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Tag: Nigerian Newspapers

  • CBN to defend reserves against UK $9b court ruling

    The Central Bank of Nigeria (CBN) on Monday it will strive to protect the country’s currency reserves after a British court ruling granted a small natural gas firm the right to seize $9 billion in assets from the Federal Government.

    The huge cash would be one of the largest financial liabilities imposed on Nigeria in its history, representing 20 per cent of the currency reserves of Africa’s largest economy and top oil producer.

    CBN Governor, Godwin Emefiele said the country had sufficient grounds to appeal the ruling, over an aborted gas project siated for Calabar, the Cross River State capital. The court ruled on Friday in favor of Process and Industrial Developments (PID) Ltd.

    “We know that the implication of that judgment has some impact on monetary policy, and that is why the central bank is going to step forward and … defend the reserves,” Emefiele told reporters in Abuja.

    Pressure has been building on the naira as oil prices drop and foreign investors lock in their profits on local bonds as yields have fallen from as high as 18 per cent a year ago. As yields have fallen, foreign inflows have slowed, in turn leading to a shortage of dollars and hurting the naira.

    Read Also: More items to be blocked from forex, says CBN governor

    In a further sign of pressure on the currency, President Muhammadu Buhari last week told the central bank to stop providing funding for food imports, his spokesman said.

    However, Emefiele did not say what other measures the central bank might take to defend the country’s currency or its foreign exchange reserves.

    “FX pressures have intensified as global risk-off sentiment incentivises some portfolio reversals, and the UK judgment could add further fuel to the fire,”  senior economist at South Africa’s NKC African Economics, Cobus de Hart, said.

    Yesterday, traders were seeking higher rates for one-year treasury bills as the naira weakened, and bid-offer spreads doubled in volatile trades.

    The naira has been quoted at 364 per dollar for foreign investors since last week from 363.50, as liquidity dried up on the forex market.

    Nigeria operates a multiple exchange rate regime that it has used to manage pressure on the currency.

    Last week, Emefiele met fund managers in London in a roadshow arranged by South Africa’s Standard Bank following its second debt auction that week, where the central bank told dealers to raise rates to lure foreign investors.

    Emefiele sought to reassure investors who were focused on the oil price and the bank’s policy on debt sales, saying that the currency would continue to be stable.

    “Worryingly, the central bank is employing unconventional tools more regularly to try and keep the naira stable and safeguard reserves, and risk exists … which could ultimately come at the cost of slower growth and higher inflation,” De Hart said.

  • MAN withdraws from W/Africa expo

    The Manufacturers Association of Nigeria (MAN) on Monday withdrew its participation in the 2020 Annual Nigeria Manufacturing Expo/Manufacturing Partnership for African Development (NME/mPAD) events organised by Clarion Events West Africa.

    The group said its decision was based on the decision of its partner, Clarion Events West Africa, to withdrew its business interest from Nigeria, and sack of its workers in Lagos.

    Clarion Events West Africa is a division of Clarion Events Global Group responsible for producing and delivering innovative and market-leading events in many countries.

    The Clarion Events West Africa head office is in Lagos, where it delivers international trade exhibitions to markets on the continent.

    The Nigeria office, it was learnt, benefits from having extensive knowledge of the economy and exhibition sector as well as the support of the Clarion Events global network which include offices in 10 countries employing over 700 workers and a substantial network of international agents.

    Read Also: AfCFTA treaty won’t affect manufacturers’ interest, Buhari assures

    In a statement, MAN Director-General, Segun Ajayi-Kadir said: “MAN ceases to be part of any expo being organised by Clarion Events West Africa, and as such the general public is hereby advised to be wary of any individual or group of persons   parading   themselves   as   organisers   of   Nigeria   Manufacturing   Equipment   Expo   in partnership with MAN.

    “MAN members are particularly put on notice to be aware. We also wish to express our deep appreciation to the exhibitors (both local and international), the general public and our media partners who have supported the association in the organisation of the previous four editions of NME/mPAD,” the statement read in part.

    The 2019  Nigeria Manufacturing & Equipment Expo was organised by Clarion Events West Africa and it was held between  March  12 and 14 this year in Lagos.

    NME is the Official Trade Fair for the Manufacturers Association of Nigeria (Event Patron), organised with the support and participation of the Federal Ministry of Industry, Trade and Investment (Host Ministry) and Lagos Chamber of Commerce and Industry (LCCI) .

    The yearly event runs simultaneously with the Nigerian Raw Materials Expo (NIRAM) where raw materials including cash crops, cocoa, cotton, and minerals can be purchased from local and international exhibitors.

    Last year, the event featured about 4000 leading manufacturers and SME’s from West Africa countries seeking for affordable, end of line manufacturing machinery, tools and solutions which involved: Dangote Group, Procter & Gamble, Guinness, Nestle Nigeria and Unilever.

    The also feature Manufacturing Partnership for African Development mPAD and Nigerian Raw Materials Exposition.

    But the Next year’s event, the Director General said that MAN is planning its sole International Equipment Manufacturing Expo and promised that the details would be communicated in due course to the general public.

     

  • Afrobasket 2019: Buhari hails D’Tigress’ victory

    President Muhammadu Buhari has congratulated the national female basketball team, D’Tigress, for a highly impressive outing at the FIBA Women’s AfroBasket 2019 in Dakar, Senegal, which saw them coast home to victory at the finals by beating the hosts, 60-55.

    He commended the team for the remarkably synergized play that enabled them to outpace and outplay all the teams at the tournament to retain the title they won in 2017, further consolidating their position as African champions with four titles.

    The President, in a statement by the Senior Special Assistant on Media and publicity, Mallam Garba Shehu, praised the team for discipline, maturity and focus all through the tournament, and purpose in promoting the Nigerian flag and accompanying virtues of resilience, persistence and dogged pursuit until victory was achieved.

    He sent appreciation to all the officials and technical hands that guided the team to win the African title.

    The President urged them to remain focused on deploying such energy and talent in subsequent global tournaments.

  • Egypt sweep medals in judo

    Nigeria failed to make it to the podium in the judo event of the 2019 African Games as Egypt emerged as early leaders of the medal table after claiming four gold medals in the judo in Rabat.

    Judo is the first sport to host medal events in Morocco at the Prince Moulay Abdallah Sports Complex. The Egyptians led by 2009 World Championships bronze medallist Ramadan Darwish, dominated the men’s categories with four gold medals.

    The 31-year-old athlete earned his first-ever African Games gold in the 100-kilogram category after defeating Moroccan Mohammed Lahboub in the final.

    Egypt also beat Morocco in two other finals – Ali Abdelmouati defeated Ahmed El Meziati in the 73kg, while Abdelrahman Mohamed beat Hamza Kabdani in the 81kg division. The other Egyptian gold medal was earned by Ali Hazem, who overcame Tunisia’s Oussama Mohamed Snoussi.

    Read Also: 2019 AFRICAN GAMES: Team Nigeria goes for glory in Morocco

    Hosts Morocco also won gold in the men’s judo, Issam Bassou beating Fraj Dhouibi of Tunisia in the 60kg. In the 66kg final, home hopeful Abderrahmane Boushita lost to Algeria’s Wail Ezzine.

    Read Also:

    The heaviest category, the men’s over 100kg, was won by Mbagnick Ndiaye, the Senegalese fighter who beat Mohamed Sofiane Belreka from Algeria.

    In the women’s category, Tunisia’s Nihel Cheikh Rouhou won her second African Games gold medal in the over 78kg division following victory at Maputo 2011. Two-time Olympic judoka Rouhou beat Cameroun’s Hortence Atangana.

    Another Olympian, Gabon’s Rio 2016 competitor Sarah Myriam Mazouz, also won gold in Rabat as she saw off South African Unelle Snyman in the 78kg. Elsewhere, the first female gold medallist for the hosts at the Games is Chaimae Eddinari, who beat another South African, Michaela Whitebooi, in the 48kg final.

    Soumiya Iraoui, however, suffered home disappointment, beaten in the 52kg division by Algeria’s Faïza Aissahine.

    Ghofran Khrlifi won the 57kg for Tunisia, beating Yamina Halata of Algeria; Cameroon’s Hélène Wezeu Dombeu beat another Algerian, Amina Belkadi, in the 63kg; and in the 70kg, Karene Agono of Gabon beat Tunisian Nihal Landolsi.

  • Ghana dangles $3000 for gold

    To inspire its athletes competing at the 12th African Games holding in Rabat, Morocco, Ghana has promised to reward individual gold medalists with $3000 (N1.05M) for their efforts.

    Also, silver and bronze medallists are expected to smile home with $2,000 and $1,000 while team gold medallists will get $2,000.

    To compete in Morocco, Ghana has been allocated a budget of almost $1.28 million (£1.05 million/€1, 15 million), through the Government’s Ministry of Youth and Sports (MoYS) and the National Sports Authority (NSA).

    The funding is expected to cover all expenses for the Ghanaian team and officials at the 12th African Games, which begins today in Rabat in Morocco.

    Kwame Asiamah from the MoYS approved the budget and NSA director-general and International Games and Competitions Committee (IGCC) chairman Peter Twumasi said it was important for the figure to be made public.

    “The IGCC team has done a great job since it was inaugurated to oversee to all issues relating to the upcoming African Games in Morocco,” Twumasi told the Ghana News Agency.

    Read Also: I2th African Games will be my last- Toriola

    “We presented a budget to government through the Youth and Sports Ministry and we have gotten approval, so it is important we make it available to Ghanaians.”

    Twumasi said the budgeted funds would include bonuses for all the athletes, coaches and officials.

    For team events, each member will be rewarded with $2,000, $1,500 (£1,200/€1,350) and $1,000 respectively for winning gold, silver or bronze. Ghana will send a contingent of 139 people, made up of 91 athletes, 29 coaches and 19 management members, to Rabat.

    In October 2018, Ghana was announced as the hosts of the 2023 African Games. The 2019 African Games will run through until August 31.

  • Nigerian squash now recognised, says Ogunsusi

    The Chairman of the Squash Section of the Lagos Country Club, Barrister Ayo Ogunsusi has expressed his delight with the level of professionalism exhibited at the just concluded 15th edition of the Cargolux Merchant Express International Squash Tournament.

    According to Ogunsusi; “the competition has grown in leaps and bounds over the years that the Professional Squash Association (PSA) has given it recognition.”

    He made this commendation at the closing ceremony of this year’s edition over the weekend at which hundreds of participants, including promising players contested for prizes.

    Winners included the Captain of the Squash Section, Dr. Olubunmi Apata who emerged the overall winner after defeating the reigning champion Hanniel Hadison by three sets to one.

    In the U–16 category for the girls, Favour Utukpe of Lagos State defeated Mistura Durosinolorun from Kwara State by three straight sets, while Joseph Eniafogghe beat Dominion Utupke by also by three straight sets in the Boys’ category.

    Kudirat Dahood overwhelmed Aminat Musa for the U-19 Girls by three sets to one and Usman Durosinlorun defeated Cliton Iguodala by three sets to two for the Boys of the same category.

    Read Also: Lagos country club rocks at 70

    Sibling rivalry also ensued in the PSA Women between Yemisi Olatunji and her younger sister Busayo with the former defeating Busayo by three sets to one, while for the PSA Men, Onaopemipo Adegoke beat Sodiq Taiwo by three straight sets.

    The Club Invitational Veteran produced Sahid Khan of the University of Lagos as the champion. He beat Sodi Pepple by three straight sets, while Mrs Kolawole won the Women’s category of the LCC Closed Club by defeating Mrs Hadison.

    The Chairman of Cargolux Merchant Express, Captain Sina Akinfenwa also commended the Lagos Country Club for sustaining the tournament. He said he was; “impressed by the rapid growth and acceptance by Nigerians of the squash game as a lot of participants from different parts of the country and beyond registered for the tournament.”

  • Rape: Buhari’s ex-aide advocates gender desks at police stations

    An former aide of President Muhammadu Buhari, Mrs Juliet Ibekaku-Nwagwu, has called for the introduction of gender desks in police stations across the country.

    She said such desks would be saddled with the task of handling the rising cases of rape of girls.
    The News Agency of Nigeria (NAN reports that Ibekaku-Nwagwu is the immediate past Special Assistant to President Buhari on Justice Reform.

    She also vied to represent Enugu West Senatorial District at the National Assembly under the All Progressives Congress (APC) in the last general election.

    The legal consultant made the call in an interview she granted NAN on incessant rape of minors across the country.
    She noted that the cases of rape involving minors were unfortunate, adding that the police need to do more in handling the menace.

    Read Also: Police nab three students for alleged rape

    Mrs Ibekaku-Nwagwu said: “The current situation is getting worse day by day, and this problem should be better handled by specialists on feminine matters because women are at the receiving end.

    “The police should set up what we call gender desks in the various police stations across the country to prosecute and handle cases of rape.

    “We do not have such desks in most of our police stations at the moment. We need people who understand that we have to prevent something from happening before it happens.”

    The former presidential aide noted that other countries have what is called the National Sex Offender Registry, which provides the public access to sex offenders’ data and prevents sex offenders from touching or coming close to children.

    “Unfortunately, we do not have such a registry in our country. Therefore, we need a re-assessment of our system because some of those things are happening within schools and in our homes.

    “We need to understand the mind-set that leads people to commit such acts and find ways to prevent them from happening again,” she said.

    Mrs Ibekaku-Nwagwu said the only way to reduce the ugly trend is to make sure that offenders are convicted and are never allowed to come close to children.

    “The victims should be severely dealt with to deter other would-be perpetrators from committing the same act in future,” she said.

    The former presidential aide urged parents, religious bodies and schools to constantly educate their children against embracing attitudes that would likely make them become victims of rape.

    “As our children are growing up, let them know that most of the people around them are not as good as they think they are.

    “There must be a way to make children understand that they should not allow themselves to be touched by elders at their age, for any reason.

    “Parents and guardians should introduce sex education to their children, especially the girl-child, and let them realise that it is for their good,” she said.

    The legal consultant advised children to always speak out whenever their uncles, neighbours or teachers begin to exhibit certain strange behaviours around them.

    Mrs Ibekaku-Nwagwu added that she was working on some anti-corruption issues as well as looking at issues of injustice against the female gender.

  • Diezani kicks as EFCC seeks final forfeiture of N14b jewellery

    A former Petroleum Resources Minister, Mrs Diezani Alison-Madueke, has urged the Federal High Court in Lagos to refuse an application by the Economic and Financial Crimes Commission (EFCC) seeking the final forfeiture of her 2,149 pieces of jewellery and a customised golden iPhone.

    The court, on July 5, ordered the temporary forfeiture of the items valued at $40 million (about N14.4 billion), which were recovered from the former minister’s home.

    Justice Nicholas Oweibo ruled on an ex parte application in which the commission said the items were suspected to be bought with illicitly acquired funds.

    But, in a counter-motion filed through her lawyer, Prof Awa Kalu (SAN), the former minister urged the court to order that the items be returned to her.

    She accused the EFCC of illegally gaining access to her apartment and taking the items without a court order.

    Read Also: Diezani poll cash: EFCC to arraign ex-INEC chair Iwu over N1.2b scam

    Besides, the former minister said seizing her jewellery was a violation of her fundamental right to own property under sections 43 and 44 of the 1999 Constitution and “to appropriate them at her discretion”.

    Mrs Alison-Madueke, who is said to be under investigation in the United Kingdom (UK), urged the court to reject EFCC’s prayer to permanently forfeit the jewellery and the golden iPhone to the Federal Government.

    The former minister contended that the court lacked jurisdiction to grant the interim forfeiture order.

    According to her, EFCC did not charge her with any crime or serve her with any summons.

    Mrs Alison-Madueke said the temporary forfeiture order was prejudicial to her because she was denied fair hearing.

    Hearing on the application was stalled yesterday due to Prof Kalu’s absence.

    A lawyer from his chambers, Chukwuka Obidike, said the Senior Advocate of Nigeria (SAN) was handling an election petition case.

    He sought an adjournment.

    Mrs Alison-Madueke is the defendant in the application filed pursuant to Section 17 of the Advance Fee Fraud and Other Related Offences Act Number 14, 2006.

    The EFCC said it found and recovered the jewellery and the customised golden iPhone “on the premises of the respondent”.

    The anti-graft agency added that it reasonably suspected that the former minister acquired them with “proceeds of unlawful activities”.

    According to a schedule attached to the application, the jewellery, categorised into 33 sets, include “419 expensive bangles and 315 expensive rings”.

    Others are: 304 expensive earrings, 267 expensive necklaces, 189 expensive wristwatches and 174 expensive necklaces and earrings.

    The rest are: 78 expensive bracelets, 77 expensive brooches and 74 expensive pendants.

    EFCC said: “The respondent’s known and provable lawful income is far less than the properties sought to be forfeited to the Federal Government of Nigeria.”

    Justice Oweibo ordered that the 2,149 pieces of jewellery and the customised gold iPhone be temporarily forfeited to the Federal Government.

    The judge ordered the anti-graft agency to publish the forfeiture order in a national newspaper.

    It is “for the respondent or anyone who is interested in the property sought to be forfeited to appear before this honourable court to show cause within 14 days why a final forfeiture order of the said property should not be made in favour of the Federal Government of Nigeria”.

    Justice Oweibo adjourned till August 29 for hearing.

  • National Children’s Leadership Ideas contest starts

    The Children of Africa Leadership and Values Development (CALDEV) Initiative, the brainchild of a non-governmental organisation (NGO) aimed at identifying and developing leadership skills among African children, has called for entries into its maiden National Children’s Leadership Ideas Contest (N-CLIC) this year.

    In a statement, its Founder and a member of the House of Representatives, Bamidele Salam, said: “The idea behind this contest is to generate greater interest in leadership issues among young Nigerians and engender-inclusive dialogue on the ways out of the myriad of problems affecting us a people.

    “It will also bring out the patriotic zeal of Nigerian children and prepare them better for leadership responsibilities at a higher level.”

    The NGO, which is also involved in book publishing and youth mentoring, said the N-CLIC is a unique essay writing contest for children to bring their leadership abilities and creativity to life.

    “The contest entails writing an essay, which identifies a social, political or economic problem in Nigeria and proffering realistic and original solutions to the problem identified.

    “N-CLIC will afford Nigerian children the opportunity to contribute useful ideas that can be adapted by leaders in all strata of our socio-political and economic spheres,” the statement said.

    The competition, which targets children across Nigeria between 12 and 16 years, will receive essays that must not be more than 1,500 words and its entrants must be original and practical on the solutions to a social, economic or political problem identified.

    The essays are to be submitted at www.caldevafrica.org, beginning from August 20 (today) to September 15.

    CALDEV’s Executive Director, Dr Yemisi Obelawo, explained that the six best essays will participate in a grand final in Abuja on October 2 to mark Nigeria’s 59th independence anniversary.

    Winners, she said, will be determined by a panel of judges comprising eminent Nigerians selected from the academics, media and civil society.

    Prizes to be won include scholarships, fully paid trip to exciting locations, laptops, books and opportunity for international mentorship. Obelawo said the Kukah Centre and other leadership-focused organisations are partnering the NGO for the success of the N-CLIC.

  • Buhari knows those causing unrest in Nigeria, says Falana

    Activist lawyer Femi Falana (SAN) yesterday said President Muhammadu Buhari’s administration knows those causing unrest in the country and should go after them.

    Falana spoke at the Coalition for Revolution’s (CORE’s) working consultative assembly, with the theme: Democracy, State Repression and The State of Insecurity in Nigeria, at the Lagos Centre, Oregun, Ikeja.

    The event, which was billed to start at 11 a.m, did not hold due to police disruption.

    It was learnt that policemen barricaded the venue and arrested three participants.

    Condemning the alleged arrest as well as that of Omoyele Sowore and other #RevolutionNow protesters, Falana said the Federal Government should deploy security forces to tackle terrorism, banditry, kidnapping and other crimes that breach public peace, and not protesters.

    The lawyer said it was the struggle by democracy agitators that culminated in the democracy the current administration was turning into a rickety civil rule.

    He said the agitators would not allow it.

    Falana said: “Our right to assembly and associate peacefully in the country is constitutional. I want to assure you that we are going to ensure that all the rights of Nigerian people that we have fought for and won will not be allowed to be eroded by any regime in this country.

    “When we were told that we will not be allowed to meet, my mind went back 30 years ago when we had the Buhari, Ibrahim Babangida and other juntas. We defeated the regimes, and I want to assure you all that any other dictator will not be allowed to raise their head again in Nigeria.

    Read Also: #RevolutionNow: 90-day detention must be challenged, says Falana

    “I heard that about three persons have been arrested. But I want to assure you that after the programme, I will demand for their release because they have not committed any offence. I want to assure you that all those who were arrested and charged during the #RevolutionNow for unlawful assembly and breaching the peace will be given adequate defence at the court of law.

    “We fought and defeated dictatorship under discredited and corrupt military rulers. It was the struggle that we waged that culminated in democracy which the ruling party has turned into a rickety civil rule. We are, therefore, not going to allow the emergence of any form of dictatorship in the country.

    “The President Buhari administration knows those breaching the peace of the country: terrorist, armed robbers, coup plotters and others.

    “Those who went to the street to protest in exercise of their right to assembly and complain against injustice, corruption and maladministration in the country cannot be said to have breached the law of the country.

    “Therefore, the man (Sowore) who was arrested and detained before the protest will be adequately defended at the law court. This is because he has committed no offence.”

    The lawyer reminded the gathering how Nigerians fought for their rights, even under the colonial era.

    He recalled how nationalists, like the late Chief Anthony Enahoro, chaired lectures organised on the need for a revolution.

    “So, let the authority in Abuja know that the call for revolution is not new in Nigeria. Political leaders in this country have over time called for revolution and they have never been arrested and prosecuted. If there is a mistake now, such must be corrected. This country belongs to all of us.

    “Before today, they claimed that we must not engage in any activity on the street. We are trying to gather inside the hall, they claimed that we cannot do that. But because of our resolve, we won.

    “Revolution is not a dinner party. It is a serious, rigorous and consistent battle for the soul of a country like Nigeria. Therefore, what we have done is a mere declaration of our resolve.

    “The struggle is going to be in pains and it will require time. But I believe that we have started and there is no going back. What we have done is to challenge the Nigerian people to appreciate the enormity of crisis of underdevelopment that is confronting the country.

    “We do not have a revolution yet in Nigeria, but there is revolutionary pressure in Nigeria. We must seize the advantage of the moment and mobilise Nigerians on the need for revolution: tell them that it will come sooner than later…”

    Also at the event were Femi Aborisade, Seun Kuti, Martin Onovo, former governorship candidate for the National Conscience Party (NCP) Funsho Awe and former student unionist Lanre Legacy.

    Onovo said: “We understand how herdsmen have become the greatest threat overtaking Boko Haram. The government has failed and the leader of the government must resign. There is no democracy in Nigeria,” he said.

    Awe said there was need to correct the bad things noticed in the country, adding that the time was right for a revolution.

    For Kuti, the movement was fighting for the collective interest of Nigerians and the country’s future.

    Aborishade said: “The failure of government to provide employment violates the dictates of the constitution. President Buhari is criminalising the rights of the people. If they say that I am a terrorist for asking for free medical care for the masses, free education for all, then, I am guilty for that and will like to be prosecuted.

    “I demand that Sowore and others be released by the government. Nigeria has been turned to prison. We will ensure that the citizens enjoy the tenets of democracy. The law is taller than the President. I refuse to live in any society that is governed by the whims and caprices of the President and not the constitution. We reject enslavement.”

    But the police denied obstructing the gathering or arresting anyone.

    They said they were at the venue to maintain the peace.

    Deputy Commissioner of Police (DCP) in charge of Operations Mohammed Ali told The Nation on phone that it was normal to deploy policemen to avoid any breakdown of law and order.

    “It is not true that the police disrupted their gathering. They were billed to have a press conference and they did. There was no disruption whatsoever, and I do not have information of any arrest there,” he said.