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  • CBN injects $337m, CNY53m into Inter-Bank Forex Market

    In another round of intervention, the Central Bank of Nigeria (CBN), on Friday, injected over 337 million dollars in the Inter-Bank Foreign Exchange (Forex) market.

    The CBN also intervened to the tune of 53.44 million Chinese Yuan in the Spot and Short tenored forwards of the inter-bank foreign exchange market.

    The CBN Spokesman, Mr Isaac Okorafor, in a statement in Abuja said that the move was in furtherance of the Bank’s commitment to ensuring adequate liquidity and stability in the inter-bank foreign exchange market.

    It will be recalled that the Bank had on Tuesday injected 210 million dollars in the Inter-Bank foreign exchange market.

    Meanwhile, the Naira maintained its steady rate against major currencies around the globe, exchanging for N362 to a dollar in the Bureau De Change segment of the market on Friday. (NAN)

  • Journalist death: UN, U.S. expresses shock at Saudi confirmation

    Journalist death: UN, U.S. expresses shock at Saudi confirmation

    Journalist
    By Prudence Arobani
    The United Nations and the United States have expressed shock at Saudi Arabia’s confirmation that journalist Jamal Khashoggi was killed inside its Consulate in Istanbul after a fight.

    In a statement released by his Spokesperson in New York, the UN Secretary-General, Anthonio Guterres said that he was “deeply troubled” by the Saudi Arabia’s confirmation.

    After weeks of denials, Saudi Arabia has for the first time confirmed that Khashoggi was killed in a “fistfight” inside its consulate in the Turkish city of Istanbul.

    A tweet posted by the Saudi Foreign Ministry on Friday stated that the missing Saudi journalist, a columnist with the Washington Post newspaper, was killed, claims reportedly echoed on Saudi State Television and news agency.

    The tweet said that “discussions that took place with the citizen Jamal Khashoggi during his presence in the Consulate of the Kingdom in Istanbul…did not go as required and escalated negatively which led to a fight…which aggregated the situation and led to his death.”

    The Secretary-General said he was “deeply troubled by the confirmation of the death of Jamal Khashoggi and extends his condolences to Mr Khashoggi’s family and friends”.

    Guterres stressed the need for a prompt, thorough and transparent investigation into the circumstances of Khashoggi’s death and full accountability for those responsible.

    Saudi public prosecutor also announced on state television that a primary investigation into high-profile journalist Jamal Khashoggi’s disappearance had confirmed he was dead.

    The public prosecutor said: “The discussions between Jamal Khashoggi and those he met at the kingdom’s consulate in Istanbul … devolved into a fistfight, leading to his death.

    “The Kingdom of Saudi Arabia expresses deep regret at the painful developments that have taken place in this case and affirms the commitment of the authorities in the Kingdom to bring the facts to the attention of the public and to hold accountable all those involved”.

    Guterres’s comments were the latest in a chorus of concern and condemnation over Khashoggi’s disappearance from UN officials and independent UN human rights experts.

    Over the last few days, statements regarding the Khashoggi disappearance had been released by the offices of UN human rights chief Michelle Bachelet, the Chair of the UN Working Group on Enforced Disappearances, Bernard Duhaime, and the Chair of the UN Working Group on Business and Human Rights, Dante Pesce.

    Earlier, White House Spokesperson Sarah Sanders said in a statement that Washington acknowledged Saudi Arabia’s announcement and was “closely” following the developments.

    “We will continue to closely follow the international investigations into this tragic incident and advocate for justice that is timely, transparent, and in accordance with all due process.

    “We are saddened to hear confirmation of Mr Khashoggi’s death, and we offer our deepest condolences to his family, fiancee, and friends,” Sanders said.

    U.S. President Donald Trump at Luke Air Force Base in Arizona that Saudi Arabia’s explanation for how Khashoggi was killed was credible, adding that what happened at the consulate is “unacceptable”.

    Trump said Khashoggi’s death was a “horrible event” that has not gone “unnoticed” but noted that the announcement on the circumstances of the journalist’s death was a “good first step”.

    “Saudi Arabia has been a great ally, but what happened is unacceptable,” Trump said, adding he prefers that any sanctions against Riyadh does not include cancelling big defence orders.

    The Saudi government said it arrested 18 Saudis as a result of the initial investigation and fired five top officials, including Crown Prince Mohammed bin Salman’s adviser Saud al-Qahtani and deputy intelligence chief Maj.-Gen. Ahmed al-Assiri.

    Khashoggi, a critic of Saudi Crown Prince Mohammed bin Salman, went missing on Oct. 2 after entering the consulate in Istanbul to obtain documents needed for his upcoming marriage.

    Saudi officials had previously denied Khashoggi had been killed and dismembered inside the diplomatic facility, insisting the journalist left the consulate before disappearing.

     

  • Minimum Wage: FG urges organised labour to accept offer

    Minimum Wage: FG urges organised labour to accept offer

    The Federal Government has urged Organised Labour to accept the new minimum wage proposal, considering the capacity and ability of the government and the private sector to pay.

    Minister of Labour and Employment, Sen. Chris Ngige, made the call when he received the new Director-General of Nigeria Employers Consultative Association (NECA), Mr Timothy Olawale, on a visit to his office on Friday in Abuja.

    Ngige had a few days ago, while labour leaders were threatening to call out workers on a full strike over the minimum wage issue, announced that the Federal Government had offered N24, 000 to the workers.

    But, the workers’ leaders countered, saying that N30, 000 was the amount agreed on by the tripartite-partner committee saddled with the responsibility.

    The minister told the NECA DG that it was imperative for organised labour to accept the proposed figure instead of the N30, 000 in line with social dialogue and the overall interest of the nation.

    He appealed to NECA to weigh its influence on the organisers labour to accede to the new wage offer mutually agreeable to all the social partners.

    According to him, Nigeria cannot afford rounds of labour crisis in this country, so it is imperative for organised labour to accept the new national minimum wage figure.

    “We need to arrive at a figure which the employers can afford to pay as an employee cannot fix a figure for the employer.

    “Rather, it must be based on collective bargaining and mutual agreement by the tripartite partners.

    “It is not a function of moving motions or voting at the National Tripartite Negotiation Committee to insist that the figure must be as the organised labour appears to make it look.

    “There is, therefore, absolutely no need to heat up the polity,” he said.

    He noted that the government’s proposed new wage was based on critical facts and indices incapable of causing disequilibrium in the economy or upturning the national social order.

    The minister further charged the new NECA boss to exceed the impressive record of his predecessor, reminding him that he had “enormous task ahead of you’’.

    “The need for the establishment of more NECA offices across the country cannot be over-emphasised so that more employers’ associations can register with you.

    “This is in line with the focus of our labour administration as well as in tandem with the economic policies of the present administration.

    “The numerous private sector employers who are informal need to be brought on board the formalized private sector employers’ body,’’ he said.

    Ngige urged NECA to ensure that private sector employers who were its members and those not yet registered but were defaulting in payment of the existing national minimum wage of N18, 000 complied with the law.

    He also commended the efforts of the immediate past D G of the association, Mr Olusegun Oshinowo, for contributing immensely to industrial peace and harmony in the private sector.

    He lauded him for ensuring that Nigeria was brought back to the Governing Board of the International Labour Organisation (ILO)’s employer section.

    Earlier, Oshinowo had said that his successor was the best man to take over the mantle of the leadership of the association.

    He noted that since the formation of the group, a DG was for the first time sourced from the organisation.

    Oshinowo commended the minister for his open-door policy in spite of opposing positions they had had on issues in the past.
    On his part, Olawale, also lauded Ngige for the privilege of the visit and promised to live up to expectation. (NAN)

  • FG commits to alleviating flood victims’ plights

    FG commits to alleviating flood victims’ plights

    Vice President Yemi Osinbajo, has assured flood victims in Bayelsa and Rivers States that the Federal Government is committed to alleviating their plights.

    Laolu Akande, Senior Special Assistant to the President, Media and Publicity, Office of the Vice President, in a statement on Friday in Abuja, said Osinbajo gave the assurance in Bayelsa State.

    Osinbajo spoke at St. John’s Catholic Church, Internally Displaced Persons (IDP) camp, Igbogene, Yenegoa, Bayelsa after his inspection of flooded areas in the state on Friday.

    He said that he was touched that despite the flood and what all the people had been through, they were still able to welcome him warmly.

    The vice president commended the very Rev. Joseph Okplema, the Vicar-General of the parish for taking care of the flood victims. He said the Vicar’s action was exemplary of a Christian leader.

    He said it was the duty of the state and the Federal Governments to ensure that they provided help and succour for the victims.

    The vice president said that he looked forward to giving the victims as much support as possible.

    “This is one of the reasons why I am here; I am not here alone; I am with the Minister of Environment, Mr Ibrahim Usman Jibril and also the Director-General of National Emergency Management Agency(NEMA), Engr. Mustapha Maihaja to assess for ourselves, what exactly is going on.

    “We want to know how bad it is; how many victims there are, the nature and extent of the disaster, so we can advise properly and give you the kind of comfort and succour you need.

    “So that is why we are here and I am very happy that I have been able to see for myself.

    “I want to commend you for your spirit, for not giving up at all, but remaining resolute and confident. That is the true Bayelsan spirit, the true spirit of the Nigerian. We cannot give up and we will not give up.

    “I want to say on behalf of President Muhammadu Buhari, on whose instructions I am here, that we will stand by you and make sure we provide what you need,” he said.

    He said he had been told that some people still needed mattresses, nets and among others things.

    Osinbajo said that he would make sure that everything needed by the victims was provided, adding that cow meat would also be provided to complement the food stuffs available.

    He assured the victims that they would be properly taken care of and resettled at their respective homes.

  • PDP Vice President slot ennobles the Ndigbo, says Obi

    PDP Vice President slot ennobles the Ndigbo, says Obi

    Former Anambra Governor, Mr Peter Obi says his choice as the running mate to the presidential candidate of the Peoples Democratic Party (PDP) is to ennoble his people.

    Obi said this on Friday in Enugu during a visit to the state governor, Chief Ifeanyi Ugwuanyi.

    It would be recalled that the presidential candidate of the PDP, Alhaji Atiku Abubakar on Oct. 12 announced Obi as his running mate, a situation that generated mixed reactions from party chieftains in the area.

    Governors of the PDP and party chieftains from the zone subsequently met and expressed their dissatisfaction that they were not consulted prior to the announcement.

    However, Obi, who said he was in the state to seek the support of Ugwuanyi, pointed out that his candidacy, was about Ndigbo in particular and Nigeria in general.

    The former governor said that the success or otherwise of his nomination would depend on the leaders of the South East.

    Obi said that if elected into office, he would attract meaningful development to the area, adding that the time to address the yearnings of the people was now.

    “This nomination is about our own area. We cannot continue to say we are marginalised. These are some of the opportunities to address whatever we think is not in our positions,” he said.

    Obi said that his record as governor was not in doubt, adding that he believed in the masses.

    Responding, Ugwuanyi described the former governor as a `trusted’ party man and a household name in the zone as well as in Nigeria.

    The governor said that the PDP enjoyed great followership in the state, adding that they were appreciative of the massive support the party enjoyed during the 2015 general elections.

    Ugwuanyi said that he had no doubt that the party would also do very well in the forthcoming elections in the state.

    The governor congratulated the entire PDP on their successful and peaceful convention in Port Harcourt.

    The News Agency of Nigeria (NAN) reports that Obi also visited the President General of Ohaneze Ndigbo, Chief Nnia Nwodo in his Enugu residence.

    Nwodo, while receiving him said that the apex Igbo socio cultural organization would soon convene a meeting to take decision on the direction of the people in the coming election.

    He described Obi as humble and incorruptible adding “your incorruptibility in government speaks volume.

    “I look forward to when Ohaneze will take a decision on which party the Igbos will vote for and I wish it will be yours,’’ he said.

  • Ex-CJN Kutigi dies in London

    Ex-CJN Kutigi dies in London

    Former Chief Justice of Nigeria Idris Kutigi died in a London hospital on Sunday after a brief illness, his eldest son, Sani Kutigi has confirmed.

    Kutigi confirmed the death in a telephone interview with the News Agency of Nigeria ( NAN) in Minna on Sunday.

    ” We are making arrangements to transport our father back for burial,”he said.

    Late Kutigi was born on Dec. 31, 1939 and left behind 18 children and over 40 grandchildren.

    Late Kutigi was the Chief Justice of Nigeria from Jan. 30, 2007 until Dec. 30 2009.

    Justice Kutigi served as the Attorney General and Commissioner for Justice in Niger State until 1976, when he was appointed High Court judge.

    He served in that position for more than a decade, and later joined the Supreme Court in 1992.

    After 10 years at the Supreme Court, based on the recommendation of the National Judicial Council, former President Olusegun Obasanjo appointed him to the position of Chief Justice to succeed Justice Salihu Alfa Belgore, who retired on January 17, 2007.(NAN)

  • Facebook hires British deputy Prime Minister Clegg

    Facebook hires British deputy Prime Minister Clegg

    Facebook Inc (FB.O) has hired former British Deputy Prime Minister, Nick Clegg, to lead its global affairs and communications team, as the social network deals with a number of scandals related to privacy, fake news and election meddling.

    The appointment makes Clegg, former leader of Britain’s Liberal Democrats and deputy to David Cameron in the 2010-2015 coalition government, the most senior European politician ever in a leadership role in Silicon Valley.

    Facebook said Chief Executive Officer, Mark Zuckerberg and Chief Operating Officer, Sheryl Sandberg, were closely involved in the hiring process, and started talking to Clegg over the summer.

    “Our company is on a critical journey.

    “The challenges we face are serious and clear and now more than ever we need new perspectives to help us through this time of change,” Sandberg said on a Facebook post congratulating Clegg.

    Clegg, 51, succeeds Elliot Schrage and will report to Sandberg beginning on Monday.

    He will move to California with his family in the new year.

    He was ousted as deputy prime minister after the Conservatives won a majority in 2015 in an election that saw his Liberal Democrats suffer a significant loss of support.

    Clegg, whose appeal to younger voters was critically damaged when he broke a promise not to raise student tuition fees, lost his own seat in Britain’s parliament in an election last year.

    He apologised in 2012 for breaking his promise on student charges, saying “I will never again make a pledge unless as a party we are absolutely clear about how we can keep it”.

    Clegg is joining a company that has apologised for its mistakes and has promised to do better on many occasions, for example for breaching its users’ trust.

    “Throughout my public life I have relished grappling with difficult and controversial issues and seeking to communicate them to others,” Clegg said in a Facebook post.

    “I hope to use some of those skills in my new role.”

    Clegg, a strong advocate of Britain’s membership of the EU, said it was a “wrench” to be leaving the public debate at a crucial time in Brexit, but added that key decisions would pass to parliament, of which he was no longer a member.

    He will join his Liberal Democrat colleague Richard Allan at the social network.

    Allan, a member of parliament between 1997 and 2005, who now sits in the upper house, is Facebook’s vice president of public policy for Europe, Middle East and Africa.

    Clegg has discussed online security and privacy, both when in office and more recently in newspaper articles.

    “I’m not especially bedazzled by Facebook,” he said in an article in the London Evening Standard in 2016.

    “While I have good friends who work at the company, I actually find the messianic Californian new-worldy-touchy-feely culture of Facebook a little grating.”

    He also said he was not sure that companies such as Facebook really pay all the tax they could, although he added that was as much the fault of governments that still hadn’t got their tax act together.

    Schrage, who led the social network’s response to its several scandals, stepped down from the role in June after a decade with the company.

    Schrage will stay as an adviser, Facebook said.

    Facebook has faced a barrage of criticism from users and lawmakers after it said in 2017 that Russian agents used its platform to spread disinformation before and after the 2016 U.S. presidential election, an accusation Moscow denies.

    In March, the company faced new scrutiny over how it protects personal information after acknowledging that the data of up to 87 million people ended up in the hands of political consultancy Cambridge Analytica.

  • PFAs invest N1.49 trn in Treasury Bills

    By Bukola Adetoye

    The Pension Fund Administrators (PFAs) in the country have invested N1.49 trillion in Treasury Bills.

    The monthly report released by the National Pension Commission (PenCom) on Sunday in Abuja by Mr Peter Aghahowa, the commission’s spokesman made the disclosure.

    The commission also disclosed that the PFAs invested N4.22 trillion in Federal Government’s bonds, Federal Mortgage Bank of Nigeria (FMBN) got N10.91 billion; Sukuk bonds, N53.15 billion; and green bonds, N6.96 billion.

    “State government securities gulped N154.43 billion, while corporate bonds was N400.45 billion with corporate infrastructure bonds amounting to N7.33 billion, even as banks gulped N849.09 billion.

    “Others include commercial papers, N116.76 billion and real estate properties, N226.64 billion and supranational bonds, N6.67 billion.

    “Open and close end funds, N12.18 billion; mutual funds, N21.29 billion; private equity fund N38.57 billion; infrastructure fund, N16.07 billion; other assets N24.56 billion and Reits, N9.10 billion.” the commission said.

    According to the commission, the total sum invested in Federal Government’s securities by PFAs stood at N5.78trn out of N8.33 trillion pension assets as at August.

    “The investment represents 69.30 per cent of N8.33 trillion pension assets,” the commission said.

    The commission, in the monthly report, also reclassified the pension assets according to the new structures, namely; 1, 11, 111 and 1V multi-fund structures.

    “Fund I has N4.55 billion; Fund II, N3.69 trillion; Fund III N1.96 trillion and Fund IV N619.59 billion.

    “It noted that Closed Pension Fund Administrators Fund (CPFAs) is N1.08 trillion and Existing Schemes (ES) N957.50 billion,” it said.

  • OHCSF to release Rewards and Recognition template for Civil Servantsd

    The Office of the Head of Civil Service of the Federation (OHCSF), says plans are underway to release a template for Rewards and Recognition in the Service to enhance productivity.

    Mrs Didi Walson-Jack, Permanent Secretary, Service Welfare Office (SWO), OHCSF, made this known at the ongoing 2018 Separate Meetings of the National Public Service Negotiating Councils I,II and III (NPSNC) on Thursday in Abuja.

    She said the system was part of the federal civil service welfare policy that was currently being developed by a technical committee, due to submit its report before the end of 2018.

    Walson-Jack explained that the welfare policy was targeted at addressing the challenge of uncoordinated approach to management of welfare of employees across the federal civil service structure.

    “The policy is expected to provide a framework that would ensure that all issues of welfare and well-being of Federal Government employees were fully developed and institutionalised.

    “In line with this, a proposal for the establishment a Rewards and Recognition System in the Federal Civil Service is in the development process and currently receiving necessary attention from selected stakeholders.

    “The system is to encourage and motivate members of staff to put in their best in the discharge of their duties, thereby enhancing their productivity,’’ she said.

    According to her, the OHCSF is currently working on an Exit Management system to help civil servants transit smoothly into retirement.

    Walson-Jack added that exit system included the Pre-Retirement Training Programme and the Federal Civil Service Post Retirement Service scheme.

    The permanent secretary explained further that the post-retirement scheme was to ensure continuous utilisation of expertise of retired civil servants.

    She, therefore, urged the council to continuously collaborate and embrace the principles of collective bargaining and mutual respect at all meetings.

    “The OHCSF has consistently ensured a mutually beneficial relationship with the Trade Unions through the framework of the separate meetings of the negotiating council and other platforms.

    “I wish to reiterate the importance of the council in using the instrumentality of negotiation to resolve contentious issues in the schemes of service, salary structure, as well as retirement benefits of public servants.

    “I, therefore, enjoin the council to sustain the cordial relationship between the government and labour for the overall benefit of the civil servants and the interest of service.’’(NAN)