₦airaland Forum

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RevolverOcelot:
Speak for yourself. Many don't like it like that, myself included.

EvanzEli:
Click HERE to join

SEP 20, 2021
EXCLUSIVE: How Buhari’s Minister Awarded Multi-billion Naira Contracts To Self, Ex-Governor Tinubu, Others As Nigerian Communications Commission Executive
SaharaReporters learnt that others who benefited from the dubious contracts include the late Isa Funtua, a long-time political associate of President Muhammadu Buhari.

BY SAHARAREPORTERS, NEW YORK.
The Minister of Youth and Sports Development, Sunday Dare, awarded Value-Added Service contracts to himself, the All Progressives Congress (APC) National Leader and former Lagos State Governor, Bola Tinubu, among others.

SaharaReporters learnt that others who benefited from the dubious contracts include the late Isa Funtua, a long-time political associate of President Muhammadu Buhari.
An investigation by SaharaReporters showed further that Dare awarded the contracts when he was the Executive Commissioner (Stakeholder Management) of the Nigerian Communications Commission (NCC).

Dare, a former spokesman for Tinubu, was appointed by Buhari as the South-West executive commissioner of the NCC in 2016.
He was however replaced with Adeleke Moronfolu Adewolu in 2019 as the President named him Minister of Sports and Youth Development.

Value-Added Service (VAS) is a term used in telecommunications to describe non-core features, which traditionally are non-voice functions such as video, data and so on.

Others awarded the multi-billion naira contracts by Dare included Umar Danbatta, Executive Vice-Chairman and Chief Executive Officer of the NCC; Naomi Adenuga; Senator Ifeanyi Ararume.
A top source said, “The current Minister of Sports, Sunday Dare single-handedly gave some corrupt Nigerians the NCC licenses when he was the Executive Commissioner.
“He gave himself a slot and also gave Naomi Adenuga for Globacom. He gave Bola Tinubu a slot and also Umar Danbatta, Executive Vice-Chairman of the NCC a slot. He also gave Senator Ifeanyi Ararume.”

Ararume was on Sunday appointed Chairman of the Board of the Nigerian National Petroleum Company (NNPC) after Buhari, in his capacity as Minister of Petroleum Resources, directed the incorporation of the company.
According to the top source, others are “Isa Funtua (who died in July 2020), Abdurahman Ado Musa and his brother, Abdulsalami Abubakar.

“They were all awarded the Value-Added Service contracts for the NCC. This includes the use of USSD code; they generate at least N25 billion per month from that. The use of USSD code brings a lot of money,” the source added.
Abdulrahman Ado is a director with telecom operator, 9mobile.
Funtua was a Federal Minister in the Second Nigerian Republic. After leaving the government job, he went into business and was a personal friend and close associate of Buhari. Until his death, he was known to be very influential in Buhari’s administration.

USSD means Unstructured Supplementary Service Data which allows people without smartphones or data or internet connection to use mobile banking through the use of codes, but at a charge.
“Through the Value Added Service, they generate at least N25 billion naira per month. The Attorney General of the Federation and Minister of Justice, Abubakar Malami is also badly involved. They are very close to Malami and (Isa) Pantami as well.”

Pantami is the Minister of Communications and Digital Economy. Before then, he was the Director-General and CEO of the National Information Technology Development Agency (NITDA) between September 2016 and August 2019.
Also called Sheikh Pantami, the minister’s past call to Jihad and unalloyed support for murderous groups like the Taliban and Al-Qaeda portray him as a dyed-in-the-wool Islamic fundamentalist.

Sharing the details of how the contracts were dubiously awarded, another source said, “The telecommunications companies were taking 90%, leaving the content provider with 10%. Sunday Dare then promised to give contracts to five companies and about 400 companies put in their bids with a deposit of N500,000 each. Upon qualifying, you will remit another N9.5 million to them.
“The goal was to water down the profit of the Telcos. Sunday Dare singlehandedly gave Ado, himself and seven others the contract. No governor is richer than any executive in NCC.”

List updated

RevolverOcelot:
Them curse Naija with darkness?

Let there be light!

EcheijaOne:
The website is fully functional, so just visit www.percampus.com now and start selling. 

Thanks for sharing �

By Anneken Tappe, CNN Business

Updated 2006 GMT (0406 HKT) September 20, 2021

New York (CNN Business)The Dow and the broader US stock market fell to close sharply lower Monday as Chinese real estate conglomerate Evergrande's debt crisis made American investors uneasy.

It was the worst performance since May for the S&P and the Nasdaq, while the Dow logged its worst day since July.
Stocks spent the whole day deep in the red and the Dow fell more than 970 points at its low point.
The market recovered slightly before the closing bell rang, but it was still an awful session: The Dow (INDU) finished down 1.8%, or 614 points. The S&P 500 (SPX), the broadest measure of Wall Street, closed down 1.7%, while the Nasdaq Composite (COMP) fell 2.2%.
Bank and energy stocks fared worst, with Goldman Sachs (GS) and JPMorgan (JPM) among the Dow's worst performers.
The White House said it is monitoring the markets, but stressed that Evergrande's business was "overwhelmingly centered in China."
Evergrande, which is struggling to manage its $300 billion mountain of debt, was supposed to pay the interest on some of its bank loans Monday, according to Bloomberg. The company will also have to pay interest on two of its bonds worth more than $100 million later this week, according to Refinitiv.
Shares of Evergrande fell more than 10% in Hong Kong.
Why are global investors so worried about something that's happening in the Far East?
Everything is connected in the world of financial markets and the massive amount of money borrowed by Chinese companies has long been considered a looming threat to market stability. Now investors fear the exposure that banks might have to Evergrande and companies like it.
Adding a dash of melancholy, this crisis comes on the thirteenth anniversary of the collapse of Lehman Brothers.
But in spite of the timing, it's far from certain that Evergrande's crisis will become a similarly systemic event, according to Ryan Detrick, chief market strategist for LPL Financial.
For one, Evergrande has physical assets that could be sold to help settle its debts, Detrick said. He also expects a restructuring — rather than a default — of Evergrande's US dollar-denominated bonds.
"We think the odds do favor the Chinese communist government will get involved should there be a default," Detrick said. "They are holding out as of now, but the fallout could be too great for them to avoid intervening."
Meanwhile, it's not just worries about contagion that are pushing the market lower. US stocks struggled for direction last week and market analysts have long said a correction is needed after the long rally that pushed stocks up to record highs.
"On a down market day, it's easy to look to the nearest headline like Evergrande and attach a cause and effect, but this market has experienced almost no downside volatility for a long time and a pullback was long overdue," said David Bahnsen, chief investment officer at The Bahnsen Group, in a note to clients.
Still the ripples were felt across the market. Bond yields fell as prices rose because investors fled to safety. Bitcoin, another risky asset class, also felt some pain and was down some 7% around the time of the close.
In the world of commodities, US oil prices settled more than 2% lower, while gold prices settled up 0.7%.

CNN Business' Laura He and Jason Hoffman contributed to this story.

joceey:
Chinko ole

Amazon is the world’s largest e-commerce company and this puts a lot of responsibility on it to sustain the ethical and professional standards required of it. Amazon continues to finetune its responsiveness to policy violations by online merchant stores to continue to safeguard the consumers from unethical conduct. It is in pursuit of this objective that the company has revealed that it has shut down about 3,000 online stores operated by about 600 Chinese brands.

The reason for the action was because of consistent infractions of these stores in incentivized or paid reviews on their online stores registered on Amazon.
The current crackdown is the largest ever accomplished by Amazon and has affected some popular Chinese companies. The blacklisting also includes a freeze of the funds of these defaulters by Amazon.

However, according to Amazon, the current move did not affect the growth outlook of Chinese firms on the platform. Amazon VP Asia Global Selling, Cindy Tai stated this in an interview monitored from China.

The issue of paid reviews is a serious policy violation and it has been banned since 2016. Customers rely on the accuracy and authenticity of product reviews to make their purchasing decision and the fidelity of this process is at the heart of the e-commerce model. Amazon says it will continue to improve its internal mechanisms to flag defaulters or serial offenders in paid reviews and other policy violations.

The move by Amazon has led to some of the popular brands seeking alternative e-commerce platforms to continue their operations on eBay and AliExpress among others. Amazon is also shoring up consumer confidence through its unprecedented action and hopes to continue flourishing as the world’s leading e-commerce company.

ETMarkets.com Last Updated: Sep 20, 2021, 02:58 PM IST

SYNOPSIS
Shares of Sinic holdings fell 87 per cent to hit a low of 0.50 Hong Kong cents. Sinic Holdings is an investment holding company, which along with its subsidiaries, is principally engaged in property development and property leasing, according to Reuters.

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NEW DELHI: Trading was halted in shares of Chinese realtor Sinic Holdings on Monday after its shares crashed 87 per cent in Hong Kong. This is on a day when shares of China's second biggest realtor Evergrande plunged 11 per cent on the same exchange, as investors feared defaults in the Chinese real estate sector.
Shares of Sinic holdings fell 87 per cent to hit a low of 0.50 Hong Kong cents.

Sinic Holdings is an investment holding company, which along with its subsidiaries, is principally engaged in property development and property leasing, according to Reuters.

On September 15, Fitch Ratings had revised the outlook on China-based homebuilder's Long-Term Issuer Default Rating to Negative, from Stable, but affirmed its rating at 'B+'.
Fitch had also affirmed Sinic's senior unsecured rating at 'B+' with a Recovery Rating of 'RR4'.

"The negative outlook reflects Sinic's weakened access to the debt capital market and the rising execution risk of its high-churn business strategy. Fitch affirmed the rating based on Sinic's adequate liquidity, feasible refinancing plan and improving leverage, as measured by net debt (including guarantees to joint ventures (JV) and associates)/adjusted inventory, of 47 per cent in H12021, compared with 52 per cent at end-2020," Fitch had said.

Fitch in its report said that Sinic's access to offshore debt capital markets had significantly weakened due to poor investor sentiment. Sinic has three offshore maturities totalling $694 million due in October 2021, January 2022 and June 2022. Its bonds due in 2022 were trading at a 20-25 per cent discount, meaning Sinic may have to repay all three bonds with cash on hand, Fitch said.
"Fitch thinks Sinic's strategy execution risk has increased, as Sinic slowed land acquisitions in 1H21 and the possibility that it will need to repay all bond maturities will reduce its financial flexibility to replenish land. Fitch does not believe that Sinic can cut land acquisitions for a prolonged period due to its high-churn business model," the brokerage had said last week.

As of June 30, the group's cash and bank balances amounted to 19,349.5 million yuan. Excluding other restricted cash and pledged deposits, cash and cash equivalents amounted to 14,037.0 million yuan.
Besides, the group's net gearing ratio was 50.5 per cent, above the average level in the industry. "The cash short-term debt ratio improved to approximately 1.4 times, the assets to liabilities ratio after excluding receipts is around 73.5 per cent. The group's weighted average cost of indebtedness as at the end of the period decreased to 8.7 per cent," Sinic said in a recent release.

Sinic Holdings (Group) Company calls itself a large-scale and comprehensive property developer in the PRC, focusing on the development of residential and commercial properties.
The company develops projects in China's Jiangxi province. It has expanded its property development business to the Yangtze River Delta Region, the Greater Bay Region and the Central and Western China core cities and other regions with high-growth potential.

Markets in China were closed on Monday and Tuesday on account of public holidays. Hong Kong's Hang Seng index fell as much as 4 per cent in Monday's trade, before paring losses a bit to 3.3 per cent.

fourboys:
Naija which way??

LadyExcellency:
Some Cabals must have threatened Siemens to back out. This is Nigeria, the more you look, the less you see.

tempest01:
So Abba Kyari died for nothing?

Jerryherd:




Chimamanda Adeche just won herself a die hard fan with her question on the Siemens deal... Twale and respect to this Vaginarian person, the future may actually be V-Mail

Now I can kill anyone for Chimamanda Adeche, Asiwaju Bola Ahmed Tinubu and Professor Yemi Osinbajo

The Generator Importers, the Power distribution cartels, the diesel Importers all felt with the end of Chief of Staff Abba Kyari, nobody would remember our electricity freedom through Siemens deal... Mikano gang must be in sifia pain now




.

Jerryherd:




Did he even attend his common Burial or talk about him to the Media!!

When Abba Kyari's daughter tweeted that Atleast people can now let her father rest in peace and see if Nigeria would get better , they insulted her



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Praxis758:
Any Nigeria expecting the refineries to be fixed and fully functional is dreaming of building Burg Khalifa in the Sun

OGraffix:
How much is the freezer

List updated

List updated

OGraffix:
How much is the freezer

starstunna1313:
Nah she is not too old 53… She is a tired Bank Manager and a lawyer. She actually gave me some suggestions but I want to do my things on my own and out of her shadows too. She is capable of managing it. I want something I built not from what they built for me.