GISTNATION TV: Punch Newspapers

‘Nigeria spends N722bn on expertise importation’

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The Managing Director of Air Peace Limited, Mr. Allen Onyema, has said that the aviation industry loses over N722.8bn ($2bn) annually to import technical expertise. 
Onyema said the development was one of the factors weakening the naira and adversely affecting the economy as it was making a high demand on foreign exchange. 
“The aviation industry spends over $2bn annually in terms of revenues earned by foreign airlines and funds expended by domestic airlines for aircraft maintenance, spares and emoluments for expatriate workforce,” he said. 
He added that the failure of the country to repatriate the airlines’ funds because of the economic recession in 2016 and 2017 should be a reminder that the country needed to evolve ways to reduce the money being repatriated by empowering local airlines to operate international routes and to facilitate the establishment of major maintenance, overhaul and repair facility in the country. 
He said, “While Nigeria has a huge population of travellers, the country imports every aircraft spare, imports aviation fuel and imports technical personnel, and all these mount pressure on the naira. 
“Airlines are diplomatic tools, which countries use to not only project their image in the international community but leverage to develop and grow their economy and because of this, every country protects its airline industry from being ravaged by foreign competitors.” 
He said the government should note that every decision taken would impact on the nation’s economy. 
“They should take it as a point of duty to eliminate the exploitation of Nigerian passengers by foreign airlines through exorbitant fares by supporting domestic airlines to join the international and regional market,” he said. 
According to Onyema, the opportunities given to foreign airlines by the government to operate multiple routes in the country will stifle domestic operators. 
Meanwhile the airline said it recently issued hundreds of free economy and business class tickets to its customers under its Frequent Flyer Programme tagged “Peace Advantage.” 
The Corporate Communications Manager, Chris Iwarah, said in a statement that in a message to over 500 new beneficiaries by the carrier’s Loyalty Support Team, the airline said the free tickets were its way of rewarding them for keeping faith with it. 
He said the airline would continue to show gratitude for the loyalty of its customers through different reward schemes.

Punch Newspapers ‘Nigeria spends N722bn on expertise importation’

The Managing Director of Air Peace Limited, Mr. Allen Onyema, has said that the aviation industry loses over N722.8bn ($2bn) annually to imp...

Global air freight rises by 11.4% – IATA

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Maureen  Ihua-Maduenyi
The International Air Transport Association says global air freight increased by 11.4 per cent in July compared to the same period a year ago.
IATA, in its latest data released on Tuesday stated this was the fourth time in five months that double-digit annual growth was recorded, adding that July’s year-on-year increase in demand was nearly four times higher than the 10-year average growth rate of 3.1 per cent.
The association said that freight capacity, measured in available freight tonne kilometres, grew by 3.7 per cent year-on-year in July 2017 while demand growth continued to significantly outstrip capacity growth, which it described as positive for airline yields and the industry’s financial performance.
The IATA’s report added, “The robust growth in air cargo demand is consistent with an uptick in global trade, rising export orders and upbeat business confidence indicators. There are, however, signs that demand growth for air freight may be nearing a peak.
“Seasonally-adjusted air freight volumes were flat in June and fell in July; and the global inventory-to-sales ratio has stabilised. Air cargo often sees a boost in demand at the beginning of an economic upturn as companies look to restock inventories quickly. This tapers as inventories are adjusted to new demand levels.”
The IATA’s Director-General and Chief Executive Officer, Alexandre de Juniac, said July was a strong month for air cargo with double-digit growth and that for the third consecutive month, demand for air freight grew at a faster pace than demand for air travel.
“While the outlook for the rest of the year remains positive, there are signs that the cyclical growth period may be nearing a peak,” he said,
According to the association, all regions posted robust freight growth in July 2017 while African carriers posted the largest year-on-year increase in demand of all regions in July 2017 with freight volumes growing 33.7 per cent, recording the second fastest monthly rise in seven years.
The regions capacity increased by 4.5 per cent over the same period while demand, according to the report, was being boosted by very strong growth on the trade lanes to and from Asia which increased 80 per cent year-on-year in June and by 65 per cent in the first half of the year.
Asia Pacific airlines’ freight volumes grew by 11 per cent in July 2017 compared to the same period a year earlier and capacity increased by 6.3 per cent while North American carriers posted an increase in freight volumes of 11.9 per cent in July 2017, and a capacity increase of 1.1 per cent.
European airlines, on the other hand, posted a 12.1 per cent increase in freight demand in July 2017 and a capacity increase of 5.5 per cent.
The Middle Eastern carriers’ year-on-year freight volumes increased 9.3 per cent in July 2017 and capacity decreased 0.4 per cent while Latin America airline’s experienced a growth in demand of 5.8 per cent in July 2017, compared to the same period in 2016 and capacity increased by 4.7 per cent over the same period.

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Punch Newspapers Global air freight rises by 11.4% – IATA

Maureen Ihua-Maduenyi The International Air Transport Association says global air freight increased by 11.4 per cent in July compared to...

Former president’s son jailed in US for cocaine trafficking

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A son of former Honduran president Porfirio Lobo was sentenced to 24 years in an American prison on Tuesday for conspiring to smuggle cocaine and sell it in the United States.
The hefty punishment for Fabio Lobo was meant as a warning to corrupt members of Latin America’s political elite, the New York City judge ruling over the trial, Lorna Schofield, said.
She said Lobo had used his connections and abused his position as the son of a former head of state to seek to profit through drug trafficking.
On top of his 24-year term, he would be subject to a five-year parole period, she said.
Fabio Lobo was arrested in Haiti in 2015 in a joint operation by US anti-narcotics agents and Haitian police.
His father, who served as president of Honduras between 2010 and 2014, did not defend his eldest son after his arrest, instead saying that Fabio Lobo had to answer the accusations against him.
AFP.
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Punch Newspapers Former president’s son jailed in US for cocaine trafficking

A son of former Honduran president Porfirio Lobo was sentenced to 24 years in an American prison on Tuesday for conspiring to smuggle c...

Clark berates Kanu over Biafra, condemns Arewa quit notice

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Elder statesman Edwin Clark on Tuesday condemned the Biafran agitation led by Nnamdi Kanu.
He also condemned the notice to quit by the Arewa youth group to Igbo in the North, saying it was worrisome.
The News Agency of Nigeria reported that Clark made this known when the Chairman, Senate Committee on Local and Foreign Debt, Senator Shehu Sani, paid him a courtesy visit in his Abuja residence on Monday.
He warned that secession or agitation were not the way to go on restructuring of the country.
He said, “When Kanu talks about Biafra, he is talking nonsense. We do not want a second war. America fought their civil war for a long time and they are not thinking of a second one. Kanu should drop the agitation.
“At the same time, it is arrogant and foolish on the part of some northern youths to issue quit notice. You do not own the North. It is part of Nigeria and anybody can live there.
“The Igbo have been living in the North for over 100 years. I condemn all of them.”
The elder statesman, however, emphasised the need for restructuring for equity and balance in the country.
He explained that though the call for restructuring had been loud in recent times, the country had been undergoing restructuring.
“We have been living together since 1914 and from time to time, we have been changing the way of our lives. In 1947, Dr. Nnamdi Azikiwe said the Richard Constitution was obnoxious; that it was anti-people. In 1950, we had the Macpherson Constitution which created the three regions and in 1963, we had another constitution.
“During all these constitutions, the issue of fiscal federation was very prominent. So, we have been restructuring this country and nobody talked about breaking up the country. The war between 1967 and 1970 was an unfortunate one.”
Clark said making necessary changes to allow for social justice was the way to go, urging the National  Assembly to re-visit the issue of devolution of power upon resumption from recess. This, he said, was one of the ways to properly restructure the country.
According to him, the vote against devolution of power by NASS is borne out of the fear that it will whittle down the power of the legislators.
He said, “We have reached a stage where states are not paying salaries and something has to be done to gear their minds to see what they can do in their own area to generate money. I am happy you believe in restructuring, which can be achieved within a short time but it may take up to 20 years if we do not agree among ourselves.
“So, once more I want to say that when you resume,  the issue of devolution of power should be re-visited so that the Federal Government will deal with foreign affairs,  prisons, customs and a few other things.”
On the call to return to regionalism, Clark said, “You cannot abolish the states now and say you want six regions. It is not going to be easy or possible now.
“I feel we should use the same states as federating units and the local governments should remain with the states.”
He called for the establishment of revenue mobilisation commission to deal with funds that move between states and local governments to sustain them.
Clark promised to convene a meeting of elder statesmen across the country to find lasting solution to the problem of restructuring.
In his remarks, Sani said one of the reasons the devolution of power did not scale through in NASS was the fear that state governments might abuse their power.
He said, “The problem we have with devolution of power  is how to tackle some of the problems that come with it. For example, the present crop of governors might not be able to handle state police in a manner that people who disagree with them can be  safe.
“Secondly, the manner in which elections are conducted by the state independent electoral commissions where the ruling party in state wins all positions is worrisome.
“So, if we devolve the police, we have to allay the fears of people on the implications. Those who are championing some of these issues need to make clarifications.”
On derivation and resource control, the lawmaker said it was in the best interest of the country to stop thinking about oil because it was becoming non-attractive globally.
On the quit notice, Sani said “it is embarrassing.”
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Punch Newspapers Clark berates Kanu over Biafra, condemns Arewa quit notice

Elder statesman Edwin Clark on Tuesday condemned the Biafran agitation led by Nnamdi Kanu. He also condemned the notice to quit by the Arew...

FG, ASUU meet Thurs., NANS factions exchange blows in Abuja

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Lekan Adetayo and Adelani Adepegba
The Federal Government will on Thursday hold a meeting with the leadership of the Academic Staff Union of Universities to resolve the lingering strike in the nation’s universities.
ASUU President, Prof. Biodun Ogunyemi, confirmed on Tuesday that he had received an invitation to a meeting at the Ministry of Labour and Employment, Abuja.
Also, the National Association of Nigerian Students has  issued a two-week ultimatum to the Federal Government to resolve the ASUU strike.
The group, on Tuesday,  threatened violence if the government failed to prevail on the union to call off the strike.
Speaking to one of our correspondents on the telephone, Ogunyemi said the ASUU negotiating team would be at the meeting to hear what the government had done so far in respect of the seven demands tabled for implementation.
He stated, “We have a scheduled meeting on Thursday; we received the invitation today (Tuesday). We would be at the meeting. We go to every meeting with open mind and also believe the government will come with open mind and if they (government officials) mean well, we will resolve the issue.”
The don said he did not envisage any problem, adding that the government would be expected to highlight the demands it had implemented and to give a time frame on the ones that would be implemented subsequently.
“Our demands are clear, seven issues with timelines. They are expected to have started implementing them; we don’t see much problem here.
“They will just tell us how far they have implemented them and tell us which ones they cannot implement for now, and give us the time frame (for implementation),” Ogunyemi stated.
Asked if the government had released the N23bn it promised last month to the universities, the union leader said he did not know if this had been done.
But NANS factional president, Haruna Kadiri, who led his group on protest to the Ministry of Education, Abuja on Tuesday, over the strike, stated that students bore the brunt of labour dispute between university lecturers and government.
This, he noted, made them unattractive to the labour market which he said often preferred graduates from private universities who concluded their academic  programmes within stipulated time.
Kadiri said, “We are here to demand to know when the strike would be called off. The government has not been tackling the issues that led to the strike, but politicising them and dividing the ranks of the lecturers.
“As researchers, ASUU should carry out research and find solutions to the issues instead of going on strike.
“We are issuing a two-week ultimatum for the strike to be resolved. If after the ultimatum, the FG and ASUU didn’t resolve the strike, the next protest will not be peaceful. We would carry out civil unrest and we are ready to be detained in the guardroom.”
The student leader also condemned the new cut-off marks for university and polytechnic admissions as announced by the Joint Admissions and Matriculation Board, describing the cut-off marks as retrogressive and ‘anti-education.’
The Permanent Secretary, Ministry of Education, Sonny Echono, who addressed the students, assured them that the government was working to resolve the crisis.
NANS factions in free-for-all in Abuja over leadership tussle
Two NANS factions had earlier clashed at the Unity Fountain, Maitama, Abuja, following the leadership tussle rocking the association.
Some of the NANS members threw caution to the wind and engaged one another in fisticuffs on the busy Shehu Shagari Way while policemen struggled to break up the fight.
Trouble started when the Kadiri faction converged on the garden to address the media before taking their protest to the education ministry.
They were about addressing journalists when the Chinonso Obasi faction stormed the venue and accused Kadiri of usurping the leadership of the student body.
The allegation angered the Kadiri faction members who attacked their opponents leading to a free-for-all on the expressway.
Meanwhile, the University of Port Harcourt Alumni Association has called on the FG to utilise the funds said to have been recovered from alleged looters to meet the financial component of the demands of the university lecturers.
In a statement, the National President of the Association, Chief Chris Adokeme, contended that the annual requirement of N200bn for five years consecutively “was too meagre to allow university education in the country to be under lock and key.”
“How can universities in the country remain shut when all that is required is a mere N200bn annually? That is far less than what goes into the National Assembly for a year. I will prefer the legislature to be shut for one year instead of our universities,” he said.
Adokeme also called for adequate funding of TETFund to enable it to effectively discharge its obligations to the universities.
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Punch Newspapers FG, ASUU meet Thurs., NANS factions exchange blows in Abuja

Lekan Adetayo and Adelani Adepegba The Federal Government will on Thursday hold a meeting with the leadership of the Academic Staff Union o...

Buhari, others mourn Kasimu Yero

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Chux Ohai
President Muhammed Buhari has joined other prominent Nigerians to  mourn the death of popular actor, Kasimu Yero.
Yero, better known for his role in the rested NTA sitcom, Cock Crow At Dawn and the Hausa TV drama series, Magana Jari Ce, died on Sunday afternoon in Kaduna after a protracted illness.
The President, according to the News Agency of Nigeria, described the deceased as one of the “greatest, talented and most entertaining actors” that the country has ever produced.
Buhari, whose reactions came a day after Governor Nasir El-Rufai of Kaduna State condoled with the family of the actor, also said that Yero’s impact on the Nigerian film industry and the society would be felt for many years to come.
Senator Shehu Sani, representing Kaduna Central Senatorial District, reportedly, in another statement, described the deceased as a “great soul” and an “extraordinary man”, who was one of the best hands in his chosen career and whose only motive in life was to live and make other people happy.
While condoling with the family of the departed Thespian, Sani noted that Yero led a life of service, love, compassion and excellence and for this reason many Nigerians, especially in the North, would deeply mourn his demise.
The senator said, “Alhaji Kasimu Yero inspired many people to achieve their goals in life. He will always stay in our hearts. Words, however kind, cannot mend your heartache, but those of us who were inspired by the great works of your father share your grief and wish you comfort and peace of mind.”
Another seasoned actor and a member of the cast of Cock Crow At Dawn, Sadiq Daba, in a telephone interview with our correspondent, wished Yero had died when the ovation was loudest. He regretted that no Nigerian, not even the government of Yero’s home state, came forward to help him when he was sick and bedridden.
He said, “Alhaji Yero died unsung. Here was a man who tried a lot to unify this country in everything that he did. It is so sad that nobody did anything to help him when he was down. Now that he is gone, people who should have offered help are sending condolence messages and saying nice things about him. Where was the state government when he was sick?
“I shed tears for Yero and for those of us who are alive and who dedicated their lives to the service of this country. He was one of the most humble men that you can ever come across. May his soul rest in peace.”
Also, President of the Association of Nigerian Authors, Denja Abdullahi, described  the death of Yero as a sign of the gradual erosion of the cultural heritage of the country.
Recalling the actor’s “sterling and believable” handling of villainous roles in Cock Crow at Dawn, Magana Jari Ce and in the epic film, Amina, he said, “The sad thing about his passage is our inability as a nation to preserve the arts and acts of our living heritages like Kasimu Yero, while they were alive. We do not even place them in their proper positions in our cultural history.
“Where is the national hall of fame preserving the memories of their contributions for posterity? Now that he is gone, what happens to his legacies in the arts? Like an actor, he has played his part and exited nobly; the loss is now ours.”
Before he passed on, Yero had at different times lamented the falling standard of  film production in the country, the introduction of ethnic and religious sentiments in the film industry, as well as governments neglect of the welfare of artistes and others who had contributed in various ways to the development of the country through the film industry.
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Punch Newspapers Buhari, others mourn Kasimu Yero

Chux Ohai President Muhammed Buhari has joined other prominent Nigerians to mourn the death of popular actor, Kasimu Yero. Yero, better k...

Tuface to organise concert for Benue flood victims

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Singer Innocent Idibia, a.k.a Tuface, on Tuesday said he would organise a concert to raise funds for the flood victims in Benue State.
Tuface, told the News Agency of Nigeria in Makudi, the state capital, that the concert would be organised in the city in December.
He said, “I really wish that I could do more for the victims. I have a concert scheduled to hold in Jos for the victims of the Boko Haram insurgency, but we will try to organise one around December to raise funds for the flood victims in Benue.
“The people I saw at the camp are hardworking Nigerians, who, due to no fault of theirs, have found themselves without shelter, food and other basic items.
“Their situation is like that of the victims of the Boko Haram insurgency, in which innocent citizens have been killed and many were left to suffer.
“As you can see, this can happen to anybody and none of the victims planned for it. So, we really need to assist them.
“I would like to use this opportunity to call on my colleagues in the music industry to come to the aid of the flood victims in Benue State.”s
The singer also pledged that the Tuface Foundation would continue to support the affected persons so long as they were in the camps.
He appealed to the federal and Benue State governments to provide drains in flood prone areas of the state to avoid future occurrence.
Meanwhile, another award-winning Nigerian music artiste, Ayo Balogun, also known as Wizkid, has cancelled some of his international shows due to health challenges.
The singer made this known in a message posted on his Twitter page on Monday, while urging  his fans to pray for him.
He tweeted, “Sad that I’m typing this, but I’ll be moving dates on my tour to get my health up. I appeal to my real fans to understand and pray with me.”
It would be recalled that Wizkid had previously in December 2016 announced that he was taking a break from all music engagements till early 2017 after his fans voiced concerns about his looks.
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Contact: <a href="mailto:editor@punchng.com">editor@punchng.com</a>

Punch Newspapers Tuface to organise concert for Benue flood victims

Singer Innocent Idibia, a.k.a Tuface, on Tuesday said he would organise a concert to raise funds for the flood victims in Benue State. Tufa...

AFRIMA for Moshito Music Conference in SA

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The All Africa Music Awards, is set to feature at the 2017 Moshito Music Conference and Exhibition to be held from September 6 to September 9 at the Main Auditorium, New Music Factory, Johannesburg, South Africa.
Representing AFRIMA at the 14th edition of the programme, aimed at connecting business and music to promote culture and economic growth,  is the Associate Producer, AFRIMA, Ms. Adenrele Niyi.
She will be speaking during the plenary session with the theme, Scooping that Award: The Art of Hustle, designed to bring music executives, producers and musicians to engage the public on the factors that differentiate winners from the rest.
Chairperson of Moshito Music Conference and Exhibition, Dr. Sipho Sithole, explained in a statement that the event would bring together music industry executives, musicians, festival promoters, booking agents, music managers and exhibitors from over 16 international markets to collaborate and engage in a conversation on the structure and systems in the industry in Africa.
Niyi is expected to discuss with the panel and participants on her experience and expertise gleaned from years of project management and producing the continent’s biggest awards event.
“We can’t be more hyped about the opportunity for knowledge sharing and networking as presented on the conference platform. Simply put, in AFRIMA, we subscribe to an open flow of dialogue among stakeholders: creators, the market, the policy makers and trend determinants,” she said.
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Contact: <a href="mailto:editor@punchng.com">editor@punchng.com</a>

Punch Newspapers AFRIMA for Moshito Music Conference in SA

The All Africa Music Awards, is set to feature at the 2017 Moshito Music Conference and Exhibition to be held from September 6 to September ...

TATU goes to cinema

19:58 Eking 0

Movie lovers will, from Friday, have an opportunity to watch TATU, a new film described as an epic adventure.
According to FilmOne, distributors of the movie premiered at the Eko Hotels and Suites in July, TATU will be released this Friday in all Filmhouse cinemas, Silverbird cinemas, Genesis Deluxe cinemas and several other film theatres across Nigeria.
Produced and directed by the award-winning filmmaker, Don Omope of Taxi Driver (Oko Ashewo) and The Wedding Party fame, the film stars actors that include Segun Arinze, Desmond Elliott, Toyin Aimakhu-Abraham, Gabriel Afolayan, Rahama Sadau, Sambaza Nzeribe, Funlola Aofiyebi-Raimi, Hafiz Oyetoro (saka), Frank Dunga and a host of others.
Adapted from a book written by Abraham Nwankwo, the recently retired Director General, Debt Management Office, the film has been variously described as an epic genre with a difference, going by its contemporary take on the classic African story and its fast-paced action dramedy.
Powered by Bank of Industry and Patriarch Technologies in conjunction with FilmOne Production and FilmOne Distribution, TATU is centred on conflicts arising from a mother’s quest for a child and all the complications that follow.
According to Omope, the movie, which took one year to develop from book to film, will be the next Nollywood Box Office success that is bound to set a new benchmark for the genre.
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Punch Newspapers TATU goes to cinema

Movie lovers will, from Friday, have an opportunity to watch TATU , a new film described as an epic adventure. According to FilmOne, distri...

Exit from recession fails to lift stocks

19:58 Eking 0

Stanley Opara
Despite Nigeria exiting recession on Tuesday, the equities market closed in the red, shedding N35bn.
On the release of the second quarter Gross Domestic Product data, the market opened this week’s trading with a loss as Seplat Petroleum Production Company Plc, Julius Berger Nigeria Plc, Lafarge Africa Plc, Cadbury Nigeria Plc and Total Nigeria Plc emerged as the top five losers.
The Nigerian Stock Exchange market capitalisation, on Tuesday, dropped to N12.202tn from N12.237tn as the NSE All-Share Index closed at 35,403.92 basis points from 35,504.62 basis points.
The National Bureau of Statistics released its Q2 2017 Gross Domestic Product report on Tuesday, which showed the economy grew by 0.55 per cent year-on-year, “much in line with our expectation of a 0.6 per cent expansion. The growth was largely driven by improvement in the oil sector and non-oil sector which grew by 1.6 per cent and 0.5 per cent year-on-year, respectively in Q2 2017,” analysts at Afrinvest said in a report.
A total of 230.029 million shares valued at N4.774bn were traded in 4,188 deals.
Seplat’s share price declined by five per cent (N24.52) to close at N465.98 from N490.50. The shares of Julius Berger also dropped to N30.87 from N32.49, shedding 4.99 per cent (N1.62).
Similarly, Lafarge shares plunged by 4.98 per cent (N2.84) to close at N54.14 from N56.98. The share price of Cadbury, in the same vein, dropped by 4.97 per cent (N0.57) to close at N10.90 from N11.47. Total’s shares depreciated by 4.90 per cent (N12) to close at N233 from N245.
Meanwhile, Ecobank Transnational Incorporated Plc, the Lome-based parent company of the Ecobank Group, on Tuesday, signed a five-year senior unsecured loan facility of $250m from Deutsche Bank AG.
The Public Investment Company of South Africa, one of the major institutional shareholders of ETI, is providing full credit support to Deutsche Bank in this transaction via a sub–participation of risk.
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Punch Newspapers Exit from recession fails to lift stocks

Stanley Opara Despite Nigeria exiting recession on Tuesday, the equities market closed in the red, shedding N35bn. On the release of the s...

CBN injects fresh $250m to lift naira

19:58 Eking 0

Oyetunji Abioye
The Central Bank of Nigeria on Tuesday injected $250m into the various segments of the inter-bank foreign exchange market, in order to lift the naira against other major currencies.
Figures obtained from the CBN indicated that the Retail Secondary Market Intervention Sales segment of the market received the highest intervention with a total of $100m, the Small and Medium Enterprises window received a boost of $80m while the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, among others was allocated the sum of $70m to meet the demands of customers.
The bank’s spokesman, Isaac Okorafor, noted that the second quarter report by the National Bureau of Statistics indicated that Nigeria had gotten out of recession.
While hinging part of the success to the regular intervention of the CBN in the forex market to boost liquidity in the market, Okorafor said the timely execution and settlement for eligible transactions as well as the forex available to the real sector and industrial capacities were factors that boosted the economy.
He recalled that the CBN Governor, Mr. Godwin Emefiele, had a few months ago predicted that the Nigerian economy would be out of recession at the end of the third quarter.
The CBN reportedly injected $297m into the Retail Secondary Market Intervention Sales segment, raising the total intervention for the week to the sum of $547m.
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Contact: <a href="mailto:editor@punchng.com">editor@punchng.com</a>

Punch Newspapers CBN injects fresh $250m to lift naira

Oyetunji Abioye The Central Bank of Nigeria on Tuesday injected $250m into the various segments of the inter-bank foreign exchange market, ...

SEC clears Oando, approves planned AGM

19:58 Eking 0

Stanley Opara
The Securities and Exchange Commission has given approval to Oando Plc to conduct its Annual General Meeting hitherto slated for September 11, 2017.
This came after the Special Task Team constituted by SEC to review petitions filed by Alhaji Dahiru Bara’u Mangal and Ansbury Inc against Oando, submitted an interim report, which cleared the oil major of the allegations.
This was contained in a letter to the Group Chief Executive of Oando, Mr. Wale  Tinubu dated August 31, 2017.
In its interim report, SEC confirmed that it was unable to identify any material findings that would warrant the postponement of the company’s 40th AGM.
On July 10, there were reports that Oando was being investigated by SEC over observed malpractices in the company’s financial statements.
The investigation was reported to have been triggered by the petition filed by some foreign investors over the shareholding structure following the $1.65bn paid by Oando for the acquisition of the oil production assets of ConocoPhilips in 2014.
Responding to the report then, analysts at Meristem Securities Limited said, “We expect this news to drag the share price performance of the ticker as investors flee for safety.”
In the past weeks, the company has been on the receiving end of media speculations. These were said to have happened as a result of alleged leaks by SEC on an ongoing investigation.
As a result of the leak, traders had estimated the loss in the market, over a period of six days, to N20bn.
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Punch Newspapers SEC clears Oando, approves planned AGM

Stanley Opara The Securities and Exchange Commission has given approval to Oando Plc to conduct its Annual General Meeting hitherto slated ...

FG has schemes to combat unemployment –Minister

19:43 Eking 0

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, says  the Federal government has put in series of projects to create an enabling environment for businesses to thrive.
He said the intervention projects were geared towards reducing unemployment among the teeming youths,
Enelamah said that loans and grants, which are being accessed by some firms, were meant to drive the growth of the Small and Medium-scale Enterprises in the country.
The minister spoke at the Accelerate Labs project in Lagos.
The project is aimed activating and promoting entrepreneurial skills of youths and start-ups.
The Accelerate Labs project was presented by the Future Project. The goal of the project is to equip 2,160 youths across the six geo-political zones.
While commending Future Award and Microsoft Nigeria for their impactful role in promoting skills, capacity building in the country, he said the government needed more partners to work with in order to boost economic growth.
Enelamah, who was represented by his Special Adviser, Olubunmi Adeboye, said, “As a ministry of industry and investment, we actually have a project, the Growth and Employment project which is one that we are actually coordinating.
“Grants are given specifically to the SMEs and businesses that have ideas across agriculture and technology all over the country.”
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Punch Newspapers FG has schemes to combat unemployment –Minister

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, says the Federal government has put in series of projects to create an ...

Benue flood: 4,775 victims register in IDP camp

19:43 Eking 0

Ade Adesomoju with agency report
The International Market camp for Internally Displaced Persons in Makurdi has registered 4,775 persons, the Camp Manager, Mr. James Iorhuna, has said.
He told the News Agency of Nigeria on Tuesday in Makurdi that the camp complied with international standards.
The camp was set up following the flood which displaced more than 100,000 persons in Benue and affected 21 local government areas.
Iorhuna said, “We have so far registered 1,387 male children, 1,349 female children, 531 men, 642 women, 585 children under the age of five, 92 pregnant women, 115 nursing mothers and 74 physically-challenged persons.”
The camp manager said UNICEF had provided water and 40 toilets at the camp, while other basic needs of the IDPs were being met.
Mrs Joy Leva, a mother of twins living at the camp, appealed to government, donor agencies and individuals to assist her in feeding her children.
She said, “I have four children, out of which two are twins. We were first displaced from the Air Force area as a result of the Jukun/Tiv crisis few months ago before we relocated to Gyado villa where our house was flooded.
“We were sleeping when the flooding occurred and we were unable to take anything out of our thatch house before it collapsed.
“At the moment, the only things we have are items given to us by camp officials.
“My husband works as a labourer, while I have no work. I want to appeal to government to help me in feeding my children as I am overwhelmed by the situation.”
Meanwhile, a Senior Advocate of Nigeria, Chief Sebastine Hon, on Tuesday begged the Central Bank of Nigeria, Dangote Cement, and other corporate organistions in Benue State as well as international donors to assist in tackling the floods ravaging the state.
Hon, who hails from the state, described the floods that had been ravaging the state for the past one week as “calamitous, life threatening and most damaging.”
The SAN, in a statement, commended President Muhammadu Buhari for directing the National Emergency Management Agency to intervene; but said, “NEMA and all such interventionist statutory bodies must always rise to the occasion without waiting for presidential directives, especially when human life is imperiled.”
He said the magnitude of the disaster was so “gargantuan that the Benue State Government alone cannot comfort the victims and place them in at least manageable positions.”
 He said, “I, therefore, call on the international community and good-spirited Nigerians to assist their fellow humans, who are in dire straits as a result of the floods.”
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Punch Newspapers Benue flood: 4,775 victims register in IDP camp

Ade Adesomoju with agency report The International Market camp for Internally Displaced Persons in Makurdi has registered 4,775 persons, th...

Nasarawa lawmaker leads protest against poor electricity supply

19:43 Eking 0

Umar Muhammed, Lafia
A member representing Akwanga South at the Nasarawa State House of Assembly, Kassim Mohammed, has led a protest against poor electricity supply in the state.
The protest, which was organised by the youth wing of Mada Development Association, had youths from Akwanga, Nasarawa-Eggon and Wamba local government areas.
Addressing the protesters, Mohammed said he decided to join the protest in solidarity with his people against the exploitation by the Abuja Electricity Distribution Company.
He said, “This situation cannot be allowed to continue; so, I am calling on the Federal Government to do something urgently; if not, the activities of this company is affecting the image of the President.
“They only give light whenever they want to send bills and as soon as the bills are paid, you will not see light again.”
Earlier, the National President of YWMDA, Gyuni Umaru, said the protest came after a complaint at the headquarters of AEDC did not yield any result.
He added that the youths had given the AEDC one-week ultimatum to improve their service in the area or close down their offices.
“In the next one week, we want them to start the installation of pre-paid meters to all customers, supply light for at least 18 hours per day.
“We also want immediate reconnection of Wamba, Nasarawa-Eggon and Andaha that were disconnected for no just reason.”
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Punch Newspapers Nasarawa lawmaker leads protest against poor electricity supply

Umar Muhammed, Lafia A member representing Akwanga South at the Nasarawa State House of Assembly, Kassim Mohammed, has led a protest agains...

Kogi Speaker denies barring journalists

19:43 Eking 0

Gbenga Odogun, Lokoja
The Speaker of the Kogi State House of Assembly, Matthew Kolawole, on Tuesday denied barring journalists from covering the House proceedings. He blamed some security operatives in the House, saying they had been overzealous in carrying out his orders.
“Sincerely speaking, I have never and I will not order our doors to be closed to journalists. What will I say or stand to gain if I close our doors against journalists. It is through you that the people can hear, see and read about what we do here.
“I want to tell you emphatically that after the August 1 crisis of the House, some of us were invited to the police station to say what we know about the crisis and we got to understand that information got to the police through some journalists.”
Following the invasion of the Assembly complex by hoodlums on August 1, the Speaker had directed that legislators and workers of the state House of Assembly would begin to wear name tags from September 12.
Kolawole gave the directive at a news briefing in Lokoja.
According to him, accredited journalists covering the House proceedings and visitors to the complex will also have to wear the name tags.
He said the measure would facilitate the identification of authorised persons in the Assembly complex and forestall the recurrence of the August 1 invasion of the chamber by hoodlums.
“I never said that journalists should be barred from covering the proceedings, I only said that journalists covering the House should be accredited,” he said.
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Punch Newspapers Kogi Speaker denies barring journalists

Gbenga Odogun, Lokoja The Speaker of the Kogi State House of Assembly, Matthew Kolawole, on Tuesday denied barring journalists from coverin...

Ladoja’s suit against Olubadan review sent to Oyo CJ

19:43 Eking 0

Olufemi Atoyebi, Ibadan
The suit filed by the Osi Olubadan of Ibadan land, High Chief Rashidi Ladoja, against the review of the Olubadan chieftaincy system review has been transferred to the state Chief Justice by Justice M.I. Sule of Oyo State High Court.
At the resumed hearing of the case on Tuesday, Justice Sule said she would not want to start the case because the court would proceed on vacation on September 12, 2017, noting that she had two rulings to give before the vacation.
According to her, the state CJ will take appropriate action on the matter.
Ladoja had petitioned the Chief Justice of Nigeria, Walter Onnoghen, after he alleged that Justice Diran Akintola, who was earlier assigned the case, refused to hear an ex-parte application that would have stopped the commission established by Governor Abiola Ajimobi from sitting.
On August 21, 2017, both parties appeared before Justice Sule for the hearing of a contempt charge against Ajimobi and Justice Akintunde Boade, who was the chairman of the review commission.
Counsel for Ladoja, Mr Michael Lana, alleged on Tuesday that the state Commissioner for Justice and Attorney General, Oluwaseun Abimbola, refused to file the necessary processes.
He claimed that the action gave ample time for the installation of 21 kings by the governor. He said the action was carried out despite the fact that there was an advertisement in the newspaper. He said the action of the governor must not go unpunished.
Abimbola however said that an amendment of reliefs sought by Ladoja counsel affected the filing of processes. He accused Lana of taking action and making allegation based on sentiment.
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Punch Newspapers Ladoja’s suit against Olubadan review sent to Oyo CJ

Olufemi Atoyebi, Ibadan The suit filed by the Osi Olubadan of Ibadan land, High Chief Rashidi Ladoja, against the review of the Olubadan ch...

Anambra election: Court orders substituted service on Kanu, IPOB

19:43 Eking 0

The Federal High Court, Abuja on Tuesday granted the request seeking to serve court processes on Nnamdi Kanu and the Indigenous People of Biafra through substituted service.
The court, however, ordered that other respondents in the matter, namely the Inspector-General of Police, the Commandant General, Nigeria Security and Civil Defence Corps and the Attorney General of the Federation be served personally.
Justice B.O. Quadri gave the order following an ex-parte application by Mr Richard Ndubuaku for an order of court for substituted service of all the processes of the court on the defendants by publishing them in two national newspapers.
Ndubuaku, who made the application through his counsel, Mr Smart Iheazor, also asked the court to make an order restraining the respondents, whether by themselves, members or agents from disrupting the forthcoming Anambra election.
He also asked the court to make an order restraining Kanu and all members of IPOB from interfering, intimidating and harassing all registered and eligible voters in the November 18 Anambra election.
He further asked the court to prevent Kanu and IPOB from mobilising its members either by threat or undue influence to scuttle the election, pending the determination of the originating summons.
Iheazor told the court that his client premised his application on the grounds that Kanu and IPOB had severally made utterances and threats published in newspapers, which they had not denied or retracted.
He said, “From the antecedents of Kanu and the activities of IPOB, they are capable of carrying out their threat.
“Serving the processes of this suit on them by publishing in two national newspapers will bring same to their knowledge as it will be dangerous and difficult to effect personal service on them.
“The applicant has several businesses and business interests and houses in Onitsha and Awka with over 100 staff that will be affected if the threats of Kanu and IPOB are carried out.”
Iheazor further explained that the applicant was almost 70 years old and might lose all his life investments in Awka and Onitsha and might not withstand the destruction of his life-long struggle.
The judge, however, only granted the order of substituted service on Kanu and IPOB and refused all the other reliefs sought by the applicant and asked that all parties in the suit be put on notice.
In refusing to grant the other reliefs sought by Ndubuaku, the judge said that the Federal Government had the capacity to ensure that elections held in Anambra.
He adjourned the matter till October 10 for hearing.
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Punch Newspapers Anambra election: Court orders substituted service on Kanu, IPOB

The Federal High Court, Abuja on Tuesday granted the request seeking to serve court processes on Nnamdi Kanu and the Indigenous People of Bi...

The Nation loses correspondent

19:43 Eking 0

A Port Harcourt-based correspondent of The Nations Newspapers, Mr. Precious Dikewoha, is dead.
Dikewoha, who died Monday night after a brief illness, joined his current employer in 2011 after working with National Life in Lagos and Evening Express, subsidiaries of The Nation Newspapers.
The Chairman of the Rivers State Correspondents Chapel, Mr. Ernest Chinwo, described the late journalist as a quiet, but hard-working man, who was always ready to assist his colleagues.
Chinwo expressed sadness that the journalist died at a time his wife and daughter needed him most.
“He was a quiet but hard-working young man and also friendly to his colleagues in the journalism profession. Precious is always ready to render assistance to his colleagues at any time,” the Rivers Correspondent Chapel chairman stressed.
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Contact: <a href="mailto:editor@punchng.com">editor@punchng.com</a>

Punch Newspapers The Nation loses correspondent

A Port Harcourt-based correspondent of The Nations Newspapers, Mr. Precious Dikewoha, is dead. Dikewoha, who died Monday night after a brie...

Inner Wheel to increase awareness on breast cancer

19:28 Eking 0

Folashade Adebayo
The District Chairman, Inner Wheel District 911, Mrs. Adegbemisola Rufai, has decried the high prevalence of breast cancer among women in the country.
According to her, more needs to be done to sensitise women and girls on prevention and early detection in order to reduce the number of deaths associated with the disease.
Rufai said this during a fund raising and installation ceremony of new executive officers of the association in Lagos. The event was attended by the wife of a former Vice President of the country, Chief Titi Abubakar and the Deputy Governor of Ogun State,  Chief Yetunde Onanuga.
Citing the World Health Organisation, Rufai said that the more than one million breast cancer cases in the country was unacceptable, adding that the new executive members would deploy traditional and non-traditional media to create awareness on the disease.
She said, “From the theme for this year which is Leave a Lasting Legacy, we intend to sensitise women about the prevention, early detection and management of breast cancer.  We are seeking the support of humanitarians to alleviate the suffering of the less privileged members of the society.
“We also intend to facilitate empowerment training sessions for widows, youths and other vulnerable members of the society.  With recent happenings especially kidnapping of schoolchildren, we are taking health talk to schools to teach pupils about safety.’’
The Guest Speaker, Prof. Lanre Fagbohun, called for cohesion of family units which he said would lead to peace in the country.
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Punch Newspapers Inner Wheel to increase awareness on breast cancer

Folashade Adebayo The District Chairman, Inner Wheel District 911, Mrs. Adegbemisola Rufai, has decried the high prevalence of breast cance...

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‘Nigeria spends N722bn on expertise importation’

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Clark berates Kanu over Biafra, condemns Arewa quit notice

FG, ASUU meet Thurs., NANS factions exchange blows in Abuja

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Tuface to organise concert for Benue flood victims

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CBN injects fresh $250m to lift naira

SEC clears Oando, approves planned AGM

FG has schemes to combat unemployment –Minister

Benue flood: 4,775 victims register in IDP camp

Nasarawa lawmaker leads protest against poor electricity supply

Kogi Speaker denies barring journalists

Ladoja’s suit against Olubadan review sent to Oyo CJ

Anambra election: Court orders substituted service on Kanu, IPOB

The Nation loses correspondent

Inner Wheel to increase awareness on breast cancer