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Nigeria says working hard to resolve gasoline crisis

In a chat with Nigerians from all walks of life on Sunday evening during the stopover, the Vice President noted that the Federal Government was moving as quickly as it could to solve the fuel crisis and reduce the difficulties Nigerians were facing as a result.

How Jonathan’s officials, cousin shared 27bln proceeds of PHCN sale -EFCC

The Economic and Financial Crimes Commission (EFCC) has narrated how top government officials under the administration of former president Goodluck Jonathan shared 27 billion, part of the proceeds of the sale of Power Holding Company of Nigeria (PHCN) in 2014.

- Nigeria unemployment rate climbs up

Four out of every ten people in Nigeria's workforce were unemployed or underemployed by the end of September, National Bureau of Statistics (NBS) said on Friday.

Why is Jerusalem important, what makes Donald Trump's intervention so toxic

What is the status of Jerusalem? Israel set up its parliament in West Jerusalem when the state of Israel was proclaimed in 1948. The move followed the United Nations’ vote to partition Palestine on the basis of the British pledge known as the Balfour Declaration that paved the way for a homeland for the Jewish people.

- Nigeria's dollar reserves at $34.53 bln as of Nov. 24

Nigeria’s foreign exchange reserves stood at $34.53 billion as of Nov. 24, up nearly 3 percent from a month earlier, central bank data showed on Thursday. The bank did not provide a reason for the increase in reserves, which stood at $33.58 billion at the same date last month.

Saturday 31 December 2016

Nigeria's Lagos state sells 47 bln naira of bonds - governor

Nigeria's Lagos state has sold 47 billion naira ($154.50 million) of bonds maturing in 2023 to help finance its efforts to improve basic infrastructure in the country's commercial hub, its governor said on Saturday.

Governor Akinwunmi Ambode said in an emailed statement that the debt issue, with a 16.5 percent coupon, was the first tranche of a 500 billion naira debt issuance programme approved by the state's parliament in September.
The state had offered 60 billion naira of the bonds.
Ambode said "despite the continued challenges in the economy and difficult market conditions ...the state sold some 80 percent of the bonds it offered at a 57 basis points spread to the sovereign."
"Lagos state government remains committed to improving the physical and social infrastructure base of the state ...," he said.
Lagos state in April agreed to pay off holders of an outstanding 167.5 billion naira bond before maturity to cut its interest payments after a plunge in oil prices slashed government revenues in the OPEC member nation.
The state is home to the commercial hub of Africa's most populous nation, a sprawling city of more than 21 million people which badly needs infrastructure upgrades.
Lagos is the first state to issue a bond since the country slipped into recession in the second quarter of 2016. It is also rare among Nigeria's 36 states in generating around 70 percent of its revenue internally from taxes.
Most of the country's other states rely heavily on their share of federal oil revenues.

Nigeria's Buhari says will pursue peace in restive Niger Delta in 2017

Nigeria's government will seek a lasting peace settlement with militants in the oil-producing southern Niger Delta region in 2017, President Muhammadu Buhari said in a New Year's message on Saturday.
Attacks on oil facilities in Nigeria's energy hub, coupled with low oil prices, helped push Africa's biggest economy into recession - the first in 25 years - in the second quarter. Crude oil sales account for two-thirds of government revenue in the OPEC member country. Image result for President Buhari
Attacks by militants, who want a greater share of the country's energy wealth to go the impoverished oil-producing swampland, have been less frequent since November when Buhari held talks with community leaders from the region.
"We will continue to pursue peace initiatives in the Niger Delta as I, again, call on our brothers in that region who have taken to violent disruptions of economic infrastructure to come to the negotiating table," Buhari said in an emailed statement.
The attacks cut Nigeria's oil production, which stood at 2.1 million barrels per day (bpd) at the start of 2016, by more than a third in the summer.
Repairs to oil facilities have since lifted production, which reached nearly 1.8 million bpd in December, according to oil minister Emmanuel Ibe Kachikwu.
But sporadic attacks, most recently in late November, have been carried out by groups that are not taking part in peace talks.
"In this new year, I want to reassure all Nigerians that our defence and security forces are more than ever before ready to perform their constitutional role of protecting lives and property," Buhari said.
He listed other security concerns, including the threat posed by Islamist militant group Boko Haram which the president said last week had been pushed out of its stronghold in the remote northeastern Sambisa forest.
After pushing militants out of the forest, a move that Reuters has been unable to independently verify, Buhari said Nigerians should "watch out for strange figures settling in their communities".
He said authorities would help to resettle some of the two million people displaced by the jihadist group's seven-year insurgency aimed at creating an Islamic state in the northeast of Africa's most populous nation.
A man purporting to be Boko Haram leader Abubakar Shekau on Thursday denied the group had been pushed out of the Sambisa forest.
(C) Reuters News

Secret of staying fit and well into old age

By DR MUIR GRAY
When I was just 28, part of my work as a doctor was organising care for the elderly. And that’s when I first noticed something rather strange.
Some people in their 80s were very disabled and dependent on others, while others were lively characters who still worked, made love, drove cars and cared for others.
‘What made the difference?’ I asked myself. Was it just luck — or did it have anything to do with the choices each person had made?

When I discussed this with my elderly patients, I realised that a few of them had contracted diseases that no one could have prevented. In short, they’d had bad luck.
But it was equally clear that many of them had greatly raised the likelihood that they’d suffer from diseases in later life by not paying sufficient attention to their health in mid-life.
Indeed, as the years have gone by, scientific evidence for this has become overwhelming. Many diseases, including dementia, can be prevented or postponed by actions taken in mid-life.
True, some diseases may be due to your genes — but far fewer than you’d think. It’s estimated that genetics are responsible for no more than one-fifth of common diseases.
In other words, an incredible four-fifths of diseases are preventable in men and women.
So it’s time to stop looking at mid-life — by which I mean anything between 40 and 60 — as the beginning of the end. Instead, we need to view it as the end of the beginning.
And above all, we owe it to ourselves to change our bad habits, so we have a far greater chance of a healthy, active and disease-free old age.
Yet many people reach mid-life and assume it’s natural to lose fitness, gain weight and find they’ve suddenly developed high blood pressure or type 2 diabetes.
Unfortunately, that’s all too likely. By the age of 40, roughly one-third of the UK population has been diagnosed with a chronic health problem. By 50, half of us have one. By 60, roughly two-thirds have at least one long-term health condition. This is profoundly shocking because, to a large degree, it’s avoidable.
So over the next few days, I’ll be giving you all the latest and most scientifically sound advice on how to stack the odds in your favour for a healthy mid-life and old age.
Even if you have one or two long-term health problems, the changes I’ll be recommending will radically improve your chances.
First, let’s check the state of your own health. Just put a ring around the number closest to the description most appropriate to you in each case (ring number one if you’re in tip-top form down to number five if you’re the opposite):
Full of beans 1 2 3 4 5 Feel really tired
Can run a mile 1 2 3 4 5 Couldn’t catch a bus
Feel very calm 1 2 3 4 5 Very wound up
Sleep soundly 1 2 3 4 5 Sleepless nights
Lean and mean 1 2 3 4 5 Fat and flabby
Over the moon 1 2 3 4 5 Down in the dumps
If you scored a total of:
Six — that’s great. Even 12 or less shows that you’re doing well.
13 to 20 — you’re not doing badly. But by taking action, you could not only feel better but reduce the risk of long-term health problems.
20 or more — don’t despair. The good news is that the steps you take to reduce your risks of disease in the long term will help you feel better within a month.
The key is to look at mid-life as the time for action. When you’re under 40, you can get away with abusing your body to a certain extent, but after that, you really need to make an effort.
Otherwise, a huge gap will open up between how able you are and how able you would have been if you’d kept fit. This is called the fitness gap.
Yet by taking action in mid-life, you can become as fit as you were ten years ago and live much better for longer.
Perhaps you’re one of the many who assume all the bad things that happen in later life are due to getting older. The truth, however, is that ageing is relatively unimportant.
Yes, it does have an effect on many body tissues and organs. For instance, the maximum heart rate drops by about one beat per minute every year from 35, which is why there are very few world-class athletes past this age.
Ageing also affects your resilience. One example is that your body loses some of its ability to respond when you lose your balance, which makes you more likely to fall.
However, your main enemies aren’t anything to do with ageing — they’re a bad diet, lack of fitness, lack of sleep and too much harmful stress.
To those, I’d add one more important factor: as youth retreats, many people allow themselves to become negative and pessimistic. Research has shown they develop a fatalistic attitude to the years ahead. This is perfectly understandable. They face so many pressures and deadlines in the here and now that looking after themselves has become a low priority.
Yet by burying their heads in the sand, those people are almost inviting calamity.
So, let’s try pitching our minds ahead to old age. Which of the following phrases do you identify with most strongly?
I hope to drop dead suddenly.
I hope I don’t develop dementia.
I hope I won’t be disabled and a burden on my family.
I hope I can stay pretty fit until pretty near the end.
Dropping dead suddenly on the last day of a wonderful holiday may seem like a great way to go, but it has its downside.
It can be very tough for those left behind. In any case, if you don’t look after yourself, you may not be fit enough to go on holiday in the first place.
As for suffering from dementia or being so disabled that you need someone to look after you — well, no one wants that.
Being stuck in a chair and unable to get to the lavatory in time is certainly a miserable prospect. But if you do nothing to improve your lifestyle in mid-life, the chances are that’s roughly how you will end up.
You’ll suffer from a progressive loss of fitness, complicated by the development of one or more disabling diseases — all because you haven’t bothered to reduce your risk.
The choice is yours. And it really isn’t that hard to recharge your life. You don’t need to work out every day, go vegan or become teetotal.
Over the next few days, I’ll be showing you how to change your destiny by tackling harmful stress and improving your diet, your fitness and the quality of your sleep.
But let’s start with your body in mid-life.
TEETH AND GUMS
From the age of 40, you need to focus more on your gums. Unless you start to look after them obsessively, your teeth are doomed.
Sugar in fruit can be just as bad as the refined sugar in a cake or chocolate bar. So if you eat grapes or a banana between meals, try to clean some of the surplus sugar off the surface of your teeth. Even a mini-gargle with water is helpful.First, remember that sugar is just as damaging to adult teeth as it is to those of children. Therefore, you should eat as little sugar as you can, as few times a day as possible.
Try sticking to three meals a day. And forget about brushing just twice a day: you need to clean your teeth after each meal.
Again, if you can’t, just rinse out your mouth with water.
Some dentists also recommend sugarless chewing gum because it cruises around the mouth, picking up any crumbs that would lead to plaque.
Now, let’s look at your night-time brushing ritual — the most important one of the day. You need to spend at least five minutes on this.
Are you relying on an electric toothbrush to do everything? Well, don’t: the rotation of the bristles usually buffs only the surface of the teeth. Here’s what you need to do as well:
Use a special little pointy brush, called an interspace brush, to clean between your teeth, taking about a minute to go round the top and bottom. Push it up and down hard on the line where the gums meet the teeth.
Next, use dental floss — not in and out, but up and down between the teeth. Press down on the gum.
Next, use dental floss — not in and out, but up and down between the teeth. Press down on the gum.
Now use a special little brush, called an interdental brush, to push through the junctions between teeth and gums.
Then use an old-fashioned manual toothbrush for another attack on the junction between tooth and gum. Focus particularly on the lower teeth because plaque grows faster there. Brush downwards on both the insides and the outsides of the teeth.
Finally, polish the teeth surface with an electric toothbrush.
It won’t be five minutes wasted, I promise. And you can get even better value out of this time by standing on one leg throughout — good for maintaining crucial balancing skills well into old age.
SKINCARE
Your skin betrays the most obvious signs of ageing, so take care of it. Women are better at doing this than men, but sometimes they spend far too much on ineffective designer creams.
For both sexes, there are a few simple rules:
There's no strong scientific evidence that anything labelled as ‘anti-ageing’ has any significant effect on your skin.
Use a simple, inexpensive aqueous cream liberally, all over. Try to moisturise every day, or at least once a week.
Protect your skin from excessive ultraviolet light from the sun. Use strong sun protection — and take vitamin D every a day to compensate for the fact that the suncream stops your skin making enough of this vitamin.
Stop smoking — it reduces blood flow to your skin, making you look older.
Excessive alcohol will dehydrate your skin, leaving you looking older and tired.
Drinking water will prevent your skin from drying out.
HEART AND BLOOD VESSELS
Disease of the heart and blood vessels is the No. 1 killer. And there are four factors that increase your likelihood of contracting it:
High blood pressure.
High blood sugar — also known as type 2 diabetes.
High levels of cholesterol.
Smoking.
If one or more of these applies to you, then you may be offered a drug to control it. But beware: unless your levels of cholesterol, blood sugar or blood pressure are extremely high, it’s often better not to medicate at all.
Try asking your doctor this: ‘What additional risk would I run if I postponed starting the drug treatment for a year — and instead sorted out my diet, weight and fitness?’ The truth is that it’s always best to alter your diet and improve your fitness before considering any drug treatment for such conditions.
Not only will you feel markedly better, but your health should dramatically improve.
There’s one exception to this rule. If your father, or one or more other relatives, died of a heart attack before the age of 50, you should ask for a genetic test. You may possibly have a rare disorder called familial hypercholesterolaemia.
LUNGS
Ever feel a bit short of breath? Getting fitter will not only increase your mental well-being, but will also help you feel less breathless.
This is because being fit increases the ability of your muscles to suck oxygen from the blood that’s passing through them — rather than relying on oxygen directly from the lungs themselves.
But you can be super-fit and still struggle for breath if you live in a city affected by air pollution — particularly by the nitrogen dioxide that comes from diesel engines.
Ideally, all diesel engines should be banned. But if you can’t avoid city centre air, you should:
Monitor air pollution via an app on your phone and try to avoid smog spots on days when levels are particularly high.
Avoid busy streets with tall buildings on either side.
Walk on the inside of the pavement, not the kerb.
Keep car windows shut — above all, don’t allow outside air into the car while driving on busy streets.
Eat fresh fruit, vegetables and whole grains, which may offer some protection against the harmful effects of pollutants.
GUT, BOWELS AND LIVER
Around 40 per cent of people have at least one digestive symptom at any one time. The most common ones are:
Changes in bowel movement (constipation or diarrhoea).
Heartburn.
Indigestion.
These can usually be treated with improved diet and exercise. Medicine from the chemist’s should only ever be a short-term fix. If symptoms persist, see your GP.
Otherwise, these five tips should alleviate most problems:
Eat a Mediterranean diet to keep gut and bowels in good order.
Fill up on fibre — for a healthy bowel, you need fibre from a variety of sources (wholemeal bread, fruit, vegetables, beans and oats).
Drink plenty of fluid to aid your digestion.
Try to avoid too much spice as this can upset your stomach.
Drink less alcohol — and, from the age of 50, have at least two alcohol-free days a week.
BONES, JOINTS AND MUSCLES
Every exercise that makes your muscles stronger will strengthen your bones, and every exercise that strengthens your muscles will help them support your joints better.
For the joints, however, the most important aspect of fitness is suppleness. From the age of 40 onwards, you need a short daily routine built on the principles of one of the four great suppleness programmes: yoga, tai chi, Pilates or the Alexander technique.
Women should also drink a pint of milk a day, or eat enough calcium-rich foods to compensate.
STILL SMOKING?
My advice is simple: Stop. Even if you’ve tried before — once, twice or even 20 times — please try again. Here are the top ten benefits:
1. You’ll breathe easier — your lung capacity will improve by 10 per cent in the first nine months and you’ll cough a lot less.
2. You’ll have more energy — within two to 12 weeks, blood circulation will improve dramatically.
3. You’ll be less stressed — studies show that levels greatly decrease.
4. You’ll have better sex. Men get better erections and women not only have better orgasms, but find it easier to become aroused.
5. You’ll be more fertile — chances of conceiving a child will increase.
6. Your senses of smell and taste will improve.
7. You’ll look younger because the skin of non-smokers receives more nutrients and oxygen.
8. Your teeth will be whiter — tobacco smoke stains teeth. You’ll also have fresher breath.
9. You’ll live longer — half of all long-term smokers die before their time from smoking-related diseases (heart disease, lung cancer and chronic bronchitis).
10. You’ll protect your loved ones — studies show that second-hand smoke is seriously dangerous.
Ready to have another go? You’re four times more likely to quit by using the NHS Stop Smoking service (see NHS Choices online).
Make an appointment with an adviser who’ll offer advice, support and — if necessary — drugs to reduce your cravings. Or go to see your GP.
For some people, e-cigarettes have been helpful, but taking any new chemical into your body should be done with caution. No one yet knows the long-term effects of using e-cigarettes.
(C) dailymail.co.uk

Friday 30 December 2016

The questions everyone needs to ask themselves each week to ensure they're saving enough money

There are simple ways in which you can save money all year round if you put a little extra thought into your budgeting.
From asking yourself whether you can buy something second-hand to checking to if you went to the gym that week, there are lots of different ways that you can keep on top of your money.
Founder of budgeting tool Squirrel, Mutaz Qubbaj, and founder of Credit-Improver.co.uk, Tom Eyre, came up with eight questions every person should ask themselves weekly to ensure you're always saving - and never splurging.

They told FEMAIL that we should be asking ourselves the following questions:
1. How much have I got to spend?
Mutaz Qubbaj says to set a target and stick to it. A rule of thumb is to divide your weekly income as follows: 50% to living expenses, 20% to savings, 30% to spend.
This may be an old school solution in a world where contactless payments are fast becoming the norm, but only carrying and spending the cash you have allows you take notice of where and how you're spending your money.
2. Do I really need to buy this new?
Sometimes, buying secondhand can mean substantial savings. Take a used car, for instance. As soon as you put the key in the ignition of a brand new motor, you lose up to 20% of its value just driving it off the forecourt.
Hunt around for the same model with a low mileage from a reputable dealer.
3. Is there a discount code for this shop?
Before shopping online or in store, get into the habit of doing a quick scan on your phone for a discount or promotional code.
If you're a repeat customer, you may find that signing up to a store's newsletter will result in regular discounts or free delivery.
4. Did I go to the gym this week?
If you're a fully paid-up member of a gym, and you haven't worked out once this week then cancel your membership and get familiar with your local park instead.
For inspiration download a free fitness app or have a look on YouTube which is a goldmine for workout videos.
5. If I buy this on the cheap, will it be a false economy?
Tom Eyre knows we all love a bargain, but there are certain things – like furniture, electronics and white goods – where opting for the cheapest model you can find could be more costly in the long term.
If the seller gives you the option to buy a higher-quality item with interest-free credit and spread the cost, this is worth considering.
Or you can do the same by purchasing the item via a credit card with 0 percent APR and paying it back monthly. Just make sure you'll be able to pay back the full amount before the interest rate on the credit card increases.
6. Can I really afford this?
They say you should never go grocery shopping on an empty stomach. Similarly, make a mental note never to buy anything on impulse.
Planning big-ticket purchases well in advance will help you to save money, not least because you'll be able to shop around, and read online reviews to make sure you're getting value for money.
7. What is my unsecured debt?
Simply by adding together all your outstanding balances for credit cards and short-term loans, you can put a figure on your unsecured debt - so you know exactly where your finances stand at any given moment.
But a word of warning: while a history of managing credit will improve your credit score, it's a good idea to keep your debt as low as possible, or you'll look like a credit risk. Therefore, don't use too much of your available credit limit – it's best to use around 25-30%.
8. What can I do without this week to save some money a day?
Squirreling away just £3 a day, roughly the price of a coffee, would leave you with savings of £1,095 at the end of the year for a rainy day fund – and more than enough to cover Christmas 2017.
(C) dailymail.co.uk

Nigerian naira loses a third in value in 2016, stocks down 6 pct

Nigeria's naira currency lost around a third of its official value against the dollar in 2016 while the stock market declined 6.17 percent over the same period, reflecting the economic crisis in Africa's biggest economy.
The currency closed at 305 to the dollar on the official interbank market on Friday - the last day of trading in 2016 - compared with 199.50 a dollar a year ago, a 34.6 percent depreciation.
It fell to a low of 490 a dollar on the black market against 266 to the greenback last year.
The stock market index closed at 26,874 points on Friday against 28,642 points at the end of last year. However, it closed up 0.34 percent on Friday compared with the previous day.
Africa's biggest economy fell into its first recession in 25 years in the second quarter of the year due to low global oil prices. Crude oil sales make up about 70 percent of government revenue and 90 percent of the OPEC member's foreign exchange.
Nigeria's foreign exchange reserves fell 11.7 percent to $25.72 billion by Dec. 28, from $29.13 billion a year earlier, central bank data showed on Friday, reflecting the impact of low oil prices and efforts to support the ailing local currency.
The central bank removed its currency peg in June, after 16 months, in a bid to alleviate the foreign currency shortages that pushed down the naira's value and pushed more transactions to the parallel market.
"The parallel market was more liquid in the course of the year and as a result many investors benchmark their transactions on the exchange rate at the market," another currency dealer said.
A senior treasurer in a leading commercial lender said the official forex market was more volatile in the year because trading by the central bank controlled the currency rate despite its introduction of a "flexible currency" exchange.
The cost of borrowing among banks also went up 10 percent at the close of market on Friday compared with 1 percent on the last business day in December last year.
On Friday, though the market was liquidity due to the injection of about 136 billion naira in matured treasury bills and 2.1 billion credit from cash reserves ratio (CRR), the decline in interbank rate year-on-year was due to increase in central bank's benchmark interest rate in the year to 14 percent from 11 percent last year.
"We expect the naira to decline further to around 400/$ next year as the central bank gradually reduces its grip on the forex market early next year," said a senior banker who did not want to be named.
"It should recover a little thereafter as foreign investors confidence returns to the market," he added.
© Reuters News

Thursday 29 December 2016

Nigeria sells $1 bln to help clear backlog in biggest dollar sale since June

Nigeria's central bank sold about $1 billion on the forward market last week to clear a backlog of dollar obligations in selected sectors, traders said on Thursday, its largest special auction since a currency peg was removed in June.

Outstanding dollar demand was about $4 billion before June when the 16-month-old peg was removed. Efforts to cut dollar demand have been largely unsuccessful due to low oil prices.
Crude sales account for about 90 percent of Nigeria's foreign exchange earnings.
Traders said the central bank told banks to prioritise airlines, manufacturing firms, petroleum products importers and agriculture sectors, the sectors worst hit by the dollar shortage, in the auction.
"The central bank sold $1 billion at last week's special forex auction and directed banks to issue fresh letters of credit to reflect the amount sold in favour of the affected sectors," a senior currency trader told Reuters.
Traders said the central bank sold 30-day and 60-day forwards at the auction.
On Dec. 19, the central bank instructed commercial lenders to submit their backlog of dollar demand from fuel importers, airlines, raw materials and machinery for manufacturing firms and agricultural chemicals for the special forex intervention.
Nigeria is in its first recession for 25 years, caused by the oil price drop which has cut the supply of dollars needed to fund imports. Attacks by militants on pipelines in the Niger Delta since January have cut crude output, further reducing dollar inflows.
The dollar shortage in the OPEC member, whose crude sales makeup two-thirds of government revenue, has caused many companies to halt operations and lay off workers, compounding the economic crisis.
Some foreign airlines have closed down or reduced their operations over an inability to repatriate the proceeds of their earnings due to the dollar shortage.
An acute shortage of jet oil in the last few months - caused by the inability of importers to secure the dollars needed to buy the fuel - has led to many operators refuelling in neighbouring countries.
Flight cancellations by local airlines have become commonplace as a result of the shortages.
The naira was trading at about 305.25 to the dollar on the interbank market on Thursday and was quoted at 490 a dollar on the unofficial market.
(C) Reuters News

How sex can be so much better for the over-50s

There aren’t many twentysomethings who would envy the sex lives of those over 50.
But maybe they should.
For like fine wines and whisky, sex only gets better with time, according to a study.
Scientists found that sex improves as we get older because we develop more ‘sexual wisdom’ in our later years.Image result for Scientists found that sex improves as we age because ‘sexual wisdom’
More mature lovers tend to focus on quality over quantity in the bedroom, with the extra ‘thought and effort’ they put into sex countering the possible drop off in libido seen after 60.
They also draw on their life experiences to make themselves more considerate sexual partners.
It means that if a 40-year-old man and 50-year-old man had sex with the same number of partners, the 50-year-old would have the better sex life.
The US researchers looked at data on 6,000 people aged 20 to 93 based on surveys taken in 1995, 2003 and 2013. Among the questions was: ‘How would you rate the sexual aspects of your life these days, from the worst possible situation to the best possible situation?’
The findings showed that while ‘frequency of sex became less important with age, the amount of thought and effort invested in sex became more important’.
Lead researcher Miri Forbes, of the University of Minnesota, said: ‘These changing priorities were key predictors of sexual quality of life for older adults, and appeared to buffer its decline.
‘When we matched older and younger adults on key characteristics of their sex lives – along with sociodemographic characteristics, and mental and physical health – older adults actually had better sexual quality of life.’
She added: ‘Together these findings suggest that as we age, our sexual priorities change and we develop knowledge, skills and preferences that protect against ageing-related declines in sexual quality of life. Since wisdom is “the quality of having experience, knowledge and good judgment”, our study suggests that life experience is fostering sexual wisdom.
‘This is great news, as a satisfying sex life has been found to be important for health and well-being, regardless of age.
‘For older adults in particular, being sexually active predicts a longer and healthier life.’
A study earlier this year by the International Longevity Centre showed that for many people, a satisfying sex life does not end when they reach retirement age. One in four men over the age of 85 and one in every ten women reported some sexual activity in the past year.
Erectile dysfunction – which was reported by two thirds of men over 65 – also appeared to pose no barrier to a healthy sex life.
The benefits of sex have been well documented and NHS guidelines state that it can be good for your heart and counts towards the amount of exercise you should do each week.
Sex can also stave off dementia and reduce the risk of angina and ulcers.
(C) dailymail.co.uk




Friday 23 December 2016

Nigerian interbank rate jumps to 50 pct on cenbank forex sales -traders

Nigeria's overnight lending rate rose sharply to around 50 percent on Friday, from an average of 4.5 percent the previous day, after the central bank debited commercial lenders' accounts for special forex sales, traders said.Image result for godwin emefiele
Nigeria's central bank on Monday asked banks to submit bids for a "special currency auction" to clear the backlog of matured outstanding dollar obligations for selected sectors of the economy, which include airlines, fuel importers and manufacturing firms.
Traders said the central bank sold "funded forwards of two to five months tenor" dollars to the targeted sectors at an auction this week and required them to pay for the dollar sale on Friday.
The central bank is yet to disclose the amount sold but currency traders said the cost of borrowing among banks climbed because of a scramble for funds among commercial lenders to pay for the forex purchases.
"The market is extremely volatile today as a result of the funding for the special forex auction, and we have seen rates up to around 50 percent and more," one currency dealer said.
Another dealer said his bank received around $11 million from the special forex sales, but were awaiting details of the total dollars sold to other banks at the auction.
Nigeria is in its first recession in 25 years, caused by low global oil prices which have cut the supply of dollars needed to fund imports. Attacks by militants on pipelines in the oil-rich Niger Delta since January have cut crude output, reducing dollars earned.
The dollar shortage in the OPEC member, whose crude sales make up two-thirds of government revenue, has caused many companies to halt operations and lay off workers, compounding the economic crisis.
The naira currency has traded at around 305.5 naira to the dollar on the official interbank market since August, while it was quoted at 495 to the dollar on the parallel market on Friday.
Nigeria's financial market is closed until Wednesday due to public holidays over the Christmas period.
(C) Reuters News

ECOMOG troop may force Gambia's Jammeh down if...ECOWAS

West Africa's regional bloc has put standby forces on alert in case Gambian president Yahya Jammeh does not step down when his mandate ends on Jan. 19, ECOWAS commission president Marcel de Souza said.

Jammeh has vowed to stay in power despite losing a Dec. 1 election to rival Adama Barrow, raising the possibility that regional powers may intervene to oust him if diplomacy does not succeed in persuading him to leave.
"We have put standby forces on alert if he does not (step down) on Jan. 19 when his mandate ends," De Souza said on Malian state television on Thursday evening.
"No one has the right to oppose the will of the people."
Barrow's surprise victory and Jammeh's initial decision to concede after 22 years in power was seen across Africa as a moment of hope. But the president changed his mind a week later and said again on Tuesday that he would not step down, rebuffing efforts by West African leaders to persuade him.
Jammeh's camp could not immediately be reached for comment, but he has said the electoral count was flawed and that ECOWAS has no right to meddle in Gambia's internal affairs.
The regional bloc has mandated Nigerian President Muhammadu Buhari as mediator to offer Jammeh an "honourable exit", but if he does not take it then forces might be deployed, De Souza said.
The BBC quoted De Souza as saying in an interview that Senegalese troops would lead any military intervention. Senegal is Gambia's only territorial neighbour and has a frequently stormy relationship with the country, having sent troops there during a 1981 coup.
Senegal has indicated that military action would be an absolute last resort.
Diplomats say ECOWAS would probably seek approval from the U.N. Security Council for the use of force. ECOWAS deployed troops to Liberia and Sierra Leone during civil wars in the 1990s, setting a precedent for possible intervention.
A first step for raising pressure once the handover date passes is likely to be targeted sanctions by the U.N. and others, diplomats say, also raising the possibility that Jammeh could be offered asylum abroad.
Barrow's supporters suggested on Thursday that the president might not immediately be prosecuted for alleged human rights abuses during his rule.
"Justice is absolutely essential ... but we are going to take the route to truth and reconciliation," said coalition spokesman Halifa Sallah at a meeting with the African Bar Association.
Gambia's Supreme Court will hear a legal challenge on Jan. 10 from Jammeh's ruling party which wants to overturn the election result.
© Reuters News

Thursday 22 December 2016

Nigerian naira may hits 500/$ next week-traders

Nigeria's naira is seen depreciating further and could hit the 500 mark to the dollar on the black market by next week as greenback scarcity persists and the central bank cuts supply to forex operators.

The local currency was trading around 495 to the dollar on the black market on Thursday, compared to 485 per dollar last week due to dollar shortages, traders said.
The naira was quoted at 310.5 to the dollar on the official interbank window on Thursday by commercial lenders.
"There is an acute shortage of dollars in the market because of supply being slashed by half to bureau de change from international money transfer agents, pushing the naira down," one trader said.
Bureau de change operators are now getting $8,000 each per week from Travelex against the usual $15,000 each per week.
(C) Reuters News

Wednesday 21 December 2016

Nigeria asks air passengers for patience as no quick fix for jet fuel shortages

Nigeria is trying to import more jet fuel but air travelers tired of delays must be patient as a shortage of foreign currency will continue to hurt the airline industry, the minister of aviation said.

"The flight has been delayed due to a scarcity of aviation fuel," has become a standard announcement at Nigerian airports, where passengers spend much of the day waiting as the recession-hit West African nation struggles to buy jet fuel in from abroad.
Most domestic flights have been delayed for hours or canceled in the past two weeks, with airlines unable to get jet fuel and, due to the subsequent loss of business, struggling to pay staff. Unions grounded the biggest local carrier, Arik Air, for one day on Tuesday over unpaid salaries.
Hadi Sirika, the minister of state for aviation, said that the central bank was releasing more hard currency but that fuel importers were competing with health, education, transport, social services and security agencies which also need dollars.
"I was in the central bank three times since I became minister, soliciting for foreign exchange, and they have started to give airlines foreign exchange," he told Reuters late on Tuesday. "The major challenge is that we have a foreign exchange issue."
Nigeria's foreign exchange reserves have dwindled as low oil prices have reduced a crucial source of dollars, pushing the country into recession. Oil accounts for 90 percent of Nigeria's foreign exchange.
"While this recession will last and while this problem of forex availability will last, we'll have to appeal to Nigerians and other people that pass through our airports to exercise patience and be aware of the situation," the minister said.
Sirika said that Nigeria's derelict refineries in Port Harcourt, Warri and Kaduna would soon resume jet fuel production as the state oil firm was overhauling them.
"They have the capacity to refine A1 (fuel) but they have long stopped doing that. The petroleum resources ministry and NNPC have assured us that they will resume production of Jet A1 - that is for the long term," he said.
The central bank on Monday launched a special foreign exchange auction to provide dollars to airlines and fuel marketers.
State oil firm NNPC said on Monday it would be releasing 26 days of aviation fuel to "forestall shortage".
But a Lagos-based fuel trader said jet fuel shortages would probably continue until January due to demand for tickets during the festive season. The government's priority is to give hard currency to gasoline importers to avoid queues at petrol stations, he said.
(C) Reuters News

Nigeria to close capital's airport for 6 weeks to fix runway

Nigeria will close the airport in the capital Abuja for six weeks from February to repair its badly damaged runway, the government said on Tuesday, after airlines threatened to stop flying there.

Flights to Abuja will be diverted to Kaduna, an airport used primarily for domestic flights and where airlines give out handwritten boarding passes. Kaduna lies about 160 km (100 miles) to the north of the capital and is linked by a pot-holed road where kidnappings have taken place.
"The impact (on the economy) will be catastrophic," said Bismarck Rewane, a leading economist. "Kaduna airport does not have the facilities."
"The road is very bad. There are kidnappings, Boko Haram," added Rewane, CEO of Lagos consultancy Financial Derivatives, referring to the Islamist militant group. In July, Sierra Leone's deputy high commissioner was kidnapped on the road connecting Abuja and Kaduna.
Kaduna's international airport handled 12 flights in December 2015, the last month for which Nigeria's airports authority has figures, compared with 812 that used Abuja International.
Nigeria has delayed infrastructure investment for decades, partly because of corruption which means money gets siphoned off before projects can be completed.
Abuja airport, the main gateway to Nigeria along with the commercial capital Lagos, will reopen after six weeks, but the repairs will last six months, the transport ministry said.
Closing the airport would allow German company Julius Berger to carry out "total reconstruction work on the badly damaged airport runway," it said in a statement. The federal government would provide security for bus shuttles to Kaduna airport.
Aviation Minister Hadi Sirika on Tuesday said Kaduna's airport was well-equipped to handle the extra demand.
"It has a very robust, functional, effective runway. Those facilities within Kaduna are enough and adequate for the traffic within that period," he said.
In October, Dubai-based airline Emirates stopped flying to Abuja, blaming the state of the runway among other factors, according to the ministry.
Several airlines have reduced flights to the capital or threatened to stop flying there unless the runway is fixed.
Lagos is Nigeria's biggest city but the government and central bank are based in Abuja, some 750 km (450 miles) away.
There have been riots in Kaduna between a Shi'ite Muslim sect and the majority Sunni population. Boko Haram militants have also targeted Kaduna, although recently the army has pushed them back.
© Reuters News

Gambian President Jammeh says he will not step down

Gambian President Yahya Jammeh said he would not step down and condemned mediation by West African regional bloc ECOWAS that aims to get him to leave power after he lost a Dec. 1 election to challenger Adama Barrow.Image result for gambian president
The comments on state television late on Tuesday were a hardening of the veteran president's position after days in which hopes mounted he could be persuaded to hand over power at the end of his mandate on Jan. 18, when Barrow is due to be inaugurated.
"I am not a coward. My right cannot be intimidated and violated. This is my position. Nobody can deprive me of that victory except the Almighty Allah," Jammeh said.
"Already the ECOWAS meeting was a formality. Before they came, they had already said Jammeh must step down. I will not step down," he said.
Jammeh initially accepted the results of an election whose outcome was seen across Africa as a moment of hope. He is accused by human rights groups of the detention, torture and killing of perceived opponents during his 22-year rule.
On Dec. 9, he reversed his position and said he would challenge in the country's Supreme Court the results of an election he said was riddled with irregularities.
© Reuters News 

Tuesday 20 December 2016

I.M.F. Stands by Christine Lagarde, Convicted of Negligence

The International Monetary Fund (IMF) threw its support behind its leader, Christine Lagarde, on Monday despite her conviction in a French court on charges of misusing public funds.

With international elites and their institutions facing populist criticism amid political and social change in the United States and Europe, the 24 directors of the fund decided that this was not the time to leave the I.M.F. rudderless.
Earlier on Monday, the Cour de Justice de la République, a French court that considers cases against current and former government ministers, found Ms. Lagarde guilty of criminal charges linked to the misuse of public funds when she was France’s finance minister nearly a decade ago. But the court did not impose a fine or a sentence.
In a statement, the directors of the I.M.F. said they had considered the court’s decisions and had “full confidence in the managing director’s ability to continue to effectively carry out her duties.” Continue reading the main story
Yet the verdict — with its potential to tarnish Ms. Lagarde as a leader — came at a critical juncture for the I.M.F.
Founded and largely managed by Europeans and Americans, the fund oversees a global economy in which faster-growing countries like China are seeking a greater role.
Ms. Lagarde is the fourth of the last six leaders to come from France, and the difficult time the I.M.F. has had in anticipating, as well as reacting to, the European debt crisis has caused some to wonder whether the time has come to appoint a non-European leader.
I.M.F. doctrine, which advocates free trade and austerity for countries in financial difficulties, has been criticized as elitist and not sufficiently in tune with the populist movements sweeping the globe.
For now, the fund must confront more immediate challenges. With Britain leaving the European Union, Italy’s future in the eurozone perhaps in doubt and the possibility of global trade wars being set off by President-elect Donald J. Trump, some have said the steady, experienced hand of Ms. Lagarde was needed more than ever.
“She has been a very effective leader,” said Edwin M. Truman, a specialist in international finance formerly at the Federal Reserve and the United States Treasury. “Yes, there are big questions about the fund’s future. But for her to have to step down now — well, that would be complicated.”
Jacob J. Lew, the Treasury secretary, expressed the Obama administration’s support for Ms. Lagarde, saying that “she is a strong leader of the I.M.F., and we have every confidence in her ability to guide the fund at a critical time for the global economy.”
For the Trump administration, “I don’t think this kind of ethical question is likely to be the highest priority,” Mr. Truman said. While the I.M.F. and other global institutions did not figure in the presidential debate, Mr. Trump repeatedly criticized a “global power structure” that fixed the economy against workers.
“At bottom, it’s all about French politics,” Mr. Truman said.
Members of the I.M.F. board were well aware that Ms. Lagarde was facing trial in her native France over allegations that occurred when she was the finance minister in the administration of Nicolas Sarkozy.
The consensus among the directors was that Ms. Lagarde’s transgressions occurred when she was not at the fund — in contrast to those of her predecessor, Dominique Strauss-Kahn — and since taking charge in 2011, she had proved to be a leader capable of presenting a softer side of the fund while fighting hard to bolster its legitimacy in the aftermath of the financial crisis.
More so than her predecessors, Ms. Lagarde has pushed the fund to be more aggressive in taking up the cause of women and focusing attention on growing issues of inequality around the world.
Over the last year and a half, she has also led a forceful public critique of Europe’s refusal to offer Greece debt relief in return for the difficult economic changes the country has been making.
Nevertheless, while Ms. Lagarde may have retained the backing of her board for the moment, over the longer term, her French legal problems may have hurt her most valuable asset — her carefully constructed public persona.
“She was a breath of fresh air, someone representing true change from the past,” said Peter Doyle, a former economist at the fund and now an outspoken critic. “Now she is just another tainted European leader.”
Those are tough words. But economists note that the fund’s core mission of requiring financially ailing countries to reform their economies and fight corruption demands credibility and reputation of the highest order.
And that starts at the top, with its leader — especially one who is as widely known as Ms. Lagarde.
“It would be complacent if not delusional to say there will be no impact on the institution,” said Nicolas Véron, a specialist on international economics at the Bruegel Institute in Brussels. “The only question is how big is the impact — and how does it compare with the need for stability.”
Ms. Lagarde’s legal issues in France have dogged her work at the fund since she was appointed in 2011. She took over as managing director after Mr. Strauss-Kahn resigned following accusations that he sexually assaulted a maid in a New York City hotel.
The case against Ms. Lagarde centered on Bernard Tapie, a former entertainer and owner of Adidas who had previously been jailed on corruption charges. Mr. Tapie accused the lender Crédit Lyonnais, in which the French state had a stake at the time, of cheating him when it oversaw the sale of his share in the sportswear empire in 1993. Years of costly legal battles ensued.
In 2007, Ms. Lagarde sent the dispute to a three-person private arbitration authority that awarded Mr. Tapie more than 400 million euros, or $420 million at current exchange rates, in damages and interest, to be paid by the state.
The court did not fault Ms. Lagarde for approving the arbitration, but it ruled that she had been negligent for not appealing the decision. The court, noting that a judge had previously invalidated the payout in a 2015 ruling and that she had “national and international” stature, decided not to punish Ms. Lagarde and spared her a criminal record.
Speaking to reporters after the hearing, Ms. Lagarde’s lawyer, Patrick Maisonneuve, said he had a “mixed” reaction to the verdict.
“On the one hand, she is found responsible, but given the circumstances, given the responsibilities that Ms. Lagarde had at the time — in 2008, we were in a major economic crisis — the court decided that it would not sentence Ms. Lagarde to anything,” he said.
Ms. Lagarde’s lawyers can appeal the verdict before France’s highest criminal court, the Cour de Cassation, on procedural grounds. But Mr. Maisonneuve suggested she might not, because no punishment was meted out.
Ms. Lagarde did not attend the latest hearing on Monday, but was in Paris last week for the case.
(C) The New York Times

Nigerian central bank seeking end to spread between naira rate and black market -governor

Nigeria's central bank will try to eliminate the spread between the official and black market exchange rate against the dollar, the finance minister said on Tuesday.Image result for kemi adeosun
The naira is trading on the parallel market some 40 percent lower than the official rate as low global crude prices have dried up vital oil revenues and pushed Africa's largest economy into recession.
The central bank (CBN) scrapped a 16-month-old peg of 197 naira to the dollar in June, but it continues to trade in the official market, so that the naira remains far stronger against the dollar there than on the parallel market. The government has blamed that black market for damaging the already shaky economy.
"The CBN is working on the elimination of arbitrage," Finance Minister Kemi Adeosun told Reuters by text message, without saying how this would be done.
She earlier told a conference that the central bank (CBN) was working on removing the price difference. Adeosun said this had been in response to a question about manufacturers not getting incentives to produce given an arbitrage opportunity.
A CBN spokesman, Isaac Okorafor, said the central bank was working towards "ensuring that the forex market operates as effectively as we would envisage".
He said the aim was to "ensure there is no black market" but did not give details of how this would be achieved.
The naira has traded around 305.5 naira to the dollar on the official interbank market since August, while it was quoted at 487 to the dollar on the parallel market on Monday.
(C) Reuters News

Nigeria's biggest carrier Arik workers on strike over unpaid salary

Nigeria's biggest carrier, Arik Air workers have embarked on an indefinite strike to protest the non-payment of outstanding salary of over seven months.
In a statement by the National Association of Aircraft Pilots and Engineers, National Union of Air Transport Employees and Air Transport Services Senior Staff Association of Nigeria and jointly signed by Abba Ocheme, Olayinka Abioye and Francis Akinjole, on behalf of the three unions, the strike which commenced on Tuesday will continue until the management of Arik Air pays the arrears of seven months’ salaries and give a commitment to pay salaries as and when due.
The workers are also seeking the right to belong to industrial union to protect their interest in compliance with extant labour laws and with respect to the constitution of the country.
Part of their demand also include asking Arik Air to recall all sacked employees, who had been allegedly victimised for their roles in the effort to bring about unionisation in the company.
The worker are equally seeking the immediate review of all employee remuneration, which they stated had remained the same since the inception of Arik Air over 10 years ago, and immediate start discussion on new conditions of service to be concluded within four weeks.
Others conditions before they could call of the strike include the remittance of pension, tax and statutory deductions to the appropriate authorities and compliance by the management of the carrier with the expatriate quota law.
“Towards the full realisation of the strike action, all aviation workers, in complete solidarity with their enslaved comrades in Arik Air, shall withdraw all services being rendered by third parties,” the unions said in the statement.
They stated that the aviation workers would be supported by employees from all other sectors throughout the country to underscore the seriousness of the matter at hand.
The union added, “In the above respect, all ground handling services, security clearance for Arik Air ticket holders, marshalling, aviation fuel supply, air traffic control, safety inspection, etc. will be completely withdrawn.”
Arik Air’s spokesperson, Ola Adebanji, could not be reached for comments. He did not answer calls put through to his mobile phone and failed to respond to a text message sent to him on the subject.

Monday 19 December 2016

IMF chief Christine Lagarde's career faces ruin after she is found GUILTY of criminal negligence

Paris judges on Monday found IMF chief Christine Lagarde guilty of financial negligence leaving her tenure at the organisation dangling by a thread.
The 60-year-old was not in the specially convened Court of Justice of the Republic to hear the 'symbolic verdict' and reports suggest she has returned to the US where she lives and works.
Instead it was left to her defence barrister Patrick Maisonneuve to say: 'We would have preferred an acquittal pure and simple'.

Ms Lagarde will not be punished nor obtain a criminal record and has escaped a possible year in prison and a 13,000 euro fine.
Her lawyers said she is looking to overturn the verdict, according to a Reuters source.
Colleagues at the IMF – which is meant to safeguard global financial stability – have supported her throughout her court ordeal, and were by no means expecting a guilty verdict.
And soon after the verdict a spokesperson for the organisation announced that officials were to meet shortly to discuss the implications of the surprise guilty verdict.
'The Executive Board has met on previous occasions to consider developments related to the legal proceedings in France. It is expected that the Board will meet again shortly to consider the most recent developments,' fund spokesman Gerry Rice said in a statement.
Should Lagarde be ousted from her position close friend and ally of George Osborne has be touted as a replacement.
As chancellor he backed her for the top job at the IMF in 2011 – and also supported her staying on for a second term this year.
During the referendum campaign the IMF delivered a series of dire warnings about the consequences of a Brexit vote, as Mr Osborne pushed his ill-fated Project Fear campaign to keep our ties with Brussels.
However, the salary of around £300,000 a year would require the MP to take a pay cut.
Mr Osborne recently received more than £320,000 for making speeches at corporate events over the course of a month
Prosecutor Jean-Claude Marin had told the court during the trial: 'The hearings have not backed up a very weak charge'.
Despite this, Ms Lagarde was found guilty of 'negligence by a person in a position of public authority'.
More specifically, Mrs Lagade was accused of paying flamboyant businessman Bernard Tapie £335m when she was France's finance minister eight years ago.
A scornful report by investigating judges accused Mrs Lagarde of 'a conjunction of faults which, by their nature, number and seriousness, exceed the level of mere negligence.'
In turn, a sobbing Mrs Lagarde told the court on Friday: 'This five day hearing put an end to a five-year ordeal for my partner, my sons, my brothers, who are here in this courtroom.
'In this case, like in all the other cases, I acted with trust and with a clear conscience with the only intention of defending the public interest.'
She denied acting on the orders of her immediate boss in 2008, the controversial former president of France, Nicolas Sarkozy.
Mr Sarkozy, who is facing numerous corruption accusations of his own, was a notorious ally of the super rich before his political career ended.
The complicated Lagarde case dated back to France being sued for compensation by Mr Tapie after he sold his stake in sports company Adidas to Credit Lyonnais in 1993.
Mr Tapie claimed the bank, which was state owned at the time, had defrauded him after it resold his stake for a much higher sum.
Mrs Lagarde, who was finance minister from 2007 to 2011, signed off on the massive out-of-court settlement to Mr Tapie, a Sarkozy supporter.
Although arbitration judges originally ruled in Mr Tapie's favour and sanctioned the £335m payment, appeal courts have since ruled against it.
Mr Tapie has accordingly been told to reimburse the state, but continues to fight the refund through his lawyers.
He is no stranger to court action, having been sentenced in 1995 to two years in prison for match fixing when he was the owner of Marseille football club.
Beyond prison, Mrs Lagarde had faced a fine equivalent to £12,500, but that too has now been ruled out.
Mrs Lagarde's trial was only the fifth in the history of the Court of Justice of the Republic, a special tribunal sitting at the Paris Palais de Justice that tries ministers for crimes in office.
It is composed of three judges and 12 parliamentarians drawn from the National Assembly and Senate.
The court sat in the chamber where Queen Marie Antoinette was sentenced to death by guillotine in 1793.
Mrs Lagarde's immediate predecessor at the IMF was fellow countryman Dominique Strauss-Kahn who quit in 2011 after being accused of trying to rape a chambermaid in a New York hotel room.
Mr Strauss-Kahn, also a former French finance minister, faced a series of other sex scandals, including criminal trials, but was eventually cleared on all charges.
Spaniard Rodrigo Rato, another former IMF chief, is currently standing trial for misusing funds when he was head of Bankia.
(C) dailymail.co.uk

Nigeria seeks advisers for debut Islamic bond

Nigeria is looking for financial and legal advisers and trustee firms to organise its first Islamic bond in the domestic market, the country's Debt Management Office (DMO) said on Monday.
The OPEC member, which is Africa's largest economy, is working on a debut sovereign sukuk but has yet to determine the size of a potential deal.

Nigeria, which is in a recession and needs to raise funds to plug a budget deficit, has set up a government committee to advise on the amount to be raised from the Islamic bond sale, the timing and jurisdiction of the issue.
Issuance of a sovereign sukuk is part of a plan by Nigeria's debt office to develop alternative sources of funding and to establish a benchmark curve.
In a public notice, the DMO said it required the services of banks and an issuing house to serve as financial adviser, a legal firm to serve as a legal adviser and a trustee firm. It said bids for the roles are to be submitted by Jan. 9.
The advisers are expected to work with the debt office towards the sukuk issue at a date that is yet to be announced.
In October, the central bank issued guidelines limiting commercial banks' investment in Islamic bonds issued by state governments to 10 percent of the total amount on offer and fixed a maximum tenor of 10 years for the bonds.
Nigeria has the largest Islamic population in sub-Saharan Africa. Around half of the 180 million people in Africa's most populous nation are Muslims.
(C) Reuters News

UK seeks transitional EU trade deal to avoid Brexit 'cliff edge'

The United Kingdom may need a transitional agreement to smooth its exit from the European Union but it should not "buy back" into too many of the bloc's regulations, British trade minister Liam Fox said on Sunday. 

Fox, who campaigned for a Brexit vote in June's referendum, also indicated he was seeking a flexible approach on trade to try to ensure the best deals for the British economy.
Businesses and investors have raised concerns that the UK faces a "cliff-edge" at the end of Brexit negotiations and finance minister Philip Hammond has backed the idea of a transition period.
Asked in a BBC interview whether he supported such a plan, Fox said: "That depends what the actual arrangement is as we come to leave the European Union and the timescale needed to implement it."
The UK is due to launch Brexit negotiations by the end of March, setting the clock ticking on up to two years of talks.
 Single market or customs union? Fox, who is reported to be more in favour of a clean break with the EU, said the government needed to seek to minimise disruption to businesses and international trade.
"But at the same time you can't afford to buy back into so much of the European Union that we are actually diminishing the effect of what the British people told us to do," he said.
Fox said British voters had made it clear they did not want to see uncontrolled immigration or to be governed by European courts and the government needed to take that on board.
He was still looking at whether the country should seek to stay in the EU's customs union or its single market.
Staying in the customs union would impact the kind of free trade deals Britain could do with non-EU countries by putting limits on its ability to set tariffs, but it was not a simple in/out choice, he said.
"It is not binary," he said. "Turkey for example is in part of the customs union but not other parts. What we need to do before we make final decisions is to look at the costs."
'Europe-minus' and 'world-plus' The Mail on Sunday reported Fox believes trade with Europe will be damaged by Brexit but this will be outweighed by greater trade with the rest of the world, citing sources saying he had described it as "Europe-minus" and "world-plus".
Former British finance minister George Osborne said forging new trade deals with third countries should not come at the cost of giving up existing free trade arrangements with key trading partners in Europe.
"You can't say we are beacon of free trade in the world and the main thing you achieve is a huge act of protectionism, the biggest in British history," he told the BBC.
(c) EurActiv.com PLC

Nigeria to provide dollars to airlines, fuel marketers in special fx auction -traders

Nigeria's central bank on Monday asked banks to submit bids for a "special currency auction" to clear the backlog of matured outstanding dollar obligations for selected sectors of the economy, traders said on Monday.

The central bank instructed commercial lenders to submit backlog dollar demand from fuel importers, airlines, raw materials and machinery for manufacturing firms and agricultural chemicals by 1500 GMT for a special forex intervention.
Nigeria is in its first recession in 25 years, caused by low global oil prices which have cut the supply of dollars needed to fund imports. Attacks by militants on pipelines in the oil-rich Niger Delta since January have reduced crude output, reducing dollars earned.
The dollar shortage in the OPEC member, whose crude sales make up two thirds of government revenue, has caused many companies to halt operations and lay off workers, compounding the economic crisis.
Traders said the central bank plans to sell "funded forwards of two to five months tenor" dollars to the targeted sectors at an auction ahead of the closure of the forex market for the year.
The central bank is expected to close all foreign exchange transactions this Friday ahead of its financial year end and the Christmas period.
The naira currency has traded around 305.5 naira to the dollar on the official interbank market since August, while it was quoted at 487 to the dollar on the parallel market on Monday.
Two weeks ago, the bank had asked commercial lenders to submit bids for a special intervention auction targeting fuel importers, but the result of the auction has not yet been released, traders said.
Africa's largest economy has suffered from an acute shortage of jet oil used by airlines in the last few months, causing many operators in the sector to refuel from neighbouring countries, while flight cancellations by local airlines have become commonplace as a result of the shortages.
On Monday, the Nigerian National Petroleum Corporation said it had imported about 38.7 million litres of aviation fuel, which it said "represented about 26-day sufficiency", as part of its "ensure a hitch-free air travel across the country during and after the yuletide period".
(C) Reuters News

Friday 16 December 2016

Nigeria interbank lending rate eases on budget cash injections

Nigeria's overnight lending rate fell this week to around 3 percent on Friday from an average of 3.9 percent a week ago on expectations that budget cash will be injected into the banking system on Friday or Monday, traders said.

Nigeria, an OPEC member and Africa's biggest economy, relies on crude oil sales for two-thirds of national income. All government revenue is shared among the country's federal, state and local governments each month.
On Thursday Nigeria distributed 387 billion naira ($1.27 billion) revenue, among the three tiers of government. A portion belonging to state and local governments is passed through the banking system.
"Interbank rates are priced at 3 percent on the expectation that the budget allocation will be credited to the system on Friday or latest by Monday," one senior currency dealer said.
Though Nigeria raised 147.48 billion naira ($484.33 million) worth of treasury bills and 69.2 billion naira in bonds maturing in five, 10 and 20 years' time at auctions on Wednesday, the market remains liquid enough to support the prevailing rate, traders said.
Traders said the cost of borrowing among commercial lenders should stay flat in the coming days as banking activities slow ahead of the festive season and the year-end closure of financial year.
(C) Reuters News

World Bank units add $517 mln to Ghana oil, gas project financing

The World Bank Group said on Thursday it two of its units would provide another $517 million to Ghana in debt and guarantees to support the $7.7 billion Sankofa oil and gas project developed by Italy's ENI SpA and upstream trader Vitol Ghana.

The financing adds to a $700 million World Bank guarantee package announced in July and brings the institution's total financing to around $1.217 billion for the offshore project, whose gas component is set to open in 2018, a statement said.
The bank's commercial lending arm, the International Finance Corporation (IFC), has committed a loan of $235 million to Vitol Ghana and is arranging another $65 million in debt.
Guarantees by the Multilateral Investment Guarantee Agency, another bank institution, will support Vitol Ghana's commercial borrowing needs for the project and will be issued for up to 15 years. The new pledges bring the World Bank Group's financing share of the Sankofa project to about 16 percent.
"Sankofa is expected to generate $2.3 billion in revenues for Ghana's government per year and provide a stable, long-term source of domestic gas that will solve Ghana's chronic gas supply constraints," an IFC statement said.
ENI holds a 44.4 percent stake in Sankofa, Vitol holds 35.6 percent and Ghana National Petroleum Corporation holds a combined carried and participating interest of 20 percent.
Ghana first began pumping oil in 2010 at the offshore Jubilee field operated by Tullow Oil Plc , a British company that this August opened a second field called TEN.
Sankofa is expected to generate about 1,000 megawatts of power for Ghana and, combined with gas from two other new fields, could eliminate the need for Ghana to import gas from Nigeria through the West African Gas Pipeline Co.
© Reuters News

Nigeria, set to benefit most from OPEC cut, struggles to cash in

Nigeria, one of two OPEC countries completely shielded from any cuts to its oil production, was in line for a windfall from the group's agreement late last month to shore up the price of crude.
Instead, the beleaguered West African nation is struggling to sell its rising oil production as higher benchmark prices slammed shut trade routes and did little to stem an excess of light, sweet oil, leaving millions of unsold barrels.

The decision in November by the Organization of the Petroleum Exporting Countries to trim output sent benchmarks soaring; dated Brent is now more than 20 percent above mid-November lows. The price boost was good news for oil producers from Texas to Indonesia.
Nigeria, which has been battling militant attacks in its oil-producing Delta region, got a reprieve from cuts along with Libya, which has been pumping at around a quarter of its capacity for much of this year due to its own political turmoil.
But rather than a gold-lined gift, Nigeria's oil is finding itself cut off from buyers; some 30 million barrels of it has yet to sell, with more loadings due within a week and output steadily rising.
"They've just closed their shutters," one trader said of potential buyers. "There's no arbitrage," the trader added, referencing potential trade routes to other regions.
One catch is that the spike in dated Brent, the baseline on which Nigerian exports are priced, made U.S. barrels comparatively cheaper and more attractive.
Because U.S. producers were not part of any cut, the discount of their West Texas Intermediate benchmark CLc1 doubled relative to Brent to $2.44 a barrel on Nov. 30, the day of the deal, and still stands at more than $2.
This opened a flood of exports from the United States to Asian buyers who might otherwise take Nigerian oil, and boxed Nigerian oil out of its outlet at refineries on the U.S. East Coast.
TIGHTER MARKET FOR SOUR
The other issue is that because Nigeria and Libya are some of the only OPEC producers of "light" crude, nearly all of the cuts will come from "sour" crude, which though usually less valuable because of its higher sulphur is now in demand as buyers await a tighter market for it.
"Buyers are loading as much sour (crude) as they can. The light sweet is not as interesting – there is a glut of it," said Andrew Wilson, head of energy research with BRS Brokers.
BRS Brokers said there were nearly 12 million barrels of light North Sea oil unsold in ships at the time of the OPEC deal. This whittled down to just under 3 million, but rising production of light crude from Libya, Kazakhstan and Russia means buyers have a suite of choices - and could steer clear of a country whose exports are still seen as unreliable.
"If they start taking crude from Nigeria again, they're not sure they'll get it next month," Wilson said.
Still, even if they are forced to cut price differentials and wait longer to find buyers, Nigeria stands to make some $9 million more for each exported cargo following the deal, which is no small salve to a country battling an economic crisis.
"They're getting some benefit from the higher flat price," said Olivier Jakob, managing director of PetroMatrix. The slow sales, he said, "show the need for those cuts – the oil needs to move".
"If they are respected, the physical impact would be later. It will take some time."
© Reuters News

Nigeria sells more treasury bills after bond auction disappoints

Nigeria's central bank sold more treasury bills than it offered at an auction this week, it said on Friday, to mop up liquidity after the debt office cut the size of a domestic bond sale in view of its high borrowing costs.

The central bank raised 147.48 billion naira ($484 mln) at a treasury bill sale on Wednesday, higher than the 83.24 billion naira it originally advertised, and yields remained unchanged at the auction.
It sold three-month paper at 14 percent to raise 39 billion naira and offered 17.50 percent for six-month bills which fetched 23.02 billion naira. It paid 18.68 percent for the one-year bill worth 85.46 billion naira.
On Wednesday, the debt office sold far less in bonds than it had offered as investors, worried about rising inflation in Africa's largest economy, demanded higher yields from a government that is looking to spend its way out of recession.
Total subscriptions at the treasury bill auction stood at 185.97 billion naira, up from 156.56 billion naira at the previous sale last month, data from the central bank showed.
Nigeria's central bank issues treasury bills regularly to help lenders manage their liquidity, curb rising inflation and provide naira to support the government fund its budget.
© Reuters News

The VERY simple secrets behind billionaires' supreme wealth, success and happiness

Billionaires may be a rare and elusive breed but their secrets to success are a lot more straightforward than you think.
Indeed, one expert - who has interviewed and worked with some of the richest people in the world - has shared their ten secrets to supreme wealth, success and happiness - and anyone can follow them.
Vikas Shah, a Professor of Entrepreneurship, who has interviewed the likes of Sir Richard Branson, Sir James Dyson, and Steve Ballmer - one of the Microsoft Founding Team - reveals their simple secrets.

1. Find your passion: The vast majority of people who have made their billions didn’t intend to make that money; they found something they were unbelievably passionate about, and made it their life. It just so happened their timing was perfect, and it became a huge wealth generator – but that passion was the starting point.
2. Be resilient: The overwhelming majority of billionaires I’ve met advise me that you have be resilient. You have to be able to get back up after the knocks, you have to be prepared to fail and to embrace that, and you have to be prepared to operate outside the comfort zone of your normal life.
3. Don’t chase wealth: Without exception, every single billionaire I’ve met has told me that starting a business for them was never about the money – it was about making a big change in the world, whether that’s revolutionising technology, solving a problem, improving lives, or creating something. That was the driver.
4. Look after your health: It’s a common mistake to think that these individuals are working 23.5 hours a day. The overwhelming majority of billionaires I know are extremely committed to their health - they sleep well, eat well, take breaks, and make sure they are in peak-performance (otherwise they can’t lead).
This isn’t just a ‘nice perk of being rich,’ but rather something that’s been an important part of their lives from the start.
5. Think about how you can help people: One inspiring characteristic of all the billionaires I’ve met has been a deep sense of philanthropy (which has often been with them from the start of their journeys).
Most have been committed to changing lives in a positive way, and have applied their contacts and skills to helping charities at a community level initially, and then as they grow, in a wider sense through their foundations. More than a few have told me that they feel this is a ‘moral imperative’
6. Think about the long-term: Very few (if any) billionaires think about the short-term; most are constantly thinking about how they can make their business sustainable, often long after they’re gone. It’s about the generation-length time frame, not a quick buck - and that’s a powerful part of how they’ve been successful.
7. It’s about execution: Ideas are important, but just because you’re an ideas person- doesn’t mean you’ll make it. As one billionaire told me, ‘having a great idea is great, but you have to execute it!’
8. Be a people person: Without exception, every single billionaire I’ve met has significantly credited their success to their team. To make this kind of money you need to have a brilliant team, who are motivated and led by your vision, and that you can take on the journey. This means you have to be a people person; you have to have a high emotional intelligence.
9. Be open and find a mentor: Every single billionaire I know has a mentor, a coach or a close friend they can confide in. Nobody knows all the answers and having a space to challenge and be challenged is important.
10. Be yourself: Don’t try and be someone else, don’t try and be some pantomime villain of a boss: be who you are, and leverage that. As Richard Branson told me when I asked him ‘who’ he is: 'I am the tie-loathing adventurer, philanthropist and troublemaker, who believes in turning ideas into reality.'
(C) dailymail.co.uk

Incoming U.N. chief appoints Nigeria's Amina Mohammed as deputy

Incoming United Nations chief Antonio Guterres on Thursday appointed Nigeria's Environment Minister Amina Mohammed as his deputy secretary-general amid a push by more than a third of the 193 U.N. member states for gender parity at the world body.

Guterres, who will take over from current Secretary-General Ban Ki-moon on Jan. 1, was sworn in on Monday as the ninth male U.N. chief and pledged to reach gender parity among senior leadership within his five-year term.
He also appointed Brazilian diplomat Maria Luiza Ribeiro Viotti as chef de cabinet and Kyung-wha Kang of South Korea to a newly created position as special adviser on policy.
"These appointments are the foundations of my team, which I will continue to build, respecting my pledges on gender parity and geographical diversity," Guterres, a former Portuguese prime minister, said in a statement.
"I am happy to count on the efforts of these three highly competent women, whom I have chosen for their strong backgrounds in global affairs, development, diplomacy, human rights and humanitarian action," he said.
Guterres beat out 12 other candidates, seven of whom were women, as the next secretary-general amid a strong push by some U.N. states as well as civil society groups for a female to be elected.
The 66-member U.N. Group of Friends for Woman Secretary-General - led by Colombia - has renamed itself the Group of Friends for Gender Parity and hopes to build on the momentum created during the election campaign.
The group on Tuesday launched an exhibition at the United Nations celebrating leading women throughout the history of the 71-year-old organization.
"The initial target for the equal representation of women and men among U.N. staff was the year 2000. Sixteen years later, we are far from that goal," Guterres told the U.N. General Assembly on Monday after taking the oath of office.
As of June 30, 34.8 percent of the 40,131 members of the United Nations secretariat staff were women, while just 17 of the 79 under-secretaries-general, or 21.5 percent, were female, according to the latest report on staff demographics.
Before her appointment as environment minister a year ago, Mohammed was Ban's special adviser on post-2015 development planning - a role that culminated last year with the adoption by the General Assembly of sustainable development goals for the next 15 years.
© Reuters News

Mozambique bails out major bank to save banking system

Mozambique's central bank has bailed out the country's fourth largest commercial lender in a move it said was needed to prevent the failure of its banking system.

The African country has been grappling with a liquidity crunch, exacerbated by the International Monetary Fund and foreign donors cutting off support over loans that were not approved by parliament or disclosed publicly.
Banco de Mozambique governor Rogério Lucas Zandamela said the central bank had injected 8 billion meticais ($111 million) to recapitalise Moza Banco, which is 49 percent owned by Portugal's Novo Banco, to avoid a run from depositors and creditors.
"It would have had a cost of incalculable dimensions. It is frightening when such an institution falls into bankruptcy," Zandamela said.
The central bank has guaranteed all deposits at Moza Banco, fired its board and taken over its day-to-day operations.
Moza Banco got into difficulties this year due to a rapid expansion of its branch network and an incomplete recapitalisation from shareholders.
The central bank said that it would appoint an evaluation committee and set up a general meeting for the recapitalisation or sale of Moza Banco.
© Reuters News

EU offers more funds to Africa curb migration

The European Union offered Niger 610 million euros ($635 million) on Thursday to curtail migration from Africa through the Mediterranean to Europe and said it was seeking more such money-for-migration deals ahead.

Some 1.4 million refugees and migrants arrived in Europe this year and last, and the EU wants to cut back on the uncontrolled influx of people.
Niger's desert city of Agadez is a popular waystation for people trying to cross the Sahara to reach Libya and eventually Europe via Italy. This year has become the deadliest on record for those seeking to make the journey.
The EU has already offered similar schemes to Senegal, Ethiopia, Nigeria and Mali, as well as to Afghanistan, Jordan, Lebanon and Turkey, among others. On Thursday, EU leaders agreed in Brussels they would seek to engage more African countries in such collaboration
The bloc has also strengthened control of its external borders and is trying to deport more people who make it to Europe but have no case for asylum
But they remain divided over how to share the burden of caring for those asylum-seekers who are already in the EU. More than a year of bickering over how to distribute them among EU states has produced no results so far.
The EU leaders, meeting for their final 2016 summit, said their aim now was to overcome the differences by mid-2017.
That is all but certain to prove difficult. Italy, Greece and Malta - the countries where refugees and migrants land after crossing the Mediterranean - demand those outside the main migration route take in some refugees as well.
They are backed by wealthy countries like Germany, Sweden and Austria, which receive by far the most of those who make it.
But eastern EU states, including Poland and Hungary, refuse to take in any, saying that would carry security risks and would change the make-up of their societies.
Other EU states have also dragged their feet. Fewer than 9,000 people have now been relocated from Greece and Italy under a decision dating back to September 2015. It was supposed to cover 160,000 people.
Italy has overtaken Greece this year as the main gateway to Europe. A controversial EU deal with Ankara has cut the influx of people from the Turkish coast to Greek islands, but is it all but impossible to replicate with the lawless Libya.
EU leaders are instead hoping to provide more funds to non-governmental organisations working with migrants in Libya to help send them back where they came from, the leaders also agreed on Thursday.
© Reuters News

Nigeria's distributable revenue fell by 7.8 percent in November

Nigeria's distributable revenues to the government fell in November by 7.8 percent to 387 billion naira ($1.27 billion) as militant attacks shut down Niger Delta oil pipelines and cut earnings, the accountant general has said.

Nigeria, which has Africa's biggest economy, is an OPEC member that relies on crude oil sales for two-thirds of government revenue. As a result, it has been hit hard by the fall in global crude prices since mid-2014.
Militants have carried out attacks on oil and gas facilities in the southern Niger Delta energy hub since January, cutting oil production - which stood at 2.1 million barrels per day at the start of 2016 - by more than a third earlier this year.
The frequency of attacks has slowed in recent few months amid talks between the government and Delta community leaders to address the grievances of militants who want the oil hub to receive a greater share of the country's energy wealth.
Repairs on damaged facilities are underway.
"Federation revenue was low as a result of shut-in and shut-down of pipelines for repairs and maintenance due to leakage and sabotage," said Ahmed Idris, the accountant general, late on Thursday.
"The total revenue distributable... including VAT - 75.579 billion naira - is 386.852 billion naira," he said.
He said the impact of repairs and maintenance were the reason for the fall from 420 billion naira in October.
© Reuters News

NNPC Exit of Cash Calls Agreement to Usher in Investment in Oil Sector

By Ndu Ughamadu
The Upstream petroleum sector in Nigeria which has recorded low investment in recent years would soon be upbeat in a flurry of activities.
This is the prevalent views of captains of the Oil and Gas Industry led by the Hon. Minister of Petroleum, Ibe Kachikwu, the Group Managing Director of NNPC, Maikanti   Baru and chief executives of International Oil Companies (IOCs) at a signing ceremony of cash-call exit agreement between NNPC and its Joint Venture partners in Abuja today.

Speaking at the event,  Ibe Kachikwu stated that the consensus in the industry is that with the signing of agreements to exit cash calls, investments would soon flow into the Nigerian Oil and Gas Industry.
The Minister said if the industry focused on key issues that impede the industry and resolve them, Nigerian Oil and Gas Industry would soon be able to compete favourably with its peers across the world.
'This event is significant because it has taken us to a point where we can compete with our colleagues all over world. We have dealt with the downstream, and this is probably the most important item in the upstream and that is obvious we will begin to go into the policy measures and infrastructural development and the rest after the signing ceremony' Dr. Kachikwu said.
In his remark at the event, NNPC GMD,  Maikanti Baru recounted that a lot of work went to the signing ceremony of the cash call exit agreement noting that the Buhari Administration should be commended for mustering the desired political will to resolve the challenge.
He explained that the signing of the exit cash call agreements comprises three components which are: the process of settling the pre-2016 cash call areas; the process of sustaining the cash call payment from 2017; and agreement and settlement over performance in 2016.
Baru also commended the contribution of the Hon. Minister of State for Petroleum Dr. Ibe Kachikwu for his contribution to exit cash calls in the industry.
Baru stated that the Kachikwu offered necessary supports to put the framework of the agreement in place as well as energize the process when naughty issues capable of derailing negotiations aroused.
Also speaking during the signing ceremony, Chairman of Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry, who is also the Chairman and Managing Director of Chevron Nigeria Limited, Mr. Clay Neff, said that the signing ceremony represents a milestone in the Oil and Gas Industry in Nigeria.
Neff expressed optimism that the agreement would stabilize and also increase upstream production over time, stressing that the repayment of the arrears in a sustainable manner is a key enabler to additional investment in the upstream sector in Nigeria.
Under the new arrangement which came into effect following the signing of the agreement between the NNPC and the IOCs Joint Venture Partners, the entire NNPC equity Oil and gas revenues are now to be paid directly into the Federation Account.
Hitherto, competition from other appropriated items of expenditure in the federal government's budget has always limited the deduction of technical cost required to fund the cash calls on monthly basis.
It is expected that execution of this agreement would end the long standing cash call challenges that have impacted the Nigerian oil and gas industry over the years.
With this arrangement, the federal government will continue to receive royalties, taxies and profit from its equity share of JV oil and gas production while the cost of operation is deducted upfront.
The agreement provides that the outstanding cash call arrears will be repaid within a period of five years through incremental production revenues without impacting the established based production revenue.
Ughamadu is of Group Public Affairs Division
Nigerian National Petroleum Corporation
.