₦airaland Forum

36 schools in the United Kingdom have shut or turned pupils away amid coronavirus fears as plans are drawn up to close ALL UK classrooms and public transport if the virus becomes a pandemic.

Cransley School in Northwich, Trinity Catholic College in Middlesbrough, All Hallows Catholic School in Surrey, Tudor Grange Academy Kingshurst in Birmingham and St Christopher's CofE High School in Accrington have all closed after staff and pupils returned from skiing trips in a coronavirus hit region of Italy. Other schools have closed on precautionary measures.

Burford School in Oxford shut over fears one student could have coronavirus. William Martin CofE Junior, Infant and Nursery School in Essex also closed as a precaution after a member of staff returned from Italy. The ContinU Plus Academy in Kidderminster was shut after a member of staff came in close contact with a family member who was self-isolating after a trip to northern Italy.

Two more schools in Lincolnshire - Lutton St Nicholas and Gedney Church End Primary schools - closed as a precautionary measure due to a "potential connection to the coronavirus by an individual within the school". The schools said in a statement that the individual has been isolated and both schools are being deep cleaned before re-opening.

Lime Academy Watergall in Peterborough will also be deep cleaned and closed for the rest of the week after a family at the school returned from northern Italy. Meanwhile, 5 pupils from Higham Lane School have been told to stay away after returning from their ski trip over half-term.

Many schools had been on ski trips during the half term in Italy - where 11 people have now died as the number of cases continues to rocket. The Italian government has put 11 towns in Lombardy and Veneto - both popular skiing destinations - into lockdown.

One school axed its ski trip over fears of the deadly virus, with pupils travelling back to the UK two days earlier than planned. A further 16 schools in the UK sent staff and pupils home to self-isolate for 14 days - including Hall Cross Academy in Doncaster, which is Louis Tomlinson's old school.

Ashcroft Techonology Academy in Putney, south west London sent 22 students and three members of staff to self-quarantine after returning from a two week ski trip in Italy. Sandbach High School in Cheshire confirmed they were still open but said students and staff on a trip to Lombardy were told to quarantine themselves.

While Cambridge House Grammar School in Northern Ireland sent around 50 pupils and staff home as a precaution after returning from an Italian ski holiday in the same region.

'PANDEMIC' FEARS
It comes as England’s top doctor warned a global pandemic may lead to school closures, families quarantined and public transport shut down. Chief medical officer Professor Chris Whitty said yesterday: “There’s no secret there’s a variety of things you need to look at, like school closures.”

Currently, only high-risk individuals are asked to stay at home to limit the spread of Covid-19. But Prof Whitty said whole families could be told to self-isolate during a major outbreak. Four in five Brits could also become infected by the disease - with up to 500,000 killed, according to a doomsday scenario set out in official papers seen by The Sun.

DEATH TOLL RISES
More than 2,700 people have died globally from coronavirus, while there are more than 80,000 cases. At least 52 British tourists have been padlocked inside a quarantined Tenerife hotel today with two guests tested positive for the virus.

And throughout northern Italy, 50,000 people have now been placed in total lockdown in 11 towns. But the country has not been added to the Number 10’s list of “high-risk” countries prompting criticism from medics concerned tourists potentially carrying the virus are not being quarantined. However, Britain’s chief medical officer is expected to add a number of northern regions of Italy to that list.

Health officials are believed to be considering whether to go further and ask everyone returning from the regions to stay at home for two weeks.

SOURCE (abridged): https://www.thesun.co.uk/news/11036979/coronavirus-school-lockdown-students-italy/

African Development Bank (AfDB) has endorsed Dr Akinwunmi Adesina for a second term as president of the bank. The decision was taken during the 36th Ordinary Session of the African Union (AU) Executive Council, held during the AU Summit in Addis Ababa, Ethiopia from February 6 and 7, 2020.

In a statement, Olufemi Terry of the Communication and External Relations Department of the bank, said that Adesina was elected in his first term as president by the Bank’s Board of Governors at its annual meetings in Abidjan on 28 May 2015.

He is the 8th president of the AfDB Group and the first Nigerian to hold the position. During his first term, the statement added, the bank’s shareholders approved a landmark $108bn capital increase in late October. The increase in the capital base, from $93bn to $208bn, signalled a strong support from the Board of Governors in the continent’s foremost financial institution.

Adesina is a renowned development economist who has held a number of high-profile international positions, including an assignment with the Rockefeller Foundation, and as Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015.

SOURCE: https://www.sunnewsonline.com/akinwunmi-re-elected-afdb-president-for-2nd-term/

In a bid to curb the menace of illegal building construction and building collapse, the Lagos State Government, through the Ministry of Physical Planning and Urban Development has commenced the on-site inspection of planning permits tagged “Operation Show Your Planning Permit”.

Speaking at the flag-off of the operation in Onikoyi, Banana Island and environs on Monday, the Honourable Commissioner for Physical Planning and Urban Development, Dr Idris Salako said the compliance exercise would be extended to other parts of the State during the coming week.

The Commissioner said that it was highly regrettable that “most of the buildings within the highbrow areas are either without planning permit or built beyond approved units, stressing that many commenced construction without recourse to the Lagos State Building Control Agency (LASBCA) as stipulated in the Lagos State Urban and Regional Planning Law.

In view of this flagrant disregard to the extant planning laws of the State, Dr Salako stated that the Lagos Government would not hesitate to apply the full wrath of the law against such violators, in order to ensure compliance with the planning laws and regulations in the State.

He maintained that obtaining planning permit before commencing construction is not negotiable as the present administration remains determined to bequeath Lagos a megacity that is sustainable, orderly, liveable and friendly to business and tourism.

While emphasising that the era of unplanned developments in which anyone could erect buildings according to their fancy is over, Salako said, “For the avoidance of doubt, no building is allowed to spring up in Lagos State without first obtaining planning permission and complying with the State building laws”.

He, therefore, urged all property owners, developers and other stakeholders in the built environment to ensure that they obtain a building permit and produce it when demanded by officials of the Ministry of Physical Planning and Urban Development and its Agencies, adding that non-availability of the permit would lead to sealing of the affected property while its promoters would be made to face the law.

The Commissioner also warned property owners and all concerned to desist from breaking government seals on identified illegal building construction or working on sites where seals had been broken. He urged Lagosians and all stakeholders to cooperate with the State Government in its aim of achieving a safe and secure environment by not only obtaining planning permit but ensuring conformity with their approved plans.

Other top officials present during the enforcement operation include the Special Adviser, Urban Development, Mr Ganiu Adele Ayuba; the Permanent Secretary in the Ministry, Arc. Foluso Dipe and the General Manager, Lagos State Physical Planning Permit Authority, Tpl. Funmi Oshifuye.

SOURCE: https://brandspurng.com/2020/02/26/lagos-embarks-on-operation-show-your-planning-permit-photos/

Worried by the escalating insecurity in the country, Chief Adesunbo Onitiri has expressed surprise that Nigerian Labour Congress, NLC, stands aloof when defenceless citizens are being killed and maimed all over the country.

He said: “The NLC has become a toothless bulldog, uselessly wagging its tail to the enemy that is maiming its owner or busy eating the food of the enemy.

“You are implored to wake up from your slumber. Even the minimum wage the NLC is fighting for has been a failure. This NLC has been the worst in the fight for the interest of Nigerians.” He commended Socio-Economic Rights and Accountability Project, SERAP, for standing with the oppressed masses and fighting for the people’s human rights.

He called on the Federal Government to, as a matter of urgency, declare a state of emergency in the country as a way to curb insecurity. He also called on FG to declare armed herdsmen as a terrorist group without delay, while condemning the National Assembly for introducing a bill to create an agency for repentant Boko Haram terrorists, “who are busy killing and maiming defenceless Nigerians.”

In a statement, on Tuesday in Lagos, he said: “There is no doubt that the most important duty of any responsible government is to secure the lives and properties of its citizens. Any government that fails in this has woefully failed and has no basis to remain in government.

“If this Senate is a friend of the people, they should side with the people and not only look for how to protect themselves but declare bandits, Boko Haram and armed herdsmen as terrorist groups.”

Besides faulting the NLC, the social critic also raised the alarm “over the House of Representatives decision to expend N5 billion to buy 400 exotic 2020 edition Toyota cars for its members, when millions of downtrodden Nigerians are walloping in hunger and want.”

SOURCE: https://www.vanguardngr.com/2020/02/insecurity-nlc-a-toothless-bulldog-says-onitiri/

UNITED States-based Interfaith leaders, after a fact-finding mission to Northern Nigeria which has been under sectarian attacks, yesterday declared Nigeria a ticking time bomb which may soon become the most dangerous place on the planet.

‘Does anyone give a damn about the innocents dying every day in West Africa? If so, it’s time to show it,’ said Rabbi Abraham Cooper and Rev. Johnnie Moore.

A source close to Mission said Rabbi Abraham Cooper, Associate Dean of the Simon Wiesenthal Center, and Rev. Johnnie Moore, President of The Congress of Christian Leaders and a Wiesenthal Center honoree, last week embarked upon a fact-finding mission to northern Nigeria to investigate targeted attacks by Islamist extremists against vulnerable Christian communities and other issues related to the ongoing conflict in West Africa.

Throughout the week, they met with Christian and Muslim religious leaders, representatives of non-governmental organizations, senior government officials, and more than 50 survivors of attacks by Boko Haram, ISWAP, and herdsmen.

Consequently, Rabbi Cooper and Reverend Moore said in a statement after the interface: “You, like us, have no doubt heard of the attacks on communities throughout vulnerable parts of Nigeria. “You’ve heard of the kidnapping and abuse of young women, the churches that have been burned, the homes that have been razed, and of the million or more children now roaming the streets out-of-school.

“Maybe last week, you also heard about the second anniversary of the kidnapping of the courageous teenager, Leah Sharibu, or the torching of a bus the week before that or of the grotesque beheading of a noted Christian pastor two weeks before that.

“After our journey there, we want the world to know that you haven’t heard half of it. The terrorists’ aim to ethnically cleanse northern Nigeria of its Christians and to kill every Muslim who stands in their way. If things don’t change immediately, portions of Nigeria and the broader Lake Chad region may soon become the most dangerous place on the planet.

”This portion of Africa will be ground zero for the next generation’s war on terrorism, and the humanitarian cost of letting these problems fester and multiply in the near-term could result in disaster for much of Western Africa.

“Our message to the leaders of Nigeria is that the status quo is unacceptable, and the government must do more to immediately fulfill its fundamental responsibility to protect all of its citizens.”

SOURCE: https://www.vanguardngr.com/2020/02/us-interfaith-leaders-declare-nigeria-ticking-time-bomb/

SAME INCIDENT, AS REPORTED BY VANGUARD...

Just in: Panic, as another tanker explodes on Lagos/Ibadan Expressway:

There is panic on Lagos/Ibadan Expressway as another tanker has exploded on the Long Bridge. The incident happened about an hour ago (i.e. around 7:30 pm) outward Lagos. Many road users are said to be stranded as a result of the explosion.

Ogun State Commander of Federal Road Safety Corps Clement Oladele has confirmed the incident but said the rescue operation is ongoing.

Vanguard gathered that motorists travelling inward Ibadan have been cut off from the Long Bridge as a result of the explosion, as many are scrambling to drive against traffic.

As at 9.23 pm, the Director, Ogun State Fire Service Engineer Fatai Adefala said the situation has been put under control.

SOURCE: https://www.vanguardngr.com/2020/02/just-in-panic-as-another-tanker-explodes-on-lagos-ibadan-expressway/

A fuel laden tanker has exploded on the Lagos-Ibadan Expressway. According to info available to The Eagle Online, the tanker caught fire at about 7:10pm on Tuesday 25 February 2020.

The incident occurred just opposite the OPIC building in Isheri, Ogun State on the Lagos outbound lane of the expressway. This has resulted in traffic on both ends of the expressway, with many abandoning their vehicles and fleeing to safety.

SOURCE: https://theeagleonline.com.ng/breaking-fuel-laden-tanker-catches-fire-on-lagos-ibadan-expressway-video-photo/

The Federal High Court in Lagos has fixed 27 March 2020 for judgment on a motion on notice filed by the Economic and Financial Crimes Commission, seeking permanent forfeiture of the sum of $54,000 found in the domiciliary account of a firm, Asej Global Services, operated by one Ojo Temitope Francis.

The anti-graft agency told Justice Muslim Hassan that the funds were reasonably suspected to be proceeds of cyber fraud. In a 20-paragraph affidavit filed in support of the motion on notice, an investigative officer with the EFCC, Peter Chimdinma, said the anti-graft agency commenced action against Asej Global Services following a petition against the firm and Francis by First City Monument Bank.

FCMB, according to the investigator, reported the firm and Francis to the EFCC following an inflow of $54,000 into the firm’s account with number, 4445389020, domiciled in FCMB.

Chimdinma said, “The petitioner, First City Monument Bank, enquired about the nature of the funds and the account holder (Francis) claimed that they were from his friend and associate, George Edwards Cook, residing in the United States and that the funds were for the purchase of properties on behalf of the said friend and business associate.

“That upon further enquiry, the suspect provided a copy of the driver’s licence of a white man, purporting that it belonged to the said friend and business associate residing in the United States and could not provide information on the nature of their business. That in the course of investigation, a letter of request for assistance was sent to the Federal Bureau of Investigation to assist in locating and interviewing the said business associate, Mr George Edward Cook.

“That in response to the letter of request for assistance sent to the FBI, it was revealed that the said George Edward Cook had been flagged by the US Department of Treasury and US Banking Financial Security Network as a known fraudster. Investigation further revealed that as of December 2017, George Edward Cook utilised counterfeit cheques to deposit $44,480 but was denied and is currently unable to secure any new US-based bank account under his name due to his ban by FINCEN.

“That so far, the team has been able to establish that one Ojo Temitope Francis, hiding under cover of the suspect, Asej Global Services, operated a domiciliary account in FCMB and received funds from George Edward Cook, who has been identified as a US-based fraudster. That the whereabouts of the said Mr George Edward Cook is unknown and he is likely trying to transfer his ill-gotten funds from the US to Nigeria through the domiciliary account of the suspect.”

Following an ex parte application by the EFCC, Justice Hassan had earlier made an order for the temporary forfeiture of the $54,000 to the Federal Government. On Monday, counsel for the EFCC, S.I. Suleiman, said the anti-graft agency had last year August published the interim forfeiture order in The Nation newspaper, for anyone interested to see and come to court.

Suleiman said as no one had come forward to oppose the application for the permanent forfeiture of the funds, the judge should order same forfeited to the Federal Government.

After hearing the lawyer out, Justice Hassan fixed March 27 for judgment.

SOURCE: https://punchng.com/fcmb-reports-man-to-efcc-after-54000-deposit/

SOURCE: The Cable

Government has collaborated with a private firm, Westron Properties (an engineering and maritime investment company) to develop a seaport in Ijegun, near Satellite Town, with the aim of absorbing up to 50% of the traffic at Apapa port.

The development of Ijegun port city commenced in the 1990s with massive dredging and reclaiming of the swamp around the Satellite Town area, according to the Chairman, Westron Properties, Chief George Igboegun. He said with greater corporation from the government, the port city which currently absorbs 25% of Apapa traffic would absorb 50% of the traffic.

He said the city had recently welcomed a 1 km road, bridge and water channel due for inauguration by the Speaker, Lagos State House of Assembly, Mudashiru Obasa. He said, “The demand for port facilities in the ever-growing city of Lagos has seen exponential growth in the last few years. The resultant effect is that even the addition of Tin Can Island port could still not meet this demand.

“This has led to the chaos Apapa has turned into, with the nation losing tonnes of money on daily basis. Effort by the government to ease the pain of Apapa has not yielded the desired result.”

The Westron Properties chairman, who said his firm started business with fishing trawlers, but encountered challenge with delays at the Apapa port , noted that the issue of requisite infrastructure for the new city had been a recurring problem over a long period.

He recalled that with the delays at Apapa port coupled with gridlock, Westron fishing trawlers could not find adequate berthing facilities in Lagos, the main market for its products. He said while searching for solution to the problem, the firm discovered the swampy and natural Ijegun harbour and decided to explore its maritime potential in collaboration with the government.

Igboegun said various parties and companies with interest in the new city, mostly under the umbrella of the Ijegun Tank Farm Association, had over time been making their individual contributions towards the development of infrastructure in Ijegun.

The current market value of Ijegun port city according to the Westron Properties boss, is $30m while the firm spent over $13m developing it.

He said, “The new bridge and road represent some of our contributions towards bridging this infrastructural gap in the new city. It is our hope that with the combined effort of both the private and public sectors, the city will see further growth, making significant contributions towards relieving the Apapa problem.

“It is projected that our present additional development in the area, will see a further growth of 30% in this new city.” He said the establishment of Ijegun port city had brought rapid development and increased overall storage capacity for petroleum products, thus reducing the shortage of the products.

He said about 60% of Nigeria’s petroleum products were housed in Ijegun, adding that there were currently 12 tank farms in Ijegun, holding a storage capacity of about 600,000,000 litres.

SOURCE (abridged): https://punchng.com/30m-port-city-to-absorb-50-apapa-traffic/

The year was 2013 and Nigerian Breweries (NB Plc) did something quite remarkable. It had just reported a profit after tax of N43bn and a return on equity of 41.9%. That year, NB Plc also reported revenues of N268.6bn and paid over N34bn in dividends. Also, it had just N9bn in external debt in 2013. Those were the good old days.

These days, however, the story is somewhat underwhelming and every year it gets worse. In 2019, the brewery giant reported a profit after tax of N16bn from revenue of about N323bn only. ROE is 11.54% while dividends are just about N18bn. Directors of the company have recommended that they pay out the entire profit and even more as dividends. It now has about N55bn in total external debts in 2019.

Nigeria’s brewery sector is facing a potential implosion with intense competition, harsh economy, unfavourable government policies and changing taste of consumers haemorrhaging top and bottom line. Despite splashing cash on brand ambassadors like Burna Boy and spending billions on events and advertisement, it is still finding it extremely difficult to get younger Nigerians to embrace its 21 flagship brands.

Revenue has grown by over N100bn since 2013 but it has come at a significant cost to the business. Last year (2019), the company reported it had spent about N77.6bn on marketing and distribution expenses, a whopping 24% of revenue. It spent 19.5% of revenue on marketing and distribution expenses in 2016 and 15.9% in 2013, its year of profits. Marketing and distribution expenses have almost doubled from N42.9bn to N77.6bn in 6 years.

But what else can the company do? It can’t just fold its arms against stiff competition and watch its market share and inventors' confidence erode. Management probably once in while takes solace in the performance of Guinness, thanking their stars (no pun intended) that they are much better. It’s brutal out there and the beer makers know it’s only going to get worse. Who knows who will be left standing 10 years from now? For Heineken, its majority shareholder, it keeps investing and taking a pint of their return.

The parent company with 55.9% ownership of the company will get about N10bn out of the dividend of N18bn. In addition, it earns royalties and technical fees of N7.2bn or 2.2% of revenues but 45% of profits as royalty and technical fees.

Back to 2013, the company paid N9.36bn (3.4% of revenues or 21.7% of profits ) as royalty and technical service fees. Shareholders will be reminded quite clearly that the parent company continues to invest heavily in its Nigerian subsidiary.

About N30.1bn was spent in 2019 (N30.3bn in 2018) on property, plant and equipment out of which “returnable packaging materials” was N10bn. To date, the company has spent N125bn out of its N446bn property plant and equipment budget on returnable packaging, plant and equipment. Only Plant and Machinery at N189bn is worth more. Suffice to add that it’s current market valuation of N411bn is just 1.07X total assets and 2.45X net assets.

It’s thus petrifying to be reminded that at N55 per share and 25x price to earnings ratio, Nigeria Breweries stock may well be overvalued. It’s is highly unlikely it will grow its earnings per share that aggressively. Despite paying its entire profits as dividends and more, its dividend yield will be 5% at current share price of N55.

Year to date, the stock is down 12.7% and could likely remain depressed amidst a rather gloomy economic outlook. With inflation skyrocketing and disposable income of consumers taking a hit, the horizon for Nigerian Breweries Plc is nowhere near its glory days.

SOURCE (abridged): https://nairametrics.com/2020/02/20/analysis-nigeria-breweries-the-glory-days-are-gone/

Emir of Kano Sanusi Lamido has called for the arrest of fathers who send their children out as almajiris.

Speaking at a non governmental organisation of First Lady Aisha Buhari, in collaboration with the Supreme Council for Islamic Affairs (NSCIA) on Thursday February 20, the monarch faulted those with political power who have failed in ensuring justice is served.

He blamed the lack of law that addresses certain issues affecting mothers and children. Sanusi said its the duty of the monarch or traditional ruler to ask for justice. But it’s only those in power that can ensure that justice is served.

His speech reads:

“Every day, wives are complaining about their husbands who claim their rights but abandon their responsibilities of marriage, women being divorced with their husbands not taking care of the children and those children ending up on the streets, drugs, political thuggery, violent extremism,”

“No law that talks about consent in marriage, the rights of wives and husbands, domestic violence , rights of women divorced , the responsibilities of husbands under divorce situations. If a child is found on the streets, is the father that is responsible and can the state hold him accountable?

“Do you just marry and have children without any responsibilities? The reason Allah send His Prophets is that there should be justice in this world. Justice in our relationship with our maker and in our relationship with our fellow human beings.

“Justice means that everyone is given his rights. If a man takes the privilege of being the head of the family, he takes the responsibilities of being the provider of the family. You cannot take that privilege and abandon the responsibilities.

“Is it a fact that a father has the right to force his daughter into a loveless marriage? That you have the rights to batter you wife? You have the right to have children and push them to the streets to beg? That when you divorce your wife, you ask her and her children to pack and go back to her father’s house and that is the end?

“I can spend 100 years saying that it is wrong and un-Islamic for a man to beat his wife. But it is the Governor and the state house of assembly that should pass the law, it is the courts and the police that will make sure that the woman gets justice. The Scholars and Emirs cannot do that.

“So, the problem is these groups of human beings are those who will stand to answer to Allah if there is no justice.

“The traditional and religious leaders have an obligation to ask for justice, but those with political power have an obligation to put in place processes that will make sure justice is complied with.”

SOURCE: https://allure.vanguardngr.com/2020/02/fathers-who-send-out-their-children-as-almajiris-should-be-arrested-emir-of-kano/

A medical doctor with the University of Ilorin Teaching Hospital, Gbenga Adebusoye, has warned that abuse of paracetamol in general and in tenderising meat in particular, could lead to liver and kidney failures. Dr Adebusoye gave the warning in a telephone interview with News Agency of Nigeria (NAN) on Thursday.

He said drugs were chemicals and should not be taken lightly and when abused, they could be toxic to the human system and endanger lives. According to him, abuse of paracetamol leads to rapid damage of the liver, which can cause the acute liver injury that could then result in liver failure that can not be managed except by a liver transplant.

He said paracetamol should not be used to tenderise meat and for any other purpose asides its clinical use and within specified dosage, as its abuse was highly detrimental to health. He said drugs were usually meant to be stored at cool temperature not above 25° Celsius. He said if drugs were not properly stored and left in places with high temperature, it could damage their content, making them less potent; and with possibility of chemical reactions that could be dangerous and harmful, turning the drug from a useful substance to a harmful one, he said.

Dr Adebusoye, therefore, advised people to desist from abuse of drugs in general, as such act could be very fatal. NAN reports that some food vendors and caterers in the country have been using paracetamol tablets to tenderise tough meat. Others even use tablespoons, nails and potassium to cook food.

Some food vendors in Jos denied making use of paracetamol in tenderising their meats, but some admitted to using potassium in tenderising cowhide (Pomo) and beans.

SOURCE (abridged): https://m.guardian.ng/features/health/paracetamol-abuse-could-cause-liver-kidney-failures/amp/

Waltersmith Petroman Oil Limited has said construction of its modular refinery is about 98% complete. The indigenous oil company is building the modular refinery in Ohaji/Egbema Local Government Area of Imo State.

The 30,000 barrels per day refinery project reached final investment decision in September 2018 with an 18-month delivery time from November 2018 to May 2020 for its first phase.

“It is about 98% complete. We will start pre-commissioning next week.” the Managing Director/Chief Executive Officer, Waltersmith Petroman Oil Limited, Mr Chikezie Nwosu, told our correspondent on the sidelines of the Nigeria International Petroleum Summit.

According to him, the Nigerian Content Development and Monitoring Board is a partner on the project. He said, “They are not only a partner, but they have helped us with respect to navigating the regulations, and helped us with respect to understanding the local content requirements.

“You cannot be in a partnership with the NCDMB, if transfer of skills is not one of the most important things that you have to satisfy. So, that partnership guides us along the path of the best local content initiatives for us to follow. The NCDMB has been a partner of choice in this venture.”

Asked if building of modular refineries was the way to go to increase the nation’s refining capacity, Nwosu said, “Absolutely, it is the way to go. We wouldn’t have committed to doing this if we hadn’t done a proper study of the environment where we operate, the needs of the people and the ability to build an economic model that works. That economic model is one of modular refineries; it allows you the redundancy that if you build several modules, if there is a problem with one of them, you can still deliver petroleum products.”

He added, “The problem with building one huge refinery is that if something goes wrong and enough redundancies have not been built in, then you cannot send out any refined products or your volumes are significantly impacted. But going through a modular approach means that you do build in those redundancies.”

SOURCE: https://punchng.com/waltersmiths-modular-refinery-98-complete-says-ceo/

Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC) says electricity is a luxury only the elite in the country can afford. Kyari made the statement at the Nigeria International Petroleum Summit in Abuja on Tuesday.

The summit with the theme, ‘Widening the integration circle: technology, knowledge, sustainability partnership’, saw the signing of a $1.1 million grant between the federal government and the United States Trade and Development Agency (USTDA) as part funding for the Abuja independent power project (IPP).

Kyari said many Nigerians are still struggling to afford a day’s meal let alone electricity. He said the government must address the issue of power supply before it can go into renewable energy.

“For this country and very many of us in sub-Saharan Africa, what we worry about today is actually the meals of today. There are many who can’t afford a meal a day. And of course, electricity is largely a luxury; it’s only for the elite, like all of us here,” Kyari said.

“It is the dream of very many to have I-pass-my-neighbour in their homes. When you say, ‘do not use fossil fuel,’ but you have not provided alternatives. The world has not looked at their situation. The world has not recognised that there is abject poverty in the communities.

“We have to resolve the issue of electricity so that we can talk about renewable energy in the future and reduce the use of fossil fuel that has a high impact on the environment. We know that there is an energy transition in the world. With time, there will be less dependence on fossil fuel.”

Kyari also said gas remains the cheapest source of power, and that efforts must be made to stop flaring it in the country. “We have gas in abundance, we must create infrastructure that will help create gas for power generation,” he said. We need power to create jobs and we must create prosperity, so that we can have peace in our country. We are grateful for this grant.”

On his part, Thomas Hardy, USTDA director, said the grant was another demonstration of the US’ commitment to ensuring infrastructural development across the globe. He said the grant would be used for feasibility study of the IPP and other infrastructure development projects in the energy sector.

He said the money will be released in tranches depending on the particular project in the sector. He said General Electric (GE) would provide all the technology for the IPP. “The grant is part-funding for the NNPC Abuja IPP modelled to generate 1,350 MW,” Hardy said.

“Nigeria is the largest population in Africa and we are proud investing in the energy sector in the largest African nation to provide power to the rural communities.”

SOURCE: https://www.thecable.ng/fg-us-sign-1-1m-grant-for-abuja-independent-power-project

In less than two weeks, Mrs Damola Akintunde has been served two queries by her employer for resuming work late. It is unusual of the 32-year-old resident of Olowora, Isheri area of Lagos State.

For the past 4 years that she has been working with an insurance firm in Ikoyi, 40km from her residence, lateness was a rarity. She devised some methods to beat the regular morning traffic and ensured she was at work before the 8am resumption time.

Her tactics against lateness collapsed on 1st February 2020, following the ban of commercial motorcycle and tricycle operations in some local government areas of the state. The 2 hours travel time to work became doubled. Tricycles and motorcycles she relied on as alternative transport means to beat traffic in some routes were now off the roads. The mother of two now has to endure long queues for commercial vehicles at bus stops.

Despite adjusting the time she leaves home for work, meeting the resumption time has become a battle she struggles to win on a daily basis. “I now leave home at 5.30am; one hour earlier than I used to. On the two occasions I was queried, I got to the office at 9.30am and 10am respectively,” she added, admitting that she had been warned twice before getting the queries.

She went on, “These days, I trek for 20 minutes from Isheri to Berger bus stop because keke (tricycle) and okada (motorcycle) no longer ply that route. I spend about an hour at Berger queuing for buses en route to Obalende. Worse still, the traffic is more than it used to be.

“It is another fight for vehicles from Obalende to Ikoyi and it is even tougher when I am returning home in the evening. The stress is too much but I need to work to support my family. As a mother, I have to prepare my children for school before leaving home. It is part of domestic duties I cannot shy away from.”

Criticism and violence trailed tricycle/okada ban in major parts of the state but the government insisted it would not reverse its decision, saying it was made in the best interest of the masses for safety and security.

“I agree it’s a tough decision we made regarding restriction of okada and keke in some parts of Lagos but I want to state some facts, which people can debate. The restriction we have done is primarily based on security and safety of lives of residents. We took the decision based on the level of danger we have seen to have happened to our people,” the state governor, Babajide Sanwo-Olu, had said.

Akintude’s plight is similar to what many commuters now go through in Nigeria’s commercial capital in the wake of the enforcement.

Many officials who snubbed their private cars on working days and jumped on commercial transport, have now been forced to put their vehicles on the road to avoid trekking long distances and queues at bus stops. Taofiq Oladele falls into this category.

A public relations officer at a multinational in Ikeja GRA, Oladele resorted to using his car when the stress of walking for about one hour every day started telling on his health.

“I live in Alagbado. The first day the ban started, I trekked for over an hour from Ikeja Along bus stop to the office and repeated same while returning home. I got to work at 10.30am that day and got back home late. After engaging in the ‘endurance trek’ for two days, I started using my car,” he told Saturday PUNCH during the week.

He stated that despite driving, he struggled to make it to the office at 8.30am after spending two hours in gridlock.
“I am just lucky my boss is compassionate. He gave us 30 minutes extra beyond the normal resumption time. Yet, many of us can’t meet up,” he added.

A teacher at a private school in OPIC, a border town between Lagos and Ogun states, also told our correspondent that the traffic from her home in Ogba (Lagos) to the school has worsened in recent times.

The woman, who identified herself simply as Susan, stated, “Yesterday (Wednesday), I left home at 7am but didn’t get to school until 11am. The traffic on Ogunusi Road, stretching to the Lagos-Ibadan Expressway was on standstill because two vehicles broke down. On Thursday, I experienced traffic too. The most annoying part is the struggle for buses at bus stops every day.”

The impact of the increasing traffic is more serious for Daniel Uzochuckwu, a secretary at a construction company in Lekki, upscale Lagos metropolis. In defiance of the office rules, he was caught sleeping on duty thrice in one week and warned sternly to avoid a repeat or lose his job.

“Sleeping on duty is a serious offence where I work, but I couldn’t just help it these days,” the resident of Ogudu bemoaned.

“I wake up at 4am and leave home at 5am to beat the traffic and get to work on time. It was as if vehicles were springing up from the ground since the ban on okada and tricycles began,” he said worryingly, adding that he devised a strategy to save his job.

“I don’t want to lose my job. I had to beg a bachelor colleague who lives on Lagos Island to allow me pass the night at his house during the week pending the time the traffic situation will improve. I cannot cope with the stress to and from the office every day.” he stated.

The ugly trend has been blamed on the poor conditions of some major roads across the state and inadequate mass transit system, among others. In the short-term, Administrators have urged employers to take strategic steps to address the traffic challenge.

The Director-General, Nigeria Employers’ Consultative Association, Dr Timothy Olawale, noted that the chaotic traffic situation required organisations driven by Information Technology to develop the capacity for offline work, whereby staff members didn’t have to be physically present in the office.

He said, “We have employers that have already started leveraging IT to make life easier for their workers as long as the workers will deliver and be productive. However, working from home does not apply to every job. For instance, there is no way a security guard can secure the environment by working from home.

“Generally speaking, traffic situation in Lagos is becoming more chaotic and it calls for government to strategise on how to solve the problem. The conventional means of adding more vehicles cannot solve the problem. The first thing to do is for the roads to be good. Part of the traffic is caused by bad portions on the roads.

“For now, employers should treat the situation with understanding. These are realities and everybody is caught up in it. While the employees should try as much as possible to be responsible, where it is unavoidable and they are caught up in proven cases of traffic jam, employers should treat it with understanding and not kill an ant with a sledge hammer.”

The DG identified a laptop, mobile phone and Internet facility as the three most essential tools required to work from home, noting that a number of jobs could leverage the IT to proffer short-term solutions to traffic issues.

“Even senior executives can sign documents now without being in the office. There are a lot of jobs you can do from home. It only takes maturity and sense of responsibility. Once you deliver on your deadline, what is the big deal? It is the reality on the ground. More employers should embrace it. Employers should invest massively in infrastructure that can help employees deliver on this,” he added.

On her part, the Country Manager, Nigeria and Regional Sales Manager West Africa, Avanti Communications, Jane Egerton-Idehen, urged firms with flexible working hours to explore such to relieve their staff members of stress. She stated, “There should be transitional arrangements by the government before the ban. There is high demand for transportation and there are no enough buses to meet the supply. All the people that would have used keke or bikes are now forced to use buses.

“For organisations that offer flexible working hours, this is the good time to allow the staff members know they have such opportunity. It means they don’t have to show up at work at 8am. They can come to work at 10am and close at 7pm.” She said with such arrangement, workers would be able to manage the traffic while going to work and avoid returning home at peak hours.

Egerton-Idehen added, “Another thing employees can do is to allow staff members close earlier than normal. If they normally close at 5pm, they can start closing at 4pm or 4.30pm so that they don’t get stuck in traffic.”

Besides, the Managing Partner, Human Capital Partners, Mr Innocent Oseghe, canvassed for both flexible working arrangement and IT use. He said, “Flexible working arrangements can be put in place for staff members. Workers can also be allowed to telecommute. Employers should work out an arrangement whereby staff members don’t need to rush to work in the morning. They should be given enough time to be able to resume.

“With okada and tricycles withdrawn from Lagos roads, an organisation can arrange for a bus that will pick workers from certain location not too far from office and take them to the bus stop where they can easily get vehicles after closing from work. Right now, workers walk for 30 minutes to one hour from office to bus stops.”

SOURCE: https://punchng.com/hr-experts-seek-flexible-office-hours-for-workers-as-lagos-traffic-worsens/

Nigeria’s pension fund investors and pension savers should be worried in 2020. On average, the RSA pension fund category netted about 13% return in 2019, so did the Retiree Savings Account category of pension funds.

While that is a commendable performance in a year where the Nigeria Allshare index lost 16% of its value, that same feat may not be repeated in 2020. Did I hear you ask why?

FALLING INTEREST RATES
One thing that characterized the Nigerian Economy and Nigerian capital market in 2019 was the fast decline in yield (interest rates) towards the end of the year. The Nigerian 10-year Bond Yield, which opened year 2019 at 15%, is poised to close the year at around 11% or less and other tenors are currently trending at single-digit interest rates.

Nigerian Treasury bills and Commercial Papers are even worse. According to the latest FMDQ Daily Quotation List, a Commercial Paper with 191 days to maturity traded at 6.19% while one with 282 days to maturity traded at 5%. A case of inverted yield.

Analysis of the most recent Pension Assets Report released by the Nigeria Pension Commission shows that 46.66% of total pension asset is invested in FGN Bonds, while 22.82% is invested in Treasury Bills; instruments that are directly impacted by trends in interest rate.

Lower interest rates mean lower returns from such investment types. Though the coupon rates on FGN bonds that the pension funds are already invested in will not change, (unless bond issuers decide to refinance such bonds), the pension funds will be adversely affected if majority of the bonds mature in 2020.

In that case, pension funds will have to face the reinvestment risk of finding bonds with similar coupons. A tall order indeed. Unfortunately, the inverse relationship between bond prices and interest rate will mean that at the point of reinvestment, such bonds will cost more to buy. With Treasury Bills and Commercial Papers being short-dated instruments, the effect of falling interest rates will be felt more in those types of instruments as they are prone to mature within the year under the current low-interest-rate regime.

RISING INFLATION
One statistic that means a lot to retirees and pension plan savers is real rate of return. Real rate of return is the nominal rate of return less inflation. In a layman’s language, it is the rate of return that shows what your investment return can purchase, given current price levels.

With inflation inching upwards in Nigeria, and interest rates going the opposite way, pension plan savers may be subjected to double “punishment” or double jeopardy. According to economists, falling interest rates are prone to causing inflation. If that happens, pension plan savers may be in for the worse.

WHAT TO DO TO REMAIN WITHIN PLAN
In a situation like this, those saving for retirement should think of what to do to remain within their planned retirement objectives. There are two broad sources of pension plan assets: contributions and income. Those two combine to lead to increase in pension assets. When one falls, the other has to increase, otherwise, pension assets will decrease. Therefore, to maintain your retirement savings objective in light of the potential for a decrease in income or return, you have to increase your monthly contribution.

I did a piece, not too long ago, on the need for additional voluntary contribution; now is the time to embark on that if you do not want to be caught “pants down” with some deficit in your retirement savings account balance in 2020 and beyond. To double your money in 10 years, for example, you need about an average annual return of 7%. As the rate of return decreases, so does the number of years required to double your money increase, if you do not increase the contribution.

This is why you should make voluntary contributions to your pension fund

EUROBOND MUTUAL FUNDS TO THE RESCUE
Pension Plan Managers should go to work by looking for alternative sources that can help increase returns for their clients and investors, as long as it is within the regulatory permission granted them by the Pension Reform Act of 2004, or the like.

One of such investments is Eurobonds or Dollar denominated mutual funds. Though return on those mutual funds is driven by interest rate, they have the potential to insulate the effects of falling interest with changes in exchange rate. With the Naira slightly depreciating against the dollar continuously, investing in Eurobond mutual funds may be a way to stay afloat.

SOURCE (abridged): https://nairametrics.com/2020/01/01/this-is-why-retirement-pension-savers-should-be-worried-in-2020/

Many commercial vehicle operators on Lagos-Ibadan routes may be out of business when the new standard gauge rail line commences full operation, unless they upgrade their standard in terms of passengers’ comfort. This has nothing to do with the higher speed of about 150km/hour the new train could travel; it has everything to do with the luxury of the new coaches and the cozy environment.

A trip from Iju Railway Station in Lagos to Ibadan, Oyo State, undertaken last Saturday by some journalists including our correspondent revealed some of the high-quality facilities inside the new train coach. The air-conditioned executive coach made available for the train ride by the contractor, China Civil Engineering Construction Corporation, provided a free-sitting arrangement with a cozy interior modelled after a first-class or business-class section of an airplane.

There are two conference rooms in the coach. Each of them has an executive oval table and executive chairs built with a shiny finish. People could seat for long hours holding meeting in any of the rooms oblivious of the happenings outside the moving train, thanks to the well-padded and noise-insulated interior. Everyone seated round the table has access to an individual charging point for their mobile telephones and other handy eletronic gadgets.

In the coach proper, the seats are arranged in two rows, each of them has adequate space with sufficient legroom and an unattached table. With a maximum seat pitch (the distance between the seats), passengers can decide to sit up or recline/stretch out without making any form of adjustment to their seats. This is akin to what is found in the executive luxury bus coach and the business-class section of an aircraft.

There is also a wide area separating the two rows of seats for people to move freely in both directions to/from the toilet, restuarant or any other place within the coach. No one will be required to wait for the other. No one also needs to be told that standing on this train’s coach is not allowed. Notwithstanding the wide space provided for the walkway, there is nothing for anyone standing to hold. With this arrangement, it will be suicidal for people to stand on this fast train.

The coach has two television sets where compact discs of musicals, movies and other forms of entertainment could be played for the relaxation of the passengers. There are also TV sets in two areas that appear to be the sleeper section of the train coach. Here, there is an exquisite arrangement of some sofas on both sides of the coach. It is obviously a setting for either a business/intimate discussion among friends or a place to have a more soothing sleep than in the main coach sitting area.

According to the Project Manager of the CCECC, Xia Lijun, who was also part of the special train ride, the coaches have security devices such as closed-circuit televisions that could monitor the activities of people within and outside the train, with the aid of monitors installed inside the security cubicle. There are also security personnel on board. The windows are also said to have tinted glass and covered with window blinds such that people outside cannot see passengers seated inside the train; they (passengers) could however see people outside.

There is a restaurant that takes care of the passengers meals and drinks while on board. Restrooms are found in many places within the train; at the corner of the main coach and each of the conference rooms, among others. The facilities and their operation in the lavatories are basically the same with what is obtainable in the aircraft. People using the toilets will readily find a neatly arranged pressurised cabin and a washing-hand basin, among others.

During the ride, the train was said to be moving at about 80km/h to enable the travellers to have a panoramic view of people, towns and villages and other scenic things along the route. There was a stopover at Abeokuta Railway Station, still under construction, for a tour of the massive area and uniqueness of the design.

This trip is part of the daily free ride on the new train, which started on December 1 last year. It is a four-month trial run expected to end in March this year. The Minister of Transportation, Rotimi Amaechi, who announced this via his official Twitter handle, ahead of the end of the year and new year movements, had said, “Our free rides on the Lagos-Ibadan standard gauge rail line will begin today and run through March, 2020.

“Commuters on that route can take advantage of it and save transportation during the festive period and beyond. Let’s ride on the #NextLevel. Take-off point is Iju.”

Ahead of the start of commercial operation on the new Lagos-Ibadan standard gauge rail line, 20 new coaches have arrived in Nigeria, 10 of which will be deployed along the route. The remaining 10 new coaches would be sent to the Abuja-Kaduna standard gauge rail line to ease the congestion being experienced on the route, it was learnt. The 20 coaches were inspected by the minister during one of his monthly assessments of work on the Lagos-Ibadan standard gauge rail line.

Government had extended the new rail line project to the Lagos port as part of measures to ease the congestion on the Apapa port roads.

An upsurge in the number of passengers on the 186.5km Abuja-Kaduna train service following frequent cases of kidnapping along the Abuja-Kaduna road had prompted the government to place an order for the importation of 30 coaches and 300 wagons. Some of the coaches are meant for the new Lagos-Ibadan rail line.

SOURCE: https://punchng.com/inside-the-new-lagos-ibadan-rail-coach/

A capital market operator, Malam Garba Kurfi, on Wednesday expressed optimism that the Nigerian equities market would witness double digit growth in 2020.

Kurfi, the Managing Director, APT Securities and Funds Ltd., stated this at the Capital Market Correpsondents Association of Nigeria (CAMCAN) first quarter forum in Lagos. “The All-Share Index is likely going to close for the year 2020 in positive and may close in double digits.

Both technical analysis and fundamental analysis point toward the positive direction,” he said. Kurfi said that the All-Share Idex was expected to close in double digit by the end of 2020 to repeat 2017 performance due to some monetary policies introduced by the Central Bank of Nigeria (CBN).

According to him, the review of Cash Reserve Ratio (CRR) from 22.50% to 27.50% will redirect funds into the stock market. Kurfi said the restriction placed by the apex bank in Open Market Operation and Treasury Bills participation, if sustained, would impact positively on the stock market.

According to him, the Export & Import window of foreign exchange policy should be retained to ensure stability. He said that the market might experience volatility because of the changes in the reporting of financial reports as adopted by the Exchange without adequate awareness of the brokers.

On sectors to watch in 2020, Kurfi said that companies that would benefit from VAT exemption like Nestle would likely declare better profit. He said that building material companies, such as cement companies, were likely to double their turnover due to early implementation of the budget.

Kurfi said that insurance companies were likely to do better because of the recapitalisation, with some engaging in mergers and acquisitions or takeover. He said that banks would not perform well when compared with previous years, due to reduction in the bank charges, fees and crash of the interest rate.

On NSE demutualisation, he said the initiative would unlock and reactivate idle capital and boost activities in the nation’s economy. Kurfi explained that that demutualisation would reactivate idle capital in the market. He also said it would change the perspective and drive more growth for the nation’s economy.

“It is a good thing and all of us are going to happy at the end of the day, because it is going to unlock more capital for the market. For instance, if I place shares as collateral, I can trade and make money. We are very pleased that this is coming after so much delay; this will change the economy’s perspective as well,” Kurfi said.

Reviewing the past year, Kurfi said the performance of the market on quarterly basis in 2019, was the worst in the last 10 years, with negative returns in all the quarters. He attributed the performance to the tense nature of the polity in the build up to the 2019 election that dampened investors’ confidence.

SOURCE (abridged): https://www.vanguardngr.com/2020/02/nigeria-stock-market-to-witness-double-digit-growth-in-2020-kurfi/

The coronavirus outbreak that originated in Wuhan, China, has killed 1,523 people and infected nearly 67,000. The COVID-19 virus, as it's now known, has spread to at least 26 other countries. Three deaths have been reported outside of mainland China: one in Japan, one in Hong Kong, and another in the Philippines.

Chinese authorities quarantined the city of Wuhan and many other cities, with all transportation halted. A massive spike in deaths and confirmed cases was reported in Hubei province (where the outbreak started) on Thursday 13 February due to a revised methodology for counting cases. But on Friday, China's National Health Commission wrote off more than 100 deaths from the total, attributing the error to double-counting.

The only deaths outside of mainland China so far are one man in the Philippines, a 39-year-old man in Hong Kong, and a woman in her 80s in Japan.

The COVID-19 virus, as it's now officially known, has spread to every province and region in China as well at least 25 other countries. Both the death toll and the number of infected patients exceed those of the 2003 SARS outbreak. The zoonotic virus may have jumped from animals to people at a market in the city of Wuhan.

Researchers think the virus originated in bats, and one study suggests the disease might have spread from endangered pangolins to people. The US has reported 15 cases so far, the latest of which was confirmed near San Antonio, Texas, on Thursday.

The World Health Organization has declared he outbreak a public-health emergency, and Chinese President Xi Jinping said the virus poses a "grave threat." The first case of the coronavirus was reported in Wuhan in December. The central Chinese city has a population of 11 million. The virus' pneumonia-like symptoms include fever and difficulty breathing.

According to the Centers for Disease Control and Prevention, a person could be at risk if they have:
-- Fever and symptoms of lower respiratory illness, such as coughing or difficulty breathing, after traveling to Wuhan or having close contact with someone who was ill and is now under investigation for the virus in the past 2 weeks.
-- Fever or symptoms of lower respiratory illness after having close contact in the past two weeks with someone who's been confirmed to have the virus.

Chinese health officials say the incubation period for the virus ranges from one to 14 days, during which time carriers can be infectious.

"The people who are likely to die first will have other illnesses," Adrian Hyzler, the chief medical officer at Healix International, which offers risk-management solutions for global travelers, told Business Insider. "But as it spreads, it'll pick up more people like flu does." Most patients who died were elderly or otherwise unwell, according to Chinese officials.

A huge leap in cases and deaths was reported on February 13 in the Hubei province after health officials revised the way they are counting cases.

In its Thursday morning update, the Hubei Health Commission added 14,800 people to its list of cases and reported 242 new deaths. The commission said the jump is due to a change in the way cases are counted: The new total includes clinical diagnoses made via CT scans of patients' lungs, in addition to lab-test results.
The true number of infected people is probably still higher than the official total.

Academics from from Imperial College London estimated earlier in the week that only one in 19 people infected with the virus were being diagnosed.

Outside China, cases have been reported in Australia, Belgium, Cambodia, Canada, Egypt Finland, France, Germany, India, Italy, Japan, Malaysia, Nepal, the Philippines, Russia, Singapore, South Korea, Spain, Sri Lanka, Sweden, Taiwan, Thailand, the United Arab Emirates, the UK, the US, and Vietnam.
The total number of cases internationally has far surpassed that of the SARS outbreak.

On January 30, the World Health Organization declared the coronavirus outbreak a global public-health emergency. The global-health emergency declaration has been used five times since it was created in 2005.

"They only do this for extraordinary illnesses that are of international concern," Hyzler said. "Suddenly the world is alerted to a much greater extent and they'll start pouring a lot more assistance and aid to airports, to transport hubs, and do their best to control this outbreak."

The Trump administration has imposed a travel ban on foreign nationals who have been in China within the past 14 days. The ban went into effect February 2, with exceptions made for immediate family members of American citizens and permanent residents. US citizens returning home who have been in China's Hubei province —where Wuhan is located — within the past 14 days may be quarantined for up to two weeks.

The new coronavirus appears to be more contagious but less deadly than SARS. The two belong to the same coronavirus family. There are no vaccines to prevent humans from contracting a coronavirus.

Five leading drug companies — Johnson & Johnson, Regeneron Pharmaceuticals, GlaxoSmithKline, Moderna, and Gilead Sciences — have announced plans to research and develop treatments for the new coronavirus.

To prevent the spread of the coronavirus, all travelers should wash their hands frequently with soap and water, making sure to scrub for at least 20 seconds, the CDC says. Travelers should also avoid touching their eyes, nose, or mouth with unwashed hands.

Chinese officials have warned that the virus is mutating, which could make it harder to control and treat. A study of a Chinese family in the southern province of Guangdong found that the virus mutated several times as it spread from one family member to the next. But Michael Farzan, a biologist at Scripps Research, told STAT that the mutation rate for COVID is "much, much lower" than that of the flu. "That lowers the chance that the virus will evolve in some catastrophic way to, say, become significantly more lethal," Farzan said.

Scientists have published over 50 studies on Wuhan coronavirus in the last 3 weeks. They learned that 75,800 people in Wuhan could be infected.

SOURCE (abridged): https://www.businessinsider.com/china-virus-everything-we-know-deadly-2019-ncov-wuhan-spread-2020-1

Following an alert raised by the Senate over a strange disease outbreak in Benue State, the Nigeria Centre for Disease Control (NCDC) has stated that its prior investigations indicate that the disease is suspected to be chemical poisoning, not Coronavirus or any major Viral Haemorrhage fever (VHF).

Last week the Senate alerted Nigerians that a strange disease which it suspected to be the Novel Coronavirus, had hit Benue state, killing 15 persons already with about 104 seriously infected.

The Spokesperson of the NCDC, Emaeka Oguanuo, who confirmed this in a telephone interview with BusinessDay, said the disease was likely to be chemical poisoning because those affected by it share the same water source. He added that the symptoms shown by persons affected indicate that it is not an infectious disease.

He, however, said investigations were still ongoing to ascertain the disease.

Chikwe Ihekweazu, the director-general of NCDC in a recent tweet said water samples had been sent to the federal ministry of water resources for analysis.

“We were notified of deaths from ‘strange illness’ in Benue by State Min. of Health on Feb. 1. Samples tested at NCDC National Reference Laboratory were negative for major Viral Haemorrhagic Fevers. Water sample was sent to the Federal Ministry of Water Resources for analysis. Investigations are ongoing,” he said.

Senator Abba Moro (PDP – Benue South) who raised the alert last week revealed that the outbreak of the strange disease occurred on January 29, 2020, in Oye, Obi Local Government Area of the State and consequently, directed the Federal Ministry of Health and the NCDC to immediately investigate the disease and quickly employ surveillance measures to contain it.

He listed the first victims of the epidemic outbreak as Happiness Ogbo, Onajobi Ogbedu, Wisdom Agwo, Andy Edu, all of whom died 48 hours after contacting the undiagnosed disease.

He added that the disease, which was yet to be diagnosed by health authorities and medical experts in Benue State, has symptoms such as headache, internal heat, diarrhoea, vomiting, stomach ache, weakness of the body and swollen stomach.

Moro also noted that as at Monday, February 3, 2020, the number of persons affected with the strange epidemic had risen to 104.

SOURCE (abridged): https://businessday.ng/news/article/strange-disease-in-benue-suspected-to-be-chemical-poisoning-not-coronavirus-ncdc-2/

Minister of Health, Dr. Osagie Emmanuel Ehanire, has confirmed that two suspected cases of Coronavirus have tested negative after diagnosis in the country.

Ehanire, who confirmed the development, while declaring the Kano State Primary Health Summit open at Government House, declared that the country was fortified with three well-equipped centres to diagnose the deadly disease and other viral infections.

He stressed that the Federal Government has put adequate mechanisms in place at all entry points in the country to screen all incoming passengers to ascertain their health status.

The minister added that efforts are being made to prevent possible carriers of the Coronavirus disease from entering the country.

SOURCE (abridged): https://t.guardian.ng/news/two-suspects-diagnosed-tested-negative-to-coronavirus/

A 'very lonely' multi-millionaire is looking for a 'suitable candidate' to marry and start a family with after years of focusing on making his fortune. Andy Scott, 41, from Portsmouth, who is worth £25 million, wants to find a 'special person' who is free to spend her summers sailing around the Mediterranean and winters skiing in the Alps.

The businessman - founder, owner and chairman of London-based investment company REL Capital - said he has previously been 'married to succeeding', but now wants to meet a down-to-earth, 'beautiful' woman to spend his life with. Andy is keen to find a woman who is successful and wealthy in her own right, because a relationship of equals is important to him.

Describing the problems he has faced when it comes to meeting 'the one', Andy said: 'Finding an equal in a partner becomes tougher as you start to do well. Your pool of suitable candidates rapidly diminishes and finding that person with financial independence to be able to go sailing at short notice, or spend the summer in the South of France is tough.'

He added: 'I don't want to support someone financially early on in a relationship to stop working, which obviously changes the fundamental dynamics and equality of any partnership - and not for the better.'

WHAT DOES ANDY LOOK FOR IN AN IDEAL PARTNER?
1. An intelligent, special, unique person who doesn't take themselves too seriously and has lived an interesting life full of experiences, rejecting mediocrity, and has achieved something, whatever it might be.
2. Someone not born with a silver spoon in their mouth, not given everything, and a grafter like me.
3. Someone who is beautiful and keeps fit is very important as I box and work out five times a week; they must take pride in their appearance.
4. Not addicted to their mobile phone and social media, can switch off and appreciate the important things in life.
5. Integrity is key for me, trust is everything.
6. A chameleon who is comfortable in all manner of situations, from attending a glam ball, being able to party all night at a beach party and behave like a big kid, to rolling up their sleeves and helping me move house. It's really hard to find someone who can do it all!
7. Loves the outdoors and walks in the country, being by and on the water, being on a sailing boat preferably for a few days at a time and sometimes not in comfort, so no princesses! Someone who is happy just in a bikini and flip flops with no make-up or mobile phone for a few days.
8. Wants children and is ready to settle down, yet appreciates life doesn't have to end when you have kids, and that you can still go off travelling and have fun all together.

Andy's last girlfriend was Atomic Kitten star Liz McClarnon. They met at a wedding in 2016, but their relationship faltered after two years because Liz, 38, didn't like flying. He told FEMAIL: 'We're still good friends and she's a lovely girl, but I'm a risk-taker and an adventurer.'

Andy made his first million by the age of 26, but lost it all in the financial crisis when he was 30. He has spent the last decade building his business back up, and hasn't had the time to focus on love. 'It was a low and bad time and I've had to rebuild over the last few years,' he said.

'A lot of proud alpha men feel they can't support another half. Now I feel ready.' Andy owns everything he has ever wanted, including a Rolls Royce, luxury homes in London and the South of France, a classic yacht and powerboat, and even flies his own private plane around Europe. But he only recently realised 'no one cares who the richest man in the graveyard is' when he started going to hypnotherapy sessions. 'I've been going to hypnotherapy and realised I'm getting old,' he said.

'I do want a family and you don't want to leave it too late. It's hard to find someone who ticks all the boxes. 'The hypnotherapist said, "If you put as much effort into finding a partner as you do at work, you'd probably meet someone".'

Andy admitted he will probably only find true happiness if he spends the rest of his life alongside a soulmate. He added: 'Being an entrepreneur is a very lonely existence and ultimately, if you don't have someone to share in your highs and lows, you rather question what you are striving for and why you are doing it.

'So, the drive inside us that makes us strive for success can ultimately make us unhappy if we are unable to find contentment in all areas of life.'

SOURCE (abridged): https://www.msn.com/en-sg/lifestyle/lifestylegeneral/lonely-businessman-41-worth-%C2%A325-million-reveals-hes-searching-for-a-beautiful-and-successful-woman-to-start-a-family-with-and-take-on-luxury-holidays-so-could-you-meet-his-very-strict-criteria/ar-BB1017W2

Steps are already being taken to ensure women in Africa are used to drive economic growth on the continent.

Last weekend in Addis Ababa, Ethiopia, African leaders came together to launch the African Women Leadership Fund (AWLF). It was a collaborative effort with United Nations Economic Commission of Africa (ECA) and Standard Bank Group.

The fund, which has a target of $100 million, will provide capital to both first time and experienced female fund managers in Africa in support of UN Sustainable Development Goals 5 (Gender Equality) and 8 (Decent Work and Economic Growth), and African Union Agenda 2063.

At the unveiling, over $20 million was raised and President Paul Kagame of Rwanda was instrumental in leading the way, pledging $500,000. Senegal’s President Macky Sall committed $500,000, South African President Cyril Ramaphosa also pledged to contribute to the fund. The private sector participants pledged the rest.

Prime Minister Justin Trudeau of Canada pledged $10 million to the African Union to boost gender parity. Norway Prime Minister Erna Solberg pledged $8 million to AU initiatives. A portion of these resources will be earmarked for the women’s initiative.

Among the world leaders who witnessed the official launch of this innovative impact investment fund were UN Secretary-General, Antonio Gutteres; African Union Commission Chairperson, Moussa Faki Mahamat; Ethiopian President Sahle-Work Zewde. Former Liberian President Ellen Johnson Sirleaf was also in attendance, as were a number of former African heads of state.

“We are turning the tables and making women the decision-makers of investable money in Africa. We want women to be on the supply side of money, not only on the demand side,” said Dr. Vera Songwe, UN Under-Secretary General and Executive Secretary of ECA. A key goal of the fund is to empower women financial leaders who will drive economic growth, job creation, and create prosperity.

In Africa women-owned funds and businesses struggle due largely to lack of successful fundraising, insufficient exposure to systems and procedures, and lack of track records, among others. They also contend with gender-based social expectation, resistance to women in leadership roles and lack of a support network. The fund will empower Africa’s women by giving them access to financial resources and investment management expertise.

Chief Executive of Africa Regions at Standard Bank Group, Sola David-Borha, stated that the fund aligns with the bank’s purpose to drive Africa’s growth and “presents an opportunity for Standard Bank to leverage our footprint and expertise on the continent, and the relevant experience of our asset management arms, Melville Douglas and STANLIB Multi-Managers, to build Africa’s economies. Africa is our home, we drive her growth.”

Women fund managers will receive a deployment of capital, and subsequently invest in majority female-owned businesses. Even though the fund is sector agnostic, priority sectors will be education, manufacturing, healthcare, clean energy and agriculture.

Additionally, technical assistance for fund managers and entrepreneurs will be offered through the initiative. This ranges from building capacity, direct mentoring to leveraging technology in health and education.

Songwe emphasised that, “The goal here is to give women-led financial investment activities a huge injection of jet fuel to bear out the proven positive correlation between gender balance, higher financial returns and developmental impact.”

In his remarks, Secretary-General Gutteres said, “power is not usually given, it must be taken.”

SOURCE: https://businesspost.ng/world/africas-female-fund-managers-to-access-100m/amp/

Traders at Mile 12 Market, Kosofe, Lagos, and Oke Omiru Sawmill and Plank Market, Osun State, were in distress on Thursday 13 February 2020, after fire destroyed their wares and equipment. PUNCH Metro learnt that goods estimated at millions of naira were lost in the incidents.

Five shops were said to have been gutted by fire at Mile 12. Our correspondents gathered that the fire, which started around 5.30am on Thursday, began from one of the shops after power was restored in the area.

It was learnt that the fire was caused by electrical surge and affected the raw food and frozen item section of the market. One of our correspondents was told that the Bolade Fire Station was deployed in the scene.

The Head of Public Affairs of the Lagos State Emergency Management Agency, Nosa Okunbor, said the source of the fire was isolated and disconnected to avoid a secondary incident.

He said, “The Mile 12 Market fire, which was put out around 7.47am, recorded no loss of life or injuries. However, 5 shops operated by three owners were destroyed by the inferno.”

Our correspondent was told that the Oke Omiru Sawmill and Plank Market in Osun State was gutted by fire on Wednesday night. A branch of the Redeemed Christian Church of God in the market as well as planks and machines said to be worth millions of naira, were also destroyed by the fire.

The Osun Police Public Relatrions Officer, Folasade Odoro, said the command deployed men in the scene to prevent looting. She added that no life was lost to the inferno, which started around 10pm.

When contacted, the Administrative Officer of the Osun Fire Service, Fatai Aremu, said the timely arrival of firefighters prevented the fire from spreading.

He said, “The cause of the fire is still unknown, as no one is ready to tell our men the actual cause. A Mack trailer loaded with planks was saved from the inferno. Nevertheless, the loss was still huge because the fire affected the sawmill substantially before our men were contacted.”

SOURCE: https://punchng.com/fire-guts-markets-razes-church-in-lagos-osun/

Some Lagos State workers were forced to return home on Wednesday 12 February 2020, after the gridlock on the Lagos-Ibadan Expressway took a turn for the worse. The gridlock, which affected the two lanes of the road, led to a standstill of vehicular movement for many hours.

Some commuters, who became frustrated with the situation, disembarked from commercial vehicles and trekked to their destinations. Others, however, returned home.

PUNCH Metro gathered that several breakdowns of trucks at various sections of the expressway and a truck accident at the Kara end of the road compounded the gridlock. The lone accident, which happened around 6.30am, was reportedly caused by a yet-to-be-identified driver, who lost control of the truck while at top speed.

The truck was said to have crashed into a barricade at the point where the road was diverted due to ongoing construction works. It was learnt that the gridlock that resulted from the accident stretched from Berger to the Asese end of the expressway for motorists inbound Lagos, while vehicles en route to Ibadan, Oyo State, experienced gridlock from Berger to the Kara end of the road.

While speaking to PUNCH Metro, some commuters lamented spending hours in the gridlock on a journey that usually lasted minutes.

A civil servant, who spoke on condition of anonymity, said she was forced to go back home when she noticed that the journey was not making any progress. She said, “I got to Magboro bus stop around 7am and boarded a bus going to the Lagos secretariat for N500. I did not get to Arepo until around 9.30am. When I discovered the pace at which the vehicle was moving, I felt discouraged because I knew I won’t get to work until afternoon. So, I decided to disembark and return home.”

A motorist, who identified himself simply as Mr Adesuwa, said he wasted productive hours in the gridlock, urging the Federal Government to hasten contractors working on the road. He said, “I left my house around Ago-Igbala, Ibafo, for Victoria Island around 5am, but I did not get to the Long Bridge at Warewa until around 12.35pm.

“I have wasted the day inside this traffic and I don’t even know when I will get to the office. I cannot even turn back if I want to do so because everywhere is blocked. We want the Federal Government to hasten Julius Berger to finish this construction in time. We are suffering on this road and it’s not good for our health.”

Another worker, Mr Adeola Aderibigbe, said he aborted his journey after confirming through a phone application, Google Map, that there was gridlock on the expressway.

A trader, Toyosi Omoboriowo, said, “When I saw that time had gone, I had to disembark from the bus and return home because I did not know the time I would get to Idumota to buy my goods. A day cannot go by without gridlock on this road. The government should pity people living on this axis because this gridlock is getting too much for us.”

The Ogun State Sector Commander of the Federal Road Safety Corps, Clement Oladele, said the corps and other emergency management agencies attended to the breakdowns on the road. He said, “Multiple breakdowns of trucks at different locations on the Lagos-Ibadan Expressway resulted in gridlock on some sections of the expressway.

“The most pronounced of the breakdowns occurred with an overloaded truck travelling on speed out of Lagos conveying a container, but lost control around the Kara Bridge and crossed the road divider, blocking traffic on both sections of the expressway, impairing traffic into and out of Lagos.

“The gridlock stretched from the Kara Bridge towards Ibafo near Mowe and the same situation also affected traffic outward Lagos. The FRSC was assisted by sister traffic, security and emergency agencies to recover the trucks from the road.”

Meanwhile, two accidents also occurred in the Ketu and Mangoro, Ikeja areas, causing gridlock that prolonged the journey of motorists and commuters plying the affected routes.

At the accident scene in Mangoro, PUNCH Metro gathered that a Chinese construction company’s truck driver, Philip Patrick, while driving at top speed collided with two trucks belonging to the Dangote company and the Lagos State Waste Management Authority.

According to the Director-General of the Lagos State Emergency Management Agency, Dr Oluwafemi Oke-Osanyintolu, Patrick, who was trapped after the accident, was rescued, stabilised and taken to the Lagos State University Teaching Hospital, Ikeja, for treatment.

He said, “The CCECC truck driver, Philip Patrick, was the only injured victim. The accident was caused by speeding and loss of concentration. Patrick was eventually extricated, treated and stabilised by LASAMBUS officials before he was taken to LASUTH for further treatment.”

In the Ketu area, it was learnt that an articulated truck laden with 20 ton pellets of metal had failed brakes and crashed into the median, spilling its content on the street. Vehicular movements in the area were said to have been affected, just as emergency responders intervened. LASEMA said no life was lost in the incident.

SOURCE: https://punchng.com/workers-stranded-as-lagos-ibadan-road-gridlock-worsens/

A man, Jude Madu, escaped death by a whisker on Wednesday 12 February 2020 after his wife, identified simply as Mrs Madu, allegedly stabbed him while he was asleep at their house in Owerri, Imo State. A resident, Saviour Godwin, told PUNCH Metro that the enraged woman suspected her husband was cheating on her.

Godwin said the suspect waited until her husband slept before stabbing him three times. He said the man, who suddenly woke up, ran out and was rushed to the Federal Medical Centre, Owerri. Godwin said, “Mr Jude Madu, a resident of Owerri, was stabbed by his wife who suspected he had a side chic. The man luckily escaped and was rushed to the Federal Medical Centre, Owerri, where he is in critical condition and receiving treatment."

The police spokesperson in the state, Orlando Ikeokwu, said the command was aware of the incident. “We have seen it online and the Commissioner of Police has ordered invesigation into the case,” he added.

SOURCE: https://punchng.com/imo-housewife-stabs-husband-over-suspected-infidelity/

The Federal Government is working to ensure the movement of petrol and cooking gas by rail, the Petroleum Equalisation Fund Board, said on Wednesday. Poor maintenance and vandalism have left many government-owned fuel depots and pipelines idle for years, with the number of tankers on the roads increasing and wrecking havoc.

“We are going into railway equalisation. We are in consultation with the Nigeria Railway Corporation, and other stakeholders, including the private sector,” the Executive Secretary, PEF, Ahmed Bobboi, said during a panel session at the Nigeria International Petroleum Summit 2020 in Abuja.

Bobboi, who was represented by the General Manager, Corporate Services, PEF, Mr Goddy Nnadi, said the fund was discussing with stakeholders to ensure usage of rail for transporting petroleum products. “With the improvement in our rail system going on now, with government’s impetus towards making this available, we are going to use rail to make sure that gas, not just petrol, is made available to people in every part of the country,” he added.

He said that PEF would work with the Ministry of Petroleum Resources and the committees set up by government to enlighten Nigerians on the safe usage of gas for cooking.

The Chairman, Major Oil Marketers Association of Nigeria, Mr Tunji Oyebanji, during an interview on the sidelines of the event, said the most efficient way of distributing products was through pipelines.

He said, “When you put 5 million litres into a pipeline, you can press the pump and it will come out in Enugu, while some will come out in another place. Nobody will see it because it will go under the ground.

“So, that is the most efficient means of distribution. But it takes a lot of money. The investment Nigeria made in the pipeline network, If we were to make it today, it will be significantly higher and you can only do it with private sector involvement. The country has a network of pipelines, totalling over 5,000 km in length, with 4,315km being multi-product pipelines but many have fallen into disuse.

SOURCE (abridged): https://punchng.com/fg-to-move-petrol-cooking-gas-by-rail/

The Benin home of the Secretary of a faction of the All Progressive Congress in Edo State, Mr Lawrence Okah, was allegedly bombed in the early hours of Tuesday by unknown people. The faction is loyal to the APC National Chairman and ex-governor of the state Adams Oshiomhole.

The windows roof and some parts of the house were destroyed by the explosion, digging a hole where the device fell on. This is came barely 24 hours after the party’s national headquarters announced the reconstitution of a peace committee headed by ex-chairman of the party, Chief Bisi Akande.

Okah, who spoke to journalists, said he was lucky to be alive as the first bomb thrown at his room did not explode.
He said some gunmen had earlier fired gunshots at his residence last week Tuesday. He pointed the finger at Governor Godwin Obaseki over the attack.

He said, “On Tuesday last week, I heard gunshots. They shot at my bedroom. The police came and picked up 52 bullets here. Yesterday at about 12.30am, I heard a loud noise. I called my security guards and they said it looked like a bomb. The one they threw at my bedroom did not detonate. If that one had detonated you would not have seen me.”

A leader of the party in the state, Osagie Ize-Iyamu, who visited Okah, told Obaseki to caution his men, adding that Edo should not be turned to a war zone. He said Obaseki and his deputy Philip Shaibu must not kill to get a second term.

Ize-Iyamu, who defected from the Peoples Democratic Party to the APC recently, said, “Since the beginning of these series of attacks on our members in the state, we are surprised that no arrest has been made. First, it was the shooting incident in which two persons were injured at Henry Idahagbon’s chambers. It was followed by the bombing of Francis Inegbeneki’s residence and now Lawrence Okah’s home was bombed this morning.

“Will the police say they don’t know how to go about it or not. We know that if the police want to do their job they can do it perfectly, so we are calling on them to do their job and save our lives.”

Idahagbon alleged that Obaseki was raising a killer squad and had marked some of them for attacks. The ex-Attorney General and Commissioner for Justice in the state said, “What we are seeing in the state now cannot stop some of us from holding back on our decision that Obaseki will be replaced. We are not deterred by these acts of harassments and attacks but he should be warned not to push us to the wall because if we are pushed to the wall we surely know what to do.”

But Obaseki, who spoke through his Special Adviser on Media and Communication Strategy, Crusoe Osagie, said the state chapter of the APC was peaceful until the EPM (Edo People’s Movement) commenced their “nefarious activities” across the state.

He said, “We are quite flustered that Comrade Adams Oshiomhole has not been able to rein in his people in the face of the reconstitution of the APC National Reconciliation Committee tasked with restoring lasting peace in the party, both in the state and across the country. We are committed to peace and would do right by the people of Edo State by continually supporting all credible means to arrive at lasting peace in the state.”

Obaseki called on the Presidency and the Inspector-General of Police Mohammed Adamu to caution Oshiomhole, Ize-Iyamu and “their cohorts in the EPM so that the destructive descent to violence does not erode the good legacies that have been built over the years by the APC in Edo State”.

Spokesman for the police in the state, DSP Chidi Nwabuzor, could not be reached for comments as of the time of filing this report.

SOURCE: https://punchng.com/oshiomhole-obaseki-loyalists-trade-words-over-edo-explosion/

D’Tigress have moved up 3 places to 14th in the new rankings released by FIBA (Fédération Internationale de Basketball) on Thursday. The women’s national team garnered 366.6 points to be ranked the first team in Africa.

They are also the second highest climbers, only bettered by Mozambique, who moved up 7 places to 36th in the world and 3rd in Africa. D’Tigress moved up after qualifying for the 2020 Olympics, defeating Mozambique and losing to Serbia and USA in the process.

The top 6 in the world ranking is unchanged with USA, Australia, Spain, Canada, France and Turkey in that order, dominating the ranking. Belgium moved up 2 places to be ranked 7th in the world, while Serbia and China are ranked 8th and 9th ahead of Japan in 10th place.

Senegal are the 2nd ranked African country, 28th in the world, while Angola and Mali make up the top 5 ranked African countries at 41st and 45th in the world respectively.

D’Tigress will know their Olympics opponents on March 21, when FIBA will hold the draws, with the February rankings to be used in determining the seeding.

SOURCE (abridged): https://punchng.com/dtigress-now-14th-in-latest-fiba-ranking/

Quality of locally-produced rice in Nigeria has recorded significant improvement in recent weeks, as the latest Nairametrics Household Survey revealed that more brands of local rice continue to flood major markets in Lagos, thereby pulling down the prices.

According to the latest Survey, the price of local rice reduced significantly across major markets in Lagos as new brands of locally made rice were sighted in various markets. Bags of locally-made rice now sell for an average of N19,250 compared to the initial average of N20,750.

The report also showed that 10kg bags of locally produced rice reduced from N4,000 last month to N3,500 last week. The report has items that witnessed decrease in prices, Items that increased in prices, Items that maintained initial prices, special markets accounts and market insights.


ITEMS THAT WITNESSED PRICE DECREASE
-- 10kg bag Mama Gold rice & Rice Master reduced to N3,500 compared to initial average of N4,000 & N4,250 respectively.
-- 50kg Mama Gold rice currently sells for N19,250, a 7.23% reduction compared to initial N20,750.
-- 50kg bag Caprice reduced to average of N25,750 compared to initial average of N26,167.
-- 50kg brown beans (Oloyin) sells for N12,500, a 3.85% reduction compared to N13,000 two weeks ago.
-- 50kg regular brown beans sells for N20,375, a 13.3% reduction in contrast to N23,500 in January.
-- 50kg white beans reduced to an average of N19,875 from an initial average of N21,250.
-- Price of pepper decreased yet again, as a big bag now sells for an average of N6,000 from initial N6,500.
-- Medium bag pepper which was sold for N5,000 two weeks ago reduced by 4% to sell for N4,800.

ITEMS THAT WITNESSED PRICE INCREASE
Among items that witnessed increase in their prices are yam, locally made groundnut oil, tomatoes and onions among others.

-- Big yam tuber sells for average N850 from initial average of N813, indicating 4.62% increase within 2 weeks.
-- Medium-sized yam tuber increased 4.17% to sell for an average of N625.
-- 25-litre gallon local vegetable oil sells for average N13,075, a 1.55% increase compared to initial N12,875.
-- A basket of round tomatoes that enjoyed consistent price reductions in recent weeks witnessed relative price increase as a big basket now sells for average N6,500 compared to initial N6,000, representing 8.33% increase.
-- Medium-sized basket of tomatoes currently sells for N3,800 compared to initial N3,500 in January.
-- Big bag of dry onions currently sells for N22,000 from initial N20,000. It increased by 10% within 2 weeks.
-- Big bag of new onions costs N19,000, a 5.56% increment compared to N18,000 in January.

ITEMS THAT MAINTAINED INITIAL PRICES
-- Big baskets of sweet potatoes & Irish potatoes still retain their initial prices at N4,300 & N18,000 respectively.
-- Bag of Royal Stallion (Foreign) rice maintained initial price at N27,000.
-- Bag of flour remains unchanged at an average of N11,275.
-- Bag of maize (both yellow & white) maintain their initial prices at N14,000 & N15,500 respectively.
-- Kilo of fish (Kote) continues to sell for average N478 as Titus fish also maintains N485 as sold 2 weeks ago.
-- Some other items that maintained initial prices include cartons of noodles, refilling of household cooking gas, beverages and crates of eggs.

SPECIAL MARKET
Sellers of locally produced palm oil and groundnut oil at Daleko market told Nairametrics Research that their prices are reducing gradually, compared to December.

“A big drum of groundnut oil, that was sold between the range of N115,000 and N120, 0000 in December is now sold for an average of N108,000, while palm oil of the same quantity sells for an average of N72,000 compared to an average of N80,000.”

We also gathered that the price of a big bunch of plantains that was sold in December for N1,500 at Idi-Oro market reduced to N1,000 in February while a smaller sized bunch now sells for N800 compared to N1,000 in December.

Nairametrics Research Team gathered that the continuous supply of new brands of locally produced rice is a result of farmers’ willingness to produce rice to meet the country’s needs. This has crashed the price of the commodity to N19,000 from an initial N21,000.

A rice seller at Daleko market praised producers of locally made rice, as the volume of stony rice in the various markets has reduced drastically, while also producing rice that could measure up with foreign-made rice in terms of quality.

Some of the new brands of locally made rice sighted in the markets include Famous Rice, Our Rice, JGW New-World Rice and Al-flux Rice, all of which sell within the range of N18,000 and N19,000 while Mai-Nasari rice cost an average of N16,000.

Nairametrics Food Price Watch is a bi-weekly household market survey that covers prices of major food items, with emphasis on 5 major markets in Lagos – Mushin, Daleko, Oyingbo, Idi-Oro and Mile 12, markets.

SOURCE (abridged): https://nairametrics.com/2020/02/12/quality-of-local-rice-improves-as-food-prices-drop-across-major-markets/