₦airaland Forum

Mikolo1716:
I really pray God exposes Mr Bowofade Adewumi of BTD in Osun state wherever he is hiding, who also scammed over 8K investors 2billion naira after also failing to fulfil his forex ROI promise and has been on the run for about 2yrs now. I personally lost over 1M as an undergraduate then which has ruined and affected my plans to set up myself with the money immediately after graduating from the university.

Do you have evidence of the fraud?

If yes, you can report directly to the EFCC via any of these methods:
1. In person at any EFCC office near you, along with relevant documents.
2. Via Email: info@efccnigeria.org
3. Via Telephone hotlines: 08093322644, 09944751
4. Via letter or courier addressed to: The Director, EFCC, No. 5, Fomella Street, Wuse II, Abuja.

Mcy56:
None for now cos prices have gone up already.
Maybe you hold your cash and wait for
another better opportunity.

BTW, Mcy is very strong and would be away for some times. Pls wish me well in your mind.

Also, In BBM's voice " Plan your trade and trade your plan.

Hi Mcy56, you are one of the strong pillars of the NSEMPA forum.

Here's praying for your very quick recovery and wishing you all the best!

Founder and CEO of SLOT systems limited, Nnamdi Ezeigbo, is also the brain behind TECNO and INFINIX, the fastest selling phone brands in Nigeria. His success story is a very remarkable one. Many people may not be aware that these popular phone brands are the brainchild of a Nigerian.

Nnamdi studied Electrical Electronics Engineering at the Yaba College of Technology in 1988, and got a Higher National Diploma (HND), before doing his National Youth Service Corps (NYSC) year at Guinness Nigeria PLC, in 1996. After completing his youth service year, Nnamdi Ezeigbo tried to no avail to secure a job with a company.

With no promising signs of any potential employment, he went to work as an apprentice learning how to repair computers. After which he launched out on his own to repair computers for individuals. Since he didn’t have any cash at the time, he had to squat with a friend of his at Ikeja, who owned a book store. His customer base grew, largely because of his honesty and the premium he placed on customer service.

The mutual trust and good relationship with his customers, was what gave him his first break in business. One day, an old customer he knew from his days as an apprentice, came to his little shop to see him. He told him he would love him to continue fixing his computers, but would prefer he operated from a larger and more serene environment. To help him out, the customer brought some printers for Nnamdi to sell, from which he used the proceeds to setup a new shop for himself. He rented the store at a then price of 180,000 Naira (He later bought that same store many years later for 100 million Naira).

From his new store, he began to sell computers. As his business grew, a lot of customers started to demand for SLOT stores in areas close to their vicinities, and to ask if they sold mobile phones. With a keen eye to spot opportunity when it presents itself, Nnamdi Ezeigbo immediately expanded his business to also cover the sale of mobile phones.

With no real knowledge on how to manage a growing business, Nnamdi decided to enrol for an MBA program at the prestigious Lagos Business School. He also began to attend many workshops on entrepreneurship, and that helped sharpen his business acumen and develop his legendary entrepreneurial prowess. During this process, he and his team decided to take a 5 year route to build a strong reputation for their brand. By the time the projection had elapsed, the SLOT brand name was the most reputable mobile phone retailer in the whole country.

The rise of telecom networks created many opportunities in the Nigerian market. Poor services caused many Nigerians to purchase more than one mobile phone, so they could try a different network when the other was bad. Nnamdi realised this problem early on, and approached Nokia in a bid to convince them to manufacture dual SIM phones for Nigerians, so they would carry only one mobile phone at a time instead of two. They refused to listen because people carrying more phones meant more sales for them.

According to his interview with Nairametrics, Nnamdi said;
"So I went to China and got a guy who had worked with a company called Bird then. Bird was into phones but got choked and lost market share. I met with the guy and asked him to let us do something. I came with the name Techno and registered it here and brought the guy to Nigeria. And that was the high point of our business. We came together and I designed the first Tecno phone, Tecno T101.

We started it but the market did not accept it and we also had problem with the dual SIM not working together and we had to make corrections and we came with Tecno 201 and that was a bit accepted by the market. But we were basically giving marketers on credit to sell the phones and then pay us later. And I was funding it all alone.

"Since I was funding it alone, we were finding it difficult to get the right quantity to sell until the market started accepting us. What I did was to make them pay in advance, I mean the dealers. So we started using their money to order the products. This was around 2007. The introduction of Tecno brand was the turning point of our business.

"Like I said, Tecno is my baby and we kept improving. I knew a day would come when the middle class would accept Tecno. Initially, it was a phone for low income people but based on improvement and upping our game, the middle class accepted it and when the economy went down in 2008 that helped Tecno to move to the top.

"Since purchasing power had dropped, people had to go for something that had same capabilities but cheaper. So with N15,000, you could buy a Smartphone and thank God for 3G network. The advent of 3G network actually helped Tecno to move up. So students who could not afford to buy phones in the range of N30,000 could buy one for N15,000 and enjoy features of Smartphone like Facebook, Twitter, Whatsapp and so on".

Today, Nnamdi Ezeigbo is a phenomenal success story in Nigeria and indeed Africa. From a humble repair man, he has built a MULTI-MILLION DOLLAR company and one of the most recognizable brand in Nigeria.

THERE ARE MANY LESSONS IN THIS STORY:
1. Pay attention to your business. No matter how small it is today, it can be the seed of a global company tomorrow.
2. Integrity in business is extremely important; it will open doors for you and speak for you, even when you are not present.
3. When you see opportunity, grab it and run with it. Nokia refused Nnamdi’s idea, Nokia was mighty and Nnamdi was nobody, but today because Nnamdi believed in his idea and grabbed the opportunity, Tecno is everywhere, and Nokia is dead. How are the mighty fallen? Run with your idea, and this too will be your story.
4. Keep improving your products and services every day. Nnamdi Ezeigbo kept improving Tecno steadily until it became an accepted brand in Nigeria.
5. Most importantly, the greatest investment you will make is in yourself. As a business man, if you can afford a business school, enroll.
6. Don’t waste your time crying over the economy of the nation, there is nothing you can do about it, but there is a lot you can do about yourself.
7. Think positive.

Like Nnamdi you can change your world. So get up and rule your world!

SOURCE: https://www.nigerianbanker.com/nnamdi-ezeigbo-the-man-behind-techno-and-infinix-phone-brands/

A foreign exchange (forex) trader based in Kano State, Mr Abubakar Ibrahim, has landed in a bowl of hot soup over his failure to keep to his words. Mr Ibrahim had promised to deliver a 30-35% monthly return on investment (ROI) to an investor, who eventually gave him N7.6 million for a try.

It was gathered that the money was given to the suspect through one of his agents, Mr Umar Kabir, and after the investment, the 30 to 35% ROI was never delivered as promised. This prompted the investor to approach the Economic and Financial Crimes Commission (EFCC) to help him recover his hard-earned money.

According to the EFCC, which arraigned Mr Ibrahim before Justice Lewis Allagoa of the Federal High Court, sitting in Kano, on Friday, October 16, 2020, on a five-count charge of money laundering, the suspect allegedly engaged in forex trading through his Flexus Global Investment without duly registering with SCUML (acronym for Special Control Unit Against Money Laundering, issued by the EFCC).

SCUML was established by the federal government in September 2005 as part of measures for implementation of the Financial Action Task Force (FATF) Recommendations on Anti- Money Laundering/Combating the Financing. It is charged with responsibility of monitoring, supervising and regulating activities of Designated Non-Financial Institutions (DNFIs).

At the court, the EFCC informed the judge that efforts to make the suspect refund the sum invested to the complainant were futile and when the charges were read to him, he pleaded “not guilty.”

“That you, Abubakar Ibrahim (being the Managing Director of Flexus Global Investment Ltd) while acting in such capacity, sometimes in 2019 in Kano, Kano State within the jurisdiction of this court, did fail to declare the existence of your company with Special Control Unit Against Money Laundry (SCUML) before commencing business under the name Flexus Global Investment Limited and thereby committed an offence contrary to Section 5(1) (a) (i) and punishable under Section 5(6) (a) & (b) of Money Laundering (Prohibition) Act, 2011 (As Amended),” one of the counts read.

In view of his plea, the prosecution counsel, Mr Michael Ojo, asked the court for a date to commence trial and that the accused person be remanded in the custody of the Nigerian Correctional Service. However, the defence counsel, H.A Hamza, urged the court to admit the defendant to bail. This bail application was granted by Justice Allagoa in the sum of N50 million with one surety in like sum.

The surety must be the owner of a landed property within Kano metropolis, which shall be verified by the registry of the court, the judge held and adjourned the case to November 19, 2020, for trial.

SOURCE: https://businesspost.ng/economy/efcc-nabs-forex-trader-for-failing-to-fulfil-35-monthly-roi-promise/amp/

Government should order a proper investigation. It is possible the bridge was not appropriately designed.

Environmental topography, road gradient, visibility, poor surfacing etc might be contributory factors in the relatively frequent accidents on that bridge.

A professional evaluation/ investigation will enable the government to find a lasting solution.

A tanker laden with Petroleum product exploded on the Otedola bridge in Lagos state in the early hours of Saturday 17 October 2020. According to the Lagos State Emergency Management Agency (LASEMA), the incident occurred around 2am involving a tanker loaded with Premium Motor Spirit and a truck carrying other goods.

Director-General of LASEMA, Dr Olufemi Oke-Osanyitolu, said both trucks were out-bound Lagos for delivery.

“The Agency promptly responded to a fire outbreak after several distress calls were received from the control room at the above-mentioned address at around 0200hrs. On arrival at the incident scene, it was discovered that a 40fit containerized Truck loaded with fabric had a brake failure while moving inward Berger. It then collided with a tanker loaded with 33000 litres of PMS. The impact of the collision resulted in fire outbreak.”Oke-Osanyitolu said.

He added that no casualty was recorded in the incident.

SOURCE: https://basevibes.com/2020/10/17/petrol-tanker-explodes-on-otedola-bridge-photos/

Dear Nairalanders,

I'm trying to do some due diligence on Richfield Multiconcept Ltd. They are engaged in a crowd-funding model of farm investments, and their website is www.farmnow.ng

Has anyone here invested with them? Have they been consistent in delivering their promised returns?

pluto09:
Sellers are foreigners.

Oga Pluto,

please confirm which company sent this mid-trading day report to you?

Promoters of Dantata Success and Profitable Company have been dragged before Justice Anwuri Ichegbuo Chikere of Federal High Court sitting in Abuja for investment fraud to the tune of N2 billion. The suspects, Basira Ibrahim Dantata, Lawan Sanni and Gaji Ibrahim Dantata were arraigned by the Federal Government alongside the company.

They were accused of defrauding unsuspecting investors between 2018 and 2019 contrary to Section 54 of the Investments and Securities Act 2007 and punishable under the same section. About 7,250 investors were said to have lost over N2bn to the organisation and the promoters for subscribing and investing in an unregistered investment scheme created by Dantata Success.

Recall that in February 2019, the Securities and Exchange Commission (SEC) sealed up the business premises of Dantata Success pursuant to its powers under Section 13 (w) of the Investments and Securities Act (ISA), 2007. The agency accused the firm of engaging in illegal activities in the Nigerian capital market and then obtained court judgements to freeze the bank accounts of the company to preserve the funds of investors in line with Section 13 (x) of the ISA 2007.

According to SEC, Dantata Success was not registered or authorised to engage in any activity in the capital markets, however, it targeted and reached Nigerian investors through radio programs in the Kano area of Nigeria and collected large sums of money from investors under the guise of a “structured investment”.

Activities of the company, according to the agency, contravened provisions of Section 38(1) and 67(1) of the Investments and Securities Act which respectively, prohibit unregistered and unauthorized entities/persons from operating any investment business or making any invitation to the public to acquire or dispose of any securities of a body corporate or to deposit money with anybody corporate for a fixed period or payable at call.

When the suspects were arraigned recently at the court, one of the defendants, Mr Gaji Ibrahim Dantata, was not available due to health reasons. Justice Chikere thereafter adjourned the matter to November 5, 2020, for plea and motion filed by the defendants.

Meanwhile, members of the public have been advised to exercise utmost caution before deciding to subscribe to investment schemes and to always confirm the registration status of any company or individual and the products they are offering before entering into any transaction with them. According to the commission, info about entities registered and authorised to provide investment services in the country can be found at http://sec.gov.ng/cmos/.

SOURCE: https://businesspost.ng/economy/dantata-success-promoters-in-court-for-taking-n2bn-from-7250-investors/amp/

At a time when the rest of the world is re-thinking its approach to commercial agriculture, Africa has a clear opportunity to refresh its approach to the sector and become an emerging force. Big shifts are already happening in food production, land and water use, and integration of agri-tech and product tracing.

If African firms take an early lead during this transition, they will be well placed to compete globally by building enduring assets and commercial advantages beyond primary production. Financing of new investments in agriculture has always relied on a healthy financial eco-system: active banks, sound insurers and lively futures markets.

The next set of gains will come from new platforms that allow small and large firms to connect to each other and to their shared stakeholders. The reciprocal exchange of market data will make smaller, efficient players more visible to large buyers.

“Without continued advances in agricultural productivity, the whole project of African advancement is at risk,” according to Linda Manda, Sector Head Agribusiness, Corporate and Investment Banking at Standard Bank. “The stakes are high for all of us”, says Ms Manda, “because communities in Africa rely on the agriculture industry for much more than food: employment, investment and infrastructure development are all part of the deal.” Over half (52%) of all people in Sub-Saharan Africa are employed in agriculture (2019).

THREE RECENT DEVELOPMENTS: HIGHER VALUE INCENTIVES
Three recent development milestones suggest African firms are ready to move beyond low-margin primary production while remaining active in agriculture. According to Sola David-Borha, Chief Executive of Africa regions at Standard Bank, “‘higher-value economic activity is even more likely if finance, technology and trade move deeper into African agriculture. Larger and more open markets, strong supplier networks and technology investments will drive Africa’s growth.”

Trade data, and Standard Bank’s own long experience of trade finance, shows that Africa has been a net importer of food for almost two decades although the trade deficit has narrowed recently. Despite the impressive export growth of certain key products, other food imports continue to rise. The COVID-induced disruption to imports is a reminder that regional resilience in food supply is a practical imperative, not an intangible aspiration.

(1). A LARGER, MORE OPEN, INTERNAL MARKET IN SSA
First, the African Continental Free Trade Area (AfCFTA) should create a much larger internal market that gives producers access to a larger and more open market. Local production can better compete with the current import-and-distribute model. Large-scale production will arise when returns are not stifled by trade friction. As an African bank, Standard Bank’s role is to put our strong balance sheet to work, lending to the new crop of agri-entrepreneurs.

Multinationals are already active cross-border distributors, but we expect new African producers to be attracted to the intra-African produce-to-trade and value addition opportunity. Africa also needs to be ready for the next disruption in trade. Some global imports will always be required but it would be wise to ensure that key inputs can also be sourced regionally.

(2) . FADING DISTINCTIONS BETWEEN SUPPLIERS
Second, the contrived distinction between the produce of small-holder farmers and very large commercial producers is beginning to fade. New financial platforms being offered by Standard Bank will confirm the extent which large and small farming operations can complement one another. Out-grower programmes offered by large global firms allow smallholders to establish themselves as suppliers to the biggest and most profitable value chains.

Tobacco, sugar and sorghum are all good case studies. Our banking platform is a place where buyers can meet producers, surrounded by market data on inputs, crop prices, volumes, regulations, trade advice and currency movements. From the top of a tall grain silo, the neat polygons of mono-crop plantations appear to be the only advanced outposts of progress. By contrast, small-holder farmland can seem rough and rudimentary remnants of a pre-industrial age. Our own experience is quite different.

Smallholder farmers that have access to the right platforms and better yields are also able to compete on quality and cost. Local knowledge of weather, grains, indigenous varieties, insects, and soil has accumulated over many years in Africa and is becoming a treasure of indigenous competence and resourcefulness. The huge expansion of biological patents attests to the large commercial value of small, local insights.

(3). ADOPTION OF TECHNOLOGY & OPTIMISATION LOGISTICS
The third recent milestone is the broad acceptance across Africa that advances in technology are not peripheral to growth. Grudging acceptance has given way to enthusiastic adoption. Healthy livestock, fertile plantations, productive greenhouses and efficient cold chains all require technology partnerships to keep them productive and profitable.

Two decades of smartphone penetration in rural communities has probably eased the transition from guesswork and speculation to data-driven decisions and GPS mapping. To make the most of this milestone, every hectare of land, every seedling and every bag of fertiliser must be used optimally. On-farm losses and unreliable methods are simply unaffordable during health pandemics and economic recessions.

Private investment in telecoms, machinery and pipelines will eventually work alongside publicly funded infrastructure: roads, rail and bulk water supplies. Policy reforms need to support more public-private partnerships that have shown they can build and maintain high-quality infrastructure assets.

Consumer demand for less waste and more conservation will support investments in new systems that supply micro-nutrients to digitally-mapped crops and livestock. Food-insecure communities in Africa can cheer this development as much as time-starved households in wealthy countries: a regular surplus of well-priced food is the best guarantee of the social stability in which economic growth can best be cultivated.

SOURCE: https://businesspost.ng/economy/new-investments-will-give-africa-lead-in-agri-development/amp/

A Nigerian teacher, Olasunkanmi Opeifa, has been named a top 10 finalist for the Global Teacher Prize 2020. Now in its 6th year, the US$1 million award was established by the Varkey Foundation in partnership with the United Nations Educational, Scientific and Cultural Organisation.

English comedian, Stephen Fry, announced Opeifa as a top ten finalist in a special video message, saying, “Today I am delighted to announce that Olasunkanmi Opeifa from Nigeria is a top ten finalist for the Global Teacher Prize 2020.

“Olasunkanmi, you have inspired your students by using edutainment- fun-based learning to teach English language concepts, with essay writing linked to popular dance steps, and phonology and grammar demonstrated by rapping and hip-hop songs.

“You also published a book on learning English in order to reach more students beyond your community, and introduced free weekend tutorials in order to cover the syllabus with them. With this approach, examination results have vastly improved and many of your students now meet the benchmark for admission to university. Congratulations Olasunkanmi and thank you for everything you do.”

Also, Assistant Director-General for Education at UNESCO, Stefania Giannini, said, “Congratulations to Olasunkanmi Opeifa for being selected as a top ten finalist from such a huge number of talented and dedicated teachers. I hope his story will inspire those looking to enter the teaching profession and also highlight the incredible work teachers do all over Nigeria and throughout the world every day.”

Founder of the Global Teacher Prize, Sunny Varkey, said, “The Global Teacher Prize was set up to shine a spotlight on the important role teachers play in society…Teachers everywhere should be applauded for their creativity, compassion and resolve to fulfil every child’s right to a good education.”

Opeifa, an English teacher from Government Day Secondary School, Karu, Abuja, Nigeria, was shortlisted for the Global Teacher Prize 2020, after being selected from over 12,000 nominations and applications from over 140 countries around the world.

He joins UK teacher Jamie Frost, Italian teacher Carlo Mazzone, South African teacher Mokhudu Cynthia Machaba, US teacher Leah Juelke and South Korean teacher Yun Jeong-hyun as a top 10 finalist. The remaining four top 10 finalists will be announced one each week in the run-up to the Global Teacher Prize ceremony, which will be virtual for the very first time in its history due to the COVID-19 pandemic.

The virtual ceremony is expected to take place on December 3, 2020 where the overall winner will be announced.

SOURCE: https://punchng.com/nigerian-named-finalist-for-1m-global-teacher-prize/

POSTSCRIPT (by me): Mr. Olasunkanmi Samuel Opeifa is a teacher from Government Day Secondary School, Karu, Abuja, and he was the winner of the 2018 Maltina Teacher of the Year Award.

An Owerri-based landlord, Mr Emma Ishiguzo, on Monday evicted his tenant for lending a widow the sum of N50,000. PUNCH Metro gathered that the widow, Mrs Patience Ishiguzo, who is the landlord brother’s wife, needed the amount for the burial of her mother in Akwa Ibom State.

The tenant, Mr Stephen Nnadi, who has a shop along Mbaise Road, Owerri, said prior to the action, the landlord came to his shop to buy some items, only for the shop to be broken down by a court bailiff accompanied by an armed policewoman the next day.

He explained that prior to the coming of the bailiff, he was not owing the landlord. Nnadi said, “The only thing I know is that I had to lend my landlord brother’s wife the sum of N50,000, which she came to borrow for the burial of her mother in Akwa Ibom.

The widow recalled how she went to the landlord to beg for money for the burial of her mother and was only given N10,000. When contacted, Ishiguzo said the house belonged to him and that he had every right to evict any tenant whenever it pleased him.

SOURCE: https://punchng.com/imo-landlord-evicts-tenants-for-lending-n50000-to-widow/

And another one from GTI...

Dear friends,

this week's Stock Recommendations for your attention and comments:

https://www.nairaland.com/6175522/nigerian-stock-exchange-analysis-recommendations

Attached for info / possible use.

CAVEAT (by me): This is NOT a solicitation for purchase or sale of shares. Public securities are not risk-free and you are advised to exercise caution / due diligence before making any investment decision.

SOURCE: Arthur Steven Asset Management

brexit:
Please you people should salute the foresight of Mr President for that substitution as if he knew WTO has made up its mind to give it to a female



All the nations that brought out their best among the males have been rejected


A big KUDOS to PMB, join me to congratulate him, together we will make it irrespective of tribe and ethnicity

Mr President deserves kudos for that choice he made.

omhor:
Wow this good news
Another Okonjo Iweala on the way........me

This is the kind of dream to have...work towards it and you will surely achieve greatness!

pluto09:
Equities snapshot.....

Oga Pluto,

please, which Company sent you this update?

To some observers, Julius Berger, Nigeria’s foremost construction company, is known for excellence. Because of the quality of their work, they are the darling of successive governments in the country since they opened shop in 1970. Of German parentage, the company has brought to bear on numerous projects the German work ethic and dedication delivering world-class roads, bridges, airports, houses, among other turnkey projects across the length and breadth of Nigeria.

One of such projects is the Lagos-Ibadan Expressway of which Julius Berger is handling a section: the Sagamu interchange to Lagos while Reynolds Construction Company is handling Ibadan to Sagamu interchange section. The road is one of the busiest in the country connecting the rest of Nigeria to Lagos, the commercial capital.

While there is expectation of better motoring whenever the road is completed and inaugurated (no one knows when as dates have been shifting), people commuting on that road daily are facing harrowing experiences. Traffic on the road has become notorious as a journey of 40 minutes to Lagos from Mowe, Ogun State may take 4 to 5 hours or a whole day in some cases. People travelling out of Lagos are also stuck most times and would rather wish they stayed back home. People living in the border towns of Lagos and Ogun states are suffering in silence and dying slowly due to stress.

There are several issues involved. One is the slow pace of work by Julius Berger. The Julius Berger of old would have been working day and night to deliver that road in good time. But no. Current personnel of the company work only daytime, 9am to 5pm and observe all public holidays like civil servants. There are also fewer personnel and construction equipment on the ground at each section they are working on.

Two, such a road is supposed to come with an Environmental and Social Impact Assessment to know the effect of the construction on communities living along that area and how to mitigate it. It seems this was never done. Or how else can one rationalise the fact that Julius Berger will lock in communities and deny them good access to their homes without providing alternative routes?

The case of residents of Wawa, Arepo, Magboro and Ibafo are a typical example. Residents of these communities have been cut off from their access roads without any alternative. For instance, residents of Magboro are condemned to use very bad bush paths near PUNCH newspaper to a Chinese company on the left and another very bad road opposite Mountain of Fire Prayer City on the right. Both roads are at best bush paths and have been existing for years. As part of its ESIA, Julius Berger would have at least graded these roads to make them fit for vehicles to pass.

People returning home from work late are attacked and robbed daily by hoodlums taking advantage of the bad roads. These roads are destroying people’s cars with attendant high cost of maintenance. Can't the management of Julius Berger do some palliative repairs on these roads to alleviate the suffering of the residents of these communities?

There is growing anger and anguish among the people and it may soon boil over if nothing is done. It is most callous of Julius Berger to subject commuters and residents of these ‘border towns’ to untold hardship in the name of road construction. Something urgent has to be done to save the man-hours and lives lost on the Lagos-Ibadan Expressway on daily basis.

More importantly, the company should increase the pace of work so that this all-important road can be delivered as a Christmas gift to Nigerians come 2021.

SOURCE (abridged): https://punchng.com/julius-bergers-unprofessional-conduct-on-lagos-ibadan-expressway/

verocharles:
Please I need an assistance. The stockbroking firm I'm using is no more in existence. No phone nor office to reach them. I approached a new stockbroking firm. they requested for my cscs number for transfer. How will I get the cscs number?

Most Stockbroking firms that ceased operations either merged with other companies or transferred their clientelle to other Brokers.

What is the name of the stockbroking firm you were using? We may be able to assist you to trace their new name.

Toronto lawyer Annamie Paul was Saturday named head of the Green Party, becoming the first Black woman to lead a national political party in Canada. The 47-year-old mother of two, daughter of immigrants from the Caribbean, described herself as a “descendant of slaves.”

Paul hailed her victory as a “historic moment” during her speech after the announcement of the results of the internal ballot in Ottawa. “We have done something that has never been done before in Canadian politics,” said the Jewish lawyer, who has reported being the victim of anti-Semitic attacks on social media. “Colonialism has robbed me of my original identity,” Paul added in her speech, saying she was ready to support indigenous peoples in particular in their fight against systemic racism within the police.

She succeeds Elizabeth May, who led the Greens for 13 years before stepping down at the end of 2019, following a federal legislative election where her party won only 3 seats in the House of Commons. Paul said that under her leadership the party would have two priorities: building a social security net for all Canadians and tackling “the existential crisis of our time, which is the climate emergency.”

“This is the chance of a lifetime for us to move towards a more just, a more resilient society,” she said. “We believe it can be done." To repair the economic ravages of the coronavirus pandemic, Paul said the government needed to invest in a “green transition” for a path to the future. “The choice is yours, if we want different outcomes then we need to make different choices,” said Paul, who previously worked at the International Criminal Court.

The new leader of the Greens said she will run in a legislative by-election in Toronto at the end of October, in the constituency vacated after the surprise resignation of former Liberal finance minister Bill Morneau.

SOURCE: https://punchng.com/lawyer-named-first-black-woman-to-lead-national-party-in-canada/

Flier:
I still think Pastors shouldn’t get involve in this argument

At first glance, it may seem a good idea for clergy not to speak in such instances. However, God has created us as sentient, self-aware and reasoning beings, so we should ask the following:

1. If Nigeria breaks up or descends into another civil war, will the clergy, their families and their congregations not suffer also?
2. The political class listens to people of influence. Pastor Enoch Adejare Adeboye is one of the most influential clergymen in Nigeria and the world, and many things are currently wrong in our country; so it is certainly apropos for him (and all people of influence) to speak up.
3. History teaches that "the man dies who keeps silent in the face of tyranny". If we study the history of countries like Liberia, Rwanda, and Nazi Germany, we find that many influential clergy kept quiet while injustice ravaged the land and the political class hammered the drumbeats of war. Many of the clergy were eventually killed in the ensuing chaos.
4. Those that make peaceful change impossible, consequently make violent change inevitable. The political class need to know that change is needed. Nigeria's civil war was needless, and the wounds inflicted have yet to fully heal. It could have been prevented if enough people of influence had spoken up. This is the time for everybody (including you and me) to speak up.
5. Finally, is anything inappropriate or wicked in what the Pastor has suggested?

Remember, no person can accurately and fully predict all the ramifications and bifurcations of the destiny God has woven for him/her. Tomorrow, you may become one of the greatest leaders Nigeria has ever known. The time to prepare for that future is NOW!

Start preparing by asking yourself what kind of country you want Nigeria to become? I see Nigeria becoming a great economic and geopolitical power in future; one of the top 7 global economies, one of the top 5 tourist destinations, one of the top 3 global investment destinations, and one of the most peaceful, well-managed and greatly developed countries in the world; a true "Jewel of the Nations".

Shalom!

Nigeria’s former military Head of State, General Yakubu Gowon (retd.), says he was frightened when he became the nation’s military leader on August 1, 1966 at the relatively young age of 31.

According to a statement on Friday titled “How I became Head of State at 31, by Gowon,” the former military leader spoke at a virtual reality history competition with the theme “Sustaining peace together,” organised by ANISZA Foundation and Gallery to commemorate its second anniversary on Thursday evening. The programme was part of activities marking the nation’s 60th independence.

Gowon became Nigeria’s youngest leader ever when he became Head of State on August 1, 1966, before his 32nd birthday on October 19. He was Head of State between 1966 and 1975. According to the statement, Gowon, at the virtual event, which was moderated by the founder of ANISZA Foundation and Gallery, Novo Isioro, said he never plan to become Head of State. He was reported to have said that his ambition then was just to be a good soldier.

“I felt petrified when I took over as Head of State. I never planned to be the President, it just happened,” Gowon was further quoted as saying. The statement added, “The former Head of State spent time with hundreds of Nigerian youths who participated in the virtual event which was also the debut of the ‘Heart of the Matter with Novo Isioro,’ an online talk show where the host will raise issues of peace and unity among Nigerians and globally.

“The octogenarian who relived some of his life experiences and counselled young Nigerians on the right attitudes and values further engaged the participants at the virtual event on national issues, especially the role youths can play in national development. Among the participants were also select school children who are members of the ANISZA School Club, some of whom sat around Isioro during the conversation with the former Head of State.

“General Gowon also interacted with the participants on issues ranging from their identities, views on ‘one Nigeria’ and their personal commitments to ensure the nation remains united. The Plateau State-hailed general also reiterated his faith in the Nigerian youth and the country’s potential for greatness, noting that ‘we can be able to live in peace and unity irrespective of religion and tribe.’

“With a lot of wits and humour, he also admonished young people, traditional and religious institutions to take up the responsibility of securing the national identity, saying everyone has major roles to play in harnessing national values that will spur growth and development across all sectors of the Nigerian life.”

Isioro was also quoted as explaining that the event and the idea of ANISZA is to educate Nigeria youths, especially secondary school pupils in Nigerian history using photographs and other visual elements. She explained that understanding Nigerian journey can advance the cause of peace and unity in the country.

SOURCE (abridged): https://punchng.com/how-i-felt-when-i-became-head-of-state-at-31-gowon/

President Muhammadu Buhari Tuesday commissioned the 326 kilometre-Itakpe-Ajaokuta-Warri rail line for commercial operation, 33 years after the project was conceived. The rail line idea was conceived in 1987 by General Ibrahim Badamasi Babangida.

The president who also launched the ancillary facilities yard, at the recently named Goodluck Jonathan Railway Complex in Agbor (Owa-Oyibu), Delta State, said the rail line would eventually terminate in Abuja.

The president, who formally declared the rail line open for commercial operations at a virtual meeting in State House, instructed the Federal Ministry of Transportation to link all the nation’s ports of origin and destination – Apapa, Tin Can, Warri, Onne, Calabar Ports – to the rail network to enhance overall transportation and economic capacities.

SOURCE (expatiated): https://www.thisdaylive.com/index.php/2020/09/29/buhari-commissions-326km-itakpe-ajaokuta-warri-rail-line/

The $1.6bn Lagos-Ibadan railway project will be completed in December this year or early January 2021, the Minister of Transportation, Rotimi Amaechi, announced on Thursday. Amaechi, who disclosed this during a live TV programme that also had Minister of Works and Housing, Babatunde Fashola, in attendance virtually, said he would work with Fashola and the Lagos State Govt to move heavy duty trucks away from roads.

During the programme, which was monitored by our correspondent in Abuja, Fashola, while responding to a question, insisted that Nigerian roads would not last without the construction and usage of functional rail lines. “I am his biggest champion when he (Amaechi) is presenting his request in the cabinet for the rails because I know that without the rail the roads will not last,” Fashola said.

He added, “Tankers are plying excess cargo; they are moving 60,000 tonnes instead of 33,000, 40,000 or 45,000 tonnes maximum. So, the best way is to move all that cargo into the tracks. That is what happens in countries we want to be like and that is where we are heading. So, he (Amaechi) has my support.”

Responding, the transportation minister said that what his counterpart in the works ministry stated were correct, adding that he would partner Fashola and Lagos State to move cargoes from roads to rail. Amaechi said transfer of cargoes to rail would start majorly with the Lagos-Ibadan rail line, adding that the line should be completed this December or early January next year.

He said, “I intend to approach him (Fashola) in January and approach the Lagos State governor so we can see how we can deal with Apapa. Why I said that is because by December to first or second week in January, we should have completed the Lagos-Ibadan line. Then if we do, there will be a need to decide what vehicles can go to Lagos and the capacity of such vehicles or trucks.”

Amaechi added, “If we do that, we can then transfer all the cargoes that come from Apapa seaport to the railway. We believe we could transfer that up till Ibadan while we are still constructing the rail line from Ibadan to Kano.”

The minister stated that in two to three years, the Ibadan-Kano rail line would have received a lot of work, adding that more cargoes would move on the rail line. He said, “In the next two to three years, we will see how much we would have tried to complete the Ibadan to Kano line. The more we are able to move these cargoes out of the road, then we can save our roads.

“Similarly, the same thing will happen from Port Harcourt to Maiduguri. So, I agree completely with the works minister, Babatunde Fashola, and I say to Nigerians to be more patient with us and allow us work to complete the projects.”

SOURCE (abridged): https://punchng.com/fg-will-complete-1-6bn-lagos-ibadan-railway-december-amaechi/

Former Emir of Kano, Sanusi Lamido Sanusi, on Thursday supported the Federal Government’s removal of fuel subsidy, saying that it was in the nation’s interest. Sanusi, who is also a former Governor of the Central Bank of Nigeria (CBN), gave the support at “The PlatformNG60”, organised by Covenant Christian Centre in Lagos, anchored by Pastor Poju Oyemade.

The Platform is non profit initiative by Covenant Christian Centre, which is aimed at empowering Nigerians with insights and skills needed for economic transformation and ensuring good governance. Sanusi also said that the reforms by the current government would give positive results if well implemented.

He said that the subsidy removal was long over due, considering current economic realities. His words: “As a result of COVID-19, Nigeria has finally come round to being realistic; we were paying billions of dollars as subsidy. It’s been going on for 20/30 years and we complained about the economic situation we were in today, but there is nothing that surprises me.

“If we are honest ourselves and anyone who studied economics could see that this subsidy we needed to end it. It’s something we could have stopped as far back as 10 years ago not just with this government, but with the previous governments.”

He said that the Federal Government had commenced implementation of some reforms that needed to be continued to achieve growth and development. “In the last few months, this government has started implementing certain reforms that if we continue along those lines, we will begin to see the light. Removal of fuel subsidy is one, the adjustment in electricity tarrif is another.

“But fundamentally, look at NNPC, this government has for the first time in more than a decade published audited accounts of NNPC for 2018. We may not like what we see in terms of the spending right now inside NNPC. But at least let us have some kind of visibility of what happens there,” he added.

The former CBN Governor also said increased transparency in the oil sector and the energy sector should be maintained. “These are reforms that need to be pushed, we need to understand that the government does not have the balance sheet to continue with the father Christmas situation that we had over the last decade or so. I wish we have done this earlier but we are here now and this is being done and we need to commend it,” Sanusi said.

SOURCE (abridged): https://www.sunnewsonline.com/sanusi-backs-subsidy-removal/

Oreoluwa Adesakin, a former staff of First Bank, has been handed 98 years jail term by Justice Muniru Olagunju of the Oyo State High Court. Adesakin was found to have committed fraud against her employers to the tune of N49,320,652, and additional $368,203.

The convict was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission (EFCC) on 14-count charges, bordering on stealing, forgery and fraudulent accounting. One of the charges read: “That you Oreoluwa Adesakin, sometime between the months of May 2013 and November 2013, at Ibadan within the Ibadan Judicial Division, whilst being a staff of First Bank Plc stole the sum of N25,974,116 from First Bank Plc MoneyGram Payment Naira Account.”

Adesakin pleaded not guilty to all the charges. Prosecution counsel, Usman Murtala, presented vital documents and witnesses which nailed the convict. Justice Olagunju pronounced Adesakin guilty of all the charges. He sentenced her to 7 years in prison without option of fine on each of the 14 counts, which will run concurrently. Apart from the jail term, the convict is also to restitute the First Bank, through the EFCC, all the money she stole.

The convict was arraigned April 4, 2014, by the EFCC following investigation on First Bank petition dated December 18, 2013. The bank said Adesakin, a Money Transfer Operator, saddled with the responsibility of effecting payments through Western Union Money Transfer and Money Gram platforms, manipulated accounting and withdrew a total of N49,320,652 and another $368,203 for herself.

EFCC spokesman, Wilson Uwujaren, said operatives established that the convict used part of the proceeds to acquire landed properties in different parts of Oyo State.

SOURCE (abridged): https://dailypost.ng/2020/09/29/first-bank-ex-staff-bags-98-years-jail-term-for-stealing-n49-3m-368000/

See earlier thread: https://www.nairaland.com/5979330/how-chinese-miners-endangering-fct

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Police have arraigned two members of staff of Hongao Mining Company Ltd who removed a seal on the firm’s mining site in the federal capital territory (FCT). The duo — Moses Smart and Ezeilo Stanley — were arraigned before an upper area court in Mpape, on Tuesday, and charged with assault and obstruction of public servants in the discharge of their lawful duties.

TheCable gathered that the workers were arrested by the police after destroying the seal — placed by the National Environmental Standards and Regulations Enforcement Agency (NESREA) — over the weekend. NESREA had sealed off the company last week after it found out it violated Nigeria’s environmental laws as reported by TheCable. TheCable had reported how the company, which had police protection, ruined the water source of at least 6 communities in Karshi.

Months-long investigation showed how the company operated with water from a stream in Kutasa in Karshi area of the FCT, under the protection of officers of the Nigeria police force. TheCable had also reported that the company was mining gold illegally, a claim Mohammed Bello, the FCT minister, later confirmed to be true. The stream is the only water source for at least 6 communities in the area. The villagers, mostly farmers, said some of them drink from it.

A laboratory analysis carried out on the water confirmed that it was highly turbid and unfit for drinking. In the analysis done at the FCT water board, Okobi O.Y., who signed the report on behalf of the general manager, said the “physio-chemical analysis showed high levels of turbidity, nitrate and iron and that the water may need further treatment”.

Among other infractions, the company also failed to carry out its activities in “an environmentally and socially responsible manner”, as required by section 61 of the minerals and mining act.

SOURCE: https://www.thecable.ng/police-arraign-two-staff-of-chinese-company-for-removing-seal-on-mining-site

Those trading in the foreign exchange market (forex) rely on the same 2 basic forms of analysis used in the stock market: fundamental analysis and technical analysis.

Use of technical analysis in forex is similar: price is assumed to reflect all news, and charts are the objects of analysis. But unlike companies, countries have no balance sheets, so how can fundamental analysis be conducted on a currency?

Since fundamental analysis is about looking at intrinsic value of an investment, its application in forex entails looking at the economic conditions that affect valuation of a nation's currency. Here we look at some of the major fundamental factors that play a role in a currency's movement.

ECONOMIC INDICATORS
Economic indicators are reports released by government or a private organization that details a country's economic performance. Economic reports are the means by which a country's economic health is directly measured, but remember that many factors and policies will affect a nation's economic performance.

These reports are released at scheduled times, providing the market with an indication of whether a nation's economy has improved or declined. These reports' effects are comparable to how earnings reports, SEC filings, and other releases may affect securities. In forex, as in the stock market, any deviation from norm can cause large price and volume movements.

You may recognize some of these economic reports, such as unemployment numbers, which are well-publicized. Others, like housing statistics, receive less coverage. However, each indicator serves a particular purpose and can be useful.

1. GROSS DOMESTIC PRODUCT (GDP)
GDP is considered the broadest measure of a country's economy, and represents total market value of all goods and services produced in a country during a given year. Since the GDP figure itself is often considered a lagging indicator, most traders focus on the two reports that are issued in the months before the final GDP figures: the advance report and the preliminary report.

Significant revisions between these reports can cause considerable volatility. GDP is somewhat analogous to the gross profit margin of a publicly-traded company in that they are both measures of internal growth.

2. RETAIL SALES
The retail-sales report measures total receipts of all retail stores in a given country. This measurement is derived from a diverse sample of retail stores throughout a nation. The report is particularly useful as a timely indicator of broad consumer spending patterns that is adjusted for seasonal variables. It can be used to predict performance of more important lagging indicators and to assess the immediate direction of an economy.

Revisions to advanced reports of retail sales can cause significant volatility. The retail sales report can be compared to the sales activity of a publicly-traded company.

3. INDUSTRIAL PRODUCTION
This report shows a change in production of factories, mines, and utilities within a nation. It also reports their "capacity utilization," the degree to which each factory's capacity is being used. It is ideal for a nation to see a production increase while being at its maximum or near-maximum capacity utilization.

Traders using this indicator are usually concerned with utility production, which can be extremely volatile since the utility industry, and in turn, the trading of and demand for energy is heavily affected by changes in weather. Significant revisions between reports can be caused by weather changes, which in turn can cause volatility in the nation's currency.

4. CONSUMER PRICE INDEX (CPI)
CPI measures change in prices of consumer goods across over 200 different categories. This report, when compared to a nation's exports, can be used to see if a country is making or losing money on its products and services. Be careful, however, to monitor the exports - it is a popular focus with many traders because the prices of exports often change relative to a currency's strength or weakness.

Other major indicators include:
5. Purchasing managers index (PMI),
6. Producer price index (PPI),
7. Durable goods report
8. Employment cost index (ECI) and
9. Housing statistics.
And don't forget the many privately issued reports.

All of these provide a valuable resource to traders if used properly.

USING ECONOMIC INDICATORS
Since economic indicators gauge a country's economic state, changes in the conditions reported will therefore directly affect the price and volume of a country's currency. It is important to keep in mind, however, that the indicators discussed above are not the only things that affect a currency's price. Third-party reports, technical factors, and many other things also can drastically affect a currency's valuation. When conducting fundamental analysis in the forex market:

A. Keep an economic calendar on hand that lists the indicators and when they are due to be released. Also, keep an eye on the future; often markets will move in anticipation of a certain indicator or report due to be released at a later time.
B. Be informed about economic indicators that are capturing most of the market's attention at any given time. Such indicators are catalysts for the largest price and volume movements e.g. when the U.S. dollar is weak, inflation is often one of the most-watched indicators.
C. Know the market expectations for the data, and then pay attention to whether the expectations are met. That is far more important than the data itself. Occasionally, there is a drastic difference between expectations and actual results. If so, be aware of the possible justifications for this difference.
D. Don't react too quickly to the news. Often numbers are released and then revised, and things can change quickly. Pay attention to these revisions, as they may be a useful tool for seeing trends and reacting more accurately to future reports.

THE BOTTOM LINE
There are many economic indicators, and even more private reports, that can be used to evaluate forex fundamentals. It's important to take the time to not only look at the numbers but also understand what they mean and how they affect a nation's economy. When properly used, these indicators can be an invaluable resource for any currency trader.

SOURCE(abridged): https://www.investopedia.com/articles/trading/04/031704.asp

petaling:
Thanks for the contribution

You are most welcome.