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Tag: U.K.

  • FG to invest more in entertainment infrastructure – Lai Mohammed

    FG to invest more in entertainment infrastructure – Lai Mohammed

     The Federal Government( FG ) says it will provide the needed facilities for the entertainment industry to thrive in the country.

    Minister of Information and Culture, Alhaji Lai Mohammed said this in an interview on the sideline of the 4th All African Music Awards (AFRIMA) 2017 in Lagos.

    He said that the administration of President Mohammadu Buhari, would continue to support the entertainment industry by providing infrastructural facilities.

    On the significance of the AFRIMA to Nigeria’s economy and entertainment industry, Mohammed said that in order to encourage the entertainment industry, government would partner with private investors to invest more in the entertainment facilities.

    “The entertainment industry is overwhelming in the world right now and in Nigeria we need to do more in providing right atmosphere which is infrastructural facilities for the industry.

    “We are not just talking about power sector or water, we are talking about entertainment. We need to be on purpose, build halls that will encourage our artists and musicians.

    “We are talking about domestic tourism, domestic market where we can really expose our artists, so this will not only be about government but also private sector to provide the infrastructure.

    “On the part of government, we will encourage more private sector and philanthropists all over the world because it is not something we leave to government alone,’’ he said.

    Mohammed said that hosting of event such as AFRIMA was another way of generating income for the government because of the tourism factor which could bring more earnings.

    “Nigeria is having this event now, AFRIMA 2017, and we are talking about bringing another way of improving our economy through other income.

    “We must not forget that Nigeria hosted same award last year and we have to make another positive request for this year so that it can remain in Nigeria.

    “We thank the African Union (AU) for this opportunity for accepting Nigeria to host it again this year. We are also grateful to Lagos State government for the support of this award.

    “The positive thing about the award is that we have been able to move the music industry from the back corner to the front burner,’’ he said.
    Mohammed said that the concentration would not be placed only on agriculture or oil and gas, but also on creative industry as a means of diversifying the economy.

    “This means when we are talking about economy, we are not just talking about agriculture, solid mineral or construction but actually more in the creative industry.

    “Nigeria already has a very high advantage, and we can see that recently with the awards Nigerian are getting in the industry and most recent of the Wizkid award in U.K.

    “This shows the kind of influence we can have in the creative industry which can be positive to our economy,’’ he said.

    The minister was the Special Guest of Honour at the Awards Ceremony.

    NAN

  • Wizkid defeats Davido, sweeps AFRIMA 2017 award

    Wizkid defeats Davido, sweeps AFRIMA 2017 award

    Wizkid, a.k.a Star boy, has defeated his arch-rival Davido, to become the best African male artiste at the 2017 All African Music Award ( AFRIMA ) held in Lagos on Sunday.

    Wizkid’s award included, Artiste of the Year, for his song “Come Closer’’, Song of the Year for the same song and Best Male artiste in Western Africa.

    This win has once again renewed the battle of supremacy between the two popular artistes and is coming shortly after Davido edged Wizkid out at the 2017 MTV EMA by winning the “Best African Act”.

    Wizkid got a rare international recognition in 2016 after he had a collaboration effort with American international Drake with their Collabo song “One Dance sold in 15 countries including U.S., U.K., Canada and Australia.

    Earlier this year, Wizkid became the first Afrobeat artist to appear in the 2018 Guinness World Records for his contribution to Drake’s hit song “One Dance’’.

    In his acceptance speech, the Ojuelegba crooner thanked 2baba and DJ Jimmy Jatt for their contributions to the African music landscape.

    Wizkid, born on July 16, 1990, a song writer and a solo artiste started his foray into music at the tender age of 11 with his band “Glorious Five’’ a group formed from a church choir.

    He however took the music world by storm with his all-time hit track “Holla at your Boy’’ in 2010 and another hit track “Ayo’’ in 2014.

    NAN

  • Anti-Buhari protests causing tension, says Nigerians in U.K

    A group of Nigerians living overseas under the aegis of Nigerians In Diaspora Monitoring Group (NIDMG), on Wednesday condemned the alleged invasion of  Wuse market in Abuja by persons protesting against the absence of President Muhammadu Buhari in office for over 100 days.
    They warned that the protests which were allegedly being sponsored by “vested interests”, constituted grave dangers to Nigeria’s stability more than other ongoing existential threats.
    The spokesperson of NIDMG (United Kingdom Chapter), Dr. Ibukun Ola, in an electronic statement sent to reporters in Abuja, said such protests were already stoking tension at home and disturbing the peace of those abroad for of breakdown of law and order  in Nigeria.
    He said, “We see the invasion of Wuse Market, which was ostensibly targeted at crippling economic activities there, as an attempt to replicate the economic sabotage usually deployed with the sit-at-home order of the Indigenous People of Biafra (IPOB), MASSOB and other secessionists in the South-East. It has no place in the nation’s capital and must not be encouraged in any other part of the country.
    “We are concerned at the ethnic and religious coloration of reactions trailing the Wuse Market invasion since this can only further deepen animosity over what was originally a non-issue. While urging would be protesters of any cause to keep their activities within the public space to which they are entitled, we appeal to those who feel their space has been invaded to invite the relevant law enforcement agencies to intervene and not take the law into their own hands.”
    According to him, having watched with concern developments around the “ill-conceived” protests over President Muhammadu Buhari’s medical vacation, the protests under hashtags like #OurMumuDonDo, #ResumeOrResign, #RecoverAndReform and others are stoking tension at home in Nigeria while citizens who are not sufficiently attuned to the laws in the lands of their sojourn may unwittingly fall foul of same in their effort to replicate the aberration being mislabelled as freedom of expression in Nigeria.
    The NIDMG said the warning became necessary following the ugly incident of Tuesday August 15, 2017 when one of leader of the protesters, Charles Chukwuemeka Oputa aka Charlie Boy, allegedly invaded Wuse Market in Abuja and was subsequently set upon by traders into whose space he had intruded.
    Ola said, “Even in Nigeria where some people erroneously conclude there are no laws, the decision of the protesters to invade a trading space depicts a deficit of reasoning since businessmen in this facility bought and owned their stalls and would not accept allow other people deprive them of their means of livelihood without repercussions. Handymen and truck pushers who rely on smooth operations at the market would similarly not condone any activity that would deprive them of their means of sustenance.
    “It is most unfortunate that Charlie Boy and his protesters validated earlier claims by security agencies that criminals have infiltrated the ranks of protesters to cause trouble. They have equally proven that there are sinister motives to the protests that have become confrontational. More worrisome is the level of aggression reportedly displayed by Charlie Boy when he forced his way into the market.
    “As recounted by some interviewees on Oak TV, he further attempted to retrieve a firearm from his vehicle before it was destroyed by counter protesters at the market.
    The NIDMG notes that there are no “mumu” or those who live Charlie Boy’s kind of life outside Nigeria that would take to the street to harass the peace of others simply because the leader of the country is sick and is taking time to recover without breaking the law.
    “As can be seen in the Wuse Market scenario, those who resort to self help thinking they were protecting their turf would get arrested when violence breaks out. We urge the police and other security agencies not to pander to political correctness but to decisively prosecute those found to have breached the law.
    “Besides discouraging trouble makers in Nigeria, it would stop our citizens from trespassing on private and business spaces abroad since the #OurMumuDonDo protesters are implementing and contemplating similar foolhardiness here in London and other world cities.
    “To demonstrate how protests can be used to achieve positive results, the NIDMG should facilitate public marches to highlight the more pressing issues confronting Nigeria like Boko Haram’s terrorism, the plight of internally displaced persons (IDPs), killings by criminal elements pursuing secession in the south-east, growing cases of ritual killing, kidnap for ransom and baby factories in some part of the country.”
  • Businesswoman faces N1.2m fraud charge

    Businesswoman faces N1.2m fraud charge

    A businesswoman, Chidinma Okoro, who allegedly defrauded two men of N1.2 million, was on Wednesday arraigned in an Ikeja Magistrates’ Court.

    The accused, 44, who resides at No. 2, Church St., Ogundare Estate, Aminkanle area of Alagbado in Lagos, is facing a two-count charge of fraud and stealing.

    The Police Prosecutor, Insp. Peter Nwangwu, told the court that the accused committed the offences between Feb. 2 and Aug. 30, 2014, at his residence.

    He alleged that the accused fraudulently obtained the cash sum of N1.2million from the complainants, Mr Emenike Daniel and Mr Utoh Chijioke.

    “The accused collected the said amount from the complainants on the pretext of supplying them goods from the U.S and U.K, as agreed upon,” he said.

    Nwangwu alleged that the complainants paid the sum of N1.2million into the Access Bank and Zenith Bank accounts of the accused.

    He told the court that Okoro reneged on the agreement and refused to refund the money to the complainants.

    “The accused absconded and relocated to an unknown destination until she was recently apprehended by the police,” Nwangwu said

    The offences contravened Sections 285 and 313 of the Criminal Law of Lagos State, 2015 (Revised).

    The News Agency of Nigeria (NAN) reports that Section 313 prescribes a 15-year jail term for offenders, while Section 285 stipulates three years imprisonment.

    The accused, however, pleaded not guilty to the charge.

    The Chief Magistrate, Mrs Y.O. Aje-Afunwa, granted the accused bail in the sum of N500,000, with two sureties in like sum.

    She said the sureties must show evidence of three years tax payment to the Lagos State Government and adjourned the case until June 17,  for hearing.

     

  • U.K.’s non-oil exports to Nigeria may hit N2.93t

    The United Kingdom (U.K.) non-oil exports to Nigeria may hit £7.1 billion about (N2.93 trillion), by 2030, up from £1.9 billion, (about N795 billion) in 2014, a new report has said.

    The report titled: Seizing the opportunity: An economic assessment of key sectors of opportunity for U.K. business in Nigeria, estimated that U.K.’s Foreign Direct Investment (FDI) footprint in Nigeria could increase to £4.5billion from £1billion over the same period.

    The report, prepared by Pricewaterhouse Coopers (PwC), a professional services firm, on the request of the Foreign and Commonwealth (FCO) and released at the weekend in Lagos, highlighted the opportunities in Nigeria for U.K. businesses and provided guidance for trade and investment in Nigeria.

    Economics & Policy Leader at PwC UK, Dr. David Armstrong, and Chief Economist, PwC Nigeria, Dr. Andrew S. Nevin, said despite the challenges it faces, Nigeria remains an attractive medium term export and investment destination for the U.K.

    “At present, Nigeria is experiencing difficult macroeconomic conditions in an environment of ‘lower for longer’ oil prices. Government finances, the exchange rate and the inflation rate are all under significant adverse pressure. In these conditions, local and foreign businesses are less likely to take risks and invest,” the report said. ,

    It, however, said the fundamentals of the economy look very favourable for U.K. exporters and investors in the medium term due to three key factors which it identified as the scale of the economy and population, resource wealth and strategic geographical location.

    The report said, for instance, that Nigeria is the largest economy in Africa by size (£350billion) and population (177million) and these are expected to grow. “Between 2015 and 2030, we expect that Nigeria’s economy could grow at a rate of around five to seven per cent a year and the population could increase by 50 per cent,” it added.

    It cited Nigeria’s resource wealth – in addition to its oil reserves, noting that the country has fertile land and significant deposits of minerals such as tin, iron ore, coal, limestone, niobium, lead and zinc.

    Besides, with Nigeria’s strategic geographical location, the report said the country is well located to provide a gateway for trade expansion across the rest of Africa, and is also a natural hub for trade between America and Asia.

    The report, however, identified some critical success factors that would determine where U.K.’s non-oil export potential in Nigeria will be. One of them is the speed with which the Federal Government can overcome the adverse economic conditions and make progress on reforms, particularly in addressing corruption and infrastructure constraints.

    Other factors include Nigeria’s policies on trade openness to complement economic growth and provide more opportunities for U.K. exporters; U.K. competitiveness relative to its advanced economy rivals.

    “The opportunity will only materialise if it is proactively pursued, by the UK government to facilitate cooperation, and by UK businesses to build relationships and partners in Nigeria,” the report said.

    The report identified six goods and service which it said will offer UK businesses the greatest potential for growth. Under goods export, it listed machinery and transport equipment, manufactured goods and chemical and related products. The services export includes telecommunication and information services, transportation and travel, and intellectual property.

  • Brexit: U.K. property market may crash

    Brexit: U.K. property market may crash

    For Nigerians and other nationals, owning a property in the United Kingdom (U.K.) is a viable investment because of its huge returns. But less than a month after the country signed up to exit the European Union (EU), otherwise known as ‘BREXIT’, investing in U.K. properties may no longer be that attractive as experts have predicted a 30 per cent drop in value, writes MUYIWA LUCAS.

    London property prices could fall by more than 30 per cent in the wake of Britain’s vote to leave the EU and may halve in the most expensive parts of the city, according to analysts at the French bank, Société Générale.

    Brexit may be the trigger to end London’s seven-year house-price boom as companies move employees out of the U.K., forcing sales of high-end properties, the company’s real estate analyst Marc Mozzi said in a note to clients.

    Commercial property has been at the centre of post-Brexit fears as investors have tried to get their money out of property funds, but residential real estate could be hit harder, Société Générale said.

    “While in recent stress tests the major UK banks were assessed with declines of about 30 per cent in commercial real estate prices, we fear that London residential could experience an even more severe downturn,” it said.

    Sean Farrell of UK’s The Guardian writes that prices are already falling on properties previously valued at £1m or more, and may have further to go, particularly in the priciest parts of the city, such as Hammersmith and Fulham as well as Kensington and Westminster, as well as other high priced boroughs where London’s highly paid investment bankers and hedge fund managers congregate.

    Société Générale added: “We see a classic housing bubble in London and Brexit as the trigger for the correction.  Given the current ratio of prices to incomes in London, a price correction of even 40-50 per cent in the most expensive London boroughs does not seem impossible.” This prediction is premised on the fact that London property prices have more than doubled since they began to recover from the financial crisis in 2009. Last month, the average London house price was £472,000 – 12 times average London earnings, compared with a long-term average of six times, Société Générale said.

    Brexit could push those stretched conditions to breaking point by forcing about 3,000 senior employees of financial firms to sell their London houses to relocate to Europe, Mozzi said. That would be more than a year of transactions in the market for homes costing £2million or more, leading to big potential declines in prices.

    Many non-UK banks and other financial companies base their European operations in Britain because EU membership allows them full access to the single market. That “passporting” arrangement may end when the U.K. leaves the EU, forcing companies to relocate businesses to Europe.

    Mozzi cited a report by a reputable accounting firm, Pricewaterhouse and Coopers (PwC), before the referendum that said Brexit could result in between 70,000 and 100,000  people employed in the financial sector. The report, published in April, compared likely post-Brexit numbers in 2020 with a forecast for jobs if the UK stayed in the EU.

    Another firm of estate agents, Savills, presented a less gloomy picture though. It said London sellers were already adjusting prices, while interest rates are expected to stay low and the pound’s fall could attract overseas investors to buy property.

    “The vote in favour of Brexit suggests that political and economic uncertainty is likely to remain a feature of the market for some time to come. Of course it is not all negative news. We expect the newly formed UK government to be highly motivated to protect London’s position as a major global financial centre in any negotiations with the EU,” Savills said.

    Mozzi said the pound’s fall was unlikely to have a lasting positive effect on investors, who will hold off if they fear further falls in the value of sterling will reduce the value of purchases.

     

    What’s next for the housing market?

    According to Susan Emmett of The Spectator, UKm since buying a house is a major decision, few people will want to commit to such a life changing purchase in times of uncertainty. Therefore, she noted, it is no surprise that the confusion, fear and downright shock that followed the EU referendum vote to leave has had an effect on sentiment in the housing market.

    Figures from the latest survey from the Royal Institution of Chartered Surveyors have confirmed what is been all already suspected – that Brexit uncertainty has had an impact on market activity. From the survey, new buyer enquiries declined significantly across the UK in June to its lowest reading since the mid-2008. The survey also recorded further decline in sales and many expect this to continue. Last month also saw a reduction in house price growth. While values are still rising at a national level, they are doing so at a more moderate pace.

    However, the extent to which this is a consumer reaction, than to political upheaval or a sign of things to come in the housing market is still unclear. Appetite for clarity of the direction of the housing market is only matched by the dearth of data that would allow stakeholders to properly assess the situation. Emmett said it will be autumn before all the numbers are in and even then, there will be great potential to misread the runes.

     

    Tough decision

    Emmett observed that for every homeowner worried about the potential erosion in the value of their asset, there is also a prospective first-time buyer rubbing their hands and hoping for the kind of price drop that would really help them get on the ladder. But she explained that none of this is any help for someone in the middle of buying a home for the first-time or trading up. Should you just get on with it or wait? And if you do wait, how long for and will it be worth it?

    Over the coming weeks and months, stakeholders in the housing sector expect buyer caution to continue and consumer sentiment to fluctuate as negotiations to leave the EU proceed. This will have an impact in the number of sales, with fewer deals done. As a result, transaction numbers are likely to fall from the annual high of 1.3 million recently recorded. The extent of that decline will depend on other factors- how mortgage lenders react, the strength of the economy and how that affects consumer spending power.

     

    Shape of things to come

    But at this point, analysts say it’s business as usual as far as mortgages go. The base rate is at 0.5 per cent this month but the cost of borrowing is likely to stay lower for longer. The Bank of England is at great pains to ensure the lending cogs continue to turn. It has already eased capital requirements for banks, potentially freeing up £150 billion of capital. Lenders’ choice of customers, however, will be the thing to watch. Should banks perceive a risk, they will be less likely to lend to borrowers with small deposits who require loans at large multiples of their income. That might raise the stakes for first-time buyers and particularly impact on London where affordability is already quite stretched.

    Further down the line, economic factors will determine the health of the property market. Household finances could come under pressure from a spike in inflation triggered by a weak pound. The prospect of slower economic growth is likely to constrain income growth, reducing spending power further still. All this is likely to affect house price growth. Already, the pace of activities in the sector has slackened and this could continue.

    Emmett submits that at this stage however, there may not be many forced property sellers. In fact, one of the key features of the market at the moment is a lack of property for sale. She however didn’t rule out price falls in some markets where affordability is really stretched, leading to house prices being underpinned by low interest rates and low supply.

  • Buhari for U.K. with10-point anti-graft plan

    Buhari for U.K. with10-point anti-graft plan

    Rough times are on the way for looters, with President Muhammadu Buhari stepping up the anti-corruption battle.

    The President will soon send a list of corruption convicts and suspects on trial to the United Kingdom and many other countries.

    Besides, he has sent a bill to the National Assembly on Mutual Assistance in Criminal Matters, which will encourage collaboration with other nations.

    Two other bills on Proceeds of Crime and Nigeria Financial Intelligence Centre will soon be sent to the National Assembly.

    The President has proposed to lift the veil on corporate ownerships to disclose the true owners of a corporate vehicle in contract bids and procurement.

    These new anti-graft measures are contained in the President’s roadmap for the  summit of world leaders in London on Thursday.

    The perspectives of the President were released last night in Abuja by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu.

    It also contains 10 new anti-graft reforms. They are:

    • greater fiscal transparency and and the enforcement of anti-corruption laws in the oil sector;
    • improvement of anti-corruption laws;
    • stringent measures against corruption in corporate governance;
    • enactment of Mutual Assistance in Criminal Matters Bill, 2016;
    • restriction of the ability of those who have looted public funds from traveling and investing the proceeds of their corruption in developed countries;
    • developing list of those who have been convicted as well as those already prosecuted in Nigerian courts and sharing same with other countries; and
    • contracts within a certain threshold will be published and those behind the companies bidding for the contract to  be listed for public scrutiny both at national and state levels.

    Officers working in budget offices and those responsible for approving public spending may henceforth  be properly scrutinized, monitored and required to declare their assets regularly. New bills on Proceeds of Crime  and Nigeria Financial Intelligence Centre  for the National Assembly soon

    New regulation that will authorize the Corporate Affairs Commission(CAC) to obtain information on beneficial ownership of foreign companies is also in the works.

    The perspectives read in part: “A major issue of interest to this government and a few others is on greater transparency in the extractive industry (oil, gas and solid mineral sectors).

    “The U.K. Government and the Organisation for Economic Cooperation and Development, OECD, have identified 20 per cent of international corruption and bribery as coming from this sector.

    “Nigeria will argue for greater fiscal transparency and and the enforcement of anti-corruption laws to deal with the problem.

    “The President is expected to give assurances that a lot of work will be done  on a set of laws that will improve enforcement of anti-corruption laws. Nigeria has already begun reviewing its anti-corruption laws enacted since 2000 to bring it in compliance with international developments.

    “In addition, the country, which has ratified the United Nations Convention Against Corruption (UNCAC) is currently reviewing the OECD Anti-Bribery Convention for possible ratification. The OECD convention is considered among the stringiest of measures against corruption in corporate governance.

    “The government of President Buhari has also forwarded the Mutual Assistance in Criminal Matters Bill, 2016 to the National Assembly in Nigeria for enactment into law.

    “When it is passed, it will enhance mutual assistance and  international cooperation between Nigeria and other countries.

    “The President will also announce that a new Nigeria Financial Intelligence Centre Bill has been drafted for this purpose and would soon be forwarded to the National Assembly.

    “The Nigerian government will also indicate support for the UK proposal on the development of the International Anti-Corruption Coordination Centre. This is to be based in London and will serve as a global forum.

    “As part of this country’s contributions to the evolution of the global anti-corruption infrastructure, Nigeria will seek support for the hosting of an ‘International Summit on Assets Recovery’ in 2017 in Abuja and for the establishment and hosting of a ‘Forum on Assets Recovery in Africa’ to be based in Abuja.”

    The document said the Federal Goverment will also circulate the list of those convicted for corruption and those prosecuted in courts to willing nations.

    It added: “The country will also seek the support of the UK government for the establishment of an anti-corruption coordination framework at the national level.

    Nigeria will be fully embracing  UK proposals for the summit on the restriction of the ability of those who have looted public funds from travelling and investing the proceeds of their corruption in developed countries.

    “ To this end, the Nigerian government will develop its list of those who have been convicted as well as those already prosecuted in Nigerian courts for grand corruption for the purpose of sharing them with countries that are interested in offering bilateral or multilateral cooperation to Nigeria in the recovery of looted funds.

    “The Nigerian government is also signaling an early support for the UK proposals on assets recovery which prescribes measures substantially in tandem with a new Proceeds of Crime Bill being drafted and would soon been forwarded by President Buhari to the National Assembly for passage into law.

    “In addition to the political spotlighting of corruption, the coming together of world leaders is a sign of hope that countries like Nigeria with systems that are lax and compromised can gain from the experience of others in improving their regulatory mechanisms as quickly as possible.

    “This trip is important for both Nigeria and the international community, which reposes a lot of hope on Muhammadu Buhari, who is faced with the daunting task of reversing the the socio-economic and political mess in which the previous administration left the country.”

    The document gave insights into Buhari’s plans to transform corporate governance and endure transparency in contract system.

    It said: “As his own contribution, the President has substantially aligned himself with major initiatives enunciated by the convener, Prime Minister David Cameron that seek to increase transparency and governance in several key areas.

    “He has formulated a Nigerian position on how to end impunity for corruption and ensuring that those involved in grand corruption are brought to justice through the active enforcement of laws and restrictions.

    “Equally in agreement with Cameron, he is making suggestions on ways of empowering those affected by corruption by ensuring that its proceeds are returned to those from whom they have been stolen.”

    President Buhari will also join the world leaders in designing a global architecture and tools that can be used to by international organizations,countries and national  institutions to fight corruption.

    “In an outline by Attorney-General and Minister of Justice Abubakar Malami (SAN), specific areas of interest to Nigeria which the President will put on the tables include the development of beneficial ownership information related to corporate ownership, procurement, and public contract.

    “By this, Nigeria will seek the lifting of the veil on corporate ownerships in order to disclose the true owners of a corporate vehicle in contract bids and procurement processes. Beyond this, the corporate ownership profile may be shared with other countries or interested stakeholders.

    “Already, there is a broad view among the participants that public contracting is a source of public corruption and must be tackled as such. Our officials recommend that contracts within a certain threshold should be published and those behind the companies bidding for the contract should be listed for public scrutiny both at national and state levels.

    “To achieve this, Nigeria plans the enactment of a regulation that will authorise the Corporate Affairs Commission (CAC), to obtain information on beneficial ownership of foreign companies that can be held in a different database to be managed by the CAC in Nigeria.

    “Nigeria will be demanding the strengthening of the supervisory responsibilities of financial and non-financial services regulators and provision of specific training on compliance requirements for these sectors and will seek the establishment of an inter-agency collaboration as a key element in improving the implementation of Financial Action Task Force, FATF standards (such as the money laundering laws, anti-corruption laws, and Financial Intelligence Center Bill).

    “As part of measures to enhance fiscal transparency, which is required in enhancing economic growth, improved GDP and poverty reduction, officers working in budget offices as well as those responsible for approving public spending may henceforth  be properly scrutinized, monitored and required to declare assets on a regular basis.

    “The Nigerian government has in fact set for itself the objective of signing the ‘Open Government Partnership and Open Contracting Partnership.”

  • Storm: U.K. insurers may face $2.2b claims, says KPMG

    Storm: U.K. insurers may face $2.2b claims, says KPMG

    United Kingdom (UK) insurers may face claims totalling 1.5 billion pounds ($2.2 billion) from businesses and homeowners for damage caused by two storms in December, last year, according to consultant KPMG LLP.

    Bloomberg reported that heavy rain and flooding is estimated to have caused a loss of 5.8 billion pounds to the economy, quoting the London-based consulting company. Storm Eva and Storm Desmond have damaged homes and disrupted business activities across northern England, Wales, Scotland and Ireland.

    “In 2007, when a similar pattern of flooding hit, total insured claims were 3.2 billion pounds. However, we consider that the actual financial impact far exceeded this,” Justin Balcombe, KPMG’s U.K. head of general insurance management consulting, said in the statement.

    “We are assessing this month’s events through a number of economic lenses, resulting in an initial total cost estimate of 5 billion pounds to 5.8 billion pounds.”

    PricewaterhouseCoopers LLP estimated economic losses of as much as 1.3 billion pounds, with the insurance industry bearing up to 1 billion, according to a December 27 report published on the consultant’s website.

    “If rain continues to fall in large quantities, and the areas with warnings in place do indeed flood significantly, it could well be that the total economic losses could breach 1.5 billion pounds with an additional significant increase in insurer losses from our initial estimate,” Mohammad Khan, general insurance leader at PwC, said in the report.

    Storm Frank is due to hit the west of the U.K. from with strong winds and heavy rain, the Daily Telegraph reported. Widespread gusts of up to 65 m.p.h. are expected, with exposed areas — particularly in northwest Scotland and later Shetland —likely to endure fierce gales up to 80 m.p.h., the paper said.

  • Court orders U.K. Home Office to bring back deported Nigerian mother, son

    THE Home Office has been ordered to bring a woman and her five-year-old son back to the United Kingdom after they were deported to Nigeria earlier this year.

    The case will likely rattle the Home Secretary’s ‘deport first, appeal later’ plans.

    A court ruled that the government must find Bola Fatumbi and her son Rafeeq Atanda by today and bring them back to the UK or it will face contempt of court proceedings.

    It is believed to be the first time that an immigration judge has ordered the government to retrieve asylum-seekers previously deported from the UK.

    “In not taking into account the implications of BF’s mental health for RA, and the risk of that degenerating in the Nigerian context and the likely consequences of removal, the Secretary of State failed to have regard to BA’s best interests as a primary consideration,” the judge said.

    Justice Cranston said the boy’s best interests and the mother’s poor health were not taken into account and the family could be forced into poverty in Africa.

    Fatumbi, 45, is a Yoruba from Abeokuta. Her son was born in the UK.

    In January, the government decided to deport them despite a high-profile case. The boy was born in the UK, but spent his last week in the country held in a London immigration centre with his mother before they were deported.

    Fatumbi claimed to have been in the UK illegally since 1991 and applied for asylum in 2010, because she feared persecution and discrimination as a single mother in Nigeria with no immediate family.

    Her asylum application was rejected, as was her appeal. She had also been sentenced to nine months in prison in October 2008 for using a false Dutch passport.

    “We have this rhetoric about deportation and people being able to appeal from outside the country, but what this ruling says is that you need to balance the need for immigration control against the best interests of the child,” Policy Manager for the Refugee Council Judith Dennis told the Independent.

    The case draws attention to plans by Home Secretary Theresa May to deport illegal immigrants before they have a chance to launch protracted appeals.

    May is said to want to extend the “deport first, appeal later” system from foreign criminals to also foreigners, who have overstayed their visas.

  • U.S., U.K. warn against tampering with polls results

    U.S., U.K. warn against tampering with polls results

    The United States and the United Kingdom yesterday warned against any attempt to undermine the independence of the Independent National Electoral Commission (INEC).

    A joint statement by U.S. Secretary of State John Kerry and U.K. Foreign Secretary Philip Hammond said that “there are disturbing indications that the collation process—where the votes are finally counted—may be subject to deliberate political interference”.

    But, the spokesperson of the INEC Chairman Attahiru Jega, Mr Kayode Idowu, said there was no basis to suggest that there was any interference.

    The joint statement reads: “Our governments welcome the largely peaceful vote on March 28.  The Nigerian people have shown a commendable determination to register their vote and choose their leaders.

    ”So far, we have seen no evidence of systemic manipulation of the process.  But there are disturbing indications that the collation process—where the votes are finally counted—may be subject to deliberate political interference.  This would contravene the letter and spirit of the Abuja Accord, to which both major parties committed themselves.

    ”The Governments of the United States and the United Kingdom would be very concerned by any attempts to undermine the independence of the Electoral Commission (INEC), or its Chairman, Professor Jega; or in any way distort the expressed will of the Nigerian people.”

    Idowu, in an interview with the AFP, said “there is absolutely no basis” to talk of interference after a warning from Secretary of State John Kerry and his British counterpart Philip Hammond.

    “There is no interference at all. We are about to start the collation process. We have no evidence of political interference,” he said.

    The All Progressives Congress (APC) believes INEC officials and agents of the Peoples Democratic Party (PDP) have interfered with the collation in Akwa Ibom and Rivers states.

    APC governorship candidate in Rivers State Dr. Dakuku Peterside yesterday urged men of goodwill to rise and save Rivers State from the clutches of evil and an impending doom. In a statement, he described last Saturday’s presidential and National Assembly elections in the state as a farce and called on Jega to cancel the results.  He said reports from every part of the state showed that voting did not take place.

    According to the APC candidate, members of the PDP took result sheets to private homes and entered fake results. He reminded Nigerians that injustice anywhere is injustice everywhere, urging everybody to rise in defence of the disenfranchised, people of Rivers State.

    Peterside said: “I did not vote, just like all our members, including Governor Chibuike Rotimi Amaechi. I was only accredited and shortly after, hoodlums suspected to be PDP thugs invaded the place. The boys who invaded the centre were about 50 armed youths and the same thing was repeated in the entire Andoni-Opobo/Nkoro Federal Constituency and across Rivers State.

    “Our people refused to vote because they knew that result sheets were in the hands and homes of PDP members. I led over 40, 000 people to INEC office to register our protest. I am sure our protest against this daylight robbery is receiving attention. Prof. Jega said during a news conference that he has received our protest letter.

    “Even our opponents know that there was no election in Rivers State. All we are asking for is that we should be given opportunity to cast our votes like every other country. Let me say that I am very sure Buhari would have done well if elections had held in Rivers State.

    “We are pleading with the world because what is happening in our state is most tragic. We have never had this level of violence; it is unprecedented. Over 10 people died, over 50 APC members were arrested. It is clearly the desperation of some people who want to get power by all means, even at the cost of human lives. And if you do a check, you will discover that all those who died or sustained injuries are all members of the APC.

    ”All we are asking for is inclusion in our country’s electoral process. But we need to have confidence in the election umpires. We don’t have confidence in Mrs Gesila Khan. Sadly, she has not shown that she is a woman of integrity and that is worrisome. But I am optimistic that we will get justice because the world already knows. So, we are looking forward to a new date to cast our votes”.