Tag: gamble

  • Can Mindful Practices Reduce the Urge to Gamble for Stress Relief?

    Can Mindful Practices Reduce the Urge to Gamble for Stress Relief?

    Many people gamble to feel less stressed because it’s a quick escape from daily pressures. But sometimes, it might even make you more stressed from all the urges to play something fun.

    Luckily, there’s another way to chill out – mindful practices. These are simple techniques that help calm your mind. So, in this article, we’ll see if meditation and deep breathing can make you want to gamble less for stress relief.

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    And by the way, if you’re looking for a fun place to play, check out 777bet.io. Let’s get started and see how mindfulness might help you keep your cool without hitting the slots.

    The Link Between Stress and Gambling

    People often turn to gambling when they’re stressed out. It’s a quick fix that helps them forget their worries for a while. Gambling provides a rush, a sense of excitement that distracts from daily problems. This temporary escape can feel really good, even if it’s just for a short time.

    Common stress triggers, such as work pressure, financial problems, or relationship issues, can push people toward gambling. When life gets difficult, a spin of the roulette wheel or a hand of poker can seem like a simple way to unwind. The bright lights, the sounds, and the thrill of winning can all be very appealing.

    However, this escape doesn’t last. Once the game is over, the stress usually comes right back, often worse than before.

    That’s why some people find themselves gambling more and more, trying to keep that feeling of relief. It’s a cycle that can be challenging to break, but understanding why you do it is the first step.

    What Are Mindful Practices?

    Mindfulness is all about being present in the moment. It means paying attention to what’s happening right now without judging it. This can be a great way to manage stress.

    Some common mindful practices include meditation, deep breathing, and yoga. Meditation involves sitting quietly and focusing on your breath or a simple word. Deep breathing is about taking slow, deep breaths to help calm your mind. Yoga combines physical postures with breathing exercises to help you relax.

    These practices work because they help you slow down and focus. When you’re mindful, you’re not worrying about the past or the future. You’re just here, now. This can reduce stress because it stops your mind from racing.

    Mindful practices can help you notice your thoughts and feelings without getting caught up in them. Normally, this makes it easier to handle stress and avoid getting overwhelmed.

    Instead of looking to fix your problems with gambling, why not resolve all of your issues with mindful practices? You can enjoy your trip to the online casino as a fun activity and clear your mind with meditation.

    How Mindful Practices Can Help Reduce Gambling Urges

    Mindfulness has many psychological benefits. It can help you feel calmer, more focused, and better able to handle stress.

    When you practice mindfulness, you learn to pay attention to your thoughts and feelings without reacting to them right away. This can make a big difference when you’re feeling the urge to gamble.

    For example, let’s say you’re feeling stressed, and you start thinking about gambling. With mindfulness, you can notice these thoughts without acting on them.

    You might realize that you’re looking for a quick escape from your stress. Instead of heading to the casino, you can try a mindful practice such as deep breathing or meditation.

    Studies have shown that mindfulness can help reduce cravings and addictive behaviors. One study found that people who practiced mindfulness were less likely to give in to urges to smoke, drink, or gamble.

    This is because mindfulness helps you become more aware of your triggers and gives you tools to handle them in a healthier way.

    Mindfulness can also change the way you react to stress. Rather than feeling overwhelmed and looking for a quick fix, you can use mindful practices to stay calm and centered. Moreover, this can make it easier to handle stress without turning to gambling.

    Overall, mindfulness gives you a new way to deal with stress. It helps you stay present and focused, so you’re less likely to seek out unhealthy coping mechanisms such as gambling.

    By practicing mindfulness regularly, you can build a stronger, more resilient mind that’s better equipped to handle life’s challenges without needing to gamble for relief.

    Practical Tips for Incorporating Mindfulness into Your Daily Life

    Getting started with mindfulness is easier than you might think. Here are some simple techniques you can use every day:

    • Start with short meditation sessions: Sit quietly and focus on your breathing for five minutes. If your mind wanders, gently refocus on your breath.
    • Use meditation apps and other resources: Apps such as Headspace and Calm offer guided meditations for beginners.
    • Practice deep breathing: Take slow, deep breaths when stressed. Inhale through your nose, hold and exhale through your mouth.
    • Integrate mindfulness into your daily activities: Practice mindfulness while walking, eating, or brushing your teeth. Pay attention to what you’re doing and stay in the moment.
    • Set a regular time for mindfulness: Choose a consistent time each day (morning, lunch break, or before bed). Stick with it, even if it’s just for a few minutes each day.

    By using these tips, you can make mindfulness a part of your daily routine and help reduce the urge to gamble for stress relief.

    Final Thoughts

    Gambling for stress relief can be tempting, but it isn’t always the best answer. Mindful practices offer a healthier way to manage stress. Techniques such as meditation and deep breathing can help you stay calm and focused.

    Now, by making mindfulness a daily habit, you can better handle stress and reduce the urge to gamble. So, finding healthy ways to cope with stress is crucial, and you should change your bad habits right away.

    You can also calm your mind by learning something new, such as how to leverage blockchain technology or something that can influence your life in a good way. Stay mindful and keep exploring new ways to improve your well-being.

  • PSquare’s Paul Okoye loses in $300 gamble

    PSquare’s Paul Okoye loses in $300 gamble

    Paul Okoye of Nigeria’s music group Psquare, suffered a loss after gambling with 300 U.S dollars (N107, 522) at the Aria Resort and Casino, Las Vegas in the United State.

    Paul,who “won’’ $0.25 only (89.61Kobo) from the gamble on Tuesday, took to his instagram handle @rudeboypsquare to express his displeasure about the loss.

    He said, “after spending $300 on #gambling…I won 25cents ndioshi !!! Oloshi !!! Barawo !!! #yahoomachine #scam #yahooplus more.’’

    The Aria Resort and Casino is a luxury resort and Casino, part of the City Centre complex on the Las Vegas Strip in Paradise, Nevada is known for gambling of all sorts.

    However, while some of his fans and followers on instagram were not happy about the development stressing it was an unnecessary waste of resources; others sympathised with him on the lost.

    @luchitricia10 said “So you go there to gamble to win millions of dollars upon the one you have?ok na kontinu there is god in everything your doing @rudeboypsquaremore.’’

    Another , @preshzarah_, “U would have given me that money to do better things with it @rudeboypsquare wah a waste.’’

    @nature_amy wrote, “In my country that’s about 30k. These celebrities are so stupid, u can spend that much on gambling but can’t use it to change someone’s life out there… Son of a …’’

    While @temmybehi said, “No vex. If I say dash me now you no go gree. Kpele’’, @desperateisaac wrote, “Nah good for you @rudeboypsquare How I wish I beg u nah nkor?.’’

    Also, @ange_gabrielfr wrote, “Aria casino is dangerous for your money’’, @theoranking7065 said “Na ur desriny’’ and @see_babazi expressed sympathy with the star saying “I feel your pains.’’

    @slimsharon added, “This got me shaa.’’

    Another follower @richybobo1 advise peter to, “Use ur Igbo brain next time.’’

  • Man kills friend over gamble win

    A man, Ogadinma Nkwaha has been arrested by the police in Lagos for allegedly killing his friend.

    Nkwaha was arrested on Sunday after he stabbed one John Effiong to death with broken bottle. The incident occurred at Kumuyi Street, Ajegunle in Olodi Apapa.

    The friends, in the company of several others were said to have engaged in gambling before a fight ensued.

    It was gathered at Effiong emerged winner of the friendly contest but the suspect refused to handover the agreed sum on grounds that the money was much.

    His refusal was said to have angered the deceased who insisted that Nkwaha must give him the money.

    A fight ensued and the suspect allegedly broke a bottle which he used to stab the deceased on the neck.

    Upon realising the gravity of the injury, the suspect and others were said to have rushed Effiong to nearby Femi Hospital where he died.

    It was gathered that Effiong was buried yesterday.

    When The Nation visited the hospital, the attendant who pleaded anonymity said Effiong had lost a lot of blood before he was brought, adding that the wound was too deep to be termed a mere joke.

    She said: “Two guys brought him here in tricycle at about 8:20pm. He and the tricycle were covered in blood. So by that time too much blood has already been lost. We couldn’t do much to sustain him. We asked Ogadinma (suspect) how he came aboutthe victim but he couldn’t explain.

    ”He only gave me N7,500 to begin test and treatment and wanted to go. But we locked the gate. Before we knew it, a lot of guys surrounded our gate. We got very scared and called the police because we didn’t know what might happen next. The police then came and arrested him.”

    A resident who refused to be named urged the government to contain frequent street fighting in Ajegunle. He said many youths in the area were involved in criminal activities such as drug peddling, adding that parents and police were aware of the situation.

    He said: “The street has overtime become very dangerous. Many of these bad guys come around because of illegal drug business. There is serious negligence of the youths by their parents who encourage them to misbehave because they know some police men who can help. The government really needs to tighten the security here because criminals are raised here from childhood.”

  • At the gate of political hell, godfather’s last gamble

    At the gate of political hell, godfather’s last gamble

    Ordinarily, the choice before Edo voters on September 10 should not pose a burden heavier than the simple ceremony of sieving the grain from the chaff. The contention is between APC and PDP.

    But given the ongoing legal cockfight in PDP resulting in its iconic umbrella being literally torn in the court of law between Markafi and Sheriff, it is safe to assume that a fatal preliminary own goal is already scored against the Edo branch of the once “biggest party in Africa”.

    Barely a week to the election, no one is able to answer with confidence yet a very simple question: PDP’s votes on the D-Day is for Markafi’s Osagie Ize-Iyamu or Sheriff’s Mathew Iduoriyekemwen?

    If the foregoing observation is legal, the second test is material. From 1999, PDP ruled the acclaimed “heartbeat of the nation” for 114 months, while APC has administered it for 94 months so far.

    However, looking back, whereas the majority of Edo people will ascribe to APC under Comrade Adams Oshiomhole plaudits for improving the human condition appreciably with a surfeit of monuments across the state as further proofs, PDP’s testimonial is hideously scanty besides the cultivation of a small oligarchy whose hierarchs have either successfully completed jail term for colossal looting or are today luxuriating in obscene wealth amassed solely through the grace of Tuketuke politics.

    Based on these verifiable facts, it will not be out of place to submit therefore that PDP is already too morally fractured, facially disfigured to stand a chance in the coming election. But drawing the curtains on the debate there so summarily would rob distant observers the opportunity to fully understand the shape and nature of the real forces now at play, ferociously angling for Edo’s political soul. It is actually a titanic battle between defenders of a movement that boasts of delivering something to the society regardless of its own imperfections and the barons of a discredited past plotting a return to power.

    The historic challenge before the intelligentsia today therefore is to help bring some illumination that the people can make informed choice in the leadership recruitment process. For clarity, yours sincerely does not only hail from that section of the country but also privileged to have served as a commissioner in Edo until one’s resignation last November. During the period, one gained sufficient insight as well as had one-on-one interactions with the key players across the divides.

    So, as a writer, one is not shy to admit one has a professional interest, and as a native a civic responsibility to share one’s perspective for Edo’s advancement.

    True, no one will say incumbent Adams Oshiomhole is perfect. All known angels will be found in heaven. To me, whatever personal inadequacies the Comrade Governor may have pale into insignificance considering the weight and value of his contributions in the past eight years. Really, it is impossible to change society without making some enemies. The tale of transformed physical landscape under his watch is now all too familiar to warrant a recap here.

    This leads us to the next question: so who is better equipped among the gladiators on the field to extend the frontiers? From all the candidates have said, shown or promised in the last three months of campaigns, I make bold to say Godwin Obaseki represents the best hope for Edo tomorrow. For the four years I spent in government in Edo, I happened to have interacted closely with him.

    To be sure, he is not as gifted as Oshiomhole in terms of oratory. He is decidedly a man of short speech whose few words however carry deep intellection and almost evangelical zeal to follow through ideas from conception, incubation, implementation to evaluation in an otherwise treacherous environment where most people view tasks only from the naira and kobo that comes back to their pockets.

    In these economically perilous times, Edo surely needs a conscientious steward who can think and act on his feet to chart a new course, irrevocably committed to working for the poor and not the coven of famished godfathers feverishly seeking to regain a paradise already lost.

    Such sterling qualities are however in acute deficit in PDP, the bastion of Tuketuke politics. For non-speakers of Bini, Tuketute is a generic name for any vehicle on the verge of falling apart, but still commercially exploited by the owner by being forced on the road.

    Tuketuke therefore describes rent-seeking politics where the provincial godfather continues to milk a dysfunctional order in self-aggrandizement at the people’s expense. People famish for the godfather to flourish.

    To sustain the hero-worship of the godfather, Tuketuke politics abhors men of ideas or intelligence or other evidence of demonstrable independence of the mind. In the new world otherwise driven by big ideas, the only skills required in Tuketuke politics are not more than rigging, seamlessly sharing bribes and bottles of Schnapps gin on election’s eve and maybe suborning of the most pathetic species of the media running dogs, eager to plant articles praising the godfather in the newspapers but too ashamed to affix their real names on such panegyric.

    Only the Tuketuke magic could have explained the transmogrification overnight of Chief Tony Anenih. Between 1993 and 1998, it is public knowledge he had fallen on hard times, only surviving on crumbs from the table of Chief Tom Ikimi (who was quite influential during the Abacha junta), and maybe the little return from his “short time” hotel Nova in Uromi. But after just a short career as PDP’s “Mr. Fix It”, Anenih had become so stupendously rich he could by 2014 now afford to lend hundreds of millions to sitting President Goodluck Jonathan! (At least, that is his claim in a statement to EFCC earlier this year when asked to account for his N260m share from Dasuki’s $15b loot).

    It is in this dim light that Anenih’s desperation to have PDP restored to power in Edo today should be situated. Having had his political oxygen mask abruptly demobilized in Abuja, he now seeks rehabilitation at home. As for the other PDP campaigner, Ikimi, parables have been made about an old Chevrolet jalopy, which guzzles 10 litres of gas for a mere kilometer. That Tuketuke contraption is obviously in dire need of affiliation to a big depot for sustenance.

    At corporate level, the Tuketuke spirit is what also manifests in PDP’s continued obsession with building new industries as key campaign promise (as if the chain of phony industries Igbinedion claimed he built ever functioned for a single day)!

    In the market-driven economy of the 21th century, you allow the private sector to take the driver’s seat. On account of its structure and orientation, government no longer has business running businesses. Rather, its remit is to create the enabling environment – like durable social infrastructure and formulate coherent policies – to help businesses grow.

    One can therefore relate with Obaseki’s promise to create 200,000 fresh jobs. The bouquet of durable social infrastructure – including more than 1,000 kilometers of roads – delivered by Oshiomhole in the past eight years already offers a solid foundation to build on. Vast opportunities surely abound in the agriculture sector where the state has comparative advantage. The big mechanized farms will accelerate urbanization of our rural communities, particularly in Edo South, thereby helping to curb rural-urban drift.

    Requiring sustenance is the land reforms started by Oshiomhole which has removed swathes of land from the control of old political godfathers who only use same to secure personal bank loans or sublet to tenants. Genuine agro entrepreneurs who benefit will certainly deliver more jobs.

    Only last Monday, Pat Utomi, the renowned professor of Political Economy, flagged off a $136m farm project located in at Ugbokun Community in Ovia North East in Edo. This will deliver thousands of fresh jobs. It is perhaps instructive that Utomi hails from neighbouring Delta State. In choosing Edo to locate such gigantic industry, the discerning intellectual must have noted Edo’s comparative advantage.

    Apart from Utomi’s Integrated Produce City, there are no fewer than a dozen other mega agro-allied companies including the $750m farm promoted by Idahosa Okunbo that have either taken off or nearing completion stage under an investment-friendly climate Oshiomhole has created in the last eight years. Really, these are the terms Edo’s economy of the future should be discussed, not fantasizing over the new “sharing formula” likely to be approved by the godfather for the state’s next monthly allocation from Abuja as suggested by the incoherent economic agenda so far touted by PDP – high on utopian promises but short on how-to.

    Under PDP’s suzerainty in the past, the state’s land stock was only parlayed into primitive feudal racketeering. In the twilight of Lucky Igbinedion’s administration in 2007, more than 120,000 hectares, representing more than 70 percent of Edo’s reserved land stock, was released and not less than half of that allocated to Esama directly or shell companies linked to the family alone under the guise of utilizing same for agro-allied enterprises. The “His Excellency, sir, chief, doctor of Okadaland” simply added his loot to the stock already sub-let to Yoruba farmers who, in turn, would pay him royalties running into hundreds of million yearly!

    The culture of predation perfected by PDP also explains why whereas state-owned TV/radio station, the EBS, withered during PDP’s reign, Igbinedion’s ITV prospered. And while state-owned Ambrose Ali University floundered, Igbinedion University in Okada flowered.

    On discovering the land scam in 2012, an angry Oshiomhole issued an executive order revoking the allocation. The imperial Esama has not forgiven the governor ever since.

    Well, the aforementioned illustrations are provided today to assist Edo people connect the dots and realize where the rain began to beat them. The desperation to refoist PDP on the state is actually a disingenuous design to restore the old thieving Tuketuke order.

    How ironic that PDP is now whining about the desirability of “a level-playing field” come September 10. But when it had the fabled “federal might” in 2012, it wielded it without the fear of God or man. When Anenih still had his finger on the trigger, raw power and awesome financial war-chest were crudely deployed. State institutions were openly induced and compromised. One of the few exemplars was Major General Obi Umahi, the then Commander of the Fourth Brigade, Benin City.

    A thoroughly professional soldier with steely Christian values (said to carry a small Bible around in his pocket), Umahi (elder brother to the present Ebonyi governor) consistently refused mouth-watering bribes and choking pressures from the PDP godfather already assured by the “Niger Delta militants” they would invade Edo and help orchestrate violence, thereby creating enabling climate for the election results to be fixed, but only on the guaranty that the military would “cooperate”.

    The brave officer threw the final bombshell at the jointsecurity council meeting held on the eve of the July 14, 2012 polls when the time came for him to speak at the gathering attended by heads of all the security and paramilitary agencies: “I’ve told my soldiers to shoot to kill anyone who tries to do anything funny or rig the election!”

    Of course, it is easily recalled today that the exemplary patriotic conduct of officers and men of the Nigerian Army made the difference on the D-Day as all the thugs and mercenaries imported into Edo to enforce the rigging plot chose to keep a safe distance as the battle-ready soldiers kept vigil across the state. Oshiomhole won his reelection by an unprecedented 75 percent.

    Expectedly, Major General Umahi eventually paid a huge price for his principle. In a matter of weeks, he was redeployed from Benin to an obscure post in Lagos through intrigues believed to have been masterminded by the politically wounded Anenih. A kangaroo panel raised by then clearly partisan leadership of the Army to probe Umahi on trumped up charges soon recommended his summary retirement. But apparently pricked by conscience, then Chief of Army Staff, General Azubuike Ihejirika, curiously chose to foot-drag on the implementation. But once Major-General Kenneth Minimah, the favourite of PDP wheeler-dealers, took over, Umahi’s retirement was one of his earliest actions. The rest, as they, is now history.

    Indeed, statecraft remains a work-in-progress. Wherever Oshiomhole may have failed in the past 94 months, I am sure Obaseki has the wisdom, the depth, the range and, most fundamentally, the integrity to make amends if voted.

    So, at the dawn of September 10, the Edo voter should appreciate the enormity of the historic rite ahead. Voting Obaseki is the covenant. It is not a favour to anyone, but the duty of every Edo freeborn to secure a better Edo tomorrow for our children.

     

    Enter Chief Zebrudiah Okorocha alias 3.0

    VIEWERS – particularly the older generations – missing The New Masquerade (what an oxymoron!) should find consolation in the comic turn of events in Imo State today. The nostalgia would most likely be for the lead actor of the old television comedy series, Chief Zebrudiah Okoroigwe alias 4.30. For instance, awarded the coveted national honour “MON”, he would later tease that “EY” was not added to fetch him “MONEY”.

    Overwhelmed by the challenge of governance today, Governor Rochas Okorocha would seem to have resorted to trying on the costume of the old comic, obviously to divert public attention and stave possible civil revolt at being swindled by a political conman.

    When the other day questions were raised over Okorocha’s absence from his duty post Owerri for weeks, the government spokesman rose stoutly to the occasion. With a straight face, he lectured that his boss only travelled abroad to – what else – “attract foreign investment”. But the stark truth finally emerged last week when the new Zebrudiah of Imo landed Owerri airport. Apparently unaware of the lie his publicist had told on his behalf, Okorocha said: “I went to the land of the dead and our ancestors turned me back, saying it was not yet time.” Thus confirming the earlier speculation that he was stretchered out of the country in a grave condition. So, people are now left wondering when “foreign investors” became a synonym of “our ancestors”.

    Earlier, Okorocha had blissfully advertised his poor political education by announcing the formation of the “fourth tier of government” to bring governance much closer to the people. He boasted the idea would catapult rural folks into the boardroom of power. But other than the champagne bottles later popped that night at the Government House in toast of his “wizardry” and “sagacity” for such ground-breaking innovation, nothing else has been seen. The truth: it is only the fulmination of a confused mind.

    The same brainwave apparently led the Zebrudiah of Owerri into his latest brew, which, for ease of reference, we can roughly term “Formula 3.0”. In spite of the billions of naira that the state received from Abuja in bailout funds, civil servants are still owed arrears of salaries. Of course, prioritizing contractors’ pay is far more lucrative to the approving authority for obvious reasons.

    But not to worry, the governor of comedy in Imo soon announced that state workers are now to work for three days and spend the remaining two working days on their own personal farms or in pursuit of anything “to keep body and soul together”. With that, he must have expected to be garlanded as the most ingeniously considerate governor in history.

    But the long-suffering state branch of the Nigeria Labour Congress are not amused and have, in fact, responded by staging yet another march against the governor. The same away the Federal Government – though not exactly known for any profundity of thought either – observed the proposal must be the next worst voodoo visited on Imo after the Otokoto saga of the 90s.

    Without shame or remorse, Okorocha brought more comedy to the debate few days ago by shedding light on the rationale behind his proposal: “Instead of being devoted to the work they (civil servants) are paid for, they use their official hours to loiter about; they sell groundnut, gala, chin-chin and sieve egusi (melon seed chaff), among others in the office. I decided to reduce the working days because I want to enhance agriculture in the state.”

    But myopic Okorocha is unable to appreciate the original idea behind the civil service. Really, in these lean times, the real challenge is how to optimize manpower to create wealth to augment government earnings. If workers were found to be idle, shouldn’t the duty of a wise manager be to reassign them where their energies are better utilized to enhance productivity?

    Myopic Okorocha will not know he invariably shortchanges the state further by suggesting workers would continue to earn full pay for less work. Only a small mind thinks that way.

    Without conscience still, Okorocha took his pontification to another level few days ago by advising President Buhari to declare “state of economic emergency” to revive the economy from the present coma: “We have to declare a state of economic emergency right now in Nigeria and all hands must be on deck… For some us and I think for all Nigerians who travel out, we know that we need to stand up and avoid sentiment and face the issue.”

    Sharp words indeed. But if there is indeed anything to say of the globe-trotting hypocrite of Owerri, it should begin with an admission that elsewhere public accountability would have forbidden him from lying that he travelled abroad to seek investors when in reality he was bedridden at taxpayer’s expense.

    Before asking Buhari to declare emergency in Abuja, one would have thought Okorocha would set a good example by proclaiming one in Imo already overtaken by filth, buffoonery and tales of graft. For instance, before he took over in 2011, Owerri was rated by the Federal Ministry of Environment as the cleanest city in Nigeria on account on an aggressive green advocacy and urban-renewal initiative. But that is now history as the new Zebrudiah literally turns every thing up side down.

    Once upon a time, Imo was a shining beacon in the education industry. Not any more. Nothing perhaps emblematizes the story of a worsening crisis than a statement by JAMB recently that no fresh students would be admitted into Imo State University (IMSU) for the next academic year. Reason: those offered admission for the 2015/2016 are still languishing at the gate since the institution has been under lock and key for several months due to a protracted industrial action that has brought to bold relief Okorocha’s poor managerial skill. Sadly, just as workers wait on Okorocha’s for the arrears of back pay, admission into IMSU will certainly now be conducted in arrears in future!

    All told, what baffles is the air of indifference Okorocha continues to exude at home over these serial derelictions and the shamelessness he exhibits outside. When he arrived Owerri in 2011, he said he came on a rescue mission. But it is obvious the rescuer himself is now urgently in need of a rescue. Meanwhile, the performance of the new Zebrudiah continues. As I heard they say openly in Owerri these days, this Okorocha comedy “has no part II”.

  • Cameron’s fantastic Brexit gamble

    SIR: The Britain’s vote to leave the European Union has precipitated a trajectory towards economic recession in Britain and also tentatively cast a shadow over the global economy.

    Political pundits have argued that David Cameron and his colleagues had suffered from their short-sightedness that resulted in their self-inflicted defeat and political disaster when they called for referendum on EU.

    The Brexit is an evidence of global submission to anger, frustration and centrifugal proclivities especially among the younger voters across the globe.

    The same narrative is trailing the orchestration of Donald Trump’s candidature in the forthcoming presidential election in the U.S.

    Just as Brexit protagonists would discountenance every other merit imbued in a globalised politics by taking a myopic view on domestication of employment and foreign aids, the American “TrumpXits” are likely to carry the day in the forthcoming election not because Donald Trump is a better candidate than Hillary Clinton, but because of the new shift in global democracy from a centripetal political structure towards exiguous and prebendal permutations.

    Whilst the Brexit would accentuate the vestige of democratic nuances which puts the ascendancy of number above the most logical metrics, the Nigerian situation demands a different paradigm.

    First of all Britain did not join the EU through the instrumentality of war with any member of the EU and her exit through referendum was peacefully executed. The Nigerian sovereignty has been challenged on several occasions by separatists whose agenda for a new sovereignty have remained nebulous. For instance what is the ultimate aim of an Islamic state as demanded by Boko Haram? Can you grant the secession of a part of a sovereign state at the expense of another part? Can the Itsekirilive happily ever after with their Urhobokinsmen without a further call restructuring?

    The fundamentals that underlies Brexit rather negate the Nigerian experience and just like the ultimate gamble of David Cameron and his colleagues has consumed their political prospects leaving Britain with political and economic uncertainty, Buhari must be circumspect enough not to yield to centrifugal agenda. Moreover that the agitation for restructuring is getting more pronounced in the regime of anti-corruption is suspect. May be Professor Wole Soyinka and others should do more introspection.

     

    • BukolaAjisola,

    Lagos.

  • The youths’ business gamble

    The youths’ business gamble

    Faced with present day realities, many youths are taking their destinies in their hands. They are no longer looking for jobs; they are establishing their own companies, which have potential of blossoming into big enterprises. Assistant Editor CHIKODI OKEREOCHA reports on the inspiring exploits of budding youth entrepreneurs who, against all the odds, are exploiting opportunities in the SME sector.

    Omolere Oiku
    Omolere Oiku

    Despite  her mien, it is easy to see the determination of Omolere Oiku to conquer the business world. At 26, the 2010 Accountancy graduate from the Covenant University in Ota, Ogun State, is already an employer. Three people are in her employ, even as she plans to take more youths off the unemployment market.

    Lery B Designs, which came about through her resourcefulness, specialises in high quality hair extensions, hand-made jewellery, beads and hair accessories. “I want to meet the beauty needs of women in Nigeria and Africa,” she said, exuding a business tycoon’s confidence.

    It was a target she set for herself in 2013 when she set up the business. And two years down the line, Oiku is inching closer to realising the target.

    The uniqueness of her jewellery, made from crystals, corals, German stones and pearls, in line with customer specifications, has made her firm the toast of fashion-conscious women in Nigeria and beyond.

    When The Nation met with the budding entrepreneur at the recently concluded ‘TeamFest Africa 2015,’ she said customer satisfaction has been her unique selling point and one of the secrets of her success so far.

    Oiku said she has her eyes on building a flourishing small business empire in the burgeoning fashion industry.

    TeamFest Africa was a three-day African business exhibition fair, which provided a platform for Small and Medium Enterprises (SMEs) to sell and connect with customers.

    Organised in Lagos by Olsen Decker Nigeria Ltd., the marketing/TV rights owner of TeamFest Africa, the fair provided an opportunity for SMEs and budding entrepreneurs to network and build capacity. It also encouraged existing and aspiring entrepreneurs who cannot afford the cost of exhibition stands to exhibit their products and services free of charge.

    Interestingly, Oiku is not the only budding youth entrepreneur that jumped on the TeamFest Africa platform to take advantage of the bountiful but largely untapped opportunities in the SME sector.

    • Omadide
    • Omadide

    Dennis Omadide, another promising youth entrepreneur, has also taken the arts and crafts industry by storm. In and around Maryland, Lagos, the hub of cane craft business, he is one of the most sought-after cane weavers. His artistic and creative designs have earned him the confidence of customers who daily throng his workshop.

    “I have been in this business for more than 20 years,” he told The Nation, pointing out that “Everybody cannot work in banks or oil companies.”

    That was instructive. While most of Omadide’s peers are probably still roaming the streets in search of non-existent jobs in banks and oil companies, the Delta State-born cane weaver counts himself lucky to have shunned paid employment.

    “Patronage has been good,” he confessed, saying, “We sell some cane chairs under N120,000; some N80,000, depending on what the customer wants. Some people buy sets or singles, depending on the apartment they have.”

    Omadide, who is the Vice Chairman of National Cane Weavers Association, however, said patronage could have been better but for the rising violent campaign by Boko Haram insurgents. According to him, the activities of the Islamic extremists have became a pain in the neck of cane weavers, as products need to be carried to the North where most markets have been shut down. “We only transact the business between the South and the West here. We are selling but not like before,” he lamented.

    He said he and other weavers source raw materials from suppliers most of whom are members of National Cane Suppliers of Nigeria. The suppliers, he said, are in Delta, Bayelsa, and some parts of Edo State. Cane, which is the major raw material, is a non-timber product found abundantly in the bush, especially in the Niger Delta. It can be used to weave any kind of furniture, handicraft and other household articles, from baskets to rocking chairs, baby cots, settees, bridegroom chairs and even mirror.

    Some of the designs made by Omadide easily beat those made by wood, iron and plastic ware manufacturers in aesthetics and durability. Same for paintings made by Lekan Kushimo, another budding entrepreneur, who is into painting and photography. Since 2013 when he made his break, landing a juicy contract to do six large paintings and 60 small water colours for a hotel, the 2002 graduate of Civil Engineering has never looked back.

    Lekan cut his teeth in photography and paintings while in school.

    “I am a photographer and an artist. While I was doing my course, I used to go to a studio behind the engineering department with my friends to draw and paint,” he said, adding that he also visits the Internet to further hone his skills, aside attending a media school for photography.

    Some of the results of Lekan’s personal development could be gleaned from his artistic portrait of the Civic Centre that also encapsulates some of the buildings of 1004, the Nigeria Law School perimeter fencing on Ozumba Mdadiwe Road, and Falomo Ikoyi Bridge, among others.

    Although, he declined to say how much he makes from the business, he admitted that patronage has been encouraging, but could be better.

     

    The long road to the centre stage

     

    For budding entrepreneurs, running a successful SME particularly in Nigeria is no tea party. Their gradual but steady road to fame and fortune has been long and tortuous. For instance, many of them lack finance, which has been identified as one of the major challenges of establishing and running an SME. Because of this, they could not procure the necessary operational equipment and facilities. They literarily squeeze water from stone, with most of them constrained to rely on personal and family funds to carry out their businesses.

    A survey conducted by the Nigerian Bureau of Statistics (NBS) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) showed that there are 17.28 million MSMEs in Nigeria employing 32.41 million people and accounting for an estimated half of Nigeria’s Gross  Domestic Product (GDP).

    However, access to affordable finance remains one of the major challenges inhibiting the MSMEs’ growth and development. According to the CBN, only 4.2 million MSMEs have access to finance. Because of banks and other lending institutions’ aversion to lending to small businesses in the informal sector, about N9.6t is said to be needed to bridge the financing gap in the MSMEs sector.

    That is not the only disincentive. A lot of them are weighed down by the country’s harsh operating environment. For instance, despite their small size, SME operators not only contend with excessive taxation, but also pay multiple taxes to the different tiers of government. They also struggle with government’s policy inconsistencies, which affect their projections.

    The huge infrastructure gap in the country has not helped matters either. Apart from dilapidated roads, which push up the cost of moving products by SMEs to areas where they are in high demand, the cost of acquiring and maintaining generators to power their businesses in the face of poor or even non availability of electricity has been a burden too heavy to bear.

    Other challenges that stand in the way of the growth and development of start-ups include bad management, which has to do with poor leadership, inadequate training, lack of succession plan, poor record keeping, no strategic or business plan, and lack of entrepreneurial skills, among others.

    The General Manager, Enterprise Development Centre (EDC), Pan Atlantic University, Mr. Olawale Anifowoshe, could not agree less on the big challenge posed by quality of leadership. He said some owners of start-ups are not properly trained and mentored into management roles.

    This, he said, explains why finding the right skill is a big problem for most SMEs, as they could not recruit the best people for the right roles.

    Anifowoshe, who spoke at the recent ‘SME Empowerment Innovation Challenge East and West Africa’ organised by HIIL Innovating Justice and Ford Foundation in Lagos,  however, said the Centre supports entrepreneurs and enterprises to strengthen their skills and abilities. It also helps them grow businesses that generate income, sustainable economic growth and impact.

    However, centres in the mould of EDC are private sector led interventions intended to help bridge the gap created by successive governments’ failure to harness, engage and unleash the innate productive potentials of youths for national development. This is despite the fact that Nigeria boasts a predominantly youth population of over 70 million most of who are unemployed.

    Director General/CEO, Nigerian Youth Chamber of Commerce (NYCC), Comrade Peter Ayim, noted that the concept of entrepreneurship, though an emerging phenomenon, is fast gaining momentum and acknowledged as the critical pathway to growing the economy, generating jobs and creating wealth thereby combating and reducing unemployment, hunger and poverty.

    • Ayim
    • Ayim

    Comrade Ayim, however, expressed regrets that although policy makers seem to appreciate the prospects, potentials and positive impact of entrepreneurship, it is evident that they have not been able to develop a result oriented and sustainable policy framework and intervention mechanism targeted at supporting the accelerated promotion and development of functional youth entrepreneurship in Nigeria.

    He told The Nation that though government has demonstrated commitment to promoting youth entrepreneurship through short term intervention programmes, most of the intervention programmes are limited in scope and does not benefit a broad spectrum of aspiring youth entrepreneurs to facilitate start-ups or assist existing youth entrepreneurs in expanding their businesses.

    Citing the YouWIN programme, an acronym for ‘Youth Enterprise with Innovation in Nigeria’, the NYCC DG said, for instance, that “Such short term measures are usually handouts and tokenism that cannot in any sense facilitate and grow a functional start-up or micro-enterprise.”

    ‘YouWiN’ is an innovative business plan competition launched by the Federal Government with the aim of creating jobs by encouraging and supporting aspiring entrepreneurial youths to develop and execute business ideas. The initiative hopes to trigger a ripple effect that would inspire the creative and entrepreneurial spirit of millions of youths across the country.

    The scheme is also expected to help identify and empower young Nigerian entrepreneurs with the technical skills and capital needed to start or grow a business such that they could create employment for themselves as well as for others in different areas. But Comrade Ayim argued that the scheme is limited in scope.

    He also decried the orientation of state and non-state actors who he said are in a hurry to jumpstart employment policies of state that are only targeted  at  giving  grants and  soft  loans  to  youth  to keep  them  off  the  street  and  engage  them  with  an  activity they don’t understand its guiding philosophy and modus  operandi. He insisted that such attitude must be discouraged.

    Hear him: “Entrepreneurship as it is currently being practiced should not become government’s bait to lure the youth only to maintain law and order. For them, the higher the number, the higher the score card.

    Entrepreneurship policies are not intended to build wealth in Nigeria but used as a criteria to boost government performance evaluation.

    This could be seen in the number of failed schemes in Nigeria youth empowerment drive.

    Ayim identified another obvious gap in the system as the lack of synergy between the public and the private sector working together to achieve a common objective of promoting the development of youth entrepreneurship. “The only seeming existing synergy recently fostered is the public/public synergy between the Industrial Training Fund (ITF), Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and the BOI,” he pointed out.

     

    Youths see opportunities in challenges

     

    For the new kids on the entrepreneurship block, it is survival or nothing. What their peers see as challenges, they see as opportunities. Many of them see the opportunities in the SME sector too tempting and rewarding to ignore and so refused to be bogged down by the several hurdles on the way to greatness. They heed the wise counsel of starting small and growing big.

    Ocheni Onuche Simon is one of them. With a paltry N1, 250 seed capital, the Computer Science graduate from the University of Abuja, is today the proud owner of a flourishing manufacturing outfit that produces the ‘Kasso Flakes-Soaking Wakkis.’ “My business kicked off on June 7, 2013, with an initial capital of only N1, 250.00 during my service year at the Nigerian Army, Abuja, where I served. At the Headquarters of the Nigerian Army, I had a lot of customers and that made the business to spread to other arms of the Armed Forces,” he said.

    More than anything else, it was the innovativeness, ingenuity and creativity that the budding entrepreneur brought to bear on the business that should challenge other unemployed youths. Apart from the fact that Ocheni’s products are indigenous and are found virtually in every home. While every Nigerian knows it as garri, Ocheni and his company gave it the name “Kasso Flakes-Soaking Wakkis,” which simply means cassava only flakes.

    He explained it thus: The name ‘soaking wakkis’ simply means “soak and eat” with varieties such as meat (i.e Kilishi), milk, sugar and groundnut. Others are garri with groundnut only, garri with groundnut and sugar, garri with Kulikuli, better known as ground nut cake.  This is also in addition to our premium product “Sollo ‘G’, derived from swallow garri. This category is best for dough i.e Eba.”

    The same ingenuity and creativity also saw Amaechi Goodluck, a 28-year old 400-Level English/Christian Religious Knowledge student of Adeniran Ogunsanya College of Education, Lagos, establishinmg a strong foothold in the education sector where she is one of the most sought after private tutors. No fewer than nine pupils aged three to fourteen from different parents are currently receiving tutorials from her for a fee.

    Goodluck, from Abia State, told The Nation that her ultimate ambition is to set up a thriving private school. She said opportunities abound in the education sector for unemployed youths wishing to take up part-time or full time jobs as private tutors. She stated that from crèche to nursery, primary to secondary and even tertiary level, private tutors are in high demand to fill the gap left by inadequate and sometimes unqualified teachers in various levels of the education sector.

    She said although, she currently concentrates on nursery/primary pupils, secondary school students as well as those in adult education classes, she hopes to incorporate university undergraduates when she completes her degree programme. She said beyond certificate, passion, commitment, diligence and patience are qualities required for anyone to excel in any small business of his or her choice. BoI’s interventions.

    •Olaoluwa
    •Olaoluwa

    The Bank of Industry (BoI), Nigeria’s foremost development finance institution, says it is not unaware of the challenges facing operators in the SME sector. Its Managing Director, Mr. Rasheed Olaoluwa, said BoI recognises the Micro, Small and Medium Enterprises (MSMEs) sector as the engine of economic growth because of its potential to create jobs, boost production, and reduce poverty hence it has come out with intervention programmes to reposition the sector. Some of the interventions that stand out include the signing of a service agreement with 122 Business Development Service Providers (BDSPs) to address the challenges of poor packaging of loan requests and non-bankable business plans, which are believed to be responsible for the low level of financial support to the sector; partnering Grow Africa Equity Partners Limited to raise a $60m Venture Capital Fund (VCF) for SMEs.

    There is also the continuation of sector-specific intervention funds by the Central Bank of Nigeria (CBN), Ministry of Agriculture, Solid Minerals and others; managed funds from various state governments and foundations; long-term loans at very low interest rates from multi-lateral/international development institutions.

    Despite these interventions, Comrade Ayim insists that “there is the urgent imperative for a functional public/private partnership that will facilitate a robust, dynamic and sustainable enterprise development eco-system in line with contemporary trend and global best practices in the promotion and development of youth entrepreneurship.

     

  • Ogunbote takes gamble on Shooting Stars

    Ogunbote takes gamble on Shooting Stars

    Coach Gbenga Ogunbote has described the task before him as a very challenging job after putting pen to paper for Shooting Stars Sports Club (3SC) of Ibadan.

    Ogunbote was attacked by fans believed to be supporters of his former club before the current season, and replaced coach Franklin Howard, who was sacked just over a week ago. He told www.footballlive.ng after signing that he will work hard to earn the trust and confidence of the players in him and hopefully turn the fortunes of the club around.

    “I’m aware that it’s a daunting task and I know with God all things are possible. I know we need to work harder than at any other time in the club’s history and ensure we carry the players along. As long as they also have confidence and believe in me then we can achieve it together.”

  • A gamble that failed

    A gamble that failed

    Before the March 28 presidential/National Assembly elections, the dollar sold for between N228 and N230 at the black market. Many hoarded the currency, thinking that the election outcome will engender a crisis. They have now released the dollar, crashing the exchange rate to between N210 and N211, writes COLLINS NWEZE.

    The foreign exchange (forex) market can be tricky. A split second decision by policy makers or a change in political economy could alter the market equilibrium. That was exactly what happened a week after the March 28 presidential elections.

    Forex dealers and currency speculators who thought Nigeria would not be able to handle the election aftermath, were disappointed when nothing untoward happened.

    Today, the re-conversion of the local currency to the greenback (dollar) has not only strengthened the naira, but has led to huge losses for the speculators.

    President, Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said the confidence in new leadership and the peaceful elections have helped to lift the naira. He expects the naira to appreciate further adding that although the market fundamentals, including the foreign exchange reserves and price of crude oil have not changed, but the peaceful conclusion of the presidential election, has curbed fear and uncertainty in the financial market.

    “Before the elections, people were converting naira to dollar, which prompted the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele to disclose that more than half of term deposits were in dollar. The peaceful elections have calmed down a lot of nerves, prompting people that had stockpiled dollars to come out and change them to local currency,” he said.

    Gwadabe explained that the practice has led to dollar glut in the market, despite the tight liquidity in the money market.

    He said the forex reserves are at $29.8 billion, crude oil price is at $54 per barrel. These notwithstanding, the naira has been upbeat because market fundamentals alone do not determine exchange rate.

    “The forex market goes with sentiment. It is not only the market fundamentals you look at when you talk of exchange rate stability,” he said.

    Besides, the naira has traded in a range of 198 to 200 per dollar since March 3, and remained anchored even as stocks jumped the most in five years and bond yields plunged to four-month lows.

     

    Trading restrictions

    Analysts at Bloomberg predicted that the naira would face the prospect of a sell-off when the CBN removes trading restrictions imposed last year to reduce volatility. But the question for investors wanting to get back into Nigerian assets is when that will happen.

    A money manager at M&G Ltd. in London, which oversees about $1 billion of emerging-market assets, Claudia Calich, said: “If you buy local bonds now, you have to factor in how much the currency will move. It’s a tricky proposition.”

    The naira has slumped 18 per cent against the dollar as oil prices collapsed by almost half since June, prompting the apex bank lower banks’ trading limits and introduce a new dealing system in February that prevents lenders from buying dollars on the interbank market without matching orders from customers needing to import goods.

    The CBN also sold dollars to support the naira, cutting foreign-exchange reserves to $29.8 billion, the lowest in a decade, according to HSBC Holdings Plc. Those measures have left the currency overvalued, according to investors including M&G, BlackRock Inc. and Investec Asset Management.

    “One of the first big challenges the new government is going to have to face is what on earth to do with the naira,” Samuel Vecht, who oversees $2.7 billion in five emerging-frontier-market funds at BlackRock, said by to Bloomberg by phone from London, said:  “Steps have to be taken to ensure reserves don’t keep falling.”

    Gen. Muhammadu Buhari’s (rtd) win over President Goodluck Jonathan marks the first democratic transition of power from one party to another since Nigeria’s independence from Britain in 1960. A former military ruler in the 80s who lost the three previous elections, Buhari has pledged to clamp down on corruption, boost growth and create at least one million jobs a year. He won 52.4 per cent of votes cast, according to tallies by the electoral authorities.

    Nigerian assets mostly soared as Jonathan’s concession to Buhari, who will be sworn in on May 29, suggested the transition will be smooth.

    Stocks climbed 8.3 per cent, the most among 93 global primary indexes tracked by Bloomberg. They gained another 3.4 per cent on last week, reversing losses for the year, having been down 20 per cent by February 13.

    Yields on Nigeria’s $500 million of Eurobonds due 2023 fell 19 basis points to 6.02 per cent on, the lowest since December 8, and rates on benchmark naira bonds dropped 118 basis points to 13.81 per cent, also the lowest since Dec. 8.

     

    Money changers

    While naira forward contracts traded offshore and exempt from the CBN’s restrictions, also rallied, they still suggest the currency’s depreciation is far from over. Naira six-month non-deliverable forwards fell 2.8 per cent to 233.50 against the dollar, the lowest since January 22.

    The currency changes hands among unofficial money changers at 226, Alan Cameron, an economist at Exotix Partners LLP in London, said in a March 19 note.

    The naira’s current interbank value is appropriate and the discrepancy between that and the parallel rate isn’t an indication that it’s under pressure, Emefiele said at the last Monetary Policy Committee meeting on March 23 to 24.

    The CBN may end the so-called order-based trading system introduced in February now elections are over, according to the Lagos-based Financial Markets Dealers Association, an industry body.

     

    Other policy-makers speak

    Sub-Saharan Africa Economist at Renaissance Capital and co-Author of the Fastest Billion Yvonne Mhango said the CBN has shown absolute commitment to dealing with dwindling fortune of the naira.

    She said while Nigeria cannot do much to influence the oil price, the combination of measures sends a powerful signal to all stakeholders on the CBN’s intent to do what it can to preserve macroeconomic stability.

     

    CBN takes action

    Emefiele said the CBN under his leadership remains committed to safeguarding the value of the naira. For instance, the lender recently banned the sale of foreign exchange by banks to importers without the requisite shipping documents.

    It also directed that only imports, which are backed with evidence of shipment and other relevant documents, will qualify for purchase of foreign exchange. Only such transactions will be eligible for foreign exchange purchase via the RDAS or the interbank window, it said.

    The apex bank said henceforth, all importations involving electronics, finished products, information technology, generators, telecommunication equipment and invisible transactions would be funded from the interbank foreign exchange market only.

    The policy, the CBN said, was to maintain the existing stability in foreign exchange market and strengthen the various policy measures, already initiated, including the regulation of the Bureau De Change (BDCs) that cut dollar supply to operators from $50,000 to $15,000 weekly. These measures, Emefiele admitted, would help conserve the foreign exchange and support the naira.

     

    Complex crisis get worse

    The misfortune of the naira seems complex. The thinking is that massive inflow of forex from surging oil prices and the boom in the capital market were responsible for the appreciation of the naira in the past few years. Unfortunately, oil prices have nosedived and Nigeria capital market is in a shambles. The fall in the price of oil has major consequences on government revenue, aggregate output, capital formation investment, employment, trade and fiscal balance.

    The 2008 global financial meltdown also contributed to the naira’s freefall.  Chief Executive officer, Financial Derivatives, Bismarck Rewane, said Nigeria was unprepared for the shock. “The Nigerian economy believed to be one of the most resilient in the world was caught unawares by the global crisis,” he said.

    Analysts said a gradual appreciation of the currency will require building confidence in the financial system and price of crude oil in international market.

    “This is what is going to drive the exchange rate now and beyond; we cannot isolate what is happening in the global economy like the issue of diversification of energy sources,” they said.

     

    Historical view of the naira

     From 1980 to 2000, the naira depreciated by N101.50 to N102.10 to dollar, when compared with N0.6 to dollar it traded as at 1981. Not even the   Structural Adjustment Programme (SAP) introduced in 1985 could have predicted this sharp slide.

    The currency first hit double digits, moving from N9.9 to a dollar in 1991 to N17.2 to a dollar the following year. That constituted a significant 73.7 per cent change. Thereafter, a gradual slide ensued, attaining triple digits in 2000.

    Although it was considerably stable between 2000 and 2003 (below N120 to a dollar), the recent adverse global capital flows and drop in oil price, among other factors, have culminated in the current all time low.

    Moreover, decreasing the value of a currency is much easier than supporting it. When a country wants to depress its own currency, it can create and sell unlimited quantities. In contrast, if it wants to support its own money, it needs to sell the limited quantities of other currencies it holds or borrow from other central banks.

    That explains why the CBN has found it increasingly difficult to defend the naira. The solution, according to analysts said, lies in diversification of the economy.

    For now, the continued decline in oil receipts poses a threat to government revenues, limiting the fire power to regulate the naira. Should this continue unabated, the naira’s misfortunes will worsen and the N100 banknote will no longer buy a small loaf of bread for a minor, let alone kill hunger.