The Nation Newspaper

Tag: UK

  • Firm partners UK firm to promote export

    The Managing Director of Compass Global Business Services, a Nigerian-based consultancy, Mrs. Tokunbo Chiedu, has said her company remained committed to promoting the export of Nigerian and other African countries’ goods and services to the world.

    She said this was why the firm was partnering with London-based CaribDirect Multi-Media to deliver the second edition of the “International Caribbean Food and Drink Exhibition and Conference” slated for between November 14 and 17 in London.

    Speaking in her Lagos at the weekend, Chiedu said as part of the partnership, the company has developed a five-day Trade Mission and Business Development tour to the United Kingdom (UK) for businesses from Nigeria, Sierra Leone and Ghana. Highlights of the mission include export opportunities and the implication of Brexit.

    The Conference with the theme “African Caribbean Food and Beverage-Going Global” was aimed at promoting export of African goods and services to the world whilst examining business and trade policies that impact on trade and export in order to make Nigeria and African countries compete in the UK and the global food market.

    Explaining further, the MD said: “We are delighted to be partnering with CaribDirect Multi-Media on this venture as it provides an excellent opportunity for Nigerian and Africxan businesses to expand into new markets as they showcase their products and services alongside their Caribbean counterparts, and network to share value for mutual benefit.”

  • Mo Abudu,Meghan Markle make UK 100 Black Powerlist

    Four Nigerians including media mogul, Mo Abudu, boxing champion Anthony Joshua, actor John Boyega joined Meghan Markle, the Duchess of Sussex as new additions to the 2018 UK ‘100 Black Powerlist’.

    The 12-year old list, which was unveiled on Tuesday, annually features UK’s top 100 people of Black or Carribean heritage who use their positions to positively influence the love of others.

    News Agency of Nigeria reports that the list also features other black entertainers including actor, Idris Elba; and actresses Thandie Newton and Naomie Harris.

    The Powerlist is chosen from a list of nominees by a distinguished panel chaired by a former high court judge. The panel also includes a Queen’s counsel and leading professionals in business and the arts.

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    The nominees are judged based on how influential they are among their immediate sphere of expertise and how far that influence reaches into the wider world.

    Reacting to the honour, Abudu said, “The Powerlist is the most authoritative recognition of black influence in the UK. Therefore, I am honoured and humbled to be included.

    “It is nice to know that those of us who return home to make our contributions are not being overlooked.

    “This publication is sent to schools and universities all over the UK. So I hope that my story can influence even one child to follow their dreams,” Abudu said.

    NAN reports that Abudu was born in the UK and had a successful career in human resources management before she returned to Nigeria to begin, first a career in banking before veering into media entrepreneurship.

  • UK economy heading for worst year since crash, say economists

    The British economy is heading for its worst year in almost a decade amid the growing risks from no-deal Brexit, according to a leading economic forecaster.

    After official figures revealed zero growth in GDP in August, the EY Item Club said the economy would struggle to recover in the final months of the year owing to the increasing likelihood of Britain crashing out of the EU in less than six months’ time.

    The group of economists, which is the only non-government forecasting organisation to use the Treasury modelling of the economy, said it had downgraded its growth forecast for this year and next as a consequence.

    It forecast growth of 1.3% for the whole of 2018, down from a previous estimate of 1.4%. This would be the worst annual period for growth since the financial crisis. It also downgraded the outlook for the second quarter running.

    Economists have said failure to reach such a deal could significantly harm the UK economy, with the International Monetary Fund warning of “dire consequences” for growth.

    The government’s economic forecaster, the Office for Budget Responsibility, last week raised the prospect of a no-deal scenario triggering border delays, companies and consumers stockpiling food and other supplies, and aircraft being unable to fly in and out of Britain.

    The Item Club said Brexit uncertainties were influencing business investment decisions, but added that efforts to find alternative suppliers in the UK rather than the EU may lead to an increase in spending.

    It also said weaker growth in the eurozone had sapped appetite for exports, as the world economy digests the impact of US import tariffs that have already begun to drag on economic activity.

    Inflation is forecast to fall from about 2.7% to 2.3% by the end of the year, above the Bank of England’s target rate.

    Consumer spending growth is estimated to remain limited as a consequence, as UK households remain under pressure from weak wage growth and relatively high levels of inflation.

    Howard Archer, the chief economic adviser to the Item Club, said: “Heightened uncertainties in the run-up to and the aftermath of the UK’s exit could fuel business and consumer caution. This is a significant factor leading us to trim our GDP forecasts for 2018 and 2019.

    Should the UK leave the EU in March 2019 without any deal, the near-term growth outlook could be significantly weaker.”

     

    https://www.theguardian.com/business/

    Patisserie Valerie uncovers £10m secret overdrafts after ‘nightmare’

  • Ibori loses appeal against UK graft conviction

    James Ibori, who was jailed in Britain for laundering tens of millions of dollars in stolen public funds, through British banks and properties, lost an appeal against his conviction in London on Wednesday.

    Ibori was governor of oil-producing Delta State in Southern Nigeria for eight years.

    He had pleaded guilty in a London court in 2012 to a 10-count charge of fraud and money-laundering, involving sums amounting to at least 50 million pounds ($66 million).

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    He received a 13-year jail sentence of which he served half, as is common in the British system.

    Ibori, who is now back in Nigeria, appealed against his conviction, alleging misconduct by British Police and prosecutors, which he argued, tainted the judicial process.

  • ‘Economic Recovery and Growth Plan means investing in Nigerians’

    Vice-President, Yemi Osinbajo says investing in Nigerians is a major pillar of the President Muhammadu Buhari administration’s Economic Recovery and Growth Plan (ERGP).

    Senior Special Assistant to the President on Media and Publicity, Office of the Vice-President Laolu Akande said that Osinbajo spoke on Friday in a lecture at Oxford University, UK.

    In the lecture entitled: “The Challenges of Human Development in 21st Century Africa’’ the vice-president said that Human Capital Development must be a priority of public policy of governments across Africa.

    According to him, this will effectively tackle multidimensional poverty and improve long-term development on the continent.

    He highlighted ongoing investments, efforts and plans of the Nigerian government and the progress it had made in improving the country’s Human Capital Development indices and investment climate.

    He said that the National Social Investment Programmes (N-SIP) had also made huge impact, calling on African governments to unlock other opportunities to significantly achieve improved standards of living.

    “All over Africa, the political will to better the lot of our restive populations is evident, innovative ideas are also in abundance.

    “If we keep our focus, especially on good governance, the next two decades may truly be the African decades.

    “Governments are also best placed to deploy the public policy tools required to bring about synergy between growth objectives and social needs,’’ Osinbajo said.

    The vice-president also said that the administration’s N-SIP would continue to make policies and initiatives to improve Human Capital Development in Nigeria.

    “The major plank of the Federal Government’s approach to empowerment is to improve financial inclusion.

    “Our Government Enterprise and Empowerment Programme (GEEP) is an important tool for financially empowering small businesses, artisans, market women, petty traders and table top traders.

    “Over the past two years, through the N-Power Programme, the largest post tertiary employment programme in Africa, we have been able to offer skills development programmes digitally to more than 500,000 young citizens between the ages of 18 years and 35 years.

    “We have set a target of skilling 10 million Nigerians by 2023’’, he said.

    Osinbajo said that by the end of the year, two million petty traders nationwide were expected to benefit from the TraderMoni, which provided them collateral and interest-free N10, 000 loans.

    He added that a total of N55 billion had been disbursed to 250,000 farmers on the platform of  the administration’s Anchor Borrowers’ Programme scheme, which provided subsidized credit to small holder farmers.

    At the event, Osinbajo also inaugurated the International Advisory Board of Oxford University’s African Studies Centre in the School of Global and Area Studies.

    NAN

  • UK, Nigeria partner to strengthen Nigerian capital market

    Nigeria has become the first capital market to benefit from United Kingdom’s (UK’s) initiative aimed at strengthening the African capital market by unlocking opportunities and building investor’s confidence through improved regulations and compliance with international standards.

    Under the programme, FSD Africa, a UK Aid funded non-profit company, will, over a three-year period, provide funding to build  capital market regulators’ capacity across the continent, providing world-class technical assistance, encouraging closer collaboration among regulators and conducting research to support the development of new policies and regulations.

    Through the programme, FSD Africa will assist Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) in several ways, including funding an institutional capacity audit to identify strengths and areas of improvement in SEC’s operations as well as provide support to implement recommendations.

    Also, FSD Africa will help in promoting fintech regulation as well as play a role in encouraging greater collaboration and knowledge management sharing with other African capital market regulators.

    As Africa’s largest economy, Nigeria represents a natural starting point for this new programme. The programme will also be implemented in Ghana, Kenya, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe.

    The cooperation agreement between SEC and FSD Africa was signed in Lagos at a ceremony, which included British Deputy High Commissioner, Laure Beaufils; Acting Director General, Securities and Exchange Commission, Mary Uduk  and Director, FSD Africa, Mark Napier.

    According to Beaufils, capital markets have an essential role to play to help unlock capital that can be invested in the real economy and that can contribute to job creation and inclusive growth.

    “It is a testament to the importance we attach to this issue and to our commitment to deepen and broaden our trade and investment relationship with Nigeria. I very much look forward to working with the SEC on this in the future,” Beaufils said.

    Uduk said the cooperation with FSD Africa holds tremendous potential as the various programmes will complement efforts to enhance capacity and further strengthen SEC’s ability to regulate the capital market.

    “This collaboration will no doubt contribute to the continued development of our market by facilitating access to capital by both the private and public sectors and enhance the competitiveness of the Nigerian capital market as a global investment destination,” Uduk said.

    Napier noted that well-functioning capital markets can play a vital role in support of inclusive economic growth by channeling long term finance into infrastructure and other large-scale projects that create jobs and improve access to markets.

    “Strengthening regulatory capacity in capital markets is an essential pre-condition for building investor confidence,” Napier said.

     

  • Nigeria, UK yearly trade hits £4.2b

    Nigeria’s bilateral trade relationship with the United Kingdom (UK) is said to be worth £4.2 billion per annum.

    Britain’s Minister for Africa, Harriet Baldwin, who made this known yesterday in Abuja on the sideline of the visit of the British Prime Minister, Theresa May to Nigeria, praised the trade relations between the two countries, saying that more business partnerships would be announced.

    She said Britain was already partnering with Nigeria in the area of green financing, along with other partnerships with the Nigerian government, wich she said would create over 100,000 jobs in the country.

    Also, the Minister of Finance, Mrs. Kemi Adeosun, advised investors from the UK to take advantage of the improved business environment in Nigeria to invest in key sectors of the economy.

    She said the administration of President Muhammadu Buhari has taken a bold step in creating an enabling business environment for attracting investments, through the establishment of the Presidential Enabling Business Environment Council (PEBEC).

    She said government was commited to further improve on the business environment and sustain existing reforms to consolidate the gains of the economy through the deepening of the sub-national Ease of Doing Business project.

    “There are lots of business opportunities in Nigeria and the government is addressing assiduously the impediments to the ease of doing business in Nigeria,” pointing out that the effort will make it easier for businesses to grow and contribute to sustainable economic activities in the country, as well as create jobs.

    Mrs. Adeosun also canvassed the need for deepening the local capital market with specific products that could be channeled towards infrastructure financing, saying this will ensure that the capital market is positioned to play a pivotal role in stimulating the economy.

    “We can’t have enough capital to finance infrastructure development. Deepening the capital market is key to the funding of infrastructure in Nigeria,” she said.

     

  • UK, Nigeria to foster capital market devt

    United Kingdom and Nigeria would continue to explore opportunities for collaboration on capital market development.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Oscar Onyema said that the United Kingdom remains a key partner to Nigeria, particularly for its capital market development.

    Onyema spoke  on the sidelines of the business networking event hosted by the British High Commission and headlined by Theresa May, the Prime Minister of Great Britain.

    He said Nigeria and the UK have a long history of trade and collaboration which is evident in various aspects of our socio-economic sectors.

    He noted that the NSE has a capital market agreement with the London Stock Exchange aimed at promoting seamless cross-border access between Lagos and London markets to ultimately develop larger capital markets that enable capital formation for businesses and governments.

    Onyema said the partnership would create deeper liquidity pools and greater competitiveness for investors; as well as enhance capacity and promote diversity of investment products to meet the needs of a wide range of investors and issuers.

    On the significance of the visit by the UK Prime Minister, Onyema pointed out that the capital market is a major barometer of any economy, adding that it was therefore not surprising that Prime Minister May allotted some time from her schedule to meet with capital market operators.

    “The networking event has also in attendance some UK companies that might be interested in our market. The visit was positive and a good recognition for the Nigerian capital market,” Onyema said.

    He said that as the world is preparing for the fourth industrial revolution, the Nigerian capital market must ready itself to compete globally.

    “The capital market like many sectors is being impacted by technology. The World Bank has just issued bond-i its first blockchain operated bond. We have seen the growth of crypto currencies amongst innovations.

    On our part at the Exchange, we have deployed Artificial Intelligence to monitor activities in our market. This has even become imperative as we look set to demutualize and introduce more sophisticated products such as derivatives,” Onyema said.

     

  • Human traffickers touting for business on Facebook —UK

    Facebook is failing to prevent human traffickers from luring in victims through the social network, law enforcement officials in Britain said on Friday.

    According to Reuters/NAN  reports, criminal gangs are openly advertising “travel agent” style services into Europe, which conceal the risk of death or entrapment, said Chris Hogben, who leads Britain’s Organised Immigration Crime Taskforce.

    “More often than not, these adverts are quite reassuring, they create an illusion this is very much normal travel, it’s safe, it’s easy,” he told the media.

    “Tragically, when you look at quite a few of these adverts, they might be advertising big luxury yachts or ships.

    “When the migrants turn up to get transported they find they are being packed onto a rib or a small boat without safety jackets,” Hogben said.

    Facebook, which also owns Instagram and WhatsApp, said it worked closely with law enforcement agencies to identify and remove pages linked to smuggling and trafficking.

    The number of illegal migrants into Europe has dropped sharply from its peak of more than a million in 2015, but tens of thousands still attempt the journey each year.

    Just under 75,000 people have arrived so far in 2018, with the majority travelling on over-packed boats across the Mediterranean, which has left 1,524 dead or missing, said the International Organisation for Migration (IOM).

    However, the risks are far from apparent in pages set up by smuggling gangs on social media, which often offer descriptions of routes and prices.

    One even included a discount for children, said Hogben at Britain’s National Crime Agency (NCA), which works to counter serious and organised crime.

    The NCA has identified more than 800 pages linked to smuggling gangs since late 2016 on Facebook and asked the social media giant to remove them.

    Hogben said Facebook was responsive to such requests but should be investing more to tackle the problem, including developing algorithms to flag up suspicious pages.

    “If we can find them easily, then obviously social media companies including Facebook, can find them just as easily.

    “There’s a lot more than social media companies could do to make it better.”

  • UK calls for calm after post-election violence in Zimbabwe

    UK has called on Zimbabwe ’s political leaders to ensure calm and restraint after three opposition protesters were killed in post-election clashes in Harare.

    Troops opened fire to clear the capital’s streets of demonstrators who accused President Emmerson Mnangagwa’s ruling party of trying to rig Monday’s election.

    “Deeply concerned by today’s violence in Harare. Call on Zimbabwe’s political leaders to take responsibility for ensuring calm and restraint at this critical moment.

    We’re monitoring the situation closely,” Harriet Baldwin, a minister in Britain’s Foreign Office said on Twitter late.

    Zimbabwean soldiers ordered shopkeepers to close and leave the center of the capital, two store-owners said, the day after three people were killed by troops sent in to disperse crowds of opposition supporters.

    The Zimbabwe Election Commission is expected to start announcing the results of Monday’s presidential election, which the opposition says has been rigged in favour of Mnangagwa.

    Gunfire crackled as troops, backed by armoured vehicles and a military helicopter and some with their faces masked, cleared the streets of opposition protesters.

    The unrest started soon after Nelson Chamisa, leader of the opposition Movement for Democratic Change (MDC), declared that he had won the popular vote.

    After burning tyres in the streets, scores of his supporters attacked riot police near the Zimbabwe Election Commission (ZEC) headquarters. Officers responded with tear gas and water cannon.

    “I was making a peaceful protest. I was beaten by soldiers,” said Norest Kemvo, who had gashes to his face and right hand. “This is our government. This is exactly why we wanted change.

    They are stealing our election.”

    Mnangagwa said the violence was meant to disrupt the election and blamed the MDC leadership.

    “We hold the opposition MDC Alliance and its whole leadership responsible for this disturbance of national peace, which was meant to disrupt the electoral process,” Mnangagwa said, according to ZBC.

    Chamisa’s spokesman, Nkululeko Sibanda, told newsmen the army’s reaction was unjustified.

    “Today we saw the deployment of military tanks and firing of live ammunition on civilians for no apparent reason.”

    UN Secretary-General Antonio Guterres called on Zimbabwe’s political leaders and people to exercise restraint and reject any form of violence.

    Justice Minister Ziyambi Ziyambi said the army had been called in to ensure “peace and tranquillity”.

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    Charamba said the troops were deployed at the request of police who could not cope with the violence, and will remain under police command.

    As gunfire reverberated through downtown Harare, Mnangagwa called for calm and urged patience while results were collated.

    Many protesters accused the army of unprovoked brutality.

    “We had no weapons. Why are the army here beating us? shooting us? This is not an election it is a disgrace on our country,” one young man, Colbert Mugwenhi, said.

    A Reuters witness saw soldiers with sticks beat two people and counted at least five trucks full of soldiers.

    “We are tired of them stealing our votes. This time we will not allow it, we will fight,” said a protester who wore a red MDC beret in central Harare.