Blog

Carnival

By Christian Njoku

Calabar, Dec. 26, 2018 (NAN) At least, 25 states of the federation havde so far graced the 2018 Calabar Cultural Carnival which began in Calabar on Wednesday, Cross Rivers.

Speaking at the inauguration of the event, the Governor of the state, Prof. Ben Ayade, said the 2018 carnival with the theme: ”Africanism”, would be used to tell the African story.

Ayade said that Africa was not about poverty, adding that the organisers“, in conjunction with writers like Wole Soyinka and Ngugi Thiongo must tell the African story from our own perspective.

”Why should Africa wait for the Western world to tell its story and show its own heritage.

”When I see Africans cross the Mediterranean and deserts, I wonder why people would want to leave this continent that is so blessed with human and natural resources.

”Cross River wants to tell all young men and women that, the best place to be is Africa where there is rich human and natural resources,” he said.

The governor thanked God for giving the state government the grace to sustain the carnival.

Similarly, the Chairman, Cross River Carnival Commission, Mr Gab Unah, said the event was significant because it brought the African culture to the front burner, especially the concept of hospitality which African were best known for.

According to Unah, the ‘African man empathises with everything, both birth, death and other celebration that is how we share love.’

He said that he was extremely happy with the attendance, adding that 25 states out of the 29 accredited for the event were in attendance.

Some leaders of troupes from different states also commended the state government for sustaining the carnival but urged improved accommodation for  the visiting states to make next year edition better.

The News Agency of Nigeria (NAN) reports that states such as  Anambra, Imo, Kogi, Plateau, Osun, Ekiti amongst others graced the event. (NAN).

CBN/FF/DUA

Edited by Fela Fashoro/Dada Ahmed

Boxing Day: FCT Amusement Park operators express satisfaction over patronage

Fun

By Collins Yakubu-Hammer

Abuja, Dec. 26, 2018 (NAN) As fun seekers continue to troop to parks to catch fun in the spirit of the Christmas celebration, operators of Amusements Parks in Abuja have expressed satisfaction over high patronage.

Some of those who spoke to the News Agency of Nigeria (NAN) on Wednesday described the patronage during the Christmas and Boxing Day celebrations as encouraging and motivating.

Mr Paul Oko, the Manager of `MagicLand Amusement Park’, near the City Gate, said the patronage was high and encouraging.

“This year is wonderful; large number of fun seekers has been coming to enjoy the Christmas in the park.

“We have no issue with our equipment and fun seekers’ security is guaranteed; everything is fine.

“I hope this level of patronage continues in the New Year celebration; I really want to appreciate Abuja fun seekers for this wonderful patronage,’’ Oko said.

Mr Abubakar Dogo, Manager of Monolisa Amusement Park in Area 11, Garki, said patronage was encouraging.

He said there were no security challenges in the FCT, adding that absence of fuel scarcity  encouraged fun seekers to visit various parks to celebrate the Christmas.

“That is the reason why people were able to come out in their large number to catch their fun.

“In the recent past, people would prefer to remain indoors to celebrate Christmas and New Year because of insecurity and fuel scarcity.

“I want to thank President Muhammadu Buhari for ensuring that there is no fuel scarcity and people are feeling safe to come out and celebrate.

“I also want to say a big thank you to all fun seekers in Abuja and environs for coming out to patronise us; we are happy and will continue to provide entertainment for them,’’ Dogo said.

Similarly, Mr Jude Unim, the supervisor of the popular Millennium Park at Maitama, said the high patronage indicated that it was a safe place to celebrate.

He said that the park had the capacity to accommodate fun seekers in their thousands.

“I believe the people have confidence in the safety and security in the park and as such you see them coming in their thousands.

“Also we don’t charge for entry fees; entry into the park is free, we don’t collect a dime from any fun seeker; our joy is for them to have fun and go home safely.

“I am very happy about the patronage; we thank God for everything,’’ Unim said. (NAN)

CMY/IA

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SEC advises on collective investments, mutual funds
By Lucy Nwachukwu
Investors
Abuja, Dec. 26, 2018 (NAN) The Securities and Exchange Commission (SEC) has advised retail investors in the capital market to invest in Collective Investment Schemes and Mutual Funds to help reduce risk.
The Acting Director-General of SEC, Ms Mary Uduk, said this in a statement on Wednesday in Abuja.
Uduk said such investments were managed by professionals and they help investors to invest in various asset classes to minimise risk.
She however reiterated the commission’s commitment to protect investors through various initiatives.
She said: “The Commission has put in place a number of initiatives to protect investors as well as boost their confidence.
“These includes the e-dividend mandate Management System, Direct Cash Settlement, we set up a committee on identity management in the Nigerian Capital Market Regularisation of Multiple Subscription and Complaints Management Framework.
“We protect investors through the National Investors Protection Fund (NIPF), Risk Based Supervision and the Complaints Management Framework.
“We want investors to take ownership of their investments; they have to be able to monitor their investments, attend Annual General Meetings as well as read the annual reports sent out to them.”
According to Uduk, the commission is working with other major stakeholders to set up a committee that will look into and proffer solutions to problems around identity management in the Nigerian capital market.
“For instance, to boost the e-dividend mandate and Direct Cash Settlement initiatives, we are engaging the Nigeria Inter-Bank Settlement System (NIBSS) to facilitate identity and account validation to enhance market processes,” she said.
She said the electronic distribution of annual accounts by public companies to shareholders had continued to record tremendous success, as shareholders had accepted the new initiative.
She said the SEC and other stakeholders had continued sensitisation to further enlighten shareholders on the benefits of the initiative.
On the need to grow the market for trading in securities on unlisted public companies, Uduk said the SEC was collaborating with relevant stakeholders to assist public companies yet to register their securities to do so without much difficulty.
The acting director-general also said innovations in financial technology had made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises.
She said innovative technology had also promoted financial inclusion and the affordability of financial services in the country.
“A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth and will create a million more jobs.
“The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective.
“These initiatives continue to highlight and promote developments and trends in the Nigerian capital market and drive financial inclusion aimed at reducing adult exclusion from financial services,” the statement read in part. (NAN)
LCN/MST
Edited by Muhammad Suleiman Tola

Yuletide
By Aisha Cole and Yunus Yusuf
Dec. 26, 2018 (NAN) Some fun seekers that thronged the National Arts Theatre, Iganmu, Lagos, on Wednesday in celebration of the Boxing Day, complained about low events at the complex.

A News Agency of Nigeria (NAN) correspondent was told in separate interviews with the fun seekers that horse-riding was the only available activity, apart from foods and drinks available in the shops.

In separate interviews with NAN, some of the revellers described the theatre’s environment as “boring’’, wondering why there were not many events in place on a day like this.

Mrs Folashade Agiri, a business woman, said that she was disappointed to be at the theatre.

She said that her intention was to watch a Yoruba film advertised before now on the television; and only to discover that the film was not going to be shown.

“I came with my children all the way from Ikorodu to watch a Yoruba film that was advertised on television but on getting here, there is no film to be watched.

“I just wasted my time and money to get here, only to be told that no film is on. This is shameful,’’ Agiri, a mother of three said.

One of her children, who was visibly unhappy with the inactivity at the complex, quickly urged her mother to let them leave.

Ms Nkechi Okonkwo, an Insurance Expert, said that the management of the theatre should have put in place some activities and fun equipment for relaxation during the festive period.

She said that the horses brought in by some individuals, made relaxation at the place restricted to only few.

“There should be variety of fun for the children but it is only horse ride that is available. This is not good enough.

“This is a place that ought to be lively but unfortunately, nothing is going on here,’’ Okonkwo said.

Similarly, Mrs Ifedayo Ibiyemi, a Public Relations Officer of Prima Garnet, regretted her coming to the theatre, adding that it was her first time of coming to the place.

“I thought I was going to have a lot fun here.

“I am here with my family but everywhere here is just boring, no games and no films to watch. It could have been better for me to stay at home or better still go to the beach.

“My children are not happy because this is not what they bargained for’’ Ibiyemi said.

Mr Emeka Daniel, who came with five children and his wife, urged the Federal Government to improve on the economic situation in the country.

“I would have allowed my family to watch different movies at the cinema but I cannot afford it, we still thank God that we are healthy.

Another fun seeker Mrs Adelakun Ibitoye, a nurse, who came with two children said they were enjoying the good atmosphere around the National Theatre area.

She also called on the cinema operators to be more time-conscious to enable viewers to watch as many films as possible.

A Butcher, Mr Tairu Sanni, said he came with three of his friends to plan on improving their sales and to have fun after the short meeting.

A widow, Hajia Mulikat Lawal, said she came to relax and enjoy with her grand children, saying that only few people patronised the National Theatre during this year’s Boxing Day.

Lawal said she looked forward to seeing a crowd during the New Year celebrations. (NAN)
AIC/YO/AJA
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Edited by Adeleye Ajayi

Attire

Maureen Ojinaka

Enugu, Dec. 26, 2018 (NAN) Dealers in ready-made local attires are still making brisk business in Enugu this yuletide, the News Agency of Nigeria (NAN) reports.

The NAN correspondent, who went round some clothing shops in the metropolis on Wednesday, observed that most of the dealers were experiencing high patronage in their businesses.

Some dealers, who spoke to NAN, explained that the need for the ready made Nigerian attires had increased, due to their assorted designs and affordable prices.

According to him, it is also a current trend for both men and women in Nigeria.

Mrs Ozioma Ani, a dealer in ready-made Nigerian local designs at Kenyatta shopping mall, pointed out that the new styles and designs in her shop had attracted many buyers.

Ani said that most of the attires were mainly sewn in Lagos and Aba, as few designers could be found in Enugu.

“These attires are now trending in most African countries, not only the Senegalese attires, but now the made-in-Nigeria attires, which are designed with Ankara, Adire, Aso-oke, among others.

“I make huge profit, especially this yuletide season.

“Since the season, I have made up to N120, 000, as their prices stand between N15,000 and N25,000, depending on designs and the quality of the Nigerian fabrics used in making the attires,” she said.

Mrs Josephine Okeke, a dealer in Nigeria attires at Mayo shopping mall, said that made-in-Nigerian attires were meant for everyone.

She added that this season had made parents to begin to buy them for their children, as one could get beautiful design for children at affordable prices.

“Following the unique styles made with Nigerian fabrics and their affordable cost, many parents now go for Ankara, which they make for themselves and children for occasions,” she said.

A buyer at the clothing shops in Garki, Miss Ifechukwu Nebo, said there were a variety of designs, which could also be combined with lace, silk, plain cotton, chiffon and embroidered with stones.

She said ready-made Nigerian attires were mostly fashionable native wears for occasions, stressing that she hardly used English attires because of the varieties and unique styles of the local designs.

The Nigerian attires look gorgeous, fine and different from other attires,” she said. (NAN)

OJI/KTO/YEMI

Edited by Kamal Tayo Oropo

Welfare

By Chinyere Nwachukwu
Lagos, Dec. 26, 2018 (NAN) Renowned  Professor of Mass Communication, Ralph Akinfeleye,  has appealed to owners of media houses in Nigeria to prioritise their workers’ welfare to enhance productivity.

Akinfeleye, Head of  Multimedia Section, University of Lagos, made the appeal in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.

According to him, non-payment of some media workers’ salaries has become worrisome.

Akinfeleye,  a former Head of Department of Mass communication,  University of Lagos, said that failure to  pay workers  as and when due retarded an organisation’s growth.

“We must be fair at all times, especially when it has to do with meeting the needs of workers as regards wages.

“For there to be maximum output in any organisation, their must be a work-friendly environment. Workers must be happy to be able to deliver.
.
“We have heard of situations where some workers in some media organisations go for months without salaries.

“This  practice must be discouraged; even the holy book says that a labourer deserves his wages,” he said.

Akinfeleye called on the Nigeria Union of Journalists,   Broadcasting Organisation of Nigeria and the Nigerian Guild of Editors to do more to protect the interest of their members.

The media professional said that some media organisations had lost awards because of unhealthy work ethics and poor staff welfare which did not encourage professionalism.

He expressed satisfaction at local content development, especially  by radio stations, urging that television stations should  raise the bar on the issue.

According to the media expert, there is absence of content pluralism particularly  in  government-owned television stations though the country had achieved media ownership pluralism.

He, however,  said that in spite of the ownership pluralism, there was still lack of diversity that should hold the attention of target audience.

“That is in terms of content relevance and in terms of dealing with the values of Nigeria and its cultural peculiarities.

“It is indeed good that NAN has come out now to do more feature writing;  it remains the only active news agency in the sub region.

“But having said this, I think the board of NAN should see the need to put more emphasis on professionalism and how to take the agency to the next level,” he said.

On his recent merit award by the U.S. Government Exchange Alumni Association, Nigeria Chapter, the professor said: “I feel  happy not just because it is from this alumni association, but that I was the only one singled out to get the award from the media.

“Hard work pays. You may not know that people are watching as you do those things you have passion for.”

NAN reports that the award was in recognition of his outstanding performance in promoting effective journalism in Nigeria.

Akinfeleye will also be honoured with  long service award during the University of Lagos convocation in January 2019. (NAN)

CCN/IGO

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Edited by Ijeoma Popoola

Funding

By Muftau Ogunyemi

Akure, Dec. 26, 2018 (NAN) Workers in the Ondo State Government-owned tertiary institutions, under the auspices of the Joint Action Committee (JAC), has decried the continuous poor funding of the state universities and polytechnics.

The JAC Chairman, Mr Chris Olowolade and the Secretary, Temitope Aguda, made the workers’ position known in a statement jointly issued on Wednesday in Akure.

Olowolade and Aguda said in the statement that reduction in subvention of schools and kidnapping of members called for urgent intervention by the state government to address it before it gets out of hands.

According to JAC, the state institutions mostly affected by poor funding included Adekunle Ajasin University, Akungba-Akoko (AAUA); Ondo State University of   Science and Technology, Okitipupa (OSUSTECH) and Rufus Giwa Polytechnic, Owo (RUGIPO).

It said that inadequate funds to those institutions had crippled their operations.

”We want to use this opportunity to inform Gov. Oluwarotimi Akeredolu that tertiary institutions’ workers are not only suffering from insecurity but, this inadequate funding has resulted in their inability to pay salaries.

”Money released for accreditation and re-accreditation were grossly inadequate. Promotion of staff was carried out last in 2016 as a result of poor funding.

”For instance, RUGIPO subvention was reduced from N213 million to N149 million; capital grants have not been released to RUGIPO since the beginning of this present administration in February, 2017,” JAC said.

It explained that subvention of tertiary institutions in the state was slashed in June 2016 under the last administration.

JAC urged Akeredolu to address various challenges facing the institutions to save them from untimely collapse and protect future of the state education sector from dwindling.

It also appealed to the governor to order the immediate release of more funds and implementation of new 65 and 70 years retirement age for the state university and polytechnic academic and non-academic staff.

JAC said this was in accordance with the approval by the National Assembly in the amended University and Polytechnic Miscellaneous Act of 2012.

It appealed to the governor and security agencies in the state to do something as a matter of urgency on the security challenge in the state particularly the kidnapping of members on Akure-Owo-Akoko Roads. (NAN)

OMA/FF/GOK

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Edited by Fela Fashoro/ Olagoke Olatoye

Cannabis

By Deborah Coker

Benin, Dec. 26, 2018 (NAN) The Edo Command of the National Drug Law Enforcement Agency (NDLEA) says it has impounded 506 kg of a dried substance suspected to be Cannabis Sativa otherwise known as `Indian Hemp’.

The Commander of the Agency in the state, Mr Buba Wakawa, disclosed this in an interview with the News Agency of Nigeria (NAN) Benin on Wednesday.

He said the substance was intercepted during a special assignment code-named “Operation Narco X’’ on Wednesday.

Wakawa, therefore, pleaded with the Edo government to assist the Agency with operational vehicles, to enable it to effectively counter the activities of drug criminals in the state, particularly the movement of narcotics during the festive season.

The NDLEA commander said that a notorious drug trafficker had just been arrested and was helping the command in its investigations.

“We have intelligence that drug traffickers are targeting to move narcotics this festive season.
“All we did was to identify and cordon off the major entry and exit points in the state.

“Interestingly, we intercepted two vehicles conveying dried weeds suspected to be cannabis sativa.

“The first seizure was a mini-truck that took off from Uzebba in Owan-West Local Government Area with 556 blocks of compressed cannabis, weighing 443kg, destined for Kaduna state.

“The second vehicle was a Toyota saloon car with 63kg of cannabis coming from Ondo state en route Anambra. The suspect with the Toyota car was apprehended, while the one with the mini-truck is currently on the run,’’ he said.

Wakawa said that whereas the drugs were cleverly hidden in the mini- truck, the boot of the Toyota saloon was simply filled with sacks of cannabis.

The commander explained that it took the experience of the officers to detect the drugs intelligently concealed in a false compartment of the mini-truck.

“This is very encouraging as we discovered 506 kg of illicit drugs in just two seizures.’’

He said that the command was working very hard to sustain the mobile operation all through the festive season, adding that hard times awaited drug barons in the state.

Wakawa noted that the operation was highly demanding and, therefore, appealed to Gov. Godwin Obaseki to assist the command with operational vehicles.

“The drug barons use good vehicles and the only way we can have an upper hand is to have sound, operational vehicles.
“The suspect being investigated will soon be charged to court,’’ he added. (NAN)
DCO/OSA/PIO
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(Edited by Shittu Obassa/Idonije Obakhedo)

Market
By Chinyere Joel-Nwokeoma
Lagos, Dec. 26, 2018 (NAN) Some financial experts on Wednesday identified outcome of general elections, direction of monetary policy and US-China trade tension as factors that would shape stock market in 2019.

They told the News Agency of Nigeria (NAN) in separate interviews in Lagos that stock market performance in 2019 would be shaped by both external and internal factors.

Prof. Uche Uwaleke, Head of Banking and Finance Department, Nasarawa State University Keffi, said that U.S. Federal Reserve monetary policy stance and the ability of Organisation of Petroleum Exporting Countries (OPEC) and allies to keep oil price high, would shape stock market performance in 2019.

Uwaleke said that political tension and outcome of general elections in Nigeria, the fate of the 2019 budget and direction of monetary policy would determine stock market performance.

Speaking on the way forward to ensure improved performance of the nation’s stock market, he urged the Federal Government to defuse political tension by ensuring free, fair and credible elections.

“While we may have no control over the external factors, efforts should be made to defuse political tension, through the conduct of free, fair and credible elections,’’ Uwaleke said.

He said that effective budget implementation would also help to create the right environment for both domestic and foreign investors.

Uwaleke, however, attributed the dismal performance of the Nigerian stock market in 2018 to increasing yield environment in the U.S., following gains from the normalisation of interest rate by the U.S. Federal Reserve.

He noted that the second factor that hindered stock market growth, during the period under review, was political tension ahead of next year’s general elections.

Mr Sola Oni, a Chartered Stockbroker and Chief Executive Officer, Sofunix Investment and Communications, attributed the lacklustre performance of stock market to illiquidity in the system.

Oni explained that massive share dumping by nervous portfolio investors and their Nigerian counterparts who were apprehensive of likely crisis during 2019 general elections contributed to the market lull.

“This is reinforced by unguarded utterances of the political class,’’ he said.

According to him, the outcome of the next general elections and ability of government to tackle the ongoing economic challenges, especially investment in infrastructure, will shape the stock market in 2019.

Oni said that effective management of fiscal and monetary policies and creation of sustainable conducive business environment, among others, were expected to shape activities in the stock market.

“However, there are investments that thrive during recession.

“Hence, investors should take advantage of professional advice from stockbrokers and other investment advisers who keep tabs on investment opportunities, ‘’he said. (NAN)
JNC/KTO/AJA
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Edited by Kamal Tayo Oropo/Adeleye Ajayi