₦airaland Forum

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

====================
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.

Allegations of fraud and other forms of sharp practices are trailing COVID-19 repeat tests being carried out on passengers who arrived Nigeria on international flights from abroad.

Nigerians in Diaspora and others travelling to Nigeria are required to carry out a COVID-19 Polymerase Chain Reaction test at least 96 hours before entering the country, and the result of the test is to be updated to the Nigeria Centre for Disease Control’s Nigeria International Travel Portal.

However, since the resumption of international flights in Nigeria on September 5, passengers are presenting negative PCR test results before boarding aircraft travelling to Nigeria, they are also being made to pay for COVID-19 PCR repeat tests that would be carried out on them when they arrive in the country. Passengers are required to complete online payment for the repeat test before travelling to Nigeria but those who are unable to do so are allowed to pay on arrival in Nigeria.

But many passengers, particularly Nigerians, who arrived the country since the resumption of international flights, are recounting tales of outright stealing, extortion and fraud perpetrated by government officials who supervise enforcement of the COVID-19 guidelines at the Lagos and Abuja international airports.

Some of the passengers, who narrated their experiences on Berekete Family, a reality radio program on Human Rights Radio 101.1 FM, which was monitored live on air and on YouTube on Thursday, said they were defrauded by government officials as money they paid for the COVID-19 repeat tests were not recorded in the official account of the government. The affected passengers said they were forced to repeat the payments in order to undergo the test, which is a requirement for returning to their base outside the country.

Also, different amounts are being collected from passengers as payment for the repeat tests, going by testimonies of some returnees who appeared on the radio program. According to allegations made by one Ohiare, a Nigerian who phoned in to the Berekete Family program from his base in Turkey, government officials at Lagos and Abuja international airports tell returnees that they can arrange people who would impersonate them and undertake the COVID-19 repeat tests in their place.

Usually, when passengers arrive Nigeria on international flights and show evidence of payment of the fee for the repeat test, they are assigned to any authorised laboratory, within their destination in the country, for the COVID-19 test.

Narrating the experience of one of his brothers who recently travelled to Nigeria from Turkey, Ohiare said “One of my brothers travelled to Nigeria last week. Before leaving Turkey he did COVID -19 test and it is free here and you get the result two days or a day before you travel and when you get to Nigeria you tender the result.

“But when my brother tendered his result at the Lagos airport in Nigeria they asked him to pay N51,900 for another test in Nigeria. When he paid the money somebody came and told him that ‘if you don’t want to do the repeat test yourself, we can send somebody to do it for you’. If you agree they will now tell you that somebody will go to the hospital where you are supposed to do the test to represent you.”

In same vein, a guest in the studio of the Berekete program, one Ndubuisi Ekwulonu, a Nigerian who said he arrived the country from Sweden on September 10, narrated how he was defrauded through payment of the fee for the COVID-19 repeat test. Ekwulonu said he paid N42,700 for the test but his name did not appear in the list of returnees who made payment, as indicated on a government portal.

He had to repeat the payment in order to obtain a negative COVID-19 repeat test result, a requirement for boarding aircraft to leave the country, as he is to return to Sweden on Saturday. But, according to him, he has also been informed that the second payment was not captured in the system. Ekwulonu, who broke down in tears at a point during his testimony, said he has spent almost N90,000 on multiple payments for the COVID-19 repeat test since he arrived Nigeria on September 10.

Narrating his travails, he said, “Before I left Sweden, there was a form the Federal Government of Nigeria asked us to fill for the repeat test. I filled the form and decided to make payment when I arrive Nigeria. On getting to Nigeria, they asked me to pay and I paid with my ATM card. They debited N42,700 and gave me two options – one laboratory in Jabi and another one in Maitama, (in Abuja) for the test.

“I chose the one in Maitama but if you put the address of the laboratory in Google Map, it will take you to one laboratory at Emab Plaza. When I got to Emab Plaza, they said they don’t know what I am talking about. After, I was directed to the isolation centre at THISDAY Dome. When I got there they said I should go to the Ministry of Health at the Federal Secretariat. I went to the Ministry of Health and I was told to go to an event centre. I got to the event centre and found the laboratory there.

“I showed them my receipt, that I have been directed to do the test there and that if I don’t do the test I cannot leave the country. The people at the laboratory then forwarded my payment details to Lagos through the computer system. After waiting the whole day they said there was no response from Lagos. I came back very early the next day and when they checked the system they said my name was not on the list they gave them of those that paid.”

Ekwulonu added that some other passengers who returned from Sweden with him on the same flight also had the same experience. He added, “Luckily for me, two other people on same flight with me came to the lab but couldn’t find their names on the list. Even my friend who also came back from Sweden couldn’t find his name. The people at the laboratory now told me that if I want to do the test, I should pay another money. I paid another N42,700 and they did the test.

"I am supposed to leave Nigeria on Saturday but they have now sent me a text message calling me again to pay another N42,700 to do the test. We were about 200 passengers on that flight from Sweden. Almost N90,000 has gone out of my account for the test yet they are saying they can’t find my name.”

When contacted over the allegations, the Federal Airports Authority of Nigeria said it was not involved in the COVID-19 repeat tests, which is a requirement for international flights. The agency said the NCDC and the Federal Ministry of Health are the ones responsible for the COVID-19 tests.

GM, Corporate Affairs, Henrietta Yakubu, in an SMS in response to enquiries from our correspondent, said, “FAAN does not charge for COVID-19 test please. It is NCDC/Ministry of Health. We are only managers of the airports not an health institution.” Responding to further questions, Yakubu said FAAN was not the police, nor the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other related offences Commission.

However, it would be recalled that in August, FAAN had said it was investigating allegations that some officials at the Nnamdi Azikiwe International Airport, Abuja, were collecting bribe from returnees on evacuation flights during COVID-19 clearance. International flights into and out of Nigeria was suspended on March 23 due to the COVID-19 pandemic but the suspension was lifted on September 5.

When contacted, an official in the public affairs unit of the NCDC, Emeka Oguanuo, drew attention to a press release, dated September 14, 2020, in which the organisation denied reports of fraud in COVID-19 tests for ‘air travellers’. But the September 14 statement did not specify the nature of the alleged fraud it was refuting.

However, the NCDC, in the statement attributed to the Director General, Dr. Chikwe Ihekweazu, said the repeat test was introduced to protect Nigerians from the coronavirus disease, especially since many returnees flouted self-isolation regulations after returning to the country.

“The decision to make repeat tests mandatory in Nigeria was based on review of data by NCDC and the Presidential Taskforce on COVID-19. The goal was to find the right balance between protecting Nigeria from more infections, while supporting the restart of international travel. From May till August 2020, evacuation and emergency flights were allowed into the country following an initial restriction on international flights. Of the number of people who returned to Nigeria, 5% tested positive within 14 days of arrival in Nigeria. In addition, several people flouted self-isolation guidance on return.

“Based on this data and the current capacity in Nigeria, it was decided that all travellers to Nigeria must be tested after 7 days of return to the country. This was to enable early detection and reduce risk of further transmission of the disease,” the statement said. NCDC added that although public laboratories have been set up to provide free tests to Nigerians, all travel-related testing can only be carried out in private laboratories.

Seeming to shift the blame for the alleged fraudulent activities involved in the repeat tests to the private laboratories, the NCDC statement added, “The private laboratories that provide testing for COVID-19 are commercial entities, independent of the Government of Nigeria. “The PTF-COVID-19 has ensured that the prices indicated by these laboratories are as subsidised as possible.

“All payment received on the travel platform are sent directly to the laboratories where the passenger has chosen to be tested, chosen from a list of private laboratories approved for testing COVID-19 in Nigeria. No payment is received by NCDC for any purpose, whatsoever. We advise that passengers should not make payments outside of the official platform.”

SOURCE: https://www.icirnigeria.org/allegations-of-fraud-at-lagos-abuja-international-airports-trail-covid-19-repeat-tests-on-passengers-from-abroad/

A Lagos-based laboratory Technician, Daniel Eniayeju, has gone missing while on the way to visit his sick father in Ibadan, Oyo State. PUNCH Metro learnt the 25-year-old Osun State indigene left his place of residence at Ago Palace Way area of Lagos State on 11 Sept 2020, but never got to his destination. His whereabouts have since been shrouded in mystery.

Daniel’s uncle, Lawal Taiye, who told our correspondent that he heard last from the victim around 9am on the day of the incident, said all efforts to find him had so far proved abortive. He said, “I spoke to him on Saturday, September 11, 2020, around 9am and he told me he was on his way to Ibadan to see his sick father. I told him to have a safe trip. The following day, his sister called me that he had not been picking his calls, I told her to not worry that maybe it was a network issue and asked her to call him later.

“We got a call from his place of work in FESTAC Town on Monday that they had not seen Daniel at work and were wondering if he was okay; that was when we suspected something might have gone wrong. I called his dad and he told me that Daniel never got to Ibadan. We have reported to several police stations in Lagos. I even went to the police headquarters at Ikeja to report the case. We have continued our search and are praying to God that he will be found alive and well.”

When PUNCH Metro contacted the state Police Public Relations Officer, Olumuyiwa Adejobi, he said he was not aware of the case and advised the family to come to his office to track the incident. Adejobi, “I am not aware of the incident because I traced the information I was given and what we discovered was a case of a 75-year-old-man, who went missing, and when we tracked his phone, we found out that he was involved in an accident and had died.

“I want you to kindly advise the family of the victim to come around so that we can trace the matter.” ,,

SOURCE: https://punchng.com/lab-technician-goes-missing-while-visiting-sick-father/

Dear NSEMPAs,

Stock Analysis & Recommendations for week ending 02 October 2020:

https://www.nairaland.com/6148842/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.

Togo’s President Faure Gnassingbe on Monday named the first ever female prime minister to head the government in the West African nation. Victoire Tomegah Dogbe, 60, replaces Komi Selom Klassou, who resigned on Friday. A close ally of the president, she has served as his chief-of-staff since 2009.

Togo had been due for a government reshuffle since Gnassingbe was reelected in February for a 4th term in office, but the changes were delayed by the coronavirus pandemic. The president’s election win, which came after a constitutional change allowing him to run, extended more than a half-century of dynastic rule by the Gnassingbe family over the former French colony. The victory was disputed by the main opposition challenger, who has faced official harassment in the wake of the vote.

The president has led the country of 8 million people since taking over in 2005 following the death of his father Gnassingbe Eyadema, who ruled for 38 years. Togo’s economy has been hit by the pandemic as the authorities have imposed restrictions to limit the spread of the virus.

SOURCE: https://punchng.com/togo-appoints-first-woman-prime-minister/

The tallest man in Nigeria, Afeez Oladimeji Agoro, has warned his compatriots who plan to travel abroad, especially to the USA, to be ready to struggle like jungle animals, and also be ready to endure racism and discrimination just like he did, when he had the opportunity to visit the land of Uncle Sam.

At 2.25 metres, Afeez Oladimeji Agoro (44 years), was one of the Nigerians recently repatriated, and he recalls his bitter experience. He stated that a trip which initially seemed very promising actually turned out to be the worst experience of his life. According to him, he was unable to achieve his dream of becoming a film actor, because of his height and due to other acts of discrimination.

"It wasn't easy for a very tall person like me, because I couldn't hustle like them. People always claim that things are really rosy over there. Believe me, that is not the case - its tough! If you don’t have proper documents, they will treat you like you are less than nothing. They won't even see you as a human being.

"You can't even work with a foreign passport; its a crime. Consequently, after spending about 6 months over there, I still hadn't found anything to do; I couldn't get a job. Meanwhile I was paying about 300 to 400 dollars (N140,000 to N185,000) per month for rent. After all that, I decided to return to Nigeria", he said.

Its the first time Agoro would be talking about his adventures in the USA. He had earlier spoken about missing an opportunity to play basketball in the US, due to the abnormal comportment of some Nigerian national team coaches at that time. He was saddened because that attitude had cost him a once-in-a-lifetime opportunity.

SOURCE (translated from French): https://www.afrik.com/afeez-agoro-le-geant-du-nigeria-parle-de-son-cauchemar-americain#