Russia To Revive Nigeria’s Ajaokuta Steel Plant

Russia may give a new lease of life to Nigeria’s biggest steel plant after decades of inactivity, the West African nation’s mines minister said.

Construction of Ajaokuta Steel Co. began in 1979 with assistance from the then-Soviet Union, but the facility never started production and has sucked up $8 billion of public money. Repeated attempts to revive the flagship project by transferring it to private investors failed and the government terminated the concessions.
Now, Russian engineering and construction group MetProm will undertake the necessary work to bring the facility into operation, financed by the state-owned Russian Export Center JSC and the Cairo-based African Export-Import Bank, Mines & Steel Development Minister Olamilekan Adegbite said in an interview.
Ajaokuta’s output would go some way to realizing President Muhammadu Buhari’s plans to diversify the economy away from oil and encourage local production. Africa’s biggest producer of crude gets 90 percent of its export earnings from oil export proceeds.
Ajaokuta was designed to produce as much as 3 million metric tons of steel a year, and would have largely eliminated the need for imports.
“We’ve come to the realization that it’s best to go back to those guys who did it initially,” Adegbite said in Abuja.
Earlier talks on the plant were sealed when Buhari and his Russian counterpart Vladimir Putin struck a government-to-government agreement last week at the Russia-Africa summit in Sochi, Adegbite said.
Adegbite didn’t provide more details about the financing. “We are going to sign the details later,” he said. MetProm will complete, operate and eventually transfer the plant back to the Nigerian government after “training our engineers to take over.”
The two governments plan to conclude the deal by January, after which it should take a maximum of two years to complete the blast furnace, the key component of the facility that will turn domestic iron ore into liquid steel, Adegbite said. While that work takes place, they are considering whether to “kick-start” some of Ajaokuta’s smaller manufacturing units using imported steel billets, he said.
“The Russian Export Center and the African Export-Import Bank are considering taking part in financing Ajaokuta,” the Moscow-based development institution said in an emailed response to queries, declining to elaborate further.
In April, Buhari refused to disburse $1 billion from the state’s oil savings, as voted for by lawmakers, to complete Ajaokuta. “No public funds is his priority,” Adegbite said. “As for the exact method of solving the problem, that was left open.”
Boosting steel-making and mineral production feature prominently in Buhari’s plans to diversify Nigeria’s economy and Adegbite is aiming for mining to contribute 3 percent of the country’s GDP by 2025. While Nigeria has sizable untapped deposits of commodities including iron ore, gold, zinc and lead, the nation doesn’t have any large-scale industrial metal production and the sector accounts for less than 0.1 percent of GDP.

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MTN Nigeria Records Drop In Profit In spite Of increase Revenue in 9-month

MTN Nigeria Communications Plc has posted total revenue of N856.48 billion for nine months operations ended Sept. 30, compared with N764.46 billion recorded the previous year.

According to the financial statement of the unaudited result posted on the Nigerian Stock Exchange (NSE) on Wednesday, the local unit of South Africa's telecoms firm's revenue for the 9-month grew 12.03 percent in the period.
Profit after tax, however, dropped 5.64 percent to N148.32 billion during the period against N157.19 billion achieved in the comparative period of 2018.
Also, profit before tax stood at N212.01 billion in contrast with N227.08 billion in 2018, representing a decrease of 6.63 percent.
The company’s Earnings Per Share stood at 729k during the review period, lower than 772k achieved in the comparative period of 2018.
The company said that its mobile subscribers during the period increased by 0.1 million to 61.6 million.
Also, active data users increased by 1.6 million to 22.3 million, while service revenue rose by 12.1 percent to N854.9 billion.
Commenting on the performance, Ferdi Moolman, the company’s Chief Executive Officer, said that it was currently exploring financing options to diversify funding sources.
Moolman said that the company’s performance was very encouraging and also demonstrated the resilience of its business despite challenging environment.
"We sustained double-digit growth in service revenue led by growth in voice and data revenue.
“We are currently exploring financing options, including the issuance of Commercial Papers as part of our debt strategy to diversify our funding sources and optimise overall funding costs.
“In the remaining quarter of the year, we will continue to prioritise the expansion of our 4G network, coverage and drive active data subscriber growth.
“We expect voice and data revenue to continue to grow on the back of subscriber growth and increasing demand for data services.
“Having launched our Super-Agent services, our goal is to build a network of 100,000 agents by year-end.
“Super -Agent has always been a part of our MoMo plan and obtaining the licence shows we are on track with our plans.
“While we continue to engage with the Central Bank of Nigeria regarding obtaining a Payment Service Bank licence, we are fully harnessing opportunities that Super-Agent licence brings,” Moolman said.

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PDP Chairman, Secondus Boosts 'Nigerians Voted PDP' Despite Supreme Court judgment

The National Chairman of the Peoples Democratic Party (PDP), Uche Secondus has said that inspite of the Supreme Court judgment against the party presidential candidate, the whole world knows that Nigerians voted PDP and its candidate in the last election.

Secondus, said in a statement on Wednesday that the final judgment comes from God almighty.
“Nigerians know that you voted PDP, even APC knows that you rejected them on February 23, 2019.
“International community knows you voted for PDP. If Supreme Court of seven justices says otherwise, leave it to God, the ultimate Judge.”
The seven-man panel of the Supreme Court on Wednesday dismissed the appeal of the party and its presidential candidate, Atiku Abubakar and affirmed the victory of President Muhammadu Buhari at the last February presidential election.
According to the Supreme Court Justices, Atiku Abubakar appeal lack merit.
However, PDP chairman said that Nigeria is in such an untidy state that only God can
bail her out.
He urged Nigerians to remain resolute in their prayers to God, adding that the country is in such “an untidy state that only God can bail” her out.
Secondus commended Nigerians of all divide for their commitment and support to the party and to democracy.
He said the commitment of Nigerians to democracy and its tenets, “despite inhibiting factors,” is worthy of emulation and highly commendable.
“We thank you for your support for PDP, for your commitment to democracy.
He also commended journalists for their commitment to democracy and good governance in Nigeria and urged them not to relent in their roles of holding politicians accountable to the people.

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NDIC To Build N5.72 Bln Offices In Abuja, Lagos Bauchi

Nigeria Deposit Insurance Corporation (NDIC) is to build a new headquarters' office in Abuja at a cost of N5.72 billion, according to the latest approval granted the corporation by the Federal Executive Council (FEC) meeting on Wednesday.

The amount approved by the meeting presided over by the Vice President Yemi Osinbajo is for construction and consultancy services.
Zainab Ahmed, minister of Finance, Budget and National Planning, who disclosed this after the FEC meeting said that N3.23 billion was approved for construction of NDIC Zonal office in Bauchi State.
According to her, N2.49 billion was approved for consultancy services for stage three work on NDIC corporate offices in Abuja and Lagos.
Minister of Aviation, Hadi Sirika, said that FEC approved N574 million for insurance of College of Aviation in Zaria.
He also said that N271 million was approved for perimeter fencing of Port Harcourt International Airport, which was abandoned since 2011.
On the call to convert Arik Air into a national carrier rather than establishing a new one, Sirika said Arik Air is not suitable for a national carrier.
According to him, Arik Air business plan is not in conformity with the idea of a national carrier.
On behalf of the Transportation Ministry, the Minister of Information, Lai Mohammed, said that FEC approved N718 million for the supply of land mobile security scanner for Lagos Port.

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Profiles Of The 7 Supreme Court Justices Who Nailed Atiku's Ambition

On Wednesday, the Supreme Court dismissed the appeal filed by Nigeria’s main opposition People's Democratic Party (PDP) and it's presidential candidate, Atiku Abubakar against the re-election of President Muhammadu Buhari.

The Chief Justice of Nigeria, Justice Tanko Muhammad, who led six other members of the apex court’s panel, disclosed that he and members of the panel had read all the documents and exhibits filed in the case for two weeks and found the appeal to be lacking in merit.
The panel is made up of six men and one women and is led by the Chief Justice of Nigeria, Tanko Muhammad.
Below is the profiles of the seven-man Supreme Court panel that nailed the political ambition of Atiku, at least for the next four years.
CJN Tanko Muhammad
Justice Tanko Muhammad, CFR, JSC was born on the 31st of December 1953. He hails from Doguwa, Giade Local Government Area of Bauchi State. He attended primary school at Giade Primary School from 1961 to 1968. He proceeded to Government Secondary School, Azare from 1969 to 1973. He then proceeded to Abdullahi Bayero University College, Kano for his IJMB from 1975 to 1976. After a successful completion of his course, He got admission to read Law at Ahmadu Bello University, Zaria from 1976 to 1980. He attended Nigerian Law School from 1980 to 1981. In furtherance of his educational career, he went back to the prestigious ABU, Zaria for his Masters Degree in Law (LLM) on Part Time basis, from 1982 to 1984. In order to update himself in the field of Law, he went back to ABU, Zaria in 1987 to 1998 and obtained his Doctorate Degree (PhD) in Law, also on Part Time basis.
Muhammad, CFR, JSC was appointed as Magistrate Grade II in 1982 to 1984 with Bauchi State Judiciary. He rose to Senior Magistrate Grade II from 1984 to 1986. He was appointed as the Provost, College of Legal and Islamic Studies, Bauchi from 1986 to 1989. He was appointed Chief Magistrate/Deputy Chief Registrar, High Court of the Federal Capital Territory, Abuja from 1990 to 1991. From 1991 to 1993, he served as a Kadi (Judge) of the Sharia Court of Appeal, Bauchi State. He was elevated to the position of Justice of the Court of Appeal from 1993 to 2006. He was appointed as Justice of the Supreme Court of Nigeria in the year 2006 and was sworn-in on the 8th of January 2007. He became the substantive Chief Justice of Nigeria and Chairman National Judicial Council on Thursday, 25th July 2019.
Bode Rhodes-Vivour:
Justice Olabode Rhodes-Vivour was born to the family of Mr and Mrs Akinwunmi Rhodes-Vivour in 1951, in Lagos Island. He obtained his First School Leaving Certificate in 1963.
He went on to attend St Gregory’s College, Obalende, Lagos, where he obtained his West African Examination Council (WAEC) Certificate in 1968, and the Higher School Certificate (HSC) in 1970, before proceeding to the University of Lagos where he graduated in 1974 with an LLB Honors.
Olabode Rhodes-Vivour attended the Lagos Law School and was called to the Nigerian Bar in 1975. He started his career as a Pupil State Counsel in 1976, and in 1978 he became a State Counsel and rose to become a Senior state Counsel by 1982. He was promoted to the position of Principal State Counsel in 1984, and by 1989 his hard work and career progression had earned him the position of Director of Public Prosecution (DPP) Lagos State, a position which he held until 1994.
Justice Olabode Rhodes-Vivour was appointed to the bench as a Judge of the High Court of Justice, Lagos State, on 18th February, 1994. His distinct attributes of service led to his elevation to the Appeal Court on 25th April, 2005.
In 2008, on Secondment by the Government of the Federal Republic of Nigeria, he was posted to Sierra Leone Judiciary as Justice of the Supreme Court of Sierra Leone, whereupon his return in September, 2010, he was appointed as a Justice of the Supreme Court of the Federal Republic of Nigeria.
Rhodes-Vivour has attended various International and Professional conferences within and outside the country. He is a recipient of many notable awards amongst which are –
Lagos State Judiciary Merit Awards in recognition of invaluable service to the High Court of Lagos state (2003).
Commander of the Federal Republic of Nigeria (CFR 2012).
Life Bencher (2016)
His hobbies are reading, watching sports, movies and documentaries. He is married to Mrs Adedoyin Rhodes-Vivour and they are blessed with (3) three children.
Kayode Ariwoola:
Justice Olukayode Ariwoola was born on August 22, 1954.
Prior to becoming a Justice of the Supreme Court, he was appointed a judge of the Oyo State High Court in 1992 and later made a Justice of the Court of Appeal in November 2005.
On November 22, 2011, he was appointed to the bench of the Supreme Court of Nigeria as Justice.
He is also a Member of the Nigerian Bar Association, the International Bar Association, and the Nigerian Body of Benchers
Amiru Sanusi:
Justice Amiru Sanusi was born in February 1950. He is an indigene of Katsina State. He bagged a Bachelors Degree in Law from Ahmadu Bello University and was called to the Nigerian Bar in 1978. Prior to becoming a Justice of the Supreme Court, he served as a judge in his home state, Katsina from 1990 to 1998, before he was promoted to the Court of Appeal in December 1998.
He has the national award of Officer of the Federal Republic of Nigeria (OFR). He was sworn-in as a Supreme Court judge on May 14, 2015, at the Supreme Court Complex.
John Okoro:
John Inyang Okoro was born July 7, 1959). His appointment as justice of the Supreme Court of Nigeria was confirmed by the Senate on October 2013. He was sworn in on November 15, 2014, by Justice Aloma Mariam Mukhtar, the then Chief Justice of Nigeria.
In 2016, Okoro was one of the judges arrested by the State Security Service in a controversial raid on judges’ homes. He later said he was being persecuted by the SSS because he refused a bribe from the current transportation minister, Rotimi Amaechi.
Ejembi Eko:
Ejembi Eko was born May 23, 1952. His appointment as Supreme Court judge was approved by the Senate in October 2016 after which he was sworn in as a justice of the Supreme Court in 2016.
Uwani Abba-Aji:
Born November 1956 in Gashua, Yobe State, Justice Uwani Musa Abba Aji was sworn in as Supreme Court judge in January. She thus became the seventh woman to sit at Nigeria’s Supreme Court and second from the North East after Justice Clara Bata Ogunbiyi.
Called to the Bar in 1981, She started from Central Primary School, Gashua and later Government Girls Secondary School, Maiduguri now Government Girls College. She then proceeded to the Institute of Administration, Ahmadu Bello University, Zaria between 1974 and 1976 where she obtained a diploma in law. She later acquired an LLB (1980) from the same institution. After serving at various cadres, from Clerical Assistant, Area Courts Division in 1973 to Acting Chief Registrar, High Court of Yobe State, November to December 1991, Ms Abba Aji was appointed as a High Court Judge on December 18, 1991. She was there until September 22, 2004, when she was called up to serve at the Court of Appeal.
She is the only woman in the Supreme Court panel heard the election petition appeal by Abubakar and the PDP.

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South African Budget Signals Debt Trap Ahead

South Africa is heading for a debt trap as bailouts for the embattled state power utility drain the government’s coffers and anemic economic growth weighs on tax revenue.

Finance Minister Tito Mboweni presented a rapidly deteriorating outlook in his medium-term budget policy statement on Wednesday, with gross government debt seen surging to 80.9 percent of gross domestic product in the 2028 fiscal year unless urgent action is taken.
The trajectory is almost 20 percentage points higher than forecast in the February budget and shows no sign of stabilizing.
The fiscal deficit will peak at an 11-year high of 6.5 percent of GDP next year. That’s 2.2 percentage points higher than the February estimate.
“The food cupboards are almost bare,” Mboweni told lawmakers in Cape Town. “The consequence of not acting now would be gravely negative for South Africa. Over time, the country could likely face mounting debt-service costs and higher interest rates and may enter a debt trap.”
Eskom Holdings SOC Ltd., which produces about 95 percent of South Africa’s power, bears much of the blame for the bleak picture. It has been allocated $9.4 billion in aid over the next three years to remain solvent and upended efforts by President Cyril Ramaphosa’s administration to revive the economy because its dilapidated plants can’t meet electricity demand.
Rolling blackouts caused economic output to contract the most in a decade in the first quarter, and prompted the Treasury to slash its growth forecast for this year to 0.5 percent.
Debt Blowout
The Treasury sees South Africa’s ratio of debt to GDP deteriorating
Supporting Eskom leaves the government with less money to shore up growth, and, with the minister hinting at further tax increases next year, consumers probably won’t be able to help either. The Treasury expects the growth rate to average just 1.5 percent over the next three years.
“It is worrying for us,” said Tshepiso Moahloli, the Treasury’s head of liability management, in an interview. “If growth continues to lag and we continue to borrow, then you run out of space.”
The rand declined as much as 2.2 percent against the dollar after the statement, making the currency the worst performer among emerging-market peers.
Yields on benchmark government rand bonds climbed to a two-and-a-half month high.
The higher debt numbers and weak expansion raise the risk the country will lose the stable outlook on its last investment-grade rating with Moody’s Investors Service, which is scheduled to publish an assessment on Friday. A switch to a negative outlook could be the precursor to a downgrade that would increase borrowing costs and trigger massive investment outflows.
The deteriorating debt and deficit forecasts “hammer home the troubles facing the government,” said Natalie Rivett, a senior emerging-markets analyst at Informa Global Markets in London. “This increase in debt under the weight of the Eskom bailouts, together with lingering uncertainty over Eskom debt restructuring and a weaker economic growth outlook, means a revision of the rating outlook from Moody’s to negative is a strong possibility.”
Treasury officials are set to talk with Moody’s and Fitch Ratings later today. Mboweni is expected to release an update of his growth plan soon.
The government is predicting it will collect 252.2 billion rand less in the three fiscal years through 2022 than was projected in February. And while it had expected to shave 28.8 billion rand off its wage bill over the period, the anticipated saving had to be reversed mainly because fewer workers agreed to take voluntary retrenchment than it hoped for.
“Stabilization involves difficult decisions that imply sacrifices by all of us,” Mboweni said. “Slowing growth in the compensation bill and additional revenue measures will be needed,” he said.

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Supreme Court Dismisses Atiku’s Appeal Against Buhari’s Election, Says Lack Merit

The Supreme Court on Wednesday dismissed the appeal filed by the Peoples Democratic Party (PDP) and its presidential candidate, Atiku Abubakar, challenging the victory of President Muhammadu Buhari in the February 23, 2019 presidential election.

The Chief Justice of Nigeria, Justice Tanko Muhammad, who led six other members of the apex court’s panel, delivered a three-sentence judgement which put paid to the legal dispute over the poll.
The CJN, who said the reasons for the decision of the court would be made known on a date to be announced, disclosed that he and members of the panel had read all the documents and exhibits filed in the case for two weeks and found the appeal to be lacking in merit.
The judgment which was unanimously consented to by the other six members of the panel came less than an hour after the court took arguments on the appeal.

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Nigeria’s Dangote Refinery To Start Operating In Early 2021

Nigeria’s Dangote Petrochemical Refinery, which is being built privately by Africa’s richest man, is scheduled to be at full capacity operations by the middle of 2021.

The refinery in Lagos will be ready for commissioning at the beginning of 2021, with full capacity reached by the end of the first half of the year, Devakumar Edwin, a group executive director at Dangote Industries Ltd., said in an interview at a conference in Lagos.
Nigeria is Africa’s largest crude producer but lacks refining capacity to meet its own fuel needs. The Dangote refinery, which is designed to maximize gasoline output, will produce enough to allow for a small surplus of that fuel for export.
It will also be able to send a large volume of diesel and jet fuel to international markets, Edwin said.
“We are confident that we can meet 100 percent of the requirement of the country, so the balance will go for export,” Edwin said.
Dangote plans to take advantage of local crude supply and it won’t participate in the crude-for-fuel swap deal that is managed by the state oil company.
Nigerian National Petroleum Corporation (NNPC) recently extended its crude for fuel deal for another three years.
“We are going to buy the crude just at the export price and will sell our products at the import price, the crude swap is operating only for the importers of the product,” Edwin said.
The new refinery has been designed to process varieties of crude from sweet to light crude sourced both locally, and abroad.
Dangote plans to export its diesel to Europe and gasoline to Latin America, Western and Central African markets, Edwin said.
Evacuation of refined products will be done by sea and through roads, he said.
“We are thinking of investing in vessels. We want to make sure we are not held for ransom by any transport operators.”

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Nigeria To Raise N223 Bln Via Treasury Bills Sales

Nigeria will on Wednesday sell N223 billion worth of Treasury Bills at an ongoing auction at the Central Bank of Nigeria (CBN) dealing room to raise cash to finance part of the country's budget deficit.
The bank will be selling on behalf of the government N28 billion worth of the 91-day bills, N10.6 billion of the 182-day paper and N93.9 billion of the 1-year note, using Dutch Auction System.
The bid is open to all class of onshore and offshore investors: Individuals, Corporates, Banks, Non-Bank Financial Institutions (NBFIs) as well as foreign portfolio investors.

Traders at Citibank Nigeria said they expect that the 91-days will close in the 10.00-10.25 percent range, 182-days around 10.50 to 10.75 percent and the 364-day paper to clear in the 11.50-11.75 percent range.
The CBN had last week barred individuals and corporate investors from participating in the Open Market Operations (OMO) auction in a bid to reduce pressure on its shareholder's fund, which was the victims of the huge expenditure being used to fund the liquidity mop-up mechanism.
In a bid to support the value of the local currency, the CBN has been selling treasury bills on the OMO auction to offshore investors to increase dollar flows into the country and other investors to reduce system liquidity.
However, analysts said the operations have consistently eroded the regulatory bank's shareholder's fund, putting the bank under pressure.

Nigeria sell treasury bills regularly to raise cash to support government budget spending and plug part of the country's spending estimate's deficit.

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How Will The CBN’s OMO Restrictions Impact Markets?

Recently, the Central Bank of Nigeria (CBN) in a bid to cut borrowing cost and spur real sector investment barred non-banking financial institutions and public (save local banks and foreign investors) from participating in the primary and secondary OMO market.

Notably, OMO bills are discretionary liquidity and FX management instrument of the CBN, different from FGN’s T-Bills which are for managing budgeted recurrent spending.
In our view, with the size of OMO maturity in the books of the non-banking Corporates, i.e. 23.5 percent of the OMO Bills outstanding as of Aug-19, investors are compelled to look for alternative assets (majorly FGN instruments, Real Estate, Commodities, and Equities), or demand for more FX, in a bid to reinvest an estimated N2.5 trillion maturing OMO bills, from now till Dec-19.
Going forward, we expect a lower yield environment. While the supply of FGN instrument is unlikely to change, the huge OMO maturities will drive up demand for FGN instruments. Thus, stop rates at primary market auctions will fall.
Meanwhile, this should encourage corporate issuers who can now issue/rollover at cheaper rates. Also, fixed-term deposit rates could be lower, since banks can arm-twist their big depositors who would probably be more desperate for yields in the absence of the OMO option.
Finally, OMO rate may stay elevated, as the CBN attempt to keep FX stable via sales to FPIs, however, the market for OMO bills will be less liquid.

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Government Sets Up Interim Committee To Run NDDC

Nigeria federal government has set up an interim management committee to run the Niger Delta Development Commission (NDDC).

This development was announced on Tuesday evening through a statement from the Ministry of Niger Delta Affairs.
The Minister of Niger Delta Affairs, Godswill Akpabio, inaugurated the committee on Tuesday in Abuja.
The mandate of the committee is to help create an “enabling environment” for the forensic audit of the NDDC which was announced by President Muhammadu Buhari, the statement said.
Akpabio, a former governor of Akwa Ibom State, said on Saturday that corruption and political interference have disrupted the original purpose of setting up the NDDC. 

He vowed to revive the commission and get it to work for the good of the Niger Delta region and the people.
“I think people were treating the place as an ATM, where you just walk in there to go and pluck money and go away, I don’t think they were looking at it as an interventionist agency,” said Akpabio, a former minority leader of the Senate.

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More Nigerians Shun ePayment Channels Over Stamp Duty Payment On Transactions

More Nigerians are now shunning transactions via Point of Sales (PoS) terminals; owing to the implementation of a ₦50 additional charge by merchants, as imposed by the Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS).

The CBN described the new service levy as Stamp Duty Charge.
Investigations (by the Guardian) showed that customers now avoid ePayment platforms in preference for cash deals, thereby throwing a big spanner in the financial inclusion and cashless policy policies of the regulatory bank.
Customers, who had hitherto loud CBN’s decision to infuse the policy, saying it would eliminate the risk of carrying cash and reduce the cost of printing Naira notes, have criticised the move to collect stamp duty charges on PoS transactions.
It must also be mentioned that other payment channels, including automated teller machines (ATMs), Instant Transfers, Online Banking, and Mobile Banking are still seriously challenged. Already, financial transactions are replete with all manners of excess charges by the banks and merchants, even when services are not delivered as and when due.
According to the CBN 2017 to 2019 Banking Guide, Nigerians, especially bank customers are made to face several charges by the financial institutions. These include N52.50 monthly card maintenance fee; N65 after third withdrawal in ATM interbank fees. Most times, banks remove the N65 at the first and subsequent withdrawals.
The banks still deduct N4 for SMS alerts, including unsolicited ones for birthday wishes, national and international day celebrations and operational updates. There is also N52 deduction for electronic transfer service.
Banks also collect as much as N4,000 as fee for hardware token and N4 for one-time pin (OTP) SMS charge as well as N20 per page of a Statement of Account, among others.
While all these are imposed, then comes the N50 Stamp Duty Charge on Nigerians, who use the PoS terminals.
According to customers, the new N50 charge, which has been implemented by many fuel stations and supermarkets in Lagos, has become a burden and a source of worry to them and merchants as well.
A visit to Ikeja shopping mall in Lagos showed that more customers made cash payments instead of transactions via PoS terminals.
The same situation played out at Hubmart, also at Ikeja. One of the officials, who preferred anonymity, said: “most people today (Tuesday) made payments via cash. They said they can’t part with additional ₦50 charge.”
Also, some petrol stations, especially the independent marketers, pasted a notice on the ₦50 additional charge on their walls for customers to see.
An attendant at Petrocam, Oke -Afa, Lagos, who simply gave his name as Adetunji, said:” most people that have visited our station today to refill their tanks opted to pay with cash, even those that have been using cards before now. Some because of the ₦50 charge refused to refill their tanks.”
Indeed, while the interaction with Adetunji was on-going, a customer, Chinedu Okeke, entered to refill his tank via PoS, but immediately he saw the ₦50 notice, he opted to do cash. “I would rather pay with cash than pay N50 for a service that should be free of charge. What has this CBN or government done for the masses that they will impose this charge on us? The welfare of common citizens was not put into consideration while taking this devilish decision.”
Another customer said after paying the ₦50 charge at Oando fuel station, Berger, Lagos reiterates that the process would only sabotage the cashless policy drive by CBN, as many customers would prefer paying with cash to evade the stamp duty levy.
According to the entrepreneur who identified herself as Adamma Nwachukwu, the apex bank is already frustrating its own policy cashless economy and financial inclusion through the N50 charge, saying: “it should be abolished forthwith as Nigerians already over-burdened with too many taxes, levies and charges without corresponding value for money.”
Confirming the drop in PoS transactions the Managing Director, ITEX Integrated Services, a CBN licensed Super-Agent, Ernest Uduje, while commending the apex bank in the drive to improve financial inclusion in the country, insisted that “this ₦50 charge is ill-timed.”
According to him, transactions through PoS have dropped within the last few weeks.
“In a nutshell, I think it is affecting transactions negatively, because now most businesses like filling stations, if you go there now, they will show you their prices, and they will say they will charge you ₦50 extra. Then, in some places they will tell you go and bring cash, they are not interested because they don’t know other charges that will follow.

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Nigerian Customs Seize 32 Containers Of Expired Rice

Officers of the Nigeria Customs Service on Tuesday impounded 32 containers of expired rice imported through the Tincan Port, Apapa in Lagos

The rice, which had expired since 2018, were imported from China and Thailand and were about to be smuggled into the Nigerian market.
Hameed Ali, the Controller General of Customs, while inspecting one of the containers found some empty bags with new dates, apparently, to be used to rebag the expired rice.
The discovery comes barely a day after five containers laden with rotten fish and other edibles were discovered in one of the terminals in the Apapa area.

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Court Adjourns MTN's $2 bln Tax Dispute Case With Nigeria For Hearing To Jan. 30-31

A Federal High Court in Lagos has set Jan. 30 and 31 for the hearing of a $2 billion tax dispute between MTN Nigeria Plc and the Nigerian government.

Nigeria's attorney general has demanded the telecoms firm pay the tax bill relating to the import of equipment and payments to foreign suppliers from 2007 to 2017, but MTN argues the claim is without merit and that the attorney general exceeded his powers in making the request.
On Tuesday, lawyers for the government submitted their case against MTN, insisting the attorney general has the power to levy the charge and requesting a court date in late January to continue the proceedings.
Government lawyers had in June asked that the case be adjourned until October to give time to prepare their case, the latest dispute between MTN and the Nigerian government.
Nigeria is the South African firm’s biggest market, with roughly 58 million users accounting for a third of its core profit.
In December, MTN agreed to make a $53 million payment to resolve a separate dispute with Nigeria’s central bank, which said the company improperly removed $8.1 billion from the country between 2007 and 2008.
MTN also this year was set to pay off another 330 billion naira ($1 billion) fine imposed for not disconnecting unregistered SIM cards.
In May, the company’s local unit, MTN Nigeria, listed in Lagos in a 2 trillion naira flotation that made it the second-largest stock on the bourse by market value.
It has said that it would sell more shares to the public and increase local ownership once the tax row is resolved.

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Nigeria Moves To Regulate Social Media

Against the backdrop of criticism of the government using the vehicle of social media, the government is working on how to inject sanity into social media which it said was currently out of control, Nigeria's minister of information has said.

Lai Mohammed disclosed this at a press conference in Abuja on Tuesday, saying no responsible government would sit back and allow such activities capable of setting the country on fire to continue unchecked.
“It has reached a level that the government may just no longer fold its arms and allow this to continue,” he said.
The minister also said no amount of attacks or criticism would stop the government from implementing the tougher sanctions for broadcast stations who breach the nation’s broadcast code especially as it concerns the dissemination of fake news as well as inciteful and divisive comments which were approved by President Muhammadu Buhari recently.
He assured stakeholders that responsible journalists have nothing to fear as the government’s intention is not to gag the media.
He said the intention of the government was to restore sanity to the nation’s airwave.

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Human Rights Activist Knocks President Buhari For Failure To Transmit Power To Osinbajo While On Leave

The failure of President Muhammadu Buhari to hand over reign of power to his deputy, Yemi Osinbajo while on his way to two weeks vacations has attracted criticism from a human rights activist.

According to Inibehe Effiong, the president jetting out of the country without handing over to his Vice was the second of such this year.
He said: “This President is lawless. Buhari has gotten away with murder.
“In the spirit of the rule of law and due process, one would have expected Buhari to either comply with the mandatory requirement of Section 145 (1) of the Constitution by transmitting a letter to President of the Senate and the Speaker of the House of Representatives to empower Osinbajo to become Acting President during his vacation or await the court’s decision on the matter.
“Buhari has shown disdain for the law. Buhari is not bigger than Nigeria. It is a shame that we now have a tourist as President.”
The President, who has travelled to over 33 countries since he took office in 2015, transmitted power to Osinbajo in 2016, 2017 and 2018 but since his re-election in February 2019, the President has failed to do so.
In a statement by his Special Adviser on Media and Publicity, Femi Adesina, on Monday, announcing the President’s travel itinerary, there was no mention of power being transmitted to the Vice-President.
According to the statement, the President embarked on a trip to Saudi Arabia on Monday and then leave for the United Kingdom on November 2 for a private visit.
Although the Presidency failed to reveal the nature of Buhari’s “private visit”, the President has been known to pay several visits to the UK for medical reasons, having spent over 120 days there treating an unknown illness in the past four years.
Buhari’s private visit to the UK will be the second of such this year.
In April, the President traveled to the UK on a private visit without transmitting power to Osinbajo.
Effiong, subsequently sued Buhari and the Attorney-General of the Federation over the President’s failure to hand over power to Osinbajo in April.
The case, with suit number FHC/L/CS/763/2019, was filed before a Federal High Court in Lagos.
In his response, the President said he decided not to hand over power to Osinbajo when he traveled because there was no constitutional requirement for him to do so.
The President further stated that the only time he needs to hand over to Osinbajo is when he is proceeding on leave or going to be out of the country for more than 21 days.
Buhari had been known to hand over power to his deputy anytime he was traveling out of the country for unofficial engagements.
For instance, when the President traveled to London on a working leave on August 3, 2018, and returned on the 18th, spending a total of 16 days, he handed over to Osinbajo.
It was while Osinbajo was acting President during the same period that he sacked the Director-General of the Department of State Services, Lawal Daura, a move that was said to have been vehemently opposed by those close to the President.
Incidentally, since Daura’s sacking over a year ago, the President has not transferred power to Osinbajo again.
The President has in recent weeks curtailed the powers given to the Vice-President by first removing him as the head of the economic advisory team and asking him to seek special approvals before taking certain actions.
There have been reports that the cabal which controls the Presidency is opposed to Osinbajo’s purported 2023 Presidential bid.
The President’s media aide, Adesina, refused to respond to an inquiry on Monday.

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Report Says One In Ten Men Has Problems Fathering A Child

* For most men suffering infertility from low sperm count, the damage was done while in the womb
* Processes involved in forming reproductive organs can be disrupted in early months of pregnancy
* This also significantly raises men’s risk of illnesses such as cancer in later life

Men trying for fatherhood receive a wealth of lifestyle advice on how best to boost their fertility — wear loose-fitting underpants, avoid hot baths, get a good night’s sleep and steer clear of junk food.
It is advice backed by research — including a study in June, led by Harvard University in the U.S., which found that men (the average age was 19) who ate the most red and processed meat, sugary drinks and starchy carbohydrates had the lowest average sperm counts. On average, these were 25.6 million lower than those who ate the least processed food. (A count of 39 million sperm is normally considered the minimum required to conceive naturally.)
However, scientists are now uncovering a far more worrying truth. It seems that for most men suffering infertility from a low sperm count, the damage was done decades earlier — while they were still in the womb.
Evidence increasingly shows that the delicate processes involved in forming their reproductive organs can be disrupted in the early months of pregnancy, inflicting damage that can harm their chances of fatherhood.
Moreover, new studies suggest that this not only sends their sperm counts plummeting, it also significantly raises men’s risk of serious illnesses such as cardiovascular disease and cancer in later life.
Male fertility is clearly in crisis. A comprehensive review of evidence in 2017, based on 7,500 studies, shows that sperm counts among Western men have more than halved over the past 40 years. The review authors, from the Hebrew University of Jerusalem in the journal Human Reproduction Update, warned that the decline shows ‘no evidence of abating’.
In the UK, around one in ten men of all ages suffers from infertility (defined as unsuccessfully attempting pregnancy for a year or longer), according to research from the London School of Hygiene and Tropical Medicine published in the journal Human Reproduction in 2016.
Other studies indicate that as many as one in five men under 35 has a low sperm count.
British infertility experts are now beginning to explore the root causes of this 21st century plague. Already much of the evidence points to chemical pollutants in the air, water and ground around us as the prime culprit.
There is also evidence that parents’ pre-conception lifestyles may affect their children’s health, and even their fertility, and that the problems may be passed on through the parents’ sperm or eggs by changes in the DNA (known as epigenetic changes).
BORN TO GROW UP INFERTILE?
Today, scientists are starting to discover how the physical damage from these environmental factors or epigenetic changes may begin to develop in the womb.
A leading investigator is Alastair Sutcliffe, professor of general paediatrics at University College London, who is studying data from more then 200,000 men held by the Human Fertilisation and Embryology Authority. He believes that there is a problem of prenatal genetic damage underlying male infertility.
‘Lifestyle is inevitably going to have some impact on your fertility,’ he says. ‘But I think most of the problems with these men probably go back to their days in their mothers’ wombs. For whatever reason, they did not have the right conditions in there.’
This may also have implications for their health.
‘Between 10 and 15 percent of the male genome [the complete set of a man’s DNA] is involved in reproduction,’ says Professor Sutcliffe.
‘If you have a problem with the reproductive side of your genome, then that is probably a window into what’s happening with the whole genome of an individual, so sub-fertile men may have other health issues that are driven by problem genes.’
Indeed, evidence is emerging to link early DNA damage to infertility to men’s subsequent serious illnesses. Last month, for example, a study in the British Medical Journal reported that men with fertility issues face a far higher risk of prostate cancer in later life.
The study of more than 1.2 million men, by researchers from Lund University in Sweden, found that men who became fathers through fertility treatment (IVF or injection of sperm directly into the egg) were far more likely to develop prostate cancer than men whose children were conceived naturally.
INFERTILITY A RED FLAG FOR DISEASE
Professor Sutcliffe believes that risk for diseases such as testicular and prostate cancers may be primed in the womb by the same genetic problems that render men infertile.
He explains: ‘Testicular cancer is an embryonic cancer — which means it is precipitated during development in the womb. But it waits until puberty to begin developing.
‘The risk is written very early in utero. Something similar may be true with prostate cancer.’
As a result, Professor Sutcliffe thinks we may have ‘an obligation’ to screen men for conditions such as prostate cancer in fertility clinics if they are found to have low sperm counts. ‘If their risk of prostate cancer is higher and we can treat their problems before they become serious, we should look for them.’
This finding is only one of a growing number of studies that links low sperm counts in men in their 20s and 30s to serious illness in later life.
In March, researchers at the Johns Hopkins University School of Medicine in Baltimore in the U.S. reported that men who suffer infertility also have a significantly raised risk of non-alcoholic fatty liver disease (NAFLD) — a build-up of fat in the liver which can lead to serious liver damage.
NAFLD is associated with a high risk of other serious conditions such as type 2 diabetes and kidney disease, and is linked to poor diet, lack of exercise and weight gain.
But it may also be that some men are born more susceptible than others. The U.S. researchers suggest that male infertility and NAFLD may be precipitated by the same underlying physiological problems.
Another study last August, of 60,000 infertile men, by British and U.S. scientists, found that those who had undergone vasectomies were at greater risk of high blood pressure and heart disease compared with ones who hadn’t.
This comparison indicates that low or non-existent sperm counts are not themselves the cause of the men’s cardiovascular dangers.
The links between infertility and later ill-health have become compellingly powerful, Christopher Barratt, a fertility researcher and professor of reproductive medicine at Dundee University told Good Health.
‘We have been looking at infertility for a long time, but only recently has attention become more focused on general health,’ he says. ‘The data on this is getting stronger and suggests that if you’ve got sperm problems, you are statistically likely to have more health issues and a greater risk of premature death.’
SO IS PREVIOUS ADVICE WRONG?
What is to become of all the advice for men about protecting their fertility by taking precautions such as wearing loose underpants (to stop overheated testicles killing sperm), cutting out junk food, and so on?
Allan Pacey, professor of andrology at the University of Sheffield, and Britain’s foremost commentator on male fertility, says the advice may still play a crucial role for some men — but we should also face up to the fact that prenatal development now seems to play the major role in determining men’s fertility.
It is known that early pregnancy is a vulnerable period for the healthy development of male reproductive organs. Exposure to plastic is implicated, and mothers’ stress levels have come under the spotlight.
In May, an Australian study of 643 men aged 20 warned in the journal Human Reproduction that men whose mothers were exposed to three or more stressful life events in the first 18 weeks of pregnancy may have an average 38 per cent reduction in the number of sperm as adults.
Professor Pacey told Good Health: ‘I think the single biggest factor is what happens before a man was born — regarding how his testicles were developed. This is determined by how well that first trimester of pregnancy went for him.
‘How that pregnancy expressed itself in a man is determined by the size of his testicles, because that is a result of how they developed in the womb. If you have bigger testicles you produce more sperm — and the more likely they are to produce a baby.
‘If your testicles are small, then that’s likely to be problematic.’
Professor Pacey says that clinics can precisely measure testicle size, but adds: ‘For people at home, the best thing is to measure the testicle inside the scrotum against a lychee. That size is about the minimum volume required for unassisted fertility. Anything smaller may mean problems.’
The significance of this is that, ‘for men who are trying for a family in their late 20s and early 30s, their fertility is already set pretty much completely’, he says.
‘The big issue that doesn’t get publicised is that lifestyle changes have not been proven to make a difference in actually fathering children. If they do make a difference, then it will be comparatively small.’
He explains frankly: ‘All that men can do with lifestyle changes is to protect and promote the testicular function they were born with. It’s about risk reduction.
‘If you have small testicles, your chance of infertility is higher and you have more risk to protect against. A 10 percent reduction of testicular efficiency, for example, is going to have a much greater fertility impact on a man with small testicles than a man with large ones.
‘On the other hand, if men adopt good health habits, then it could help their health in later life.’
So while ‘Look after your swimmers’ may appeal to men’s natural desire to protect their fertility, it may also help keep them healthier in old age. And where’s the harm in that?

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African Export-Import Bank Delays IPO Over Unfavorable Markets

African Export-Import Bank has postponed an Initial Public Offering (IPO) on the London Stock Exchange until equity markets improve.

“Despite significant interest in the bank from investors, in light of unfavorable market conditions, it has decided to postpone the proposed initial public offering at this time,” the Cairo-based lender said in a statement Tuesday. “The bank will continue to monitor the markets to find the appropriate window to launch its offering.”
Afreximbank planned to use the funds to help finance rapidly increasing trade flows on the continent. The lender, which operates in 51 of the 55 countries in Africa, has provided about $69 billion of trade-financing support since starting in 1993.
JPMorgan Chase & Co. and HSBC Holdings Plc were hired as joint global coordinators and bookrunners for the issuance of global depositary receipts, while Exotix Partners LLP was picked as co-lead manager.
While Afreximbank didn’t indicate a post-IPO valuation, the bank reported total equity of $2.7 billion in an investor update last month.

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Lagos-Ibadan Rail Line Opens For Test-Run, Free Rides In November

Nigeria will start test-run on its standard gauge rail line linking the commercial nerve center Lagos with the ancient city of Ibadan from the end of November with passengers to enjoy free ride, minister of transport Rotimi Amaechi has said.

In a series of tweets on Monday, Amaechi stated that test-run and free rides would commence at the end of next month (November).
“I just mandated our Chinese contractors on the Lagos-Ibadan rail line to ensure completion of at least one of the tracks up to Ebute Metta station by the end of November. They have to triple their output to make up for the rainy days.
“Completion of the eight minor stations along the Lagos-Ibadan rail line is also part of their mandate, while they take a little more time to complete the four major stations. We hope to test-run and start free rides at the end of next month so people travelling along this route during the end of year holiday season can enjoy the trains.”
This comes as cheering news but while the road users are already stress-weary over the unending reconstruction ongoing on the Lagos-Ibadan expressway, there is keen yet subdued elation at the development as this is not the first time citizens had looked forward to when the Lagos-Ibadan rail would be ready for use. The previous timeline was in June 2019.
The Lagos-Abeokuta rail had been completed earlier in the year when passengers were offered a three-month free ride, though the period of the free ride was later shortened.
Already, the prospects of living in Abeokuta or Ibadan, capital cities of Ogun and Oyo states respectively, while working in Lagos is exciting to many citizens who are seeking ways to escape the chaotic city life and exorbitant accommodation/living expenses in Lagos.
Addressing some concerns over the delay, Amaechi, while inspecting the project at Kajola, Ogun State on Monday, reiterated that the government has given China Civil Engineering Construction Corporation (CCECC) till November 25th to complete the construction of the seven minor stations on the Lagos-Ibadan rail project and also to complete the construction of the rail tracks from Iju to Ebute Metta.
The minister noted that the construction firm had not lived up to its promise of completing the stations in three months. “They said before the dissolution of the cabinet that they were going to complete the stations in three months. May, June, and July but we are here today in October and the station is not completed. You have refused to bring your materials in and we are not owning you one kobo, we have paid everything so what is the problem?”
Coming up alongside the rail line is the Kajola project. During President Muhammadu Buhari’s last week’s trip to Russia, two firms, Russian Joint Stock Company Russian Railway and Transmash Holding signed an agreement with Nigeria to among other things build a rail manufacturing company at Kajola, which the Vice President will be laying the foundation stone in coming weeks.

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AMCON Boss Wants Government To Covert Arik Airline To National Carrier

The Nigerian government should convert Arik Airline to a national carrier instead of dissipating energy to set up brand new airline from the scratch, chief executive officer of the country's 'bad bank' has counseled.

Ahmed Lawan Kuru, CEO of Asset Management Corporation of Nigeria (AMCON) noted that the government would be saving cost in the face of dwindling resources available to the country.

 Kuru, who spoke on Monday while briefing the Senate committee on banking and finance, urged the National Assembly to ensure that the government leverages Arik Airline as a stepping stone towards setting up a national carrier.

He said (AMCON) having retrieved Arik from the brink of collapse and restructured and positioned it on the path of growth and profitability, it is imperative that tap into such opportunity to float a national carrier for the country.

He also urged the parliament to enact relevant legislation to reform the aviation sector, to help local airlines to grow and attract many other investors that are eying Nigeria’s huge aviation business opportunity.

The AMCON chief executive also recalled how respite came the way of Arik Airlines, which was immersed in a huge financial debt burden that threatened to permanently ground the airline.

According to him, prior to AMCON intervention, the airline, which carries about 55 percent of the load in the country, went through difficult times that were attributable to its bad corporate governance, erratic operational challenges, inability to pay staff salaries and heavy debt burden among other issues, which led to the intervention. 

If AMCON did not step in at the time it did, Arik would have gone under like many before it, Kuru said.

He said with the right support and investment, Arik has all that it takes to become a massive airline given the volume of reformative and transformational work AMCON did upon intervention in 2017. But to do that, Kuru said the National Assembly owes it a duty to reform the aviation sector by reducing the different layers of charges by different agencies, which makes it extremely difficult for airline to survive in the country.
“Arik has enough aircraft and facilities that can be used to set up a new airline. Even if the government wants to set up a national carrier to service just the domestic market, which currently has a lot of gap, it is possible with what Arik currently has. 

"Today if you want to travel to Lagos from Abuja and you did not book your ticket two or three days earlier, the chances are that you may not get a seat, which tells us that there is a serious gap. 

"To address the gap means that operators such as Slok Airlines and the likes may have to come back to Nigeria air space. But for them to come back, there needs to be a lot of aviation reforms, so that it will be attractive," Kuru said.
“There is something the National Assembly should do to help the aviation industry. Why is it that there is no airline in Nigeria that has successfully existed for 10 years? We have successful businessmen in Nigeria, which tell you that what is happening in the aviation sector is a structural problem that needs to be address and I think the National Assembly has a role to play there.”
“Aviation in Nigeria is a business that lacks good corporate governance. It is usually a one-man show kind of business and that sort of business structure has all sorts of management challenges. But having said that, the current state of the sector is not helping the operators, for instance, the fees and charges they pay to different agencies regulators are too high. 

"There are quite a lot of issues that I think when we sit down to address, we should be able to help the industry because it is very strategic to the development of the economy of Nigeria,” he stated.

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Nigeria Plans To Lift 90 Million Out Of Poverty

Nigeria officially admitted that there are 90 million of its citizens living in poverty, but notified its intention to lift them out of their misery, according to the country's minister of Humanitarian Affairs, Disaster Management and Social Developmenet Sadiya Farouq has said.

Farouq said this while presenting the 2020 budget estimates N44.21 billion for the approval of the House Committee on Internally Displaced Persons and Refugees chaired by Rep. Mohammed Jega on Monday.
The minister said that the ministry was tasked with the responsibility to address some of the underlying causes, drivers and consequences of humanitarian crises and underdevelopment including.
She said this included the relatively high level of poverty of nearly half (90 million) of the country’s 198 million population live in.
The minister assured that the new ministry would strengthen the coordination of humanitarian and disaster management efforts by stakeholders.
The breakdown of the proposed 2020 budget for National Commission for Refugees, Migrants and Internally Displaced Persons include N474,306,285 for personnel, N165 million for resettlement of IDPs in the North East and Bakkasi returnees in the 2020 budget proposal.
Others are N15 million for 1,000 IDPs enrolment into NHIS; N105 million for renovation/rent of 21,000,000 per state; N60 million Back to school fees; N105 million for drilling of borehole; N184 million for securing land for relocation and reintegration of IDPs in FCT, Nasarawa States and N110 million for 2,200 families as return assistance to North East, among others.
Speaking, the chairman of the committee assured that the budget will impact positively on all Nigerians.
“We are therefore poised for a collaborative action with the Executive arm of government to ensure that we design a performing budget that will meet the expectations of the teeming populace,” he said.
He also applauded the resolution of President Muhammadu Buhari for creating the Ministry with a view to address the numerous humanitarian challenges in the country as a result of insurgency, armed conflicts and other forms of conflicts.
Meanwhile, speaking before the House Committee on Women Affairs, Rep. Oriyomi Onanuga, resolved to address the “relatively high unemployment (at 23.2 percent) with over 40 million unemployed or underemployed”.
Onanuga also expressed the determination of thr government to address the high number of unemployed persons of concerned “including over two million IDPs, 230,000 Nigerian refugees in Niger, Chad and Cameroon and 45,000 refugees in Nigeria”.
“(This includes) 22 million persons with disabilities; over 14 million persons in one form of drug and substance abuse or the other and growing needs of the elderly and vulnerable groups.”

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New Minimum Wage Payment Depends On Capacity Of Each State~NGF

The Nigeria Governors’ Forum on Monday said the consequential increments in the implementation of the N30,000 Minimum Wage Law would depend on the capacity of each state government.

The chairman of NGF and Governor of Ekiti State, Kayode Fayemi, stated this while briefing newsmen at the end of the meeting of the Forum in Abuja.
Reading the meeting’s communique, Fayemi said the NGF made the resolution when it met and reviewed current progress in the implementation of the minimum wage law.
Clarifying the Forum’s position and Federal Economic Council’s decision, Fayemi said while state governors agreed to the N30,000, FEC did not determine what happens in the states.
He said that each state had its State Executive Council, which is the highest decision making body at the state level.
“The forum as the representative body of the states keenly followed what happened in the negotiations that led to that template.
“As far as we are concerned, the best the forum can do is to stick with what has been agreed with the states. States are part of the tripartite negotiations.
“States agreed to that N30,000 minimum wage increase.
“States also know that there will be consequential adjustment but that will be determined by what happened on the state-by-state basic.
“Because there are different number of workers and different issues at the state level.
“Every state has its own trade union joint negotiating committee and they will undertake this discussion with their state governments.
“The day after this agreement was reached with labour, it was on record that I was on a national television and made the position of the governors clear.
“That for us this was a national minimum wage increase, not a general minimum wage review.
“Yes, that may necessitate consequential increment, we have no doubt about that but that is a matter for the states to discuss with their workers,’’ he said.
Fayemi also pledged the governors’ commitment to counterpart resources to strengthen mass vaccination campaigns against yellow fever at the states.
He commended the rapid response of the Nigeria Centre for Disease Control and the National Primary Health Care Development Agency to nip in the bud the August yellow fever outbreak in parts of the country.
“Members commended the progress made by state governments through their Social Health Insurance Authorities to enrol and provide health insurance cover for citizens across the country.
“In the last one year, state governments have registered over two million people compared to five million Nigerians registered under the National Health Insurance Scheme over the last 14 years,’’ he said.

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Nigeria’s Unemployment Situation Frightening —AfDB

The African Development Bank on Monday said the unemployment situation in Nigeria was ‘frightening’ and could become ‘catastrophic’ if decent jobs are not created for the country’s youth population.

The AfDB made the observation at the regional presentation of a report entitled, ‘Creating decent jobs: Strategies, policies and instruments’, at its office in Abuja.
The report, a compilation of policy recommendations from some of the world’s leading labour and development economists, also looked at the unemployment situation in different African countries.
Senior Director, Nigeria Country Department, AfDB, Ebrima Faal, in an address at the event, stressed that Africa is currently facing a jobs ‘crisis’, with The African Economic Outlook estimating that 20 million new jobs need to be created annually until 2030 to absorb new entrants in the workforce.
Faal, however, noted that the situation in Nigeria was much more frightening due to the country’s population.
“The situation for Nigeria is much more frightening.
“As the most populous country in Africa, The World Population Review estimates that Nigeria’s population is expected to double – from about 200 million today to 401.3 million people by 2050.
“This will make Nigeria the third most populous country in the world after China and India, overtaking the United States.
“As China’s population shrinks and India plateaus, that of Nigeria will reach nearly triple from current levels by 2100.
“Nigeria has the highest number of youth on the continent, which represents almost one-third of its total population. (One out of three African Youths).
“In addition, the youth population in Nigeria has tripled over the past 40 years.
“If this trend is maintained, the youth population in Nigeria will exceed 130 million by 2063 and will need decent jobs to forestall a catastrophe beyond the magnitude we are currently experiencing,” the AfDB official said.

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Flood Aids 200 Inmates Escape From Kogi Prison

The early Monday morning downpour in Koton-Karfe, Kogi Local Government Area of Kogi State, has created an opportunity for the escape of about 200 prisoners from the Medium Federal Correctional Centre.

This follows the collapse of parts of the building housing inmates.
Several houses in the area were also submerged.
A source at the correctional facility, however, told our correspondent that about 100 of the escapees have been rearrested.
The source added that an unspecified number voluntarily returned.
It was gathered that the downpour which lasted hours started around 2a.m, destroying many houses including parts of the correctional center, in its wake.
The Acting Chief Imam of Koton-Karfi central mosque, Saidu Suleiman Nuhu told our correspondent that the heavy downpour led to the River Osugu overflowing itself, flooding the embarkment and destroy so many houses, including a part of the correctional centre.
Efforts to speak with the authorities of the correctional centre proved abortive as they refused to speak on the situation.
A source, who spoke on the condition of anonymity, however, disclosed that about 100 of the inmates that escaped have been rearrested by the security agents.

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Nigeria's Border Closure Has Help Create Jobs, Says CBN Governor

Nigeria's central bank governor, Godwin Emefiele on Monday said the closure of the country’s land borders with her neighbours has helped create “jobs.”

“So when you asked, what is the benefit, the benefit of the border closure on the economy of Nigeria, I just used two products – poultry and rice,” Emefiele said in Abuja after meeting President Muhammadu Buhari on Monday.
“The benefit is that it has helped to create jobs for our people, it has helped to bring our integrated rice milling that we have in the country back into business again and they are making money.”
In August, Nigeria had ordered partial closure of land borders to curtail smuggling of rice and other products into the country, citing non-compliance of neighbouring countries with ECOWAS protocols on the transit of goods.
The move intends to create an opportunity for local producers of commodities such as rice, vegetable oil, palm oil and other agricultural produce to increase production and meet local demand.
However, criticism has trailed the border closure as many Nigerians lamented the high price of food commodities like rice, poultry, and vegetable oils.
The country’s inflation rate also became the first casualty of policy-induced pressure with a 0.22 percent rise to 11.24 percent in September, against 11.02 in August.
The average prices month-on-month basis, rose by 1.04 percent in September, in both food (13.5 percent) and non-food (8.9 percent) items, particularly the prices of bread and cereals, oils and fats, meat, potatoes, yam, and other tubers, fish and vegetables.
But the CBN governor maintained that the border closure has improved the country’s economy abundantly. He said rural communities are bubbling because there are activities, as rice farmers are able to sell their produce.
“The poultry business is also doing well, and also maize farmers who produce maize from which feeds are produced are also doing business,” Emefiele said.

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Old iPhones, iPads Software Must Be Updated By Nov 2 Or Devices 'II Go Offline ~Apple Warns

People using an iPhone 5 need to update its software or their phone will stop working on Sunday.
Apple has warned that from 12am on Sunday, November 3, iPhone 5 owners won't be able to connect to the internet unless they have iOS 10.3.4.

Web browsing in Safari, emails, App Store, iCloud and maps will all go offline for people who don't keep their phone up to date.
Those with the iPhone 4S and various older iterations of the iPad will also need to update the software on their devices.
The problem has stemmed from a GPS issue which only occurs once every 19 years and happened in April, causing some devices to lose track of time.
When the GPS rollover happened in April, Apple had to push out a bug fix to stop devices' location services and clocks becoming confused.
Because of the way weeks are recorded in GPS systems, the date effectively resets to zero every 1,024 weeks – every 19.7 years.
The bug fixes were only applied to Apple software iOS 10.3.4 and iOS 9.3.6 and later so anyone who hasn't updated will face serious problems, 9to5Mac reported.
Apple warned users of older devices in July that they had almost four months to update the software before Sunday's moment of reckoning arrives.
iPhone 5 owners have been receiving pop-up warnings on their phones telling them 'Action required for iPhone 5'.
Users must also upgrade the iPhone 4S, iPad 2, iPad with Retina Display and the fourth generation iPad.
In a release on its website Apple said: 'Starting just before 12:00 a.m. UTC on November 3, 2019, iPhone 5 will require an iOS update to maintain accurate GPS location and to continue to use functions that rely on correct date and time including App Store, iCloud, email, and web browsing.
'This is due to the GPS time rollover issue that began affecting GPS-enabled products from other manufacturers on April 6, 2019.
'Affected Apple devices are not impacted until just before 12:00 a.m. UTC on November 3, 2019.'
If the software isn't updated by the 3rd the only option will be to connect the phone to a computer and do it manually through desktop apps.
To update iPhone or iPad software, click Settings>General>Software Update.

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Five Women Reveal Why They Cheat On Their Partners

Hundreds of women have taken to Reddit to reveal the real reasons they cheated on their partners.
Some said they strayed because they felt ignored or stifled while others said they realised they preferred multiple lovers.

A report by Sexual Health Australia revealed affairs were common, with data showing 60 percent of men and 45 percent of women having strayed outside their primary relationships.
FEMAIL selected five stories which outlined the main justifications women gave for their infidelities - and what resulted from their decisions.
One woman who took to online forum explained the reason she cheated on her partner was because of his 'suffocating' behaviour.
She said her 'crazy boyfriend' was determined to control her every movement and he seemed obsessed with what she was doing or where she was '24/7'.
'He would spam call me and "like" comments/photos/etc on Facebook and message my friend,' she said.
She revealed his 'controlling, psycho mind game attitude' basically 'drove' her to cheat.
'I was a chronic cheater'
Another woman speaking on the thread revealed she was a 'chronic cheater.
She said she was not driven to be unfaithful per se, but had not discovered a 'model' for how to have polyamorous relationships.
'Once I discovered the polyamory model and began to live it, all of my cheating stopped,' said woman.
'He paid attention to me'
A third revealed how feeling ignored by her partner after the 'honeymoon phase wore off', drove her to the arms of another.
While she said she had not actively been looking to meet someone else, she hit it off with a man she met online who she was buying furniture from.
'The thing is, even after that first time, I kept wanting to see him. He paid attention to me and even cooked me dinner and set up a candlelit bath for us,' she said.
The woman said although she attempted to keep up the 'charade' once her partner returned from business, being a terrible actor meant she eventually caved and told him she had been unfaithful.
'I needed to explore'
One woman shared how she cheated on her partner because she had met him when she was far too young and the relationship had been too serious.
'For me personally, I needed to go out and explore myself sexually and even in different relationship dynamics,' she wrote.
She said cheating gave her an 'easy way out' as at the time she wasn't prepared to end the relationship.
'It was a confusing time in my adult life as he was my best friend and we had no real issues,' she said.
'I suffered from "what if"'
Lastly, one revealed cheating on her partner was simply a matter of putting paid to the question of 'what if'.
Contrary to others sharing on the thread, the woman said she was not only happy in her relationship, she was 'in love'.
'But for some reason, I had a nagging thought of "what if" I had been with this other guy?' She said.
Eventually, her curiosity got the better of her and she said in a 'weak moment' the pair got together.
'Frankly, the sex wasn’t that great, probably because the whole situation felt wrong to me. I regretted it immediately, and felt horribly guilty.'

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Fire Guts Portion of FIRS Abuja HQ

The Federal Inland Revenue Service (FIRS) headquarters in Abuja was gutted by fire on Monday, officials of the service has confirmed.

The inferno gutted a store attached to a canteen used by the agency’s staff members at the headquarters’ annex.
Wahab Gbadamosi, a spokesperson for the revenue office said a “small fire outbreak by the store near the FIRS canteen, by Annex 1.”
“Firemen who put out the fire are investigating the source of the fire,” he added.
Julius Opetunsin, the head of fire service in Abuja, did not immediately return calls seeking comments Monday morning.
Footage seen on social media showed firemen standing atop a fire truck and pouring water as thick smoke billowed from a patch of the building.
Gbadamosi said additional questions seeking clarification about whether or not crucial or sensitive material were affected would be answered later.

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Concerns Over Lagos Planned N250 Bln Loans, Bond

The planned by the Lagos State government to raise N250 billion through loans and bonds has continued to generate controversy and concerns by many stakeholders in the commercial never of the country.

The State Governor Babajide Sanwo-Olu has announced the planned early in the month, saying the move was to reorder the 2019 budget and help the state to meet certain developmental projects.
Sanwo-Olu said lack of sufficient revenue for the remaining months of the year and not being in a position to propose a supplementary budget informed a re-ordering of the 2019 budget and made it necessary to consider the bond option.
According to the governor, the state will raise N100 billion fixed-rate bond and internal loan of N150 billion to finance some road projects in the state.
He explained that the budgetary provisions of recurrent and capital budget of ministries, departments and agencies were not likely to be utilised before the end of the year, saying that N34.050 billion could be re-ordered. The governor argued that the budget as at 31st August 2019 had a 71 percent overall performance, which was below the set target of 100 per cent while further analysis showed that the recurrent expenditure stood at 80 percent while capital expenditure was at 64 percent performance, portending a 49:51 capital/recurrent ratio against the target of 55:45, among others.
However, the governor’s explanation seems not to have gone down well with some stakeholders, who complained that the level of infrastructure development in Lagos over years has not been commensurate with the volume of loans the ruling party had obtained since 1999.
The state’s chapter of the Peoples Democratic Party (PDP) therefore called on the Assembly to reject the request, saying any attempt by the lawmakers to approve the loan would be a declaration of a vote of no confidence on themselves.
The Publicity Secretary of Lagos PDP, Taofik Gani called on the citizens to reject the loan.
“The request was made under very unclear needs and unless the governor allows public defense of it, we hold that 60 percent of the sought loan is to be shared amongst the governor, the lawmakers and notable chieftains of the APC, essentially to placate the chieftains of the ruling party.”
According to the PDP, the governor had in his loan request letter stated that the state would have no new Internally Generated Revenue (IGR) for the remaining months in the year.
“We declare this assertion as very uninformed and a deliberate to divert the state IGR. We have intelligence report that the state IGR is now between N60 to N70 billion monthly, but that the actual collections are never made public.”
The party urged the Assembly to summon the governor and his Commissioner for Finance to explain how the state would not have IGR for the remaining months in the year. “Indeed the time is due for Alpha Beta Company to be reappraised and brought to account,” the party added. Lagos gubernatorial candidate of the Action Democratic Party (ADP) in 2019, Babatunde Olalere Gbadamosi urged the people of Lagos to be on the alert over the planned bond. According to him, “When Sanwo-Olu took over power and promised to re-ordered the budget of his immediate predecessor, Akinwunmi Ambode, what came to my mind was that he intended to downsize the budget like what Governor Seyi Makinde did in Oyo State. But with what is happening it is as if he (Sanwo-Olu) lied to the people of Lagos during the debate we had before the governorship election.”
The ADP flag bearer said another challenge with governance in Lagos under the APC was the lack of transparency in budget implementation. He said that there was no detail as to how the money is being applied and how they intend to spend it.
On the N250 billion bond, Gbadamosi refrained from doing an appraisal, saying, “I don’t know what the loan is meant to be for and even if they explained, there is a reason to be skeptical considering what has happened to loans obtained by the ruling party in the past. My fear is that the loan is a local debt of which interest rate will not be lesser than two digits. We are worried about the future of Lagos.”
He, however, said that the manner with the state had been administered under the control of APC in the last 20 years would require the electorate to stand up and yawn for a change. “We cannot continue to have governments that would be obtaining loans to cater for the well being of APC leaders,” he added.
Gbadamosi also said the reason Sanwo-Olu could not borrow from outside was because the government had exhausted its goodwill, hence the need to resort to local debt.
Another gubernatorial candidate in the state, Ayodele Akele, who contested on the platform of the National Conscience Party (NCP), also expressed concern over the planned loan. He specifically tasked the state lawmaker to scrutinise the loan before giving its the nod.

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President Buhari To Spend 2-week In London On Private Visit

President Muhammadu Buhari will travel to London at the end of his trip to Saudi Arabia on Saturday.

Femi Adesina, presidential spokesman, who disclosed this in a statement, said the president will spend two weeks in London on a private visit.
”President Muhammadu Buhari leaves the country on Monday on an official trip to the Kingdom of Saudi Arabia to attend Economic Forum of the Future Investment Initiative (FII) in Riyadh,” he said.
”On the sideline of the event, President Buhari will hold bilateral talks with His Majesty King Salman and His Majesty King Abdullah ll of Jordan.
”On Wednesday, 30th October 2019, the President will participate in the High-Level Event titled “What is Next for Africa: How will Investment and Trade Transform the Continent into the Next Great Economic Success Story?” with Presidents of Kenya, Congo-Brazzaville, and Burkina Faso.
”At the end of the summit, President Buhari will on Saturday 2nd November 2019, proceed to the United Kingdom on a private visit. He is expected to return to Nigeria on 17th November 2019.”
In April, the president traveled to the UK on a 10-day private visit.

In 2017, Buhari spent about three months in London on medical vacation.

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