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Tag: Nigerian Newspapers

  • LCCI sets agenda for President Buhari’s 2nd term

    The Lagos Chamber of Commerce and Industry (LCCI) says the quality of the nation’s infrastructure, policies and institutions are crucial to driving economic diversification.

    Mr. Muda Yusuf, Director-General of LCCI, disclosed this in a statement on Sunday in Lagos.

    He noted that it was crucial to get the parameters right and ensure proper alignment among the variables to achieve sustainable economic diversification.

    According to him, the policy mix of monetary, foreign exchange, interest rate, tax, trade, procurement, and investment policies are critical to the economic diversification process and to achieve desired outcomes.

    “The monetary policy should be designed to drive domestic investment through moderation of the monetary tightening stance of the Central Bank of Nigeria (CBN).

    “This is needed to moderate interest rate in the economy because it is difficult to drive domestic investment at current levels of interest rate which is well over 25 percent for most economic players,” he said.

    Yusuf stressed that the economy required investment, especially domestic direct investment to drive the diversification agenda.

    According to him, the current multiplicity of rates in the foreign exchange policy is inimical to sustainable economic diversification.

    He said that the tax policy should be better attuned to economic diversification through a reversal of the tax burden from investors to consumers.

    “The three tiers of government targets investors more than consumers and this is not in consonance with best practice principles in taxation.

    “In an economy which is almost 50 percent informal, this structure of taxation is not investment friendly because the formal sector of the economy bears the largest burden of the tax system,” he said.

    Read More: Why Nigeria’s auto sector is at a standstill

    Yusuf said the use of banks as collection agents for the Federal Inland Revenue Service (FIRS) was disruptive, distracting, arbitrary, oppressive and unfair to investors.

    He noted that it was a serious disincentive to investment and the promotion of financial inclusion, adding that the approach should be discontinued.

    The LCCI boss also stressed that the trade policies should be guided by sectoral competitive and comparative advantage to ensure sustainability.

    He said that institutional capacity to enforce the policies should also be considered in trade policy formulation.

    “Policies should be focused on incentivizing resource-based industries which typically has a competitive advantage and good impact on the economy because of the high multiplier effect.

    “The relativity of tariffs between Nigeria and neighboring countries should also be considered in the formulation of trade policy,” he said.

    He stressed that fixing the country’s infrastructure was critical to building a competitive economy and a fundamental requirement for economic diversification and sustainable job creation.

    Yusuf said that transformation in the agricultural and manufacturing sectors largely depends on the quality of infrastructure.

    “A key focus of diversification should be on resource-based industries – agro-allied, oil and gas, manufacturing with high local content.

    “These sectors will strengthen the capacity of the economy to create jobs, drive inclusive growth, promote income redistribution and generally impact positively on the economy.”

    According to him, a lot of potentials still needs to be unlocked in the oil and gas sector, especially in refineries, fertilizers plants, gas-based industries and petrochemicals.

    “We need to put an end to being just a crude oil exporter to self-sufficiency in petroleum products and exporter of refined products and other gas related products,” he said.

    Yusuf urged agencies of government to be more investment-friendly and demonstrate better sensitivity to the plight of investors towards promoting investment and economic growth. (NAN)

  • Lagos Assembly set to address building collapse with laws, regulations

    The Lagos State House of Assembly during held stakeholders meeting on three bills and regulations designed to address incessant building collapse in the state.

    The bills and regulations are Urban and Regional Planning and Development Amendment Bill, 2015, Lagos State Building Control Regulations, 2018 and Building Construction and Development Regulation 2018.

    Present at the Public Hearing were members of the Nigerian Institute of Town Planners, Nigerian Institute of Engineers, builders, academics, consultants, civil servants and concerned individuals.

    In his overview, Majority Leader of the House, Hon. Sanai Agunbiade said that the amendments intended in the law and the regulations would standardise and enhance building and planning in the state “to make all ugly incidents of building collapse a thing of the past.”

    Agunbiade said that the stakeholder’s meeting was in respect of the Building Control Regulations, 2018 and Planning Permit Regulations to awaken consciousness of everybody as regards building development.

    While the speaker, Rt. Hon. Mudashiru Obasa who was represented by his deputy, Hon. Wasiu Eshinlokun-Sanni said that the amendment to the existing regulations was important, adding that the recent cases of building collapse in Lagos Island, where school children lost their lives is a tragedy that was preventable if every stakeholder had been careful.

    Read Also: Lagos Assembly moves to end challenges of building collapse

    “If all officials adhere strictly to rules and regulations, some of the losses would have been avoided. We all have duties, your imputs matter for these regulations to strengthen our laws.

    In his contribution, Mr Lukman Oshodi, the Vice Chairman, Nigerian Institute of Town Planners, NITP, said that the ranking of Lagos as a city is relatively low with respect to building regulations.

    Oshodi, who pointed to the implementation and enforcement of regulations, said that the group canvassed for accredited certifiers.

    Professor Martins Dada, a building expert, called for adequate planning and proper supervision of buildings in the state.

    Dada, who noted that Lagos State should exceed the minimum requirements in building control, said that the regulations being considered did not meet the minimum requirements.

    He said that registered builders should supervise buildings and not the regulatory agencies.

    The state Commissioner for Physical Planning and Urban Development, Mr Rotimi Ogunleye said that the executive bill was transmitted to the House in 2017, adding that”when we have a substantive law, there must be regulations to implement it.

    Ogunleye said that professionals must give their inputs so that there would be compliance.

    The Chairman of SON Committee on Standardisation, Professor Joseph said that the laws of the state house of assembly must not violate the act of the Council for Regulation of Engineering in Nigeria, COREN.

    He added that the Act gives COREN the power to regulate engineers, proposing that COREN should go to sites and perform their statutory duties.

    Some other stakeholders called for submission of topography survey of the land, saying “it should be mandatory to have civil/structural engineers are on sites.”,,

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  • Police parade 93 kidnappers on Kaduna-Abuja road

    The Nigeria Police Force on Thursday paraded 93 suspected kidnappers and armed robbers terrorizing Niger, Katsina and Kaduna States, especially Kaduna-Abuja highway.

    It said 35; AK47 Rifles, 21 Dane Guns, 500 live ammunition and a host of other weapons including a Rocket launcher were recovered from the suspects.

    Parading the suspects at Katari village along Kaduna-Abuja highway, the Force Spokesman, DCP Frank Mba, said the 93 suspected kidnappers and armed robbers were arrested within the past two weeks in joint operations in Kaduna, Niger and Katsina States.

    According to Mba, 35 AK47 Rifles, 21 Dane Guns and more than 500 live ammunition were recovered from the suspects.

    The Force Spokesman attributed the successful arrests and seizures to Operation Puff Adder launched to clear criminals away from Kaduna-Abuja expressway and Nigeria at large.

    DCP Mba who was flanked by the Kaduna State Commissioner of Police, Aji Ali Janga said, the joint operations comprised policemen from operations, intelligence, technical, counter terrorism and special protection units among others.

    He said that the operation was designed largely to tackle kidnapping, robbery and banditry giving Nigerians sleepless nights, adding that the successes recorded so far were huge.

    According to him, “The suspects were arrested from Matari Forest, Niger axis and some were pursued to as far as Katsina.

    “We are determined to descend very hard on criminals. We recovered 37 AK 47 rifles, 12 locally made guns, a revolver pistol, 60,000 fake US dollars, military uniforms and a foreign made pistol.

    “Few days ago, the IG rolled out new counter kidnaping strategy, it would also help us curtail such criminality in Nigeria,” Mba said.

    The Force spokesman reiterated that, the Office of the Inspector General of Police provided supervisory and supportive roles to the entire operations.

    Read Also: Reps, NPA disagree on cause of revenue reduction at Ports

    However, Kaduna Police Commissioner Janga in his own remarks assured farmers in Birnin Gwari and other volatile areas that it is now safe for them to return to their farms.

    According to him, the new operations, being conducted in synergy with all the commanders of various units have achieved tremendous success.

    “Farmers who farm along Kaduna-Abuja expressway, Birnin Gwari and other volatile areas can go back to their farms, it is now safe”, Janga said.

    One of the suspects arrested Isah said, it was his first time of committing the crime, and that, he has never collected any ransom before his arrest.

    Another suspect, Salisu Abubakar, who claimed to be a cleric, said he was aware that his clients belonged to criminal gangs, but that he only supported them with “goodluck charms.” but he has never participated in the crime.

  • Breaking: MTN Nigeria gains N184b in listing rally

    MTN Nigeria Communications Plc has just listed its shares on the Nigerian Stock Exchange (NSE), rallying N184 billion gain in first day of trading.

    The NSE admitted, by way of introduction, 20.35 billion ordinary shares of MTN Nigeria Communications at N90 per share.

    The shares, which were listed on the Premium Board of NSE immediately rose by the highest daily allowance price change of 10 per cent or N9 to close at N99 per share.

    National Council President NSE, Otunba Abimbola Ogunbanjo, said: “We are particularly pleased that MTN Nigeria has joined the prestigious club of companies listed on our Premium Board with this landmark transaction, which will differentiate it as a professionally run telecommunications company with high standards, having met The NSE’s listing criteria.

    “A Premium Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery and providing increased returns to shareholders.

    “It is our expectation that the MTN Nigeria listing, which is the NSE’s 2nd largest, will encourage other telecommunication companies to list their shares on The Exchange, thereby opening the sector up to cheaper, long term capital that will boost innovation and development.”

    Read Also: MTN lists today at NSE

    Chief Executive Officer NSE, Mr. Oscar Onyema, said: “We are delighted to welcome MTN Nigeria to the Exchange. Today’s listing is a promising development in the country’s telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital.

    “As a listing platform of choice, today’s listing will add to our bouquet of diverse investment offerings to the public.

    “Having MTN Nigeria listed in our market is a testament of The Exchange’s commitment to building a dynamic and inclusive market and creating channels for sustainable investment.

    This listing will promote liquidity for MTN Nigeria and enhance its value.”

  • Breaking: Ekiti sacks over 2, 000 workers appointed by Fayose

    Ekiti State Government has reverted appointments of over 2,000 workers by immediate governor, Ayo Fayose after the July, 2018 gubernatorial election.

    The decision followed deliberations by the State Exective Council on the report of the committee headed by the deputy governor, Otunba Bisi Egbeyemi, that reviewed irregular appointments made between 2014 and 2018.

    The government said the recruitment exercise violated due process.

    It was gathered that the affected 2 ,000 workers comprises 600 teachers recruited into the Teaching Service Commission , 400 personnel employed into the State Universal Basic Education Board and 1,000 injected into the system through the Office of Establishment and Training, among others.

    Briefing the journalists on the development in Ado on Thursday, the Commissioner for Information, Tourism and Values Orientation, Mr. Muyiwa Olumilua declared the appointments were null and void because they were done hurriedly with ulterior motives and in bad faith.

    The Commissioner disclosed that the governor had directed the Head of Service, Mr Ayodeji Ajayi, to collate all available vacancies in the Civil Service, with a view to recruiting suitable and qualified Ekiti citizens into the Public Service, irrespective of religious and political affinities.

    Olumilua, however, urged the affected workers to participate in the next recruitment excercise to be announced in due course.

    “All appointments made after the Gubernatorial Election of July 2018, violated due process, are hereby cancelled and declared null and void.

    “And all affected workers are advised to participate in the next recruitment excercise to be announced in due course”, Olumilua said.

    He added: “The officers reinstated into the Local Government Service Commission between October 16th, 2014 and October 15th, 2018 are to be reabsorbed by the relevant Personnel Board, and migrated to biometric payroll.

    “All 272 officers employed by the Governor Fayose Administration, who are still on manual payroll, shall be considered for absorption into the Civil Service but on case-by-Case basis. Absorption will be conditional on availability of vacancies.

    “The 169 officers recruited in 2014 but had their appointments terminated by the Governor Fayose Administration, shall be considered for re-absorption by the Ekiti State House of Assembly Service Commission, But on a Case-by-case basis. Reabsorption will be conditional on availability of vacancies in their previous offices of appointment.

    “Officers dismissed between October 16th, 2014 and October 15th 2018 in the Ministries of Justice, Works and Transport, Environment, SUBEB, Teaching Service Commission, Hospital Management Board should go to the Office of Establishment to ascertain their current status”, he said.

    While reacting, Fayose’s Media Aide Lere Olayinka described the development as act of wickedness and extreme degree of political vendetta.

    Olayinka, in a statement on Wednesday, explained: “Fayemi has only succeeded in writing his name in the history books of Ekiti as one who inflict pains and sorrow on the people.”

    Olayinka added that; “Fayemi has only demonstrated the wickedness in his heart by sacking Ekiti sons and daughters who were duly employed by the state government.

    “It will be on record that the PDP government of Ayodele Fayose gave jobs to over 2,000 unemployed youths in Ekiti while the APC government of Kayode Fayemi sacked them.

    Read Also: Ekiti reviews Fayose’s last minute recruitment of 2,000 workers

    “Also, whoever that applauds this show of wickedness will be reminded in future when actions of Fayemi will also be reviewed.

    “As for those sons and daughters of Ekiti who have now become victims of Fayemi’s wickedness and political vendetta, they should place their hope in God and enforce their rights to seek redress in the court of law”, he said.

    Meanwhile, the chairman of the Trade Union Congress (TUC), Com Sola Adigun, appealed to government not to use the error and mistake of the past government to mete out punishment on innocent workers.

    ” This is not a fight , but a plea to the government to allow them to remain in the system. We are going to see Governor Fayemi and Head of Service Ayodeji Ajayi to please stop this recurrent issue of government sacking those employed by their predecessors,” he said.

  • ‘Social media addicts susceptible to mental health challenges’

    Mr Adedotun Ajiboye, a Clinical Psychologist, has warned that addiction to social media can cause both mental and physical health challenges.

    Ajiboye, who works at the Ekiti State University Teaching Hospital, Ado-Ekiti, gave the warning in an interview with the News Agency of Nigeria (NAN) on Thursday.

    He, however, said that social media platforms such as Twitter, Instagram, google, WhatsApp, Facebook could either make or mar an individual.

    “Basically, `addiction’ to social media makes it a bad phenomenon.

    “People who are addicted to social media may experience both physical and mental health problem.

    “Social media addiction is a real phenomenon that may be difficult to overcome because smartphones as one of the objects of addiction are being carried about wherever people go.

    “It becomes harder to escape the Internet because people often have access to their phones.

    “Any addiction is potentially harmful because it robs you of the opportunity to be devoted to other activities, such as offline relationships, daily work, ad physical activity,” he said.

    Ajiboye identified social anxiety as one of the mental health consequences of social media addiction.

    According to him, social anxiety is the inability to relate with other people considering that it has displaced offline relationships.

    The psychologist stated that another consequence of social media addiction is emotional suppression or denial, a situation, which makes people to disguising that all is well on social media.

    He listed other mental consequences to include stress, lack of sleep, cyber bullying (such as critical comments), and peer pressure (the fear of missing out).

    Ajiboye said that one of the physical health challenges of social media addiction was Carpal Tunnel Syndrome, which is the wrist or hands or fingers being strained.

    Read Also: Six things to do before house hunting

    Others he said include: eye problems, lack of exercise or sedentary lifestyle; loss of valuable sleep due to social media leading to fatigue and distraction explaining that a person could get hurt when they text and walk.

    He added that one of the ways to overcome social media addiction was to first identify there was a problem with social media adding that discovery brought about recovery.

    According to him, plan your time and data usage, when you fail to plan, you are planning to fail.

    “Live a purpose-driven life. Do not live by chance, live for a course or vision. Also, seek professional advice to overcome social media addiction .

    “If you are helpless, seek God to help you,” Ajiboye said.

  • Updated: Senate confirms Emefiele’s reappointment as CBN Governor

    The Senate on Thursday confirmed the reappointment of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele for a second term in office.

    The confirmation followed the consideration and adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions which recommended Emefiele’s confirmation for another five years in office.

    The CBN Governor appeared before the committee on Wednesday for screening.

    Chairman of the committee, Senator Rafiu Ibrahim, who presented the report, told his colleagues that his committee painstakingly screened Emefiele before arriving at the conclusion that he should be confirmed.

    Ibrahim said, “The nominee made his presentation which covered his experience in banking even before becoming the Governor of the Central Bank.

    “On assumption of office as the Governor of the Central Bank the nominee brought a number of initiatives which positively impacted on the Nigerian economy and boosted the revenue generation through promotion and ensuring the adherence to accessibility and transparency of Government finances.”

    He said that the nominee has been able to maintain stable interest rate and effective management of foreign exchange regime in the country.

    Read Also: Emefiele: policy saboteurs will no longer be spared

    The committee chairman added that Emefiele initiated several policies and programmes which had positive effects on the country’s economy.

    “After scrutinising him, at the end of the screening exercise the committee findings are as follows; that the nominee has more than 32 years of banking experience, that the nominee understands the diverse nature of the economy and has displayed profound knowledge of the continuous existence of the economic stability.

    “That he has performed creditably well in his first tenure which resulted to the exit of the nation out of recession.

    “Going by the nominee’s character, banking experience, vast economic knowledge and performance in his first tenure he is qualified for the position of the Governor of the Central Bank of Nigeria for another tenure for which he has been nominated by the President.”

    The adoption of the committee’s report was unanimous.

    Senate President, Bukola Saraki, asked Emefiele to use the renewal of his appointment as an opportunity to continue to provide support and ensure that the economy of the country is improved.

    Improvement of the economy of the country, Saraki said, would help to address the most important area of ensuring micro economic policies.

    He urged the CBN Governor to continue to ensure economic stability of the country.

     

     

  • EU fines 5 banks $1.2bn for foreign exchange rigging

    Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion Euros (1.2 billion dollars) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market.

    The financial industry has been hit with billions of Euros in fines worldwide over the last decade for the rigging of benchmarks used in many day-to-day financial transactions.

    The European Commission said the banks formed two cartels to manipulate the spot foreign exchange market for 11 currencies, including the dollar, the euro and the pound.

    `These cartel decisions send a clear message that the Commission will not tolerate collusive behaviour in any sector of the financial markets,” European Competition Commissioner Margrethe Vestager said in a statement.

    The EU competition enforcer said most of the traders knew each other on a personal basis and set up chartrooms with names such as “Essex Express ‘n the Jimmy” because all of them except “James” lived in Essex and met on their train commute to London.

    “One cartel ran between December 2007 to January 2013, while the other operated from December 2009 to July 2012,’’ it added.

    Swiss bank UBS was not fined as it had alerted the two cartels to the European Commission.

    JPMorgan and RBS said they were pleased to have settled the cases and that they had made changes to their controls.

    JPMorgan said it related to the conduct of one former employee while RBS said it served as a reminder of how it had lost its way in the past.

    MUFG said it had also taken measures to prevent a re-occurrence.

    However, Barclays and Citigroup declined to comment.

    A group dubbed the “Three Way Banana Split”, made up of traders at UBS, Barclays, RBS, Citigroup and JP Morgan, was handed a fine totaling 811.2 million Euros, with Citigroup taking the biggest hit at 310.8 million Euros.

    The Essex Express cartel involving UBS, Barclays, RBS and MUFG, was given a 257.7 million Euro fine, with the penalty against Barclays the largest for this cartel at 94.2 million Euros.

  • Daddy Showkey begs EFCC to release Naira Marley

    Popular Nigeria dance hall singer, John Asiemo a.k.a Daddy Showkey has appeal to the Economic and Financial Crime Commission (EFCC) to temper justice with mercy and release music artist, Azeez Fashola a.k.a Naira Marley.

    The veteran singer took to his Instagram page @daddyshowkey where he posted a video which has since gone viral.

    He said “A lot of una dey call me because of Naira Marley, una dey say I nor wan put mouth for Naira Marley matter.

    “ Me, I nor go put my mouth for where small pikin dey insult em elders and some people dey try to make the elder look stupid when he dey talk the truth.

    “But I go only talk say pikin no go bad, we go say make them kill am. We go find a way to save am…Me,

    “I go beg the EFCC make them temper justice with mercy make them look around way to go about this investigation because this young man just dey grow.

    “Make em take this one learn lesson, make em know as he go put em mouth for word,’’ he said.

    Temper justice with mercy. This is just a young man growing up.lets not use his mistakes to spoil his career we all went through so many things growing up….

    Read Also: Zlatan, three others freed, Naira Marley still in EFCC custody

    “we can use him as a spoke man to young people against crime @officialefcc may be he will learn with this #showdonsho,’’ he wrote.

    Recently, Marley and Michael Stephens a.k.a. Rugged man was being trolled on social media for speaking out against the activities of yahoo boys.

    Marley was arrested by the men of the EFCC on Friday, May 10, 2019 in company of Zlatan Ibile and three others.

    On Tuesday, May 14, 2019, Zlatan Ibile and three others were released on administrative ground while Marley was retained over overwhelming evidence against him according to the EFCC.

  • I never authorised arrest of Benin Chief Priest – Edo CP

    The Edo Commissioner of Police (CP) Mohammed DanMallam has said that the command never authorised the arrest of the Chief Priest of Okhuaihe Shrine, Osarodion Usuanlele, the Ohen Nu Koni Evbuekoi of the Benin kingdom.

    DanMallam made the clarification in an interview with the News Agency of Nigeria (NAN) on Thursday in Benin.

    NAN reports that the priest was arrested and detained in Benin by operatives of the police anti-cultism unit following a petition by a member of the banned Community Development Association (CDA).

    The detention of the priest in Benin is viewed in the kingdom as a taboo, because it broke an age long tradition which prevented the Ohen N’ UKoni from entering Benin, the abode of the Oba.

    The tradition was started in the 15th century by Oba Ewuare the Great.

    Read Also: Police parade suspected robbers, kidnappers

    The Okhuaihe Shrine is located at Evbuekoi in Uhunwode Local Government Area, and as part of the Oba’s coronation rites, the Chief Priest must have a symbolic wrestling with the Crown Prince.

    After the wrestling match both of them would go opposite ways, never to see each other again once the Crown Prince becomes the Oba.

    Uhunmwonde, where the chief priest resides, is more than 60 kilometres from Benin City.

    Three dogs were said to have been slaughtered and other sacrifices carried out near the police headquarters before the Ohen N’ Ukoni was released. Other sacrifices are to follow later.

    DanMallam said that it was a sad development that the indigenous people who were conversant with the traditions were the same people who tried to mess it up.

    He noted that there was no justification for anyone to bring a man who had said that traditionally he was not expected to enter Benin City.

    “Firstly, I did not authorise the arrest of the chief priest and nobody informed me until the traditional offence had been committed.

    “Benin kingdom is one of the oldest kingdoms and we have high regards for the kingdom and will not allow anybody to come and mess the tradition up,” he said.

    He said the command was looking into the matter, adding that he would ensure that those involved in the arrest of the chief priest do everything required to cleanse the land and appease the gods of the kingdom.

    The CP said that the arrest must have been done by some “overzealous officers” in connivance with some members of the chief priest’s community to humiliate him.

    He said that the police had no problem with the Benin kingdom, as the command holds the kingdom and the Oba of Benin, Oba Ewuare II, in high esteem.