The Nation Newspaper

Author: The Nation

  • Oil rebounds on U.S-Chinese trade dispute

    Oil prices rallied on Tuesday following reports that the U.S has decided to delay the next round of tariffs that were to be imposed on Chinese goods.

    The delay gives hope to a skittish market that the trade war really won’t go on forever.

    For WTI prices  climbed 4.30 per cent to trade at $57.29. Brent Crude traded up even more at 4.70 per cent, at $61.32—resuming its over $60 per barrel that it had fallen below during the first week of this month as the trade war stoked fears of souring oil demand growth.

    This is the fourth straight day of gains for the oil prices—the previous gain helped along by Saudi Arabia’s chat with other Organisation of Petroleum Exporting Countries (OPEC) producers about what additional steps the group could take to stanch the price bleed that sought to undermine not only Saudi Arabia’s budget which relies heavily on oil, but its much-anticipated public listing of its crown jewel, Saudi Aramco.

    Read Also: U.S. govt introduces new rules restricting legal immigration

    Aramco’s valuation, which The Kingdom feels is $2 trillion, is dependent on oil prices. Analysts claim that this $2 trillion valuation is but a pipe dream, and that the real value of Aramco is at most $1.5 trillion.

    In addition to the tariff delay, which will now go into force on December 15, the U.S. will also be taking some of the items on that tariff list off completely, according to its newest policy document published on the Office of the U.S. Trade Representative website. While the list hasn’t been made public, it will include items that will be removed “based on health, safety, national security, and other factors”.

    The items that will be delayed until December include cellphones, laptops, toys, computer monitors, and some footwear and clothing items, according to the USTR website.

    Oil will face another challenge this afternoon when the API estimates about crude oil inventory moves will be released.

  • Fluuterwave, Alipay partner

    Africa’s leading payments technology platform, Flutterwave, has announced its partnership with Alipay of China, thereby opening up Africa’s market to Chinese buyers.

    The partnership enables Flutterwave, a Nigerian-founded B2B payments service – primarily for companies in Africa to accept payment from customers on the continent and abroad – leverage  Alipay’s global network of more than one billion active users, according to Alibaba’s latest earnings report.

    With a large portion of Alipay’s network situated in China, the move will see Flutterwave, capture payment activity around an estimated $200 billion in China-Africa trade.  Flutterwave CEO, Olugbenga Agboola said this will mean that “all our merchants can accept Alipay as a payment method. ”

    Read Also: ‘Africa must invest in technology-driven economy’

    He said: “This isn’t an unprecedented move. The answer to why we’re opening up Africa to the Chinese buyers, lies in what we have set out to do since inception. We set out to provide the complete payment solution for Africans to thrive in the global economy, and this is exactly what this partnership will achieve, as the complete payment solution would first require interconnectivity within Africa which we are already winning at, then connectivity from Africa to the world. In 2010, airlines averaged less than one flight a day between China and Africa. Now, it’s eight direct flights on the average. Imagine what being able to accept Alipay payments will do for duty-free shops at Africa’s airports for instance.”

    Flutterwave which counts Uber, Wakanow, Arik Air among other multinational businesses amongst its customers seems to be winning in its mission to shrink the trading gap between Africa and the rest of the world.

  • Fire razes 90 shops at Edo market

    A midnight fire has razed over 90 shops at the biggest spare parts market in Uwelu, Egor Local Government of Edo State.

    The areas affected were sections where Mercedes Benz, Mazda, Ford and Toyota parts are sold.

    Some of the traders collapsed when they visited the scene. One was said to have almost ran into the raging fire.

    The fire allegedly started about 11:45pm on Monday and lasted till 4 am despite efforts by fire fighters from the University of Benin and Army barracks.

    When The Nation visited the market, sympathisers were consoling victims.

    Read Also: Fire destroys 20 vehicles, 10 shops at Owode Onirin market 

    Daniel Okungbowa, who sells fuel and oil pumps, said he lost about N4 million worth of goods.

    Another victim, Festus Maxwell Osaeruoname, wondered how the fire spread rapidly when there was no power supply to the market.

    “We are yet to ascertain what caused the fire. We could not remove anything from our shops. Many boys just got freedom from their masters and opened their shops; they are yet to repay the loans they took from banks,” he said.

    Chairman of the Spare Parts Dealers’ Association Ibie Osaretin Augustine said the fire had compounded the low patronage they were witnessing due to bad roads leading to the market.

    Augustine said the four security guard hired by traders were being questioned by the police.

    He said he received an anonymous call that the market was on fire and when he called the security man on ground, he was told somebody was burning something nearby.

    “When the security man told me somebody was burning something, I told him to check properly and he told me it was the line where my shop is located that was on fire.

    “I called the Edo Fire Service but they did not come. The entire market would have been razed if firemen had not come from UNIBEN and Army barracks.

    ‘’For now, we do not suspect any foul play but we have held a meeting to appease those affected and stall any suicidal attempt. We beg the government to rebuild the market because we trade with loans from micro-finance banks.”

  • Shelter Afrique okays $180m for housing

    A non-governmental organisation (NGO), Shelter Afrique, said it will invest $180 million over the next five years toward addressing Nigeria’s housing deficit.

    Its Managing Director, Mr Andrew Chimphondah, who spoke in Abuja, said the investment period would span between this year and 2024.

    He said Nigeria was a strategic market for Shelter Afrique. He said the group’s shareholders included 44 African countries and two financial institutions.

    According to him, Shelter Afrique provides loans, grants and credits for the development of the environment and the provision of houses for Africans.

    Read Also: Expert seeks priority for housing

    Chimphondah said: “We are looking at the demand and supply side of housing. For the supply side, we will enter into Public-Private-Partnership (PPP) with government with government providing land and subsidised infrastructure.

    “Our organisation will provide the funding and expertise to carry out the project.

    “We will commit and dedicate all the expertise to ensure that quality houses are delivered; we will also ensure that the houses are energy efficient, environmental friendly and comfortable.”

    Chimphondah said most financial institutions had often complained of funding, but assured Nigerians that the group would fashion out a way to reduce the cost of the houses.

  • Senate seeks divestment of 40% govt’s stake in DisCos

    The Senate has urged the Federal Government to divest its 40 per cent stake in electricity distribution companies (DisCos) to foreign investors.

    Senate President Ahmed Lawan gave this advice in Abuja when he received the management team of the Transmission Company of Nigeria (TCN) led by Usman Mohammed, its managing director.

    In a statement by the TCN, Lawan said experts in the field should be given an opportunity to invest in the sector.

    “The 40 per cent holding of the Federal Government as stipulated in the Power Privatisation Act 2005 may also be more beneficial to the nation if it is sold to foreign investors with technical know-how,” the statement read.

    He stated that it is not in the interest of the government to keep disbursing bailout funds to DisCos without a commensurate improvement in the power supply.

    Read Also: Senate pledges speedy passage of SURCON Act Amendment Bill

    Lawan also assured the TCN of Senate’s support for its proposed recapitalisation of DisCos and the transmission rehabilitation and expansion programme (TREP).

    He said the programmes should be carried out with a holistic picture of how power supply challenges would be resolved once and for all.

    Lawan also expressed displeasure with the report on supervisory control and data acquisition (SCADA) contracts awarded three times in the past without success.

    He called for a more stringent process of awarding contracts that would allow only competent firms qualified to execute the project.

  • Police confirm three dead as festival turns violent In Ogun community

    The Ogun State Police Command on Tuesday confirmed the killing of three persons in Isheri Olofin community in the Kara area of Ogun State. They were reportedly killed by soldiers.

    Others reportedly sustained injuries in the incident that occurred on Monday night. It was during the celebration of the yearly ‘Isheri Day’ festival.

    According to residents, one of the victims, who was alleged to have been hit by a stray bullet, died instantly while two others died in the hospital from gunshot wounds.

    Read Also: Motorcyclist shot dead, two injured at new yam festival in Ekiti community

    Spokesperson for the Command, Mr. Abimbola Oyeyemi, explained that two deaths have so far been reported at the Divisional Police Station in the area.

    He added that investigations have begun to unravel the real circumstances that led to the killing.

    Urging residents to remain calm, Oyeyemi vowed that those behind the killing would be brought to book.

  • Apapa residents, Task Team agree to sustain initiatives to resolve gridlock

    Residents of Apapa, Lagos on Tuesday advocated the sustainability of the gains of the Federal Government’s Task Force Team on the restoration of law and order and decongestion of the Apapa Ports and its access roads and bridges.

    They spoke at a town hall meeting organised by the team, led by the Vice Chairman, Comrade Kayode Opeifa, at St. Andrew’s Anglican Church hall, Marine Road, Apapa.

    Their remarks came on the heels of the reports of the team’s Vice Chairman, Comrade Opeifa that the Team is meeting with the residents of Apapa GRA to allay their concerns over the activities of the Team and to generate more ideas towards achieving the sustainability of free flow of traffic at Apapa and to enable them take ownership of the space.

    Read Also: Apapa gridlock: End to a nightmare

    Opeifa, who said the team had achieved what it was set up to accomplish, admitted that achieving a seamless flow of traffic in Apapa is an ongoing project, adding that the government will work on all details that will ensure that trucks are not unduly delayed to the point that they will constitute a nuisance on the road, as they hitherto used to.

    He said: “Now we have been able to ensure that no trucks stay on the roads anywhere in Apapa. We have stopped the issue of extortion, which was a by-product of the demurrage system that was hitherto in operation, which the Nigerian Shippers Council (NSC) and the ship owners are already working on with terminal operators. The NSC has negotiated a slash in the demurrage and we believe once this is put into operation, it will reduce the pressure to get into Apapa and the number of trucks will drastically reduce. This will be complemented by a call up system that is more proactive and an electronic call up system will further clean the system.”

    Opeifa, who noted that it is impossible to shut down Apapa or stop trucks from moving goods in and out of the ports, said what needed to be done was to ensure that the ports activities did not negatively impact on the lives of residents. He added that that was what the Federal Government was desirous of doing.

    “The Apapa Port is the nation’s third largest revenue earner and any attempt to shut it down will hamper the nation’s economy. So we cannot shut it down. We also cannot ask the trucks to stop coming into Apapa because they are in business that impacts on our daily living. But we will continue to explore ways to ensure that we manage their activities. This we will continue to do,” Opeifa said.

    He said the Team is a product of series of meetings with stakeholders and especially with members of the Presidential Committee on the Ease of Doing Business at Apapa, which has come up with a number of solutions to the Apapa gridlock, adding that the team will coordinate the implementation of all interventions in order to ensure that the old glory of Apapa is restored.

    Leading other residents, the Chairman of Apapa Government Reservation Area Residents Association (AGRARA)  Brig-Gen. Sola Ayo Vaughan (retd), said the gains of the past 60 days would be lost if residents and other government agencies, such as the Nigeria Ports Authority (NPA), Nigeria Shippers Council (NSC), Lagos State Transport Management Agency (LASTMA), Nigeria Police and residents did not take ownership of the initiative.

  • Monarch, subjects seek jobs for residents

    The traditional ruler of Awka, Obi Gibson Nwosu, has appealed to the Vice Chancellor of the Nnamdi Azikiwe University, Awka (UNIZIK), Prof. Charles Esimone, to provide jobs and admissions in the institution to indigenes of the community.

    The monarch and his subjects reiterated that the community does not have two traditional rulers as being alleged in some quarters, saying anyone who parades as one should be treated as an impostor.

    They spoke yesterday when the Vice Chancellor and management of the institution visited the palace.

    Director of UNIZIK Business School and a cabinet chief in Awka Prof. Austin Nnonyelu said some people wanted to cause problems in the town by parading themselves as traditional rulers. He urged the visitors to disregard such people.

    Read Also: UNIZIK loses three students, staff in three months

    According to him, the community had custom and traditions, and the people who picked Obi Nwosu as their monarch about 30 years ago did not make any mistake as the community has been peaceful since.

    President-General of the community Chief Tony Okechukwu, and other High Chiefs, corroborated Nnonyelu, while Obi Nwosu endorsed everything they said.

    They, however, said some of the challenges being faced in the community were unemployment, not enough admission slots for their children and insecurity.

    Prof. Esimone told the monarch that his mission was to take his blessings and to officially introduce himself as the VC.

  • Tension as herdsmen fight over missing cows in Imo

    Herdsmen in Agbala, Owerri North Local Government Area of Imo State, on Tuesday fought over missing cows, with many sustaining injuries.

    Two of the herdsmen were fatally injured and rushed to the emergency unit of the Federal Medical Centre in Owerri by villagers.

    According to an eyewitness, the situation would have led to an attack on the village, if it was not witnessed by other herdsmen.

    The source said: “What happened was that a herdsman went into the bush and stabbed his kinsman who was asleep. He left with his victim’s cows after he thought he was dead.

    Read Also: Kogi govt. debunks alleged herdsmen attack at Lokoja park

    “But, another herdsman, who was also in the bush, alerted others who came to the forest and overpowered the culprit after stabbing him severally and thereafter recovered the stolen cows.

    “It was villagers who alerted the police. The man was rescued and the two were rushed to the emergency unit of FMC, Owerri.”

    The source added that it would be a miracle if the two survive as their conditions were said to be critical.

    The development caused heavy gridlock on the Owerri-Aba Road.

    Police spokesman Orlando Ikeokwu said the herdsmen were responding to treatment. According to him, policemen from the Agbala Police Division rushed the herdsmen to the hospital following a distress call from people.

  • El-Zakzaky begins treatment in India

    Leader of the Islamic Movement of Nigeria (IMN) Sheikh Ibraheem El-Zakzaky and his wife Zeenat, have started receiving treatment at Medanta Hospital, India.

    The duo arrived in India on Tuesday with their relatives, security operatives and government officials.

    Doctors said El-Zakzaky is suffering about eight ailments, including glaucoma, symptoms of Ischemic heart disease, which could lead to Myocardial infraction, severe cervical spondylosis which has resulted to nerve root compression and causing insomnia, among others. He also has pellets lodged in his body since the 2015 clash with soldiers in Zaria. These pellets are said to be causing lead poisoning in his blood.

    Read Also: Shiites leaders, operatives ‘escort’ El-Zakzaky to India

    Medanta Hospital was founded in 2009 by a cardiac surgeon, Dr. Naresh Trehan. It is a multi-speciality hospital dedicated to the treatment of advanced human diseases such as coronary artery disease, head and neck cancer, acute myeloid leukemia, epilepsy, hip fracture, parkinson’s disease, refractive error, prostate cancer, chronic kidney disease, cerebral stroke, sepsis, liver cirrhosis, rheumatoid arthritis, hypertension, diabetes, bronchial asthma, stomach cancer, chronic otitis media, among others.

    El-Zakzaky, who has been held in detention since December 2015, he is facing trial for culpable homicide and other offences, all of which he denies.