A final year student of agriculture and bio-resource engineering at the University of Nigeria, Nsukka, Mr Chibuike Ekwueme, has produced a device for food pounding.
Ekwueme, who hails from Orba in Udenu Local Government Area of Enugu State, told the News Agency of Nigeria (NAN) in Nsukka on Wednesday that he needed support for mass production of the device.
He said he needed no less than N1 million to enable him to start mass production of the pounding machines.
He said that the multi-purpose machine had been used to pound yam, cassava, potatoes and plantain in a few minutes.
Ekwueme said that he needed sponsors either from the government, individuals or corporate bodies to give him at least N1 million to enable him to continue with the mass production of the machine.
“This machine uses electricity to pound yam, cassava, potatoes or plantain within a few minutes and can also be used to blend tomatoes and crayfish.
“It costs me about N40,000 to buy the materials to produce the prototype of this tuber pounding machine but in mass production the price will reduce.
“I need one million naira from the government, individuals or corporate bodies as sponsors to enable me to start mass production of the machine.
“ If I cannot get sponsors, I will sell the design to one of the companies that have been approaching me to sell the design to them,” he said.
The final year student said he started the idea three years ago and had been re-modifying it until he was able to come up with the present machine.
“My driving force in producing this machine was that most time when I see house wives sweating using mortar and pestle to pound food, I told myself that there is need to invent a machine that will make it easier for them to pound.He said he was happy that he got exactly what he wanted in his design.
“What I did first was to go online to study the foreign yam pounder and how I can use local materials to produce it.
“Everything I used in producing this machine is sourced locally; none was imported. What I have here is family size for home use.
“I can also produce bigger size for hotels and restaurants that may need it for their business,’’ he said.
Ekwueme said that he made the machine since last year for the public and had been invited to exhibitions and workshops where the machine had been tested and proven to be effective.
He said the product had been showcased in UNN engineering exhibition, Abuja young inventors’ exhibition as well as local made product exhibition organised by tertiary schools in the South East.
“I was among those who represented UNN in all these places. I received prizes and uncountable commendations by organisers and participants.
“I give God all the glory for giving me the wisdom and creativity to produce this machine that will help families in preparing their food,’’ he said.
The United States government has announced that it will provide at least $37m in additional humanitarian assistance to people affected by Boko Haram insurgency and food insecurity in the North-East and other areas of the Lake Chad Basin.According to a statement issued and made available to our correspondent on Wednesday, the US government is providing the aid through its Agency for International Development.The statement read in part, “The savagery of Boko Haram has triggered a humanitarian crisis in Nigeria and surrounding countries in the Lake Chad Basin region. Families have been driven from their homes, millions are left without enough to eat, and human rights abuses are widespread. Despite gradually improving security conditions, the humanitarian situation remains dire. Throughout the region, approximately five million people need emergency food assistance, and 2.5 million people are displaced.”The US said the aid fund given to the United Nations and Non-Governmental Organisation partners, would help tens of thousands of people to receive “critically needed humanitarian assistance,” including food, water, shelter and services to address acute hygiene, protection and nutritional needs. Three senior USAID officials, Nigeria Mission Director, Michael Harvey, US Office of Foreign Disaster Assistance Director, Jeremy Konyndyk, and Office of Food for Peace Deputy Director Matt Nims, made the announcement following a trip to the North-East, where the humanitarian needs are most acute. “With this announcement, the United States is providing more than $318m in humanitarian assistance since 2015 to the Lake Chad Basin region and continues to be the single largest humanitarian donor to the region. “In addition to humanitarian funding, USAID provides targeted assistance that seeks to reduce extreme poverty and improve the quality of life for Nigeria’s most vulnerable communities through improved governance and civic participation at the federal, state and local levels; reduced corruption; a strengthened private sector as a source of job creation; and improved quality of social service delivery,” the statement said.
“The food assistance will be delivered to conflict-affected communities in the Diffa Region of Niger, including populations who fled their homes following the recent attacks in Bosso. This new food assistance will be coordinated with the humanitarian community in Nigeria to scale up the overall regional food response,” the statement added.
Abuja-based blogger, Mr. Abubakar Sidiqu Usman, otherwise known as Abusidiqu, was on Tuesday released by the Economic and Financial Crimes Commission.
Usman, who was released after 36 hours in custody, said on his official Twitter handle that he was released because of the pressure and condemnation that the EFCC received from Nigerians.
The blogger, therefore, thanked the media and his 19,400 followers on the social network.
Usman, who played an active role in President Muhammadu Buhari’s campaign during the build-up to the 2015 elections, said he never expected human rights abuse from a ‘change’ government.
He said, “I would like to thank my family, friends, my legal team, members of the All Progressives Congress Youth Forum, members of the Nigerian online community, and hundreds of thousands of Nigerians who in one way or another spoke out against my unconstitutional detention by the EFCC.
The blogger also threatened to take a legal action against the anti-graft agency.“Your tweets, posts, and demands for the constitutionally guaranteed right to freedom of speech led to my release as well as the victory that we have achieved today. This experience has stirred up broader conversations on the roles of our statutory established institutions, the parameters of our laws, and our civil liberties as citizens of our great Federal Republic.”
He added, “Moving forward, I will be pursuing all legal and constitutionally established avenues to ensure that this does not repeat itself.”
Usman said he was pained because he was treated wrongly despite his huge support for Buhari.
The blogger, who was hosted by Buhari alongside other prominent bloggers last year, said, “This is a government that I fought for but occurrences like these are not the experiences that myself and millions of Nigerians fought for. I hope that we can use this to rectify the wrongs in our system towards the attainment of a more sustainable democracy.”
Usman was allegedly arrested over a recent report he published against the Chairman of the EFCC, Mr. Ibrahim Magu.
The Central Bank of Nigeria on Tuesday directed Bureau De Change operators not to sell foreign exchange above two per cent margin of the buying rate.
A statement by W.D Gotring, the Acting Director, Trade and Exchange Department of CBN, also directed authorised dealers not to sell foreign exchange to any BDC more than a maximum of 30, 000 dollars per week.
According to the statement, a BDC shall nominate its preferred dealer or a bank to procure the said amount from only that bank in a week.
It also said that the selling rate by the dealer to BDCs should be the buying rate from International Money Transfer Operators plus a margin not exceeding 1.5 per cent.
“The two per cent margin above shall be applicable to all funds to be retailed by the BDCs regardless of sources of funds.’’It said, “Foreign exchange cash purchased by BDCs shall be sold to foreign exchange end-users at a rate not exceeding two per cent margin above the buying rate.
The statement mandated BDCs to render weekly report of purchases from authorised to its trade and exchange department.
It said that funds purchased by BDCs should be eligible for Business Travel Allowance, Personal Travel Allowance, Oversees School Fees and Oversees Medical Fees.
The statement warned that any BDC which violated the above directives would be punished accordingly.
The detained pro-Biafra group, the Indigenous People of Biafra, IPOB leader, Nnamdi Kanu has restated his commitment to the fight for the actualisation of the Biafra Republic.
This is contained in a statement released in reaction to the statement made by the Movement for Emancipation of Niger Delta, MEND, which claims an agreement can be reached with the Federal Government to release the embattled iIPOB leader on condition that he will abandon the fight for Biafra republic.
The statement entitled: “Biafra or death” signed by the group’s spokespersons, Emma Nmezu and Dr. Clifford Iroanya, reads: “We want to make it categorically clear that MEND and their Ahithophel Team are strictly on their own and do not in any way, shape or form represent IPOB or the leader of IPOB, Mazi Nnamdi Kanu. When we say “Biafra or Death”, we meant every syllable of that phrase”.
It further continued: “Again, we reiterate that Nnamdi Kanu is not Ralph Uwazuruike and IPOB is not MASSOB. Therefore, anybody thinking that our leader will renounce Biafra is certifiably mad. For both IPOB and their leader, Nnamdi Kanu, it is either we get Biafra or we die on the process of getting it. There is no middle ground”.
The Lagos State Governor, Akinwunmi Ambode, is leading other Governors in the poll organised by the African Leadership Magazine to determine Nigeria’s top performing Governor.
The poll, tagged: “Good Governance Polls for Nigeria’s Top Performing Governor,” started two weeks ago with Governor Ambode maintaining the lead.
So far, he has scored 36.1 per cent of the total vote casts.
The Anambra State Governor, Willie Obiano, is trailing Governor Ambode with 25 per cent of the total votes cast.
The poll, according to its organisers, was designed by the group as part of its strategic engagement tool to monitor performance and gauge the mood of the electorate in Nigeria in line with its objective of providing credible information and support to leaders in Nigeria and Africa at large.
The Ogun State Governor, Ibikunle Amosun, is in the third place with 8.8 per cent, while Rivers State Governor, Nyesom Wike, is in the fourth position with 7.9 per cent of the total vote casts.An overwhelming 35 per cent popularity rating for Governor Ambode, among other governors, clearly shows his popularity as he continues to deliver good governance, promoting infrastructural development and people-centred policies that better the lives of the people of Lagos.
The Kaduna State Governor, Nasir El-Rufai, sits in the fifth position with 5 per cent, while as at press time, voting is still ongoing and is expected to close in the next four days.
The new chairman of Heartland, Chibuzo Etuemena, has said he hopes to ensure the Owerri club are not relegated this season.
‘The Naze Millionaires’ languish in 18th place on the 19-team table with 30 points from 27 matches.
“Heartland are already confined to relegation by end of the season. I know for sure, that not many people would want to take the risk, which I want to take, but I strongly believe that with God all things are possible and I am determined to do my best,” the new chairman vowed.
“I am not a magician but I’m an optimist and I believe that there is nothing that God cannot do.”
Etuemena also announced the appointment of five new officers into the management team.He disclosed that he has ensured the players are paid three months’ salaries owed them.
These include Promise Nwachukwu, who is now the club’s sporting director; Cajetan Nkwopara as director of media and Mobi Oparaku as team manager.
Others are Ramson Madu, who was appointed head coach and Emmanuel Uzoma Emelu as welfare officer.
The Independent National Electoral Commission (INEC) has declared Mr Ben Uwajumogu of the All Progressive Congress (APC) winner of Imo North Senatorial District rerun election held on July 28.
Uwajumogu scored 56,076 votes to defeat Mr Athan Achonu of the Peoples Democratic Party (PDP) who scored 43, 815 votes.
Prof. Arinze Agbogu, the INEC Returning Officer for Imo North Senatorial District, who announced the result in the early hours of Friday, said the outcome was a summation of scores of July 23 and that of July 28 exercise.
The News Agency of Nigeria (NAN) recalled that Uwajumogu, had scored 48,921 on July 23, while Achonu, of the PDP, scored 40, 142 votes which made INEC to declare the rerun inconclusive.
Similarly, INEC declared Mr Nkenna Nzeruo of the APC winner of Oru East State Constituency, while Mr Collins Chiji also of APC was declared winner for Isiala Mbano State Constituency.Agbogu said that available data before him showed that Uwajumogu had majority of lawful votes cast, and therefore returned elected for the Imo North Senatorial District.
The two state constituencies’ elections were equally declared inconclusive due to reported cases of violence that marred the exercise in some communities in the two areas on July 23.
Uwajumogu told journalists in Owerri that he was highly elated over the victory, adding “my gratitude goes more to Gov. Rochas Okorocha whose structure helped me to win this senatorial election’’
Ex-President Olusegun Obasanjo and the just sacked Chairman of the House of Representatives Committee on Appropriation, Rep. Abdulmumin Jibrin, recently refocused attention on the issue.
Jibrin had drawn the first blood a week ago after he was removed as chairman of the appropriation committee when he accused Speaker Yakubu Dogara and three other principal officers of padding the 2016 budget. According to him, his opposition to the alleged padding and other supposed malfeasances of the Speaker and his allies was the reason for his forced resignation as chairman of the appropriation committee.
His assertion, however, quickly drew the attention of critics who queried why he had to wait till he was removed from office before spilling the beans.
Taking a cue from the assertions of Rep. Jibrin, President Obasanjo upon a visit with President Muhammadu Buhari again took a direct hit at the National Assembly when he said that the Jibrin incident had again confirmed his past assertions that there were rogues and armed robbers in the National Assembly.
Obasanjo’s assertions undoubtedly drew from his experience of dealing with the National Assembly during his period in the Presidential Villa. In one case, he had an incumbent President of the Senate investigated and charged to court after he and some other members of the committees on education of the two chambers were indicted for soliciting for bribes to pass the budget of the Federal Ministry of Education.
However, what has shaken many friends and foes of the former president is the claim that the most brazen act of corruption in recent Nigeria history involving the legislature did not emanate from the National Assembly, but from the executive branch of government.
It was an irony of sorts for someone like Senator Adolphus Wabara who was himself allegedly offered double the amount to support the amendment. Wabara claimed he was offered double the normal N50 million even after he was indicted by the executive branch of government in the N54 million bribe for budget scam in the Federal Ministry of Education.The Third Term fiasco during which members of the House of Representatives supportive of the constitution amendment for a third term for the president and governors were offered N50 million apiece till date continues to be cited as the most repugnant act of corruption ever in the Fourth Republic of Nigeria.
A number of other principled legislators also refused the bribe and were to shine like stars in that dark period of licentious legislative lampoonery supposedly crafted by the executive branch. For their principled stances, they were denied return tickets and many others like Temi Harriman, the only House member from the ruling party from the South-South who fought third term, simply walked away from the ruling party.
Senator Joy Emodi for her opposition was made to confront the political treachery that has been symptomatic of politics in Anambra State in her bid for a return ticket on the platform of the PDP.
The Third Term project and the seeming acquiesce of the Obasanjo presidency to the fiasco remains in the view of many, including this correspondent, the major failure of the Obasanjo administration.
Otherwise, President Obasanjo has remained almost head and shoulder above his successors.
Whether President Obasanjo or Jibrin or whoever, no one has been able to give a classic definition of the phrase, budget padding.
The seeming determination of the executive branch to force the term into the consciousness of Nigerians remains deceptive.
Given the provisions of Sections 80, 81 and 82 of the Constitution, the National Assembly cannot be said to have padded a budget that it has a right to work on. Stopping the National Assembly from padding, adjusting or shrinking the budget would inevitably make the legislature a rubber stamp. It would mean taking away its most important duty of controlling the purse and turning the executive branch into a dictatorship.
Militant group, the Niger Delta Avengers (NDA), has vowed to bomb more oil pipelines beginning from first week of August.
The group warned oil workers and foreigners still in the region to vacate or risk their lives.
The group which has claimed responsibility for recent spate of bombings of oil facilities in the region said it has had enough of the dishonesty and tricks of the Federal Government, as it claimed the peace talk or dialogue purportedly initiated by the Federal Government was a delay tactics to enable the government take delivery of arms including drones expected to arrive by end of August from the United States.
“This whole thing makes us to wonder what kind of country is this? We can all see that President Buhari-led government is a fraud. They are not serious about any dialogue. But they make it look as if the Niger Delta Avengers are the ones not ready for dialogue.
“Mr. President, you can purchase all the drones in Europe and the United States of America, it won’t stop the Niger Delta Avengers from bringing the country’s economy to zero.
“The worst you can do is to kill poor innocent people which the military is good at, but you should know that the Nigerian economy will suffer, as you will not be able to export one litre of crude in the Niger Delta. Just intensify the oil exploration in the North East. As for the ones in the Niger Delta, forget about it because the Nigerian government won’t export a drop from our land,” the militants bragged.
But the military has read the riot act to the militants to desist from attacking oil installations or face the consequences of their criminal actions.
Commander of Operation Delta Safe, Rear Admiral Joseph Okojie who gave the warning in Asaba during a courtesy call on Governor Ifeanyi Okowa of Delta State vowed that the multi-service task force was prepared to tackle any criminal action within the Nigerian maritime area.
He said the military has the mandate of President Muhammadu Buhari to secure the waters in the Niger Delta region covering part of Ondo, Edo and the entire Delta, Bayelsa, Rivers as well as part of Akwa Ibom states against security and economic threats.
Meanwhile, the Concerned Militant Leaders (CML) has claimed responsibility for the attack on the Nigerian National Petroleum Corporation (NNPC) pipeline, which occurred on Monday, at Obotim Ikot Ekong village in Akwa Ibom State.
Also, the CML said the Liberian ship, which its “rugged sea warriors” seized on Tuesday, July 19, 2016, on Bakassi Peninsula Nigerian waterways, would not be released, adding that the vessel would be named after Biafra.
Spokesperson of the group, General Ben, stated this yesterday, while reacting to the statement by the Chief of Army Staff, Lt.-General Tukur Buratai that the militants would be attacked, if government’s efforts to dialogue with militants proved futile.
General Ben claimed no active militant group has engaged the Federal Government in any discussion, warning that any individual who works against the collective agenda of the militants would regret his or her action.
Joji said by blowing up oil pipelines and destroying other key facilities that affect the economy of the Nigeria, the militants have declared war against the Nigerian state, and therefore should not be pitied.However, former Managing Director of the defunct Nigerian Airways, Captain Mohammed Joji said Buhari should not romance the militants by going into dialogue with them. He said government should engage them “fire for fire.”
Captain Joji said the militant group has not only inflicted incalculable pains on Nigerians, but also about to cripple the nation’s economy.
While lamenting that the activities of the Avengers was responsible for the scarcity of aviation fuel, the aviation expert said if the the ‘madness’ was allowed to continue, it would ground the aviation industry, which would in turn ground the economy.
“Fuel scarcity in the aviation sector is a sabotage by the so-called Niger Delta Avengers, so pipeline vandalism must be brought to a halt if the crisis must end.
“I am not an advocate of negotiations with a terrorist group. The Federal Government should forget about democracy and go fire for fire with the Avengers,” he said.
In a related development, former minister of mines and steel, Chief Sarafa Tunji Ishola enjoined President Buhari to quickly summon an emergency Council of State meeting to address the prevailing insecurity.
Ishola said the president should not wait until the insecurity in Niger Delta, the agitation for Biafra Republic in the South East and the continuous killings of innocent Nigerians by herdsmen, spiral out of hand before convening such a meeting.
“Allowing insecurity to persist beyond the current level may spell doom for Buhari’s administration, because the level of poverty in Nigeria today is just too high that people are only tolerating his administration temporarily.
“If he should allow Nigerians to run out of patience and revolt against his administration, that may spell doom,” the Peoples Democratic Party (PDP) chieftain said.
The ex-minister explained that the president should not think the rising insecurity in the country was something he and his All Progressives Congress (APC) could solve alone.
“Buhari needs wisdom from former Heads of State and other elder statesmen who have ruled this nation before him. So, he needs to call the Council of State meeting as a matter of urgency, with security matter as the sole agendum.”
Ishola noted that it would be a great error on the part of Buhari to think that the method he used about 31 years ago as military Head of State is what he would use now as civilian president.
“This is a democratic dispensation, you have to carry along critical stakeholders and also have listening ears, if not the insecurity will get out of hand. And if you are talking about diversification of the economy, tell me, which foreign investors will go to a country to invest where they are throwing bombs, kidnapping people and demanding huge ransoms?” he queried.
Militant group, the Niger Delta Avengers (NDA), has vowed to bomb more oil pipelines beginning from first week of August.
The group warned oil workers and foreigners still in the region to vacate or risk their lives.
The group which has claimed responsibility for recent spate of bombings of oil facilities in the region said it has had enough of the dishonesty and tricks of the Federal Government, as it claimed the peace talk or dialogue purportedly initiated by the Federal Government was a delay tactics to enable the government take delivery of arms including drones expected to arrive by end of August from the United States.
“This whole thing makes us to wonder what kind of country is this? We can all see that President Buhari-led government is a fraud. They are not serious about any dialogue. But they make it look as if the Niger Delta Avengers are the ones not ready for dialogue.
“Mr. President, you can purchase all the drones in Europe and the United States of America, it won’t stop the Niger Delta Avengers from bringing the country’s economy to zero.
“The worst you can do is to kill poor innocent people which the military is good at, but you should know that the Nigerian economy will suffer, as you will not be able to export one litre of crude in the Niger Delta. Just intensify the oil exploration in the North East. As for the ones in the Niger Delta, forget about it because the Nigerian government won’t export a drop from our land,” the militants bragged.
But the military has read the riot act to the militants to desist from attacking oil installations or face the consequences of their criminal actions.
Commander of Operation Delta Safe, Rear Admiral Joseph Okojie who gave the warning in Asaba during a courtesy call on Governor Ifeanyi Okowa of Delta State vowed that the multi-service task force was prepared to tackle any criminal action within the Nigerian maritime area.
He said the military has the mandate of President Muhammadu Buhari to secure the waters in the Niger Delta region covering part of Ondo, Edo and the entire Delta, Bayelsa, Rivers as well as part of Akwa Ibom states against security and economic threats.
Meanwhile, the Concerned Militant Leaders (CML) has claimed responsibility for the attack on the Nigerian National Petroleum Corporation (NNPC) pipeline, which occurred on Monday, at Obotim Ikot Ekong village in Akwa Ibom State.
Also, the CML said the Liberian ship, which its “rugged sea warriors” seized on Tuesday, July 19, 2016, on Bakassi Peninsula Nigerian waterways, would not be released, adding that the vessel would be named after Biafra.
Spokesperson of the group, General Ben, stated this yesterday, while reacting to the statement by the Chief of Army Staff, Lt.-General Tukur Buratai that the militants would be attacked, if government’s efforts to dialogue with militants proved futile.
General Ben claimed no active militant group has engaged the Federal Government in any discussion, warning that any individual who works against the collective agenda of the militants would regret his or her action.
Joji said by blowing up oil pipelines and destroying other key facilities that affect the economy of the Nigeria, the militants have declared war against the Nigerian state, and therefore should not be pitied.However, former Managing Director of the defunct Nigerian Airways, Captain Mohammed Joji said Buhari should not romance the militants by going into dialogue with them. He said government should engage them “fire for fire.”
Captain Joji said the militant group has not only inflicted incalculable pains on Nigerians, but also about to cripple the nation’s economy.
While lamenting that the activities of the Avengers was responsible for the scarcity of aviation fuel, the aviation expert said if the the ‘madness’ was allowed to continue, it would ground the aviation industry, which would in turn ground the economy.
“Fuel scarcity in the aviation sector is a sabotage by the so-called Niger Delta Avengers, so pipeline vandalism must be brought to a halt if the crisis must end.
“I am not an advocate of negotiations with a terrorist group. The Federal Government should forget about democracy and go fire for fire with the Avengers,” he said.
In a related development, former minister of mines and steel, Chief Sarafa Tunji Ishola enjoined President Buhari to quickly summon an emergency Council of State meeting to address the prevailing insecurity.
Ishola said the president should not wait until the insecurity in Niger Delta, the agitation for Biafra Republic in the South East and the continuous killings of innocent Nigerians by herdsmen, spiral out of hand before convening such a meeting.
“Allowing insecurity to persist beyond the current level may spell doom for Buhari’s administration, because the level of poverty in Nigeria today is just too high that people are only tolerating his administration temporarily.
“If he should allow Nigerians to run out of patience and revolt against his administration, that may spell doom,” the Peoples Democratic Party (PDP) chieftain said.
The ex-minister explained that the president should not think the rising insecurity in the country was something he and his All Progressives Congress (APC) could solve alone.
“Buhari needs wisdom from former Heads of State and other elder statesmen who have ruled this nation before him. So, he needs to call the Council of State meeting as a matter of urgency, with security matter as the sole agendum.”
Ishola noted that it would be a great error on the part of Buhari to think that the method he used about 31 years ago as military Head of State is what he would use now as civilian president.
“This is a democratic dispensation, you have to carry along critical stakeholders and also have listening ears, if not the insecurity will get out of hand. And if you are talking about diversification of the economy, tell me, which foreign investors will go to a country to invest where they are throwing bombs, kidnapping people and demanding huge ransoms?” he queried.
An unexpected drama played out at the screening of career ambassadorial nominees by the Senate Committee on Foreign Affairs on Tuesday when three of the ambassadors designate could not answer elementary questions posed to them by the committee members.
The first nominee to be screened, Vivian Okeke, from Anambra State, failed in her recitation of the National Anthem.
In spite of several attempts, she continued to omit the last eleven words in the last stanza of the anthem, “to serve with heart and might, one nation bound in freedom,” before ending with peace and unity.
Also the nominee from Niger State, Ibrahim Isa, failed to recite the national pledge correctly as he also fumbled with the last stanza of the pledge.
When told by the committee to recite the pledge, he concluded by saying, “to defend her unity and integrity, so help me God,” instead of “to defend her unity and uphold her honour and glory, so help me God” which is the right wording of the pledge.
Jane Ndem, the nominee from Benue State, shocked the committee most when she failed the question posed by Chairman of the Committee, Senator Monsurat Sunmonu ( APC Oyo Central).
The nominee was asked to mention 12 out of the 36 states in the federation and their capitals, and she repeatedly mentioned Lagos and added Lagos as its capital.
Ikeja is the capital of Lagos State.
Surprised by her submission, a member of the committee, James Manager, interjected by asking, “Are you saying the capital of Lagos is Lagos?”
The nominee failing to get the drift of the question responded affirmatively by saying “yes, capital of Lagos State is Lagos because I even started my working career there,” which made the entire eight-man committee to burst into laughter.
Though newsmen were on hand to witness the embarrassing situation, Special Assistant to President Muhammadu Buhari on Senate Matters, Senator Ita Enang, however, tried to cover up the embarrassing situation as he issued a statement denying the failure of the nominees, saying nothing of such happened.
Okeke, in her submission on difficulties being faced by the embassies, mentioned underfunding as the major problem crippling the nation’s embassies which, according to her, has turned to big embarrassment to staff of the embassies who are more or less squeezing water out of stone to run the embassies.However, the nominees made very good submissions in their responses to other questions in terms of policy statement.
Pressed further on his knowledge of foreign economic blueprint, the nominee explained succinctly how China got their economic prosperity right because their president at the time of their recession decided to shut its doors against import from other nations and was busy rebuilding China through domestic policy approach.
She also stressed that if Nigeria could configure its foreign policies with the interest of benefiting from resources abroad, it would help the situation immensely.
A total of 15 out of 47 were screened by the committee on Tuesday.
Senator Enang, in his rebuttal of blunders committed by some of the screened nominees, said the reported blunders were misrepresentation of fact.
The statement read: “Our Attention has been drawn to report by a section of the media that some Ambassadorial Nominees were unable to recite the National Anthem and Pledge while appearing before the Senate Committee on Foreign Affairs for screening today.
“May I state that the nominees were able to respond to questions asked them, and also recited the National Anthem and Pledge when called upon. As such, the report by the media is incorrect.
“Subjecting them to criticisms at this point over a situation which never happened in the first place is most unfair and uncalled for.
“Let me use this opportunity to appreciate the effort of the Chairman, Senate Committee on Foreign Affairs, Senator Monsurat Sumonu, and members of the committee, for the intellectual and thorough manner in which the exercise is being carried out.”
Global Organised Labour under the aegis of African Industrial Global Union has commended the President of Dangote Group, Alhaji Aliko Dangote for his strategic investments across African countries and creating thousands of jobs for the teaming population.
The body, at a meeting in Lagos, called for special recognition for the African entrepreneur, describing him as a success story from African soil for which African countries must be proud of.
Speaking at a network meeting on unionisation in Dangote group, organised by Industrial Global Union Africa Region in Lagos, Union leaders one after another said Dangote has offered a relief to Africa from the negative narratives the western countries latched on to discredit her and her people.
They stated that much as an African could be so patriotic as to be dotting African soil with billions of dollars investments to create jobs and reduce poverty, he needs to be given special recognition to motivate others to tow similar line.
Relishing on the prospective of an African country hosting the single largest Refinery and Petrochemicals train project, the union leaders said it was planning in their next African meeting to bring the business mogul to address global union leaders.
Regional Secretary, Sub-Saharan Africa, Fabian Nkomo said the body cherished the business acumen of Dangote and would like to work closely with him so that as he creates jobs, the union could also partner to ensure job quality is maintained.
He said he has moved round Africa and discovered no one else has invested so much in Africa as an Africa and therefore Dangote should be encouraged. “He has help governments across African states to create vital jobs and reduce poverty among our people, the unions are very proud of him”, Nkomo stated.
In his remark, the Africa Regional Chairman of Industrial Global Union, Issa Aremu who is also the General Secretary of Textile Workers Union commended Aliko Dangote for leading industrialisation in the Africa continent.
Aremu acknowledged the remarkable efforts of Aliko Dangote at re-industrialisation of the continent, stimulating the continent’s growth and creating more jobs for its huge population.
Dangote Group was commended for the strong network of branches across the Africa continent; Nigeria, Ghana, Cote d’ Ivoire, Liberia, Sierra Leone, Senegal, South Africa, Zimbabwe, Zambia, Tanzania, Congo, Cameroun, Kenya, Ethiopia among others.The labour leader lauded the commitment of Dangote to sustainable industrial development and urged government to provide favourable environment for investments as well as improvement in infrastructural development.
Aremu added that it was time Dangote group entered into mutually rewarding engagement with relevant unions with a view to unionisation even as he called on trade unions to support business through improved productivity.
He alluded to the $12 billion dollar Refinery, Petrochemicals and Fertilizer projects which he said will be a revolution of the Nigerian industrial space when completed.
As partners in progress, Aremu pledges the support and cooperation of Industrial Global to ensure business-friendly unionization of the Dangote workers.
He nevertheless cautioned the unions involved to be proactive and strategic in approaching the exercise saying “we need to show that we are partners to improve on the businesses of Alhaji Aliko because we are talking of unionization because there is an investment in which workers are engaged. If there there are no businesses, we can’t be talking of unionism.
“So first and foremost, we must be seen to be part of forces that are protecting investments. We are not business killers, if anything we are adding values. So we cherish him as one of the few Nigerians making a good story out of Nigeria and Africa and would like to collaborate with him.
Industrial Global Union with headquarters in Geneva, Switzerland represents 50 million workers in 140 countries in the cement, mining, energy and manufacturing sectors. Industrial is a force in global solidarity taking up the fight for better working conditions and trade union rights around the world.
Emma Ujah, Abuja Bureau Chief, Babajide Komolafe & Peter Egwuatu ABUJA—The Central Bank of Nigeria(CBN), yesterday, jerked up its Monetary Policy Rate (MPR)to 14 per cent, attracting criticism from business experts who predicted that the hike will lead to increased corporate failures, unemployment and decline in the nation’s stock market.
At the end of its Monetary Policy Committee (MPC) meeting in Abuja yesterday, the CBN, raised the MPR from 12 percent to 14 per cent, while retaining the Asymmetric Window at +200 and -500 basis points around the rate. The apex bank also retained the Cash Reserve Ratio (CRR) and the Liquidity Ratio at 22.50 per cent and 30.00 per cent, respectively.
Governor of the CBN, Mr. Godwin Emefiele, who announced the outcome of the MPC meeting, said that the move was towards ensuring price stability as it would attract more inflow of foreign exchange into the country.
Justifying the new rate, he said, “Basically, the issues were that you notice during the May meeting, the MPC decide to say look, if we notice the balance between inflation and growth that we should stay with growth and expect that growth. But given the fact that monetary authorities cannot directly influence, we expect that working with fiscal authorities, we can achieve growth
But at this meeting, we took a lot of time to deliberate on whether to favour growth as against inflation.
“We felt that there was a need in line with the CBN core mandate to look at price stability at a time- that if we favour price stability at this time and it signals an interest rate movement that will curtail inflation that when we curtail inflation, a lot more stakeholders interests would have been met, thereby encouraging in this case the inflow of capital into the country.
“And as we have more inflow of foreign exchange into the country, what that does is that it deepens forex supply base and by deepening the forex supply base it makes forex available to end users , particularly to the manufacturing sector who need raw materials to boost manufacturing and industrial capacity and we are also hoping that when this is achieved, what you find is that naturally, prices would be affected downwards.
“When you have a situation when foreign exchange is also made available to those who want to import agriculture inputs, insecticides or plants it helps to boost agric productivity which will also help to moderate the effects on prices downwards.
“What this does is that it generally creates activities that would boost not just manufacturing outputs but will indirectly push growth forward. That was purely the essence of let’s push to the direction of inflation and price stability which was the focus of this meeting against growth.
“It didn’t mean that we didn’t have growth at the back of our minds. But we felt let’s start by looking at price stability. Push towards curtailing inflation, and at the same time ultimately see how we can achieve growth in the same vein.”
Hike will worsen economic situation
Analysts however faulted the decision of the MPC to hike the MPR saying it would worsen the economic situation in the country.
“This is not an answer to recession, the answer is to make more money available, but the CBN has decided to be tactical because growth is a long term goal”, commented Mr. Bismarck Rewane, Managing Director/Chief Executive, Financial Derivatives Limited
“He stated that the MPR hike, “Is a formalisation of what is happening in the money market, where treasury bills rate are already higher than 14 percent hence it would not have effect on interest rate in the market. But it will increase cost of borrowing especially for small and medium enterprise (SMEs), increase default on debt, corporate failures and hence increase unemployment. It will also increase cost of borrowing for state governments. It will increase appetite for regulatory borrowing, because banks would now prefer to buy treasury bills and bonds which now offers higher rate. However it will make the naira to strengthen.
According to the Managing Director, APT Securities and Funds, Mr. Garba Kurfi, “
The upward increase in interest rate by the CBN is not the best at the moment if government is serious in encouraging local production. This is because high interest rate will make the cost of production higher if producers are to get loan at higher rate from the financial institutions. The high interest rate will discourage investments in the capital market if one can get 14 per cent risk free from the money market. This move apparently is likely to promote money market but with the inflation rate at 16.5 per cent may encourage”.
Also commenting, Head, Investment Research, Cowry Asset Management Limited, Mr. Edgar Ebinum said, “The reason for the hike is obvious but it is challenging for capital market, and it would stifle borrowing. While it is necessary to ensure a positive real return, by making the interest rate higher than inflation, but investors look beyond interest rate, the conditions in the economy is still not attractive to foreign investors
The decision will cause the real sector to slow down, because there would be reduction in lending to the sector. In fact the hike makes lending more difficult for banks. The banks are already battling against rising non-performing loans and hence have reduced lending activities”.
Speaking in the same vein, Managing Director, High Cap Securities Limited, Mr. David Adonri said, “The increase in MPR to nearly match inflation rate is expected response from the monetary authority. It will crowd out credit from real sector and depress equities market. The manufacturers would be affected as credit would be on the rise. Response of fiscal authority should be to reduce domestic borrowing and move towards fiscal consolidation”
On his part, Mr. Kunle Ezun, a research analysts with Econbank Plc noted, “The decision was expected and the expectation has been factored into transactions in the money market. Remember that TBs were been sold at 14 per cent last week. That is why the market is calm.
“I also believe that the 200 basis point raise is sufficient to address the rising inflation level now. The reality is that inflation level is more of consideration to foreign investors and they are not in the market now. The local guys don’t really bother about inflation.”
The hike in MPR was however commended by Managing Director, Chief Economist,Africa, Standard Chartered Bank, Mrs Razia Khan. She said, “The decision to raise the monetary policy rate despite growth concerns will give investors a clear signal on the authorities’ intent to sustain FX reforms. This should be well-received.
“Given the cost-push nature of inflation in Nigeria, which largely stems from the shortage of FX, we believe that this was the right thing to have done. Today’s monetary policy decision demonstrates a commitment to FX liberalisation, which alone will undo some of the bottlenecks that have contributed to inflation.
“As Nigeria embarks upon the path of reform (FX liberalisation, fuel price deregulation, transparency initiatives, efforts to boost revenue mobilisation, power sector reforms), all with a view to easing the economy’s transition to lower oil prices, and creating the foundation for more sound long-term growth, we think that today’s MPC decision represented an important initial step in the right direction.
Chief Executive Officer, SOFUNIX Investment and Communications Ltd and Chartered Stockbroker Mr. Sola Oni, said The Central Bank of Nigeria (CBN) has pushed up the Monetary Policy Rate (MPR) from 12 per cent to 14 per cent on the basis that the existing nominal anchor is a disincentive to investment for both foreign and indigenous investors, particularly, when compared to the current inflation rate.
In portfolio management, the logical assumption is that relationship between interest rate and stock market is inverse. This implies that when interest rate is low, speculators move their funds from the money market instruments’ to the stock market to make a kill.
As a corollary, the same speculators move from the stock market to other asset classes, especially, fixed income securities when the interest rate is high.
By this logic, one can assume that the current increase in the MPR would boost investment in the fixed income securities while it may depress investors’ appetite for equity investment.
But the fact remains that it is not always so as economists would say ceteris paribus which means all things being equall. There are many exogenous factors that affect investment decision at the level of investment objective. As for the economy, the stock market mirrors the economy.
Therefore, it is not cast in iron to just conclude that the CBN’s increase of the MPC to a 10 -year high will have negative impact on the stock market.”
