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Nokia Set To Return With Android-Powered SmartPhones in 2017.

Nokia Set To Return With Android-Powered SmartPhones in 2017.

On Thursday, Emmanuel Elebeke Nokia announced its intentions to launch android powered smart phones in first quarter of 2017. The HMD Global, which announced this in a statement said Nokia hopes to become a major player in the global smartphone market.

 

Given today’s fiercely competitive landscape and the fact that several key markets are becoming saturated, finding success won’t be easy. Before Google, Apple, Samsung, LG, HTC, Sony, Huawei and a host of other modern-day handset makers rose to prominence, Nokia ruled the roost. From the late ‘90s through the early 2000s, mobile phones like the Nokia 5110 and Nokia 3310 were ubiquitous.

 

Much like BlackBerry years later, Nokia became content with its lead and failed to make the transition to smart phones. A series of failed ventures with Microsoft over the last several years did little to help the cause. In May of this year, Microsoft sold off what was left of the feature phone business to Finish firm HMD Global.

 

According to HMD Global, its path to reaching that goal will begin in the first half of 2017 with the arrival of the first Nokia-branded smartphone products running Google’s Android mobile operating system. The company has enlisted the help of FIH Mobile Limited, a subsidiary of Foxconn, to handle manufacturing duties, led by a number of former Microsoft and Nokia employees, H -first world. MD Global said it has given Nokia brand the best chance to succeed in a Smartphone.

                                                                                                                                                                                         

The company also signed a licensing deal that gives it exclusive use of the Nokia brand on mobile phones and tablets for the next decade. With this new idea, only time will tell if Nokia could breakthrough into the already saturated Smartphone market in 2017.

 

Read more at: http://ww w.vanguardngr.com

 

 

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Edo State Govt Tasks Guinness On Creation of 200,000 Jobs

Edo State Govt Tasks Guinness On Creation of 200,000 Jobs

The govt. of edo state has joined Guinness Nigeria Plc to create 200,000 jobs in the next 4 years from the newly commissioned 1.2 million spirit production line of company. Godwin Obaseki made the appeal during the commissioning of the manufacturing line for the local production of the company’s spirit brands in Nigeria.

Governor of Edo State, Mr Godwin Obaseki  while speaking at the commissioning of the new production line located within the Guinness Breweries, Ikpoba hill Benin, said that the state government would like to partner with Guinness Nigeria to create a minimum of 200,000 jobs over the next 4 years in line with his administration’s agenda. He recalled with nostalgia his long personal relationship with the brand as a stockbroker commended the board and management for the feat, and urged other companies to see the current economic downfall as an opportunity for backward integration and expansion of their business horizons.

This is a company I am very close to and very fond of, and so I am quite excited that one of my first official corporate functions as Governor is to commission the new spirits line for the company, we are very pleased that Guinness is part of the landscape of Benin and Edo State and has been so since 1974. And so for us you are a partner, and as a state  we will take our partnership very seriously.

 

Read more at: http://www.vanguardngr.com

 

 

 

 

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NPC To Spend N222bn On The 2018 Census

NPC To Spend N222bn On The 2018 Census

  The Chairman of the National Population Commission, Chief Eze Duruiheoma said that the planned 2018 National Population and Housing census is to gulp N222 billion. He said this on Tuesday in Akwanga, Nasarawa state at the review workshop of Phases 1 and 2 of Enumeration Area Demarcation as well as training of the trainers for the 2018 census. He said the fund would be used to conduct a scientific census that can stand the test of time despite the dwindling resources of the country.

The chairman explained that the budget has been spread over four years to handle different components of the census exercise, he also said the money is for procurement of hand-held devices for the biometric based census; engagement of 1. 5 million field staff; training of field officers and other preparatory activities. He said the commission was not unaware of the concerns raised in some quarters about the affordability of the census budget.

There is no better time to conduct a census than in this period of economic downfall. Coming out of an economy downfall is definitely a complex and difficult task that can be made easier through demographic data as a compass for economic revival Programme. Census will serve as a guide in identifying human elements that can be exploited for development process and formation of people responsive welfare Programme.

The NPC boss maintained that the EAD was the bedrock of the census and formed the basis for the planning and execution of the census project, he explained that the EAD exercise involve the division of the country into small geographical areas to facilitate enumeration and scientifically verify doubts and contentions. For the avoidance of doubt, the EAD exercise is not the enumeration of persons living in the country and its outcome will not in any way determine the population of any community, local government or state. He emphasized the need for the training the trainers exercise saying, “the quality of the personnel for the EAD has great impact on the outcome.”

Duruiheoma said the commission was not leaving any stone unturned in order to ensure that the EAD for the 2018 census was carried out meticulously, professionally and scientifically. According to the NPC boss, the 2018 census would be free of manipulation through the EAD as it would be biometric based requiring the capture of finger prints and facial impression of persons during the exercise. He said that the phase 3 of the EAD would be concluded by February 2017, when 74 local government areas in the country would have been completely demarcated.

 

Read more at http://www.herald.ng

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Teslim Balogun Stadium(TBS) to get grass turf

Teslim Balogun Stadium(TBS) to get grass turf

The super eagles of Nigeria fan in Lagos will soon start watching their lovely team live at the Teslim Balogun Stadium following the state government’s plan to change the venue’s artificial football pitch to an all grass turf.

The senior national team has shied away from the lagos stadium because of its artificial turf which according to experts puts players at risk of injuries. The last time the super eagles played in lagos which was in the early days of former coach, Samson Siasia who led the team in a friendly match against Liberia and with the poor state of the national stadium which is in surulere, the senior national team has played their international games in every part of the country except lagos.

Talking about the sports facilities in the state at the weekend, the director general of the lagos sports council Adewunmi Ogunsanya said the state has completed the planning of the new pitch for teslim balogun stadium, adding that the artificial turf would soon be removed for a new grass pitch. We want to attract international matches to lagos which in the first place is the home of Nigerian sports.

 

Read more at: http://www.vanguardngr.com

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4 Dead, In Umuahia Auto Crash

4 Dead, In Umuahia Auto Crash

Along the Ubakala, Umuahia South axis of the Enugu-Port Harcourt express way, four people are feared dead in a multiple auto crash . Several others that sustained injuries were rushed to the Federal Medical Centre, Umuahia. An eyewitness  said four vehicles including a Toyota Hilux van with registration number CG 539RSH, a Peugeot J5 bus marked XA 874 AKW, and a Mercedes Benz tipper with No EGG 555 YG as well as a commercial bus were all involved in the accident.

A victim of the accident, Abdulhamid Abubakar blamed the incident on the driver of the the Hilux van who he said was over speeding. We were four in number in the J5 bus travelling from Lafia,, Nasarawa State to Aba in Abia State, to sell bags of oranges and garden eggs; myself and three of my friends, Husaini Tanko, Imamu Abubakar and Ibrahim Abubakar. The accident happened when the vehicle in front of us applied the brake suddenly as it was trying to dodge an oncoming Hilux van that was on high speed. The bus in front of our own vehicle lost control and rammed into the bush, while we skidded into it and our bus somersaulted and later caught fire, while their Hilux also rammed into the tipper it was about to overtake. Unfortunately, one of our friends died, while two of us were injured. However, one of us did not sustain any injury.

An officer of the Federal Road Safety Corps, confirmed the incident and said the commission was still investigating the cause of the crash. However, an eye witness who identified himself as Emeka also confirmed the incident. The Public Relations Officer, FMC Umuahia, Mr. Darlington Madubuko also confirmed the incident, saying that the police brought in some accident victims to the hospital around 9 am. Two people were certified dead while six others were being treated by our doctors, but one of them later passed on. He confirmed that only three dead and three injured victims were identified by their relations and called on the public whose relations travelled and have not been heard from to check at accident and emergency  ward of the hospital to identify them.

                                                                                                                                                                

 

Read more at: http://www.vanguardngr.com

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NNPC Restores Gas Pipelines In The Northern Industries

NNPC Restores Gas Pipelines In The Northern Industries

 

On Sunday, the Nigerian National Petroleum Corporation said it would complete the Ajaokuta-Abuja-Kaduna-Kano gas pipeline in order to drive energy supply projects needed to power industries in the northern part of the country, particularly those in Kaduna. The corporation also said that it would upgrade and expand the Kaduna Refining and Petrochemical Company Limited, in line with its 12 key business focus areas, so as to return the facility to the path of development and profitability.

NNPC group managing director, Dr. Maikanti Baru, announced  these during a town hall meeting with the management and staff of the KRPC in Kaduna, the incessant vandalism of oil installations in the Niger Delta seems to have made the NNPC to raise its crude oil exploration and energy growth drive in the northern part of the country in the last few months.

About 2 weeks ago, the national oil firm confirmed that it was boosting its search for crude oil in the North-East geopolitical zone, and earlier announced that it had received a directive from  the President of Nigeria to explore for crude in the Lake Chad Basin and the Benue Trough.

 

Read more at: http://www.businessnews.com

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FG Gets States’ Input Into Economic Recovery Plan

FG Gets States’ Input Into Economic Recovery Plan

On Thursday, the FG officials met with the Commissioners of Budget and Economic Development and Permanent Secretaries of related departments in states of the federation to get their inputs into the National Economic Recovery and Growth Plan, the gathering was an initiative of the FG to harvest inputs from all segments of the country to produce an all-inclusive growth plan that would pull the economy out of recession and set it on the path to sustainable growth, In the last 3 weeks, the FG had consulted with economic experts, private sector operators, academics and other stakeholders, which generated very insightful perspectives and ideas on issues to consider in the plan. The Minister of Budget and National Planning, Senator Udo Udoma, while addressing the opening session of the State Commissioners’ Round-table on Thursday, said their inputs were necessary because of the vital role that the states played in the Nigerian economy.

 

Mr. Akpandem James, quoted Udoma to have said that the recovery plan became imperative because of the current state of the economy, the minister said the current economy downfall reflected inherent structural issues in the country’s economy, the current manifestation of which began in mid-2014 when the global prices of oil crashed, he also said that the FG had taken steps in the 2016 budget to proactively address the challenges with policies designed to reflate the economy. Udoma said, The proposed initiatives prescribed by the plan should address our poor competitiveness, improve the business environment and attract investment in infrastructure, especially power, roads, rail and ports. We desire a plan that is realistic and will achieve the desired results. Your views are certainly invaluable in this regard. The NRGPs is expected to build on the existing SIP, which was an interim plan developed in April this year.

 

Read more at: http://www.businessnews.com

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NNPC To Upgrade Kaduna Refinery

NNPC To Upgrade  Kaduna Refinery

The Nigerian National Petroleum Corporation has reiterated its commitment to the upgrade and expansion of the Kaduna refining and petrochemical company limited in line with the 12 business focus areas of the corporation present management in order to return it to the path of growth and profitability. Maikanti baru , group managing director of the corporation made this commitment during a town hall meeting with management and staff of KRPC in Kaduna. According to a statement from Ndu Ughamadu, NNPC group general manager, group public affairs division, Baru stated that efforts are ongoing to explore the possibilities of piping crude oil from Niger Republic to be refined in KRPC adding that the President Muhammadu Buhari was personally committed to the project. He said it was important to explore alternative crude supply to KRPC, which has been affected by vandalism of pipelines and obsolescence assuring that the initiative will reduce downtime of the plant and ensure optimal utilization.

Due to difficulties with the aged refinery and crude oil pipelines that had been breached severally, the operations of the refinery has not been stabled. we are determined to resolve through various intervention methods including evaluation of alternative crude oil supply from Niger Republic through building of a pipelines of over 1, 000 kilometers from Agadem to Kaduna. He maintained that the Corporation has already started engagements with the Nigerien Minister of Petroleum and the Chinese that are operating the field at Agadem.

The NNPC helmsman promised to drive the energy supply project to power industries in Kaduna by ensuring the completion of the Ajaokuta-Abuja-Kaduna-Kano gas pipeline, the Managing Director of KRPC, Idi Mukhtar, said the Fluid Cracking Catalytic Unit of the plant was restreamed in June, the Kerosene Hydro treating Unit rehabilitation is ongoing with the equipment overhaul and integrity checks. When operational the margin of value addition on kerosene and Aviation Turbine Kerosene will provide millions of naira in revenue, even at a throughput of 60%, it would be recalled that the refinery was designed to process both imported paraffinic and Nigerian crude oils into fuels and lubes products and was constructed by Chiyoda Chemical Engineering and Construction Company (now Chiyoda Corporation) of Japan. In December 1986, the design capacity of the fuels plants of the Refinery was successfully debottolnecked from 50,000 BPSD to 60,000 BPSD, bringing the total refinery installed capacity to 110,000 BPSD.

 

Read more at: http://www.businessnews.com

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Buhari leaves for germany today

Buhari leaves for germany today

BUHARI LEAVES FOR GERMANY TODAY

BY OMOKHUALE PUAH

As part of the goal of moving the country forward, the President of Nigeria, Muhammadu Buhari would Thursday, be on an official visit till Sunday at the Federal Republic of Germany.

The purpose of his visit to Berlin is to confer with the Federal Chancellor Angela Merkel on certain issues of shared interest between Nigeria and Germany which would include further cooperation on security, humanitarian situation of Internally Displaced Persons (IDPs) and the restoration of the North-East, including trade and economic relations of both countries.

In regards of the plans drawn by the president, he would be accompanied by the Governor of Borno state, Kashi shetima and the Governor of Imo state, Rochas Okoroafor, coupled with representatives of the National Assembly, to the Federal President Joachim Gauck.

Still as part of the administration’s vision, the President would be in Kaduna on Saturday with leading German companies who are already in Nigeria alongside other prospective investors so as to attract more foreign investment and create economic opportunities in Nigeria.

Still on his view of moving the nation’s economy forward, president Buhari before returning to Abuja would meet with the various Nigerian ambassadors in Germany.

His major purpose is to create and restore the cordial relations countries enjoy in the basic areas of bilateral cooperation with the Federal republic of Germany in areas of terrorism, economic relations, the support of IDPs, rebuilding of the North-east, vocational training, cultural relations and energy partnership.

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Fg embeds finance education in primary/secondary curriculum

Fg embeds finance education in primary/secondary curriculum

FG EMBEDS FINANCE EDUCATION IN PRIMARY/SECONDARY CURRICULUM

BY OMOKHUALE PUAH

In an attempt to improve the financial literacy of Nigerians, the Central Bank of Nigeria (CBN), in conjunction with the Nigeria Education Research Development Council (NERDC) would commence the teaching of financial education, for all levels of the Nigerian education system.

At a press briefing on Tuesday in Lagos, Haijia Umar Dutse who is the Director, Consumer Protection, CBN, announced that the essence of this move is to teach children on how to be better financial managers.

In the words of Haijia Dutse, “I cease this medium to thank the CBN and the stakeholders for the support they have given to undertake this project.

“Of course we know that financial education is not an activity an individual or an organization can effectively carryout, because its framework has taken the approach and so, all hands must be on deck so as to achieve an expected result. I am very happy saying that with the commitment of the various stakeholders, I think this has a long way to go and at the end of the year, this country will be a reference point with the development of the curriculum”. She said.

The executive Secretary, Nigeria Educational Research and Development Council (NERDC), Professor Ismail Junaidu said that one of the greatest lessons learnt from the recent global financial crises, resulting to the collapse of the Nigerian financial system of course lack of consumer and we are aware that the Nigerian Consumers lack knowledge and skill to enable them to understand financial concepts and to enhance their financial wellbeing by managing their personal financial matters.

In his words “As part of the efforts to address the issue on ground, the Federal Government had launched a National Financial Inclusion Strategy in 2012 which placed a high premium amongst the rest on financial literacy which is a measure route to the achieving this goal.

“The development of a financial education in both the primary, secondary and tertiary school curriculum has to be inculcated, in order to imbibe a desired financial habit in the minds of the citizenry from a very young age to adulthood to enhance good financial decisions” she added.

“Due to this huddle, the project of developing a financial school curriculum for our Nigerian Education at both basic and secondary school level is taking place under the auspices of the financial Group regulators; CBN, NDIC, PENCOM, NAICOM, NSE, GIZ, bankers committee, MercyCorps, NGOs and other stakeholders” he continued.

According to Professor Junaidu, the innovative curriculum which has been approved by the Federal Ministry of Education comprises of various themes as, money, savings, credit, insurance, deposit insurance, pension planning and budgeting, capital market, financial landscape and entrepreneurship.

He further added “each of this theme contains various concepts, activities, contents, learning resources and evaluation guides, which are sequenced and graduated for an effective implementation and learning objectives in their various lessons and schools”- Thisday.

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Local patronage, the escape from recession-buhari

Local patronage, the escape from recession-buhari

LOCAL PATRONAGE, THE ESCAPE FROM RECESSION-BUHARI

BY OMOKHUALE PUAH
The president of Nigeria Muhammadu Buhari says his greatest desire is to guide Nigeria into becoming an export based economy.

He made this remark on Monday at the 22nd Nigerian summit in Abuja, urging Nigerians to develop interest in indigenous products.

In accordance to his remark, there is no way we can achieve this without building the right economic foundation of patronizing our own products.

In the voice of the President,”My desire is that Nigeria moves from depending on imported goods to self sufficiency in local productions, becoming an export-led economy in goods and services “he said.

“Nigeria really has to diversify its economy so that we will not have to rely on another country to survive; we could produce our food, our textiles and other things we use, also creating the right environment for the young people to be able to benefit and create job through technology”.

According to President Buhari, who lauded the theme of the summit, ‘made-in-Nigeria’ “This theme continues to be a priority to the government and has been part of the many efforts made by the administration, to lay a solid foundation for the future” he clearly stated.

The minister of Budget and national planning, Senator Udoma Udo Udoma added that the summit would allow dialogue for both the private and public sector, since the public sector is beginning to accept the private sector as true partners in the development of Nigeria.

According to Senator Udoma, the government was already implementing policies focused at getting rid of the current economic recession.

In Udoma’s words, “Already, our focus is on agriculture which is beginning to yield fruit. This is an indication that there is a large growth upcoming in this third quarter.

“Even after we get out of recession, we would hold on to the implementation of our strategic implementation plan, which was launched by the government when the 2016 budget was signed into law.

“This plan will restructure our economy to the path of sustainable development as the SIP is anchored on the commitment of this administration to create a largely diversified, sustainable and inclusive economy that releases the latent potential of the Nigerian people, communities and natural resources endowment across the nation’s federating states”. He added.

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Fg guarantees fall in rice price

Fg guarantees fall in rice price

FG GUARANTEES FALL IN RICE PRICE

BY OMOKHUALE PUAH

The Federal government had on Monday said that the price of rice would fall in November this year.

This statement was made by the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, during an address to the members of the Senate Committee on Agriculture and Rural Development at the ministry headquarters, in Abuja.

This statement was prompted by the decision of the government; the delay in the approval of the 2016 budget has made it impossible to implement the capital expenditure in the agricultural sector.

He stated that due to the rise in the price of rice, most Nigerians have returned to their various farms which make the price of rice at the next harvesting season, begin to crash.

Minister Ogbeh who stated that the government could not be involved in the importation of rice as speculated in some quarters, insisted that his ministry would not encourage rice importation because it would be preferred, to local production.

He further said that the Federal government was against the smuggling of rice, noting that the Borders of Seme has become a famous route for such contraband smugglings into the country.

In his words “We will not encourage the importation of rice, neither would the government in anyway be involved in it, because we are working really hard to be self-reliant in local production. By November, during the full scale harvest, the price of rice will fall” the minister said.

Though early last month the government warned that the price of rice could hit N40, 000 per bag as it still currently sold at N20, 000 per bag.

Senator Heineken Lokpobiri, the minister of state for Agriculture and Rural Development said that the $22bn annual food import bill had led to the sudden rise in the price of rice and other farm produce.

The state Minister of Agriculture maintained that if Nigerians failed to produce some of the items before the year ends, the price of rice would hit N40, 000 per bag.

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Nigerian Efcc, a complete fallacy- dame patience media consultant

Nigerian Efcc, a complete fallacy- dame patience media consultant

NIGERIAN EFCC, A COMPLETE FALLACY- DAME PATIENCE MEDIA CONSULTANT

BY OMOKHUALE PUAH

Former presidents wife, Dame Patience Jonathan says that the claims made by the Economic and Financial Crimes Commission (EFCC) on her about the $25 million traced to her accounts are lies.

In a statement made by her media consultant, Chima Osuji, during the weekend, it was said that the allegation of Dame Patience laying claim to ownership of a sum of $31.7 million fund, recovered by the EFCC was a complete fallacy.

As Dame Patience debunked the claim made by the EFCC, saying that the allegations were false and are targeted to hoodwink the public against her, her media consultant maintained the fact that Mrs. Jonathan has never owned such amount of money. The reason for the lie is best known to them.

According to the statement made by Mr. Osuji, another sum of $20 million was traced to Mrs. Jonathan again, which was another falsehood aimed at hoodwinking the public against her.

Mr. Osuji further defended in the statement, that the sum of $5 million which was also traced to her account is a fallacy, because in the claim it was said that Dame Patience opened accounts in various names; cooks, drivers and artisans. “This is the greatest falsehood to the knowledge of EFCC,” he said.

Following the statement in words “We have a whole lot of respect for the integrity and sanctity where this matters particularly, the trial is pending, but we are surprised to observe that EFCC the prosecutor of this matter does not have the same measure of respect for the Judiciary which is the bastion of hope for every citizen in the country”.

He further stated “We have received calls, text messages and news on Mass media against the Dame Patience, regarding fraud and other false statements daily by the EFCC in the court of public opinion so as to malign her.

“We are persuaded to respond to these lies disclosed by the EFCC in respect to the matter. We know that the purpose of this is to misinform the unsuspicious members of the public and beyond.

“It is unfortunate that the EFCC which belongs to Nigerians and whose delegation is to conduct a thorough investigation of cases brought to it has resorted in a greater disposition and propensity of engaging in media trials built on outright falsehood, dishing out to innocent persons” he complained.

“This case relating to Dame Patience is in absolute injustice and unfairness. We would like to remind all Nigerians that ‘injustice to one is injustice to all’ for on whom next the bell will toll, it important we emphasize the fact EFCC should desist from the media trials of innocent people, before trial in a court of law as included in the Constitution”, the statement added- Vanguard.

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Famine, flood and waterborne disease attacks delta coastline

Famine, flood and waterborne disease attacks delta coastline

FAMINE, FLOOD AND WATERBORNE DISEASE ATTACKS DELTA COASTLINE

BY OMOKHUALE PUAH

Delta State Coastline, Local government areas of Patani, Momadi and a part of Burutu has been crammed by famine and waterborne diseases.

Following this devastation of famine and water contamination by the perennial flooding, which overflows its banks, a community leader from Patani, Chief Richman Yinbiri, spoke with correspondence.

He said that farmers from Patani, Aven, Agaloma, Abare and Angiama were taken unexpectedly by the magnitude of the flood, making it difficult for them to rescue their various crops from the farmland.

According to Yinbiri, the situation was so tough; the water current became so high to an extent that it was announced within the vicinity that no one should venture into the high tide and such current areas to uproot tuber crops to avoid being drowned.

In the words of Yinbiri “because of the strict monitoring and compliance, most families are almost dying of starvation and even the few basic food items that managed to get into these affected areas such as garri, plantain, cocoyam, pepper and other farm produce have extremely increased in price”, he explained.

Bomadi Council Area has no difference in situation, as most of the communities including Ogriagbene, Esanma, Ogbein-ama, Akugbene, Okolaba and Ogo-Eze communities, with majority of their locals as farmers and petty fishermen were badly hurt by the flood, which out banked the River Forcados and River Ramos.

The immediate past community chairman of Esanma, Mr. Oyas Omoro, said that the flood did not only render Esanma residents homeless, but had also brought the waterborne diseases to the entire Delta Coastline communities.

Mr. Omoro complained in his voice “the only source of drinking water has been contaminated by the flood.

“To make things worse, the only accessible road linking this community with Gbaregolor has been cut off by the flood”, he said.

In addition, Mr. Omoro pleaded with the State Government and other well meaning Nigerians to come in aid of the Delta Coastline communities.

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National assembly questions Buhari’s administration

National assembly questions Buhari’s administration

NATIONAL ASSEMBLY QUESTIONS BUHARI’S ADMINISTRATION

BY OMOKHUALE PUAH

The President of Nigeria, Muhammadu Buhari has been passed a motion of invite by the National Assembly (NASS), to address the legislature on previous efforts made in order to get out of economic recession.

The motion which was passed on Thursday by the senate was in concurrence with the House of Representatives after a two day spanned debate at the floor of the lower chamber in Abuja, the National capital.

The Legislatives explained that there was a great need for President Muhammadu Buhari to clarify the entire state of Nigeria, in the sight of alleged conflicting signals entangling from various administrative officials, especially as regards the problems of economic recession.

According to members of the House of Representatives, it is imperative that President Muhammadu Buhari addresses a joint session of the National Assembly to outline plans to pull Nigeria out of recession.

The Minority Leader of the House, Toby Okechukwu and other lawmakers, Leo Ogor and Oluwole Oke, outlined the various factors they believed led to the economic recession.

Some of the issues outlined by the lawmakers were, Treasury Single Account Policy, Foreign Exchange Policy and the Structure of Nigeria.

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1488 Hits

Kerosene scarcity hits as petrol prices stabilize

Kerosene scarcity hits as petrol prices stabilize

KEROSENE SCARCITY HITS AS PETROL PRICES STABILIZE

BY OMOKHUALE PUAH

THISDAY’S Newspaper has the report that ‘the price of petrol at the various depots in Lagos has remained relatively stable, despite its looming scarcity raised by some major and independent markets’.

Due to the high cost of accessing foreign exchange, marketers alarmed in recent weeks that the N145 per litre pump price of fuel would not be sustained and that the new price which began effect in May 2016 was based on the exchange rate of N280 per dollar.

With the rise in the cost of dollar, the marketers argued that the price of petrol should also increase, so as to affect the prevailing exchange rate of over N400.

In accordance with the previous circular released by the PPPRA, the lower limit of the ex-depot price is N123.28 per litre while the upper limit is N133.28.

As scarcity of foreign exchange to fund importation increases with only a depot of stock at the weekend, the price of kerosene has risen to N180 per litre, THISDAY has it.

This was discovered before the previous price of depot rose to N188.50 in Eterna Oil depot, which sold at N165 per litre.

However, despite the alarm raised that the country was heading for a fuel crises, marketers retained their petrol price, below the upper limit of the indicative price band approved by the Petroleum Products Pricing Regulatory agency (PPPRA).

Mrs. Rahamanniya and Techno Oil sold at the weekend for the ex-depot price of N130.50 which goes above the upper limit approved by the PPPRA.

Noticeably, the price of kerosene has increased of recent, because only depot had stock during the weekend as one litre was sold at N188.50 which is above the previous N165 per litre. Currently with the high cost of kerosene at various depots, its pump price at retail outlets would be above N200 per litre.

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1565 Hits

World bank refuses to loan nigeria until 2017

World bank refuses to loan nigeria until 2017

WORLD BANK REFUSES TO LOAN NIGERIA UNTIL 2017

BY OMOKHUALE PUAH

World Bank and other international lenders have refused to lend out money to Nigeria.

Embedded in a report from the Financial Times, it was discovered that the International Monetary Fund (IMF) and World Bank is demanding some financial reforms from Nigeria, before it could be granted a loan.

On Wednesday last week, the Central bank of Nigeria (CBN) made an attempt to lend a sum of N129.67bn in a short-dated Treasury bill from the World Bank.

In view of the attempted loan, the Apex bank said that it would raise N28bn in three-month paper, N33.49bn in six-month bills and N 68.18bn in one-year bills.

According to Apex bank, the nation’s interbank lending rates were flat at 15.25 percent for overnight lending that Friday, as the market liquidity dropped because of persistent sales of Treasury bills by the central bank.

Still on the trend, Reuters reported on Friday, that cash balance was not available with the central bank, but traders said that insisted that market liquidity should be below N100bn, due to consistent cash withdrawal by the CBN via Treasury bill sales.

Traders complained that the CBN had sold about N1.2trn in the Operations treasury bills at 14 auctions in one month at a bid to reduce liquidity in the banking system and curb pressure on the foreign exchange market.

On this note and others, the World Bank said it would no longer disburse loans until 2017 at the earliest.

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Devalue your naira to tackle recession, says eu

Devalue your naira to tackle recession, says eu

DEVALUE YOUR NAIRA TO TACKLE RECESSION, SAYS EU

BY OMOKHUALE PUAH

A part in the European Union (EU) has advised the Nigerian government to devalue its Naira, so as to tackle its Economic recession.

This was disclosed by a Councellor, Head of Trade and Economics Section of the EU, Fillippo Amato on Monday, in an interview with journalists.

It had been noted that the naira which currently trades between 311 and 475 to dollar at official and black market rate, accounts for a 100 percent increment in value since the Central Bank of Nigeria (CBN) removed its Peg on naira.

Following reports from the News Agency of Nigeria (NAN), the EU official said that recession could not be addressed by traditional tools.

Amato said that recession is a recent development which was caused by a great number of factors which includes falls in oil prices and resurgence of military in Niger Delta.

He stated in his words “for Nigeria to come out of recession, brave decisions must be taken by the country regardless of how unpopular they may be, such as ‘effectively devaluing the naira’.

“Naira devaluation is a great measure which will finally reassure investors and attract new capitals to the country”. He said.

“Devaluation would further help to reduce improve imports; removing artificial forex restrictions and removing potential scarce resources such as fuel subsidy.

“Improving security and ease of doing business are also key factors at which government must urgently work, so as to re-launch the economy” he added.

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Fx market traps naira to 480 per dollar

Fx market traps naira to 480 per dollar

FX MARKET TRAPS NAIRA TO 480 PER DOLLAR

BY OMOKHUALE PUAH

The Nigeria Currency, Naira has on Thursday pitched against the price of Dollar to a new record low of N480 per Dollar at against its previous price of N472 per dollar as at Wednesday.

A Dealer who sees the possibility in the soon fall of naira said in his words “dollar is very scarce in the market, because so many do not know the extent of its fall, in the near term. People tend to hold on to their hard currencies, in other to watch the direction of the market”.

Economic and financial analysts have linked the shortage in dollar to a wave of depreciation caused by a speculative attack on the naira and a high demand from companies and private individuals.

It was noted that after trading between N423 and N425 per dollar, for several weeks, the naira increased to N428 last Wednesday, which came a day after the Central Bank of Nigeria’s Monetary Policy committee retained the lending rate at 14 percent contrary to calls by the fiscal authority, economists and stakeholders.

Though analysts dismissed that the recent declines had links with the MPC's decision, which retained the lending rate at the current rate, but at the interbank market, on Thursday, the naira closed at 305.31/ dollar, up from 312.99 on Wednesday.

According to Gwadabe, the planned commencement of distribution of forex by Travelex could not hold due to some bottlenecks.

He said that Travelex, an international money transfer organization, ought to have begun the Forex distribution to the BDC operators on Monday, but was postponed to Wednesday which still did not hold.

Following the words of ABCON leader, the sale of forex to the BDC operators by Travevelex, would help to stem the tide of volatility in the exchange rate and subsequently close the gap between the official and parallel market rates.

Saying that the latest decline in the naira was as a result of the activities of speculators, He added that Travelex has the technology to sell Forex to about 1,000 BDCs in a couple of hours, which is a major advantage.

Mr. Kunle Ezun, a currency analyst at the Ecobank Nigeria, said in his words “these rising exchange rate currently at the parallel market, are not realistic, because it has to do with speculators.

“The fact that there is an acute and chronic shortage of forex cannot be over ruled, for there is a genuine demand which the supply cannot match, because inflows have dropped significantly”, Mr. Kunle added.

Gwadagbe further said “several sharp practices have been ongoing in the forex market and these elements want to continue making profits from the status quo, which is why it is speculating against the naira”.

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Neiti begs Buhari to lead Pib

Neiti begs  Buhari to lead Pib

NEITI BEGS BUHARI TO LEAD PIB

BY OMOKHUALE PUAH

The Nigeria Extractive Industries transparency initiative (NEITI) in a brief policy has revealed that Nigeria loses $200 billion each year, as a result of the non-passage of the petroleum industry bill (PIB).

In the brief, an alert to the nation of the fact that another $15 billion gets lost every year, on fresh investments to regulatory uncertainties.

NEITI urged the Nigeria President, Muhammadu Buhari to be in lead and thrust urgency in passing the PIB, as this is part of the ways to ensure the country could overcome her economic challenges.

In the policy brief which was titled “The urgency of a new petroleum sector law”, the NEITI noted that “the process of enacting a law for the Nigeria’s petroleum sector has gone on for so long and at a very huge cost to the country, because it seeks more urgency and a better coordination in getting the important bills passed”.

It was also noted that the PIB is one of the most important bills to be ever contemplated by in the history of Nigeria and yet the one that has exhausted so much time and generated its activities without legislation.

According to the NEITI, as an agency set up to enthrone transparency and accountability, in the extractive industry, NEITI has a legitimate interest, drawn from the petroleum law of the country.

It further disclosed that the setbacks suffered by the bill were not due to poor understanding of the problems nor its deficiency in expert input, but mainly disappointment among stakeholders on “regulatory framework; power of the minister ownership and control of resources, host community benefits, environmental concerns and appropriate fiscal regime and in the process, all administrations have produced their own PIB draft(s), but not the law’’ it says.

NEITI further stated that looses incurred by the economy have been really high; the hemorrhage on Nigeria’s foreign reserves and value of naira due to the importation of over $26.4 billion worth of refined petroleum products that should have been done locally and loss of jobs in hundreds of thousands by Nigerians.

NEITI added that, there is no evidence that Nigeria has learnt from its past experiences to guarantee a difference in the present journey.

They further recommended the task of an inclusive team as the President, Buhari takes the lead and charged with building consensus among the stakeholders.

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