Blog

NAN-HE-21
Fund
By Chinyere Joel-Nwokeoma
Lagos, Nov. 21, 2016 (NAN) FMDQ OTC Securities Exchange on Monday listed on its platform, 20 million units of the Greenwich Plus Money Market (Open-Ended) Fund, the pioneer money market fund.

At the listing in Lagos, Mr Dayo Obisan, the Managing Director, Greenwich Asset Management Ltd., said that the company decided to list the first collective investment scheme on FMDQ to promote transparency.

“Our choice to list the Greenwich Plus on FMDQ as the first collective investment scheme on its platform is a deliberate strategy to promote the transparency and visibility of the fund,” Obisan said.

He said that the listing of the pioneer mutual fund would encourage others to seek listing on FMDQ platform.

Obisan noted that Greenwich Plus recorded the highest level of subscription at its Initial Public Offering (IPO) after subscribers demonstrated confidence in the company.

He stated that the IPO was over-subscribed by 44.85 per cent, adding that the fund remained open for investors.

Obisan said that the fund’s core objectives were to achieve a competitive rate of return and generate a steady stream of income for unit holders.

Mr Bola Onadele, FMDQ Managing Director, commended the fund manager on its choice of securities exchange for the memorandum listing.

Onadele reiterated the exchange’s commitment to facilitate growth and development in the Nigerian Debt Capital Market (DCM).

He said that FMDQ would continue to present an attractive and efficient platform for issuers/fund manager to list their money market and fixed income mutual funds.

FMDQ, as a frontline regulator and an information repository, provides governance and ensures continuous dissemination of key information on all funds listed on its platform,” he said.

Onadele added that the platform would improve information transparency and promote credibility of the funds toward a more globally competitive DCM.

Mr Kayode Falowo, Group Managing Director, Greenwich Trust Ltd., described the listing as a feat in view of recent economic and financial market conditions.

Falowo said that FMDQ was remarkable to the group, being the first mutual to be listed on its platform.

“We believe that the 48 per cent over subscription attests to the confidence investors have in the capability of the Fund Manager, Greenwich Asset Management,” he said.
He encouraged investors – retail, institutional and Pension Fund Administrators (PFAs) – to invest in the fund as a means of portfolio diversification.
Ms Tumi Sekoni, Vice President & Divisional Head, Marketing & Business Development, FMDQ, said that meeting the crucial requirements of FMDQ’s stakeholders was key importance to the exchange.

Sekoni stated: “FMDQ strives to continually look for ways in which it can provide added value to these stakeholders.”

She said that FMDQ would also spearhead initiatives targeted at improving liquidity of the funds in a well regulated market to boost investor confidence. (NAN)
JNC/AK/IGO
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(Edited by Akin Makanjuola/ Ijeoma Popoola)

Nigeria’s GDP contracts by -2.24 % in 3^rd quarter – NBS

NAN-HE-17

GDP

By Cecilia Ologunagba

Abuja, Nov. 21, 2016 (NAN) The National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) in real terms declined by -2.24 per cent (year-on-year) in real terms in the third quarter of 2016.

This is according to the Nigerian Gross Domestic Product (GDP) Report for Third Quarter of 2016 released by NBS on Monday in Abuja.

The report stated that the figure was lower by 0.18 per cent points from growth recorded in the preceding quarter.

That was lower by 5.08 per cent points from growth recorded in the corresponding quarter of 2015.

“Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99 per cent during the quarter, aggregate GDP stood at N26,558,952.83 million (in nominal terms) at basic prices, compared to the third quarter 2015 value of N24,313,636.94 million.

“ Nominal GDP grew by 9.23 per cent. This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22 per cent points,’’ it stated.

The report, however, stated that the nominal GDP was N26.6 trillion in the quarter while the real GDP was N17.8 trillion

The Nigerian economy can be more clearly understood according to the oil and non-oil sector classifications

The report stated that during the period under review, oil production, according to NNPC, averaged at 1.63 million barrels per day (mbpd), lower from production in second quarter of 2016.

It stated that oil production was also lower relative to the corresponding quarter in 2015 by 0.54 million barrels per day when output was recorded at 2.17 mbpd.

The report further stated that the growth in the Non-oil sector was largely driven by the activities of Agriculture (Crop Production), Information and Communication and Other Services.

“The non-oil sector grew by 0.03 per cent in real terms in the third quarter of 2016, reversing the last 2 quarters of negative growth recorded in first and second quarter.

“This was 0.41 per cent points higher from the second quarter of 2016, yet 3.03 per cent points lower from the corresponding quarter in 2015.

“In real terms, the Non -Oil sector contributed 91.81 per cent to the nation’s GDP, higher from shares recorded in the second quarter of 2016 (91.74 per cent) and the third quarter,’’ it stated. (NAN)

CIA/GOM/IA
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Edited by Gregory Mmaduakolam/Idris Abdulrahman

NAN-H-49
Dance
By Chiazo Ogbolu
Lagos, Nov. 21, 2016 (NAN) Mr Taiwo Kola-Ogunlade, Google’s Communications and Public Affairs Manager, Anglophone West Africa on Monday said YouTube was a veritable tool for learning dancing steps.

Kola-Ogunlade said in a statement in Lagos that dancing was a form of exercise, which had health benefits.

He said that dancing was a sweet way to express oneself and feel excited.

“Have you ever imagined what a Nigerian wedding would look like without dancing?

“Dance is big at Nigerian parties, especially at weddings. Most couples go through a lot of hassles to learn dance steps for that grand entry.

“Whether you are dancing for fun or to look cool, dancing is big deal.

“Let us put aside the fact that you may want to impress, dancing is also a good form of exercise. So what happens if you just do not know how to dance?

“You will be amazed how YouTube can make you the coolest stepper when it comes to dance moves,’’ he said.

He urged users to open YouTube and learn from the several videos that would teach one how to dance like a professional.

The Google manager listed seven dance videos that would help one step out in style as Popular Nigerian dance steps, Continental- African dance moves; Do you know the A-Z of African dance.

Others are for getting married, here are Reception Dance Video, to learn Salsa, to learn how to Twerk and now schools are teaching children how to ballet, here are basic steps.

He urged users to log onto https://www.youtube.com/watch? for viewing. (NAN)
CAN/FF/GY
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Edited by Fela Fashoro/Grace Yussuf

NAN-H-48

Assault

By Oluwatope Lawanson

Lagos, Nov. 21, 2016 (NAN) For allegedly beating their landlord to a pulp with iron rod, three tenants; Sam Kanu, 29, Abikoye Sunday, 42, and Tope Abikoye, 38, on Monday appeared beefore an Ikeja Magistrates’ Court, Lagos.

The accused, who all reside at No. 5, Giwa Close, Ijaiye Ojokoro, Lagos, are facing a four-count charge bordering on conspiracy and assault.

The prosecutor, Sgt. Babaji Ishaku, told the court that the accused committed the offences on Sept. 11 at their residence.

Ishaku said trouble started when the accused claimed that the landlord, one Anthony Oyebode sprinkled some substance which they believe to be charm into their rooms.

“They alleged that the substance was sprinkled through their windows while they were asleep.

“This led to a misunderstanding between the complainant and the accused.

“The trio locked the entrance gate of their landlord, hit him on the head with a padlock, beat him with iron rod and dragged him out of the compound. The complainant sustained grievous bodily harm,” he said.

Ishaku said it was some concerned neighbours that reported the matter to the police and the accused were arrested.

The offences contravened Sections 170, 171, 244 and 409 of the Criminal Law of Lagos State, 2011.

The News Agency of Nigeria (NAN) reports that Section 171 prescribes a three-year jail term for offenders.

The accused, however, pleaded not guilty to the charges.

The Magistrate, Mr J.A. Adegun, granted the accused bail in the sum of N50,000 each with one surety each in like sum, and adjourned the case until Dec. 6 for mention. (NAN)

LAW/EOB/IS

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Edited by Edith Bolokor/Ismail Abdulaziz

Nigeria’s first indigenous transport App debuts in Lagos
NAN-HE-9
Transportation
By Joseph Idika
Lagos, Nov. 21, 2016 (NAN) A transportation outfit, iWorld Transit Services, on Monday in Lagos launched Nigeria’s first indigenous public transport App which would enable commuters to access urban cab services at their doorsteps.
The firm’s Chief Executive, Charles Ojo, said at the launch that the App – www.soole.com.ng – was already linked to over 400 trained taxi drivers in Lagos State.
Ojo said that Soole, which would not be metered-driven, offered better services than the American brand Uber.
“The services are not charged per hour and all payments, for now, are made electronically through the App: This helps authenticate the services and the status of the driver.
“Over 400 cabs can be located in any part of Lagos State; it is to make movement convenient among professionals and other Nigerian.
“The App tells you where the driver is coming from and which association the cab belongs for safety reasons,’’ Ojo said.
He said that the service, which had been rolled out in Lagos, would later be extended to Ibadan, Port Harcourt, Abuja and other major cities in the country
According to him, over 10 million Lagosians move from one point to the other within the metropolis every day.
Ojo said that the services was to encourage collaborative ride among professionals to save the cost of fueling, wear and tear of vehicle and the stress of driving around the metropolis.
He explained that Soole was working with the Lagos Metropolitan Area Transport Authority (LAMATA) to expand the services with more cabs.
Speaking at the launch, Taiwo Omole, Secretary, Lagos State Taxi Cab Association, said that the indigenous App was long overdue.
Omole said that over 400 members of the association trained on the use of the App belonged to the over 287 taxi parks across the state.
He assured commuters of safety and jolly ride to their various destinations.
The News Agency of Nigeria (NAN) reports that the launch was attended by representatives of LAMATA, Lagos State Taxi Cab Association, Federal Road Safety Corps and Primrose Transport Services. (NAN)
JI/WOJ
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(Edited by Wale Ojetimi)

NAN-H-35
Refusal
By Sandra Umeh
Lagos, Nov. 21, 2016 (NAN) A Federal High Court on Monday refused an ex-parte application filed by a judge, Rita Ofili-Ajumogobia, seeking her release from the custody of the Economic and Financial Crimes Commission (EFCC).

Justice Muslim Hassan held in Lagos that the judge’s prayer could not be heard by motion ex-parte.

Hassan said that he was of the view that the interest of justice would better be served if the EFCC was put on notice.

He directed Ofili-Ajumogobia, also a Federal High Court judge,
to put the anti-graft agency on notice.

Hassan fixed further hearing on the case for Nov. 28.

The EFCC had preferred a 30-count charge against Ofili-Ajumogobia and Godwin Obla (SAN) over alleged perversion of justice.

The commission had detained the duo in its custody pending the conclusion of its investigation.

Ofili-Ajumogobia filed the ex-parte motion through her lawyer, Mr Moyosore Onigbanjo (SAN), seeking enforcement of her fundamental rights.

She urged the court to order her release.

In his argument, Onigbajo had faulted the continued detention of the judge.

The counsel argued that the commission had an option to charge Ofili-Ajumogobia to court if it was sure she had committed any offence.

He said: “The EFCC has the option to charge her to court but it has not done so.

“ She is ready to defend herself vigorously against any charge that may be slammed on her.

“She is ready to deposit her passport and abide by any other conditions that the court may impose on her.

“There is no need under the law to continue to keep her in detention except to humiliate her, because the offence is bail-able.”(NAN)
UNS/AOS/IGO
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(Edited by Bayo Sekoni/Ijeoma Popoola)

NAN-H-45
Education
By Kate Obande
Abuja, Nov. 21, 2016 (NAN) Dr Tunde Adekola, the Senior Education Specialist, World Bank,  has warned against the misappropriation of the 100 million dollars Global Partnership for Education (GPE) Fund.

Adekola , who is also the Task Team Leader of the project, gave the warning at the GPE/ Nigeria Partnership in Education (NIPEP) support mission and stakeholders workshop on Monday in Abuja.

The News Agency of Nigeria (NAN) reports that the GPE fund being implemented by NIPEP is meant to eradicate illiteracy in five northern states of the country.

He urged the participants, who were made up of beneficiaries from the five states namely – Kano, Katsina, Jigawa, Sokoto and Kaduna to be accountable in the project implementation.

“The money is for a particular purpose that must be achieved, therefore you must make sure you are accountable.

“We must be transparent in our activities; it is not enough to say you are open, you must be seen to be open, there should be adequate evidence on ground to show that work is going on.

“The World Bank believes in transparency and the money should not just be used for organising workshops.

“The fund should be used in procuring instructional materials, equipment to work with and capacity building for teachers and head teachers,’’ he said.

Adekola urged the participants to interact, ask questions and share information as it was paramount to achieving the set goal.

He appealed to the states to ensure they paid teachers’ salaries, adding that 26 out of 36 states of the federation were still owing salaries.

“26 out of 36 states have not paid salaries and all these things we are doing won’t be fruitful if teachers are not paid.

“We are deceiving ourselves if we expect teachers to perform optimally without pay,’’ Adekola said

Earlier, Mrs Anne Okonkwo, the Director, Basic and Secondary Education, Federal Ministry of Education, said that the workshop was organised to perfect strategies on how to boost education system in the country.

She also urged participants to effectively share information in the five focal states and give feed back to the coordinating office, adding that it was cardinal to getting positive results.

She commended the development partners and GPE for their efforts in moving the sector forward, stating that their contributions could not be over emphasised.

Mr Joseph Acheide, the Project Coordinator  of NIPEP, while giving the status report of the project, said that 14,850 girls had been given scholarship out of the 53, 000 targeted.

He urged the Federal and State government to provide support in funding welfare for implementers of the project.

He said that there was need to strengthen the Monitoring and Evaluation at local and state government levels.

Acheide advised that a survey should be conducted to verify the exact number of out-of -school children in the country. (NAN)
KTE/DO/GY
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Edited by David Onilede/Grace Yussuf

NAN-ELS-3
Pain
By Oladapo Udom
Lagos, Nov. 21, 2016 (NAN) The Chairman, Copyright Society of Nigeria (COSON), Chief Tony Okoroji, has described the late playwright and art collector, Rasheed Gbadamosi, as a great supporter of the arts.

The News Agency of Nigeria (NAN) reports that Gbadamosi, who was a former Chairman of the Petroleum Product Pricing and Regulatory Agency, died on Wednesday at the age of 72.

Okoroji said the late Gbadamosi, who contributed immensely to the growth of the country’s music industry, would be “very badly missed’’.

Cue in audio

“Gbadamosi was my friend, fantastic human being, fantastic person; and a great supporter of the arts.

“Last place I saw him was at the event we held for Benson Idonije at 80; the broadcaster guru just three months ago. Gbadamosi was someone who had always been very good to me.

“When he was chairman of Nigeria Development Bank I encouraged him to be part of very good initiatives in the music industry and he did very well.

“He is somebody who loved the arts and supported the arts immensely, but I realised that at the Benson Idonije event at MUSON Centre, he was not in very good health.

“But it didn’t stop him from coming; in fact he came in a wheelchair.

“He will indeed be very badly missed. I am heartbroken.’’

Cue out audio

Okoroji prayed God to give the late Gbadamosi’s family the fortitude to bear the loss.

As a playwright, the late Gbadamosi authored “Trees Grow in the Desert’’, which was widely performed.

He was a founding member of the MUSON Centre, Lagos, and was one of Nigeria’s biggest art collectors. (NAN)

OUU/ERO/YEE
Edited by Emmanuel Okara/Emmanuel Yashim

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NAN-S-6
League
By Kemi Ajayi
Lagos, Nov. 21, 2016 (NAN) An ex-international, Waidi Akanni, on Monday said that adequate funding of the Nigeria Professional Football League (NPFL) would entice young players to remain in the competition.

Akanni told the News Agency of Nigeria (NAN) in Lagos that lack of sufficient funds had made the league less attractive for most players to remain in it.

He commended the Umaru Dikko-led League Management Company for restructuring of the NPFL and urged the body to intensify its effort to secure sponsorship to enhance football development in the country.

Cue in Audio

“You have to develop your talents locally and we have to discourage younger players just running out of the shore of this country for small amount of money, that will not develop them and that will not develop us as well.

“So, I want to believe that whatever we do, we must always make sure that we do financially because for them to run out of the country is financial.

“So, we must develop them financially by getting more sponsors, getting more people to have interest in local players, in the local league itself and that will help our people grow’’.

Cue out Audio — (NAN)
KOA/ENN
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(Edited by Edwin Nwachukwu/Peter Ejiofor)

NAN-HG-7
HIV
Calabar, Nov. 21, 2016 (NAN) The UN Population Fund (UNFPA) has said that its outing in the “Wise up Cross River campaign’’ for free HIV testing during the Calabar Carnival dry run was successful.

Its Youth Programme Officer and Coordinator of the campaign, Dr Idowu Araoyimbo, told the News Agency of Nigeria (NAN) in Calabar on Monday that the response was impressive.

“Even though it was our first outing, it was successful as many people turned up for free testing and counseling.

“There was really an impressive turn out and we know this will improve with time.

“Our volunteers did well by creating much awareness through their dances and other side performances.

“We believe that as we go into the Carnival proper from Dec. 1 through Dec. 31, we will realise our target of 100,000 or more,’’ he said.

Araoyimbo said agency had secured a place at the festival village and would begin the  construction of its stand in the `Condom zone’’.

“At the condom zone stand, we have a lot of daily activities lined up to lighten up the carnival and draw attention of people to come forward for the free testing and counseling,’’ he said.

The officer said that many non-governmental organisations were collaborating with the UNFPA, including Mediatrix Foundation initiated by the wife of the state governor, Dr Lynda Ayade. (NAN)
BEN/HS/MVO
(Edited by Halima Sheji/Mbadiwe Okwor)