Tag: interest

  • Young man kills rival over love interest

    Young man kills rival over love interest

    A young man identified as Tanko Sule has been arrested by the Police in Tunga Wawa community in Kontagora over allegations that he killed another young man, Nasiru Amadu, over a girl both of them were interested in.

    It was learnt that Amadu had named Sule as the person who attacked him before he gave up the ghost.

    Sources said that on Friday night, Sule and his friends went to the deceased’s house to beat him severely until he stopped breathing.

    Amadu was discovered in a critical state with blood coming out from his mouth by his mother who called for help. Neighbours rushed him to a local chemist for emergency care before taking him to Kawon Kontagora Hospital where Amadu died around 10am on Saturday.

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    Before giving up the ghost, Amadu identified Sule as his attacker, saying he had been harassing him over a girl he (Amadu) had proposed to, often insulting him for going to see the girl.

    Neighbours told our reporter that Sule has been arrested by the police who are conducting further investigation.

  • SEC: High interest rates on government treasury securities challenging

    SEC: High interest rates on government treasury securities challenging

    The Securities and Exchange Commission (SEC) is uncomfortable with the high interest rate on government treasury securities.

    The Director General of the SEC,  Lamido Yuguda raised this concern at the third 2023 Capital Market Committee (CMC) meeting.

    A statement issued after the meeting said Yuguda highlighted the pressing need for strategic initiatives to attract more investments into the capital market amid challenges posed by high-interest rates on government treasury securities.

    These challenges can have wide-ranging impacts on investment attractiveness, access to financing for businesses, and crowding out effects.

    Higher interest rates on government bonds make them a more attractive investment option compared to the stock market which can reduce investment flows into the stock market.

    When the government provides higher interest rates for its securities, it entices a significant amount of investable capital, which ultimately displaces private sector borrowing and hampers the availability of critical funds for growth and progress. Consequently, this can result in an economic deceleration as there is a decrease in investments directed towards industries, businesses, and infrastructure, ultimately affecting the creation of job opportunities and impeding overall economic advancement.

    To tackle these difficulties, Lamido Yuguda emphasized the significance of executing well-planned strategies to attract more investments into the stock market. These measures aim to boost economic growth and improve the performance of the financial system, ultimately aligning with President Chief Ahmed Bola Tinubu administration’s Renewed Hope Agenda.

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    Despite lower foreign portfolio investment inflows, the Nigerian stock market, Yuguda said had achieved a notable milestone, with the All-Share Index surpassing 70,000 points, representing an impressive 30 percent increase this year. This accomplishment signals upward momentum and investor confidence in the market.

    Yuguda said the SEC’s focus for now is “on digitization, market modernization, HR restructuring, and collaboration with stakeholders from both domestic and international arenas.”

    Attention was drawn to the performance of CSCS which reported a 23 percent growth in the average daily clearing and settlement value to approximately N10.7 billion in Q3 ’23, albeit dropping to N5.3 billion in Oct ’23. This growth is primarily attributed to the bullish sentiments and solid performance of key equities in their half-year results, leading to a 60 percent year-on-year increase as of October 2023.

    Addressing investor KYC (Know Your Customer), the CSCS notes an encouraging 31 percent increase in the number of accounts updated in Q3 2023, totaling 8,572 accounts, attributed to positive market sentiments. The CSCS advocates for a coordinated awareness campaign on updating KYC details and emphasizes the importance of market-wide collaboration and comprehensive campaigns across various media channels.

    The CSCS highlighted the importance of cooperation between Registrars in sharing investors’ bio-data information for dividend claims with the Depository. This collaborative initiative it noted aims to enhance the number of accounts with up-to-date records.

  • Before youths completely lose interest in agriculture

    Sir: The country is presently battling with food insecurity and massive rate of unemployment because youths no longer hold a stake in the economy. In fact, the degree of disconnection between Nigerian youths and economic policies, including agricultural policies, can be likened to a mobile device without an installed network provider. Imagine! Meanwhile, it is also very important to commend all agricultural stakeholders who have made submissions on this worrisome national challenge on different platforms, at one time or the other. As some opined that the discovery of oil led to the worrisome decline in the agricultural sector, others shared the perspective that lack of continuity of brilliant agricultural programs as well as the nation’s undemocratic leadership style impeded our growth within the agricultural space.

    Well, all of these views are very good part of the reasons we are trapped within the walls of national uncertainties. But it is imperative to say that the crucial reason for our national predicament is the lacuna between youths and contemporary agricultural innovations.

    How shall we escape?

    Truth be told, if we must avert the United Nations’ projection of famine in Nigeria by the year 2050 as a result of our increasing national population, then the youths – constituting about 60 percent of the country’s population and 30 percent of her workforce, must be productively encouraged to actively participate in agriculture through integration in contemporary agricultural innovations before they completely lose interest. Sincerely speaking, youths are already losing interest in agriculture; because the country’s agricultural landscape is not adopting the global developmental trend in the agricultural sphere. It is needful to say that the best way to entice young people back to farms is through introduction to agricultural technologies such as Soilless farming (hydroponics), cloud computing, block chain, among others, inclusive of digital and technical skills for strategic market penetration. If youths still do not realize agriculture as a noble profession with profitable opportunities for livelihood, it becomes very difficult to combat the challenge of food insecurity and high rate of unemployment ravaging our national corridors.

    For me, it is not too late to make it right as a nation. Before our youths completely lose interest in agriculture, we need to do the needful  collectively. First, we need to deliberately restore the nobility of agriculture right from primary level across board. Secondly, agricultural curriculum must be reviewed and contemporary agricultural innovations such as Block Chain, Artificial Intelligence (AI), Soilless farming (hydroponics), Precision agriculture, Use of Drones, among other globally-adopted innovations in the agricultural sphere should be introduced.

    Similarly, youths in tertiary institutions should also be taken through practical sessions by professionals in these innovative areas of agriculture, at close time intervals to strengthen their technical know-how.

    Finally, there should be more synergistic work relationship between agriculture stakeholders in the industrial sphere, business/finance sector and management of agriculture-inclined tertiary institutions to help educate the youths on how to convert their theoretical and practical experiences into profitable businesses (agribusiness) for self reliance. These will go a long way in promoting food security and reducing the alarming rate of unemployment plaguing the country.

     

    • Adebisi Matthew, forwardgatei@gmail.com.  
  • Fed Govt to rice millers: we’ll reduce interest rates

    The Federal Government has assured rice millers of plans to ensure reduction in interest rates paid on loans.

    Kebbi State Governor Abubakar Atiku Bagudu, who is the chairman of the Presidential Task Force on Rice, gave the assurance at the weekend in Lagos at a stakeholders’ meeting with Rice Distributors Association of Nigeria and Rice Millers.

    He said the President Muhammadu Buhari administration would ensure rice availability and affordability.

    Bagudu said: “On the reduction of interest rates on loans requested by the millers, I think it is right. It will be done.”

    He said based on the contributions of stakeholders, it was apparent that what Nigerians wanted was not making subsidy available on rice production, but making it affordable and accessible such that they could produce rice that would compete with imported ones.

    “The mandate given to this task force, which is under the leadership of President Buhari and Vice President Yemi Osinbajo is to ensure the country has self-sufficiency in rice and wheat production.

    “But so far, stakeholders within the value chain, either as farmers, distributors or millers are not talking about subsidy. What they are saying is that help us tell President Buhari that we will like to have rice at a competitive price with the so-called imported rice. This has to do with affordability. I can tell you that the President is committed to this,” the governor said.

    He said the National Agency for Food and Drugs Administration and Control (NAFDAC) and Standard Organisation of Nigeria (SON) had responsibilities to discharge, adding that the government would intensify efforts in that regard.

    National President of Rice Distributors Association of Nigeria Deaconess Olufunmulayo Akinsanya implored the Federal Government to assist millers in producing at a cost that could be afforded by the less-privileged.

    Iyaloja-General Chief Folashade Tinubu Ojo said there is hunger in the land, urging governments to ensure efforts are intensified to make Nigerians feed well.

  • Ondo extends deadline for Expression of Interest

    The Ondo State government yesterday said it had extended the Expression of Interest (EOI), which would have closed on December 15, to December 22.

    A statement in Akure, the state capital, by the Office of the Permanent Secretary (PS), Cabinet and Special Services, noted that the extension became necessary because of the need to take the site measurement by prospective vendors.

    The statement by the department’s spokesman Morakinyo Adeniyi added that the opening of the EOI will take place at the Governor’s Office complex at Alagbaka in Akure at 1 p.m on the date.

     

  • New interest rates for manufacturers coming

    New interest rates for manufacturers coming

    Vice-President Yemi Osinbajo yesterday said the Federal Government would roll out new interest rates for manufacturers to boost their productivity.

    He said the modalities for providing the loan were being worked out by the government, adding that soon, manufacturers would access the cheaper funds.

    Osinbajo announced this at the inauguration  of the multi-billion dollar 300-million litre tank farm in Ibefun, Ogun State.

    He said the decision was part of government’s efforts to boost investors’ peformance.

    The tank farm was built by Petrolex  Group, an indigenous oil and gas firm.

    He said the decision to give incentives to the private investors, was in line with the agenda of the President Muhammad Buhari administration to encourage economic growth.

    Osinbajo said: ”Government is committed to  providing adequate incentives to private investment operators in government To achieve this, the government will provide a new interest rate specifically to enable operators in the manufacturing sector access cheaper credit for production.”

    He said the decision was informed by the critical roles, which manufacturing sector plays in the history of any nation.

    According to him, the government will provide incentives to  other sectors of the economy, with a view to encourage private investors.

    He commended the firm for the initiative to develop an integrated energy mega city capable of transforming the oil and gas landscape of the country.

    He said the  size and scope of the  investment will help the country to meet its petroleum products need in 2018, and further reduce by 20 per cent fuel domestic need by the  first quarter of 2019.

    He said the inauguration was a testament of the company’s vision and shows also that Nigeria is ready for business.

    Also, former President Olusegun Obasanjo, canvassed a robust public, private sector collaboration.

    In his remark at the event, He observed that no private business can thrive without support from the public sector.

    He urged government at all level to support indigenous companies in Nigeria to strike in other to develop the socio-economy environment.

    Similarly, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, said the investment is a testimony of ingenuity of indigenous companies and demonstration of capacity to support government reform drive.

    He  promised to support the company to realise its  objectives as the investment would further to achieve its target of ensuring uninterrupted products distribution.

    In addition, Petrolex’s Chairman, Mr Segun Adebutu said the facility will host petroleum products worth of 250,000 barrels of crude oil, adding that it signposted  a good development for the sector.

  • ‘Fayose working against Yoruba interest in PDP’

    ‘Fayose working against Yoruba interest in PDP’

    A group within the Southwest Peoples Democratic Party (PDP), the Oduduwa PDP United Front, has accused Ekiti State Governor Ayodele Fayose of working against the interest of the Yoruba to clinch the PDP national chairmanship.

    A statement by the group’s chairman, Chief Babatunde Adesanya, said: “When, early this year, he went to town with all colour and noise announcing himself as a presidential aspirant, despite the fact that the position had been zoned to the North, many laughed at his action.

    “But not so. Fayose obviously harbours some grim delusions of grandeur. He wants to be Vice President.

    “He has now openly declared that he does not want the chairmanship position to be zoned to the Southwest.”

    The group added: “Fayose should know that he is positioning himself in perpetual historic damnation and utter perfidy, should he conspire against his own people and snatch the chairmanship position from us.”

    The statement urged Fayose to come back home “and align with the sons and daughters of Oduduwa”.

  • In whose interest is political restructuring?

    In whose interest is political restructuring?

    The matter of political restructuring continues to generate political heat in the public domain. It is not unusual to have the kind of robust debate that we have had especially since the beginning of the new administration of President Buhari.

    Even for a party that made change its political totem, the pursuit of change could be unnerving. Who knows what is on the other side? And how does one manage the transition state between the undesirable present and the desirable future state? Every business organisation that seeks profitability must face these questions at some point. Does a political community that seeks stability and prosperity for her citizens need to worry about such issues?  The answer is obvious.

    There is, however, a major difference between a political community and a business organization. A business organization that refuses to change in the light of new developments and the competition around it, will collapse under the weight of its own redundancy.

    On the other hand, in a political community, power is wielded by those who are entrusted with it, ideally on behalf of the people, but realistically for the interest of the powerful few. If business calculations feature at all, it is the business interests of the few that drive political calculations. Thus, the clamor for change may fall into deaf ears for fear of the unknown or for calculations of self-or sectional interests.

    What is lost to those calculations is the inevitability of change which, as Heraclitus observes several millennia ago, is the only constant. Especially, in situations of universal frustration with the status quo, where life is akin to the state of nature condition, change is the only certainty. But in the eternal wisdom of J. F. Kennedy, those who make peaceful change impossible make violent change inevitable.

    There have been many attempts at obfuscation. We manufacture confusion where there is none just so we could slow down or disrupt the course of change. There has been fear-mongering of the worst kind. A few weeks ago, I was at the annual convention of the National Association of Yoruba Descendants which had restructuring as a theme. While almost every speaker appeared to have a clear vision of what restructuring meant and what social and economic gains might accrue therefrom, there was a holdout. An otherwise smart and obviously learned gentleman expressed the fear of the unknown. “The Southwest had no oil-fields”, he observed. “From where would our wealth come and how are we to feed our populations if advocates of restructuring had their way?”

    Note that this was a convention of a Southwest Nigerian organization in the most federalized nation in the world, where presidents and congressmen and women jealously guard state rights against the intrusion of federal might. I bring it up to show that in the current debate on restructuring, the resistance to change is not a sectional one. There are equal opportunity resisters in all the zones of the federation.

    Resisters hide behind such platitudes as “we need mind-restructuring, not political restructuring”, “ we must pursue poverty alleviation not political restructuring”, or “we need constitutional amendment not political restructuring.” Still others continue to ask for the meaning of restructuring, or they dismiss true federalism as nonsensical because, in their confused judgment, there is nothing like false federalism. But pray, how else does one describe a unitary system that camouflages as a federal system?

    I have tried, in several comments on this page, to isolate the issues and clarify confusions. But it appears for one who is determined to avoid thorough understanding, there is nothing much that can be done even by the most down-to-earth simplification. But I have also learnt from the wisdom of the elders that the one who genuinely asks questions deserves satisfying answers.

    From recent debates on this matter, there are two questions that deserve answers. First, to the still yet to be convinced about what restructuring is, perhaps a better approach is to first answer the question what restructuring is not. Second, an answer is required to the question “in whose interest is political restructuring?”

    Restructuring is not secession. This horse has been flogged so mercilessly that by now one would expect it dead and buried. But in low and high places, the argument is still being frustratingly canvassed that talk about restructuring empowers and inspires the rhetoric and threat of secession. This is far from the truth.

    Secession demand is for an out of a marriage that both believe no longer works. The demand for restructuring is for an acceptable modification to the terms of the relationship to make it happy and endure the vicissitude of life. The one is negative while the other is positive. There is no denying the fact, however, that if the positive drive is discountenanced, it sends a wrong signal to those who might resolve to engage the negative gear.

    Restructuring is not against national unity. Advocates of restructuring are some of the most patriotic and nationalistic groups whose love of country is beyond doubt. What they espouse are the principles of governing a diverse nation so that the ideal of unity in diversity is preserved and respected. They are genuinely concerned that when diversity is blurred for the sake of uniformity, the country loses out on one of its most profoundly potential contributions to the world political community: the idea of the many voluntarily becoming one without losing their diverse cultures.

    Restructuring is not the imposition of the will of one group or section over others. In the first place, it is, in reality, impossible for advocates of restructuring to impose their will on the nation since their demand must go through the crucible of public opinion and be acceptable to all for it to be adopted as the law of the land.

    Second, that an individual or a group or section is persistent in the advocacy of a cause does not reveal anything about a motive and none can be judiciously attributed. In the case of restructuring, advocates have good arguments and must hope that they can persuade opponents to their side. This has always been the rational course of our political debates since the days of the nationalist struggles.

    Restructuring is not an irrational pursuit of danger. A person who runs towards an obvious danger without minding the outcome is at best irrational, at worst, insane. While some may think that advocates of restructuring are irrational, they are nothing but. As I observed above, the fear of the unknown is what is irrational. Surely, a demand for the return to a principle of governance that worked well in the past cannot be considered irrational. Besides, the only danger is to continue the path that has not worked for the good of the people.

    Political restructuring is the alignment of levels of government vertically, and branches of government horizontally, for the deepening of democracy and the promotion of the welfare of citizens.

    Advocates of restructuring have variously asked for devolution of power to the states, regionalism, or return to the 1963 constitution, which gave more power to the regions and prioritized derivation as a revenue formula. It is disingenuous to conclude that advocates are mired in confusion because of the differences in their demands. We know better that when there is a consensus on moving with restructuring, all metals will be thrown in the fire and subjected to the heat of public debate.

    In whose interest, then, is political restructuring? Every level of government, every branch of government, every zone and every state of the federation, labor, the poor, the rich, and most important of all, national unity, stands to benefit from a well-planned political restructuring.

    With states cooperating in zonal arrangements in the areas of education, agriculture, mining, and infrastructure, economy of scale kicks in for maximum benefit for citizens. As current experience demonstrates, the future of fossil fuel is bleak. In any case, this nation is sufficient evidence that it has been a curse against development and national unity. Do we really need further evidence in favor of restructuring?

     

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  • Discount offer: In whose interest?

    Discount offer: In whose interest?

    Whether marketing online or in store, discount remains a major incentive that stimulates sales. With the economic downturn, discounting has become a big inducement for most shoppers to make purchases. How do retailers make up for the gap in discounted goods? Who bears the brunt? TONIA ‘DIYAN writes

    As the recession in the country reached its crescendo earlier in the year, not a few Nigerians had to rethink their spending.

    For those used to embarking on  spending sprees, there was a reduction, necessitating the prioriotising of their purchases. For those spending averagely, it was time for a cut.

    The ripple effect of this was a negative impact on the purchasing power of individuals, as well as a lull in the sales record of most retailers.

    For instance, a housewife, Adeola Toluwani, recalled that in the last six months, she had to reduce her spending by 60 per cent to cope with other pressing needs of the family like school fees.

    Similarly, a retailer at Ikeja City Mall, who pleaded for annonymity, said she had to confront low sales with discount sales. This, she explained, has led to an improvement in her sales record.

    Indeed, the economic downturn  has made discounting the mainstay for nearly every business.  This has led to retailers cutting prices.

    Some retailers have likened deep discounting to “a drug,” and said: “We are carefully reducing our dependence on high discounts to drive attendance.”

    From findings, internet users are more into discounts. In fact, nearly a quarter of respondents The Nation Shopping spoke with said they would do anything to get 40 percent or more off items they like to buy at anytime.

    Seven out of 10 internet users said they would sign up for an email newsletter to get 40 percent or more. Also, more than half said they would “like” a page for the same deal, and nearly half would fill out an online form even when the discount is paperless.

    The research also revealed that discounts enhance grocery shopping experience. It revealed that 41percent of grocery shoppers want their grocery shopping better thus, would like to receive offers on their mobile device as they enter a store. This is said to be one of the primary factors that make grocery shopping a success.

    Though the actions are simple enough for shoppers, they provide retailers lots of insights about who shoppers are. Therefore, retailers can better target shoppers going forward.

    Merchants believe that slashing prices may not actually be such a big deal for them, after all. But on the other hand, they think they are offering discounts against their best interests and may not actually present such inviting offers always.

    When price slashing and discount offers first became popular, many traders took advantage of what they saw as a veritable source of publicity and an opportunity to attract more customers. As the industry is growing and merchants are trying their hands in the marketing strategy, it turned out that the deals might not be offering the anticipated returns on investment after all, as most retailers might not set eyes on prospective customers after the deals are over.

    At the Maryland Mall in Lagos, only about 10 percent of retailers who offer deals daily, weekly and monthly said they end up sustaining their additional customers. They reason that those who offer huge discounts, and don’t retain their customers, sometimes end up with low profits when it is time to sell at usual prices to make up for sales/discount period. They experience loss of the initial patronage if or when there are no contacts for follow up after sales or they do not get gain at all from the deals.

    They also said because of the few customers, who visit again after enjoying the discounts, they might decide that the idea is a bad deal and begin to turn their backs on it.

    However, while price slashing turns out to be bad business for many, there are still some merchants who will make it available always, saying they are seeing a significant improvement in earnings, and that the margins that they realised flowed through.

    Some give out discounts of varieties of items on display daily in December and January when many people do their shopping.

    Advising merchants, Supermarket.ng boss, Mr Raphael Afaedor, said: “If merchants are running deals, they should offer reasonable discounts that will still allow them earn profit at the end of it all.”

    Discounts, he said, keeps the retail  industry from suffering foot traffic declines particularly at this recession period.

    He added that shoppers who are taking advantage of discount offers, should keep in mind that the goal of the merchant is to make money apart from creating space for new stock, so sometimes; the offers might not be quite as great as the customer is hoping it will be.

    “The offer might be on products that a merchant wants to get rid off in order to accommodate new ones, or it might simply not be a really great discount,” he added.

    Raphael, however, advised that shoppers should endeavour to carry out independent researches and confirm prices and product reviews before they jump on making a purchase offered as a discount sale.

  • NB praises interest in Golden Pen Awards

    •Entries hit 250

    Nigerian Breweries (NB) Plc has praised the media for number of entries for the Ninth Golden Pen Awards sponsored by the company.

    Submission of entries, which started on July 3, closed on August 4.

    About 250 works for various categories were received by officials in charge of the award’s entry portal.

    The award was introduced by Nigerian Breweries to promote professionalism in journalism practice in Nigeria.

    Its Corporate Affairs Adviser, Kufre Ekanem, said an independent panel of judges, which comprises distinguished professionals, would analyse the entries for originality, news value, use of resources, credibility and factuality at the end of the collation.

    According to him, other areas of interest are info-graphics, lay out/headline, clarity and social responsibility.

    Ekanem said the awards would hold on Friday, October 6, and winners would be announced.

    Winners will emerge in the three categories of the award: the Nigerian Breweries Golden Pen Reporter of the Year, the Nigerian Breweries Golden Pen Photojournalist of the Year and the Nigerian Breweries Report of the Year.

    According to him, the prizes have also been reviewed upwards. The Nigerian Breweries Golden Pen Reporter of the Year will get N2 million and a gift item.

    The first runner-up will get N1 million while the second runner-up will go home with N750,000.

    Ekanem added that in the photojournalist category, the winner would receive N1 million and a gift item, while the first and second runners-up would get with N750,000 and N500,000.

    The winner of the Nigerian Breweries Golden Pen Reporter of the Year will receive N1million and a gift item.

    In the previous three editions, the focus of the award was on the role of the media in setting agenda for the future of Nigeria with the theme – education, youth empowerment and talent development.

    With the completion of the three-year focus on education, youth empowerment and talent development, Ekanem said the company was directing the attention of the Nigerian media to agriculture, local sourcing and industrial development as the themes for the 9th Nigerian Breweries Golden Pen Award.