₦airaland Forum

EVIL PEOPLE!!! This is nothing nahh. Haven't you seen a lady on panties before? ko le work joor

Data collated from the annual report of select publicly quoted companies in Nigeria shows Nigerian companies generated a revenue per employee of N63 million in 2016 compared to N51 million generated in 2015.

The Revenue per Employee is basically the total revenues generated by a company divided by the number of employees it has. It is a term used to measure the productivity of the employees of an organisation as well as how much they help contribute towards generating revenues for that company.

Revenue per employee is often preferred to profits because is unaffected by management and board decisions as per its cost of capital, how it allocates resources, efficiency at managing cost etc. all of which affects profitability. Revenue per employee is also viewed from one industry to another, rather than inter company. It is always meaningful to compare a company with another within its industry.

As depicted in the chart above, Oando and all the other oil and gas firms top, make up the first 6 because of high volume nature of oil and gas industries.


READ MORE: https://nairametrics.com/see-which-employees-generated-the-most-revenue-per-staff-for-their-companies/


cC:@Lalasticlala

Nigerian billionaires may not be feeling the effect of the current recession as they made billions in 2015-2016. Here is a break down of what they earned as dividend income. The figures exclude their indirect holdings.

Aliko Dangote
Aliko Dangote has 15.4 billion shares in Dangote Cement, 3.7 billion shares in Dangote Sugar and 1.6 billion shares in NASCON Allied industries through Dangote Industries Limited (DIL) as at December 2016. Dangote Cement paid a final dividend of N8.16 for 2016. Dangote sugar declared a final dividend of 60 kobo. NASCON Allied Industries paid a final dividend of 0.70 per share. Dangote had total dividend earnings of N19.8 billion in 2016.

Jim Ovia
Zenith bank paid a total of N2.02 billion in 2016 comprising an interim dividend of 25 kobo and final dividend of N1.77. Ovia’s holdings in Zenith Bank amounted to 2,946,199,395 shares in 2016. His dividend income thus was N5.9 billion, an increase over the N5.3 billion he made in 2015.

Tony Elumelu
Tony Elumelu has holdings of 2,072,876,00 shares in UBA Plc, personally and indirectly through Heirs Holdings . UBA Plc paid a total of 75 kobo dividend for the financial year ended 2016, comprising of an interim dividend of 20 kobo and a final dividend of 55 kobo, thus earning dividend income of N1.55 billion.



READ MORE: https://nairametrics.com/what-nigerian-billionaires-made-between-2015-2016/


Cc:@lalasticlala

The National Bureau of Statistics reported earlier in the week that the inflation rate for May was 16.25%. This is the lowest inflation rate since May 2015 signifying to some, that prices of goods and service might be moderating. While some might not agree (Nairametrics inclusive), the data also throws up some interesting data about states.

Lowest inflation rate

According to the NBS data the state with the lowest inflation rate in Nigeria is Kogi State, with inflation rate as low as 5.3%. Interestingly, Benue State which is just right beside it, has an inflation rate of 13.9%. Bayelsa State was the next least state with about 11.7% inflation rate, while Imo, Abia and Lagos State are next with 13.3%, 13.7% and 13.8% respectively.

Highest Inflation rate

The data reveals Bauchi State has the highest inflation rate with a whopping 21.9% for the month of May 2017. The state was however 26th in Food Inflation at 17.42% which suggest it’s problem is not the cost of food but other items such as transportation, health, communication and other issues that you can find in core inflation.

Sokoto, Ebonyi, Nasarawa and Plateau state make up the next on the least as depicted in the chart above.

In terms of food inflation, Nasarawa State came tops as the state with the highest food inflation rate (25.19%). Interestingly war ravaged Borno State has an inflation rate of 16.20% and food inflation rate of 17.16%.


See table http://nairametrics.com/the-states-have-the-highest-inflation-rate-in-nigeria/



Cc @lalasticlala

The National Bureau of Statistics announced on Thursday that Nigeria’s inflation rate for the month of May 2017 was 16.25% the lowest since May 2016 when we recorded an inflation rate of 15.58%. This also represents the fourth consecutive drop in inflation rate in the country. Despite this drop, we believe drop in inflation rate may be short-lived as prices are expected to rise further in the coming months.

Base effects

The major reason attributed for the drop in inflation rate over the last few months has been the impact of base effects. Inflation rates are calculated by subtracting the cumulative prices of items in a period in an earlier year from the same period in the current year. If the base from the prior period is significantly higher than the base in the corresponding current period, inflation rate increases rapidly.

This was the case in February 2016 after the increase in electricity prices. The in March 2016 was 197 a significant increase from the base of 169.5 same period in 2015. That rise in May 2016 increased the base which has masked the increase in prices in recent month despite a higher base a year later. The month on month inflation rate points to this.

A sign that inflation rate might be increasing or reducing from year to year is dependent on what happens with month on month inflation. A faster month on month inflation rate is often a clear sign of a predictable higher base in the coming months. A look at the NBS data suggest, month on month inflation has been rising.

Month on month inflation

The all items index which measures core inflation and food inflation shows month on month inflation rate has risen at least above 1% since January 2017. In fact, it was 1.88% in May 2017 and is likely to cross 2% in June. In fact, if month on month inflation rate rises above 2.4% in June 2016, inflation rate could be back to 17%. While this is a remote possibility, the rise in food prices is a major concern.

Food prices

As reported last month on Nairametrics, the faster increased in the prices of food items across the country has been a source of worry for Nigerians. According to data from the NBS May food inflation rose by 19.27% year on year, slightly lower than the 19.3% rise in April 2017. This in no way suggest food prices are starting to drop as month on month food price inflation for may was about 2.5%, the highest we have seen since May 2016, when it was 2.6%.



READ MORE : http://nairametrics.com/latest-inflation-rate-is-a-smokescreen-and-this-is-why/

CC @lalasticlala

pators:
when is nysc registration closing?

officially May 6th 2017

Wunmi01:
Hello everyone, i am having issue with DOB correction. I have bought the waec verification pin but my waec details is not updating on my dashboard it shows "error in processing, please try again" since last week Saturday o, Kindly advise on what to do

My correction of DOB issue has been resolved as the NYSC platform has been updated. It seems it had some technical problem before but has been fixed. I have printed my green card and the changed DOB reflected on it.

Hello everyone, i am having issue with DOB correction. I have bought the waec verification pin but my waec details is not updating on my dashboard it shows "error in processing, please try again" since last week Saturday o, Kindly advise on what to do

Nairametrics| The Central Bank of Nigeria has issued new guidelines for the documentation required to access Forex for Personal Travel Allowance, School and Medical Fees.

Here is a list of all the documents you will need and criteria before you can get Forex from banks along with an explanation notes.


SALES FOR PERSONAL TRAVEL ALLOWANCE

The following conditions shall henceforth apply for sales of PTA

Applicants shall be eighteen (18) years of age and above. – No forex for kids under the age of 18
Applicants/beneficiaries shall be holders of Nigerian Passports – Means foreigners can’t access this market
Applicants shall be account holders in the chosen bank – You have to own a bank account in the bank you want to buy forex from
PTA shall only apply to journeys of not less than five (5) hours flight time. – People traveling to places like Ghana or neighboring African West African do not qualify for a PTA.
The flight must originate from Nigeria – This is a no brainier
Sale of PTA shall be for travel to be undertaken not more than 14 days from the day of the purchase of PTA. – Means you can buy the forex within 14 days of your travel so you do not need to have a boarding pass.
Applicants shall present a current tax clearance certificate. – Means you must have a valid tax clearance certificate for taxes paid last year. If you live in Lagos, then you must get it from the Lagos State Inland Revenue Service.
Applicants shall present verifiable BVNs to their bankers – This can be a nutcase. The BVN certificate can be obtained from your bank. Make sure you get it before applying for Forex.


READ MORE: http://nairametrics.com/what-you-need-to-access-forex-for-pta-school-medical-fees/



CC:@lalasticlala

Nairametrics| Here is my roundup and commentary of all the major company related news in Nigeria last week. This week we have news from NNPC, Arik, AMCON, Access Bank, Zenith Bank, Wakanow, Dangote etc. You can subscribe to Nairametrics Newsletter on the bottom of this post.


Week ended February 18th 2017

1. The controversy surrounding the takeover of Arik Air continued last week after the new management claimed it inherited “nearly an empty shell of a carrier” with only 10 out of the 28 aircraft in its fleet functional. KPMG was appointed to audit the company. Arik also suspended its Lagos-London and Lagos-Johannesburg routes. To fix the rot in the company, they say they will need another N10billion. Without which the airline will not be able to resume full and uninterrupted flight operations to its regular routes across the country and beyond. Are we talking another bailout here?
2. In another AMCON related news last week, the bad asset bank announced it had sold the fourth largest equity stake in Paints and Coatings Manufacturers Nigeria (PCMN) Plc to Bizfeat Ventures Limited. It transferred its 7.4 per cent equity stake in PCMN to Bizfeat Ventures through a negotiated cross deal at the Nigerian Stock Exchange (NSE), where PCMN is quoted. The block divestment involved transfer of a total of 58.66 million ordinary shares of 50 kobo each held by AMCON to Bizfeat Ventures at a negotiated price of N1.05 per share. The divestment price represents a premium of 61.54 per cent on PCMN’s market price of 65 kobo and five per cent above one-year highest price of N1. It appears this is a likely short to medium term strategy for AMCON as it tries to recover hundreds of billions of Naira likely lost in Nigerian companies it took over following the banking crises of 2011 and 2012.
3. It’s award season. Two brands from the stable of Chi Limited –Chivita and Hollandia, were named Best Brand Equity Awards 2016 in Nigeria. The award, which was recently organised by Kantar Millward Brown, a leading global research agency. Chivita and Hollandia were honoured for their Outstanding Brand Equity and market leadership in their respective categories. Chivita won the Best Brand Equity Award in the Juices and Soft Drinks Category, while Hollandia emerged winner of the Best Brand Equity Award in the Dairy category.
4. The Managing Director of Skyway Aviation Handling Company Limited (SAHCOL), Rizwan Kadri disclosed last week that the company helped export about 35 million metric tonnes of products in year 2016, compared to 35million tonnes in 2015, an increase of 12.9%. The company claimed they could lose about a N3.36 billion to the closure of the Abuja airport.
5. Nigerian based online travel company, Wakanow has announced plans to formally launch commercial operations in the UK as part of its efforts for global expansion and in a bid to consolidate its foray into Europe. The company recently launched DestinationsAfrica, a global booking platform that aggregates the best of African packaged holidays from over 23 African countries including Uganda, Rwanda, Senegal, Ivory Coast and Tanzania. Wakanow, also has operations in Ghana and Dubai. According to Industry sources, Wakanow (started in 2008) has cornered about 10% of Nigeria’s Travel and Tours market said to be worth about N100 billion as at 2015 11. FG To Save N15bn from 50% Air Travels Discount
6. Dana Air, signed a deal with The Federal Government last week offering 50% discount on official air travel tickets. The Government said the deal will save it about N15 billion annually. Dana also announced that it was partnering with Meridiana Fly, an Italian carrier, to deepen its operations in Nigerian and Ghana. In an interview, Dana Air spokesman, Kingsley Ezenwa, said the deal was driven by the introduction of a Boeing 767 – 300 aircraft and superior on – time performance rate. We are yet to see full details of the deal and do not know if it is just for this year alone.
7. Forte Oil listed its N9bn bond on FMDQ. The listing, which is the first corporate debt listing in 2017, and will be traded on the OTC exchange market. Forte Oil raised the bond successfully late last year and is part of a planned N50 billion bond issuance lined up by the company.
8. Dangote Group announced last week that it was planning to launch a rice mill. Dangote Group subsidiary Dangote Rice Ltd will launch a pilot project starting with 500 hectares of farmland by Gonroyo Dam, Nigeria’s second-largest dam, located in the northern state of Sokoto. The multi-million-dollar project will be expanded to cover a land area of 25,000 hectares across three sites in northern Nigeria by the end of the year. It’s Dangote and as usual, we expect to see the visible and invincible hand of the government in all of this.
9. Nigeria Breweries announced last week that it reviewed prices of its drinks thrice last year. They claimed it was because of the harsh economic conditions. The company also maintained that its outlook for 2017 is still negative. Nigeria Breweries, like Guinness have been experiencing softer sales of their premium brands as Nigerians now prefer cheaper alcohol.
10. NNPC announced last week that it had increased Petroleum Products Importation to ensure that the supply of Premium Motor Spirit (petrol), Automotive Gas Oil (diesel), and Dual Purpose Kerosene, remained ahead of demand. They claimed to have imported about six additional cargoes for a national petrol sufficiency of over 32 days; immediate importation of three additional AGO cargoes before the end of this month; and an order for 250 trucks per day loading of AGO and DPK from the three refineries in Port Harcourt, Kaduna and Warri. Each PMS cargo currently imported by the NNPC is about 37,000 tonnes. Sources reveal NNPC is the sole supplier of products in Nigeria today as most marketers have abandoned imports due forex issues. NNPC also reported a loss of N197 billion for the year ended December 2016. N152 billion of the losses was from its CHQ.
11. Last week, the NNPC also said it would convert the $144 million Premium Motor Spirit (PMS) or petrol foreign exchange (forex) intervention to Automative Gas Oil (AGO) or diesel. The it claimed is to obtain an AGO forex intervention to marketers as well as Depot and Petroleum Products Marketers Associations (DAPPMAN) from the Central Bank of Nigeria (CBN).
12. Newly listed MED-VIEW Airline announced plans to expand operations to other operations to Francophone countries within West Africa. The Managing Director Alhaji Muneer Bankole explained this in an interview in Lagos. Bankole said the airline would expand its operations to Dakar (Senegal), Conakry (Guinea) and Abidjan (Cote D’Ivoire) in the next two months, noting that the airline has already began Lomé (Togo) route. Bankole said that beginning from the next quarter of 2017, Med-View would begin the Lagos-Dubai route, which has been in pipeline for over two years while the Baltimore, Washington DC in United States is also on the card. These announcements are purely targeted at potential investors who they are targeting in their upcoming IPO.
13. Access Bank divested from Stanbic IBTC Pensions last week. Stanbic IBTC Pensions has a net asset of about N17.8 billion. Access Bank’s stake in the net assets is about N3.5 billion. ARM opined that the value of the sales could be as high as N7 billion. I wrote a recent analysis of 4 bank stocks including Access Bank. I’m projecting that the share price could hit N7.5 cum div.
14. In a related development, foreign investors, Allan Gray from South Africa informed Bloomberg last week that they had taken an increased position in Tier 1 banks, Access Bank and Zenith Bank. They claimed despite the capital controls imposed by the CBN they still to see “a lot of value in Nigerian banks.” According to them, despite the bad debts hanging over the sector, most banks, particularly tier 1 banks are likely to survive.
14. Still on banking related news, Fitch issued new ratings for about 10 Nigerian banks. According to Fitch, 4 of the banks, Zenith, GTB, Access Bank and Diamond Bank all saw their outlook revised to negative in line with Nigeria’s outlook which was similarly revised to negative (B+) last week.
15. United Capital released its 2016 full year results and as expected impressed investors by declaring mouthwatering dividends. The company reported a profit after tax of N2.7 billion representing a 176% increase compared to the year before. Dividend was also impressively 50 kobo per share representing a 42% increase compared to 35 kobo per share paid a year earlier.
16. UACN Properties Plc aka UPDC issued a profit warning to its shareholders and investors at large on Thursday. A profit warning in layman’s English refers to when companies inform investors that they are expecting to report poor earnings. Poor earnings could be a profit that is significantly lower than the year before or at worst an outright loss. According to the company’s press release it was expecting to report “materially lower earnings” in 2016 due to losses incurred in certain projects and “impairments of investment” in one of their “joint venture projects”. The company also blamed rising financial cost, foreign exchange losses and negative performance of the hotel asset as the reason. UPDC owns the Golden Tulip hotel in Festac. The company reported a pre-tax profit of N132 million in the first 9 months of 2016. It reported a loss of N110 million in the corresponding period in 2015.
17. Pharma-Deko Plc asked a Federal High Court in Lagos to wind-up Guinness Nigeria Plc over a debt of N175,699, 317.99 it claims it is being owed. It appears Pharmadeko entered a canning agreement with Guinness Nigeria Plc which the latter eventually breached. They did not provide reasons why the contract was breached. Upon breaching the contractual agreement, the matter went into arbitration and it was resolved that Guinness pays a sum of N175.6 million to Phamadeko. Pharmadeko is apparently now requesting that Guinness be liquidated because they are yet to receive the money. Interestingly, Guinness did not disclose this matter in its interim report for the period ended December 2016. Guinness shot back last week claiming the money was a drop in the bucket when compared to their revenue and net assets. Guinness has a market value of N91.7 billion.


READ MORE: http://nairametrics.com/company-roundup-catchup-on-all-the-major-news-last-week-by-ugodre/

CC: @lalasticlala

Nairametrics| The Federal Government’s media team has learnt to use various social media tools to directly pass on their message to the public. They have been accused for not revealing a lot of the work that they are doing thus creating an impression that we have people in power who just go to work daily doing nothing.

The government has been active on its Medium page dishing out information relating to its efforts and getting the country out of recesion. In a recent blogpost it outlined 11 Things That Show the Federal Government Is Committed to Improving Fiscal Transparency and Accountability. See below and Judge for yourself;

NB: They seem to like the number 11! We wonder why?


1. The Presidential Initiative on Continuous Audit (PICA): PICA was set up by President Muhammadu Buhari to strengthen controls over Government finances through a continuous internal audit process across all Ministries, Departments and Agencies (MDAs), particularly in respect of payroll. Through the activities of PICA, a total of 53,000 erroneous payroll entries have been identified, with payroll savings of N198 billion achieved in 2016. Also, the Federal Ministry of Finance has set a target to ensure that the Federal Government’s Payroll Platform — the ‘Integrated Personnel Payroll Information System’ (IPPIS) — covers 100 percent of MDAs by the end of 2017. Currently 60% of MDAs are enrolled on the IPPIS platform.
2. Budget Reforms: First, a Presidential Order was issued directing that all budgets of all Government Agencies be prepared in line with International Public Sector Accounting Standards (IPSAS), using a budget template developed for that purpose. Second, the 2017 Budget was collated using a web-based application developed by the Budget Office of the Federation (BOF), for the first time ever. Instead of the traditional method of hard copy submissions of budget proposals, Ministries, Departments and Agencies were asked to upload their proposals to the new budget preparation portal. By replacing paper submissions with an audit-able and trackable online system, the 2017 budget preparation process was strengthened against manipulation and unauthorised alteration. All MDA budget proposals were uploaded to the new system, for review and final collation by the Budget Office. More than 4,000 staff of the MDAs were specially trained to use the new application, across multiple locations nationwide. Also to support the deployment of the budget portal, the Budget Office set up a Helpdesk, accessible by telephone and email, for authorised users.
3.Expansion of TSA Coverage: On August 7, 2015, President Buhari issued a directive to all Ministries, Departments and Agencies (MDAs) to close their accounts with Deposit Money Banks (DMBs) and transfer their balances to the Central Bank of Nigeria on or before 15th September 2015. This decision to fully operationalise the Treasury Single Account (TSA) system—a public accounting system that enables the Government to manage its finances (revenues and payments) using a single/unified account, or series of linked accounts domiciled at the Central Bank of Nigeria — has resulted in the consolidation of more than 20,000 bank accounts previously spread across DMBs in the country, and in savings of an average of N4.7 billion monthly in banking charges associated with indiscriminate Government borrowing from the DMBs. As at February 10, 2017, a total sum of N5.244 Trillion had flowed into the TSA. The TSA allows the managers of the Government’s finances, including but not limited to the Ministry of Finance and the Office of the Accountant-General of the Federation, to have, at any point in time, a comprehensive overview of cash flows across the entire Government. It also ensures increased transparency in public financial management, as well as prevents a scenario in which some MDAs have idle cash while other MDAs are compelled to borrow exorbitantly from DMBs. The TSA system was launched in 2012, but failed to gain traction until President Buhari’s executive order in August 2015. As at December 2016, 766 MDAs were TSA-compliant. The Ministry of Finance continues to fine-tune the system to improve its efficiency, and has also commenced an audit to ensure that all funds due to the TSA are remitted into it.
4. Deployment of BVN for Payroll and Social Investment Programmes: Considering that personnel costs are the Federal Government’s largest expenditure line, the Federal Government has given priority to the deployment of the BVN for payroll and pension audits. The use of BVN to verify payroll entries on the Integrated Personnel Payroll Information System (IPPIS) platform has so far led to the detection of 53,000 erroneous payroll entries. The Federal Government has also ensured the deployment of BVN system to serve as the verification basis for payments to beneficiaries and vendors in the N-Power Scheme and the Homegrown School Feeding Programme (HGSFP)
5. Replacement of old Cash-Based Accounting System with an Accruals-Based System: Cash accounting makes no reference to the liabilities that the Federal Government may be required to meet in the future nor does it recognise the benefits that will be obtained from assets purchased over a period of time. The cash accounting system fails to capture information on public sector assets and liabilities which may present the illusion of positive financial results in the short term, at the expense of longer-term fiscal stability and sustainability. Accruals-based accounting, on the other hand, presents the true financial position of the Federal Governments assets and liabilities, which would help the Government plan future funding requirements for asset maintenance and replacement, and the repayment of existing and contingent liabilities and, thus, better manage their cash position and financing requirements. It provides comprehensive information on Government’s current and projected cash flows, leading to better cash management. For example, the conversion from cash accounting to accrual accounting led to the discovery of unrecorded debts owed contractors, oil marketers, exporters, electricity distribution companies and others.
6. Enlistment into Open Government Partnership (OGP): In May 2016, President Buhari attended and participated in the International Anti-Corruption Summit organised by the UK Government. At that Summit he pledged that Nigeria would join the OGP, an international transparency, accountability and citizen engagement initiative. In July 2016, Nigeria became the 70th country to join the OGP. Following this, Nigeria constituted an OGP National Steering Committee (NSC), which went on to develop a National Action Plan (2017–2019) that aims to deepen and mainstream transparency mechanisms and citizens’ engagement in the management of public resources across all sectors. The National Action Plan was submitted at the OGP Global Summit in Paris, France, in December 2016.


READ MORE: http://nairametrics.com/govt-without-buhari-list-out-another-11-reasons-why-they-are-improving-fiscal-transparency/


CC: @lalasticlala

Nairametrics| Prices of refill packs for milk and cocoa beverages spiked in the last two weeks according to data collated by Nairametrics. We track prices of household food items every two weeks from some of the major markets in Lagos.

According to data gathered from various markets the price of Dano and Three Crowns refill now sell for N800 each compared to N700 and N650 respectively two weeks ago. These products both went for N600 and N700 respectively in September 2016. We also observed price increases for Loya refill (7%) and Coast refill (8%) with both now selling for N750 and N700 respectively.


READ MORE:http://nairametrics.com/boom-prices-of-milk-and-cocoa-beverage-refill-packs-spike-around-lagos/

Cc: @lalasticlala

This is so interesting, thanks for this article Jazakallahu fihi

Thank you.

EmekaBlue:
round shitbox....she fat

She is pretty for her man which one be your own??

Gbam! There has been so many arguments about this. Islam has to do with knowledge not wisdom, thanks for the clarifications.

A 30-year-old woman has been beheaded in a remote Afghan village for visiting a local market alone, without her husband, local media report citing officials. The people behind the beheading may have links to the Taliban.
The incident took place in a village of Latti, Sar-e Pol Province, in northern Afghanistan on Monday evening, TOLO news reported, citing the provincial governor’s spokesman Zabiullah Amani.

According to Amani, the woman was beheaded because she went to the market to do some shopping alone. The victim’s spouse is currently in Iran and the couple has no children, he added.



https://www.rt.com/news/372124-afghan-woman-beheaded-husband/


Cc:@lalasticlala

i have been expecting this, what take them so long Nollywood Madness

Yes !! At last.

This is so nice

Funmi put a call through to Nairametrics last week requesting to get our opinion about the the buzz of the moment scheme “MMM”.

Her curiosity for the scheme increased recently after a colleague asked her for a loan of about N200k. On further inquiry, her colleague confessed that he needed the cash to invest in MMM and promised to pay her back within two months. She insists that rather than loan her colleague the cash, which she might never get back, she will rather take the plunge and “invest” her self.

She claims she is aware that it might be a ponzi scheme but nevertheless wanted to know what exactly the risk were and if it’s at a stage where the pyramid is about to collapse. After all, she quips, if it was illegal then why hasn’t the government stopped it?

This got us also wondering why a scheme, thought to have attracted over two million Nigerians and counting, is yet to be shut down by agencies of the Nigerian Government . This is despite warning from the Security and Exchange Commission and request by the National Assembly that authorities shut down the scheme. Yet the EFCC, SSS, Nigerian Police and all other apparatus available to stop this scheme have failed to do so. In fact sources inform Nairametrics that apprehending perpetrators of the scheme is not high on their agenda. So why is this so?

Our analysts have a few theories that can explain why law enforcement agencies and financial regulators may be unwilling to investigate or even stop the MMM scheme.

No one has complained of losing money

Another major reason is the fact that no one has complained yet of losing money or getting swindled by the scheme. Proponents of this theory believe this is probably why security agents are yet to swing into action. Typically, criminal cases (which this would have fallen into assuming it’s established as a ponzi) are typically investigated after a complaint has been laid by the accuser. If this holds true, then it will be a while before authorities even touch this scheme. More and more Nigerians are increasingly looking for ways to improve their income providing MMM with a massive pool of potential contributors that could run into tens of millions of Nigerians.

No law against it

Legal analysts also opine that there is no clear law against MMM especially as no one has complained of losing money in the scheme. The Cyber Crime Act of 2015 also doesn’t specifically classify as illegal any website use to crowd source money from Nigerians. The Security and Exchange Commission may also not have jurisdiction here as contributors to the scheme are not investing. In fact, they claim on the website that it is “not an investment program”. Without an enabling law or at least one that is close to it, MMM appears to be on a legal sound footing and can only be thwarted legally if someone complains of being swindled.



READ MORE http://nairametrics.com/why-efcc-sec-cbn-cant-stop-mmm-nigeria-for-now/


Cc: @lalasticlala

The Special Assistant for the President on Media (Vice President) Mr. Laolu Akande has announced that the government has selected 200,000 graduates under its graduates unemployment plan.
According to him, 150k of these graduates will be teachers while about 20k will be employed as health workers.

He also claimed preference was given to graduates in the Northeast of the country. In fact 60% of those employed will come from the Northeast and states that had lower applicants. The Northeast was selected because of the Boko Haram crisis.


Read More:http://nairametrics.com/official-govt-selects-200-000-unemployed-graduates-for-employment/


Cc:lalasticlala

According to definition of the National Bureau of Statistics, the Consumer Price Index (CPI) measures the average change over time in prices of goods and services consumed by people for day-to-day living. The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy. The weighting occurs to capture the importance of the selected commodities in the entire index. The production of the CPI requires skills of economists, statisticians, computer scientists, data collectors and others.

The percentage difference between the CPI of one month in a preceding year over the CPI of the same month in the current year is known as Inflation Rate. Inflation is thus the change in prices of goods and services over a period of time.

This table contains the rate of inflation for Nigeria from 2006 to 2016 and will be updated every month.


READ MORE: http://nairametrics.com/nigerias-inflation-rate-2006-2016/


Cc:lalasticlala

Lagos, a premier metropolitan city in Nigeria, is known to have two divisions: the mainland and the island. The mainland which is known as the older of the two divisions has over time been slammed in favour of the island, which is regarded as the more sophisticated of the two destinations. Jumia Travel, however, has 6 reasons everyone should disregard the criticisms and move to the mainland which actually is a fascinating medley of old and new and is worth a visit or a lifetime.

You can eat really, really well for practically nothing
Food –fresh, processed or cooked- is super affordable on the mainland compared to the island. Despite recent economic hardships, it is easy to eat a hearty traditional meal for about NGN 200 (50cents) in neighborhood eateries known as Bukkas/Mamaputs. Food is taken very seriously on the mainland and even fancy restaurants are much cheaper than in on the island.
Plethora of local markets
While most of Lagos Island has succumbed to boutiques, malls, and megastores, the mainland is still filled with local markets where visitors and locals can buy a variety of commodities and items at affordable rates, even enjoying opportunities of haggling. Foods are fresh and there are various local options as regards products brands.


READ MORE http://nairametrics.com/6-reasons-everyone-should-live-on-lagos-mainland/

Cc: lalasticlala

The former Governor of Anambra State Peter Obi gave a resounding speech over the weekend that went viral. It’s a speech you should watch if you have not seen it. The Governor provided Nigerians with a unique insight into the how state government incur wasteful government expenditure.

Nigerians who are well aware of huge government waste, got a dose of reality listening to the Governor dish out truth. We also got this dose and decided to crunch the numbers ourselves.

The first 15 minutes of the speech was our best because that was where he actually provided an insight into how much States could cut in terms of Government Waste. The total amount came to a remarkable N1.3 trillion in one year.

So here it is;


READ MORE: http://nairametrics.com/the-exact-amount-states-will-save-if-they-cust-cost-like-peter-obi-see-math/


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