samzepaparazi:


should we still be expecting january bull like this

In view of the recent market rally, many NSE participants and onlookers have been asking if current price levels are justified and if the bullish trend will continue.

Let's consider some salient factors:

A. POSITIVE SIDE - BULLISH EFFECT
1. Treasury Bill and OMO rates: Very low (below 2% p/a); part of the maturing funds will continue to enter the stock market.
2. FPI vs Locals ratio: Uncharacteristically, recent rally is majorly from locals.
3. PFA & corporates: Hunting for better returns, entering the stock market.
4. Local investors: Gradually building up interest in the stock market.
5. Fundamentals: Some companies' share prices are still clearly undervalued e.g. even at N40 per share, Zenith Bank would still have a projected dividend yield of 7% at year end.
6. Long term investors: Many of the local and corporate investors are buying majorly blue-chips, for the long term.
7. Extraneous factors: e.g. Covid-19 vaccine discovery is bullish for healthcare companies, imminent completion of Dangote petrochemicals refinery is bullish for oil and gas companies, etc.

B. NEGATIVE SIDE - BEARISH EFFECT
1. Delayed results, esp. FUGAZ: This makes short-termers nervous, and may precipitate profit-taking.
2. December effect: A lot of people raise money for Christmas/ new year expenses late Nov and early Dec.
3. Year End book-keeping: Some corporates sell down to prepare for 31st Dec closing of their books.
4. Speculators/ Hot money: Many of those entering the market are only hunting short term gains. They will quickly panic and sell at the slightest sign of price reversals.

Overall, I believe our market bull still has some steam left.

See attached data of 5 year Price Range vs Dividend Yields, for some companies....

LIMITATION OF MACD
One of the main problems with divergence is that it can often signal a possible reversal but then no actual reversal actually happens—it produces a false positive. The other problem is that divergence doesn't forecast all reversals. In other words, it predicts too many reversals that don't occur and not enough real price reversals. 

"False positive" divergence often occurs when the price of an asset moves sideways, such as in a range or triangle pattern following a trend. A slowdown in the momentum—sideways movement or slow trending movement—of the price will cause the MACD to pull away from its prior extremes and gravitate toward the zero lines even in the absence of a true reversal.

MACD VS. RELATIVE STRENGTH
The relative strength indicator (RSI) aims to signal whether a market is considered overbought or oversold in relation to recent price levels. RSI is an oscillator that calculates average price gains and losses over a given period of time; the default time period is 14 periods with values bounded from 0 to 100.

MACD measures relationship between two EMAs, while RSI measures price change in relation to recent price highs and lows. These two indicators are often used together to provide analysts a more complete technical picture of a market.

These indicators both measure momentum in a market, but, because they measure different factors, they sometimes give contrary indications. For example, RSI may show a reading above 70 for a sustained period of time, indicating a market is overextended to the buy side in relation to recent prices, while the MACD indicates the market is still increasing in buying momentum. Either indicator may signal an upcoming trend change by showing divergence from price (price continues higher while the indicator turns lower, or vice versa).

MACD is often displayed with a histogram (see the chart below) which graphs the distance between the MACD and its signal line. If the MACD is above the signal line, the histogram will be above the MACD’s baseline. If the MACD is below its signal line, the histogram will be below the MACD’s baseline. Traders use the MACD’s histogram to identify when bullish or bearish momentum is high.

When deciding on which company/shares/securities are best to invest in, there are 2 basic approaches used by Analysts:

A. TECHNICAL ANALYSIS - which focuses on charts and price movements.
B. FUNDAMENTAL ANALYSIS - which focuses on the intrinsic value of the company.

In Technical Analysis, there are various indicators used to determine/predict likely price movements. One of these is the Moving Average Convergence Divergence (MACD).

WHAT IS MOVING AVERAGE CONVERGENCE DIVERGENCE (MACD)?
It is a trend-following momentum indicator that shows relationship between two moving averages of a security’s price.

MACD is calculated by subtracting the 26-period Exponential Moving Average (EMA) from the 12-period EMA. It has a positive value when the 12-period EMA (blue) is above the 26-period EMA (red) and a negative value when the 12-period EMA is below the 26-period EMA.

The result of that calculation is the MACD line. A nine-day EMA of the MACD called the "signal line," is then plotted on top of the MACD line, which can function as a trigger for buy and sell signals. Traders may buy the security when the MACD crosses above its signal line and sell (or short) the security when the MACD crosses below the signal line. MACD indicators can be interpreted in several ways, but the more common methods are crossovers, divergences, and rapid rises/falls.

The more distant the MACD is above or below its baseline indicates that distance between the two EMAs is growing. In the following chart, you can see how the two EMAs applied to the price chart correspond to the MACD (blue) crossing above or below its baseline (red dashed) in the indicator below the price chart.

Our thought for this week centers on FAMILY and RELATIONSHIPS.

Do you understand what is meant by the attached...?

Please explain.

The Federal Government on Friday inaugurated the National Centre for Artificial Intelligence and Robotics. Minister of Communications and Digital Economy, Isa Pantami, who inaugurated the centre in Abuja, said the inauguration was in line with the digital skills acquisition drive of government as captured in the National Economic Development Policy and Strategy.

He said the centre was the first of its kind in Nigeria and was implemented by the National Information Technology Development Agency based on its mandate. He said, “The global paradigm shift from mere paper qualifications to proven skills, particularly digital skills, has necessitated establishment of a high tech skill acquisition centre such as this.

“The centre will serve as a leading hub of innovation, research and development, knowledge transfer and training in the areas of artificial intelligence, robotics and other emerging technologies. In addition, the centre will create a vision for AI, develop an AI ecosystem, support data stewardship, while providing access to specialised technical skills in the country.”

Director-General, NITDA, Kashifu Inuwa, urged Nigerian youths to take advantage of the initiatives and strategies deployed by government to empower themselves. He said the centre was fully equipped with training facilities, 3D printers, co-working space for start-ups, a digital innovation laboratory, maker-space and fabrication laboratory infrastructure.

Other facilities in the centre include printed circuit boards, as Inuwa stated that the centre was housing the offices of the Massachusetts Institute of Technology Regional Entrepreneurship Acceleration Programme. He said the centre also housed the Office for ICT Innovation and Entrepreneurship, NITDA’s subsidiary arm for Innovation.

SOURCE: https://punchng.com/fg-inaugurates-robotics-artificial-intelligence-centre/

Bursar of the Rufus Giwa Polytechnic, Owo, Ondo State, Mr Adejuwon Matthew, escaped being kidnapped by some gunmen along Akure Expressway at Upenmen area of Owo, as the car in which he was travelling was attacked by the hoodlums. The bandits waylaid the Poly boss on the bad portion of the road and made an attempt to stop him. As he failed to stop, the bandits were said to have opened fire on the car but he escaped.

Confirming the incident, PRO of the Polytechnic, Mr Samuel Ojo, said the bursar left the campus after the closing hour in the evening and headed for Akungba-Akoko in Akoko South-West LGA of the state when the incident happened.

He said, “While on his way along Waterworks/Upenmen on Owo-Akungba-Akoko Road, some Fulani herdsmen crossed the highway with their cattle to stop oncoming vehicles. But the official driver of the bursar was able to manoeuvre through before the cattle could cover the entire highway. Suddenly, they heard gunshots from the supposed herdsmen, which impaled the bursar’s car. But they unbelievably escaped being hit by the bullets.”

The Police PRO, Mr Tee-Leo Ikoro, said he was not aware of the attack, adding that the matter was not reported at any police station.

SOURCE (abridged): https://punchng.com/ondo-poly-bursar-escapes-kidnap-hoodlums-vandalise-car/

Agbalowomeri:
Everything is written in the charts
It is healthy, otherwise we don enter ololo

The charts are good. However, the 2-week RSI (Relative Strength Index) of the NSE has risen above 96 as at yesterday, technically indicating "engine overheating" - since RSI of 70 is the nominal sell signal for Technical Traders.

Nonetheless, there are reasons to believe this bull trend is not yet over:
1. For any bull trend to be sustainable, there must be some intermittent pullbacks. Today is likely one of them.
2. Uncharacteristically, the current bull is not majorly due to influx of FPIs (Foreign Portfolio Investors), but mainly from local corporates (e.g. PFAs) and diversions from govt securities (e.g. TBs) due to crash in discount rates.
3. Every sustained bull trend draws in some "curious onlookers" who catch the hype and also rush in. For our current bull trend, this is just starting.
4. Whereas some poorly performing tickers have also gained from the bull, some fundamentally sound names are still clearly underpriced, with quite some steam in reserve e.g. Zenith Bank, with estimated year end total dividend circa N2.80, is trading at a clear discount. In fact, if Zenith hits N40 per share, it would still have a dividend yield of 7%, far above all money market investments.
5. etc

IN CONCLUSION:
A. Medium to long-term investors should not be worried, as long as they are holding fundamentally sound stocks. However, if the bull becomes sustained, you may choose to gradually take partial profit, with the aim of later re-entering at lower price.
B. For short-termers/ speculators/JIJO-ists, you MUST keep wide awake. Keep tracking these indicators for your portfolio, and quickly move out/in as requisite:
-- Moving averages.
-- MACD (Moving Average Convergence Divergence).
-- RSI (Relative Strength Index)
-- OBV (On-Balance Volume).

For those seeking stock recommendations, see the attached from ARM Investment.

MY CAVEATS:
1. This was as at 6th November, which means prices have already changed. Due diligence is advised!
2. Yesterday, the NSE achieved the globally highest return of 6.23% for 12Nov2020. This was also the best single day performance of the NSE in the last 5 years. The surge in the All-Share Index was so fast that the NSE circuit-breaker had to be activated at 12:55 pm, for the first time since year 2016.
3. Of course, some stocks are still undervalued, but many are now overbought. Even stocks with poor fundamentals and bad results are now rising.
4. The 2-week RSI (Relative Strength Index) of the NSE is now about 96. Any RSI above 70 is usually taken as a sell signal by Technical traders.

CONCLUSIONS
A. "Hot" money has invaded the NSE and prices are now rising primarily on sentiment.
B. If you are a medium to long-term investor, stick to companies with good fundamentals and take partial profit on your portfolio as prices continue to rise.
C. If you are a short-term investor, this is not the time to sleep. Buy fundamentally good and liquid stocks and watch your portfolio (and the charts) like a hawk. Once your target is met, don't be greedy - hit the sell button!
D. For the Methuselahs in the house, I salute you! Remember year 2008? Similar conditions have started building up in our market...

Taciturn1:
Okay thanks. The All Share Index, in simple terms means?

Circuit breakers are electrical devices, unless there exists also, stock circuits, I find it's usage in stock exchange, very strange.

The "All-Share Index" is a series of numbers showing the changing average value of share prices of all companies on a stock exchange.

It is used as a measure of how well a market is performing. When prices are continuously rising it is called a "Bullish" trend and when prices are continuously dropping it is called a "Bearish" trend. The idea behind this is from the animal kingdom: bulls are supposedly very bold while bears are timid.

On the term "circuit-breaker", you are correct; the term was borrowed from the field of electrical engineering; a circuit breaker is an automatic device for stopping flow of current in an electric circuit as a safety measure.

In a stock market or stock exchange, a "circuit breaker" is an automatic rule for stopping share trading as a safety measure, in the occurrence of an "extreme" event. On the Nigerian Stock Exchange, any rise or drop of more than 5% in the All-Share Index (during a trading day) constitutes such an extreme event.

Krisuba:


What actually happened. How was d circuit broken. And what did it imply.?? Regarding this bull?

Here is the explanation for the NSE circuit breaker:

https://www.nairaland.com/6252741/what-nse-circuit-breaker-why

Enudapan:
Nah eh! No qualms
This is so unsophisticated

Someone should read explain nd summarize

Here is the explanation for the NSE circuit breaker:
https://www.nairaland.com/6252741/what-nse-circuit-breaker-why

Taciturn1:
Any economist in the house?

Here is the explanation for the NSE circuit breaker:
https://www.nairaland.com/6252741/what-nse-circuit-breaker-why

Benesis:
Hw many people understand this one sef, may someone summarize hw e go take affect us

Here is the explanation for the NSE circuit breaker:
https://www.nairaland.com/6252741/what-nse-circuit-breaker-why

samuelson06:
Meaning?

Here is the explanation for the NSE circuit breaker:
https://www.nairaland.com/6252741/what-nse-circuit-breaker-why

LibertyRep:
The OP or any other person will do well to educate us on the implication of this ' circuit breaker ' on the economy of the country and that of the average Nigerian.
Thank you.

It has no general implication on the economy. It is simply a mechanism to protect investors in the Nigerian Stock Exchange.

Here is the explanation for the NSE circuit breaker:
https://www.nairaland.com/6252741/what-nse-circuit-breaker-why

slawormiir:
damnnn niggarrrr
Isoright...
I swear i nor get wetin i fit yarn for this kind topic

Here is the explanation for the NSE circuit breaker:
https://www.nairaland.com/6252741/what-nse-circuit-breaker-why

For earlier post by GYMER, see: https://www.nairaland.com/6252005/nse-triggers-circuit-breaker-asi

At 12:55 pm Thursday 12Nov2020, the Nigerian Stock Exchange (NSE) halted trading activities when the NSE All-Share Index (NSE ASI) rose beyond the set threshold of 5%. So what exactly is this "Circuit Breaker"?

NSE CIRCUIT BREAKER
-- Was put in place to check extreme price volatility and protect investors.
-- When NSE ASI rises or drops 5% in a trading day (10.15am - 1.45pm), circuit breaker is triggered.
-- Market goes off and there will be no activity for 30 minutes.
-- After 30 mins, market resumes and all trading activities resume.
-- After market resumption, if there is another 5% price movement in same direction, circuit breaker can be triggered a 2nd time (within same day), but will force closure of the market and resumption next trading day.

lancee:



I rem we mentioned something like that when iNYSE mkt crashed around same period ..but NSE own no triggered that time

Was the market down up to 10% that time ..Am not too sure ..oga mi R.onifa , mcy56 etc will know better

The drop in prices in March were not sharp enough to trigger the NSE circuit-breaker.

We must keep in mind that it takes 5%+/- movement in the ASI (All Share Index) to activate the circuit-breaker, which is one of the mechanisms for protecting investors in the event of "extreme" market activity.

Before today, the last time the trigger was activated was in the year 2016 (as I recall).

Several US states on Tuesday imposed restrictions to curb spread of the coronavirus as people admitted to hospitals soared, straining facilities and medical resources across much of the country. Number of patients hospitalised with COVID-19 in California has risen 32% over the past 2 weeks and intensive-care admissions have spiked 30%, Dr Mark Ghaly, the state’s health and human services secretary told reporters.

As a result, Ghaly announced that 3 counties – San Diego, Sacramento and Stanislaus, home to about 5.5 million people must reverse their reopening plans and go back to the most restrictive category of regulations under which indoor dining in restaurants is not allowed and gyms and religious institutions are also not permitted to hold indoor activities.

“We anticipate if things stay they way they are … over half of California counties will have moved into a more restrictive tier” by next week, Ghaly said.

In Minnesota, Governor Tim Walz announced new restrictions as the Midwestern state reported a fresh record high in daily COVID-19 hospitalisations and medical systems in Minnesota expressed concerns about their ability to cope with the surge. The state reported 1,224 coronavirus hospitalisations Tuesday, up from 1,084 the previous day and a new daily record, according to a Reuters news agency tally.

Beginning Friday, restaurants and bars in Minnesota must close dine-in services between 10pm and 4am (04:00 GMT and 10:00 GMT) and keep the number of patrons below 50% of capacity. The governor’s order also includes private social gatherings, which must be limited to 10 people from 3 households or less. “We’ve turned our dials, we’re going to have to turn them back a little bit today,” Walz told a briefing.

In Illinois, which recorded its highest number of daily cases on Tuesday with 12,626 new infections, Governor JB Pritzker told reporters the majority of the state’s regions were seeing higher hospitalisation rates compared with last spring.

Faced with rampant coronavirus infections and a strained healthcare system, Iowa Governor Kim Reynolds also took steps to curb the disease’s spread by limiting size of social gatherings and imposing a targeted mask-wearing requirement for certain situations.

HOSPITALISATIONS HIT RECORD
US Health Secretary Alex Azar expressed concern about rising hospitalisations that were straining medical facilities in areas hardest hit by the surge, and said health officials will work to set up temporary medical facilities where they might be needed. “As you get more cases, you get more hospitalisations,” Azar said in an interview with MSNBC. “It’s just simple math.”

There were more than 59,000 COVID-19 patients in hospitals across the US on Monday, the country’s highest number ever of in-patients being treated for the disease. Daily new infections exceeded 100,000 for the 6th consecutive day. Hospitalisations are a key metric of how the pandemic is progressing because, unlike case counts, they are not influenced by number of tests performed.

The harsh statistics tallied by Reuters cemented the US position as the country worst affected by the coronavirus pandemic, even as drugmaker Pfizer Inc on Monday provided some hope: successful late-stage tests of its vaccine.

HARSH WINTER
US infectious disease expert Anthony Fauci welcomed the Pfizer vaccine announcement but warned winter months promise to bring more infections as people stay indoors. Fauci said health officials were reporting more infections from small gatherings, an indication the virus is being spread by asymptomatic people.

“There are people out there, innocently and unwittingly, who are infected, don’t have any symptoms, who are infecting others,” he told broadcaster MSNBC on Tuesday. “So much more widespread testing of asymptomatic individuals is going to be very important as we enter, and go into, these months of indoor-type gathering.”

NURSING HOMES CASES SPIKE
The American Health Care Association and National Center for Assisted Living warned about a spike in COVID-19 cases in nursing homes.

“As we feared, the sheer volume of rising cases in communities across the US, combined with asymptomatic and pre-symptomatic spread of this virus, has unfortunately led to an increase in new COVID cases in nursing homes,” Mark Parkinson, president and chief executive of the American Health Care Association and National Center for Assisted Living, said in a statement.

Nursing homes in the hard-hit Midwest saw a 120-percent increase in weekly COVID-19 cases since mid-September, the group said.

SOURCE: https://www.aljazeera.com/news/2020/11/11/covid-us-states-resume-lockdowns-as-hospitalisations-skyrocket

husu:


All these green horns analysing stocks. Zenith was sold for 66naira per share in 2008

Another 2008 Methuselah sighted. Salutations sir!

ositadiima1:
I think Zenith highest price ever was 34 something in 2018. Will zenith break this record ? Simple calculation shows that it is likely .

If dividend payout remains same at 2.8 Naira then 2.8/34*100 = 8% which is still better than current interest rates.

Osita,

your brain is actively complete and completely active. Kudos!

Danniee:
This bull dey fear me ooooo.........
Pls what's the name of fear of making money?

Chrometophobia is the extreme fear of money. Also known as chrematophobia, it encompasses everything from the fear of spending money and the fear of thinking about money, to even the fear of touching money. It combines the Greek word "chermato", which means “money,” and the Greek word "phobos", which means “fear.”

The Canadian Government in its latest draw held in November has invited 4,500 fresh express entry candidates to apply for permanent residency. This was contained in the Canadian immigration newsletter recently released. This round of draws is the 3rd instance where Canada issued 4,500 invitations at a time, the largest number of invitations issued in a single draw.

The minimum Comprehensive Ranking System (CSR) score for this draw was 478, seven points higher than 471 points recorded in the last draw held in October. According to the report, the highest-scoring candidates received an Invitation to Apply (ITA) for Canadian permanent residence in the Express Entry invitation round. In this round, Canada invited the top 4,500 candidates to apply for permanent residence.

In case of a tie between candidates, IRCC applied the tie-breaking rule. So, for this draw, candidates who had a CRS score of 478 or more, needed to have submitted their Express Entry profile before October 26, 2020 at 22:44:19 UTC in order to receive an invitation. Meanwhile, the new draw brings total number of ITAs issued in 2020 to 87,350. This year is shaping up to be a new record-breaking year for Express Entry, as the number of ITAs issued to date is the highest it has ever been.

HOW IT WORKS
Express Entry is the application system that manages the pool of candidates for Canada’s 3 main economic immigration classes:
-- Federal Skilled Worker Program (FSWP),
-- Federal Skilled Trades Class (FSTC), and
-- Canadian Experience Class (CEC).

A set number of the highest-ranked candidates are invited to apply for Canadian permanent residence through regular draws (usually bi-weekly) from the pool. These invitation rounds typically involve candidates from all 3 Express Entry-managed categories. Candidates are ranked based on a score awarded under the CRS, which considers factors such as age, education, skilled work experience, and proficiency in English or French.

WHAT YOU NEED TO KNOW
In a recent report, Immigration, Refugees, and Citizenship Canada (IRCC) announced that French-speaking candidates now get additional points for their language skills, up from an initial 15 points while bilingual candidates will now get 50 points compared to an initial 30 points.

These regular draws and invitations show the Commitment of the Canadian Government to receive more immigrants as Canada announced in October its multi-year immigration levels plan. In the report, Canada promised to welcome over 400,000 permanent residents every year until 2023. It also stated that more than 100,000 of these new immigrants will come in through Express Entry-managed programs in the Federal High Skilled category.

Canada recorded a slower unemployment rate in October from 9% recorded in September to 8.9% as fresh 84,000 jobs were added in the month. This is a great improvement as the country looks to recover from the COVID-19 induced restrictions that took away over 3 million jobs earlier in the year.

SOURCE: https://nairametrics.com/2020/11/10/canada-invites-4500-express-entry-candidates-promises-to-accept-more-immigrants/

Harvestock01:
Flee, when

1. Your broker starts offering margin loan
2. The analysts take over the airwaves
3. Your barber starts talking about the stock market
4. Banks started to offer unsecured personal loans
5. Add your own

Are you one of the NSE Methuselahs from year 2008? The market crash that year was unprecedented!

Frederick Shaibu (younger brother of Edo State Deputy Governor Philip Shaibu) has been kidnapped by gunmen in Irhiri, Benin.

According to a family source Mr Shaibu was abducted Monday by unidentified gunmen while taking his children to school. The gunmen did not take his children with them, while they are yet to make contact with the family as of press time.

“It is believed that the kidnappers came through the Ogba River because people who witnessed the incident said they went through the bushes that lead to the riverside,” the source told PUNCH.

Edo police spokesperson Chidi Nwabuzor said he was yet to be briefed on the incident.

SOURCE: https://www.pmnewsnigeria.com/2020/11/10/edo-deputy-govs-brother-frederick-shaibu-kidnapped/

Olorunsola Daramola was kidnapped alongside his 52-year-old father, Idowu Daramola, last month in Ekiti State. In this chat with Abiodun Nejo, he narrates how the abductors shot dead his dad and the family’s ordeals in the bid to recover his body for burial

Q. Why were you and your dad together on the road that day?
A. My dad, who was a contractor resident in Ado Ekiti, and I travelled down to Ise Ekiti from Ado Ekiti to see my grandmother, that is, my dad’s mother.

Q. At what point did the incident happen?
A. It was about 400 metres or so away from the military checkpoint on Ikere-Ise Road. It was before the checkpoint if you are coming from Ise Ekiti and going towards Ikere Ekiti.

Q. How did it happen?
A. It was on Sunday, October 11, between 4.30pm and 5pm. We were returning to Ado Ekiti from Ise Ekiti, where we had gone to visit my grandma. Along the road, we heard a sound, which my dad thought was a ruptured tyre, so he stopped to check whether it was his tyre that got spoilt, but in his attempt to get out of the car, guns were pointed at our heads and we were captured. That was how we were taken into custody by the kidnappers.

Q. How many people were in the car that day?
A. Just the two of us.

Q. So, how many days did you spend in the kidnappers’ den?
A. We were kidnapped on Sunday and I was released on Friday around 11pm.

Q. From the conversation of the kidnappers, what part of the country are they from?
A. They are from the northern part of the country, because they spoke a language that sounded like Fulfude. They are Fulani; perhaps, Fulani herdsmen.

Q. What was the experience like in the kidnappers’ den in terms of food, drink, sleeping and excretion?
A. We were taken far into the bush. We were not given food. I learnt the kidnappers called my family on Monday around 2pm to inform them my dad and I had been abducted and that to get us back alive, the family would have to pay ransom of N100m. We were not given food or water; we were just made to walk round the bush with our hands tied behind us at night. At times, we were made to drink our urine.

Q. What was an average day like with the kidnappers?
A. They were always making us to roam about aimlessly in the bush. They did not stay in the same place and all along, they were beating us with cutlass and sticks.

Q. How many were the kidnappers?
A. There were five of them.

Q. It was learnt your dad was killed. How did it happen?
A. Yes. They killed him.

Q. Why?
A. Because we were not given food and water, he spoke up on Thursday on behalf of all the victims. He was of the opinion that since the kidnappers were going to get ransom from us, at least, they should give us water and food. But they were not going to take that from him and he would not keep quiet as well. He queried why the kidnappers, who were eating and drinking, would starve the victims, who they would get money from at the end of the day. He was fighting for others so that we could get food and drink, especially me because of my condition as I have ulcer.

So, because he was fighting for others, they shot him. While we were there, the family went to the police station, where they collected money from them in the hope they would be able to secure our release before that Thursday when they shot my dad dead. I still believe the police did not do anything about it. They took my dad’s car to their station at Ikere Ekiti, where hoodlums vandalised it during the #EndSARS protest.

Q. At that point when your dad spoke up, why didn’t you advise him that such could be dangerous?
A. I was not there. I did not witness it because we were separated. We were not put in the same place.

Q. There are insinuations that your dad asked to be killed rather than taking his own urine. How true is this?
A. People will say what they like. You know the kind of society we are in.

Q. How was your release secured?
A. One of my younger brothers came to give the kidnappers the ransom on Friday. They told him to meet them in the bush around 9pm. He was there with them. According to him, 3 young Fulani guys dressed in military camouflage with rifles came to the agreed location to collect the ransom.

Q. How much was the ransom?
A. The amount did not matter. At that point, the lives of two members of the family – the family’s breadwinner and I – were at stake. So, the amount did not matter.

Q. Did the family know at that time that your dad had been killed?
A. No.

Q. How many victims were in the kidnappers’ den that time?
A. Four of us.

Q. When your brother brought the money to the kidnappers, how did he locate where they were?
A. They called him and told him to come down to the point where they were at the most dangerous part of the road. He was told not to come with a car and that he should come on a motorcycle. The motorcyclist dropped him off and left. Three of the kidnappers dressed in military camouflage with rifles surfaced and took him into the bush, collected the money from him and counted it.

Q. But wasn’t he afraid for his life?
A. He was of the opinion that death is a price we all have to pay one day. He said he did not really know what came over him that made him not to be scared. All he just wanted that night was to get his family members back. That was the only thing he could think of at that material time.

Q. Why was your stay in the den prolonged?
A. The kidnappers were asking the family for N100m. Who can raise that kind of money in this hard economy? They were said to have reduced it to N50m and then N20m.

Q. Were you released the day your brother took the money there?
A. Yes. My brother was in the bush for about an hour. They told him to wait that his family members would come down to him. He was hoping to see my dad and I, but I was the only person that came. When I came out, I just told my brother that they separated me from dad from the moment we were kidnapped. This was because I did not want to break the news there in order not to aggravate the already complex situation. We now went to the military checkpoint, which was near where we were kidnapped. It was the military men who took us from the checkpoint to one of their officers at GRA in Ado Ekiti. That was how we got to Ado Ekiti that night.

We passed the night there before we went home Saturday morning. But I still wonder that such an incident could happen in the vicinity of a military checkpoint. A man, who passed by on a motorcycle that Sunday said he somehow witnessed the abduction and went to the military checkpoint to inform them immediately.

Q. So, what roles did the military play in effecting your release?
A. The first person in charge of the checkpoint told my brother that he sent his men into the bush so they could find us immediately the incident occurred. But I did not see anybody coming after us when we were kidnapped. My family reported to DSS, the police and the military. All they got were promises that they would go after the criminals. Security agents were even of the opinion that they would help deliver ransom to the kidnappers as a snare to apprehend them, get us released as well have the money returned to the family. But the results were not seen. My brother risked his life that very night to go into the bush to drop the money. Nobody was there to help. The family did everything by itself and still lost its breadwinner.

Q. In all these, what did the police do?
A. I was told they collected money for tracking from the family. They also collected money they said they wanted to use to mobilise security people to go and find dad.

Q. The police at Ikere or Ado Ekiti?
A. The police at the Ikere Division. At first, when my brother reported at Police headquarters, Ado Ekiti, they said SARS had been disbanded and they could not do anything about it. He reported the same situation to DSS at Ikere Ekiti, but all they kept telling the family was that they were working on it until the killing happened. And even till now, they have not found my father’s corpse and people are still extorting us of the little we have left that we should pay money so they can mobilise to get my dad’s remains so we can at least give him the last honour.

Q. How was the news of your dad’s death broken to the family?
A. I told my brother later but did not tell mum, because she was in hospital. I told my brother and others what happened.

Q. Did the kidnappers use your phone or your dad’s or a strange number to call your family?
A. Not ours. It was not a strange number either. It was the phone of one of the victims in the den that they used.

Q. How many arrests have been made by the security agencies on the incident?
A. None. Instead, police were quoted to have said my dad’s car was an exhibit of the kidnapping incident. They did not release it to the family until it was damaged at the police station by hoodlums during the #EndSARS protests. Hoodlums smashed the front and rear windshields and windows, and made away with the battery and some cash in the car and some documents.

Q. You are still looking forward to seeing your dad’s body, how is the family feeling about the development?
A. This is not a thing of honour to the family. Everyone is feeling bad. It is not a thing of honour. We are still calling on the DSS. The police at Ikere said they are not functioning at present since their offices had been burnt down during the #EndSARS protests. We contacted the OPC, they collected money from us for logistics a few days ago, hoping that they will get something, but they said they could not find anything.

Q. What does the family want now?
A. It is to get out our dad from the forest. They should help us get his corpse so we can bury him and give him the honour and respect he deserved. He had a lot of family members who looked up to him.

Q. Did your family have the opportunity to speak with him on the phone from the kidnappers’ den?
A. Yes. He spoke with my younger brother. The last of such was on Wednesday, October 14. He asked my brother to try and get the money as soon as possible so we could be released.

SOURCE: https://punchng.com/security-agents-offered-to-take-ransom-to-our-abductors-before-my-dad-was-killed-olorunsola-kidnap-victim/

The poor conditions under which postal workers operate and deliver services is a major source of concern. Ife Ogunfuwa examines the wretched state of the government agency that has existed for over 165 years

Abandoned furniture littered the space meant to be the reception. Paper and unused office items were packed and placed at different angles. They were all covered in dust in the dimly lit space meant to receive guests. Yet some workers sat in the midst of the chaos while others walked briskly by, not minding the poor condition of the environment.

Mail delivery vehicles in a state of disrepair also littered the compound and the general appearance of the building oozes of poor maintenance as dust covered unused offices windows, and grit littered the large compound of Lafiaji Post Office, Lagos Island in Lagos State.

These unkempt premises and offices are the reflection of most postal offices across the country. From leaking roofs to dirty floors and walls, bushy environment and dilapidated offices, the structures are underutilised and poorly maintained.

In Ajuwon area in Ogun State, the only neat item on the building is the signpost which reads “Ajuwon Post Office”. It was observed that the office building and surroundings had seen better days. The reception had no furniture and no private mailboxes were in sight.

However, based on interactions with NIPOST workers, the willingness to assist customers with necessary information and processing of parcels for delivery was evident.

BACKGROUND OF NIGERIAN POSTAL SERVICE
This government institution was established by the colonial masters in 1852 to provide postal administration and services to the British Postal System. In the beginning, the postal offices across the country provided money order and mail delivery services for the British Colonial masters and operated as an annex of the London General Post Office.

Within the country, mails were delivered by canoes due to a limited number of road networks. By 1906, 27 post offices were operating and by independence in 1960, there were 176 post offices, 10 sub-post offices and 1,000 postal agencies across the country.

Nigeria Postal Service Dept was created in the year NITEL was created –1985. But while NITEL has been privatised, NIPOST still struggles to maintain relevance as its main services have been overtaken by advent of technology used in sending and receiving messages digitally. With emergence of electronic mails, postal services in Nigeria are gradually fading away. Nevertheless, a lot of people still use post offices either to send or to receive, documents, parcels and packages within and outside the country.

Regular customers of NIPOST who spoke with our correspondent attested to affordability and effectiveness of NIPOST’s international courier services that have helped many small scale importers and exporters grow their businesses. However, some of the customers complained it took a longer time to deliver cargo compared with other private courier companies.

Presently, there are postal offices operating in 774 LGAs across the country with more than 20,000 employees, hence its wide coverage.

NO ELECTRICITY SUPPLY IN POST OFFICES IN EKITI
Investigations showed that post offices in some communities in Ekiti State do not enjoy public power supply. Hence, this makes the office environment non-conducive for workers. As a result, workers are unable to use gadgets and digital equipment that require electricity to facilitate their operations.

For instance, it was gathered the Post Office at Ikere Ekiti, situated close to the palace of the Olukere, has been in blackout for about a decade. Although exterior of the facility is neatly painted making it attractive, the inside is a contrast as it spoke the language of neglect with ancient wooden mailboxes and old tables and chairs while the ceiling fan and 21-inch TV in the office are more of decorations.

A source, who explained that the last time the post office had power supply was 2011, said non-availability of electricity was the reason technology was alien to the facility. He said, “There are no computers and other materials for data capture here. If the need for capture arises, they send such people to Ado Ekiti. It is funny because this is a technological age and NIPOST is supposed to grow with it. The only trace of technology in this post office are phones used by staff.

“Wooden boxes are not supposed to be in use again in this age, especially that NIPOST is generating income through sales of stamp duty and other services including transport. Customers still come to send certificates, credentials and other documents through the post office,” the source said.

RAMSHACKLE, UNCOMPLETED POST OFFICE BUILDING IN ADO EKITI
The Post Office in Ado Ekiti, which is the Ado Ekiti District Head Office, located in Oja Oba area, in the heart of Ado Ekiti, is a shadow of its old self. Partial demolition of the erstwhile imposing post office building during the first term of Kayode Fayemi administration to pave way for dualisation of Adunni Olayinka Way, has affected the structure.

Since then, the post office has been disconnected from national grid and has been running on generator to power the remaining part of the building, which members of staff cluster themselves in. As compensation, the Fayemi govt during the first tenure began construction of a storey-building, which got a little above the first floor at the expiration of the administration in 2015 and has remained in that state since.

The head of the facility uses as his office, the uncompleted building without windows and doors, not minding the walls which have not been plastered and the dusty floor. The building does not even have any trace of cables for electricity supply.

A member of staff, who spoke on condition of anonymity, said despite the condition of the post office and daily harrowing experiences of workers, “members of staff are dedicated and are willing to give our best. Quality of our service delivery is okay. People patronise us to some extent for services and are still subscribing to new post office boxes. However, we hope when the Postal Bill is signed (which stipulates everybody that wants to begin business must have a post office box) this will be addressed.”

The member of staff said, “There has been no public power supply here for years since part of the post office was demolished for road project during the 1st tenure of Governor Fayemi about 7 or 8 years ago. The post office is digitalised. We run on generators. We have laptop computers, i-pads and phones, which we use for capturing. We have gadgets though not enough. Other post offices at Iyin Ekiti, Ilawe Ekiti and Ilawe Ekiti refer people to us for capturing.”

Another NIPOST worker, who disclosed plans to automate the counter of Ado Ekiti post office, lamented “such cannot be done now because of the condition of the post office. This place is lacking almost everything because until the building, which construction started many years ago, is completed, there cannot be any proper installation here.

“You need to come here during the rains and see how we struggle with water. Even the uncompleted building, which our boss uses as office leaks from the deck when it rains. We are appealing to all well-meaning people to come to our aid so that this will not be the most derelict post office in any state capital in the country. There is no ideal office situation here. Will you ever believe this is an office for federal workers?

“We also appeal to Governor Fayemi to consider completion of the building which he started during his 1st tenure years back. The governor should also help remove street traders who permanently occupy our gates, thus giving our customers hard times accessing this place.”

WEEDS TAKE OVER NIPOST BUILDINGS IN KWARA
Post Office buildings on which several millions of naira were invested by the FG have been covered by overgrown weeds in several towns and villages in Kwara State. Though Punch investigation in the state revealed that functions being performed by NIPOST, especially in handling of mails have dwindled, it was discovered Post Offices are still functioning in few urban towns including Ilorin, Offa and Omun-Aran in the state.

Checks revealed that construction of NIPOST buildings in Kuntu area in Ilorin metropolis, Omupo, Erin-Ile and other towns and villages in the state embarked upon to uplift postal services by the FG in the 2nd republic during the regime of President Shehu Shagari, had been abandoned and overgrown by weeds. Visits to post office projects in Kuntu, in Ilorin West Local Government Area of the state capital, Omupo and Idofian in Ifelodun council area of the state, revealed the sorry state of buildings already overgrown by weeds.

The projects, with 400 mailboxes to be hired out to members of the public, are in sorry state and are being occupied by bush animals while the one in Ilorin had been turned to defecating place for people living around the area. It was gathered that some community associations, including Offa and Ajase-Ipo, have taken over the buildings located in their domain and made it functional.

Post offices in Ilorin, Offa, Omun-Aran are fully digitalised and are made to perform other services which include registration of students for West African Examinations Council, National Examinations Council, National Business and Technical Examinations Board and Joint Admissions and Matriculations Board examinations apart from the normal postal services.

A woman who refused to give her name but simply identified herself as manager of the Ilorin district of NIPOST told our correspondent at the General Post office, Ilorin that NIPOST had diversified its functions adding “apart engaging in postal services, we are into other services such as marketing, transportation and registration of students for public examinations.

“Kwara is divided into 3 districts: Ilorin, Offa and Omun-Aran. Although, people are still patronising our mailboxes, yet, we have some mailboxes to give out to people. For instance in Ilorin, we have mailboxes in Baba-Oko, Center Igboro and even at General Post office here, which people are yet to hire. We've gone out to enlighten the public on usefulness of our mailboxes and we are appealing to them to come and take the boxes”, she said.

NIPOST REFORM PROGRAMME
Bureau of Public Enterprises had in 2005, initiated reform programmes in the postal agency. BPE sought services of advisers to assist drafting a new national postal sector policy. The advisers were meant to review and develop a new harmonised legal and regulatory framework for the postal sector, to allow for private participation in postal services and restructure the agency.

In 2018, KPMG was appointed as transaction advisory services firm and charged with responsibility of providing advice and support for short-term restructuring of the agency in line with international best practices. Director-General of BPE at the time, Mr Alex Okoh, pledged to see to modernisation and restructuring of NIPOST.

Speaking to our correspondent, President, Senior Staff Association of Statutory Corporations and Government-owned Companies (SSASCGC), Mr Msheliza Inusa, explained that substandard performance of the agency could be linked to poor funding. According to him, plans to reform the agency had been on for many years but none had been implemented due to lack of funds.

He said postal offices across the country were not making enough money to maintain the offices and there had been no budgetary allocation for many years. “There were plans in place to transform the mail delivery service and introduce new services. The plans were documented but there were no funds for project take off,” he said.

According to Inusa, even though the Postal Reform Bill had not been passed and funds unavailable, the former Post Master General of the Federation, Mr Adebisi Adegbuyi, initiated reforms by creating 7 zones, 108 districts and offices for 36 area postal managers. Inusa said the former post master general before he left office, introduced the digital address system and collaborated with the CBN to develop an electronic stamp to replace the old physical stamps.

He said the plan was to generate enough funds for the agency through electronic stamps to invest in new subsidiaries that had been created. Adegbuyi, when he came to office, actively pushed for the reforms to be implemented.

As part of the reforms, operations of NIPOST would be commercialised and unbundled into 6 profit–driven subsidiaries. These include NIPOST Digital Financial Services Limited (PostBank); NIPOST Property and Development Company Limited; NIPOST Transport and Logistics Limited; NIPOST Merchandising Limited (e-commerce); and NIPOST General Services Support Limited (e-government).

Highlighting some of the challenges being faced by NIPOST, Inusa said,”The private mail boxes are not being paid for by businesses. There are no funds for maintenance of facilities or for payment of electricity bills. The labour leader noted that newly created districts needed vehicles for marketing purposes and funds to pay logistics firms working in partnership with the agency.

According to him, NIPOST is being managed as a social service; as such, the internally generated revenue is too little to cater to important needs of postal offices. “We need 5% of stamp duty fees to maintain NIPOST facilities,” he added.

ABANDONED NIPOST PROJECTS
NIPOST, which currently has 44 out of 162 formally abandoned projects across the country were chosen for the CBN Micro finance projects under the financial inclusion policy of the CBN and its micro Finance company because of its wide reach. Adegbuyi had reportedly told a House of Reps investigative hearing on ‘Abandoned Communications Projects’ that its incomplete corporate headquarters with N800m was at about 28% completion.

He said, “It is a Public Private Partnership arrangement, which is converting all NIPOST supposedly abandoned projects to ongoing ones since they were all chosen to meet the expectations of the CBN financial inclusion policy. And NIPOST abandoned buildings cover all 774 LGAs of the country hence, was used as a major driver for the project to meet needs of Nigerians.”

Presently, there is on ongoing dispute between NIPOST and FIRS over which agency has the right to collect stamp duties on behalf of the govt. NIPOST’s Post-Master General, Dr Ismail Adewusi, recently in Abuja maintained that “our position is that we have more right than any other agency to collect stamp duty; it belongs to us, not any other agency.’’

Adewusi said stamp duty collection remained part of the postal service agency’s core mandate as it was the practice everywhere in the world. As of December last year, management of NIPOST said it had earned N45.8bn from electronic stamp duties.

This is as the FIRS is insisting that it is its duty to oversee stamp duty fee collection as it has always done over other duties and taxes imposed by the FG.

SOURCE (abridged): https://punchng.com/hard-times-hit-postal-services-funding-shrinks-office-buildings-lie-in-ruins/

Dangote Group recently disclosed that its refinery/petrochemical project is almost complete in terms of project engineering, design and procurements. Group Executive Director, Projects and Portfolio Management, Dangote Refinery, Edwin Devakumar, however, clarified that some aspects such as physical construction, is at 60%.

Devakumar disclosed the refinery is expected to be ready by middle of next year, generating about 230,000 indirect jobs. On whether the refinery would have an impact on the price of fuel, he noted that this is a basic principle of demand and supply.

Dangote refinery, under construction in the Lekki Free Zone, Ibeju-Lekki, is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility, upon completion.

SOURCE: http://stocksng.com/dangote-refinery-to-be-ready-in-2021/