Dangote Lost $4.9 Billion in 2016

The President of Dangote Group and Africa’s richest person, Alhaji Aliko Dangote lost $4.9 billion or one-third of his wealth, as the combined effect of falling oil prices and the naira devaluation in June pushed him to the 112th richest person in the world with a net worth of $10.4 billion, the latest Bloomberg Billionaires’ Index released yesterday has revealed.

According to the index, Dangote was the world’s 46th-richest person as of June this year.
However, the report pointed that in a year when populist voters reshaped power and politics across Europe and the United States, the world’s wealthiest people were ending 2016 with $237 billion more than they had at the start.

Triggered by disappointing economic data from China at the beginning, the U.K.’s vote to leave the European Union in the middle and the election of billionaire Donald Trump at the end, the biggest fortunes on the planet whipsawed through $4.8 trillion of daily net worth gains and losses during the year, rising 5.7 per cent to $4.4 trillion by the close of trading December 27, according to the Bloomberg Billionaires’ Index.

“In general, clients rode through the volatility,” said Simon Smiles, chief investment officer for ultra-high-net-worth clients at UBS Wealth Management. “2016 ended up being a spectacular year for risk assets. Pretty remarkable given the start of the year.”
The gains were led by Warren Buffett, who added $11.8 billion during the year as his investment firm, Berkshire Hathaway Inc. saw its airline and banking holdings soar after Trump’s surprise victory on November 8.

Buffett, who’s pledged to give away most of his fortune to charity, donated Berkshire Hathaway stock valued at $2.6 billion in July.
The U.S. investor reclaimed his spot as the world’s second-richest person two days after Trump’s victory ignited a year-end rally that pushed Buffett’s wealth up 19 per cent for the year to $74.1 billion.

“2016’s been event-driven with global news driving prices rather than fundamentals,” president of Ascent Private Capital Management, which has about $10 billion of assets under administration, Michael Cole said.

“The belief that Trump is going to come in and deregulate big parts of the economy is driving the markets right now.”
The individual gains for the year were dominated by Americans, who had four of the five biggest increases on the index, including Microsoft Corp. co-founder Bill Gates, the world’s richest person with $91.5 billion, and oilman Harold Hamm.

The country’s richest were largely opposed to a Trump presidency during the election, including Dallas Mavericks owner Mark Cuban, who told the media in May that stocks could fall as much as 20 per cent if Trump were to win the election.

U.S. billionaires — including Buffett — favored Trump’s rival Hillary Clinton. Still, they profited from his victory when they added $77 billion to their fortunes in the post-election rally fuelled by expectations that regulations would ease and American industry would benefit.

The New York real estate mogul is building a cabinet heavy on wealth and corporate connections, and light on government experience, a mix that hedge fund billionaire Ray Dalio said last week would unleash the “animal spirits” of capitalism and drive markets even higher. Dalio is the world’s 63rd-richest person with $14.1 billion.

Investors and executives welcomed Trump’s picks, including billionaire Wilbur Ross to lead the Department of Commerce and former Goldman Sachs Group Inc. executive Steven Mnuchin as his Treasury secretary, who have a combined net worth of at least $5.6 billion, according to the index.

Gates remained the world’s richest person throughout the year. Amancio Ortega, Europe’s richest person and founder of the Zara clothing chain, was in second place on the index for most of the year until he ceded it to Buffett in November. Ortega, who dropped $1.7 billion in 2016, is the world’s third-richest person with $71.2 billion.

Wildcatter Hamm’s fortune was propelled by a strengthening oil price and expectations a Trump administration will slash fossil-fuel regulations. Hamm added $8.4 billion to more than double his fortune to $15.3 billion. He led the 49 energy, metals and mining billionaires, who were the best-performing category on the ranking, adding $80 billion and reversing the $32 billion fall they had in 2015.

Billionaire brothers Charles and David Koch each dropped $2 billion after Koch Industries reported on its website that annual revenue is estimated to be “as high as $100 billion”, compared with the estimate of “as much as $115 billion” that the conglomerate published on the site previously. Company spokesman Rob Carlton stated in a November 17 e-mail that Koch revenue fluctuates with the price of commodities.

Technology fortunes were the second-best performing on the ranking, with 55 billionaires adding $50 billion to their fortunes over the year, despite worries that a Trump presidency might introduce policies that could hurt their companies.

Amazon.com Inc. founder Jeff Bezos, who doubled his fortune to $60 billion in 2015, led gains among technology executives again this year, rising $7.5 billion in 2016 on robust sales growth at the online retailer. He was followed by Facebook Inc. co-founder Mark Zuckerberg, who added $5.4 billion.

Some of the industry’s biggest relative gains went to the founders of the world’s leading startups such as Uber Technologies Inc.’s Travis Kalanick and Snap Inc.’s Evan Spiegel. The so-called “unicorn” billionaires, which include Spotify Inc. co-founder Martin Lorentzon, who was identified as a billionaire for the first time in 2016, secured a series of mammoth funding rounds while moving closer to testing their fortunes on the public markets.

Other billionaires uncovered by the Bloomberg index in 2016 included the father and son behind Jose Cuervo tequila, New York real estate developer Axel Stawski and Kosovo construction tycoon Behgjet Pacolli.

The index also unveiled 11 surviving family members of reclusive Thai entrepreneur Chaleo Yoovidhya, the inventor of Red Bull, whose heirs share a combined $22 billion net worth, the world’s largest energy-drink fortune. Three billionaires emerged in Argentina, including the country’s first technology billionaire Marcos Galperin, as markets rose on enthusiasm for President Mauricio Macri’s finance-friendly economic policies.

China has 31 billionaires on the index with $262 billion, trailing the U.S., which has 179 billionaires who control $1.9 trillion, and Germany, whose 39 individuals have $281 billion. Russian billionaires also began to put the negative effects of U.S. and European sanctions behind them, reversing the combined $63 billion declines for 2014 and 2015 and adding $49 billion in 2016.

FG recovers 40 new SUVs from former permanent secretary

The Federal Government says it has recovered 40 brand new SUVs and other vehicles from a former Permanent Secretary who single-handedly appropriated the vehicles to himself when he left office.

The Minister of Information and Culture, Alhaji Lai Mohammed disclosed this in a statement issued on Thursday in Lagos on the effectiveness of the anti-corruption strategy of the government.

Mohammed said that government is being guided by a well-articulated strategy in its fight against corruption contrary to the misconception in certain circles that the government is fighting corruption without a strategy.

He said the government was not just fixated on the only prosecution, but in taking preventive measures to make corruption unattractive.

The minister stressed that the strict enforcement of the Treasury Single Account (TSA) has largely reduced the diversion of government funds to secret accounts.

He said the TSA has also reduced the constraints in fishing out ghost workers in the public service in most states in the country.

According to him, other measures to strengthen the anti-corruption fight, included the establishment of Presidential Committee on Asset Recovery, Asset Tracing Committee, Asset Register, and the Whistle Blower Policy.

The Minister announced a plan by the government, through the Code of Conduct Bureau, to commence a trial run of electronic asset declaration starting in 2017.

He said the new method would facilitate compliance and enhance search and retrieval of data on the assets of public officers.

In addition, he said, the Presidential Advisory Committee Against Corruption is working with relevant MDAs, especially the National Bureau of Statistics, to improve data collection on corruption indicators.

”Once perfected, the data will be shared with government periodically if possible, as regularly as government receives data on inflation and unemployment trends.

“The data will indicate trends in corruption and influence government measures to correct the situation before it gets out of hand as we have now,” he said.

The minister explained that the Presidential Committee on Asset Recovery will meet regularly to collate reports from key law enforcement agencies on government’s anti-corruption effort.

He said the committee would share information, intelligence and review challenges faced in anti-corruption efforts and give directives on the way forward.

The minister added that the Asset Register, has made the looting of government physical assets, notably vehicles, very difficult by political appointees, senior and middle level officers.

He said the recent approval of Whistle Blower policy was designed to further enhance government’s effort to recover looted funds.

”People who give credible and useful information to the government that leads to recovery of stolen public assets will be rewarded with between 2.5 per cent to 5 per cent of the recovered fund.

“Government will keep the identity of the whistleblower absolutely confidential,” he said.

Mohammed said the government is finalising the constitution of an Asset Tracing Team to work with internationally reputable bodies to trace and recover public assets in private hands.

”In this regard, the government will also escalate the use of non-conviction-based asset recovery methods to boost revenue and diminish corruption and the perception that crime pays or criminals can keep their loot,” he said.

The minister disclosed that the administration is collaborating with Nigerians in the diaspora and international civil society organisations in the campaign for the return of Nigeria’s looted assets.

10 Things All Men Want From a Partner, Even If They Don't Ask

It’s not often that we see or read things about how to make a man feel loved and special in a relationship.

I always encourage men to treat the women in the life better, to be romantic, genuine, and all of that fun stuff. But the truth is, it goes both ways. Any successful relationship requires consistent effort from both teammates. (Teamwork makes the dream work, right?)

To help give you some ideas of how to do your part, here are 10 things you can do to make the guy in your life feel special and loved. Trust me, he will be very appreciative:

#1. Compliment him.

This may surprise a lot of women, but it’s rare for a man to receive genuine compliments. We are often on the giving end of compliments. So, by acknowledging your guy with genuine adoration, it will make him feel appreciated.

#2. Ask him for his advice.

Stereotypically, when a woman tells a man about her problems, she isn’t necessarily looking for a solution. She wants a listener. However, a man’s instinct is to try to provide a solution. So go ahead and specifically ask him for his advice. It makes him feel useful, wanted and even needed. It is going to allow him to flex his problem-solving muscles and make him feel like he’s contributing to your life.

#3. Wear that outfit you know he loves.

I am sure you’ve heard it before: Men are visual creatures. But there’s more to it than just looking good. If a man sees you in something that you know he loves, he will recognize that you are putting in an effort to look good for him specifically.

#4. Give him your undivided attention.

Yes, women multitask better than men do. So while you may be able to check your email and still give him your attention, it shows your lack of intention. Show him that he’s got your full and complete attention.

#5. Make him feel comfortable venting to you.

Men are often told that we should be the strong ones, but this is incorrectly interpreted as "men should be unemotional." I fully believe that showing emotion requires more strength than holding it in, but societal constructors often tell us otherwise.

This means that there are very few safe places for men to open up and vent about what’s bothering them, regardless of how badly they want to. If you provide a safe place for your man to vent, it will be a welcome gesture of love and affection.

#6. Be affectionate with him.

As simple as this one is, it is often overlooked. Small things like hand-holding, walking arm-in-arm, or resting your head on his shoulder can make him feel like he’s protecting you, even if you don’t need his protection. Protecting you is often a man’s way of showing you his love.

#7. Show him he's a priority.

We all have busy lives with friends, family, work and hobbies, but make sure you include him where you can. Time is the most valuable asset any of us have, because we can’t get it back after we spend it. It’s also the most important gift we can give to someone.

#8. Pick up the tab.

I believe a man should always pay for dates. Not necessarily just the first date, but also ongoing. However, if you occasionally slip your card to the waiter without him noticing, he’s not going to hate it. It will show him that you appreciate the things he does for you and that you’re willing to take care of him, too.

#9. Give him long hugs.

Men often communicate physically, whether it’s through body language or putting his arm around you. It’s a language that he instinctively understands. Women can send their guy a very important message of love by being physically close. Holding on to him just a little longer and hugging him just a little tighter will show him the affection that he desires.

#10. If you appreciate what he does for you, tell him.

Romance and relationships are a two-way street. A good man will give to you without asking for anything in return, but that doesn’t mean you should do nothing. Tell your man that you cherish having him in your life.

Recession, market crash next year, expect rate cuts: Rickards

The Federal Reserve hiked interest rates just two weeks ago for the second time in a decade, but it will soon be cutting them again, said Jim Rickards on Tuesday.

Speaking to CNBC's Squawk Box , the director of The James Rickards Project said a stock market correction is coming as President-elect Donald Trump 's economic stimulus plans will not pan out, causing a "head-on collision" between perception and reality.

"When the reality of no stimulus catches up with the perception of stimulus plus the Fed tightening: that's the train wreck. Either we're going to have a recession or a stock market correction," he said.

The markets have been rallying on the back of Trump's win as investors bet on tax cuts and fiscal spending under the new administration.

However, "the stimulus is not going to come" as Trump's proposed tax cuts will hit government revenue while the Congress is likely to block his stimulus plans as the U.S. is already $20 trillion in debt, Rickards added.

This will lead to a recession or a "very severe correction" in the stock market, prompting rate cuts later next year, he said, prompting the Fed to cut rates.

"They will raise (rates) in March and then something will hit the wall, either the economy or the stock market or both. Then the Fed will backpedal from there, starting with a forward guidance then perhaps a rate cut later in the year," said Rickards, who recommends holding gold and U.S. 10-year Treasurys .

Black American Billionaire Offers to Pay for Chibok Girls’ Education

African American billionaire, Mr. Robert Smith, who is currently sponsoring 24 of the kidnapped Chibok schoolgirls that immediately escaped from captivity, at the American University of Nigeria (AUN), Yola, Adamawa State, has offered to also educate the 21 other girls who were freed last October by the Boko Haram terror sect.

Revealing this yesterday, President Muhammadu Buhari’s media aide, Mr. Garba Shehu, equally said that 21 Chibok girls were being treated as adoptees of the federal government, but disclosed that there was a lot of local and international interest in the future plans for the girls.

He said: “A black American billionaire, Mr. Robert Smith who is currently sponsoring the education of 24 girls from Chibok, among them the first set of escapees from Boko Haram, at the American University of Nigeria, Yola, has offered to pay for the education of the 21 girls released through negotiations and is offering to take responsibility for all the others who will hopefully be eventually set free.”

“The Murtala Mohammed Foundation in the country is equally interested,” he hinted.

Responding to complaints by the families of the 21 Chibok girls that officials of the Department of State Services (DSS) had not allowed the girls to visit them at their homes in Chibok on Christmas Day, Shehu admitted that there were some hitches arising from a lack of understanding of the objective of the trip on the part of some security operatives.

However, following the receipt of the complaint, he said a directive had been given from the headquarters of the DSS for the access by the parents to be eased.

“If the situation persists, please let us know so that the higher authorities will make a further intercession,” he said.

The families of the 21 Chibok girls freed by Islamist group Boko Haram had said yesterday that they the girls were being closely guarded and were not allowed home for Christmas.

Boko Haram kidnapped 276 girls in April 2014, but freed 21 of them in October after negotiations with the Red Cross.

The freed girls have been in the federal government’s custody since their release but were brought home to Chibok for Christmas.

But family members told the BBC that the girls were kept in a politician’s house and barred from going home.

They were also prevented from attending church services with their families.

The girls were taken to the house of an assembly member in Chibok to be reunited with their parents but were not allowed to go to their own homes.

“I can’t believe my daughter has come this close to home but can’t come home,” said one father.

“There’s no point bringing them to Chibok only to be locked in another prison. They couldn’t even go to church on Christmas Day.”

Since their release, the young women have been kept in a secret location in Abuja for government debriefing.

Another said a soldier had confiscated his phone when he tried to take a picture of his daughter.

He said: “I snapped a picture of myself and my daughter but the security guys came and grabbed me by shoulder and snatched the phone from my hands and told me to delete all the picture I took.

“I told him I’m taking a picture with my daughter who was away for more than two years. He said to me that’s not his business, he deleted all the pictures including other pictures that were not taken there.”

One mother said: “I can’t believe my eyes that now my daughter cannot come home. How can I be happy when they don’t have freedom?”

A statement from the office of state governor, Kashim Shettima acknowledged yesterday that “armed soldiers… escorted the 21 girls to Chibok and remained their strict guards throughout the Christmas”.

Speaking earlier this week, one of the girls told Reuters news agency it was a “miracle” that she was home and she was looking forward to church on Christmas Day.

“I never knew that I would return (home),” she said simply. “I had given up hope of ever going home.”

Of the 276 students kidnapped, 197 are still reportedly missing, and negotiations for their release are under way.

Many of the Chibok girls were Christian, but were ordered to convert to Islam and to marry their kidnappers during their time in captivity.

Ms. Goni said some were whipped for refusing to marry, but otherwise they were well treated and fed until food supplies recently ran short.

The Chibok girls were first reunited with their parents in Abuja.

Meanwhile, the Borno governor spent the whole of yesterday, Boxing Day, in Chibok town.

A statement by his media aide, Mr. Aliyu Gusau said that while in Chibok, Shettima met the 21 schoolgirls freed by the Boko Haram in October.

Gusau said after the governor took off by road from Maiduguri early yesterday, after which he hosted the girls at a government building in Chibok.

Shettima, he added, was accompanied by Senator Majority Leader, Mohammed Ali Ndume, who represents Borno South where Chibok is located.

“The girls were very excited meeting Shettima again after they had met him in Abuja days after their release from Boko Haram captivity.

“The girls were happy that they presented a gift of a medium sized photo frame with a bold ‘Thank you’ printed on it.

“The frame has the picture that the governor took with the girls when he visited them in Abuja some months back. It also has individual pictures of each of the 21 girls.

“Glory Dama, one of the 21 girls, presented the photo frame on behalf of her colleagues. She said they deeply appreciated the show of love by Governor Shettima and his wife, Nana.

“The governor’s wife has visited them countless times in Abuja and whenever she visits, she demands to know their needs and she met them all, Dama said during the presentation,” the statement added.

It noted that the governor informed the girls that with their cheerful mood, the next concern had to be their future.

“As you know, 56 of your colleagues who escaped abduction are currently in two international schools where they have been since 2014. We are taking care of all their educational needs, from school fees to other basics.

“Left to me, I would want the 21 of you to join them in those two schools so that you can all feel at home and move on. However, the federal government has a plan, which we will jointly discuss and come up with a decision that is acceptable to you our daughters.

“President Muhammadu Buhari loves you so much and he is deeply concerned about our daughters that are yet to be freed. He is working on that and we are all working,” Shettima was quoted as informing the girls.

Shettima also announced the appointment of Yakubu Nkeki, the chairman of an association of the Chibok schoolgirls’ parents as councillor of the Mbalala ward in Chibok Local Government Area.

“We appointed Yakubu Nkeki as councillor for him to have a formal platform to continue his advocacy for the welfare of families of the missing Chibok girls, for him to ensure that they are given special consideration at all times by the local government area on all issues, particularly on welfare, on issues of health, empowerment, etc.

“Nkeki will also serve as a constant reminder to the council that there are parents like him who live in pain. He is simply there to advocate for the welfare of the parents and also as someone who has been a victim, he will stand by the efforts of government to protect schools through community surveillance in addition to formal security establishments,” Shettima said.

The governor also consoled parents whose daughters were yet to be freed, promising that all hands were on deck to ensure the return of all the girls. “I will be meeting the parents tomorrow (today),” he said.

Shettima presented clothes to the girls and their parents. The governor had previously donated clothes to the girls in Abuja.

After his visit to Chibok, Shettima drove to Askira town where he passed the night and is scheduled to return to Chibok today for meetings with community leaders and separate meetings with parents whose schoolgirls were yet to be released and those of the 21 girls freed in October.

Askira where Shettima slept, was attacked by the insurgents in 2014 forcing residents including the emir to flee to Maiduguri.

The emir returned some months back after his palace was rebuilt by Shettima. Hundreds of residents returned with the emir.

FG fails to renew insurance of civil servants, others as year ends

With barely three working days left to the end of the 2016 business year, confusion continues to trail the Federal Government’s inability to renew the Group Life insurance coverage for its federal civil servants and insurance of its assets nationwide.

This indicates that recession and lack of funds has caught up with the Group life insurance and assets insurance renewal, which may be carried over to 2017.

This implies that by next year, at least N100.8 billion would be required for the Group life insurance coverage and premiums payment alone for the two consecutive years of 2016 and 2017.

The Group life insurance and government assets insurance expired since August 2016. Already, the Bureau of Public Procurement (BPP) had given certificate of no objection to 20 insurance companies to participate in the current renewal exercise.

Enquiry by The Guardian from the Office of Head of Civil Service of the Federation, through the Permanent Secretary (Common Services Office), Yemi Adelakun, who oversees federal government insurances were rebuffed.

Also, a text message to him requesting for an update, particularly if the requested sum of over N5.4 billion needed for the renewal of the Group Life insurance had been released by the Ministry of Finance, was not replied and calls to him were also rejected.

Furthermore, enquiry from the Minister of Finance, Mrs. Kemi Adeosun, through her Special Assistant on Media, Festus Akanbi, was not responded to, as he did not give any reply in respect of whether or not the N5.4 billion requested for Group Life Insurance renewal had been released.

However, dependable top official in the National Insurance Commission (NAICOM), the apex regulatory body of insurance companies operating in Nigeria as well as the adviser to the Federal Government on insurance matters, told The Guardian in confidence that nothing had happened.

He said from the returns of insurance companies, there was no indication on the consummation of renewal agreement between the government and any insurance company.

“We only know about final consummation of renewal agreement of Group life insurance coverage between the government and insurance firms when the participating companies forward their returns to us. But for now, we have not seen such item in the returns at our disposal. I think you can cross check that from the Office of the Head of Service of the Federation. We have done our part of giving them the list of licensed insurance companies,” the source explained.

The Permanent Secretary (Common Services Office), Yemi Adelakun, had in an exclusive interview in early November, 2016, told The Guardian that request for the release of over N5.4 billion had been made to the Minister of Finance.

He dismissed projection that the government had no money due to the present recession, saying: “It is usually N5.4 billion annually for civil servants Group life insurance. That’s the figure and that had been recurring for the last three or four years.

“We have written to the Ministry of Finance and they have not said that they don’t have the money. I believe that the government is very much interested in the welfare of the civil servants and it also know the cost of non-insuring civil servants will be in case there are deaths, that you still have to pay. And you pay more if you don’t cover.”

NCAA fines Arik N6m over ‘poor handling’ of luggage

Air travel apex regulatory body, the Nigerian Civil Aviation Authority (NCAA) has fined Arik Air N6 million for the violation of aviation rules in the recent poor handling of luggage belonging to some London passengers.

NCAA also mandated the airline to pay the affected passengers the statutory $150 (about N60,000) as compensation for the inconveniences within the next 30 days.

The Guardian learnt that Arik Air between December 2 and 4 brought scores of passengers from London to Lagos without their checked-in luggage.

NCAA yesterday said the action contravened the Nigerian Civil Aviation Regulations (Nig.CARs), coupled with alleged lack of compassion for the affected passengers by the airline.

General Manager, Public Relations of the NCAA, Sam Adurogboye, said upon the receipt of complaints, the agency invited Arik to a meeting on December 6, 2016 with a directive to immediately address the issues.

Adurogboye added: “However, Arik embarked on continuous flouting of the Nig.CARs and the authority’s directives to freight all backlogs of short-landed baggage to Lagos within 48 hours.

“Similarly, the carrier declined to offer care and compensation to the affected passengers, which were unanimously agreed for $150.”

He added that the airline also did not inform the passengers at the soonest practicable time that their checked-in baggage would be off-loaded as required by Part 19.7.2 of the Nigerian Civil Aviation Regulations (Nig.CARs) 2015.

“Consequent upon these, the following sanctions suffice: Arik Air Limited to pay to the Authority within seven days of receipt of this letter, the sum of N6,000,000.00 being civil penalty for violation of Part.19.7.2 of the Nig.CARs, 2015.”

Arik, however, blamed the development on the use of a smaller aircraft, a Boeing 737-800 to operate the Lagos-London Heathrow route due to maintenance on the wide-body A330-200 aircraft frequently used on the route.

The spokesperson of the airline, Banji Ola explained that the airline’s Airbus A330-200 aircraft was hit by a handling company at John F Kennedy International Airport New York on December 1, 2016 which led to the B737-800 to be deployed on the Lagos-London route.

According to him: “In order to avoid a cancellation of the Lagos-London Heathrow flights, an alternative B737-800 aircraft had to be allocated on the route to minimise the inconvenience to passengers.

“The airline was constrained in capacity from a wide-body A330-200 aircraft to a narrow-body B737-800 aircraft and thus had to leave some of the passengers’ baggage behind in London.

“Passengers were, however, duly informed of this capacity restriction at the check-in desk at London Heathrow Airport and were advised of the possibility that some of their baggage will have to be sent on subsequent flights as per space availability.”

Cybercriminals attack Nigeria, South Africa, others with ransomware

Activities of cyber criminals are on the increase with new wave of attacks on some African countries, including Nigeria.

According to Check Point’s survey, five African nations were among the top 10 most-attacked countries in November, as cybercriminals made increasing use of ransomware attacks using the Locky and Cryptowall viruses, capable of damaging up to 50 per cent of the data.

Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid. It is usually aimed at individuals.

This is even as stakeholders in Nigeria’s converged information and communications technology, ICT and broadcasting sectors have asked the Federal Government to consider the adoption of October as the national cybersecurity awareness month in line with global best practices as a matter of urgent national priority.

According to Checkpoint, a Software Technologies Ltd., and a global pure-play network cybersecurity vendor, Botswana was the most-attacked country in the list of 117 at-risk nations, followed by Malawi in second place, Namibia in fourth, Uganda in ninth and the Democratic Republic of Congo in 10th place. South Africa moved up to 31st on the list from 58th position in October, while Kenya dropped to 24th (from 22nd in October) and Nigeria climbed slightly to 108th position from 116th the previous month.

Already, Nigeria’s Minister of Communications, Adebayo Shittu, had at a recent forum in the year, informed that the country is losing about N127 million yearly to activities of cybercriminals.

Besides, Nigeria, according to the Cyber Security Experts Association of Nigeria (CSEAN), is responsible for at least $9.3 billion out of the total global loss to the rising cybercrime menace.

Indeed, in its Global Threat Index, a ranking of the most prevalent malware families attacking organisations’ networks, Check Point noted a 10 per cent increase in the number of attacks using Locky and Cryptowall and found both the number of active malware families and number of attacks remained close to an all-time high as the number of attacks on business networks continued to be relentless.

Locky spreads mainly via spam emails containing a downloader disguised as a Word or Zip file attachment, which then downloads and installs the malware that encrypts the user files. Locky was the no.1 malware family in the largest amount of countries (34 countries compared to Conficker, which was the top malware in 28 countries).

According to the survey, the pattern highlighted the growing threat posed to corporate networks by ransomware and suggests that many organisations are simply paying ransoms to secure the return of their files, making it an attractive – and lucrative – attack vector for cybercriminals.

Area Manager, East and West Africa, CheckPoint Software Technologies, Rick Rogers, explained, “Ransomware attacks are still growing in volume for a simple reason; they work and generate significant revenues for the attackers. Organisations are struggling to effectively counteract the threat posed by this insidious attack form; many simply don’t have the right defences in place, and may not have educated staff on how to recognise the signs of a potential ransomware attack in incoming emails. This, of course, only makes it even more attractive to criminals.”

To the stakeholders, who gathered at the National Cyber Security Awareness Month (NASCAM) conference held Lagos, they stressed that cyber security should be given additional attention by the Federal Government going by the exponential growth of Internet-related activities in the country and the growing vulnerability of the government, corporate and individual citizens to the threats of cybercriminals.

Delivering a paper on Internet Jurisdiction: A Catch-22 Situation and the Trajectory of Nigeria’s Judicial System, Kunle Adegoke, Managing Partner M. A. Banire and Associates said: “The evil effect of cybercrimes can be hardly exhaustively appreciated as same may seem to be limitless. According to a report, ‘Cyber-crime costs the global economy about $445 billion every year, with the damage to business from the theft of intellectual property exceeding the $160 billion loss to individuals from hacking.’ A 2012 report says that Nigeria lost over N2 trillion to cybercrime in 2012and $200 million per year. The amount of loss annually occasioned now can be better imagined as youths today see cybercrime as an open sesame to sudden riches.”

While commending the Nigerian government for enacting the enabling law to deal with cyber crimes, he called for the strengthening of the existing laws because “The computer has created a different world of cyber existence where man can live without laws of ancient regime. The benefits of burden of human relations have occasioned cyber-crime as well.”

He expressed concern that “it is not good for technology to run faster than the law. Whenever, technology moves faster than the law, what you will have is a legal vacuum. Nigeria has suffered this legal vacuum for a long while.”

The immediate past Director-General, National Broadcasting Commission, Emeka Mba, also expressed the need for increased citizens’ and government’s participation in awareness creating and pragmatic interventions in the cyber security issues and challenges. He said that even the broadcast industry that used to have a sense of immunity against cyber-attacks is now more vulnerable like every other IT entities because of the convergence of technology which has allowed for the integration of Internet Protocols (a set of rules governing the format of data sent over the Internet or other network) in the broadcasting industry and the emergence of Smart television sets.

China flexes military muscle before Trump takes office

An aircraft carrier in the Pacific and a newly upgraded combat aircraft: China’s military is showing off its newest equipment less than a month before the swearing-in of US President-elect Donald Trump, who has raised tensions between Beijing and Taipei.

In recent days state media announced that the country’s only aircraft carrier, the Liaoning, was on its way to the Pacific for the first time, while a new fighter, the FC-31, had its debut flight test.

They are the latest steps in the years-long build-up of China’s military, as Beijing seeks greater global power to match its economic might and asserts itself more aggressively in its own backyard, but the timing raises questions about its intentions.

The show of strength comes after Trump broke four decades of US policy by accepting a phone call from Taiwanese President Tsai Ing-wen, even though China objects to any official contact between its foreign partners and leaders of Taiwan.

China views self-ruling Taiwan as part of its territory awaiting unification, by force if necessary, even though the two sides split in 1949 after a civil war.

With its escort warships, the Liaoning was in the South China Sea on Monday, according to the Taiwanese defence ministry which monitored the carrier’s passage off its shores.

The manoeuvres were preceded by exercises on “refuelling and confrontation in flight”, according to the official news agency Xinhua.

“The threat from our enemy is increasing day by day,” Taiwan’s defence minister Feng Shih-kuan said Tuesday during a promotion ceremony for generals.

“We need to maintain combat vigilance at any time.”

– ‘Signal to Trump’? –
The demonstration of China’s naval capacity comes amid mounting concern on the mainland about the momentum of Taiwan’s independence movement, worries fuelled by Trump’s suggestion that he would consider recognising the self-ruled island as an independent nation.

Nevertheless, it is “impossible to say whether the timing is intended to send a signal to Trump”, said Bonnie Glaser, a China expert at the Washington-based Center for Strategic and International Studies.

“I’m more inclined to see this as an inevitable development and possibly a long planned exercise.”

Beijing has a long way to go before it can claim military superiority over Taiwan’s main protector Washington, which has 10 aircraft carriers in service and a network of naval bases all around the globe, said David Kelly, research director of Beijing-based consulting firm China Policy.

For China, the presence of the Liaoning is above all “symbolic” and aimed at its “domestic audience”, Kelly said.

For now, experts say the People’s Liberation Army Navy would have little hope of countering the smaller but technologically superior US-backed Japan Maritime Self-Defense Force, let alone the US Seventh Fleet.

The second-hand, Soviet-built Liaoning has “almost no strategic significance,” Kelly said. But, he added, “it reminds the US that China can apply pressure on this region”.

In mid-December the Chinese navy announced that the vessel had conducted its first live-fire exercises, including tests with a dozen missiles.

Beijing says the exercises are routine, but state media have expressed pleasure that the Liaoning is battle-ready and that another aircraft carrier, entirely Chinese-made, is under construction.

“Aircraft carriers are strategic tools which should be used to show China’s strength to the world and shape the outside world’s attitude toward China,” said the often nationalist Global Times.

— ‘Intense thinking’ —
Although the US spends far more on its military than China does, Beijing’s growing assertiveness in strategic regions like the South China Sea coupled with the uncertainty surrounding Trump’s policies has set off jitters among Washington’s allies in Asia.

In recent years Beijing has strengthened its claims to the South China Sea and fuelled regional tensions by expanding tiny reefs and islets into artificial islands hosting military facilities.

Brunei, Malaysia, the Philippines, Vietnam and Taiwan have contested Beijing’s claims while Washington has repeatedly called on China to uphold freedom of navigation, sending ships and aircraft to pass close to the new islands.

Beijing is also modernising its air force. The China Daily reported Monday that it recently tested a new prototype stealth fighter, an improved version of the FC-31 Gyrfalcon previously known as the J-31.

Meanwhile, Chinese commentators say Beijing must waste no time in building more aircraft carriers, with the Global Times urging the government “to think about setting up navy supply points in South America right now”.

“The Chinese fleet will cruise to the Eastern Pacific sooner or later,” it said. “When China’s aircraft carrier fleet appears in offshore areas of the US one day, it will trigger intense thinking about maritime rules.”

Across Nigeria, bleak Christmas looms

Merry Christmas! That’s the refrain that will reverberate across the world on Sunday, as Christians across the globe celebrate the birth of the Lord Jesus Christ.

But for millions of Nigerians, this Christmas might not be so merry. Like a harsh storm, the current economic recession sweeping through the land seems to have assured most Nigerians of bleak Christmas and New Year celebrations.

Rosemary Odo, a dealer in children’s clothes at one of the shopping complexes in the Lagos International Trade Fair grounds, was intermittently lost in thought as she stared at the crowd of shoppers milling around.

“Please madam, if you can’t pay N3,000 for that shoe, just drop it. Last week, I brought in those shoes at the rate of N1,500 but when I went back this week, they sold it to me at N2,500 each. There is no gain in it. Just drop it. Others will buy it in no time,” she said.

Her neighbour, a man, also lamented to the reporter that traders were experiencing low sales because of the unrealistic prices.

It is a few days to Christmas, but things appears bleak for most Nigerians. The Christmas bells are not jingling, neither are the lights blinking. Many places that usually had colourful Christmas decorations are looking bland and dreary.

Usually, this ought to be boom time for traders selling clothes, as those in search of choice apparels for the Yuletide would have visited various markets across the country. But this year, it is not business as usual.

According to some traders that spoke with Daily Sun at markets in Lagos Island, Trade Fair and Oshodi, there has been a lull. They noted that, despite the large turnout of shoppers, patronage was very low. The mood was not different for those who were into the sale of decorations, Christmas trees and lights.

Across different markets and shopping malls in Lagos, the prices of must-buy items for the period have skyrocketed, leaving the average family desolate. For many, Christmas is a time to give their families and loved ones a great treat. Many people are sad that, with the economic situation in the country, this might have to be suspended for now.

Basic necessities have become so expensive. Aside from paucity of funds and volatile foreign exchange rate, prices of goods and services have gone up without commensurate increase in income.

Not long ago, the National Bureau of Statistics (NBS) revealed that the Nigerian economy had recorded two consecutive quarters of economic contraction.

According to the agency, in Q1 2016, the GDP growth was negative (-0.36 per cent). The Q2 2016 data reflects even a larger contraction, which was -2.06 per cent. The worst was yet to come as the GDP in the third quarter shrank badly to 2.24, thereby worsening the chances of the country getting out of the economic recession this year.

The agency also noted that the rate of price inflation for the months of September and October 2016 were 17.9 per cent and 18.3 per cent, respectively, while official statistics also indicated that the country’s unemployment rate increased to 12.15 per cent and 13.3 per cent during the first and second quarters of 2016.

The reality of the analysis is evident in the food and commodities markets.

A market survey conducted by Daily Sun showed that prices of everything, especially food items, have increased by more than 100 per cent.

In these markets, it was more like the survival of the fittest, as market women brusquely yelled at those who could not afford their wares to make way for more willing customers. To a first-time visitor, the impression of the markets would be that of a warfront.

Many shoppers can’t believe that prices of commodities have more than tripled, just days to Christmas and the New Year. For them, it was just a taste of things to expect in 2017.

A bag of rice that was sold at N11,000 last year now costsr between N18,000 and N23, 000. A bushel of rice, which hitherto cost N150 is now pegged at N300. The traders complained about the soaring prices of food items, adding that they also bought the items at very high prices. They were unhappy, noting that buyers were cutting down on their expenses. They all concurred that this year’s celebrations might be low-key.

From all indication, most homes would have to do without live chickens this Christmas and opt for processed ones. Now, chickens that cost N1,500, N2,500 and N4,500 last year are now being sold at N2,500, N5,000 and N6,000, respectively, with the possivility of further increase in price before Christmas and New Year.

At the Mile 12 Market, where goods vehicles from the North offload a wide range of foodstuff daily, a basket of tomatoes costs between N4,500 and N7,000, while a basket of pepper is sold at N7,000. A basket of onions is pegged at N16,000 and N18,000.

Presently, a small paint bucket (four litres) of gari sells for N900 while a small tuber of yam is sold at N500. The big ones, depending on the bargain, can be bought for between N600 and N1,200.

Commodities like wheat and semolina, among other basic items, have soared beyond the reach of many families. Five kilogramme and 10 kilogramme bags of semolina have moved from N1,100 and N2,200 before, to N3,200 and N4,400, respectively. This is even as the price of a five kilogramme bag of wheat, which previously cost N900, is now N1,000.

Five litres of groundnut oil, which was sold at N2,200 before, has moved up to N3,500. A bottle of groundnut oil previously N250 now costs N500. A 20-litre keg of palm oil that was sold at N7,000 now costs N8,500, while a bottle that was N300 before is now N600.

A carton of frozen turkey parts, which was N7,000 in early December now costs N10,000, even as a kilogramme, previously sold for N750 is now N1,500. One of the brand of noodles, which had its big and small packets selling for N30 and N50, has moved the prices to N70 and N100, respectively. Same also goes for seasonings, tomato pastes and other sundry condiments.  In addition, a bag of sachet water otherwise known as “pure water,” now costs N200 against its initial price of N100.

The report of most shoppers that spoke with Daily Sun were filled with anger and bitterness and they consistently blamed the federal government for their woes.

“I walked endlessly in the market under the scorching sun. I finally bought a few things after haggling and being called names by angry market women. It is only women that feel the impact of food crises. The men don’t even understand what is happening. All they know is for their food to be served on time, even if it passes through the eye of a needle,” Chinyere, a housewife, lamented.

Low turnout at motor parks

For transport companies, it is also not business as usual. There has been a lull in their business. The parks have not been as busy as they should be at this time of the year. Most of the transporters described the situation as worrisome. A manager with one of the transport companies said, unlike in the past when all buses in the company’s fleet would have left the park by 7am, these days have been uneventful, with half of the buses empty at the park, waiting for passengers by 10am.

Worried by the situation, Sunday Uzor, a Lagos resident, bemoaned the fate of those who had planned to spend the Yuletide with families and friends in the village.  He disclosed that his tradition of travelling home this year was shelved due to prevailing economic circumstances.

Britain’s ministry of defence loses hundreds of laptops

Britain’s defence ministry has lost more than 700 laptops and computers over 18 months, according to figures released on Wednesday.

A total of 759 laptops and computers were lost and an additional 32 were stolen between the May 2015 election and October 2016, records released by the Press Association show.

A further 328 CDs, DVDs and USBs were lost by the defence ministry over the same period, according to the data requested under Britain’s Freedom of Information Act.

The Ministry of Defence (MoD) said information security is “a top priority” and all incidents of missing equipment are “thoroughly investigated”.

“The MoD promotes a culture where security is the responsibility of all staff and personnel are required to report all security incidents. This can result in figures appearing higher than comparable organisations,” a spokeswoman said.

Overall at least 1,000 government laptops, computers and USBs have been reported lost or stolen since May 2015.

The Department of Work and Pensions reported 42 missing encrypted laptops or computers and eight USBs up to August, saying most of the losses and thefts either ocurred during break-ins or while the user was travelling.

Other government departments to respond to the request include the Treasury, which recorded eight missing laptops, one of which was recovered, and one missing memory stick.

One ministry created less than six months ago by Prime Minister Theresa May — the Department for Business, Energy and Industrial Strategy — said six laptops have already been lost or stolen since July.

A further 49 laptops were recorded missing by other government departments, although the overall figure could be much higher as many ministries refused to release their figures.

They include the Cabinet Office, the Ministry of Justice and the Department of Health, which all claimed releasing such information would be useful to criminals.

Maurice Frankel, director of the Campaign for Freedom of Information, criticised their response: “The fact the Ministry of Defence felt able to answer makes it very implausible that these civilian departments cannot” do the same.

Ambode, Bagudu launch Lake Rice

Lagos State Governor Akinwunmi Ambode (middle) with his Kebbi State counterpart, Atiku Bagudu (right) and Deputy Governor Oluranti Adebule (left) during the launching of Lake Rice at Lagos House, Ikeja…yesterday

Lagos and Kebbi States governors Akinwunmi Ambode and Atiku Bagudu, were the first to taste cooked Lake Rice, after it was launched for sale at the State House, Ikeja, yesterday.

There had been doubt if the Lake Rice, a product of Memorandum of Understanding, (MoU) signed between the two states in March 2016, was real, as the sale did not start on the promised date.

Ambode, who described the launch as historic said: “We signed the MoU in March 2016 with an understanding that we being proudly Nigeria, want to come out with what is made in Nigeria. We took the advice of President Muhammadu Buhari that we need to grow our food and we decided that we will prove a point and that is what today is all about.”

He promised the state would expand its rice mill as the largest consumption rice market in the country.

To ensure Lagos residents enjoy a bumper Christmas and new year celebration, he reduced the price to N12, 000 from the N13, 000 earlier announced for 50kg, while 25kg bag goes for N6, 000 and 10kg bag for N2, 500.

According to the governor, it is one bag per person, and to buy, one obtains a ticket from any of the 12 locations in Lagos, in order to pay in the bank before returning to the same location for collection. This, he said would ensure that the rice goes round.

Governor Bagudu said that 16 months ago during a National Executive Council meeting in Abuja, he entered into discussion with Ambode on a partnership for the production of rice, in view of the country’s situation.

“We agreed that we should showcase our belief in Nigeria and our people, especially our commitment to the agenda of making Nigeria a big market in Africa,” he said.

The Kebbi State governor maintained that the rice could stand any integrity test, as it was of high quality. “Our rice is of quality. I am proud of this joint venture. We can do more, we are glad that we are launching the Lake Rice today,” he said.

Meanwhile, to boost food production, Japan International Cooperation Agency, JICA, has embarked on the training of Nigerian farmers on how to multiply high-yield rice seeds in the country.

According to the Coordinator, Dr. Umaru Ismaila, who spoke to The Guardian, Japan is helping Nigeria and the ECOWAS since they have resources and potential to produce enough rice.