FEC okays N20.6 billion for road contracts

THE Federal Executive Council (FEC) yesterday approved N20.6 billion for road contracts in Plateau and Kwara states.

Minister of Power, Works and Housing Babatunde Fashola briefed State House correspondents at the end of the FEC meeting chaired by Acting President Yemi Osinbajo at the Presidential Villa, Abuja.

He was with Minister of Information Lai Mohammed, Minister of Trade and Investment Okechukwu Enelamah and the Minister of Science and Technology Ogbonnaya Onu.

The two roads, he said, are N10.4 billion for the reconstruction of Pankshin-Balank-Yalen-Salak-Gindiri road in Plateau State and N10.2 billion for reconstruction of Sharre-Patigi road in Kwara State.

“Put yourself in his position. He wins a European cup and wants to celebrate with his team,” Mourinho said.

“He wants to get the cup, the medal and be in the pictures but one doctor wants to close him in a small room because of the doping control.

“It’s very hard to control a player in this situation and UEFA should consider this. It’s not a normal match — it’s a cup, a medal, a celebration. It’s everything.

“There was no wrongdoing in his behaviour, just a human desire to celebrate. I feel really sorry for him and I don’t think it’s fair.

“I would (appeal) if I was him. If you do that you have the risk of even more punishment but it’s a decision I will leave with him.”

Seun Kuti, a scion of the late Afrobeat sage, Fela Anikulapo Kuti, yesterday said that he still finds it hard coming to terms with his father’s passing. According to him, what started as a rumour turned out real, leaving him quite traumatized.

Recounting the incident as he remembers on his Facebook page, the singer, who took over his father’s Egypt 80 band wrote; “the week preceding this one 20 years ago was quite traumatizing as rumors of Fela’s death had spread.

“It was so widespread that Fela’s very good friend Michele Avantario #rip flew in from Italy to mourn. He arrived in the morning of this exact day. He stood at the top of our street, too shaken to approach the house. I stumbled upon him while going to see my friend, Arthur. Michele what are you doing here crying? He said Fela is dead! I said no; stop crying it’s just a rumor. He pulled himself together and we went to KK (Kalakuta).

“He said he bought me the new Play station on his way. I was beyond elated. We chilled at KK. I went back to his hotel; we discussed a bit till it was about 8, got my PS and headed back home.”

At that moment, Seun said, he was the happiest man in the whole world.

“As I approached KK I saw a huge crowd outside, my elder brother’s friend Siasia was outside. I asked him what was happening and he said Seun Just go inside. Everyone was crying. ‘FELA DON DIE, FELA DON DIE’ couldn’t believe it. #20years later, I still can’t believe it. YEAR 20 A F E (After Fela Era) PS: Happy post humous birthday Dr Beko Ransome Kuti,” he added.

Fela’s demise was announced a day later, on August 3, 1997 by his elder brother, Olikoye Ransome-Kuti, a prominent AIDS activist and former Minister of Health.

Neymar €222m deal not expensive, says Mourinho

Manchester United manager Jose Mourinho said Wednesday he does not believe the record-shattering 222 million euro ($260 million) transfer fee Paris St Germain are willing to pay for Neymar is expensive.

But the Reds boss, speaking after his side beat Sampdoria 2-1 in Dublin in a pre-season friendly, is concerned how the staggering figure will affect future transfers.

Mourinho shelled out 105.2 million euros ($111 million) last summer to re-sign their former midfielder Paul Pogba from Juventus, but the French outfit are poised to double that record to tempt the Brazilian from Barcelona.

“When we signed Paul Pogba, I said he was not expensive,” Mourinho said.

“Expensive are the ones that get to a certain level without a certain quality. I don’t think £200 million for Neymar is expensive.

“Expensive is the fact there will now be more players at £100m, more players at £50m, more players at £60m — that’s the problem.

“Neymar is one of the best players in the world, so commercially that is very strong but the problem is not Neymar — the problem is the consequences.”

Mourinho was speaking after a late Juan Mata goal gave his United team victory in their final pre-season game, after a Dennis Praet strike had cancelled out Henrikh Mkhitaryan’s first half goal.

The win puts United in a confident mood ahead of next Tuesday’s UEFA Super Cup clash with Real Madrid in Macedonia.

Mourinho revealed the club are likely to appeal the two-game European ban handed to Phil Jones after verbally abusing anti-doping officials after the Europa League final win in May.

SOURCE: http://punchng.com/my-wifes-relativesll-kill-me-if-eagles-miss-wcup-mikel/

How I survived stroke – Iyabo Oko

A seasoned Yoruba actress, Kudirat Odukanwi, popularly called Iyabo Oko, has narrated her experience in the past one year, saying she had been hit by stroke.

According to her, she lost her voice, weight and mobility power during the period.

She told City People in an interview that she was scared in the process, especially based on the harvest of deaths the entertainment industry was witnessing.

Odukanmi said, “I thank God almighty for sparing my life till this moment. The devil tried his best but God showed him that He is truly the Alfa and Omega. What happened was that, that day, after I woke up very early in the morning and attempted to talk, I just found out that I couldn’t talk any longer and I was told it was a partial stroke. I was taken to a hospital and I was treated. The doctors really tried their best. The hospital is called 68 Military Hospital, Yaba, Lagos’.

“They tried but I couldn’t just talk for months but I still give glory to God that I can now talk properly. The funny thing is that I was not paralyzed; my legs and hands were effective, just that I couldn’t talk. I first spent two weeks in the hospital. When I got home, it started again and I returned to the hospital. I visited the hospital like three times.

“I was discharged and my son came from abroad and rushed me to the UK where I spent like one month. I was at home but doctors were coming to treat me. He employed a therapist and after a month, I started talking and my son finally took me to India where everything was perfected. I spent seven months in India.

SOURCE: http://punchng.com/how-i-survived-stroke-iyabo-oko/

My wife’s relatives’ll kill me if Eagles miss W’Cup – Mikel

Mikel Obi has vowed to do everything to ensure the Super Eagles qualify for next year’s World Cup in Russia.

Nigeria, who currently sit atop Group B Russia 2018 World Cup qualifiers on six points, are gearing up for their vital qualifying double-header against their eternal rivals Cameroon, who are second in the group on two points.

The Eagles host the Indomitable Lions in Uyo on August 31, with the African champions receiving the Nigerians in the reverse fixture in Yaounde on September 4.

And Nigeria captain Mikel, who has been struggling to regain fitness after undergoing surgery in London in April following an injury he sustained while playing for his Chinese Super League side Tianjin Teda, has warned his Eagles’ teammates to expect a tough test against the Lions over the two legs.

“As everyone knows, they are a very good team,” the former Chelsea midfielder, who represented Nigeria at the 2014 World Cup in Brazil in 2014, was quoted by FIFA.com as saying of Cameroon on Wednesday.

“They are strong and they play with confidence. We must get ourselves well prepared for this game and try our best to get on top against them. It won’t be easy but these are important matches. If we win both, we will be almost there.”

The 30-year-old admits he is under pressure to feature in the world football showpiece in the country where the mother of his twins comes from.

He said, “My wife is Russian, and many of our relatives and friends are from Russia. They are all expecting Nigeria to qualify for the next World Cup. I think they will kill me if I fail them.”

SOURCE: http://punchng.com/my-wifes-relativesll-kill-me-if-eagles-miss-wcup-mikel/

Stanbic IBTC Pension lifts Kaduna Prisons

Stanbic IBTC Pension Managers Limited has inaugurated three blocks of toilets at the Nigerian PrisonsTraining School, Kaduna.

The company, a Pension Fund Administrators ( PFA), said the renovated facilities would lift the living conditions of personnel of the Nigerian Prisons Service (NPS).

NPS Controller-General, Ahmed Ja’afaru, represented by the Zonal Coordinator Zone B, NPS Kaduna, Musa Mayaki, an Assistant Controller-General, expressed appreciation to the company for the gesture.

He noted that a prison service is community in the security-maintenance architecture with the relevant personnel, their families and inmates, all constituting part of the larger society.

He added that the project would bring relief to the personnel and trainees as the community hitherto had to make do with less than fitting sanitary facilities.

He stressed that the project would be useful to the cadets and officers as clean and satisfactory sanitary facilities means better disposal of human waste, reduced chances of disease outbreak and better living condition.

The firm’s Executive Director, Investments, Mr. Oladele Sotubo, said: “The project, which is line with the Stanbic IBTC Group’s CSI focus areas, falls under the health pillar, others being education and economic empowerment. Its decision to renovate the toilets is part of a business strategy to support the well-being of the people and communities where it operates.

‘’A celebratory mood enveloped the community following the commissioning of the project.

SOURCE: http://thenationonlineng.net/stanbic-ibtc-pension-lifts-kaduna-prisons/

Nigeria needs strong fiscal, monetary policies to exit recession – CBN

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned that the economy might relapse into protracted recession if bold monetary and fiscal policies were not activated immediately to sustain the programmes of the Federal Government.

The committee stated that available forecasts of key macroeconomic indicators pointed to a fragile economic recovery in the second quarter of the year.

Data from the National Bureau of Statistics showed that the contraction in the economy moderated to 0.52 per cent in the first quarter.

The MPC identified the downside risks to economic outlook to include weak financial intermediation, poorly targeted fiscal stimulus and absence of structural programme implementation.

The CBN Governor, Mr. Godwin Emefiele, while reading the communique after the end of the committee’s two-day meeting, called for more fiscal measures to stimulate the economy.

He said there was a need for improvements in economy-wide non-oil exports, especially agriculture, manufacturing, services and light industries.

He also said the expected fiscal stimulus, non-oil federal receipts and other measures that were expected to drive the growth impetus for the rest of the year must be pursued relentlessly.

SOURCE: http://punchng.com/nigeria-needs-strong-fiscal-monetary-policies-to-exit-recession-cbn/

Boko Haram kill five, steal 120 cows in fresh Borno attacks

Suspected Boko Haram insurgents, in a convoy of armed motorcycles, have attacked Dagu village in Askira/Uba Local Council of Borno State, killing five persons and rustling 120 cattle in the process.

The leader of the civilian Joint Task Force (JTF), Papka Madu, who confirmed the development to The Guardian yesterday in a telephone chat, said communications had been disrupted in the community following the destruction of the telecommunications masts in Dagu-Kilikasha axis of the council area.

He narrated that the terrorists invaded the settlement from the south flank of Sambisa Forest, before stealing 120 cows from two herdsmen.

His words: “The armed insurgents burst into the remote village of Dagu near Kilikasha in Askira Uba Local Government Area of Borno and killed three family members and two herdsmen.”

On the casualty figure, he said: “We lost three of our members (local vigilantes) and two herdsmen on Sunday afternoon, after the terrorists attacked Dagu village. Over 120 cows have also been stolen from deceased herdsmen. Their bodies were buried on Monday morning, before you called this morning on Dagu attack and rustling.

“Our appeal to villagers and members of the public was not to buy cows from the suspected Boko Haram insurgents.”

In the meantime, the troops of 233 Battalion, 27 Task Force Brigade of Operation Lafiya Dole, in collaboration with the local vigilance group, have arrested four fleeing insurgents while patrolling the outskirts of Damaturu, the Yobe State capital.

The arrests, according to military authorities, were made in two villages of Kurnari and Nayinawa. The Director, Army Public Relations, Brig-Gen. Sani Usman, confirmed the incident in a statement yesterday.

“During preliminary investigation, they claimed that they were fleeing from the terrorists’ hideout at Talala and Buk in Damboa Local Government Area of Borno State because of the unbearable military onslaughts and bombardments on their various locations.”

He also confirmed the arrest of a robbery suspect, Salisu Ibrahim, by officers of the 33 Brigade during an operation, tagged FOREST KUNAMA II, along the Bauchi-Gombe road.

Usman said the arrested terrorists and robbery suspect were undergoing further interrogation.

SOURCE: http://guardian.ng/news/boko-haram-kill-five-steal-120-cows-in-fresh-borno-attacks/

Finally, N’Assembly passes controversial Peace Corps bill

Despite a contrary legal advice, the Senate on Tuesday passed the bill seeking to establish the Nigerian Peace Corps in concurrence with the House of Representatives.

The Senate Committee on Judiciary, Human Rights and Legal Matters, in its report, which was considered at the plenary on Tuesday, strongly criticised the establishment of the corps.

But the lawmakers adopted the report of the Senate and the House of Representatives’ Conference Committee, which was presented by the Chairman of the Senate Committee on Interior, Bayero Nafada.

The NPC bill was passed in the House of Representatives in June 2016, while it was passed in the Senate in November of the same year.

The two chambers set up a conference committee to reconcile the areas of differences in the bill.

But a debate on the bill at the Senate on May 2, 2017, was marred by controversy, forcing the chamber to refer the conference report to the legal committee.

In the report represented by the Chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters, David Umaru, at the plenary on Wednesday, the panel picked holes in the creation of the NPC but said there was the need to reciprocate House’s passage of the bill.

The report stated in part, “The powers, functions, e.t.c., of the Peace Corps call for concern and this committee would wish that they are subjected to further examination.

“The creation of jobs through this platform is laudable but this can be achieved by strengthening existing agencies and not necessarily creating a new one so as not to overburden the Federal Government; and that the Committee noted that the House of Representatives has adopted the Conference Report and the need for reciprocity.”

It’s difficult for investors to come to Nigeria – Kachikwu

There is some level of latent difficulty for investors to come and invest in Nigeria due to security concerns, among other issues, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said.

This is coming as the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, announced that the country’s current crude oil production had risen to 2.2 million barrels per day.


Kachikwu, who spoke at the 6th Sustainability in the Extractive Industries Conference organised by CSR-in-Action on Wednesday in Abuja, noted that although most countries of the world were faced with security issues, it was important for Nigeria to invest more in securing its citizens and investors.

The minister stated this while suggesting measures through which the economy and the oil sector could be revamped for the greater benefit of Nigerians.

He said, “Now, the second aspect of this discussion is that how do you open your economy in terms of foreign participation? There is almost some level of latent difficulty for investors to come into this country. First of all, they deal with the issue of security.

“Now, when we say security, every country has its own difficulties. You may find that if you take a crime-to-crime analysis, I’m sure that we are not necessarily worse than most countries. But it is just the publicity that we give to certain things that happen here.

Nigeria’s debt rose by N4.76tn in 2016 – DMO

Nigeria total debt rose by N4.76tn in 2016, the Debt Management Office has disclosed.

The DMO disclosed this in its 2016 Annual Report and Statement of Accounts obtained by our correspondent in Abuja on Wednesday.

According to the office, Nigeria’s debt as of December 2016 stood at N17.36tn, up from N12.6tn a year earlier. This reflects an increase of N4.76tn or 37.74 per cent within a period of one year.

The significant increase, according to the DMO, is mainly in the domestic debt component and is attributable to additional issuance of debt securities to fund the 2016 budget deficit and the refinancing and redemption of matured securities.

The DMO explained that the increase in borrowing could be looked at from the deficits contained in both the 2015 and 2016 budgets in relation to the Gross Domestic Product.

Thus, the deficit contained in the 2016 budget reflected 2.14 per cent of the GDP, while that of 2015 reflected 1.09 per cent of the GDP.

Court orders seizure of Diezani’s $37.5m Lagos house, funds

The Federal High Court in Lagos, on Wednesday, ordered the temporary forfeiture of a property at Banana Island, Lagos, bought for $37.5m in 2013 by a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

The property, designated as Building 3, Block B, Bella Vista Plot 1, Zone N, Federal Government Layout, Banana Island Foreshore Estate, has 24 apartments, 18 flats and six penthouses, according to court papers presented on Tuesday by the Economic and Financial Crimes Commission.

According to Bawa, when Nwokedi was questioned by the EFCC, the lawyer explained that he had approached Diezani for opportunities in the oil and gas industry but the ex-minister told him that being a lawyer, she did not have any such opportunity for him and asked him whether he could, in the alternative, manage landed properties, an offer which Nwokedi accepted.

Bawa said Nwokedi later registered Rusimpex Limited at the Corporate Affairs Commission, and named a lawyer in his law firm, Adetula Ayokunle, and a Russian, Vladmir Jourauleu, as the directors.

He added that the address of Nwokedi’s law firm in Ikoyi, Lagos, was registered as the business address of Rusimpex Limited.

Steps to managing a start-up business account

You are about to launch your online store (or maybe you’ve just launched) – congratulations! It takes perseverance and passion to get to the point you are at. However, as you know, business ownership is a constant flood of satisfying milestones coupled with expanding to-do lists. With your launch, you will need to get on top of the accounting tasks that come along with owning a store. These small business accounting steps will give you the confidence to know you have covered your bases, and are ready to move on to the next item on your business to-do list, according to www.shopify.com.

*Open a bank account: After you have legally registered your business, you will need somewhere to stash your business income. Having a separate bank account keeps records distinct and will make life easier. Note that partnerships and corporations are legally required to have separate bank accounts for business.Start by opening up a business account, and then any savings accounts that will help you organise funds and plan for taxes. For instance, set up a savings account and squirrel away a percentage of each payment as your self-employed tax withholding. Next, you will want to consider a business credit card to start building business credit. Corporations are required to use a separate credit card to avoid commingling personal and business assets.

Before you talk to a bank about opening an account, do your homework. Shop around for business accounts and compare fee structures. Most business accounts have fees that are higher than personal banking, so pay close attention to what you will owe.

In order to open a business bank account, you are required to have a business name, and usually be registered.

*Track your expenses: The foundation of solid business record keeping is learning to track your expenses effectively. It is a crucial step that allows you to monitor the growth of your business, build financial statements, keep track of deductible expenses, prepare tax returns, and support what you report on your tax return.

Right from the beginning, you should establish a system for organising receipts and other important records.

*Develop a bookkeeping system: Before we jump into establishing a bookkeeping system, it is helpful to understand exactly what bookkeeping is and how it differs from accounting. Bookkeeping is the day-to-day process of recording transactions, categorising them, and reconciling bank statements.

Accounting is a high level process that looks at business progress and makes sense of the data compiled by the bookkeeper by building financial statements.

As a new business owner, you will need to determine which bookkeeping method to use.

*Set up a payroll system: As a new online store owner, you will likely be a one-person show. However, maybe you will hire a part-time employee to help you out, or a freelancer to design your logo. Right away, you need to establish whether that individual is an employee or an independent contractor. For employees, you will need to decide on a payroll schedule and ensure that you are withholding the correct taxes; there are lots of services that can help with this. For independent contractors, be sure to track how much you’re paying each person.

When sales start rolling in, you will need a way to accept the payments. If you want to accept credit card payments, you will either need a merchant account or you can use a third party payment processor. A merchant account is a type of bank account that allows your business to accept credit card payments from customers.

*Calculate gross margins: Improving your store’s gross margin is the first step towards earning more income overall. In order to calculate gross margin, you need to know the costs incurred to produce your product.

*Constantly re-evaluate your methods: When you first start out, you may opt to use a simple spreadsheet to manage your books; but as you grow, you will want to consider more advanced methods. As you keep growing, it is good to continually reassess the amount of time you are spending on your books and how much that time is costing your business. The right bookkeeping solution means you can invest more time in the business with bookkeeping no longer on your plate, and potentially save the business money.

Conclusion

Starting a business can be an overwhelming process, but if you follow this list, you will have your new store’s finances in order from the beginning. From opening the right type of bank account to determining how much you will bring in per product, these tasks will all contribute to your business’ success, now and as it grows.

D’Banj celebrates father as he turns 70

Legendary pop musician, Adedapo Oyebanji, popularly known as D’banj celebrated his father today as he clocks 70 years.

In a twitter post, D’banj enthusiastically wrote, “And to the Real Kokomaster, my perfect Role Model, my father Celebrating 70 years of Grace. I Love you dad!

Besides the tweets, he also took to his Instagram page to say, “And to the Real kokomaster, the one and only, my king, my perfect Role Model, my mentor, my Pastor, my father. 

“Without you, I wouldn’t be here nor even be rooted with the right Foundation knowing Christ is the way, truth and life. Thanks for the best Gift ever and for bringing this Fine Boy to this world. OoooSssHhhEee. Love you dad, General on check one time Salute.”

It is interesting to note that the Kokomaster welcomed a baby boy recently.

..And to the Real kokomaster, my perfect Role Model , my father Celebrating 70years of Grace. I Love you dad!

Donnarumma apologises after AC Milan renewal: 'I'm sorry to the fans who felt betrayed'

The 18-year-old goalkeeper expressed regret over his contract drama, saying it was not his intent to upset the club's supporters

Gianluigi Donnarumma has apologized to AC Milan supporters after signing a new contract with the club until 2021.

Having previously rejected a deal to extend beyond 2018, the 18-year-old performed a U-turn on Tuesday to commit his future to the club in an agreement that will reportedly pay him €6 million per year.

It marked the end of a dramatic saga in the transfer window, in which relations with his agent Mino Raiola and Milan soured as Donnarumma was linked with a host of Europe's top clubs, including Real Madrid and Juventus.

Milan celebrated the renewal on Wednesday with a media event, where they also presented his brother Antonio as a new signing, and Donnarumma took the opportunity to say sorry to fans who had been upset by a dramatic period.

"I'm delighted and proud to be at Milan," said the goalkeeper.

"I was born and raised at this club and I never had any doubts about staying in my mind.

"I'm sorry to the fans who felt betrayed, but I repeat that was not my intention.

"I'm sorry to them and thank them for their affection for these two years. I am proud to be here."

SOURCE: http://www.goal.com/en-ng/news/4102/transfer-zone/2017/07/12/37016322/donnarumma-apologises-after-ac-milan-renewal-im-sorry-to-the?ICID=HP_TS_7

Uche Jombo’s husband apologises to her over breakup rumours

Actress, Uche Jombo’s husband, Kenney Rodriguez, has publicly debunked rumors of marital crises between him and Jombo, while apologiZing to her for the negative press the false news has caused.

Pictures surfaced last month of Kenney with another woman and this led to marriage crises speculations between the pair. Jombo also fanned rumours of marital crises when she removed her husband’s name from her Instagram page.

The mother of one subsequently released an official statement saying that she was taking her family off the social media. She added that people should respect that decision and stop evil insinuations.

Kenney on his Instagram page has finally come out to dispel the rumors. He further revealed that he had taken legal steps to control the situation.

Fayose threatens to release 11 damaging pictures on Buhari’s health

The Governor of Ekiti State, Mr. Ayodele Fayose, has threatened to release 11 pictures which he said would proof to Nigerians that President Muhammadu Buhari’s health had deteriorated.

Fayose said there was no iota of truth in the claim by Acting President Yemi Osinbajo that the President was fast recuperating in London.

The governor, who spoke with journalists in Abuja on Wednesday, insisted that the President should resign and attend to his failing health.

“If care is not taking, I will release pictures and this will create serious problems for the country. The offices of the governors and the president are that which require work. If care is not taken, I will release about 11 pictures (on his bad health”), the governor said,

Fayose, who is the Chairman of the Peoples Democratic Party Governors’ Forum, however, said he was not praying for the President to die.

SOURCE: http://punchng.com/fayose-threatens-to-release-11-damaging-pictures-on-buharis-health/

World Bank advocates single regulatory authority for free zones

THE World Bank has advocated a single authority for the regulation of operations of free zones in Nigeria. Mr. Craig Raymond Giesze, Senior Operations Officer, Trade & Competitiveness, Global Practice, World Bank Group, made the case at the public hearing organised by the House of Representatives Committee on Commerce. The public hearing was aimed at taking input from stakeholders for the purpose of amending the nation’s Oil and Gas Export Free Zone Authority, OGEFZA, Act.

He stated: “Beyond the fact that a single regulatory authority is global best practice, the benefits include the fact it reduces administrative costs; the approach creates investor confidence in an economy; investors abhor a confusing regulatory environment and considers such environment as too risky but prefer consistency in regulation because a single regulatory authority offers long term stability that guarantees safety of investments. In that regard, the World Bank perspective would be that Nigeria should seriously consider the adoption of a single regulatory authority regime for its free zones”.

Are robots taking over the world’s finance jobs?

The year is 2030. You’re in a business school lecture hall, where just a handful of students are attending a finance class. The dismal turnout has nothing to with professorial style, school ranking or subject matter. Students simply aren’t enrolled, because there are no jobs out there for finance majors.

Today, finance, accounting, management and economics are among universities’ most popular subjects worldwide, particularly at graduate level, due to high employ-ability. But that’s changing.

According to consulting firm Opimas, in years to come it will become harder and harder for universities to sell their business-related degrees. Research shows that 230,000 jobs in the sector could disappear by 2025, filled by “artificial intelligence agents”.

Are robo-advisers the future of finance?

A new generation of AI Investments in automated portfolios rose 210% between 2014 and 2015, according to the research firm Aite Group. Robots have already taken over Wall Street, as hundreds of financial analysts are being replaced with software or robo-advisors.

In the US, claims a 2013 paper by two Oxford academics, 47 per cent percent of jobs are at “high risk” of being automated within the next 20 years – 54 per cent of lost jobs will be in finance.

This is not just an American phenomenon. Indian banks, too, have reported a 7 per cent decline in head count for two quarters in a row due to the introduction of robots in the workplace.

Perhaps this is unsurprising. After all, the banking and finance industry is principally built on processing information, and some of its key operations, like passbook updating or cash deposit, are already highly digitised.

A man leaves an Axis Bank automated teller machine (ATM) in New Delhi, India. Adnan Abidi/Reuters. Now, banks and financial institutions are rapidly adopting a new generation of Artificial Intelligence-enabled technology (AI) to automate financial tasks usually carried out by humans, like operations, wealth management, algorithmic trading and risk management.

For instance, JP Morgan’s Contract Intelligence, or COIN, programme, which runs on a machine learning system, helped the bank shorten the time it takes to review loan documents and decrease the number of loan-servicing mistakes.

Such is the growing dominance of AI in the banking sector that, Accenture predicts, within the next three years it will become the primary way banks interact with their customers. AI would enable more simple user interfaces, their 2017 report notes, which would help banks create a more human-like customer experience.

NSE indices up by 0.44%, turnover 232.43%

Activities on the Nigerian Stock Exchange (NSE) closed for the week on Friday on a positive note, with the turnover volume appreciating by 232.43 per cent, while market indices grew by 0.44 per cent.

The News Agency of Nigeria (NAN) reports that a total of 480 million shares valued at N1.98 billion were exchanged by investors in 2,713 deals.

This was in contrast with a turnover of 144.39 million shares worth N1.54 billion transacted by investors in 2,303 deals on Thursday.

Activities on the Nigerian Stock Exchange (NSE) closed for the week on Friday on a positive note, with the turnover volume appreciating by 232.43 per cent, while market indices grew by 0.44 per cent.

The News Agency of Nigeria (NAN) reports that a total of 480 million shares valued at N1.98 billion were exchanged by investors in 2,713 deals.

This was in contrast with a turnover of 144.39 million shares worth N1.54 billion transacted by investors in 2,303 deals on Thursday.

NAN reports that Staco Insurance drove the activity chart with an exchange of 252.12 million shares worth N126.06 million.

United Capital followed having accounted for 61.96 million shares valued at N24.88 million and Zenith International Bank traded 59.53 million shares worth N893.06 million.

FCMB Group sold 21.29 million shares valued at N27.53 million and FBN Holdings traded 15.19 million shares worth N50.33 million.

In the same vein, the market indicators closed higher with a growth of 0.44 per cent due to price appreciation recorded by some highly capitalised stocks.

An analysis of the price movement table indicated that Total Nigeria led the gainers’ table gaining N2.90 to close at N273.01 per share.

Death toll in Suleja flood disaster rises to 13

The death toll in Suleja Local Council of Niger State where flood wreaked havoc at the weekend, has risen to 13 while three others are still missing. Four persons were also said to be unconscious, and are receiving treatment in Suleja General Hospital, as seven houses at Nasarawa area of Suleja have been submerged.

It was gathered that the head of the household of seven, Abubakar Saraki, survived; but his six children died. Meanwhile, the Director General, Niger State Emergency Management Agency (NSEMA), Ibrahim Ahmed Inga, said out of the 11 that died in the Suleja flood disaster, eight bodies have been recovered. Inga said four areas were badly affected by last Saturday’s flood in Suleja.

He said 90 houses were destroyed, and no fewer than 500 people displaced; adding that there is the possibility of using primary schools in the area as temporary camps for survivors.

The death toll in Suleja Local Council of Niger State where flood wreaked havoc at the weekend, has risen to 13 while three others are still missing. Four persons were also said to be unconscious, and are receiving treatment in Suleja General Hospital, as seven houses at Nasarawa area of Suleja have been submerged.

It was gathered that the head of the household of seven, Abubakar Saraki, survived; but his six children died. Meanwhile, the Director General, Niger State Emergency Management Agency (NSEMA), Ibrahim Ahmed Inga, said out of the 11 that died in the Suleja flood disaster, eight bodies have been recovered. Inga said four areas were badly affected by last Saturday’s flood in Suleja.

Etisalat Nigeria gets deadline to stop use of brand name

The crisis rocking Etisalat Nigeria deepened yesterday with a directive from the Emirates Telecommunications Corporation (ETC), the largest shareholder in the embattled firm, that the Nigerian arm should stop using the brand name within the next three weeks.

                       

       The Chief Executive of Etisalat International, Hatem Dowidar, told Reuters yesterday that Abu Dhabi’s Etisalat had terminated its management agreement with its Nigerian arm and given the business time to phase out the brand in Nigeria.

The implication is that the new management must decide within the next 21 days on the options before it, which are either an outright sale of the company or merger with an existing operator in the country.

Etisalat, which controls 13 per cent market share in Nigeria, has had a running battle with a consortium of 13 banks since March, after it notified them of its inability to service its $1.2 billion debt in February due to the foreign exchange challenges in the country.

Neville hails Rooney as Man United’s brightest striker

Manchester United icon Gary Neville hailed Wayne Rooney as the finest striker he has ever seen at Old Trafford after the captain’s return to Everton was confirmed.

Rooney’s departure to Goodison Park on a two-year deal was confirmed yesterday after the clubs agreed an undisclosed fee.

Though Rooney’s powers have faded in recent seasons, he will leave Old Trafford as United’s record scorer with 253 goals in 559 appearances, having won five Premier League titles and the Champions League among 12 major trophies.

Neville was in the United team, as Rooney marked his debut with a phenomenal hat-trick against Fenerbahce in the Champions League in 2004.

And though he played with such club icons as Eric Cantona and Ruud van Nistelrooy, Neville places Rooney above the lot in the annals of United strikers.

Arsenal to release Sanchez to Man City for £80m

Arsenal are reportedly ready to let Alexis Sanchez join Manchester City if they receive £80million, according to reports.

It looks increasingly likely that Sanchez will be on his way this summer, with the Gunners keen to cash in on the player rather than lose him for nothing in 2018.

City remain favourites to land the 28-year-old, who reportedly wants £400,000-a-week to sign a new deal at The Emirates, after Bayern Munich pulled out of the running, while Inter Milan have since thrown their hat into the ring.

DFID’s, Pind’s study supports CBN naira devaluation, import ban on agric value chain in Niger Delta

The United Kingdom (UK) Department for International Development (DFID)’s Market Development (MADE) Programme and a non governmental organisation, Foundation for Partnership Initiatives ( PIND)’s joint research study has uncovered that Nigeria’s Naira devaluation and the recent Central Bank of Nigeria (CBN)’s policy barring access to foreign exchange for the importation into the country of certain agricultural products has impacted positively on the agricultural value chain in the Niger Delta of the country.

                        

The DFID MADE Programme is a 4½-year design and implement project in the Niger Delta applying a market development approach (M4P) to improve market access, increase economic activity, and raise the incomes of 150,000 poor people, half of whom will be women initially focusing on the critical constraints to pro-poor growth in the value chains of palm oil, aquaculture and fisheries, agricultural inputs, and backyard poultry aimed at stimulating private sector provision of services and promote innovative, inclusive business models that reach a large number of low-income households,while PIND on the other hand is a non- profit organisation working to build partnerships for peace and equitable economic development in the Niger Delta with the sum to achieve a legacy of sustainable peace and development among communities in the Niger Delta.

The two bodies collaborated to produce a report from their study on the effect of naira devaluation on agricultural value chains in the Niger Delta.

Kwara youths threaten to recall Saraki

The Kwara Youth Stakeholders Forum (KYSF) has threatened to recall Senate President Bukola Saraki over the continuous face-off between the National Assembly and the Federal Government.

In a statement by its president, Charles Olufemi Folayan, the group regretted that the rancour was coming from stalwarts of same political party.

Labelling Saraki’s stewardship as unimpressive, KYSF worries that bills of public interest such as Local Government Autonomy Bill, Audit Bill including first-line charge for Auditor General for the Federation, Bill for Special Anti corruption Court, among others were yet to receive adequate attention from the upper chamber of the National Assembly.

The statement reads: “We are disturbed by the frequent face-off between the Senate and the executive arm of government which is affecting the whole nation and requires the attention of all Nigerians, considering its adverse effect on the masses.

“We are cognisant of the separation of powers in a democratic setting, but it is shocking to see the legislative and executive arms of government formed by the same political party playing opposition between themselves in the name of separation of power.”

Meanwhile, the suspended member representing Bebeji/Kiru Federal Constituency of Kano State in the House of Representatives, Abdulmumini Jibrin Kofa, is at the verge of losing his representation at the lower chamber.

Hundreds of constituents are also collecting signatures to commence his recall.

I refused to beg Abacha, says Obasanjo

Former President of Nigeria, Chief Olusegun Obasanjo on Saturday narrated how the late Ooni of Ife, Oba Okunade Sijuwade, made spirited efforts to plead on his behalf to the late Head of State, Gen. Sani Abacha over the alleged 1995 coup plot in which he and his erstwhile Chief of Staff, Supreme Headquarters, Gen. Shehu Musa Yar’Adua were framed.

While sharing his prison experience during a programme organised by Christ The Redeemer’s Friend International (CRFI), a body in the Redeemed Christian Church of God (RCCG) Lagos Province 39 chapter, the former president said “Abacha and those around him had made up their mind to terminate me because I was vocal against his government.”

According to him, “My crime before Abacha was that I stood my ground he should put down his uniform and join a political party to context election if he is interested in ruling. This did not go down well with the late Head of State and he decided I must be silenced.”

Renewed crisis threatens Nigeria’s Russia 2018 World Cup chances

Unless elders of the country wade into the renewed crisis over the leadership of the Nigeria Football Federation (NFF), the nation may not realize its ambition of hoisting its flag at the Russia 2018 FIFA World Cup.

FIFA at the weekend banned Sudan and Guinea from all its activities following alleged government interference in the administration of their football. And the same fate may befall Nigeria if the renewed court battle over NFF leadership is allowed to affect the administration of the game.

Last Monday, the Supreme Court gave the NFF, led by Amaju Pinnick, and followers of a claimant to the federation’s presidency, Chris Giwa, notice to await further directives on when it would deliver judgment on the suit between the parties.

Equities’ investors risk losing dividends over banks’ Eurobonds

The prevailing high domestic interest rate which has spurred banks’ increased appetite for external borrowings through Euro-bonds has become a source of worry to capital market operators.

The operators urged the government to maintain stability in exchange rate to enable them to service their obligations and avoid impact of such borrowing on equities’ investors dividends.

Due to the collapse of the equities primary market and the high cost of issuing long-term domestic debt, four Nigerian banks have devised alternative means to access cheaper long-term funds from the international capital market. They plan to raise over $3 billion to close the gap in their foreign currency balance sheet.

NAICOM releases draft guidelines on microinsurance operations

The National Insurance Commission has released a draft of revised guidelines for micro-insurance operations in Nigeria.

NAICOM sent the draft guidelines to the chief executive officers of insurance and reinsurance companies, the Nigerian Insurers Association, the Nigerian Council of Registered Insurance Brokers and other bodies to make their inputs.

The commission also gave them the deadline to make the necessary contributions to the draft.

NAICOM also said it had received the 2016 financial reports of 49 insurance companies.

It disclosed that accounts of 39 companies had been approved; accounts of eight companies were undergoing a review; and the remaining two companies had been queried for various reasons.

SOURCE: http://punchng.com/naicom-releases-draft-guidelines-on-microinsurance-operations/

Lagos State government pays 218 retirees benefit with N684 million

Addressing the retirees at the 40th Retirement Benefit Bond Certificate Presentation in Lagos, the Director-General- LASPEC, Folashade Onanuga, gave the retirees, His Excellency’s goodwill message stated that the retirees having contributed their quota to the development of Lagos State deserve to be treated like elder-statesmen with right to receive their pension early as active workers also receive their salaries on time. She implored the beneficiaries to be gentle with life. “Maintain a low profile, eat healthy and exercise well as this is what your body needs. Let moderation be your watchword”, she said.

                  

She also explained that even though there is two options available for receipt of monthly Pension entitlements i.e. the Programmed Withdrawal and life annuity options, not many insurance companies have received PENCOM’s nod to transact Annuity business. However, Lead-way Assurance plc, FBN Insurance Custodian Life and ARM life have gotten approval. Only Lead-way assurance & ARM life are for now given approval to provide Annuity services for Lagos State Government retirees.

Manufacturers’ raw materials inventory rises on steady Forex supply

With the Central Bank of Nigeria (CBN) sustaining its foreign exchange intervention in the real sector for importation of key raw materials, the manufacturing sector’s raw materials inventory index grew for the third consecutive month to close at 52.3 points.

This is just as the Manufacturing Purchasing Managers’ Index (PMI) increased to 52.9 index points in June 2017, showing expansion in the manufacturing sector for the third consecutive month.

Since March the CBN has stepped up its sales of Forex to importers, small and medium enterprises and retail (for invisible). The consequences for the sector have been far greater availability of raw materials and naira appreciation on the parallel market, with the food and beverages segment being the main beneficiary.

According to latest PMI report by the Central Bank of Nigeria (CBN), the PMI is an indicator of the economic health of the manufacturing sector, and is based on five major indicators: new orders, inventory levels, production, supplier deliveries, and the employment environment.

A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally declining

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Kadiri commended the apex bank’s efforts in intervening to ensure that manufacturers access foreign exchange to import their raw materials, even as he sought the bank’s understanding in addressing certain gaps and demands that are yet to be met in some sub-sectors.

Recession: FG enlists foreign firms to enhance recovery

The Federal Government is hiring the United States technology giants such as Oracle Corporation and Microsoft Corporation as it steps up efforts to save costs and fight corruption.

An initiative led by Redwood, California-based Oracle, has helped the Federal Government to remove 50,000 ghost workers, or fake entries, from the payroll, according to a statement from the Presidency.

Other companies interested in taking on more work in Nigeria included IBM Corporation and Sweden’s Ericsson AB, the Managing Director of government-owned Galaxy Backbone, which provides technology services to the government, Yusuf Kazaure, said.This followed Oracle’s decision to open an office in Abuja in May.

Kazaure said Galaxy Backbone’s budget had increased by 30 per cent to N4bn this year, Bloomberg reported on Tuesday.

According to him, government funding for the company will probably increase at a similar annual rate for the foreseeable future.

The Federal Government is investing about 50 per cent more on Information and Communications Technology infrastructure this year, totaling about N41bn, according to budget data.

The country is seeking to recover from its worst economic downturn in more than two decades and is using technology to improve government revenue collection and attract investment.

NFF clears Gernot Rohr, 26 other coaches’ salaries

The Nigeria Football Federation (NFF) yesterday revealed that it has settled all the outstanding salaries of its current and past coaches through the recent agreement it entered with Aiteo Group.

A statement by the federation indicate that the payment was from the first batch of monies meant for the payment of salaries of coaches of the national teams in the N2.5 billion, five-year partnership agreement with the energy solution company.

The coaches are Salisu Yusuf, Alloy Agu, Fatai Amao, David Ngodigha, Ann Chiejine, Bala Mohammed, Kabiru Baleria, Emeka Amadi, Peter Dedevbo, Toyin Ayinla, Wemimo Oni, Auwal Bashir, Manu Garba, Bala Nikyu, Lateef Yusuf, Nduka Ugbade, Jolomi Atunne Alli, Ernest Salolomo, Queen Dolyn Akpan, Adamu Audu Ejo, Godwin Okon, Justin Madugu, Gidado Usman, Florence Omagbemi, Perpetua Nkwocha, Emmanuel Amuneke and Christopher Danjuma.    

Quoting NFF’s Second Vice President/LMC chairman, Mallam Shehu Dikko, who is also Chairman of the NFF Sponsorship, Marketing and Television Advisory Committee, thenff.com said “the first tranche of payment received from the energy solution company, about N100 million has been used to offset all outstanding salaries of 27 coaches in all, including a number that had been owed for services rendered during the tenure of previous administrations.

“The salaries of the Super Eagles’ Technical Adviser, Mr. Gernot Rohr, have also been settled up-to-date from the forex component of the transaction with Aiteo. All the payments were made direct to the accounts of the beneficiaries through NFF’s Financial Consultants (Financial Derivatives Company), appointed to manage the funds from the sponsors upon verification of the processes by NFF external auditors, PWC and payment instructions from the NFF secretariat.

“It is our joy that the coaches can finally smile to the bank. A laborer deserves his wages, and that is why the present NFF administration worked assiduously hard to ensure the realization of this partnership. The NFF is grateful to Aiteo Group for this breakthrough in making our coaches happy.”

 SOURCE: http://guardian.ng/sport/nff-clears-gernot-rohr-26-other-coaches-salaries/