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Tag: deals

  • SPAR Black Friday mega deals: Over 5,000 items on sale

    SPAR Black Friday mega deals: Over 5,000 items on sale

    •Hosts five musical concerts to celebrate wine, spirits & feer festival

    Hypermarket and Black Friday pioneer SPAR Nigeria has officially announced the 4th edition of its Black Friday shoppers delight.

    This year’s edition comes with bigger and better offers than last year’s, with over 5, 000 selected items up for sale. It also comes  with discount offers of up to 80 per cent as well as other benefits. Favourite items like electronics, laptops & accessories, wines & spirits, house hold items, perfumes, wrist watches, mobile phones, grocery and more will be available.

    SPAR Nigeria as the first brick & mortar store of its kind to occupy this event in Nigeria, aspires to always bring happiness to the hearts of loyal shoppers at this traditional event that holds every last Friday of November globally.

    Since inception in 2014, the SPAR Nigeria Black Friday bonanza is said to have blazed the trail by not only being the pioneer of Black Friday sales, but also providing consumers with the best discount offers.

    Management of the Hypermarket is urging shoppers to gear up for the most competitive offers that will be available in SPAR stores nationwide. The bonanza promises to be fun for friends and family, even as the yuletide season approaches when several items which are already on sale are the very necessities shoppers need to have a memorable season.

    Commenting on SPAR Nigeria’s Black Friday, its Head of Marketing , Mr John Goldsmith, stated: “When we started, we took the leap of faith as this was something that had never been done before in Nigeria. The first year was basically meant for testing the market; we were looking to see the response of the Nigerian market towards the sales. In our first year, the promos lasted for three days and we received positive responses across the country that exceeded our expectations. This year the number of items that are up for sale have doubled compared to the last couple of years, so we are pretty excited for the outcome.”

    Speaking further on the sales bonanza, he noted that from the beginning of the year, shoppers had begun making enquiries on when the next Black Friday will come up. “Our customers deserve value along with quality products and we at SPAR Nigeria desire to make sure we fulfill every expectation,” he said.

    Also, as Nigeria’s leading chain of hypermarket stores and organisers of the Wine Spirits & Beer Festival, SPAR Nigeria has brought its exciting drinks festival to a new height with five power-packed musical concerts across the country.

    As part of the Wine, Spirits and Beer Festival 2017, SPAR Nigeria treated shoppers across Enugu, Calabar, Port Harcourt and Lagos to musical concerts parading favourite artists and performers.

    The leading hypermarket partnered with major spirits and beer brands namely Johnnie Walker, Smirnoff, Campari, Guinness and Nigerian Breweries for the concerts.

    The anchor brands ensured the line-up of major artistes; Smirnoff anchored the musical concerts in Enugu and Calabar with major artists such as DJ Spinall, Ill Bliss, Zoro, Slowdogs and MI to a resounding crowd.

    The musical event in Port Harcourt was co-hosted by Campari, which drew large crowds. 2baba, Duncan Mighty, DJ Jimmy Jatt, Kelly Handsome, Harrysong alongside a host of other artistes entertained the crowd to the wee hours of the night.

    Courtesy of the anchor brands, guests were treated to exotic cocktails, drinks and tasty finger foods as they enjoyed the best hits from their favorite artistes.

    The entry to concerts was linked to purchase of a specific brand of spirits and beer from SPAR stores during the six weeks long  festival. The entry passes were also awarded to the winners of the online contest on the various participating brands.

    Alongside SPAR, all major sponsors of the concerts expressed delight at both the turnout and profound patronage by shoppers throughout the festival. Though hosted individually with SPAR, the brands agreed that collaboration will continue to play a major role in modern retail.

    SPAR’s spokesperson, Mr. John Goldsmith, stated thus: “We are very happy with the success of the wine, spirits and beer festival and delighted with the grand success of the musical concerts across five locations. We express our gratitude to the partnering brands for the support in pulling up such a major concert.

    Participants were completely enthralled throughout the event. They had a great time enjoying mouth-watering cocktails, great food, rib-cracking comedy, mixology sessions and of course, stage performances from various artistes in an electric atmosphere.

    Goldsmith said SPAR looks forward to strengthening the partnership with the brands with many of such festivals in the future.

  • Investors strike 14 deals as Oando remains on technical suspension

    Investors strike 14 deals as Oando remains on technical suspension

    •SEC, NSE still studying court order 

    Investors struck 14 deals for 142,250 shares of Oando yesterday at the Nigerian Stock Exchange (NSE) but the indigenous energy group’s share price remained unchanged at N5.99 per share, despite a court order that restrains the NSE from putting the company under technical suspension.

    A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.

    The NSE had on Monday October 23, 2017 placed the shares of Oando on technical suspension, “thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists”.

    Securities and Exchange Commission (SEC) had last week ordered the placement of full suspension on the shares of Oando as the apex capital market regulator launched a forensic investigation into allegations leveled against the management of Oando by two aggrieved shareholders. The Commission also indicated that the full suspension should be relaxed to technical suspension after 48 hours.

    Oando obtained an interim court order on Monday October 23, 2017, restraining the NSE and any other party working on their behalf from giving effect to the directive of the SEC to implement a technical suspension of the shares of the company pending the hearing and determination of the motion for injunction and also an order restraining the SEC and any other parties claiming through or working on behalf of the Commission from conducting any forensic audit into the affairs of the company pending the hearing and determination of the motion for injunction.

    However, both the NSE and SEC were served with the enrolled court order on Tuesday, October 24, 2017 after the technical suspension was carried out by the NSE on Monday, October 23, 2017.

    A regulatory source said there was no immediate compliance with the ex-parte order because the regulators were seeking legal interpretation and implication of the court order.

    According to the source, the court order rather than seeking to vacate and lift the suspension on the company’s shares sought to restrain a directive that was already in process since last week and completed on Monday with the relax of the full suspension to technical suspension.

    In a statement signed by Chief Compliance Officer and Company Secretary, Oando Plc, Ayotola Jagun, Oando stated that it was of the view that the SEC’s directives were illegal, invalid and calculated to prejudice the business of the company.

    Two petitioners -Alhaji Dahiru Mangal and Ansbury Inc had filed petitions against Oando with SEC, alleging gross abuse of corporate governance and financial mismanagement. SEC had ordered placement of Oando’s shares under trading suspension at the NSE while directing a forensic audit of Oando.

    Oando stated that it found it necessary to take legal action because of contradictions in the directives by SEC and the need to protect the interest of its shareholders.

    Oando noted that it had fully co-operated with the SEC since the commencement of this investigation in May 2017 and provided all information requested but it was evident that submissions made to the SEC were not duly considered due to the conclusions reached and actions taken, as all of the matters raised have been responded to in great detail with all supporting documents requested by the SEC.

  • $14.1b forex deals attract investors

    $14.1b forex deals attract investors

    Foreign investors’ confidence in the economy is rising. The feat is attributed to the $14.1 billion combined foreign exchange (forex) deals from the Investors’ & Exporters’ FX Window – I&E FX Window- and the Central Bank of Nigeria’s (CBN’s) weekly dollar interventions, The Nation has learnt.

    The I&E FX Window has since April attracted $7.6 billion foreign investors’ cash into the economy. The CBN has injected nearly $6.5 billion into the economy within the period to settle forex obligations mainly at the retail end of the market.

    Last week, the CBN, in its drive to sustain the improved dollar liquidity, injected $100 million into the Secondary Market Intervention Sales (SMIS) for spot and short tenored forwards not exceeding 60 days.

    The forex rates across all segments traded within a tight band. At the official market, the naira opened at N305.70/$1 and closed at N305.80/$1 due to daily interventions by the CBN. Similarly, the domestic currency traded flat at the parallel market, closing at N370/$1 all through the week.

    However, at the Nigeria Autonomous Foreign Exchange Market (NAFEX) segment, rate appreciated on all trading days, opening at N360.66/$1 and closing at N359.25/$1, which represent a 0.4 per cent appreciation week-on-week.

    Analysts expect rates to hover at current levels this week as the CBN continues its drive to deepen liquidity via Wholesale and Retail markets interventions in various segments.

    The I&E FX window, also called willing-buyer, willing-seller window, allows foreign investors to find buyers for their dollars at a mutually-agreed price. The CBN controls about 15 per cent of all the transactions carried out in the window.

    Both the I&E FX Window and CBN’s intervention’s cash, the National Bureau of Statistics (NBS) quarterly capital importation report for the second quarter said, led to improved investor confidence in the economy as well as better macroeconomic condition.

    It said the economy has witnessed improvement in capital inflows, as  total capital inflows surged 97.3 per cent quarter-on-quarter to $1.8 billion from $0.9 billion in the prior quarter and improved 72 per cent year-on-year from $1 billion in the second quarter of last year.

    Foreign Portfolio Investment (FPI) accounted for the largest proportion (43 per cent, $0.8 billion) in the second quarter , followed by Other Investments (41.7 per cent, $0.7 billion) and Foreign Direct Investment (15.3 per cent, $0.3 billion).

    By sectoral contribution, inflows classified as Shares (52 per cent, $0.9 billion), Oil & Gas (10.6 per cent, $0.2 billion) and Telecommunication (9.7 per cent, $0.1 billion) attracted the bulk of capital inflows.

    Afrinvest West Africa Limited Managing Director Ike Chioke is not surprised by the jump in foreign inflows, given the recent development in the FX market, particularly the launch of the I &E FX window in April.

    “The largest volume of foreign inflows was recorded in May, underlining the positive impact of FX market transparency and flexibility on investor confidence. The knock-on effects of strong portfolio flows are already evident in performance of the domestic equities market which has historically been driven by FPIs,” he said.

    He explained that investors took advantage of the erstwhile attractive valuation of the market, driving the benchmark index year-to-date return to 36.4 per cent as at August 25, from a negative position of -6.2 per cent in the first week of April.

    He said the impact of the increased foreign inflows was also evident in real sector performance, as Manufacturing Purchasing Managers’ Index (PMI) readings for all the months in the second quarter of this year showed expansion in the sector.

    Chioke said that despite the broad-based nature of rekindled confidence in the economy, the recovery is still fragile.  Sustaining such the recovery in the short term would require the I & E FX window remaining flexible. He said any moves to distort the current operations/flexibility of the window could lead to a repatriation of funds.

    The Afrinvest chief also confirmed in an emailed report that since the launch of the I & E FX Window in April, the turnover of transactions in the window has exceeded $7.6 billion adding that its key attraction remains that rates are market determined.

    He said the improved FX liquidity is broadly driven by spate of FX intervention by the CBN – which has been bolstered by relatively stable oil prices and improved production volumes. Thus, we expect investors to continue to watch the two variables in taking investment decisions.

    On the equities, as the earnings season draws to a close, performance of the benchmark index was mixed last week as the All Share Index (ASI) rose on three of five trading sessions.

    Also, the last of Tier-1 lenders yet to release first half 2017 results submitted audited financials with better than expected performance reported across earnings metrics.

    Nonetheless the impressive results from the Tier-1 banks, the All Share Index ended the week in the red, down 0.7 per cent week-on-week  while year-to-date gain moderated to 36.4 per cent. Also, market capitalisation fell by N94.5 billion to settle at N12.6 trillion.

  • Equities hit two-year high as investors gain N194b on N114b deals

    Equities hit two-year high as investors gain N194b on N114b deals

    Nigerian equities hit their highest level in two years at the weekend as increased bargain-hunting for quoted shares sustained a bullish trend that had seen investors with N902 billion net capital gain in July. Investors recorded net capital gain of N194 billion last week as bargain-hunters overran a major profit-taking breather that started the week to sustain four consecutive positive trading sessions.

    Major indices at the Nigerian Stock Exchange (NSE) showed increased momentum of activities and continuing investors’ appetite for quoted shares. Average week-on-week gain stood at 1.52 per cent last week, equivalent to net capital gain of N194 billion. The sustained rally over four trading sessions nudged the average year-to-date return to 39.26 per cent at the weekend.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from the week’s opening value of N12.705 trillion to close the week at N12.899 trillion. The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, also rose from its index on board of 36,864.71 points to reach a new high of 37,425.15 points at the weekend.

    Investors traded a total 2.52 billion shares worth N114.12 billion in 23,546 deals during the week, compared  to a total of 2.21 billion shares valued at N30.64 billion traded in 26,287 deals in the previous week. Financial services stocks accounted for 1.51 billion shares valued at N16.35 billion in 12,511 deals; representing 59.9 per cent and 14.3 per cent of the total equity turnover volume and value respectively. The industrial goods sector rode on the back of negotiated deals on Dangote Cement to record a turnover of 441.91 million shares worth N89.36 billion in 1,282 deals. The conglomerates sector placed third with a turnover of 184.61 million shares worth N701.67 million in 929 deals.

    The three most active stocks were Dangote Cement, Access Bank and Zenith International Bank, which altogether accounted for 833.97 million shares worth N95.97 billion in 3,203 deals, contributing 33.1 per cent and 84.1 per cent of the total equity turnover volume and value respectively.

    With 38 gainers to 28 losers, most sectoral indices at the Exchange also closed positive. The NSE 30 Index, which tracks the 30 most capitalised companies, recorded a week-on-week average return of 1.24 per cent. The NSE Consumer Goods Index recorded the highest average gain of 4.87 per cent. The NSE Insurance Index appreciated by 2.81 per cent while the NSE Industrial Goods Index inched up by 0.07 per cent. However, the influential NSE Banking Index depreciated by 1.64 per cent while the NSE Oil and Gas Index dipped by 3.05 per cent.

    Low-priced stocks were ahead of the bullish run. C & I Leasing recorded the highest gain, in percentage terms, of 44.9 per cent to close at N1 per share. Dangote Sugar Refinery followed with a gain of 37.3 per cent to close at N14.91. Linkage Assurance rose by 27.1 per cent to 75 kobo. Nascon Allied Industries appreciated by 26.9 per cent to close at N12. Livestock Feeds rallied by 19.2 per cent to close at 93 kobo. Cadbury Nigeria rose by 12.9 per cent to N11.80 while Jaiz Bank gained 12.1 per cent to close at 74 kobo.

    On the downside, Morison Industries led the losers with a drop of 16.9 per cent to close at N1.13. Red Star Express declined by 12.4 per cent to N4.38. Cutix lost 9.9 per cent to close at N2.19. University Press dropped by 9.3 per cent to N2.63. NPF Microfinance Bank dipped by 9.1 per cent to N1.20 while Mobil Oil Nigeria lost 8.3 per cent to close at N232 per share.

    Also traded during the week were a total of 1.166 million units of Exchange Traded Products (ETPs) valued at N16.169 million in 17 deals compared with a total of 1.732 million units valued at N13.711 million traded in 19 deals two weeks ago.

    In the sovereign bond market, a total of 5,850 units of Federal Government bonds valued at N5.702 million were traded in seven deals as against a total of 750 units valued at N0.695 million traded in eight deals in the previous week.

     

  • NNPC eyes $16b from Shell, Chevron deals

    NNPC eyes $16b from Shell, Chevron deals

    Two sets of alternative financing agreements on Joint Venture (JV) projects to boost reserves and production in line with government’s aspiration were executed in London between the Nigerian National Petroleum Corporation (NNPC) and two of its JV partners: NNPC/Chevron Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC) JV.

    The two projects are expected to generate incremental revenues of about $16billion within the assets’ life cycle including a flurry of exploratory activities that would generate employment opportunities in the industry, boost gas supply to power and rejuvenate Nigeria’s industrial capacity utilisation.

    The agreement with Chevron would see the development of the NNPC/CNL JV Sonam Project (Project Falcon), hitherto financed through cash calls, to incremental proven and probable oil/liquids reserves of 211million barrels and proven and probable gas reserves of 1.9 trillion cubic feet within in Oil Mining Licences (OMLs) 90 and 91.

    The project is expected to begin to bear fruits in next three and six months.

    The  Group Managing Director, NNPC, Dr. Maikanti Baru, said the project is envisaged to achieve an incremental peak production of about 39, 000 barrels per day of liquids and 283million standard cubic feet of gas per day (mmscf/d) of gas respectively over the life cycle of the asset.

    The JV partner, he said, had already spent $1.5billion representing 97 per cent of project completion costs, adding that the agreement would cover the remaining $780million to complete the project.

    Giving a breakdown of the expected funding requirements of the Sonam Project, Dr. Baru said $400million is to fund the development of seven wells in the Sonam field (OML 91), the Okan 30E Non-Associated Gas (NAG) well (OML 90), and associated facilities including completion of Sonam NAG Well Platform.

    He added that $380million would also be required to reimburse the JV partners for the 2016 portion of the funds committed to lenders that had been cashed and paid for.

    He said the Sonam Project alone, would increase government’s earnings to $7.3billion over its life.

    The agreement with SPDC, on the other hand, would facilitate the development of the NNPC/SPDC JV Project Santolina which comprise 156 development activities across 12 OMLs (OMLs 11, 17, 23, 25, 27, 28, 32, 35, 43, 45, 46 and 79) and 30 different fields in the Niger Delta.

    The GMD said the development of the Sonam Project would be done in two phases, with the first phase focusing on short term activities involving Oil and Gas Generation (STOGG) programme comprising 128 rigless activities and 10 workovers. The second phase would focus on medium term activities that would involve further development of EA/EJA fields by drilling 14 new well and three workover ones.

  • Diezani $1.7b deals: EFCC sends more proof to UK

    Diezani $1.7b deals: EFCC sends more proof to UK

    UK, US, EFCC to harmonise investigations

    Two Economic and Financial Crimes Commission (EFCC) detectives have been dispatched to the United Kingdom (UK) with more evidence in the investigation of former Petroleum Resources Minister Diezani Alison-Madueke, The Nation learnt at the weekend.

    Mrs. Alison-Madueke’s  latest trouble borders on the uncovering of $1.7billion contracts involving her and two business associates.

    Mrs Alison-Madueke, who has temporarily forfeited some assets, may lose  five more. The assets are under verification.

    The anti-graft agency is also investigating the ex-minister on the whereabouts of $15.8billion NLNG dividends.

    She is being investigated alongside some former officials of the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Petroleum Development Company (NPDC), which is the upstream arm of the NNPC in charge of oil exploration and production.

    But the United States, the UK, the EFCC and other agencies in some jurisdictions may harmonise the investigations.

    A source in EFCC said: “You know the Department of Justice (DOJ) in the United States released the details of the underhand deals surrounding the oil contracts bordering on the implication of the ex-Minister and two associates -Chief Jide Omokore and Kola Aluko.

    “What the DOJ released was just a fraction of corruption-related allegations against Mrs. Alison-Madueke. More revelations will soon be out from the EFCC and after the outcome of the investigation by the National Crime Agency( NCA) in the UK.”

    Responding to a question, the source added: “The EFCC has gone far in probing the whereabouts of about $15.8billion NLNG dividends  between 2000 and 2014.

    “In an audit report sent to EFCC by the Nigerian Extractive Industry Transparency Initiative( NEITI), it was indicated that ‘it is doubtful if the entire $15.8 billion due from 2000 to 2014 is still intact’.

    “The funds were neither paid into the Consolidated Revenue Fund of the Federation nor the Federation Account.

    “Also, about  $7.85 billion out of the dividends was allegedly withdrawn in 2011 under the guise of funding Brass LNG Project.”

    Five more choice properties belonging to the former minister are said to have been identified.

    “We are trying to verify these assets and they will soone be confiscated in line with Section 7 of the EFCC Act,” another source, lwho pleaded ,not to be named so as not to jeopardise the investigation said.

    Section 7  states: “The commission has power to (a) cause any investigations to be conducted as to whether any person, corporate body or organisation has committed any offence under this Act or other law relating to economic and financial crimes.

    “(b) Cause investigations to be conducted into the properties of any person if it appears to the commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”

    Sections 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004 empower the anti-graft agency to invoke the Interim Assets Forfeiture Clause.

    “Section 28 of the EFCC Act reads: ‘Where a person is arrested for an offence under this Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such economic or financial crime and shall thereafter cause to be obtained an interim attachment order from the Court.’

    Section 13 of the Federal High Court Act reads in part : “The Court may grant an injunction or appoint a receiver by an interlocutory order in all cases in which it appears to the Court to be just or convenient so to do.

    (2)  Any such order may be made either unconditionally or on such terms and conditions as the Court thinks just.”

    EFCC Acting Chairman Ibrahim Magu is in Port Harcourt for what a source described as a “morale booster”trip following the recent shooting of an official.

    Magu, who arrived in Port Harcourt last night,  would also inspect some seized assets.

    The source added: “There are many high-profile suspects from Rivers-Bayelsa axis whose properties have been seized. Those concerned are ex-First Lady Patience Jonathan, some former presidential aides and Diezani, among others.

    “The EFCC chairman will assess some of the seized assets. We have already handed over some of the assets to some firms to manage.

    “Apart from meeting critical stakeholders, Magu will also pay a morale booster visit to to some staff in the Port Harcourt zone who are constantly being attacked, harassed and intimidated”.

  • Resort Savings eyes growth with Abuja land deals

    Resort Savings & Loans Plc, a mortgage bank quoted on the Nigerian Stock Exchange (NSE), plans to further leverage its turnover with ongoing sale of properties in the Federal Capital Territory (FCT), Abuja.

    Head, business development, Resort Savings & Loans Plc, Bisi Bello, said the mortgage bank has begun the marketing and sale of undeveloped plots of land at different locations in Abuja. The land  located at Kuje, Kurudu-1 and Kurudu Hilltop belongs to Mahfas Investment Limited.

    She said the mortgage bank will market the land as well as allow instalmental payment upon the down payment of 30 per cent by prospective buyers.

    “All that is required from the prospective buyers is to open account with Resort Savings and make available the 30 per cent down payment while the balance could be spread over a reasonable period,” Bello said.

    She urged all prospective home owners to open account with the mortgage bank as well ensure the deposit of the 30 per cent initial payment to be part of the beneficiaries of the plots.

  • FootPrint to Africa chief seeks joint venture deals

    Managing Director, FootPrint to Africa, Osita Oparaugo has called on individuals and corporate investors to pool resources together to make big investments.

    Speaking at the launch of the Marketsquare Africa” and “Africa in 10 Minutes” in Lagos, he said the platforms will rule the business world and help integrate African entrepreneurs. He said the MarketPlace Africa is where buyers and sellers of goods and services will meet to consummate their businesses. He said the company is here to bridge information gap in business across the continent of Africa.

    “MarketPlace Africa helps people find partnership. We’re ready to work with stakeholders to boost business opportunities in Nigeria, and across Africa. Head of Operations at Footprint to Africa Kenya, Milly Maina, said the company will promote intra-African trade and foreign investment in the continent through Footprint to Africa news and its investor services, which have given birth to its new subsidiaries.

    “If you are not in Africa, you are not in business. It is a plan to help Africa find investors and initiate new business opportunities. The platform provides excellent service to investors,” he said.

    Former President, Pan African Parliament, Bethel Amadi, said trade remains single biggest factor that integrates Africa.”We want to improve movement of people, goods and services across the continent. We want effective platform that helps ease of doing business across Africa.

    Speaking on ‘Integrating Africa through Trade: A parliamentary perspective’, he said the level of inter-African trade has remained low at 10 to 12 per cent because of poor and low level of infrastructure.

    He said corruption in civil service inhibits intra-African trade, adding that visa restriction is a disincentive to African countries. “Today, the biggest trading partners of African countries are in Europe, America. There should be good business environment for Africans doing business in Africa,” he said.

    Minister of Industries, Trade & Investment, Okechukwu Enelamah, said the focus of FootPrint Africa was well thought out, saying that Africa is only two per cent of Global Gross Domestic (GDP).

    He urged the firms to focus on SMEs because SMEs pay for services or have people that pay for services on their behalf. He expressed confidence that FootPrint to Africa will deliver on its promises. “FootPrint to Africa is an idea whose time has come. He called for the creation of the enabling environment for them to network and Footprint to Africa is poised to play its own role in that direction.

  • Arms deals saga

    The presidency and all institutions of state involved owe it to Nigerians to speedily bring those involved to justice

    It is no longer news that the national economy is in dire straits and security is threatened. This is due to acts of omission and commission, especially of the immediate past leadership of the country. One of the areas in which the national interest has been gravely subverted is in procurement of arms and ammunition for combating the Boko Haram insurgency in the North East.

    The arms deals are an eye-opener to all that much has gone wrong with the federation for so long. The mind-boggling figures being linked to the Office of the National Security Adviser (NSA) to the former President Goodluck Jonathan, Col. Sambo Dasuki (rtd), shows that in the past, little governance took place as prominent Nigerians holding political offices or linked to men in power were more interested in milking the country dry, subverting institutions and diverting scarce resources.

    While the cases are still in court, signifying that no one has been found guilty yet, the figures being contested and the facts of the helplessness of the troops during the Jonathan administration are enough proof that a lot went wrong.

    It is gratifying that the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS) have undertaken intensive probe into how the money earmarked for prosecution of the war against insurgency was approved and released. The promptness of arraignment of suspects in the deals, including the former NSA, and Emeritus Chairman of Daar Communications, Chief Raymond Dokpesi, is an indication that the government is serious about fighting sleaze in the country and recovering the loot.

    We recall that about $9.3million was seized by the South African authorities last year for alleged aborted attempt at smuggling the cash into that country illegally. It is surprising that all this took place under the watch of Dr. Ngozi Okonjo-Iweala who was directly brought in from the World Bank to help straighten the accounting processes and procedures. The EFCC has already extended invitation to the former finance minister and coordinating minister for the economy to explain the part played by her office in the release of the funds. It has been said that her ministry, among other releases, caused about $322 million to be released to the office of the former NSA for security reasons.

    We call on the EFCC and the Attorney-General of the Federation to ensure diligent prosecution of the cases with a view to getting the guilty punished and the looted funds recovered. Recovered funds must be committed to getting the army of unemployed youths engaged as the All Progressives Congress (APC) promised while campaigning for votes.

    The pronouncements and conduct of military chiefs on this matter under the Jonathan administration amounted to man’s inhumanity to man. We shudder to think of the former Chief of Defence Staff (CDS), Air Chief Marshal Alex Badeh’s contention that troops that fled the war zone ought to have been summarily tried and executed in the field without due regard for their  rights as citizens, and circumstances. The same men who were tried and sentenced to death by a military tribunal in Abuja have now had their sentences reviewed. The revelations coming out of how money voted for procuring equipment was diverted and the men sent barely armed to  the war front is a vindication of the public outcry that greeted the kangaroo trials and sentences.

    The same CDS was later to admit at retirement that the troops were poorly equipped and that impeded operations. How did he expect them to willingly face superior fire from the terrorists? In addition, it is obvious now that money voted for the welfare of the men and their families were released for the wrong purpose. Those who partook of the heinous crime must all be properly identified, the degree of culpability established and properly tried. In this connection, the former military chiefs, including the CDS, the Chief of Army Staff and the Chief of Air Staff should be invited to help in the investigations. This is not one of those occasions when criminals are pampered and allowed to escape with a slap on the wrist. It is not a time to recover loot privately or encourage behind-the-scene plea bargains. Nigerians, the human rights community and, indeed, the international community are watching President Muhammadu Buhari and the anti-graft agencies to see how they would resolve the matter. It is time a firm stand is taken against corruption to deter people from fiddling with public funds.

    The Federal Government has thus far acted commendably on the matter. The executive and judiciary must ensure that the country’s soul is restored by bringing all the culprits to justice speedily.

     

  • Black Friday: best deals are on today

    Black Friday, the biggest discount bonanza for shoppers, is here again. The bonanza, introduced by online shop Jumia two years ago, offers great deals to shoppers with Jumia selling double awoof vouchers which offer customers double items for their money. It  completely sold out all items way ahead of the day, an evidence that Black Friday cannot be avoided.

    Also last year, all online shopping platforms operated the Black Friday campaign and recorded positive customer reactions. This year, they have again jumped at the chance to participate again and are offering more discounts this year.

    This year’s Black Friday aims to offer more value to customers who have been amazing with extensive selection of products from top brands at best prices. On Carmudi Nigeria website, car buyers will be able to enjoy discount on a large range of cars. Managing Director, Carmudi Nigeria, Amy Muoneke, said shoppers should expect very affordable cars and discounts on items they buy. “At Carmudi Nigeria, we will be rewarding car dealers with discount advertising and car buyers with affordable cars. The aim of Black Friday is to make affordable cars available to car buyers. From today, individual car sellers who want to see their cars through the Carmudi website will pay a discounted fee of 2,000 only for as long as that particular car is available for sale”

    Jovago Nigeria, an online hotel booking platform promises unbelievable discounts of up to 50 per cent on selected hotel rooms on offer. Its Head of Public Relations, Ohaedoghasi Rita told The Nation Shopping that every customer who books with them will get the best price on every room.

    On the Jumia website, there are vouchers, special deals to say thank you to esteemed customers for their loyalty. Supermart.ng offers up to 30percent discount on hundreds of grocery items when customers buy items worth N10,000.

    The Communications Officer of Supermart, Tayo Alofun said, “hundreds of grocery and everyday essential items have been discounted to rock bottom prices for our customers. Customers can select these and more online and receive delivery to their homes and offices across Lagos”.

    To access the deal, customers will simply have to log on to supermart.ng, select various desired items from the widest range of groceries in Nigeria and enter the voucher code SUPERDEAL to receive their instant N3,000 discount.

    Easy taxi will be giving out better ride in terms of ease, reliability, comfort and safety. Shoppers can get N2000 off Taxi Ride today by downloading the Easy Taxi app on android or iPhone, and use the code ETBlackFriday.  Senior Public Relation & Communications Associate, Tracy E. Oyekanmi said “Over the last six months, we’ve worked hard to gather feedback and listen to our customer’s concerns and needs, and we’ve revamped the entire Easy Taxi experience. And our aim is to allow more people in Lagos experience a ride on Easy Taxi at a lower risk to attract prospective customers.”

    On Kaymu.com, shoppers who patronise the Kaymu’s Black Friday Store access to items at prices they never imagined possible. In addition Kaymu has thrown in free delivery on purchases within Lagos to ensure people enjoy the best possible shopping experience this Black Friday.

    Tomiwa Oladele, Head PR & Offline Marketing said: “As a brand which is passionate about fulfilling our customers desires, Black Friday gives us the opportunity to connect our community of buyers and sellers  in an exciting shopping experience. Through this campaign we hope to add value to our customers by giving them the opportunity to fulfill their wish list within their budget and position Kaymu as a brand where people can get affordable items all year round.”

    She added: “We are fulfilled at the knowledge that through the Black Friday campaign we will be able to provide value to our new and existing customers by giving them the opportunity to shop massive discounts as well as provide revenue for our community of sellers who are expected to triple their sales during this period.”

    Hellofood. com, will double its volume of orders and  empower its consumers with great savings. The online food store will offer its consumers via its partner’s restaurants an entire day of tremendously low price food deals with up to 50per cent discount as well as free delivery on all food orders from any restaurant.

    Its Public Relations Executive, Kike Ojo said: “Consumers’ will be able to order from over 250 restaurants on the hellofood platform, there will be new cuisines at  reduced price and fast food delivery at no extra cost.

    At Yudala, there will be location-specific sales which will kick off from 8:00 am today at Ikeja, Festac and Surulere, 9:00 am at Lekki and 10:00 am at Apapa while the online sales starts by 12 midnight. The mega-fest will continue with the Yudala Cyber Monday on November 30 where shoppers can shop non-stop at eye-popping prices.

    Autogenious is giving out whopping discounts on insurance and AA rescue products.

    They are giving out 10 percent of car insurance premium for a year.