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  • India arrests 9 knife-wielding Nigerian drug sellers

    Nine knife-wielding Nigerians allegedly peddling drugs in Mumbai have been arrested by India’s Anti-Narcotics Cell (ANC).

    During the arrest on Friday night, police recovered 104 grams of cocaine and nine grams of mephedrone, all worth Rs 5.38 lakh, from the accused who attacked the cops with knives while resisting search.

    According to MumbaiMirror the accused were identified as Charles Ifini Ijia, 27, Okoro Jems Aja, 38, Mascells John Dino,32, Samuel Baju Okeni,30, Ken Kon Ishmel,37, Kofi Jems Romalik, 30, Chikku Fry, 43, Nanna Harisans Agvu, 28, and Joku Humai Vachuku Pais, 32.

    The names were mangled by the officers as the Nigerians did not carry their passports on them, another offence, according to Indian law.

    Investigators said three of the accused were also involved in an attack on officers of ANC’s Worli unit during an operation to nab a Nigerian national allegedly selling cocaine in Byculla on July 19.

    Four police officers had sustained injuries in the attack.

    While the attackers managed to flee then, a case was registered at the JJ Marg police station and night patrolling was increased based on Deputy Commissioner of Police Shivdeep Lande’s order.

    “On Friday night, our officers, who patrolling the South Mumbai area, had neared the Eastern Freeway when they spotted some foreigners hanging around suspiciously under the bridge. The officers approached the group and was about to search them when two of them drew out knives and attacked them. While they attempted to flee, our officers, who had sustained minor injuries, managed to overpower them,” said an ANC officer.

    During interrogation, three of the accused confessed to their involvement in the earlier attack in Byculla and revealed the identities of five others who were involved in the same.

    “We are on their lookout,” said the officer.

    “The accused obstructed police from discharging their duties and intentionally injured four personnel.

  • Pension fund assets hit N8.14tr — PenCom

    The National Pension Commission (PenCom) said that the total pension fund assets stood at N8.14 trillion as at May, 2018.

    PenCom in a statement signed by its spokesman, Mr Peter Aghahowa, on Sunday said  the assets rose from N7.52 trillion in December 2017, to N8.14 trillion in May 2018.

    The commission said,”the pension assets as at December 2017 stood at N7.52tn, it moved up to N7.8 trillion as at February and soared to N7.94 trillion in March, then to N8.14 trillion in May.”

    It also posited that N5.2 trillion has been invested in Federal Government Securities by the Pension Fund Administrators (PFAs)

    It said the investment represented 70.08 per cent of the N8.14 trillion pension assets.

    “A breakdown of the investment is FGN bonds got N3.96 trillion; treasury bills, N1.68 trillion, agency bond like the Nigeria Mortgage Refinancing Company (NMRC) and the Federal Mortgage Bank of Nigeria (FMBN) got N6.54 billion, Sukuk bonds got N51.98 billion and green bond got N8.26 billion.

    “The state government securities gulped N154.02 billion; corporate bonds, N393.27 billion; corporate infrastructure bonds, N8.36 billion; banks, N662.80 billion; commercial papers, N71.75 billion and estate properties, N228.86 billion.

    “Other classes of assets include, supra-national bonds, N8.21 billion; open/close end funds, N10.16 billion; mutual funds, N1987 billion; private equity fund N3727 billion; infrastructure fund, N8.95 billion and cash & other assets N96.13 billion,” the commission said. (NAN)

  • Venezuela’s bolivar currency worthless, inflation hits 1 million per cent

    Venezuelans need 100,000 bolivar to buy a stick of cigarette and one billion to buy a pair of reading glasses

    The  economy of Venezuela, an oil exporter like Nigeria, has gone fully bonkers. Inflation projected to hit 14,000 percent this year, has been reset by  the International Monetary Fund   to a mind-boggling one million percent.

    Prices and inflation are rising so fast that the highest denomination bank notes minted in 2016 are already practically worthless.The biggest of those, 100,000 bolivars, would have bought five kilograms (11 pounds) of rice in 2017, now it’s barely enough for a single cigarette.

    “If inflation continues at 100 percent a month,” the new 500 bolivar note, which will be the largest following the currency redenomination on August 20, “will be obsolete by December,” said economist Leonardo Vera.

    Currently, a pair of reading glasses can cost one billion bolivars (about $300 on the black market). It would require 10,000 of the country’s largest bank note to pay for those in cash.

    Venezuelan President Nicolas Maduro
    Venezuelan President Nicolas Maduro: now wants to remove five zeros from the worthless currency

    Some shops had resorted to weighing bank notes to determine their value rather than arduously counting them out.

    Unsurprisingly, cash has practically vanished and electronic transfers reign.

     

    Currently, a pair of reading glasses can cost one billion bolivars (about $300 on the black market). It would require 10,000 of the country’s largest bank note to pay for those in cash.

     

     

    But few people could afford to buy those glasses anyway given they cost 200 times the minimum wage of five million bolivars a month.

    As the country grapples with a financial and humanitarian crisis, shortages of food and medicines, and failing public services such as water, electricity and transport, President Nicolas Maduro is planning to zapping five zeros off Venezuela’s almost worthless currency. In March he had  announced  that he would strike three zeros off the bolivar bank notes, before upping that to five.

    The question is how will this latest drastic move help drag Venezuela into recovery?

    Henkel Garcia of economics consultancy Econometrica said the latest move of redenominating the bolivar is merely a “partial acknowledgement” of the hyperinflation crisis but “needs to be accompanied by economic reform in order to stop it,” said .

    Venezuela has already been down this road, 10 years ago when Maduro’s predecessor Hugo Chavez tried the same trick by deleting three zeros.

    “The redenomination in 2008 was a failure because we still ended up with hyperinflation,” said Asdrubal Oliveros, an economist with Ecoanalitica, another economics consultancy.

    “The redenomination was made without accompanying policies to combat inflation so it didn’t tackle the causes.”

    In the short term the move was a “transactional success,” said Garcia, but by “not containing inflation, that was completely lost.”

    The government blames inflation on the opposition and the United States but, in reality, financing of the fiscal hole caused the monetary base to increase 250 fold in two years.

    Industry and production minister Tareck El Aissami said the redenomination aims to “improve the spending power of the working classes.”

    One tangible advantage, though, will be to ease the pressure on technology systems that are at breaking point due to transactions that run into billions of bolivars.

    Many supermarkets, for example, have to divide sales into more than one transaction as their systems are limited to figures of 20 million.

    “The monetary redenomination is to prevent the collapse of businesses’ financial systems: every transaction costs hundreds of millions or billions,” said Vera.

    Practically the only product untouched by the inflation in this oil-rich country is petrol, which is why it is the cheapest in the world. A single dollar at its black market value could buy 3.3 million litres of petrol. Absurdly, once the redenomination is complete, a half bolivar — currently 50,000 bolivars, or less than two cents on the black market — would buy 50,000 litres.

     

    Banking is affected too, with a source telling AFP that “there’s a real possibility of collapse.”

    Practically the only product untouched by the inflation in this oil-rich country is petrol, which is why it is the cheapest in the world. A single dollar at its black market value could buy 3.3 million litres of petrol. Absurdly, once the redenomination is complete, a half bolivar — currently 50,000 bolivars, or less than two cents on the black market — would buy 50,000 litres.

    Such a distortion makes it likely the government will be forced to adjust the price of fuel and other heavily-subsidized goods and services.

    What could complicate matters, though, is if the government decides to run the old and new currencies concurrently, affecting small payments.

    Currently it costs 50 bolivars to fill the tank of a small car. That transaction under the new currency would cost a half centimo — but the bolivar subunit centimo was long made obsolete by inflation.

    Maduro has shown limited signs of applying measures to confront the crisis, suggesting he might ease controls on currency exchange, currently monopolized by the government.

    Imports of raw materials and machinery will be exempt from tariffs to try to encourage production in the country.

    But these measures will only work “if there is economic stability that attracts investment,” said economist Luis Vicente Leon.

    Adapted from AFP report.

  • Only 3 corporate entities accessed the domestic bonds market in 2017-DMO

    The Debt Management Office (DMO), says only three corporate entities accessed the domestic bonds market in 2017 with a total issuance of N23.15 billion.

    This is according to its recently published 2017 Annual Report and Statement of Accounts, made available to the News Agency of Nigeria (NAN), on Sunday in Abuja.

    The report added that the bonds segment of the domestic bond market witnessed a slowdown in activity in 2017, compared to 2016, which had N108.04 billion issued by nine corporates.

    It said that this represented a percentage decrease of 78.57 per cent, adding that the decline in the issuance by corporates could be attributed to the high borrowing cost prevalent in the domestic capital market in 2017.

    It listed the three corporates to be Dufil Prima Foods Plc, Viathan Funding Plc and LAPO Micro Finance Bank SPV Plc.

    It, however, said it expected  corporate bonds issuances would increase in the near term with the  easing of inflationary pressure and reduction in yields of sovereign benchmark.

    The report stated that allotments of Federal Government bonds by residency classification showed that resident holders accounted for N1.35 million or 87.20 per cent of bonds in 2017, compared to N1.29 million or 98.62 per cent in 2016.

    “On the other hand non-resident investors held N198.39 million or 12.80 per cent of the bonds in 2017, compared to N18 million or 1.38 per cent in 2016, indicating an increased participation by the non-resident category of investors at the auctions.

    “This was on account of the relative stability in the Foreign Exchange Market and the improving macroeconomic indicators, which have enhanced investor confidence in the Nigerian economy.”

    The DMO also said that the size of the Domestic Bond Market was N13.51 billion as at Dec. 31, 2017, compared to N12 billion as at Dec. 31, 2016, representing an increase of N1.48 billion or 12.30 per cent.

    It added that the share of Federal Government of Nigeria’s securities relative to the total size of the domestic bond market increased from N11 billion in 2016 to N12.58 billion in 2017 due to the introduction of new debt instruments in the market.

    It said that while corporate and States Government bonds recorded minimal issuances relative to the redemption of existing instruments, the Supra-national bond witnessed no new issuance during the period under review.

    The report stated that in five consecutive years, the Federal Government’s bonds witnessed over subscription.

    Giving an analysis of the bonds primary market activities, it said that benchmark bonds of five, 10, and 20 years were issued by the Federal Government in the primary market in 2017.

    The report added that sub-national bond issuance rose from N47 billion in 2016 to N97.39 billion, in 2017, an increase of 107.21 per cent in the volume of issuance.

    It, however, said that only the Lagos State Government accessed the domestic bond market in 2017.

    Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

    The DMO’s primary responsibility is to manage public debt. This it does by introducing initiatives and products to support the development of the domestic market. (NAN)

  • NEMA to engage states for effective disaster management

    NEMA to engage states for effective disaster management

    The Director-General, National Emergency Management Agency (NEMA), Mr Mustapha Maihaja, has said that the Agency would engage state governments through intensive advocacy and sensitisation for efficient disaster management.

    Maihaja made this known in a statement signed by Mr Sani Datti, Head of Media and Communication, NEMA on Sunday in Abuja.

    He said that the resolution was made at the close of the three-day special retreat of management staff and heads of its Zonal and operational offices.

    Maihaja stated that one of the key parameters in disaster management was prompt response, therefore, the agency’s response must improve to forestall late intervention.

    On the upgrade of disaster management in Nigeria, he said, “emerging issues that are international in nature will be implemented or embraced.

    “Such as the aspect of disaster risk reduction vis-a-vis, the Sendai Framework, Satellite Surveillance System for disaster preparedness and mitigation.

    “Policy documents established by the Agency are important operationally.

    “In view of the dynamic nature of emergency management, these documents must be periodically reviewed and new ones considered necessary developed,” Maihaja said.

    According to him, efforts are being made for proper distribution of equipment across the country for disaster management and where not available, such shall be provided.

    The director-general said that there was need for improved welfare scheme to commensurate with what is obtainable in other countries.

    Maihaja noted that modern administrative and managerial skills as well as technologies will be strengthened to boost efficiency in the agency.

    He said that the Governing Council of NEMA was particularly concerned about the present welfare condition of the staff, which was noted to be inadequate despite the risks involved discharging their duties.

    He assured of a close working relationship to bridge any gaps between the management staff and union to stave off tendency of suspicion and acrimony for better industrial harmony. (NAN)

  • Why Buhari will win 2019 presidential election – Akeredolu

    Gov. Rotimi Akeredolu of Ondo State has said that he was confident that President Muhammadu Buhari would win the 2019 presidential election for a second term in the office.

    Akeredolu told the Correspondent of the News Agency of Nigeria (NAN) in Atlanta, U.S. that Buhari had done well and deserved to be re-elected, in spite of obvious challenges.

    “I followed the achievements he (Buhari) has had within this four short years but he’s not someone that is given to making noise.

    “A lot has changed in our country and there’s need for continuity; no doubt, we have had our challenges.

    “No doubt, at the tail end, a number of challenges came about on security.

    “But that notwithstanding, to get us out of recession within a short time is not a mean feat; people don’t just appreciate it.

    “To now talk about a number of other things; when you talk about light, where you have light, is anybody talking about it?

    “To talk about what we have been able to save in terms of cutting corruption, so many lives are affected by that.

    “So, I believe that within this short four years, President Buhari has done a lot,’’ the governor told NAN.

    He urged Nigerians to re-elect the president for another term to stabilise the economy and block leakages.

    According to him, re-electing another person might lead to the reversal of what the president has done in the last three years.

    He said: “Let him (Buhari) continue and probably stabilise the economy more, and at least, block a few areas of leakages when it comes to corruption in this country.

    “Let him block it totally and make sure that we are on a sound footing to now move.

    “Somebody else can come but it’s not like now.

    “So for us, who are supporting him, we believe that in the interest of stability, continuity and for the progress of the nation, we need President Buhari to have another four years and then we can move ahead’’.

    On the implications of the crisis rocking the ruling All Progressives Congress (APC) leading to the gale of defections by some National Assembly members and Benue Gov. Samuel Ortom, Akeredolu said there was no cause for alarm.

    According to him, the defections were not because the politicians had any problem with Buhari but due to problems related to states.

    “President Buhari will win the election, let us leave what is happening here and there; he has captured it very well.

    “Look at the issue of the gale of defection that people are doing, he said most of them are not because of him, which is true.

    “We have States in which people have created problems and these problems now cascaded into the national level.

    “So, in that circumstance at the end of the day, when elections are held, President Buhari will win.

    “I am sure by the grace of God, we will win the election.

    “The only thing is that I don’t know about senators, I can’t talk about governors or some of the elections in the states.

    “But if it’s the election for the president, President Muhammadu Buhari, by the grace of God, will win. His chances are very bright,’’ Akeredolu said. (NAN)

  • Trump claims ‘very nasty’ business deal with Mueller

    Trump claims ‘very nasty’ business deal with Mueller

    U.S. President Donald Trump has lashed out at Robert Mueller, the Special Counsel probing into Russia’s alleged interference in the 2016 presidential election.

    Trump, in a barrage of tweets, called on Mueller to disclose such “conflicts of interest” and alleged witch-hunt by the special counsel.

    “Is Robert Mueller ever going to release his conflicts of interest with respect to President Trump, including the fact that we had a very nasty & contentious business relationship, I turned him down to head the FBI (one day before appointment as S.C.) & Comey is his close friend.

    “….Also, why is Mueller only appointing Angry Dems, some of whom have worked for Crooked Hillary, others, including himself, have worked for Obama…

    “And why isn’t Mueller looking at all of the criminal activity & real Russian Collusion on the Democrats side-Podesta, Dossier?’’ Trump tweeted.

    Alleged Russia’s interference in the 2016 election, in which Trump won by Electoral College but lost to Clinton by almost three million popular votes, led to the set-up of the special panel headed by Robert Mueller.

    Trump received 304 electoral votes and Clinton garnered 227 but while Trump polled 62,984,825 or 46.4 per cent of the popular votes, Clinton polled 65,853,516 or 48.5 per cent.

    However, Trump has repeatedly and angrily claimed witch-hunt by the Democrats and insisted that there was no collusion.

    The U.S. president had earlier tweeted about the unfair constitution of the members of the more than one-year-old panel, which he claimed were populated by Democrats.

    “There is No Collusion! The Robert Mueller Rigged Witch Hunt, headed now by 17 (increased from 13, including an Obama White House lawyer) Angry Democrats, was started by a fraudulent Dossier, paid for by Crooked Hillary and the DNC.

    “Therefore, the Witch Hunt is an illegal Scam!’’ Trump tweeted. (NAN)

  • FG to begin last evacuation of stranded Nigerian football fans in Russia

    FG to begin last evacuation of stranded Nigerian football fans in Russia

    The Federal Government has assured that it would soon commence the last evacuation of Nigerian football fans stranded in Russia after 2018 World Cup Tournament.

    The Embassy of Nigeria in Moscow, Russia, said this in a statement made available to newsmen by its First Secretary, Mr Desmond Nwosu, on Sunday in Abuja.

    Nwosu urged the stranded fans to report at the Embassy for registration on July 30th, while the mission awaits flight information.

    “In line with President Muhammadu Buhari’s directive to bring all stranded Nigerian fans who visited Russia for the 2018 FIFA World Cup back home, the government of Nigeria will carry out the last evacuation soon.

    “Consequently, the Embassy of Nigeria in Moscow is requesting all Nigerians with fan ID and Nigerian passport to report to the embassy on Monday July 30, for registration,” he said.

    NAN recalls that the Ministry of Foreign Affairs had said that 75 out of 230 stranded Nigerian Football fans absconded in Russia after the 2018 FIFA World Cup.

    The ministry’s Spokesperson, Dr Tope Fatile, said the fans absconded in spite of government’s efforts to repatriate them.

    Fatile said that 230 stranded Nigerian football fans were profiled to board Ethiopian Airline to Abuja but at the last minute, only 155 boarded the flight that arrived Abuja on July 22.

    He said that though they had the rights not to come back but it would be better for them to return because of the unfavorable weather in that country.
    He said that if, however, they repented and decided to come back, the ministry was ever ready to assist them.

    Fatile said that the federal government was ever willing to assist Nigerians at anytime, anywhere in the world. (NAN)

  • Implement APC report on restructuring, Soludo tells FG

    Implement APC report on restructuring, Soludo tells FG

    former governor of Central Bank of Nigeria, Prof Charles Soludo, on Wednesday called on the Federal Government to implement the All Progressives Congress (APC) Committee’s report on restructuring as a step to reposition the country.

    Soludo made the call in Lagos while delivering the inaugural lecture of Ndigbo Lagos Foundation with the theme “The Political Economy of Restructuring the Nigerian Federation”.

    Rcall that the APC Committee on True Federalism was constituted by the Party in August 2017.

    It was set up to consider and make
    recommendations to the National Working Committee on key items relating to the Nigerian
    Federation and the agitations for “True Federalism” or “Restructuring”.

    The committee submitted its report to the party in January 2018.

    Soludo said some of the recommendations of the committee, headed by Gov. Nasir -El-Rufai, held great promises for the country’s development.

    He said if such recommendations as creation of state police, resource control and abolishment of the local government system were implemented, the country would be set on the path of progress in just three months.

    The ex-CBN governor said the APC had the opportunity to walk its talk on restructuring to reposition the country, as it controlled the  government.

    Soludo said: “As a first step to restructure the country, let us start with a low hanging fruit —  the APC ‘s minimum template.

    “The APC Committee on Restricturing has many interesting recommendations, but three stand out.

    “It is our opinion that this will be a significant step forward.

    “So, what is holding action on this?The APC currently controls 24 states or thereabouts plus a majority at the National Assembly .

    “The import of this is that if the APC as a political party decides to walk its talk, it can give Nigeria these changes within three months or before the end of 2018.

    “Now that the bill for state police is before the National Assembly, why can’t we follow up with the other ones?”

    He said that the political class was not committed to the agenda of restructuring because they feared it would dismantle their privileges in the current structure.

    The former CBN governor said there was the need to abandon such inertia to act in the interest of this country.

    Soludo said what politicians had demonstrated as the 2019 elections approached was theatre and little substance.

    He said there was the need to put restructuring as part of the ballot for the election in the interest of progress.

    A former Secretary-General of the Commonwealth, Chief Emeka Anyaokwu, who chaired the occasion, urged citizens to be committed to the Nigerian project.

    He said the country would be where everyone wanted to be if all played their part.

    The Secretary of Ndigbo Lagos Foundation, Mr Chima Igwe, said the lecture was organised to celebrate the end of the six-year tenure of Prof.  Anya O.Anya as President of the foundation.

    He said the lecture would be a periodic programme to stimulate discourse on moving Nigeria forward.(NAN)