₦airaland Forum

Today's classroom is a far cry from the traditional image of locker desks, chalkboards and pencils. With education expected to prepare children for a fast-changing digital workplace, technology-led learning is becoming the norm and kids may be coding before they can read and write. As a result, global spending on educational technology is booming. It's expected to double to $341 billion between 2018 and 2025, according to data and research firm HolonIq.

"We're asking young people what they want to be when they grow up, when maybe more than half of the job's tasks and
industries they may work in have not been invented yet," says Heather McGowan, a future work strategist who helps to prepare people and organizations for the 4th Industrial Revolution, which will see the world reshaped by artificial intelligence, robotics and other technological breakthroughs.

A report by the World Economic Forum notes that 65% of children entering primary school in 2017 will have jobs that do not yet exist and for which their education will fail to prepare them. Education must adapt accordingly. McGowan thinks this means less focus on transferring knowledge, and more on the ability to learn for yourself.

"The foundational knowledge of the future is your own ability to learn and adapt, because if you don't, your career will come to a screeching halt after a couple of years," she says.

TOOLS FOR THE FUTURE
This new era of education also demands a fresh set of tools. Take Cubetto, a small wooden robot that moves on a board when a child inserts blocks with commands such as left, right or forward into a connected base. The Cubetto kit, costing $225, is being used by schools and parents to teach children as young as three to code.

"It's a skill that you can apply to anything: you basically learn to think in a very logical and rational manner," says Filippo Yacob, founder and CEO of Primo, the toy maker that developed Cubetto.

"For us, it's about making children future proof," he adds.

However, the effectiveness of such tools depends on maintaining the attention span of a young child.
"It needs to be something fun and adventurous, not just homework," says Alex Klein, CEO and founder of Kano, an educational technology company.

Kano's signature product — the Kano computer kit — is a build-your-own computer or tablet. Students follow a step-by-step guide to connect the parts, and once it's up and running they can play on several apps, from learning to code to creating music and games.

"Kano offers paradigm game-changing opportunities for teaching computer science," says Allen Tsui, a teacher at a school in London that uses the device. "(It) also enables project based learning opportunities to extend collaboration, creativity, communication and critical thinking skills." In October, the Kano PC -- a build-your-own Windows computer -- will be available to purchase for $299.

In the United Kingdom, educators are welcoming the use of technology. According to a survey by Promethean, 54% of teachers are using educational technology this year, and 94% acknowledge that it can improve engagement among students.

NOT JUST FOR TEACHING
Technology is not only helping to teach kids, it's also creating a better learning environment. Danish companies Velux and Leapcraft have been working together to introduce sensors into the classroom. They developed the Ambinode — a small white box that monitors noise, temperature, air particles and CO2 levels. Data is then fed to a smartphone app, so that a teacher or facility manager can monitor the environment and make sure it is as comfortable and productive an environment as possible.

One report by the University of Salford found that physical factors such as natural light, temperature and air quality can increase the learning progress of primary school pupils by as much as 16% in a year.

"The danger is, if you don't get these things right, that children are really being hampered in their learning and it's undermining their efforts to progress academically," says professor Peter Barrett who led the study.

SOURCE: https://edition.cnn.com/2019/07/30/business/future-education-technology/index.html

Heads may soon roll in the nation’s financial sector as the Central Bank of Nigeria (CBN) investigates chief executive officers and directors of banks in the country over allegations of insider related loans and other offences, Sundiata Post is reporting. Already, the CBN has constituted a team to investigate the 21 commercial banks in the country to certain their level of solvency.

The move followed revelations that directors and chief executives of four banks in the country are using their positions to award loans running into billions of naira to themselves and their cronies, which eventually end up being classified as bad debts.

A reliable source in the banking sector told our correspondent on condition of anonymity that CBN is embarking on investigation of the commercial banks to forestall possibility of failure of any of the existing banks. The source, who is close to the CBN top management, disclosed that, “CBN is always investigating to see how directors are spending depositors funds and from investigation available, some of the bank directors may end up with severe sanctions like what happened in the past.

“Some maybe stripped of their positions and banned from holding any position in the financial sector while others maybe arrested and prosecuted.”

The source however disclosed that “no particular bank is being targeted and that the apex bank was looking at all the banks to see how financially stable they are. If you recalled what happened in the past where some bank directors where just stealing depositors money, you will understand why the CBN is increasing its policing role in the banking sector. It was a sad and terrible experience that no country would like to pass through again. The CBN has said it would not allow any bank to fail again in Nigeria,” the source was quoted by the online journal.

The source further explained that CBN was beaming search light on the commercial banks because of the present economic situation in the country.

He disclosed that during economic recession, the rate of non-performing loans increased, stressing that, “When there is economic crisis, purchasing power of households drop. Ability to pay for goods and services drop and when this happens, even those who have borrowed money to pay for goods and services don’t make sales and as a result, sales drop and profit and cash flow decline, making it even more difficult to repay loans.”

The source stated further that “non-performing loans are part and parcel of economic crisis,” adding that “the fact that some banks have high non-performing loans doesn’t make them distress.”

The source revealed that at the moment, there is no distressed or distressing bank in the country as a result of the huge non-performing loans.

SOURCE: https://businesspost.ng/2017/09/26/panic-cbn-probes-bank-mds-directors-huge-non-performing-loans/amp/

The only female among the five persons kidnapped in Ogbere area of Ijebu-Ode last Thursday, Mrs. Ibelegbo Chidimma, has narrated how she escaped from their kidnappers. Chidimma, a pastor at the Redeemed Christian Church of God, was kidnapped alongside four others (all male) on Thursday around the J3 forest on Ogbere Road, in Ijebu-East Local Government Area of the state.

She said she was travelling from Asaba, Delta State, in the same commercial vehicle with other passengers when their vehicle was stopped in Ogbere by people she described as Fulani herdsmen and marched into the forest alongside four other travellers. The RCCG had initially erroneously stated that all five victims were its pastors.

Chidimma was the first person to escape from the kidnappers’ den in the early hours of Saturday, while the remaining four victims also regained their freedom unhurt, the Ogun State Police Command said. According to a pastor with RCCG who refused to be named because she was not authorised to talk with the Press, Chidimma shared her testimony with fellow worshipers at the RCCG’s ongoing Ministers’ Conference in Redemption Camp on the Lagos-Ibadan Expressway.

The minister’s conference holds ahead of the annual Holy Ghost Conference scheduled to commence on Monday.

Our source said Chidimma narrated that immediately after their abduction, the herdsmen marched all the victims into the thick forest and that they all walked for hours, with the herdsmen guarding the victims.

“Almost immediately we reached what appeared to be the camp of our kidnappers, they all fell asleep. Same with the other victims. But I kept awake. When I saw how deep everyone was snoring, I braved the odds and made a bid for my escape. I walked for about three hours, non-stop, until I made it to the road, where I saw an Okada (commercial motorcycle) operator.

“I explained my predicament to him, and he volunteered to help me to a Police checkpoint not far from where I had emerged from the forest. The policemen took me to the Ogun State Police Command, where I provided useful information that led to the rescue of the four remaining victims,” Chidimma was quoted to have told the Church gathering.

The RCCG General Overseer, Pastor Enoch Adeboye, early on Friday had announced the abduction of five persons he had referred to as pastors of the church, and had called for prayers for their deliverance. However, during the evening session of the Ministers’ Conference that same Friday, Adeboye said investigation revealed that only one of the five kidnap victims was an RCCG pastor, noting that the other four are not church members.

He asked the National Prayer Coordinator of the church, Pastor Peter Olawale, to lead the congregation in prayers for God to rescue all the victims from the kidnappers’ den. Olawale, who is also the Special Assistant to the GO on Prayers, thereafter led the worshippers in fervent prayers.

The Police gave the names of the rescued persons as Chidioze Eluwa, Chiemela Iroha, Okoro Ohowukwe, Ndubuizi Owuabueze and Ibelegbo Chidimma. According to the Police, the abductors emerged from the forest and forcefully stopped a commercial vehicle with the number plate KW 230 XA belonging to Abia Line Transport Company and took the passengers into the forest.

In a statement released to the Press, the Public Relations Officer of the Ogun State Police Command, Mr. Abimbola Oyeyemi, said the Commissioner of Police, Bashir Makama, led the rescue team.

SOURCE: https://punchng.com/breaking-how-i-escaped-from-fulani-herdsmen-rccg-pastor-ibelegbo-chidimma/

Fund managers and investors in the Nigerian financial market must be facing a tough time at the moment. This is because returns on the financial assets are dropping and, in some cases, recording negative performance. Yields on fixed income securities have been dropping since Jan 2019 as investors (both local and foreign) have increased patronage of fixed income securities. Investors are now re-investing maturing investments at lower yields than before. Yield on 364-day Nigerian Treasury Bill (NTB) dropped from 16.95% on 02 Jan 2019 to 12.53% as at 17 July 2019.

In the equity market, bears are winning over the bulls, leading to declining equity prices. Value of the Nigerian All Share Index (NSE ASI) stood at 27,918.59 as at 26 July 2019, a depreciation of 11.17% from December 2018. Warren Buffett, an American business magnate, once said that as an investor, “Be fearful when others are greedy and greedy when others are fearful.” This means investors who have long-term funds can take advantage of the imbalance in share prices of some companies that have strong investment case in the equity market.

Although we may not know exactly when the equity market will take a turn, it is clear the market is close to the bottom. Therefore, FSDH Research expects bulls to take over very soon.

Imagine that an investment of N100,000 in the Nigerian equity market in 1985 recorded a return of 24,590% as at Dec 2018. This means that the N100,000 increased to N24.69m within 33 years without additional capital. This was the performance of the NSE ASI between 1985 and 2018. Not a bad growth at all. Meanwhile, there were companies that recorded higher returns during this period. However, be aware that historical performance is no guarantee of future performance in the financial market.

The equity market may recover as from August. A number of companies have indicated they will declare interim dividends for Half Year results (only waiting for regulatory approval). In addition, we expect various monetary policies from Central Bank of Nigeria to boost economic activities and lead to increased liquidity that can flow to the financial market. This assumption is based on availability of complementary fiscal measures that will de-risk the economy (absence of which may limit ability of the monetary policies to achieve desired objectives).

FSDH Research believes current bearish trend in the equity market is an opportunity for strategic investors to take positions. In addition to capital gains in the equity market, investors can also benefit from dividends that companies pay, and bonus issues (additional shares that investors earn, for which they do not pay).

FSDH Research expects the low yields on fixed income securities to provide an opportunity to source long-term debt capital for infrastructure development that will improve the Nigerian business environment. Government and corporates can also leverage on the high appetite for debt securities to issue discount bonds.

Meanwhile, we see attractive investment opportunities in the following sectors of the equity market:
-- Consumer Goods
-- Industrial Goods
-- Banking
-- Oil and Gas.

Your investment adviser can recommend specific stocks to buy in these sectors.

Final words – The Nigerian financial market is loaded with opportunities, don’t be left behind!

SOURCE (abridged): https://businesspost.ng/2019/08/01/investment-dilemma-declining-yields-vs-crashing-equity-market/amp/

In Nigeria, there are two popular phrases people like to hear — “This man don make am o!” and then “Chai! This woman has made it in life!” Everybody likes stories about success. And the good thing about achieving success is that it is not exclusive to some select group of people. Therefore, I make bold to tell you today that “you sef fit make am“. But in order to make it in life, you need to heed the open secrets presented in this article. So, get ready to dig in.

WHO ARE THE RICH ONES?
You might not find them driving the most expensive cars, buying private jets, or wearing a million dollar watch. Rich people are more concerned about making investments and consolidating on their wealth, instead of blowing it all away on wild shopping sprees and drunken nights.

They are just ordinary people who work to create value, and then save and invest their earnings sensibly. They are people who live unassumingly and don’t try to show that they have it all - on the contrary, a rich person would prefer not to attract unwarranted attention. When they spend, they do so to make life easier, not to impress themselves or anyone else. Don’t get me wrong, this doesn’t mean they don’t have a good time.

Ever wondered why some football or TV stars with 6 figure bank accounts suddenly go broke at the end of their career? Well, the answer can be found right here. Some people may ride fancy cars or live in big mansions, even though they are deep in debt. Soon enough, most of their earnings go into paying off debt rather than compounding.

A RICH PERSON'S SECRETS: HOW THEY DO IT
The road to wealth is open to anyone willing to walk it. You might realize you are already practicing the ideas that will be presented here. If so, continue on the path. If not, it’s never too late to start. Here’s how the rich build their wealth and keep it:

(1). THEY HAVE MULTIPLE INCOME STREAMS
Rich people venture into any opportunity they find profitable. They don’t receive a paycheck and go to sleep. Instead, they diversify. They also have passive income, where they let their money work for them. For instance, through real estate investments.

Multiple income streams don’t only make you richer, they make you financially secure, that no matter what happens, you have something to fall back on.

If you work an office job from 8 to 5, and don’t have time for anything else, you could open a retail store where you only have to breeze in for inspections (it will pay you to have a trusted sales person in this case), or if you have the means, build a house and become a landlord. Just find any channel where your earnings can make you more money. It’s a good idea to build yourself a decent private residence, but even wiser to have real estate that puts money in your pocket first.

(2). THEY DON'T ALWAYS THINK ABOUT MAKING A MILLION BUCKS BUT RATHER ABOUT SERVING A MILLION PEOPLE
Value creation. That’s the phrase.

Why most people fail financially is that they focus too much on making money rather than on creating value. This is the reason many fall prey to their own greed. In an effort to get rich, or get rich quick, they end up losing what they already have. It might sound counterintuitive that to make money you’re not supposed to think about money, but that’s just the fact.

Let’s say you are a business person and your purpose is to make a ton of money. You’d find every opportunity to squeeze every cent out of your customers; even cheat them if need be. The result? Dissatisfied customers. Even if you are not dishonest, you might remain stagnant at your current level.

But when your goal is to create value, you’d regularly brainstorm for productive ideas to serve your customers better, to make people want your products, or even how to reach a wider audience. You start becoming innovative. You hire experienced people and benefit from their skills and knowledge. The effect? You get positive reviews and word of mouth, attract more customers, serve better products and services, and before you know it, rise to the top of your industry as a leading brand.

Find ways to make people’s lives easier. Put your skills to work, create value, and money will flow.

(3). THEY LIVE WITHIN THEIR MEANS
Don’t try to keep up with the Dangotes and Adelekes. Live within your means, have a plan for your money, and spend only on things you can afford. Let’s assume you make 200,000 naira every month. You shouldn’t try to spend it all before the month runs out. Save half of it and live on the other half. Practice discretion.

This also means maintaining your belongings well. Be it your car, clothes, working tools, you name it. This way, you won’t always have to spend on new stuff all the time.

When you save up, you increase your chances of grabbing a wise investment opportunity whenever it presents itself. Also, when you face hard times, you wouldn’t have to run to your rich uncle for help since you’d have something to sustain you till things go back to normal.

(4). THEY KEEP LEARNING
Learning never ends, for the rich. Always find ways to improve yourself. Learn new skills and new ways of doing things. Your earning power is deeply rooted in what you can offer.

Without continuous improvement, you’re heading towards creative rot. Keep pushing your earning potential through education, training, and personal development. For some, this could mean going back to school or gaining that special certificate. It could also mean stepping out of your comfort zone and trying new things. If there’s something you find difficult but which can help you in your field, immerse yourself in it until it gets easier.

Investing in yourself will not only make you a better person, but also help you expand your reach and grow your connections.

IN CONCLUSION
You don’t need to make six figures from the start before you set out on your path to financial freedom. No matter how much you earn, take the first step today and start practicing the ways of the rich.

SOURCE (abridged): https://nairametrics.com/2019/08/01/four-secrets-of-successful-people/

A heavy flood has swept away the Director of Finance, Federal Capital Territory High Court, Mr. Tony Okecheme.

Okecheme was on his way to the Nnamdi Azikiwe International Airport in his official 2017 Toyota Camry when his car got stuck in the flood at Galadimawa roundabout, Abuja. The finance director was swept away by the raging flood, but his driver, whose name could not be immediately ascertained, was rescued by some young boys in the area.

The driver was said to have been taken to Asokoro hospital, but his boss was yet to be located as of the time of filing this report. Eyewitnesses said the National Emergency Management Agency officials who came to the scene failed to rescue Okecheme and his driver who were reportedly trapped in the flood for about an hour before the water swept away the director.

His car, which was filled with mud water, was, however, pulled out of the ravines by the rescuers, who were angry over NEMA’s failure to rescue the man. Two young girls who claimed to be Okecheme’s children were seen weeping uncontrollably at the scene of the incident.

An FCT judiciary worker, who did not give his name, identified the car as belonging to Okecheme, noting that the man sent him N40,000 this (Friday) morning.

“I phoned him yesterday that I was broke and he promised to send me money before he travels today. I got N40,000 from him this morning,” he explained, as he showed our Correspondent the text message from the director.

The FCT Police spokesman, DSP Anjuguri Manzah, promised to find out the incident, saying he had not been briefed.

SOURCE: https://punchng.com/breaking-flood-sweeps-away-fct-high-court-finance-director/

The Dangote Group says upon completion of its refinery, it will dedicate 53% of the capacity to production of petrol. This translates to 344,500 barrels of its projected 650,000 barrels daily refining capacity.

President and Chief Executive Officer, Dangote Group, Aliko Dangote, said this at the headquarters of the Nigerian National Petroleum Corporation, according to a statement issued by the corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu. Dangote also said the group was not in competition with refineries owned by NNPC.

While the Dangote Refinery has a capacity to refine 650,000 barrels of crude oil per day, the consolidated capacity of the NNPC’s four refineries, according to the corporation’s latest operations report on its refineries, is 445,000 barrels per day. However, NNPC’s refineries for several years have hardly delivered up to half their consolidated capacity in terms of crude oil refining.

On Tuesday, The PUNCH reported exclusively that Nigeria’s four refineries under the management of the NNPC had made no profit since May 2018; rather, they posted losses consecutively since May 2018 till May this year. The country’s refineries under NNPC management include Warri Refining and Petrochemical Company, two plants at Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company.

Dangote emphasised that the business approach of Dangote Refinery was to see the NNPC as a collaborator rather than a competitor, noting that the refinery would rely heavily on the corporation’s knowledge of the refining business in Nigeria to achieve its central objective. He aligned his company with the Federal Government’s aspiration to ensure adequate in-country refining capacity.

Dangote was quoted to have said, “The most important thing for us is to see how we can partner with the NNPC; it is not to see how we can compete with the NNPC. We would like the NNPC to be part of us and we also want to be part of the NNPC. I think that is the only way we can achieve a win-win situation.”

The NNPC’s Group Managing Director, Mele Kyari, also stated that the national oil firm was not in contest for market share with the forthcoming Dangote Refinery. He added that the corporation was rather providing support to the promoters of the project to boost in-country refining capacity. Kyari stated that as the chief enabler of the Nigerian economy, NNPC had a duty to rally industry players like Dangote Group to achieve the long held target of making Nigeria a net exporter of petroleum products.

The NNPC boss assured his guests that same level of support would be provided to other promoters of refineries, noting that the ultimate goal was to enhance in-country production to the point of self-sufficiency and ultimately for export.

SOURCE (abridged): https://punchng.com/dangote-dedicates-53-of-refinery-capacity-to-petrol/

A licence has been secured by a subsidiary of MTN Nigeria for the provision of financial services to millions of residents in Africa’s largest economy. With the new authorisation, the telecoms firm, through its arm, Yello Digital Financial Services Limited, would offer banking services in the country, taking part of the market share hitherto controlled by lenders already operating in the country.

Before now, MTN Nigeria had offered its platform for a defunct bank, Diamond Bank Plc, to provide financial services to customers. In March 2019, Diamond Bank and Access Bank agreed to merge to become a single entity. This deal was mainly done to allow Access Bank penetrate the retail market.

In 2018, it was reported that MTN Nigeria was seeking approval of the Central Bank of Nigeria (CBN) to provide banking services in the country. After the report, there were speculations that some financial institutions were making efforts to frustrate this. However, on Monday, MTN Nigeria, which listed its shares on the Nigerian Stock Exchange (NSE) in May 2019, announced scaling through by securing the authorisation from the CBN.

In June 2019, Business Post reported that the chief executive officer at MTN Group, Mr Rob Shuter, had said the firm applied for a Payment Service Banking (PSB) licence in Nigeria in December 2018, after the CBN released draft Guidelines for Licensing and Regulation of Payment Service Banks.

The aim of this licence granted to MTN Nigerian is to provide banking services Nigerians without bank accounts through mobile money services, a policy that has been successful in Kenya.

SOURCE: https://businesspost.ng/2019/07/30/mtn-secures-cbn-licence-to-offer-banking-services/amp/

Cement Company of Northern Nigeria (CCNN) has released its half year report for period ended June 30, 2019 and the company recorded a whopping N7.3 billion profit after tax. This was higher than the N2.6 bn PAT recorded in H1-2018, representing 180.8% improvement.

In same vein, profit before tax was N9.7 bn, nearly trippling the N3.7 bn PBT H1-2018. Revenue in the period under review improved by 166.12% to N32.2 bn from N12.1 bn recorded in H1-2018. Meanwhile, cost of sales ballooned to N17.8 bn, vs N6.6 bn in HY 2018. However, this did not stop the company from having a wider gross profit at N14.4 bn, vs N5.5 bn H1-2018.

Other income brought in N84.3 mn in HY 2019 vs N17.9 mn in H1-2018. But selling and distribution costs increased by over 50% to N1.99 bn from N557 mn registered in HY 2018. It was same for its administrative expenses which went up to N2.7 bn in period under review vs N1.2 bn H1-2018, with net finance costs rising to N45.7 mn in H1-2019 from N31.0 mn in H1-2018.

SOURCE (abridged): https://businesspost.ng/2019/07/31/ccnn-raises-post-tax-profit-by-180-8-in-six-months/amp/

Brewing giant, Nigerian Breweries Plc, has declared a 27.72% decline in its profit after tax (PAT) in the first half of this year, closing at N13.3 billion against N18.4 billion in the first 6 months of 2018. In the same vein, profit before tax significantly depreciated to N19.4 bn in H1 2019, from N27.6 bn.

Finance costs increased to N5.3 bn from N4.3 bn, while finance income declined to N198.5 mn from N219.7 mn, leaving net finance costs at N5.1 bn in the period under review, compared with N4.1 bn in same period of last year. Further look at the top line showed that net revenue generated went down to N170.2 bn in H1 2019 versus N172.7 bn.

Cost of sales increased to N98.5 bn from N96.6 bn, cutting gross profit to N71.7 bn from N76.1 bn. Other income dropped to N422.5 mn from N430.7 mn, while administrative expenses reduced to N9.5 bn from N10.3 bn. For marketing and distribution expenses, a total of N38.2 bn was used in H1 2019 compared with N34.6 bn in H1 2018, indicating an increased by 10.41%.

In the period under review, earnings per share (EPS) went down to N1.66 from N2.30 in the same period of last year.

SOURCE (abridged): https://businesspost.ng/2019/07/30/2019-h1-nigerian-breweries-suffers-27-7-reduction-in-net-profit/

A disgruntled employee shot dead two co-workers and wounded a police officer at a Walmart store in the southern US state of Mississippi on Tuesday, officials said. The gunman, who has not been identified, was shot and wounded by one of the police officers who responded to the shooting in the city of Southaven, police chief Macon Moore told reporters.

Moore said two Walmart employees were killed in what he described as a “senseless violent act.” He said the wounded police officer was “saved by his (bulletproof) vest.”

Southaven Mayor Darren Musselwhite told reporters the incident was “an isolated event.”

“It was a disgruntled employee,” Musselwhite said. “It’s someone that had a personal grievance with his employer.”

A Walmart employee told a local television station the gunman had worked at the store for 25 years before being fired.

In a statement, Walmart said it was “heartbroken by the loss of two valued members of our team.”

Southaven is a suburb of Memphis, Tennessee, which lies just to the north over the state line.

SOURCE: https://t.guardian.ng/news/disgruntled-walmart-employee-shoots-dead-two-co-workers/

At least six Managing Directors of Micro Finance Banks (MFBs) are currently in the Economic and Financial Crimes Commission (EFCC) custody over alleged N2billion fraud. The EFCC operatives also arrested the Director-General of Kwara State Bureau of Small and Medium Enterprise Development, Segun Soewu, in Ilorin, the state capital.

The arrested bank MDs are – Ogudu Samuel (Brightway Micro Finance), A.K. Imam Magajingari (Micro Finance Bank), Adeleke M.S. (Sincere Micro Finance Bank), Yusuf Muideen Balogun (Fulani Micro Finance Bank), Issa Abdulrasheed (KCMB Micro Finance Bank) and Oyebode Asimiyu (Apels Micro Finance bank).

The Acting Head of Media and Publicity of the EFCC, Tony Orilade, said the anti-graft agency went after the suspects upon discovery that the N2 billion, which was meant to serve as soft loan facility to boost small scale businesses across Kwara State, was distributed to highly placed politicians, traditional rulers and other prominent people across the 16 local government areas of the state.

Orilade said 50% of the loan was shared to a selected group of businessmen and women, who failed to pay back, as was originally conceived. The EFCC spokesman added that the anti-graft agency was also probing five other persons over similar allegations.

According to him, those under the Commission’s radar are – Lawal Ayo (Omu-Aran Micro Finance Bank), Tope Eniola of Iludun (Micro Finance Bank), Lawal Folashade (Stockcarp Micro Finance Bank), Yusuf Tajudeen (First Heritage Micro Finance Bank, and Olawoye E.O. (Offa Micro Finance Bank).

Prior to the development, the Acting Chairman of the EFCC, Ibrahim Magu, had lamented that fraudsters in Nigerian banks were aiding criminals to perpetrate financial crimes. He said such fraudsters assisted politically-exposed persons to steal and launder public funds.

Magu added that there were “bad eggs” in the EFCC.

SOURCE: https://nairametrics.com/2019/07/30/six-bank-mds-in-efcc-net-over-alleged-n2billion-fraud/

holhogun:
Buy affordable foreign used laptops with warranty.

a trial will convince you

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FALSE RAPE ALLEGATIONS

Kanin EJ. Arch Sex Behav. 1994.

AUTHOR: Kanin EJ1.
AUTHOR INFORMATION: Department of Sociology and Anthropology, Purdue University, West Lafayette, Indiana 47907-1365.

CITATION: Arch Sex Behav. 1994 Feb;23(1):81-92.

ABSTRACT
With the cooperation of the police agency of a small metropolitan community, 45 consecutive, disposed, false rape allegations covering a 9 year period were studied.

These false rape allegations constitute 41% the total forcible rape cases (Total = 109) that were reported during this period.

These false allegations appear to serve three major functions for the complainants:
1. providing an alibi,
2. seeking revenge, and
3. obtaining sympathy and attention.

False rape allegations are not the consequence of a gender-linked aberration, as frequently claimed, but reflect impulsive and desperate efforts to cope with personal and social stress situations.

PMID 8135653 [Indexed for MEDLINE]

SOURCE: https://www.ncbi.nlm.nih.gov/m/pubmed/8135653/

It is an ugly reality, but it is known to happen: petty people misusing the very serious charge of rape as a way to gain an upper hand, get revenge, or otherwise harm another person. Results of such a false accusation can be devastating, even if the person wrongfully accused is ultimately acquitted. So, what can the innocent person do in such a case? What are the consequences to the false accuser?

Unfortunately, the topic of rape is so touchy that many are unwilling to do anything about a false claim. Some prosecutors side with the false-accuser even after evidence clearly reveals the claim is false, believing it could be an honest mistake, a difference of opinion about consent, or a cry for help from someone suffering in other ways at the hands of the one they wrongfully accused. Moreover, prosecutors and law enforcement do not want actual rape victims to fear possible criminal sanctions for reporting legitimate rapes if it later becomes impossible to prove the case. As a result, very few false claims are ever prosecuted criminally.

Still, consequences of a false report of rape can be devastating to the life of the one accused. Often, the mere suggestion that a person has done something is enough to convict them in the court of public opinion. With websites that feature arrest mug shots and identify charges, there is no way for a wrongfully accused person to protect their reputation. This can have life changing effects, lead to loss of employment opportunities, public ridicule, and emotional harm.

As a result, it is usually possible for one wrongfully accused of rape to fight back. Typically, one will have to wait until exonerated, but once proved innocent of the false accusation, some jurisdictions allow them to bring a civil suit against the accuser. False statements to police, to the media, or to family and friends may give rise to civil liability. Additionally, in jurisdictions that recognize a civil cause of action for perjury, if the accuser provided false testimony, either in person or via affidavit (such as a police report) this may also form the basis for additional relief.

In 2011 in Maryland, a man was awarded $852,000 and full custody of his children after he was able to prove that his ex-wife had falsely accused him of sexually assaulting their daughters. The ex-wife had accused the man of sexually assaulting the children in order to gain an advantage in a custody dispute. This led him to lose his job and find it almost impossible to obtain another for 5 years while he fought the legal battle to clear his name. While much of the damage done by the false accusation can never be undone for the wrongfully accused man, the verdict does send a clear message that such conduct cannot be tolerated in the American legal system.

If you've been wrongfully accused of rape or another sexually based crime, you should immediately contact an attorney (lawyer). Not only will you need assistance in clearing your name in the criminal matter, you may need help pursuing remedies against the wrongful accuser. However, given the nature of laws protecting victims of rape, it will be a very difficult and highly technical legal battle to show that the accuser did not simply lack sufficient evidence to obtain a conviction, but actually engaged in malicious conduct designed to harm the reputation of the accused and subject him/her to possible criminal sanctions.

SOURCE (abridged): https://www.hg.org/legal-articles/what-can-you-do-if-someone-falsely-accuses-you-of-rape-31767

The Birnin Gwari Emirate Progressives Union (BEPU) on Saturday stated that killings and abductions on Birnin Gwari-Kaduna highway have resumed in full force by armed bandits.

Barrister Salisu Haruna, Chairman of BEPU, in a statement sent to DAILY POST, said on Saturday tgat criminals opened fire on some travellers along the highway, killing one person and injuring others. He lamented that the highway cannot be used before 9 am and after 9 pm on a daily basis, while there are no adequate security personnel.

Haruna said: “BEPUalso observes with dismay that some of the security personnel deployed at the highway do not come out for duty until when it is late and the armed bandits utilise such periods and when the security go for a break, to launch offensive attacks on travellers. BEPU also observes that the armed bandits operate more freely at the places where the road is full of potholes as a result of over a decade of decay of the highway. Recently, the FERMA have started some maintenance works on the highway only to abandon it after covering some few kilometres, a development that strongly contributed to the armed banditry.

“BEPU, therefore, reminds the government that there is apparently a spillage of armed bandits who refuse to drop their arms and accept the government’s offer of peace at Zamfara state into Birnin Gwari forests. This must be arrested in no longer time. BEPU urgently calls on President Muhammadu Buhari to boost the morale of military formations deployed to Birnin Gwari by providing them all necessary facilities needed in the proper discharge of their operations against the bandits.

“We call on the Kaduna State Government to mount more security check points along Kaduna - Birnin Gwari and support the Vigilantes and Police with everything they need to arrest the situation. This must be done with all seriousness, as the bandits continue to launch offensive attacks against travellers, especially now that Eid-el- Kabir is approaching.”

SOURCE: https://dailypost.ng/2019/07/27/kaduna-bandits-open-fire-travellers-killings-abductions-resume-highway-bepu/

Chairman of Cement Company of Northern Nigeria (CCNN) Plc, Mr Abdulsamad Rabiu, has said the company was now in control of the cement market in North West Africa. Mr Rabiu, while addressing shareholders at the company’s Annual General Meeting (AGM) last Thursday in Abuja, said the firm was able to dominate the market over there as a result of its merger with Kalambaina Cement, which has increased the installed capacity to two million metric tons per annum.

He said this combination also helped the cement manufacturer deliver an impressive 2018 financial year, which led to the payment of N5.25 billion as dividend for the fiscal year, translating to a dividend payout of 40 kobo per share, more than the N1.57 billion paid in the 2017 financial period.
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“The company recorded its highest domestic exports sale during the year. This was facilitated by the additional output from the enlarged entity. In 2019, we hope to have the full combined capacity of the two entities. With the new capacity, CCNN is now the dominant player in its home market of North West Africa,” Mr Rabiu, who is also the Chairman of BUA Group, said at the meeting.

Business Post reports that one of the main rivals of CCNN in the cement industry is Dangote Cement and both are fighting for the control of the market by coming up with different strategies. But Mr Rabiu believes that CCNN will continue to expand its presence at the market by “taking advantage of the proximity to the neighbouring West African borders, which has opened a new window for the export operations and revenue generation in foreign exchange.”

He said the merger between CCNN and Kalambaina Cement has led to the “introduction of new technology, reduction in operational costs and increase in the number of transport fleet.”

According to him, this reflected in the revenue generated by CCNN in the 2018 financial year, which rose to N31.7 billion from N19.6 billion in 2017, with the profit after tax improving to N5.9 billion in 2018 from N2.9 billion in 2017. He said the company will continue to deliver value to its shareholders, assuring them that the 2019 financial year would be better than the previous.

SOURCE: https://businesspost.ng/2019/07/29/ccnn-takes-over-north-west-african-cement-market/

General Secretary of the Nigeria Labour Congress, Dr Peter Ozo-Eson, said on Saturday that the Federal Government and labour representatives on the technical committee set up to negotiate consequential increase arising from the new minimum wage would resume negotiation this week.

After negotiation broke down between the government and labour on what workers at various grade levels would get as salary increase, the NLC, Trade Union Congress and the Joint National Public Service Negotiation Council wrote separate letters to the Secretary to the Government of the Federation, Boss Mustapha, complaining of introduction of new terms of reference by the Federal Government team that were not in the document presented by the SGF when he inaugurated the negotiating committee on May 14, 2019.

On Wednesday, the SGF and representatives of JNPSNC met in Abuja where issues that led to the breakdown of negotiation were discussed.

While the Federal Government representatives in the technical committee had proposed 9.5 per cent salary increase for workers on Grade Levels 07 to 14 and five per cent increase for employees on Grade Levels 15 to 17, labour representatives were demanding 30 per cent salary increase for workers on Grade Levels seven to 14 and 25 per cent for workers on Grade Levels 15 to 17.

In an exclusive interview with our correspondent, Ozo-Eson said, “We wrote a letter to the SGF. We understand he is stepping in and negotiation will reconvene during the week.”

Also in an interview with our correspondent on Saturday, President of TUC, Quadri Olaleye, said the union would not support lowered demands during negotiation. He said labour’s demands from the Federal Government were not outrageous, blaming the Federal Government’s representatives for not coming up with what he described as a reasonable proposal.

He said, “TUC will not support lowering labour demands on the issue of the new minimum wage. We have to understand clearly that labour unions are not greedy in their demands. We don’t have to make a demand that will make governance difficult. But we have to recognise negotiation and understanding on both sides."

"If the Federal Government through its representatives on the technical committee that is negotiating consequential increase in labour wages comes up with a reasonable percentage increase, even if it does not favour labour, I don’t think we will have any option but to show understanding because of the present situation of the nation’s economy. It is not compulsory that all requests must be granted but it must be reasonable and there must be understanding before an agreement will be signed and sealed in a document.”

SOURCE: https://punchng.com/minimum-wage-labour-fg-resume-negotiation-tuc-rejects-lowered-demands/

Efforts by some state governments to obtain necessary safety and security clearances to launch Remotely Piloted Aircraft (drones) to tackle insecurity in their domains appear to be failing, no thanks to the strict conditions stipulated by Federal Government agencies responsible for granting the approvals. This is happening amid serious security challenges in various states across the country.

No state government, agency, organisation or individual is allowed to launch an RPA (drone) for any reason without obtaining approval from the Nigerian Civil Aviation Authority, the agency regulating safety and security in the country’s airspace, and the Office of the National Security Adviser.

SUNDAY PUNCH checks show that some states have been in the process of getting safety and security clearances from the NCAA and the ONSA for almost two years now. Currently, some of the states that have made moves to deploy drones to tackle bandits, kidnappers, and killer herdsmen are Lagos, Osun, Ondo, Kaduna and Anambra.

Among other things, the drones are meant to monitor and record the activities and hideouts of criminals, including bandits, kidnappers and killer herdsmen. Officials of the NCAA and the ONSA, who spoke on condition of anonymity because they were not allowed to comment on security matters, said Lagos State had been on the process for about two years.

Osun State, which began the process under ex-Governor Rauf Aregbesola, has yet to get the necessary clearance to launch the drones, according to the officials. According to the officials, Kaduna State also moved to get the necessary clearance to deploy drones following killings in the state about four years ago but has yet to obtain the final approvals from the NCAA and the ONSA. However, there are indications that the state has obtained End User Certificate from the ONSA.

It was also learnt that the Anambra State government suspended its move to get such a clearance after changing its strategy on security.

“The ONSA is very careful. They don’t want to just give approvals to state governments that will later abuse the privilege. Again, the ONSA office is reluctant because security agencies are under the Federal Government and as such, giving approvals to state governments to deploy drones is something that has to be done with necessary checks.

“Also, there is the need to carry out proper safety and security profiling on the security firms that will help the state governments to deploy the drones. So, it is a very detailed and important issue,” a top official privy to details of the state governments’ applications said.

Further findings revealed that many of the state governments had yet to train drone pilots who would fly the RPAs in line with the NCAA safety requirements, while security firms which would partner some of the states to train drone pilots had yet to get approvals from the NCAA.

“It is a long process. Before the states can be given RPA operating licence by the NCAA to launch drones, they need to come with End User Certificate from the NSA Office to the NCAA Office. We have since asked them to go and get that. Some of them have been in the process for about two years. Safety and security issues are involved in drone deployment and these must be cleared,” a top official at the Ministry of Aviation, who is privy to the development, told SUNDAY PUNCH.

STRICT SCRUTINY FOR DRONE DEPLOYMENT IS STANDARD PRACTICE – Aviation ministry, NCAA
When contacted, the Ministry of Aviation and the NCAA said that drone deployment required strict scrutiny, noting that it was the standard practice to ensure necessary safety clearances were done. The Deputy Director, Press and Public Affairs, Aviation ministry, James Odaudu, said it was important to thoroughly scrutinise the move as it had to do with safety and security issues.

Odaudu also said the NCAA was the body mandated by the ministry to certify the use of drones in civil airspace.

He said, “Of course, the deployment of drones for purposes of securing any location is a security matter, which is why security agencies would be involved. Also, I would say it is standard practice to thoroughly scrutinise the move because it is one that would have an impact on national security, whether positive or negative. Although personally, I’ve not been informed about the requests by states on drones’ deployment and don’t know about it now.”

He added, “However, it is the NCAA that is mandated to certify the use of drones and there is a need to be cleared by the authority, as well as get the required clearance from other security agencies as may be required.”

The General Manager, Public Affairs, NCAA, Mr Sam Adurogboye, said the regulatory agency was working together with ONSA on issues relating to the deployment of drones.

“The NCAA is working in conjunction with NSA Office on the issue of drones. However, the ultimate security clearance is handled in the NSA Office. It is pertinent to point out that due diligence is done in view of the security implication,” he said.

NO EFFORT’LL BE SPARED TO TACKLE INSECURITY – Ondo, Osun, others
Meanwhile, some state governments have given various reasons why they have been working towards the deployment of drones. Some of the states, however, declined to give specific details, citing security reasons. A source in the Osun State government told SUNDAY PUNCH that the state had acquired drones before Aregbesola’s tenure expired but had not been able to deploy them because it had yet to get the approval from the ONSA.

The source said, “We have acquired drones now but we cannot deploy them. The drones can take pictures, can identify objects, and can take grandeur aerial maps apart from other uses. This requires a lot of security imprimaturs but we can’t say anything official now. Approval has to be given by the Ministry of Defence in conjunction with the NSA before we can deploy them. They have to be cleared before we can use them. The drones were acquired by the past administration of Governor Rauf Aregbesola.”

The Chief Press Secretary to Governor Adegboyega Oyetola of Osun State, Adeniyi Adesina, said the state would continue to work with appropriate agencies of the Federal Government to ensure safety.

He said, “The Osun State government is working with appropriate agencies and departments of the Federal Government to get things (drones’ deployment) done.”

Also, Ondo State Commissioner for Information, Mr Donald Ojogo, said the state government would not spare any efforts in tackling insecurity. He, however, said the state would not disclose the moves it was making regarding deployment of drones and other things for security reasons.

When asked what was delaying the state’s efforts to get approvals to deploy drones, Ojogo said, “No effort required to tackle the menace of insecurity will be spared by the Ondo State government. However, the planned security architecture of the South-West states cannot be disclosed at the moment. We appreciate your concern and eagerness to know what Ondo State, in particular, is currently doing to tackle insecurity.”

When contacted for comments on the matter, the Kaduna State Commissioner for Internal Security and Home Affairs, Mr Samuel Aruwan, declined to make comments, citing security reasons. He said whatever he said about the security of the state would compromise the efforts of the government in tackling crime in the state.

“The question is clearly undermining and compromising the security of our citizens and we cannot compromise their security on the pages of newspapers. No comment.”

The Deputy Chief Press Secretary to Governor Babajide Sanwo-Olu of Lagos State, Mr. Gboyega Akosile, when contacted, said he would get back to our correspondent on plan by the state to get approvals to deploy drone in the state. However, as of the time of filing this report, he has yet to do so.

The Anambra State government on Friday said it had discontinued its plan to use the drone for criminal surveillance. In its place, the state government said it occasionally hired police helicopter for aerial battle against criminals. The state government had last December procured a drone for air surveillance of crimes in the state.

The state had then said, “The drone would be used to monitor movement of individuals and even cattle. It will provide reports constantly to appropriate agencies for prompt action,” the state said.

But speaking with SUNDAY PUNCH on Friday, the Anambra State Commissioner for Information and Public Enlightenment, C-Don Adinuba, said the state had discontinued the move, citing two reasons.

He said, “One, the battery of the drone does not sustain it for a long time in the air and secondly it does not capture a good human image while airborne.” Adinuba said the state had resorted to hiring police helicopters occasionally for aerial surveillance.

Ondo, Osun, Lagos, Kaduna and Anambra are among dozens of states battling insecurity in the country. Following the reoccurrence of crisis in Kaduna State, Governor Nasir el-Rufai, had vowed to put an end to the killings. The development, it was learnt, led to the state to take various security measures

Ondo has remained a major corridor where killer herdsmen have been operating. Aside from the killing of Mrs Funke Olakunri, the daughter of Afenifere leader, Pa Reuben Fasoranti, recently, several people had been kidnapped by suspected Fulani herdsmen in the past.

END-USER CERTIFICATES MUST BE SCREENED BY DSS BEFORE APPROVAL – ONSA
The Office of the National Security Adviser has stated that all End-User Certificate requests or applications are subject to screening by the Department of State Services before approval or otherwise. The ONSA noted that state governments wishing to import equipment to support security agencies must go through the agency to get approval. The ONSA stated these in its “Guidelines for application for EUCs” published on its website.

When our correspondent contacted the ONSA office in Abuja, a source said the office had no spokesperson and all information could be obtained from its website.

“I am not aware that state governments made any application, but if they follow the guidelines, which are stated on the EUC website, their requests will be treated accordingly,” he said.

The ONSA on its End-User Certificate website highlighted “five easy steps” to apply for the certificate.

It said, “One, read the guidelines on supporting documents required for the EUC application. Two, create an account by filling the sign-up form. You will be notified via an electronic mail and a short message service immediately if your account is approved or disapproved. Three, apply for the EUC by logging onto the portal and providing the relevant information as required. Four, wait for a notification for approval or disapproval of your application. Five, collect your EUC at the Office of the National Security Adviser. EUC applications are free of charge at every stage.

“All EUC requests and applications are subject to screening by the Department of State Services before approval or otherwise. State governments wishing to import equipment to support security agencies must go through that agency to make such application.”

SUNDAY PUNCH observed from the website that the categories of the equipment listed as requiring the EUC included; military hardware, chemicals, explosives and explosive devices, fireworks, arms and ammunition, remotely piloted aircraft and lawful intercept equipment.

ONSA IS RIGHT TO GRILL STATE GOVTS – Experts
The President of the African Council on Narcotics, Mr Rekpene Bassey, said state governments might not be able to put the drones to effective use because they did not have control over the security forces in their respective states.

He said, “Drones can be classified under structural measures and they are as useful as the humans. If you do not have an adequate and capable human factor, the capability of drones is limited. Those states that intend to use these drones in question would also need to have ground forces to back up the intelligence surveillance at their disposal.

A security analyst, Mr Chigozie Ubani, said given the level of insecurity in the country, intelligence gathering should be decentralised so that states, working with the Federal Government, could gather intelligence through aerial surveillance.

Meanwhile, a Fellow, International Institute of Professional Security, Mr Jackson Ojo, said some security equipment could be bugged by their manufacturers, saying that was why the NSA or the President, who is the Commander-in-Chief of the Armed Forces, should check where the equipment would be procured from and give approval before purchase.

POLICE GO AFTER ILLEGAL DRONE OPERATORS
As part of efforts to ensure security in the country, the police have decided to go after illegal drone operators. According to Force spokesman, DCP Frank Mba, they have been going after individuals who operate drones illegally and in unauthorised areas like airports, security zones and other restricted areas.

Mba added, “We don’t need anyone to tell us to do our job, we have been going after illegal drone operators. Drones are not permitted near high security zones like the airport or military formations and other places. You are not even permitted to fly a drone over someone’s residence, that is a clear privacy breach.”

This came just as police are holding talks with the Federal Government and vendors on the acquisition and deployment of high-tech drones in parts of the country. Our correspondent learnt that the use of technology was part of the three-pronged strategy of the Inspector-General of Police, Mohammed Adamu, including intelligence-led policing and community police.

A top security source stated that the government was considering the costs and other technical issues before giving the nod for the acquisition of highly sophisticated drones for security operations.

“You need to look at many things, including funding. Very good drones are quite expensive, they have multiple functions and they don’t come cheap. We are having a whole lot of discussions at government to government level and between government and vendors.”

The source further said, “The new police approach to crime fighting is predicated on intelligence, community policing and technology; The police Air wing, ICT department and intelligence unit will manage and coordinate deployment of drones, after everything has been finalised.”

Mba declined to comment on the planned acquisition and deployment of drones by the police.

SOURCE: https://punchng.com/kidnapping-crisis-fg-frustrates-states-plans-to-deploy-drones/

There was palpable fear in Oworonshoki and Gbagada areas of Lagos State during the week, as fresh violent clashes broke out in the neighbourhoods between two rival cult groups – Eiye and Aye confraternities. It was learnt that renewed hostilities began last Sunday evening and lingered until Wednesday, claiming four lives.

A trader at Fogo Junction, Iyana Owonroshoki, identified only as Iya Igbo, was said to be one of the victims. She was reportedly hacked to death by cult members who exploited the fights to rob innocent people. City Round learnt that some cult members had trailed a member of their rival gang to a bar at Kiniun Ifa Junction in the Sawmill area of Gbagada, around 6 pm on Sunday and shot him dead.

Three hours later, a gang believed to be on a revenge mission, unleashed terror on Fogo Junction during which the Igbo trader and another woman selling slippers, were attacked with cutlasses. The latter reportedly escaped with injuries. The women had reportedly resisted the hoodlums who wanted to dispossess them of their money and phones.

Our correspondent gathered that on Monday, some suspected cult members shot dead a barber, one Olorunwa (aka Injection), in his shop on Oyegunle Street, Oworonshoki. The clashes were said to have disrupted commercial activities in the areas and caused panic. Olorunwa’s shop was locked on Thursday when our correspondent visited the street.

A shop owner, who spoke on condition of anonymity for security reasons, told City Round that the assailants rode on a motorcycle. She added, “They shot the barber and fled immediately. He died on the spot. It was policemen from the Alonge division who came to pick his corpse. On Wednesday, we have to close shops quickly when the cult boys started chasing one another again.”

A community leader, Mr Agboola Bakare, said lives had become worthless to the hoodlums, noting that their violent activities had denied people of peace in the neighbourhood. Bakare, who also confirmed the barber’s murder, said there had been calm in Oworonshoki for some time, until a week ago when the “uprising” began. He urged the police to intensify patrols in the neighbourhood.

He said, “We live in fear every moment; the fear of children in the age group of our grandchildren. We understand some of them are in secret societies. We don’t know who to trust and discuss this issue with. The fear is that the elders you want to discuss it with may have their children in those circles. We don’t move freely again, especially when night falls. We meet with the police from time to time to find solutions to the problem. Maybe prayers will be the ultimate solution to the horror we find ourselves in. Some people blame it on joblessness. But are children in secondary schools qualified to take up appointments? Some of them are involved in this crime.”

A resident of Kiniun Ifa Street, who spoke on condition of anonymity, explained that the area had become so charged that people now stayed indoors as early as 8 pm. He said it took a combined team of policemen from Ifako and Bariga divisions to disperse the rampaging gangs on Sunday evening.

“Many traders now close their shops once it is 7 pm to avoid being caught up in the violence. A man was killed on Sunday in front of a beer parlour. I also learnt that they (cult members) killed a rival group member in Odo Eran, Oworonshoki,” he added.

The Chairman, Kiniun Ifa Residents’ Forum, Mr Jagun Adebowale, urged the police to beef up security in the area. He lamented that most times, the hoodlums would have caused huge damage before police arrived the scene.

“The atmosphere is not friendly. What we have is graveyard peace. People ply their trade in panic,” the chairman added.

At Fogo Junction, some plain-cloth policemen were seen searching some men suspected to be cult members. They arrested a man and took him away in a Sienna car.

The Chairman, Somolu Central Taxi Park, beside Fogo Junction, Mr Ade Emmanuel, said he lost his phone while running to safety during the Wednesday clash. He stated that the hoodlums injured the slippers seller on the shoulder while she was dragging her bag with them.

He said, “On Sunday around 9 pm, there was outage. We suddenly saw those boys with cutlasses and they were shooting indiscriminately. They attacked an Igbo woman in her shop and collected money from her. The woman later died from injuries she sustained. They also injured another woman selling slippers.’’

The chairman expressed worry over the late response of the police to distress calls.

He said, “Most times, it is after they leave that police will come. And if some of them are arrested, they will be released some days after. We used to leave the park at 10 pm, but now we close at 7 pm.”

The state Police Public Relations Officer, DSP Bala Elkana, said two persons died in the clashes, adding that 14 suspects had been arrested.

“We have restored normalcy to the communities and launched a manhunt for the fleeing suspects,” he added.

SOURCE: https://punchng.com/four-feared-killed-as-cultists-turn-lagos-communities-to-battlefields/

National Agency for Food and Drug Administration and Control (NAFDAC) has warned the general public to be careful of the consumption of animal hides, known as Ponmo.

A statement signed by the Director General (DG) of the agency, Mrs Mojisola Adeyeye, stated that most of those animal hides were meant for industrial use. Adeyeye added that some of the animal hides were pre-treated with industrial chemicals, which were not of food grade and were toxic and injurious to human health.

According to the her, investigations have revealed that some companies legally imported hides from countries like Lebanon and Turkey, while majority of the product were smuggled into the country through the porous borders.

“The Management of NAFDAC wishes to use this medium to alert the general public and in particular consumers of animal hides popularly known as Ponmo on the activities of some unscrupulous business men and traders. These imported animal hides are meant for industrial use by leather industries for the manufacturing of items such as shoes, bag, belt and others.

“Health hazards inherent in the consumption of such animal hides include risk of liver, kidney and heart damage, increased risk of Aplastic anaemia, central nervous system toxicity, cancer and many more,’’ she said.

The DG also said live stock farmers were also advised to note that industrial animal hides could not be used to manufacture animal feed.

“The associated chemicals will be stored in the tissues of these animals and will eventually end up in humans when consumed with the attendant effects. NAFDAC, therefore, encourage the general public to be vigilant and exercise discretion when purchasing animal hides, PONMO and indeed other food items’’ Adeyeye said in the statement.

She stated that NAFDAC was fully alive to its responsibilities of assuring the safety, wholesomeness and quality of processed foods offered for sale to the public.

“The agency has increased the tempo of targeted and aggressive routine and unannounced inspections to monitor activities of animal hide merchants.”

SOURCE: https://www.stelladimokokorkus.com/2019/07/nafdac-warns-against-consumption-of.html?m=1

The days of having children so they can take care of you in your old age are over, start planning your life now- Pastor warns parents

Popular Lagos pastor and founder of the Livingspring Chapel International church in Lagos, Femi Emmanuel, has warned parents to stop seeing their children as their social security for their old age. According to the pastor, the days of having children hoping that they will feed and take care of you in your old age are over as some children now cannot even feed themselves.

The pastor stated this while preaching in his church recently.

Preaching, he said

"The days of using your children as social security are over. That when they grow they would now be feeding me...Ah...they have not fed themselves. Those days are over. You better labour for what you will live on till the end of your life. You better set yourself right now. You better establish an outfit. You better build your life in such a way that if any child brings anything in your old age, the child brought it to receive blessing and not because you are hungry".

"The days of having children to take care of you in your old age are over, start planning your old age now- Lagos pastor warns parents".

SOURCE: https://www.lindaikejisblog.com/2019/7/the-days-of-having-children-so-they-can-take-care-of-you-in-your-old-age-are-over-start-planning-your-life-now-pastor-warns-parents-2.html

Bandits on Tuesday evening blocked the Ajebo axis of the Lagos-Ibadan Expressway and kidnapped three persons.

The Chief Medical Director of the Lafia Hospital, Apata, Ibadan, Oyo State, Dr. Oladipupo Sule, in an interview with The PUNCH on Wednesday said his son, Kayode and two members of staff of the hospital were kidnapped during the attack. According to him, the kidnapped members of staff are Opeyemi Abifarin and Dele Adigun.

Our correspondent gathered that the kidnappers blocked the road around 7:00 p.m. on Tuesday and abducted their victims. The hospital’s vehicle, a Toyota Sienna car, in which the victims were travelling as of the time of the incident, was abandoned by the kidnappers.

The CMD said the vehicle had been recovered by the policemen at the Ogunmakin Police Station in Ogun State. The family is still waiting for the kidnappers, who were said to be 15 in number, to contact the families of the victims.

Sule said, “I’m presently in Ogunmakin police station as I talk to you. I am distressed and seriously devastated. My son and two others went to Lagos to buy drugs for the hospital and were on the way back when they were ambushed and kidnapped. The driver said one of the kidnappers communicated in English and others were speaking in Hausa or the Fulani language. They have yet to talk to me for us to know what their real identities and intentions (are),” Sule added.

SOURCE: https://punchng.com/updated-bandits-block-lagos-ibadan-road-kidnap-cmds-son-two-others/

The drive to bring Nigeria out of its environmental and energy problems received a major boost last week when budding innovators and inventors from 23 Nigerian tertiary institutions converged on Civic Centre, Lagos to compete and showcase their works. In what turned out to be a tough contest, the students laid bare the scientific processes for their inventions, seeking help to advance the projects.

For two days, chief executive officers, professionals and experts from different firms, pored over the works, interrogating the presenters and the project prospects. In the end, representatives of the Covenant University, Ota, emerged winners, beating their closest rival, Ahmadu Bello University, to second place.

By winning the competition organised by Enactus, a global non-profit organisation, Covenant University will represent Nigeria at the Enactus World Cup in San Jose, California, USA in September 2019. The panel of judges was impressed by the team’s PetCity and Toles, projects addressing environmental pollution while creating jobs for many.

According to the Covenant University team leader David Iyiola, PetCity focused on the reduction of plastics and nylon from the environment. The initiative is about collecting used plastic and nylon wastes, and turning them into sustainable building materials that are cost effective and durable for use. The group concentrated on interlocking bricks to address the problem of bad roads in the country, starting with their academic community.

“We started fully in May 2019 when we produced our first brick in the foundry, at the mechanical engineering department, where most of our production takes place. During this period, we also visited the civil engineering department to perform various tests on our bricks to see the level of durability. After concluding on the price of our innovative bricks and blocks, we laid the interlocking bricks at one of the Covenant University walkways,” he said.

However, the group had a challenge: their method could not produce a large number of the needed bricks daily. To resolve the problem, they decided to build a machine that could produce the bricks in large numbers. This further meant more people would be needed to lay the bricks.

“We decided to employ people and seek partnerships to scale our project. We are in talks with the Centre for Economic Policy and Development Research for partnerships and sponsorship to produce 85,000 interlocking bricks for the repair of the Ota-Idiroko Road and also in touch with Pertinence Company to supply interlocking bricks for the conclusion of their real estate project at Ibeju Lekki, Lagos,” Iyiola said.

The team leader said the PetCity could reduce plastic waste in Lagos and Ogun states by 96 per cent in 2022, as over 19 million interlocking bricks had been projected for production by then.

The second project of the team, Toles, a social enterprise, focused on recycling used tyres into durable footwear. Iyiola said the project was to solve the problem of tetanus among children in rural communities. He noted that through the one-for-one business model, the group had produced over 3,922 footwear.

Representatives of the Ahmadu Bello University had a different idea of recycling plastic waste to solve the problems of environmental degradation and flooding. This was through conversion of the waste to wax and shoe polish to save the environment and promote well-being of community members. To create jobs, beneficiaries of the project were empowered to be involved in marketing, production and sales of the product, the team leader, Joseph Onaji said.

The team from Bayero University Kano invented Project Zazoo, an innovative solar-powered smart tricycle. The tricycle, which uses a PV solar panel, charging controller, DC motor, was built to aid mobility and create jobs for persons with disability. The team leader, Olumide Areo, said, “Compared to tricycles that are powered by fuel, Zazoo smart tricycle uses green energy and in situations of power breakage, the tricycle has an inbuilt manual drive that uses a simple handheld reciprocating motion, instead of the circular chain drive in conventional manual disabled tricycles,” the team said.

For the team from the University of Makurdi, Benue State, their prison entrepreneurship and reform project could equip prisoners with academic and agricultural skills that would help reintegrate them back to the society. Team Makurdi, according to the leader, Vincent Okeke, is interested in reducing recidivism to nil in Nigeria.

INTERVENTIONS IN POWER, ENERGY CONSERVATION
Our correspondent observed that while the main competition was on, some of the varsities also competed in sub-competitions sponsored by different companies. One of such was the energy challenge of the Sahara Group.

Students from the University of Port Harcourt milled around a device they called Terlux, a fuel-less and fumeless power-generating machine.The machine is made up of DC motor, coil, armature and DC battery. As the battery powers the motor, the motor is connected to the coil through a linkage made up of metal and rubber. This then turns the armature, thereby generating AC current, the team leader, Stephen Batombari, told The PUNCH.

According to him, the biggest strength of the machine is that it does not emit carbon. “You may ask if the battery will not run down too quickly. The answer is that we have an alternator inside the system which recharges the battery, like you have in a car. The only warning about this machine is that you must not exceed its power capacity,” he said.

The 300-level Mechanical Engineering student said Terlux could be used both indoors and outdoors.

Batombari, while insisting that it was high time Nigeria moved from combustible fuel to renewable energy, said the group fought setbacks and frustrations while building the machine.

The team from the Federal University of Technology, Owerri, built what they termed the Quantum Energy System. Describing how the system works, the project leader, Obinma Philemon, said the machine’s projection was infinite.

“It starts off from a battery, which powers a motor. The motor is designed to work as an alternator armature. The motion of the alternator generates power. We have divided the output from the alternator to two sources: 240 and 12 volts. The 12volts is rectified by some network of circuits. The power from the rectifying circuits is fed back into the system to keep the battery recharged. This way, it maintains a circular motion while giving some amount of electricity. The whole idea is to eliminate the use of fuel,” the 400-level Surveying and Geoinformatic student said.

Philemon, who noted that he was inspired by the free energy works of Serbian-American inventor, Nicola Tesla, said his team had been working on the project since 2017. He explained that the result of the several improvements was the system, which he said he hoped could help Nigeria’s power need.

“Everybody has need for power. But not everybody can afford it. Not everybody has money to keep buying fuel or paying for regular servicing. These are the variables we have tried to eliminate with our free energy system. It does not have a fuel tank or exhaust. With the right investment, we can have this kind of systems in homes not connected to the power grid,” he added.

The team from the Ahmadu Bello University, Zaria, had an energy conservation device they called the I-sense. The group’s leader, Abdultoheeb Ilori, said I-sense could save up to 40 per cent of energy being consumed in homes. Ilori, a 500-level student of Electrical Engineering, said the device comes with Wi-Fi modules, GSM modules and a central brain.

“If you have a phone, you can remotely control the lighting system of your home without an internet connection. You can switch off your lights, sockets, extensions after connecting the device to your distribution board. The production cost per unit is N19,350. We built it in one week. We are about 63 students who constructed it. If we were to supply people, it would take just two days to produce,” he said.

Students from the Kaduna Polytechnic also created what they described as a conservative light floss for the purpose of energy conservation. The team leader, Gibson Emmanuel, a final-year student of the Computer Engineering Department, said the device had 100 per cent efficiency in the reduction of power consumption.

He said, “The incandescent bulb uses 10 per cent of its energy for illumination and 90 per cent for heat. The compact florescent bulb uses only 45 to 50 per cent as light and the rest is wasted as heat.

“So, we came up with a means that has 100 per cent efficiency, so that you can light up your environment and not waste any iota of electricity. That is why we came up with the conservative light floss. It does not convert the energy to heat. It uses 90 per cent of its energy to illuminate and the remaining 10 per cent is used as heat. It is a similar to a 40 watts incandescent bulb.

“We are trying to curtail the amount of money spent on electricity bill. The conservative light flux is highly scalable, user-friendly, made from recyclable materials, waste spoons, compact disk and spoons. People can hang it on their walls or ceilings.” Emmanuel said the device was designed for small and medium scale enterprises to reduce the money spent on power.

The Tai Solarin College of Education developed the Project I-Power, a moveable kiosk through which students recharge their phones and laptops. The project leader, Mustapha Oluwatomilola, said his team assembled solar panel, battery, charge controller and an inverter to power the kiosk.

“It is to provide power for students to recharge their laptops and phones and also reduce students’ exposure to social vices. Your phone may get stolen while recharging it at a friend’s place and as a lady you could get raped in the process of recharging a phone at night. These are the stories we hear from our student affairs unit and we decided to solve the problem with this, which we have also turned to a business. We have a spot we use on the campus and we charge N50 per phone. We are trying to partner network providers so they can use our platforms for adverts. If they did this, students using their services would not pay to recharge,” he said.

Oluwatomilola said 45 to 50 per cent of profits from the project were channelled to providing power for Sagbokogi and Gbelejo, two communities in the Apapa area of Lagos that had not had power supply in more than 100 years. “We make over N44,000 in a month from this business. In three months, we raised the value we used in building a kiosk. We have lit up about 69 homes in the two island communities already and we hope to do more,” he said.

Our correspondent learnt that the energy projects would be taken to a lab for tests to determine their value and if the technologies were new or already in existence.

Judges who evaluated some of the works commended the initiative of the students, saying it showed that Nigeria had a great future ahead.

The Director, Business Process and Technology, Prime Atlantic Ltd, Foluso Gbadamosi, said, “The experience of having to challenge themselves to identify issues and problems and come up with creative and resourceful solutions will count a lot for many lives.”

A public affairs specialist with Nestle Nigeria Plc, Mr Edidong Peters, described as impressive the “skills, talents and entrepreneurial spirit of the students. The students were very bold, confident and impressive. This is my first time judging and I am honestly very impressed,” said Chief Financial Officer, Transport Service Limited, Olusike Bamisebi.

The Chief Executive Officer, AfricanFarmer Food Chain Ltd, AfricanFarmer Mogaji, said the students were developing exceptional skills that would make them stand out in team work, decision-making, problem-solving and self-confidence.

The Country Director, Enactus Nigeria, Michael Ajayi, said with over 10 million Nigerian children reported to be out of school, it was important to make investments in intellect development and training that would help to leapfrog and accelerate the human capital development of the youth. He said such development was necessary if the country would transit from being a developing nation to becoming globally competitive and globally relevant.

ENACTUS, an acronym for Entrepreneurial ACTion US, is an international community of students, academic and business leaders who use entrepreneurial action to create a better world. The group, which is in 36 countries, including Nigeria, is active in over 1,730 tertiary institutions.

SOURCE: https://punchng.com/nigerian-youths-turning-environmental-power-problems-into-opportunities/

Jabi Lake Mall, Abuja’s one-stop leisure, restaurant and retail destination, brought to the market by Actis, a leading emerging market investor, today announced an agreement with CrossBoundary Energy (CBE) to become the first solar-powered mall in Nigeria. Actis previously collaborated with CBE on implementing the largest solar carport in Africa at Garden City Mall in Nairobi.

CBE will finance the 600kW rooftop solar plant and will sell power to Jabi Lake Mall through an innovative 15-year Power Purchase Agreement. The power offers a cheaper energy alternative and will reduce the shopping centre’s CO2 emissions by over 13,000 tonnes.

Funke Okubadejo, Director of Real Estate and Head of Actis’ Nigeria office commented: “We were looking for a solar solution that could produce clean power for the mall and be a sustainable, self-sustaining alternative to grid and diesel. We are thrilled to partner with CBE to achieve this as we continue to encourage the integration of solar infrastructure across Nigeria. We hope that future generations of Nigerians can enjoy the serenity of one of Abuja’s remaining blue spaces and an important water harvest area.”

Femi Fadugba, Head of Business Development for CBE, stated: “We’ve reached a point in Nigeria where solar is transforming how businesses and everyday people are powering their lives. We’re incredibly proud to be supporting Actis in achieving its savings and sustainability goals with this landmark project.”

James Mittell, Principal in Actis’ Energy Investment Team, added: “Recognizing our responsibility to wider society is central to our business and embedded into our investment processes. Cheaper and cleaner power through solar provides an unmissable commercial and environmental opportunity and is fundamentally aligned to Actis’ belief that values drive value.”

Soventix will manage all engineering, procurement, and construction activities for the project, which is expected to create up to 30 new jobs. Support for the project has come from the Shell Foundation and the Solar Nigeria programme, an initiative implemented by Adam Smith International with funding from UK Aid.

SOURCE: https://brandspurng.com/2019/07/22/actis-jabi-lake-mall-to-become-nigeria-first-solar-powered-mall/

An indigenous Nigerian Company, Tamaidukka Group, known as TMDK, with interest in Real Estate development, oil and gas, and the agro-allied sector, has indicated interest to develop an agro-based industrial park which will use soya beans and cottonseed to produce vegetable oils for domestic/industrial use and export.

The Company’s Chairman, Alhaji Ahmed Suleiman Leda, stated that the processing plant upon completion will have a daily processing capacity of 500 tonnes of both soya bean and cotton, adding that it will also produce 280 tonnes of animal feed.

He also revealed that the company’s plan is to create indigenous jobs by sourcing its raw materials from local farmers, this move alone will create up to 500 jobs directly and another five hundred indirectly, and will guarantee a reliable market for a hundred thousand farmers in Kaduna and neighboring states”

Leda further explained that they have decided to invest in Kaduna because of the unprecedented efforts of the administration of Governor Nasir Ahmed El-Rufai in the state that made Kaduna an investors' haven, and the favorable disposition of the government to attract industries that will not only create job opportunities for skilled and unskilled workers but also a sustainable market for the farm produce of many farmers”.

The Industrial park is to be located in Sobawa layout Rigachikum, Igabi Local Government, Kaduna State and is expected to fully commence operation by January 2020. The Kaduna State Government through its Investment and Promotions Agency, KADIPA, the state’s Urban Planning Development Agency KASUPDA and Environmental Protection Agency (KEPA) have given all required approvals for the project.

The site measuring about 100,000 Square Meters was successfully handed over to the company (TMDK Industries) on Friday, 12th June 2019, and the company has already started deploying workers on-site for implementation of the project.

SOURCE (abridged/updated): https://brandspurng.com/2019/07/22/tmdk-group-to-invest-25m-in-agro-allied-industrial-park/

Indications have emerged that the country may reap bumper harvests of crops and allied farm products in the next harvest season. This follows cultivation of over 477,642.18 hectares of land across the states of the country by 416,835 farm families with rice, maize, soya bean, cassava, wheat, and cotton, the Anchor Borrowers’ Scheme of the government office has revealed.

Other enterprises benefiting from the fund include poultry, fish farming, groundnuts, and soybeans, while tree crops, sesame, tomato, and livestock productions, which are currently on the drawing board, would be implemented soon.

Managing Director/Chief Executive Officer, of Bank of Agriculture, Mr. Kabir Adamu, disclosed this at Umuahia, Abia State, during the inauguration ceremony of the 2019 farming season by the bank in conjunction with the Federal Ministry of Agriculture and Rural Development and Abia State government.

Adamu, who was represented by the BOA Executive Director, Partnership/Strategy, Professor Gabriel Okenwa, said at the ceremony that BOA “has taken up the challenge to boost local production of food to revive the rural economy, reduce, if not eliminate, the country’s dependence on food imports and expand export earnings.” According to him, that was in line with the Economic Recovery and Growth Plan (ERGP) and the Agricultural Transformation Agenda of the government.

He said, “with the huge agricultural potential of over 84 million hectares of land, the abundant water bodies, all-year-round favorable conditions and a variety of agro-ecologies suitable for agriculture, Nigeria is positioned to feed its population and provide for export.”

The state governor, Dr. Okezie Ikpeazu, described the inauguration as apt saying, “any state desiring development and sustainable growth must not ignore agriculture. Hence, such a state must embrace agriculture.” Abia State would take advantage of the BOA location to further boost its efforts in agriculture, he said, adding that “there is no crop that cannot do well in our soil. We have done 90 percent of what ought to be done in poultry cluster production which will engage over 10,000 youths when they come on stream.”

Meanwhile, to effectively regulate the market and make quality seeds more available to farmers, the National Agricultural Seeds Council (NASC) has said it accredited 314 seed entrepreneurs of various categories across the country. It also created the seed inspectorate department, inaugurated seed inspectors nationwide, effected migration from visual diagnosis to scientific diagnosis, introduced a seed tracker, electronic authentication of seed quality and created farmers’ helplines.

These were made known by NASC Director-General, Dr Philips Ojo during a one-day sensitisation meeting with seed dealers and farmers in Umuahia, Abia State to educate stakeholders in the seed industry on the do’s and don’ts in seed businesses, check the sale of adulterated seeds to farmers and point out the basic distinguishing features between seeds and grains.

Ojo, who was represented by NASC Director of Seed Inspectorate Department, Mr. Agboola Adebayo, also explained that NASC is an agency with the mandate to regulate the seed market.

SOURCE: https://t.guardian.ng/features/farmers-cultivate-477642-hectares-as-nation-expects-high-yields/

Kwara State House of Assembly has revoked the acquisition of Alimi Chalet by the immediate past Senate President and former governor of the state, Dr Bukola Saraki. The revocation followed the voiding of the acquisition, valuation and certification of land title (Right of Occupancy) in respect of the chalet in the personal name of Dr Bukola Saraki for non-compliance with provisions of the Pensions Law 2010.

This was part of resolutions by the House, following presentation of the report of the House Committee on Lands, Housing and Urban Development by its chairman, Omotayo Awodiji, on the floor of the House. Reading the resolutions of the House, the Speaker, Yakubu Salihu, said the revocation became expedient to ensure an enduring end to all forms of illegalities and abnormalities to pave way for meaningful development of the state. The House then urged the state government to immediately explore every available legal process to recover the chalet from the former governor.

Awodiji had, while presenting his report, observed among other things that the Alimi Chalet was purposely built by the state government as a guest chalet for the sitting governors and not transferable as exit package for any outgoing governor while the chalet, according to him, does not fit into the recommendations of the Pension Law of 2010.

He, however, explained that the House was not probing former Senate President but mandated its standing committee to investigate ownership of Alimi Chalet.

SOURCE: https://www.vanguardngr.com/2019/07/kwara-assembly-revokes-alimi-chalet-acquired-by-saraki/

See attached graphic....


SOURCE: NSE/Arthur Stevens Asset Management

A female passenger aboard a Turkey-bound flight has been fined a whopping $106,000 for attempting to open the door of an aircraft during flight, while threatening to kill everyone along with herself.

Several media outlets reported that the woman tried to open the aircraft’s door mid-flight and had shouted, “I’m going to kill everyone,” when passengers and cabin crew tried to subdue her. According to Daily Sabah, last June, the passenger was accused of severe misbehaviour on a Jet2 flight, bound for Turkey, that had to return to London’s Stansted Airport under escort of two Royal Air Force Typhoon fighter jets.

The airline had accused Ms Chloe Haines of “aggressive, abusive and dangerous behaviour” on the flight. She was also banned from flying the airline for the rest of her life. The 25-year-old British woman was arrested by Essex Police when the plane landed and has since been free on bail, the medium has reported.

Ms. Haines was arrested on suspicion of common assault, criminal damage and endangering an aircraft, and is scheduled to be in court on August 21.

The medium quotes Jet2’s CEO, Steve Heapy, as saying on Thursday that the airline will try to recover the costs incurred as a result of the diversion.

ARTICLE SOURCE: https://punchng.com/airline-bans-suicidal-passenger-for-life-fines-her-106000/

See her photos below...

39-year-old Kenechukwu Eze, a native of Amoli Edem in the Nsukka Local Government Area of Enugu State, on Wednesday, said his gang members killed one Emmanuel Agundu because he withheld the N18m they realised from Internet fraud. The money was reportedly paid into his Nigerian bank account.

Agundu, who was the Chairman of the Nigerian Bar Association, Udenu branch, was shot on August 15, 2018, at Obollo-Afor in the Udenu Local Government Area of the state by unidentified gunmen around 7pm, but he survived the attack. However, on September 2, 2018, he was trailed to Uru-Uwani Edem in the Nsukka Local Government Area around 2pm and shot dead.

Although one of the gunmen was arrested and remanded in prison custody, Eze, a member of the five-man gang of Internet fraudsters based in Morocco, was apprehended on Wednesday, July 10, 2019, by the personnel of the Enugu State Police Command.

Parading the suspect at the state police headquarters alongside 18 others who were arrested across the state for various offences ranging from armed robbery, kidnapping, car snatching, vandalism, cultisim, unlawful possession of firearms and murder, the state Commissioner of Police, Suleiman Balarabe, said Eze was arrested with the help of credible intelligence, adding that the police had been tracking him since Agundu’s death. Balarabe said his arrest was part of the command’s efforts to rid the state of criminals.

“We are also striving towards reducing crime to its barest minimum through proactive measures without losing sight of the respect for human rights and the rule of law,” the CP stated.

Speaking to PUNCH Metro during the parade, Eze confessed that his group killed the legal practitioner, adding that the person who shot Agundu had been arrested and remanded in prison.

He said, “I didn’t know the lawyer in person, but one of our members brought him to join us in the business. His job was to supply a bank account to pay the money we realised into. So, we paid a total of N18m into the account he supplied and when we asked him to provide the money, he rebuffed us. Instead of making the money available for us to share according to our agreed formula, he started threatening to report the matter to security agents. That was why we decided to end it once and for all.

“I was arrested because of the death of that lawyer that we did a fraudulent transaction together. He spent N18m and was killed because of that. The person, who shot him, is already in prison. We were five in number; Emmanuel Ebonyi, one Valentine and his younger brother, Agundu and I.

“It was an online business ,but the barrister supplied the account that we paid into. We paid a total of N18m into his account and he kept all the money.”

SOURCE: https://punchng.com/we-killed-nba-chairman-for-withholding-n18m-internet-fraud-proceeds-suspect/

One of the clearest signs that Egypt is starting to reap the economic benefits of a currency float almost three years ago came last week. Nigeria, which took a different path when faced with similar problems, is still struggling.

Inflation in Egypt, Africa’s third-biggest economy, slowed to single digits for the first time since the pound was floated in late 2016. It had rocketed as high as 33% soon after. President Abdel-Fattah El-Sisi’s administration said a devaluation was needed to ease severe shortages of foreign exchange and get a $12 billion loan from the International Monetary Fund.

Though the decision was painful for Egyptians, it turned the Arab nation into a darling of bond and carry traders. And it set Egypt apart from Nigeria. Africa’s biggest oil producer was also suffering from a dollar squeeze, but opted instead to keep a tight grip on its currency via a system of multiple exchange rates and import restrictions. Foreign exchange is no longer scarce, though Nigeria’s inflation rate was 11.2% in June -- one of the highest levels on the continent -- and has been above the central bank’s target of 6% to 9% for four years. gypt's inflation fell below 10% for the first time since 2016.

EGYPT'S ECONOMY IS EXPANDING AT DOUBLE THE RATE OF NIGERIA'S
Egypt is also looking the healthier of the two in terms of economic growth. Its output will expand 5.5% in 2019, more than twice as much as Nigeria’s and the most among Middle Eastern nations, according to Bloomberg surveys of analysts. Portfolio flows into Egypt soared following the devaluation and the start of IMF-supported reforms, which included cutting subsidies that soaked up much of the budget. And it got more foreign direct investment last year than anywhere else in Africa, according to the United Nations.

Nigeria has attracted plenty of hot money by keeping bond yields high and pledging not to let the naira weaken, but FDI has plunged. The IMF says the Nigerian currency regime deters investors and hurts the economy, which is growing more slowly than the population. President Muhammadu Buhari argues it’s needed to boost local manufacturers and stop inflation accelerating.

Those hot-money flows and rising oil prices have caused Nigeria’s local and external bonds to perform solidly in 2019. But weak growth has turned investors off stocks. The main equity index in Lagos has lost 10% in dollar terms this year, one of the worst performances globally. Egyptian stocks have fallen along with others in emerging markets since April, but they’re still up 13% year-to-date. That’s partly down to the pound appreciating 8% against the greenback, a performance bettered only by the Russian ruble.


EGYPT'S ASSETS, ESPECIALLY STOCKS, ARE OUTPERFORMING NIGERIA'S
Political and security risks remain high in both countries, according to Bloomberg Country Risk Scores. Egypt’s risk has climbed since El-Sisi came to power in 2014. His administration is trying to quell an Islamic State-linked insurgency in the Sinai Peninsula and has jailed tens of thousands of political opponents. Lawmakers passed a constitutional change in April that allows for him to remain in office until 2030. In Nigeria, which is also battling Islamic State militants and experiencing deadly clashes between farmers and herders, political risk is deemed higher.
Egypt's getting riskier from a political perspective

Nigeria’s reserves have risen almost 9% since late last year to $45 billion. That gives central bank Governor Godwin Emefiele plenty of firepower to defend the naira, which Renaissance Capital estimates is about 20% overvalued. Still, stresses on the currency are rising, according to Citigroup Inc.’s Early Warning Signal Indexes. The opposite is happening with the pound. Analysts at Societe Generale SA said last week it could strengthen another 4% to 16 per dollar this year.
Stress on the pound is dropping and rising on the naira.

SOURCE: https://www.bloomberg.com/news/articles/2019-07-15/after-a-painful-float-egypt-reaps-benefits-while-nigeria-stalls?srnd=premium-africa