The biggest African music export is about to take place and mark its place in history. #AfrobeatMeetsBerlin
Experience live music from your favourite top afrobeat stars such as Kizz Daniel, Diamond Platnumz, Teni, Made Kuti and other superstars and stand a chance to win an all-expense paid trip to Berlin.
MainblockAngle: Nigerian Afrobeat artists are set to take Berlin by storm again barely few months after the likes of Wizkid and Burna performed at the AfroBeat Festival. This time, AFROBEAT MEETS BERLIN is set to showcase artists like Kizz Daniel, Teniola, Diamond Platinum, Bcross, Made Kuti and others.
The Concert which is to be hosted in the city of Berlin, Germany will be taking place in a 4000 audience capacity venue along with various online streaming platforms for audience around the world.
The concert has been slated to hold by September 24th. It is expected that fans of the Afrobeat genre around the world who can’t make it to Berlin physically will participate via online streaming platforms.
Nigerian Afrobeat artists are set to take Berlin by storm again barely few months after the likes of Wizkid and Burna performed at the AfroBeat Festival. This time, AFROBEAT MEETS BERLIN is set to showcase artists like Kizz Daniel, Teniola, Diamond Platinum, Bcross, Made Kuti and others.
The Concert which is to be hosted in the city of Berlin, Germany will be taking place in a 4000 audience capacity venue along with various online streaming platforms for audience around the world.
The concert has been slated to hold by September 24th. It is expected that fans of the Afrobeat genre around the world who can’t make it to Berlin physically will participate via online streaming platforms.
The biggest African music export is about to take place and mark its place in history. #AfrobeatMeetsBerlin
Experience live music from your favourite top afrobeat stars such as Kizz Daniel, Diamond Platnumz, Teni, Made Kuti and other superstars and stand a chance to win an all-expense paid trip to Berlin.
Are you newly married or about to get married? This international retreat for couples organized by the Encouragers Ministry is just what you need at this time. It is free and will run for 2 days. It is an online event so you can join from anywhere.
Foodum Cooking Guide is an ebook that holds a collection of over 1500 cooking recipes compiled from different cultures across the world. It is a handy ebook for cooking enthusiasts and professional chefs.
We have carefully complied cooking recipes from every continents of the world, and we are sure you’ll definitely find the Foodum Cooking Guide tremendously helpful as you delve into the delicious food culture of regions across border and explore with family and friends as you try out new delicacies.
Are you a hiring manager or a job seeker? then copajob.com is somewhere that you can sign up and get a dashboard where you can manager your job applications as a job seeker and source for job candidates as a hiring manager.
VISIT COPAJOB.COM TODAY TO SIGN UP FOR A FREE ACCOUNT.
You get to receive real-time email notifications and as a job applicant, your profile on the platform is also kept private inwhich case only hiring manager can view your profile. As an applicant you can also get to send your cv directly to hiring managers right on the platform as you apply for their jobs.
A former Executive Director of Total Nigeria Plc and one of the most respected Oil and Gas professionals of Enugu State extraction, Prince (Dr.) Jefferson Nnamani, who recently declared for the All Progressives Grand Alliance (APGA) in the state, has explained the over-riding motivation for his new move.
Speaking to journalists in Enugu after the party formally announced his membership, Dr. Nnamani said the urgent task of reforming the state’s political and governance atmosphere was one that all well-meaning Enugu indigenes must be willing to commit their all to.
He observed that it was a thing of shame that after 23 years of the current political dispensation, career politicians who have perpetually held the levers of government have failed to make citizens proud of their state. It is time, he further stated, to institute a truly people-centered approach to governance in order for the state to take its deserved position as the pride of the Igbo race.
Dr. Nnamani enjoined Enugu citizens to shake off political apathy and become more involved, adding that leaders have to be subjected to more accountability on how they use the state’s resources
“Governance should always be about the people, because the resources of state belongs to the people and government is only in place to administer such resources on the people’s behalf. Citizens must insist on and work to enthrone good governance”.
“My choosing to join APGA is because it is the only political party that truly connects to the Ndi Igbo aspiration for socio-economic development in all ramifications. It is not an alternative; it is the only option for the reclamation and reformation of our dear Enugu State”, he submitted.
While analyzing the import of the emergence of Dr. Nnamani on the Enugu political scene now, a seasoned politician and former APGA State chairman, Chief Okechukwu Nkoloagu, said both the party and the state are truly on the way to a new dispensation.
In his words, “Only a few politicians on the scene could match Jeff’s qualities. His consistency, doggedness, and astuteness can be seen in how he started as Sales Rep in Total Nigeria and rose, with hard work, honesty, and dedication over a period of 30 years, to become an Executive Director.
“As a former Executive Director of Total Nigeria, he has, in the Oil & Gas industry alone, over 19,000 colleagues in close to 2000 companies located in over 100 countries across the world. No politician on the scene today can boast of a groundswell of potential development allies that they can tap to create a new Enugu like him. Jeff is in a class of his own. He is a great asset to our state. He is a departure from the old order and a breath of fresh air. Definitely, he has all it takes to spearhead the industrial and socio-economic reformation of Enugu state”.
The day is getting closer. On the 1st of May 2022, The Nigerian Defense Headquarters will announce the winner of its maiden Nigerian Defense Headquarters Ambassador Award (NDAA)
This year, the NDAA nominees were chosen from the creative arts industry.
According to the Chief of Defense Staff, Gen. Lucky Irabor, “The five nominees were chosen based on not only how they used their craft and performances to entertain a global audience; but how they positively inspired peace, love, and unity in Nigeria.”
Amongst those nominated for the award are - popular singing duo, P-Square; veteran actor, Richard Mofe Damijo; veteran actress and entrepreneur, Joke Silva; ace comedian, Ali Baba and Miss Nigeria 2021, Shartu Garko.
Nigerians will decide who wins this award by voting for their favorite celebrity. Voting will be easy and free through the www.dhqambassadors.org website.
The online voting will be opened to the public on Monday, February 14th, 2022.
The Nigerian Defense Headquarters will partner with the winner to create and execute some civil-military programs that will reduce conflict, promote fairness, improve peace, unity and grow love among Nigerian
CHIEF OF DEFENSE STAFF, GENERAL LUCKY IRABOR, TAKES BOLD STEP TO PROMOTE TALENTED MILITARY OFFICERS
Nigeria’s Chief of Defense Staff, Gen. Lucky Irabor, has taken an unusual but bold step to promote talented, younger military officers.
About 50 Patriotic Generals in the Army, Navy and Air force will now make their exit for younger officers whose growth was previously stunted by the logjam at the top.
Women rights group also report that the decision taken by Gen. Irabor has created the biggest opportunity in Nigeria’s history for women serving in the armed forces to climb the leadership ladder.
AnonPoet: A Lagos businesswoman has emerged the winner of one million naira Magic Million game. Mrs Oyewole Toyosi picked up her prize in Lagos this week and was beaming with smiles and gratefulness.
Jesu, when will I make my own first million bayi? I have bought enough tickets Have you ever won a lottery? How did you do it and how did you do it? I need to win too
The woman even won it while playing on her phone (must be like sports betting) abeg, i no do bet again. na lottery now
See as the woman dey even laugh. Abeg mynd44 lalasticlala Dominique, how I can I win the lottery in Nigeria
MainblockAngle: ‘You miss 100% of the shots you don’t take’ is a saying that resonates deeply with us here at EasyWin Lotto.
It is the foundational principle for our lottery draws; the shot of getting a ticket is what makes anyone a winner. In our latest draw for the ‘Magic Million’ jackpot game, a winner emerged!
Mrs. Oyewole Toyosi from Lagos State is our big winner from the special ‘Magic Million’ game that was recently concluded on EasyWin Lotto. Congratulations to Mrs. Oyewole Toyosi! The amazing win came in at the perfect time - on her birthday!
As she celebrated a brand new year of life, EasyWin Lotto topped up the joy with a fantastic win from the Magic Million jackpot. She emerged the winner of One Million Naira after participating in the ‘Magic Million’ Jackpot hosted on EasyWin lotto.
EasyWin Lotto has always emphasized the ease of betting from anywhere within the country, and on any gadget, a fact that our most recent winner has proven.
Mrs. Oyewole Toyosi was able to register on the EasyWin Lotto website from the comfort of her phone while running her Business in Shomolu, Lagos State. In no time at all, her account was fully set up and she was set to play exciting games and stake in amazing lottery games!
When the Magic Million lottery was announced, Mrs. Oyewole Toyosi saw it as an opportunity to win big without the stress of long queues at ticketing stations nor the chaotic and anxious wait of validating her eventual win. In an exciting outcome, her win was confirmed on her birthday - a double celebration! And you can also enjoy a special celebration with an amazing Christmas prize!
We are presenting an opportunity for you - yes, you - to win even BIGGER! Christmas is here, and the festive season is certainly a time to jolly! EasyWin is launching a special edition of the SCRATCH AND WIN lottery game.
The ‘Merry Christmas’ Scratch and Win special jackpot is set to be one of our BIGGEST WINS on EasyWin. You stand a chance to win N5 MILLION NAIRA with a ticket of just N500 Naira this festive season.
Our ‘Merry Christmas’ Special Jackpot is a unique winning opportunity for all players. Taking a shot at this jackpot offers a better chance than any lotto ever! Players stand the chance of winning multiple cash prizes and an ultimate prize of N5 Million Naira!
Same as always, all you need to play the game is to visit any EasyWin or Opay store near you.
If you wish to play online, head over to our website at www.easywin.ng and set up your account. It is quick and easy! Once your account is set up, all you have to do is play the special ‘Merry Christmas’ Scratch and Win game.
Also, EasyWin is currently welcoming new agents. Are you interested in being part of our winning story? Then join us today by applying at www.easywin.ng/agent or send your name, contact information and State of residence to agents.application@easywin.ng.
Once again, the entire team at EasyWin Lotto congratulates Mrs. Oyewole Toyosi on her One Million Naira win in the just-concluded Magic Million Jackpot!
Remember, you too can be a winner this Christmas! The Merry Christmas Jackpot is proudly sponsored by EasyWin Lotto -where everyone's a winner!
MainblockAngle: ‘You miss 100% of the shots you don’t take’ is a saying that resonates deeply with us here at EasyWin Lotto.
It is the foundational principle for our lottery draws; the shot of getting a ticket is what makes anyone a winner. In our latest draw for the ‘Magic Million’ jackpot game, a winner emerged!
Mrs. Oyewole Toyosi from Lagos State is our big winner from the special ‘Magic Million’ game that was recently concluded on EasyWin Lotto. Congratulations to Mrs. Oyewole Toyosi! The amazing win came in at the perfect time - on her birthday!
As she celebrated a brand new year of life, EasyWin Lotto topped up the joy with a fantastic win from the Magic Million jackpot. She emerged the winner of One Million Naira after participating in the ‘Magic Million’ Jackpot hosted on EasyWin lotto.
EasyWin Lotto has always emphasized the ease of betting from anywhere within the country, and on any gadget, a fact that our most recent winner has proven.
Mrs. Oyewole Toyosi was able to register on the EasyWin Lotto website from the comfort of her phone while running her Business in Shomolu, Lagos State. In no time at all, her account was fully set up and she was set to play exciting games and stake in amazing lottery games!
When the Magic Million lottery was announced, Mrs. Oyewole Toyosi saw it as an opportunity to win big without the stress of long queues at ticketing stations nor the chaotic and anxious wait of validating her eventual win. In an exciting outcome, her win was confirmed on her birthday - a double celebration! And you can also enjoy a special celebration with an amazing Christmas prize!
We are presenting an opportunity for you - yes, you - to win even BIGGER! Christmas is here, and the festive season is certainly a time to jolly! EasyWin is launching a special edition of the SCRATCH AND WIN lottery game.
The ‘Merry Christmas’ Scratch and Win special jackpot is set to be one of our BIGGEST WINS on EasyWin. You stand a chance to win N5 MILLION NAIRA with a ticket of just N500 Naira this festive season.
Our ‘Merry Christmas’ Special Jackpot is a unique winning opportunity for all players. Taking a shot at this jackpot offers a better chance than any lotto ever! Players stand the chance of winning multiple cash prizes and an ultimate prize of N5 Million Naira!
Same as always, all you need to play the game is to visit any EasyWin or Opay store near you.
If you wish to play online, head over to our website at www.easywin.ng and set up your account. It is quick and easy! Once your account is set up, all you have to do is play the special ‘Merry Christmas’ Scratch and Win game.
Also, EasyWin is currently welcoming new agents. Are you interested in being part of our winning story? Then join us today by applying at www.easywin.ng/agent or send your name, contact information and State of residence to agents.application@easywin.ng.
Once again, the entire team at EasyWin Lotto congratulates Mrs. Oyewole Toyosi on her One Million Naira win in the just-concluded Magic Million Jackpot!
Remember, you too can be a winner this Christmas! The Merry Christmas Jackpot is proudly sponsored by EasyWin Lotto -where everyone's a winner!
‘You miss 100% of the shots you don’t take’ is a saying that resonates deeply with us here at EasyWin Lotto.
It is the foundational principle for our lottery draws; the shot of getting a ticket is what makes anyone a winner. In our latest draw for the ‘Magic Million’ jackpot game, a winner emerged!
Mrs. Oyewole Toyosi from Lagos State is our big winner from the special ‘Magic Million’ game that was recently concluded on EasyWin Lotto. Congratulations to Mrs. Oyewole Toyosi! The amazing win came in at the perfect time - on her birthday!
As she celebrated a brand new year of life, EasyWin Lotto topped up the joy with a fantastic win from the Magic Million jackpot. She emerged the winner of One Million Naira after participating in the ‘Magic Million’ Jackpot hosted on EasyWin lotto.
EasyWin Lotto has always emphasized the ease of betting from anywhere within the country, and on any gadget, a fact that our most recent winner has proven.
Mrs. Oyewole Toyosi was able to register on the EasyWin Lotto website from the comfort of her phone while running her Business in Shomolu, Lagos State. In no time at all, her account was fully set up and she was set to play exciting games and stake in amazing lottery games!
When the Magic Million lottery was announced, Mrs. Oyewole Toyosi saw it as an opportunity to win big without the stress of long queues at ticketing stations nor the chaotic and anxious wait of validating her eventual win. In an exciting outcome, her win was confirmed on her birthday - a double celebration! And you can also enjoy a special celebration with an amazing Christmas prize!
We are presenting an opportunity for you - yes, you - to win even BIGGER! Christmas is here, and the festive season is certainly a time to jolly! EasyWin is launching a special edition of the SCRATCH AND WIN lottery game.
The ‘Merry Christmas’ Scratch and Win special jackpot is set to be one of our BIGGEST WINS on EasyWin. You stand a chance to win N5 MILLION NAIRA with a ticket of just N500 Naira this festive season.
Our ‘Merry Christmas’ Special Jackpot is a unique winning opportunity for all players. Taking a shot at this jackpot offers a better chance than any lotto ever! Players stand the chance of winning multiple cash prizes and an ultimate prize of N5 Million Naira!
Same as always, all you need to play the game is to visit any EasyWin or Opay store near you.
If you wish to play online, head over to our website at www.easywin.ng and set up your account. It is quick and easy! Once your account is set up, all you have to do is play the special ‘Merry Christmas’ Scratch and Win game.
Also, EasyWin is currently welcoming new agents. Are you interested in being part of our winning story? Then join us today by applying at www.easywin.ng/agent or send your name, contact information and State of residence to agents.application@easywin.ng.
Once again, the entire team at EasyWin Lotto congratulates Mrs. Oyewole Toyosi on her One Million Naira win in the just-concluded Magic Million Jackpot!
Remember, you too can be a winner this Christmas! The Merry Christmas Jackpot is proudly sponsored by EasyWin Lotto -where everyone's a winner!
TVC Communications Partner with P&G to Commemorate 2020 Child Health Day
To commemorate the 2020 Child Health Day, Africa’s foremost media company, TVC Communications; owners of TVC, TVC News, Max FM (Lagos & Abuja) & Adaba FM in partnership with Procter & Gamble recently donated Pampers Baby Diapers to post-natal mothers at Nigeria’s biggest Maternity Hospital in Lagos; Ayinke House Maternity Hospital, Ikeja Lagos, Nigeria.
Giving insight about the donation, the Chief Executive Officer of TVC Communications, Andrew Hanlon, said the commemoration of the Child Health Day is in line with the company’s commitment to ensure that it reaches the underprivileged in the society and create awareness on the need to promote child development and growth.
He urged mothers across the country to look into the welfare and inherent potential of their children by paying keen attention to their health as they remain the hope of the future.
Andrew Halon says “Our commemoration of the Child Health Day and donation to post-natal mothers at Ayinke House Maternity Hospital is one of the various CSR activities that we are using to drive community impact while also raising awareness about how to support families in our communities with a happy, healthy, and safe experience for all children.”
Receiving the TVC Communications delegates during the visit to Ayinke House, Chief Medical Director of the Lagos State University Teaching Hospital, (LASUTH), Prof. Tokunmbo Fabanwo commended TVC Communications for the initiative. He said “This show of corporate responsibility is rare amongst corporate organizations. According to our protocols here at the hospital, the CMD only receives important guests and I am glad to receive all delegates of TVC Communications. We appreciate your company for coming together to donate to our postnatal mothers here at the maternity hospital.’’
In an interview with one of the beneficiaries of the Pamper baby diapers, Mrs. Adeyanju (a post-natal mother) she shares her story on the safe delivery of her child and also thanked TVC for the donation. In her words; ‘Firstly, I thank God for safe delivery, for my baby and for the fact that I am alive. I thank God for bringing TVC Communications around to surprise us with the baby diapers. I am very appreciative and I am grateful for being a part of this experience.’
The TVC Communications CSR initiative is built on three pillars; Education Sustainability, Child Welfare & Health and Environmental Sustainability.
Our Education Sustainability will see TVC Communications provide basic education to the less privilege children in the community. We are adopting a school within our community and we will be sending 50 kids to primary school every year.
Our Environmental Sustainability is our demonstration towards our immediate environment. We clean some strategic places in our community every quarter to help reduce the negative impact of waste on the environment.
Our Child Welfare & Health is our way of promoting child development and growth. We are partnering with other corporate organizations to drive conversations across the country on the need to look into the welfare and inherent potential of our children’s health and welfare.
Presently, we have started recycling our cans, papers, and bottles in the office and our idea is to tie this back into our CSR initiative (Education Sustainability) by using the funds acquired from recycling to send kids to school.
Ultimately, we believe our CSR initiative will help improve access to education, reduce pollution, promote child welfare and health, promote good environmental practice of recycling and economic growth, and also reduce the rate of indiscriminate disposal of PET bottles and cans.
Hi guys so even though our children have been out school for a while now and we have been faced with the challenge of getting them in tune with their academics, a renowned children's book author, Bunmi Aboderin Talabi is organizing this year's Akada Children's Book Festival to be held online.
So, parents and guardians, you can head straight here: /akadafestivalfree to register so that your kids can get to participate in this amazing children festival coming up on the 30th and 31st of October.
Your kids will love it and they will join other wonderful kids across the globe as they learn new nursery ryhmes and other fun songs for children which will be played between sessions during the festival. Trust me your kids will love it.
And yes it is free of charge. just register now /akadafestivalfree
WHY YOU SHOULD ATTENT THE VIRTUAL AKADA CHILDREN’S BOOK FESTIVAL 2020 – Clever clogs books
After a successful first edition in 2019, Clever Clogs Books has concluded plans to host the second edition of the Akada Children’s Book Festival (ACBF) from Friday 30th through Saturday 31st October 2020, online.
Last year’s event which was held in partnership with the British Council took place at the council’s premises in Lagos with more than 1000 attendees participating in what is now recognized as Nigeria’s first book festival specially dedicated to children.
This year, the ACBF will welcome children, children’s book authors, illustrators, parents, teachers as well as other key stakeholders in children’s literature and education to what is now recognized as Nigeria’s largest children’s book festival. The ACBF features books written for readers from infancy to teenage years. The festival is a showcase of children’s books written by African authors, or books written by authors from around the world for a diverse audience of children.
The 2020 event which will be held online this year, will educate, inspire, and entertain children and adults alike. Ample opportunities for reading along; singing along and dancing along have been created for young and old. With book readings, mini-workshops, information sessions for parents; pop quizzes; comedy for children, and happy tunes, the whole family is catered for during the festival. Event details are as follows; Date: Friday, 30th-Saturday, 31st October 2020 Venue: Online
Day 1 of the festival will feature professional workshops for children’s book writers, illustrators, aspiring writers, and publishers.
On Day 2, Saturday, October 31st, there will be author book readings; Book Chats; Giggle Box; Happy Tunes; Story Time; Pop Quizzes and Prizes; fun workshops for children, and insightful sessions for parents and teachers.
Insights Discovery®, is a world-leading diagnostic tool that uses a simple and accessible four-color model, Fiery Red, Cool Blue, Sunshine Yellow and Earth Green, to help people understand their own personalities as well as their colleagues’ so that they can have more respectful, productive and positive working relationships, even across virtual boundaries. It provides learners the foundation of self-awareness they will need to be successful at whatever they do.
H.C. Bonum is a leading Insights Discovery Distributor and Licensed Practitioner in Africa. For the past decade, we have worked with clients in different industries to enhance leadership capabilities, team dynamics and corporate culture leveraging Insights Discovery® Learning Systems and Personal Profiles.
About our “Self-Awareness” Masterclass Training
The Self awareness training will help individual have a better understanding of their own unique personality traits, and how these elements can ultimately influence their behavior and relationships as well as how they can address issues and ultimately improve their efficiency and productivity.
In this session, participants will leave with the necessary tools to evaluate their environment and maximize relationships by identifying tendencies/biases and knowing how to address them adequately so they can improve collaboration and have a simple language to help them overcome challenges and conflict.
Join the H.C. Bonum Virtual Masterclass session this September.
Date and Time: 30th of September, 2020
Time: 12:00pm-3:00pm
Link for registration: /hcbonummasterclass
Cost: N55,000
For more enquiries, please call: +234 809 945 0062
CBN vs NESG: The CBN's Communication Failings in Full Glare Again
The dramatic and inept response of the CBN to issues raised by the NESG is the latest showcase of the dramatic fall in standards at the important but failing institution
By Adedayo Bakare
This a detailed read on the CBN’s poor communication of issues and its costly policies. The first section traces CBN’s poor crisis management between 2015 and 2017, which is similar to its COVID-19 response. The last section focuses on its weak response to the NESG in light of the institutions’ recent publication on issues facing the Nigerian economy. Skip to the sections you want. Pardon errors, rushed and unedited.
Earlier in the year, when the impact of COVID-19 was becoming evident, I wrote a thread on how the biggest challenge facing us would be CBN’s communication problem and policies. I have been mostly correct.
This prediction was not because I was smart or could see the future. It is simply what you expect from a Bank that has left a trail of communication failings in its wake in the past five years. History might not the best predict the future, but with the current CBN, the thinking seems stuck in the past with no room for new learning.
The CBN said there would be no devaluation only to devalue some days later. The Bank has also attacked importers, exporters and BDC operators. This is a playbook from the past and bad policies seem to be on a timeless loop.
A Communication Disasterclass between 2015 and 2017
Before I go into the CBN’s latest tantrums about NESG’s 15-point highlight of issues facing Nigeria, let me talk about the trail of CBN’s communication problems during the last crisis between 2015 and 2017.
In February 2015, Premium Times talked about the widening premium at the parallel market after the devaluation in September 2014 was below market expectation. The paper also wrote about how foreign investors, in this case, JP Morgan, complained about illiquidity in the FX markets that deterred the entry and exit of foreign investors. JP Morgan had threatened to delist Nigeria from its index, which emerging market investors looked at before making decisions. The CBN responded to both issues, it was important to do so due to capital flows. The CBN Governor stated that the Bank would do everything possible to prevent delisting. In the same month, the CBN devalued from N169/$ to N197/$.
Post-2015 elections and after two devaluations (November 2014 and February 2015) driven by the oil price crash in mid-2014, the CBN later decided that a devaluation was a bad thing to do. In the linked article, the position of the President and Vice-President, people who should have no control over monetary policy, was used as justification by the CBN. This reduced liquidity in the market and the Bank implemented capital controls (policies that made it difficult for investors to bring in USD and exit).
Much later, JP Morgan eventually delisted Nigeria. In classic fashion, the CBN which took measures to prevent an exit, worked with the DMO to release a bombastic circular on how that delisting meant nothing and would have no impact. Much later, the impact would be seen in the record moderation in capital importation into Nigeria as foreign investors turned away. The only other time Nigeria has had worse investment numbers is this year, no thanks to COVID-19 and the CBN’s poor response.
As economic conditions worsened despite the CBN talking down a devaluation, blaming speculators and importers, sponsoring tweets to attack analysts on Twitter and cutting down trees to stem the fall in the currency, the Bank eventually devalued mid-2016 and in early 2017. In early 2017, the CBN created the I&E window to entice foreign investors that they claimed did not matter less than two years earlier. Between 2017 and 2019, the CBN destroyed its balance sheet by selling securities to this same foreign investors to attract USD flows.
From going against a devaluation and peddling myths against a devaluation, the CBN adjusted from N197/$ to N365/$ in two years. All along the way, communication was poor and inconsistent and the consequences were dire. Doctors are some times jailed for malpractice, not policymakers who spread poverty and destroy businesses.
CBN’s Tantrums at NESG’s Take on Recent Economic Challenges
Now to the important issue. I am sure most of us have read the NESG’s take on recent issues in Nigeria. This was a very measured consideration of issues facing Nigeria and I am surprised by the CBN’s sensational reaction which would be hilarious if not sad. The quality of the response and the language were disappointing, to say the least. In the following paragraphs, I will walk you through the CBN’s poor understanding of issues and deliberate misrepresentation of facts.
The CBN says analysts expected a decline in GDP of 7.4% in Q2 but the actual was better at -6.1% due to their measures. This is hilarious because the same CBN expected (PDF: Page 3, last second to the last paragraph) a contraction of just 1.03%. So why is the CBN praising itself for a contraction of 6.1% when they expected a decline of just 1.03%?
Also, the CBN tried to imply that Nigeria did well because SA’s GDP declined by 52% in Q2. What the CBN did not mention was that SA calculates its growth numbers differently. If you assume the same methodology as Nigeria’s, SA’s performance was a decline of around 17%, still bad but obviously way off 52% innit?
Finally, it was convenient that the CBN chose countries doing much worse. There are countries likely to have outperformed Nigeria in Q2 - peers such as Ghana, Kenya and Egypt.
You don’t need to be smart to see this as pure nonsense. Who takes credit for disbursing N59.1bn to households and businesses in a country where consumer spending is N107.7tn annually and the contribution of SMEs exceeds 50% (over N70.0tn) of GDP? The Bank’s intervention is clearly too negligible to have an impact, nice try though.
On the Inadequacy of Monetary Disbursement to Farmers
This shows the CBN is disconnected from the reality of the average Nigerian, nor do they take notice of facts available. The latest price watch of the NBS (see image below) as of July 2020 shows that Nigeria is indeed in the middle of a food crisis. Or how else do you justify these price changes over a one year period? Food insecurity in Nigeria is similar to what is obtainable in war-torn countries, I wrote about it here a year ago. It’s getting worse. One would expect a CBN with an inflation target of 6-9% to know better in a country where inflation is 12.8% and rising.
The Bank made a fair point in stating that one way in which it could support farmers was in the area of funding. However, what makes the Bank think it’s interventions are working if other critical issues have not been resolved? Why are they using money to fix a multifaceted problem and then claim the credit? Just last week Bloomberg reported that floods have wiped off around 25% of rice harvest. https://i0.wp.com/www.gistreel.com/wp-content/uploads/2020/09/nesg-4.png?resize=597%2C822&ssl=1
On NESG’s claim that the lending process is not ideal, the CBN noted that there was adequate due diligence and pricing of risk. This is not honest. Many farmers claim not to have received disbursement. Some complain that disbursement is usually slow and after the planting season. And for those with access, the farmers have failed to repay back the loans disbursed under the Anchor Borrower’s Programme, for instance. Premium Times, Business Day and Guardian have all reported it extensively. So why is the CBN claiming that it is a successful programme when loans are not properly disbursed and they are mostly not repaid?
Beyond agriculture, even the COVID-19 support offered to businesses and households through Nirsal was disbursed through a poor lending process. There are beneficiaries who allegedly never submitted complete documents but received credit alerts! There is a problem with the CBN’s approach to development financing and there is no evidence that it works.
In an economy with needs for new sources of FX other than from oil, why is it reasonable to ban exports to neighbouring countries? When did it become economic sabotage to export products? A lot of Nigerian manufacturers have been affected by the closure of land borders, including those importing raw materials needed for finished goods that are exported.
Then why should the desire to block “harmful and illicit trade” affect “genuine” ones? In what planet does it make sense to impose a 70% tariff on a staple such as rice and also restrict FX for its import? Yet with all these anti-trade policies, if local rice production is still not competitive, shouldn’t this bring about a new approach?
What is clear is that it doesn’t make sense to create barriers to imports when domestic production is grossly inadequate. We have seen it with rice, it is also now evident with poultry products, as the CBN’s decision to stop selling FX to maize importers is creating problems.
On the Lack of Clarity on FX, and poor FX Management
CBN’s management of the FX crisis has not inspired confidence. The failure to adopt a timely adjustment of the exchange rate in the face of reduced FX availability has resulted in a wide premium at the parallel market. The CBN also stopped sales to BDCs and the I&E FX window - what is supposed to be the market-reflective segment - since March 2020. In a market with weak supply and many prices (exchange rates) which create the room for arbitrage, it shouldn’t be hard to see how FX allocation would be inefficient and how economic activities would be disrupted. https://i2.wp.com/www.gistreel.com/wp-content/uploads/2020/09/nesg-8.png?resize=618%2C309&ssl=1
What the NESG alluded to was the challenges with low-interest rates or yields (treasury bills and bonds) in Nigeria, with rates on treasury bills around 2-3% and significantly below inflation at around 12.8%. In a country where the currency is losing value, this will result in loss of confidence and saving becomes less attractive to businesses and consumers. However, a high level of domestic saving is needed to boost investment and growth. Similarly, in a country with no safety nets, a negative real return (inflation > interest rates) would affect pension returns and the welfare of retirees in the future.
Yet the content of the above image is what the CBN offered as an explanation, redirecting the conversation to its recent policy which reduced interest rate on savings deposits. To be clear, the interest rate on savings deposits has always been poor relative to inflation. Before the latest change to 10% of MPR (the benchmark interest rate for the country) which is 1.25%, it was a minimum of 30% of MPR which was 3.8%. The rate was 4.2% between 2016 and 2020 when MPR was 14.0% while inflation averaged >13.0%. That clearly isn’t the point.
The CBN’s claim that because saving must equal investment, deposits must then be close to loans is a reach. The saving must equal investment equation, in theory, is for a closed economy. While our land borders are shut, we are not a closed economy. Saving in that context is also not the same as deposits, nor can loans be close to investment. Saving refers to the part of your income that is not consumed. If I borrow money from Wema Bank and deposit in GTB, does that count as saving too just because it is a deposit? Loans can be for all sorts of uses. It can be used to pay salaries, buy gadgets, purchase clothes, buy machinery, among other uses. But investment is actually spending on durable goods with uses beyond a year. How then should loans be close to investment?
Still on the Bank claims that total deposits should be close to total credit. Well, how will this be possible if the mandatory CRR (share of deposits kept with the CBN) is 27.5% while the actual CRR has recently surpassed 50.0% due to arbitrary debits?
This has been a long read and I am going to stop here. Clearly, the CBN chose to be sensational rather than react sensibly to the issues raised by the NESG. The CBN demonstrates a poor understanding of issues and tries to mislead with its response to the NESG. There were many other valid issues raised that were unaddressed. Without a doubt, competent people are needed at the CBN.
Everything seems over for Oshiomhole and Ize-Iyamu in Edo State as their last desperate attempt to truncate the will of Edo People meets with vehement resistance.
Statistics from the opinion poll sponsored by an acclaimed 'godfather' of Lagos politics and a certain Benin billionaire, has shown that the APC cannot get beyond 23% of total vote cast in the forthcoming gubernatorial election in Edo State, due to the putrid and ragged political reputation of the APC candidate, Pastor Osagie Ize-Iyamu, amongst the Edo populace, which no amount of image laundering and reputation managers can launder.
Even more worrisome to the Ize-Iyamu camp are the concluding results of their campaign call centre which pegs their number of positive responses at 21%, that is if the figure was not inflated by them; as they have been known in the not too distant past to rig a primary election that had no opponents. These preelection results have sent electrifying shiver and panick down the spines of the Oshiomhole-ze-Iyamu camp.
With the reality of an impending and inevitable defeat staring them in the face, and with the ghosts of their atrocities haunting their inactive conscience, they decided to hatch this last failed plan to illegally inaugurate another House of Assembly, with an imported Mace from Imo State, in a desperate attempt to impeach the Speaker of the Edo State House of Assembly alongside the Governor, with the backing of the alleged or so-called Abuja police, and thus install Victor Edoro as New Speaker and acting Governor of Edo State.
This to the people of Edo State, was an outright insult on their sensibilities and an attempt to outrightly truncate democracy and legitimate governance with illegality, and Edo people, in a bid to resist the aspiring godfathers and take their knees off their necks, converged at the State House of Assembly; the Anthony Enahoro Complex, at Kingsquare, Benin, to defend the integrity of their nascent democracy and the revolutionary governance which is currently taking over the Nigerian political terrain with Godwin Obaseki as the propelling force.
It did not matter to these political actors if the House of Assembly Complex was currently under renovation, they were willing to sit anyway and install an illegal speaker and Governor, in a country governed by a constitution. It is time President Muhammadu Buhari called these political comedians led by the Oshiomhole-Ize-Iyamu union to order.
Edo people more than ever are now ready to defend the freedom and rights which Democracy and the Nigerian constitution offer, as they are willing and capable of resisting any attempt to enthrone impunity and civil unrest, and uphold the sacrosanctity of the Nigerian Constitution.
Edo people have proven once again that they will defend to the last man an attempt by the Edo State EPM faction of the APC, led by Adams Oshiomole and a Benin billionaire, to destroy the hard earned Democracy they engendered by voting Governor Godwin Obaseki in 2016. As we write, Edo people have all relocated to the premises of Edo House of Assembly, EDHA, to defend democracy, because Oshiomole and the said billionaire had planned today to take over the Assembly Complex forcefully and throw Edo State into political anarchy by bringing in some strangers to announce a purported impeachment of the Governor. An impeachment that exist only in the figment of their lawless imaginations.
The plan was hatched in the Aiguobasimi house of a Benin billionaire, and presided over by Oshiomole. It had in attendance: Oshiomole, Ganduje, Tinubu 's aide and the billionaire. The plan was a frenetic and desperate reaction to the opinion poll carried out by these people to assess the chances of their factional candidate for the September election. The opinion poll was sponsored by Bola Tinubu, a lover of opinion polls. But this time they found out to their shock and embarrassment that their candidate could not score beyond 21%. So they panicked, especially as pictures and reports from Edo North showed that the Governor was raking in all the support from would be voters there. So as a last ditch effort, they hatched the plan.
Their only option was to resort to lawlessness and violence. They invaded the hallowed chambers of EDHA to cause all sorts of violence and mayhem. They had already contracted, Governor Uzodinma of IMO State to bring a fake Mace down to Benin, which they thought they could smuggle in to hold a kangaroo sitting with their lions and tigers keeping watch, and then go ahead to say they have impeached Obaseki. It must be noted that the EDHA is under renovation right now, but that did not matter to Adams Oshiomole, whose desperation has reached feverish pitch and, who, like a thief in the night sneaked in, when the Governor was away campaigning to strengthen our Democratic process, to truncate that same democracy. It's a shame.
But happily, Edo people are there now defending democracy. The question they are asking is why is Oshiomole importing strangers , like Tinubu and Uzodinma to come and cause chaos in Edo State? Why is it that everywhere Edo EPM and its factional candidate go, violence and anarchy are on their trail? First, it was the Oba's palace and now,, it is the EDHA. Why are these trouble makers troubling our State? But we will resist them. Edo is NOT Lagos!
Elose11: FLASHBACK: How Oshiomhole Removed Edo Assembly Roof As Governor
FLASHBACK: How Oshiomhole Removed Edo Assembly Roof As Governor By Tayo Olu on August 6, 2020 A recurrence of an event that took place in 2014 during Adams Oshiomhole’s tenure as Edo State governor played out on Thursday after the police invaded the state’s assembly complex.
The roof of the Chief Anthony Enahoro Complex was removed on Thursday in an apparent bid to prevent what was described as “forceful takeover” of the state assembly by some yet-to-be sworn in members of the house.
Obaseki had accused Oshiomhole, who is his predecessor, and Imo State Governor, Hope Uzodinma, of being behind the police invasion of the assembly complex but did not back up his claim with evidence.
The governor, who spoke to BBC Pidgin through his media aide, Crusoe Osagie, alleged that the plan was to give access to the members who were yet to be sworn in to inaugurate a “parallel House of Assembly” in the state.
– Removal Of Edo Assembly Complex Roof In 2014-
Oshiomhole, who until recently was the National Chairman of the All Progressives Congress (APC), had admitted to ordering the removal of the Edo Assembly roof to prevent his impeachment in 2014.
The former APC chairman stated this at the party’s National Presidential Convention in 2018, while commending President Muhammadu Buhari for “being too mild” on the opposition compared to past administrations.
Oshiomhole had said: “As a sitting governor then, I was denied the use of a public airport.
”Mr President, sometimes I feel you are too mild. I was under threat of impeachment, I had to remove the roof of my State House of Assembly in order to survive.
“One of your predecessors used seven people to remove a sitting Governor. I am, however, not in anyway suggesting that you do the same,” he said.
ajibola1979: Covener of Human Rights group, Concerned Nigerians, Deji Adeyanju, says Adams Oshiomhole masterminded the ddeployment of police officers to Edo State House of Assembly on Thursday. It was learnt that the premises of Edo State House of Assembly on Thursday morning was besieged by men of the Nigeria police force. Rumors had it that some elected House members who are on the side of the All Progressive Congress, APC, and allegedly loyal to the former party chairman, Adam Oshiomole had perfected plans for sitting at the assembly complex which is currently under renovation.............................
In 1979, the late music maestro and indomitable proponent of Ozzidism musical genre King Sunny Okosun released the album entitled “Papas Land”. As a young student then, I was captivated by the lead track of the album, “We want to know who owns the land”. More than the pulsatingly irresistible beat of the track, it was the bold and audacious inquisition of the lyrics that won my loyalty.
Now, forty-one years later, the immutability of Sunny Okosun’s lyrics has been confirmed, no thanks to the crude and rude attempt by enemies of our fledgling democracy to invade the hallowed premises of the Edo House of Assembly with the aid of thugs (the now infamous lions and tigers) and an illegally deployed detachment of Nigeria’s Federal Police.
This nocturnally hatched plot is allegedly the handiwork of key elements within the rudderless opposition All Progressive Congress, A.P.C under the tutelage of the grand old puppeteer, Adams Oshiomole with active support and funding from the Bourdillon coven.
This despicable act is desperation taken too far. Politics and governance should be for the purpose of enhancing the lives and livelihoods of the people. In Edo State, a miniscule cabal of avaricious politicians has held onto the reigns of power, forsaken development agenda and embraced mediocrity, buffoonery and primitive accumulation.
The September 19th election is therefore an opportunity to reshapen democracy and reengineer governance. It is a contest between an elite political establishment and the mass of Edo people.
The strident call on the Federal government and the Independent Electoral Commission, INEC, to ensure a free, fair and credible election in Edo State is timely and imperative. The response of Edo people, so far has demonstrated their resolve to jettison the shenanigans of the past and actualize their destiny