Nigeria Railway resumes cattle cargo services

Nigeria Railway resumes cattle cargo services

The Nigeria Railway Corporation on Saturday resumed its Cattle Cargo Services, the News Agency of Nigeria reports.

Mr Jerry Oche, Lagos Railway District Manager, NRC, told NAN that 510 cattle were moved from Gusau in Zamfra to Lagos.

NAN also reports that cattle traffic refers to the transportation of cattle via rail, especially from the Northern part of Nigeria to the South.

Oche said, “Today, we are happy by the resumption of our cattle cargo services after such a long time.

“We moved 510 cattle from Gusau in Zamfra to Lagos; and hope to do two or three trips weekly.”

Mr Edeme Kelikume, Managing Director, Connect Raul Service, told NAN that moving cattle by rail over such a long distance was faster, cheaper and safer.

“The cattle traffic started by 3am Friday and before 4pm Saturday, they will be in Okooba in Agege area of Lagos.

“90 of the cattle have been dropped at Abeokuta and 420 would be received in Lagos.

“Transporting animals by rail ensures they are protected from the exposure to sun or rain as would have been the case if they were moved by trucks.

“We have two veterinary doctors on board and enough food and water for the animals,” he said.

Worries over produce export ban

Worries over produce export ban

By Gbenga Akinfenwa

As Experts Caution Against Overuse Of Chemicals
The extension of the European Union (EU) ban on export of beans from Nigeria has started to take its toll on agricultural produce exporters, especially those who trade in beans, as they continue to generate less foreign exchange.

In June 2015, the EU banned Nigeria’s bean imports on the ground that they contain high levels of pesticide considered dangerous to human health. But few weeks to the expiration of the June 2016 date, meant to lift the ban, the body extended it for another three years, based on what it considered as “not doing enough to address the issue.”

Not many had expected that the one-year ban could be extended, especially with the much-hyped efforts of the Federal Government and Nigeria Agricultural Quarantine (NAQS), but the ban was extended for three good years.

The grouse of EU was that Nigerian dried beans contain high level of pesticides residue, between 0.03mg/kg and 4.6mg/kg, far above the Maximum Residue Limit (MRL) of 0.01mg/kg.
Also, high level of other chemicals like Chlorpyritos, Cyhalothrin, Dimathoate, Trichlorphon and Omethoate, were discovered. These are all pesticides that are intentionally applied to plants, to attack invertebrate pest and plant diseases and also utilised in the storage of beans, but the presence of their residues prove high risk to human health.

With these, the EU concluded that the pesticide had rendered the beans unacceptable, hence dangerous to human health.

According to information outlined in the EU Commission Implementing Regulation 2015/943, 50 notifications have been issued since January 2013 through its alert system to Nigeria, concerning dried beans containing high levels of dichlorvos pesticide.

Further information revealed that 13 border rejection alerts on dried beans had been issued by the United Kingdom authorities between January to July 1, 2015.

To stakeholders, the ban extension is not only unexpected, but also ill timed, especially when the country is set to diversify into agriculture, in the light of the dwindling oil price.

Prior to this period, Nigerian farm produce had found it difficult to gain access to EU markets because of high food safety standards, especially dairy products.

According to health experts, the chemical, dichlorvos is considered to be highly toxic and if ingested can result in convulsion, dizziness, sweating, difficulty in breathing, abdominal cramping, diarrhoea, vomiting and loss of consciousness. It is a confirmed human carcinogen and a suspected endocrine system disruptor.

Other possible effects likely to emanate from the consumption of beans with high level of pesticides include, asthma, allergies, hypersentivity, hormone disruption and problem with reproduction.

In the light of this, export promotion officials have announced fresh plans to improve quality of the country’s agricultural produce, in their desperate bid to meet up with EU’s standards to facilitate sales.

An Organic Agriculture expert, Shile Dokunmu, who decried the development, said the ban would impact negatively on the economy as agricultural produce exporters; especially those who trade in beans would generate less foreign exchange within the period.

He noted that the way out is for all stakeholders to work harder, in order to get it right, noting that farmers should be sensitised to do the right thing beginning with the period of planting. “I want to call on government and other stakeholders to focus more on the use of organic farm inputs to ensure safety of consumers and the environment.

“The development, is no doubt an eye opener to government and other stakeholders who have ignored standard practices over the years. There are organic fertilizers, pesticides and other bio-inputs, which leave no harmful residue in the soil or in the crops, yet people keep using the dangerous chemicals.

A member of the Farm Inputs Support Services Department, Eche Emmanuel disclosed that most of the people who sell and use the pesticides have little or no knowledge of them, adding that majority of them don’t even know how to apply them.

“Not less than 74 per cent of our farmers purchase their pesticides from the open markets. Only a fraction of eight to 12 per cent of them obtains theirs from farmer groups and cooperatives, government agencies and non-governmental organisations.

“Research has shown that farmers apply the chemicals themselves, while a handful of them employ services of hired applicators and family members using knap snack sprayer. Cases of cancers and other incurable diseases are related to the poor use of chemicals like pesticides,” he said.

The head of NAQS department of collaboration, planning and international trade, Christopher Onukwuba, though sometime ago, blamed the ban on over-use of pesticides by farmers, he however, said the extension had harped on need for product regulatory agencies to redouble their efforts.

“The Nigeria Agricultural Quarantine Service is currently doing a lot to make more of the country’s agricultural produce acceptable to the European countries. With the EU’s extension of its ban on Nigerian beans, our product regulatory agencies are prepared to ensure that agricultural produce from Nigeria meets the required EU standards.
“We are developing more laboratories for testing every agricultural produce before leaving Nigeria for the EU and other countries. We are now going to be visiting farmers and warehouses to ensure that they meet requirements for processing, packaging and transportation of our produce for international markets,” he said.

Onukwuba pledged the agency’s collaboration with the National Agency for Food, Drug Administration and Control (NAFDAC) and the Standards Organisation of Nigeria (SON), to ensure that farmers conform to internationally accepted pesticide-use standards.

CBN releases new guidelines on foreign investment inflows

CBN releases new guidelines on foreign investment inflows

Non-Nigerians are now free to invest in short-term debts and securities.

The Central Bank of Nigeria (CBN) yesterday rolled out new foreign investment inflow guidelines targeted at portfolio investors.

The guidelines, announced by CBN Acting Director, Trade and Exchange Department, W.D. Gotring, throws the field open to foreigners to invest in Treasury Bills (T-Bills), Federal Government Bonds, certificates of deposit, commercial paper, bankers’ acceptances, and repurchase agreements.

These instruments have maturities ranging from one day to one year and are extremely liquid.

The CBN acting director, however, stated that only funds that came in through authorised dealer by resident/non-resident Nigerian nationals and companies specifically for the purpose of investment would be eligible for the transactions.

Consequently, balances on exports domiciliary and ordinary domiciliary accounts shall not be eligible for investment.

Reacting, Head of Treasury at Ecobank Nigeria, Olakunle Ezun, said the announcement, was in line with CBN’s renewed drive to attract more dollar inflows into the economy, in the face of continued dollar scarcity which yesterday, pushed the naira to all-time low of N425 to dollar in the parallel market. He described the policy as a welcome development.

CBN’s devaluation of the naira in June when the flexible foreign exchange policy was announced was meant to provide the much desired stimulus and foreign portfolio investment needed to boost investments in the capital market.

Gotring in a circular entitled: Portfolio investment in Nigeria Re: Amendment of Memorandum 21 of the Foreign Exchange Manual, sighted by The Nation, admitted that the new guidelines were aimed at encouraging portfolio investment into the country.

“In the continued effort to encourage portfolio investment in Nigeria, Resident National and/ or companies who in flowed foreign currency through an authorised dealer (commercial bank) are henceforth allowed to invest such funds in a money market instruments, bonds and equities,” he said.

Accordingly, the amendment of the provision of Memorandum 21 of the Foreign Exchange Manual, says : “A resident/ non-resident Nigerian national and /or entities and foreign national entity may invest in Nigeria by way of purchase of money market instruments such as commercial papers, Negotiable Certificates of Deposits, Bankers Acceptances, Treasury Bills, among others subject to the meeting specified documentation requirements”.

He said that such investor should however provide tested Society for Worldwide Interbank Financial Telecommunication (SWIFT message) to allow financial and non-financial institutions to transfer financial transactions through a ‘financial message’.

The SWIFT message, he said, should show the remittance of funds; board resolution of the local beneficiary authorizing the investment (in the case of company); purpose of capital importation specified in the SWIFT message and evidence of incorporation where applicable.

The CBN also defined the procedure for resident/non-resident Nigerian nationals and companies investing in portfolio investment, which include that prospective investors appoint a local bank or broker as an agent to purchase the instruments.

Besides, the funds for the investment should be transferred electronically to a designated bank while on receipt of the funds, the bank should issue the investor with certificate of capital importation within 24 hours.

According to Gotring, authorised dealer shall keep separate records of the investment and render returns to the apex bank in format that will be advised from time to time.

“With the certificate, the investor through the bank or broker enters the market; invests in any instrument of his choice. If at any point in time the investors want to divest, he shall go back to the bank with Certificate of Importation and evidence of redemption of the money market instrument,” Gotring said.

Analysts believe that the money market is important for businesses as it allows companies with a temporary cash surplus to invest in short-term securities; conversely, companies with a temporary cash shortfall can sell securities or borrow funds on a short-term basis. In essence the market acts as a repository for short-term funds.

The suppliers of funds for money market instruments are institutions and individuals with a preference for the highest liquidity and the lowest risk.

The figures on the Nigeria Stock Exchange’s domestic & foreign portfolio report released in March 30, showed that foreign portfolio investment outflows rose by 108.2 per cent to N58.2 billion ($292.32 million) from N27.95 billion (140.4 million) between January and February this year.

Several foreign companies that were for years, drawn to Nigeria by the prospect of a population and other issues are now exiting the economy as they struggle to secure the needed foreign exchange for their businesses. The devaluation and reversal of the short-term instrument investment guidelines were meant to bring back the exited investors.

UK set to return stolen assets, signs MoU with Nigeria to avoid re-loot

UK set to return stolen assets, signs MoU with Nigeria to avoid re-loot.

Nigeria has signed a Memorandum of Understanding (MoU) with the British Government on the modalities for the return of Nigerian stolen assets and to ensure that returned assets are not at risk of being misappropriated again.

The Attorney-General of the Federation, Abubakar Malami, signed on behalf of the Federal Government in Abuja on Tuesday.

Malami said that the MoU reflected the desire and willingness of both countries to continue cooperation and mutual support.

Malami said that this was in the responsible and transparent return of all recovered assets.

He outlined the objectives of the MoU to include the fact that the processes of returning stolen assets was a partnership recognising the interest of both countries and based on mutual understanding, confidence and trust.

The MoU read in part: “That both countries recognised that they have a mutual interest in ensuring that returned assets are not at risk of being misappropriated again.”

“And that both countries recognised they have obligations toward their own citizens for providing such assurances.”

“That both countries recognised the importance of ensuring that the highest possible standard of transparency and accountability are applied for the return of assets.”

He gave the assurance to the international community that all funds recovered would be judiciously utilised for projects that would benefit the poorest segment of the Nigerian society.

Earlier, leader of the UK delegation, British Minister of State for Immigration, Robert Goodwill, said that the MoU provided the mechanism by which monies could be returned.

Goodwill, who is also a member of the British Parliament, noted that there was no safe place for stolen assets in the UK.

“Our ability to recover and return stolen assets should send a clear message to all who may seek to habour such assets that there is no safe haven in the U.K,” he said.

According to him, the British government is committed to the return of all funds looted from the Nigerian State.

“We are keen to do this as soon as the necessary legal process allow. As outlined at the summit, we will be taking steps to accelerate the procedures for identification and confiscation of illegally acquired assets,” he said.

He said that they were as committed as Nigeria in ensuring that beneficial ownership of assets was made available to relevant authorities so they know who the real owners of assets held in the UK are.

“Forty jurisdictions, including British Overseas Territories and Crown Dependencies announced that they will automatically share beneficial ownership information relating to companies, trusts, foundations, Shell companies and other relevant entities and legal arrangements.

It is important that everyone can see how returned assets are used to benefit Nigerians. We have therefore agreed in this MoU to be fully transparent about this,” he added.

The signing of the MoU is a follow up to the agreement reached at the London anti-corruption summit in May.

Also signed was an MoU on the return of illegal immigrants.

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BREAKING NEWS: Uzbekistan president, Islam Karimov dies at 78

Uzbekistan president, Islam Karimov dies at 78

Uzbekistan president, Islam Karimov, is dead, the state television has said; adding that the funeral will be held on Saturday.

Karimov’s daughter Lola said earlier this week that the 78-year-old had suffered a brain haemorrhage, but the government had remained silent, making its first announcement on Friday following days of unofficial report that Karimov was critically ill or even dead.

“Dear compatriots, it is with a heavy heart that we inform you that the health of our President has sharply deteriorated in the past 24 hours to reach a critical state, according to the doctors,” the statement said.

The Reuters news agency said on Friday that three diplomatic sources had told it Karimov was dead and a further government announcement would come on Friday that would also name the head of the commission in charge of organising the funeral.

Uzbekistan on Thursday celebrated its independence day and it has been widely assumed that if the government was to make an announcement on his condition, it would not break the news until after the festivities.

Karimov took power in 1989.

Born on January30, 1938, Karimov was raised in an orphanage in Samarkand, and ascended the Communist party ranks to become head of Soviet Uzbekistan, and he continued as leader after the collapse of the USSR two years later in 1991.

Police nab killer of popular lawyer, Ken Atsuwete in Rivers

Police nab killer of popular lawyer, Ken Atsuwete in Rivers

A suspected culprit involved in the assassination of the Rights Lawyer, Ken Atsuwete who was murdered in Port Harcourt, Rivers State capital has been apprehended.

‎The suspect was arrested as the Police in Rivers state launched a swift investigation into the killing of the Lawyer.

A senior operative of the state Special Anti-Robbery Squad, SARS who does not want his name mentioned told newsmen that the suspect is already disclosing information on how the lawyer was killed.

The SARS officer who refused to disclose the name of the suspect said the suspect is currently in detention.

He said, “we are under pressure from some Political leaders in this state to release him. But we won’t. He is already helping us with information.”

Barr. Ken Atsuwete was murdered at his residence at Omorchiorlu community in Ikwerre Local Government area of Rivers state.

His death has sparked a lot of reactions from the two leading political parties in the state, the Peoples Democratic Party, PDP and the All Progressives Congress, APC as well as individuals and Civil Society organization.

Etche Roads: Wike lied - Semenitari, NDDC Acting MD/CEO

Etche Roads: Wike lied - Semenitari

The Acting Managing Director/Chief Executive Officer, Niger Delta Development Commission, NDDC, Mrs. Ibim Semenitari, has debunked claims made by the Rivers State Governor, Mr. Nyesom Wike, that the Commission was not involved in the recovery of dilapidated road infrastructure in Etche local government of the state. Semenitari stressed that not only was Mr. Wike playing to the gallery, but was hiding the fact of his failure to tackle the bigger challenge of insecurity plaguing Rivers State.

Semenitari, who was reacting to Mr. Wike’s claims on Thursday that NDDC had claimed undertaking the construction of the Igwuruta-Chokocho-Okehia road, said the governor should emulate the Cross River State Governor who commended NDDC for its intervention on the Calabar-Itu Road.

“As an interventionist agency, NDDC stepped in to recover the roads between Igwuruta and Umuechem, as well internal roads in that community, and the Oil Mill-Igbo-Etche-Chokocho road, which is a critical connection between the bigger Port Harcourt market and the produce spots in Etche. NDDC, working under the directives of President Muhammadu Buhari, GCFR, stepped in to arrest the deterioration in road infrastructure in Etche as to eventually boost economic activity in the area and give its inhabitants a lease of life. Checks can be made on those roads as to the veracity of NDDC’s scope and quality of intervention.”

Semenitari further stated that NDDC would drive those projects to completion despite Wike’s attempts to possibly stall them.

“The facts which Mr. Wike sought to turn head-down, are clear. NDDC is working on the Igwuruta-Umuechem, Umuechem internal roads, and the Oil Mill-Igbo-Etche-Chokocho road. Wike is not happy that the Federal Government through the Commission is giving Etche people such critical intervention, and so, would prefer where the roads’ users continued in their suffering.”

Semenitari added: “We are miffed that Mr. Wike is yet to come to terms with the severe challenges ravaging the state. Surprisingly, rather than commit himself to true governance, Wike, like that proverbial Emperor who watched while his empire burnt, plays politics with the welfare of Rivers people. We thought that the degenerating insecurity in the state should cause Mr. Wike sleepless nights until there was solution. Unfortunately, Mr. Wike chooses to engage in speech-making as though there was a speech contest.

“Wike is not bothered that under his watch in little over a year, Rivers State has become a killing field. Wike is not bothered that there is capital flight and mass movement of people and that corporate entities are deserting Rivers State.

“While we do not intend to engage the governor in any speech contest, NDDC will not be deterred in pursuing the overall development of every segment of the Niger Delta region. That is the mission and mandate of the Commission” the NDDC boss averred.

Bekee Anyalewechi
SA(Media) to the Ag MD/CEO

JUST IN: FBI releases Clinton email probe files

FBI releases Clinton email probe files

The FBI on Friday poured fresh fuel on the fire sparked by Hillary Clinton’s use of a private email server as secretary of state, releasing heavily redacted notes on its probe which White House rival Donald Trump seized on to attack her fitness for office.

The 58 pages — 14 of which were entirely blacked out — showed that the FBI found no evidence her email system was compromised but decided it could not be ruled out because some of her mobile devices weren’t recovered.

“The FBI did find that hostile foreign actors successfully gained access to the personal email accounts of individuals with whom Clinton was in regular contact and, in doing so, obtained emails sent to or received by Clinton on her personal account,” the notes said.

Clinton’s use of a private server has been the subject of simmering controversy as she runs for president against Trump, the Republican candidate.

The documents’ release follows the FBI’s recommendation in July not to prosecute Clinton for sending unsecured emails with classified material through the server, though it found her to have been “extremely careless.”

Clinton’s campaign said it was “pleased” with the report’s release.

“While her use of a single email account was clearly a mistake and she has taken responsibility for it, these materials make clear why the Justice Department believed there was no basis to move forward with this case,” it said in a statement.

But Trump’s campaign pounced, charging that the notes “reinforce her tremendously bad judgment and dishonesty.

“Clinton’s secret email server was an end run around government transparency laws that wound up jeopardizing our national security and sensitive diplomatic efforts,” Trump spokesman Jason Miller said in a statement.

Revelations

Embarrassing revelations include a passage in the report in which the 68-year-old Clinton told investigators she was unaware that confidential material was marked with a “C.”

“Clinton stated she did not know what the ‘(C)’ meant at the beginning of the paragraphs and speculated it was referencing paragraphs marked in alphabetical order,” the report said.

“When asked of her knowledge regarding TOP SECRET, SECRET, and CONFIDENTIAL classification levels… Clinton responded that she did not pay attention to the ‘level’ of classification and took all classified information seriously,” it added.

The report also revealed that Colin Powell, who served as secretary of state from 2001 to 2005, “warned” Clinton to “be very careful” regarding emails.

“Powell warned Clinton that if it became ‘public’ that Clinton had a BlackBerry, and she used it to ‘do business,’ her emails could become ‘official record(s) and subject to the law,'” the report said, noting Clinton had emailed Powell after taking office in 2009 to ask about his use of a BlackBerry.

“Powell further advised Clinton, ‘Be very careful. I got around it all by not saying much and not using systems that captured the data.'”

Clinton told the FBI that “Powell’s comments did not factor into her decision to use a personal email account,” the report said.

Concussion

The FBI notes said investigators identified 13 mobile devices that “potentially were used to send emails using Clinton’s Clintonemail.com email address.”

It said eight of the devices were BlackBerries that she used while secretary of state, and the other five were devices, including BlackBerries, that she used after leaving office.

In its summary of the interview with Clinton, the agency said she had received no instructions or directions on preserving or producing State Department records while transitioning out of her post.

However, Clinton noted that she had suffered a concussion in December 2012, less than two months before leaving office, and then had a blood clot around New Year’s.

“Based on her doctor’s advice, she could only work at State for a few hours a day and could not recall every briefing she received,” the summary said.

The apparent suggestion that Clinton’s blood clot led to memory loss could be potent fodder for the Trump camp — as it seeks to portray the Democrat as lacking the stamina for the job.

Clinton’s campaign spokesman Brian Fallon sought to cut short any such notion, tweeting: “Asked abt briefings in late ’12, Clinton said 2 things: (1) she couldn’t recall each briefing (2) she missed part of that time due to health.”

Of some 30,000 emails Clinton subsequently turned over to the FBI, the agency’s director James Comey has said 110 contained classified information. Clinton had said none was classified at the time they were sent.

Another 2,000 emails were later “up-classified” to confidential.

Meanwhile, the State Department has been ordered to review for possible release nearly 15,000 additional emails and documents uncovered during the FBI investigation that had not been disclosed by her lawyer.

Joyce Meyer: THINK BEFORE YOU SPEAK!!!

Joyce Meyer's daily devotional September 3, 2016 – Think Before You Speak

Topic: Think Before You Speak [September 3, 2016]

Set a guard, O Lord, before my mouth; keep watch at the door of my lips. - Psalm 141:3

Have you ever said something that hurt someone else…or perhaps caused unfavorable consequences for yourself?

I know I have. For years I just said whatever I felt like saying, but thank God I have learned that words are powerful. What you say has the power to impact your life—and the lives of others—for good or bad. So it is wise to think about what you’re going to say before you say it.

You should speak only words of encouragement that will build people up and make them feel better. You get many opportunities every day to put this into practice, but it requires real discipline and determination.

You may have been hurt by someone’s words…or perhaps you have hurt someone with your words. But you can change that, starting now. It will take prayer and discipline, but God will help you develop and exercise control over the words you speak.

RECESSION: INNOSON VEHICLE PLANT SUSPENDS PRODUCTION OVER DOLLAR SHORTAGES

Recession: Innoson vehicle plant suspends production over dollar shortages

Nigeria’s major vehicle assembly plant, Innoson Vehicle Manufacturing (IVM), has announced its decision to shut down production due to lack of foreign exchange to import vehicle components.
This is coming on the heels of the recent report of the National Bureau of Statistics (NBS), which indicates that Nigeria’s recession had worsened with Gross Domestic Product (GDP) dropping to -2.06 per cent for the second quarter of 2016.
The Chairman of IVM, Innocent Chukwuma, told Reuters that workers at IVM have already been sent home due to lack of parts from Japan, Germany and China, which account for much of the content of the vehicles they produce.
“Production has stopped as we are waiting for the imported items for which there is forex issue,” Chukwuma stated. IVM was launched in 2010 and raised its annual production target for 2016 from 4,000 to 6,000 vehicles due to a ‘Made in Nigeria’ campaign that generated strong sales to the police, state agencies and churches.
“Those ambitions and plans no more look good if the promises of the government to assist fails to materialise. I believe they are doing something, but if they can’t do anything, we would be forced to lay off workers,” Chukwuma said.

Buhari: I am impressed by your simplicity

Following the meeting between President Muhammadu Buhari and Facebook Founder Mark Zuckerberg, the former has disclosed what he thinks about the young IT entrepreneur.

According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke while granting audience to Zuckerberg at the Presidential Villa, Abuja.

Buhari said the various meetings held with Nigerian youths since his arrival in the country were most timely as the country was already exploring opportunities to spur development through entrepreneurship.

He said, “Nigeria has always been identified as a country with great potential for growth, especially with our youthful population, but now we are moving beyond the potential to reality.

“I am impressed by your simplicity in sharing your knowledge and wealth with those with less income.”

The President noted that the simplicity and magnanimity of the entrepreneur, who is among the world’s richest men, had also challenged the culture of lavish wealth display and impulsive spending that had become peculiar to Nigerians.

“In our culture, we are not used to seeing successful people appear like you. We are not used to seeing successful people jogging and sweating on the streets.

“We are more used to seeing successful people in air-conditioned places. We are happy you are well-off and simple enough to always share,” he said.

In his remarks, Zuckerberg said he was impressed by the interest, energy and entrepreneurial spirit displayed by young Nigerians in all the ICT camps that he had visited.

“I was highly impressed by the talent of the youths in the Co-creation Hub in Yaba. I was blown away by their talent and the level of energy that I saw,’’ he said.

Zuckerberg added that he is in the country to promote the penetration of “fast and cheap” internet connectivity, Express-wifi, that would help people create online businesses and reduce poverty.

Business: President Buhari Finally Discloses Amount Recovered From Looters

Business: President Buhari Finally Discloses Amount Recovered From Looters

President Muhammadu Buhari-led federal government has disclosed the amount of funds recovered from looters so far.

The Minister of Information and Culture, Mr. Mohammed said the looted fund recovered so far by government is a far cry from what the country needs to revive the economy.

“what has been so far recovered will not even pay 50 per cent of the salaries in a month”.
The minister said this on Friday when he appeared on a News Agency of Nigeria (NAN) Forum in Abuja.

According to him, the amount of money recovered is always being made public.
“What we have recovered and if my record is right is about N78 billion, and 3 million dollars.

“We have been able to block various accounts in which about 9 billion dollar is found but those are not money available to us because we are still in court over them.

Mr. Mohammed assured Nigerians that every penny recovered will be judiciously spent and nobody could re-loot what had been recovered under the administration.

BREAKING NEWS:Samsung Recall All Galaxy Note 7 Smartphones Worldwide

BREAKING NEWS
Samsung Recall All Galaxy Note 7 Smartphones Worldwide

Smartphone makers, Samsung are set to recall all of its new Galaxy Note 7 handsets after reports of them exploding.
The phone was released barely two weeks ago.
The Galaxy Note 7 is said to be Samsung’s rival to Apple’s iPhone 7, which launches later this month.
South Korean news agency had previously reported that there have been 5 claims around the world of Note 7s catching fire while charging.
Samsung reportedly disclosed that it had so far found 24 devices with problems for every million sold.
Photos of charred and badly burnt Galaxy Note 7’s surfaced all over social media recently.

A South Korea newspaper reported that it was the phone’s batteries that were causing them to explode when they were charging.
According to the problem is with less than 0.01% of the phones.
Samsung Recalls Galaxy Note 7 Due To Exploding Batteries
So far there have been no reported injuries connected with the exploding phones.
A Samsung representative who spoke to
disclosed that it is working with its partners to check the parts and that it will be announcing its findings as soon as possible.
The Galaxy Note 7 since its release a few weeks back has been selling massively.
Reviewers of the device have praised its amazing camera, high-quality screen, and excellent battery life.
The massive recall of one of Samsung’s flagship devices is an embarrassing setback for the world’s largest-selling smartphone maker.
In the coming weeks, it will offer customers a new product for free to replace all 2.5 million Galaxy Note 7s that have been sold.

The South Korean smartphone maker, said it had been alerted to 35 claims of faulty phones worldwide so far.
President of Samsung’s mobile communications business, Koh Dong-jin said:
Samsung shares fell Thursday on reports of problems with the Galaxy Note 7 battery but closed 0.6% higher Friday before the recall was confirmed.

How US, Argentina, others got out of recession

How US, Argentina, others got out of recession

By Everest Amaefule, Abuja

The graph of life is never straight and steep as many human beings would prefer it to be. There are the straight parts, the curves and then the twists. Economies also behave in similar fashion. We call the growth period economic prosperity. When it contracts, we say there is recession.

So, recession is not only a regular occurrence in economies; it is also a universal phenomenon. It occurs in different places at different times. This means that both developed and developing countries often take their turns on depression or recession.

Oftentimes, countries are already out of depression before statistics confirm that they had even suffered one. That’s when it is a short spell of recession.

The National Bureau of Economic Research (United States) actually defines a recession as “a significant decline in economic activity spread across the economy, lasting more than two quarters which is six months, normally visible in real gross domestic product, real income, employment, industrial production, and wholesale-retail sales”.

You may not be a student of economics but chances are that you have heard about the Great Depression. What make the Great Depression stand out are its endurance and its geographic spread. It is one of the longest depressions in history, lasting for a period of three years and eight months

While the Great Depression originated in the United States, it spread to many countries of the world. What really caused the Great Depression? Economists are not agreed. While some opine that the sudden collapse of the stock market was responsible, others said the collapse was only a symptom of the malaise.

However, what is clear was that on October 29, 1929, the Black Tuesday, the United States Stock Market crashed. From then, many economies around the world struggled for the next three to four years; some even till the late 1930s.

Some countries lost as much as 15 per cent of their Gross Domestic Products.

Wikipedia noted, “By mid-1930, interest rates had dropped to low levels, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment were depressed. By May 1930, automobile sales had declined to below the levels of 1928.

“Prices in general began to decline, although wages held steady in 1930. Then a deflationary spiral started in 1931. Conditions were worse in farming areas, where commodity prices plunged and in mining and logging areas, where unemployment was high and there were few other jobs.

“The decline in the U.S. economy was the factor that pulled down most other countries at first; then, internal weaknesses or strengths in each country made conditions worse or better.

“Frantic attempts to shore up the economies of individual nations through protectionist policies, such as the 1930 U.S. Smoot-Hawley Tariff Act and retaliatory tariffs in other countries, exacerbated the collapse in global trade. By late 1930, a steady decline in the world economy had set in, which did not reach bottom until 1933.”

One skill required of leaders during a period of depression is communication and the capacity to sell hope. This is because recession is often triggered or exacerbated by loss of hope and confidence in the economy.

One of the best known American businessmen, John D. Rockefeller, for instance, said after the crash of Wall Street, “These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again.”

However, communication was not one of the best skills of the then self-effacing President of the United States, Herbert Hoover.

Writing in the Prologue Magazine, Richard Norton Smith and Timothy Walch said, “Usually cast as a president defined by his failure to contain the Great Depression, Hoover’s story is far more complex and more interesting.

“Hoover was an activist reformer, albeit one without the political skills needed to sell himself and his programmes to Congress and the public.

“A shy man, he insisted on keeping much of his life and good deeds out of the public eye. Only in politics is this a character flaw, yet it prevented those around Hoover from portraying him as a compassionate leader, or warding off portrayals of him as a cold, uncaring figure responsible for nearly everything that was going wrong in the American economy.”

The day of reckoning came for Hoover when he lost the 1932 presidential election to Franklin Delano Roosevelt in a landslide.

Roosevelt knew a strategy that Hoover did not. He talked the United States out of recession. He started a series of radio evening programme. The programme that has been captured as Fireside Chat addressed several problems of the economy and the president was able to give hope, confidence and strategy to the people. This enabled the nation to overcome the Great Depression.

Argentina suffered its own Great Depression between 1998 and 2002.

“The depression, which began due to the Russian and Brazilian financial crises, caused widespread unemployment, riots, the fall of the government, a default on the country’s foreign debt, the rise of alternative currencies and the end of the peso’s fixed exchange rate to the US dollar.

“The economy shrank by 28 per cent from 1998 to 2002. In terms of income, over 50 per cent of Argentines were poor and 25 per cent, indigent; seven out of 10 Argentine children were poor at the depth of the crisis in 2002.

“By the first half of 2003, however, GDP growth had returned, surprising economists and the business media, and the economy grew by an average of nine per cent for five years,” Wikipedia noted.

Through debt restructuring, the country was able to come out of its debt crises. Although most debts owed multilateral agencies had been settled by 2006, bond holders had to exercise patience with the country until April 2016 when it cleared the payment of the bonds.

One of the most recent and sensational recessions in the world is Greece’s. The recession in Greece was triggered by debt crisis and loss of confidence in the European nation. On June 30, 2015, Greece went down as the first European country in modern times that defaulted on paying its creditors.

Greece failed to pay the sum of $1.5bn to the International Monetary Fund when it was due.

The Guardian of the United Kingdom reported that the long-running debt debacle left Greece on the brink of financial collapse, worsening recent years of wrenching austerity. This represented a historic blow to Europe’s 16-year old single currency.

Some of the drivers that exacerbated the problem of Greece were budget and trade deficits. Both trade and budget deficit grew from below five per cent of Gross Domestic Product by 1999 to about 15 per cent of GDP by 2009.

The immediate factor that had triggered the Greek debt crisis was the realisation in 2009 that the debt figure had been deceptive. The implication of this was that statistics coming out of the country could not be reliable as the debt level had been underestimated.

This crisis of confidence eroded the capacity of the Greece government to borrow new funds. As the risk increased by the perception of investors and lenders, the cost of borrowing increased in the country. In the final analysis, the country required a bailout..

Writing in the New York Times on July 9, 2015, Liz Alderman, Larry Buchanan, Eduardo Porter and Karl Russell painted the picture of Greece.

They wrote, “The economy has been in disarray. People have been out of work for years. The banks have been running out of money. It sounds a lot like the Great Depression in the United States. But it is Greece – and in some ways, the situation is worse.

“Government spending helped pull the United States out of the Great Depression starting in 1933, and decoupling the dollar from gold helped. Though the economy slipped back into recession in 1937, the onset of World War II and furious military spending helped the country recover for good.

“Greece hasn’t had its own currency since it joined the euro, and an inefficient bureaucracy has long failed to improve tax collection or to trim its bloated government. At this point, Greece is just struggling to pay its bills, as it tries to secure aid from Europe.”

For Greece, diplomacy mattered so much at the period of recession. This worked. European authorities knew the implications of allowing the country to fail. The implications were going to be disastrous to the economic bloc.

By debt rescheduling and fresh loans, Europe is helping one of its own to glide through the difficult times. By January 2016, a fresh package of $3.4bn was agreed for the nation by European authorities.

The earlier the Nigerian policymakers learn from such experiences and devise the best strategies to deal with the present hard times, the better for the nation’s future.

Curled: Punchng.com

Another Nigerian airline, First Nation suspends operations

Another Nigerian airline, First Nation suspends operations

Barely 24 hours after Aero Contractors Airlines announced suspension of its operations, another domestic carrier, First Nation Airlines, has followed suit, suspending its operations.

The Nigerian Civil Aviation Authority (NCAA) made this known on Thursday.

Aero Contractors Airlines, Nigeria’s second largest commercial carrier, announced an indefinite suspension of its scheduled flight services and its staff with effect from Thursday, September 1, 2016.

The Director-General of the NCAA, Capt. Muhtar Usman, explained that the decision was taken in order to ensure that the airline carried out the required maintenance of its aircraft.

Usman, however, refuted claims that some of the domestic airlines were winding down their operations regardless of the fact that they had suspended flight services.

A statement signed by NCAA’s DG said: “The First Nation Airlines on its part is in the middle of an Engine Replacement Programme for one of its aircrafts. Another aircraft is due for mandatory maintenance as allowed by the regulatory authority.

“In these circumstances, these airlines clearly cannot continue to undertake schedule operations, hence the inevitable recourse to self regulatory suspension.”

Usman insisted that the domestic carriers had not wound down their operations, but were “merely suspending their operations temporarily to enable them undertake certain operational overhaul and strengthen their overall operational outlay.

Facebook CEO, Mark Zuckerberg; his view about Nigeria's economy and what he's working on with Nigerians Youths

Facebook CEO, Mark Zuckerberg meets Nigerian youths in Lagos

The Founder of Facebook, Mark Zuckerberg, has pledged to use Nigerian languages in offering services on Facebook.

Zuckerberg, who is on a business visit to Nigeria, made the promise at a meeting with software developers and ICT entrepreneurs yesterday in Lagos.

Zuckerberg, yesterday explained why he chose Lagos as first city to visit in sub-Saharan Africa. “I feel there is great energy here in Lagos,” Zuckerberg told a large audience, comprising Nigerian Internet developers and technology-savvy entrepreneurs at Co-creation Hub Nigeria (CcHUB) in Yaba, Lagos Mainland.

The youthful billionaire said the visit was part of the town-hall meeting with people on Facebook communities to learn how to improve users’ experience by developing technologies and engaging entrepreneurs around the world.

Zuckerberg said: “I have been going around the world, to different cities, and we’ve been doing town-hall meetings and we’ve been sitting down with people on Facebook communities, hearing from them about our user services and we can do better. Here in Lagos, I want to not just sit down with members of this community, but sit down with developers and entrepreneurs. The reason for that is I feel there is great energy here and I think the world needs to see that.”

The American entrepreneur noted that Nigeria’s economy is in transition from a resource-based economy to an entrepreneurial and knowledge-based market. He observed that Nigeria, as largest market in Africa, possesses “great entrepreneurial opportunities”, stressing that the nation’s potential in entrepreneurship was downplayed by investors, because of wrong perception.

He said: “Here in Lagos, and across the continent, things are changing really quickly. I mean the economy is shifting from a resource-based economy to entrepreneurial and knowledge-based economy. And you guys (Nigerian entrepreneurs) are the ones who will bring that change. Not only are we making this change in Lagos, Nigeria, but we are shaping the continent and influencing how things are going to work across the world for the next generation.”

“That is the story that is under-appreciated in a lot of places around the world. I think people and investors don’t appreciate the amount of energy here (Nigeria) and what entrepreneurial spirit is like here. I want to have a conversation and talk about technical questions on how to build knowledge-based business and entrepreneurship.”

On his impression about Nigeria, Zuckerberg said: “The thing that is striking is the energy…the entrepreneurial energy. From last night, I have probably met people, about 100, and what struck me is their entrepreneurial spirit.”

He shared the story of a Nigerian, Blessing Obueh, who he described as the perfect example of “Nigerian entrepreneurial spirit”. He said Blessing never gave up after her application to be part of a group of Information Technology (IT) engineers to train at the Facebook Foundation was unsuccessful.

“She showed up at the training, despite that her application was unsuccessful. She pleaded for a chance and we accepted. Now, Blessing is working in a multinational engineering firm,” Zuckerberg said.

Zuckerberg said he was glad his company introduced a social media application that allowed the use of Hausa language in communication on Facebook.

“I am glad we support Hausa, and we are planning on supporting more languages soon.”

He said that having local contents on the Facebook platform would ensure that more people were connected. According to him, Facebook hopes to get everyone in the world connected online in the next 10 to 15 years.

Before his addressed the gathering, Zuckerberg held a morning exercise with entrepreneurs among Lagos Road Warriors. The young billionaire was seen running with young Nigerians on Ikoyi-Lekki Link Bridge.

Zuckerberg described his experience as “best way to see a city.

SEC WARNS INVESTORS ON ACTIVITIES OF MMM NIGERIA

SEC WARNS INVESTORS ON ACTIVITIES OF MMM NIGERIA.

SEC warns investors on activities of MMM Nigeria.

The Securities and Exchange Commission (SEC), has warned the investing public on the activities of some online investment scheme tagged ‘MMM Federal Republic of Nigeria.

According to SEC, the promoters of the scheme carry out their business activities via Nigeria.mmm.net portal/platform, and are promising investors a monthly investment return of 30 per cent.
SEC said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other peoples’ invested funds.
Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The scheme generates returns for older investors by acquiring new investors.
The notice on SEC’s website thus read, “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid financial network’ with a monthly investment return of 30 per cent.
“The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.”
SEC, therefore, advised the general public to be wary of the online scheme, adding that anyone that subscribes to this illegal activity does so at his/her own risk.
In a related development, SEC said its attention had been drawn to the activities of one Mrs. Oge C. Ottiwu of No. 118 Zink Avenue, Opposite Eke Market, Awka, Anambra State, allegedly engaging in capital market activities without any registration within Anambra State and its environs.
“Section 38(1) of the Investments and Securities Act, 2007 requires any person who intends to operate as a professional in the capital market or carry on securities business to be registered by the commission before engaging in such activities. It is therefore illegal to carry on any kind of capital market business without registration,” it said in a post on its website.

#As reported same by SunNews.

 MORE INFO ABOUT MMM

RID YOURSELF OF GASTRITIS

Rid yourself of gastritis

Gastritis, one of the reasons of tummyache is an inflammation or irritation of the lining of the stomach. It can occur suddenly (acute) lasting one to three days, or  can be chronic, lasting several days to weeks. There are several reasons one may develop gastritis, some of which are-
Poor nutrition, allergies to certain foods,drinking too much alcohol and prolonged use of certain medications.Acidic drinks/juices with citric acidsand spicy foodssuch as hot peppers.Also, infection with the bacteria Helicobacter pylori, where the organisms break down the lining of the stomach, causing gastritis.Otherdiseases such as pernicious anemia (resulting from vitamin B12 deficiency), autoimmune disorders and chronic bile reflux can also cause gastritis.Nowadays, even physical stresses  are considered causative factors.
The most common symptomsinclude:
Heartburn/indigestion (burning feeling in the stomach/chest), which may be reoccurring. Pain in the upper abdomen,sometimes radiating to the back. Belching, nausea or vomiting (sometimes vomiting blood or “coffee” like material).Loss of appetite as well as bloating/a feeling of fullness.
The conventional treatment for gastritis involves taking antacids or other drugs to reduce stomach acid. While these drugs work quickly to ease symptoms, the following anti-gastritis herbs may help correct the root causes of gastritis:
Basil (Ocimumgratissimum, effirin, nchuanwu) has been found to be very effective for treating acute gastritis. Its anti-inflammatory and antibacterial properties help decrease inflammation and reduce infection caused by the H.pylori bacteria. It can help treat symptoms like stomach pain, indigestion, vomiting and nausea.
Infuse a tbsp. of the dried leaves in a teacup of boiled water for 15 minutes. Strain and take 2X daily, preferably after meals. You can also drink the basil tea with honey 2-3X a day for a few weeks.
Another option is to mix 2-3 tsp. of fresh basil juice with a tsp. of honey and drink 2 or 3 times a day for a week.
You may chew about 2 to 4 leaves of  basil slowly to treat stomach pain. Do this daily for at least a week.
Ginger can also effectively treat gastritis due to its anti-inflammatory and antibacterial properties. It may help reduce inflammation and treat the infection as well as alleviate symptoms like stomach pain, gas, indigestion, nausea and bloating.
The easiest way to consume ginger is adding 1 teaspoon of freshly chopped ginger root to 1 cup of boiling water. Cover and steep for 10 minutes. Strain, add honey and sip this tea slowly. Drink 2 or 3 times a day for about 5 days.
You can even chew a small piece ofthe fresh ginger root.
Potatojuice is another effective remedy for gastritis, thanks to its antacid and healing properties. The alkaline properties of potatoes help reduce bloating, cramping, excess gas and other symptoms of gastritis.
Peel 1 to 2 raw potatoes (preferably irish potato) and grate them. Extract the juice and dilute with a little warm water.Drink this 3X a day, 30 minutes before each meal, for at least 1 to 2 weeks.
Peppermintis said to be a stomach calmer andhasbeen popular since ancient times. Its soothing properties can reduce inflammation of the stomach lining as well asnausea, heartburn and indigestion.The aroma of peppermint activates the saliva glands and the glands that produce digestive enzymes. As a result our digestion becomes easier. Pour hot water over a few fresh leaves or tea bag of peppermint. Steep for 5-10 minutes and enjoy the mint tea to cope with stomach pain and indigestion.
You can also chew fresh peppermint leaves or add them to your soups, salads and smoothies.
Chamomile tea may also be very helpful in treating gastritis. It is rich in certain essential oils that are beneficial for the digestive system. It can even soothe the intestinal walls, providing relief from sudden pains, and eliminate gas. Plus, it can reduce stomach inflammation and thus reduce the risk of gastritis.
Add 1 or 2 teaspoons of dried chamomile flowers to 1 cup of hot water.Cover and allow it to steep for 5 to 10 minutes.Strain, then add some honey.Drink this tea several times daily for a week.
Goatweed (Ageratumconyzoides,  agadinwanyiisiawo, ime eshu)- decoction of entire plant. Take 1 tumbler 3 x daily.
Chickweed(Stellaria media,nri-okuko,  awede)-thoroughly wash with salt and pound to extract the juice. Take ½ tumbler an hour before or after meals.
Yogurt is a good addition to your diet, especially when suffering from gastritis caused by the H.pyloribacteria. Yogurt with active live cultures is particularly beneficial in this regard.The probiotics present in yogurt help protect your stomach lining from the  bacteria. Also, yogurt boosts the immune system to fight off infection more quickly.
Eat 2 to 3 cups of plain probiotic yogurt (unsweetened) daily until you get relief.
You can also try a yogurt, banana and honey smoothie. Drink it 2 or 3 times a day for quick recovery.
Supplementation – you can take supplements of vitamins B12, E and C to help your body heal quickly, after consulting with your physician.
Apart from the above remedies, you may need to maintain a food diary to find out what triggers gastritis and try to cut back or eliminate those foods from your diet.
It may be necessary to cut back or avoid drugs, alcohol, spices, foods and beverages that exacerbate your gastritis symptoms.
Also, cut back on red meat, red peppers, sour food, tea and coffee, sweets and aerated drinks as they may irritate the stomach lining. Avoid dairy products until the digestive system is healed.
Avoid stress as much as possible and do not go to bed immediately after a meal. There should be an ideal gap of an hour or two between taking a meal and going to bed.
Drink an ample amount of water throughout the day to keep many symptoms of gastritis at bay.
Eat slowly and make sure to chew thoroughly to facilitate proper digestion. Eat small meals at regular intervals to help reduce any excessive acid buildup in the stomach.

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Nigerian economy officially in recession as inflation hits 17.1%

Nigerian economy officially in recession as inflation hits 17.1%

According to latest report released yesterday by the National Bureau of Statistics (NBS), the Nigerian economy is in a recession.

Over a month ago, Finance Minister Mrs. Kemi Adeosun and Central Bank of Nigeria (CBN) Governor Godwin Emefiele, said the economy was in a “technical” recession.

But the figures released yesterday by the NBS confirmed that the economy has slipped into recession after inflation rose for the ninth consecutive month in July.

The figures confirmed the nation’s worst economic recession in over a decade.

According to the figures, Consumer Price Index (CPI) increased last month to 17.1 per cent from 16.5 per cent in June.

The NBS report stated that the CPI, which measured inflation, was 0.6 per cent points higher from the points recorded in June.

The report noted that increases were recorded in all ‘COICOP divisions, which contributed to the headline index, reflecting higher prices across the economy.

It stated: “The pace of the increase in the headline index was however weighed upon by a slower increase in three divisions; health, transport, recreation and culture divisions.

“The onset of the harvest season is yet to have a significant impact on food prices. It is yet to have a significant impact as the Food Sub-index increased by 15.8 per cent (year-on-year) in July, 0.5 per cent points lower from rates recorded in June.

“Prices however increased at a slower pace across a few groups within the food sub-index, namely milk, cheese and eggs; oils and fats; and fruits.’’

The report added that imported foods as reflected by the imported food sub-index increased by 0.4 per cent points from June to 20.5 per cent in July.

It stated that energy and energy-related prices continued to be the largest increases reflected in the core sub-index.

The report further stated: “In July, the core sub-index increased by 16.9 per cent during the month, up by 0.7 per cent points from rates recorded in June (16.2 per cent).

“During the month, the highest increases were seen in the electricity, liquid fuel (kerosene), solid fuels, and fuels and lubricants for personal transport equipment groups.

“Month-on-month, the headline index increased, albeit, at a slower pace, for the second consecutive month in July.

“The index increased by 1.3 per cent in July, 0.4 per cent points from 1.7 per cent recorded in June.’’

The NBS also yesterday said the nation’s Gross Domestic Product (GDP) declines by -2.06 per cent (year-on-year) in the second quarter of 2016.

It said in its GDP Quarterly Report posted on its Website that the figure was lowered by 1.70 per cent points from the growth rate of -0.36 per cent recorded in the preceding quarter.

The Bureau also said that the figure was lowered by 4.41 per cent points from the growth rate of 2.35 per cent recorded in the corresponding quarter of 2015.

According to the bureau, it records an increase of 0.82 per cent quarter on quarter.

It said that the nominal GDP during the quarter was N23.48 trillion at basic prices representing 2.73 per cent higher than the N22.86 recorded in the second quarter 2015.

The NBS said that the growth was lower than the rate recorded in the second quarter of 2015 by 2.44 per cent.

In the period under review, the Bureau put the real growth in the oil sector as 17.48 per cent year-on-year in the second quarter of 2016.

It, however, said that growth declined by 10.68 per cent and recorded 15.59 per cent relative to growth in the second quarter of 2015 and first quarter of 2016 respectively.

The Bureau said that quarter-on-quarter, growth also slowed by -19.11 per cent but as a share of the economy; the oil sector contributed 8.26 per cent to total real GDP.

This, it said, was down from the contribution recorded in the corresponding period of 2015 and the first quarter of 2016 by 1.54 per cent and 2.03 per cent respectively.

The NBS said that growth in the non-oil sector was driven by seven activities from agriculture, information and communication, water supply, arts entertainment and recreation, professional scientific and technical services, education.

It said that other services grew positively, while the remaining 19 major sectors, many of which were substantially indirectly dependent on the oil sector, recorded negative growth.

The Bureau said that the non-oil sector declined by 0.38 per cent in real terms in the second quarter of 2016, while recording growth rate of 0.20 per cent.

It also said the country recorded employment of 106.69 million persons aged between 15 and 64 in the second quarter of 2016, a 0.65 per cent higher than 106.00 million recorded in the first quarter.

The Statistician-General of the Federation, Dr. Yemi Kale, said economically active population or working age population such as persons between 15 and 64 years increased from 106.00 million in first quarter to 106.69 million in second quarter of 2016.

Dr. Kale said: “This represents a 0.65 per cent increase over the previous quarter and a 3.02 per cent increase when compared to second quarter of 2014.

“In the second quarter of 2016, the labour force population (those within the working age population willing, able and actively looking for work) increased to 79.9 million from 78.5 million in the first quarter of 2016.

“This represents an increase of 1.78 per cent in the labour force during the quarter.’’

According to him, this means that 1.39 million persons from the economically active population entered the labour force.

Those in the economically active population are the individuals that were able, willing and actively looking for jobs to do.

His words: “This magnitude of this increase between first and second quarters of 2016 is smaller when compared to four quarter of 2015 and first quarter of 2016, which was an increase of 1.59million in the labour force population.

“Within the reference period, the total number of person in full time employment (did any form of work for at least 40 hours) decreased by 351,350 or 0.65 per cent when compared to the previous quarter and also decreased by 749,414 or 1.38 per cent compared to second quarter of 2015.’’

The statistician-general said that with 106.69 million and 79.9million, it meant 26.8 million persons within the economically active or working age population decided not to work for one reason or the other in the second quarter of this year.

“Hence, they were not part of the labour force and cannot be considered unemployed,’’ Kale said.

The NBS described the unemployed as those who were actively looking for work but could not find any for at least 20 hours during the reference week.

“Accordingly, you are unemployed if you did absolutely nothing at all or did something but far less than 20 hours during the reference week”, the report said.

The Bureau put the value of share capital imported by different sectors of the economy at 202.70 million dollars in the second quarter of 2016.

The figure represents a 16.77 per cent decline against 84.17 per cent recorded in 2015.

Kale stated: “Capital is either imported in the form of shares, or directly imported by different sectors of the economy.

“In the second quarter of 2016 the value of share capital imported was estimated to be $202.70 million, which as for capital importation as a whole sets the record for the lowest value for the second consecutive quarter.

“The figure represents a decline of 16.77 per cent relative to the previous quarter, and a decline of 84.17 per cent relative to the same quarter of 2015.’’

The Bureau’s chief noted that this was a smaller year-on-year decline than in the previous quarter, in which it was 87.41 per cent.

He said that the share capital accounted for 31.32 per cent of total capital imported, less than half its share in the second quarter of 2015 of 70.41 per cent and the lowest level in seven years.

His words: “Nevertheless, the share capital still accounts for a larger proportion of total imported capital than any individual sector.

“For the first time on record, the sector to import the largest amount of capital was servicing, which accounted for $130.98 million, or 20.24 per cent of the total.

“This follows a large increase when the Direct – Equity Portfolio – Equity Portfolio – Money Market Instruments Other – Loans value was $12.83 million in the second quarter of 2015.’’

The Bureau said the increase also recorded when the value was $55.05 million in the previous quarter.

“In all the previous quarters, the sector to import the most capital had been either banking, financing, production or telecommunications. For the second consecutive quarter, production was the sector to import the second largest amount of capital,’’ Kale said.

This sector, he said, imported 92.62 million dollars, equivalent to 14.31 per cent of the total, following a quarterly increase of 14.86 million dollars, or 19.10 per cent.

The NBS chief also said that the capital imported by the production sector increased by 80.92 per cent year-on-year, stating that there were six sectors that recorded no capital importation in the second quarter of 2016.

“These sectors are fishing, marketing, hotels, tanning, transport and weaving,’’ he said.

Kale said that half of the 20 sectors recorded a decline in the amount of capital imported relative to the previous quarter.

“The largest fall was in the electrical sector, which recorded 61.32 million dollars less. By contrast, telecommunications recorded the largest increase, and imported 64.10 million dollars more than in the previous quarter”, the statistician-general said.

Africa Richest Man, Dangote Launches Nigeria’s First Fintech Bank

Dangote Launches Nigeria’s First Fintech Bank

It was celebration galore on Monday, August 15, 2016 when the President of the Dangote Group and Africa's richest man, Aluko Dangote led other dignitaries to flag off Nigeria's first full-fledged technology bank, SunTrust Bank.
SunTrust Bank is the first regional bank to receive a new license by the Central Bank of Nigeria (CBN) since 2001 and the first full-fledged financial technology bank in Nigeria.
The Bank is the first commercial bank that runs minimal branches and focuses on electronic channels by offering telephone, mobile and internet banking services.

Aluko Dangote unveiling the Fintech Bank
According to Mr. Dangote who chaired the opening ceremony at the bank's headquarters in Lagos, Fintech Bank is a welcome development in this era of cashless economy. He emphasized that SunTrust Bank will help the country harness its potential in the digital world.
He explained further that technology-driven platform would distinguish the bank and make it the most cost-effective bank in the country with fewer personnel and attendant lower overhead cost.
"SunTrust bank has elements that appeal to me in its Fintech strategy driven by its focus on technology," the businessman said.
"SunTrust has recognized that the old model of business expansion via a network of expensive branch premises is obsolete. What you need now is to sit down at home and do your banking transactions thereby saving money and time."
Mr. Dangote commended the board, management and staff of the bank for their courage in taking the bold step at a time "banks all over the world are facing multiple challenges and headwinds" and noted that the Bank's focus will drive it to success.

Official press release of actress, Funke Akindele Married to Abdulrasheed, aka Skillz

Official press release of actress, Funke Akindele Married to Abdulrasheed, aka Skillz

Funke Akindele walked down the aisle on Tuesday, 23, August, with her beau, Abdulrasheed Bello in London, UK at a quiet wedding witnessed by immediate family members, the best man, maid of honour, and friends with strong ties.

The groom, Abdulrasheed, aka Skillz is a multi-talented musician, music producer and a leading member of the JJC and 419 Squad based in London.Skillz was blessed with three children who are grown up and living happily in the United Kingdom.

In a statement signed by Funke Akindele’s publicist, Biodun Kupoluyi, had a quiet wedding in London because neither of them wanted to be on show or at the center of attention having been on that lane before. “The decision to do it quietly was right for us and we pray for the understanding of our close friends and fans at this offer of a lifetime moment. At a good time, we shall look back and in appreciation of divine grace and your support, we shall celebrate milestones and where we are in life."

The working couple has since hit the ground running, shooting scenes for the new episode, Jenifa In London for the running sit-com, Jenifa’s Diary. Jenifa In London, Funke Akindele hinted would be premiered at a high-octane event in London and Lagos.

The couple would return to Nigeria soon.

Signed:
Management

N23 billion Diezani bribe: EFCC arrests Ebonyi gov’s brother

N23 billion Diezani bribe: EFCC arrests Ebonyi gov’s brother

The Economic and Financial Crimes Commission (EFCC) has arrested Mr. Austin Umahi, the brother of the Governor of Ebonyi State, Dave Umahi, for his alleged role in the N23bn ($115m) allegedly disbursed by a former Minister of Petroleum Resources, Diezani Alison-Madueke.

The EFCC also arrested two others – Chinyere Egwuche and Mabel Dikibo –who were associates of Austin.

The EFCC said the suspects received N400m from Diezani through Senator Nenadi Usman who was the Director of Finance of the Goodluck Jonathan Campaign Organisation.

The money, believed to have been part of the missing oil funds, was said to have been used in bribing some officials of the Independent National Electoral Commission during the build-up to the 2015 presidential election.

A source at the EFCC said, “On Monday August 29, 2016, we arrested one Austin Umahi, a brother to the current governor of Ebonyi State along with two others: Chinyere Egwuche and Mabel Dikibo over a N400m slush fund linked to the 2015 presidential campaign of the Peoples Democratic Party.

“The suspects, all employees of Brass Engineering & Construction Nigeria Limited and Osborn La-Palm Royal Resort, were arrested, following their refusal to collect and honour invitation by the EFCC, for questioning in an ongoing investigation involving both companies.

“While Austin Umahi doubles as the chairman of both companies, Chinyere Egwuche and Marbel Dikibo are also signatories to the companies’ accounts.

“The N400m was released by the Director of Finance, PDP Presidential Campaign Organisation, Senator Nenadi Usman, to the PDP Ebonyi State, for the 2015 presidential election, but the said fund was moved from Fidelity Bank, Abakaliki where it was initially deposited on March 27, 2015, to an Access Bank Abakaliki account, where one Maxwell Umahi further moved N100m and N300m respectively into the accounts of Brass Engineering and Construction Nigeria Limited and Osborn La-Palm Royal Resort respectively”

The anti-graft agency said one of the suspects, Egwuche, subsequently withdrew the N300m paid into the account of Osborn La-Palm, which according to her was used to finance further construction of Osborn La-Palm Hotels in Abakaliki, Uburu and Port Harcourt, while the N100m paid into the account of Brass Engineering and Construction Nigeria Limited was transferred to a certain David Umahi Faith Foundation.

“Though investigation is still ongoing, the above mentioned companies have been traced to the Ebonyi State Governor,” the EFCC added.

In his response, the spokesman for the governor, Mr. Emma Anya, denied that the governor’s brother was in the EFCC custody. He also absolved the governor of blame.

Anya said, “Mr. Austin will respond accordingly on a later date. However, as I speak with you, he is currently in Port Harcourt and not in the custody of the EFCC.

“The governor divested his interests in the companies as required by law and thus committed no crime.”

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Oby Ezekwesili reacts to Mark Zuckerberg's visit, exhorts Nigerian youths

Oby Ezekwesili reacts to Mark Zuckerberg's visit, exhorts Nigerian youths

Former Minister of Education, Oby Ezekwesili has sent a strong signal to Nigerian youths over the visit of the Facebook founder, Mark Zuckerberg.

Ezekwesili said: “Mark Zuckerberg. Hopefully he left a strong message for our young friends that "the SUBSTANCE of a person's life is not defined by $$"”.

"Mark Zuckerberg did not pay a Charity Visit to Nigeria. He can already SMELL where the NEXT BIG thing will emerge from in IT world-NIGERIA!

“The visit by Mark Zuckerberg is HUGE. It is a stellar achievement of Nigeria's YOUNG who have given their intellect to growing IT knowledge.

“While sectors that are harbingers of Nigeria's endemic corruption challenge are in DECLINE, note how the YOUNG redefine Nigeria thru IT”, she tweeted.

The Facebook founder visited Lagos, Nigeria’s commercial capital, on Tuesday, and interacted with Nigerian tech entrepreneurs at Yaba, regarded as the Silicon Valley of Nigeria.