve been employed for two months or more and are over 18, you can get a loan from Qwiek Loans even if you’ve been blacklisted.\nWalk into Standard Bank and the tellers are wearing T-shirts emblazoned with the words “Need A Loan?” Worse, if you earn as little as R1,000 a month, the blue bank suggests that you can qualify for “up to R300,000 with a Standard Bank Personal Loan”.\nTurn on the TV and a Cash Converters commercial asks: “Do you need instant cash? Payday Advance™ is an instant cash loan against your next salary.” Cheery music plays in the background of the ad which invites viewers to SMS “CASH” to a number to get information on how to get “instant cash”.\nWith offers of quick and easy cash, and consumers feeling the pinch, it is hardly surprising that South Africa is being consumed by a credit crunch. Take a quick look at Reserve Bank data to see the extent of the crisis. From 1994 to 2010 South Africa’s exposure to credit in the private domestic sector increased from R230 billion to close on R2.1 trillion.\nCredit extension to SA’s private, domestic sector:\nThen take a look at the Consumer Credit Market Report issued by the National Credit Regulator (NCR), which offers insight into how much credit is being granted nationally, and offers data on SA’s total debtor’s book. The report paints the picture of a nation that is becoming increasingly indebted.\nThe NCR’s December 2012 credit market report shows that the value of credit granted to consumers increased by R10.22 billion (9.31%) from R109.72 billion for the quarter ended September 2012 to R119.94 billion for the quarter ended December 2012. The value of the outstanding gross debtors book increased by R52.30 billion (3.76%) from R1.39 trillion to R1.44 trillion during the same period.\nThe National Credit Act, which was passed by Parliament in March 2006, and which became law just over a year later, was (in part) supposed to address reckless lending and to promote responsible credit granting. It was aimed at protecting consumers whilst making banking services more accessible, but instead what this country is witnessing is little more than a giddy addiction to credit, fuelled by an industry that’s finding the fat in unsecured loans.\nTo plug the lacunae in the act, Minister of Trade and Industry, Rob Davies, has published the ‘National Credit Act Policy Review Framework’, and is asking for comments on the draft credit amendment bill.\nThe bill is supposed to tackle reckless lending with a raft of mechanisms that include proposals for enhanced consumer education and literacy, and proposing standards assessing credit affordability. But this is where consumer advocacy groups and rights lobbyists should stand up and be counted, because it looks like this draft bill doesn’t go nearly far enough to stem SA’s credit tsunami.\nLawyer and consumer credit expert, Stephen Logan, says that there are a number of crucial issues not tackled by this bill. “The policy document talks about the investigation of caps, but the reality is that the pricing of credit is greatly undermined by the failure to cap credit life insurance, and subsequently the pricing caps in the National Credit Act are robbed of their efficacy. What’s happened is that some credit providers even offer loans with no interest rate, and make all their money on credit life insurance. The gullible consumer is happy because they think they have a no-interest rate loan, but the cost of the initiation of the loan, the administration of the fees, and the cost of the credit life insurance more than makes up for the fact that there is no interest,” says Logan.\n“The biggest problem is that the total cost of credit is still not being fully disclosed, even though this was the clear intention of the National Credit Act. The total cost of credit is still not being disclosed because credit life is not being capped,” Logan adds.\nThen there’s the matter that debt counselling as a debt relief remedy is not ideal for everyone. This works when the person being counselled has an income which allows for expenses to be cut away to find funds for the repayment of debtors, but what about those without an income or assets? “If a person doesn’t have an income they fall between sequestration and debt counselling, and there is currently no rescue for these people,” Logan explains.\n“The remedy elsewhere in the world is called NINA, which stands for ‘no income, no assets’. The basis of this is to request that in the event of a debtor not having any income or assets, they go to court and request that for a three-year period they not be required to make payment on any debts, and this is an interim order. If after three years the person still has no income or assets and can’t pay back the debt, the debt is written off entirely,” Logan says. There are a significant number of these people caught in credit traps, and Logan says that introducing a suitable remedy would be relatively easy in terms of the National Credit Act.\nConsumer groups should also be getting behind the provision that grants the NCR the ability to investigate reckless credit mero motu – or of its own volition. “The problem at the moment is that the National Credit Regulator cannot prosecute reckless lending because it needs to go through a process where a debt counsellor recognises this as part of a debt counselling process. This has stopped reckless lending from being properly prosecuted. You have cases where it is quite clear that there is reckless lending, but action can’t be taken directly,” says Logan.\nThe co-author of The Credit Guide with Nicky Campbell, Logan consults to the National Credit Regulator and other stakeholders in the credit industry on the best practice regarding the application of SA’s National Credit Act. In 2012 Logan was appointed by the Department of Trade and Industry and the National Credit Regulator to investigate the proposed credit information amnesty, in order to find a responsible means of reducing credit impairment.\nLogan further suggests that credit providers be forced to offer credit literacy information with messaging that emanates from the regulator in outlets and online. “The requirement for banks to do financial literacy has been a farce, and this has largely been used as a marketing exercise to promote financial services even more.”\nParliamentary correspondent Pam Saxby of Legalbrief Policy Watch also points out a number of issues. She writes that the draft policy review document acknowledges that reckless lending requires attention. “Challenges for which no solutions are proposed at this stage include dealing with debt and over-indebtedness; debt collection (which does not fall within the scope of the Act); the fact that some consumers do not qualify for any forms of debt relief; the extent to which the debt relief process has been compromised by conflicting judicial interpretations and the availability of proficient debt counsellors.”\nWhen it comes to consumer credit, South Africa has its back against the wall. Reserve Bank stats show that a significant number of consumers use much of their disposable income to service debt and that unsecured lending is what is largely driving the debt spiral. To change this situation, the draft bill doesn’t go nearly far enough in combatting a situation that’s already out of control. DM\nRead more:\n- National Credit Regulator bares its teeth, by Ciaran Ryan at Acts Online\n- Capitec in breach of law, says watchdog at Fin24\n- Download the National Credit Act Policy Review Framework 2013\n- Download the Draft National Credit Amendment Bill 2013\nPhoto by Reuters.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.dailymaverick.co.za/article/2013-06-04-south-africans-are-sinking-under-debt-and-the-credit-amendment-bill-wont-pull-us-out/"}
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index 0000000000000000000000000000000000000000..9a0b9b1e5955a9f5093a94a09381e2064199e49b
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "e4cb8ae71952c77060df46185d37eb88", "text": "Shortly after taking office in May, President Bola Ahmed Tinubu declared a “State of emergency” on food insecurity in the country. Considering the conceptual meaning of state of emergency when it is declared by the constituted authority, it gives the impression that the government really wants to devote special attention and resources towards an issue.\n‘A get it done by all means’ approach, so to say. As a result of this, the declaration was seen by Nigerians and experts as a progressive metric to boost agricultural productivity and reduce the surge in prices of major staple foods in the country.\nAt the time, Dele Alake, as a presidential spokesperson, highlighted some of the specific steps to be taken by the government in the implementation of the state of emergency. These include the immediate release of “fertilisers and grains to farmers and households” and protecting “farms and the farmers so that farmers can return to the farmlands without fear of attacks.”\nAccording to him, the president was not unmindful of the rising cost of food and how it affects the citizens. While availability is not a problem, affordability has been a major issue for many Nigerians in all parts of the country, he said.\nDespite measures put into place to curb the escalation of food insecurity in the country, the rise in cost of food persists as seen in the 18-year all time inflation rate of 26.72 percent in September, now 27.33 percent in October. More especially with food inflation accelerating to 31.52 percent on a year-on-year basis from 30.64 percent in the previous months, according to the National Bureau of Statistics (NBS).\nThis rising cost of food has affected the purchasing power of Nigerians thereby adding to the worsening surge in the cost of living, throwing a significant number of Nigerians into abject poverty and as reported by World Poverty Clock that 71 million Nigerians are extremely poor.\nHere are the core catalysts of Nigeria’s current food crises;\n1. Border closure\nA month after Nigeria signed the African Continental Free Trade Agreement (ACFTA), Muhammadu Buhari, as President of Nigeria, closed the land borders with Benin, Chad, Cameroon and Niger on August 19, 2019.\nAccording to him, Petroleum and rice were the two most frequently smuggled commodities into the country. There was a significant amount of petroleum being smuggled out of Nigeria, where subsidies make fuel half as cheap as its neighbours.\nOn the other hand, Benin, via its Cotonou port, stood accused of flooding Nigeria with rice imported from Asian countries. A variety of other commodities are also smuggled into the country, including cooking (vegetable) oil, poultry, tomatoes, flour, and pasta.\nIn the years following the closure of Nigeria’s border and its rapid implementation, inflation has increased significantly. The NBS’ inflation report in November 2019, showed that year-over-year food inflation increased from 13.2% in August 2019 to 13.51% in September 2019 and then 14.09% in October 2019.\nRice, frozen fish, poultry products, cooking oil, and cereals saw the highest increase from 11.24% in September to 11.61% in October. As a result of the closure, shortages of materials imported from Nigeria have also occurred in neighbouring countries, which has led to concerns about the consequences of trade liberalisation.\nThe Economic Recovery and Growth Plan for Nigeria in 2017 aimed to intensify investments in agriculture. Furthermore, it aimed to increase the sector’s contribution to economic growth to 8.4% by 2020 from 5% in 2017. The goal was to restore domestic farming and save over $22 billion per year on food imports. It could be described as a precursor to the closure of the border, which claimed to be protecting local farmers from the effects of cheap imported foods.\nRice farmers in Nigeria have been pleased with the actions taken by the government, but concerns remain about the capacity of domestic food production to meet local demand. As a result of the border closure, the price of a 50-kilogram bag of rice has increased from N22,000 as of 2019, and now N55, 000 on average in 2023.\n2. Unstrategic removal of subsidy\nSix months ago, during the inauguration of President Bola Ahmed Tinubu, he courageously announced the end of the corrupt petrol subsidy with the words, “Fuel subsidy is gone.” Filling stations promptly reacted by shutting down amid concerns about the future.\nDays later, the fuel price increased from N185/litre to about N323.6, reflecting an average increase of 174.6 percent. Currently, the economic consequences of this decision continue to manifest, exerting more pressure on fuel price, averaging N617 across filling stations and about N560 at NNPC stations.\nThis has significantly increased transportation costs, directly impacting agricultural production. Transportation is vital for getting agricultural products from farms to the table. With rising transportation costs leading to increased pricing for goods and services, farmers now face higher costs, resulting in them charging more for their goods. As the cost of producing food rises due to higher transportation expenses, consumers ultimately pay more for food.\n3. Insecurity\nViolence, armed banditry, and kidnappings are taking a toll on food access in Nigeria, particularly in the northern regions, where substantial food production occurs. Currently, 8.4 million people in these areas are facing food insecurity, according to an article in The Conversation.\nBoko Haram terrorists, bandits, and armed herders have compelled over 78,000 farmers to abandon their farmlands in states like Borno, Katsina, Taraba, and Plateau. More than 2,000 Benue farmers were displaced, disrupting farming activities in affected regions.\nThe Cadre Harmonisé’s recent report on food and nutrition, supported by the government and the United Nations, delivers alarming news for Nigeria. It predicts a staggering increase in vulnerability from the current 18.6 million people facing food insecurity (between October and December 2023) to a daunting 26.5 million in 2024—a whopping 42.47% rise.\nSeveral factors contribute to this concerning trend. Ongoing conflicts, climate change impacts, surging inflation, and the rising costs of both food and essential goods, compounded by the devaluation of the naira and the end of the fuel subsidy, play a role in the crisis.\nAs insecurity tightens its grip on the nation, the outlook for food security becomes increasingly precarious. The clock is ticking, and urgent action is needed to avert a looming catastrophe.\n4. Climate change\nIn the heart of Nigeria, where agriculture sustains nearly two-thirds of the workforce, an ominous vulnerability to climate change is rapidly unfolding, with weather patterns—especially rainfall—holding the key, according to the Food and Agriculture Organizations (FAO), United Nations.\nAs one of the nations most exposed to the perils of climate change, Nigeria has endured a litany of environmental crises, from scorching temperatures and gully erosion to crippling droughts and surging floods.\nIn 2022, the country recorded some of its most catastrophic flooding episodes since the infamous 2012 Nigeria floods. The deluge left an indelible mark on 33 out of Nigeria’s 36 states.\nAccording to The New York Times, over two million people bore the brunt of this disaster, witnessing the complete or partial destruction of 200,000 homes, the loss of hundreds of lives, and the displacement of over a million souls.\nThese tribulations have not only drained precious resources but have also disrupted agricultural productivity—a financial lifeline for countless Nigerians.\nIn the aftermath, an analysis by the World Weather Attribution group pointed an accusatory finger at climate change, attributing the heavy rains that triggered the floods to this global menace. The calamity ravaged thousands of hectares of farmland, worsening Nigeria’s already dire food insecurity crisis. The agricultural sector bore the weight of approximately $2 billion in damages, with crops destroyed in the deluge.\nBeyond the floods, the arid landscapes of the northwest and northeastern regions grapple with the formidable adversaries of drought and land degradation. These challenges strike at the very heart of food security, as dwindling water availability for crops compounds the threats.\nWith the intensification of climate change, Nigeria’s agriculture faces an ever-escalating threat, demanding urgent attention and adaptive measures. The time for action is now as the nation’s ability to feed its people hangs in the balance.\n“This rising cost of food has affected the purchasing power of Nigerians thereby adding to the worsening surge in the cost of living”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/catalysts-of-nigerias-worsening-food-crisis/"}
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index 0000000000000000000000000000000000000000..7f4a5622402c1905f3b99edfa8719657410d3be8
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "e4f36f8bd6b12dfaeba9ac278c6912f2", "text": "Many South Africans did not think getting disability coverage was necessary for them, either due to financial reasons or simply because they believed they would not need it, according to Insurtech start-up YuLife.\nYule said should an accident occur, depending on the severity of the disability, research showed that some individuals were unlikely to still be employable.\nAccording to the World Health Organisation (WHO), one in six people worldwide has a disability. This number was estimated to be much higher in South Africa. According to the organisation, people with disabilities were more likely to live in poverty, have lower levels of education, and be unemployed.\nDespite this, there have been some positive strides made to create awareness of disabilities, such as disabled fashion designer Laura Wagner-Meyer’s decision to enter Miss SA 2023. Recently, South Africa and India also signed a memorandum to cooperate on developments in the disability sector, break down the persistent stigma surrounding disability, and address the continued lack of resources to light all the work there still is to be done.\nNovember marks disability month, and YuLife said disabilities were more prominent than ever as an estimated 7.5 million South Africans had a disability, and according to a study published in 2018, around 3.5% of the population experience severe functional limitations, while 12.2% have a moderate disability.\nThe company said the average age of a person with a disability in South Africa was 47 years. The report also stated that the impact of disability is wide, with around 28% of households having a member with a moderate disability, while 9.5% of households include someone with a severe functional limitation.\nYuLife South Africa CEO and managing director Jaco Oosthuizen said disability insurance could play a vital role in meeting the gap between society’s ambition to help build equity for those with disabilities, and the reality.\n“Group Disability Insurance provides employees with financial security, access to supportive services, and peace of mind for them and their families. It also gives organisations a competitive advantage in terms of attracting and retaining the best talent. While the market for Disability Insurance is highly competitive, it has also become stale with most insurance companies stuck in their ways - resistant to change with limited innovation to improve their service.”\nMeanwhile, the findings of the 2022 Life and Disability Insurance Gap Study released by the Association for Savings and Investment South Africa (Asisa) in November last year found that the average South African income earner had a life insurance shortfall of at least R1 million and a disability cover gap of around R1.4 million at the end of December 2021.\nThe study showed that South Africa’s 14.3 million income earners had only enough life and disability insurance to cover 45% of the total insurance needs of their households. It said the average South African household supported by at least one income earner would, therefore, be forced to cut living expenses should the earner die or become disabled and had no other source of income could be found.\nPERSONAL FINANCE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/personal-finance/financial-planning/many-south-africans-not-covered-for-disability-insurance-0f2877ba-af61-4128-88ec-f941f0e6e0b1"}
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index 0000000000000000000000000000000000000000..9609cd568927f9f0ef9c160fdf585973613e4577
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+{"doc_id": "e599080fe8a76c56f6a8b89fc85570d7", "text": "Sekondi MP Andrew Egyapa Mercer says there is nothing wrong with having his Ahanta West colleague, Ebenezer Kojo Kum, in the House to conduct parliamentary business.\nMr Kum is reported to have suffered a stroke thus, was hospitalised.\nHowever, he was wheeled to Parliament on Tuesday to participate in proceedings for the passage of the E-levy-Bill.\nThis became necessary because Finance Minister, Ken Ofori-Atta returned to Parliament to push for the passage of the Electronic Transactions (E-Levy) Bill.\nBoth sides of the House have rallied their numbers to ensure that they push forward their interests. Hence, Mr. Kum's presence was crucial in securing the votes to approve or reject the E-Levy.\nEarlier this month, Mr. Ebenezer Kojo Kum's family lawyer, Joe Mensah told Adom FM that “currently, he is home and getting better. As I speak to you, he can eat, talk and do everything as expected but he is still recovering.\"\nMeanwhile, a cross-section of Ghanaians have already described the development as insensitive to the 54-year-old legislator's predicament.\nBut Sekondi MP Andrew Kofi Egyapa Mercer told JoyNews that though he is unaware of Mr. Kojo Kum's presence in the House, it would not be out of place.\nHe explained that \"it is not the first time that has happened.\"\n\"Like I said, I’m not aware if he is going to participate but if he has to, then that is exactly what is going to happen,\" he said on Tuesday.\n\"We are where we are and we need to do what we have to do,\" he told Kwesi Parker-Wilson.\nAccording to him, the MP has been discharged and \"that in itself demonstrates some recovery on his part.\"\nNDC MP, Assin North Constituency, James Gyakye Quayson is also attending a hearing in court and is expected to be back to join proceedings.\nMinority Leader told JoyNews that \"we are all here except honourable Gyakye Quayson who has to go to court. We believe that he is on his way back or within the precincts of Parliament.\"\nSo as it stands, 137 Majority members are in Parliament against the Minority's 137 [if the Assin North MP shows up today.]\nHaruna Iddrisu is confident that his side will successfully resist the Bill's passage.\nBut NPP's Andrew Kofi Egyapa Mercer disagrees. He expects that the E-Levy Bill will be passed by the end of today's sitting.\nLatest Stories\n-\nKenneth Mitchell: ‘Star Trek’ and ‘Marvel’ actor dead at 49\n-\nBawumia lauds Ahmadiyya Muslim Mission for contributions to Ghana’s development\n-\nIf I can do it, you can too – Adekunle Gold to sickle cell survivors\n-\nReview BoG’s Inflation Targeting framework – US-based economist\n-\nBright Simons’ full argument against Agyapa Deal\n-\n2024 Elections: More pink-slime websites to outnumber legitimate news sites – Research\n-\nParis 2024Q: ‘We showed we are able to play amazing football’ – Nora Hauptle on performance against Zambia\n-\nBlame government for increasing unemployment and not universities – Gatsi\n-\nUkraine war: Indians ‘duped’ by agents into fighting for Russia\n-\nPublish sanctions imposed on Sentuo Oil Refinery – IES and COPEC to NPA\n-\nAkufo-Addo to deliver SONA tomorrow\n-\nI’ve no plans of becoming Bawumia’s running mate – Kennedy Agyapong\n-\nE Vibes to host US-based DJ and musician Ratchet Rome\n-\nPrices of foodstuff to remain high until June 2024 – GAWU\n-\nFranklin Cudjoe accuses NPP of sacrificing Osei Kyei-Mensah-Bonsu for political expediency", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/ahanta-west-mp-discharged-from-hospital-nothing-wrong-if-he-is-wheeled-into-parliament-to-work-egyapa-mercer/"}
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index 0000000000000000000000000000000000000000..a502c2ec32eb42faefeafeb316fb31ff9e5c7f4a
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+{"doc_id": "e6efaf7f77636890d9ea561420459467", "text": "Nigeria and other African countries expect to see robust trading, low-cost and seamless transactions under the AfCFTA as 12 banks and four switching companies have been onboarded into the Pan-African Payment and Settlement System (PAPSS), Mike Ogbalu, CEO said Thursday.\nThe names of the banks were not available at the time of filing in this report. However, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), and Ade Ayeyemi, CEO of Ecobank Transnational Incorporated (ETI) told BusinessDay that more banks and switching companies were being encouraged to sign up to PAPSS.\nA Pan-Africa payment and settlement system will be the enabling infrastructure to spur the growth of intra-African trade and commerce, with the active participation of central banks, financial institutions, regional economic communities, private sectors, and other stakeholders, he said.\nPAPSS is expected to save the continent more than $5 billion in payment transaction costs each year.\n“With every bank onboarded to PAPSS, it will enable thousands of their clients to trade within Africa,” Ogbalu said.\nHe said every bank joining PAPSS gains access to trades with tens of thousands of end-users already connected through its growing community of financial institutions. Every central bank joining the PAPSS infrastructure extends collective reach to millions more with the resultant positive impact on intra-African trade.\n“Together, we will create the foundational support for the innovation of trade and payment solutions which will help the continent solve uniquely African challenges,” he said.\nThe PAPSS pilot in WAMZ central banks has been completed and all six central banks have tested and gone through the trial operations, he noted. In the last week of August 2021, all the central banks became live on the system and have since been sending through live transactions across the WAMZ region.\nRead also: Understanding the Pan-African payment and settlement system (PAPSS) of the Afreximbank\nOn the journey so far, Ogbalu said the project started in 2016 with various engagements to understand the existing regional payment systems, their pros, and cons and how best to approach the establishment of an Africa-wide payments infrastructure. Engagements took place with regional economic communities, including COMESA, East African Community, and SADC, as well as with all major payment systems operators in Africa. Furthermore, discussions with the West African Monetary Zone (WAMZ) commenced in 2017 and following successful interactions with them, the central bank governors of the zone agreed to implement a pilot scheme of the system as a proof of concept.\nSubsequently, systems development commenced as well as the development of the regulatory framework including the PAPSS Bye Law, scheme rules and membership agreements and other establishment structures required for instituting the system.\nWamkele Mene, secretary-general, AfCFTA Secretariat, said since the commencement of trading under the AfCFTA began on January 1, 2021, significant improvements have been recorded in other key aspects of the implementation of the agreement.\nThese include an increase in the number of AfCFTA state parties from 35 (64%) in December 2020 to 39 (73%) at the end of last year; improvement in the agreement on the AfCFTA rules of origin from 81.8 percent to 88.6 percent; activation and operationalisation of the Dispute Settlement Body (DSB), a key pillar in the successful implementation of the agreement, in April.\nThe Appellate body is also being constituted; and successful hosting of the second edition of the IATF in Durban, South Africa, in November 2021, where a record $ 42.1 billion trade and trade-related deals were agreed, among others.\nEmefiele said the CBN would facilitate the widespread adoption, acceptance and implementation of PAPSS.\n“The CBN will ensure that financial institutions under its jurisdictions embrace PAPSS as we confidently recommend it to businesses across Nigeria. I call on everyone to support this laudable initiative and jointly make it a success “, he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/banking/article/africa-expects-robust-trading-as-12-banks-sign-to-new-payment-system/"}
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index 0000000000000000000000000000000000000000..1af3a08b758a3acd7577d1f38deb9d30c1d41894
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+{"doc_id": "e762d248c696e87ce8995712d745a7b2", "text": "Considering the daily bashing of the Naira against the Dollar, with an unimaginable foreign exchange rate resulting in high airfares, pricey hotel accommodations and tour packages, overseas vacations this summer are surely for those with deep pockets.\nMoreover, holiday big spenders are now constrained by the health and safety challenges posed by the covid-19 pandemic, amid the stress of undergoing several expensive tests and quarantine as required by most countries of the world today.\nWell, you do not need to shelve this year’s summer holiday as you did in 2020 when the pandemic was raging madly across the world; rather, it is time to look inwards, especially to the many home-groomed destinations.\nIf you are in doubt of such enthralling destinations, Ibom Icon Hotel and Golf Resort in Uyo, Akwa Ibom State, is worth your visit this summer and always.\nThere are many reasons to visit the resort, which is unarguably, the best in South-South and South-East of Nigeria.\nSet in Nwaniba, a few kilometres away from Uyo, the Akwa Ibom State capital, the resort is a hospitality jewel. Tucked in a lush tropical landscape in Nwaniba, a few kilometres away from Uyo, the Akwa Ibom State capital, the resort is a hospitality jewel and a prime leisure and business hotel by all standards.\nThe serenity of the environment amidst tropical beauties easily gives away the outfit managed by Icon Hotels and Resorts Nigeria, the Nigerian subsidiary of Icon Hotel Group Africa (IHGA), a Pan-African hospitality giant, as a top get-away and holiday option for discerning vacation seekers.\nRead also: Lagos Marriott Hotel Ikeja spices offerings with Isade Spa\nOn offer are 130 guest rooms, 26 suites, and seven chalets; which are world-class accommodation options that complement other facilities conceptualised by the owners to glue guests to a sustained leisure outing and memorable experience during their stay. As well, the private terraces in each of the accommodation options will indulge every guest. Besides, each room looks over a forest of palm trees and the golf course. The panoramic view created by this special offering is compared to that of viewing the Atlantic Ocean from the comfort of one’s hotel room.\nOf course, the height of excitement at Ibom Icon Hotel and Golf Resort is the 18-hole golf course, which has attracted the best golfers from far and near to battle for honour on its lush and well-trimmed lawns. The emphasis on the exclusive and luxury sports allows guests to meet with top personalities who, while on a golf retreat, may share the same table or swimming time with other guests. The rooms and other excitements may not make sense to you if you visit when golf tournaments are on.\nApart from the golf course, the resort indulges guests in memorable leisure through other facilities such as three bars, three stylish restaurants, Marina Club House & BBQ Terrace, retail shops, hair salon, and a VIP lounge.\nWith all its nature endowments and these world-class facilities, the idyllic resort truly woos guests to a golf and leisure retreat.\nSimilarly, the needs of the corporate and business worlds are adequately met through the hotel’s conference and banquet facilities. While the banquet hall accommodates up to 1,000 people, there are various options for meetings and seminars. As well, the hotel’s business centre includes rental office space and many function rooms.\nEmphasis is further laid on leisure with other recreational facilities such as a fitness and health club, outdoor children’s and adult pools, two Jacuzzis, tennis and squash facilities, golf club, as well as a riverside marina with a floating jetty.\nLodging in the hotel gives you the opportunity to join every other guest in Icon Hotel Group Africa’s hotels across the continent to discover and explore signature offerings created and sustained by indigenous hands.\nOf course, the Akwa Ibom axis is known for its great traditional culinary prowess. You will be feted with enough local dishes that keep whetting your appetite.\nAs well, you have a whole range of continental dishes and specialised cuisines developed by Ibom Icon Hotel and Golf Resort’s internal talents to choose from.\nApart from the reasons highlighted above, Ibom Icon Hotel and Golf Resort has been wearing new looks amid improved offerings, facilities and trained manpower since 2020 when Icon Hotel Group Africa took over the management of the resort.\nIn a recent interview, Adetope Kayode, CEO, Icon Hotels and Resorts Nigeria, the management company of Ibom Icon Hotels and Golf Resort Uyo, unveiled the improvements in offerings and facilities since taking over.\nOne of them is the Akwa Ibom Ethnic Saturday Night, a fusion of hospitality and culture, which has been attracting positive feedback since launch.\nAlso, the resort’s efforts at boosting the golf course for regular competitions are yielding results. Charles Muia, general manager of the resort and his team are already connecting the golf course to international almanac amid plans to host international tournaments that will draw tourist dollars to the resort, Uyo, the state and the country at large.\nThe Seafood Night and Happy Hour BOGOF have been wooing guests since their introduction by Icon Hotel Group.\nAlso on a good note, guests at resort’s Marina during the Easter holiday for the “Easter EGGSTRAVAGANZA” attested to the huge facelift, while more high profile visitors are thronging the resort for a piece of action including Mary Beth Leonard, United States Ambassador to Nigeria and the USAID team led by Anne Patterson, Missions Director, who enjoyed their stay at the resort recently.\nAlso, there is a newly launched Icon Management Training Program, an intensive one-year human capital development program aimed at converting semi-skilled individuals to skillful personnel that can take up opportunities in hospitality and operate at managerial levels anywhere in the world.\nAs well, the ICON Gold Star Award” (IGSA) and “ICON Departmental Efforts Award Scheme” (IDEAS) are now rewarding the workforce for greater achievements.\nAll these have kept the workforce abreast of the industry trends and world best practices, as well as boosting productivity.\nAs a responsible corporate organisation, the new management also carries the host community along, with many initiatives, including monthly city clean up exercise.\nMost importantly, the journey to discover this hide-out is short and more convenient this summer as Ibom Air connects guests from Lagos, Abuja and other parts of the country to the Victor Attah International Airport, Uyo, which is approximately 30 minutes drive to the resort.\nAs well, ardent golfers will not forget a swell experience at the resort this summer in a hurry.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/arts-and-life/article/ibom-icon-hotel-and-golf-resort-adventure-that-awaits-you-now-always/"}
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+{"doc_id": "eafbc6fd8bdb65bf8dd0b6d8355bdfe7", "text": "Ebenezer Odunbaku, a 48-year-old man and master baker of ‘Ase-Oluwa’ bread along the Akute-Ajuwon route in Ogun State, expressed, “The economy is now taking away what the business once provided.”\n“I was born into the bakery business, and by 2001, I had achieved freedom, got married, built a house, and owned cars and a jeep through this business. However, the exchange and inflation rates are impacting us severely, with the price of flour now at N48,000.”\nHe added, “I’ve been facing challenges for over 10 months now; almost everything the business gave me is diminishing rapidly, and I cannot just stand by and watch. To avoid being set back, I am actively seeking a plan B.”\nRead also: The Cardoso naira vs dollar chess game: A fight to the finish\nHe continued, “If you have 1 million naira now, within a few weeks, you will find yourself asking for a loan from colleagues because operational costs are too high and are showing no signs of reducing anytime soon.”\nA family of three broke into a woman’s house to finish her pot of food on January 21, 2024. The incident was reported by a Vigilante Security Officer (VSO) at Mogaji Avenue in Ilogbo, Ogun state.\nAccording to the VSO, the family committed the act while the woman, known as Iya-Ibo, had gone to church on a Sunday morning. Upon being apprehended, the family claimed they had not eaten for almost two days and couldn’t endure the hunger any longer, leading them to break into Iya-Ibo’s house.\nBusinessDay’s investigation revealed that this was the third consecutive occurrence, as reported by Iya-Ibo. In response to the repeated break-ins, she complained to the VSO, who advised her to clear all bushes around her house for better monitoring. Unfortunately for the culprits, they were caught in the act.\nWhile the family claimed it was their first time, Iya-Ibo insisted it was the third time such an incident had happened.\nFurther inquiry into the motives behind their actions revealed that the father, who headed the family, stated, ‘My wife and daughter were hungry and had nothing to provide. With the high cost of living and no one willing to help, we resorted to breaking into someone’s house for food.’\nIn this context, the domino effect is how a single economic shift triggers a series of repercussions that reach into the heart of society, vis-a-vis Nigeria.\nHe added, ‘I work as a cleaner and gardener, but the houses where I work have stopped requiring my services, citing financial difficulties. They claim transport fare and cost of feeding has hit deeply into their salary, so instead of owing me, they have discontinued my services.’\nRead also: Naira gains further as dollar supply surges by 180.58%\nRegrettably, the Naira experiences a continuous decline, initiating a series of reactions, akin to the falling dominoes, affecting the lives of millions of Nigerians.\nBeyond the fluctuations in exchange rates lies a story of inflation’s surge, a ripple effect in the economy that touches every part of Nigerian society, reshaping the essence of daily life- “domino effect.”\nIn this context, the domino effect is how a single economic shift triggers a series of repercussions that reach into the heart of society, vis-a-vis Nigeria.”\nPresident Bola Tinubu, who took office in May 2023, pledged to overhaul the currency regime with a view to attracting more investment, by revising the methodology used to set the exchange rate, in effect the second devaluation of the currency in seven months.\nThe economic implication of this ‘renewed hope monetary policy’ to revitalize the economy has made the naira value plummet, impacting negatively on economic agents specifically on households and firms (businesses).\nAccording to the NAFEX report, the local unit stood at N1,421.70/$1 at the closure of the market on the 5th of February 2024 in the so-called NAFEX fixing, the official foreign exchange window, according to data published by FMDQ, which calculates the exchange rate for the West African nation. The move came after the Central Bank of Nigeria accused traders of manipulating the exchange rate by under-reporting transaction rates.\nEarlier reports by BusinessDay indicate that the policy’s domino effects can be traced to the exit of major players like P&G and GlaxoSmithKline from the country, resulting in over 10,000 Nigerians being retrenched and adding to the already high unemployment numbers.\nAdditionally, other multinational companies, including Unilever and SPDC (Shell), are undergoing restructuring. Unilever’s withdrawal from the home care and skin cleansing markets in Nigeria reflects a strategic move to find a more sustainable and profitable business model. Similarly, after 88 years of operation, Shell sells its Nigerian onshore oil and gas subsidiary.\nCritics have pointed out that while President Tinubu actively pursued Foreign Direct Investments (FDIs) during his extensive travels to over 10 countries within 2-3 months of taking office, existing multinational companies are leaving. This development raises questions about the attractiveness of the Nigerian business environment for potential investors.\nA reliable source shared with BusinessDay that the Federal Inland Revenue Service (FIRS), a federal government revenue agency, might struggle to meet its revenue targets this year. Many large firms are anticipated to declare exchange rate losses in their financial statements, although these accounts are yet to be published.\nRead also: UPDATED: No plan to convert domiciliary account dollars to naira, vow CBN, Finance Ministry\nThe economic implication is a potential fall in tax revenue, impacting the 2024 budget, aptly named the ‘renewed hope budget,’ and contributing to the ongoing financial crisis.\nIn a bid to stem the relentless decline of the Naira and stabilize the foreign exchange market, the Central Bank of Nigeria (CBN), under the leadership of Yemi Cardoso, has introduced new guidelines.\nThese guidelines, outlined in the document titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” carry significant implications for how banks handle foreign currency net open positions (NOP).\nThe primary goal of these guidelines is to enhance stability in the foreign exchange market. The CBN, through this directive, places limits on the total foreign currency assets and liabilities of banks.\nIt encourages practices like natural hedging and mandates the availability of high-quality liquid foreign assets. The overarching aim is to create a more balanced and secure environment, allowing banks to effectively manage their exposure to foreign exchange fluctuations.\nDespite these efforts, concerns persist about the efficacy of these measures in halting the Naira’s decline. The guidelines, while representing a crucial step, underscore the complex challenges faced in achieving stability in the country’s foreign exchange dynamics.\nIn the ongoing, the implications of the Naira’s depreciation extend beyond the foreign exchange market, casting a profound impact on the domestic business sector. The depreciation, serving as a catalyst, has set in motion a chain reaction, notably contributing to what economists term “cost-push inflation.”\nAgainst the backdrop of a weakened Naira and subsidy removal, businesses across Nigeria grapple with intensified production costs, a direct consequence of their reliance on imported raw materials and goods. BusinessDay earlier report\nThe inherent challenge is further exacerbated by the recent removal of subsidies, amplifying the financial burden on enterprises. The removal of subsidies has, in particular, reverberated through the fuel sector, witnessing a staggering 235 percent surge in pump prices – catapulting from N185 to N620, BusinessDay earlier reported.\nThis domino effect unfolds as increased production costs become an inescapable reality for businesses. Faced with the imperative of maintaining operational continuity, many enterprises find themselves compelled to pass on these augmented costs to consumers. The result is palpable – a discernible upswing in the prices of finished goods and services.\nRead also: CBN FX directive seen boosting naira value\nThe chart below further reveals the soaring inflation and food inflation rates.\nThe monthly inflation figures for the past seven months reveal a persistent upward trend, echoing the challenges faced by consumers and businesses alike. The general inflation rate, representing the broader cost of living, has witnessed a gradual ascent from 22.79 percent in June to 28.92 percent in December.\nNotably, the food inflation rate, a critical component reflecting the affordability of essential commodities, has mirrored this trajectory. Starting at 25.25 percent in June, it surged to 33.93 percent by December. This consistent acceleration in food prices underscores the growing financial strain on households, with the cost of necessities experiencing a marked and sustained surge.\nThese inflationary indicators paint a stark picture of the economic landscape, signaling the need for comprehensive strategies to address the underlying factors contributing to the rising cost of living.\nAs consumers grapple with the consequences of these inflationary pressures, policymakers and businesses alike face the imperative of adapting to this evolving economic scenario.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/the-domino-effect-naira-depreciation-inflation-and-the-rising-cost-of-living/"}
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index 0000000000000000000000000000000000000000..48c4537bd41e229c5eb9a5204b0c286b1590a23d
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+{"doc_id": "ed0daab93223b7e506502faedd4e8dd2", "text": "Fuzhou Port on the southeast coast of China has become one of the most important hub ports for container transportation, with it listed among the world's top 20 ports by cargo throughput in 2022.\nThe bustling port speaks volumes about the success of Fuzhou, the capital city of southeast China's Fujian Province, in developing its marine economy.\nKnown as \"Fuzhou at Sea,\" the forward-looking approach to seek economic development from the sea is an important part of a long-term development plan initiated by Chinese President Xi Jinping.\nXi, then Party chief of Fuzhou, was in charge of drawing the city's 20-year economic and social development strategic vision, planning the goals, steps, layout and priorities of its development in three years, eight years and 20 years, known as the \"3820\" strategy.\n\"The development of a city should not only consider the medium- and long-term development goals of 10 years and 20 years, but also consider the long-term development goals of 30 years, 50 years or even hundreds of years,\" Xi once pointed out.\nA blueprint for the future\nMore than 30 years ago, Fuzhou, surrounded by mountains and rivers, had a weak industrial foundation, low fiscal revenue and poor transportation.\nHow to find a way out for the city's development was always in the mind of Xi when he assumed the role of Party secretary in April 1990.\nHe spent more than half of the following two years in conducting field research at the grassroots level, before he sensed, and seized, the opportunity of China's latest call for reform and opening up during Deng Xiaoping's \"southern tour\" in early 1992.\nUnder Xi's leadership, more than 1,600 cadres conducted research and held opinion solicitation meetings on topics such as agriculture and industry. More than 25,000 public opinions were received within half a month.\nAfter dozens of revisions, the plan of the project was adopted in November 1992.\nAccording to the plan, the city would work to bring the economy to the next level by 1995, with the main indicators being double from 1990 levels.\nBy 2000, the city would strive to make its major indicators, such as urban and rural per capita levels, reach the development level of domestic advanced cities. Then, Fuzhou would reach or be close to the then average development level of moderately developed countries or regions in Asia by around 2010.\n\"Divided into three stages in terms of indicators – comparing with ourselves, comparing with surrounding cities, and comparing with cities of the same level of development in the world – this plan is quite scientific and systematic,\" Yan Zheng, then vice president of Fujian Academy of Social Sciences, told China Media Group.\nPlaying to its strengths\nXi laid out the plan with a forward-looking vision, and promoted the construction of \"Golden Triangle Economic Circle at Minjiang Estuary\" and \"Fuzhou at Sea\" as important components of the \"3820\" strategic project.\n\"How can we manage the sea when the land is not well developed yet?\" Doubts were raised at that time. Xi proposed to \"attach as much importance to sea areas as to cultivated land, and as much to marine development as to food production, so as to extend the tentacles of speeding up economic development from land to sea.\"\nSubsequently, Fuzhou launched an all-round comprehensive development strategy focusing on key coastal zones and sea areas.\nIndustries such as marine transportation and port-side industries boomed, and emerging industries such as marine bio-medicine and offshore wind power high-end equipment manufacturing were vigorously encouraged.\n\"Xi helped us analyze Fuzhou's advantages,\" Zhao Ruqi, then director of the Political Research Office of the Fuzhou Municipal Party Committee, told CMG, adding that the way out was to seek development from the sea.\nFrom 1992 to 1995, Fuzhou's GDP grew at an average annual rate of 26.6 percent and the first goal of the strategic project was completed in three years.\nFollowing the blueprint for the future, Fuzhou achieved the eight-year goals and 20-year goals on schedule.\nNow Fuzhou has developed into a coastal city with one of the most active marine economies in China. In 2022, Fuzhou's total marine output value exceeded 330 billion yuan (around $46 billion).\nHan Qingxiang, a professor at the Party School of the Communist Party of China Central Committee, said the significance of the \"3820\" strategy goes far beyond the city.\n\"From Fuzhou's 20-year strategic vision to China's 2035 goals, and from 'Fuzhou at Sea' to 'building China into a strong maritime country,' we are constantly implementing and exploring in line with the ideas of long-term planning, scientific governance, and coordinated development proposed by the '3820' strategic project,\" said Han.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/news/world/how-a-20-year-plan-enabled-fuzhou-to-leap-ahead-in-economic-growth-89c7d2d9-d55f-4c9d-83d4-11c29c3c03b0"}
\ No newline at end of file
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index 0000000000000000000000000000000000000000..89ddb420b7547e6529d9a3f724f5fa5f5fd8a980
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@@ -0,0 +1 @@
+{"doc_id": "f01bccc6d8b9a831d87a3ea241d0a3b5", "text": "APO Group becomes Official Public Relations Partner of Rugby Africa, the governing body of rugby in Africa\nWorld Rugby's African association, Rugby Africa (www.RugbyAfrique.com), the governing body of rugby in Africa, and APO Group (www.APO-opa.com), the leading Pan-African communications consultancy and press release distribution service, today announced a new multi-year agreement making APO Group the Official Public Relations Partner of Rugby Africa.\nThe two organizations have worked together since 2017 and have a common goal to help African rugby break through on the international stage. The sport is on a huge growth trajectory across the continent, with 37 African nations now full or associate members of World Rugby, and APO Group is using its unparalleled media network and international reach to bring the best of African rugby to new audiences both in Africa and all over the world.\nThe new partnership agreement will see APO Group become the Official Public Relations Partner of Rugby Africa as it works to develop Rugby Africa’s domestic and international visibility and reputation.\nAPO Group is well placed to help boost exposure to African rugby, thanks to its long-standing involvement in global sporting projects. Alongside its commitment to African rugby, APO Group is also the Pan-African Public Relations agency of FIFA, the NBA, and the Basketball Africa League, as well as being the Strategic Partner of the Olympic Movement in Africa (ANOCA). It is also the Official Partner of many other prominent sporting organizations including iconic French football club Olympique de Marseille (OM) and the International Sports Press Association (AIPS).\nIn May 2023, APO Group demonstrated its strong Public Relations credentials in the field of Pan-African sport by winning a prestigious SABRE Award (https://apo-opa.info/3p9svRs) for its media campaign for the Basketball Africa League (BAL) Season 2.\nThe partnership comes as Rugby Africa welcomes a new President (https://apo-opa.info/3LQ64Kf). Ghanaian businessman Herbert Mensah is a well-known figure in international sports administration, and he has been a driving force for the development and growth of rugby in Africa.\nMr Mensah is passionate about realizing the vast potential for rugby in Africa despite recent challenges caused by issues of governance and under-funding – a feeling shared by APO Group Founder and Chairman Nicolas Pompigne-Mognard.\n“The APO Group team has provided invaluable support to Rugby Africa for many years, and has given us a voice on the international stage. I am delighted that our important relationship will continue to grow because now, more than ever, it is vital that our message is heard. It’s time for a mindset change across the continent and around the world. Africa must look inward and put pressure on the World. Africa mustn’t be forgotten. It is our time,” said Herbert Mensah, President of Rugby Africa.\n“APO Group is completely aligned with Rugby Africa’s new President on the need for more better and stronger governance, funding and exposure for the game in Africa,” said Nicolas Pompigne-Mognard (www.Pompigne-Mognard.com), Founder and Chairman of APO Group. “Rugby Africa couldn't have chosen a better President to defend its interests on the global stage. Herbert is a natural born leader and a proud African, and I look forward to joining him as we strive to help rugby in Africa realize its true potential.”\nDistributed by APO Group on behalf of APO Group.\nMedia contact:\nmarie@apo-opa.com\nAbout Rugby Africa:\nCreated in 1986, Rugby Africa (www.RugbyAfrique.com), previously the African Confederation of Rugby (Confédération Africaine de Rugby – CAR), is one of the six regional associations composing World Rugby (www.WorldRugby.org), the international organization responsible for the governing of Rugby Union and Rugby Sevens. Rugby Africa unites all African countries which play rugby union, rugby sevens, and women’s rugby. Rugby Africa organizes the qualifying competition for the Rugby World Cup, and Africa Sevens, a qualifying competition for the Olympic Games. Rugby Africa has 39 members unions.\nAbout APO Group:\nFounded in 2007, APO Group (www.APO-opa.com) is the leading Pan-African communications consultancy and press release distribution service. We assist private and public organizations in sharpening their reputation and increasing their brand equity in target countries across Africa. Our role as a trusted partner is to leverage the power of media and build bespoke strategies that enable organisations to produce a real, measurable impact in Africa and beyond. The trust and recognition granted to APO Group by global and multinational companies, governments, and NGOs inspires us to continuously enhance our value proposition within Africa to better cater to our clients’ needs. Among our prestigious clients: Facebook, Dangote Group, Nestle, GE, FIFA, Canon, Coca-Cola, DHL, Marriott Group, Ecobank, Siemens, Standard Chartered, Orange, Jack Ma Foundation, African Development Bank, World Health Organization, Islamic Development Bank, Liquid Telecom, Rotary International, Kaspersky, Greenpeace…\nHeadquarters: Lausanne, Switzerland | Offices in Senegal, Dubai and Hong Kong\nFor further information, please visit our website: https://www.APO-opa.com\nGet the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://guardian.ng/apo-press-releases/apo-group-becomes-official-public-relations-partner-of-rugby-africa-the-governing-body-of-rugby-in-africa/"}
\ No newline at end of file
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new file mode 100644
index 0000000000000000000000000000000000000000..5ea5fc987b159d937d82b9a9ea3b7b9fc1c2a9a8
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@@ -0,0 +1 @@
+{"doc_id": "f044c2beeb9ef97ccea28c8bc34ebdee", "text": "IT was just a day, if ever there was such a day, for people in the city. Something was strange about the young taxi driver. His troubles were ahead of him. One could feel them. The long sighs, the endless ringing of his phone. He never took the calls. He seemed to have exhausted solutions to whatever bothered him.\nA conversation began. What could be the matter with him? Why the accompanying sighs which were getting longer? Shouldn’t he take his calls?\nMore sighs before he blurted this chilling message: “My son died this morning.” I felt as if I had been smacked across the face. In the seconds it took to adjust to the weight of what he threw at me, I thought the death weighed more because it was a son, an heir to imagined thrones as fathers are wont to think of the continuation of their lineage, on the patrilineal side.\nRead also: 5 Uncommon Personal Finance Wisdom for Lasting Success\nDon’t we always judge too soon? “He was my only child. He was 10 years old.” He barely took my condolences before he continued.\nThe boy had complained of chest pain the previous day, the father said. He was examined at a hospital that said the only child was fine. The boy did not wake up the next day.\nHospitals have had their services dented by poor services from other areas. Poor equipment, poorer evaluation of patients by those who are not overseas maybe because they did not qualify or they are on the queue, have left us with hospitals, only by name.\nCould the boy have been saved? It was death that came, and not illness, as my folks back home would say?\nThe phone still rang. Did it have a more urgent matter than the death at hand? He ignored the phone after each glance at it. Some mourners, he said, would not let him be. Instead of condoling his wife and going away, they wanted to see him as if they bore the solution to the situation. Their calls saddened him more.\nOne caller drew longer sighs from him, almost tears. His father-in-law wanted him to come to Gwagwalada, an 80km-journey to pick him so he could join in the mourning. “I cannot do that,” he protested.\nA ride that I thought would be normal had jangled my sensitivities with the management of the passage rites of a boy I am knowing through his grieving father. The bereaved mother was home. She had fainted twice by the time the husband left home. Kind neighbours had surrounded her.\n“I paid his school fees only last week,” the man in his lamentations underlined his struggles through life. “Who will wear the Christmas clothes I have bought for him?” I had no answers to his plentiful pains. These were not mere questions. He knew there were no answers.\nHis decision to escalate the matter to the Almighty, sudden as it came, did not surprise me. He interrogated death. He sought explanations for a day like this. He would not besmirch the Almighty.\nWhy was he driving in such state? Should he not be at home mourning his son, consoling his wife, accepting condolences from those “who have heard”?\n“I want to bury him today,” the driver continued. “I am driving to get some money so that I could buy a coffin. The least price I got for a coffin was N25,000.”\nHe borrowed the N5,000 with which he fetched eight litres of fuel that morning to “hustle” for the burial expenses of his son. His fuel indicator read red. He had promised the lender that he would return the money by 11am.\nRead also: HR professionals outline ways personal branding can tackle unemployment\nOne of the persistent callers was the lender. It was well past the agreed time. He obviously wanted his money. Among creditors lined up is the owner of the car which the driver had on hire purchase. He was completing the payment yet a miss of the dates on the agreement could mean a loss of everything he has paid. The pressure was on, always.\nFather-in-law calling from Gwagwalada still lived in the days son-in-law made journeys to bring him to the family. Fuel of N5,000 would fill the tank with some change left.\nEverything has changed. Death in its harshness hands us subtle messages we miss in the mix. Sorrow was incapable of inducing sobriety in a man who had to claw every inch of the way to meet the expectations for the dead, for the living.\nI remembered a feature article that the News Agency of Nigeria, NA, published about 36 years ago. Titled, “The Rising Cost Of Dying”, it depicted the expenses of mourning the dead. While we often lament rises in the cost of living, it is easy to forget that death was expensive.\nThe hospital bills, medications that their costs now touch the skies, hosting mourners, who could consider themselves blessed to get a meal, a drink, and perhaps, some nuggets about the fleetingness of life, are some of the expenses of death. Mourners who refuse to leave raise new bills for the bereaved – that too is the lot of the driver.\nWhen adjustments are made for inflation and more spiraling economic hazards of living through Nigeria, the costs of dying hit home more cruelly and lastingly.\nEmotional drains from deaths are not measurable in figures. They are a different social study that befuddles scholars. There are hardly agreements in the categories of pains the departed deposit, depth of the pains, and their unique circumstances.\nMourning has its private and public sides. When the dead is rested, the crowds disperse, the noises of death depart with them, the hollowness of what had happened hits harder.\nThe taxi driver was not at that stage yet.\nHad he thought of asking a carpenter to knock some planks together for a coffin? It could cost less than N15,000 I estimated. He was grateful for the advice.\nHis phone was still ringing when our journey ended. I offered multiple prayers for him as he left, chiefly that no security agents, prise what he had made from his hands as he battles to bury his son, and meet his obligations to the lender.\nRead also: African youths priortise personal success, goals over happiness Research\nI spent the rest of the day wondering how a family that is pulling through survival would lift the added burden of losing its 10-year-old, its only child. The next day we spoke, he was barely managing the passing of the son. He was in a worse position since the next opportunities had been suspended to honour the dead.\nMay the Almighty who gives life console the family, and rest the boy.\nFinally…\nFCT Minister Nyesom did not let a public slight side when a clergy failed to recognise his eminent presence in church in Port Harcourt. He told the presiding bishop that if he was still Governor, the panegyrics would have filled the church. It is great that Wike is realising he was no longer Governor.\nA COUNTRY of errors? Not Nigeria, definitely. Few people have access to a court judgement and the processes that result in its certificate. Whoever certified another copy of the Kano governorship should be charged to court. It is a crime. It is not an error. When our laws are in a lull, we refuse to name crimes aptly. The crime in Kano is serious.\n.Isiguzo is a major commentator on minor issues", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/backpage/article/his-tears-were-personal-private-yet-public/"}
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diff --git a/clean/cc/f2b85a3d5bbe6e7aec99fbff8a8c70be.json b/clean/cc/f2b85a3d5bbe6e7aec99fbff8a8c70be.json
new file mode 100644
index 0000000000000000000000000000000000000000..3e6dac2d19a86ecdfeb15482baf4537aaf1ec13c
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@@ -0,0 +1 @@
+{"doc_id": "f2b85a3d5bbe6e7aec99fbff8a8c70be", "text": "South Africa is likely to see increased social unrest and violence in the coming months, even if the economy has proven remarkably resilient in the face load shedding.\nGerman financial service provider Allianz has released its first Country Risk Atlas, based on a proprietary risk ratings model revised every quarter with the latest economic developments and the group’s data on global insolvencies and the business environment.\n“The Country Risk Atlas provides comprehensive analysis and insights into the economic, political, business environment and sustainability factors that influence trends in non-payment risk for companies at a macroeconomic level,” said Ana Boata, Head of Economic Research at Allianz Trade.\nThe group has upgraded 21 risk ratings in 2023, including South Africa, while only downgrading four. These upgraded countries highlighted their resilience in the face of global shocks, the group said.\nThis is a significant improvement from 2022, when only eight country risk ratings were upgraded, and 17 were downgraded.\nThe global risk of non-payment for companies in 2023 is currently just above 2 (medium risk), while South Africa stands at 3 (sensitive).\nStrengths and weaknesses\nAllianz said that South Africa’s strengths lie in its economic performance despite the impact of load shedding – which was named the biggest risk to the country in the group’s Risk Barometer 2024.\nThe group expects modest GDP growth this year. That said, its expectation of 1.4% is higher than the 1% pencilled in by Deloitte Africa, Investec, the Nedbank Group Economic Unit and the International Monetary Fund.\nIt said that the output in the energy-intensive mining and manufacturing sectors is likely to stay close to pre-pandemic levels due to the “increased availability of electricity, some electoral spending, tourist inflows and resilient internal demand”.\nIn addition, fiscal consolidation efforts, disciplined salary increases and increased tax collections are helping to stabilise the government debt ratio.\n“South Africa also demonstrates external resilience to shocks, with abundant international reserves, a flexible exchange rate, and limited external debt in foreign currency,” the group said.\nHowever, South Africa has several weaknesses that could impact its risk rating, including the lack of electricity hindering growth for businesses, industries and households.\nIt also warned that there will be a rise in social unrest and violent events during the electoral period.\nIt said that the increase in violent uprisings and the growing disputes between political elites would further weigh on state legitimacy, the ANC’s capability to defuse dissent and the predictability and efficacy of government action.\n“The leading party clearly lost positions in the local elections held in November 2022, when support for the ANC crucially fell below the 50% benchmark,” the group said.\n“For now, it is difficult to see a strong contender, and even if the party loses the absolute majority in the upcoming election, it is likely to remain the largest in parliament, way ahead of its closest rival and able to continue to govern with the support of a junior coalition partner.”\nDespite fiscal improvements, South Africa also ranks poorly in public debt sustainability risk due to the short-term absorption of revenues for debt repayment and elevated sovereign bond yields.\n“The state’s limited ability to conduct effective policy is compounded by demographic pressures, competition between groups and unions in countering government action, inequality heightened by the crises of recent years and, more recently, inflation.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business-opinion/750730/social-unrest-warning-for-south-africa-2/"}
\ No newline at end of file
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new file mode 100644
index 0000000000000000000000000000000000000000..9ee96d9467d915ffa2e187d0dcc831d3ad4c0160
--- /dev/null
+++ b/clean/cc/f2fd8111a559fc472322926ca366a5f4.json
@@ -0,0 +1 @@
+{"doc_id": "f2fd8111a559fc472322926ca366a5f4", "text": "-\nTHE Government will from next month reduce the penalty levied on goods that enter the country without going through pre-shipment inspection in the country of origin from 15 percent to 12 percent.\n-\nPLAYERS in the tourism sector are optimistic about better business prospects during the Easter holidays after significant investments to spruce up the facilities last year while growth in inbound air traffic is expected to increase the number of visitors from traditional markets.\n-\nZimbabwe’s power utility, Zesa Holdings, has begun the process of decommissioning three small thermal power plants due to their deteriorating conditions and rising operational costs.\n-\nThe Ugandan government is set to borrow Shs13 trillion (US$3 billion) from both external and domestic markets for the development of several projects.\n-\n-\nHerald Reporter Zimbabwe Stock Exchange-listed firm, MedTech Holdings, has raised alarm after it discovered that a fake version of its bath foam, Satiskin, is being produced in Mbare, Harare.\n-\n-\nFinance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, says Government will prioritise economic, governance and property rights reforms to increase agricultural production in the country.\n-\nNearly 155 million units of substandard products have been rejected by Zimbabwe since the implementation of the Consignment Based Conformity Assessment (CBCA) programme in 2015 enabling the country to reduce the influx of hazardous and suboptimal products locally.\n-\n-\nCAIRO. - China’s economic development path is people-oriented, with coordination between the public and private sectors to improve the lives of its citizens, said an economic consultant in a recent interview with Xinhua.\n-\nExperts in capital markets have warned listed firms across the region to keep a watchful eye on the evolving technology especially artificial intelligence (AI) which is seen as the biggest threats in 2024.\n-\nSouth Africa’s inflation rate rose for the first time in three months in January on the back of higher fuel and food prices.\n-\nAmidst a backdrop of cheap imitations and imports, National Tyre Services (NTS) demonstrated resilience and agility, achieving commendable growth in the third quarter of 2023.\n-\n-\nAs Finance Minister Enoch Godongwana presents his 2024 Budget speech to Parliament this week, SA Canegrowers is calling on the National Treasury to prioritise measures to aid economic recovery and job retention and asked for the sugar tax not to be raised.\n-\nBEIJING. - Ever since Chinese President Xi Jinping introduced the term “new productive forces” in September last year, foreign think tanks and media outlets have widely discussed the concept. In a recent high-level meeting, new productive forces were again the focus of discussion, bringing attention to its various implications.\n-\nBased on press reports it appears that cases of alleged fraud over title deeds is on the increase. From those reported cases my understanding is that such cases involve the following:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/author/timothy/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..afb82aeafd546c6485287020398eced274189086
--- /dev/null
+++ b/clean/cc/f42b26b38ff52a54cc2dc90d4ad46d38.json
@@ -0,0 +1 @@
+{"doc_id": "f42b26b38ff52a54cc2dc90d4ad46d38", "text": "After an official opening that drew a lot more attention than usual because of the wrong speech, the Parliament of Zimbabwe resumes sitting today with an opening session that is supposed to debate several pieces of new legislation.\nOne of the proposed legislative bills, the Electronic Transaction and Electronic Commerce Bill, commonly referred to as the e-Transactions Bill, is set to outline the regulatory parameters for electronic transactions and electronic commerce.\nThe e-transactions Bill will help clear any grey areas around electronic commerce and like two other proposed Bills for Zimbabwean ICT (the Data Protection Bill and Computer Crime & Cyber Crime Bill) it is meant to set the basis for Zimbabwe’s e-Government Policy.\nSome of the areas covered by the e-Transactions Bill include electronic transactions, electronic contract information, consumer protection for cases related to online transactions and trade, clear parameters for service providers in online commerce as well as online marketing practices.\nThis makes the proposed e-transactions Bill the overarching legislation which will reign in practices related to fairness, pricing and transparency from current operators in e-commerce who include mobile money services, remittances concerns and online traders.\nThe impact of this proposed legislation is significant, considering that mobile commerce in Zimbabwe now has a huge role in the movement of money in the informal sector and has, to a large extent, been integrated into traditional banking channels through crossover products and services that aim to make mobile money the gateway to banking the unbanked population.\nOne other remarkable aspect which will be monitored under this new legislation will be online marketing practices. For a long time this issue has been subject to interpretations of old laws that do not have any consideration of IT, something which has allowed practices such as spamming to be carried without any clear penalties in place.\nThrough guidelines set by the e-transactions Bill, the regulators (POTRAZ and the Central Bank) will be empowered to act on such issues.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2015/09/as-parliament-tables-e-transactions-bill-heres-how-it-will-benefit-zimbabweans/"}
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diff --git a/clean/cc/f51d31f37eec2030308273ab1920df7a.json b/clean/cc/f51d31f37eec2030308273ab1920df7a.json
new file mode 100644
index 0000000000000000000000000000000000000000..344356c7a029264599f51e7ae3655133f62d4f3a
--- /dev/null
+++ b/clean/cc/f51d31f37eec2030308273ab1920df7a.json
@@ -0,0 +1 @@
+{"doc_id": "f51d31f37eec2030308273ab1920df7a", "text": "Econet forecast to see better 2024\nBusiness Reporter\nListed mobile network operator Econet, is projected to see improved operational efficiencies and earnings performance for financial year 2024 on the back of its capital investments into modernising network infrastructure.\nEconet is currently the biggest mobile network operator in the country, ahead of peers NetOne and Telecel.\nMarket watchers opine that the company’s commitment towards network upgrades, infrastructure development and diversity in product offering will bear fruit in the current financial year and going ahead. The company increased its investment level to 24 percent of revenue from five percent in the previous year, which is expected to result in enhanced network infrastructure, thus meeting market needs and expectations.\nDuring the previous financial year, Econet embarked on a 5G network expansion to support the digitalisation drive in Zimbabwe, a phenomenon that has swept global economies given its potential to transform economies.\n“This increased investment level is expected to broaden and diversify the Group’s service offering, improving capacity and coverage,” said IH Securities in an earnings review for the telecoms giant.\nThe group also commissioned 80 new base stations providing additional coverage and capacity to meet the growing demand for both voice and data traffic. During financial year 2023, voice and data volumes increased by 19 percent and 58 percent respectively.\nIn addition, the group is expected to recover from foreign exchange losses following redemption of debentures. During the first quarter of financial year 2024, Econet successfully raised the US$30,3 million that was required to redeem its debentures following a Rights Offer.\n“Consequently, we expect the foreign exchange losses that have plagued the group for the past few years to taper off, positively impacting profitability to FY24. According to the Postal, Regulatory Telecommunications Authority of Zimbabwe (POTRAZ), Econet held 72 percent of market share in both mobile subscriptions and internet and data traffic as at June 30, 2023,” said IH Securities.\nHowever, the regulator has also noted that voice and data tariffs remain at discounts of 58 percent and 88 percent, respectively, compared to regional prices. These sub-economic tariffs will likely continue to weigh down on the group’s revenue generation to financial year 2024, according to IH Securities.\nCoupled with the economic challenges characterised by exchange rate volatility, inflationary pressures and low consumer spending, total revenue for Econet is projected to close the financial year 24 percent lower to US$369,7 million. This comes as inflation continues to outpace tariff increases.\n“Our view is that earnings before interest, tax, depreciation and amortisation (EBITDA) margin will likely remain flat at 40 percent in FY24 with a forecasted net income of US$17,9 million,” said IH Securities.\nThe stockbroking firm sees Econet reach a targeted price of US22 cents which is an upside of 163 percent.\nSaid IH Securities: “Notwithstanding significant headwinds, the company seems oversold at current levels. We therefore place a BUY recommendation on the stock.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.herald.co.zw/econet-forecast-to-see-better-2024/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..6d0739f6d9030a0480da51402994a141f5c1ff91
--- /dev/null
+++ b/clean/cc/f7fdd5b42633bac6e192162f0b70d624.json
@@ -0,0 +1 @@
+{"doc_id": "f7fdd5b42633bac6e192162f0b70d624", "text": "Advertisement\nBeyonce pays thousands to fly toilet seats around the world so she never has to sit on a used one\nBeyonce has her own loo seats flown out to each destination of her world tour. The superstar’s team has to ensure that she never sits on one that has previously used by anybody else.\nAnd our exclusive photographs from backstage show one container — part of her huge luggage haul ferried around to every concert — labelled “Beyoncé . . . toilet seats”.\nA source said: “Beyoncé is such an elite performer she can literally request anything.\nHer team makes great effort to ensure she has her own comforts and a personal toilet seat happens to be one.\n“Her tour roadies have seen everything so it’s not a great deal for them, but it does raise a smile from people who happen to catch a glimpse of the branded container.”\nBeyoncé, 41, also uses a customised golf buggy, which is covered in black sheets to hide her identity when she is transported around backstage.\nAnd she has a VIP zone for her and her entourage featuring a huge dining area — but tour crew are not allowed within 50 metres of it and do not get any leftover grub.\nQueen Bey has form for diva demands.\nIn 2013, she demanded all tour crew wore 100 per cent cotton clothing.\nShe also wanted her water chilled to -6C exactly and £700 titanium straws to drink it — plus hand-carved ice balls to cool her throat.\nHer Renaissance tour is now back in the US after eight gigs here, including at the Tottenham Hotspur Stadium — which rival fans have claimed looks like a giant toilet seat.\nMore articles on Beyonce: Beyoncé blamed for inflation rise in Sweden", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/entertainment/showbiz-news/beyonce-pays-thousands-to-fly-toilet-seats-around-the-world-so-she-never-has-to-sit-on-a-used-one.html"}
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diff --git a/clean/cc/fb2d52e3b2f5a90a61d5405280c25d82.json b/clean/cc/fb2d52e3b2f5a90a61d5405280c25d82.json
new file mode 100644
index 0000000000000000000000000000000000000000..4a23f81abd1460845ff1e108280df5fc15c8a22a
--- /dev/null
+++ b/clean/cc/fb2d52e3b2f5a90a61d5405280c25d82.json
@@ -0,0 +1 @@
+{"doc_id": "fb2d52e3b2f5a90a61d5405280c25d82", "text": "By: Shaheed Mohamed\nParents can expect little relief in 2024, with reports suggesting that fee hikes for South African schools will yet again come in above general inflation, which is sitting at 5.5% (based on the November 2023 print).\nParents who have children at government and private schools should brace themselves for fee increases of between 6% and 10%, according to various reports.\nThis is not unusual, with an economic bulletin published by the South African Reserve Bank (SARB) noting that school fee increases in South Africa have, on average, been roughly 2.6% above inflation every year since 2012, aside from 2021. In an environment of high consumer inflation, this packs an extra punch.\nMany of us rely purely on our salaries to pay for our children’s education. We absorb the cost from month to month, tweaking our budgets to accommodate the ever-increasing expense. But the problem with this is that the cost of education typically grows at a higher rate than the average salary and inflation in general.\nOver time, this difference effectively means that a greater portion of your salary will have to be set aside for your children’s education.\nFor families who are concerned about the quality of education in the country, many are investing offshore to eventually access premium international education opportunities, according to news reports quoting stats from various local investment managers who offer offshore portfolios.\nIf sending your children overseas is a consideration, it is a good idea to invest a portion of your portfolio offshore. Costs are likely to be more palatable if you are saving and spending in the same currency.\nAccording to cross-border specialist, Sable International, an average of 11 000 South Africans study overseas each year, with reports indicating that college tuition fees in the US are between $32 000 (R587 900) and $60 000 a year. The UK could cost anything between US$14 100 to $38 000 (R259 000 and R698 000) a year. And this is before including the average cost of living.\nFive factors to consider when investing for your child’s education\nStart saving at the birth of your children: a little goes a long way if you start early enough.\nEven though you may be able to afford your child’s primary school fees today, this doesn’t mean you’ll be in the same position when they reach high school or university. The good news is that if you invest to fund your child’s education – even at a nominal amount per month – the growth on an investment can lower the future impact of education costs.\nAllan Gray research suggests that you could reduce the impact of high school and university education costs by more than 45% if you invest when your child is born, and withdraw only when they start high school, as per Table 1 below.\nThe research finds that delaying investing for your child’s education to when your child is six years old, for example, reduces the cost of education by just 11%. This shows that the earlier you start investing, the greater the impact on the education costs.\nTake advantage of time – investing is a long-term journey\nAs demonstrated in point 1, time is an essential ingredient to successful investing. The sooner you start, the more time you have to make contributions and to benefit from the magic of compounding: earning returns today on the returns you earned yesterday.\nThere are many investment accounts and policies available to save for your child’s education, including education policies, unit trusts, tax-free investment accounts and endowments. The challenge for many parents is taking the first step. Starting to put some money aside as soon as you can, will extend the level of financial flexibility you will enjoy in the future.\nAim for real returns to beat inflation\nEducation inflation typically exceeds headline inflation. This means that your education investments need to deliver a real (above-inflation) return. To achieve this, you will need some exposure to higher-risk assets like equities, which have historically delivered stronger returns than other asset classes. How much risk you can take on will depend on your time frame and risk appetite.\nAvoid credit if you can\nThe negative implication of “pay-as-you-go” education is that you will have no capital saved up for your child’s future studies. This means you may be forced to apply for credit, which can be prohibitively expensive if you make use of an unsecured personal loan. The effects of compounding, which work for you when investing, work against you when you have accumulated debt.\nInvesting offshore to finance international education? Consider the impact of currency\nIf you are going to be spending on tuition and living expenses in foreign currency, it is useful to understand the profound effect exchange rates have on the returns of international investments – and your overall budget. If you are paying fees in dollars and the rand drops 10% against the dollar overnight, your fee bill will be 10% heftier in rand. A well-diversified offshore investment portfolio can help protect you against these fluctuations.\n* Mohamed is the head of group savings and investments at Allan Gray.\nPERSONAL FINANCE", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/personal-finance/financial-planning/investing-for-education-in-an-inflationary-environment-38183ce8-e113-41a9-85d5-1e68332e88e2"}
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index 0000000000000000000000000000000000000000..026852cedbbb52057d4051c37919f1105a38f03b
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+{"doc_id": "fb4069e42627a150ffdbb0fb748575ac", "text": "Ahead of expectation of high international traffic in 2014, airlines are falling heads over heels as they advance plans to meet the challenges the year will pose.\nEtihad Airways, the national airline of the United Arab Emirates, has announced plans to introduce three more destinations to its core international network in 2014.\nThe eight new routes will increase Etihad Airways’ worldwide network to 102 destinations next year.\nAccording to James Hogan, president and chief executive officer of Etihad Airways, “This is part of a measured and strategic growth plan, which will reinforce the future of the national carrier of the UAE and the vital role it plays in the emergence of Abu Dhabi as a global aviation hub.\n“Together with our code-share and equity alliance partners, we have created a virtual network of more than 375 destinations. But more importantly, it strengthens our customer proposition by offering more choice and better connections across our hub in Abu Dhabi.”\nEtihad Airways’ equity alliance airlines presently include airberlin, Aer Lingus, Air Serbia, Air Seychelles,Darwin Airline (subject to regulatory approval), Jet Airways and Virgin Australia.\nThe 2014 network plan also makes provision for increases in frequency and connectivity on existing routes, with more than 20 percent growth expected in weekly departures.\nTo support the next phase of its global network expansion, Etihad Airways will receive 20 aircraft deliveries next year, including the much-awaited arrival of its first 787-9 Dreamliners and Airbus A380s.\nAccording to Tim Clark, president, Emirates Airline, “Our customers love the A380 – from the quieter cabins and spacious layout on the main deck, to the on-board lounge and shower spas in our premium cabins.\n“It is a beautiful aircraft which we have packed full of the best in-flight comforts and products. From an operator standpoint, the A380 is still one of the most fuel efficient aircraft per seat. It offers us some flexibility in range and also helps us to meet demand at slot-constrained airports.\n“Continuous improvements are being made to the A380, by the manufacturer as well as by Emirates in terms of our on-board product. For instance our latest A380s have been fitted with even bigger high definition LCD TV screens to enhance the in-flight entertainment experience.\n“We’ve also introduced new touch-screen tablets that allow passengers to control all their seat functions and movie selections with just one swipe. Small details, but all these add up to provide a great flying experience,” he added.\nIn 2013, Emirates received 13 A380 aircraft and it expects to receive another 13 in 2014. The airline still has 96 more A380s worth USD 43 billion on order, of which 71 are expected to be delivered over the next five years, before the end of 2018.\nFrom its Dubai hub and dedicated A380 terminal, Emirates’ A380s crisscross the globe flying to 24 destinations spanning Los Angeles to Auckland. Illustrating the range of the A380, Emirates’ currently operates the world’s longest non-stop A380 service (13,414 kilometres), with its daily A380 flight between Dubai and Los Angeles, launched earlier this month.\nEmirates’ current A380 destinations are: Amsterdam, Auckland, Bangkok, Beijing, Dubai, Hong Kong, Jeddah, Kuala Lumpur, London Heathrow, Los Angeles, Manchester, Mauritius, Melbourne, Moscow, Munich, New York JFK, Paris among others.\nBy: Sade Williams", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/art-and-travel/article/intl-airlines-strengthen-networks-increase-fees-ahead-2014-2-2/"}
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index 0000000000000000000000000000000000000000..5f97ace2bf0250ce228a0e348f161b959a1e9c9d
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+{"doc_id": "fb6684e68bf0d78a847e7ab135f6e34c", "text": "The BRICS 2023 summit is set to take place from Tuesday, August 22, in Johannesburg.\nOne of the key discussions that will be closed at this historical gathering will be the proposed creation of a new currency.\nIn a webinar hosted by the Inclusive Society Institute and its chief executive, Daryl Swanepoel, professor William Gumede gave his insights on the matter.\nGumede, who is the associate professor at the Wits School of Governance said it would take a significant amount of time to create a BRICS currency and that the process would be very complicated.\n“The Russia-Ukraine war is likely to increase the de-dollarisation of the world. Russia is trying to circumvent Western economic sanctions against it as a result of its conflict.\n\"It is increasingly pushing the alliance to increase the use of BRICS currencies in trade between members, reduce the use of the US dollar, and ultimately speed up the formation of a common currency,\" said Gumede.\nAccording to the academic, independent central banks in Brazil and India are wary of the inception of a currency for the economic bank. He said India, which became independent in 1947, will become a developed nation by 2047.\n\"This summit is important because it is the first time since South Africa joined that there are any new members joining, and it’s quite an extraordinary number.\"\nGumede offered some ways in which the BRICS currency can become feasible:\nExpansion\nThe professor said it would be easier to form the currency if particular countries joined. He said it is critical for the alliance to expand and mostly include nations that have oil, such as those in the Gulf, the United Arab Emirates, Iran, and more.\nGumede also stated that many big developing nations are keen to join the BRICS alliance, which they regard as a bulwark against what they see as developed world hegemony in markets, ideology, and culture.\nNew countries increasing trade\nFor the currency to survive, nations within the economic bloc will need to trade with each other and other countries much more. If there are enough countries, it might just be possible, according to the expert.\nGumede said he foresees a problem with this because India wants the way in which new members are accepted to be changed to have specific criteria, which may decrease the number of countries accepted into the group.\nSolving disputes within the group\nWith divisions in terms of how the group should accept new members and be run, it will make this herculean task even harder.\nSo, if the countries do come to some consensus, they will still have some time before the proposed currency becomes implemented or even works, said Gumede.\nIOL", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/news/three-things-that-can-make-the-brics-currency-feasible-according-to-industry-expert-b71c2245-6e28-4bc5-9182-def3d4632ebe"}
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diff --git a/clean/cc/fc8dc31336efdbb9984228d9e5ed4107.json b/clean/cc/fc8dc31336efdbb9984228d9e5ed4107.json
new file mode 100644
index 0000000000000000000000000000000000000000..573859971eb2b1e997d4bbb6b6991b475a14a807
--- /dev/null
+++ b/clean/cc/fc8dc31336efdbb9984228d9e5ed4107.json
@@ -0,0 +1 @@
+{"doc_id": "fc8dc31336efdbb9984228d9e5ed4107", "text": "The Attorney-General and Minister of Justice, Godfred Yeboah Dame, has advised the Ministry of the Interior to pay compensation to three victims of the Ejura shooting incident.\nChecks at the Office of the Attorney-General by Myjoyonline.com revealed that a letter dated July 22, 2022 was written to the Interior Minister, Ambrose Dery, setting out the basis and formula to be used in paying the compensation to the victims.\nIt would be recalled that the Justice Koomson Committee, after investigating the Ejura shooting incident, recommended the formation of a Medical Board to assess the injured victims to inform the computation of compensation payable to them.\nThe three-member board submitted its assessment report to the Attorney-General and Minister of Justice to determine the parameters.\nThat notwithstanding, the A-G requested the victims to also provide all receipts covering their medical bills relating to injuries sustained during the incident. These were duly submitted.\nThe victims are; Louis Ayikpa, 30, Nazif Nuhu, 20, and Awal Mesbawu, 16.\nAccording to MyJoyOnline’s sources, Mr Ayikpa and Mr Nuhu made claims for compensation.\nLouis Ayikpa was seeking an amount of ¢1.2 million while Nazif Nuhu requested an amount of ¢230,000 as compensation.\nThe A-G also made an assessment in respect of the third victim, Awal Mesbawu.\nAfter his assessment and computation of the compensation, Mr. Godfred Dame, in the said letter advised the Interior Minister – citing various court judgements and other best practices – on how to go about the payment.\nCompensation for victims\nThe Attorney General after evaluation and assessment recommended that Louis Ayikpa be paid ¢347,953 as compensation.\nNazif Nuhu and Awal Mesbawu are to be paid an amount of ¢192,425 and an amount of ¢678,519, respectively, as compensation.\nThere was also a recommendation that victims should be offered psychological evaluation and be given appropriate psychosocial support.\nThe victims should be appropriately rehabilitated, trained or retrained as per injuries sustained to enable them integrate socio-economically into the society.\nIn the case of Awal Mesbawu, the appropriate functional prosthesis should be provided him to assist his mobilisation.\nMore so, the victims should be followed up medically for a minimum of two years to manage any long term complications that may arise.\nAdministrative processes hindering compensation\nOn July 6, 2022, the Interior Minister blamed the non-payment of compensation to victims of the Ejura shooting incident on administrative processes.\nHis revelation was in response to a question posed by the Ejura Sekyeredumase MP, Bawa Braimah Mohammed, who said the victims suffer just to make ends meet.\n“After the three-man committee set up to investigate the unfortunate incident in Ejura had submitted their report, my Ministry wrote to the Ministry of Health informing them of the three persons that sustained various degrees of injury during the Ejura disturbances on 29th June, 2021, to facilitate the process of compensating the victims.\n“The Ministry of Health subsequently requested that the Komfo Anokye Teaching Hospital which attended to the victims submits a report on the extent of injury to the victims to inform the decision on the quantum of compensation due then,\" he explained.\nVictims agitated\nThe victims of the shooting incident were agitated over what they say is the Attorney-General's delay in ensuring payment of their compensation.\nDuring court proceedings on Tuesday, they also lamented the inaction of the prosecutor who has been absent from the court for several months.\nThe Asokwa District Court which has been hearing the case says it is still waiting for advice from the Office of the Attorney-General (A-G) for committal processes to commence at the high court.\nIt is reported that the prosecutor was again absent in court on Tuesday because the advice from the A-G is not ready.\nLatest Stories\n-\n9 awkward but completely normal things that happen during sex\n-\nSexy gift ideas for her any time of the year\n-\n4 fun & simple ways to upgrade your date night\n-\nOnion Sellers Association allays fears of price hikes\n-\nBanking sector clean-up served as a shock absorber during Covid-19, economic crisis – John Awuah\n-\nNorth Tongu Assembly members fail to elect PM after 4th attempt; DCE fumes\n-\nDigital industry players must shape digital landscape in Africa – Minister\n-\nAssociation of Sports Betting Operators presents learning materials to 939 pupils in flood-affected communities\n-\nMan, 30, dies in alleged attempt to steal ECG cables\n-\nAklakpanu bridge will be reconstructed to boost economic growth – North Tongu DCE assures\n-\nAwutu Senya West Assembly members reject President’s nominee\n-\nConsider the use of local rice for school feeding – Rice farmers\n-\nKyei-Mensa-Bonsu to address resignation issues today\n-\nCyber-attack hits Malawi’s immigration service\n-\nKenya scraps entry fee for South Africans and several other foreign nationals", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/a-g-advises-interior-ministry-to-compensate-ejura-shooting-victims/"}
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index 0000000000000000000000000000000000000000..e6d0623f61582e5d5f94e1d141d4ee9073050151
--- /dev/null
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@@ -0,0 +1 @@
+{"doc_id": "fd7960fde1e0a5139fa1702ccdc6c719", "text": "Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com\nBusiness News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://nairametrics.com/2017/12/06/cbn-faults-banks-lending-culture-to-smes/"}
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diff --git a/clean/cc/fd912efdc21f67057246b52010c6ac46.json b/clean/cc/fd912efdc21f67057246b52010c6ac46.json
new file mode 100644
index 0000000000000000000000000000000000000000..0ee67a00d6dc6e64fc33407bca433cbc918465c3
--- /dev/null
+++ b/clean/cc/fd912efdc21f67057246b52010c6ac46.json
@@ -0,0 +1 @@
+{"doc_id": "fd912efdc21f67057246b52010c6ac46", "text": "Today, Econet Wireless Zimbabwe announced in a public notice that as the Ecolife agreement with Trustco has expired, the mobile operator is unable to continue offering the mobile life insurance product. Econet says it will honor any claims from beneficiaries entitled to the cover as at midnight 17 February 2012.\nHere’s an extract from the public notice:\nAll Econet Wireless (private) Limited customers who were subscribed to the Ecolife product are hereby notified that the agreement between Econet and its technical partners, Trusto Mobile (Pty) Limited and First mutual Life Assurance Company (Private) Limited has expired. Accordingly Econet is unable to continue to offer the Ecolife product.\nEcolife was launched back in October 2010 and in just seven months Econet had managed to sign up some 1.6 million subscribers to the service. But the mobile operator had a fallout with its technical (Namibian Trustco Mobile) partner soon after with the two companies accusing each other of breach of contract. The two went to court and essentially, Econet lost. But it didn’t lose. It’s Trustco and the subscribers that did.\nNothing from all this says Econet will not be launching its own life insurance product, the very thing Trustco sought an injunction against. Today’s notice may just be the first step in a carefully crafted strategy to replace Ecolife with an in-house developed product.\nTrustco Mobile is the mobile division of JSE listed Trustco Group Holdings.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.techzim.co.zw/2012/02/with-truscto-agreement-expired-econet-kills-ecolife/"}
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new file mode 100644
index 0000000000000000000000000000000000000000..b3bec78438122f7c5dec9b418155abc001984917
--- /dev/null
+++ b/clean/cc/fde6e75ce5094ed83edfae744cf0c636.json
@@ -0,0 +1 @@
+{"doc_id": "fde6e75ce5094ed83edfae744cf0c636", "text": "JOHANNESBURG - DRDGold, a world leader in the recovery of the metal from the retreatment of surface tailings, would consider declaring an interim dividend in February, the group said yesterday.\nDRDGold said cash and cash equivalents increased by R300.1million to R2.015billion as at September 30, 2020, after paying the final dividend for the year ended June 30, 2020, of R299.1m.\nThe cash generated during the current quarter would be applied towards the company´s extended capital expenditure programme for the year ending June 30, 2021.\n“Despite the capital expenditure planned for the year, management positions the company favourably to, in the absence of unforeseen events, consider declaring an interim dividend in February 2021,” said the group.\nDRDGold has been the best performing gold stock on the JSE on the back of record gold prices and the weak rand amid the Covid-19 pandemic economic fallout.\nDuring the current year DRDGold issued a R564m dividend, its largest in history, out of excess income reserves.\nThe excess income reserves were mainly driven by the increase in the gold price and mitigation plans to reduce the impact of Covid-19 on inventory stockpiles.\nAdjusted earnings before interest, taxes, depreciation, and amortisation increased by 110percent to R770.4m during the September quarter, primarily due to a 60percent increase in gold sold and a 6percent increase in the average rand gold price received of more than R1m per kilogram.\nDRDGold reported a 45percent quarter-on-quarter increase in gold production to 1514kg, due primarily to a 27percent increase in tonnage throughput to 7260000 tons and a 15percent increase in yield to 0.209 grams per ton.\nAs a result, cash operating costs per kilogram of gold sold decreased by 10percent to R489750 per kilogram. Cash operating costs per ton of material processed increased by 2percent to R104 per ton.\nAll-in sustaining costs per kilogram and all-in costs per kilogram were R588239 a kilogram and R613 206 a kilogram, respectively, increasing quarter-on-quarter mainly due to an increase in sustaining capital expenditure\nDRDGold is 50.1percent owned by Sibanye-Stillwater and is listed on the JSE, with its secondary listing on the New York Stock Exchange.\nDRDGold shares slid 2.59percent to close at R18.84 on the JSE yesterday.\nBUSINESS REPORT", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.iol.co.za/business-report/companies/drdgold-considers-declaring-an-interim-dividend-812adce5-d7ce-4033-a14b-9ad8071644b4"}
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