Blog

NAN-S-6
Taekwondo
By Kemi Ajayi
Lagos, Nov. 21, 2016 (NAN) Ferguson Oluigbo, an international certified taekwondo referee has urged the Nigeria Taekwondo Federation (NTF) to prepare its athletes adequately for the forthcoming 2020 Olympic Games in Tokyo, Japan.

Oluigbo told the News Agency of Nigeria (NAN) in Lagos that the body should ensure that the athletes are made to participate in pre-Olympic games that would keep them in competitive form.

The referee said the federation needed to address the issues that made it impossible for Nigeria to qualify for the taekwondo event of the Rio Olympics.

He urged the federation to beam its searchlight in all parts of the country to identify and nurture promising talents at the grassroots.

Cue in audio (Oluigbo)

“Before Nigerians can talk of 2020, they should start preparation by participating in all other internationally recognised championships.

“So we should not wait until it’s a few months to Olympics before we start scrambling.

“We have an African championship coming up and we also have the All Africa Games coming up; all of them will come up before the Olympics in 2020.

“Consequently, they should begin to show signs that they are serious by hunting for talents nationwide not just looking at champions that are coming up, like Adamu Isah.

“So, you need to open your dragnet and hunt for talents in all areas of the country, and continue to encourage them to train, so that you have a large pool of talents to select the best from when the time comes.’’

Cue out audio (Oluigbo) (NAN)

KOA/ERO/YEE
Edited by Emmanuel Okara/Emmanuel Yashim
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NAN-HE-8
Statistics
By Cecilia Ologunagba
Mararaba, Nov. 21, 2016 (NAN) The National Bureau of Statistics (NBS) on Monday urged journalists to join in the crusade to make Nigeria a data conscious nation by popularising the place statistics.
The NBS Chief Executive Officer, Dr Yemi Kale, gave the advice at a Sensitisation Workshop for Journalists in Mararaba, Nasarawa.
Kale, also the Statistician General of the Federation, said popularising the place of statistics would enhance economic growth in the county.
The statistician-general said that some members of the public had expressed scepticism on some of the data produced by NBS.
He said that they had expressed some scepticism as they believed the numbers did not reflect the reality of things around them.
“After this workshop, it is my belief that the number of such issues will reduced,’’ Kale said.
Kale was represented by Mr Isiaka Olarewaju, the Director, Real Sector and Household Statistics Department in the NBS.
“It will be addressed because members of the media through their better understanding of the numbers and processes will assist to interprete the numbers to the public.
“We should also understand that Nigeria is a developing country and as such, positive and negative data on some economic and social indicators are expected,’’ he said.
Responding on behalf of the journalists, Mr Tola Akinwutimi thanked the NBS for organising the workshop again after three years.
Akinwutimi, the Group Business Editor, National Mirror Newspaper, commended the bureau for transforming its operations and the timely release of its reports.
He, however, appealed to the bureau to further simplify the reports and make them understandable for better reportage.
“We will appreciate you simplify your reports and put it in a summary format so that we can understand it better,’’ he said.
The editor also appealed to NBS to sustain the workshop and make it a yearly programme.
In his presentation, Mr Simeon Harry, Head of Department Corporate Planning and Technical Coordination Department, NBS, urged journalists to further sensitise public on the importance of statistics.
Harry, who gave a presentation on “NBS: The Past, Present and Future,’’ said that bureau had transformed its operations from analogue to digital.
The official said that NBS was one of the leading bureaux in Africa, noting that it was only the South African bureau that was ahead of NBS in the sub-region.
He said that the only instrument to maximise economic benefit was through the use of statistics for planning and development purposes.
“Today, we are having issue of abandoned of projects, with the statistics that will be prevented.
“Also, for us to implement the Sustainable Development Goals (SDG), we need statistics to give us guide and sense of direction to implement the goals,’’ Harry said.
The News Agency of Nigeria (NAN) reports that no fewer than 30 journalists attended the workshop. (NAN)
CIA/AOM/TA
(Edited by Abdullahi Mohammed/Tajudeen Atitebi)

Financial expert seeks bank lending rate reduction to tackle economic recession

NAN-HE-6

Rate

By Chinyere Joel-Nwokeoma

Lagos, Nov. 21, 2016 (NAN) A financial expert, Dr Glenn Prince-Abbi, on Monday said that the Central Bank of Nigeria (CBN) should pursue lower bank lending rates to bring the country out of recession.

Prince-Abbi, the Chief Executive of Espera Global Corporation, told the News Agency of Nigeria (NAN) in Lagos that lower lending rates would boost the country’s productivity and assist in tackling recession.

He said that all businesses would benefit from lower interest rates as this would encourage them to make more investments and expand their production line as a result of lower cost of borrowing.

According to him, lower interest rates will boost output and productivity in tandem to catalyse economic growth in general.

“We cannot be contending with a sickening economic recession, while we are doing nothing to increase producers’ capacity to increase output and their capacity to borrow to enhance their profitability,’’ he said.

Prince-Abbi said that the Monetary Policy Committee of the apex bank must carefully review a number of factors which impinge on economic growth.

He said that the current high lending regime was benefitting bankers, while compromising producers’ capacity to raise capital in a competitive environment to produce.

Prince-Abbi said he disagreed with the CBN Governor’s submission that lower interest rate would worsen the already high inflation.

“The CBN governor is right, but only in textbook sense of it and only in a classic economic situation where there is a healthy economy and production is at a healthy level and consumers’ purchasing power is relatively high.

“This is not the situation in Nigeria right now. The high inflation is caused more by high input cost arising from a chain of factors which get their roots from the exchange rate and Nigeria’s dwindling foreign exchange reserves,’’ he said.

Prince-Abbi said that the nation’s inflation was not caused by the classic example of more money chasing fewer goods.

“Producers’ ability to produce is weak as a result of both high interest rate and the foreign exchange rate considering Nigeria’s import-dependency,’’ he said.

He said that there was the need for pragmatism in addressing the country’s current case.

“We have to walk the tight rope to create a form of balance and stabilisation, hence a downward review of the interest rate would be an essential action that will help make for this balance,’’ Prince-Abbi said.

He said that the apex bank should not continue to insist that lower interest rate would worsen inflation.

Prince-Abbi said that an expansionary monetary policy would lower unemployment, boost private-sector borrowing and consumer spending as well as stimulate economic growth.

Meanwhile, a turnover of 823.55 million shares worth N5.44 billion was achieved by investors in 11,634 deals last week against 2.85 billion shares valued at N7.42 billion traded in 16,065 deals in the previous week.

The Financial Services Industry led the activity chart in volume terms, accounting for 616.99 million shares worth N2.67 billion in 6,142 deals.

The Conglomerates sector followed with 47.74 million shares worth N43.74 million traded in 510 deals.

The third place was occupied by the Consumer Goods sector with turnover of 42.67 million shares valued at N1.74 billion in 2,112 deals.

The NSE All-Share Index lost 633.34 or 2.42 per cent to close at 25,537.54 compared with 26,170.88 achieved in the previous week.

Also, the market capitalization, which opened at N9.009 trillion, lost N218 trillion or 2.42 per cent to close at N8.791 trillion due to price losses.

NAN reports that 10 equities appreciated in price during the review period, lower than 18 equities of the previous week, while 48 stocks depreciated in price higher than 36 in the preceding week.

Forte Oil recorded the highest loss in percentage terms to lead the losers’ chart, shedding 20.89 per cent or N21.83 to close at N82.67 per share.

Transcorp trailed with a loss of 18.60 per cent or 16k to close at 70k, while Flour Mills was down by 14.38 per cent or N2.72 to close at N16.20 per share.

May & Baker led the gainers’ table in percentage terms, growing by 12.94 per cent or 11k to close at 96k per share.

Access Bank followed with a gain of 3.77 per cent or 20k to close at N5.50, while Dangote Sugar appreciated by 3.68 per cent or 23k to close at N6.48 per share. (NAN)
JNC/FF/TA
Edited by Fela Fashoro/Tajudeen Atitebi

NAN-H-21
Drum
By Taiye Baiyerohi
Lagos. Nov. 21, 2016 (NAN) Performing artistes at the ongoing “Jang-gu Drum’’ training on Monday, said the effective acquisition of drumming skills would help to create more jobs for unemployed youths in the country.

The News Agency of Nigeria (NAN) reports that the Jang-gu drum is a South-Korean drum.

It is sometimes called “Seyogo’’– slim waist drum. It is also the most widely used drum in the traditional music of Korea.

The drum is available in many kinds and consists of an hourglass-shaped body with two heads made from animal skin.

The two heads produce sounds of different pitch and timbre which, when played together, are believed to represent the harmony of man and woman.

The participants, who spoke to NAN in Lagos, described the training as an avenue for artistes to tap new ideas and skills for better performance.

According to them, the knowledge gained will go a long way to ensure better understanding in the use of other Nigerian drums.

Mrs Elizabeth Amaifeobu told Nan that the drum had some similarities with the Bata Drum, adding that she was able to understand the bata drum better having explored the Jang-gu.

She, however, described the training as an eye opener to various drumming skills, noting that she would want more Nigerians to be trained, especially from the Nursery and Primary schools.

“I will go to schools to train pupils on drumming the nation’s indigenous drums since the training received from Jang-gu drum has taught me in a simpler form.

“This will eventually put food on my table and I will recover the money paid for this training,’’ she said.

Mr Rowland Oke, a performing artiste, said he was interested in promoting the country’s cultural heritage through music and drums.

“I have found a viable platform for that,’’ the artiste told NAN.

Oke said that after his training that he intended to establish a drumming school where the Jang-gu drum would be used to teach more persons on how to use most of the country’s traditional drums.

Mr Anuoluwapo Washington, also a performing artiste, described the Jang-gu drum training as a viable opportunity for the nation’s youths to be self-reliant.

“This is a good opportunity for youths who are talented in performing arts, they can be trained like me and make a living from it by thinking out of the box,’’ he said. (NAN)
PTB/ENN/PDE
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(Edited by Edwin Nwachukwu/Peter Ejiofor)

Expert okay relationship between HIV negative, positive couples

NAN-HG-2
HIV
By Talatu Maiwada
Abuja, Nov. 21, 2016 (NAN) Dr Kema Onu, the Site Coordinator, Aids Healthcare Foundation (AHF), an NGO, has said that the relationship between HIV negative and positive couples or partners was healthy and safe.

Onu told the News Agency of Nigeria (NAN) on Monday in Abuja that such relationship was known as serodiscordant relationship.

He explained that when the positive partner was consistent in their intake of anti-retroviral drugs and the use of condom, the risk of transmission reduces significantly to the negative partner.

According to him, one of the benefits of anti-retroviral drug is that if the positive partner takes the medication consistently, the virus could be suppressed to an undetectable level.

Onu added that with an undetectable viral load between three to six months of the individual, there was 96 to 97 per cent chance reduction in infecting the next person, even without the use of condom.

“An undetectable viral load from an HIV positive person consistently on anti-retroviral drug does not mean the virus is not there completely.

“It means that the billions of virus have been suppressed to a level that the machine cannot detect the virus less than 22 copies which reduces the chance of transmission.

“85 per cent of such couples are found in most health facilities and out of the 85 per cent, 72 per cent of the positive partners are women.

“Over the past 12 years, research has shown that about 45.000 couples have been understudy and none of them have come out positive,’’ he said.

Besides, Onu said that srodiscordant relationships should be encouraged because the anatomy of a man’s organ hardly gets infected and that the sex position exposes them to less risk.

He said there were individuals, if consistently exposed to the risk of HIV infection, cannot get infected because such persons genetically lack the receptor of the virus gaining access into their body.

The expert further encouraged more couples to embrace such relationships as it was healthy and safe if consistent on their medication and use of condom.

Onu added that various fertility options were also available for partners or couples who intend to have children of their own.

According to him, the options include Invitro Fertilisation (IVF) and Intraunterine Insemination (IUI).

He explained IVF as a manually combine egg and sperm in a laboratory dish and transfer of the embryo into the uterus, while IUI refers to a fertility treatment that places sperm inside a woman’s uterus to facilitate fertilisation. (NAN)

TIM/IKU/MST

Edited by Tayo Ikujuni/Muhammad Suleiman Tola

Hirse’s abduction was like a scene in a horrow movie – eye witness

NAN-H-29

Hirse

Jos, Nov. 21, 2016 (NAN) An eye-witness to the kidnap of Mr Bagudu Hirse, has said that the abduction of the former foreign affairs minister in Kaduna on Sunday, was “like a scene in a horror movie”.

The eye-witness, Mr Samuel Pukat, an Abuja-based business man, told the News Agency of Nigeria (NAN) in Jos on Monday, that he was with Hirse when the gunmen pounced on him.

“We were in Kaduna and decided to pay a condolence visit to Alhaji Mamman Daura over the death of the former Sultan of Sokoto, Alhaji Ibrahim Dasuki.

“Mamman’s wife is from the late Dasuki’s family, so we decided to show our concern, and arrived Daura’s house around 9.00 a.m.”

He said that they were first told that Daura had traveled and had made to leave after signing the condolence register.

“But just as we were moving to the car, a younger brother to Mamman came out and told us to wait for him (Mamman) to come.

“About the same time, two vehicles, on fast speed, drove into the compound and some gunmen in masks jumped out and headed directly to Hirse.

“My feeling is that they mistook him (Hirse) for Mamman because both seem to have the same stature and wear their caps the same way,” he said.

The eye-witness said that the men, after instilling fear in everyone in sight, grabbed Hirse by his big gown and dragged him to one of the cars, pushed him in, and drove off in high speed.

“ Everyone was terrified; we were all fear-stricken and by the time we recovered, Hirse was gone and we were left dumbfounded,” he said.

He said that the Chief of Staff to President Muhammadu Buhari, Alhaji Abba Kyari, later emerged and quickly called for more security cover around the house.

Pukat also confirmed that the abductors had reached out to Hirse’s family members.

“The first reached me; it was Hirse’s voice that was on the line before the abductors took over,” he said.

Pukat, however, refused to give detaills of the discussions with the abductors.

He said that the family had embarked on prayers for the safe and quick release of the former minister. (NAN)

TYC/ETS/ETS

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Edited by Ephraims Sheyin

Don urges FG to expunge $4.5bn Euro bond component of proposed loan
NAN-HE-14
Loan
By Kingsley Okoye
Abuja, Nov. 21, 2016 (NAN) Prof. Uche Uwaleke of the Nasarawa State University has urged the Federal Government to expunge the 4.5 billion dollars Euro bond component of the proposed 29.9 billion dollars external loan, given the current economic situation in the country.

President Muhammadu Buhari had sought the approval of the National Assembly for the proposed loan to execute key infrastructure projects across the country between 2016 and 2018.

The borrowing plan comprised proposed projects and programmes loan of 11.274 billion dollars Special National Infrastructure projects, 10.686 billion dollars Euro bonds of 4.5 billion dollars and Federal Government budget support of 3.5 billion dollars.

Uwaleke, Head of Banking and Finance Department of the university, gave the advice in an interview the News Agency of Nigeria (NAN) in Abuja.

Uwaleke said that given the present economic circumstances, resorting to external borrowing was the best option for Nigeria.

He, however, said government should not issue Euro bonds now as part of the borrowing plan at the international capital market,.

He said the bonds were likely to be under priced in the global market.

He also said the current recession was not favourable to Nigeria issuing a Euro bond at the moment.

The don also said favourable ratings were yet to emanate from big global rating credit and capital market service agencies such as Fitch and Moody, American stock agencies.

Justifying further the need for external borrowing, Uwaleke said Nigerians could not afford an increase in tax, neither should the nation be selling its critical assets to raise funds to stimulate the economy.

According to him, the huge infrastructure gap in Nigeria justifies the size of the three-year borrowing plan, noting that the country has the need for foreign borrowing, given the low external debt to GDP ratio.

“The capacity to service public debt may be weak, considering the high debt service to revenue ratio at over 30 per cent.

“But this is mainly due to the huge domestic debt in our portfolio, over 80 per cent and the high cost of servicing it.

“So external debts are welcome, especially when they are sourced from multilateral bodies like the World Bank and African Development Bank (ADB).

“They are largely concessional in nature with low interest rates and very long term.“

Uwaleke said the provisions of the Fiscal Responsibility Act 2007 should be adhered to when applying the proceeds of foreign loans, noting that it should be tied to projects.

“I expect to see the loans invested in infrastructure like power, rail and roads, in partnership with the private sector.

“Some of it should also be invested in agriculture so we can also earn foreign exchange from food exports.

He opposed funding education and health sectors with borrowed funds.

He, however, suggested that such sectors should be financed with funds coming in form of grants from donor agencies.

Uwaleke advocated the channeling of the recovered looted funds into social sectors of the economy, adding that only projects with the capacity to stimulate the economy and generate funds to pay back the loan should be undertaken.(NAN)

KC/EAL/IA
Edited by Ekemini Ladejobi/Idris Abdulrahman

High inflation erodes investors’ confidence in stock market -Don

NAN-HE-12

Market

By Kingsley Okoye

Abuja, Nov. 21,2016 (NAN) Prof. Uche Uwaleke, the Head, Department of  Finance and Banking, Nasarawa State University, Keffi, says the current inflation rate of 18.3 is not good for the development of the nation’s capital market.

Uwalake who reacted to the current double digit inflation to the capital market told the News Agency of Nigeria (NAN), on Monday in Abuja, that the shrinking growth of the market was not good for investors.

NAN recalled that the National Bureau of Statistics put Nigeria’s consumer index at 18.3 per cent in October 2016.

This he noted was followed by a 17.9 per cent growth in the previous month and above market expectations of 18.2 per cent.

“This is the highest inflation rate since October 2005, as prices of goods and services continued to rise, while some companies are considering of delisting from the Stock Exchange.’’

He said that the current inflation rate in the country would deter investors,’ especially foreign investors from participating in the nation’s stock market.

“Particularly now that foreign investors’ participation has been on the decline, the spike in inflation rate will only succeed in further dampening the confidence of domestic investors.

“There is a correlation between inflation rate and stock market performance.

“Recall that on Jan.1 this year, the Nigerian Stock Exchange (NSE) All Share Index was around 28,000 points with inflation rate still single digit at less than 10 per cent.

“Currently, the return is negative with the NSE All Share Index struggling to stay above 26,000 points.“

He said that the inflation figure of 18.3 per cent indicated that the stock market had lost so much in terms of real returns since the year began.

He said that the key drivers of the inflation in the country had remained the same over the years, this he said were high cost of electricity, fuel, housing and food.

He, however, said that the fate of the nation’s stock market was tied to the recovery of the micro- economic fundamentals, including subdued inflationary pressure.

According to Uwaleke, the way out of the current inflation challenge is for government to make commitment in deepening investment in agriculture and infrastructure development.

This according to him would accelerate solution and return confidence in the sector.

On Monetary Policies of Central Bank of Nigeria ( CBN), Uwaleke added that CBN was advised to relax policy by reducing the monetary policy rate from the current 14 per cent to 12 per cent .

This he said, would bring down the cost of borrowing especially for Small and Medium Enterprises (SMEs) .NAN

KC/GOM/OU

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Edited by Gregory Mmaduakolam/Obike Ukoh

NAN-S-4
Sports
Lagos, Nov. 21, 2016 (NAN) Emmanuel Oghenejobo, a taekwondo silver medallist at the 1992 Barcelona Olympics, on Monday urged the nation’s athletes to downplay monetary demand in their service to the country.

Oghenejobo told the News Agency of Nigeria (NAN) in Lagos that athletes should be committed in their pursuit to represent the country creditably in major competitions before expecting reward.

He noted that the economic situation in the country had made many athletes to demand for monetary reward before competing in competitions unlike in the past when athletes competed for glory.

Cue in Audio

“Economic reasons is what is killing sports today, there is hunger some administrator becomes bad they want to embezzle as much as they can, even some athletes themselves, if you tell them to come and do the sport, they tell you what is in it for me.

“In our time, imagine you win a national championship and they put glucose in your hand, you lick the glucose and you feel excited, it’s not the money, we want to bring taekwondo back to that feeling, the way we use to live.

“Taekwondo is character, my coach use to say to me then, just train by the time you win and become somebody money will follow you and that was the principle we adopted and that’s how we live over the years’’.

Cue out Audio — (NAN)

KOA/ENN
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(Edited by Edwin Nwachukwu)

NAN-H-17
Suit
By Sandra Umeh
Lagos, Nov. 21, 2016 (NAN) A former prosecutor with the Economic and Financial Crimes Commission (EFCC), Godwin Obla (SAN), on Monday asked a Federal High Court sitting in Lagos, to declare his continued detention by the commission, as unlawful.
The News Agency of Nigeria (NAN) reports that the EFCC had preferred a 30-count charge of conspiracy to pervert justice for the sum of N5 million against Obla and Justice Rita Ofili-Ajumogobia of a Federal High Court.
The commission had detained the duo in its custody pending the conclusion of its investigations.
On Monday, Obla through his counsel, Mr Ifedayo Adedipe (SAN), brought an application, praying the court to declare his continued detention by the commission as unlawful.
In his argument, Adedipe urged the court to hold that the continued detention of his client and the seizure of his mobile phones constituted an infringement on his rights to liberty and ownership of property.
He said his client, who was once a prosecutor for the EFCC was invited to the commission on Nov. 8 and was unduly detained till date.
According to him, the phones of the applicant were seized, contrary to constitutional provisions to own property.
“ The detention of Obla from Nov. 8 till when the EFCC obtained a magisterial order for further detention is a gross violation of his rights to personal liberty,’’ he said.
In his response, the counsel to the EFCC, Mr Rotimi Oyedepo, urged the court to dismiss the applicant’s processes for lack of merit.
Oyedepo argued that the steps taken by the EFCC were allowed by law in the dispensation of its duties.
According to him, intelligence reports showed that the applicant had a company known as Obla & Co Ltd., from which the sum of N5 million was transferred to Hon. Justice Ajumogobia through a company known as Nigel & Colive Ltd.
He said that also following intelligence reports, Ajumogobia was discovered to be the sole signatory to Nigel & Colive Ltd.
He said the money was transferred to the judge during the hearing of a case before her court with suit numbered as: FHC/L/CS/482/10.
“The mere transfer of the money to the judge during the hearing of the case before her clearly showed a mind set to unduly gratify,’’ he said.
He urged the court to hold that there existed a reasonable cause for suspicion by the commission.
“The applicant even agreed that there was a communication between him and the judge,’’ he said.
On the issue of undue detention, Oyedepo argued that on Nov.8 after the applicant was detained, investigations could not be concluded and so, on Nov. 9, an application was brought before a magistrates’ court, for a remand order.
He said the court was empowered by the provisions of the Administration of Criminal Justice Laws, to grant a remand order for 14 days, adding that the order was given in the presence of the applicant.
He argued that the applicant did not file any application before the magistrates’ court for a variation of terms, or even an appeal against its ruling, adding that this court could not sit on appeal over the issue.
On the argument of unlawful detention, Oyedepo submitted that even the constitution allows for the liberty of individuals to be curtailed, adding that the EFCC acted in line with due provisions of the law.
On the seizure of the applicant’s mobile phones, Oyedepo argued that Section 44 (k) of the constitution allows for the temporary taking over of a property, for purposes of inquiry, adding that such right was qualified.

He, therefore, urged the court not to allow it to be used as a shield against lawful prosecution.

Justice Mohammed Idris fixed judgment for Nov. 25. (NAN)
UNS/EOB/PAD
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(Edited by Edith Bolokor, Peter Dada)