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Nigeria: Stock Market Recovers N649 Billion in Two-Day Rally

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By Goddy Egene and Eromosele Abiodun 
The Nigerian stock market recorded an unexpected rally last week, which was led to a recovery of N648.8 billion in market capitalisation in two days. The market appreciated 6.59 per cent while its month-on-month growth stood at 4.59 per cent. End of the year portfolio adjustment by institutional investors and fund managers led to a significant price gains by highly capitalised stocks such as Dangote Cement Plc and Nigerian Breweries Plc among others. As a result, the market capitalisation of equities appreciated by N648.8 billion on Tuesday and Wednesday. 
 
Despite the rally, the market closed 2015 with a decline of 17.36 per cent lower. Specifically, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) closed the year at 28,642.25 points, compared with 34,657.15 as at end-December 2014. 
 
Through the year, the ASI traded within a band of 35,728.12 points and 26,537.36 points, and closed last Thursday at 28,642.25 points with a corresponding market capitalisation of N9.89 trillion. The 2015 performance was in line with expectations, given the current state of the Nigerian economy. 
 
It was another brief trading week as the Federal Government of Nigeria declared Monday, 28th December, 2015 and Friday, 1st January, 2016 as Public Holidays to celebrate Boxing Day and the New Year respectively. 
 
At the close of trades last week, all other Indices finished higher during the week, with the exception of the NSE ASeM Index that closed flat. 
 
The Nigerian equities market had rebounded to close the previous week in the green despite sell pressure in some highly capitalised stocks in the last trading day of the week. 
 
The previous week's performance was boosted by investors drive to take position in some highly discounted stocks for possible future gains. 
 
Meanwhile, analysts at InvestmentOne Limited enjoined investors to tread cautiously and take position in quality name ahead of earning season as the expected December rally is still in abeyance. 
 
"Although consensus view on equities in the immediate is pessimistic, we advise gradual building of positions in quality names for investors with a medium to longer term horizon. We continue to emphasize cautious trades, as the economic situation continues to weigh on market performance, resulting in our negative outlook till year end. In our view, investors with medium to longer-term investment horizons should continue to gradually build positions in quality names," they said. 
 
 
Daily Performance Analysis 
 
The market opened the week in the red last Monday as sell pressure on large cap stocks dragged the index to the negative territory. In all, the composite index declined by 0.40 per cent or 108.00 points to settle at 26,763.24 points with a corresponding market capitalization of N9.20 trillion. Sell pressure on the likes of Lafarge Africa Plc, Guaranty Trust Bank Plc, and Unilever Nigeria Plc largely accounted for the session's outcome, offsetting gains in Forte Oil Plc ,Zenith Bank Plc, and ETI Plc. Investors staked N3.56billion on 1.3 billion units of share exchanged in 2,455 deals, representing a 769 per cent rise in volume traded and a 129 per cent uptick in market turnover. Typically, Banking equities led by UBA Plc, Guaranty Trust Bank Plc and FBN Holdings Plc, accounted for the bulk of trades in the session (75 per cent of volume traded). The Oil and gas (5.18 per cent) sector recorded the only gain; while the Industrial (2.03 per cent), Consumer goods (1.28 per cent), and banking (0.95 per cent) trackers closed red Cement Company of Northern Nigeria Plc (10.11 per cent) topped the gainers chart while Glaxosmithkline Consumer Plc (5.00 per cent) topped the losers. 
 
After several sessions of negative returns, the returned northwards on Tuesday on the back of strong performances from some sector heavyweights. Leading the charge were the likes of Dangote Cement Plc, Nigerian Breweries Plc and Nestle Nigeria Plc, which added a combined 933 points to the benchmark index. Also notable on the gainers table were FBN Holdings Plc, Stanbic IBTC, and UBN Plc. Surprisingly major banking names: Guaranty Trust Bank Plc, and Zenith Bank Plc were exempt from the positive sentiments in the market. On the whole, the ASI gained 3.79 per cent to be at 27,777.83 points with a corresponding market capitalisation of N9.55 trillion. Despite the rally seen, market turnover declined by 45.3 per cent from its previous levels to N1.95 billion, while volume traded (1.41 billion) rose by about 6 per cent. The banking tracker (0.09), with Guaranty Trust Bank Plc and Zenith Bank Plc largely to blame, recorded the only negative performance amongst the major sectors. While the Consumer goods and Industrial sectors gained over four per cent each, the Oil and Gas sector posted a 0.69 per cent rise. Dangote Cement Plc (8.59 per cent) topped the gainers chart while E-Tranzact (5.00 per cent) topped the losers. Market sentiment as gauged by the market breadth index closed strongly positive as 33 advancers were recorded against nine laggards. 
 
The equities market rounded off the year on a high note, with the ASI recording an over three per cent gain. Similar to the previous session's performance, bullish sentiments towards Nigerian Breweries Plc, Dangote Cement Plc, and Nestle Nigeria Plc, largely accounted for the day's outcome. While volume traded declined by 82.1 per cent to close at 252 million units, market turnover improved markedly by 98.0 per cent to settle at N3.85 billion. 
 
 
Market Turnover 
 
Meanwhile, trades on the floor of the bourse recorded a turnover of 2.965 billion shares worth N9.364 billion in 7,174 deals in contrast to a total of 743.117 million shares valued at N6.591 billion that exchanged hands the previous week in 8,325 deals. 
 
The Financial Services Industry led the activity chart with 2.760 billion shares valued at N5.174 billion traded in 4,103 deals; thus contributing 93.06 per cent and 55.25 per cent to the total equity turnover volume and value respectively. The Services Industry followed with 66.805 million shares worth N203.043 million in 140 deals. The third place was occupied by the ICT Industry with a turnover of 42.737 million shares worth N21.730 million in 15 deals. 
 
Trading in the top three equities namely - African Alliance Insurance Company Plc, Sterling Bank Plc and FBN Holdings Plc (measured by volume) accounted for 1.998 billion shares worth N2.585 billion in 882 deals, contributing 67.36 per cent and 27.60 per cent to the total equity turnover volume and value respectively. 
 
Also traded during the week were a total of 60,171 units of Exchange Traded Products (ETPs) valued at N484,396.36 executed in 20 deals, compared with a total of 721 units valued at N250,859.50 transacted the previous week in 19 deals. 
 
A total of 75,750 units of Federal Government Bonds valued at N128.722 million were traded last week in one deal. However, there was no transaction recorded on bonds the previous week. 
 
Gainers and Losers 
 
Meanwhile, the price movement chart of the NSE showed that a total of 42 equities appreciated in price during the week, higher than 26 equities of the previous week. Twenty-two equities depreciated in price, lower than 27 equities of the previous week, while 126 equities remained unchanged, lower than 137 equities recorded in the previous week. 
 
The top 10 gainers were: Forte Oil Plc (N43.35), Nigerian Breweries Plc (N20.28), Cement Company of Northern Nigeria Plc (N1.04), Unity Bank Plc (18 kobo), Vono Products Plc (12 kobo) Union Bank of Nigeria Plc (94 kobo), Vitafoam Nigeria Plc (71 kobo), Airline Services and Logistics Plc (29 kobo), Eterna Plc (25 kobo) and Wema Bank Plc (11 kobo). 
 
Conversely, the top 10 losers included: Unilever Nigeria Plc (N2.25), Conoil Plc (N1.30), PZ Cussons Industries Plc (N1.20), Diamond Bank Plc (13 kobo), E-Tranzact Plc (16 kobo), Livestock Feeds Plc (7 kobo), Cadbury Nigeria Plc (90 kobo), Transcorp Hotels Plc (30 kobo), Chellarams Nigeria (18 kobo), and Tiger Brands Consumer Goods Plc (five kobo). 
 
 
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Nigeria: Stock Market Recovers N649 Billion in Two-Day Rally

By Goddy Egene and Eromosele Abiodun The Nigerian stock market recorded an unexpected rally last week, which was led to a recovery of N64...

Nigeria: NLC Fumes At Massive Corruption in Nigeria, Draws Battle-Line With Buhari Over Minimum Wage, Fuel Subsidy

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By Bassey Udo 
The Nigeria Labour Congress, NLC, has reviewed the year 2015 and described it as not only eventful, but challenging for workers, just as it outlined its expectations and fears in the New year, 2016. 
 
NLC President, Ayuba Wabba, said in his New Year message to Nigerians and workers that 2015 was particularly a trying year economically as a result of falling crude oil price, compounded by massive corruption and maladministration by the Jonathan administration. 
 
Mr. Wabba said the situation was worsened at the state levels as state governors across political parties further incapacitated workers and Nigerians through reckless plundering of state resources. 
 
He said the situation was so bad that by May 29, 2015 handover date, most of the governors could neither perform the ceremonial handing over, nor pay workers' salaries for between three to nine months. 
 
Rather than finding creative ways of reviving the economy devastated by their mismanagement and lack of foresight, the NLC President said the country's leaders resorted to Nigerian workers and the people as scapegoats. 
 
The NLC boss said the workers would be entering 2016 faced with uncertainties and other challenges, saying they expect the Buhari administration to provide succour to the people in areas that have eluded them for decades. 
 
He warned against recent threats by the Nigerian Governors Forum to abandon the N18, 000 national minimum wage, or consider sacking workers in the new year, saying: "We will fight to defend the right of workers to be paid take home wages that can actually take us home." 
 
Mr. Wabba accused President Buhari of giving tacit support to the governors, by agreeing during his maiden presidential media chat on Wednesday that states may not be able to with the minimum wage. 
 
The President, he pointed out, cannot empirically defend his support to the states, arguing that there was no state that cannot pay much more than the minimum wage if corruption and extravagance by public office holders were removed. 
 
Although it said it was ready to negotiate with government on the review of workers salary, the NLC said such negotiations would be predicated on the precondition of upward review. 
 
Mr. Wabba wants government to identify notorious businesses and multinational companies evading taxes and get them to comply accordingly. 
 
"Government needs to impose property tax on the several hundreds of flashy estates and other structures in Abuja and several state capitals across the country. Some of these structures have remained unoccupied for years, making us to believe that they are properties developed with laundered funds," he said. 
 
Accusing government of conniving with the World Bank and the International Monetary Fund, IMF, to exploit the current low crude oil price to remove fuel subsidy, the NLC said this was a unique opportunity for Nigeria to diversify its economic base. 
 
"Virtually all parts of our country is blessed with one form of agricultural produce or the other. Our governments need to invest in modern agricultural infrastructure so that we can bring back the groundnut pyramids, the cocoa and palm plantations of the First Republic," the NLC stated. 
 
It condemned government's plan to withdraw subsidy on petroleum products and deregulation of the downstream sector of the oil industry, saying workers would resist the Minister of State for Petroleum Resources, Ibe Kachikwu's desire to increase fuel prices in the name of "price modulation". 
 
Despite the minister's recent statements, Mr. Wabba said the workers would hold President Buhari to his words that "there is indeed no fuel subsidy to be removed". 
 
The NLC blamed the country's problems on endemic corruption in all facets of the society, saying the greatest casualties were the average Nigerians who are in perpetual economic bondage, lack of basic infrastructure and violence and general insecurity of lives and property. 
 
 
The recent exposure of the massive corruption scam by the former National Security Adviser, Sambo Dasuki, the Congress said, has strengthened the workers' resolve to support President Buhari's resolve to fight and defeat corruption. 
 
The NLC vowed to intensify its campaign for good governance in 2016, along with its battle against corruption, by working with professional bodies and other credible groups to "institute a mechanism of accountability and assessment of all public office holders". 
 
It promised to convene a National Civil Society Summit before the end of the first quarter to address how they could hold political leaders to account and make them responsive to the developmental aspirations of the people. 
 
"The summit will agree on mechanisms for developing a scorecard for cabinet ministers and state governors on good governance index to be released every December," the labour body explained. 
 
The summit, the NLC President said, would work with the Nigerian Bar Association, to devise ways to block loopholes in the country's justice system to prevent treasury looters from evading justice for upward of seven to 10 years. 
 
On the way forward for the oil sector, the NLC urged the federal government to expand the country's domestic refining capacity by building decentralised modular refineries to guarantee supply of 100 per cent of the country's fuel needs. 
 
In the light of dwindling oil revenues, the NLC asked government to take drastic action to reduce the high cost of governance in the three tiers of government by cutting salaries and allowances of "certain political and judicial office holders" put at about N1.126 trillion annually. 
 
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Nigeria: NLC Fumes At Massive Corruption in Nigeria, Draws Battle-Line With Buhari Over Minimum Wage, Fuel Subsidy

By Bassey Udo The Nigeria Labour Congress, NLC, has reviewed the year 2015 and described it as not only eventful, but challenging for wor...

Nigeria: CBN Governor Emefiele, Please Wake Up

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SINMO OLORUNFEMI 
 
The essence of the restriction could not have been to squeeze the small businesses and bit players, but that is what is playing out. They are not the ones responsible for the mess we are in, today. They are not the ones further depleting the limited foreign reserves we have with frivolous spending... We are talking about small time businesses and individuals plugged into the international system, in tune with today's reality. We are heading into the New Year on the wings of the uncertainty forced on the system by a lax regulator. The banks are feeding fat, while the CBN is snoring. President Buhari needs to wake up Governor Emefiele, and immediately too. 
 
Even though I think the president's communications team should have anticipated that Wednesday's media chat would definitely touch on the issue of foreign exchange restriction and get the CBN Governor and others in the economic team to sit with the president and have all the issues to do with this matter thrashed out before hand, the president himself has a way of making up for obvious strategic lapses. He did not overreach himself and smartly promised to look into the issues raised with the Central Bank of Nigeria. 
 
I am happy with President Muhammadu Buhari's promise to sit with the CBN to review its policy. I am not too sure that the letters of the regulations the CBN has put out is fully in tandem with the spirit behind it or completely in line with the mindset of the president. I am not also sure that the CBN itself fully understands what it is doing, all the ramifications to it, nor is it on its feet to mitigate unintended consequences of aspects of its forex policy. 
 
My thoughts on this matter, in part, have been generously shared in my article, "Robbing in the name of Banking?" But lest there be any confusion, I do not have any issue with the restriction placed on the importation of some items. In fact, I think more items could be added to that list. I do not have a problem with the daily limit set on transactions with the cards, even though it is at enormous expense and huge costs to some of our small businesses. But I have a problem with the restriction placed on depositing forex (cash) into domiciliary accounts in local banks. It makes little sense to me. If it is to guard against illicit inflow and money laundering, there is a robust monitoring mechanism in place if only the banks, agencies charged with monitoring such and the CBN will be true to themselves. 
 
 
To seek to ban the use of payment cards for online transactions, in this age where life and works has become globally interlinked makes little sense. This cannot be about curbing Nigerians' propensity for conspicuous consumption, which I even see as an opportunity, rather than a problem. 
 
Transactions are easy to monitor these days and are in fact, being monitored real time. It does not make sense shutting the door in the face of everyone simply to stop a few rogues who are masters at rigging the game, some even involved in drafting the rules of the game. This is particularly important in that for most small businesses and ordinary citizens, they have hardly ever benefited from the official window in accessing forex for legitimate transactions. For as long as I can remember, even with Form M opened the banks always found a way to refer their customers to BDCs. Customers had to fall back on the black market for forex to deposit into our domiciliary accounts, for transfers abroad and funding of fx-denominated cards to meet legitimate small and 'big' transactions. 
 
Apart from the routine Basic Travelling Allowance (BTA) and Personal Travelling Allowance (PTA), when available for those who travel internationally, there was not much to the benefit of regular Nigerians. Even the round-tripping carried out by some with BTA was mostly by the usual suspects in connivance with bankers and some ordinary Nigerians seeking to take advantage of a loophole opened for a select few. So, blocking the access for customers to source forex from the black market where the banks are purportedly sourcing from, to service international transactions made with payment cards, does not make much sense. 
 
If a threshold has to be set on how much can be deposited at once, how much can be transferred at once or periodically (already in place) and what purpose that is put to (already in place), that does make sense. To seek to ban the use of payment cards for online transactions, in this age where life and works has become globally interlinked makes little sense. This cannot be about curbing Nigerians' propensity for conspicuous consumption, which I even see as an opportunity, rather than a problem. One, I believe can be locally tapped to enhance productivity and national development. We are talking about simple regular transactions for training, books, journals, subscriptions, web-related activities, etc. routinely made with payment cards online. We cannot be seeking to promote innovation and shut ourselves out from the international payment gateway. 
 
... only a few months ago, there was too much money in the vaults. Today, there is scarcity, with banks claiming now to be sourcing forex, perhaps from other planets, making the rates shoot through the roof. It is obvious that the banks are the ones calling the shots, with the CBN only lazily tagging along. 
 
The system, as it is, confers a monopoly on banks the ability to bring into the system forex sourced outside the official window. They are taking maximum advantage of that monopoly. Even when they still have access to source forex at official rates, they are charging customers black market rates for transactions with cards, possibly making a kill, given the gap between the official and parallel rates. This is what one of the banks has to say in its official communication to us, in response to our query for charging over N400/pound for an online transaction - "The exchange rate applied to International Card transactions is a reflection of the trend in the economy. The banks, by CBN Regulation, are only allowed to settle card transactions with funds sourced from the Interbank Market. The rate applied to our Card is a function of the current daily Inter-bank rate and not the CBN rate or any other rate you may find on some FX websites. 
 
 
Please note that the rate for that day was used for your transaction and also note that this rate changes on a daily basis which is a result of the current scarcity of forex in the market which has also force some banks to disable their cards from performing international transactions." 
 
The bank now reminds us of scarcity when only a few months back, the banks claimed to be overwhelmed with large volumes of foreign currencies and elected to stop accepting foreign currency cash deposits. CBN had welcomed the decision and sanctioned it. So, only a few months ago, there was too much money in the vaults. Today, there is scarcity, with banks claiming now to be sourcing forex, perhaps from other planets, making the rates shoot through the roof. It is obvious that the banks are the ones calling the shots, with the CBN only lazily tagging along. 
 
Banks are taking advantage of their monopoly status, rigging the system and smiling to their vaults. You cannot blame them. They don't care. They have never cared. 
 
My guess is that the spike in the rates at the black market is itself a consequence of banks mopping up whatever is available at the black market, at whatever rate, assured that they are able to sell to desperate customers still using their cards for international transactions, seeing that those ones do not have a choice and given that not even the little courtesy of informing them of the rates for the day is extended to customers. If you seek to understand why we are where we are, try to look in the direction of those benefiting the most from what is going on. 
 
It could not have been the intent of the CBN to drive the rates through the roof, but that is what the restriction on alternative sources of funding domiciliary accounts and small-time transactions has triggered. Banks are taking advantage of their monopoly status, rigging the system and smiling to their vaults. You cannot blame them. They don't care. They have never cared. 
 
The essence of the restriction could not have been to squeeze the small businesses and bit players, but that is what is playing out. They are not the ones responsible for the mess we are in, today. They are not the ones further depleting the limited foreign reserves we have with frivolous spending. They are not legislators, trying to buy new cars to replace new ones, in spite of the state of the economy and belt-tightening measures being canvassed. We are talking about small time businesses and individuals plugged into the international system, in tune with today's reality. We are heading into the New Year on the wings of the uncertainty forced on the system by a lax regulator. The banks are feeding fat, while the CBN is snoring. President Buhari needs to wake up Governor Emefiele, and immediately too. This is not the time for somnambulism. 
 
Simbo Olorunfemi works for a Nigerian Communications Consultancy. 
 
 
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Nigeria: CBN Governor Emefiele, Please Wake Up

SINMO OLORUNFEMI The essence of the restriction could not have been to squeeze the small businesses and bit players, but that is what is...

Nigeria: 2016 Will Be Tough Financially for Nigeria, Obaseki Predicts

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Benin City — As the nation gears up for activities in the new year, a governorship aspirant of the All Progressives Congress (APC) in Edo State and the Chairman of the state Economic Team, Godwin Obaseki, at the weekend said 2016 would be tough for Nigeria financially, hoping however that states like Edo and others that have been able to develop prudent financial administration would be able to stand the test and eventually progress. Obaseki stated this at the state secretariat of the Nigeria Union of Journalists (NUJ) when he hosted journalists in the state to an end of year party. 
 
According to him, "I am coming here to felicitate with the fourth estate of the realm. It is quite easy for us to forget in a hurry where we are coming from. Today is December 31, 2015 and we all are seated in a country call Nigeria. We have almost forgotten that they almost plunged this country into chaos and we have almost forgotten what God has done for us as a country and as a people by still keeping us as one in spite of what we went through. "We have so much to be grateful to God for. Look at the criticism you were subjected to both from the opposition and the then ruling party but you survived so there is much for us to celebrate." He therefore called for hope ahead of the challenges in the new year, saying "As we look forward towards 2016 and even though 2016 does not portend the kind of crisis we anticipated in 2015, 2016 itself also has its own challenges. There is no gainsaying that we are in a recession and recession is going to bite harder in 2016. Things will be difficult for us as individuals, family, community even as a state and also as a country. 
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Nigeria: 2016 Will Be Tough Financially for Nigeria, Obaseki Predicts

Benin City — As the nation gears up for activities in the new year, a governorship aspirant of the All Progressives Congress (APC) in Edo ...

Federal government officially stops payment of subsidy on petrol

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The absence of the usual subsidy component in the latest Petroleum 
Products Pricing template from the Petroleum Products Pricing Regulatory
 Agency, PPPRA, has indicated the federal government’s decision to 
officially stopped paying subsidy on the premium motor spirit, PMS, 
better known as petrol. 
 
The official pricing template for petrol 
by the PPPRA as of December 28, 2015 saw the Federal Government 
subsidising the product by N6.45 per litre when the Estimated Open 
Market Price, EOMP, at that time was N93.45. This was N6.45 higher than 
the then retail price of N87 per litre. 
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The EOMP is the summation 
of the landing cost of petrol and subtotal margins which include 
transporter’s cost, dealer’s charge, bridging fund, administrative 
charge, etc. This, to experts, makes EOMP the true cost of the product. 
 
On the revised template, the EOMP set by the government agency that 
regulates the prices of petroleum products in the country is now N84.78 
for NNPC fuel stations and N85.1 for stations run by other oil marketer 
companies. 
 
Prior to the release of the revised template, the EOMP 
was usually higher than the retail/pump price of petrol at filling 
stations, with the federal government paying the difference between the 
retail price and the EOMP as subsidy to oil marketers. 
 
With the 
new EOMP being lower than the retail price of N86.5 set by the Federal 
Government as what petrol should be sold nationwide, this means that 
Nigerians are paying an extra N1.4 for the commodity whenever they buy 
PMS at non-NNPC run petrol stations and N1.22 extra for every litre of 
petrol bought at NNPC-run filling stations. 
 
Last Tuesday, the 
PPPRA had, after getting approval from the Federal Government, announced
 that retail fuel stations belonging to the NNPC would from Friday, 
January 1, 2016 sell petrol at N86 per litre, while other oil marketers 
would sell the commodity at N86.5 per litre. 
 
 It explained through its Executive Secretary, Mr. Farouk Ahmed, that the
 reduction in the price of the commodity was due to the implementation 
of the revised components of the petroleum products pricing template for
 PMS and Household Kerosene. 
 
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Federal government officially stops payment of subsidy on petrol

The absence of the usual subsidy component in the latest Petroleum Products Pricing template from the Petroleum Products Pricing Re...

AFTER CHANGE WHAT'S NEXT: CHAPTER (2)

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AFTER CHANGE WHAT NEXT</div>
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CHAPTER TWO</div>
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 BABA AND OUR ECONOMY 
 
Some said we are operating capitalism, some said it it is mixed economy, abeg leave all those ones for Dr Mrs Akintunde ( my lecturer at uniosun). Do you know her nickname? Forget,. All I know is any economic system that would put food on my table; not like garri and groundnut. 
 
Time to get serious, how do you run an economy where its external reserve is now below $30 billion; how do you run an economy where its budget for recurrent ex penditure is more than 5 folds of its capital expenditure (2013 and 2014 nigerian budget)?  How do you run an economy where 70% live in abject poverty? How do you run an economy where the minimum wage, when multiplied  by 10 is not up to how much a senator earns? The problems continues. I just hope Mr president-elsct  (at least as at when this is being written) would not find this as Olamide (Badoo) would say 'story for the gods'. 
 
How we have gotten into these mess does not really matter. What matters is how are we going to get out of this mess? 
 
Step I: Ensure co-operation of all parties. More than 30 political padties engaged in the just concluded election definately some of them would have blue prints of how they want the economy to be runned. The highlights of the election was that the major loser congratulated the winner, it hardly happens. Sorry, has it ever happened? 
 
Just like one of my favourite sayings "my first name as Mr president is to make the post unattractive ." Then I look up to myself and say, is that posible?  Okay, that is true. There is nothing imposible for a willing a heart. Why is it that most of all these quote are given by non-Nigerians? 
 
Don't let us divert our attention. Let get into the fact, how do you get 24.9 million out of unemployment? 
 
Unemployment! Unemployment!! Unemployment!!! Makes me remember the snail and its shell ( bi igbin bafa ikarahun atele ). Apology to all my non-yoruba friends, I like it more when I remember "Ogbomosho, my root". When are we going to be free of all this shackles? 
 
APC says in its manifesto; to produce 20,000 jobs in each state, each year. Is this enough ( that is even if they achieve that) my great UNIOSUN, great indeed) produces nothing less than 2 thousand graduates for a year, not to talk of schools like O.A.U Ile-ife, Fountain universityy, Federal politechnic Ede, Oscotech, Ire polytechnic, etc i.e (using Osun State as case study) an we still have deficit of unemployment as at when this book is being written. Omo wahala wa o. 
 
Then, a solution arose on my mind. Self employment in Nigeria is how to make it attractive. How on earth would you make a farmer wear suit; a barbar put on longsleeves and trousers? I don't mean these literary but , I mean the in depth meaning. We should treat the self-employed the same way we treat our so-called white colarjob. After all , our problem began with these white collar jobs self, abi name lie? 
 
I have always believed my country suffers from only one problem, one problem, just one problem and indeed that problem is................corruption. It gives birth to all other  problems. Solve corruption and it would have multiplier effect on others like poverty, unemployment, rural-urban migration, high death rate,insecurity, etc. Then, we can move forward to what........ Fidgeting the hand that fed you (Buhari) or better still breaking those hands if found necessary. And that leads us to curb unemployment through sports .....is that possible. How on earth is that possible. The next chapter says it all. 
 
 
<Watch out for chapter three. 
 
 
By: Mustapha Olawale Lukman. 
Osun State University, Osogbo, Nigeria. 
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AFTER CHANGE WHAT'S NEXT: CHAPTER (2)

AFTER CHANGE WHAT NEXT CHAPTER TWO BABA AND OUR ECONOMY Some said we are operating capitalism, some said it it is mixed e...

Buhari must prosecute rebels - UN

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Geneva - The United Nations' top human rights official called on Nigeria's new President Muhammadu Buhari on Friday to investigate reports of horrifying crimes by Boko Haram rebels and alleged abuses by the military. Zeid Ra'ad Al-Hussein said he had seen allegations of mass executions, rape and amputations of children by Boko Haram - a day after two blasts killed more than 30 people in the group's northeast heartland. There were also reports Nigeria armed forces had mistreated people detained on suspicion of belonging to the group, he added. “Civilians in northeast Nigeria have been living through horrifying acts of cruelty and violence by Boko Haram. These include wanton killings, summary executions, forced participation in military operations - including the use of children to detonate bombs, forced labour, forced marriage and sexual violence, including rape,” Zeid said in a statement. Buhari, who was sworn in a week ago, said on Wednesday that Nigeria's army will take a bigger role in the effort to crush Boko Haram, by taking over from soldiers from Niger in occupying towns liberated from the Islamist militant group. Zeid, citing eyewitness testimony gathered by his office on atrocities committed by Boko Haram, said: “We have reports of children who were suspected of theft and had their hands amputated, of a man stoned to death on accusations of fornication, mass executions of captives whose hands and legs were bound and who were dumped into rivers and wells.” At least 1 000 people, “possibly many more,” were brutally killed by Boko Haram in Mararaba Madagali in Adamawa State in late 2014, the statement said. Other witnesses described how insurgents asked villagers in Kwajafa in Borno state in April to gather to hear them preach. “When the villagers gathered, the insurgents opened fire. The UN Human Rights Office has also received a video recording of an execution, allegedly of a girl who refused to convert to Islam.” ADVERTISEMENT Zeid, referring to “extremely worrying reports” that had emerged about the conduct of Nigerian armed forces, said one man testified about his ordeal when he was mistaken for a Boko Haram member and detained by the military in Yola in Adamawa. “The man said he spent five days without food or water, as detainees drank the urine of others to quench their thirst. He claimed that there was an average of five deaths per day in the facility,” he said. There was no immediate comment from the Nigerian government or armed services.</div>

Buhari must prosecute rebels - UN

Geneva - The United Nations' top human rights official called on Nigeria's new President Muhammadu Buhari on Friday to investigat...

U-20 world cup: Nigeria’s golden boys

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After conquering Africa, the Flying Eagles are set to begin the battle for a first U-20 World Cup title in New Zealand. IDRIS ADESINA takes a look at the Nigerian squad ahead of Monday’s clash against Brazil Joshua ENAHOLO Position: Goalkeeper Club: MFM FC Birthdate: July 24, 1996 Height: 181cm Enaholo displaced the more fancied Alampasu as first choice keeper at the AYC and went on to play four out of the team’s five games, conceding just two goals. He is banking on a solid outing in New Zealand, to seal a deal in Europe. ADVERTISEMENT Musa MUHAMMED Position: Right-back Club: Heart Academy Birthdate: October 31, 1996 Height: 174cm Musa captained the U-17 team to World Cup glory two years ago and is now poised to lead the squad, made up largely of his 2013 teammates, to a first U-20 World Cup title for the country. Abdullahi MUSTAPHA Position: Left-back Club: Spotlights Birthdate: January 18, 1996 Height: 167cm The left-back played all five games as the Flying Eagles annexed the AYC for a record seven times in Dakar. And Garba will surely stick with the hardworking and highly disciplined player in New Zealand. Dele ALAMPASU Position: Goalkeeper Club: Football College Academy Birth date: December 24, 1996 Height: 180cm Golden gloves winner at the 2013 U-17 World Cup, Alampasu lost his starting place in the Flying Eagles to Enaholo and Ojo Olorunleke in that order. He didn’t taste action at the AYC but will aim to fight for a place at the World Cup to enhance his chances of moving to Europe. Prince OMEGO Position: Defender Club: Apapa Golden Stars Birthdate: August 15, 1996 Height: 174cm Omego recovered from a head accident during the Super-4 tournament in January to help the Flying Eagles to victory at the AYC in March. The goal scoring defender adds more attacking options to the squad. Bernard BULBWA Position: Midfielder Club: Shuttle Sports Academy Birthdate: October 11, 1996 Height: 166cm Bulbwa was the team’s hero at the AYC, his ‘wonder goal’ in the final against hosts Senegal earning Nigeria the 2015 AYC title. His long range effort was the best goal of the tournament. The midfielder’s high work rate and ferocious shots are his strong points. Success ISAAC Position: Forward Club: Granada Birthdate: January 7, 1996 Height: 178cm Also a member of the 2013 Eaglets, Isaac has developed at a fast rate playing in La Liga. In December, the forward’s goal against Valencia made him the youngest scorer in La Liga. Garba will be hoping he transfers his club form to the Flying Eagles. Success ISAAC Position: Forward Club: Granada Birthdate: January 7, 1996 Height: 178cm Also a member of the 2013 Eaglets, Isaac has developed at a fast rate playing in La Liga. In December, the forward’s goal against Valencia made him the youngest scorer in La Liga. Garba will be hoping he transfers his club form to the Flying Eagles. Musa YAHAYA 
 
Position: Midfielder Club: Tottenham Hotspur Birthdate: December 16, 1997 Height: 170cm Yahaya was left out of the squad to the 2015 AYC after he tore a ligament in a friendly against Ghana. The Mutunchi Football Academy graduate will be hoping for a good outing in New Zealand to get a place in Tottenham’s first team. 
 
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Kingsley SOKARI Position: Midfielder Club: Enyimba Birthdate: May 30, 1995 Height: 172cm A senior international, Sokari first caught the eye last November during a friendly between home-based Eagles and Ghana’s U-23 team. Sokari has good ball control, great vision and killer passes. He also has an eye for goal. Ifeanyi IFEANYI Position: Midfielder Club: Water FC Birthdate: August 15, 1995 Height: 173cm Ifeanyi played all five matches at the 2015 AYC. The power-playing midfielder will hope to have a better outing in New Zealand. Saviour GODWIN Position: Forward Club: FC Sports Birthdate: August 22, 1996 Height: 170cm Godwin was also part of the 2013 Golden Eaglets team but was left out of the Flying Eagles squad to the AYC in Senegal. Chidiebere NWAKALI Position: Midfielder Club: Manchester City Birthdate: December 26, 1996 Height: 173cm Nwakali was another star performer at the 2013 U-17 World Cup, scoring twice. Ifeanyi MATHEW Position: Midfielder Club: El-Kanemi Warriors Birthdate: January 20, 1997 Height: 173cm Matthew played for Nigeria at the 2015 AYC, scoring once. He is already attracting interests from clubs in Europe, and New Zealand provides the platform to raise his current profile. Onyinye NDIDI Position: Defender Club: Genk Birthdate: December 16, 1996 Height: 186cm Highly-rated Genk center-back Ndidi’s experience will come in handy for the squad, having featured at the U-20 World Cup in Turkey in 2013. Chidera EZEH Position: Forward Club: FC Porto Birthdate: October 2, 1997 Height: 180cm Also a member of the 2013 Eaglets, Ezeh was a part of the Flying Eagles team to Senegal. With just a year left before he signs a professional contract with Porto, he will be seeking to impress with another assured outing in New Zealand. Taiwo AWONIYI Position: Forward Club: Imperial Academy Birthdate: August 12, 1997 Height: 181cm The Eaglets’ super sub in 2013, Awoniyi has turned to the U-20 team’s talisman. He scored three goals to help Nigeria lift the title in Senegal. After the tournament, he was drafted to the U-23 and his goals against Zambia helped the team qualify for the All-Africa Games. Zaharaddeen BELLO Position: Defender Club: Dabo Babes Academy Birthdate: December 21, 1997 Height: 177cm Courted by clubs in Europe after his exploits at the AYC in Senegal, where he played in all five matches, Bello, another graduate of the 2013 Eaglets, will be seeking to move his career to new heights in New Zealand. Moses SIMON Position: Forward Club: Gent Birthdate: July 12, 1995 Height: 168cm After scoring seven goals for Gent in the Belgian topflight and making the Belgium Team of The Year, Moses, who has been capped at senior level, will hope to end on a high at the World Cup. Olorunleke OJO Position: Goalkeeper Club: Giwa Birthdate: August 17, 1995 Height: 189cm Second to Enaholo in the goalkeeping pecking order, Ojo kept in the 2-2 draw against Ivory Coast at the AYC. Manu Garba Position: Coach Birthdate: December 31, 1965 One of the country’s most highly rated coaches, Garba has successfully progressed from the U-17 to U-20 levels. After conquering the world with the Eaglets in 2013, he also led the Flying Eagles to AYC triumph in 2015. If his side wins the 2015 U-20 World Cup, Garba will become Nigeria’s most successful coach at junior level. 
 
 
 
Source: Punchng</div>

U-20 world cup: Nigeria’s golden boys

After conquering Africa, the Flying Eagles are set to begin the battle for a first U-20 World Cup title in New Zealand. IDRIS ADESINA tak...

75 dead in Syria barrel bombings

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A series of barrel bombs dropped by Syria’s government has killed at least 75 people and wounded dozens others in Aleppo province, according to medical sources and a monitoring group. The deaths occurred in two separate incidents on Saturday when helicopters dropped explosives-filled barrels, which are deemed illegal under international law. One barrel bomb hit the rebel-held Shaar neighbourhood of Aleppo, killing at least 20 people, most of them from the same family, local activists have told Al Jazeera. In the second attack, at least 55 people were killed after bombs hit a busy market in al-Bab city – about 40km northeast of Aleppo city, which is controlled by the Islamic State of Iraq and the Levant. The UK-based Syrian Observatory for Human Rights, which documents violence through a network of activists on the ground, dubbed the al-Bab attack as a “massacre,” adding that the number of dead likely would rise because many of the wounded were in critical condition. This comes a day after rebel fighters seized the last government-controlled town in the country’s northwestern province of Idlib after government forces retreated to their coastal bases, according to activists and a monitoring group. ADVERTISEMENT A Syrian coalition known as the Fattah Army seized the town of Ariha on Thursday, giving the group full control of Idlib province. 
 
 
Source: Al-jazera</div>

75 dead in Syria barrel bombings

A series of barrel bombs dropped by Syria’s government has killed at least 75 people and wounded dozens others in Aleppo province, accordin...

How Central Bank officials defrauded Nigeria of N8 billion – EFCC

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Top officials of the Nigeria Central Bank, CBN, colluded with officials of private banks to defraud the country of about N8 billion, an anti-graft agency has said. The EFCC said on Sunday that it is ready to prosecute Patience Okoro Eye, Afolabi Olufemi, Kolawole Babalola, Olaniran Muniru Adeola, Fatai Yusuf Adekunle, and Ilori Adekunle Sunday, all top officials of the Central Bank from various states, after concluding its investigations. Officials of private banks who colluded with the Central Bank officials will also be prosecuted, the EFCC spokesperson, Wilson Uwujaren, stated in a statement. The scam involved the “theft and recirculation of defaced and mutilated currencies,” the anti-graft agency stated.The officials are set to be arraigned on Tuesday. Read the full statement below: EFCC To Arraign Six CBN Big Wigs,16 Others for N8billion Currency Fraud June 2 The Economic and Financial Crime Commission, EFCC has concluded arrangement to arraign in court, five top executives of the Central Bank of Nigeria, CBN, implicated in a mega scam involving the theft and recirculation of defaced and mutilated currencies. The suspects drawn from various business units of the apex bank are to be docked by the anti-graft agency before a Federal High Court sitting in Ibadan, Oyo State, from Tuesday June 2, 2015 to Thursday June 4, 2015. They include Patience Okoro Eye( Abuja) , Afolabi Olufemi( Lagos), Kolawole Babalola (Ibadan), Olaniran Muniru Adeola (Ibadan), Fatai Yusuf, Adekunle (Head, Security, CBN, (Ibadan) and Ilori Adekunle Sunday,(Akure). The remaining sixteen suspects are drawn from various commercial banks who were found to have conspired with the CBN executives to swing the heist. All the suspects who are currently in the custody of the EFCC are now ruing the day they literally allowed greed and craze for materialism to be loud their sense of judgement and responsibility, when they elected to help themselves to tones of defaced Naira notes. Instead of carrying out the statutory instruction to destroy the currency, they substituted it with newspapers neatly cut to Naira sizes and proceeded to recycle the defaced and mutilated currency. The fraud is partly to blame for the failure of government monetary policy over the years as currency mop up exercises by the apex bank failed to check the inflationary pressure on the economy. The lid on the scam which is widely suspected to have gone on unchecked for years, was blown on November 3, 2014 via a petition to the EFCC alleging that over N6, 575, 549, 370.00( Six Billion, Five Hundred and Seventy-Five Million, Five-Hundred and Forty-Nine Thousand, Three Hundred and Seventy Naira) was cornered and discreetly recycled by light fingered top executives of the CBN at the Ibadan branch. The suspects, who were members of the Briquetting Panel, plotted their way to infamy on September 8, 2014, while carrying out a Briquetting exercise at the CBN Branch, Ibadan. In banking parlance, Briquetting is disintegration and destruction of counted and audited dirty notes. By this practice, depositor banks usually take mutilated notes to the CBN in exchange for fresh notes equivalent of the amount deposited. The depositor banks in this instance are Zenith Bank, FCMB, Wema Bank, Access Bank, First Bank, Skye Bank, Ecobank and Sterling Bank. But while carrying out the assignment, the team were alleged to have found one of the currency boxes filled only with old newspapers rather than 20 bundles of N1000 notes. A similar case, according to investigation, had been discovered on September 22, 2014 when a box that was supposed to contain N500 notes to the tune of N5billion was filled with old newspapers. Unlike in the past, this fraud could not be swept under the carpet, as a member of the Briquetting Panel from the Osogbo branch blew the lid on the illicit deal. In a statement, the informant stated that the exercise was designed to last between August 4 and 8, 2014. The 35-year-old, however, stated that she discovered a strange ‘sight’ while opening the third box on the second day of the exercise. It was a discovery that beat her ken. She added that she confronted the other members of the panel, including Eye, Head, Briquetting Panel; Treasury Assistant; Coordinator and Head, Security, CBN, Ibadan, who all assured her that they would look into it. But she later found out that it was all a ruse. She said she later found out that Eye not only maintained sealed lips over the matter but omitted it from her report. A five-count charge awaits the suspects as they prepare to face the wrath of the law. 
 
 
Source: Premiumtimesng</div>

How Central Bank officials defrauded Nigeria of N8 billion – EFCC

Top officials of the Nigeria Central Bank, CBN, colluded with officials of private banks to defraud the country of about N8 billion, an ...

Industrialisation is solution to mass unemployment (2) — Prof. Ogbimi

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                Prof. Ogbimi 
 
 
 
In this edition, we serve you the concluding part of the interview on “industrialisation is solution to mass unemployment.” Enjoy it. 
How can African nations, Nigeria in particular, be industrialized like Europe, America and Asia? 
 
A very important result of our curiosity-driven research is that all the industrialized nations of today were agricultural/artisan, non-industrialized and poor nations for 2000-3000 years. This finding suggests that the development process is a serious matter. More importantly, the Euro-Asian experiences raise three fundamental questions. 
 
First, why did it take Caucasians and Asians 2000-3000 years to achieve modern industrialization? Second, what does industrialization entail? Third, how long will it take Nigeria and other African nations to achieve modern industrialization? Western social sciences have no scientific answer to any of these questions. 
 
A crucial question still crying for a scientific answer from all those claiming to be experts in managing an economy is: WHAT DOES A NATION DO TO ACHIEVE SUSTAINABLE ECONOMIC GROWTH AND INDUSTRIALIZATION (SEGI)? To this question we found out that many researchers had shown that mere capital investment is not the primary source of SEGI. 
Further analysis, using algebraic techniques, showed that the intrinsic values of all capital assets (roads and bridges, railway lines, telecommunications networks, stadia, airport and seaports, machinery and equipment, real estate, furniture, etc.) depreciate with time and intensity of usage. The concept of depreciation is well known in economics and accountancy. Hence all capital assets are Depreciating Assets (DAs). 
 
 
A nation which emphasizes capital investments only invests on a decreasing investment function like that person pumping water into a profusely-leaking overhead water tank. Who is that man who fails to educate his three sons and builds estates for them to inherit? Is the man a sage or a fool? In the same vein, a nation which emphasizes erection of structures to the neglect of developing the people is a foolish nation. 
On the other hand, our research revealed that learning is the primary source of sustainable economic growth, industrialization and development (SEGID). The newly-born baby, whether Caucasian, Asian or African, cries to announce its arrival in the world, if it is quite healthy. The baby soon begins to babble (learns how to talk) and acquires the skills and capability to talk and speak a language. All other skills are acquired through learning. 
 
Learning transforms an individual or nation from an undesirable status (UDS) into a desirable status (DES). Thus, it is learning that transforms a nation from the UDS characterized by agricultural/artisan economy, mass unemployment and poverty into the DES characterized by industrialization and wealth. Nigerians must learn how to make the things Nigeria imports. Industrialization is promoted through learning. The intrinsic value of the learning-man or learning-woman appreciates in a compound fashion with learning intensity and time. 
 
Hence, the learning-man and learning-woman are Appreciating Assets (AAs). That means learning – education and training, is the primary source of SEGID. A nation which promotes education and training invests on an increasing investment function. Learning increases our knowledge, skills and capability to do things including production. Industrialization is a learning and capability-building process. Learning institutions increase the intrinsic values of the citizens of a nation and the intrinsic value of the nation. 
 
Thus, when a person commences an educational or apprenticeship (training) scheme, he or she begins from the lowest or novice position. Usually, at the end of the first year of learning, the learning-person is promoted to the second level, having learnt the things scheduled for level one. At the end of the second year, the learning-person again, is moved to level three. The growth achieved this way is sustainable and promotes economic development. 
 
The learning person builds-up capabilities or competences. That is, his or her capabilities for doing things increase as long as he or she continues to learn. This also means that the learning person and nation move up the competence scale or ladder with increase in learning time and intensity. 
 
The intrinsic value of the learning-person can be expressed in a quantitative manner. In a nation where learning – education and training, is emphasized, there is continuous build-up of knowledge, skills and competences (KSCs). As the learning process continues, a point is reached where each type of KSCs begins to enjoy the supportive impact of all others and all of them together form an invisible KSCs-network, a sort of problem-attacking front. 
 
The nation at that point achieves Industrial Revolution (IR) – a technological puberty. The nation is described as an industrialized nation. That means, the nation achieves a unique knowledge-skills-competences status similar to achieving biological puberty in human beings. Industrialization like achieving puberty confers special advantages on an economy. 
The nation then enjoys the powers, or aftermath or fruits of industrialization. National productivity improves dramatically, the nation achieves economic diversification – the various sectors of the economy begin to perform efficiently and effectively. 
 
Source: Vanguardng 
 
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Industrialisation is solution to mass unemployment (2) — Prof. Ogbimi

Prof. Ogbimi In this edition, we serve you the concluding part of the interview on “industrialisation is solution to ...

PDP Congratulates Buhari, Ready for Opposition

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PDP logo 
 
 
  
The Peoples Democratic Party (PDP) yesterday congratulated  General Muhammadu Buhari as he took office as President. 
This is as Deputy Senate President, Senator Ike Ekweremadu, has said that members of the Peoples Democratic Party (PDP) in the forthcoming 8th National Assembly would provide credible opposition that would further deepen democracy and promote good governance in Nigeria. 
 
 
The party in a statement signed by the National Publicity Secretary,  Olisa Metuh, Friday, wished the new President success in piloting the affairs of the country in the next four years. 
 
“The PDP wishes General Buhari a successful tenure as President of our dear nation. Indeed, we appreciate the fact that his success would be to the benefit of Nigeria as a nation. "It is against this backdrop that we wish him good health, vigour and wisdom to pilot the affairs of the nation in the next four years. 
“We also join millions of Nigerians and the international community in commending and applauding immediate past President Goodluck Jonathan for a smooth transition as well as his democratic credentials and enduring legacies in ensuring the stability of the nation”, the statement said. 
 
 
The PDP said  that as a party that had nurtured and sustained democracy in the last 16 years, it would remain committed to the democratic ethos as well as the unity, stability and prosperity of Nigeria at all times. 
Ekweremadu, in a statement by his Special Adviser on Media, Uche Anichukwu, in Enugu, on the occasion of Nigeria’s 16th Democracy Day anniversary, described the smooth transition from PDP administration led by former President Goodluck Jonathan to the All Progressives Congress (APC), as a big leap for the nation’s democracy. 
 
The statement read: “It is to the credit of Nigerians that the Fourth Republic has outlasted the nation’s previous democratic experience. Despite our challenges, Nigeria witnessed a historic transition from one democratic administration to the other in 2007. And on this Democracy Day anniversary, we have witnessed the first transition of the instruments of power from one party to the other and the world has continued to pour encomiums on our immediate past President and Nigerians because this came without bloodshed, violence or break-up of the country as many had predicted." 
 
While calling for a cross-party support for the administration of President Muhammadu Buhari, Ekweremadu said the Forum of PDP National Assembly Members-elect had resolved to go on a retreat, with the theme: ‘'The Role of the Opposition in Facilitating Development and Good Governance’' 
 
He said the aim was to “Equip its members with the requisite skills and knowledge on change management and how to provide the much needed responsible and robust opposition that deepens democracy and promotes national development.” 
He added: “Having lost our majority advantage in the National Assembly for now, it naturally means that the PDP will assume the role of the opposition in the 8th National Assembly. This is an entirely new experience for the party since its inception. 
 
“Resource persons who have been through this road before especially from emerging democracies in Africa have accepted to come and share their experiences with us. We believe that this will go a very long way in shaping not only the quality of governance in the next four years but will also help to re-launch the party to power,” he added. 
 
He also said the Forum would hold the federal government accountable for any misdeed and ensure that Nigerians were not short-changed. 
 
 
Source: Thisdaylive 
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PDP Congratulates Buhari, Ready for Opposition

PDP logo The Peoples Democratic Party (PDP) yesterday congratulated General Muhammadu Buhari as he took office as President. This...