₦airaland Forum

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Lagos, Nigeria and Nairobi in Kenya are among the most popular 2018 non-European summer holiday destination searches for Brits, according to new research released yesterday, by Kayak.co.uk.

The popular travel site revealed growing preference for African destinations over Las Vegas, United States; Sydney, Australia; or Cancun, Mexico. The implication, according to travel experts, is additional traffic and revenue for operating local and international airlines, coupled with gains for top drawer hospitality businesses.

The site analysed searches made by Brits for holidays beyond the continent in July and August, and discovered that demand for trips to Nairobi are up 156 per cent – and to Mombasa on the Kenyan coast by 181 per cent.

Lagos isn’t far behind – searches for trips to this city have shot up 96 per cent, compared to 2017.Lagos has also made huge strides, jumping from 31st place to 13th when it comes to overall demand. And Johannesburg is up one place from 22nd to 21st.

The analysis only came from one search site – Kayak.co.uk – and so did not include actual bookings, but still, the surge in searches for these African cities is significant.

Kayak.co.uk said Nairobi had shot up the rankings in popularity (judged by searches) from 48th in 2017 to 15th in 2018. Demand for trips to Mombasa has nearly tripled in just one year.

It is now Britain’s 44th most popular international holiday destination for this summer – just behind Cape Town – having previously not featured close to the top 100.

Neil Cartwright, travel expert at Kayak.co.uk, said: “Internationally, there has been a huge shift towards the Subcontinent as well as Africa – the increase in demand for Kenyan destinations in particular is quite sensational.

The top three most popular non-European destinations for Brits are New York, Orlando (both in the U.S.), and in third place is Colombo in Sri Lanka, with its tourism boom continuing after decades of civil war.

Manila in the Philippines, meanwhile, has also stormed into the top 10, and is now the sixth most popular international holiday destination, with a year-on-year increase of 69 per cent.

India also saw solid gains in demand, with Chennai up 57 per cent and Mumbai up 30 per cent.

In Europe, the two biggest trends for this summer are the resurgence of Turkey, and the increasing popularity of Eastern Europe.Istanbul has seen demand increase by 114 per cent this summer compared to last year, rising from the 29th most popular European destination to eighth.Meanwhile, Antalya in Turkey has seen demand increase by 92 per cent, climbing to 19th place, having previously been out of the top 50.

https://www.financialdigest.com.ng/industry/travel-tourism/

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-FG targets second quarter of 2018
-NLC insists on N66,500

The Nigeria Labour Congress (NLC), yesterday, insisted that all employers across the country must pay the proposed minimum wage. Its president, Ayuba Wabba, said the payment would no longer be restricted to employers that have 50 workers or above. He also stated that the labour movement would resist renegotiation of the wage by state governments or employers in the private sector.

Quote: “We have also proposed that the minimum wage law should apply to all workers and not be restricted only to establishments with 50 workers and above. We have also demanded that there should be minimum pension for our retired workers and senior citizens who currently, in some cases, are receiving N2000 as monthly pension. We insist that once the Minimum Wage Act is signed into law, all employers in public and private sectors must pay at once. We shall stand with those willing to pay more than the minimum. We shall resist any move to renegotiate the minimum wage at any level,”

Vice President Yemi Osinbajo promised at the 2018 May Day celebration in Abuja, yesterday, that the Federal Government will expedite action to ensure that a new minimum wage is ready by the second quarter of the year.

The VP declared: “The argument for a national minimum wage cannot be faulted, because minimum wage is the minimum amount of compensation an employee must receive for putting in his or her labour. And as such, should be anchored on the principles of social justice, equity, and fairness. We believe that those who can pay above the social protection floor are free to do so, as many have been doing in many states and sectors of the economy,”

He was hopeful that the “Tripartite Committee, comprising government, labour, and the private sector, will expedite its assignment, to enable the Federal Government to present an executive bill on a new national minimum wage to the National Assembly for passage into law, as soon as possible. In the meantime, the Federal Government and the state governments will continue to work together to improve the conditions of workers across the country.”

The NLC president, Wabba urged the Federal Government to ensure federal allocations are not released to states and local governments that refuse to implement the new wage, warning: “We are battle-ready against public and private organisations that would refuse to conform to the new minimum wage. At our disposal is the power of our votes! We shall ensure that governments that refuse to pay the new minimum wage will not receive the support of the working class, pensioners and their families.”

He argued that the N66, 500 being demanded by labour as national minimum wage would at best meet only the basic needs of the average Nigerian worker, if inflation is kept at a single digit.

https://www.financialdigest.com.ng/blog/2018/05/02/all-private-sector-employers-must-pay-the-proposed-minimum-wage-nlc/

Nfora:
Facts are sacred:


History of fuel price increases in Nigeria
Gowon, 1973: 6k to 8.45k (40.8%)
Murtala, 1976: 8.45k to 9k (0.59%)
Obasanjo, October 1, 1978: 9k to 15.3k (70%)

Shagari, April 20, 1982: 15.3k to 20k (30.71%)
Babangida, March 31 1986: 20k to 39.5k (97.5%)
Babangida, April 10 1988: 39.5k to 42k (6.33%)
Babangida, January 1, 1989: 42k to 60k Private vehicles.

Babangida, December 19, 1989: moved to uniform price of 60k (42.86%)
Babangida, March 6, 1991: 60k to 70k (16.67%)
Shonekan, November 8, 1993: 70k to N5 (614%)

Abacha, November 22,1993: petrol price drops from N5 to N3.25k (-35%)
Abacha, October 2,1994: N3.25k to N15 (361.54%)
Abacha, October 4,1994: price drops from N15 to N11(-26.67%)

Abubakar, December, 20, 1998: N11 to N25 (127.27%)
Abubakar, January 6,1999: N25 to N20 (-20%)

Obasanjo, June 1, 2000: N20 to N30 (50%)
Obasanjo, June 8, 2000: Petrol price reduced to N22 (-10%)
Obasanjo, January 1, 2002: N22 to N26 (18.18%)

Obasanjo, June to October, 2003: N26 to N42 (23.08%
Obasanjo, May 29, 2004: N50 (19.05%)
Obasanjo, August 25, 2004: N65 (30%)

Obasanjo, May 27, 2007: N75 (15.38%)
Yar’Adua, June 2007: N65 (-15.38%)
Jonathan, January 1, 2012: between N138 to N250 (112.31 to 284.62%)

https://www.nairaland.com/845722/history-fuel-price-increases-nigeria

Indeed,facts are sacred..

3 yrs APC is just about to exit its learning curve.Its blunders and fumbling are normal for new leadership.

The only way forward now is progress.

No need to change APC atleast for now,we need some stability in governance. PDP had 16 stable yrs. Want to bring them back just now?

Like the OP said,the battle for now is between APC and PDP.

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Nigeria had attracted not less than $17.88 billion in investments, to 32 projects across many states in the first quarter of 2018.This was declared in a report just released by the department of strategic communication, Nigerian Investment Promotion Council(NIPC).

The states include Lagos, Ogun, Niger, Gombe,Kano and others not disclosed in the report.

According to the report, the investments originated from the United Kingdom (50.3%), Unites States (13.2%), China (6.7%) and Switzerland (4.7%), among others, whilst local firms like Dangote, Hydropolis Nigeria Limited, Gateway Solar Power International Nigeria Limited, accounted for $4.21 billion or 22.5% of the total investments in the period.

Foreign firms accounted for the remaining 77.5%, including Royal Dutch Shell, General Electric, Chin Energy Engineering Corporation Ltd and Vitol Group.

Most of the investments were domiciled in the oil and gas sector, accounting for $12.9 billion or 72 per cent of the total volume. It was followed by the services sector with $4.5 billion or 25.3 per cent, while the manufacturing and agriculture sectors accounted for $440 million (2.5%) and $10 million (0.1%).



The report was based on only investment announcement cited in NIPC intelligence Newsletter, published from January to March, 2018.

https://www.financialdigest.com.ng/blog/2018/05/01/nigerian-states-attracted-17-88b-to-32-projects-in-q12018-nipc/

So channels TV too has joined the team of news twisters and fake headlines.

How do you reconcile the mischievous headline with the actual content?

“The problem of herders in Nigeria is a very long historical thing. The Nigerian herders don’t carry anything more than a stick and occasionally a matchet to cut down foliage and give it to their animals, these ones are carrying AK-47.''

Looted funds everywhere to de-market the fighter against corruption.


Rubbish

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The US president Donald Trump Monday said Nigeria has a reputation for “very massive corruption” but insisted that President Buhari’s fight against graft in Africa’s most populous country is commendable.

Both men were addressing a joint press conference after bilateral talks held at the White House.

“Nigeria has a reputation for very massive corruption. I also know that the President has been able to cut that down very substantially,” Trump said.


“We talked about that, he is working on it and they have made a lot of progress and I think they will continue to make a lot of progress.”


The American president said it was in the best interest of his country and American businesses present in Nigeria that Buhari’s anti-graft war succeeds.

Trump said, “We have a lot of people in this country that invests in Nigeria, so cutting down on that corruption element and a corrupt element is very important to us and the President will be able to do that.”

Apart from improved trade relations, Buhari is seeking support in the battle against Boko Haram extremists, who for nine years have attacked cities and towns in the country’s northeast, killing more than 20,000 people in a bloody quest to establish an Islamist state.

But Trump said he is also focused on the killings of Christians in Nigeria.

“We’ve had serious problems with Christians who have been murdered, killed,” Trump said, an apparent reference to the attack on April 24 on a church in central Nigeria, where 18 people, including two priests, were murdered.

“We’re going to work on that problem and working on that problem very, very hard,” Trump said

https://guardian.ng/news/trump-thumbs-up-buharis-fight-against-massive-corruption/

Some of the youths that are not doing anything,PMB referred to.

Redhot111:
Are u a witch? The damage APC did starting from their very 1st year in office is almost irreparable. Do u think pump price will ever return to #87 per litre? So u think a bag of rice will ever return to 8k? I will continue to swear 4 Buhari and APC even after voting them out.

Op wait ooo. So u dey hear the noise about APC epic failure abi? That shows I that u guys failed indeed. I said FAILED cos u guys are already in the past as far as I am concerned.

Facts are sacred:


History of fuel price increases in Nigeria
Gowon, 1973: 6k to 8.45k (40.8%)
Murtala, 1976: 8.45k to 9k (0.59%)
Obasanjo, October 1, 1978: 9k to 15.3k (70%)

Shagari, April 20, 1982: 15.3k to 20k (30.71%)
Babangida, March 31 1986: 20k to 39.5k (97.5%)
Babangida, April 10 1988: 39.5k to 42k (6.33%)
Babangida, January 1, 1989: 42k to 60k Private vehicles.

Babangida, December 19, 1989: moved to uniform price of 60k (42.86%)
Babangida, March 6, 1991: 60k to 70k (16.67%)
Shonekan, November 8, 1993: 70k to N5 (614%)

Abacha, November 22,1993: petrol price drops from N5 to N3.25k (-35%)
Abacha, October 2,1994: N3.25k to N15 (361.54%)
Abacha, October 4,1994: price drops from N15 to N11(-26.67%)

Abubakar, December, 20, 1998: N11 to N25 (127.27%)
Abubakar, January 6,1999: N25 to N20 (-20%)

Obasanjo, June 1, 2000: N20 to N30 (50%)
Obasanjo, June 8, 2000: Petrol price reduced to N22 (-10%)
Obasanjo, January 1, 2002: N22 to N26 (18.18%)

Obasanjo, June to October, 2003: N26 to N42 (23.08%
Obasanjo, May 29, 2004: N50 (19.05%)
Obasanjo, August 25, 2004: N65 (30%)

Obasanjo, May 27, 2007: N75 (15.38%)
Yar’Adua, June 2007: N65 (-15.38%)
Jonathan, January 1, 2012: between N138 to N250 (112.31 to 284.62%)

https://www.nairaland.com/845722/history-fuel-price-increases-nigeria

Buhari/Osinbajo


Two men of integrity .

Our common wealth is in safe hands.

DAVEZONIGLTD:
Dangote For President.

#WeneedDangotenow..

That's the only candidate that can defeat Buhari.

Infact Buhari will resign and step down for him.

I am confused oo

The person (Atiku) that owns Nigerian American University,cannot go to America?

gtown:
Integrity! Like him or hate him, Buhari is a man of integrity and to unseat him, you need a man with impeccable integrity.
Buhari has set standard that nigerians seem to now believe high moral standard must be watch word for every one wishing to lead us. PDP has many candidates, but it seems to have no candidate yet. And the search continuous. That is the paradox of things now.
In a very near future nigerians will have cause to thank Buhari. So a lot will profits a man to vote Buhari twice.

Buhari is now the standard for others.

So why not allow the man complete his mission to change Nigeria.

Ethnic hatred I suppose?

Anyway the hatred is majorly from a very loud and noisy minority.


Figures will determine 2019,not loud noises.

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The former Vice- Chancellor, Crescent University, Abeokuta, Ogun state, and senior lecturer at the state-owned Olabisi Onabanjo University, Ago-Iwoye, Prof. Sheriffdeen Tella, has advised the federal government to stop the penchant for obtaining loans to avoid economic burden on succeeding generations. The professor of economics had a lot to say:

The country’s debt profile in my own opinion is that we don’t need to borrow money anymore.Even the World Bank complained about Nigeria’s penchant for borrowing money,more so when we are borrowing money from commercial banks, which is quite expensive.And it is not tied to any particular project.Because from the commercial banks point of view all they are interested in is that you can borrow money and you can pay back.That’s what is important to them.

There’s nothing wrong with borrowing money in any case. But all the money we have borrowed thus far are from commercial banks. And the worrisome part is that the interest rate is very high. And that’s why we’re using over 50 per cent of our budget to service debts and not to pay the principal. But just to service debts and the thing is growing and we cannot even see or feel the effect of that borrowing. So if we’re building up reserves and we’re owing lots of money, it’s not economical at all.

Like I said somewhere, the reserves that we’ve is not in this country, it’s outside this country so it’s not as if the money is with our Central Bank here.No.So it’s like lending us our money that we have elsewhere. We must have threshold of debts and there is standard. Unfortunately, we have gone beyond that standard, which is the GDP ratio of debts.

So the question is why are we interested in continuous accumulation of loans for something that we can use the money that we’re earning to do?

Like I raised in the article l penned recently, people who are negotiating the loans they also reap a lot of benefits from it because they’re going to be paid for initiating it.

What normally happens is some international banks would come over here and tell us that oh, your account is good, you can borrow money and stuff like that, which they do with individuals as well with the assurance that you can always pay back.

But the thing is that our economy is still largely dependent on oil. If the price of oil goes down now, the exchange rate will go haywire again. It’s not as if we’re diversifying at all. And that’s why the World Bank and other official development institutions have said that Nigeria and some other African countries should stop borrowing money and concentrate on how they’re going to use whatever they have to move forward.

Fortunately now the price of oil has gone up, we now have reserves in excess of over $40billion. So why don’t you spend that since our budget is based on $40-50 per barrel. We now have excess of may be $30 on top. But unfortunately, we’re keeping it in reserve elsewhere and people are using it. It’s wrong. We should bring it home to do whatever we want to do with it.By now with the increase in our reserve, we need to start paying back the ones that we’ve borrowed and we ought to have stopped collecting loans too.

What’s the way forward?

It’s a very worrisome development and we should not encourage it at all.

My candid view is that the National Assembly should stop the federal government to continue to borrow. Because we have gone beyond the bounds, we should start thinking of how to begin to repay what we owe so that the debts burden and debt servicing will reduce ultimately from our budget.

But the argument most of the time is that our debt to GDP ratio is low hence the motivation to continue to borrow?

That’s exactly the point I’m trying to make. It’s no longer healthy for us to continue to borrow. Right now, our debts is too high compared to our reserve. So it’s not good for us. The amount of money we’re spending on servicing debts is too high to our budget and that’s killing our budget itself so we cannot see development as long as we continue to do that.

If there is any need to borrow money, we can borrow money from World Bank with very low interest rates and with long term gestation period. But even then we don’t need to borrow money because we now have money that we can use for our development because if you spend your money to develop, and you start producing domestically, we don’t need to import. And if you produce in excess, you also export it. And you use the money to develop the export sector, you’ll have something to export and then get more money rather than say you’re keeping money in World Bank reserve and then you’re going back to borrow the same money. Because World Bank is not going to put the money in any reserve. Some people are coming to borrow money from the World Bank for onward lending to other countries. So it’s like borrowing the money we have in reserve at a higher rate than if we have the money in the reserve.

Even if we’re investing our reserve, the amount that we’re going to get it is better than what we’re going to use in servicing debts.

So you actually align with the World Bank that we should put a break to borrowing for now?

Absolutely. Yes, we should not borrow again but start thinking of how to repay back the loans we’ve borrowed because the burden on future generations, and that future generations we’re talking about is even in five-ten years time.

https://www.financialdigest.com.ng/

The Federal Government, yesterday, filed a suit through the Attorney General of the Federation (AGF),against the 19 commercial banks and the Central Bank of Nigeria (CBN).It accused commercial banks in the country of shielding owners of accounts without Bank Verification Numbers (BVN) thereby frustrating the intention of the policy, which was to curb the flow of illicit funds and corruption.

Lawyer to the FG, Ade Okeaya-Inneh (SAN), while arguing an application challenging the right of the banks to be heard in the case, said: “Our contention is that the banks do not have the locus (legal right) to defend this action. Our contention is that the plaintiff has a public duty to ensure that a law made by the FG through the CBN is obeyed. The problem is if the directive to have BVN is not complied with, what is the implication? What is before the court is the implementation of a regulation. If the defendants say they did not know who own the money in the accounts without BVN, how can they then come to defend the case. What locus do they have if they did not disclose the owners of the money despite the order of the court to that effect? If they are to be heard, on whose behalf?’’

“They (the lawyers representing the respondents) are defending the suit on behalf of the bank, but the action and the order of the court is not against the banks per se, it is against the supposed owners of the funds. “The court’s order was for them to verify the owners of the accounts. They have not done that and did not disclose the owners of the accounts. “So, we are arguing that they cannot act for unknown persons, whose identities they have not disclosed. If they do not know who their customers are, then they cannot defend the suit,” Okeaya-Inneh said.

He urged the court to reject all the processes filed by the defendants in the case. Another member of the FG’s legal team, James Igwe (SAN), who argued the substantive suit, urged the court to grant the plaintiff’s prayers in the main suit. Igwe contended that the banks do not have a proprietary interest on the issue before the court, which they have disclosed to warrant the court to listen to them. He added: “They have not shown how their interest would be affected if they disclose the owners of the funds which they claimed not to have known the owners.

On the banks’ argument that the AGF lacked the power to sue for any infringement of Section 17 of the Advance Fee Fraud and other related offences Act (AFFA) under which the case was brought, Igwe argued that the AGF has the power to instruct lawyers to defend laws and regulations made by the FG.

He noted that the banks’ attack of the suit’s competence was hinged on illegality and argued that the BVN regulation, which the suit seeks to enforce, was made by the CBN, which has the power under the law to make the BVN regulation. He further argued that it was wrong for the court to accommodate the 1st to 18th defendants (excluding Zenith Bank) who did not obey the order (that the account for the owners of the accounts without BVN) and the CBN regulation on BVN.Igwe added: “They said they cannot disclose the owners of the accounts and that they can be allowed to keep the funds of undisclosed customers. This is asking the court to stamp its power on illegality and indulge them in disobeying a lawful directive by the CBN.”

Responding, the banks’ lawyer, Paul Usoro, urged the court to reject the plaintiff’s suit on the grounds that the AGF was without the powers to enforce the provision of the AFFA, particularly Section 17 of the Act, which the suit seeks to enforce. Usoro argued that the claim by the plaintiff, that his clients have admitted that “we do not know the owners of the funds in the bank account, we have not said so.The plaintiff was without powers to enforce any breach of the AFFA, Money Laundering Act, EFCC Act and any other laws enforceable by the EFCC.’’

Usoro contented that the alleged failure of some bank customers to comply with the BVN did not amount to an unlawful activity. He stated that any breach of the CBN Act, its regulations under the Act, the AFFA and Section 17 of the Act, under which the suit was brought, was not enforceable by the AGF. Usoro urged the court to dismiss the suit and uphold the defendant’s challenged to the competence of the suit.

After hearing both parties, Justice Nnamdi Dimgba, adjourned the case to June 11, for judgment.

https://www.financialdigest.com.ng/blog/2018/04/28/fg-sues-banks-for-shielding-owners-of-accounts-without-bvn/

The Federal Government, yesterday filed a suit through the Attorney General of the Federation (AGF),against the 19 commercial banks and the Central Bank of Nigeria (CBN).It accused commercial banks in the country of shielding owners of accounts without Bank Verification Numbers (BVN) thereby frustrating the intention of the policy, which was to curb the flow of illicit funds and corruption.
Lawyer to the FG, Ade Okeaya-Inneh (SAN), while arguing an application challenging the right of the banks to be heard in the case, said: “Our contention is that the banks do not have the locus (legal right) to defend this action. Our contention is that the plaintiff has a public duty to ensure that a law made by the FG through the CBN is obeyed. The problem is if the directive to have BVN is not complied with, what is the implication? What is before the court is the implementation of a regulation. If the defendants say they did not know who own the money in the accounts without BVN, how can they then come to defend the case. What locus do they have if they did not disclose the owners of the money despite the order of the court to that effect? If they are to be heard, on whose behalf?’’

“They (the lawyers representing the respondents) are defending the suit on behalf of the bank, but the action and the order of the court is not against the banks per se, it is against the supposed owners of the funds. “The court’s order was for them to verify the owners of the accounts. They have not done that and did not disclose the owners of the accounts. “So, we are arguing that they cannot act for unknown persons, whose identities they have not disclosed. If they do not know who their customers are, then they cannot defend the suit,” Okeaya-Inneh said.

He urged the court to reject all the processes filed by the defendants in the case. Another member of the FG’s legal team, James Igwe (SAN), who argued the substantive suit, urged the court to grant the plaintiff’s prayers in the main suit. Igwe contended that the banks do not have a proprietary interest on the issue before the court, which they have disclosed to warrant the court to listen to them. He added: “They have not shown how their interest would be affected if they disclose the owners of the funds which they claimed not to have known the owners.
On the banks’ argument that the AGF lacked the power to sue for any infringement of Section 17 of the Advance Fee Fraud and other related offences Act (AFFA) under which the case was brought, Igwe argued that the AGF has the power to instruct lawyers to defend laws and regulations made by the FG.
He noted that the banks’ attack of the suit’s competence was hinged on illegality and argued that the BVN regulation, which the suit seeks to enforce, was made by the CBN, which has the power under the law to make the BVN regulation. He further argued that it was wrong for the court to accommodate the 1st to 18th defendants (excluding Zenith Bank) who did not obey the order (that the account for the owners of the accounts without BVN) and the CBN regulation on BVN.Igwe added: “They said they cannot disclose the owners of the accounts and that they can be allowed to keep the funds of undisclosed customers. This is asking the court to stamp its power on illegality and indulge them in disobeying a lawful directive by the CBN.”

Responding, the banks’ lawyer, Paul Usoro, urged the court to reject the plaintiff’s suit on the grounds that the AGF was without the powers to enforce the provision of the AFFA, particularly Section 17 of the Act, which the suit seeks to enforce. Usoro argued that the claim by the plaintiff, that his clients have admitted that “we do not know the owners of the funds in the bank account, we have not said so.The plaintiff was without powers to enforce any breach of the AFFA, Money Laundering Act, EFCC Act and any other laws enforceable by the EFCC.’’
Usoro contented that the alleged failure of some bank customers to comply with the BVN did not amount to an unlawful activity. He stated that any breach of the CBN Act, its regulations under the Act, the AFFA and Section 17 of the Act, under which the suit was brought, was not enforceable by the AGF. Usoro urged the court to dismiss the suit and uphold the defendant’s challenged to the competence of the suit.

After hearing both parties, Justice Nnamdi Dimgba, adjourned the case to June 11, for judgment.

https://www.financialdigest.com.ng/blog/2018/04/28/fg-sues-banks-for-shielding-owners-of-accounts-without-bvn/

https://www.financialdigest.com.ng/wp-content/uploads/2018/04/secondNiger.png

The main project on the second Niger bridge will gulp N210 billion. The Director of Highway Bridges and Design, Federal Ministry of Power, Works and Housing, Mr Sogbesan Adetokunbo who said this on Friday in Asaba, during a media tour of the project, noted that the Federal Government had begun the procurement processes for the award of the project.

Sogbesan stated that a memo had been written to the Bureau of Public Procurement and thereafter, would be sent to the Federal Executive Council for approval and that early works on the project were near completion. The early works were preliminary projects to be completed before the award of the main contract.

The director explained that the early works were in four phases adding that phase one, two and three were 100 per cent completed. This involved the design of the road, soil investigation, preliminary drawing and final engineering drawing while early work two and three comprises of piling and embankment works. According to him, early work was 45 per cent completed and currently ongoing at the two ends of the bridge at Onitsha and Asaba axis.

Quote: “The main works will be awarded in the next one or two months and the approach roads from Asaba and Onitsha axis will be awarded before the end of the year. When the main bridge is awarded, there will be a lot of piling works in the water and that is what people will see. They can stand on the existing bridge and see piling works going on but where we are working now is at the end of the two sides of the bridge. Most people on the existing bridge will not see what is happening now but once the main work is awarded, everybody will see it. The project is very critical not only to Nigerian economy but also to countries along the corridors including Nigeria, Cameroon, Central African Republic, Uganda and Kenya,”

Mr Innocent Alumonah, Federal Controller of Works, Anambra, went the memory lane, recalling that the existing Niger Bridge was constructed in 1965 and commissioned in 1966.He said the second Niger Bridge was conceived upon the realisation of the fact the existing one had been overstretched. The Federal Government has done a lot of work to strengthen the existing bridge, the excessive axle load; the age of the bridge necessitated the idea of the second Niger Bridge. The enhanced economic activities within the road corridors between the South-East and South-South part which also put pressure on the existing bridge is another reason for the project,” he said.

https://www.financialdigest.com.ng

The MTN Group had commenced discussions with the Securities and Exchange Commission (SEC) , on its proposed $500 million Initial Public Offering (IPO). However, the telecom company was yet to formally file its application for the IPO.A News Agency of Nigeria source had disclosed.

According to MTN Group CEO, Rob Shuter, “We are progressing very well with the Nigerian listing and if market conditions are appropriate, we will conclude that by the end of the year,” He declined to provide more details on the process.

SEC reiterated its commitment to investors’ protection, and that their interest would be protected in the ongoing discussion, adding that SEC would remain committed to the development of the nation’s capital market and listing of more multinationals.

There were reports recently that MTN Group Ltd. was perfecting plans to raise about $500 million from the sale of shares in its Nigerian business in the first half of this year.

Standard Bank Group Ltd. and Citigroup Inc. had been advising MTN on the disposal of as much as 30 per cent of its Nigerian unit on the NSE.

MTN had agreed to list the Nigerian unit as part of the June 2016 agreement it entered into with the Nigerian Communications Commission (NCC), to resolve the humongous $5.2 billion (later reduced to $1billion) fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.

Nigeria is the largest of the telecom company’s 22 markets across Africa and the Middle East.

https://www.financialdigest.com.ng/blog/2018/04/26/500m-public-offer-sec-commences-discussion-with-mtn-group/

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A whopping estimated total of $3.5 billion had been lost to cyber crooks in 2017, by Nigeria, Tanzania, Ghana, Kenya and Uganda, a cyber-security firm Serianu, has declared.

The firm’s Africa Cyber Security Report 2017 explained that the five African countries suffered damages and losses through post-attack disruptions. “Further analysis of cybercrime for the countries: Nigeria, Kenya, Ghana, Uganda and Tanzania was estimated at $3.5 billion a year, which includes direct damage and loss, post-attack disruption to the normal course of business and reputational loss,” the report said.

The report also revealed that banking and financial services were most affected, losing $248 million during the period under review. Government lost $204 million, while e-commerce, mobile-based transactions and telecommunications lost $173 million, $140 million and $119 million respectively.

The Project Leader at Cashless Kenya, Simon Muriithi, said this situation could limit the benefits of technology within the banking sector. Quote: “For us, this is one of the biggest challenges in going digital in Kenya right now, but we have good security experts locally who can help Banks Bridge the gap,” Muriithi said.

Nigeria’s provider of shared platforms for financial transactions, the Nigeria Interbank Settlement System (NIBSS) had earlier declared that the country’s payment system remained one of the most secured in the world. Its Business Development, Niyi Ajao, but noted that no matter the means of payment chosen, there is always the risk of losing cash if care is not taken.

Quote: “Even if you go by cash, the risk of losing money is always there if you don’t apply by the basic security principles. If I put my cash inside my purse and I don’t keep my purse well, pick-pockets will pick it. So, for all these other new channels, including the mobile phone, it has its own risk but the beauty of it is that every customer, everyone that abides by the basic principles, would not lose money. For instance, with the mobile phone payment, even if you steal my phone, to complete a payment process you need my PIN (personal identification number).”

https://www.financialdigest.com.ng/blog/2018/04/24/3-5bn-lost-to-cyber-crimeby-nigeria-four-other-african-countries/

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The CBN had declared that Nigeria’s external (foreign exchange) reserves as at Friday April 20,2018,was $47.9billion.

It grew by about $3.2 billion between February and March 2018. The reserves at the beginning of 2018 stood at $39.3 billion then rose to $46 in March, before hitting the new high of $47.9 billion.

Confirming the figures, the CBN Acting Director, Corporate Communications Department, Isaac Okorafor attributed the continued accretion to the country’s reserves to the Bank’s effort at vigorously discouraging unnecessary importation and reducing the nation’s import Bill; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market, which he said had attracted over $33 billion since April 2017, when it was created.

What then is the meaning and essence of Foreign (External) exchange Reserve?

Definition: Foreign exchange reserves are the foreign currencies held by a country’s central bank. They are also called foreign currency reserves or foreign, external reserves. There are many reasons why central banks and that of Nigeria in particular hold reserves:

1.To stabilize the value of the local currency, Naira, keeping it at a relatively fixed rate.

If for instance, CBN stockpiles the dollars, making it scarce and thereby raising its value when compared to the Naira. That makes Nigerian exports cheaper than say American-made goods, thereby increasing sales.

2.Countries with a floating exchange rate system use reserves to keep the value of their currency lower than the dollar.

They do this for the same reasons as those with fixed rate systems. Even though Japan’s currency, the yen, is a floating system, the Central Bank of Japan buys U.S. Treasuries to keep its value lower than the dollar. Like China, this keeps Japan’s exports relatively cheaper, boosting trade and economic growth.

3.To maintain liquidity in case of an economic crisis.

For example, in the case of a temporary fall in oil revenue or non-oil exports, which cuts off supply of foreign currency to pay for imports?

In that case, the central bank can exchange foreign currency for the local Naira currency, enabling the country to pay for and receive imported goods.

The central bank supplies foreign currency to keep markets steady. It also buys the local currency, with foreign currency, to support its value and prevent inflation.

4.Foreign reserves provide confidence.

The central bank assures foreign investors that it’s ready to take action to protect their investments. It will also prevent a sudden flight to safety and loss of capital for the country. In that way, a strong position in foreign currency reserves can prevent economic crises caused when an event triggers a flight to safety.

Reserves are always needed to make sure a country will meet its external obligations. These include international payment obligations, including sovereign and commercial debts. They also include financing of imports and the ability to absorb any unexpected capital movements.

The CBN can also use the external reserves to fund infrastructural development, such as power, rail and roads,
Reserves do yield interests and most central banks want to boost returns without compromising safety. They know the best way to do that is to diversify their portfolios. That’s why they’ll often hold gold and other safe, interest-bearing investments.

So how much reserve is enough?


https://www.financialdigest.com.ng/the-economy/

The Board of Directors of Nigerian Breweries Plc has announced its results for the 2017 operating year with a dividend recommendation of N33 billion to its shareholders. The recommendation, which amounts to a total dividend of N4.13 (four Naira thirteen kobo) per share for the 2017 operating year was part of the company’s filing to The Nigerian Stock Exchange on Thursday, 15th February 2018. The recommended dividend is inclusive of interim dividend of N8 billion, which is N1.00 (one naira only) per share earlier paid by the company in November 2017.

In the company statement signed by the Company Secretary/Legal Adviser, Nigerian Breweries Plc, Mr. Uaboi Agbebaku, the Board also announced a N33 billion profit after tax (PAT) for 2017 on a revenue of N344 billion. This represents a 16% increase in Profit after tax from N28.4 billion in 2016 and a 10% growth in turnover from N313 billion in the corresponding period.

According to Mr. Agbebaku, “whilst the foreign exchange situation improved in the course of the year, double digit inflation continued to impact both businesses and consumers. Nevertheless, the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation”.

The Board maintained that whilst there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence. The Board remains confident that the Company has a clear strategy to deliver good return on investment to Shareholders as part of its commitment to winning with Nigeria.

https://www.financialdigest.com.ng/blog/2018/04/23/nigerian-breweries-declares-the-whole-profit-after-tax-of-n33b-as-dividend/

Tosinex:
Nice one..
I'm an upcoming CEO
But a full fledge CEO on FB Lolzz

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-Some CEOs don’t consider themselves financial people, but at the end of the day, it is their decisions that determine the company’s financial fate.
-The CEO considers carefully the company’s major expenditures, and manages the firm’s capital

The CEO’s job is the toughest in the world.The job description of a Chief Executive Officer(CEO) includes meeting the needs of employees, customers, investors, communities, and the law. Some of a CEO’s job can be delegated,but several elements of the job must be done by himself.

The core CEO’s job function

The core components of a CEO’s job description includes the following areas. Any CEO may take on any tasks, but the following cannot be delegated:

1.Setting strategy and direction.

2.Championing the company’s culture, values, and behavior

3. Building and leading the senior executive team

4.Allocating capital to the company’s priorities-needs- a basic function of financial management.

Although a CEO may get inputs for some of above duties, it is the CEO’s sole responsibility to effectively and efficiently execute them. Other activities ogiven CEO’s job is optional.

Success as a CEO requires more than just knowing the CEO’s job description. A CEO needs to know how to measure their success as a CEO,avoid the pitfalls that are unique to the CEO’s job, and conduct himself to stay sane and skillful over time.

A CEO Job Description

The feeling of being a CEO is exciting. The power, the salary, and the chance to be The Boss. It’s worthy of awe!

Bad news:

Few CEOs are good at what they do. In fact, only 1 in 20 are in the top 5%. Many don’t know what their job should be, and few of those can pull it off well. The job is simple—very simple. But it’s not easy at all. What is a CEO’s job?

A CEO’s responsibilities:

Include everything, especially in a startup. The CEO is responsible for the success or failure of the company. Operations, marketing, strategy, financing, creation of company culture, human resources, hiring, firing, compliance with safety regulations, sales, PR, etc.—it all falls on the CEO’s shoulders.

Being responsible means that the CEO is the one held accountable for the success of the company’s efforts, across the board. But of course, the CEO doesn’t actually do all that work.

Many start-up CEOs think fund-raising is their most important duty. Fund-raising is necessary, but the CEOs contribution is in building a superb business with the money raised.

So let us navigate the CEOs job desrciption, within the context of his core functions.

Setting strategy and direction.
What is the CEO’s main duty? Setting strategy and vision.The senior management team can help develop strategy. Investors can approve a business plan. The Board can approve, advise, or ask the CEO to revise a business strategy. But at the end of the day, it’s the CEO who ultimately sets the direction:

Which markets will the company enter? Against which competitors?

What will the company’s product lines be?

How will the company differentiate itself? Will it be low cost? High service? Convenient Locations? Flexible financing? High-touch? Mass produced?

The CEO decides, sets budgets, forms partnerships, sells off incompatible product lines, makes acquisitions, and hires a team to steer the company accordingly.

2. Championing the company’s culture, values, and behavior

The CEO’s second duty is building culture. Work gets done through people, and people are profoundly affected by culture. A lousy place to work can drive away high performers. After all, they have their pick of places to work. And a great place to work can attract and retain the very best.

Culture is built in dozens of ways, and the CEO sets the tone. His every action—or inaction—sends cultural messages .Clothes send signals about how formal the workplace is. Who he talks to signals who is and isn’t important. How he treats mistakes (feedback or failure?) sends signals about risk-taking. Who he fires, what he puts up with, and what he rewards shape the culture powerfully.

People imitate a CEO’s behavior when deciding how to act. The book Pre-suasion by Robert Cialdini, documents at length the ways in which, for example, a dishonest CEO makes employees feel as if they can cut corners, steal from the company, and generally behave according to those same standards.

A case study-

https://www.financialdigest.com.ng/the-ceo/

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-Payment was made to beat US government’s deadline
-US officials confirm payment of said amount
-Money taken from ECA, pending supplementary input to 2018 budget on anticipatory approval of supplementary budget
-The Super Tucano aircraft cost more than $10 million each, but the price could be higher depending on the configuration.
-Delivery date for War Jets and other weapons, put at 2020

President Buhari had sent explanatory letter to the leadership of the National Assembly on why he gave approval for the withdrawal of $462 million from the Excess Crude Account (ECA) for the procurement of 12 Super Tucano aircraft from the United States government without getting the approval of the National Assembly.

The president’s letter was written to the National Assembly leadership on April 13, 2018, but it was received in the Office of the Speaker of the House on April 17, 2018.

The letter showed clearly that the president had already given anticipatory approval for the withdrawal of the sum of $496,374,470 (N151,394,421,355) from the ECA for the purchase of 12 Tucano aircraft from the U.S. and was seeking the inclusion of same in the 2018 Appropriation Bill that the National Assembly is yet to approve.

In the letter, president Buhari explained that the U.S. government had given a payment deadline for the aircraft purchase, otherwise, the contract would lapse.

But this could prove to be a major problem for Buhari and would likely worsen the discord between the executive and the National Assembly, as the legislature last week had summoned the Minister of Finance, Kemi Adeosun, the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, and the Accountant General of the Federation, Mr. Ahmed Idris over the disbursement of the funds for the procurement of the aircraft from the Consolidated Revenue Fund (CRF) without appropriation by the legislature.

The president in his letter to the Speaker, dated April 13, stated: “I wish to draw the attention of the House of Representatives to the ongoing security emergencies in the country. These challenges were discussed with the state governors and subsequently, at the meeting of the National Economic Council on 14th December, 2017, where a resolution was passed, with the Council approving that up to US$1 billion may be released and utilised from the Excess Crude Account to address the situation.

“Subsequent upon this approval, we are preparing a comprehensive schedule of all the requirements for each of the security services for presentation to the National Assembly for consideration.

“It would be recalled that, for a number of years, Nigeria had been in discussions with the United States Government for the purchase of Super Tucano Aircraft under a direct Government-to-Government arrangement. Recently, approval was finally granted by the United States Government, but with a deadline within which part payment must be made otherwise, the contract would lapse.In the expectation that the National Assembly would have no objection to the purchase of this highly specialised aircraft, which is critical to national security, I granted anticipatory approval for the release of US$496,374,470.00. This was paid directly to the treasury of the United States Government.

I am therefore writing, seeking approval of this House for the sum of US$496,374,470.00 (equivalent to N151,394,421,335.00) to be included in the 2018 Appropriation Bill, which the National Assembly is currently finalising. The balance of the requirements for critical operational equipment is still being collated from the different security services and will be presented in the form of a Supplementary Appropriation Bill, in due course.’’

“The Honourable Minister of Defence and other appropriate officers will be available to provide further details, as may be required.While thanking the Honourable Members for the usual cooperation, please be assured Mr. Speaker, the assurance of my highest regards.”

Some lawmakers in the House confirmed yesterday that this was the reason Adeosun, Emefiele and Idris were summoned last week to appear before the Senate and House to explain the withdrawal of $496 million from the CRF without legislative approval.

However, a lawmaker who preferred not to be named, also explained that the rush to pay the U.S. government the huge amount, despite Nigeria’s rejection of the stringent payments terms for the procurement of the Tucano aircraft, was targeted at being on the right side of U.S. President Donald Trump before the 2019 general election in Nigeria, hence the invitation extended to Buhari to visit the White House on April 30.

“Remember that the U.S. was quite influential in the 2015 elections. Buhari and his handlers are quite aware of this. They also know that President Trump is a businessman, for him it’s ‘America First’, hence he (Trump) does not have the qualms former President Barack Obama had over the sale of military equipment to Nigeria, despite the allegations of human rights abuses by the Nigerian military.

“For President Trump, he will sign deals with countries willing to buy U.S. military equipment because it creates jobs for defense industries and firms in his country and brings money into the American economy. “Now, for the Nigerian presidency, it was important that they met the payment deadline, despite the draconian conditions given for the purchase of the aircraft which are not in Nigeria’s favour, even by the defense minister’s admission.’’

“This is what secured the invitation for Buhari to the White House and if he plays his cards right, will keep him on the right side of Donald Trump before the Nigerian elections in 2019.

“If Buhari and his handlers get the tacit support of the U.S. as we head into the elections, that would be a major achievement for the APC,” he explained.

However, he noted that whilst many lawmakers were aware of the political reason the president had quickly approved the withdrawal from the ECA and transfer to the U.S. government treasury, their main concern was the fact that he did it without the approval of the National Assembly as stipulated by the Nigerian Constitution.

“This is a major constitutional breach and that is why Adeosun, Emefiele and Idris have been summoned. It does not bode well for the executive,” he said.

Meanwhile, the U.S. government said yesterday that it would deliver the 12 Super Tucano fighter jets and other weapons that it agreed to sell to Nigeria to combat Boko Haram terrorists and other extremist groups in 2020.

A senior U.S. Department of State official made the disclosure during a background briefing with journalists at the U.S. Consul General’s residence in Ikoyi, Lagos, yesterday.

The official, who confirmed that the Nigerian government had paid for the warplanes, said the sale of the aircraft with weapons and services worth over $400 million included bombs and rockets, reported the News Agency of Nigeria (NAN).

It was learnt that the propeller-flown aircraft with reconnaissance, surveillance and attack capabilities,was made by Brazil’s Embraer.Embraer’s second production line is in Florida in a partnership with privately held Sierra Nevada Corp of Sparks, Nevada.

The Super Tucano aircraft are said to cost more than $10 million each but the price could be higher depending on the configuration. They are powered by a Pratt & Whitney Canada PT 6 engines.

https://www.financialdigest.com.ng/

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The Commissioner, Finance and Management Services, NERC, Nathan Shatti, stated that about N200bn would be required for the procurement of meters, nationwide.

He said the huge amount needed to meter electricity consumers was one major reason why it took away the sole responsibility of meter provision from power distribution companies. The more reason why the commission reached out to development finance institutions, adding that NERC wanted to ensure the provision of meters to the over four million power users without prepaid meters within two years.
The commission had also consulted the World Bank and the Central Bank of Nigeria with respect to accessing funds for the provision of meters through the recently established Meter Assets Providers. NERC had on March 12, unveiled a new regulation that introduced another class of operators in the power sector called Meter Asset Providers (MAPs).The MAPs is expected to take up the duty of providing meters to customers, among other functions.

Shatti also explained that MAPs would provide long-term funding for meters, noting that the commission had secured the acceptance of the CBN to support the initiative. He said, “From what the engineers told us, a meter has a lifespan of between 10 years and 15 years. So we said we would need somebody who could bring money and then finance the meter for 10 to 15 years. That was the reason why we had to involve the CBN to provide long-term financing to potential MAPs at low-interest rate. And we’ve been able to get the CBN’s acceptance that they are going to support the industry in that line. So now, if any MAP buys and installs a meter, he will need to recover his money over a period of 10 years.”

According to another senior official, “Maps will be independent people who will be approved by NERC but contracted by the Discos to bridge the metering gap. In doing this, there will be various options available to customers. Electricity customers will now have the option of self-financing. “Those who don’t want this will be able to obtain meters from MAPs and there will be a metering service charge spread over a period of 10 years.”

https://www.financialdigest.com.ng/blog/2018/04/22/power-firms-need-about-n200bn-for-metering-commissioner-nerc/

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There is a revelation to the effect that Gunners board lost its patience and thus was forced to pay off the final year of Arsene Wenger’s salary,£11m,in full. The later did not actually want to leave the club he loves, so much. The board was desperate to get back in the Champions League and hope the announcement will galvanise disaffected fans before their showdown against Atletico Madrid.

Board members and Wenger were all singing from the same hymn sheet yesterday. Chief executive Ivan Gazidis heaped praise on Wenger for his incredible 22 years which brought three League titles, seven FA Cups and that invincible season in 2003/2004.

Gazidis would not be drawn on the talks which led to the Frenchman’s imminent departure.But Wenger is understood to be unhappy and frustrated at both the speed and timing of the departure.He has always vowed to see out his contracts and had a year left to run, while the club previously stated he would stay on.But a carefully-worded statement was released by Arsenal and Wenger hours before Gazidis met the press.

Wenger called his staff yesterday morning to inform them of the decision and the players were called into training early.A meeting at 9.45am was the first the Gunners stars knew of the decision, just two days before the clash with West Ham which will be Wenger’s 824th Prem game. The ‘Wenger Out’ brigade had finally got their way.

Arsenal shareholder Alisher Usmanov said: “It’s a day of great sadness.” Wenger is likely to open talks with Paris-Saint Germain, where a director of football role might be available, and former club Monaco.

Juventus chief ,Max Allegri is a top target for Arsenal and they have spoken with ex-Barcelona boss Luis Enrique. Celtic manager Brendan Rodgers also wants the job.

https://www.financialdigest.com.ng/sports/

OgaDonald:

Laziness?

When we are talking of N6trillion!
Na waoo......

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-No adequate metering infrastructure,thus Nigeria could hazard a guess about how much oil it sells, the country could not yet produce any record of how much oil it produces.

The Nigerian Liquefied Natural Gas (NLNG)’s $16.8billion accruable dividend between 2000 and 2015 was not remitted to the Federation Account.The Nigeria Extractive Industries Transparency Initiative (NEITI) Executive Secretary, Dr. Waziri Adio,reiterated this, yesterday,in Abuja, during the Civil Society and Media Consultations on Remediation.

He described the outstanding payment as a big elephant and noted that the Nigerian National Petroleum Corporation (NNPC) confirmed that the outstanding payment was $16.8billion.

According to him, the “the last time, we did the audit, NNPC said it got a letter from the Presidency, it should hold the money in trust and it should spend as directed. However NEITI requested the corporation to issue it a copy of the said letter to know whether there was any authorisation and who authorised it.’’

Quote: “If that money belongs to the Federal Government, that money cannot be spent without appropriation. “If you think it belongs to the federation that money should be with the Federation Accounts Allocation Committee (FAAC). And that money has not got there. On the alternative, the money at the very minimum belongs to the Nigerian public, it behooves on the corporation to give an account of how the money was spent.

The NEITI chief insisted that the Department of Petroleum Resources (DPR) does not still have metering infrastructure, stressing that “we cannot independently say this how much oil we produce. “He also lamented that although Nigeria could hazard a guess about how much oil it sells, the country could not yet produce any record of how much oil it produces.

He recalled that even the Federal Executive Council meeting had also made the declaration that the scale of measurement infrastructure in Nigeria is inadequate. Adio who said there was a consensus that the metering infrastructure was inadequate, also quoted the DPR as insisting that it had the best measurement infrastructure technology in the world.

https://www.financialdigest.com.ng/

ToLet.com.ng, Nigeria’s leading online property classifieds portal formally has changed its name to PropertyPro.ng .

PropertyPro.ng is a product of the consolidation of ToLet.com.ng and The Jumia House Nigeria website which was acquired by ToLet.com.ng in October 2017. The name change reflects the company’s broader commitment and its expertise in driving the innovations needed to shape the future of real-estate search solutions.

Fikayo Ogundipe, Co-founder and CEO of PropertyPro.ng stated that the name change reflects the company’s broader commitment and its expertise in driving the innovations needed to shape the future of real-estate search solutions.

Sulaiman Balogun, Chief Business Officer and Co-founder declared: “Our name change today allows us to emphasize our wide-ranging business objective around continually improving the way property search is conducted from the view of both real estate professionals and the general public, with the goal of increasing access and improving service delivery. The new name is effective immediately and will be implemented across the company’s product offerings. Our brand ethos has always been built on trust, credibility and industry knowledge – that’s what kept our business growing successfully over the last 5 years, and the PropertyPro brand promises to deliver on this same terms.”

The Chief Technical Officer and Co-founder, Oluwaseyi Ayeni said, “the new PropertyPro.ng platform is ready for use via an android app but still accessible on desktop and mobile.” Ayeni further explained that the new PropertyPro.ng website promises a simplified user experience.

Oladapo Eludire, Co-Founder and Chief Operating Officer, had this to say:

“Real estate agents and property developers who list on PropertyPro.ng will now have their listings displayed in the best manner yet. Each listing will contain more relevant and clearer information that will assist end users in making better decisions. In other words, this will help real estate agents get better results.”

https://www.financialdigest.com.ng/real-property-2/tolet-com-ng-changes-name-to-propertypro-ng/

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https://www.youtube.com/watch?v=cgBGBkoqHfE[/img]

''More than 60 percent of the population is below 30, a lot of them haven’t been to school and they are claiming that Nigeria is an oil producing country, therefore, they should sit and do nothing, and get housing, healthcare, education for free.” - President Buhari

Sad enough,many people echoing the falshood about PMB's comment have not listened to the so tagged video to apppreciate the context under which the president was speaking.

First of all,the president did not berate Nigerian youths!.


Saying that a lot of Nigerian youths have not been to school is a fact put in the context of an explanatory discus. That does not and should never be interpreted to say that Nigerian youths are illiterates or lazy.

More so, that a lot of Nigerian youths have not been to school, does not imply that (all)Nigerian 60% youth population have not being to school.

The president cannever deliberately ''berate'' Nigerian youths.It is not possible!

This is another case of intellectual laziness and purposeful mischief.

It is now a common trend to highlight only the purported negativity of the president.

What a shame!

SMH.