Saturday, October 1, 2016
Naira in free fall, plunges to 480/dollar
The naira plunged further against the United States
dollar to a new record low of 480 on Thursday, down from 472 it recorded on
Wednesday. The currency had continued its two-week free fall on Monday, closing
at 445 to the dollar after tumbling to 439 on Friday. On Tuesday, the currency
closed at 452 to the greenback. Also on Tuesday, the external reserves hit an
11-year low of $24.61bn. “Dollar is very scarce in the market right now because
many people don’t know how low it will fall in the near term, so people are
holding on to their hard currencies in order to watch the direction of the
market,” one dealer said. The President, Association of Bureau De Change
Operators, Aminu Gwadabe, told Reuters that forex traders from
neighbouring countries and some importers had also been moving in recently,
mopping up dollars and putting pressure on the naira in a possible speculative
bid. Chronic dollar shortage plunged the local currency to a wave of
depreciation, which economic and financial analysts have linked to speculative
attack on the naira and increased demand from companies and individuals.After
trading between 423 and 425 for several weeks, the naira plunged to 428 last
Wednesday. This came a day after the Central Bank of Nigeria’s Monetary Policy
Committee retained the lending rate at 14 per cent contrary to calls by the
fiscal authority, economists and stakeholders. Analysts have dismissed that
recent declines had links to the MPC decision to retain the lending rate at the
current rate. However, at the interbank market on Thursday, the naira closed at
305.31 to the dollar, up from 312.99 on Wednesday. Source: Punch
BOI Tasks Internal Auditors on Global Best Practices
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The Bank of Industry (BOI) has
charged internal auditors to adhere to global best practices to remain
relevant and attractive to business organisations, noting that internal
auditors must support businesses to achieve set organisational goals
especially at a time like this when the economy is in recession. According to
the acting Managing Director, BOI, Mr. Waheed Olagunju, internal auditors
must not only identify obstacles hindering business organisations, but also
seek ways to support businesses to remain profitable without violating
regulatory requirements and incurring losses. Olagunju who was represented by
the Chief Risk Officer and acting Managing Director, National Economic
Reconstruction Fund (NERFUND) Mr. Ezekiel Oseni,
said: “Internal auditors should not only detect fraud, but help the
management to achieve their purpose, but as we have it today, we have the
internal auditors concentrating more on accuracy test, detecting and
investigating fraud.” He however stated that since he assumed office as
acting Managing Director, NERFUND, he had been able to recover Non Performing
Loans (NPLs) from customers who initially did not want to pay back the loans
they borrowed, saying that NPLs estimated to be about N17.2 billion are
still in the hands of those who defaulted in paying back the loans borrowed.
“The good news is that many of the customers that did not want to pay before
have all being coming around to ask for a loan work out where we would also
give them concessions on interest, but I insist that they must pay the entire
principal sum before talking about their standing interest while I have
successfully been able to refer others that are not willing to pay to
Economic Crimes and Financial Commission (EFCC),”
he added. Source: Thisday
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Preventing the ATM from ‘swallowing’ your card
One
of the most embarrassing experiences a bank customer can have while using the
Automated Teller Machine is when the machine withholds his/her card without
dispensing cash. The ATM is expected to work like a mobile bank that should
enable you to have access to your funds anywhere and anytime you insert your
card into the machine. In as much as the ATM has lots of advantages, its
essence can be defeated if it swallows the customer’s card when he needs money.
Here
are some ways to protect the ATM from swallowing your card:
- Avoid suspicious ATMs: Some ATMs may not have been properly serviced and
may be faulty. If you see some signs that it looks unkempt or abandoned,
avoid inserting your card in such machines. Always read instructions on
the ATM because most times, there are usually some notes on the machine to
inform you that the ATM is faulty and that you should use another one.
Some ATMs may also have been tampered with by criminals to steal users’
identities. Don’t be too much in a hurry to try your luck with such ATMs.
Look for another ATM to be on a safe side.
- Multiple entries of wrong password: Be careful when typing your password on the ATM because
when you make multiple attempts with the wrong password, the ATM may
suspect that you stole the card and withhold it to protect the account
holder’s fund.
- Expired card: An
expired card will not bring out any money from the ATM. If you are trying
to withdraw with such a card, the machine can swallow it. Source: Punch
Skye Bank CEO Rallies Support for Made-in-Nigeria Products
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The Group Managing Director of Skye Bank, Mr.
Tokunbo Abiru, has urged Nigerians to patronise made – in Nigeria goods as
one of the ways to reflate the economy and save the nation from the present
recession with its attendant challenges. Abiru made this statement while
delivering a paper at the on-going Made-in-Nigeria Summit titled“Empowering
the Made in Nigeria (MAIN) Economy: Fostering Innovation and Leveraging
Entrepreneurship” in Lagos. Abiru, stressed the need for Nigerians to
patronise made in Nigeria goods and services as a way out of the present
recession. According to the Skye Bank boss, “this will help to boost local
production, create more employment thereby prevent capital flight, which will
eventually lead to the export of goods made in Nigeria to other countries and
earn foreign exchange.” He enumerated further: “When we patronise locally
made goods, we are invariably contributing to enhanced operations of local
manufacturers and entrepreneurs; create more jobs; improve quality of
products and ultimately stimulate local consumption that impact the local
economy. “When the local SMEs are empowered through enhanced patronage
of products and services, it enables such players to meet their obligations
to the larger society – through payment of taxes, sourcing raw materials,
contributing to the growth of linkages and providing job opportunities for
skilled and unskilled labour,” the Skye Bank boss said. Over the past five
years, MSMEs’ contribution to Nigeria’s GDP has grown steadily at a compound annual
growth rate of 3.51 percent to 51 percent in 2014. The renowned rating
agency, Agusto & Co estimates that MSMEs will account for around 56
percent of GDP by 2016, largely due to the growth in wholesale and retail
trade MSMEs. Source: Thisday
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Economy: Buhari to seek captains of industry’s help
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President Muhammadu Buhari on Thursday said he would be
reaching out to captains of industry from across the country in the coming
months to assist him in implementing his administration’s agenda for the
economy. Buhari said this in a keynote address he delivered at the opening of
the 44th Annual General Meeting of the Manufacturers Association of Nigeria
in Abuja. The President, who did not include members of the private sector in
his Economic Management Team unlike what obtained in the past, enjoined
members of MAN to avail him their wealth of experience in order to make his
administration’s ongoing efforts to reposition the economy a success. The
President said, “I salute all members of MAN and once again congratulate you
on the occasion of your 44th AGM and invite you today to join hands with the
government in making our ongoing efforts a success.“As events unfold in the
coming months, many of you will be called upon to play critical roles in the
implementation of this administration’s agenda. I implore you to avail us
your wealth of experience so that together, we can uplift our nation’s
economy and social well-being.” While reflecting on the theme of the AGM,
‘Diversifying the Nigerian economy:
The role of government in manufacturing’, Buhari urged
MAN members to consider national interest so that the outcome of the
deliberations would be to the benefit of Nigerians workers and promoters
alike. He said he was looking forward to receiving a communiqué of the
deliberations at the meeting.The President said the nation owed the captains
of industry a debt of gratitude for their show of commitment, demonstrated by
their respective investments in the Nigerian economy despite daunting
challenges. He said the nation’s future depended on such commitment and
collective desire to build a thriving economy. Buhari added that his
administration remained committed to partnering the manufacturers in the task
of charting a brighter future for the nation. Source: Punch
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Minister gets report on restructuring Residency Training
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The Minister of Health, Prof.
Isaac Adewole, has received a report on restructuring Residency Training
Progamme from the Ministerial Committee set up to appraise the previous
committee’s reports on the programme. The committee was also given the task
of recommending sustainable uniform Residency Training Programe in Nigeria,
when it was inuagurated in May, this year. The report was presented by the
Registrar, National Post Graduate Medical College of Nigeria, Prof. Wole
Atoyebi, who chaired the committee. Receiving the report, Adewole thanked the
members of the committee for producing a document that would be a panacea to
residency Training challenges in the health sector. He assured that the
Ministry of Health would review the recommendations and take appropriate
decision. ”We will make copies and circulate them so that those who want to
make comments can put them across. I can assure you that by next week, we
would take decision on it. It is not something that will waste away, it will
also not gather dust. We are under pressure, but we also have responsibility
for the future of the health system..” Source: The Nation
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Lagos to Rejig Primary Health Care Centres
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The
Lagos State Government has reiterated its commitment to improving the quality
of service delivery at its Primary Health Care Centres (PHCs) across the
state. It has also urged health workers to discharge their duties
conscientiously to ensure quality care and a healthy environment. Special
Adviser to Governor Akinwumi Ambode on Primary Health Care, Dr. Olufemi
Onanuga, who gave the charge during unscheduled visit to some PHCs, said the
government was not unmindful of the challenges facing the primary health care
system. He, however, revealed that the present administration was eager to
effect lasting transformation that would make access to healthcare
facilities at the grassroots hassle free. Onanuga added that primary health
care was the bedrock of any health care system, stressing that the challenges
confronting that level of health care system were not adequately addressed,
hence the secondary and tertiary levels of care were overwhelmed. In reaction
to criticisms of the attitude of some PHC workers, Onanuga warned that,
henceforth, any health worker whose attitude and commitment to duty negate
the attainment of the state’s delivery of qualitative and affordable health
care services will be booted out. Noting that though primary health care was
the responsibility of local governments. Source:
The Nation
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Coffee-infused foam removes lead from contaminated water
Coffee is one of the most popular drinks, which makes
for a perky population – but it also creates a lot of used grounds. Scientists
now report in the journal ACS Sustainable Chemistry & Engineering an
innovative way to reduce this waste and help address another environmental
problem. They have incorporated spent coffee grounds in a foam filter that can
remove harmful lead and mercury from water. Restaurants, the beverage industry
and people in their homes produce millions of tons of used coffee grounds every
year worldwide, according to researcher Despina Fragouli. While much of the
used grounds go to landfills, some of them are applied as fertilizer, used as a
biodiesel source or mixed into animal feed. Scientists are also studying it as
a possible material for water remediation. Experiments so far have shown that
powder made from spent coffee grounds can rid water of heavy metal ions, which
can cause health problems.. Source:
Guardian
Lagos hosts World Record-breaking Monopoly tourney, hosts 1,300 Players
Lagos State on Friday broke the world record of “Most
People Playing Monopoly’’ with 1,300 students competing at a time at its “City
of Lagos Monopoly’’, beating the former set in Singapore. The News Agency of
Nigeria (NAN) reports that the former record was set at the Universal Studio in
Singapore where 605 people were gathered on March 19, 2016 under the same roof.
NAN reports that the organiser of the event, Bestman Games, proposed the
competition to break the earlier world record. To set the record, Bestman Games
partnered with the Lagos State Government to organise the iconic U-17 Monopoly
event at the Teslim Balogun Stadium, Surulere. The competition witnessed an
influx of students who gathered to ensure that the aim of breaking the record
was achieved.The Chief Executive Officer of Bestman Games, Mini Akinkugbe, told
NAN that the number of students had exceeded her expectations. “What we have
here is indescribable, we have witnessed a record set in Lagos and this will go
down in the history of the sport. “We have exceeded our target but we do not
want to deny anybody participation. “So, we have to accommodate everybody
until there is no space to contain them,’’ she said. Contributing, Catherine
Bickersteth, Director, Strategic Educational Advisory Services Ltd. Source:
Guardian
Why Imo didn’t give Onye N1m, car – Commissioner
The Imo State sports
commissioner Rodney Ajaelu has explained why Rio 2016 Paralympic Games gold
medallist Lauritta Onye was not among athletes rewarded by the state last week.
Governor Rochas Okorocha gave N1m and car gifts to three powerlifters from the
state namely Roland Ezeruike, Ndidi Nwosu and Josephine Orji, who all won gold
medals in Rio. Onye, a native of Amaimo in Ikeduru Local Government Area of Imo
State, lamented her exclusion, despite winning gold and setting a new world
record in the women’s shot put event of the Games. “I’m from Imo State but I
don’t know why this is happening. I told one of the Imo coaches to add me on
the list because it’s my state but he refused, saying I’m not resident in Imo.
They said the reward was only for those who work with Imo State,” Onye said.
However, Ajaelu cleared the air on the issue saying the three athletes were
rewarded because they compete for the state, aside from being residents of the
state.“She’s (Onye) from Imo but she didn’t travel as an Imo athlete to Brazil.
If she travelled as an athlete from another state, then that state should
receive her. If a Yoruba girl was representing Imo and went to Brazil and won
gold, we would receive her,” Ajaelu stated. “I don’t know her, after
winning a gold medal, she should have presented her case. I’m the sports commissioner
but she never told me, she never told the governor.. Source:
Punch
Iwobi, Iheanacho, Rashford up for UEFA award
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Premier League trio Marcus Rashford, Dele Alli and
Alex Iwobi have all been named on the 40-man shortlist for UEFA’s Golden Boy
award. Iwobi and the other two listed join Kelechi Iheacho and a host of
other youngsters already running for the award. UEFA’s prize is awarded with
regards to the performances of players under the age of 21 in a calendar
year, with the winner decided by a panel of 30 journalists. Last year’s
winner was Manchester United forward Anthony Martial, while Paul Pogba,
Raheem Sterling, Wayne Rooney and Cesc Fabregas are all previous winners.
Rashford, 18, has been rewarded for his fine breakthrough year at Old
Trafford and with England, notching eight goals in 15 appearances for United
as well as his first senior international strike against Australia.
Tottenham’s Alli, 20, played an instrumental role in Spurs’ title challenge
last season, transitioning from League One football with MK Dons to the
Premier League with consummate ease. Arsenal’s Iwobi, 20, has come to the
fore slower than his Premier League counterparts, but burst onto the scene
during the 2015/16 season and has also played a part in the Gunners’ recent
unbeaten run. The favourites for the 2016 edition of the award are Bayern
Munich pair Kingsley Coman and Renato Sanches, though in addition to
Rashford, Alli and Iwobi there are a further eight current representatives
from British clubs.
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Solution to Niger Delta crisis crucial to Nation’s economy
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Nigerian’s
daily loss to activities of militants in the Niger Delta may soon ground the
nation’s economy if government continues to trade blame over the issue, a
council member of the Nigerian-British Chamber of Commerce (NBCC), Misbau
Aminu, said yesterday. Aminu, who put the loss above N3 trillion in less than
six months, said the country might be heading for doom as recent policies
further worsen the plights of Nigerians. He said Nigerians must not keep
quiet and allow a section of the country hold the nation to ramsom, urging
that the Presidency must dialogue and plan a long-term initiative that would
assuage the worries of the region. “So much value has been destroyed, our GDP
and per capita income has plumated. Negative growth is resulting from the crisis
and Nigerians are living in pain,” Aminu told The Guardian in Lagos.To him,
government must design a special education system, address environmental
degradation and compensate the people.
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British Airways to scrap free meals
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British
Airways is scrapping free meals for short-haul economy fares from next year
and inviting passengers to instead pay for Marks and Spencer sandwiches,
creating a stir on social media.
The
pair announced the tie-up on Thursday, which sees BA joining the no-frills
airline model of charging passengers for food and drink.
From
January, BA will charge £4.75 ($6.2, 5.5 euros) for a tomato and mozzarella
focaccia, £1 for hand cooked crisps and a minimum of £4 for alcoholic drinks.
No food item will cost more than £5. BA said the move “follows extensive
customer research and feedback, which highlighted dissatisfaction with the
airline’s current short-haul economy catering”.
But
customer Lee Butterley tweeted: “Hey @British_Airways literally no reason to
pick you over EasyJet and Ryanair anymore then?” James Forshaw added: “Wow
@British_Airways taking away the free food is one thing, but drinks, even
soft ones? Really is no reason to fly BA short haul anymore.” Others welcomed
the move, with Jan Brian tweeting: “At last, the chance for some decent food
on flights. Don’t mess it up!”
BA
chairman and CEO Alex Cruz described the tie-up with Marks as “an ideal
partnership, providing… customers with a choice of products they recognise
and value”. Source:
Guardian
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FG considers lower taxes for small businesses
The Federal Government, as part of its economic
stimulus plan, is considering a reduction in the income tax rates payable by
Small, Micro and Medium Enterprises in the country. The reduction in tax rates
is part of the recommendations presented to the Minister of Finance, Mrs. Kemi
Adeosun, by the 12-member committee to review the current National Tax Policy.
The committee, headed by Prof. Abiola Sanni of the University of Lagos, was
given the assignment on August 10 and submitted its report to the minister on Thursday.
A statement from the ministry said the reduction in income tax rates for
small-scale businesses would help to encourage more start-ups in the sector as
well as boost the profitability of the existing ones. The move is also expected
to generate new jobs and make higher contribution to the Gross Domestic
Product. The statement read in part, “The committee noted that lowering the
taxes payable by Small, Micro and Medium Enterprises would encourage
compliance, promote the growth of SMMEs and expand the manufacturing base of
the nation through their activities. “Another recommendation suggested for
implementation relates to the abolition of minimum tax, which results in
loss-making companies been required to pay tax.” The statement said the Finance
minister assured the committee that a team would be set up to implement its
recommendations through administrative measures without delay. She added those
that required legislation would be forwarded to the Federal Executive Council
for consideration.. Source:
Punch
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