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Few weeks ago, they mention that Nigerian economy is better than that of south Africa... |
…as CBN assures BDCs of forex supply As the raging Coronavirus continues its huge toll on the global economic system, particularly for oil exporting countries, the Naira on Thursday depreciated by 9% in exchange for the dollar at the parallel market, slumping to N410/$. The drop in the national currency’s exchange value is the biggest daily fall against the dollar since 2017, as the exchange rate slumped to N375/$ on Wednesday. At the Investors & Exporters (I&E) window, the exchange rate lost N1.58 as it rose to N368.33 per dollar from N366.75 per dollar, the most significant daily depreciation the window has witnessed since 2017 when it was introduced. Commenting on the market trends, the President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe in an exclusive chart with Daily Trust said:”Since the event of black Monday when the oil prices dropped considerably, it sent some kind of panic to portfolio investors who started offloading to buy dollar. “The irony, however, is that with the Covic19 and the strict measure being adopted across the globe, there is no safer destination anywhere.” He further noted the portfolio investors preferred to keep cash and that has fuelled speculations in the parallel market. Gwadabe said: “On Monday, we sold at N358 to a dollar but by Tuesday through today, it jumped to an all high of N410 to a dollar.” He also disclosed that the Central Bank of Nigeria (CBN) has swiftly intervened and cautioned against any form of speculation and that selling of forex to unauthorized end users will be met with stiff penalty. “Following that meeting, the rate dropped this evening to N370 to a dollar. The CBN assured the BDCs that it will sustain its four weekly bids for the BDCs” he added. Gwadabe urged BDC operators to be calm and comply with extant rules, adding that demands should be weaker at this point in time, since no one is travelling anywhere with the series of flight restrictions. Market operators believe that this development is due to increased demand for the dollar as many traders are forecasting foreign exchange scarcity due to crash in crude oil price. JP Morgan on Wednesday said it expected Nigeria to devalue its currency by around 10per cent. It expects the exchange rate to be N400 per dollar by the end of June. Read more: https://www.dailytrust.com.ng/naira-depreciates-to-n410-at-parallel-market.html
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The Chairman, Board of Trustees (BoT) of the Peoples Democratic Party (PDP), Senator Walid Jibrin, has asked the National Assembly to amend the 1999 Constitution to include stringent procedure for removal of emirs and other high ranking traditional rulers. Jibrin, in a statement on Thursday, said the removal of the Emir of Kano, Muhammadu Sanusi II, came as a surprise, adding that it was worrisome and disturbing. Jibrin, who is the Sarkin Fulani in Nasarawa state, said Sanusi and his family deserve apology for the maltreatment. “What happened in Kano recently where the governor within 2 hours only, dethroned the First Class Emir and banned him to far away Nasarawa state is very disturbing. “May I therefore call on this respected Senate in their effort to amend the 1999 Nigerian Constitution to provide a strong procedure of Removing Emirs, Chiefs, Igwes and Obas‚ and equally give them official roles. “Emir Sanusi, the traditional ruler of highly respected traditional stool of Kano, shouldn’t have been treated as a rat is being pursued. The people of Kano and Sanusi’s family deserve apology,” he said. Read more: https://www.dailytrust.com.ng/sanusi-jibrin-asks-national-assembly-to-legalise-procedure-for-removing-emirs.html |
Confused |
Trading on the floor of the Nigerian Stock Exchange (NSE) continues its negative streak as investors lost ₦457 billion, forcing market capitalization to drop to ₦11.8trillion on Thursday. Price depreciation in shares of MTNN (-10.0percent), Guaranty (-9.1percent) and Zenith (-10.0percent) dragged the All-Share Index down to 22,695.88 points, while the year to date (YTD) loss worsened to -15.4percent. Activity level declined as volume and value traded fell 23.9percent and 44.4percent to 1.1billion units and ₦9.8billion respectively. The most actively traded stocks by volume were Zenith (433.2million units), UBA (371.3million units) and Guaranty (62.2million units) while Zenith (₦4.7billion), UBA (₦2.1billion) and Guaranty (₦1.1billion) led by value. Performance across sectors was bearish as indices closed southward. The Banking index lost the most, down 8.5percent, due to sell-offs in Zenith (-10.0percent), Access (-9.3percent) and Guaranty (-9.1percent). Likewise, the AFR-ICT (-5.3percent) and Insurance (-5.2percent) indices declined, following sell pressures in MTNN (-10.0percent), Mansard (-9.6percent) and NEM (-8.6percent). The Consumer and Industrial Goods indices trailed behind, as it was down by 2.7percent and 0.9percent respectively, following price depreciation in Nigerian Breweries (-10.0percent), Flourmill (-10.0percent) and WAPCO (-9.7percent). Also, a 10.0percent decline in Oando dragged the Oil & Gas index down by 0.8percent. Investors’ sentiment as measured by market breadth weakened to 0.05x from the 0.9x recorded in Wednesday’s trading session as only 2 stocks advanced against 44 decliners. The best performing stocks were Caverton (+10.0percent) and Stanbic (+3.4percent) while UPL (-10.0percent), Flourmill (-10.0percent) and Nigerian Breweries (-10.0percent) led the laggards. Read more: https://www.dailytrust.com.ng/stock-market-investors-lose-%e2%82%a6457bn-as-market-capitalization-continues-free-fall.html |
chai |
RIP |
An outspoken ruler mired in conflicts is ousted without warning from his palace and banished under armed guard into an uncertain exile beyond the borders of his realm. This is not the plot of a Shakespearean tragedy, but the real-life drama that has played out in northern Nigeria’s influential Islamic emirate of Kano as traditional leader Muhammadu Sanusi II was unceremoniously deposed by the local governor. The sudden fall of one of the country’s most revered hereditary rulers on Monday rattled the 1,000-year-old kingdom — and has shown the difficult balancing act facing the ancient monarchies of modern-day Nigeria. Sanusi, also known by his birth name Lamido, had been a mould-breaker since ascending to the throne of the emirate of millions in 2014 after the death of his great-uncle. The 58-year-old former central bank governor was already known for his outspokenness when he claimed the title and carved out a reputation as a moderniser willing to criticise practices like having multiple wives and children without being able to support them. He was also not afraid of taking on the powerful politicians running northern Nigeria — lambasting them for leadership failures. “It’s no secret that many of our political leaders are inept and not well educated,” the emir wrote back in 2017. “Nigerians have learnt from experience not to expect much from them.” The ruler’s main nemesis — and the man who ultimately unseated him — was regional governor Abdullahi Ganduje. Ganduje suspected the emir of backing his political rival and had already divided up his territory and launched a corruption probe to try to bring him to heel. On Monday their feud came to a head when Sanusi was unexpectedly removed for “total disrespect”. “The governor decided that enough is enough and moved against him,” said Adewunmi Falode, a history professor at Lagos state university. “It’s a signal that the ultimate power rests with the government while the emir is just a symbol of spirituality, culture and tradition without real power and influence.” The deposed ruler was detained by police at his palace before being spirited out of Kano to exile in a remote village in another state where he is expected to remain incommunicado. – ‘Seen not heard’ – There are dozens of traditional rulers across Africa’s most populous country. They have no official constitutional powers but are important cultural custodians who often wield great influence over their followers. Relics from a period when monarchies dominated this region, they rely now on regional governments for their funding and their succession is regulated by elected officials. Read more: https://www.dailytrust.com.ng/sanusis-fall-shows-limits-for-nigerian-traditional-rulers.html |
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They even better pass some senators.... |
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hmm |
A factional Chairman, All Progressives Congress (APC) in Edo, Col. David Imuse (rtd), has said that all aspirants for the state governorship election, including governor Godwin Obaseki, will go through the party’s primary. Imuse stated this on Saturday during a press briefing in Benin. He said any of the governorship aspirants who wants to contest the forthcoming governorship election in the State on the platform of APC must submit oneself for the party’s primaries. “The Edo state Governor, Mr. Godwin Obaseki, would not be exempted if he choose to remain in the APC. “There will be no right of first refusal, no sacred cows, and no reserved slots. “Our party ticket will go to the person who is able to persuade members that he deserves their trust and confidence. “We shall not be harassed, bombed, intimidated or arm-twisted to give our support to any person,” he said. Imuse noted that there were indications that governor Obaseki is shopping for a political party that will accept him to foist himself on them to actialize his bid for a second term. According to him, aspirants such as; Maj-Gen Charles Airhiavbere, Engr. Chris Ogiemwonyi, a former deputy governor of Edo state, Dr. Pius Odubu and Pastor Osagie Ize-Iyamu alongside leaders and supporters of the party across the three senatorial Districts of the state are in support and in solidarity with the party national chairman, Comrade Adams Oshiomhole as member and national chairman of the APC. Obaseki responds Reacting, the media aid to the state Governor on Media and Communication Strategy, Crusoe Osagie, said Imuse cannot make a statement for the APC as he is not an executive member of the Edo State chapter of the APC. A statement by Osagie said Imuse is a product of the misadventure of Oshiomhole and his co-dissidents in the Edo Peoples Movement (EPM), a body which he tried to use to factionalise the Edo APC. “One Col. Imuse addressed the press today purportedly speaking on behalf of the Edo APC. We want to inform the public and Edo people that Col. Imuse is not an executive member of the APC in Edo State and he has no right to make any statement on behalf of the party,” Osagie said. He urged members of the APC, indigenes and residents of the state to disregard his comments, as they are of no effect. Read more: https://www.dailytrust.com.ng/edo-no-automatic-ticket-for-gov-obaseki-apc-factional-chairman-says.html |
Senator Adamu Aliero was a two-term governor of Kebbi State and currently represents Kebbi Central in the Senate. In this exclusive interview with Daily Trust Saturday he spoke on the failure of northern elites to bring the desired development to the region, reasons for the slow pace of work on the Abuja-Kano road, and why he is against immunity for governors, among other issues. The slow pace of the Abuja-Kano road project has led to the death of many road users, especially between the Kaduna-Zaria axis, as well as the loss of man-hours. What do you think is delaying the work? Two weeks ago, my committee members and I went there by road on an oversight. Wherever contractors were working we stopped and asked questions. What we saw was that Julius Berger is the only contractor working on a road of over 400 kilometers. And they didn’t have enough labour and equipment. The Federal Government had made sufficient money available for the project. We are not happy with the level of mobilisation by the contractor. It decided not to use enough labour and equipment because it wants to save money. This is the conclusion of the committee. We made it clear to the contractor that we want to see more labour and equipment move to site so that it can be completed on time. We don’t have problem with funding, unlike other projects. We have the Sovereign Investment Authority that is funding about 85 per cent of the project. Also, the president has said that part of the loot recovered recently will be used for the project and other important ones. The National Assembly initially opposed the idea of awarding the project to a single contractor. This is a job that should be separated into three. Their rate is excessively high. We agreed that they would do a good job because they are competent contractors. It is even against the Public Procurement Act to award the road project to a contractor. The contractor’s management of traffic is very poor. There was a month, based on what the Kaduna State Government told us, when over 40 lives were lost. This compelled the government to set up a committee to manage the traffic, together with the contractor. This has significantly reduced the traffic. We will invite them for questioning over the slow pace of work. Our colleagues in the House of Representatives had even moved a motion to investigate why the contract was awarded to a single contractor, the mode of payment and the slow pace of work. We have not come to that in the Senate. We have done the oversight. We don’t want to make noise till we have all our facts together. Do you support public-private-partnership as a means to fund road projects? I believe very strongly that it is the only way we can move forward in this country. We have 522 road projects currently under construction by the Federal Government, and we have more coming. Some of these roads are very viable. The Federal Government has no business constructing the Lagos-Ibadan road, for example. The road should go to the private sector because over 1.2 million vehicles ply it every day. Public-private-partnership is the way to go. Viable roads should be concessioned to the private sector, even if government does the rehabilitation and expansion. And what the government gets from the private sector should be used to provide road links to rural areas where the private sector cannot go because of non-viability. We should also consider transporting heavy equipment through the railway to increase the lifespan of the roads. No matter how good a road is constructed, if the current transportation method is maintained, the lifespan will be short. As a former minister of the Federal Capital Territory (FCT), what is your take on the N37bn approved for the renovation of the National Assembly? I am not aware of the N37 billion being peddled by the media. I have not seen it in the budget. We have never debated it. I don’t know whether it is in the FCT budget, but I’m a member of the appropriation committee. All I can say is that for now, I consider it to be rumour. There’s no way such a thing would happen without it being debated on the floor of the Senate or House of Representatives. Everything we do here is open. Recently, the issue of immunity for principal officers generated a lot of criticisms, even among your colleagues. Is it what Nigerians need at this moment? I am not in support of immunity. My stand is that there shouldn’t be immunity, even for the president. Providing immunity for principal officers of the legislature doesn’t make sense to me. Immunity has been grossly abused. Since 1999, you have been occupying elective positions. What is the magic? Politics is not magic. It is about active participation in the affairs of the people. In politics, you will remain relevant if you are in touch with your people at the grassroots. When will you retire from politics? I would rather leave it for my constituents to decide. After all, the decision to join politic was not my own alone, it’s a call from my people to serve them. If my people are not tired of me, I don’t see the reason why I should quit. The North has more people in positions of power than the South, do you think the elite have been fair to the people? Collectively, the northern elite have failed the people. What do you think should be done? We all have to come to the basics and find solutions to the problems. It is not something the president or governors can do alone. It is rather the collective resolve of all of us. If that is not done, we will continue to languish in poverty, illiteracy and disease. This is the reality. Do you think the South should produce the next president of the country? I don’t want to comment on what somebody has said. What advice do you have for the Chief Bisi Akande-led reconciliation committee? Reconciliation is good if some people or groups have been aggrieved. I know Chief Bisi Akande to be an upright person. He has the capacity to bring all the warring parties on the round table to get them to agree. So, I commend his appointment as the chairman of the reconciliation committee. I pray that he would be able to bring the desired peace in All Progressives Congress (APC). As a rice merchant and retired Customs officer, how do you see the closure of the country’s land borders? I left the Customs job more than 20 years back, so I will talk as a farmer and politician. The closure of Nigerian border is a very good development for this country. Perhaps, it is the best policy of President Muhammadu Buhari. No country can develop if it allows its borders to be flooded with all kinds of goods coming into the country unregulated. I am sure you have been seeing vegetable oil in yellow jerry-cans. You will see this vegetable oil in virtually all the cities you visit. It is mostly imported from Indonesia. This is something we can stop. It is under the import prohibition list. Nobody is allowed to bring vegetable oil, but when you go, you will find most of it on display in our markets. Have people thought of its implication on our economy? We are losing employment, foreign exchange and causing a lot of poverty. Read more: https://www.dailytrust.com.ng/we-have-failed-our-people-senator-aliero.html |
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Presidential spokesman, Femi Adesina, says President Muhammadu Buhari will complete ongoing legacy projects in the southeast before the expiration of his administration in 2023. Adesina said this yesterday while receiving the editorial management of Orient Daily Newspaper led by its Editor-in-Chief, Stanley Egbochuku. Adesina said several ongoing federal projects in Abia, Anambra, Ebonyi, Enugu and Imo States were at different stages of completion. He said the Minister of Information and Culture, Lai Mohammed, had in 2018 listed 69 ongoing projects in the region, mainly roads and bridges, funded from budgetary allocations, the Sukuk Bond and the Presidential Infrastructure Development Fund. ‘‘Last December, I had reason to travel to Onitsha, Anambra State and onboard the flight to Asaba, I remember the Obi of Onitsha, Igwe Nnaemeka Alfred Achebe, asking me to ‘thank the President profusely for us on the second Niger Bridge.’ ‘‘The good thing is that the project will be completed by February 2022, as promised by the contractor handling it,’’ he said. Read more: https://www.dailytrust.com.ng/buhari-will-complete-legacy-projects-in-s-east-presidency.html |
A former Minister of Information, Labaran Maku, has bemoaned the rising insecurity in his home state of Nasarawa. Maku, who is also the National Secretary of the All Progressives Grand Alliance (APGA), told newsmen in Abuja that residents of the state were now living on the edge as kidnappers and bandits have taken over virtually every nook and cranny of the North central state. According to him, kidnappers, who now abduct villagers and peasants, collect as low as N50,000 as ransom from victims before they are freed. He was speaking when leaders of APGA from Nasarawa State visited the new national headquarters of the party in Abuja. “Anambra is the most peaceful State in Nigeria. In Nasarawa State, people sleep with one eye opened. A permanent secretary was kidnapped recently. Kidnappings in Nasarawa State does not make news anymore. Kidnappers collect as low as N50,000 ransom from rural dwellers in Nasarawa. “People are no longer safe. There are accumulated arrears of pension in Nasarawa State. There is corruption and things are getting bad. We will not betray the hope of the people. Playing opposition politics in Nigeria is difficult. “I am aware that people are going from house to house to bribe members of APGA to dump the party. Some may succumb to this pressure because of the economic hardship in the land. In Nasarawa, what we have is politics of violence and underdevelopment. We will continue to support State chapters of APGA in Nigeria,” Maku said. “Look at what is happening in other parties and the level of development that is taking place the states they control. Anambra is far ahead both in terms of security and economic development.” Anambra State is being governed by Willie Obiano, a member of APGA. According to Maku, APGA should be seeking to export its achievements in good governance to other parts of the country by winning the states not only in Anambra. The former Minister said in 2021, the party will replicate its exploits in 2017 when the party won majority votes in all the 21 local government areas in Anambra State during the governorship election. Read more: https://www.dailytrust.com.ng/kidnappers-now-collect-n50000-ransom-in-nasarawa-maku.html |
No matter how bad democracy is,still better than military rule! |
hmmm...old story |
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* May invite monarchSource: https://www.dailytrust.com.ng/fresh-trouble-for-emir-sanusi-as-kano-assembly-opens-probe.html
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One in four girls in Nigeria has suffered sexual violence with very few of the victims seeking professional help, a new UNICEF report titled “A New Era for Girls: Taking Stock on 25 Years of Progress”, said. The report, jointly launched yesterday by the Plan International and the United Nations Women, said two percent of the victims of forced sex sought help from professionals. THE UNICEF urged the Nigerian government to do more to protect girls and women from violence. UNICEF Nigeria representative, Peter Hawkins, said the world was still a very violent place for girls and women, including in Nigeria. Read more: https://www.dailytrust.com.ng/one-in-four-nigerian-girls-suffers-sexual-violence-unicef.html |
The Chairman, Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay, has said the Whistleblowing policy of the Federal Government has led to the recovery of N594.09bn in less than three years since it was introduced. He spoke on Wednesday in Abuja at a two-day roundtable organised by the African Centre for Media and Information Literacy (AFRICMIL), PACAC and the MacArthur Foundation with the theme: “Entrenching Whistleblowing in Regulatory and Revenue-Generating Agencies”.https://www.dailytrust.com.ng/whistleblowing-fg-recovers-n594-09bn-791-cases-in-three-years-sagay.html
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An FCT High Court in Jabi, Abuja has suspended Adams Oshiomhole as the national chairman of the All Progressives Congress (APC). Justice Danlami Senchi, on Wednesday, ordered Oshiomhole to step down pending the determination of the substantive suit seeking his perpetual removal as the APC chairman. Read more: https://www.dailytrust.com.ng/breaking-court-suspends-oshiomhole-as-apc-chairman-2.html |
At a dumpsite located along Court Road, Gyadi-Gyadi, Daily Trust reporter caught up with 12-year-old Auwal Mohammed. Auwal, an almajiri, says “Since the state government does not want to see us on the streets, this is the only option available to us. We glean through this refuse dump for anything that could be of use to us either as food or clothing.Source: https://www.dailytrust.com.ng/ban-on-street-begging-forces-almajiri-to-dumpsites.html
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French Ambassador to Nigeria Jerome Pasquier yesterday described efforts to find sustainable solutions to insecurity in Nigeria, particularly in the northwest, as inadequate. He spoke in Abuja yesterday at a workshop on “Addressing Rural Insecurity and Violence in North-western Nigeria” organised by the Pastoral Reserve, the Search for Common Ground, the Nextier SPD and the French Embassy.https://www.dailytrust.com.ng/nigeria-not-doing-enough-to-end-insecurity-france.html
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