Monday 24 July 2017
(The Guardian 07/19/17)
Despite years of growth, Nigeria has also seen a huge increase in the number of people living in poverty. A new report condemns its failure to tackle this inequality, amid warnings that it could lead to civil unrest. At least 86 million people live in extreme poverty in Nigeria. The country’s richest man, Aliko Dangote, is said to earn 8,000 times more each day than a poor compatriot would spend on their basic needs in a year. “Income inequality is one of Nigeria’s most serious but least talked about challenges,” says Matthew Page, formerly the US intelligence community’s leading expert on Africa’s biggest economy. “It is this disparity between rich and poor, more than poverty itself, that generates anti-government sentiment...
(Agence Ecofin 07/19/17)
Shell Petroleum Development Company of Nigeria Ltd (SPDC) has again declared a force majeure on Bonny Light crude oil exports, two weeks after it lifted previous force majeure on exports of the grade. Effective from last week Thursday, the force majeure was declared after Aiteo, shut down the Nembe Creek Trunk Line, one of the two pipelines that export the Bonny Light grade. Bonny Light was under force majeure in June after the second export line, Trans Niger Pipeline, was shut down due to a sabotage attack by oil thieves. This had delayed export by about 10 days. According to data compiled by Reuters, as at June 22, Bonny Light loadings for August were set at 226,000 bpd. But at...
(This Day Live 07/19/17)
Pandemonium erupted today at Creek Road, Apapa, Lagos, when dozens of tanker drivers went on rampage over the death of one of their colleagues and set two banks of fire. The aggrieved tanker drivers had targeted the banks over the death of their colleague, who was allegedly shot by a mobile policeman attached to one of the new generation banks in that area. It was gathered that the mobile policeman had fired shots at the tanker drivers who as always had blocked the entrance of the bank. According to eyewitness report, the tanker drivers had blocked the entrance of the bank like they were always wont to do, an action that drew the ire of the bank management. The policemen...
(Agence Ecofin 07/19/17)
The improvement in foreign-exchange supply in the market has made Nigerian banks increase dollar spending limits for payment cards denominated in local currency by tenfold, Bloomberg reports. Indeed banks like Guaranty Trust Bank, the country’s biggest bank by market value, increased the maximum amount its Mastercard holders can spend abroad in a month from $100 to $1,000. Ecobank Transnational Inc., also set a $1,000 per day limit from $100 while FCMB Group Plc., plans to start effecting its new spending limit of $500 per month, this week. “The change in the withdrawal limit is another signal that banks are less concerned about foreign exchange liquidity than before,’’ London-based Exotix Capital said in a note to clients on July 14, 2017...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30 million mobile-banking customers, giving them “a very sizeable platform on the continent,” he said. Vodacom’s purchase of the Safaricom stake from U.K. parent company Vodafone Group Plc gives the South African company access to the fast-growing M-Pesa platform, which processed...
(Agence Ecofin 07/19/17)
Flour Mills of Nigeria Plc. (FMN), says it has increased its stakes in ROM Oil Mills (ROM), from 90% to 95 per cent. In a statement to the Nigerian Stock Exchange (NSE) on Monday, the company said that with the development, the Shahimi family (ROM Oil’s founding family) jointly own five per cent minority stake in ROM. According to the Group Managing Director of FMN, Paul Gbededo (photo), the move is in line with efforts to continually invest in the development of quality foods and agro-allied products. “FMN is fully confident that its new investment will help to strengthen the company in its drive for economic growth and industrial development of Nigeria.” It should be recalled that in 2012, Flour...
(AFP (eng) 07/18/17)
A group of community elders in northeast Nigeria where Boko Haram has waged a bloody eight-year insurgency are urging the Islamists to enter peace talks, a move some see as motivated by ethnic self-interest. The Borno Elders Forum of retired military and civilian officials, all ethnic Kanuri, said it was "time they (Boko Haram) put down their arms" and they should "repent and rejoin the larger society". "If our leaders had the leeway to negotiate with the Boko Haram for the release of some of their captives, they should employ the same tactics to negotiate for the end of the insurgency," they said in a newspaper advertisement last Friday. "The Government of Nigeria had earlier negotiated with the Niger Delta...
(AFP (eng) 07/18/17)
Nobel peace laureate Malala Yousafzai on Monday called for a "state of emergency for education" in Nigeria, as she visited the country and met some of the Chibok schoolgirls whose cause she championed. The 20-year-old global education campaigner made the suggestion at a meeting with Acting President Yemi Osinbajo at the presidential villa in Abuja. Nigeria has some 10.5 million children out of school -- the most in the world -- and 60 percent of them are girls, according to the UN children's fund, Unicef. Many of them are in the country's northeast, where the Boko Haram insurgency has devastated education in the last nine years, damaging or destroying classrooms and schools. Yousafzai, who was shot and nearly killed by...
(Business Day Online 07/18/17)
Jide Olatunbosun, member House Committee on Appropriation on Monday emphasised the need for Nigeria to convey stakeholders meeting towards ensuring local production of vaccines. Olatunbosun who spoke on the outcome of the retreat for National Assembly members on ‘Understanding Nigeria’s Lower Middle Income status and understanding potentials for local resources mobilisation for social sector financing,’ held in Abuja, noted that the debasing of the country’s economy puts in 2014 which puts Nigeria’s economy at $2,000 exposes the country to greater socio-economic challenge. He observed that with about $300 million worth of foreign aids provided by the donor agencies annually to Nigeria, there is dire need for Nigeria to design other source of funding to mitigate against outbreak of diseases in...
(Leadership 07/18/17)
As Nigeria prepares to issue the first Sovereign Green Bonds by this third quarter, CHIKA OKEKE examines several inter-agency collaboration, benefits of the bonds and how it would green Nigerian economy. Prior to Nigeria’s participation at the 22nd session of the Conference of the Parties (COP 22) to the United Nations Framework Convention on Climate Change (UNFCCC) in Marrakech, Morocco, the immediate past minister of environment, Mrs Amina Mohammed, revealed that Nigeria would issue the first N20billion green bond by first quarter of 2017 in collaboration with Nigerian Stock Exchange (NSE). Green bonds is an innovative and alternative source of funding projects that would reduce emissions and provide robust climate infrastructure needed in Nigeria like renewable energy, low carbon transport,...
(The Associated Press 07/18/17)
At least eight people are dead after a suspected female suicide bomber detonated at a mosque in northeastern Nigeria. A spokesman for a civilian self-defense force in Maiduguri city says the bomber was being chased by local security workers on Monday morning and ran into the middle of worshippers and exploded. At least 13 people are wounded. Spokesman Danbatta Bello says another bomber got stuck in barbed wire and blew up not far from the mosque. He says two other female suicide bombers were shot and killed in Maiduguri around the same time the mosque was attacked. The Nigeria-based Boko Haram extremist group often targets the city where its eight-year insurgency began and has increasingly used girls and young women...
(Reuters (Eng) 07/18/17)
Nigeria should focus on improving its education system, Nobel laureate Malala Yousafzai said on Monday during a visit to the West African country where nearly half of primary-aged children are not enrolled in school. Africa's most populous country has some 10 million children of school age who do not attend, government figures state. Primary school enrolment is just 54 percent. Yousafzai, a Pakistani education activist who came to prominence when a Taliban gunman shot her in the head in 2012, was named a U.N. Messenger of Peace in April to promote girls' education. She has become a regular speaker on the global stage. Addressing journalists in the capital Abuja after a meeting with the acting president, Yousafzai said the government...
(AfricaNews 07/18/17)
Nigeria’s information minister has warned against the production of music videos and films outside the country. Lai Mohammed said over the weekend that the government cannot allow Nigerians to produce local content in foreign countries which inversely affects the local job market. “This government has agreed that henceforth, whatever we consume in Nigeria in terms of music and films, must be made in Nigeria,” he said during a visit to the Copyright Society of Nigeria (COSON). “We cannot continue to go to South Africa or any other country to produce our films and then send them back to be consumed in Nigeria … It is like somebody going to China or Japan to make a product that looks like palm...
(Agence Ecofin 07/18/17)
The US Justice Department is looking to recover assets worth $144 million bought by Nigerian businessmen, Kolawole Aluko and Olajide Omokore. The assets include a $50 million Manhattan apartment and an $80 million yacht, the Galactica Star. In a lawsuit filed at the federal court in Houston on Friday, the department claimed that the two businessmen conspired with others to pay bribes to former oil Minister, Diezani Alison-Madueke (photo), so as to win oil production contracts worth $1.5bn. According to the lawsuit, Aluko and Omokore created two companies; Atlantic Energy Drilling Concepts Nigeria and Atlantic Energy Brass Development, to handle the oil contracts. Despite the fact that the companies were unqualified and sometimes fail to fulfil the terms under the...
(Agence Ecofin 07/18/17)
Uber has partnered with Nigeria-based auto service and maintenance company, Germaine Auto Centre, to provide maintenance services to its driver-partners across the country. Under the partnership, Uber driver-partners in Lagos will service and have their cars maintained at Germaine’s auto facility at stipulated prices. According to the Country Manager for Uber Nigeria, Maria Rotilu, the move aims to create ways for drivers to maximize their net earnings, reduce maintenance cost and encourage maintenance culture. “Driver-partners across Nigeria are extremely important to us, and we are constantly looking for ways to help them access more value through our many partnerships and further amplify the advantages that come to them from being valuable partners. Germaine Auto Centre is a market leader, and...
(Reuters (Eng) 07/18/17)
DAKAR (Thomson Reuters Foundation) - Denied an education by the Islamist insurgency of militant group Boko Haram, tens of thousands of children across the Lake Chad region are instead tuning into lessons broadcast over the radio, the United Nations children's agency (UNICEF) said on Tuesday. The radio syllabus is providing lessons on literacy and numeracy, and staying safe amid the violence, to about 200,000 displaced and out-of-school children in the Far North region of Cameroon and Niger's southern Diffa region, according to UNICEF. "The level of boredom among children in camps for the displaced is tremendous," said UNICEF spokesman Patrick Rose. "With this radio education program, children will receive lessons in a structured way, that keeps them in a rhythm...
(Reuters (Eng) 07/18/17)
Three years after he risked his life crossing the Mediterranean Sea from Libya to Italy on a small boat crammed with migrants, 22-year-old Sow Muhammed can hardly believe his luck. The former street hawker from Guinea now works as a caterer in Venice, rents his own apartment, and sends money back home regularly to his mother and siblings in the West African nation. "I am happy I came to Europe, and my family is also happy," he told the Thomson Reuters Foundation as he packed up leftovers at a training event for people who work with refugees, where he had served a menu which included traditional African dishes. "I talk to my family frequently, ask them their needs, and help...
(AFP (eng) 07/17/17)
Eight people were killed on Monday when a female suicide bomber detonated her explosives at a mosque in northeast Nigeria, in the latest attack in the restive region. The head of the Borno state emergency management agency, Ahmed Satomi, said the blast happened at about 5:30 am (0430 GMT) in the London Ciki area of Maiduguri, which has been at the epicentre of Boko Haram violence since 2009. "She killed eight people and injured 15 others. The mosque was being guarded by civilian JTF (joint task force militia) during prayers," he told AFP.
(AFP (eng) 07/17/17)
At least nine people were killed and 10 others seriously injured Sunday when a gas tank exploded at a fuel complex in southeastern Nigeria, state police said. There was no immediate explanation for the blast at a facility belonging to Nigerian firm Linc Oil and Gas at Calabar, said Hafiz Inuwa, in charge of the Cross River State Police Command. The police chief, speaking at the scene, said the facility's manager had not yet explained "what led to the explosion". "For now, nine people are confirmed dead and many others who sustained different burns are currently receiving treatment" in a local hospital, he added. "The figure could be more than nine, while at least 10 persons sustained various degrees of...
(Bloomberg 07/17/17)
The Nigerian armed forces dismissed speculation that there’s a plot to topple the country’s elected government and reaffirmed its subordination to the civilian authorities. The military has no intention of “truncating democracy” and “will continue to carry out its constitutional roles as directed by the Commander-in-Chief,” according to a statement published Friday on the Defence Headquarters website. A report by an online newspaper, Sahara Reporters, of a plot by some military officers “should be disregarded as unfounded and absolute disinformation,” the military said in the statement. Army Chief of Staff Tukur Buratai said in May that some individuals were approaching soldiers to discuss a plot and warned that they should desist. Such rumors have surfaced with President Muhammadu Buhari’s illness...

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