9News Nigeria

By Abubakar Haruna Muhammad (9News Nigeria, Northeast)

A Yobe State Government delegation led by the Special Adviser on International Relations and Investment to Governor Mai Mala Buni, Dr. Sa’id Alkali Kori, has arrived in Moscow to secure strategic partnerships for the Damaturu Special Agro-Industrial Processing Zone, SAPZ.

The delegation is in Russia for the Russia-Africa Summit.Its mandate is to bridge Yobe’s agricultural potential with Russian industrial expertise.

It is also to attract investment into the 1,500-hectare SAPZ.

Dr. Kori on a post on his Facebook account explained that the team’s objective is to secure partnerships in dedicated power generation of 50-100MW.

The partnerships will also cover rice and sesame processing as well as agricultural mechanization for the zone.

According to him, the team has commenced high-level engagements with Russian partners and has presented a comprehensive investment brief.

The brief outlines nine bankable investment windows and opportunities for Russian technology and export credit in North-East Nigeria.

He said Yobe is positioning the SAPZ as the hub of Africa’s next agro-industrial revolution, noting that land, market and government support are ready for investors.

Members of the delegation include Dr. Babagana Mohammed Adam, Managing Director, Nigeria Food Corporation.

Also on the team is Dr. Aliyu Chikaji, Director General, Yobe State Agency for Public Private Partnership and Investment Promotion, Dr. Mohammed Alkali Dilala, Focal Person on Special Agric Intervention.

Others are Babagana Hassan, Managing Director, Yobe Investment Company, Engr. Umara Mustapha Goniri, Chairman, Rural Electrification Commission, Alh. Modu Maaji Ajiri, Project Coordinator, SAPZ Yobe and Mr. Abubakar Bello of the Nigeria Food Corporation.

The team said discussions in Moscow are focused on moving from engagement to validation.

The discussions will also focus on structuring of investments for the Damaturu zone.

9News Nigeria

9News Nigeria

Exclusive Story by Chinedum Anayo | Abuja, 9News Nigeria

Elon Musk’s recent interview with The Economist has sparked intense worldwide arguments after the billionaire entrepreneur made a series of sweeping predictions about artificial intelligence, economics, politics and the future of humanity.

From first declaring that money could become irrelevant by 2036 to warning that humans may no longer control artificial intelligence within a decade.

Musk then painted a future he described as both “exhilarating and terrifying.” 

While many of his claims remain speculative, several are grounded in trends already reshaping industries worldwide. 

Could AI Surpass Human Intelligence Within Five Years ?

Perhaps Musk’s most striking prediction was that artificial intelligence will exceed the combined intelligence of humanity in about five years.

“There really won’t be anything that AI can’t do better than humans, apart from being human,” he said. 

AI systems have already demonstrated remarkable capabilities in coding, scientific research, medical diagnosis, language translation and creative tasks. 

However, many AI researchers caution that today’s systems remain highly specialised and do not yet possess the general reasoning ability or autonomy associated with human intelligence.

Technology experts therefore view Musk’s five-year timeline as highly ambitious, although they acknowledge that AI development is advancing at an unprecedented pace.

Could Money Really Become Irrelevant ?

Musk argued that money exists primarily as a mechanism for accessing goods and services. 

If AI-powered factories and robots eventually produce food, housing, healthcare, transport and entertainment in virtually unlimited quantities, society may no longer require money in its current form. 

Economists say the theory resembles the concept of a “post-scarcity economy,” where technology dramatically reduces production costs.

Despite these trends, significant obstacles remain.

Land, electricity, water, rare minerals and energy infrastructure would still be limited resources. 

Ownership of AI systems and robotic production could also remain concentrated among governments and corporations, preserving economic inequality rather than eliminating it.

Meanwhile, IT experts emphasized that AI is more likely to transform how wealth is created and distributed than to eliminate money altogether.

Musk believes automation will eventually make work optional.

In such a future, employment would resemble a hobby rather than an economic necessity, allowing people to pursue work for personal fulfilment instead of survival. 

Similar remarks have featured in several of his public appearances over the past year. 

While AI is already replacing certain routine tasks, economists note that previous technological revolutions also created entirely new industries and occupations.

The World Economic Forum and other labour-market researchers have consistently projected both significant job displacement and substantial job creation as AI adoption accelerates, though the transition could be disruptive.

Is it the Era of Universal Income or Traditional Employment?

To cushion workers displaced by AI, Musk suggested governments could provide citizens with regular payments.

“I think the Treasury should just simply issue people cheques,” he said.

The proposal resembles Universal Basic Income (UBI), an idea that has been tested in countries including Finland and explored in pilot programmes elsewhere. 

This move could provide financial security during periods of technological disruption, while critics question its long-term affordability and possible effects on labour participation.

Musk has previously advocated an even broader concept of “universal high income,” arguing that AI-generated abundance could make such programmes economically sustainable. 

Inflation or Deflation?

Musk argued that contrary to conventional concerns that government spending fuels inflation, AI could create the opposite problem.

According to him, if robots produce vastly more goods than people can consume, prices may continually fall because supply would outpace demand.

Economists agree that rapid productivity gains can reduce production costs. 

However, persistent deflation also carries risks, including weaker consumer spending, lower corporate profits and slower investment. 

Central banks have historically viewed prolonged deflation as economically challenging.

Humans May Lose Control of AI

Despite his optimism, Musk acknowledged that AI presents enormous dangers.

He suggested humans may no longer remain in control of advanced AI systems within roughly a decade, while estimating the probability of catastrophic outcomes at between 10 and 20 percent. 

Those concerns are consistent with warnings Musk has voiced for more than a decade, although he now says halting AI development appears unrealistic because global competition has made its progress effectively unstoppable.

Instead, he believes society should focus on ensuring advanced AI systems remain aligned with human interests.

A Take on Regulation

Rather than relying exclusively on governments, Musk proposed that the world’s leading AI laboratories regularly review one another’s frontier models before public release.

He argued that competing companies should hold routine discussions on emerging safety risks and evaluate major systems before deployment. 

The proposal comes amid growing international concern over AI governance and follows renewed debate after reports of unexpected autonomous behaviour during AI testing. 

Meanwhile, beyond technology, Musk reflected on his increasingly controversial political involvement.

He admitted he had become “a little too involved” in politics and acknowledged the backlash it generated, while continuing to defend many of his policy positions on immigration, government spending and Europe. 

A Future of Abundance or Uncertainty?

Musk ended the discussion by describing artificial intelligence as simultaneously “exhilarating and terrifying”, a reflection of his belief that humanity stands on the threshold of its most transformative technological revolution.

Whether his predictions prove accurate remains uncertain. 

What is becoming increasingly difficult to dispute is that artificial intelligence is already redefining the global economy. 

The central question is no longer whether AI will change society, but whether governments, businesses and citizens can adapt quickly enough to manage the opportunities and risks that accompany its rise.

9News Nigeria

9News Nigeria

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a broader corporate direction aimed at transforming the state-owned energy company into a major catalyst for investment, innovation and long-term energy development across Nigeria and the African continent.

The company’s Group Chief Executive Officer, Bayo Ojulari, said the new strategy reflects a shift from the traditional role of an oil and gas producer to a more integrated organisation focused on creating an ecosystem that links finance, technology, policy, skilled manpower and markets.

Ojulari made the remarks while reflecting on NNPC Ltd.’s participation at the 2026 Nigeria Oil and Gas (NOG) Energy Week, where industry leaders, government officials, investors and global energy stakeholders gathered to deliberate on the future of Africa’s energy sector.

According to him, the company’s long-term vision is centred on building stronger partnerships capable of accelerating investment, expanding energy access and supporting sustainable economic growth across the continent.

He noted that the company’s engagements during the conference reinforced its commitment to driving collaboration throughout the energy value chain, stressing that future growth would depend on strategic alliances rather than conventional hydrocarbon production alone.

Ojulari said NNPC Ltd.’s transformation is designed to position the organisation as a platform that brings together capital, technology, policy frameworks, talent and commercial opportunities to create enduring value for Nigeria and Africa.

He added that the company’s renewed identity would serve as the foundation for deeper industry partnerships and contribute to advancing Africa’s energy aspirations.

The NNPC boss also shared highlights of the company’s activities during the week-long conference, describing the event as an opportunity to engage with key stakeholders and showcase the organisation’s evolving strategy.

The annual NOG Energy Week has become one of Africa’s leading energy conferences, attracting policymakers, regulators, international oil companies, indigenous operators, financiers and technology providers to discuss investment, energy security, gas development, decarbonisation and emerging opportunities within the sector.

This year’s conference placed significant emphasis on strengthening collaboration and attracting fresh investment as Nigeria continues implementing reforms aimed at improving the competitiveness of its oil and gas industry.

Since becoming a commercially driven entity under the Petroleum Industry Act (PIA), NNPC Ltd. has intensified efforts to improve operational performance, expand strategic partnerships and reinforce its role in supporting Nigeria’s energy transition agenda.

The Federal Government has repeatedly identified the energy sector as a key pillar for economic diversification and sustainable growth, with ongoing reforms targeting increased oil and gas production, greater domestic gas utilisation, improved energy security and stronger investor confidence.

As the country’s national energy company, NNPC Ltd. continues to play a central role in executing these reforms through partnerships with both local and international stakeholders while pursuing initiatives intended to strengthen Nigeria’s position as one of Africa’s leading energy investment destinations.

9News Nigeria

9News Nigeria

In Maiduguri’s bustling streets and quiet neighborhoods, a growing number of women are reshaping the local economy—often with little more than determination and small-scale capital.

This reality came into focus at the Women in Business Summit 2026, where entrepreneurs and stakeholders gathered to highlight the role women are playing in driving economic activity in Borno State.

The summit, which took place on Tuesday in Maiduguri, was organized by CIATECH Africa, in collaboration with Rayyan Microfinance Bank.

This forms part of a collaborative effort between CIATECH and Rayyan, formalized through a Memorandum of Understanding (MoU) signed by the two parties in recent weeks.

CIATECH is a non-governmental organizations working on advocacy, learning and production towards harnessing and advancement of technology, entrepreneurship among other things.

For many of the women present at the summit, entrepreneurship is not just a career choice—it is a necessity.

With limited formal employment opportunities, small businesses have become a vital source of income and stability.

From baking and fashion design to retail trading, women are carving out spaces for themselves in sectors that are often informal but essential to daily life.

“I started small, just to support my family,” one entrepreneur said, adding that “now, I’m thinking about how to grow and employ others.”

Yet, the path is not without challenges. Limited access to finance, lack of formal business registration, and restricted market opportunities continue to slow growth for many women-led enterprises.

At the summit, these issues were discussed openly, with a focus on practical solutions.

Similarly, participants explored ways to strengthen financial inclusion, improve business skills, and connect to broader markets.

Development actors and financial institutions present emphasized the need to move beyond one-off interventions toward more structured, long-term support systems.

One of the key outcomes of the event was the introduction of new initiatives aimed at addressing these gaps, including support for business formalisation and an entrepreneurship programme targeting 100 women.

For many attendees, these efforts represent a step toward sustainability—moving from survival-based businesses to more stable and scalable enterprises.

As Borno State continues to rebuild, the role of women in economic recovery is becoming increasingly evident.

Their businesses may start small, but their impact is far-reaching.In the face of constraints, these women are not waiting for change—they are creating it.

9News Nigeria

9News Nigeria

The foremost Presidential Hotel in the then Eastern Nigerian regional base, Enugu has resonated after several years of being forgotten, neglected and abandoned by serial governments that came and gone in the State.

It was during the time of Senator Chimaroke Nnamani as Governor of Enugu state that saw the last life of the five Star hotel. However, Fmr Governor Sullivan tried reviving the hotel but it was set to complete comatose after his reign.

Presidential Hotel Enugu use to be a significant edifice in the South East region but the way and manner it was rejected and abandoned by government was a heartbreak to the entire South Easterners resident in the state.

Similarly, Imo Concorde Hotel Owerri use to be the heart of commerce in the state but was also abandoned to comatose till the recent resurrection back to back by the Hope Uzodinma’s shared prosperity administration.

Administrations before the shared prosperity in the same manner abandoned the five Star concorde hotel Owerri for lack of proper management and maintenance. Imolites ar happy to witness its come back by Governor Uzodinma’s effort as work is seriously going on in the hotel at the time of filling this report by 9News Nigeria.

Concorde Hotel Owerri alongside Presidential Hotel Enugu are previous edifices that should not be toiled or tempered for the sake of business and commercial boost. Both Governors of Imo and Enugu under President Tinubu’s administration shall ever be remembered for the renovation done to both hotel in respective states.

Thursday, the Enugu State Governor Mbah had the honour of unveiling the reconstructed Hotel Presidential, a landmark built 62 years ago under the visionary leadership of Dr. Michael Okpara as a symbol of our resilience, elegance, and enterprise.

Information has it that for about 15 years, this glorious edifice stood in ruin, it was an affront to the pride of the state.

Speaking at the opening, Governor Mba hinted that then his administration came into office, he made a strong pledge to recover what belongs to Enugu people, to convert dormant assets into productive assets, and to turn liabilities into engines of growth.

That is why this unveiling is more than opening the doors of a hotel; it is the reopening of Enugu’s confidence. It is a tangible sign that when we say Enugu is open for business, we mean business., the Governor maintained.

“The standards we insisted on for this revamp are truly world-class, because when Enugu says “welcome” to its investors, our hospitality infrastructure must speak with the same credibility as our policies.

“Together with the International Conference Centre, the 345-room ICC Hotel under construction, and Enugu Air, this project positions Enugu as the Conferencing Capital of Africa and a hub for tourism, investment, and opportunity.

“I thank Amber Hospitality for believing in Enugu’s potential and bringing on board their enviable pedigree earned through the management of about 12 successful brands in the hospitality sector.

“I also commend Dilworth, our contractors, for their attention to detail, as well as the Commissioners of Works and Infrastructure and of Culture and Tourism who worked to realise this project.

This is not just about a hotel. It is about confidence, jobs, pride, and the spirit of a people who know that tomorrow is here, Enugu State Governor shocks the opposition. It is commendable to note that hospitality industry helps in the economic boost of the state. It is also important to charge state Governors to revive and bring to life every moribund industry and production firms across the regions.

By so doing, the likes of textile factories, ceramics industries, agro farms, Shoe industries, motor assembly factories, manufacturing and entrepreneurial facilities, small scale businesses including recycling industries will resurface to boost economic hub, employment and service delivery across the regions, as 9News Nigeria business research team led by Amb Princely Onyenwe reports.

For inquiries on this news contact 9News Nigeria @08036856526

9News Nigeria

9News Nigeria

Written By Princely Onyenwe

It is another breaking news to Imolites that Chief Charles Akuatuegwu Orie has promised an achievable policy plan to boost the agro sector and small- scale businesses through easy accessibility of loans.

At a proper execution of this singular policy template in the state , the Charles Orie’s agro economic and small scale business plan will automatically provide needed enabling environment that will guarantee massive employment, sufficient local production, increase in the state internally generated revenue IGR and possible exportation targets of Imo products to nearby countries.

A credit guarantee scheme for small-scale businesses and Farmers in Imo State therefore , is a financial initiative aimed at empowering entrepreneurs by providing access to affordable loans with reduced risk for lenders.

Objective: The primary goal is to tackle challenges faced by Micro, Small, and Medium Enterprises (MSMEs) in accessing finance and managing operational costs.

The Scheme has key features like loan amount, interest rate, moratorium, repayment period and target beneficiaries which are micro and small-scale business and Farmers in Imo State, with a view on promoting economic recovery and job creation.

There will be partnership collaboration and guarantee cover for every small business scale owner and agro farms powered by Imo likable hopeful Charles Orie.

Small businesses and farmers in Imo State often face a major roadblock: getting loans to grow. Banks frequently turn them away, asking for collateral that many do not have or viewing their businesses as too risky.

In fact, around 80% of these entrepreneurs can’t access formal credit, which limits their ability to expand and create jobs.

Chief Charles Orie, a candidate for Imo’s 2027 governorship election, has marshalled a bold plan to change this and spark economic growth across the state.

Orie’s solution is a Credit Guarantee Scheme designed to make loans more accessible.

Instead of the government lending money directly, it will act as a guarantor, promising to cover part of the loan if a borrower can’t repay due to unexpected challenges.

This reduces the risk for banks, encouraging them to approve loans for farmers, traders, artisans, and small manufacturers who have solid business ideas but lack the assets banks usually demand.

“Under my leadership, viable businesses will get support, not rejection,” Orie said. “This will create jobs and grow Imo’s economy.”

By unlocking access to credit, Orie’s plan aims to empower thousands of entrepreneurs who are currently left out of the financial system. Farmers could buy better seeds or equipment, boosting food production.

Small manufacturers could expand their workshops, hiring more workers. Traders and artisans could stock more goods or improve their services, contributing to local development.

Chief Orie said that more lending means more business activity, which leads to more jobs, higher incomes, and a stronger economy for Imo State. Orie’s focus on financial inclusion ensures that even the smallest businesses get a fair shot at success.

By making loans easier to access, Orie affirmed that Imo can build a thriving economy where entrepreneurs drive growth and prosperity.

With this forward-thinking policy, Orie is setting the stage for a brighter economic future for the state.

Princely Onyenwe writes from Owerri, Imo State

9News Nigeria

9News Nigeria

IMO: The long awaited ANOH GAS plant in Ohaji Egbema area of Imo state Nigeria is completed for operations, 9News Nigeria learnt.

The completion is a courageous step taken by the Governor Hope Uzodinma’s shared prosperity administration to revive and put to operation, significant moribund economic base in Imo state.

The commissioning of this laudable project by President Bola Ahmed Tinubu, GCFR, was not just ceremonial – it was a defining milestone in the Shared prosperity administrative vision to industrialize and energize Imo State.

Speaking, Governor Uzodinma expressed happiness when he received the management of the ANOH Gas Processing Plant as they prepare to commence operations. Accordingly, “This moment marks a new chapter in our collective pursuit of economic transformation in Imo State.

“I am particularly delighted that of the two ANOH gas processing plants, the Seplat-operated facility has now been completed and is ready to begin operations. This achievement signals immense progress and promises to catalyze economic growth, job creation, and increased investment opportunities across Imo.

“The significance of this project cannot be overstated. It is a strategic pillar in repositioning Imo as an energy hub, with far-reaching impact on our economy and the well-being of our people.

“While commending Mr. President for his support and applauding the ANOH Gas Management Team for their commitment, I assured the Team of our full cooperation and support in Imo State.

As Imolites await for its full operation and delivery of gas as promised, the second ANOH GAS project is expected to be completed while the dredging of Oguta lake to connect to the national grid is another project Imolites are keenly expecting to see it happen in the Governor Hope Uzodinma’s administration.

-Princely Onyenwe reporting

For inquiries on this news contact 9News Nigeria @08036856526

9News Nigeria

9News Nigeria

The Niger Delta Development Commission NDDC has unveiled the Niger Delta Sports Festival, NDSF 25th Anniversary Logo In Imo State Capital as captured by 9News Nigeria Owerri.

The event was held friday in Owerri, Imo state Nigeria and featured alot of personalities in the NDDC, government functionaries and the sports commission.

Declaring the event open, His Excellency Governor Hope Uzodinma CON reiterated the commission’s dedication and commitment to advancing critical sectors, from infrastructure to human capital development.

Uzodinma stated that the programs and policies of this commission will showcase its important role in promoting sustainable growth across the region.

While conveying best wishes as the NDSF commences, Governor Uzodinma expressed commendation to the board, management and staff of the NDDC for their consistent efforts in addressing the developmental needs of the region.

The Governor hinted that NDDC will progress the region while fostering collaboration and innovation to unlock the region’s full potential as 9News reports.

The commission through their spokesman earlier assured the government of Imo State to continue in their symbolic developmental plans with the renewed hope agenda of the Federal government and the NDDC zone to bring massive giant strides in the area.

During his speech at the unveiling of the NDDC 25th Anniversary Logo and the Niger Delta Sports Festival (NDSF) Mascot in Owerri, Governor Uzodinma highlighted the significance of the commission as a vital force driving the #RenewedHope agenda and the transformation of the Niger Delta region.

The NDDC visit to Imo this Friday afternoon on an Unveiling of the 25th Anniversary Logo and the NDSF is expected to start yielding deserving dividends to Imo people while the commission is expected to go grassroots to rural communities to develop the hinterlands as a matter of urgent importance and service delivery.

-Princely Onyenwe reporting

For inquiries on this news contact 9News Nigeria @08036856526

9News Nigeria

9News Nigeria

The Federal Government of Nigeria has charged their women to as a matter of importance, leverage capital market for wealth creation to help government become massive employer of labour across Nigerian states and communities.

The Honourable Minister of State for Finance, Dr Doris Uzoka-Anite, made the call today in Abuja during the official launch of the Securities and Exchange Commission (SEC) Podcast as 9News Nigeria reports.

Inline with the world celebration of International Women’s Day, the Federal Government took the opportunity to call on Nigerian women to explore investment opportunities in the capital market, emphasizing its potential as a strategic pathway to wealth creation.

Dr Doris stressed the importance of women’s participation in the capital market, saying, Opening opportunities for women in the capital market would create a pathway to wealth creation. We need to come up with more policies, reforms, or frameworks that encourage more women to participate in the financial sector.

The Minister also highlighted the unique challenges women face, balancing professional and familial responsibilities. Women are actually very good with investing; we know what to do with money. We know how to manage money in the house, and it will go round the whole family. If a woman learns how to make that money multiply and how to save it in a way that it will continue to add value and meet her needs and her family needs, I think she will love that.

Dr. Uzoka-Anite emphasized the need for a multi-pronged approach to assisting women in the capital market, involving individual empowerment and institutional support. Assisting women in the capital market is a multi-pronged approach; the individuals need to do more to be heard.

The institutional approach, where we encourage the institutions to give women a chance, to treat women based on their competencies, capacities, and encourage them.

She commended the SEC for launching the podcast, describing it as very innovative and highly needed at this time.

The Minister expressed optimism that the podcast’s objectives would be achieved, particularly in encouraging more women to participate in the capital market.

Speaking earlier, the Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama explained that the podcast aims to disseminate information across Nigeria, fostering understanding of the capital market and its opportunities.

We want people in the most remote parts of this country to be aware of the capital market and how they can participate to create wealth, he said.

Dr. Uzoka-Anite’s call to action marks a significant milestone in Nigeria’s journey towards financial inclusion and women’s economic empowerment. By leveraging the capital market, Nigerian women can unlock new opportunities for wealth creation, economic growth, and prosperity.

As the country strives to achieve its $1 trillion economy target, the active participation of women in the capital market will play a vital role in driving sustainable development and economic transformation officially endorsed by
Mohammed Manga, FCAI Director, Information and Public Relations this day
March 3, 2025 and reported by 9News.

In this year’s international women’s day, our News outlet joins the rest of the world to extend our heartfelt gratitude to all the women all over the world while charging them to explore business opportunities to key into the wealth creation policy of the Honourable Minister of state for finance, Dr Doris Uzoka-Anite.

-Princely Onyenwe reporting

9News Nigeria

9News Nigeria

Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja has dismissed a request for his recusal from the ongoing trial of the former Governor of the Central Bank of Nigeria, Godwin Emefiele.

Delivering his ruling on Wednesday, Justice Oshodi held that the allegations of bias raised by the defence were unsubstantiated, stating that there was no evidence to justify his withdrawal from the case.

The defence, led by Olalekan Ojo, had on Monday orally applied for the judge to recuse himself, arguing that his previous rulings suggested a likelihood of bias.

However, Rotimi Oyedepo, counsel for the Economic and Financial Crimes Commission, opposed the application, insisting that the proceedings had been conducted fairly and equitably.

9News Nigeria revealed that after reviewing the arguments and legal authorities cited, Justice Oshodi ruled that the application lacked merit and subsequently dismissed it.

9News Nigeria

9News Nigeria

Justice Binta Nyako of the Federal High Court, in Abuja, has indefinitely adjourned the trial of leader of the Indigenous People of Biafra, Nnamdi Kanu.

The decision, made on Monday, follows Kanu’s insistence that Nyako cannot preside over his case, citing her previous recusal.

Kanu had been ordered to appear for a hearing on Monday, February 10, 2025, before Justice Binta Nyako of the Federal High Court, Abuja.

Earlier in January, Kanu filed a petition against Justice Nyako before the National Judicial Council, accusing her of judicial misconduct in handling his trial. 

Days later, the IPOB leader called for his case to be transferred to the South-East if no judge at the Federal High Court in Abuja is willing to preside over it apart from Justice Binta Nyako. 

9News Nigeria

9News Nigeria

The Majority Leader Imo State House of Assembly IMHA and Honorable member representing Owerri West in the 9th and 10th House, Rt Hon Kanayo Onyemaechi has applauded His Excellency Governor Hope Odidika Uzodinma CON, for making possible, the delivery of a world-class mobile station cum sub station in Obinze, Owerri West LGA of Imo state Nigeria.

While the contracting firm has commenced the laying of high tension poles across the catchment area, the 63MVA123/33KV Mobile station/substation is located at Obinze Owerri West LGA, to add more clearer reception of electricity supply and mobile communication in Imo state as 9News Nigeria reports.

At a kick off of the arrival of the equipments in Obinze Owerri West, today Sunday, the legislator IMHA, Hon Kanayo Onyemaechi alongside other notable politicians and leaders from the zone trooped out en masse to receive its delivery at the project site today Sunday.

At a budget presentation in a plenary at the Imo State House of Assembly IMHA, Majority Leader Onyemaechi appraised His Excellency Dr Hope Uzodinma for conceiving such an unwavering idea to give the state the best mobile power sub station in Owerri zone.

The Legislature further thanked the Imo Darling Governor, Hope Uzodinma CON on his continued readiness to improve Ndi Owerri West and Owerri zone at large for the massive support they gave to the Shared Prosperity -All Progressives Congress APC administration in the State.

Rt Hon Onyemaechi added that Dr Uzodinma’s is a man whose words have remained his bonds. “Governor Uzodinma is truly a listening darling Leader, Onyemaechi maintained.

9News Nigeria gathered that the actualization of the Obinze mobile Power Station cum Sub station as made possible by Imo State ably led by Governor Hope Uzodinma has definitely commenced having all the needed equipments for the project arrived Sunday evening in Obinze.

FUTO Host Communities alongside the wonderful People of Owerri West Local Government Area , Owerri Zone and the Imo State People in general have expressed high happiness and satisfaction at the witnessing of the safe delivery of this newest mobile power station.

Imolites in general are the beneficiaries of this wonderful project executed in the State by His Excellency Governor Hope Uzodinma via the APC administration led by His Excellency President Tinubu GCFR.

Recall that during the budget presentation at the Imo State House of Assembly IMHA this project was at the instance of His Excellency, the Darling Governor of Imo State to choose Owerri West as a base for this signature project.

Today, the project has become a reality in Imo state Nigeria. Owerri West in Owerri Zone has been favoured by the Governor of Imo State for considering the LGA as a safe place for the project execution.

Speaking with our correspondent, eye witnesses said, that all equipments have arrived Obinze for onward take-off as scheduled by Imo State Government IMSG under Governor Hope Uzodinma CON.

While stating that this power station and sub station are gazetted to be installed in Obinze Owerri West, an expert in the power sector, said, it is a huge show of love from Governor Uzodinma to Owerri zone in general.

The residents of the area as inclusive in the beneficiary list of host communities for including the FUTO and FEDPONEK communities to enjoy the long lasting power grid attached therein as gathered by 9news Nigeria.

The people of the area however promised to keep supporting the 3R government and also endeavor to put steady check on the item for safety reasons, while returning praises to the indefatigable Governor, His Excellency Hope Uzodinma.

Hence, Owerri West People are happy for being counted worthy as major beneficiaries of this World Class project while all accolades have been given to His Excellency Dr Hope Uzodinma for making such projects feasible in his time as the Imo state Governor.

“This is one World class project which will illuminate Owerri Zone /Owerri West and Imo state and will thereby address the issue of epileptic power supply, muddy communication within the area as experts stated.

From the faces of the people interviewed by 9News correspondent at the delivery scene of the power station cum sub station in Obinze, there was clear indication that this signature projects was brought by the APC Government under Governor Hope Uzodinma CON.

This is a commendable moves by the President Bola Ahmed Tinubu’s administration for bringing onboard this most important necessity to Imo State.

There are a lot of expected improvements targetted at salvaging Nigeria which one amongst the policy plan of renewed hope administration is the commencement of this power signature project in Obinze, Owerri West ,as our correspondent reports.

-Princely Onyenwe reporting

For inquiries on this news contact 9News Nigeria @08036856526

9News Nigeria

9News Nigeria

A Deputy Commandant of the Nigerian Security and Civil Defence Corps, NSCDC, in Kogi State, Adam Imam Yusuf, has been arrested over the alleged diversion of more than 3 billion Naira.

According to the report, Yusuf was arrested by officials of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, as the suspect was  accused of conniving with a Chief of Naval Staff, Usman Jibrin and former Brigadier General Ishaya Gangum to commit the offence.

The agency also noted that its investigation traced the funds to companies, leading to the acquisition of over 18 properties, including filling stations, stressing that four of the properties have been forfeited to the government so far, stating that legal proceedings continue over the remaining assets.

The anti-graft agency disclosed this in a statement on its website, without indicating when he was nabbed, stated that it has intensified efforts to apprehend other suspects at large.

“ICPC investigations revealed that former Chief of Naval Staff, Vice Admiral Usman Jibrin (rtd.), allegedly orchestrated the fraud through Yusuf and former Brigadier General Ishaya Bauka Gangum (rtd.).

“The alleged scheme reportedly involved the diversion of public funds using 92 fictitious companies that were not registered with the Corporate Affairs Commission (CAC),” ICPC stated.

9News Nigeria

9News Nigeria

An Igbo renowned traditional holder , Oha Geoffrey Onyeukwu MD USA has called on serious and radical development in the entire IGBO RACE across the globe

This call is a follow up to the set back in governance patter and under development in ala Igbo across the South Eastern region as 9News Nigeria captures in this News.

OHA Onyeukwu reiterated that as a matter of importance and traditional development, serious focus on the universal development of our race is paramount rather than point our fingers on blame on each other, governance pattern and tribal difference.

The medical doctor and an Igbo respected traditional title holder in Nekede Owerri West local government Area of Imo State, OHA Ohazurume Geoffrey Onyeukwu stated this on Friday through a long lasted phone chat with 9News Nigeria.

OHA OHAZURUME
Chief Geoffrey Onyeukwu MD is presently, the Patron People’s Club Of Nigeria International.

Oha Geoffrey Onyeukwu is also the Vice President of the Ohaneze Ndigbo Worldwide , USA DIASPORA group. He is also the Patron WOPC, USA and Imo state Association CHICAGO BRANCH and Elite Club CHICAGO USA. OFFICIAL. He also has Ogwudire and Ebekue Dike Of Imo state.

OHA Ohazurume Onyeukwu is a father of prosperous children which he solidly trained in the following discipline below written as gathered by 9News Nigeria.

👉PhD., Clinical Psychology

👉Two Physicians

👉An International Attorney

👉A Computer Engineer

9News authoritatively reports that through his agency , Dr Geoffrey Onyeukwu offers free medical consultation to the indigents across rural Communities.

Meanwhile, Oha Geoffrey Onyeukwu stated earlier that this call for massive development of Igboland should be a clarion call for every patriotic NDIGBO and our new Renaissance for development.

Accordingly, Ohazurume Onyeukwu hinted that “We need to focus on the universal development of our race rather than point our fingers of blame on each other. The time has come for NDIGBO to redirect our success from the research and production of the BIAFRAN WAR into peaceful uses .

He added that war mongering is of no use to humanity while noting that nothing in life can be achieved with
living in fear .

“Awareness of evil is the first step in correcting the evil .
How long can we sit down and suck our thumb in fear in ALAIGBO. Afraid to negotiate with our state Government on the myriads of destruction being perpetrated to our environment and the NDIGBO communities.

“Stop contamination and initiate purification of the RIVERS IN OUR STATE.
Restore all the forests we had to their previous status . These were never owned by individuals.

“We NDIGBOS can feed ourselves by laying simple template for farming and animal husbandry. Ndigbo can re-introduce subsistence farming and set a goal for defined food production annually. With this set up and arrangement Igbos in various states in Nigeria can confront the cattle rearers to stay in define cattle ranches to raise their commercial cattles as practiced all over the world.

“Igbos can Invoke local and international attorneys to stop the 19th century cattle rearing. Igbos can also stop marauders from every community and stop kidnappers and armed robbers from terrorizing the communities.

In his words stated in capital letters and I quote, OHA Onyeukwu suggested the following:

“LEGALIZE CARRYING ARMS IN NIGERIA . YOU SHOULDN’T BE AFRAID OF DYING IF YOU ARE UPRIGHT AND CARRYING ARMS IN NIGERIA.

” INTRODUCE ALL FORMS OF NUCLEI DATING ON ALL GUN POWDER MANUFACTURERS IN THE COMMUNITIES. SO THAT ALL FORMS OF GUN USED TO COMMIT ANY CRIME CAN BE TRACED TO THE LICENCED MANUFACTURERS OF THE GUN POWDER AND MAY BE THE GUN TOO.

In making the serial number of any gun an integer of the molten metal during production of the gun than stamping on the gun that can easily be filed off or distorted by criminals will go a long way in reshaping the mentality of fellow Nigerians who feast on criminality, evil and bad governance.

He added that, why reinventing the wheels when the wheels are already in existence, let us think of making NDIGBO better or the best in our geographic areas of domicile.

In addition , Dr Ohazurume Geoffrey Onyeukwu suggested that template for Solar energy can be locally sourced and made available to all households in Alaigbo.

While narrating his long aged experience in Nigeria, Ohazurume said alaigbo can produce anything they’ll need in Alaigbo and refine the production with time. “During the hostilities, i went to Amandugba with my late father to buy kerosine at the BIAFRAN REFINERIES just as it was stated in ‘O’ level organic chemistry…fractional distillation.

“Just the same principles used to produce ethanol that is now known as alcohol that causes all kinds of cancer in man . After cigarette smoking, then obesity and thirdly alcohol remain among the major causes of cancer in humans.

“The next in line will be the red coloring materials in all human food or snacks.
Just like we make our new year wish , citizens can force their governments to provide whatever they want that’s within their affordable budget.

“I am glad, Our president Bola Ahmed Tinubu GCFR is going back on the principles of “On ABURI we stand” that would have prevented all the avoidable deaths and casualties during the Biafran war. I am glad , that the politicians are fully aware of the importance of giving more powers to the states than the federal government.

“We need to remind ourselves that Politicians are not leaders , rather all they think about is the next election. While the leaders think about the current and future generations and how to make their life better, the United States based Igbo illustrious OHA Traditional holder, who hails from Nekede Owerri zone Imo State Nigeria opens up.

In extension to the Nigerian state , Ohazurume added that in all practicality, the state of Nigeria should be able to feed her citizens with ease.

“We review and eliminate the causes of hunger and be honest to ourselves .
Nigeria is not a sleepy Nation. We have all the human skills , and natural resources to build one of the greatest states on the planet. Therefore Illiterates should not blind fold the literates as our know- it- all mentality, a recipe that has been a disaster before our eyes.

The terrorists, armed robbers, Kidnappers, criminals, the herders and all those that create disequilibrum among us should be seen as the enemies of the state.

“We have hundreds of thousands of armed forces in the country and I do not see why we can’t stop the terrorists in any forest anywhere in the country . If they can’t infiltrate and capture any forest , no matter the size in the country. Then they should resign or be sacked so we can build a true Nigerian armed forces that meet the nation’s need .

Everybody remembers how big the cell phone was when it was first introduced and now a microchip size and getting better and smaller .
The technology we had during the Biafran war can be used in peace time. The scientist and those in technology can research into crude oil to produce clean air. The refineries can be packaged so people can distil and produce their own gasoline and Kerosene without causing fire or explosion.The chain of production can be clearly defined with minimal hazards.

Ohazurume recalled the memories of the olden days and hinted that most of us can remember the Boys company during the crises .If they were able to dismantle any small arms and put them back. Some cultures like in Nkwerre were able to smelt iron and produce anything made of iron or alloys of iron. Register them for sale.

There are many frontiers in human mind that can be pursued and used to produce anything we want in our country while reassuring that whatever anybody think in his/her mind exist in nature . The actualization is time .
Let us not fold our hands and import everything into NIGERIA .Tuth in all aspects of our life will set us free into Nationhood .

Our esteemed readers can read OHA Ohazurume Geoffrey Onyeukwu’s profile on 9News Nigeria publication by Princely Onyenwe. Prospective illustrious personalities across all works of life and communities can make their profile available or forward to me via: princelynews@gmail.com for screening , approval, publishing and wider readership.

This call by Oha Ohazurume Geoffrey Onyeukwu- MD USA to charge all Igbos all over the continents to go back to their original customs and traditions targetted at the reintroduction of the unwavering developmental urge seen inherent in Igbos to make alaigbo the paradise of the world is very apt and to be taken as very important by every Igbo personality.

-Princely Onyenwe reporting

For inquiries on this news contact 9News Nigeria @08036856526

9News Nigeria

9News Nigeria

Abuja, Nigeria – The Nigerian Oil and Gas Forum hosted a glittering Awards Night at the Ladi Kwali Hall, Abuja Intercontinental Hotel, recognizing trailblazers whose vision, dedication, and innovation continue to redefine excellence in the industry.

Now in its second edition, the prestigious event attracted industry leaders, investors, regulators, and captains of industry, all gathered to celebrate the outstanding contributions shaping Nigeria’s energy landscape.

As Nigeria continues to lead the energy sector, organizers expressed pride in recognizing the trailblazers whose achievements embody the spirit of excellence and innovation.

Delivering a welcome address, Nafisa Aliyu Haruna underscored the crucial role of the oil and gas sector in driving economic growth and tackling national challenges. She emphasized the need for continuous innovation and strategic investments to sustain the sector’s relevance.

Speaking on behalf of Engr Gbenga Komolafe (NUPRC), Dr. Kelechi Ofebu, Executive commissioner, corporate service of the Commission emphasized the crucial role of the oil and gas industry in addressing national challenges. He highlighted its impact on economic growth and development, reaffirming the importance of celebrating those driving positive change.

At the event, outstanding individuals were honored with various award categories for their significant contributions to the growth and development of the oil and gas industry, as well as other key sectors of the economy.

Among notable. awardees in attendance was the Chief Executive Officer (MD/CEO) of the Oil and Gas free Zones Authority,(OGFZA), Bamanga Jada Usman, Engr Gbenga Komolafe, Chief executive Ngerian Upstream Petroleum Regulatory Commission (NUPRC), Dr Julius D Rone (GMD) of UTM FLNG among others.

Nigeria’s Gas Revolution: A Game-Changer
Speaking at the event, Bamanga Usman, MD/CEO of OGFZA, highlighted Nigeria’s 209 trillion cubic feet of natural gas reserves, far surpassing its 37 billion barrels of hydrocarbon reserves. He reaffirmed natural gas as a cleaner, more sustainable energy alternative, aligning with the government’s push for investments in Compressed Natural Gas (CNG) initiatives.

Usman further disclosed that OGFZA has secured an $8 billion foreign investment to produce 348 metric tons of green and blue hydrogen—a project poised to generate substantial foreign exchange for Nigeria while reinforcing the country’s position in the global energy transition.

A key highlight of the evening was the official launch of Energy Express Magazine, a new publication dedicated to spotlighting the achievements of regulators, industry players, and investors in the oil and gas sector.

Speaking during the unveiling, Dr. Julius D. Rone (GMD, UTM FLNG) emphasized that Energy Express Magazine will serve as a powerful platform to showcase and celebrate the achievements of individuals who have excelled in the oil and gas industry.

Sponsors and Participants who spoke, stressed the importance of the sector as well as the need for diversification, urging stakeholders to explore opportunities in real estate and other non-oil sectors as global energy demands shift.

Adding to the excitement, a lucky guest walked away with a plot of land, won through a raffle draw courtesy of the event organizers.

The night also featured thrilling performances, including music, dance, and comedy, creating a vibrant atmosphere for attendees.

The Future of Nigeria’s Energy Sector
Industry experts and stakeholders at the event emphasized the need for continued investment in the oil and gas sector, calling for policy reforms, infrastructure development, and value-added initiatives to sustain growth and global competitiveness.

The Nigerian Oil and Gas Awards Night once again reinforced its status as a platform for recognition, innovation, and strategic collaboration, setting the tone for a brighter, more sustainable future in Nigeria’s energy sector.

9News Nigeria

9News Nigeria

Imo Youths have expressed their anger and dissatisfaction over the continued delay of their proposed travel to United States and other developed countries for immediate employment, as promised by the state government some years back, at the Skill Up Imo ICT empowerment.

The regret came at the break of the news of the government of Ebonyi state Nigeria that boarded not fewer than two hundred (204) to United Kingdom as part of government scholarship empowerment to Ebonyi Youths.

This great feat is quite commendable as Nigerians all over the globe have charged other governors, mostly those in the South Eastern region to emulate this wonderful gesture established by the Ebonyi state government led by His Excellency Governor Nwaifuru.

The empowerment according to Governor Nwaifuru is targetted at developing the youths to take charge of the ICT, economical and technological advancements.

Again, some Imolites who spoke with 9News Nigeria said , upon the completion of ICT training through “Imo Skill Up” empowerment scheme, the organizers promised flying Imo youths abroad to secure some jobs but till the time of filling this News, this Saturday morning, no Youth can attest to this benefit.

“It is shocking to us that other states are empowering their youths and at a breaking news of it , is actualization and promise accomplished but over here in Imo, the reverse is the case”

“We thought that the Imo skill up empowerment is a way of opening employment opportunity window abroad for beneficiaries to board and secure some good jobs abroad but nothing is coming up till date.

Meanwhile, just few days ago, Ebonyi state Governor Francis Nwifuru have sent about two hundred and four (204) Ebonyi indigenes to United Kingdom as part of his scholarship scheme. The beneficiaries departed middle of this week.

Nwaifuru further disclosed that Eight thousand (8,000) Ebonyi people must benefit from the State scholarship Scheme before the end of his administration as a way to equip the youths with skills and knowledge to drive the development of the State forward.

The Governor had earlier called on the newly enrolled indigenous students of the state scholarship scheme to serve as exemplary ambassadors of the state. He urged them to be conscious of their words, actions, and achievements, as these reflect the collective identity of the Ebonyi people.

In addition to the Ebonyi government policy on empowerment, about five hundred and forty one (541) Ebonyians, mainly Youths were sent to Nigerian Universities at various locations, with all expenses covered by the Ebonyi State Government.

Speaking to the press, Governor Nwaifuru emphasised the importance of graduating on time and returning to the state to apply their expertise in their fields of specialisation to advance Ebonyi for the benefit of all.

Imo youths are there calling on governor hope Uzodinma to remember the promise made to skill up graduates to travel abroad at the end of program for job employment.

The youths also pleaded with Imo state government to borrow a leaf from Ebonyi government whose words of action have triggered every Nigerian youths. This was showcased on the responses made on various online portals concerning the recent travel of Ebonyi youths to UK.

Some government officials who spoke to our correspondent behind the camera have reassured Imo youths of the readiness of Imo state government under Governor Hope Uzodinma to fulfilling his promises to Imolites targetted at making the state a model economic hub and ICT compliance.

The above policies of the 3R Shared Prosperity Administration of the All Progressives administration of His Excellency Dr Hope Uzodinma recently led to his prestigious award as best ICT Governor of the Year in Nigeria. This is the time to practice the preached as Imolites yearn for good governance, quality roads and the completion of both Ohaji Egbema power generation and the Oguta lake national grid line to boost economy in Imo.

-Princely Onyenwe reporting

For inquiries on this news contact 9News Nigeria @08036856526

9News Nigeria

9News Nigeria

INDONESIA: As networks move from 4G to 5G, a lot of providers are finding themselves stretching their balance sheets and cash flow just to keep up with the latest developments.

Amid both financial and geopolitical pressures, there has been a trend toward increased consolidation in Southeast Asia’s telecom industry.

James Guild reports that the wireless telecom business is not an easy one to be in. It requires huge investments in physical infrastructure as well as large outlays for bandwidth rights, which are usually auctioned off by the government.

These costs easily reach into the Billions of Dollars, and as the pace of technological progress quickens so do investment demands.

As a result, there has been a trend toward increased consolidation in the industry. When the costs involved in building out and maintaining the network are so high, economies of scale and efficiency become very important.

The telecom sector is also increasingly influenced by geopolitical concerns, as states worry about foreign influence in critical national infrastructure like wireless networks. This means just a handful of companies, many with state ownership, end up controlling the lion’s share of national telecom networks.

In Thailand, the second and third largest wireless operators recently merged, leaving consumers with essentially just two choices.

Malaysia created and tasked a state-run entity called Digital Nasional Berhad with developing its national 5G network.

And now Indonesia’s telecom sector is experiencing consolidation, with two big carriers announcing a plan to merge in 2025.

XL Axiata is the third largest wireless carrier in Indonesia. They are part of the Axiata Group, which is majority owned by the Malaysian government through various investment funds, including Khazanah Nasional Berhad.

XL Axiata had 57.5 million Indonesian customers in 2023, roughly 16 percent of the market for wireless subscribers. The company posted an after-tax profit of $80 million on $2 billion in revenue.

Axiata plans to merge with Indonesia’s fourth largest wireless provider, Smartfren. Smartfren is the telecommunication arm of homegrown conglomerate Sinar Mas, which is the majority owner of Asia Pulp and Paper and has interests across the Indonesian economy from real estate to agribusiness. Sinar Mas Land is the developer behind upscale satellite city Bumi Serpong Damai on the outskirts of Jakarta.

Telecom is a relatively minor part of Sinar Mas’ business empire, and not a particularly lucrative one. Smartfren, which has 36.5 million subscribers or 10 percent of the market, posted a loss of $7 million in 2023. It’s the company’s second loss in three years, over which time no dividends have been paid and cash is dwindling. So it’s not surprising that Sinar Mas would be on the lookout for a new direction.

XL Axiata is the third largest wireless carrier in Indonesia. They are part of the Axiata Group, which is majority owned by the Malaysian government through various investment funds, including Khazanah Nasional Berhad. XL Axiata had 57.5 million Indonesian customers in 2023, roughly 16 percent of the market for wireless subscribers. The company posted an after-tax profit of $80 million on $2 billion in revenue.

Axiata plans to merge with Indonesia’s fourth largest wireless provider, Smartfren. Smartfren is the telecommunication arm of homegrown conglomerate Sinar Mas, which is the majority owner of Asia Pulp & Paper and has interests across the Indonesian economy from real estate to agribusiness. Sinar Mas Land is the developer behind upscale satellite city Bumi Serpong Damai on the outskirts of Jakarta.

Telecom is a relatively minor part of Sinar Mas’ business empire, and not a particularly lucrative one. Smartfren, which has 36.5 million subscribers or 10 percent of the market, posted a loss of $7 million in 2023. It’s the company’s second loss in three years, over which time no dividends have been paid and cash is dwindling. So it’s not surprising that Sinar Mas would be on the lookout for a new direction.

According to Reuters, Axiata and Sinar Mas will each hold 34.8 percent of the new entity. Because Axiata is the more valuable company, Sinar Mas will have to pay almost $500 million to become an equal co-owner in the new venture. But by combining customer bases and network infrastructure, the new company will control around a quarter of the market right off the bat, while reducing the amount of capital investment needed to maintain and expand coverage. It also means if the deal is approved by regulators, it will leave just three major telcos in the market.

The second largest is Indosat. Qatar’s Ooredoo and Hong Kong’s Hutchinson became the majority shareholders in 2022, and the firm is reliably profitable with $298 million in earnings on $3.2 billion in revenue in 2023. With just under 100 million subscribers, Indosat holds about 28 percent of the market. By merging, XL Axiata and Smartfren likely hope to draw even with Indosat and compete for second place.

The wireless telecom business is not an easy one to be in. It requires huge investments in physical infrastructure as well as large outlays for bandwidth rights, which are usually auctioned off by the government.

Telecom is a relatively minor part of Sinar Mas’ business empire, and not a particularly lucrative one. Smartfren, which has 36.5 million subscribers or 10 percent of the market, posted a loss of $7 million in 2023. It’s the company’s second loss in three years, over which time no dividends have been paid and cash is dwindling. So it’s not surprising that Sinar Mas would be on the lookout for a new direction.

There is little chance that any combination of mergers of deep-pocketed international investors will dethrone Telkomsel from its leading position atop the industry. Telkomsel recorded $6.4 billion in revenue in 2023, more than the other three telcos combined. And with 159 million subscribers, Telkomsel has a commanding 45 percent of the market. They also have the added advantage of being majority owned by the government of Indonesia (the other 35 percent being held by Singapore’s Singtel), and are one of the most consistent contributors of dividend payments into the state budget.

Given the global trend toward consolidation in telecommunications, as well as the large anticipated costs of building and maintaining national 5G networks, it is hardly a surprise that the Indonesian telecom space is set to shrink from four to three major players. It is also pretty clear why Smartfren, which has been losing money while trailing the rest of the pack, would look to tie itself to a bigger and more profitable telco like XL Axiata – even if it has to pay upfront in order to do so. Whether the merger will be good for consumers is less clear, and is a question that is being asked more and more often these days in Indonesia and elsewhere as the drive toward ever-greater industry concentration marches on.

Credit : James Guild Indonesia

9News Nigeria

9News Nigeria

CHINA: There are speculations trailing Real Estate Business in China. Great cities are adversely affected by high increase of property acquisition. This recent development is attracting public attention as a charge on the younger generation in China to commence property investment.

Yuan Shi stated the clarification that Between skyrocketing home prices, the housing market debt default crisis, and a shifting culture, China’s younger generation is facing a vastly different housing market than their parents.

Go to college, find a job, buy a house, get married: For decades, homeownership has been seen as an essential part of life in China. Based on that long-standing truth, analysts are forecasting optimistic outcomes for China’s housing market. However, all this may come to an end if China’s younger generation ceases to acquire residential properties.

From 2010 to 2020, the proportion of Chinese adults aged 25 to 34 who own homes fell from over 70 percent to 50 percent, with major cities seeing nearly 30 percent of young adults renting their homes, compared to just 11 percent of those aged 45 to 54.

This change has been years in the making. Between skyrocketing home prices, the housing market debt default crisis, and a shifting culture, China’s younger generation is facing a vastly different housing market than their parents.

In cities like Shanghai, and Beijing, the price-to-income ratio – the cost of housing relative to annual wages – has reached staggering heights. And it’s not those mega-cities alone.

Shenzhen, for instance, also boasts one of the world’s most unaffordable property markets, where the average home costs 43 times the median annual income. In similar metropolises like London or New York, the ratio hovers around 15-20.

China’s housing bubble began forming in the early 2000s, driven by rapid urbanization and speculative investment.

The government chose to encourage property purchases to generate economic growth, which led to a cultural mindset that investment in real estate was a sure-fire path to wealth.

Developers raced to meet demand, creating entire “ghost cities” filled with vacant but purchased units – symbols of speculative overreach.

This speculative frenzy has placed extraordinary pressure on younger buyers. A 2023 survey found that the majority of first-time buyers rely on family wealth for down payments, with over 70 percent of homebuyers receiving financial assistance from their parents. But many more are locked out of the housing market without parents’ support.

Even as prices soar, the risks of purchasing a home are growing. The collapse of major developers like Evergrande in 2021 made national headlines, serving as a cautionary tale for China’s overheated property sector.

Once a symbol of the country’s rapid urbanization and economic growth, Evergrande’s staggering $300 billion debt exposed systemic vulnerabilities within the housing market. Construction projects were left unfinished, homebuyers were stranded with mortgages on non-existent properties, and investor confidence plummeted.

Evergrande’s default crisis was not an isolated case. Other developers, including Sunac and Country Garden, have also struggled to repay mounting debts amid tightening government regulations and slowing demand. Concerns over the financial health of property developers have crippled buyer trust in the housing market.

And it doesn’t help that the government isn’t providing compensation for the damage done to current buyers. Pre-paid homes are left half-built, with no water or electricity, leaving their buyers with a shattered future and debts that they are obligated to pay for 20 or even 30 years.

China’s housing bubble began forming in the early 2000s, driven by rapid urbanization and speculative investment. The government chose to encourage property purchases to generate economic growth, which led to a cultural mindset that investment in real estate was a sure-fire path to wealth. Developers raced to meet demand, creating entire “ghost cities” filled with vacant but purchased units – symbols of speculative overreach.

This speculative frenzy has placed extraordinary pressure on younger buyers. A 2023 survey found that the majority of first-time buyers rely on family wealth for down payments, with over 70 percent of homebuyers receiving financial assistance from their parents. But many more are locked out of the housing market without parents’ support.

Even as prices soar, the risks of purchasing a home are growing. The collapse of major developers like Evergrande in 2021 made national headlines, serving as a cautionary tale for China’s overheated property sector.

Once a symbol of the country’s rapid urbanization and economic growth, Evergrande’s staggering $300 billion debt exposed systemic vulnerabilities within the housing market. Construction projects were left unfinished, homebuyers were stranded with mortgages on non-existent properties, and investor confidence plummeted.

Evergrande’s default crisis was not an isolated case. Other developers, including Sunac and Country Garden, have also struggled to repay mounting debts amid tightening government regulations and slowing demand. Concerns over the financial health of property developers have crippled buyer trust in the housing market.

And it doesn’t help that the government isn’t providing compensation for the damage done to current buyers. Pre-paid homes are left half-built, with no water or electricity, leaving their buyers with a shattered future and debts that they are obligated to pay for 20 or even 30 years.

The common perception of property as a safe investment has been shattered. Housing, once considered a pillar of financial security, is now viewed by many as a risky gamble, forcing younger generations to reconsider before betting their future on an unstable market.

China’s housing market faces a pivotal moment. If prices continue to rise unchecked while economic growth slows, the disconnect between wages and housing costs will widen further, threatening both social stability and consumer confidence.

But for now, China’s younger generation remains caught between tradition and reality. The dream of owning a home still holds powerful cultural sway, but for many, the pursuit is giving way to pragmatism. If systemic changes – such as meaningful price corrections or improved housing policies – do not materialize, China’s youth may reshape the country’s relationship with homeownership entirely.

As Zhang Li, a 27-year-old freelance designer, put it: “Our parents saw a house as the foundation for their lives. But for us, it feels more like a burden than a blessing.”

Credit Report By Yuan Shi

9News Nigeria

9News Nigeria

FAAC have released the year 2024 November disbursement at a whooping total of N3.143 Trillion Naira, projected to be the highest ever recorded , since FAAC was constituted in Nigeria.

In a statement signed by
Mohammed Manga FCIA
Director, Information and Public Relations December 13, 2024 disclosed that FG, STATES, LGCs SHARED N1.727 TRILLION FROM A GROSS TOTAL OF N3.143 TRILLION FOR THE MONTH OF NOVEMBER 2024.

The Federation Account Allocation Committee (FAAC), at its December 2024 meeting chaired by the Honourable Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.727 Trillion to the three tiers of government as Federation Allocation for the month of November, 2024 from a gross total of N3.143 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), the Federal Government received N581.856 Billion, the States received N549.792 Billion, the Local Government Councils got N402.553 Billion, while the Oil Producing States received N193.291 Billion as Derivation, (13% of Mineral Revenue).

The sum of N103.307 Billion was given for the cost of collection, while N1.312 Trillion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of November 2024, was N628.972 Billion as against N668.291 Billion distributed in the preceding month, resulting in a decreased of N39.318 Billion.

From that amount, the sum of N25.159 Billion was allocated for the cost of collection and the sum of N18.114 Billion given for Transfers, Intervention and Refunds. The remaining sum of N628.973 Billion was distributed to the three tiers of government, of which the Federal Government got N87.855 Billion, the States received N292.850 Billion and Local Government Councils got N204.995 Billion.

Accordingly, the Gross Statutory Revenue of N1.827 Trillion received for the month was higher than the sum of N1.336 Trillion received in the previous month by N490.339 Billion. From the stated amount, the sum of N77.521 Billion was allocated for the cost of collection and a total sum of N1.294 Trillion for Transfers, Intervention and Refunds.

The remaining balance of  N455.354 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N175.690 Billion, States received N89.113 Billion, the sum of N68.702 Billion was allocated to LGCs and N121.849 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N15.046 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.257 Billion, States got N7.523 Billion, Local Government Councils received N5.266 Billion, while N0. 0627 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N671.392 Billion from Exchange Difference, which was shared as follows: Federal Government received N316.054 Billion, States got N160.306 Billion, the sum of N123.590 Billion was allocated to Local Government Councils, N71.442 Billion was given for Derivation (13% of Mineral Revenue).

Oil and Gas Royalty and CET levies recorded significant increases, while Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT), Electronic Money Transfer Levy ( EMTL), decreased considerably.

According to the Communique, the total revenue distributable for the current month of November 2024, was drawn from Statutory Revenue of N455.354 Billion, Value Added Tax (VAT) of N585.700 Billion, N15.046 Billion from Electronic Money Transfer Levy (EMTL), and N671.392 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.727 Trillion.

-Princely Onyenwe reporting

9News Nigeria

9News Nigeria

Governor Mbah of Enugu State Nigeria has stated government readiness to take the state to a higher hub on trade and investment. This step alongside more is a testament of the strategic partnership deal with the global Community , this time around with CWEIC was very much in line with his administration’s humongous projection to grow Enugu State’s economy exponentially from $4.4bn to $30bn.

On this therefore, the Enugu State Government and the Commonwealth Enterprise and Investment Council, CWEIC, on Thursday, signed a strategic partnership agreement that would accelerate trade and investment inflow to the state.

This was even as Governor Peter Mbah of Enugu State was named a co-chair of the Governors Roundtable at the 2025 edition of Commonwealth Trade and Investment Summit coming up in London in April.

CWEIC is a commercial, not-for-profit membership organisation, which has the official mandate from the Commonwealth Heads of Government to facilitate trade and investment throughout the 56 Commonwealth member nations, using its convening power and trusted network of the Commonwealth.

Speaking during the partnership signing ceremony at the Government House, Enugu, the leader of the delegation and Chief Executive Officer (CEO) of CWEIC, Mrs. Rosie Glazebrook, expressed the organisation’s eagerness to support the investment drive of the Governor Mbah administration.

“We are delighted to sign the strategic partnership with the Governor. We work primarily with the private sector, businesses. Our organisation is there to drive trade and investment. We do this with very excellent convening power. We will bring this to bear in our partnership with Enugu State.

“Our organisation is there to support and collaborate to really showcase anything that Enugu is ready to offer in investment and trade. Our organisation’s aim is to look out for how we can bring down barriers to trade and to encourage investment.

“Our strategic partnership with the Government of Enugu State is really important to us, and we are there to be extremely active and really make sure that we use all of our network and our convening power to the absolute benefit of the state,” he stated.

Mrs. Glazebrook, who was also accompanied by other CWEIC officers and partners, including CWEIC Country Director for Nigeria, Mr. Obinna Anyanwu; Novare South Africa representative, Mr. Ayotunde Adesulu; Regional Head for South South & South East, Emerging Africa Group, Mr. Collins Olise; and the Regional Director, South South/South East, Leadway Assurance, Mr. Ikponmwosa Iyamu, noted they many investment opportunities in the state, commending also the governor’s effort to de-risk investment.

“The opportunities here are many. Whether it is education, infrastructure, the new city, the light railway. These are all of great interest to many of our partners,” he stated.

She described Governors Roundtable as a centerpiece of the forthcoming 2025 Commonwealth Trade and Investment Summit in London that would bring together business leaders and top government officials from the 56 commonwealth nations and thanked Mbah for accepting the invitation to co-chair the session.

“We are looking forward to a Commonwealth Trade and Investment Summit which happens annually in London and the governor has received the invitation to lead the Governors Roundtable to showcase some of the amazing opportunities that exist in Enugu,” she said.

“We know that we cannot wish that growth into existence. Instead, we need to take steps. We have to do things deliberately and we have to be very intentional; which is why we see the partnership with the Commonwealth Enterprise and Investment Council as quite strategic.

“The value of this strategic partnership cannot be lost on us because we see it as a platform that will enable us to tap in. We have over 140 private sector partners. Whether it is partnership between government and business or between government and government, we see you as that channel that would give us access.

“So, we are truly looking forward to the opportunities that this partnership brings. I have received your invitation and I can tell you that it is truly an honor to be able to participate in your Investment Summit next year and to co-chair your Governors Roundtable,” he said.

Mbah emphasised that his administration’s huge investments in infrastructure, security, education, including the completion of the Enugu International Conference Centre among others.

In addition the governor pointed also the ongoing construction of the adjourning Five-Star Hotel, revamping of moribund state assets, and the imminent launch of Enugu Air were all geared towards catalysing trade, investment, tourism, exponential economic growth in the state.

9News Nigeria

9News Nigeria

The President of Germany Vielen Dank, Bundespräsident Frank-Walter Steinmeier has arrived Nigeria Wednesday for a one day working visit with the government.

Welcoming President Frank-Walter Steinmeier of Germany to the Presidential Villa on his State Visit to Nigeria, President Ahmed Bola Tinubu GCFR expressed honour to have the august visitor in the country.

The visit is targeted at engaging on bilateral discussions and solidification of business ties between the two countries as 9News Nigeria reports.

However, the business forum that took place during this visit offered a valuable opportunity to further strengthen and expand the critical partnership between Nigeria and Germany while looking towards establishing some future business expansion and development in Nigeria.

President Tinubu gave the German President assurance that Nigeria have a solid foundation based on a rich history of collaboration in important sectors such as energy, agriculture, education, development, technology, and renewables.

Bundespräsident Frank-Walter Steinmeier had a good stay at the state house in Abuja after technical engagement with the Nigerian experts in the bilateral policies of government aimed at giving Nigeria a free hub of economical advancement with the German government.

Recall that Renewed Hope administration under President Ahmed Bola Tinubu is keen on economic recovery and developmental advancement which has endeared him wide policy assimilation with business developed countries and the international organizations to preserve our green economy.

-Princely Onyenwe reporting

9News Nigeria

9News Nigeria

Another oil and gas refinery has arrived in Akwa Ibiom State Nigeria aimed at adding to the boost of the existing refineries established in the country. It is the expectation of Nigerians and those in the oil and gas sector to see the completion of this particular refinery to add to the existing ones in the country.

9News Nigeria reports that the BUA Refinery is being built by a consortium of international contractors. And that it is expected to be completed and fully powered for production in the year 2025.

Project goals: The refinery will produce Euro-V standard gasoline, diesel, jet fuel, and polypropylene for the domestic and regional markets.

Location: The refinery is located in Akwa Ibom State, which is close to raw feedstocks and export routes.

Technology provider: Axens of France was selected as the technology provider for the refinery.

Construction: The refinery is being built by a consortium of international contractors.

Financing: The project is financed by a combination of debt and equity, with debt financing provided by international banks and equity financing provided by BUA Group and its partners.

The refinery’s success could help Nigeria reduce its refined petroleum imports and eventually become a net exporter of such products. It is projected to start production in 2025 as gathered by Newsmen.

-Princely Onyenwe reporting

9News Nigeria

9News Nigeria

By Samuel Abasiekong-Abasiekong

In our early days in school in the 80s, complex computations were under a form of mathematics known as ‘Algebra’. Today, our algebra is made simpler and it’s called ‘Further Maths’.

Looking at today’s further maths, it doesn’t really come near the puzzle construction of the Algebra of our time.

Findings have revealed that today’s best leaders in public and private sectors were good students of Algebra.

Undoubtedly Pastor Umo Eno, the Governor of Akwa Ibom State started his secondary school in the era where Algebra was taught in schools.

People who went through such tutorials always think everybody understand them. And having such persons as boss always put one on his toes, because the boss has resolved all sorts of case studies that overstretched his thinking capacity and he hardly see impossibilities.

Governor Eno is driving Akwa Ibom State in his thinking capacity of Algebra graduate.

He didn’t understand that the state he presides is populated with some people with limping psychomotor and shallow cognitive capacity to assimilate today’s jet age development plans

Governor Eno didn’t understand that we just migrated from our respective hinterlands where native reasoning was the order of the day, and some of us are not yet oriented to board the flight of development he wants for the state.

Pastor Eno didn’t understand that he needs to carry out much more re-orientation of our people on the 21 century governance, politics and business principles before moving them to the departure lounge to board the flight of today’s techniques of creating employment, scaling up revenues, boosting fallow sectors such as tourism and the likes for long term.

Rational people of Akwa Ibom State extraction and myself expect Governor Eno to explain policies and programs of government in a much more simpler term and language considering that a large chunk of the masses don’t understand politics beyond voting, delegate election, party membership, T-shirt and faze cap wearing for campaigns, ethnicism, support groups, federal allocation, state of origin, federal and state palliative and the likes.

Looking at Akwa Ibom State, a little over 50% of our population are still pedestrian in reasonings, mostly when it comes to sustainable business, governance and or politics.

Thus, being the leader of a state populated with some citizens with slow cognitive acumen, you need to use our early days ‘Counting Sticks’ and crayons colouring teaching methods to explain complex policies and programs of government.

That is the reason we still have dissonant voices over the just concluded groundbreaking of a 18-storey Ibom Tower in Lagos.

Listening to discussions about this project inside commuters, tricycles, public affairs analysis centres, public and private sectors offices, then you will know that the people understanding of complex issues of governance still needs more education.

At this age of proliferation of radio stations incapacitated in content creation which could have serve as dragnet of a large audience for gains, most Akwa Ibom radio stations managers only have one and same style which is to invite plumbers to discuss aviation, painters to discuss critical issues on health and medicine. Often times we see/hear known caterers giving technical advice on radio to government on civil engineering or other technical issues they knows nothing about.

Thus, some radio panel discussions on the 18-storey Ibom Tower in Lagos we have listened in the past few days are not constructive to say the least.

Among the political class, it is much more disheartening to see high echelon politicians in the state who suppose to know better also thumbing down the construction of the Tower, because they lack informed knowledge about such investments.

In the late year 2000, when Obong Victor Attah bought some shares in Econet at the advent of GSM in Nigeria, hell was let loose in Akwa Ibom State as some clusters of people in the state saw it as a waste of public funds.

Same fate befell the plan to build the present day Victor Attah International Airport. The discussion in the lips of some citizens of the state at that time was: “Akwa Ibom State is not developed enough to have an airport” Others asked questions such as: “Why an airport in Akwa Ibom State, while we have one next door in Calabar?”

There are a lot of these dissonances in public investments in the near past, but space will fail me if I reel out all of them here.

I thumb up governor Eno for investing in real estate, and I support him in-toto for planting the tower where such offer is in high demand.

I wish I could be given an opportunity to dismiss the cloud of underdevelopment reasoning veiling the pedestrian minds of some of our people.

Business, governance and politics are not like budgeting for garri and soup cooking that everyone understand and do perfectly.

Business, Governance and politics are much more about searching for gainful and value for money opportunities to anchor long term development plans for self, LGA, state or nation as the case may be.

How I wish some of us have lived in Abuja or Lagos for only about three of fives months to understand what really make those cities attractive.

Oh my goodness, you need to see real estate of unbelievable architectural designs in these cities. And over 80% of those magnificent edifices are not own by the Egbe people of Lagos or the Gbagi who are native of Abuja. But they are own by multinational companies, business men, real estate companies, foreigners etc who are all strangers in these cities.

They do so because Abuja and Lagos are indeed the main market for selling and buying real estates. Those who are in telecom or oil and gas use the profit derived in their businesses as feeder stations to finance real estate in location where the business is in high demand.

While giving these explanations, I acknowledge the reasonings of some leftists who are saying he could as well built it in Akwa Ibom State to develop the state. Others say there is much hunger in the state, he should use the money to buy rice and beans and share to the vulnerable if the governor does not know what to do with money.

Well, I totally disagree with that. Always I beg to remind some of us that when we want to criticize Pastor Umo Eno on some of his policies and programs, we should be fair to him by remembering that he is coming from a business background and he has been doing just that for decades.

Experience business men don’t invest on what they will make no gain. And that is the whole essence of having that tower in Lagos. He could as well build it in Dubai, Paris, Texas or in London. All what the state wants is additional source of income, additional revenue.

We shouldn’t only be dependant on Federal Allocation. We should look beyond oil derivation. Siting the tower in Lagos is to generate quick revenue through leasing, and get paid just immediately.

If you ask me, I would have even advise Akwa Ibom State government to have this building in Dubai or in Europe where real estate is competing with oil/gas and telecommunication.

For those reasoning that the state is over populated with vulnerable and unemployed youths, hence they should be spoon-fed by government on daily basis, they should also know that this investment will create employment and generate revenue to buy more rice and beans to share to the vulnerable.

Akwa Ibom State government manages its real estate and its businesses ventures through Akwa Ibom Investment Corporation – AKICORP. And this agency of government is based in the state. Those looking for employment that will be generated by the Tower in Lagos can approach this agency to seek for job or business opportunities in the soon to come Ibom Tower.

©️ 9newng.com
Samuel Abasiekong-Abasiekong is a senior Editor in 9news Nigeria, reporting in English and French languages

9News Nigeria

9News Nigeria

Aliko Dangote says Nigeria can become a Refining Hub, thereby saving Africa $17 billion on petrol imports annually

Nigeria needs to boost its crude oil production and manage its crude supply efficiently to fuel domestic refineries, shifting the country from being a net importer to a net exporter of petroleum products.

This was the key message from Aliko Dangote, Chairman of Dangote Refinery and Petrochemicals Company, during his keynote address at a summit organized by the Crude Oil Refinery Owners Association of Nigeria (CORAN) in Lagos. The event gathered key figures from the government and stakeholders in the midstream and downstream oil sectors.

Dangote highlighted Africa’s heavy reliance on imports for petroleum products despite the continent producing over 3.4 million barrels of crude oil daily. He revealed that Africa imports around 3 million barrels of petroleum products each day, mainly from Europe, Russia, and other regions, costing the continent an estimated $17 billion annually. He emphasized that Nigeria has a unique opportunity to leverage its position and become a key exporter of refined petroleum products, as proximity would reduce logistics costs and serve markets more competitively.

“Both crude oil and petroleum products will travel shorter distances, and we will eliminate the need for floating storage. Countries will be able to source their petroleum products just-in-time. Nigeria and Africa can become self-sufficient, keeping value on our shores. We have achieved this in cement and can do the same with petroleum,” Dangote remarked.

READ ALSO: It’s time to end costly fuel subsidies, Dangote tells FG

He also noted that the Dangote Refinery already produces sufficient diesel and jet fuel for Nigeria’s needs and has recently commenced the production of PMS (premium motor spirit) with plans to scale up to meet the country’s demands. The refinery’s products have already reached international markets such as Europe, Brazil, the UK, USA, Singapore, and South Korea.

Represented by Engr. Mansur Ahmed, Group Executive Director of Dangote Industries, Dangote stressed that Nigeria must develop a refining capacity of 1.5 million barrels per day and ensure domestic crude supply to seize this opportunity. He called on the government to incentivize investors, contrasting it with Dangote’s efforts to build its refinery without government incentives.

“It’s disheartening that while countries like Norway are investing oil proceeds into future funds, Africa is spending oil revenues from the future. We need to prioritize domestic crude supply and expand our production capacity to meet the needs of new refineries. The Tinubu administration is making strides in this area by fast-tracking IOC divestments,” Dangote added.

He also highlighted how disruptions in global petroleum trade flows, particularly from Europe, present an opportunity for Nigeria to establish itself as a refining hub. As a major exporter of refined products, Nigeria stands to improve its balance of trade and generate essential foreign exchange.

“Let’s work together to turn Nigeria into a global refining powerhouse,” Dangote urged stakeholders.

Chairman of IPPG/Waltersmith Refinery & Petrochemicals, Abdulrazaq Isa, echoed Dangote’s sentiments, calling for government support to ensure crude availability, enforce domestic supply obligations, and implement pricing mechanisms to combat smuggling.

Captain Emmanuel Iheanacho (rtd), Chairman of CORAN’s Board of Trustees, praised the Dangote Refinery for producing Euro-V compliant products, ensuring better public health by reducing exposure to high-sulphur fuels. However, he warned that Nigeria’s failure to meet its OPEC quota leads to significant financial losses, estimating a $83 billion annual deficit.

Despite local refining advancements, Iheanacho noted that tank farms remain crucial and urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to consider cancelling import licenses as local refineries begin to meet domestic demand.

Huub Stokman, Chairman of the Major Energies Marketers Association of Nigeria (MEMAN), expressed optimism that Nigeria is on the cusp of becoming Africa’s refining leader, a development that would substantially boost the economy. CORAN Chairman, Momoh Oyarekhua, also recognized the challenges facing domestic refiners and affirmed their commitment to collaborating with regulators to resolve supply issues.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, assured the government’s ongoing support for refining initiatives. Similarly, Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, reiterated the administration’s goal to ensure value addition before exporting Nigeria’s resources.

The summit also featured two panel discussions focusing on Nigeria’s downstream petroleum sector, exploring strategies to achieve self-sufficiency in petroleum products and positioning the country as a key player in global trade.

9News Nigeria/NAN

9News Nigeria

9News Nigeria

The Nigerian Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has announced plans to position Nigeria as a major player in the vehicle manufacturing industry. During the launch of the Nigeria Automotive Industry Development Plan, the minister stated that Nigeria has the necessary raw materials, skills, and market to produce its own vehicles, including motorcycles, tricycles, sedans, and heavy-duty trucks. The goal is to make Nigeria a fully-fledged vehicle manufacturer within the next 10 years and reduce the cost of purchasing a vehicle for the average Nigerian.

To support the plan, the Director-General of the National Automotive Design and Development Council, Joseph Osanipin, proposed a five-year tax holiday for vehicle assemblers in Nigeria. This fiscal initiative aims to encourage backward integration and component production in the automotive industry.

The implementation committee responsible for the Automotive Industry Development Plan includes representatives from the Ministries of Finance, Transport, and Environment, as well as the industry, trade, and investment sectors. It also involves organizations such as the Nigeria Customs Service, the Manufacturers Association of Nigeria, and the Standards Organisation of Nigeria.

While launching the Nigeria Automotive Industry Development Plan on Friday, the minister stated that the automotive industry development plan was drawn to position Nigeria as a fully-fledged vehicle manufacturer within the next 10 years.

During the gathering attended by stakeholders drawn from the private and public sectors, Doris Uzoka-Anite said “Nigeria has the capacity to produce its own vehicles. We have the raw materials; we have the skills; we have a market, and now we have a plan that can help us produce our vehicles. These vehicles include motorcycles, tricycles, sedans, heavy-duty trucks.

“With this plan, we should see Nigeria fully producing its own vehicles within 10 years. Our goal is to reduce the cost of purchasing a vehicle for the average Nigerian.”

On his part, the Director-General of the National Automotive Design and Development Council, Joseph Osanipin stated that the policy proposed to help actualise the plan was a five-year tax holiday for assemblers of vehicles in Nigeria.

He said, “Through such fiscal initiatives, there is a deliberate focus on backward integration and component production.”

Members of the Automotive Industry Development Plan implementation committee are drawn from the Ministries of Finance, Transport, and Environment as well as Industry, Trade and Investment.

It also comprises the Nigeria Customs Service, the Manufacturers Association of Nigeria, and the Standards Organisation of Nigeria.

Last year, Nigeria’s vehicle assembling industry, estimated to be worth around N302bn, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.

According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.

For example, in the second quarter of 2023, players in the sector saw production and distribution costs soar by 17.3 per cent, while cost of shipments increased by 14.7 per cent.

Capacity utilisation in the sector dropped by 5.6 per cent, forcing local assemblers to cut their workforce by 5.7 per cent during the period.

Prior to 2014, when a policy for the automobile industry was released, giving license for automobile dealerships in Nigeria, the importation of used cars had threatened to wipe up the gains of partnerships forged by the Nigerian governments with foreign car manufacturers in the 1970s

The Federal Government’s Automotive Policy of 2014 is geared towards providing a framework that would support automobile companies to boost local content and establish a vehicle financing scheme that would provide funds for citizens to buy new cars.

However, despite the policy, the government’s refusal to patronise locally manufactured vehicles, coupled with poor regulations, has constituted an albatross on the neck of the industry.

Currently, Nigeria produces less than 10 percent of the vehicles used in the country.

9News Nigeria

9News Nigeria

MMM Is Back With A New Name Called MMMKrypto

MMM is making a comeback, but this time with a new name – MMMKrypto. This infamous Ponzi scheme, which left millions of Nigerians devastated in 2017, seems to have resurfaced with a tempting offer. Promising returns of up to 36 percent on any investment. MMMKrypto is luring people in with the hope of quick and easy money.

The name reads on their banner – The Community Donating To One Another, We can change the world together.

Similar to the previous version, participants are required to register and invest a certain amount by “providing help.” They can then expect to receive their initial investment along with the promised interest after 30 days. It’s a seemingly simple process that has caught the attention of unsuspecting Nigerians once again.

The allure of high returns may be difficult for some to resist, especially considering the economic challenges faced by many. Desperate for financial stability, individuals are willing to take risks in hopes of improving their circumstances. However, it is crucial to remember the lessons learned from the previous iteration of MMM.

The collapse of MMM in 2017 resulted in significant financial losses for countless individuals who trusted in its promises. Many were left empty-handed and devastated as their investments vanished into thin air. It serves as a stark reminder that quick gains often come at a great cost.

As news spreads about MMMKrypto’s revival, it is essential for Nigerians to exercise caution and approach any investment opportunity with skepticism. The allure of easy money can cloud judgment and lead to rash decisions that may have severe consequences.

While it may be tempting to believe in the promise of quick wealth, it is important to remember that legitimate investments require thorough research and due diligence. Making informed choices based on sound financial principles will always be more beneficial in the long run.

As MMMKrypto gains momentum once again, let us not forget the lessons learned from past experiences. Rather than falling victim to empty promises, let us empower ourselves through education and wise financial decision-making. Only then can we truly protect ourselves and our hard-earned money from the dangers of Ponzi schemes like MMM.

9News Nigeria

9News Nigeria

By Obinna Ejianya (9News Nigeria – Melbourne, Australia)

In an effort to empower local poultry farmers and boost the agricultural sector, the National Agricultural Land Development Authority (NALDA) has implemented the Home Grown Poultry Empowerment Scheme.

Under this scheme, NALDA recently distributed feeds, broiler chicks, and battery cages to 203 poultry farmers in Lagos State. The initiative aims to engage farmers, reduce the importation of frozen chicken, protect foreign exchange, and strengthen the economy. This article explores the objectives, strategies, and impact of the NALDA Home Grown Poultry Empowerment Scheme.

The NALDA Home Grown Poultry Empowerment Scheme is part of President Bola Tinubu’s Renewed Hope Agenda, designed to empower the less privileged and create opportunities for economic growth. The scheme provides comprehensive support to poultry farmers, including broiler chicks, feeds, battery cages, and capacity building through training on broiler rearing. The distribution exercise took place at Ijaiye Housing Estate, Agege, Lagos, and was carried out over a two-day period.

The primary objective of the NALDA Home Grown Poultry Empowerment Scheme is to empower individuals, particularly women and youth, by engaging them in poultry farming. By providing the necessary resources and training, the scheme aims to create jobs, improve livelihoods, and promote inclusive economic growth. Additionally, the scheme seeks to reduce the country’s dependence on imported frozen chicken, protect foreign exchange, and enhance food security.

The empowerment scheme has already been successfully implemented in the Federal Capital Territory (FCT) and Lagos State. Plans are underway to extend the scheme to Abia and Cross River states before the end of the year. NALDA ensures a phased approach to the implementation of the scheme, with each phase targeting specific regions. This strategy allows for effective monitoring, evaluation, and support for the farmers involved.

Under the NALDA Home Grown Poultry Empowerment Scheme, each beneficiary receives a comprehensive package to kickstart their poultry farming venture. The package includes 24 broiler chicks, three bags of feeds (one starter and two finishers), and a battery cage. Furthermore, beneficiaries undergo intensive and elaborate capacity building to equip them with the necessary knowledge and skills for successful broiler rearing.

The NALDA Home Grown Poultry Empowerment Scheme aims to empower beneficiaries not only through the initial distribution of resources but also through continuous support and reinvestment. The focus is for farmers to rear the birds, sell the broilers, reinvest the profits, and repeat the process. By doing so, farmers can establish sustainable livelihoods and contribute to the overall growth of the agricultural sector.

To ensure the success of the empowerment scheme, NALDA closely monitors the activities of the beneficiaries. The agency conducts regular follow-ups, monitors their progress, and identifies those who are committed and excel in their farming practices. Beneficiaries who demonstrate exceptional performance may receive upscaling opportunities from NALDA, further advancing their ventures and contributing to the overall success of the program.

The NALDA Home Grown Poultry Empowerment Scheme offers numerous advantages to both the farmers and the economy. By engaging in poultry farming, individuals can generate income, improve their economic status, and overcome the challenges posed by the current economic situation. Additionally, the scheme reduces the reliance on imported frozen chicken, which is often of questionable quality and can easily be contaminated. This initiative contributes to the overall development of the agricultural sector and strengthens the nation’s food security.

The NALDA Home Grown Poultry Empowerment Scheme has received positive feedback from beneficiaries who appreciate the government’s support and commitment to improving their livelihoods. Miss Grace Oladele expressed gratitude for the empowerment, highlighting the positive impact it will have on her life and the Nigerian economy. Mr. Taiwo Ajayi emphasized the importance of the program in revitalizing the poultry industry and enabling individuals to sustain themselves amidst challenging economic conditions.

The NALDA Home Grown Poultry Empowerment Scheme is a commendable initiative aimed at empowering poultry farmers in Lagos State. By providing the necessary resources, training, and continuous support, the scheme enables individuals to establish sustainable livelihoods, contribute to the agricultural sector, and improve the overall economy. Through this initiative, NALDA demonstrates its commitment to creating opportunities for economic growth and fostering self-sufficiency in the poultry industry.

Report by Obinna Ejianya @obinna_ejianya (9News Nigeria – Melbourne, Australia)

9News Nigeria

9News Nigeria

Following the recent declaration of the Organization of Petroleum Exporting Countries (OPEC) at the World Oil Outlook in Saudi Arabia that Nigeria is set to witness the set-up of some modular refineries with a capacity of 20,000 barrels per day, Gasoline Associates International Limited (GAIL) has concluded plans to begin the construction of a 100,000 barrels-per-day (BPD) capacity refinery in November 2023.

Recently licensed by the Federal Government of Nigeria for 100,000 BPD production, Gasoline Associates International Limited (GAIL) will construct a 100,000 BPD refinery and petrochemical plant in Ipokia, a local government area bordering the Republic of Benin, in Ogun State. The Sino-Nigeria cooperation is situated on a land mass of over 1,000 hectares, lying along the coastal plain of the river Yewa in the north of Badagry Lagoon and the Bight of Benin.

The multinational refinery company, when completed, will be zero-pollution greenfield technology-based, reducing Nigeria’s dependence on imported gasoline and petrochemical products arising from the low capacity utilization of state-owned refineries in Nigeria, and providing 120 MW power plants for the refinery as well to serve the Ogun State Industrial Hub.

The refinery is anticipated to contribute immensely to meeting local demand for fuel and other petrochemical products while contributing to the nation’s overall socio-economic development. 

It will also create new investment, jobs, and training opportunities in Nigeria, thereby enhancing human capital development across the country.

The 100,000 BPD GAIL’s refinery and petrochemical plant in Ipokia, Ogun State, when completed, will compete with Dangote Refinery in meeting the local petroleum products demand in Nigeria and other neighboring countries.

The recent declaration by OPEC suggested that Nigeria is set to witness the set-up of small modular refineries with a capacity of 20,000 BPD in the medium term. It said Africa will experience medium-term distillation capacity, with the addition of 1.2 million BPD. A significant portion of this increase is attributed to Nigeria’s Dangote refinery which accounts for 650,000 BPD of much-needed capacity expansion in the country, and which was launched a few months ago by former President, Muhammadu Buhari.

Although this is a positive projection, one of the major obstacles Nigeria currently faces stems from funding challenges for modular refineries and the increasing incidents of sabotage attacks on oil pipelines, as well as oil theft. These hindrances significantly impede smooth operations and progress.

In July 2023, Momoh Oyarekhua, Chairman of the Crude Oil Refineries Association of Nigeria (CORAN), highlighted a potential solution during an Arise News interview: support for modular refineries. He stressed that backing these refineries would lead to more affordable fuel for Nigerians by eradicating several associated costs.

Oyarekhua specifically pointed out the expenses linked to sending crude oil abroad for refining and then importing the refined products. This process involves costs related to clearing refined petroleum products at the terminal, port charges, and the involvement of middlemen in transporting products to Lome, from where they are then shipped into Nigeria.

In addition, Oyarekhua emphasized the need for modular refineries to purchase crude oil in Naira, aligning with their income being generated in Naira from selling products in the Nigerian domestic market. This approach aims to reduce the burden on the forex market. To illustrate further, he presented a scenario where 40 modular refineries, each with a capacity of 10,000 BPD, would need to purchase crude oil in USD, amounting to a substantial monthly expenditure. This emphasizes the necessity for a streamlined approach, ensuring that feedstock procurement aligns with the country’s economic interests and stability.

Last week, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, said that the company is now back to being the sole importer of fuel into the country after a few months of encouraging private marketers to import. The reason he gave for the turnaround in policy implementation is the current exchange rate from Naira to USD which has crippled the ability of private marketers to import fuel despite having the license for it.

Although the Gasoline Associates Integrated International Refinery Project was licensed for 100,000 BPD, it will have the capacity for increased output with the goal of reaching a significant level of 450,000 BPD. This welcome news and development is indeed a testament that Nigeria’s petroleum industry is set for a major boost that will enhance local productivity of petroleum products, investments, and job opportunities.

By Richard Odusanya Email: odusanyagold@gmail.com

9News Nigeria

9News Nigeria

## Introduction to cryptocurrency trading

Cryptocurrency has taken the financial world by storm, offering a new and exciting way to invest and trade. As a digital form of currency, cryptocurrencies like Bitcoin, Ethereum, and Litecoin operate on a decentralized network, free from the control of banks and governments. This revolutionary technology has opened up a world of opportunities for individuals to become cryptocurrency moguls.

Understanding the basics of cryptocurrency

Before diving into cryptocurrency trading, it is essential to understand the basics. Cryptocurrencies are created through a process called mining, where powerful computers solve complex mathematical problems to validate and record transactions on the blockchain. These transactions are stored in blocks and linked together to form a secure and transparent ledger.

Each cryptocurrency has its unique features and uses. Bitcoin, for example, was the first cryptocurrency and remains the most well-known and widely accepted. Ethereum, on the other hand, offers a platform for creating smart contracts and decentralized applications. It is crucial to research and understand the purpose and technology behind different cryptocurrencies before trading.

Benefits of trading cryptocurrencies

Trading cryptocurrencies offers several advantages over traditional financial markets. Firstly, cryptocurrency markets operate 24/7, allowing traders to take advantage of global opportunities and react to market developments at any time. This flexibility is particularly appealing to those who have full-time jobs or other commitments.

Additionally, the cryptocurrency market is highly volatile, creating opportunities for substantial profits in a short period. While volatility can be seen as a risk, it also presents an opportunity for skilled traders who can effectively analyze and predict market movements. Furthermore, cryptocurrency trading has lower entry barriers compared to traditional markets, allowing individuals with limited capital to participate.

Common trading strategies for beginners

For beginners, it is essential to start with basic trading strategies to gain confidence and understanding of the market. One popular strategy is trend following, where traders analyze the price movement of a particular cryptocurrency over a specific period. By identifying trends, traders can enter positions in the direction of the trend, maximizing their profits.

Another strategy for beginners is dollar-cost averaging. This strategy involves investing a fixed amount of money in a particular cryptocurrency at regular intervals, regardless of its price. This approach helps mitigate the impact of short-term price fluctuations and allows investors to accumulate assets over time.

The third strategy is swing trading, which involves taking advantage of short-term price fluctuations within a larger trend. Traders analyze support and resistance levels and use technical indicators to identify potential entry and exit points. This strategy requires active monitoring of the market and quick decision-making.

Advanced trading strategies for experienced traders

Experienced traders often employ more advanced strategies to maximize their profits. One such strategy is arbitrage, where traders take advantage of price differences between different cryptocurrency exchanges. By buying a cryptocurrency at a lower price on one exchange and selling it at a higher price on another, traders can make a profit without taking significant market risk.

Another advanced strategy is margin trading, which allows traders to borrow funds to increase their buying power. This strategy can amplify both profits and losses, so it requires careful risk management and a thorough understanding of the market.

Scalping is another popular strategy among experienced traders. It involves making multiple trades throughout the day to take advantage of small price movements. Traders aim to capture small profits on each trade, which can accumulate over time.

Technical analysis in cryptocurrency trading

Technical analysis plays a crucial role in cryptocurrency trading. Traders use various tools and indicators to analyze historical price data and identify patterns that can help predict future price movements. Some commonly used technical indicators include moving averages, relative strength index (RSI), and Bollinger Bands.

Chart patterns, such as triangles, double tops, and head and shoulders, also provide valuable insights into market sentiment and potential price reversals. Understanding and interpreting these patterns can help traders make informed decisions.

Fundamental analysis in cryptocurrency trading

In addition to technical analysis, fundamental analysis is essential for evaluating the long-term prospects of cryptocurrencies. Fundamental analysis involves analyzing a cryptocurrency’s underlying technology, development team, partnerships, and market demand. By understanding the fundamental factors that influence a cryptocurrency’s value, traders can make more informed investment decisions.

News and events also play a significant role in fundamental analysis. Major announcements, regulatory developments, and partnerships can have a significant impact on a cryptocurrency’s price. Staying informed about the latest news and developments is crucial for successful trading.

Risk management and minimizing losses

While cryptocurrency trading offers significant profit potential, it also comes with inherent risks. Managing these risks is essential to protect your capital and minimize losses. One crucial aspect of risk management is setting stop-loss orders, which automatically sell a cryptocurrency if its price drops below a certain level. This helps limit potential losses and protect your investment.

Diversification is another risk management strategy. Instead of investing all your capital in a single cryptocurrency, spread your investments across multiple assets. This reduces your exposure to any single cryptocurrency and helps protect your portfolio from significant losses.

Additionally, it is crucial to only invest what you can afford to lose. Cryptocurrency markets can be highly volatile, and sudden price movements can result in substantial losses. By investing only disposable income, you can protect your financial well-being.

Choosing the right cryptocurrency exchange

Selecting the right cryptocurrency exchange is paramount for successful trading. Factors to consider include security measures, ease of use, available trading pairs, and liquidity. It is crucial to choose an exchange with a good reputation and a track record of securely handling customer funds.

Furthermore, consider the fees charged by the exchange. Some platforms offer competitive fee structures, while others may have hidden charges. Carefully evaluate the fee structure and ensure it aligns with your trading strategy.

Keeping up with the latest trends and news in the cryptocurrency market

Staying informed about the latest trends and news in the cryptocurrency market is essential for successful trading. Cryptocurrency markets are influenced by a variety of factors, including regulatory developments, technological advancements, and market sentiment. By keeping up with the latest news, traders can make informed decisions and take advantage of potential opportunities.

There are several resources available to stay updated on the cryptocurrency market. Websites, blogs, and forums dedicated to cryptocurrencies provide valuable insights and analysis. Additionally, following industry experts and thought leaders on social media platforms can provide real-time updates and expert opinions.

Tools and resources for cryptocurrency trading

There are numerous tools and resources available to assist cryptocurrency traders in their trading journey. Trading platforms, such as Coinbase, Binance, and Kraken, provide user-friendly interfaces and access to a wide range of cryptocurrencies. These platforms often offer advanced charting tools, order types, and trading APIs to enhance the trading experience.

Technical analysis tools, such as TradingView and Coinigy, provide powerful charting capabilities and access to a wide range of technical indicators. These tools allow traders to analyze price data, identify trends, and make informed trading decisions.

Educational resources, such as online courses, webinars, and books, can also help traders enhance their knowledge and skills. Understanding the intricacies of cryptocurrency trading and staying updated on market developments are crucial for success.

Conclusion

Becoming a cryptocurrency mogul is within reach with the right strategies and knowledge. By understanding the basics of cryptocurrency, utilizing common trading strategies, and staying informed about market trends, individuals can navigate the cryptocurrency market successfully. Remember to conduct thorough research, manage risks effectively, and continually educate yourself to achieve long-term success in the exciting world of cryptocurrency trading.

Call To Action: Start your cryptocurrency trading journey today and unlock the potential for financial success. With the right strategies, tools, and knowledge, you can become a cryptocurrency mogul. Don’t miss out on the opportunities offered by this rapidly evolving market. Take the first step and start trading cryptocurrencies today.

By Obinna Ejianya (9News Nigeria – Melbourne, Australia)

#9newsnigeria #business #cryptocurrency #trading #crypto #success

9News Nigeria

9News Nigeria

By Wisdom Nwedene

The Federal Government through the Federal Competition and Consumer Protection Commission has finally banned Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps – “Getloan” and “Camelloan”.

In addition, the Commission has entered an Order to Google Playstore and other payment and financial service providers, permanently prohibiting the provision of any services associated with digital lending to Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited.

This was made known in a statement made available to 9News Nigeria by Babatunde Irukera, Executive Vice Chairman/ Chief Executive Officer.

The Commission reiterates that this revocation and action are permanent without option or opportunity of reconsideration, and the same consequence shall apply to all other violators as the Commission discovers them. In addition, all the information and evidence available with respect to these businesses will be transferred to law enforcement agencies and or any other relevant regulator(s).

The Commission has also placed DMLs that have refused or failed to register under the Guidelines on its watchlist for strict surveillance and necessary action. The list of those DMLs will be made available on the Commission’s website.

The Commission will continue to scrutinise listed DMLs and periodically update the list to ensure only businesses that consistently and completely comply with the spirit and intention of the regulatory framework are allowed to do business legally in Nigeria.

As such, the Commission again advises consumers to exercise restraint and discretion in selecting DMLs, and specifically recommends that consumers patronise only DMLs on the Commission’s approved list to diminish, if not eliminate being victims of illegal and prohibited lending and recovery practices.

The Commission further advises consumers to consider only DMLs whose apps can be downloaded from Google’s Playstore, as only those have been subjected to regulatory scrutiny, and the technology associated with their apps precluded from accessing and downloading private information of consumers. All other DMLs are operating illegally.

The Commission and the JRETF continue assiduous efforts to track illegal operators using APK and other means to engage, and interact with consumers, and welcome credible evidence from the public.

9News Nigeria

9News Nigeria

Nigeria, the largest economy and most populous country in Africa, has faced significant challenges in recent years. There are several key factors that have contributed to the underperformance of the Nigerian economy, including political context, economic overview, development challenges, and recent macroeconomic and financial developments. However, amidst these challenges, there are also opportunities for growth and transformation. In this article, we will explore the future of the Nigerian economy, highlighting the challenges it faces and the potential solutions to position it on a path of sustained growth, transformation, and diversification.

Political Context

Nigeria is a multi-ethnic, multi-religious and culturally diverse federation of 36 autonomous states and the Federal Capital Territory. The political landscape is dominated by the ruling All Progressives Congress party (APC), which controls the executive arm of government and holds the majority of seats in both the Senate and House of Representatives. The high level of insecurity resulting from violent crimes and political unrest in different parts of the country has added to the challenges faced by the country.

The challenges are internationally perceived as serious threats that deprecate the trust of foreign investors and tourists.

The Boko Haram Islamic extremist group has continued causing havoc in Northern Nigeria; While Bandit groups have continued to carry out widespread killings, kidnappings, and looting across several states in Nigeria’s northwest region.

Armed robbery, kidnapping and ritual killings in the West and other parts of southern Nigeria have been rhetorically tackled with reckless abandon.

The insecurity and fear caused by separatist agitation in the southeast is another core back-breaker to the economic growth prospect especially in the Southeast.

Economic Overview

High oil prices in recent years have not translated into economic stability for Nigeria. Macroeconomic stability has weakened, and the declining oil production, costly petrol subsidy, exchange rate distortions, and high inflation have all contributed to the deteriorating economic environment. This has led to an increase in poverty levels, regional inequality, and social and political unrest. The Nigerian economy is projected to grow at a modest rate in the coming years, driven by services, trade, and manufacturing.

Development Challenges

Nigeria faces significant development challenges that hinder its progress. The country’s human capital development ranks low compared to other nations, with high levels of poverty, inequality, and limited job opportunities. In addition, climate change and extreme weather events have had adverse effects on food production and nutrition. To address these challenges, critical macroeconomic and structural policy reforms are needed. These reforms should focus on eliminating petrol subsidies, adopting a market-responsive exchange rate, reducing inflation, increasing non-oil revenues, and addressing major constraints to productivity, such as infrastructure gaps and insecurity.

Recent Macroeconomic and Financial Developments

In recent years, Nigeria has experienced a slowdown in economic growth, primarily due to a decline in oil production, widespread flooding, and rising costs. The industry sector has been particularly affected, while services and agriculture have seen some growth. Inflation has reached a two-decade high, leading to an increase in the policy rate to curb rising prices. The country’s fiscal deficit has narrowed but remains financed by borrowing, resulting in a rise in public debt. Oil production, which is a significant source of government revenue, has declined, contributing to foreign exchange shortages.

Outlook and Risks

The outlook for the Nigerian economy remains subdued, with modest GDP growth and elevated inflation projected for the coming years. Efforts to shore up domestic food supply and contractionary monetary policy are expected to impact inflation rates. The planned removal of the petrol subsidy and increased revenue could narrow the fiscal deficit, but risks such as insecurity and social resistance to subsidy removal persist. Resolving the court challenge of the 2023 presidential election peacefully could boost investment and strengthen Nigeria’s democracy.

Climate Change Issues and Policy Options

Nigeria, with its abundant natural resources, has the potential for sustainable and inclusive green growth. Exploiting the country’s gas reserves and addressing gas flaring can support the transition to clean energy. Nigeria also has opportunities in the development of solid and critical minerals, such as lithium, which can drive green development and create green jobs. However, there is a need for a blueprint to attract green financing and investment. Nigeria requires significant climate finance to implement its Nationally Determined Contribution, with a focus on clean energy and other sectors.

Improving Ease of Doing Business

One critical lever for Nigeria’s economic growth is improving the ease of doing business. The country currently faces obstacles such as corrupt practices, inadequate infrastructure, trade barriers, and limited foreign exchange capacity. Addressing these issues will require reforms in customs regulation and policy, trade capacity building, and private sector support. Simplifying business regulations, streamlining customs processes, and attracting investments are vital for creating a favorable business environment.

Enhancing Labor Productivity

Enhancing labor productivity is another key aspect of Nigeria’s economic development. Currently, a large percentage of the workforce is employed in low-productivity sectors such as agriculture and non-tradable services. This limits income growth and poverty reduction. To address this, investments in vocational and technical training, skills development, and job creation are necessary. Upskilling young Nigerians, especially in digital skills, is crucial for embracing the potential of the tradable services sector and driving technological advancements.

Reducing Corruption Perception

Corruption has been a significant challenge to Nigeria’s economic development. To improve the overall level of corruption perception, strong transparent governance and anti-corruption measures are essential. Strengthening institutions, promoting transparency, and enforcing accountability can help combat corruption. Additionally, creating a policy environment that supports small businesses and provides access to market-driven vocational training can contribute to reducing corruption and promoting inclusive economic growth.

Conclusion

The future of the Nigerian economy is marked by both challenges and opportunities. Addressing issues such as political unrest, wanton crime, systemic corruption, economic instability, and development challenges requires a comprehensive approach that encompasses macroeconomic and structural reforms. Improving the ease of doing business, enhancing labor productivity, and reducing corruption perception are critical levers for Nigeria’s economic growth.

By implementing these measures, Nigeria can position itself for sustained growth, transformation, and diversification, ultimately achieving a high human development status and improving the lives of its people.

Disclaimer from 9News Nigeria Business Editorials: The information presented in this article is based on relevant sources and analysis. However, it is important to note that economic conditions and policies can change over time, and the future trajectory of the Nigerian economy may be subject to various factors and uncertainties.

By Mr Obinna Ejianya (9News Nigeria – Melbourne, Australia)

#9newsnigeria #economy #investment #NigerianEconomy #Nigeria

9News Nigeria

9News Nigeria

Life is a blessing that we can never be grateful enough for. So many experiences, people, and events make you look back and smile. However, life is not made up of good things only. Sometimes, one has to face unexpected situations without any heads-up.

Emergencies and accidents can occur in life when you expect them the least. While everyone is focused on making the best of their present, preparing for the worst in life is also important. Otherwise, the pressures in life can easily overwhelm you.

Whether you are making a satisfactory income or struggling with finances, it is always important for every individual to create an emergency fund. This fund can help you navigate a tough time and help you in finding the best way out of the problem.

Here are a few effective tips that can help you effectively save money for your emergency fund.

1. Work in Steps

Life can be hard sometimes, and things can become grimmer when you live with limited income. It is easier to realize the need for an emergency fund in such times. After all, you cannot let the uncertainty of life get the best of you in tough situations.

Therefore, many experts in the field recommend that individuals always have at least 4-6 months’ salary saved in their backup. This way, you can sustain comfortably for longer during tough times such as losing your job or dealing with an unexpected health condition.

You cannot start saving chunks from your salary without affecting your budget. Therefore, it is important to start with low targets. Once you achieve these goals, you can increase your monthly target amount to add more to the emergency fund.

2.  Open a Bank Account

Millions of people want to commit to the goal of saving. However, many have to bail out at the beginning of their journey for many reasons. One reason is a lack of organization for their savings and day-to-day expenses.

Such problems are more likely to occur if you use one account to handle your cash flow, expenses, and savings using only one bank account. Regardless of how tactful you are, there is always a chance to mix one financial aspect with another. You may lose track of your finances easily.

That is why opening dedicated savings accounts can be the smartest decision for you to make. This way, you can avoid confusion and prevent your savings from being used up in the process. Some savings accounts can also offer a decent interest rate. 

So, you can find a bank account with the best interest rate in town and open your savings account today. You can also refer to Joy Wallet to find a list of top savings banks accounts with the best interest rate across the country. 

3. Add Extras to Savings

If you are living on a limited income, it can be hard to make ends meet. In most cases, it is likely that you may have no amount left after distinguishing your savings and expenses. However, some months can be luckier than others.

If you make a bonus, receive a cash prize, or save some money from your expenses, make sure that you add them to your savings account instead of utilizing them. Of course, your budget will not be disturbed, but this amount can supplement your savings.

However, if you are new to savings, you must remember that bonuses and cash prizes are not enough to grow an emergency fund. You will need to dedicate a part of your income and general budget on a regular basis to create a strong ground.

4. Develop Good Habits

Everyone can agree that saving money for the first time can be one of the most daunting undertakings. It can be hard to compromise your passions and quality of life in order to save for your emergency funds. But, it is also an ideal opportunity to develop some good habits.

Once you set your mind to saving money, you can actively look for ways to add more to your savings account. It is an ideal opportunity for you to learn to make the best of your resources and manage on a limited budget.

When you set a savings target, you can focus on improving good habits such as cooking your meals, taking public transport, and shopping with a list. This way, you will save a lot in the long run, and the results might astonish you.

5. Monitor for More

Every beginner is recommended to start saving from smaller amounts and eventually work their way to save larger amounts. Bigger goals at the beginning of your saving journey can be overwhelming. Hence, you need to increase your limit for savings little by little over time. 

Once you feel that the minimum goals are achieved easily, it is best to monitor your expenses again. If you see room for more to save, do not hesitate to add it to the plan. This way, you can increase the savings in your emergency fund more effectively.

Even when you think you are doing your best, you must always remember that there is room for more. Therefore, it is essential to monitor your budget, expenses, and savings constantly. You can expedite your savings for the emergency funds manifold.

6. Use Only When Needed

There can be many reasons in life why you may feel like breaking into your emergency funds. After all, an emergency fund can be your most reliable source of help after you have achieved a certain financial goal.

Whenever you feel like using your funds, take a deep breath and rethink what you are about to do. Remember that this part of your savings is called an emergency fund for a reason. You cannot sustain a good balance in your emergency fund if you keep withdrawing money from it from time to time.

Therefore, it is best to make a list of all possible emergency scenarios that you may consider using your fund for. Make sure that you create this list before starting the emergency fund. This way, you can always refer to the list to see if your reasons for withdrawing from the emergency fund are worth the withdrawal.

9News Nigeria

9News Nigeria

Access Bank Dual Transaction Service (DTS)
The DTS provides a seamless and exciting experience for on-boarding customers on our Credit card product.

Dual Transaction Service
The Dual Transaction Service (DTS) is a naira credit card service designed to allow profiled customers access a credit line through their existing debit card.

The DTS provides a seamless and exciting experience for on-boarding customers on our credit Card product.

All you need to do after activation is choose credit as account type on any POS or ATM terminal during any transaction to access the credit account on their existing debit account.

How to Activate the Dual Transaction Service
•Dial 90114#
•Choose 1- to activate the DTS.
•Choose 1 – to accept the Credit card terms and •conditions.
•You are set to start using your credit account. •Start transacting!!!

Benefits

9News Nigeria

9News Nigeria

Two Public Interest lawyers, Ayodele Ademiluyi Esq. and Aare Oladotun Hassan Esq. have begun moves to file fundamental rights action against President Muhammadu Buhari’s administration over the crisis arising from the cash swap policy of the Central Bank of Nigeria.

The suit jointly signed by 11 lawyers and issued on Thursday is also seeking the removal of restriction of time for the exchange of old naira notes with new notes based on Section 20(3) of the Central Bank of Nigeria Act, 2017.

The suit jointly signed by 11 lawyers and issued on Thursday is also seeking the removal of restriction of time for the exchange of old naira notes with new notes based on Section 20(3) of the Central Bank of Nigeria Act, 2017. Joined to the action are the President of the Federal Republic of Nigeria; Attorney General of the Federation, Minister of Finance; Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele; Central Bank of Nigeria and the National Assembly as Respondents.

The suit, marked FHC/ABJ/CS/183/2023 is seeking enforcement of fundamental rights to life, freedom of movement, right to own moveable and immoveable properties which were brutally violated by the deadline set by the Respondents, jointly and severally for 31st January 2023. But at the time of filing this report, the matter has yet to be assigned.Part of the statement reads, “Where the questions are resolved in favour of the Applicants, the Applicants seek against the Respondents jointly and severally the following reliefs:

“A DECLARATION OF THIS HONOURABLE COURT that the deadline for exchange of old naira notes with new naira notes on 31st January, 2023 by the 6th Respondent, under the leadership of the 4th Respondent, occupied at the moment by the 5th Respondent, under the overall command of the 1st and 3rd Respondents without adequate and commensurate availability of the new naira notes by the 6th Respondent for vast majority of Nigerians including the Applicants, thereby restraining legal tender of the old naira notes for exchange of goods and services including food, fuel, groceries and other basic facilities for day-to-day survival, thereby subjecting vast majority of Nigerians, including the Applicants to unwarranted agony and human indignity is an infringement of the right of the Applicant to human indignity under Section 34 of the Constitution of the Federal Republic of Nigeria (1999 as amended).

”The suit is also seeking an order of the court “compelling the 6th Respondent to act in compliance with Section 22 of the Central Bank Of Nigeria Act (2007 As Amended) and Section 1 (3) of the Banks And Other Financial Institutions Act (2020) to allow the vast majority of Nigerians including the Applicants to redeem old naira notes with new naira notes beyond 10th day of February, 2023 and 17th February, 2023. “AN ORDER OF THIS HONOURABLE COURT restraining the 1st, 2nd 3rd, 4th, 5th and 6th Respondents jointly and severally from violating the right to life of the Applicants by setting deadline for exchange of old naira notes and restraint of legal tender of the old naira notes for exchange of goods and services with new naira notes on 10th February, 2023 and 17th February, 2023 any other such dates by the 6th Respondent, under the leadership of the 3rd Respondent, occupied at the moment by the 4th Respondent, under the overall command of the 1st Respondent.”

9News Nigeria

9News Nigeria

Elon Musk, the world’s second-richest billionaire, has experienced the largest wealth increase this year despite intense investor pressure to buy Tesla stock.

His net worth has increased by a whopping $45 billion between January and now.

With a net worth of $182 billion, Mr. Musk’s net worth is now close to that of Bernard Arnault ($187 billion) who is currently the world’s richest man.

Tesla’s share rise: The share price of the electric vehicle manufacturer has risen by 65% to $201.29 since January. Tesla’s increase in value, along with the overall market’s upward trend, came in with stronger-than-anticipated fourth-quarter earnings, and other events that the market saw as favorable portents of future performance.

Investors are placing a lot of money on the stock since data indicates that the company is doing well despite heightened geopolitical uncertainty. The company’s Q4 results, which were released on Jan. 25 by the company, served as the most favourable valuation trigger.

Tesla’s financial report: The EV manufacturer reported non-GAAP (adjusted) earnings per share of $1.19 on revenue of $24.32 billion, compared to the consensus analyst expectation of $1.13 on $24.16 billion in sales.

The stock received a new boost of positive momentum from the top and bottom-line beats, but there were other drivers of performance in the previous month

9News Nigeria

9News Nigeria

A cabal’s is a group of people who are united in some close design, usually to promote their private views or interests in an ideology, a state, or another community, often by intrigue and usually unbeknown to those who are outside their group. One member of such a cabal was Isa Funtua, of blessed memory, an associate of President Muhammadu Buhari, who once boasted that is not a member of any cabal but a “cabal myself.”

By Richard Odusanya

Many Nigerians, prominent among whom is the First Lady, Aisha Buhari, have claimed that there is a ‘cabal,’ whose influence on the decisions taken by President Muhammadu Buhari and the presidency, is immense and significant.

Aisha Buhari, at several instances, had accused these people of controlling her husband at the expense of Nigerians, who entrusted Mr president with their mandate. Part of those routinely fingered as members of the cabal’s include the president’s relative, Mamman Daura and Tunde ……, nephew of the President and their associates in the corridors of power.

Interestingly, Nasir Ahmad El-Rufai, a Nigerian politician and the current Governor of Kaduna State has famously posited: “Unmasking them (cabals) is not as joyful as defeating them,” he said. “They will be unmasked in time.

We have defeated them when they wanted their people in the national working committee of the APC.

We have defeated them when they wanted their own anointed person to be the presidential candidate without due regard, due process or even respect for those of us who are governors, that put the party together, campaign for it and deliver the election twice.

No doubt, the outbursts and the excruciating pains occasioned by the over two month-long unmitigated scarcity has worsen the cost of living and affected businesses in Nigeria.

Many petrol stations sell as high as N500/litre against the official N185/litre pump price.

Sadly the current sabotage of the Naira notes swap and fuel scarcity that had caused untold hardship to millions of Nigerians across the country revealed the true character of many people with opportunistic tendencies; typically characterised by greed, self-centeredness and corrupt practices that contribute and cause discomfort to the nation.

firstly, it was Olusegun Obasanjo’s Do-or-die politics enveloped in a new year day letter titled, “My appeal to all Nigerians, particularly young Nigerians” In the poisonous letter, the former president endorsed the Labour Party’s Presidential Candidate, Peter Obi.

This is apart from the same elements “owners of Nigeria” hand in glove, the protagonists of Interim government.

Secondly, the interest of the so-called “Cabal” the power mongers in and around the corridors of power.

He further stated that the budget for the CBN to the BDC operators yearly was $5.2 billion dollars.

He said this move was taken so as to enable the CBN raise enough ForEx for PTAs, educational and medical purposes etc.” He then lamented, that; “while the CBN was still struggling to meet these obligations, the black market kept expanding.” Interesting times ahead.Simply put; Emefiele and his ‘Gang’ have been funding the black market through a back door channel, at the expense of the Nigerian economy.

The CBN dollar rate is 460, black market rate averaged 650 since 2021.

With this sustained arbitrariness, it is easy to make over N 1 trillion yearly. Hence, his refusal to float the Naira. At the current market rate of N750 to $1, the dollar is overpriced. If Emefiele had floated the Naira (which eliminates the black market), the Naira was going be lower than N750.” Why in the first place will a new government under the leadership of President Muhammadu Buhari, reappoint Godwin Emefiele engaged by previous government? An appointment in the core of policy making of the government.

This is apart from several infractions, moral issues and allegations by the Department of State Security (DSS) about Emefiele funding terrorism and the elements of IPOB.

I think it was politically suicidal in addition to risking of a mole from the opposition elements.In view of the foregoing, I reckoned with the saying that bad conducts must be discouraged.

It is instructive to note that as weighty as the allegations, coming from the government’s flagship intelligence agency are, President Buhari has continued to hold one-on-one meetings with Godwin Emefiele since December.

This is a real time exemplification of the term ‘

Alas, the world of mortal man is stranger than the most imaginative piece of fiction. Finally, I like to conclude this article that focuses on the subject of cabal, fuel scarcity and redesigned naira with a promise of HOPE. A renewed hope that was scuttled three decades ago by the same elements “Owners of Nigeria”

NIGERIA WILL BE PEACEFUL.

9News Nigeria

When he assumed office as 8th substantive Rector, Engr. Dr. M.C. Arimanwa, promised to enthrone excellence in service delivery in all sectors of the institution.

Markedly, the Rector as a matter of policy, promised to make the FEDPONEK Micro-finance Bank “a more responsive institution.”

The promise was no lip-service one as the seasoned scholar and administrator swung to action by overhauling the management of the bank.

In addition, the Rector took other necessary leadership steps to place the bank on the path of prosperity.

Today, the Federal Polytechnic Nekede Micro-Finance Bank has been repositioned from a negative outlook to a positive one. There is no more problem of muddled up bank data as there are now synchronized books of account in place.

Importantly, the share capital of the bank has grown exponentially alongside its loan portfolio. Interestingly, also, the income of the bank has been significantly grown through the introduction of multiple sources.

In the meantime, there has been a significant change in the recovery process of lost facilities of the bank which has yielded a lot of results.

This has been achieved through the constant retraining and reorientation of the bank’s manpower, a feat that has further engendered efficiency in the bank’s business. It is commendable that the FPNO MFB is already expanding its infrastructural frontiers.

It has already taken over former Fidelity Bank structure on campus, and successfully reinstalled its operational system without error. In line with this, the bank’s online transaction has been fully integrated. The bank now operates on a new and conducive environment, and of course, a rebranded outlook.

Looking at a king’s mouth, says Achebe the literary sage, you would think he never suckled at his mother’s bosom. Indeed, looking at the achievements of the polytechnic microfinance bank, one would never believe that it was prior to the Rector’s administration, distressed and comatose.

According to the manager, however, Mr. James Enobong, the bank has now regained its lost integrity and is on the positive trajectory.

Taken together, it is commendable that Rector Arimanwa has through the polytechnic MFB touched the lives of staff in no small measure.

For instance, the growth of the bank signals hope in the horizon as staff and members of the polytechnic community can take bank facilities when in financial distress. Similarly, students have been saved the rigour of processing their payments elsewhere.

A recent visit by FEDPONEK GAZETTE revealed that students feel more at ease to transact business at the bank than anywhere else. This is what the Rector means when he promised to ensure the welfare of all stakeholders in the polytechnic community.

©FEDPONEK GAZETTE 20 JANUARY, 2023.

9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

9News Nigeria

The United Kingdom government has struck out operations of Next International (UK) Limited owned by Labour Party bannerman, Peter Obi. As reported by Premium Times, Next International (UK) Limited was struck out due to its inability to meet the deadline for the submission of its annual accounts.

The presidential candidate of the Labour Party, Peter Obi is currently going through a tough time Next International (UK) Limited owned by the former Anambra state governor has been dissolved by the UK government It was gathered that his company failed to meet the deadline for he submission of its annual accounts after being served two notice

It was reported that the company has been struck off the radar since September 2021 after it was confirmed a first and second gazette notices of “compulsory” strike off of the entity.

9NewsNigeria gathered that the policy of compulsory strike-off is being sanctioned by the UK government when a company fails to meet up with its annual account submission or fails to notify Companies House about a change of official registered office address.

Further details revealed that when this sanction is imposed on a company that falters to meet the requirement, its profile would be deleted from the Companies House register, thereby also confirming its non-existence. Meanwhile, before the removal of the company from public records, the UK government mandates the Companies House Registrar to issue at least two letters of warning to the affected company. This in turn will cause an action of strike out with immediate effect.

In the case of Next International, it was gathered there was no feedback for the two letters that was sent between 22nd June 2021 (first), and 31st August 2021 (second) led to the issuance of the final gazette to dissolve the company on 7th September 2021.

Records gathered also revealed that Next International on four occasions (2017, 2018, 2019 and 2020) had been served the “first gazette notice for compulsory strike-off” for not submitting its annual accounts on time.

9News Nigeria

9News Nigeria

Our citizens have become jobless, economy and many other things affected negatively. The nation is in total darkness despite humongous investment in the power sector that may have ended up in private pockets.

The Arrest Of Our Noble National Dream And Consequence For Our Industrialisation

By Richard Odusanya

It is unconscionable, unbelievably shocking to see some of our infrastructures yet to be upgraded or in a state of total decay. First, it is important to inform our readers about the following:

• The Second Niger Bridge was conceived in 1964.
• The Ajaokuta-Kaduna-Kano (AKK) gas pipeline was conceived in 1971.
• The Anambra, Kashibilla, Zungeru and Mambilla dams were conceived in 1975.
• The Lagos-Ibadan Expressway was conceived in 1978.
• The Warri-Itakpe standard guage rail line was conceived in 1986.
• The Lagos-Kano double standard rail guage was conceived in 1982
• The Ajaokuta steel company was conceived in 1962.
• The National Steel development was conceived in 1966.

Corruption and infrastructural decay has completely undermined our advancement in the areas of industrialization and sustainability. Electricity production in Nigeria over the last 50 years has varied from gas-fired, oil-fired, and hydroelectric power stations, to coal-fired stations with hydroelectric power systems and gas-fired systems taking precedence.

Industrialization: What It Is, Examples, and Impacts on Society.

The Industrial Revolution led to unprecedented expansion in wealth and financial well-being for some.

A larger middle class emerged as consumer demand for more goods and services grew and business creation boomed to feed the demand. Other changes that helped bring about the Industrial Revolution included the use of steam, and later of other kinds of power, in place of the muscles of human beings and of animals. Therefore, the innovations allowed for mass production.

The Industrial Revolution brought about sweeping changes in economic and social organization. These changes included a wider distribution of wealth.

The Industrial Revolution transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system.

New machines, new power sources, and new ways of organizing work made existing industries more productive and efficient. New industries also arose, including, in the late 19th century, the automobile industry.

Furthermore, industrialization is the social and economic transformation of society from an agrarian to an industrial economy. Industrialization has brought economic prosperity; additionally it has resulted in more population, urbanization, obvious stress on the basic life.

Industrialization also exacerbated the separation of labor and capital.

Those who owned the means of production became disproportionately rich, resulting in what we have today as a nation.

Historically industrialization is associated with increase of polluting industries heavily dependent on fossil fuels.

With the increasing focus on sustainable development and green industrial policy practices, industrialization increasingly includes technological leapfrogging, with direct investment in more advanced, cleaner technologies.

Industrialisation is the period of social and economic change that transforms a human group from an agrarian society into an industrial society.

This involves an extensive re-organisation of an economy for the purpose of manufacturing. Industrialisation is the period of social and economic change that transforms a human group from an agrarian society into an industrial society.

This involves an extensive re-organisation of an economy for the purpose of manufacturing. This precedence is predicated on the fact that the primary fuel sources (coal, oil, water, and gas) for these power stations are readily available. Nigeria is considered as one of the energy-rich countries in the world.

No doubt, power is a critical issue as it concerns our developmental strides in all ramifications. This is majorly the reason for lack of advancement or retardation in the areas of industrialization and sustainability.

The sad reality is that many of our elites who are the players in that sector have become stupendously rich in billions but our beloved country Nigeria is completely down.

Conclusion: the failures in completion of the critical components and infrastructural decay is the real issue and the incoming administration should of necessity revisit such with a mindset of the Fourth Industrial Revolution.

9News Nigeria

9News Nigeria

N800 billion used to maintain naira in four years Ahmad said the CBN spent about N800 billion between 2017 and 2021 on currency production, storage, transportation and destruction.

• Central Bank of Nigeria’s Deputy Governor of Financial System Stability, Aisha Ahmad, has stated that the bank’s spending on maintaining the naira has spiked by N10 billion yearly.
• She revealed this on Friday, December 23, 2022, when she appeared before the House of Representatives to defend the bank’s new policy on cash withdrawal limits.

According to the Punch, the CBN spends about N150 billion yearly on naira management. The amount has now risen by N10 billion, per Ahmad’s presentation.

Kingsley Moghalu, an ex-CBN deputy governor, disclosed that the CBN spends about N150 billion yearly to maintain the local currency.

Moghalu said that the amount is used to store, produce, transport, protect and destroy the notes annually.

The CBN deputy governor said the management of currency is a crucial function of the bank as contained in the CBN Act of 2007, adding that the integrity of the naira and efficient supply of naira notes are indicators of a functional central bank.

She stated: “The challenges have continued to grow in scale, with the attendant consequences on the bank’s policy effectiveness if left unaddressed.

These challenges include wholesale hoarding of naira banknotes by members of the public. She further stressed the risk of counterfeiting as evident in reports from security agencies on the increase in fake-related incidents in some states, including the FCT.

9News Nigeria

9News Nigeria

A federal high court sitting in Abuja has declined an application by the Department of State Services (DSS) to arrest and detain Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), TheCable understands.

In declining the motion ex parte — filed by an applicant in the absence of the respondent — Justice JT Tsoho, the chief judge, said the secret police did not provide any concrete evidence to substantiate its claims that Emefiele was involved in terrorism financing and economic crimes.

• Sources at the high court told TheCable that the judge said he should have been taken into confidence if there was any evidence to back the allegations.
• “The honourable judge also wondered why the name of the respondent was given simply as ‘Godwin Emefiele’ without a material disclosure that he is the same person as the CBN governor, a highly ranking public official who occupies an extremely sensitive position,” the source told TheCable.

The court said such an application should have been accompanied with the presidential approval because of the grave implications for the Nigerian economy if the CBN governor is arrested and detained.There are suggestions that the bid to arrest Emefiele might be political given the impact the redesign of the naira and limit on cash withdrawals might have on vote-buying in the 2023 elections.A number of politicians have complained that the naira redesign is targeted at them but President Muhammadu Buhari has given his full backing to Emefiele over the policy.

On Monday, a group of civil society organisations raised the alarm that there was a plot to frame Emefiele for terrorism and remove him from office.

9News Nigeria

9News Nigeria

Much-loved Nigerian singer, Davido, has finally returned to social media in style and it has got fans talking The jewellery-loving celebrity was spotted rocking a Rolex wristwatch that reportedly cost over N259 million A number of netizens reacted to the photo of the luxury wristwatch while others compared him with his colleagues in the industry

Top Nigerian singer, Davido, finally returned to social media in a special way after his long break over the demise of his son, Ifeanyi. The music mogul posted photos on his Instagram stories to announce his return and he was spotted rocking two expensive wristwatches, one of them being a Rolex.

On Davido’s right wrist, he wore a Rolex Daytona Rainbow black dial said to be worth $574,995, over N259 million.

The jewellery-loving musician did not stop there, he also accessorised his wrist with chunky diamond bracelets and equally chunky rings.

9News Nigeria

9News Nigeria

A lot of successful businessmen have their grass-to-grace story Alhaji Mangal’s rise from a truck driver to a multi-billionaire is one that will inspire a lot of people from all walks of life Mangal is an astute businessman from the north like Aliko Dangote, Abdulsamad Rabiu and Aminu Dantata

Successful businesses don’t just happen. It usually takes a smart business idea being executed by a shrewd businessman for that to come into existence. Particularly for an environment such as Nigeria’s where businesses are daily confronted with challenges that threaten their survival. The likes of Aliko Dangote, Abdulsamad Rabiu and Aminu Dantata are notable businessmen from the northern part of Nigeria who have surmounted these challenges, establishing business empires that are today employing thousands of Nigerians.

Joining the league of astute businessmen from the north is Dahiru Mangal, who was recently conferred with the honor of Commander of the Order of the Niger (CON) by President Muhammadu Buhari for his contribution to the growth of the business sector in Nigeria.

Growing up in Katsina

Going into business Mangal has always had the ambition of becoming a successful businessman, hence his foray into the transportation business. He started out as a truck driver and from then on, bought his vehicles to hire out. In a few years, Mangal was able to establish himself as a reputable businessman, branching into several other businesses across different sectors in Nigeria.

One major advantage for him was his ability to strike friendships with the movers and shakers of the society in Katsina State and across Nigeria. His association with government officials, both military and civilian exposed him to legitimate businesses and benefits of contracts from the government, paving the way for a business conglomerate.

Business ventures Today,

Mangal’s business interests cut across transportation, construction, and oil and gas. In 2006, he founded Max Air (formerly known as Mangal Airlines), a leading Nigerian airline that operates domestic, regional and international flights In collaboration with a Chinese firm, Mangal Industries Limited is currently constructing a 3 million metric tons per year cement plant in Kogi State. The project which is slated to be completed in 2024 is put at a total cost of $600 million. This is what he said about the project.

The factory will rely on best available technology for cement production and in line with highest environmental standards. It is designed to be one of the most sustainable in the sector. Mangal is investing strategically in the West African Cement Industry to enable the Nigerian economy to bridge the huge infrastructure and housing deficit in the largest economy of the region.

9News Nigeria

From Princely Onyenwe

His Excellency, Distinguished Senator Hope Uzodinma earlier today, Tuesday 6-12-2022, received in audience, a delegation from the Embassy of the People’s Republic of China, who came on a courtesy visit.

The Governor expressed gratitude to his visitors for identifying with the State on possible partnership in harnessing the great potentials of the State. His Excellency, therefore, restates the State’s availability for any productive relationship.

The leader of the delegation, Mr. Wu Baocai, Directing Officer of the Embassy, commended the Governor, on behalf of his team and the Government of China, for the warm reception while pledging their readiness for a possible partnership.

9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

9News Nigeria

Elon Musk on Friday kicked Kanye West off Twitter “for incitement to violence” after the rapper posted a picture that appeared to show a swastika interlaced with a Star of David.The post came hours after an interview with conspiracy theorist Alex Jones, in which West sparked outrage by declaring his “love” of Nazis and admiration for Adolf Hitler.

West had also shared a picture of a shirtless Musk getting sprayed with water, tweeting, “Let’s always remember this as my final tweet.”In response, Musk said, “Just clarifying that his account is being suspended for incitement to violence, not an unflattering pic of me.”

Musk, who previously called himself a “free speech absolutist,” has repeatedly said he believes all content permitted by law should be allowed on Twitter, and sought to remake the social media organisation after he took control in October.

In an hours-long appearance on Infowars, the show fronted by Jones, West – now known as Ye – wore a black mask completely covering his face, as he ranted about sin, pornography, and the devil.

West hid his face completely under a mask that had neither eye nor mouth slits.

However, Jones addressed him as West as they spoke, Infowars billed the interview as being with West, and at one point, Jones took West’s cellphone and posted a tweet on his account that appeared in real-time.

West, who has hinted he is running for US president in 2024, has spoken openly about his struggles with mental illness, but his erratic behavior has continued to raise concerns.

The businessman has seen his commercial relationships crumble after a series of anti-Semitic comments, as the one-time titan of fashion and music appears to have entered a disturbing spiral.

9News Nigeria

From Princely Onyenwe

Lagocians have decried continous traffic congestion in Lagos state Nigeria crediting it to bad governance and poor planning.

9News Nigeria (Lagos) witnessed a 3-Hours long traffic at Berger entrance to the state Wednesday evening.

The situation has continued worsen on daily basis across all the locations in lagos state without proffering a perfect remedy by the Lagos state government as gathered by our correspodent.

On the spot, I spotted some working equipments of Julius Berger construction company at the right side of the entrance road but the work was not as serious and fast as needed.

Considering the sensitivity of the road, crowds of residents in the state and large number of vehicles plying on this particular area is not what to play with or overlooked.

The Julius Berger company is expected to speed up work on this popular BEGER area to reduce steady long queue experienced on that location,9News Nigeria reports.

The bad condition of road extended towards lagos- Ogun state axis where the government of the state has also overlooked to work on. The present situation of NIGERIAN roads call for emergency attention and a total overhaul as Lagos state has remained most affected.

The engineers on site told our correspodent that work is ongoing and the company will deliver as scheduled. But the Berger construction site axis of the road has remained bad for years while the Government cliamed to have been working by erecting bogus construction billboards and APC Tinubu team 2023 all over the state.

Speaking with 9News Nigeria, the reaction of Lagocians as it concerns hold up cum traffic congestion in lagos is a continous exercise but regrettedly the Government Sanwo Olu has no plan to remedy the situation.

It is evident that Lagocians suffer on traffic congestions on daily basis while the Government seems deriving joy from this challenge because they jump protocols on the roads and don’t obey traffic orders.

The people have therefore condemned the present government of Sanwo and Buhari and vowed not to vote for APC Presidential candidate, Tinubu Gagaban stating that he is the worst version of Buhari’s Government.

They however credited bad governance experienced in Lagos State and NIGERIA to the low gravity of thinking of the Political leaders on the throne of administration.

An illustrious son of Yoruba land and an Otunmba title holder in lagos seriously frowned at the HARSH economic decadence and SCARCITY of FUEL spreading across the states. He however called on NIGERIANs to vote wisely come 2023 Election and Campaign against bad governance and wickedness of the leaders.

Supprisingly all these are happening in the Christmas festive season when Nigerian workers and the General Christian faithful are suppose to gather for the remaining days before the Christmas proper.

But dis-heartedly, the Prices of fuel has skyrocketed to 250 Naira per liter. Market prices are so high, transportation fare is on a rapid increament and you are telling us to vote the incoming worst version of Buhari and his team. Both PDP and APC has failed this country, an anonymous frowned.

Note that the country has frustrated alot of people here and businesses are crumpling on daily basis and they are busy printing New Naira Notes and telling us to vote them them. So Shameful!! Said Lagocians.

Having gathered the facts above, it is good that NIGERIANs are wiser by harsh experiences infested by the leadership.

Nigerian high way roads is not in good shape. Bushes have outgrown the zebra crossing 🚸 between the major roads. It is hard for vehicles on the right lane to see vehicles on the left lane and this is dangerous so far as road ethics is concerned.

Robbery could be going on on a particular lane without fellow drivers being aware of such incident to either call for emergency attention or rescue of affected passengers.

The traffic situation in lagos state cannot be checked by mere traffic lights or ban on okada riders as existing in Lagos at the time of this report but construction of more flyovers and link roads to various locations with high human congestion to ease further congestion.

There is no doubt Lagos state is over populated but a good government must rise up to it’s responsibility to improve the state in expectation that as the day goes on, the city will be densely populated. Let our government plan and work it out to help Lagocians.

9News Nigeria (Owerri)For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

The construction of the Owerri-Mbaise-Obowo-Umuahia road has advanced as asphalt work begins on the first phase of the road, from the Owerri axis.

The contractor, Craneburg Construction Company, has been on-site since the flag-off, despite the rains. Working from stage to stage, the project has advanced as they aim to deliver within contractual terms.

As usual, the Imo State Government has been hands-on, inspecting and keeping tabs on the contractor’s compliance with contractual terms and timing. It’s expected that in no distant time, the project will be completed and delivered.

9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

NDDC cancels all unexecuted contracts from 2002 To 2019 with immediate effect.

All affected contractors are expected to refund mobilization payment advanced (Paid) them by the commision .

Our correspodents are establishing calls to the NDDC to bring to our readers more details loading..

9News Nigeria (Owerri)For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

The People’s Democratic Party PDP Presidential flag bearer Alhaji Atiku Abubakar GCON is live on a breakfast meeting with stakeholders and party lovers in Abuja Nigeria this morning.

Recovery is important and a good slogan that has to be put to action but who among our Politicians, precisely the Presidential candidates can make NIGERIA recover?

Click to this link to watch and hear Atiku Abubakar speak.

https://m.facebook.com/story.php?story_fbid=800456824347301&id=100044152610571

Atiku Abubakar Political slogan “Recover” is trending because from the real facts on ground, NIGERIA has an emergency attention to recover from wholesome decadence and devaluation of Naira amongst Others.

The recovery we are expecting touches every sector of economy across the states of the federation.

Emergency attention to recover the country from all administrative setbacks of which include, recovery from bad governance, high prices of petroleum products, market commodities, building materials, food stuffs, Naira devaluation, Insecurity, killings, abuses, abduction, insurgency, harsh economy and the list is endless.

But NIGERIANs are asking this question put in place by 9News Nigeria political correspodents: https://m.facebook.com/story.php?story_fbid=800456824347301&id=100044152610571

Recovery is important and a good slogan that has to be put to action but who among our Politicians, precisely the Presidential candidates can make NIGERIA recover?

Nigeria need a better PRESIDENT to change the ugly narrative to save the country from colossal damages.

The challenge is for the voting populace to choose the best Presidential Candidate between Atiku Abubakar, Bola Tinubu and Peter Obi to save NIGERIA.

Let us read your reactions as the broadcast continues to the political campaigns which is already flooding the Political Atmosphere.

9News Nigeria (Owerri)For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

Social Sharing

Rosabeth Mosa Lantern once posited, “A vision is not just a picture of what could be, it is an appeal to our better selves, a call to become something more”.

“This implies that the country Nigeria is ripe to becoming a better place and by implication the vision conceived by the CBN’s introduction of the new naira notes should be targetted at improving the currency value and standard”

The primary purpose for a new naira note has to be non- sentimental and non -tribalistic to enable the country grow economically as an entity in the open market. The exchange rate has to improve also by the latest introduction and not just for the mere conception of New money in circulation.

Following the herald of printing of the New Naira Notes by CBN, lobbying for inscription of tribal statues is on the high gear.The Yoruba kingdom has presented the Former Nigerian President, Olusegun Obasanjo having showcased his efforts during his time as the number one citizen of the Federal Republic.

The clamour to embed Obasanjo’s head to represent the Yorubas has dominated the Social media outlets and no doubt, has gathered alot of public attention which gears towards general acceptability.

Recall that in the days of OBJ as the President, the country wasn’t so difficult and harsh to compare with the present. Though there were shortcomings but Obasanjo’s goodwill in governance surpassed his odds policies and the Yorubas have adopted him as sole representative to be embedded in the new Naira note.I love the Yoruba politics and their selfishness when it comes to lobbying.

The Northern Nigeria politicians also plan the future of their people from the present leaving the South East States and the South South zone aloof in the political atmosphere.

“The Igbo Political leaders have stayed aloof from Political foresight and permutations to lobby their stand to the benefit of the people. No doubt the zone is affected by a certain setback- syndrome and lack of Development”

The Northern politicians are wise but people see then as being insensitive which is wrong. Though the zone is placed the poorest in terms of education and welfare of the masses but I am sure that the Northern politicians are at the helm of afairs and decision making in NIGERIA.

Majority of the sensitive positions and offices are being headed by Northerners while the other tribes are taken and eventually seen as seconder when it comes to representation.No doubt the same North are Strong hearted and has shown bravery and determination to chase for the Presidential position after Buhari.

They have no blame because the South East and South south regions are divided and insensitive of the politics of the country. They cliam to be good players in the atmosphere of Politics but their zone is disenfranchised. They have forgotten the CONFAB resolution to create more states in the region.

If the Political figures from the SE and SS regions had known, nobody would have told them to come as an entity and work together to present a quality Presidential candidate from the South East to set a good political standpoint. Now that the currency inscription is trending, who among them will stand tall to be embedded into the New currency main stream?

From the sense of balance and equity, any Northern politician canvassing for the 2023 Presidential election is chasing a mere charade to confuse the south East’. Such a Politician could be termed heartless and insensitive.

“Back home to the New Naira currency, it will be a world-class misnomer to the CBN if the New currency cannot surpass the present Naira Notes in use in terms of quality, durability, inscriptions and value”

There are simple imprints that are supposedly added to make Nigerian currency better than the previous. This fact should not to be avoided or evaded.

By the announcement of the New Naira Notes by the CBN Boss, NIGERIANs have started fighting against eachother calling on the CBN to inscribe the head of some personalities to defend certain tribal sentiments.The airspace is already flooded with clamour to fix the head of Former President Olusegun Obasanjo on the New Naira Notes even as Omokiri has advertised same Obasanjo on his recent post stating why OBJ has to be inscribed on the upcoming Naira Notes.

Assuming such plight is to be considered, then there are other personalities from three other regions like Emeka Anyaoku SE, Alhaji Sanusi North, Fmr President Goodluck Jonathan South-South, who in one way or the other served NIGERIA in various capacities.

“Meanwhile there will be no error to make our New Naira note more simple and stronger both in design and quality.However, I am of the opinion that the New Naira note be the best printed currency with a simple inscription just as American Dollar has”

My suggestion is that the upcoming currency should have good value and be inscribed with a one sentence Prayer on it like the United States of America’s inscription on the Dollar “In God we Trust”The Central Bank of Nigeria CBN can adopt the best sentence or paragraph from the national anthem like “Arise oh! Compatriot” or “Direct Our Noble Course Oh God” or One Nation bound in freedom peace and unity”

The CBN and Federal Government should also make the renewal of kobo unit be approved to also have a good useful value than scrapping it out in totality.There should be legal sanction placed on the New Naira Notes to punish offenders and this will no doubt make Naira Notes remain neat like that of American Dollar and other currency ever sighted in the open market.

I sugges the new Naira Notes will have new notable features and be more durable, valuable than the former. May Nigeria be better and the New Naira be valuable.

9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

The Imo State Governor, Distinguished Senator Hope Uzodinma, has flagged-off the Hope Green Revolution and approved the Holistic Green Strategies for a Greener and New Imo State, as the state officially goes green in November 2022 at Government House, Owerri.

In his address, Governor Hope Uzodimma disclosed that the Hope Green Revolution is an ambitious and revolutionary means to contain the climate change in the State and sub – Saharan Africa region.

In bid to drive the Hope Green Revolution to a fruitful end, the Governor disclosed that he has directed all the Sole Administrators to plant 10,000 trees in the Local Governments. He added that all Imolites should plant and nurture trees in their respective environments.

Speaking earlier, the Managing Director/CEO of Numerix Development Limited, Engr. Babatunde Aina, highlighted the immediate take-off projects which are: Clean Cooking Technologies Deployment to be distributed, All-encompassing Retrofitting, Innovative Economic Tree Planting & Nurturing, Training and Capacity Building for Green Jobs Creation and Imo State Carbon Credit Train for improved Economic Prosperity – leaving no one behind.

According to Engr. Babatunde Aina, the Government of Imo State had appointed and signed a Joint Venture Partnership Agreement for Carbon Credits, Carbon Finance, Carbon Revenues and Carbon Emissions Reduction with Numerix Development Limited and Summit Innovative and Synergy Limited in Nigeria; under a Strategic Green Partnership Initiative. Hence, the Hope Green Revolution has proven to be the first of its kind in sub – Saharan Africa as it is beyond planting trees.

The flag-off ceremony was an event of Strategic Stakeholders in Climate Finance, Trade, Investment, Environment, Health, Sustainability, Energy, Transportation, Carbon Assets Management, Technology, Climate Innovation, Green Growth and other relevant sectors in Nigeria and Africa.

Watch the video link below:https://m.facebook.com/story.php?story_fbid=pfbid02SbkcX3nQCRZuRKk2ox4qxhk6XYiGCUR5wUxPTWwXpcajSyXcX37oPjELWNxWn9o1l&id=100055050623514

9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

Federal Polytechnic Nekede Inaugurates Campus Shuttle Service

In another trail-blazing move, the Rector of Federal Polytechnic Nekede, Engr. Dr. Michael Arimanwa FNSE, JP, has inaugurated the first Campus Shuttle Service in the frontline Polytechnic. The bus service effectively replaces the motorcycle service hitherto operational in the institution. The service is a product of a partnership between the Polytechnic and a company, Campus Pilot Ltd.

Performing the flag-off a fleet of over 45 new buses Wednesday, the Rector expressed delight at another mark of history in the institution in the area of transportation. He expressed confidence that the bus service which charges only N50 per drop has come to address issues of safety and stability.

According to the award-winning Rector, “We have made every effort to ensure that we have a very affordable system of transportation. Before now, we used to have a commercial motorcycle operation which posed a challenge in safety and sustainability. Again, the operators usually reneged on agreements reached in terms of cost and safety measures hence we issued a ban on bike operations on campus.

“Today, we have a shuttle service that is affordable, environment-friendly and safe, which operate on designated routes across the campus. We are also happy that the service is digitally operated as there are smart security codes that can make a passenger decode the identity of the driver conveying them while using a smart phone. I however charge drivers to wear uniforms and put on name tags as a simple means of identification. The operators must ensure the buses do not exceed stipulated speed limits on campus.

“We are happy, meanwhile, that the Campus Shuttle Ltd has acquitted itself as we never heard of any case of accident or incident in the course of their trial period. Our medical facility did not admit any injured student in the course of their operation. This is a clear departure from the era of motorcycle operation with its risks and hazards. We therefore pray that God would make the buses serve the purpose for which they were procured.”

Earlier, the Dean of Student Affairs, Dr. Okafo Okeraffia, described the day as special while listing the gains of the service to include affordability, safety and environment friendliness, adding that officials of the Student Union Government would enjoy free services upon tendering their identity card.

The operations officer of the company, Mr. Kingsley Arinzechukwu, had thanked the Rector for the wonderful environment and technological advancement of the Polytechnic. He also spelt out the various routes which the buses would ply and the stations they would operate.

In a goodwill message, Mr. Ejike PraiseGod, Deputy Coordinator, NANS, South East, Zone F, commended the Rector for his proactiveness in getting a credible alternative means of transportation after the ban of bike operations. He also commended the Rector for redefining leadership since he assumed office as 8th substantive Rector.

Similarly, the Divisional Police Officer for Ihiagwa Police Division saluted the Rector on his numerous achievements which are in the public domain. He expressed joy in being invited to the epochal event, describing the Poly chief as a true servant of God who has shown overwhelming commitment and purpose in the service of his country.

It would be recalled that the campus bus shuttle was introduced at the wake of the ban imposed on motorcycle operations in the Polytechnic. The Rector had had cause to ban the bike service due to obvious inefficiency and recalcitrance of the operators. He also promised to introduce a transport operation in line with the new transportation policy of the pace-setting Polytechnic.

Remarkably, the Rector has promised to deploy the electric car invented by the institution upon its mass production.

©FEDPONEK GAZETTE 26 October, 2022.

9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

Social Sharing

Oliver Goldsmith once said, “laws grind the poor and the rich men rule the law” This implies that there is nothing like democracy in practice.

In furtherance, Thomas Carlyle posited that judgement for an “evil thing” is many times delayed which is as sure as death. This presupposes that both the judiciary and the executive arm are to be held responsible for the failure of the system.

No doubt, cases are being delayed in court of law while government delay the needed governance. Legislation and passage of bills are elongated for the sake of rhetorics and mundane protocols.

In times like this, personalities like us incur sleepless nights proffering possible ways to reshape the society at large.

It is true that there will be no perfect peace on earth but in situations like this, let there be a change in leadership, let us seek resolution in war. In defeat, defiance. In victory, magnanimity. In Peace, goodwill. A new Nigeria is indeed possible.

Nigerian government have to revisit and revamp the production sectors to enable the country grow economically.

Another sector that need an emergency ungrade is to empower the Agro sector and to establish standard preservation mechanism across the rural areas to secure our food products.

It is important to note also that the small and medium scale enterprises SMEs have to be seriously funded for more productivity.

Having toured widely in my research, I noticed that countries like China, Indonesia, US and Europe recycle most of their products to sustain productivity.

But over here in Nigeria, we export our wastages and indirectly kept loosing bunch of trillions of dollars away.

On a chat with some business foreign expatriate here, I was told that Nigeria even export Sand to China, France and Asia for the production of Tiles, Doors, Ceiling boards.

Unarguably, these products are brought back to Nigeria for our consumption and usage. But we have the land scale and raw materials in Nigeria where possibly such production companies can come to establish and employ our people. Setting up functional production sectors can reduce unemployment and youth restiveness.

Insecurity and bad Leadership have taken us backwards than ever. Maybe the political leaders and the so called honourables are insensitive of the plights of the people or that they are enjoying the wholesome decadence in the system?

I can’t imagine the type of legislation we run here. Legislation that cannot improve the governance system. Legislation that cannot add succor to the desired needs of the people. Legislation that has automatically changed the definition of politics to “politricks” Where exactly are we heading to?

Again the electioneering season is set and who does feel that Nigerians are happy to vote same old wine in the new bottles. Can’t our electoral umpires give the country the best and read out election results without manipulation?

Where then is the security intelligence cum architecture and the welfare of the people which is the most paramount? Where are the technocrats and realists? Where are the seers and the game changers? Where are our leaders and Federal Executive Council?

I still can believe that with good governance, peace, stability, justice and cooperation, Nigeria will smile again. We cannot forget in a hurry the labours of our forebears and the unassailable efforts put in place to come this far.

But my humble plea from the political wilderness can rekindle our drowning mindsets to begin to think aright and do the right thing at the right time. NIGERIANs clamour for good leadership, maximum security, respect for human rights, reduction of prices of both market commodities and petroleum products and welfare of the people.

Alas, there are still alot yet undone!! It is as if the entire system is stagnated and unproductive. But for us to salvage our land, Nigeria have to arise to her responsibility and make the people happy again.

9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

Nigerians will be happy to witness the commencement of operations at the Lekki Deep Seaport as its operation kickstarts on Friday.

With this rapid development, the maritime infrastructure will deliver on the promised economic benefits of the first deep seaport in Nigeria.

Lekki Deep Seaport begins operations Friday, 16 September 2022, to kickstart the dry-run phase while full-scale operations start year ending, 9News Nigeria reports.

Landlocked countries such as Mali, Chad, Niger Republic have shown interest in hurling their cargoes through Nigeria ports.

China Harbour Engineering LFZ Enterprise and the project manager, Louis Berger WSP have put into ensuring that the twin objectives to complete construction and start port operations by the end of the year is realized.

Recall that on the 5-09-2022 Lekki Port again received the second batch of shipments few weeks the first shipment was delivered.

The 2nd shipment comprised of two ship-to-shore cranes with 115 packages of accessories, and five Rubber-Tyre-Gantry cranes with 270 packages of accessories from Shanghai, China on the Zhen Hua 35 vessel.

The Management of Lekki Port held a technical meeting few weeks ago to facilitate this gesture and those present are:

The Minister of Transport, Alh. Muazu Jaji Sambo, alongside Managing Director, Mohammed Bello Koko, Director-General NIMASA Bashir Jamoh and Executive Secretary Nigerian Shippers Council, Emmanuel Jime.

9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

EUC Homes’ has assured their clients of absolute readiness to give them the best services as it concerns Real Estate Business across the location of choice or interest.

On a chat with 9News Nigeria business update, the managers of EUC Homes stated that Over 20% Of Nigeria’s Total Real Estate Value Is Concentrated In Lagos?

Do you also know that you can Own a piece of Land for as Low as N1M in SILVER SPRING COURTS EXTENSION by EUC Homes.

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9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

Imo state Governor, Hope Uzodinma has broken the jinx again in his appiontment of government officials. This time around, His Excellency has appionted Barr. GAS Amadi as General Manager, GM Imo Rubber Estate.

GAS Amadi’s appiontment takes immediate effect as approved by the governor to take charge of the Rubber Estate Development.

Barr GAS Amadi is an astute legal practitioner and a highly respected statesman and Political leader in the state. He has confirmed his appiontment and showered deserving appreciation to the Government of Imo state for finding him fit to serve in this capacity while waiting for his official inauguration.

Speaking with our correspodent, an anonymous stakeholder in Imo state stated that of a fact ,Hon Bar. Gas is a great leader. I congratulate him for this well deserved appointment. Thanks a lot our visionary, action Governor for appointing one of our own to be in charge of the Rubber Estate”

“Congratulations to a man of honor, my boss, my leader and a man with capacity, Rt. Hon. Barr. GAS Amadi for his appointment as the GM Imo Rubber LTD, by His Excellency Sen. Hope Uzodinma, the Governor of Imo State.

It is the prayer of Imolites for God to sustain your good ideas in this new assignment to give the state the best from you.

Once again, we say congratulations!!

9News Nigeria (Owerri)
For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

EUC HOMES has continued to dominate the real estate business across the country having lots of professional packages to make their clients happy.

This has made our news platform to showcase the best EUC have in stock.

Therefore

FOR MORE ENQUIRIES CALL & VISIT OUR WEBSITE:

Euchomes homepage
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EUC HOMES promise to give to their clients the best services to synchronize modern day real estate. A trial will convince you as you continue to do business with us, says EUC Managers.

9News Nigeria (Owerri)For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

From Princely Onyenwe

As a member of Presidential Council on Digital Economy and e-Government, the Imo State Governor, Distinguished Senator Hope Uzodinma was present at the Inaugural Meeting held at Nigeria Communication & Digital Economy Complex, Abuja.

The meeting was chaired by the Honourable Minister of Communication and Digital Economy, Prof. Isa Ali Ibrahim Pantami, on behalf of President Muhammadu Buhari.

Imo State already positioned and aligned with the Federal Government under the Shared Prosperity Administration for responsive partnerships, will continue to leverage on available opportunities for the developmental drive across the State.

9News Nigeria (Owerri)For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

9News Nigeria

23 May 2022 – As part of its Africa Day celebrations on 25 May, Meta today announced the return of its global campaign ‘Made by Africa, Loved by the World’, which was first launched in 2021. Aimed at amplifying the voices and stories of people and businesses from across Africa that are impacting the world, this year’s campaign spotlights eight creators, innovators and SMBs who are making a name for themselves not only in Africa, but globally, and are changing the way Africa is viewed on the international stage.

As part of the on-platform and marketing campaign, Meta has partnered with local filmmakers to bring to life eight phenomenal stories. Alongside this will run a dedicated global and local Instagram campaign featuring partnerships with African content creators, a community Reels challenge, the development of a specially designed AR filter inspired by #AfricaMade, as well as a series of free open virtual training sessions via the Meta Africa page, dedicated to all SMBs and Creators from across Africa.

Speaking about the campaign, Kezia Anim-Addo, Communications Director, Sub-Saharan Africa, said, “I’m truly excited to be bringing back ‘Made by Africa, Loved by the World’ for the 2nd year running. This campaign is about showcasing the incredible talent we have here on the continent, and the African people and businesses that are not only contributing to the global agenda, but are forging their own paths. At Meta we remain invested in Africa, and know that this is home to some of the world’s most talented and inspired individuals, and we look forward to hero’ing just some of these stories through our ‘Made by Africa, Loved by the World’ campaign.”

Short Films: Made by Africa, Loved by the World

Partnering with five local filmmakers Tarryn Crossman (South Africa), Kofi Awuah (Ghana), Joan Kabugu (Kenya), Bardia Olowu (Nigeria) and Nelson Makengo (DRC), these series of inspirational and beautifully shot short films will live on a dedicated Africa Day microsite and focus on the stories of:                    

●      Trevor Stuurman (South Africa): An award winning contemporary multimedia visual artist who has cemented himself as a creative force to be reckoned with, collaborating with international brands and global stars

●      Ferre Gola (DRC): An award winning Congolese musician who has earned international accolades as a true icon of Congolese rumba

●      Mosope Olaosebikan (Nigeria): Founder of Africa’s first digital museum devoted to shaping the narrative of culture and people using immersive and innovative methods of curation such as AR/VR

●      Rich Mnisi (South Africa): A contemporary multi-disciplinary brand specializing in high-end fashion and furniture designs, with his clothing featured in global media outlets and his designs worn by global names

●      Selina Beb (Ghana): A multiple award-winning fashion brand specialising in African inspired accessories and clothes

●      Black Rhino VR (Kenya): An award-winning Extended Reality Agency working with local and international brands

●      Bonita Foods (Nigeria): A healthy snacks company producing a range of delicious snacks from fruits, nuts and vegetables, with a global footprint across the UK, USA and Germany

●      Pixel Chefs (South Africa): An innovative creative agency, using emerging digital tech to create immersive impactful experiences for both local and global clients

Celebrating Africa Day on Instagram

As a platform for self-expression, in the lead up to Africa Day and beyond, Instagram will be celebrating and highlighting the incredible talent and diversity of the African continent:

●        Instagram AR Filter: Partnering with a South African immersive digital solutions company (Pixel Chefs)  to create an interactive AR filter to provide the Instagram community with a tool to celebrate the occasion, with the vibrancy and liveliness of Africa at the heart. [https://we.tl/t-uxnMsPgTaR]

●        Instagram Reels Challenge: Working with content creators from across Africa and the diaspora, Instagram will launch a Reels community challenge under the hashtag #ShareYourAfrica, encouraging its community to celebrate and share with the world what’s uniquely authentic and African to them, whether fashion, music, food or dance.  

●        African Designers Guide: Throughout the week of Africa Day and beyond, Instagram has invited  @mizliz, the founder of @offtomag, to highlight 12 African designers and artists who are forging their own paths and redefining culture in the process

●        IG Creators Q&A with DanceGod Llyod on 25th May: Continuing to spotlight African creators, Instagram will host a live Q&A with Ghanaian dancer sensation and content creator DanceGod Lloyd

Free Virtual Training Sessions

As part of Meta’s continued investment across the continent, it will also be hosting a number of free open training sessions throughout the week and post Africa Day via the Meta Africa page, focused on providing other upcoming creatives and entrepreneurs with the digital know-how to take their ideas global. Training topics include:

●        Reels school: Learn all about Reels on Facebook and Instagram, as well as top tips and best practices to help connect with more people

●        Cross Border Business: Discover how to explore different markets, reach new customers, localise marketing and optimise campaigns

●        Monetization 101: Discover ways to monetise owned content on Facebook and Instagram, as well as learn more about best practices and eligibility requirements

●        Branded Content – Get future-ready: Find out more about creator marketing on Meta platforms including best practices, creative tips, and media and measurement guidance.

●        Step into AR: Dip into the world of the Metaverse through the lens of Augmented Reality (AR) and explore the what, why and how of AR to help create incredible AR experiences people will love

Meta Culture Series

As an extension of the Metaverse Culture Series Black Future experience exploring embedding Black culture, creativity and community, Meta will host a fireside chat with Ime Archibong, Head of New Product Experimentation at Meta, Dylan Fiala (Co-Founder of Pixel Chefs), Winifred Isichei (Founder of Bonita Foods) and diaspora based Walla El Sheikh (Birthright Africa). Hosted on Meta Africa FB Page, the conversations will focus around early innovation and adoption across the continent, and how this has contributed to global trends, whilst exploring what the world can learn about African Culture.

9News Nigeria

9News Nigeria

From Kenneth Udeh , Abuja

Ahead of the Zuma Film Festival scheduled to hold between 1st and 7th of May, 2022, co-organisers have stated that the outcome of the film event will make the Federal Capital Territory an investment destination and also open up the key creative potentials of the industry to residents of Abuja.

The 2022 edition which is jointly sponsored by the Nigerian Film Corporation and the Federal Capital Territory Administration following a previous Memorandum of Understanding signed between both parties for which Abuja will be the host city for the film festival in Nigeria over the next 10 years.

According to the organisers, modalities have been put in place to ensure that the 2022 edition is bigger and better and further unlock the creative potentials of the Nation’s capital.

These were stated at a pre-event briefing organised for the press in Abuja on Thursday ahead of the week long event themed “show the money” scheduled to be held in May 2022.

The Minister for state , Dr. Ramatu Tijjani Aliyu who was represented by Mr. Samuel Atang. Director, Operations, Office of the Permanent Secretary. FCTA pointed out that Abuja having rapidly garnered a reputation as a pleasant tourist destination with its rich cultural mix , beautiful sights and a bustling entertainment industry will sustain using the Zuma Film Festival as a springboard.

Tijani added that the collaboration between the FCTA and the NFC will not only ensure a bigger and better Zuma Film Festival but will also provide residents of Abuja investment opportunities in the nation’s creative economy.

She said ; We intend to continue to leverage on windows of cooperation that exist within the creative and tourism sectors in the country and also harness the opportunities created by this festival to develop the abundant local talents in the FCT.
” I  therefore thank Nigerian Film makers for the rising profile of Abuja as a location of choice for our local films thus enabling us to benefit from the tremendous value chain that comes with this.
“We also commend their ingenuity in putting the Nigerian film industry on the global map with very limited resources, making it third only to Bollywood and Nollywood. We intend to use the collaboration between the FCTA and the Nigeria Film Corporation to further ensure sustainable development of our indigenous film industry with the ultimate aim of making Abuja, the film and creative hub for Africa using the Zuma Film Festival as a catalyst to attain these dreams.

She further appreciated the event partners and the Media for promoting the event in positive light and enjoined the public to give the event the publicity it deserves. 

On his part , Managing Director and Chief Executive Officer of the NFC, Dr. Chidia Maduekwe expressed that collaborative partnership between the FCTA and the NFC is significant and iconic.  Stressing that Abuja now being the host city is in line with global practices like- Cannes (France), Toronto (Canada) and several others. 

Chidia revealed that the objective of the 2022 ZFF, the 12th edition is to herald a total transformation of the film,  cinema and tourism activities of the country, especially within the FCT. 

“Since its inception in 1999 and its rebranding in 2017 as Nigeria’s foremost and international film festival, no efforts have been spared to ensure that the objectives of the film festival are maximally achieved. 

“Consequently, the collaborative partnership between the FCTA and the NFC in mounting subsequent editions of the film festival beginning from this 12th edition is very significant and iconic. Abuja has now been designated as the official host city for the Zuma film festival. 

“At the NFC, we are resolved to deepen and develop the Nigerian film industry. Within the broad and specific mandate of developing the Nigerian film industry, NFC remains committed to engaging its key partners at all levels, Chida further disclosed. 

He also thanked Alh. Lai Mohammed, Hon. Minister of Information & gratitude to the Honorable Minister, Mal. Muhammad Musa Bello and the Honorable Minister of State, Dr. Ramatu Tijjani Aliyu, Federal Capital Territory Administration, for facilitating the hosting of the event which he described as his historic first outing. 
The film festival is scheduled to take place from 1st – 7th May 2022, at the respective venues:  NICON LUXURY Abuja (1st – 4th) and International Conference Centre, Abuja (5th -7th). Time:    9:00am Daily. Some of the major events of the Film Festival include, but not limited to the following: Opening Ceremony/Screening of Opening Films, Red Carpet scheduled for Sunday, May 1st , 2022 at 5:00pm.

9News Nigeria

9News Nigeria

Deutsche Bank raised eyebrows earlier this month by becoming the first major bank to forecast a US recession, albeit a “mild” one.

Facts:

• Around half of the investors expect the US to enter recession in 2023, a Bloomberg Markets Live survey shows.
• Deutsche Bank is the first major bank to forecast a US recession next year.
• The global economic outlook is uncertain because of Russia’s invasion of Ukraine and Chinese lockdowns potentially impacting supply chains.

In the wake of the first interest rate hike since 2018, Deutsche Bank became the first major bank to forecast a US recession for next year. The report co-authored by the bank’s chief economist David Folkerts-Landau and former Fed official Peter Hooper finds that “the US economy is expected to take a major hit from the extra Fed tightening by late next year and early 2024.” The economists expect the federal funds rate to be gradually raised beyond 3.5 percent by the middle of next year, which would be at the upper limit of projections given by the Federal Open Market Committee last month. The median projection given by FOMC members for 2023 was 2.8 percent, up from the current target range of 0.25 to 0.5 percent.

The next US recession

While Deutsche Bank is the first major bank to forecast an imminent economic downturn, investors, both retail and professional, share the group’s gloomy outlook. According to a Bloomberg Markets Live survey conducted between March 29 and April 1, 48 percent of investors expect the US to fall into recession next year. Another 21 percent expect the downturn to happen in 2024, while 15 percent of the 525 respondents expect the recession to come as early as this year.

With the pandemic still lingering, the Russian invasion of Ukraine putting additional pressure on already surging consumer prices and Chinese lockdowns potentially disrupting supply chains, the economic outlook is currently clouded by uncertainties. And where there is clouds, there’s often a chance of rain, or, in this case, a recession.

The Deutsche Bank’s Warning Becoming More Severe

Now, Deutsche Bank’s warning of a deeper downturn caused by the Federal Reserve’s quest to knock down stubbornly high inflation.
“We will get a major recession,” Deutsche Bank economists wrote in a report to clients on Tuesday.

The problem, according to the bank, is that while inflation may be peaking, it will take a “long time” before it gets back down to the Fed’s goal of 2%. That suggests the central bank will raise interest rates so aggressively that it hurts the economy.

“We regard it…as highly likely that the Fed will have to step on the brakes even more firmly, and a deep recession will be needed to bring inflation to heel,” Deutsche Bank economists wrote in its report with the ominous title, “Why the coming recession will be worse than expected.”

Behind the curve

Consumer prices spiked by 8.5% in March, the fastest pace in 40 years. The jobs market remains on fire, with Moody’s Analytics projecting that the unemployment rate will soon fall to the lowest level since the early 1950s.

To make its case, Deutsche Bank created an index that tracks the distance between inflation and unemployment over the past 60 years and the Fed’s stated goals for those metrics.

That research, according to the bank, finds that the Fed today is “much further behind the curve” than it has been since the early 1980s, a period when extremely high inflation forced the central bank to raise interest rates to record highs, crushing the economy.

History shows the Fed has “never been able to correct” even smaller overshoots of inflation and employment “without pushing the economy into a significant recession,” Deutsche Bank said.

Given that the job market has “over-tightened” by as much as two percentage points of unemployment, the bank said, “Something stronger than a mild recession will be needed to do the job.”

The good news is that Deutsche Bank sees the economy rebounding by mid-2024 as the Fed reverses course in its inflation fight.

Goldman Sachs: Recession is not inevitable

Of course, no one knows precisely how this will play out. Although Deutsche Bank is pessimistic — it’s the most bearish among major banks on Wall Street — others contend this gloom-and-doom is overdone.

Goldman Sachs concedes it will be “very challenging” to bring down high inflation and wage growth, but stresses that a recession is “not inevitable.”

“We do not need a recession but probably do need growth to slow to a somewhat below-potential pace, a path that raises recession risk,” Goldman Sachs economists wrote in a report Friday evening.

UBS is similarly hopeful that the economic expansion will continue despite the Fed’s shift to inflation-fighting mode.

“Inflation should ease from current levels, and we do not expect a recession from rising interest rates,” Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote in a report on Monday.

War and Covid lockdowns pressure inflation

Deutsche Bank said the most important factor behind its more negative view is the likelihood that inflation will remain “persistently elevated for longer than generally anticipated.”

The bank said several developments will contribute to higher-than-feared inflation, including: the reversal of globalization, climate change, further supply-chain disruptions caused by the war in Ukraine and Covid lockdowns in China and coming increases to inflation expectations that will support actual inflation.

“The scourge of inflation has returned and is here to stay,” Deutsche Bank said.

If inflation does stay elevated, the Fed will be forced to consider more dramatic interest rate hikes. The Fed raised interest rates by a quarter-percentage point in March and Chairman Jerome Powell conceded last week that a half-point hike is “on the table” at next week’s meeting.

“It is sorely tempting to take a go-slow approach hoping that the US economy can be landed softly on a sustainable path. This will not happen,” Deutsche Bank said. “Our view is that the only way to minimize the economic, financial and societal damage of prolonged inflation is to err on the side of doing too much.”

9News Nigeria

9News Nigeria

The world’s richest man, Elon Musk has offered to buy Twitter Inc. private in a deal valued at $43 billion after he was dissatisfied with the company’s handling of freedom of speech rights.

Elon Husk lambasted Twitter management and said he’s the person who can unlock the “extraordinary potential” of a communication platform used daily by more than 200 million people.

Musk announced the proposed deal in a filing with the U.S. Securities and Exchange Commission on Thursday, after turning down the chance to take a board seat at the company. Musk, who also controls Tesla Inc., first disclosed a stake of about 9% on April 4, making him the largest individual investor. Tesla shares fell about 3% on concern that the attempt to acquire Twitter will be a distraction for Musk.

The Billionaire entrepreneur said he’ll pay $54.20 per share in cash, 38% above the price on April 1, the last trading day before Musk went public with his stake. The social media company’s shares were little changed at $45.81 in New York on Thursday, a sign there’s scepticism that one of the platform’s most outspoken users will succeed in his takeover attempt.

Responding to the offer, Twitter said that its board would review the proposal and any response would be in the best interests of “all Twitter stockholders.” The board, which was set to meet to evaluate the proposal early Thursday, sees the takeover offer as unwelcome and will probably fight it, the Information reported, citing a person familiar with the matter.

Speaking in an interview at a TED conference in Vancouver on Thursday, the 50 years old billionaire said that he’s not sure he’ll succeed with the acquisition, and indicated that he has a Plan B if Twitter’s board rejects his offer. He declined to elaborate.

Twitter declined to comment on the board meeting or Musk’s comments at TED.

The bid is the most high-stakes clash yet between Musk and the social media platform. The executive is one of Twitter’s most-watched firebrands, often tweeting out memes and taunts to @elonmusk’s more than 80 million followers. He has been vociferous about changes he’d like to consider imposing on the social media platform, and the company offered him a seat on the board following the announcement of his $3.35 billion stakes.

After announcing his stake, Musk immediately began appealing to fellow users about prospective moves, from turning Twitter’s San Francisco headquarters into a homeless shelter and adding an edit button for tweets to granting automatic verification marks to premium users. One tweet suggested Twitter might be dying, given that several celebrities with high numbers of followers rarely tweet.

Unsatisfied with the influence that comes with being Twitter’s largest investor, he has now launched a full takeover, one of the few individuals who can afford it outright. He’s currently worth about $260 billion according to the Bloomberg Billionaires Index.

Although Musk is the world’s richest person, how he will find $43 billion in cash has yet to be revealed.

“This becomes a hostile takeover offer which is going to cost a serious amount of cash,” said Neil Campling, head of TMT research at Mirabaud Equity Research. “He will have to sell a decent piece of Tesla stock to fund it, or a massive loan against it.”

At the TED conference Thursday, Musk said that if he succeeds in his bid, he would seek to retain as many other shareholders as the law allows for a private company, rather than being the sole owner.

“I could technically afford it,” Musk said “But this is not a way to sort of make money. It’s just that I think this is — my strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization. I don’t care about the economics at all.”

Much of Musk’s ire against Twitter has been directed against what he perceives as censorship by the platform. In a letter to Twitter’s board alongside details regarding his offer, Musk said he believes Twitter: “will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed into a private company”

Musk is offering a 54% premium over the Jan. 28 closing price, the date after which he began building his initial stake in Twitter. The takeover attempt is unlikely to be a drawn-out process.

“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” said Musk.

Musk informed Twitter’s board over the previous weekend that he thought the company should be taken private, according to today’s statement.

Read this next: How Jack Dorsey Quit Twitter to Become Bitcoin’s Spiritual Leader

The $54.20 per share offer is “too low” for shareholders or the board to accept, said Vital Knowledge’s Adam Crisafulli in a report, adding that the company’s shares hit $70 less than a year ago.

Twitter shareholder Saudi Prince Alwaleed bin Talal said he rejects Musk’s offer as not coming “close to the intrinsic value” of Twitter “given its growth prospects.”

Although Musk said his offer was “best and final,” it opens the gates to rivals, either to team up with or out-bid his offer. Oracle CEO Larry Ellison, also on the board of Tesla, previously attempted to buy a stake in the social media platform TikTok.

Musk has hired Morgan Stanley as his adviser for the bid. The offer price also includes the number 420, widely recognized as a coded reference to marijuana. He also picked $420 as the share price for possibly taking Tesla private in 2018, a move that brought him scrutiny from the SEC.

“There will be the host of questions around financing, regulatory, balancing Musk’s time (Tesla, SpaceX) in the coming days,” said Dan Ives, an analyst at Wedbush. “But ultimately based on this filing it is a now or never bid for Twitter to accept.”

I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.

However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed into a private company.

As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.

Twitter has extraordinary potential. I will unlock it.

Elon Musk’s full letter to Twitter’s board

Source: Bloomberg

9News Nigeria

9News Nigeria

…reiterates commitment to innovation and technological advancement in Nigeria

Lagos, Nigeria – Leading financial institution, Union Bank has launched a technological and innovation hub known as SpaceNXT. Built to promote innovation and encourage collaboration within the tech ecosystem in Nigeria, SpaceNXT is a future-forward purpose designed co-working hub for innovators, creators and techpreneurs.

Located within the Union Bank Head Office in Lagos Nigeria, SpaceNXT was set up to provide an enabling environment where tech enthusiasts, visionaries and creators can converge for the propagation of new ideas. It is a launching pad for innovators to collaborate, develop and improve on ideas around digital systems and technology.

Lola Cardoso, Executive Director and Head, Retail Banking and Digital, Union Bank, spoke on the benefits of SpaceNXT to the tech ecosystem.

She said, “Globally, technology and innovation are key drivers of growth, and here in Nigeria, the tech community is at the forefront of our ongoing digital revolution. To unlock the massive potential of the sector, we must create an enabling environment that promotes collaboration and fosters strong partnerships within the ecosystem, this is why we launched SpaceNXT – to serve and enable the growth of the tech community.”

The launch event which held on April 7th 2022 had Special Guest of Honour, Mr.Tunbosun Alake, Special Adviser on Innovation and Technology to the Governor of Lagos State, in attendance.

He officially opened the space alongside the executives of the Bank. Speaking during the ribbon cutting ceremony, he said, “This is indeed a laudable moment for Union Bank. With the launch of SpaceNXT, Union Bank has established itself as a bonafide trusted partner for the future generation. SpaceNXT is a sandbox for culture change and an enabling lever to drive innovation and technology in Nigeria.”

SpaceNXT was conceived as part of the Bank’s mission to enable success for the tech community in Nigeria by providing a space that would foster collaboration within the ecosystem.

Union Bank’s Chief Executive Officer, Emeka Okonkwo, shared the Bank’s reason for launching the Space at this time. According to him, “For us at Union Bank, we believe the best way to predict the future is to create it. This is why we are pushing beyond banking to take a strategic position as enablers of success within the tech and innovation industry. We are excited at the opportunity to enable the ecosystem and co-create a future that is brighter than we can imagine today”.

Besides being a hub for sharing and generating innovative ideas, SpaceNXT will also serve as a venue for tech and innovation events, hackathons, trainings and meetings. Union Bank remains committed to the acceleration of the technological landscape in Nigeria.

9News Nigeria

9News Nigeria

Worsening insecurity in the country has passed threats and now tearing down the Nigerian economy to the point that is so alarming.

In February 2022, the International Monetary Fund – IMF had warned that worsening violence and insecurity could derail Nigeria’s recovery from the impending economic recessions. And today, the insecurity in the country has heightened to the point where no one is spared irrespective of rank and file.

The IMF stated this in a report on its  2021 Article IV Consultation with Nigeria and then called on the Federal Government to effect some improvements and be transparent in the fight against insurgency and insecurity at large.

Among other things, the IMF reiterated and said: “A worsening of violence and insecurity could also derail the recovery. On the upside, the non-oil sector could be stronger, benefitting from its recent growth momentum, supportive credit policies, and higher production from the new Dangote refinery.”

Consequently, both local and remaining foreign investors have started to desert the country in droves.

The Spanish Businessmen who invested $54million to establish a tomato factory in Kebbi had to run for their lives because of Bandits.

This development is most unfortunate and a serious setback to Nigeria. It is painful that this is happening at a time when Nigerians are grappling with job losses, poverty and mass unemployment.

9news Nigeria

9News Nigeria

9News Nigeria

Investment scams are strategies used by fraudsters to lure unsuspecting investors into investing their money in a fake business that appears to be real. In most cases, it comes with interesting and convincing stories of high profits with little or no risk. It may come in form of real estate, import and export, farming, buying and selling of products etc.

The most common types of investment scams are:

1. Pyramid schemes: This is when fraudsters claim they can invest with little amount and make huge profits within a very short time with little or no risk.
2. Ponzi schemes: In Ponzi schemes, scammers collect money from new investors and use it to pay profits to those who invested earlier rather than investing the money as promised to the unsuspecting investors.
3. Advance fee fraud: This is a fraud in which individuals, companies or organisations are asked to pay a certain fee before receiving some promised products, services or money.

In today’s internet age, our ignorance about how to spot and avoid investment scams may put us at risk of being vulnerable to any kind of investment scam.
As internet users, our need to stay online for various reasons exposes us to many online dangers on a daily basis.

We must be informed that the people we trust so much e.g. our neighbours, business partners, friends, family members etc. may present a business proposal to us without realising it is a scam. This is why it is very important for us to educate ourselves about how to spot and protect ourselves against investment scams.

HOW TO SPOT INVESTMENT SCAM:

1. It comes with a sense of urgency.
2. The story sounds too good to be true.
3. It involves unsolicited calls and emails.
4. The scammers use a lot of media platforms to advertise.
5. The scammers don’t want their victims to know their identities or how they can be located.
6. It comes with a promise of huge profits with little or no risk.
7. At first they will tell you it’s free but they will demand for money later.
8. The scammers call you severally to convince you.
9. In most cases, they use personal bank accounts for their transactions.
10. The scammers have more than enough testimonies to back up their claims e.g. testimonies from fake investors.

HOW TO AVOID INVESTMENT SCAMS:

1. Don’t believe everything you see online.
2. When the story sounds too good to be true, be suspicious.
3. Beware of unsolicited calls and emails with investment proposals.
4. Always request for a video call with anyone that wants to have any business transaction with you online.
5. When you are in doubt, share your experience with friends, neighbours, co-workers, counsellors or anyone around you.
6. Find out if the company is legally registered.
7. Find out if the company has integrity before you invest your money.
8. Be suspicious when you notice errors in spelling and grammar used in the texts or emails sent to you.
9. If you think you have fallen victim to an investment scam, report immediately to your bank and law enforcement agencies.
10. Educate yourself on how to spot and avoid investment scams.

Rotimi Onadipe
CEO Onadipe Technologies,
Founder, Internet Safety Magazine.

9News Nigeria

9News Nigeria

OPERATING GUIDELINES FOR RT200 NON-OIL EXPORT PROCEED REPATRIATION REBATE SCHEME

1.0.INTRODUCTION

The RT200 FX Programme is an initiative of the Central Bank of Nigeria (CBN) which aims to raise $200 billion in Foreign Exchange (FX) earnings from Non-Oil Proceeds over the next 3-5years. It  is anchored on a five-point agenda with a view to raising $200 billion in FX earnings in the next five years. A major anchor of the program is the Non-Oil Export proceeds repatriation Rebate Scheme.

The rebate scheme is designed to incentivize exporters in the Non-Oil export sector to encourage repatriation and sale of export proceeds into the FX Market. It is borne out of the need to develop new strategies aimed at earning more stable and sustainable inflows of FX, in order to insulate the Nigerian economy from shocks and FX shortages.

• Objectives of the Scheme

The objectives of the Scheme are to:

• Enhance Foreign Exchange inflow.
• Diversify the sources of FX inflow.
• To increase the level of contribution of non-oil exports.
• Ensure stability and sustainability of FX inflows.
• Support export-oriented  companies to expand their export operations and capabilities.

1

3.0. Management of the Scheme

The CBN (Trade & Exchange Department) shall be responsible for the day-to-day administration of the Scheme.

• Ellglblllty Criteria

• Eligible Beneficiaries

• Only exporters of finished and semi-finished goods are eligible for this incentive.
• Exporters shall qualify for the rebates only, where repatriated export proceeds are sold at the Investors’ & Exporters’ Window (I & E).
• Eligible Transactions

Eligible transactions that qualify for incentives under the Scheme shall be:

• Export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria, except otherwise stated by the CBN.
• Export of goods and services (I.T and Creative Businesses) that are permissible and excluded under existing export prohibition list.
• Completion of e-Form NXP.
• Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC).
• Sale of repatriated export proceeds at the I & E Window.

2

• Notwithstanding when the export process was initiated, the exporter will qualify for the rebate provided the exporter meets the criteria stipulated above

• Features of The Scheme
• Payment of Incentives
  • The Scheme shall pay
    • N65 for every US$1 repatriated and sold at the I & E Window to ADBsfor other third-party use, and
    • N35 for every US$1 repatriated andsold into l&E for own use on eligible transactions only. However, the spread should not be more than 10 Kobo
  • Payment of the incentive shall be made on quarterly basis. The accounts of exporters that qualify for rebates shall be credited latest one week after the end of the quarter.

• Application Procedures
• Submission of Requests
  • Submission of requests shall be made through the Authorized Dealer bank (ADB) where the e-Form NXP was established. It shall be the responsibility of the ADB to authenticate all documents submitted for rebates.
• Documentation Requirements

Each request for incentive is to be accompanied by the following documents:

• Written request from the Exporter
• Completed Application Form  (to be designed by CBN and forwarded to exporters through their ADB).

3

• Documentation requirements for exports as stipulated in the FX Manual.
• Evidence of repatriation and sale of export proceeds at the I & E Window.
• Any other document(s) that may be required by the CBN.
• Processing of Request for Incentive
  • The ADB shall process all applications received to confirm the completeness of the documentation and eligibility.
  • Where complete, the ADB shall forward the application to the Director, Trade & Exchange Department, CBN within five (5) working days, after consummation of the export proceeds sale transaction at l&E Window.
• Approval Process

All processed applications shall be for consideration of the Central Bank of Nigeria, through the Office of the Director, Trade and Exchange Departm ent.

• MonitoringandEvaluation

Monitoring and evaluation of disbursements to eligible exporters.

• Routine monitoring of disbursements to eligible exporters shall be conducted by the CBN at the ADBs.
• Any observed infractions shall be sanctioned appropriately in line with CBN regulations.
• Roles and Responslbllitles of Stakeholders

The roles and responsibilities of stakeholders under the scheme shall be as follows:

4

• The Central Bank of Nigeria (CBN)

The CBN shall:

• Issue the operating guidelines for the scheme

• Consider and make payments to beneficiaries (through their respective ADBs)
• Routinely monitor and reconcile the incentive payments vis a vis repatriation and sales of export proceeds at the I & E Window.
• Authorised Dealer Banks

Authorised Dealer Banks shall:

• Ensure that the conditions stated in (4.0 & 6.0.) above are met before making recommendations to the CBN.
• Authenticate all documents and ensure compliance.
• Ensure that requests are processed and forwarded to the CBN within the stipulated timeline.
• Render periodic returns on disbursements (in prescribed formats as may be specified by the CBN); and
• Recommend amendments to operating guidelines (when necessary).
• The Participating Exporters

The Exporters shall:

• Present eligible requests to their ADBs for necessary action.
• Render periodic returns in  prescribed  formats as may be specified by the CBN from time to time.
• Comply with the operating guidelines of the Scheme.

5

• Infractions and Sanctions
• Penalty for Defaults
  • The CBN seizes this opportunity to seek the support of the ADBs to ensure the success of this Scheme. Banks are therefore expected to show full understanding about both the real and perceived objectives of this Circular as any attempts to circumvent the intent of the Scheme shall result in the suspension of the FOREX dealership license of the ADB for 24months.
  • Any Exporter that presents fraudulent document(s) or tries to undermine this Scheme shall be banned from accessing the incentive for 24 months and all accounts shall be placed on PND for the same period.

11.0·. Amendments

These Guidelines shall be subject to review from time to time as may be deemed necessary by the CBN.

All enquiries and returns should be addressed to: The Director

Trade & Exchange Department Central Bank of Nigeria Corporate Headquarters Central Business District Abuja, Nigeria.

9News Nigeria

9News Nigeria

A Nigerian lady identified as Hope Osoma Okpuwara has celebrated landing a job worth N1.6 million owing to her kindness to a client According to the lady who runs a mobile kitchen, a man who had just been discharged from hospital ordered for oxtail peppersoup Along with his order, the kind-hearted entrepreneur added plantain of N400 and this act paved way for a big job through the man

A Nigerian businesswoman, Hope Osoma Okpuwara, has enjoined people to endeavour to show kindness after her kind-hearted gesture to a man fetched her a big job. Hope revealed how her kind gesture of giving a client plantain of N400 got her a job of N1.6 million.

The incident that ushered in the N1.6 million job In a Facebook post, .

the mobile kitchen vendor narrated that months ago, a man who had just been discharged from hospital had ordered for oxtail peppersoup.

9News Nigeria

9News Nigeria

The Special Adviser, Media and Publicity to President Muhammadu Buhari, Femi Adesina, has posited that Nigeria’s insecurity makes it a more attractive destination for investors.

“If you are thinking like an investor, you will know that it is in challenged areas that is best to invest,” Mr Adesina reasoned Monday night on Channels TV. “Because when you invest in challenged areas, you go in at attractive rates because of those challenges. And when those challenges are surmounted, you then make a lot of returns on your investment.”

Although he admitted that if security was factored in Nigeria would not be highly rated, he insisted that investors need to keep an open mind about the country.

Citing those who invested in the telecommunications sector under unfriendly military regimes, the presidential media aide reasoned that Nigeria remains a good place for investors given the country’s population, market size, and human resources.

“Imagine those who invested in telecoms at a time Nigeria was not an attractive destination under military rule. Do you know the returns they receive today, 20-22 years after?” he argued.

“Because they are hardcore investors, they could see beyond the facade. So they knew this was a place to go into because they saw into the future.”

A recent report on the top 10 attractive countries for investment by Rand Merchant Bank ranked Egypt, Morocco, South Africa first, second and third respectively, with Nigeria missing in the top 10.

9News Nigeria

9News Nigeria

On Thursday the Nigerian Film Corporation (NFC) led by it’s Managing Director, Dr. Chidia Maduekwe and the Federal Capital Territory Administration (FCTA) signed a Memorandum of  Understanding (MoU) for the hosting of the 12th Edition of the Zuma Film Festival.

The signing is historical as this is the first time since the creation of the film festival that a state Government Administration backed by the Federal government will host and sponsor the event annually.

The epoch signing ceremony had in attendance the high ranking cabinet members of the FCT Administration headed by the Minister of State (FCT) ,Ramatu Tijani Aliyu who was represented by the FCT Permanent Secretary, Mr. Olusade Adesola and NFC Team led it’s Managing Director and Chief Executive Officer, Dr. Chidia Maduekwe.

With the new development the 2021 Zuma Film Festival rescheduled to hold in April 2022 is  generate a gross estimate of 5 million dollars (₦2.5 billion) in direct revenue from merchandising, in addition to tax revenue in excess of $2 million (₦1 billion) in addition to direct and indirect job creation.

Dr. Chida in a press statement added  that the estimated revenues can be achieved through  interest, international participation , co- production agreement and traffic generation for increased film production shoot within the FCT. 

The NFC Boss likened the revenue evaluation to the 2020 participation in the Salt Lake City Utah, host city of Sundance Film Festival, which cost  an estimated $149,000 (₦74 Million), and created over three thousand jobs for citizens of the city. The festival made $5 million (₦2.5 billion) in direct revenue from merchandising, in addition to tax revenue in excess of $2 million (₦1 billion) within ten days. 

During the signing formalities, FCTA’s Mallam Bashir Mohammed  in his opening remarks recalled how Dr. Chidia Maduekwe proposed the partnership initiative to the FCTA in 2019 to host the 2020 Zuma film festival.

According to him, due to the COVID-19 pandemic talks were stalled and the event couldn’t be held in 2020. 

However a committee was instituted by the Hon Ramatu to hold talks with the management of the Nigerian Film Corporation to deliberate on how it will undertake the hosting of the motion picture festival.

The meetings included the drafting of the memorandum and identifying  specific areas in which both parties will contribute their quota in order to achieve collaboration and synergy for a sustainable hosting of the very important event. 

The FCTA Committee met severally with Dr. Chidia’s NFC team which resulted in having an agreeable memorandum of understanding and was submitted to the authority for consideration.

The memorandum of understanding was subsequently considered and approved by the Minister of the Federal Capital Territory Alhaji Mohammed Musa Bello and the Minister of State, Dr. Ramatu Tijani Aliyu.

Chidia Maduekwe who spoke to newsmen in a brief interview shortly after the MoU signing said the 12 Edition of the Zuma Film Festival was taking a new dimension as a result of the partnership with the Federal Capital Territory Administration and the support of the Federal Government. He noted the collaboration is in line with the current global trends in the hosting of film festivals.

Chidia Maduekwe, the CEO of the NFC, said Abuja was carefully selected to host the festival, to showcase the beauty and economic potential of the city to the international community.

“The difference us enormous for the first time we are having a host city, the government of a state because FCT is like a state , and you have the Minister declaring that the FCT Minister us backing up the Festival that means that the Federal Government is throwing their weight to what is being done at the MDA level . 

“You cannot expect anything less because these are global standards. I just came back from South Africa in Durban and the mayor of Durban was very much involved. The state took over the film festival or trade fair in Durban and that is what is going to be replicated here.  

“That is the capacity we are bringing here and that automatically translates major participation not just within Nigeria but outside the country. Nigeria should be a destination for the celebration of cinematic excellence not just talking about us being the second largest producers of films in the world , Chidia said.

The NFC Boss stated further that Nigeria is expected to move from quantity to quality in terms of production.

“Yes, we are producing good quality films but we should move ahead from numbers to quality.  We should move away from numbers to monetization, we should move from jobs to wealth creation. It is such a film festival that gives the enabling environment that draws our youths to cross fertilise their intentions with investors that will come from across the globe. 

“It is such environment of the  film festival celebration that talents will be identified, they will be given roles to play that’s where you have collaboration agreement so it is huge , it is big and it is humongous and I am happy it has come to stay and like you heard the honourable minister say that that deal is a permanent thing . One thing is assured that we at NFC especially under my watch have domesticated it that film festivals now have Abuja as the host city. It’s a whole lot .

When asked about the future prospect of the deal. He responded;

“In the next 10 years I want this Abuja film festival to be compared to what happens in Burkina Faso.  Burkina Faso though a smaller country has the FESPACO we just came back from Durban they have the Durban International Film festival.  In Berlin the Berlinale in France we have the Cannes film festival so why can’t the Abuja film festival be that global map? That is what we are seeking to achieve with this partnership with the Federal Capital Territory Administration.  

On the expected 5 million dollar revenue Chidia said that the estimated revenue is dependent  on the participation, considering what happens in some of the other places. Stressing that increase in participation, traffic , the hotel and the signages will generate maximum financial gains. Chidia divulged that African Export-Import (Afrexim) Bank is interested in partnering with the NFC. He said with Afriexim in the next edition of the film festival  they’ll be a film market.  The partnership will attract the signing of a lot of co-production agreements and that will roll millions of naira into the ecosystem.

Chidia revealed further that In the area of Job creation NFC plans to escalate the conversation of establishing a film entrepreneurial hub in FCT.
He said 
“This entrepreneurial hub, when established, will train over 2000 youths on quarterly basis from the FCT in film business and entrepreneurship with direct positive impact on youth unemployment.

The Nigerian Film Corporation (NFC) is a parastatal under the Federal Ministry of Information & Culture responsible for planning, promoting and driving an integrated and efficient film industry in Nigeria. It is in line with its mandate to develop and promote the film industry in Nigeria that the Nigerian Film Corporation established the Zuma Film Festival. Over the years, the festival has been strongly positioned as a respectable platform for the African Film industry in line with Nigeria’s status as the largest film market in Africa. The name Zuma was derived from ZUMA ROCK, a landmark at the outskirts of the Nation’s Federal Capital. Abuja, the host city, has state-of-the-art infrastructure; well-structured and accessible network of roads, filmic scenery and exotic world-class hotels to comfortably play host to the festival’s teeming visitors from across the world.

The Zuma film Festival 2021 earlier planned to hold from the 1st to 7th of December has been shifted to 2nd – 9th April, 2022, with the Theme: “Show the Money”! The Venue is the Nigerian Airforce Conference Centre, Kado, Abuja for all other components of the festival except for film screenings that will be held at Silverbird Cinemas at the Jabi Lake Mall.

9News Nigeria

9News Nigeria

The Economic and Financial Crimes Commission (EFCC) has arrested and detained the newly appointed Managing Director of First Bank of Nigeria (FBN) Holdings Plc, Nnamdi Okonkwo, 9news Nigeria has learnt.

Details of Mr Okonkwo’s arrest remained sketchy Monday night although some sources said he was being questioned over his role in the transfer of $153.3 million from the Nigerian National Petroleum Commission in favour of Diezani Alison-Madueke, Nigeria’s former petroleum minister. The banker was managing director of Fidelity Bank at the time.

According to our source, the banker has remained in EFCC custody for at least three days, a source said, adding that it was unclear when he would be allowed to go home.

The EFCC had on April 28, 2016 detained Mr Okonkwo over the same matter and later slammed a 14-count charge, including money laundering, on him. The status of the case is unclear as of the time of filing this report on Sunday morning.

It is also unclear if there are fresh evidences against the banker which has now necessitated a fresh round of investigation. EFCC officials contacted declined to provide details.

The board of FBN Holdings Plc had on October 28 appointed Mr Okonkwo the new GMD of the company with effect from January 1, 2022. He will succeed U.K. Eke, who will step down on December 31, according to the company’s note to the Nigerian Exchange Limited.

The board decision came five days after the chairman of Geregu Power Plc, Femi Otedola, declared his 5.07 per cent stake in the group, making him a substantial shareholder.

It also came a day after Tunde Hassan-Odukale (FirstBank’s chairman) responded to a query from the exchange to FBN Holdings, seeking clarification on why the shareholding of Mr Hassan-Odukale and related parties were classified into two parts of 4.16 and 1.20 per cent respectively, totalling 5.36 per cent.

9News Nigeria

9News Nigeria

Cui Jianchin, the Chinese Ambassador to Nigeria, says he is in talks with Chinese-owned banks to establish operations in Nigeria.

Cui Jianchin, the Chinese Ambassador to Nigeria, says he is in talks with Chinese-owned banks to establish operations in Nigeria.

“Before my departure from Beijing to Abuja, I talked to several banks in China. When you list the world’s 10 big banks, six are in China. The banking sector is very important because, without money, we cannot build our industries,” Mr Jianchin explained. “What I am thinking here is best to talk to the governor of the central bank, and how we can allow the Chinese banks to run office here and now, they are doing the feasibility studies on that.

This, the envoy said, would boost Nigeria’s economy and expand trade relations between the two nations.

Mr Jianchin disclosed this on Tuesday in Abuja while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week.

He explained that establishing Chinese banks in the country would also be a point of discussion during the China-Nigeria Binational Committee meeting.

“I am working hard that in the binational meeting, I hope we can make a big decision and give a big push to let the banking industry and insurance industry because financial integration and institutions are key,” Mr Jianchin added. “If you go to China, you will find our banking industry is very powerful, not only for business but a change in the way of life.

Extolling the extant China-Nigeria trade relations, the Chinese ambassador noted that the trade volume between China and Nigeria was nearly $20 billion, increasing from 2020’s $19.2 billion.

According to Mr Jianchin, the 2021 celebration is special as it coincides with the 50th anniversary of China-Nigeria’s bilateral relations and that the countries share October 1 national day.

He disclosed that the Chinese embassy would honour 50 Nigerian employees of Chinese companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties.

News Agency of Nigeria (NAN)

9News Nigeria

9News Nigeria

Liquid, a leading Japanese cryptocurrency exchange has been hit by hackers, with almost $100m (£73m) estimated to have been stolen.

The company announced that some of its digital currency wallets have been “compromised.”

It is the second major theft of cryptocurrencies to take place in recent days.

Last week, the digital token platform Poly Network was at the centre of a $600m heist.

“We are sorry to announce that #LiquidGlobal warm wallets were compromised, we are moving assets into the cold wallet,” the company said on Twitter.

So-called ‘warm’ or ‘hot’ digital wallets are usually based online and designed to allow users to access their cryptocurrencies more easily, while ‘cold’ wallets are offline and harder to access and therefore usually more secure.

Blockchain analytics firm Elliptic said its analysis showed that around $97m in cryptocurrencies had been taken, with Bitcoin and Ethereum tokens amongst the haul.

Liquid has said that it was tracing the movement of the stolen cryptocurrencies and working with other exchanges to freeze and recover the assets.

Founded in 2014, Liquid operates in over 100 countries and serves millions of customers around the world.

It is one of the world’s top 20 biggest cryptocurrency exchanges by daily trading volumes, according to CoinMarketCap data.

Last week, $600m was stolen from blockchain site Poly Network after a hacker exploited a vulnerability in its system.

“The amount of money you have hacked is one of the biggest in Defi [decentralised finance] history,” Poly Network said.

Since then the hacker, who goes under the name of Mr White Hat, has returned around $427m of the assets.

Liquid is not the only Japanese cryptocurrency platform to be hit by a major heist.

In 2014, Tokyo-based exchange MtGox collapsed after almost half a billion dollars of bitcoin went missing, while Coincheck was hacked in a $530m heist in 2018.

9News Nigeria

9News Nigeria

16 August, 2021: The 2Africa consortium, comprised of China Mobile International, Facebook, MTN GlobalConnect, Orange, stc, Telecom Egypt, Vodafone and WIOCC, announced today the addition of four new branches to the 2Africa cable. The branches will extend 2Africa’s connectivity to the Seychelles, the Comoros Islands, and Angola, and bring a new landing to south-east Nigeria. The new branches join the recently announced extension to the Canary Islands.

2Africa, which will be the largest subsea cable project in the world, will deliver faster, more reliable internet service to each country where it lands. Communities that rely on the internet for services from education to healthcare, and business will experience the economic and social benefits that come from this increased connectivity.

Alcatel Submarine Networks (ASN) has been selected to deploy the new branches, which will increase the number of 2Africa landings to 35 in 26 countries, further improving connectivity into and around Africa. As with other 2Africa cable landings, capacity will be available to service providers at carrier-neutral data centres or open-access cable landing stations on a fair and equitable basis, encouraging and supporting the development of a healthy internet ecosystem.

Marine surveys completed for most of the cable and Cable manufacturing is underway

Since launching the 2Africa cable in May 2020, the 2Africa consortium has made considerable progress in planning and preparing for the deployment of the cable, which is expected to ‘go live’ late 2023. Most of the subsea route survey activity is now complete. ASN has started manufacturing the cable and building repeater units in its factories in Calais and Greenwich to deploy the first segments in 2022.

Egypt terrestrial crossing already completed

One of 2Africa’s key segments, the Egypt terrestrial crossing that interconnects landing sites on the Red and the Mediterranean Seas via two completely diverse terrestrial routes, has been completed ahead of schedule. A third diverse marine path will complement this segment via the Red Sea.

About China Mobile International Limited

China Mobile International Limited (CMI) is a wholly-ownedsubsidiary of China Mobile, mainly responsible for the operation of China Mobile’s international business. In order to provide better services to meet the growing demand in the international telecommunications market, China Mobile established a subsidiary, CMI, in December 2010. CMI currently has over 70 terrestrial and submarine cable resources worldwide, with a total international transmission bandwidth of 98T, and more than 180 PoPs. With Hong Kong, China as its launchpad, CMI has significantly accelerated global IDC development, creating a strong network for data centre cloudification.

Leveraging the strong support by China Mobile, CMI is a trusted partner that provides comprehensive international information services and solutions to international enterprises, carriers and mobile users. Headquartered in Hong Kong, China, CMI has expanded its footprint in 37 countries and regions. For more information, please visit www.cmi.chinamobile.com.

About Facebook

Founded in 2004, Facebook’s mission is to give people the power to build community and bring the world closer together. Over 2 billion people use Facebook, Instagram, WhatsApp, or Messenger every month to stay connected with friends and family, to discover what is going on in the world, and to share and express what matters to them. Facebook is defined by its unique culture – one that rewards impact. The company encourages people to be bold and solve the problems they care most about. The phrase “this journey is 1% finished” reminds the company’s teams that they have only begun to fulfill Facebook’s mission. As the company evolves its journey to bring the world closer together, it stays true to the same core values to guide the way it works and the decisions it makes every step of the way: be open, be bold, move fast, focus on impact, and build social value. For more information, please visit https://www.linkedin.com/company/facebook/about/.

About MTN GlobalConnect

GlobalConnect is a Pan-African digital wholesale and infrastructure services company, and an operating company in the MTN Group. GlobalConnect manages MTN’s international and national major wholesale activities, in addition to offering reliable wholesale and infrastructure solutions for fixed connectivity and wholesale mobility solutions that include international mobile services, Voice, SMS, signalling, roaming and interconnect. The MTN Group launched in 1994 is a leading emerging market operator with a clear vision to lead the delivery of a bold new digital world and is inspired by the belief that everyone deserves the benefits of a modern connected life. Embracing the Ambition 2025 strategy, MTN is anchored on building the largest and most valuable platform business, with a clear focus on Africa. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code “MTN”.

For more information, please visit www.globalconnect.solutions – https://www.mtn.com

About Orange

Orange is one of the world’s leading telecommunications operators with sales of 42.3 billion euros in 2020 and 139,000 employees worldwide at 30 June 2021, including 80,000 employees in France. The Group has a total customer base of 263 million customers worldwide at 30 June 2021, including 218 million mobile customers and 22 million fixed broadband customers. The Group is present in 26 countries. Orange is also a leading provider of global IT and telecommunication services to multinational companies, under the brand Orange Business Services. In December 2019, the Group presented its new “Engage 2025” strategic plan, which, guided by social and environmental accountability, aims to reinvent its operator model. While accelerating in growth areas and placing data and AI at the heart of its innovation model, the Group will be an attractive and responsible employer, adapted to emerging professions.

Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN). 

For more information on the internet and on your mobile: www.orange.com, www.orange-business.com or to follow us on Twitter: @orangegrouppr.

About stc

With its headquarter in Riyadh, stc group is the largest in the Middle East and North Africa based on market cap. stc’s revenue for 2020 amounted to 58,953million SAR (15,721 million US dollars) and the net profit amounted to 10,995 million SAR (2,932 million US dollars). stc was established in 1998 and currently has customers around the globe. It is ranking among the world’s top 50 digital companies and the first in the Middle East and North Africa according to Forbes. It focuses on providing services to enterprise and consumer customers through a fiber-optic network that spans 217,000 kilometers. stc group was among the first in MENA region to launch 5G networks and was considered one of the fastest globally in deploying 5G network as stc already deployed around 4,000 5G towers as end of 2020. stc group has 14 subsidiaries in the Kingdom, gulf and around the world, and its own 100% of stc Bahrain, 51.8% stake in stc Kuwait and 25% stake in Binariang GSM Holding in Malaysia which owns 62% of Maxis in Malaysia. 

In Saudi Arabia (the group’s main operation site) stc operates the largest modern mobile network in the Middle East as it covers more than 99% of the country’s populated areas in addition to providing 4G mobile broadband to about 90% of the population across the Kingdom of Saudi Arabia. In addition to the above-mentioned, stc is a strong regional player in IoT, managed services, system integration, cloud computing, information security, big data Analytics fintech and artificial intelligence.  For more information, please visit https://www.stc.com.sa; or to follow us on Twitter: @stc , @stc_ksa 

About Telecom Egypt

Telecom Egypt is the first total telecom operator in Egypt providing all telecom services to its customers including fixed and mobile voice and data services. Telecom Egypt has a long history serving Egyptian customers for over 160 years maintaining a leadership position in the Egyptian telecom market by offering its enterprise and consumer customers the most advanced technology, reliable infrastructure solutions and the widest network of submarine cables.  Aside from its mobile operation “WE”, the company owns a 45% stake in Vodafone Egypt. Telecom Egypt’s shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London Stock Exchange. Please refer to Telecom Egypt’s full financial disclosure on ir.te.eg

For more information, contact:

The investor relations team

Email: investor.relations@te.eg 

About Vodafone

Vodafone is a leading telecommunications company in Europe and Africa. Our purpose is to “connect for a better future” enabling an inclusive and sustainable digital society.  Our expertise and scale gives us a unique opportunity to drive positive change for society. Our networks keep family, friends, businesses and governments connected and – as COVID-19 has clearly demonstrated – we play a vital role in keeping economies running and the functioning of critical sectors like education and healthcare.   

Vodafone is the largest mobile and fixed network operator in Europe and a leading global IoT connectivity provider. Our M-Pesa technology platform in Africa enables 50m people to benefit from access to mobile payments and financial services. We operate mobile and fixed networks in 21 countries and partner with mobile networks in 49 more. As of 30 June 2021, we had over 300m mobile customers, more than 28m fixed broadband customers, over 22m TV customers and we connected 130m IoT devices. 

We support diversity and inclusion through our maternity and parental leave policies, empowering women through connectivity and improving access to education and digital skills for women, girls, and society at large. We are respectful of all individuals, irrespective of race, ethnicity, disability, age, sexual orientation, gender identity, belief, culture or religion.

Vodafone is also taking significant steps to reduce our impact on our planet by reducing our greenhouse gas emissions by 50% by 2025 and becoming net zero by 2040, purchasing 100% of our electricity from renewable sources in Europe and across our entire operations by 2025 and reusing, reselling or recycling 100% of our redundant network equipment.

For more information, please visit www.vodafone.com, follow us on Twitter at @VodafoneGroup or connect with us on LinkedIn at www.linkedin.com/company/vodafone.

About WIOCC

WIOCC is building Africa’s first, truly hyper-scale network infrastructure. With the ability to efficiently deliver 100Gbps capacity and an extensive investment programme to develop our pan-African solution even further, WIOCC is the natural partner for OTTs, content providers, telecom operators, and ISPs looking to take advantage of Africa’s opportunities. The company utilises more than 55,000km of terrestrial fibre and in excess of 75,000km of submarine cable assets to offer affordable, reliable, managed connectivity to over 550 locations across 30 African countries. WIOCC’s international reach extends to key commercial centres in Europe, Asia, and North America, providing a one-stop shop for fully-scalable international connectivity into, within, and out of Africa. Operating exclusively as a wholesaler, the company’s focus is on putting you, our client, first. Building and maintaining strong, long-term relationships means WIOCC can develop bespoke solutions to meet your current requirements, with the flexibility to match future demands for growth and extra resilience and geographical expansion. You will find that only WIOCC has the depth of experience, local expertise, capacity, flexibility, and scalability to take you where you want to be. For more information, please visit http://wiocc.net/.

About Alcatel Submarine Networks

Alcatel Submarine Networks, part of Nokia, leads the industry in terms of transmission capacity and installed base with more than 650,000 km of optical submarine systems deployed worldwide, enough to circumnavigate the globe 15 times. From traditional Telecom applications to Content and “Over The Top” Service Provider infrastructures, as well as to offshore Oil and Gas applications, ASN provides all elements of a turnkey global undersea transmission systems, tailored to individual customer’s needs. An extensive Services porLolio completes its comprehensive offering for the submarine business, including project management, installation and commissioning, along with marine and maintenance operations performed by ASN’s fully owned fleet of cable ships. For more information, please visit https://web.asn.com/en/.

– End –

9News Nigeria

9News Nigeria

Zoom Video Communications Inc (ZM.O) has announced a $14.7 billion all-stock deal to buy cloud-based call center operator Five9 Inc (FIVN.O) in its largest-ever acquisition, as competition intensifies in its core video conferencing sector.

The teleconferencing services provider has become a household name and investor favourite in the year since the coronavirus pandemic, as businesses and schools adopted its services to hold virtual classes, office meets and socialise.

The San Jose, California-based company is now shifting focus to its two-year-old cloud-calling product Zoom Phone and conference-hosting product Zoom Rooms as bigger players Facebook (FB.O) and Alphabet’s (GOOGL.O) Google amp up their video products.

“The acquisition is expected to help enhance Zoom’s presence with enterprise customers and allow it to accelerate its long-term growth opportunity by adding the $24-billion contact centre market,” Zoom said in a statement on Sunday.

The acquisition will complement Zoom Phone service, an alternative to legacy phone offerings, by adding Five9’s business customers and combining its contact centre software to optimize customer interactions across channels, it added.

Five9’s customers include Under Armour (UAA.N), Lululemon Athletica Inc (LULU.O) and Olympus Corp (7733.T), according to its website.

Five9 will become an operating unit of Zoom and its chief executive, Rowan Trollope, will become the president of the company, staying on as chief of the unit after the deal, which is expected to close in the first half of 2022, it said.

Under the pact, approved by the boards of both companies, Five9 stockholders will receive 0.5533 shares of Class A common stock of Zoom for each share of Five9, it added.

Based on the July 16 closing share price of Zoom Class A common stock, this represents a price of $200.28 for each share of Five9 common stock, or nearly a 13% premium, and an implied deal value of about $14.7 billion.

Shares in Zoom, which went public in 2019, rose 1.4% to $361.97 on Friday, valuing the company at around $106 billion.

Zoom rose 45% over the past year, as conferencing platforms, which also include Cisco Systems Inc’s (CSCO.O) Webex and Microsoft (MSFT.O) Teams, have seen a surge in usage due to the coronavirus pandemic that has spurred a seismic shift to online working, learning and socializing.

Global spending on cloud-based conferencing is forecast to reach $5.41 billion this year, up from $5.02 billion in 2020, according to tech consultancy Gartner. It does not track market share, but analysts cite Zoom and Cisco as the leaders.

Goldman Sachs advised Zoom and Qatalyst Partners advised Five9.

Reporting by Kanishka Singh in Bengaluru; Editing by Miyoung Kim, Clarence Fernandez and Gerry Doyle

Source: Reuters

9News Nigeria

9News Nigeria

 No country survives a division from within; that is why it has become necessary for Nigeria to seek out true Nigerians who are an embodiment of a diversified yet unified country. Anthony Oneya, current Senior Special Assistant to the Kano State governor on Lagos Affairs is the poster-man for that concept. The Delta-born, Arewa raised, Kano envoy to Lagos is a reflection of what it means to be a Nigerian. Speaking exclusively with TOMI FALADE, Oneya, the economist son of the former military governor of Kano and Benue States respectively shares his journey to SSA and how his tenacity and military background have contributed to the many successes his office has recorded in the last few years. 

 If you were to describe yourself, would you say you are a politician? 

No, I am not. You may say I am around politics, but that does not make me a politician. I am from a family that has always wanted to make an impact in communities over time. My father used to be the military governor of Kano State, he is retired now. He also became the Chairman of the Nigerian Football Association (NFA) as it was known then; he has worked with CAF, FIFA and all the rest of them. Now he is more into community participation back home in Delta State, and he is one of the grassroots leaders in his community. So yes, I am around politics, but not as a politician. HERE IS HOW I OVERCOME QUICK RELEASE AND MADE IT BIGGER, STRONGER AND LONGER WITH THIS NAFDAC-APPROVED NATURAL REMEDY. CLICK NOW TO SEE!

It seems like your family has already made a very big impact, which can mean you have big shoes to fill as a scion of such a prestigious family. Growing up, did you have that sense of duty to the people or did it come later? 

Yes, growing up I have always had that sense of duty. I remember that as a child I would see my dad come out dressed in his military uniform and I would shine his shoes for him. I ended up going to military school and wore my first military khaki at the Nigerian Military School, and when I come home for holidays, I would greet him like a military personnel. So, yes, I have always wanted to be part of that circle, that responsibility. 

What would you say in your background prepared you for the positions you hold today? 

I think it’s everything. I work as the Senior Special Assistant to the Kano State governor on Lagos Affairs and I am also the CEO of the Dominic Oneya Foundation which I started in 2017. 

Back in the university, I attended the University of Abuja and my dad was the NFA chairman at that time, he had just retired from the army and handed over to a democratically elected governor in Benue State. He had moved from Kano and became military governor of Benue State, so he handed over to George Akume. I loved to play basketball and we had a basketball court in the female hostel and it was really bad, so I got a couple of friends who would help fix the court. Back then you could tell who was a minister’s son or a governor’s son, you just could tell who was a child of the top class guys. But I was one of those ex-governors sons that stayed in the hostel and people thought Dominic Oneya wasn’t my father that he was probably my uncle, so I would go with my friends and take a head pan and cement to plaster the court. It was a community thing and we rebuilt the court. I think that made me quite popular in school and when I contested for Director of Sports, I won. I contested against Psquare at the time; I became Mr. Campus and Mr. Popular. 

I had responsibilities and people genuinely looked up to me. You could hear people constantly debating my identity. I remember when my dad was the military governor of Kano State, late General Sani Abacha had asked my twin sister and I to come and see him in the State House, so we flew with late Alhaji Muhammadu Adamu Dankabo to see General Abacha. When we got there he said that he wanted to meet the kids that people were talking about, and I didn’t get it. At that time you could tell that military governors’ kids were wayward, they were always here and there, so when the country had to deal with the issues of governors they were also dealing with the issues of governors’ children in schools. So he wanted to meet us because he was impressed with us and wanted to know why we were like that. It was the first time I met him and that gave me a different opinion about him. It gave me the feeling that people were following me and that was when I started my own entertainment outfit in school called the Luciano Family Entertainment. We had members like The Natives. The Natives used to have members like H.I and AJ. H.I, brother to Tuface Idibia and AJ is still in the industry. We also had Psquare and mentors like Six Foot Plus, Mode 9, Terry Tha Rapman; it was cool. If I had known that entertainment was going to be a business with a boom, who knows maybe I would have taken it out of school and further.

Since you have resumed office, what would you say is the percentage of the positive impact your own tenure has brought, and are you the first SSA on Lagos affairs? 

Yes, I am the first SSA and the only SSA that does not sit in Kano. Maybe that is why the perception of me being a politician always comes up. If I was sitting in Kano I would be around political things. To be honest with you, I can’t categorically give credit to my office because when I find investors, I direct them to the next SSA, whether sports, agriculture, and many others and vouch for them. The truth is that they can always find their footings in Kano themselves, but the thing is that if you want to go to a place you have never been before you need to find someone that knows what it is all about and that is where I come in. 

For example, Lagos had only one underpass until recently, the tunnel at Maryland. There is another one now at Guinness towards Agege. In Kano, we have over 10 underpasses. So what we have done in Kano is that we’ve connected the bridges and linked roads. It is the next bridge network you will see in Nigeria. We can also boast of our own equivalent of LASTMA, called Karota. We have our neighbourhood watch, which we learnt from Lagos. We hope that before the end of this administration, we have our own BRT system in place. In Kano, a system like that is complex because if it happens, we must have a 24-hour service. In Lagos, commercial activities run from morning till night. In Kano, commercial activities run from morning till night and resume at night till morning. We are still coming up with how to manage those logistics. Recently, I was talking to some people about how we can host the first Kano City Marathon. 

You are a Delta-born ambassador from Kano State to Lagos State, which is three different states in three different geo-political zones, three very different languages and cultures. Would you call yourself a true Nigerian? 

I would say that I have had the best of all worlds and I’ll tell you why. I went to the Nigerian Military School and joined the Nigerian Army at a very young age. As a soldier, I understand what it is to serve. Now, I have been a soldier, I am a civilian, I grew up in the north, I am Urhobo by tribe from Delta State, I was born in Lagos, so I am a fan of ‘Nigeria can work’; that is my perception. People say, ‘Warri no dey carry last’. It is only someone who has never left Warri that would say something like that. By the time you come to a place like Lagos, you will see the competitiveness of things and realise you are nowhere near first. I say I have had the best of all the worlds: I grew up in a Muslim society with the Arewa culture. I live in a Yoruba community and I am also a chief in my village in Delta State. 

Looking forward, what are your plans politically, do you have the plans to fully go into politics fully? 

I think where I am from our people, our fathers, elders, unlike the north are not preparing their children for the future of politics. In the north, they start preparing the young ones to take over. I am from Delta State and I work for an APC governor, yet I am from a PDP state. My father is a grassroots leader in a PDP state, and I know they would not encourage young people to take up some of these roles, because our fathers still want to be there. I don’t see myself wanting to be part of a system where I am not welcome to change things. I am the first of my kind SSA, which means once I am done with this assignment, another governor can pick me up and ask me to represent them. People that understand investment and commerce know that Lagos is the centre. So with my background, I could be that ambassador for states. That would likely be my participation in politics, so I have no plans to contest for any office, not in the nearest future. 

9News Nigeria

9News Nigeria

Digital Marketing is a veritable tool small business owners can use to upscale their businesses to enhance more sales, better customer engagement. But there are some useful tips I’ll like to share to make it achievable
Ever since the inception of technology, alot of existing modalities have been displaced ,the traditional way of marketing disregarded to some extent. The need for digital Marketing to upscale one’s business is now the new norm in which alot of private and public institutions have equally adopted, integrating into their system and small business owners shouldn’t be an exception.
The following tips below can be adopted to get started
Build a strong social media presence.
Having a strong social media presence is a veritable tool in getting your business viable and visible, it is the first step you should think of. It is an avenue in getting your potential customers stay connected to your products and services. Using relevant Platforms like WhatsApp business, Instagram business and Facebook business will be ideal.
Use email marketing to connect with customers.
The use of email marketing get across some category of people in corporate Organizations, Civil Service. It gives your business a sense of relevance and make it more competitive enabling you get your message to them in a professional manner
Expand website marketing
Marketing your products and services through website marketing is an extensive medium you need to consider as well. it’s an avenue to create more visibility for your business,.While people are busy surfing the internet, your products get popped up in other websites and they tend to visit your own website or business page to checkout what you have.
Start using video marketing.
Video marketing is a descriptive way of letting people know what your business entails.. It gives a concise description of what your business can offer. Your potential clients get the exact message of what you’re capable of providing. It’s very important you make it short so your potential customers won’t get disinterested.
Determine your small business’s main goal.
The main goal of your small business should be your utmost priority and it should be the drive behind while you are making use of digital marketing. This is what will keep you focus. You need to know whether you’re trying to engage more sales, meet new customers or create awareness. You should be aware of all these so that the essencel of using digital marketing to upscale your business will not be underachieved

9News Nigeria

9News Nigeria

BY PRINCELY ONYENWE, IMO

The dream of Imo people to industrialize the state has come to a full blown manifestation in the Hope Uzodinma’s administration having set the ground ready to welcoming investors from all of over world to come and do business in Imo.

Imo state governor, His Excellency Senator Hope Uzodinma has assured investors of a free and safe environment to establish their Businesses in Imo state.

Uzodimma who hosted the executives of choice international companies, (owners of GAC motors , Green air conditioners and lontor Hi-Tech ) at the goverment house assured that he would continue to engage investors who are willing to do businesses so as to create economic opportunities for the people .

Gov Hope Uzodimma however reiterated the commitment of his administration to explore every available means to lure investors to the state .

In his words, “we will continue to engage potential investors who are willing to do businesses here to industrialize the state.

Gov Hope Uzodimma further disclosed that the due of Chief Diana Chen (chairman, choice international,China and president of China _africa business council, Nigeria ) and Mr Linus idahosa vice chairman, choice international and president Del_York group , came to finalize on investment opportunities in key sectors indispensable to the growth of the state .

He added that his administration would continue to be on the lookout for parnerships with key Chinese investors to establish businesses here so as to provide job opportunities for imo people.

The governor did not mince words to describe IMO STATE AS A CHOICE INVESTMENT DESTINATION.

He however called on interested investors to take Imo as the best choice state to invest as the Government has created enabling environment.

9News Nigeria (Owerri)
For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

9News Nigeria

BY PRINCELY ONYENWE,IMO

The basic knowledge of cryptocurrency or blockchain technology is already a threat to the CBN & the investors who were seen lamenting over it’s sudden dip some hours ago.

Yesterday, my friend instituted an action before the Federal High Court in Lagos to challenge the prohibition of cryptocurrency by the CBN. Essentially, we asked the court for nullification of such prohibition.

Meanwhile, Nigerians on Twitter are reacting to the massive crash of their investments in cryptocurrencies.

Cryptocurrency investors woke up to the brutal crash of their crypto investment since it gained more acceptance in January 2021

Our source told 9News Nigeria that Prices of major currencies, including Bitcoin, Dogecoin, Ethereum, BNB and others are crashing as much as 30% within 24 hours.

Bitcoin took the hit last weeks after Elon Musk said Tesla payment for its cars using Bitcoin. The billionaire cited the energy used by Bitcoin mining for his decision.

Bitcoin was still recovering from that when China banned the trading of cryptocurrencies in the most populous country in the world.

The after math of the decision by the Chinese authorities was not pretty for cryptocurrency investors around the world.

In Nigeria where cryptocurrencies are quite popular, the reactions have been varied, but mostly sad.

Authorities in Nigeria in February advised against investing in crypto trading and mandated banks to block accounts of customers who have traded.

As at the time of this report Bitcoin, the most popular and valuable token has sunk to -1.19%, while Ethereum is currently at -10.37%, BNB has also crashed to-16.58% and Dodge coin who gained more foot this year with Elon Musk influence is at -12.67%.

Nigerians investors on Twitter are counting their losses, while some are urging others to buy the dip and majority are actually jesting about the situation.

The investors into cryptocurrency, bitcoin, zugacoin and all it’s affiliated currency flow are feeling disappointed of its emergency dip while praying it is not going to be another means of MMM.

9News Nigeria (Owerri)
For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

9News Nigeria

BY PRINCELY ONYENWE, IMO

The governor of Abia State, Dr Okezie Ikpeazu, has said he has improved the city of Aba from the poor state of infrastructure he met on ground when he assumed office in 2015.

This he disclosed while briefing Journalists in ABIA state few moments ago.

He has hinted that most of the roads were abandoned for over 20 years as trees started growing in them while others were regularly flooded all through the year.

According to him, the flood waters had been sitting on the roads for over 15 years and he had to adopt cement pavement technology to the roads with drainages on both sides to ensure durability.

The governor who stated this while addressing members of the Nigerian Guild of Editors, NGE, who toured project sites of his administration in Aba, explained that he was greeted in office with issues of security and bad roads which led to investors taking flight from the city.

Ikpeazu however stated that he was focused on building roads leading to markets and other economic centres to boost small and medium scale enterprises, oil and gas and agro based industries in the state.

Meanwhile, for the first time in 30 years, he opened up Faulks Road (Sam Mbakwe Rd) leading to the Ariaria International Market from Brass Junction to the Enugu –Port Harcourt Expressway.

In his words: “In 2015, we started our journey to Government House, Umuahia, and thought about how best we could improve the lives of Abia people. We came with the need to support trade and commerce, small scale manufacturing, oil and gas, agriculture, education and those other sectors our people have comparative advantage in.

“At that time, we had issues of insecurity and poor infrastructure. There was no road to Aba. I once tried getting to Ikot Ekpene in Akwa Ibom state and it took me five hours for a journey not usually beyond one hour. So, I knew that Aba was gradually ebbing away.

“The traders at Ariaria market were not making much sales because there was no road leading into Aba and even Ariaria. This is why we came with a policy of reconstructing roads leading to such economic centres of great importance to our state. If you want to jumpstart the economy of Aba, you must find a way to allow our brothers from Akwa Ibom and Cross River states to access the city. Then, you must also find a way for people coming from Port Harcourt and Bayelsa to come into Aba. The first triplet of roads we commissioned within the first 100 days: Ukaegbu, Umuola and Ehere, were roads that will ease you into Aba”

He futher stated that he had to do another road through Ekwereazu which takes you into Akwa Ibom state from Aba in just 40 minutes. And for the first time in 30 years, we also did Faulks (Sam Mbakwe) Road leading to the Ariaria international market from Brass Junction to the Expressway. These roads were constructed to ease access to economic centres in the state.

“You may have heard about a certain ‘mammy water’ that was rumoured to be behind the perennial flooding at Ama Ikonne and Ifeobara pond, even though that was a laughable narrative towards the cause of the flooding, let me announce to you that all the ‘mammy waters’ have now disappeared courtesy of hitech engineering works we deployed to the concerned spots. And with this, we knew we have made a statement over time.

“It is not that those who came before me didn’t attempt fixing the roads, but the roads they did failed after just the first rainy season. The reason was that they didn’t do sufficient study and deep planning about what really needed to be done to solve the problems as to why the roads kept failing almost Irredeemably”.

He had earlier maintained that with his focus on quality infrastructure, he has boosted trade and commerce and returned investors to Aba and ABIA state en-large.

9News Nigeria (Owerri)
For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) has announced new appointments in one of Nigeria’s commercial banks, First Bank of Nigeria PLC.

The apex bank also ordered the immediate removal of all the directors of FBN Limited and FBN Holdings PLC.

Addressing a news conference on Thursday in Abuja, CBN Governor, Godwin Emefiele said that its stance has become imperative to protect depositors at the bank.

Emefiele explained that the apex bank’s decision is aimed at ensuring financial stability at the bank.

Just a few hours ago, the apex bank had issued the Board of First Bank of Nigeria PLC a query for the removal of its Managing Director, Dr Sola Adeduntan.

SEE FULL STATEMENT BELOW:

GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD

1.0          Good afternoon ladies and gentlemen.

2.0          The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions.

3.0          Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank. It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under a regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.

4.0    As you may be aware, FBN is one of the systemically important banks in the Nigerian banking sector given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, amongst others.  By our last assessment, FBN has over 31m customers, with a deposit base of N4.2trn, shareholders funds of N618bn  and NIBSS instant payment (NIP) processing capacity of 22% of the industry.  To us at the CBN, not only is it imperative to protect the minority shareholders, that have no voice to air their views, also important, is the protection of the over 31m customers of the bank who see FBN as a safe haven for their hard-earned savings.

5.0      The bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that the bank was in grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards.

6.0      The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans and poor corporate governance practices. The shareholders of the bank and FBN Holding Plc also lacked the capacity to recapitalize the bank to minimum requirements. These conclusions arose from various entreaties by the CBN to them to recapitalize.

7.0       The CBN stepped in to stabilize the bank in its quest to maintain financial stability, especially given FBN’s systemic importance as enumerated earlier. Regulatory action taken by the CBN in this regard included:

2016. Change of management team under the CBN’s supervision with the appointment of a new Managing Director/ Chief Executive Officer in January 2016.

1. Grant of the regulatory forbearances to enable the bank to work out its non-performing loans through provision for write-off of at least N150b from its earning for four consecutive years.

iii.       Grant of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions

1. Renewal of the forbearances on a yearly basis between 2016 and 2020 following thorough monitoring of progress towards exiting from the forbearance measures

8.0      The measures had yielded the expected results as the financial condition of FBN improved progressively between 2016 when the forbearance was initially granted to the current financial year. For instance, profitability, liquidity and CAR improved whilst NPL reduced significantly.

9.0         Notwithstanding the significant improvement in the bank’s financial condition with the positive trajectory of financial soundness indicators, the insider-related facilities remained problematic.

10.0        The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank. The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructuring terms (e.g. non-perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders.  The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives

11.0        Following a further review of the situation and in order to preserve the stability of the bank, so as to protect minority shareholders and depositors, the Management of the CBN in line with its powers under BOFIA 2020 has approved and hereby directs:

1. Immediate removal of all directors of FBN Ltd and FBN Holdings Plc

1. The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc Holdco

1. Chairman – Remi Babalola
2. Dr. Fatade Abiodun Oluwole
3. Kofo Dosekun
4. Remi Lasaki
5. Dr Alimi Abdulrasaq
6. Ahmed Modibbo
7. Khalifa Imam
8. Sir Peter Aliogo
9. UK Eke – Managing Director

Bank

1. Chairman – Tunde Hassan-Odukale
2. Tokunbo Martins
3. Uche Nwokedi
4. Adekunle Sonola
5. Isioma Ogodazi
6. Ebenezer Olufowose
7. Ishaya Elijah B. Dodo
8. Sola Adeduntan – Managing Director
9. Gbenga Shobo – Deputy Managing Director
10. Remi Oni – Executive Director
11. Abdullahi Ibrahim – Executive Director

12.0        The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.

9News Nigeria

9News Nigeria

ISTANBUL (AFP) – Turkish prosecutors on Thursday (April 22) launched an investigation after the Istanbul-based founder of a cryptocurrency exchange froze trading and fled the country with a reported US$2 billion (S$2.7 billion) in investors’ assets.

The Thodex exchange suspended trading after posting a mysterious message on Wednesday saying it needed five days to deal with an unspecified outside investment.

Turkish security officials then released a photo of Thodex founder Faruk Fatih Ozer going through passport control at Istanbul airport on his way to an unspecified location.

Local media reports said Ozer – reported to be 27 or 28 years old – had flown either to Albania or Thailand.

Thodex went dark after running a promotional campaign that sold Dogecoins at one-fourth the price at which they were trading on other exchanges.

But the exchange locked in those investments and did not allow the coins to be either sold or converted into other cryptos.

“Why don’t you allow my coins to be transferred?” Dogecoin investor Kaya Dinar asked Thodex in one typical tweet from a worried crypto trader.

Reports said the website and the entire exchange had shut down while holding at least US$2 billion from 391,000 investors.

“There has been no access to Thodex website for more than 24 hours. Hundreds of thousands of users cannot get access to wallets holding their crypto assets or cash money,” investors’ lawyer Oguz Evren Kilic told AFP.

“We have started the legal procedures and lodged a complaint at the prosecutor’s office,” he said.

‘Aggravated fraud’ probe

Turkey’s private DHA news agency said prosecutors were investigating the businessman on charges of “aggravated fraud and founding a criminal organisation”.

Several police vans were seen parked outside the Thodex office on the Asian side of Istanbul on Thursday afternoon.

The Thodex website re-emerged after going dark on Wednesday to state that “we kindly inform you that the negative news on the internet does not reflect the truth”.

But it shed no more light about Ozer’s location or why trading had been stopped.

The attorney Kilic said Turkish officials had confirmed to him that Ozer had fled the country but were still trying to determine his whereabouts.

“The process will continue in court. One would hope that (Thodex) takes positive steps and the problem is resolved quickly, but the situation is getting grave each passing minute,” Kilic said in a phone interview.

The news about Thodex had unexpected political ramifications when a picture emerged on social media of a man resembling Ozer sitting in a room with the son of a right-wing party politician and Foreign Minister Mevlut Cavusoglu.

“I don’t know Thodex’s founder Faruk Fatih Ozer,” Cavusoglu tweeted on Thursday.

Cavusoglu said the picture was taken when the man resembling Ozer accompanied the MHP party’s MP Saffet Sancakli’s son to a scheduled meeting in December 2019.

Aggressive campaigns

Thodex has launched aggressive campaigns to lure investors before Ozer went missing and shut down the exchange.

It had first pledged to distribute luxury cars through a flashy advertising campaign featuring famous Turkish models.

The platform then launched its Dogecoin drive.

The cryptocurrency is getting particularly popular among Turks who are looking to preserve their saving in the middle of a sharp decline in the value of the local currency, the lira.

The Turkish crypto market remains unregulated despite growing scepticism from President Recep Tayyip Erdogan’s government about the safety and use of digital currencies.

The Turkish central bank has decided to ban the use of cryptocurrencies in payments for goods and services starting from April 30.

It warned that cryptocurrencies “entail significant risks” because the market is volatile and lacks oversight.

“Wallets can be stolen or used unlawfully without the authorisation of their holders,” the central banks warned last week.

9News Nigeria

9News Nigeria

The International Organisation for Migration (IOM), the Migration department of the United Nations, has donated a computer for data management and mapping to Nigerians in Diaspora Commission (NiDCOM)

Representing the Organisation, Mr Chukwuemeka Anene, said the donation was necessitated by the outcome of the National Migration Working Group that was set up by IOM to bring on board all the stakeholders on migration related issues. He reiterated IOM’s commitment in ensuring the orderly management of migration data.

Anene added that the pending National Diaspora Policy document be approved by the Federal Executive Committee so as to speed up diaspora engagement in Nigeria.

Receiving the donation on behalf of NIDCOM,  Engr. Dr. Sule Yakubu Bassi, who represented the Chairman/CEO of Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa, thanked IOM  for their support as always and promised that the computer will be used for the purpose for which it was donated.

On the diaspora policy, Bassi, who is the Secretary of the Commission,  said he is positive that the document will be approved by the Federal Executive Council very soon.

9News Nigeria

9News Nigeria

The Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM), Honourable Abike Dabiri-Erewa,has emphasized the need for collaboration with the Nigerian Investment Promotion Commission (NIPC) on Diaspora Investment incentives for National Development. The NiDCOM boss revealed this at a strategic meeting with the Executive Secretary (ES) Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku on Tuesday in Abuja.

According to Gabriel Odu of Media, Public Relations and Protocols Unit, NIDCOM, Dabiri-Erewa implored NIPC to link their IGuide Nigeria Website with NiDCOM to guide investors on potential investment portfolios domiciled in various States across the Country. She said that the Commission is launching her mobile Application to provide easy access to information and petitions.

In the same vein, Ms Sadiku stressed that “ A study funded by the Department For International Development (DFID) to better understand Diaspora investment to Nigeria suggests that; 70% of inflows of diaspora investment are for family support while the 30% bulk goes to real estate development. Nigeria receives more money from its diaspora as much as it does from crude oil, the diaspora remittances are a global booming business if converted to diaspora investment will enhance the gross domestic product.”

Sadiku added that Nigerians living in the diaspora are more interested in impact investment but their major challenge is finding the right partners to do business with. and urged NiDCOM to collaborate with state governors to encourage their diasporans in investing to enhance national development.

The two Chief Executives agreed that NiDCOM will be accommodated on NIPC One Stop Investment Centre (E-OSIC) for easy access by investors.

9News Nigeria

9News Nigeria

The top cryptocurrency by market cap rose to $60,065.15 in a matter of minutes on Saturday morning.

After a period of drops and consolidation since Mid-February, Bitcoin has found its mojo again and soared to new all-time highs.

• In a sudden move starting just after 10:00 UTC Saturday, the top cryptocurrency by market cap rose to $60,065.15, according to the CoinDesk 20.
• “Bitcoin is testing the sound barrier at $60k, and institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a Bitcoin treasury strategy, ” according to Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm.
• “Further, Beeple’s $69 milllion NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3,” he said.
• The move passes the previous all-time record of around $58,330 set on Feb. 21.
• Since then bitcoin had seen a retreat to as low as $43,000, amid uncertainty in the traditional markets over stimulus expectations and their positive affects on U.S. bond yields.
• Both stocks and cryptocurrencies across the board saw losses and sideways trading in the last several weeks, before rising again in the last 8 days.
• The new high comes two days after President Joe Biden signed a massive $1.9 trillion stimulus program into law that will send checks for $1,400 to U.S. citizens.
• U.S. Treasury yields have climbed back to over 12-month highs in the wake of Biden’s fresh stimulus. This time, however, bitcoin is showing resilience – contrary to last week of February when prices fell by 20% amid rising yields.
• The move to $60,000 brings bitcoin’s market cap to $1.12 trillion.

UPDATE (11:47 UTC, March 13, 2021): Added latest price after move over $60,000.

9News Nigeria

9News Nigeria

By Taofeek LAWAL, Abuja

The Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM), Honourable Abike Dabiri-Erewa has commended the Central Bank Of Nigeria (CBN) on the introduction of ‘NAIRA 4 DOLLAR SCHEME’ for Diaspora Remittances., following its (CBN) policy of remittance issuance in the currency of remittance.  

 Dabiri-Erewa said that the scheme is a welcome  idea as the policy will encourage Diasporans to send money through official channels.

 
The CBN ‘Naira 4 Dollar’ scheme is an incentive for senders and recipients of International Money Transfer whereby recipients of Diaspora Remittances through CBN licensed International Money Transfer Operators (IMTOs) shall be paid N5 per every dollar received as remittance inflow.

The NIDCOM chairman said the policy, if well implemented, will positively impact on the economy of the country.

 She said NIDCOM is finalising a Nigerian diaspora investment fund through which Nigerians in diaspora can structure and channel their investments while adding that the response of Nigerians abroad to the Nigerian Diaspora Investment Summit has been very encouraging with positive impact.

9News Nigeria

9News Nigeria

Bill Gates On Investing In Bitcoin: ‘If You Have Less Money Than Elon, You Should Probably Watch Out’

Microsoft Corp. (NASDAQ: MSFT) co-founder Bill Gates is not bullish on Bitcoin (BTC) and is cautioning others to reconsider such investments — unless they have more money than Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk.

What Happened: Gates told Bloomberg on Monday that he isn’t worried about Musk’s Bitcoin randomly going up or down.

“Elon has tons of money and he is very sophisticated,” the tech entrepreneur said, adding that he is more concerned about people getting into such manias who don’t have as much money to spare.

“If you have less money than Elon, you should probably watch out,” Gates told Bloomberg.

The philanthropist explained that he is not keen on Bitcoin, primarily because of the amount of electricity it consumes and the promotion of irreversible anonymous transactions. and that he is more enthusiastic about digital currencies.

“Digital money is a good thing,” Gates said, claiming the difference lies in terms of being regulatory-compliant and still giving the convenience and low-cost associated with cryptocurrency transactions.

Why It Matters: Gates told CNBC last week that he was “neutral” on Bitcoin and acknowledged the cryptocurrency’s role in bringing down transaction costs.

Gates also showered praises on Musk in a New York Times podcast, dubbing the entrepreneur’s work with Tesla “one of the greatest contributions to climate change anyone’s ever made.”

Musk has been increasingly tweeting about cryptocurrencies this year, in particular, the joke cryptocurrency Dogecoin (DOGE).

The Tesla CEO’s tweets often move markets and several people, including those in the cryptocurrency community, have expressed concern over such statements from the world’s second-richest person.

The electric vehicle maker also announced a $1.5 billion investment in Bitcoin this month, but Musk said the move wasn’t “directly reflective of my opinion.”

Price Action: Bitcoin traded 14.3% lower at $47.906.71 at press time on Tuesday. Tesla shares are down 3.8% in the pre-market session at $687.

9News Nigeria

9News Nigeria

Lagos govt must prove Tinubu’s son doesn’t control tollgate.

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A former Deputy National Chairman of the Peoples Democratic Party, Chief Bode George, has called on the Lagos State Government to prove that the son of an All Progressives Congress leader, Seyi Tinubu, does not own or control the Lekki tollgate.

George called on the Lagos State Government to do this by honouring Freedom of Information requests and revealing the terms of agreement between the Lekki Concession Company and the state government.

The PDP chieftain said this in a statement on Friday titled, “We Must Withdraw from the Brink”.

He said the state government must address allegations that Tinubu’s son and his former Chief of Staff, Sunday Dare, who is now the Minister of Youth and Sports Development, control the tollgate.

The PDP chieftain recalled that the state government had changed the terms of the concession years ago and paid off the LCC.

He, therefore, wondered why tolls were still being collected from Lagosians.

George said, “We are demanding that the Lagos State Government through the Freedom of Information Act publishes the names of those who are managing the Toll Gates.

“We do remember however that there was a buy-back several years ago returning the control and ownership of the Admiralty Tollgate to the Lagos State Government. The Lekki-Ikoyi Tollgate was built from scratch with taxpayers money.

“How then can anyone/company inexplicably make a legal claim to the Lekki toll gates? Again, what is the relationship between Seyi Tinubu and Lekki Concession Company?

“Equally, what is the relationship between Sunday Dare and the Lekki Concession Company? We all know that Sunday Dare until he became Minister last year was Bola Tinubu’s Man Friday. There are too many untidy, dirty, stinking intimations here. That’s why we demand that the details of the tollgate ownership should be presented to the public immediately.”

The PDP chieftain argued that since the tollgate was the epicentre of the #EndSARS protests where unarmed demonstrators were shot, the state government should demolish it and erect a monument in its stead.

He said there was nowhere in the world where a single stretch of road would have two toll plazas as is the case along the Lekki-Epe Expressway.

“George added, “In fact how much is Lagos State earning from these two tollgates per day, per month, and annually? It is alleged that an estimated N400m is collected on both tollgates everyday. If we are wrong, let them bring out their books and tell us how this humongous money is being spent.

“I have gone to this length to illustrate what could go wrong when there is a brazen interloper and a destructive tin-pot despot who has handcuffed the government of our state.

“This overbloated character is obsessed with the interests of the privileged few to the detriment of the majority of our citizens.”

9News Nigeria

9News Nigeria

Nigeria, China Sign Agreement To Establish Committee On Diplomatic Ties

The Nigerian government has signed an agreement with China to establish an intergovernmental committee to coordinate the agreements between both countries.

The Minister of Foreign Affairs, Geoffrey Onyeama during a meeting on Tuesday with the Chinese Envoy, Wang Yi discussed issues relating to Nigeria-China relations.

Several issues such as railway, education, prisoner-exchange programme, access to vaccines for Nigeria as well as health were discussed.

The meeting also discussed the possibility of a direct flight between both countries which according to the minister the discussion has gone to an advanced stage.

9News Nigeria

9News Nigeria

The Nigerians in Diaspora Commission (NIDCOM) has commended the Central Bank of Nigeria (CBN) for its newly adopted policy to grant unfettered access to forex from Diaspora Remittances.

The Chairman/CEO Nigerians in Diaspora Commission, Hon. Abike
Dabiri-Erewa, gave the commendation while hosting the first Honorary
Consul of Colombia to Nigeria, Her Excellency, Hon. Maricel Romero
Cantillo during a courtesy visit to the Commission in Abuja.

A statement released in Abuja on Tuesday to 9NewsNigeria by Abdur-Rahman Balogun, Head, Media and Public Relations Unit (NIDCOM) quoted Dabiri-Erewa as saying that Nigerians in the diaspora are happy with the policy which will ultimately impact positively on diaspora remittances and investments in Nigeria, saying the Commission has already set machinery in motion to set up the Nigerian Diaspora Investment Trust Fund.

Dabiri-Erewa said the beneficiaries of remittances by Nigerians in the
Diaspora will get their money in the currency of transmission, rather
than in naira, and advised them to patronize registered bureau de change
legally in operation while urging the CBN to further reduce the levies
charged by IMTOs on remittances, with that of Nigeria being the highest
in the world.

The NIDCOM boss said she was happy to receive Columbia’s first honorary
consul to Nigeria and said it was an opportunity to engage Nigerians in
Colombia and Colombians in Nigeria, to deepen cultural and trade
relations.

In her remarks, Hon. Maricel Romero Cantillo expressed her excitement to
be the first Honorary Colombia Consul to Nigeria, as she believes it
will strengthen the ties between Nigeria and Colombia.

Cantillo said she is hopeful for the future and  looks forward to
strengthening commercial and cultural ties between both countries,
saying Colombia is a home for Nigerians and vice versa.

She added that Nigeria and Colombia share a lot of cultural similarities
and encouraged the NIDCOM Boss to make plans to engage the Nigerian
Community in Colombia as Nigerians are assets to their host country.

9News Nigeria

9News Nigeria

The Ministry of Youth and Sports Development and the Industrial Training Fund  have signed  an agreement to train Nigerian Youth in various  vocations.

The agreement  was secured following  the working visit of the Youth and Sports Minister, Sunday Dare, to the ITF Headquarters in Jos. The  training, 9NewsNigeria gathered, would  provide  opportunities for the Nigerian youth to become self employed.

According  to  the ITF Director General, Joe Ari,  23,000 youth would benefit  in different vocational skills from the  partnership   with the Ministry. 

Ari reiterated the need for Nigeria’s youth to be well trained in varied areas of vocational skills which will enable them become gainfully employed as well as become fledgling entrepreneurs in the Nigerian economy.

The minister informed  the iTF boss that his ministry was pursuing securing training for the Nigerian youth in different sectors such as Digital Skills training, Vocational Skills training, Technical Skills training as well as Autotronics training in line with  ITF’s mandate  as the foremost training organization in Nigeria.

While introducing the DEEL (Digital Skills, Entrepreneurship, Employability, Leadership & Mentoring) programme of Federal Ministry of Youth and Sports Development FMYSD), Dare said he was looking forward to partnering with the ITF to train a minimum of 20,000 youth in the year 2021.

Following months of deliberations, the FMYSD and ITF signed a Memorandum of Understanding (MoU) to train 23,000 youth in 21 vocational skills areas across the 36 States of Nigeria and FCT.

The scheme to train the youth is the Youth Skills and Entrepreneurship Programme, Y-SEP and will commence in a few weeks time.

9News Nigeria

9News Nigeria

The third in the series of Nigeria Diaspora Investment Summit (NDIS) will hold between November 20 and 21, 2020.

Dr Badewa Adejugbe- Williams, the coordinator of the Summit, announced the new date in Abuja.

According to her, the theme of the event is : Post COVID-19 Economic Resurgence: Targetting Diaspora Investment.

Adejugbe-Williams, said unlike previous summits, this year’s event will be virtual and is expected to attract Diaspora investors from the Healthcare, Education, Agric-business, Creative, Sport and Entertainment, Telecom, ICT/Fintech and the manufacturing sectors.

The summit is organised by Nigeria Diaspora Investment Summit, a private sector-driven initiative in collaboration with Nigerian in Diaspora Commission (NIDCOM) and Nigeria Diaspora Summit Initiative.

A statement signed by Abdur-Rahman Balogun, Head, Media and Public Relations Unit (NIDCOM) Abuja said investors and stakeholders alike are to register online to participate in the summit

9News Nigeria

9News Nigeria

Akwa Ibom state governor, Udom Gabriel Emmanuel is completing a big project that could create thousands of jobs for the citizens of the state. This is one of the governor’s initiatives to prepare the state for post Covid-19 economic stimulus that would shock-absorb the prevalent hardship at the end of the pandemic’s lockdown.

More than 1000 job opportunities are up for grabs as Akwa Ibom coconut oil factory nears completion.

So many doubted when the governor flagged off the project three years ago.

On Tuesday, when the State Information management team visited the Coconut Refinery as well as plantation in Mkpat Enin, doubts were cleared with the work nearing completion.

The refinery handled by reputable firm, VKS Nigeria Construction Limited has a projected capacity of processing one million coconuts a day, and will engage not less than 1000 workers divided into 3 shifts.

The project was initially scheduled to be commissioned by May this year, but was slowed due to the global coronavirus pandemic.

Most equipment have arrived the location and the experts are being expected as soon as possible.

It is no longer news that coconut oil is the current cash cow globally, as the price of crude oil is dwindling. Coconut Oil is highly demanded in international market as it is used as ingredient in cosmetics, soaps, body oil and food products.

Gov. Emmanuel is the kind of leader everybody wants as he has not failed to fulfill his promises to the people.

The people should be prepared to grab this life changing opportunity.

By Richard Peters

9News Nigeria

9News Nigeria

President Muhammadu Buhari has charged the ECOWAS Commission to come up with an economic recovery plan to help member-states to recover from the economic devastation caused by the COVID-19 pandemic.

Speaking Thursday at a virtual meeting with the President of the Commission, Jean Kassi-Brou, President Buhari, in his capacity as the ECOWAS COVID-19 Champion, agreed to provide logistic support to enable the sub-region receive and distribute procured and donated medical equipment using Abuja as the hub for the distribution.

The Nigerian leader lamented that the pandemic is yet to reach its peak in the sub-region and warned against laxity in the fight against it. He called on member-states to continually sensitise their citizens on preventive measures.

The President expressed appreciation on behalf of ECOWAS member-states for the “swift interventions made to the West African Health Organisation (WAHO) and the Africa Centre for Disease Control by the Jack Ma Foundation,” while also commending the support so far received from “development partners such as the European Union, African Development Bank, France and Germany for their financial contributions in the procurement of medical supplies.”

He urged member-states to work closely in order to overcome the pandemic in the sub-region.

In his report to President Buhari, the President of ECOWAS Commission advocated additional strategies to assist the sub-region in fighting the health and economic impact of COVID-19.

According to Kassi-Brou, these include, the need for advocacy at continental and global levels particularly with the G20, World Bank, United Nations and the African Development Bank among others, for support to negate the health and economic damage to the ECOWAS sub-region; and mass awareness campaign to achieve behavioural change among the citizens of the community with effective customs, security and health protocols put in place throughout the sub-region.

The President of the ECOWAS Commission used the occasion to condole with the government and people of Nigeria on the latest Boko Haram attack on Gubio Local Government in Borno State during which scores of innocent Nigerians were killed.

Garba Shehu
Senior Special Assistant to the President
(Media & Publicity)
June 11, 2020

9News Nigeria

She wrote:

“21 Years Ago, a 15 year old seeking to find her path was brutally raped by her employer, all she had to show was a twin birthed 9 months after.

Hid behind the childhood abuse, layers and layers of Rejection, often criticized, broken, bruised, she refused to be a statistic and became the standard to many more young men and women who would be battered, abused…. TODAY…. the evening and the morning and it’s the 21st Birthday of my sons. Everything has changed since the blood.
Happy Birthday KanKan and Dada.

IF I were allowed a choice of my battles, I would have chosen simpler conflicts but no, this life chose me and I will live it fully.

I have made a lot of mistakes but each time I look at both of you, I knew I did the right thing to keep you even when I didn’t know just how.

To every single teenage mom, to every young person who has been themed a mistake and misfit… here I stand your validation that “No one and nothing has the power to define who you become but you!”

Choose what you will and desire to be.. well.

To thousands of young men and women around Africa and the world who would be raped, battered, abused and denied a fair hearing just because they see us as kids. You are not voiceless, you won’t forever be hushed. They will hear us.

You are bruised and beautiful.

When you think of the Rapist Declare:

I forgive you
I let you go
You inspire me
To stand up against RAPE
To speak up and tell my story
I will do better
I am proud of me
Thank you

unforgiveness is too heavy to carry around with me. I cannot carry you and grow.

Now Breathe!!

9News Nigeria

Cynthia Morgan earlier today disclosed how she went into depression bcos of the issues she had with the CEO of her former record label Jude Okoye Northside Records.

It has been the talk of the day on Twitter as everyone have gone sympathetic for her.
Touched by her ordeal her fans have set up a GoFundMe account with the hashtag #BringBackCynthiaMorgan.

Davido have 2 hours ago reached out to Cynthia Morgan via Twitter.

He wrote: “Cynthia Morgan call me” and in another post he wrote “Tell Cynthia Morgan I got an anthem for her. I’ll record my verse now”

9News Nigeria

He said; “When I was training for fights – I ate a lot of meat, cheese, bread. I devoured everything besides pork. I used to eat a lot. As I got older I didn’t like the way I was feeling. I had a lot of arthritis, joint problems and I was morbidly obese.” It was his wife who turned him on to going meat free.In this new video Tyson has sculpted arms, abs and an overall slender frame as he showed off a grey beard.

Boxing legend, Mike Tyson has shown off his insanely toned physique while throwing his signature fast punches in a new video. The 53-year-old former professional boxing champion was shirtless in the new video shared on Chinese social media site Weibo, as he threw punches while signalling he is back to boxing.

Tyson recenlty came out to reveal that he was coming out of retirement to stage a boxing comeback for charity and uploaded a video on his instagram page last week showing him throwing his signature fast knock out punches.His rival, Evander Holyfield, who Tyson famously bit off his ear in 1997 during a fight, also came out last week to reveal he was coming out of retirement, with fans optimistic the pair could stage a mouthwatering fight.

Tyson revealed he had to lose weight after making the decision to abandon meat and focus on a vegetarian diet in 2013

9News Nigeria

Timaya’s first daughter is 8years today and her mother Barbara posted stylish photos of her on Instagram to celebrate her

She wrote:

 “YIPEEEE!!It’s my first fruit’s birthday.God bless you my sunshine as you turn 8 today. May God’s love and blessing be yours today,now and forever. Mummy loves you silly.”

While Timaya posted a photo of Emma and wrote:

“HAPPY BIRTHDAY my special one. I LOVE U EMMA.”

9News Nigeria

Movie producer Omoni Oboli turns 42 on Wednesday, and her husband Nnamdi Oboli is celebrating her.

The father of three took to his Instagram to pen down a lovely note in celebration of his wife’s special day. Sharing a beautiful photo of them together, he wrote:

Happy Birthday my darling 🎂🎈🎊🎁 This is another day in the year I can’t help but cherish so much. 🎊

It tickles, it’s exciting, it’s exhilarating to see and enjoy this Warri beauty with a tender touch. 🎉

Most days go unnoticed and even forgotten basking in the sweetness of you.😘 But this day my darling is impossible to pass off without noticing as we always do. 🎂

You’re sweet, you’re kind, you’re fierce, you’re pure energy, and did I say loving 🥰. I could just see your face at the very moment you read the last line blushing 😊. If I could make that smile stay on your face all day, that would definitely make my day. 🥳

I love you and I cherish you and I pray God’s favour and blessings adorn your way. 😍

Because right here and always you’ve made me feel better than a thousand men. 💪🏽 Oh, I can’t thank God enough for creating a home with you that’s always felt like a playpen. 💃🏽🕺🏽 #HappyBirthdayDarling

#YourHusbandLovesYou

9News Nigeria

I’ll make ur life a living proof that OBO DEY – Nigerian singer, Davido has promised to better the life of one of his fan who named his son after the him.

The follower, who calls himself “Davido twin” and shares a little resemblance with the singer, according to Twitter users, shared a photo online and told Davido that he named his newborn baby after him because of the admiration he has for him.

“My wife just gave birth to a bouncing baby boy and I named him David cos of the love I have for @davido and I want him to be successful like @davido. King David come and bless my son ooo,” the Twitter user wrote.

Davido responded: “Show me proof !! And I’ll make ur life a living proof that OBO DEY !!!”

9News Nigeria

Tboss aka Idowu has revealed how she copes with the lockdown

The reality tv star made the revelation on IG as she shared these new set of photos of herself spending time with her daughter.

On one of the photos, Tboss stated that she is thankful for the Gift of her daughter and she’s reminded daily of God’s infinite wisdom because while she’s is been stressed over the lockdown, her daughter is all the distraction & entertainment anyone could ever have asked for.

9News Nigeria

Media personality, Toke Makinwa suffered a huge knock from TV host, Shade Ladipo after her comment on people not “filming receipts of their benevolence”.  Toke Makinwa in her tweets had also told those who insist on filming, to blur the faces of those receiving the gifts because they didn’t ask to be seen on camera.  She tweeted;  Here’s an appeal not shade, not a call out either, I salute everyone who’s giving out to the less privileged this season, you are not the government and your kindness will be rewarded by God but can we stop filming the recipients of your benevolence?You can film your acts of kindness for yourselves, your archive or documentation purposes, etc. pls blur out the faces of those receiving them cos they didn’t ask to be seen on camera and you can protect their dignity. 

Shade Ladipo who took a dig on Toke Makinwa over the tweets, accused her (Toke) of filming giving her Personal Assistant a car last year. The TV host who said that documenting benevolence does more good than bad, disclosed that Toke’s act of kindness in 2019 made her buy her PA a laptop.  She wrote;  

9News Nigeria

The Nasarawa state police command has arrested a 48-year-old farmer and petty trader, Theddius Audu for reportedly impregnating his 15-year-old daughter Justina.

Audu has been catering for his daughter alone after his 13-year-old marriage to Talatu Ayi from Nasarawa Eggon Local Government Area of the state ended.

The suspect had the help of his younger sister in raising the little girl, until his sister died in a tragic accident in January 2019 on her way back from Lafia market.

Recounting how the sad incident occurred, Justina said;

“God has inflicted a permanent wound on me; there is absolutely no point keeping me alive. I think I should just commit suicide and die, rather than continue living to bear this shameful burden. God has not been fair to me and I don’t know my sin or offence. My mother left me when I was barely two years old; and up till now, hasn’t taken as much as a second look back. My late aunty Agnes, who brought me up died, recently and now I’m pregnant for my father. What could be worse than that,” she asked bursting into tears.

“When my aunty died in an accident, my father moved me into his three bedroom apartment to occupy one of the rooms. He used to check my private part to see if I had started menstruating or having sex with boys. One night, I was sleeping after a hectic day; he came into my room, removed my wrapper and inserted his finger in to my private part, asking if I had started menstruating. I woke up suddenly from sleep and asked, “Daddy why are you doing this to me?”

“He asked if I had had sex before and I said no. He then said he would use his penis to test my virginity. Before I could utter any word, he had climbed on top of me. I wanted to scream, but he held my mouth and penetrated into me. I struggled to wriggle free but he over-powered me and forcefully deflowered me. I bled throughout  that night, crying uncontrollably till the following day. I was also in pains throughout.

“I felt very bad but he warned me that nobody must hear of what he did to me. He also threatened to slaughter me with a knife if he heard it from anybody. That was how he kept sleeping with me at night and eventually got me pregnant.

“How I wish my mother were around; this shameful thing would not have happened to me. It is incredible; my world and life has crumbled. How can I have a child for my father?

“The days that followed my Aunt’s death were both utterly full and completely empty; full of activities, yet empty of life because there was nobody to take care of me and guide me properly.

“Her absence gave my father the opportunity to ruin my life. I feel very ashamed that I’m pregnant without getting married and more ashamed that my own biological father is responsible. Now I think about death frequently because my father decided that I should leave the pregnancy and deliver a male child for him.”

She said her father has even threatened to kill her if she tried aborting the pregnancy. “So I don’t have any choice but to allow it grow; meanwhile, the pregnancy is just four months.”

On his own part, Audu said

“She looks beautiful and I always feel the pains that one day, someone else will toast her and start enjoying what I suffered all these years to raise. When her mother left me, I took the pains to bring her up because I could not get married and was alone.

“It started like a joke. I don’t know what came over me; she tried to resist me but I was very harsh on her and she allowed me have my way. Thereafter, we continued unabated. I actually wanted to test her virginity status, to know whether she had started going out with boys but when she told me she missed her period, I decided that she should not abort it.

“She should deliver the baby for me since I don’t have any other child. Thereafter, she can get married to anybody of her choice. This was the secret arrangement we had and I don’t know why she is exposing it now.

“That is the much I can say about it.”

9News Nigeria

Nigerian actress, Nkiru Umeh has taken to her Instagram page to lament about her loss following the fatal explosion that rocked Lagos on Sunday.“My beauty complex and my house were directly opposite Bethlehem girls college and the explosion happened right in front of the school. Everything went down. I thank God for life. Still in shock to even talk but my anger is that the media houses and the government are lying to the public. All the same. It is well. I will narrate on this more when am out of shock. For now my hands are still shaking. God just showed me how special I am. How he loves my family, yes I lost 2 houses, 2 cars, all properties, cloths, shoes, AngelNikky Cosmetics goods worth close to 10m. My beauty complex and everything inside worth close to 50m and of course my resident mansion and properties inside which only myself and whoever have been to my house can tell how beautiful it was. Should we talk about my closet? If you know AngelNikky you can imagine AngelNikky’s closet. Fire took it. All it’s well is what I can say because I have my life, my husband, my children, my PA, my husband’s boys, we are all alive. By the grace of God, material things can be replaced. No one can replace life. Gratitude to God remains my attitude.”

9News Nigeria

Amaka OdoziMarch 7, 2020

A Nigerian Lesbian couple are currently trending after a video of them sharing a passionate kiss was leaked online.

It was gathered that the couple, who are based in Benin, Edo state, recently got engaged.

One of them, identified as Love Nkem Ginika shared a lengthy post in which she  appreciated her partner and made a list of promises she hopes to fulfill as they embark on the new journey of a lifetime together.

The lady wrote;

“I can’t promise you that dark clouds will never hover over our lives or that the future will bring us many rainbows. i can’t promise you that tomorrow will be perfect or that life will be easy but I can promise you my everlasting devotion,my loyalty,my respect and my unconditional love for a lifetime.

I can promise you that i will always be here for you,to listen and to hold your hand,and I will do my best to make you happy and make you feel loved.i can promise you that i will see you through crisis and pray with you,dream with you,build with you and always cheers you on and encourage you.

I can promise that i will willingly be your protector,your advisor,your counselor,your friend,your family and your everything….

Thanks for loving me my crown”

9News Nigeria

According to the Rivers born ex-beauty queen, she started her business under the staircase of a mall and her friends mocked her for divorcing a billionaire to sell under the stair case.

She wrote: ” 5 years ago this was all I had as a business . This little spot under/near the stair case of a mall that so many people used to mock me because to them i just left a billionaire and had nothing to show for it 😂😂 How time flies. Such a humbling period in my life. A real down time . I don’t need to go into details of where I am today so I don’t get carried away and maybe seem boastful ( you already know 😝) . A reminder that no matter how tough it gets , it can get better . Cheers to getting better and doing better. Lots of love to those who have constantly stood by me . God bless you . “

Recall that the talk-of-the-town wedding between Dabota and Prince Sunny Aku who was thirty-five years older than her, held in Lagos at the Oriental hotel in 2014 with a few dignitaries including the then governor of Anambra State, Mr Peter Obi, present. The wedding held seven months after they met.  A year and a half later, rumour mills went agog that the former beauty queen has dumped her marriage. She denied this and posted a video of herself and her husband.  But the marriage later crumbled.

9News Nigeria

Tonto Dikeh has shared a video of a new Bentley she says is hers in a bid to shut down the claims that she’s living a fake lifestyle. The actress shared the video on Instagram and added a caption directed at her critics who say her lifestyle is “audio”. “Chai, where are those people that laughed ooo,” she wrote, adding, “My audio lifestyle, new audio Bentley, new home under construction in my son’s name. New audio Lexus for my baby boy tooo wey we never pay for finish. Who is your God?” She added:  #Awon Audio detector, how market??Las las God I’m not making mouth I’m just humbled …I AM JUST A SIMPLE FARMER OOO, imagine if I become actress??? Ehmmm#ANYWAY THESE ARE THE REASONS I HAVE BEEN PUSHING AND MIA.. e no easy I no go lie #AUDIOLOGESTYLETHATPAYS #AUDIOKING 

 “That is King Tonto’s car, all cleared and paid for,” a man with a foreign accent is heard saying in the background of the video. In an earlier post, she revealed that it’ll cost her an additional 7 million Naira to clear her Bentley. 

9News Nigeria

A 32 year old woman, Joy Amadi has been arrested by the Lagos State Police Command over the death of her 3 year old daughter Praise Amadi.

Praise was said to have celebrated her years birthday over the weekend before she was pushed to death by her mother.

The suspect 5 year old son Ezekiel, ran out to call their dad after praise started bleeding .

The suspect confessed to the crime “ it wasn’t intentional, i only pushed her away because she was disturbing the programme i was watching, i never knew she would fall so hard to hit her head on the wall.

She came asking for more water after i already gave her twice, but I refused and she started crying, then i pushed her small.

What do you have to say about this?

9News Nigeria

The internet has been buzzing since these inflatable latex trousers were showcased at the London College of Fashion by a young designer named Harukrushnan.Are there fashion forward Nigerian men you think might try them? 

9News Nigeria

9News Nigeria

Dangote Group has in the last five years invested over N63 billion in the South East with the purchase of over 3,500 units of locally assembled Shacman trucks at the production plant of Anambra Motor Manufacturing Company ( ANAMMCO ), Enugu.

The order was delivered over a period of five years after Dangote Group signed an agreement with Transit Support Services (TSS), a subsidiary of ABC Transport PLC.

The partnership started in 2016 with an initial order of 350 Trucks by Dangote and as of today no fewer than 3,500 trucks have been supplied to Dangote from the ANAMMCO plant. Each of the trucks costs over N18 million.

Apart from being the single largest buyer of the locally assembled trucks, the patronage by Dangote Group has revived the ANAMMCO plant, a vehicle assembly facility commissioned in 1980 by the Federal Government in partnership with Mercedes Benz.

Speaking at the weekend after a tour of the expansive ANAMMCO plant which was filled with Dangote trucks undergoing semi knocked down (SKD) production, Chairman of TSS, Frank Nneji, said if not for Dangote’s magnanimity and his commitment to empower local manufacturers, the ANAMMCO plant would have remained perpetually moribund.

According to him, the revival of ANAMMCO was made possible by Dangote’s patronage “in identifying a plant that has capacity in the south-east, in Enugu to give us the opportunity to produce trucks locally instead of importing them.”

He said, “And of course you know what it does for us here in the South East. For more than seven years this plant was shut down. There was no activity here until we made an agreement with Shacman group and started skeletally. But we were only to start full step production when we offered the logistics solutions to Dangote and the production facility of ANAMMCO way back in 2016. That was the time we signed agreement for the first 500 units of trucks.”

Mr Nneji who added that 90 per cent of trucks produced at ANAMMCO plant were for Dangote said the patronage has also brought back Onne Port in Rivers State which he disclosed has handled over 3000 containers since ANAMMCO was resuscitated.

He said, “ANAMMCO like I told you is a plant that was commissioned in 1980 by the Federal Government, it used to be in collaboration with Mercedes Benz. Of course you know what has happened to the auto industry. We had gone down over a long period prior to the inception of the automotive policy.

“What we are saying in ANAMMCO coming back is actually as a result of this auto policy. This is one of the benefits. And the second thing is the benefit of Dangote’s patronage in identifying a plant that has capacity in the south-east, in Enugu to give us the opportunity to produce trucks locally instead of importing them.

“And of course you know what it does for us here in the South East.
For more than seven years this plant was shut down. There was no activity here until we made an agreement with Shacman group and started skeletally. But we were only to start full step production when we offered the logistics solutions to Dangote and the production facility of ANAMMCO way back in 2016. That was the time we signed agreement for the first 500 units of trucks.

“What this initial capacity surge did was to ensure that all the staff of ANAMMCO who had been at home had to come back to work. Some local suppliers, lubricants, electrolytes and the rest of them also had to come back to doing business. And it goes even further than that because we are in Enugu, we used the Onne Ports to bring in these goods. You know many people are complaining that Onne Port is moribund, no good is coming. Of course we directed all the containers here and from 2016 up till now courtesy of Dangote, the Onne Port has handled more than 3000 containers coming to this place.

“So you see how we can spur capacity by utilizing our local capacity that is available and this is courtesy of Dangote and the patronage and each time we had approached Dangote, we said, ‘look if you are going to do this number of trucks, it is important that the Shacman apart from its quality, we are also representing a firm that has production capacity in the South East in the stake of ANAMMCO.’ That is how Dangote is keeping the South East automobile sector working.

“According to the National Automotive Policy, Enugu and Nnewi has been designated as the automotive centre for the South East in this axis. This is because of the stay of ANAMMCO over a period. They have acquired a lot of technical capacity. There is also a training school that produces technicians, training young school leavers here.

“So this is what we are doing here. This place is busy producing quality trucks with Dangote as the largest single patron. 90 per cent of the trucks produced here are for Dangote.

“Totally here we have done 3,500 units for Dangote. Additionally the trucks used at the refinery are also Shacman trucks. Because of the quality of Shacman trucks Dangote also patronizes that for the refinery.”

General Manager, Media, Dangote Group, Sunday Esan, said the group is satisfied with the Shacman Trucks churned out from Onne Ports, adding that the partnership would last for a long time as the group continues to expand across its various business segments.

Mr Esan added that as the Dangote refinery comes on stream, the group would require more trucks hence the sustained relationship with TSS/ANAMMCO.

According to him, the massive investment in the south-east is contrary to the assumption that Aliko Dangote, the President/CEO of Dangote Group is not patronizing local manufacturers.

“This is why he agreed we should come and see how ANAMMCO plant has come alive, the impact he has made in the country and the employment this patronage has generated,” he said.

9News Nigeria

9News Nigeria

The federal government says it is exploring means of using technology to make education more attractive to young people, especially in the educationally disadvantaged areas of the country.

The Vice President, Professor Yemi Osinbajo (SAN), expressed the concern on Thursday when he received on a courtesy visit to the Presidential Villa, a delegation from Google Global Services in the United States.

The Vice President, in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Laolu Akande, said government would support any partnership that addresses literacy and educational challenges including the problem of out of school children and girl child education in Nigeria.

According to him, “it might help if we begin to look at something more in the area of literacy type skills because really, we are looking at how to expand the whole scope of education especially education for girls.

“So, the question really is how we can use technology to make it easier for girls, in particular, to go to school, because if we somehow bring education to their doorsteps, it might take care of some of the problems around taking them out of their home environment. For us, our education mandate is so crucial”, he said.

Explaining how the Federal Government is partnering with different stakeholders, Prof. Osinbajo said “It is an interesting partnership – business, government and civil society working together. We are already looking forward to a lot of the great work that will be done.”

“All of that fits into our education agenda which partly aims at addressing the out of school children and the girl child education issues.”

Speaking on behalf of the Google delegation, Mr Doron Avni, the firm’s Government Affairs and Public Policy Director described Prof. Osinbajo as an excellent partner whose support had enabled the organization record remarkable success in Nigeria.

According to him, “obviously, we have an excellent partner here who has been doing God’s work, it is thanks to leading partners like him that we are able to be helpful in communities in which we operate.

“We had made a pledge to train 10 million people in Africa by 2022, I am happy to report to you that so far we have trained more than 5 million people. Most important is the fact that out of those 5 million, 3 million are Nigerians.

“With the collaboration that we have with the Ministry of Education, we have now integrated some of Google’s curriculum on online safety into the school’s curriculum. So, we will be reaching 56 million students in Nigeria this year.”

He then added that the company’s target of training up to 10 million people in Africa by 2022 was realizable.

Earlier in the day, Prof. Osinbajo while speaking to a delegation from Procter & Gamble led by its President for Asia Pacific, Middle East and Africa, Mr Suran Magesvaran, said the initiatives of the Buhari administration in the past four years would boost local industries and make them more competitive on the African continent.

The Vice President said “We are concerned about making sure that our industries are competitive by fixing power and other infrastructure. We are looking at port operations, trying to connect the port to the Lagos-Kano rail line.”

On his part, Mr Magesvaran announced the company’s plans to set up a new multi-million dollar plant in Nigeria as part of its new investments in Africa.

9News Nigeria

9News Nigeria

Ogun State Government said on Wednesday that its doors were not opened to receive migrant Okada riders, whose operations were recently restricted by the Lagos State Government.

The Chairman, Caretaker Committee on Transportation, Mr. Femi Adeniyi, had on Monday assured the motorcyclists, who were leaving Lagos for Ogun, following the ban slammed on them, of adequate accommodation, provided they would be law- abiding.

But less than 48 hours after the assurance, the government reversed itself, saying it needed only genuine investors and not Okada riders.

A statement by the Special Adviser on Public Communications to Governor Dapo Abiodun, Remmy Hazzan, said nobody has been authorised to speak on the issue on the government’s behalf.

Hazzan noted that Okada operation is replete with many challenges, including that of security, which is the reason their activities have either been totally banned or restricted in many parts of the country.

He said Ogun State does not have the capacity to cope with the menace and security challenges the influx of the Okada operators from Lagos and any other neighbouring state will bring.

Hazzan said that the use of motorcycles for commercial transportation is not in the schedule of the National Transportation policy, adding that the Ogun State Government is already looking into the issue with a view to coming out with a clear policy direction.

9News Nigeria

Shuaibu Ibrahim, the director-general of the National Youth Service Corps (NYSC) says the monthly allowance of corp members has been increased to N33,000. The NYSC boss gave the cheering news during a working visit to the NYSC secretariat in Bauchi. According to a statement released on the scheme’s official Facebook page, Ibrahim said the increase is in line with the new minimum wage approved by the federal government. He said provisions for the new allowance have been made in the 2020 budget and payment would commence as soon as funds are released by the appropriate authorities. President Buhari in April 2019 signed the new minimum wage bill into law. 

9News Nigeria

Nigerian comedian, Emeka Erem a.k.a Ajebo welcomed his first child with his wife Uchechi Kalu .  The excited comedian described their bundle of joy as the best Christmas gift they could ask for. Ajebo who revealed he was present throughout the birth process, added that the journey to fatherhood has been an amazing experience.  He wrote;  God has done so much for Us, We cannot tell it all. The journey to fatherhood has been super amazing with my ride or die @uchae_eremThis is the best christmas gift we could ever ask for.. Our bundle of joy, Daddy’s girl. I saw with my 2 eyes the entire birth process and I stood confident in the fact that the host of Angels were in that room..God be praised.

Ajebo also disclosed that their baby girl has been christened Zikora Shefa Ngozi Erem. He wrote;  I celebrate you my wonder woman, play buddy and best friend. Thank God for the gift of you and Our budle of Joy Zikora Shefa Ngozi Erem.It’s Ok to call me Daddy Zee!God be praised. 

9News Nigeria

Barely 24-hours after Naira Marley was accused of ‘Car Theft’, the controversial musician has now showed off his newly acquired Bentely. Naira Marley who denied reports of the car theft, (Read Here), captioned the new photo of his Bentley saying, ‘I don’t normally do this, I don’t like flexing on people that don’t have but y’all teaching me how to show off’

9News Nigeria

9News Nigeria

President of Omega Fire Ministries Worldwide, Johnson Suleman, has announced that his ministry would soon be launching a ‘mobile network’ in the United Kingdom.

The preacher revealed his plans in a tweet on Thursday.

He, however, did not reveal details of the project but requested for prayers from followers.

“Pray along with us as we launch our mobile network in United Kingdom…coming soon,” he wrote.

Apostle Suleman had in June announced that he would be launching an airline.

The preacher, who at the time acquired a private jet, said in a tweet that he hoped to employ 3,000 Africans through the airline.

Though he did not give the name of the airline, Suleman said 50 per cent of the airline’s staff would be Nigerians as “part of our contribution to nation building”.

He is, however, yet to launch the airline.

9News Nigeria

9News Nigeria

A number of local businesses could fold up by the end of the year if the issue of the Nigeria border closure is not resolved immediately.

According to the Ghana Chamber of Commerce and Industry (GCCI), local businesses in the Ashanti Region, in particular, were losing about $3 million a week with the threat of a possible shutdown.

This came to light following a tour of some selected companies by officials of the chamber to gauge the mood, assess performance and strategise for the way forward.

Among the companies a team from the GCCI visited were Angel Group of Companies, Uni-Jay Fashion and Asamoa Yamoa Farms, all in Kumasi.

The National President of the Chamber, Nana Apiagyei Dankawoso I, who led the team on the tour, commended business owners for their resilience in the face of the challenge.

He gave an assurance that the border would possibly be reopened this week to allow passage of goods from Ghana as well as boost business between the two countries.

While waiting for that to materialise, however, Nana Dankawoso urged businesses to leverage technology and explore new opportunities and destinations beyond Nigeria in order to remain relevant.

He said since the government employed just six per cent of the country’s workforce, the private sector ought to be supported to enable it to employ more people, else the problem with unemployment could exacerbate.

9News Nigeria

9News Nigeria

A former Governor of the Central Bank of Nigeria and member , National Economic Advisory Team , Prof. Chukwuma Soludo , has told Nigerians in the Diaspora that it is in their interest to contribute to the prosperity of their country .

According to him , it is wrong to regard investment in the homeland by Nigerians abroad as an act of charity .

Delivering the keynote address at the second Nigeria Diaspora Investment Summit at the Presidential Villa, Abuja , on Wednesday , the economist said racism and xenophobic attacks abroad had made it imperative for Nigerians in the Diaspora to have a prosperous country they could return to when the need arose .

He explained that the Jews learnt their lesson in a hard way during their persecution which culminated in the Holocaust .

To encourage Nigerians in the Diaspora to invest in the local economy, Soludo said the government must ensure the security of such investments, noting that the ease of doing business policy should be vigorously pursued.

Soludo said, “ Diaspora synergy would be a decisive strategy for sustainable prosperity. In today’s world , a prosperous homeland is not just a choice , it is a duty.

“ The diaspora is not just some group of people somewhere we are begging to come to Nigeria and do us a favour . My view is that the diaspora constitutes a strategic part of Nigeria and therefore, the development of Nigeria is not a choice, but a duty. But for this to happen, organisation is key . ”

The NEAT member pointed out that that the diaspora remittance estimated at over $ 2 .6 bn would overtake crude oil earnings in the future .

Soludo lauded the Chairman of the Nigerians in the Diaspora Commission , Abike Dabiri – Erewa, saying her efforts were worthy of commendation.

Addressing the summit participants , acting Economic and Financial Crimes Commission Chairman, Ibrahim Magu, said the agency would mobilise Nigerians in the Diaspora to champion the recovery and repatriation of stolen assets back to the country .

He advised Nigerians abroad to invest in the country , noting that the anti – graft agency was working to rid the nation of corrupt elements.

A former Chairman of Diamond Bank , Mr Pascal Dozie, said Nigeria should go beyond focusing on remittances from the diaspora to harnessing their potential for national growth and development .
©Punch

9News Nigeria

9News Nigeria

LAGOS (9News Nigeria) – A federal judge in Lagos has set Jan. 30 and 31 for the hearing of a $2 billion tax dispute between South Africa’s MTN Group and the Nigerian government.

The government says the telecoms firm owes $2 billion in taxes, a claim the company has said is without merit.

Reporting by Libby George; writing by Paul Carsten; editing by Jason Neely

9News Nigeria

9News Nigeria

By Bill Gates
October 1, 2019

Have you ever met someone new and immediately felt like you could talk to them for hours?

That happened the first time I met Aliko Dangote. A couple years ago, he and I ended up going to the same event in New York. A mutual friend suggested that I meet him because he knew we were both super interested in global health. So we made sure to sit next to each other at dinner.

As soon as we shook hands, it was clear we had a ton in common. We both started successful businesses in the late 1970s. For our second act in life, we both chose to start foundations aimed at improving health and education. (Today, the Dangote Foundation is the largest such organization in sub-Saharan Africa.)

More importantly, we both love to geek out over things that make some people’s eyes glaze over, like cement, fertilizer, and iodized salt. Check out this video of Aliko’s recent visit to our foundation’s office in Seattle for proof:

https://www.youtube.com/channel/UCnEiGCE13SUI7ZvojTAVBKw

That first meeting sparked the beginning of a fruitful friendship. In 2016, our foundations announced a joint, five-year $100 million commitment to reducing malnutrition in Nigeria.

Malnutrition is the greatest health inequity in the world. It’s responsible for nearly half of all under 5 deaths in Nigeria (and around the world). Even if you survive to adulthood, your chances of dying are much higher, and your quality of life is greatly reduced.

One of the ways our foundations are working together to fight malnutrition is through food fortification. Kids often become malnourished when they don’t get enough micronutrients—vitamins and minerals—to digest their food properly. One way to correct this is by adding micronutrients to the food that families—especially those from low-income households—are purchasing every day.

When you go to a grocery store in the U.S., a lot of food already has this fortification. Think iodized salt, or milk that comes with extra vitamin D and calcium. By introducing additional micronutrients to the food people are already eating, you can improve health without changing any habits. Our foundations are now working together to find other staple foods and condiments that could be used to deliver more micronutrients to more people in Nigeria, like fortified bouillon cubes. (I talked with Aliko about this at our Goalkeepers event in New York a couple days ago. You can watch a video of our conversation here.)

Improving health in Nigeria is critical to making progress in sub-Saharan Africa. The country is home to nearly a quarter of all people living in sub-Saharan Africa, and that population is only going to grow in the future. By solving problems in Nigeria, you can have a huge impact on all of Africa.

Aliko Dangote understands this, and that’s why he’s committed to making progress in his home country. Melinda and I are lucky to have him as a partner (and friend!) in improving health.

9News Nigeria

9News Nigeria

Africa’s richest man, Aliko Dangote, has said that his meeting with billionaire philanthropist, Bill Gates, turned him into a different person.

Dangote said this on Wednesday as a discussant at the 2019 Goalkeepers’ event hosted by the Bill and Melinda Gates Foundation in New York, US.

“When I started my foundation in 1994, I never realised we had this massive challenge in the health sector,” Dangote said.

“Really, it was mind-boggling when we had this agreement to collaborate with the Bill and Melinda Gates Foundation and that really opened my eyes to realise that there are a lot of challenges in health.

“At that time I didn’t have the opportunity of meeting Bill but meeting Bill changed me into a different person. This is somebody that has nothing to do with us in Africa or Nigeria but he is putting his money and his soul into everything.

“He is very committed to helping humanity and that really surprises me a lot and I realised that he is a simple person and I never knew Bill would be this simple. He is a very soft-spoken guy and kind-hearted.”

The industrialist said he hopes to give out a chunk of his $9.2 billion wealth like Gates sometime in the future.

“It is very difficult to find people like Bill in this world. Bill, we are very grateful and I can assure you that with my association with Bill, my only prayer is that in the next few years, I will try and give my chunk of wealth to charity,” he said.

Gates, however, in response thanked Dangote for linking him with governors in the north.

The American said without Dangote he would not have been able to chat with the likes of Governor Aminu Tambuwal of Sokoto and five other northern governors.

9News Nigeria

9News Nigeria

Despite the House of Representatives directive that CBN and banks stop the implementation of the latest cashless policy initiative, some banks appear bent on going on with the move.

Polaris Bank, for example, has served notice to its customers.

Nigerians see the move as fleecing bank customers by financial institutions with the active connivance of the CBN.

The House of Representatives responded to these misgivings by ordering the banks to shelve the plan. But banks, standing to benefit, seem determined to go on with the plan.

9News Nigeria

9News Nigeria

The Nigerian National Petroleum Corporation (NNPC) on Sunday released the list of 15 winners of the crude oil lifting contracts 2019/2020 under the Direct Sale of Crude Oil and Direct Purchase of Petroleum Products (DSDP) arrangement.

The publication of the list winners is coming shortly after the new Group Managing Director of the corporation, Mele Kyari, promised to make the list public as part of his commitment to ensuring transparency and accountability in the operations of the national oil company.

The list confirms PREMIUM TIMES exclusive report in June this year that 15 winners had emerged after the financial bid exercise held earlier this year.

The Winners
The statement by the NNPC spokesperson, Ndu Ughamadu, gave the list of successful companies as follows:

1. BP OIL INTERNATIONAL LTD./AYM SHAFA LTD.
2. VITOL SA/CALSON-
4. TOTSA TOTAL OIL TRADING SA/TOTAL NIG. PLC
6. GUNVOR INTERNATIONAL B.V./AY MAIKIFI OIL & GAS CO. LTD.
8. TRAFIGURA PTE LTD./A. A. RANO NIG. LTD
9. CEPSA S.A.U./OANDO PLC
10. MOCOH SA/MOCOH NIG. LTD.
11. LITASCO SA/BRITTANIA-U NIG. LTD./FREEPOINT COMMODITIES
12. MRS OIL & GAS COMPANY LTD
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13. SAHARA ENERGY RESOURCE LTD
14. BONO ENERGY LTD./ETERNA PLC/ARKLEEN OIL & GAS LTD./AMAZON ENERGY
15. MATRIX ENERGY LTD./PETRATLANTIC ENERGY LTD./UTM OFFSHORE LTD./LEVENE ENERGY DEVELOPMENT LTD
16. MERCURIA ENERGY TRADING SA/ BARBEDOS OIL & GAS SERVICES LTD./RAINOIL LTD./PETROGAS ENERGY
17. ASIAN OIL & GAS PTE LTD./ EYRIE ENERGY LTD./ MASTERS ENERGY OIL & GAS LTD/CASIVA LTD
18. DUKE OIL COMPANY INCORPORATED.
    The contract is for one year effective October 1, 2019, till September 30, 2020.
    This is the first time the NNPC would be officially publishing the list of winners of the contract under the DSDP scheme since it began in 2016.
    In his takeover note on July 8, 2019, Mr Kyari promised to open NNPC books to public scrutiny as part of a new commitment to transparency and accountability.
    He said as a publicly owned company, Nigerians deserved to know about the operations and activities of the Corporation.
    Reiterating his management’s team commitment to transparency and accountability during the launch of the team’s policy direction tagged: Transparency, Accountability, Performance and Excellence (TAPE), Mr Kyari had said the list would be published this month.
    132 local and international bidders involved
    On May 3, the NNPC had announced a list of 132 local and international firms that submitted bids for the 2019 DSDP crude oil contract.
    During the bids opening exercise, the former GMD of the NNPC, Maikanti Baru, said the exercise was to ensure that qualified companies were engaged, shortlisted and awarded the lucrative contracts.
    Prospective awardees, he said, were expected to possess the capacity to transport about 14 billion litres of products under the DSDP scheme.
    Read also: Congo discovers more oil
    Mr Kyari, then the Group General Manager (GGM) Crude Oil Marketing Division, NNPC, said each of the successful companies would be allocated some of the 445,000 barrels per day of Nigeria’s crude oil usually allocated for domestic refining.
    Mr Kyari had said only companies with the capacity to utilise the allocated crude oil to supply petroleum products to the country would be considered for the contract award.
    Eventually, some of the companies who bid individually coalesced together to form a consortium to emerge winners.
    In his statement on Sunday, Mr Ughamadu said the 15 consortia/companies that emerged as winners followed the completion of the 2019/2020 DSDP contract tender exercise.
    He said the winners were made up of reputable and experienced international companies and Nigerian downstream companies committed to successfully undertake supplies of petroleum products under the 2019/2020 DSDP arrangement.
    Benefits of DSDP scheme
    The DSDP scheme was introduced in 2016.
    Since its inception, until March 2019, about 29.5 million metric tons (39.6 billion litres) of petroleum products were supplied under the scheme representing over 90 per cent of the national requirement.
    Mr Ughamadu said the contract tender process comprised technical and commercial bid submission respectively, followed by the evaluation and shortlisting of the bidders, then commercial negotiations with prequalified companies and engagement of the successful consortia/companies by NNPC.
    “Under the DSDP arrangement, the under listed fifteen (15) consortia/companies shall over the contract period, offtake crude oil and in return, deliver corresponding petroleum products of equivalent value to NNPC, subject to the terms of the agreement”, Mr Ughamadu said.

9News Nigeria

9News Nigeria

9News Nigeria

9News Nigeria

The Chief Executive Officer, Access Bank Plc , Herbert Wigwe , said the bank had finalised plans to raise $ 250 m Tier 11 capital .

During a press briefing on the merger between the two banks in Lagos on Wednesday, Wigwe said the bank ’s customer base would hit 29 million after the merger with Diamond Bank Plc .

He said, “ Access Bank has already finalised terms and obtained regulatory approvals for a Tier II capital issuance , which will raise $250 m , available for drawdown in January 2019.

“ Access Bank has also obtained “ No objection” from the Central Bank of Nigeria to undertake a rights issue to raise up to N 75bn ($ 207 m ) in H 1 2019. Shareholder approvals and other regulatory approvals will be obtained before the offer opens .

This accelerates the capital management plan to support retail growth , previously set out in the bank ’s five- year strategy .”

The Access Bank boss put Diamond Bank ’s current customer base at 19 million , including 10 million mobile users.

“ Diamond Bank will benefit from Access Bank ’s strong culture of risk and capital management expertise and a clear strategy for sustainable growth.

Access Bank will take advantage of Diamond Bank ’ s unparalleled retail banking expertise and strong digital offering .

“ Together, the two companies would create one of Nigeria ’s leading banks , with 29 million customers , including more than 13 million mobile customers , as well as 3 , 100 Automated Teller Machines and around 32, 000 Point of Sale terminals . ”

He also said that the bank would decide if “ it wants to go into pension business by retaining the pension licence of Diamond Pension Fund Custodian , which is a subsidiary of Diamond Bank .

“ We will take a very strategic decision whether we will have to sell it or keep it ,” he noted .

According to him , the signing of the Memorandum of Agreement and announcement of headline terms valued Diamond Bank at approximately N72. 5bn ($ 200m ) and will see Diamond Bank shareholders receive N 3 .13 per share in cash and shares.

The merger would form a leading Tier 1 Nigerian bank and the largest bank in Africa by number of customers , spanning three continents , 12 countries and 29 million clients , he said .

He stated that the transaction would be concluded through scheme of merger following Access Bank and Diamond Bank Court- Ordered Meetings expected in March 2019 to approve the terms .

Wigwe added that this was subject to shareholders approvals, final approvals from the Security and Exchange Commission , Central Bank of Nigeria , and National Pension Commission as well as the FHC sanction expected before the end of the first half of 2019.

He said, “ Cost synergies conservatively estimated at N 30bn per annum, pre – tax, to be fully realised within three years post – completion. Further revenue and balance sheet synergies to be evaluated by joint implementation committee .”

While responding to a question on what would be the fate of Diamond Bank workers , he said, “ It is not a matter of asking people to go because that is certainly not what we are looking to do. The idea is to re- skill people, get people to perform at the best level they can be and get people to be at the same standard as far as performance is concerned at same level across both institutions. ”

Corroborating his statement , the Chief Executive Officer, Diamond Bank , Uzoma Dozie, said, “ We have a talent pool of very good people that we need to drive to ensure that we maintain value in the combined entity , and people who want to go and people who want to stay , all depends on performance- driven matrix that both organisations already follow.”

9News Nigeria

9News Nigeria

The Head of Cooperation, Embassy of Federal Republic of Germany in Nigeria, Christopher Wenzel, has said the German government has identified the need to address growing skill gap in Nigeria, particularly by providing necessary skills to tackle youth unemployment and migration.
Speaking in Abuja at the Skills Development for Youth Employment (SKYE) Stakeholders’ meeting organised by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Wanzel said the initiative aimed at providing demand-based skills to address youth unemployment and irregular migration crisis.
“We see the potential in Nigerian youth. What we try to do is to make use of that capacity. We want to bring together the demand for work, labour, for service together with supply. We don’t want to train people who don’t find jobs; we want to train them to find descent jobs. We want to meet the demand of the industries,” he said.
With unemployment rate hovering around 18.8 per cent, Wenzel disclosed that the initiative would primarily target the agricultural as well as the construction sector
Country Director, GIZ, Dr. Thomas Kirsch said over €20 million have been invested in the programme already, stressing that the buy-in of the private sector would be required to increase the level of impact that the initiative would create.
Kirsch, who said the growing mismatch between the supply and demand for skills in the labour market remained a key challenge in the country, said the group would train over 50, 000 youths through the programme in the next four years.
According to him, the SKYE project focuses on the acquisition of knowledge and skills for the labour market through Technical and Vocational Education and Training (TVET), to tackle unemployment and underemployment, root causes of irregular migration and socio-economic degradation in Nigeria.
Vice President, Abuja Chamber of Commerce and Industry, Prof. Adesoji Adesugba, said it is critical for Nigeria to address the skill gaps, adding that there was need to create opportunities for the youth to be engaged.
The Skills Development for Youth Employment (SKYE) project, a four-year project funded by the German Federal Ministry for Economic Cooperation and Development (BMZ), and implemented by GIZ with focus on the acquisition of knowledge and skills for the labour market through TVET, to tackle unemployment and underemployment, root causes of irregular migration and socio-economic degradation in Nigeria.

9News Nigeria

9News Nigeria

Priti Patel, former secretary of state for International Development in the United Kingdom (UK), has called on investors to be wary about investing in Nigeria.

In a short op-ed for City A.M., London’s first free daily business newspaper, Patel, a member of the UK parliament, said President Muhammadu Buhari has disrespect for “international law and convention, and court decisions”.

Patel, who visited Nigeria in 2017, alongside Boris Johnson, former UK foreign secretary, shared the experience of two Irish businessmen, who suffered from Buhari’s decision to renege on signed contracts.

THE FULL OP-ED IS REPRODUCED BELOW:

When the Nigerian finance minister visited London last week, she and her officials came to advertise Nigeria as a country that is open for business.

The minister, Zainab Ahmed, came to promote Nigeria’s $2.8bn Eurobond sale, which follows on from the Nigerian government’s oversubscribed $1bn Eurobonds sale in February 2017.

I am a supporter of economic investment into developing countries – open markets and capitalism have paved the way for poverty reduction around the world.

Many nations in Africa, including Nigeria, have benefited from investment over the years, and Nigeria’s Eurobonds could bring relief to its ongoing economic woes.

Over the last decade, the amount of UK foreign direct investment into Africa has more than doubled from £20.8bn to £42.5bn. This is good news.

However, as with all investments, investors should know of the corrosive effect of corruption, as well as the lack of transparency and associated difficulties of doing business in certain countries.

In Nigeria, the unhappy experience of the firm founded by two Irishmen, Process and Industrial Development (P&ID), is a case in point, and demonstrates the risk that businesses will face in Nigeria.

In 2010, P&ID signed a 20-year contract with the Nigerian government to create a new natural gas development refinery, but the project fell through after the Nigerian government reneged on its contractual commitments. Upon taking office, President Buhari promptly cancelled a compensation settlement, and has done his level best to pretend Nigeria’s obligations to P&ID do not exist.

Since Buhari reneged on this deal, P&ID has undertaken legal efforts to affirm a tribunal award, first decided in London. It also made several attempts in court to force the Nigerian government to respect its obligations.

The most recent court decision at a London tribunal confirmed that the Nigerian government owes P&ID almost $9bn for the initial breach of contract, loss of income, additional costs, and interest accrued after five years of non-payment.

However, the Nigerian government has continued to flout international law and convention, and it refuses to respect the various court decisions.

Investors must consider this long-running scandal and weigh this obstinance against Nigeria’s mishandled economic potential.

Let us not forget that Nigeria is the only member of OPEC that is dependent upon petrol imports to keep the country going. Nigeria is ranked 145th in the world for its ease of doing business, which demonstrates the risks of investment into Nigeria.

Despite the President’s public anti-corruption platform, Transparency International has not seen any reduction in corruption since Buhari took office. In fact, the precise opposite has happened, with Nigeria falling 12 places between the 2016 and 2017 rankings.

President Buhari currently faces serious allegations, which include staging show trials of opponents of a regime that is accused of corruption and graft, while simultaneously shielding his own party members and inner circle.

We should all welcome international efforts to attract international investment into developing economies. However, to do this successfully Nigeria must seriously tackle corruption, rather than use it as a smokescreen. It must honour its obligations to companies like P&ID. Until then, investors inevitably will be very wary of investing in Nigeria.

9News Nigeria

9News Nigeria

The facilities of MTN Nigeria, Airtel, Forte Oil and Bank of Agriculture have been sealed off by Kogi State Internal Revenue Service over their alleged refusal to pay N470 million tax to the state government.

The Director in charge of Legal Services and Enforcement at the agency, Mr. Jamil Isah, who led his team yesterday to seal off the critical facilities of the two telecom service providers at Mount Patti, Obajana and other places in Lokoja, disclosed that Airtel owed over N321 million while MTN also refused to meet its obligation of over N140 million to Kogi State Government.

He added that Forte Oil and Bank of Agriculture are owing N5 million and N3 million, respectively.

According to him “For quite some time , we have diligently approached the two telecom service providers the MTN and Airtel to pay some of their tax liabilities to the state government and they refused to cooperate with us.

“We then proceeded to the state High Court of Justice , and the court having looked into the case, granted us an order , authorising us to seal their facilities until those obligations are discharged by the affected organisations and that was what we have done to ensure that they pay the tax”

The director lamented that Airtel has refused to pay their annual rent for the laying of fiber cable on the soil of the state. He also pointed out that the service provider paid their obligations in other states.

The director vowed that the revenue service will continue to take a decisive action in order to compel them to pay their taxes .

“Pursuant to the directive of Kogi State Governor, Alhaji Yahaya Bello, to have a listening ears to the complaints and challenges of the tax payers in the state , we met with them from time to time and make amend where we can.

“Sometimes, we staggered their tax payments; we do some waivers and we reduced the tax payers’ liabilities in view of the challenges they presented before us. All of these to enable them pay the tax as at when due” he added.

9News Nigeria

9News Nigeria

United States Africa Development Foundation has invested over N8 .64 billion ($24 million ) to boost capacity of farmers across the country .

Speaking at an Agriculture mini- fair , organised by the foundation in collaboration with Diamond Development Initiative, stakeholders in the sector, including the U. S . Ambassador to Nigeria , Stuart Syminton , Executive Director , Diamond Development Initiative, Adamu Garba, President , United States Africa Development Foundation , C. D. Glin, Chairman of the Foundation , Jack Leslie , said Nigeria must improve agricultural sector to meet food security in the face of growing population .

Syminton noted that the country must take advantage of youths and women population to grow the agricultural sector. He stressed the need for the sector to not only export raw materials but ensure that the products are processed ; adding that by so doing the sector would transform more lives.

Leslie pledged that the foundation would continue to drive the development of the sector in Africa, particularly in Nigeria , through partnership , participation and promotion of private sector led initiative .He said: “ I know we are seen as helping you to do the things that you do in the communities but your success is our success; your success is very important to the U.S .”

Glin said the foundation is committed to the development of the sector in Africa, adding that agriculture is key to economic development of the continent .

“ Everything we do here is led by Nigerians . We have commitment to Agriculture . We strongly believe that one of the key drivers of Africa’s success and Nigeria ’ s success will be in the agricultural sector.” He also noted that the efforts to diversify the nation ’s economy would remain elusive if the agriculture sector is not prioritised.

Garba said: “ USAID has invested over $24 million so far in the project. ” Garba said continuous efforts toward improving agriculture as well as necessary actions and policies would increase productivity and boost food security .
According to him , the purpose of the exhibition was to showcase agricultural across Nigeria , which were funded by the U.S . foundation through the local partner, which provides mentorship, management as well as monitoring of the project .

“ Most of these people are engaged in production but the assistance we provide does not stop at production alone . We take it a step further, we provide them with machines that they can use to do some processing and as value to the products and get more income, ” Garba said.

He said the farmer, who are divided into cooperative societies would be able to access more opportunities, particularly more markets for their products through the exhibition . The fair showcased leather works from Zaria, Garri from Ikara in Kaduna state ; improved local rice from Kebbi State ; refined palm oil and fish feeds among others.

9News Nigeria

9News Nigeria

LAGOS (9News Nigeria – A hearing in the court case between MTN and Nigeria’s central bank in a dispute over the alleged illegal transfer of $8.1 billion of funds by the telecoms firm, has been set for Oct. 30, a lawyer for MTN said on Friday.

A separate hearing between MTN and the attorney general over an alleged $2 billion unpaid tax bill has been scheduled for Nov. 8 at the same court, the lawyer told news reporters.

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9News Nigeria

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9News Nigeria

9News Nigeria

The Central Bank of Nigeria has revoked Skye Bank’s operating licence.
NDIC created bridge bank named Polaris Bank to assume assets and liabilities of Skye Bank.

The bridge bank is sold to AMCON which will inject N786bn to recapitalise the bank and return it to stability and profitability before selling to interested investors

9News Nigeria

9News Nigeria

Investors coming into Nigeria , especially the telecommunications sector, have been guaranteed a 30 per cent cut in company income tax payment payable to the government.

Besides , there will be relaxation of monetary and fiscal policies ; access to foreign exchange ; reduction in waivers and Custom Duties and be opened to improved ease of doing business.

Executive Vice Chairman of the Nigerian Communications Commission (NCC ), Prof . Umar Danbatta, in his speech delivered at the Nigerian Day of the 2018 International Telecommunications Union (ITU ) Telecoms World in Durban, South Africa, yesterday , said the plan was part of the Federal Government ’ s Economic and Recovery Growth Plan (EGRP) targeted at bringing in investors to the country .

Besides , Danbatta, who disclosed that so far, by the first and second quarters of 2018, contribution of the sector to GDP stood at nine per cent , which should hit 10 per cent by this quarter, said the sector added $5 billion to Foreign Direct Investment quarterly.

According to him , as part of the flexible approach to regulatory management and constant stakeholders ’ engagement , the Commission introduced spectrum trading only a few months ago .

He said this was to enable holders of such spectrum not in use to transfer , lease or share it out to those who may have a need for it .

The Secretary- General, ITU , Houlin Zhao , in his speech, commended the level of ICT development in the country .

Zhao, who said he was specifically happy about the growth in 4G services in the country , described Nigeria as the biggest market for ICT in the region

9News Nigeria

9News Nigeria

The Federal Government has asked MTN Nigeria to pay taxes of $2bn (N700bn), six days after the Central Bank of Nigeria ordered it to repatriate $8.13 billion ‘illegally taken out of the country’.

The telecom company said in a brief statement that the Attorney General’s office gave “notice of an intention to recover the $2 billion from MTN Nigeria.”

But MTN’s spokesperson, Funsho Aina denied any wrongdoing, saying that the company has fully paid all its taxes and was not owing the country any dime in tax.

“Based on the detailed review performed, MTN Nigeria believes it has fully settled all amounts owing under the taxes in question,” Aina said in the statement.

Six days ago, the CBN ordered MTN to bring back to Nigeria $8.13 billion ‘illegally repatriated’ to South Africa.

The apex bank also fined four banks – Diamond Bank, Stanbic IBTC, Citi Bank and Standard Chartered Bank – involved in the transfer N5.78b

The NCC’s Executive Vice Chairman Prof Umar Garuba Danbatta, while addressing newsmen on Tuesday, said, “I am happy to inform you that our agreement with MTN on how and when to pay the fine has been adhered to.

Just last month, March, we received a cheque of N55bn from MTN as part of the fine payment plan. This brings the total fine paid by MTN Nigeria to N165bn, that is, more than half of the fine has been paid so far.

“We call it amicable settlement agreement on which basis they will be paying N330bn over a period of three years.’’

He said by the terms of the agreement, the money would be made in six tranches over the three year period.

9News Nigeria

A brownfield refinery with a production capacity of 100,000 barrels per day (bd) and formerly owned by BP Plc is expected to be relocated from Turkey to Nigeria and co-located alongside the Port Harcourt Refinery, the Nigerian National Petroleum Corporation (NNPC) disclosed on Tuesday in Abuja.

The NNPC in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, said the relocation of the refinery was part of the refinery co-location initiative designed by the federal government to boost local refining capacity.

The statement explained that the Group Managing Director of NNPC, Dr. Maikanti Baru, disclosed this development in an interview he granted an in-house newsletter of the corporation – the NNPC News, in which he spoke on efforts by the corporation to help Nigeria end its reliance on imported petroleum products.

“Our co-location initiative aimed at getting private sector investors to bring in brownfield refineries so that they can share facilities is also yielding results. For example, there is one that is going to be brought in from Turkey to be located near the Port-Harcourt Refinery.

“It’s not a modular refinery; it’s a normal refinery with about 100,00bpd capacity. It was owned by BP, but it has been sold off now to the companies that want to bring it over from Turkey to install it here,” the statement quoted Baru to have said in the interview.

Baru, noted that the investors had commenced the process of relocating the refinery to be installed near the Port Harcourt Refinery under the co-location initiative, adding that a similar plan to establish a brownfield refinery near the Warri Refinery was also in the offing.

“There is another one of about the same size being looked at to be sited near the Warri Refinery. But the one for Port-Harcourt is at a more advanced stage. Our drive at the NNPC, as a leader in the industry, is to expand our local refining capacity and make Nigeria a global refining hub,” the corporation’s helmsman stated.

©Thisday

9News Nigeria

9News Nigeria

The National Bureau of Statistics (NBS), said that 4.79 billion litres of Premium Motor Spirits (PMS) was imported into the country in the second quarter.

The NBS disclosed this in its “Petroleum Products Imports and Consumption (Truck Out) Statistics’’ report released on Tuesday in Abuja.

It said 1.11 billion litres of Automotive Gas Oil (AGO) and 43.79 million litres of Household Kerosene (HHK) were also imported in the second quarter.

The report said that 200.39 million litres of Aviation Turbine Kerosene (ATK) was also imported into the country in the period under review.

It said the highest volume of 1.78 billion litres of PMS imported into the country was recorded in April, while the highest volume of AGO and HHK were imported in June.

“Statewide distribution of truck-out volume for the second quarter showed that 4.89 billion litres of PMS, 1.17 billion litres of AGO and 168.83 million litres of HHK were distributed nationwide in the second quarter.

“About 176.98 million litres of ATK was also distributed nationwide during the period under review,’’ it said.

(NAN)

9News Nigeria

9News Nigeria

Alhaji Abubakar Bwari, the Minister of State, Ministry of Mines and Steel Development says more than two million people in Nigeria depend on illegal mining for their livelihood.

Bwari made this known at a two-day “First National Stakeholders’ Discourse on Opportunities and Challenges of Artisanal Mining in Nigeria’’ on Monday in Abuja.

According to him, most of the miners are poor and unemployed living in rural areas and employing crude methods and household implements to exploit these minerals which they sell to feed their families.

He said these miners were mostly found mining precious minerals like gold, silver, lead/zinc, sapphire, emerald, tourmaline, aquamarine, gypsum, barytes, silica sand, granite, sandstones, clay, and salt among others.

“We cannot afford to criminalise their activities and we cannot also fold our arms and watch as they damage the lives of our people and the environment,’’ he said.

Speaking, he said some of the environmental problems which include lead poisoning, mercury pollution, deforestation, poor sanitation, and heavy metals pollution among others were caused by Artisanal and Small Scale Mining in Nigeria.

Bwari said that the use of inappropriate mining methods and unwholesome mineral ore processing techniques impact dangerously on public health as they exposed people to heavy metal pollution and outbreak of infectious diseases.

He, however, said the forum was to address the myriad of challenges posed by illegal mining.

According to him, the ministry has made strenuous efforts to regulate ASM activities over the years.

The minister of state said that in the last three years, the ministry’s regulatory mechanisms had led to some measure of success.

“We are more than ever before determined to ensure better policing of artisanal miners through the newly constituted Mines Police.

“We have also increased the monitoring capacity of our Mine Inspectorate with the recent purchase of new vehicles.

“The formalisation policy of the ministry has also led to the registration of more artisanal miners into mining cooperatives.’’

Bwari said the ministry had trained more than 250 members of these cooperatives across the country.

He urged the participants to provide lasting solutions to the thorny issue of integrating artisanal miners into formal mining in Nigeria.

“As the theme of this conference clearly shows, there are great opportunities in the artisanal and small scale mining subsector which can lead to growth in the economy, while also enriching the lives of the miners themselves,’’ he said.

The minister of state also donated a Toyota Hilux to the Executive of the Miners Association of Nigeria to aid the activities of the association.

9News Nigeria

9News Nigeria

The federal government will fund part of the 2018 budget through green bond issuance.

This followed the successful issuance of the debut N10.69billion, 5-year, Federal Government Sovereign Green Bond at coupon rate of 13.48 per cent by the country last year.

The Minister of State for Environment, Ibrahim Usman Jubril stated this while speaking in Lagos, during the listing of the bond on the Nigerian Stock Exchange (NSE).

Green bonds are fixed income, liquid financial instruments used to raise funds dedicated to climate mitigation, adaptation and other environment-friendly projects.

This provides investors with an attractive investment proposition and an opportunity to support environmentally and socially sound projects.

Nigeria in 2017 became the first nation to issue a climate bonds certified sovereign green bond, the first African nation to issue a sovereign green bond and the fourth nation in the world to issue after Poland, France and Fiji.
Speaking at the listing on the debt instrument, Jubril said it was in fulfilment of a key goal of Programme 47 of the Economic Recovery and Growth Plan (ERGP).

“The federal government through the Ministry of Environment and the Ministry of Finance is proud to be a champion of this initiative. The NSE reached out to the Ministry of Environment in 2016 with a proposal for the issuance of a green bond.

“The consultation which emerged created a platform for mutual learning for the ministry and capital market community. Our collective effort has created a product that is not just novel but premier. There is plenty to celebrate even as we work towards another issuance on the back of the recently signed 2018 budget,” the minister said.

Also speaking, the Chief Executive Officer of the NSE Mr. Oscar Onyema hailed the Debt Management Bond (DMO) for its commitment to deepening and developing the Nigerian capital market.

“I thank Her Excellency, the Deputy Secretary General of the United Nations, Ms. Amina Mohammed, who was central and immensely instrumental to the success of this landmark initiative, as well as all members of the Green Bond Advisory Group who worked earnestly to actualise this issuance,” Onyema added.

In her comments, the Director General of DMO, Mrs. Patience Oniha, said the green bond listing was an opportunity to enable Nigeria tap into the growing global market for green bonds, which as of end of 2016 comprised of $576 billion of unlabelled climate-aligned bonds and $118billion of labelled green bonds according to Climate Bonds Initiative in London.

©All africa

9News Nigeria

9News Nigeria

The Peoples Democratic Party (PDP) Friday has asked President Muhammadu Buhari and the federal government to perish the thought of trying to use the ‘unveiling’ of a nonexistent national carrier ‘Nigeria Air,’ to deceive Nigerians, saying the electorate know what to do in the 2019 general elections.

The party said it was unfortunate that, having run out of promises without a development project to show, President Buhari and the ruling party were now trying to fly a kite to win the support of Nigerians.

In a statement issued by the National Publicity Secretary, Kola Ologbondiyan, the party questioned the rationale in unveiling the national carrier outside the shores of the nation.

“Is it not comical that while other nations are unveiling and rolling out real planes, the Buhari administration, in a most hilarious manner, is ‘unveiling’ drawings of an airplane, name, logo and imaginary routes of a nonexistent fleet, as our national carrier, in faraway London?

“What President Buhari and his handlers fail to understand is that Nigerians can see through their fraud and lies.

“Apart from drawings of airplanes, there are no structures to indicate that a new airline, billed to commence operation in December this year, is being set up; there are no offices, no recruitment of personnel and no form of ground activity anywhere in the country.

“Does it not smack of pure scam that less than six months to commence operations, the supposed new airline has not even started the process of licensing, even when it takes a minimum of six months for a new airline to obtain Air Operating License and three months to develop its manuals?
“If the Buhari administration is not on a fantasy trip to beguile Nigerians and pave further ways for its humongous corruption, it should have focused on our existing national carrier structures, in addition to three operating airlines, already taken over by the Asset Management Corporation of Nigeria (AMCON),” the statement read in part.

©Vanguard

9News Nigeria

9News Nigeria

The Senate has approved the payment of N348 billion as outstanding subsidy claims to 74 petroleum marketers.

Some of the Oil Marketing Companies (OMC) are, Oando, Total, Honey Well, Capital Oil, Conoil, A.A. Rano, Folawiyo and Eternal oil.

Others are, Aiteo, Forte Oil, Bovas, Mobil, MRS Oil and Gas among others.
The Senate said the payment is to enable them update all outstanding liabilities and clear all debts, interest accrued and forex differential once and for all.

The approval was sequel to the adoption of the interim report of the Committee on Petroleum Downstream on the Promissory Note Programme and a Bond Issuance to Settle Inherited Local Debts and Contractual Obligations to Petroleum Marketers.

A promissory note is a debt instrument which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time, under specific terms.

President Muhammadu Buhari had in March written to the National Assembly, seeking its approval for the issuance of promissory notes to offset inherited local debts.

The Senate eventually resolved to set up an ad-hoc committee to look into the promissory note and bond issuance programme and advice the Senate appropriately.

Presenting the report, the chairman of the committee, Kabiru Marafa (APC, Zamfara Central), noted that continuous delay of the approval of the promissory note request will affect the liquidity of the oil companies and undermine their crucial role in the development of the economy.
In the report, the committee recommended that the 55 oil marketers be paid 100 per cent of their claims. It said of the said amount, 55 oil marketers are to receive N276 billion (N275,750,415,108) while 19 others will get N73 billion (N73,452,639,866).

The committee also called for the payment of 65 per cent claims to some marketers due to contentions in their figures.

Mr Marafa explained that the marketers made claims to the tune of N670 billion (N670,497,543,15), as of June 30, 2017, but the Petroleum Products Pricing Regulatory Agency (PPPRA) verified and approved the sum of N429 billion (N429,054,203,228) to the Federal Ministry of Finance.

He said while the verified figure was approved by the Federal Executive Council, further verification by the Presidential Initiative on Continuous Audit (PICA) reduced the amount to N407 billion (N407,255,263,288).
The chairman further explained that the controversies including the determination of the terminal date of the subsidy programme, amount to be paid to the OMCs and the interest accrued from June 30, 2017 to date will be taken up and resolved in the final report.

He said the committee will submit the final report in due course and the “submission should be able to reconcile and bring to the conclusion all issues in respect of petroleum subsidy programme implementation and payments.”

He added that further verification needs to be made to ascertain the discrepancies between the OMCs and the recommendations for payment made by the ministry of finance (PICA).

“In this respect, The Committee is of the opinion that interim payments should be effected to the OMCs pending full verification of PICA recommendations and updating on the full implication of interest accruals from 30th June 2017 to date.

“The government’s inability to pay the OMCs as at 30th June, 2017 has further increased its liability since the interest continued running till date, hence, the need for further work by the committee to compile and update the level of indebtedness and its interest accruals;

“However, in view of the fact that the service of the OMCs is very important to the economic development of the country and closely tied to National security, paying the marketers would stem the threat of fuel scarcity, increase economic activities and promote a more harmonious working relationship between the Government and OMCs,” he said.
The Senate also directed the committee to continue its engagement with the Ministry of Finance, oil marketing companies, (PPPRA) and other stakeholders.

Some of the oil marketers and the amount approved for them include:Aiteo N4,988,199,360; Conoil N5,588,285,132; Forte Oil N15,480,445,907; Bovas N5,953,684,258; Capital Oil N8,339,052,402; Mobil N8,282,363,478; MRS Oil and Gas N20,948,270,002; Oando N14,972,585,600; Total N21,569,996,843, among others.

The non-payment of the claims is one of the reasons the private oil firms have stopped importation of petrol, leaving the state oil firm, NNPC, as the sole importer.

©Premium times

9News Nigeria

9News Nigeria

The Securities and Exchange Commission (SEC) has again warned Nigerians against investing in schemes that offer unreasonable returns and not approved by the commission .The Acting Director -General of SEC, Ms . Mary Uduk while speaking on current initiatives to move the market forward during a Town Hall meeting held in Port Harcourt , Rivers State , on Wednesday , said the investing public must be wary of any investment that is proposing return levels that are unreasonably high .

Ponzi scheme (also a Ponzi game or a Ponzi ) is a fraudulent investment operation where the operator, an individual or organization , pays returns to its investors from new capital paid to the operators by new investors , rather than from profit earned through legitimate sources.

According to her, such ventures have no tangible business model as returns would be paid from other peoples ’ invested funds making it a fraudulent investing scam.Uduk added that even if the commission had approved the company ’s activities , investors must ensure that the fund managers and the products they are offering are registered with the SEC.

The SEC boss restated the commission ’ s resolve to make the capital market more user- friendly to boost investors ’ participation in the market .“ These fraudsters or promoters of Ponzi Schemes are the false prophets of the investment environment , they are the ill – wind that blows no good and at whose sight you must flee ; they are to be avoided . This is one message you must take home to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard –earned money” she stated.
Uduk also used the occasion to inform investors that SEC is currently leading the entire capital market industry in an effort to migrate all shareholders to an e –Dividend regime .

According to her, the essence of the e – Dividend mandate management system is to eradicate or reduce to the barest minimum the incidence of unclaimed dividend .“ Unclaimed dividend is an undesirable feature of the Nigerian capital market which denies investors /shareholders the gains of participating in the capital market . It denies the economy access to the huge amount of money which should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.

“ It is a consequence of the bottlenecks which are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency , change in investors ’ addresses, poor fidelity and human fallibility in dividend payment processes, amongst others” , she added . She added that the e- Dividend regime bypasses these limitations by ensuring that dividends which do not exceed 12 years of issue are credited directly to an investors account after declaration by the paying company and within a stipulated payment period through simple interbank transfer .

Vanguards

9News Nigeria

9News Nigeria

China National Offshore Oil Corporation (CNOOC) will increase its venture in the Nigerian oil and gas sector, especially its offshore investments, to about $17 billion.Chief Executive Officer (CEO) of the Beijing-based Corporation, Yuan Guangyu, disclosed this during a visit to the Nigerian National Petroleum Corporation (NNPC) in Abuja at the weekend, saying Nigeria was a key destination for the national oil firm.

CNOOC, one of the three big Chinese national oil entities, originally focuses on offshore upstream exploration and production, while the China National Petroleum Corporation (CNPC) favours onshore upstream exploration and production. China Petrochemical Corporation Group, SINOPEC, the third of the tripod, focuses on refining and marketing.

Apart from over $14 billion, which Guangyu said the country has already invested in oil and gas sector in Nigeria, he disclosed that the group would stake additional $3 billion in its existing portfolio in the country’s offshore oil and gas operations.

Leading a team of CNOOC top executives to NNPC’s corporate headquarters, Guangyu called for common grounds of beneficial interest that could boost productivity of both countries’ oil firms.

Group Managing Director of the NNPC, Maikanti Baru, said the corporation was open to new investments and opportunities.Baru, who was represented by Chief Operating Officer (COO), Ventures Autonomous Business Unit of the NNPC, Victor Babatunde Adeniran, said the corporation would foster meaningful and mutually beneficial relations with credible entities like the CNOOC.

©All Africa

9News Nigeria

There appears to be no end in sight in the tussle between Oando Plc and Ansbury Investments Incorporated as the London Court of International Arbitration (LCIA) has issued an award against two companies owned by the Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, and his deputy, Mr. Mofe Boyo, to pay a total debt of US$680 million (N244.8 billion) to Ansbury Investments, owned by Mr. Gabriele Volpi.

In its ruling on July 6, 2018, the LCIA held that Ocean and Oil Development Partners (OODP), British Virgin Islands, which owns 55.96 per cent of Oando Plc through a holding company named Ocean and Oil Development Partners (OODP) Nigeria Limited, is indebted to Ansbury Investments Incorporated to the tune of US$600 million (equivalent of N216 billion).

An international lawyer and counsel to Ansbury Investment, Mr. Andrea Moja, confirmed the LCIA award in a statement yesterday.

According to Moja, the Arbitration Court also held that a company known as Whitmore Asset Management Limited, whose ultimate beneficial owners are Tinubu and Boyo, were also indebted to Ansbury Investment to the tune of another US$80 million (N28.8 billion).

This made the total debt owed by the Oando chief executives to Ansbury Investment US$680 million.

Documents obtained from the LCIA, which is reputed to be one of the world’s leading international institutions for commercial dispute resolution, identified the family of Volpi, a Nigerian-Italian, as the ultimate beneficial owner of Ansbury, while Tinubu and Boyo were identified as the ultimate beneficial owners of Whitmore Assets Management Limited.

The London Arbitration Court held that an existing “Third Shareholders Agreement” between the parties is fully and legally binding on the parties as claimed by Ansbury Investment.

The documents indicated that a Final Award in which the court would pronounce on accrued interests on the debts owed and legal expenses incurred by Ansbury would follow in the next few days.

The LCIA award was communicated to the parties concerned on July 9, 2018.
The statement added, “The award has been communicated to the parties on July 9th, 2018 and the key terms are as follows:

“The claim of Whitmore Asset Management Limited that the parties agreed to a binding Fourth Shareholders Agreement was rejected. The court upheld the position that the third shareholders’ aagreement is fully and legally binding between the parties as stated by Ansbury Investments Inc.

“The alleged agreement by which Whitmore Asset Management Limited was to hold 60% of Ocean and Oil Development Partners (BVI) Ltd is not binding on the parties.

“Ocean and Oil Development Partners (Bvi) Ltd owes a debt to Ansbury Investments Inc for an amount of US$ 600 million.

“Whitmore Asset Management Limited owes a debt to Ansbury Investments Inc for an amount of US$ 80 million.

“This Partial Award will be followed by a Final Award in which the London Court of International Arbitration (LCIA) will pronounce on interests on the amounts owed and legal expenses.

“Given the above, Ansbury Investments Inc will immediately submit an application to London Court of International Arbitration (LCIA) in which it will be asked to charge Whitmore Asset Management Limited for all the due interests and legal expenses as well.”

In 2012, Ansbury reportedly invested about $700 million in Ocean and Oil Development Partners Limited (OODP BVI), a special purpose vehicle registered in the British Virgin Islands by acquiring a 61.9 per cent stake in the firm, while a company owned by Tinubu, Withmore Limited, held 38.10 per cent of the stake in OODP BVI.

Tinubu had approached Volpi to invest in the British Virgin Islands-registered firm when Oando Plc was seeking to acquire ConocoPhillips’ upstream oil and gas assets in Nigeria for $1.5 billion.

OODP BVI, in turn, owns 99.99 per cent of the shares of Ocean and Oil Development Partners Nigeria Limited (OODP Nigeria), which holds 55.96 per cent of the shares in Oando.

When the disagreement broke in 2017, Ansbury had also petitioned the Securities and Exchange Commission (SEC) in May over allegation of financial mismanagement, huge indebtedness as well as falsification of financial statement.

The petition then was titled “Serious Concern to Corporate Governance Existence, Gross Abuse of Corporate Governance and Financial Management in Oando Plc – Request for Urgent Regulatory Intervention.”

In the petition, Ansbury had also cited page eight of the company’s annual report of 2016, alleging that a “strong uncertainty regarding the going concern status of the group had already arisen in 2015 and strengthened in 2016 as clearly pointed out by the auditors in their report”.

The petitioners had also alleged that “operational management closed with a consistent loss of over N7.68 billion, significantly worse than 2015”, arguing further that “the net loss for the year from continuing operations in 2016 amounted to N25.8 billion, adding to the net loss of N34.9 billion of the previous year (2015)”.

In addition, Ansbury had also informed SEC that Oando’s “current liabilities as at December 31, 2016, far exceeds the current assets by N263.7 billion, confirming serious financial imbalance from the previous financial year”.

The petition had culminated in the suspension of Oando’s shares on the floors of the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE) in October 2017. The suspension was however lifted on April 11, 2018.
SEC has since ordered a forensic audit of Oando’s financial records.

©Thisday news

9News Nigeria

9News Nigeria

ABUJA, July 14 (Reuters) – Africa’s richest man, Aliko Dangote, has signed a $650 million (₦250 billion) loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Nigeria.

The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing.

Cairo-based Africa’s trade bank also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.

Reuters witnessed the signing of both loans on Saturday.

Dangote Group Executive Director Devakumar Edwin told Reuters last week that the oil refinery would cost around $10 billion and should be completed by December 2019.

He said the company would borrow $3.3 billion for the project, arranged by Standard Chartered Bank. The remainder will be funded by equity and through export agencies.

Dangote built his fortune on cement and now has interests in flour milling, agriculture and real estate. He is building the world’s largest single oil refinery and also expanding into fertiliser, aiming to address long-standing problems in Nigeria’s energy markets.

The refinery and petrochemical complex is located on 25,000 hectares of swampy land with a jetty to ferry products by sea within Nigeria and abroad including an undersea pipeline to transport gas. It would account for half of Dangote’s sprawling assets when it is finished next year.

Dangote intends to process different grades of crude to meet local demand for refined petroleum products and also target export markets abroad.

Afreximbank, celebrating its 25 years of operation this year, aims to foster intra-African trade through the creation of a payment platform to ease settlement and currency risks. (Reporting by Chijioke Ohuocha; Editing by Mark Potter and Stephen Powell)

Source: Reuters /CNBC

9News Nigeria

9News Nigeria

The Asset Management Corporation of Nigeria (AMCON) has secured a Federal High Court Abuja Division to take over Sigma Apartments owned by Sigma Engineering & Construction Limited over N1 billion debt.

The order given by Hon. Justice B.F.M. Nyako said the Sigma Apartment is promoted by Saidu Samaila Balarabe Sambawa, a former Minister of Sports and Social Development of the Federal Republic of Nigeria. The order came on the application of AMCON after the corporation exhausted all avenues of peaceful resolution with the obligor regarding the huge debt, but was left with no other choice.

According to AMCON, information on the website Sigma Apartments described the apartment as an epitome of refined living featuring 48 fully furnished service luxury apartments designed for those accustomed to the finer things in life. The apartment is conveniently located in the heart of Abuja metropolis midway between the northern and southern retail hub of the vibrant Abuja, downtown of Wuse ll. The site further describes it as a hospitality brand that provides extended stay accommodation for sojourners in Abuja.

The promoter of Sigma Apartments and his directors have had running battles with AMCON over their inability to settle the huge debt of over N1 billion. But despite the overtures and genuine efforts made by AMCON to reach an amicable settlement terms, the businessman and his co-promoters have remained recalcitrant, thus pushing AMCON to seek legal solution to the issue.

Accordingly the Corporation appointed Babatunde Alabi as the Receiver Manager to take immediate possession of the expansive property situate at Plot No.1376, Cadastral Zone, A07, Wuse 11, Federal Capital Territory (FCT), Abuja.

In compliance with the court order, and with the support of the Inspector General of Police, and his deputies as well as the court Bailiffs, AMCON through its Receiver, Babatunde Alabi took possession of the assets of Sigma Apartments, its right and in compliance with lawful authority.

AMCON under its Managing Director/Chief Executive Officer, Ahmed Kuru has maintained that there will be no sacred cows in its bid to recover the huge debts obligation of N4.8 trillion in the hands of a few Nigerians.

To deal with the situation however, AMCON has in recent times increased the tempo of its recovery activities using firmer resolution strategies as well as utilizing the special enforcement powers vested by the AMCON Act to compel some of its recalcitrant debtors especially those that are politically exposed and business heavyweights to repay their debts.

~The Nation

9News Nigeria

9News Nigeria

Dr Elijah Aderibigbe, the Director , Irrigation and Drainage , Federal Ministry of Water Resources , has assured that the Federal Government will complete all abandoned water projects in the country .

Aderibigbe told the News Agency of Nigeria (NAN ) in Abuja on Friday that the step was necessary to see that previous investments in the sector would not be a waste .

According to him , huge sums of money have been invested in some projects , as their completion will be beneficial to all Nigerians .

He , however , noted that some projects had been phased out, as completing them would amount to economic waste , saying the present hectares in the country stood at 70,000 .

‘‘The present administration is continuing from where the previous administration stopped , this means that we are not embarking on any new project for now.

‘‘We are actually looking at those projects that are near completion, we are looking at those ones that were abandoned and had reached advanced stages.

‘‘We are revisiting them , the Federal Government is providing money.
‘‘We have called the contractors back to site , so that the benefits will be enjoyed by all Nigerians , especially where the projects are sited.’’

The director said schemes such as the Mamu – Akwa in Anambra and Sabke Irrigation project in Katsina State had been completed and handed over to the primary users through the river basins .

He said efforts were ongoing to convert the schemes in two sources of energy and to also see that issues of sustainability when it comes to operation and maintenance were settled .

9News Nigeria

9News Nigeria

The Federal Government has disclosed plan to unveil 200 names of people who own illicit property in Maitama Abuja .Chairman, Special Presidential Investigative Panel for the Recovery of Property, Okoi Obono – Obla, said this yesterday in Abuja during the launch of Property Tracker Platform by the Africa Network for Environment and Economic Justice (ANEEJ ), which will aid in tracking down these illegal property .

Obla, who is also the Special Assistant to President Muhammadu Buhari on Prosecution , said the Presidency would collaborate with ANEEJ and make available to it 200 names of people with massive property in Maitama Abuja , purchased with illegally- acquired funds , adding that the people must be held accountable to disclose how they got the property . He said: “ That is why we have intensified fight against corruption . Anybody that has taken what does not belong to him should return it back to Nigeria , otherwise, we are going to track him down and force him to return the money back to Nigeria , and we are starting by providing names of 200 past and present public service holders with massive property in Maitama Abuja ”

Commending ANEEJ for the initiative , he pointed out that the fight against corruption is not only the responsibility of the President , but that Nigerians and civil societies must be involved in the fight. The special adviser pointed out that Nigerians are reaping the impact of corruption , as there are no good schools , roads, massive unemployment , poverty and poorly equipped hospitals

He added that the newly- launched programme is also similar to the whistle – blowing policy of the Federal Government as the policy is not only limited to money but also include assets bought with fraudulent funds .Obla , who chided the National Assembly for not passing the Proceed of Crime law, said if the law had been passed, there would be no need for the President to have issued Executive Order.

Meanwhile, Executive Director , ANEEJ , David Ugolor , has said that the one – year programme with the website “ Propati Tracka .com ” was aimed at seeing transparency in property ownership in Nigeria and also raise awareness on the need to have property identification number like the BVN.

“ We want to know who are the owners of the property , who is behind the property because we cannot say we are fighting corruption when we cannot track property built with stolen funds . Once we are able to track property built with stolen money, the incentive to steal public funds would be no longer there,” he stated.He said the programme was not to witch- hunt anybody but to drive revenue to government to fund the Social Development Goals (SDG ) and that the programme is only targeting houses in Maitama and Asokoro.

Source: Guardian

9News Nigeria

9News Nigeria

The Aliko Dangote Foundation on Monday inaugurated 200 housing units and a school it constructed for widows among Internally Displaced Persons (IDPs) in Borno.

Alhaji Aliko Dangote, Executive Chairman of the foundation said at the inauguration in Maiduguri that it was in fulfilment of a pledge he made two years ago.

He disclosed that the foundation had so far expended over N7 billion in providing humanitarian assistance to those displaced by Boko Haram in the Northeast, and would provide N2 billion more.

Dangote said: “You may recall in the last two years when I first paid a visit to the IDPs camp, I made a pledge of N2 billion on behalf of Dangote foundation.

“The gesture was designed to support government to key into the reconstruction of houses that were destroyed and vandalised by Boko Haram.

“It was the decision of the government that the donation should be given in materials and not cash.

“It is against this backdrop and with consultation between the foundation and the state government that we provided building materials which included cement, aluminium roofing sheet, iron rode, ceiling as well as fabricated door and windows worth N1 billion to the stat government.

“The 200 housing would provide accommodation to the IDPs in Borno. Each house is self contained built to house a family.

“The state government had also provided skills acquisition kits to enable them become self reliant and enhance their livelihood.

“The state government also built a school for the education of the children which was one of the key aspects that we needed to look into.”

Dangote said that the foundation would release the second batch of N2 billion to continue with the construction of houses for vulnerable people.

“I want to assure you that we will continue to do more until the IDPs are reintegrated back to the society and are able to resume their normal productive lives,” he said.

He solicited for more donation by wealthy individuals towards the resettlement of the Boko Haram victims.

Earlier, Babagana Umara, the Commissioner of Rehabilitation, Reconstruction and Resettlement, disclosed that the building materials provided by Dangote foundation were for the construction of 1,000 housing units for widows.

Umara said after the conclusion of the first phase of the reconstruction, the government utilised the remaining materials for the rehabilitation of public structures in Bama, Gwoza, Askira Uba and Konduga local government areas.

“A school with a block of ten classrooms and library with well equipped facilities as well as clinic was also built in order to support the livelihood and health needs of the people.”

The commissioner announced that the beneficiaries would be supported with irrigation kits, poultry facilities and fish ponds to boost their means of livelihood.

In his remark, Gov. Kashim Shettima commended the foundation for its humanitarian assistance, adding that Dangote presented the highest individual contribution and intervention to the IDPs.

He said that in two years ago, the foundation had donated 100 trailer loads of food and non food items to Boko Haram victims.

The governor noted that Zuwaira, Dangote’s daughter had also visited the state more than 20 times in support of the IDPs.

Hajiya Yabawa Kolo, Chairperson of SEMA, said those that got the houses were among the most vulnerable persons across the 27 local government areas of the state.

“The beneficiaries cut across all faith, most of them lost their spouses and were left with a lot of children to take care of,” she said.

One of the beneficiaries, Esther Kachallah, whose husband was killed by Boko Haram insurgents four years ago in Monguno thanked the foundation for providing them with a home.

“We get support from church where I sweep to make some money to feed the kids, I thank God I now have a house to call my own,” she said.

9News Nigeria

9News Nigeria

9News Nigeria

9News Nigeria

In a press release from the office of the vice president of Nigeria and rendered at the Commissioning of the New Nestle Milo Ready-To-Drink Factory in Agbara, Ogun State, Nigeria yesterday, Professor Yemi Osinbajo has quashed doubts about the future of the country thereby raising arguments of conviction to woo foreign investors to start investing in Nigeria now as he puts it that Nigeria’s future is assured and reliable for future investment rewards.

Full text of the press release below:

9News Nigeria

9News Nigeria

In a press release from the office of the vice president of Nigeria and rendered at the Commissioning of the New Nestle Milo Ready-To-Drink Factory in Agbara, Ogun State, Nigeria yesterday, Professor Yemi Osinbajo has quashed doubts about the future of the country thereby raising arguments of conviction to woo foreign investors to start investing in Nigeria now as he puts it that Nigeria’s future is assured and reliable for future investment rewards.

Full text of the press release below:

9News Nigeria

9News Nigeria

9News Nigeria

9News Nigeria

The Ogun State Government mass produced Ofada rice, is to be ready for sale to the public this Christmas season in all the Local Government and Local Council Development Areas of the state.

The MITROS Ofada Rice, which is being grown, milled and bagged in the state, is aimed at ending scarcity and smuggling of commodity as well as make it available to the generality of the resident this Yuletide.

Governor Ibikunle Amosun, who led some members of the state Executive Council on inspection tour of the production factory at Sawonjo, Iju Local Council Development Area in Ogun West Senatorial district of the state yesterday, expressed satisfaction at the volume of production on ground.

He disclosed that two other production factories will be sited in Asero, Abeokuta, in Ogun Central Senatorial District and Ijebu North East in Ogun East Senatorial district.

Urging residents of Sawonjo area to cooperate with the production team, Amosun assured of the good quality of the rice and that it will be affordable and available in large quantity.

More photos below..

9News Nigeria

9News Nigeria

Some days ago, five companies (Airtel, Glo, Helios investment partners LLP, Smile and Teleology Holdings Limited) emerged as the top five bidders to buy 9mobile network and on December 31st, 2017, 9mobile will be handed to the preferred bidder.

Nigeria Communications Commission (NCC), reiterated that December 31st deadline for the handover of 9mobile to the preferred bidder is “Sacrosanct“.

Prof Umar Garba Danbatta, the Executive Vice Chairman of NCC, said the remaining five bidders are allowed to conduct due diligence on 9mobile as the firm evidence of strong financial commitment to buy 9mobile.

He said Nigeria authorities should not just handover 9mobile to any company but to a very “technically and financially stable company“.

He said the company who ever buys 9mobile should be ready to improve the fortune of the company.

See his statement below:

“As you are aware five bidders have emerged as I am talking to you and they have been allowed to access the data room of the 9mobile in order for them to get access to the financial situation of the company and subsequently make bid for the takeover of the company.

“But we will ensure that the takeover is done in a regulated manner, not a forceful manner. That is why the CBN and the NCC are supervising what is going on through the interim board that was jointly set up by the NCC and other partners.”

9News Nigeria

9News Nigeria

KPMG is one of the largest professional services companies in the world and one of the Big Four auditors, along with Deloitte, EY and PwC. Its global headquarters is located in Amstelveen, the Netherlands.

KPMG employs 162,000 people and has three lines of services: audit, tax, and advisory. Its tax and advisory services are further divided into various service groups.
KPMG Accounting Academy

Program Overview

The KPMG Accounting Graduate Academy has been developed to create an opportunity for qualified graduate accountants to join the firm upon completion of the mandatory National Youth Service Corps – NYSC. The academy enables accounting graduates and other eligible individuals to gain professional qualification in accounting – ACA, before they join KPMG. Some of the benefits include:

*Graduates can become ACA qualified at no cost to them
*Lectures, Tuition and daily lunch expenses are fully paid by KPMG
*A great Opportunity to learn from experienced professionals
*Opportunity for immediate employment upon ACA qualification
*Participants at the academy will undergo intensive lectures on a weekly basis, before they take any of their ICAN exams. They will also have the opportunity for skeletal work exposures in KPMG when necessary.

Requirements

*Accounting graduates, who are currently serving in Lagos or have been mobilized to serve in Lagos
*Have completed youth service (NYSC) and are interested in taking this route towards becoming ACA qualified
*Non accounting graduates are also eligible, but must have passed at least 2 papers at ICAN skills level
*Minimum of 2.1 (second class upper) at first degree
*Minimum of five credits at O’level (to include Mathematics & English), obtained at ONE sitting
*Age must be less than 25 years
*Should not have written the KPMG graduate aptitude test previously
*Eligible applicants will be contacted to take the KPMG Graduate Aptitude test and a Situational judgment test.

*Participants at the academy will undergo intensive lectures on a weekly basis, before they take any of their ICAN exams.

*They will also have opportunity for skeletal work exposures when necessary.

*Eligible applicants will be contacted to take the KPMG Graduate Aptitude test and a situational judgment test.

9News Nigeria

9News Nigeria

It happens. Businesses get into trouble. You find yourself in a cash crunch. You can’t pay your bills or worse, you struggle to make payroll. It is a tough spot to be in.

Business is fun , yes but what happens when your business begins to fail, what happens when you no longer make profit and you are dipping into your savings?

What do you do to keep your business floating and well? How do you?

1. Cut costs.

To stay in business, you will likely have to reduce your costs. First, eliminate all unnecessary spending. The Christmas outing or the company holiday party need to go.

Can you reduce what you pay for travel costs or utilities? The landlord may be willing to reduce rent, at least for a time, if the alternative is empty space because you are out of business.

2. Owners should take control of their businesses.

If owners don’t have a hand in day-to-day operations, they have no control over whether businesses will succeed. Don’t stop at pointing out what should be done and how, also clearly state and emphasize that there will be consequences when standard operating procedures and processes aren’t followed. Also, you are free to be stern with your employees.

3. Prioritize your payables.

You owe more than your available cash. Therefore, you must prioritize what to pay. We suggest prioritizing in the following order:

First, pay any obligations that will shut your business down if you don’t pay them. For example, if you don’t pay your employees, they will likely leave to find work with employers who can pay them.

If this leaves you unable to deliver your product or service, you’ll be out of business. Paying employees is typically a top priority. Also, think about those vendors who supply needed materials.

4. Remember that the marketplace is a war zone.

It’s necessary to develop a warrior mentality instead of shrinking away from the competition. In order to be successful and remain that way, you have to continually focus on the market, react to it, and fight for what you believe should be yours. If you don’t, your competition will win the war and you do not want that.

5. Identify Problems

Narrow the focus of the problems the business is experiencing. For example, if a competitor enters your market and offers a better product or lower prices, one of the main issues of your business’s failure is an inability to compete. In this instance, put your focus on matching prices or promoting quality of service over price.

If your main problem is a slowdown in business, evaluate the effectiveness of your sales force and the nature of your marketing and advertising approach. Identifying key areas of business problems can help you focus your turnaround efforts.

9News Nigeria

9News Nigeria

Bitcoin zoomed past $11,000 to hit a record high for the sixth day in a row on Wednesday after gaining more than $1,000 in just 12 hours, stoking concerns that a rapidly swelling bubble could be set to burst in spectacular fashion.

After soaring more than 1,000 percent since the start of the year, bitcoin rose as much as 15 percent on Wednesday, but by mid-afternoon in New York, the virtual currency was trading at $9,500, down 3.7 percent on the day on Luxembourg-based Bitstamp BTC=BTSP, one of the largest and most liquid cryptocurrency exchanges.

“As many seasoned traders know all too well, anything that rockets higher, tends to fall down faster when the time comes, and the time will come,” James Hughes, chief market analyst at FX broker AxiTrader, said.

Bitcoin topped $10,000 for the first time in early Asia trading, before surging above $11,000 less than 12 hours later to reach $11,395.

Bitcoin’s rapid ascent has led to countless warnings that it has reached bubble territory. But the warnings have had little effect, with dozens of new crypto-hedge funds entering the market and retail investors piling in.

London-based Blockchain.info, one of the biggest global bitcoin wallet-providers, told Reuters on Wednesday that it had added a record number of new users on Tuesday, with more than 100,000 customers signing up, taking the total number to more than 19 million.

The evidence suggests that few of the users are buying bitcoin to use it as a means of exchange, but are speculating to increase their capital.

“What’s happening right now has nothing to do with bitcoin’s functionality as a currency – this is pure mania that’s taken hold,” said Garrick Hileman, a research fellow at the University of Cambridge’s Judge Business School.

Hileman, who last week gave a lecture to the Bank of England on the risks of bitcoin and other cryptocurrencies, also flagged the risk of the whole market collapsing entirely.

“There’s always the possibility that some fundamental cryptographic flaw that we can’t solve craters the whole space, or that regulators unite and decide this represents systemic risk and actually could trigger the next financial crisis,” he said.

“Exit Ramps”

Created in 2008, bitcoin uses encryption and a blockchain database that enables the fast and anonymous transfer of funds outside of a conventional centralised payment system.

It has far outstripped gains seen in any traditional asset classes or currencies this year. Its rise accelerated in recent months as exchanges such as the CME Group Inc and the Chicago Board Options Exchange announced plans to offer futures contracts for the cryptocurrency.

On Wednesday, a source with knowledge of the matter said Nasdaq Inc plans to launch a futures contract based on bitcoin in 2018.

Sceptics say it is a classic speculative bubble with no relation to real financial market activity or the economy – most famously JPMorgan boss Jamie Dimon, who labelled it a “fraud”.

But even Dimon and others who say bitcoin represents a bubble – now the consensus view among mainstream investors – do not deny its price rise could still have further to go.

“It’s got all the shapings of your tulip bubble chart (but) that tells you nothing about where that price line could go depending on the number of people who wish to own it,” Standard Life’s head of investment strategy, Andrew Milligan, said on Wednesday. “Who is to say it doesn’t reach $100,000?”

In some emerging markets, bitcoin had hit well over $10,000 previously.

In South Korean exchanges, too, bitcoin was already close to $11,000 or higher early this week. On Zimbabwe’s local exchange golix.com bitcoin touched a new high of $18,500 on Wednesday before retreating to $18,000.

9News Nigeria

9News Nigeria

FirstBank of Nigeria Limited is Nigeria’s largest financial services institution by total assets and gross earnings. With more than 10 million customer accounts, FirstBank has over 750 branches providing a comprehensive range of retail and corporate financial services. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone and FBNBank Senegal, as well as its Representative Offices in Johannesburg, Beijing and Abu DhabiFirstBank of Nigeria Limited Latest Job Recruitment (7 Positions) as follows;

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