Blog

NAN-AE-7

Rice

By Okon Edem

Abuja, Nov.7, 2016 (NAN) A don, Prof. Bola Okuneye, on Monday called on Nigerians to patronise locally produced rice to stimulate increased productivity and ensure import substitution.

Okuneye, a professor of Agric Economics at the Federal University of Agriculture, Abeokuta, made the call in an interview with the News Agency of Nigeria (NAN) in Abuja at the unveiling of the progress of FADAMA III Additional Financing projects, aimed at increased rice production in the country.

He advised Nigerians not to embrace foreign rice to the detriment of the locally produced one.

Cue in audio

“As the sole consultant with FADAMA programmes, I could see the reality of farmers really willing to adopt the innovation and to demonstrate the goodness of the various innovations they are adopting.

“I could say that with more encouragement, they can expand, when they continually use the improved practice“

“The FADAMA groups here are doing excellently well.

“And if the various farmers are properly mobilised and sensitised, I know that they can do more and they can do better.

“Consumers of rice don’t want to see stones in our rice.

“If proper processing is done and because it is being produced locally and is therefore very fresh unlike those being imported usually after about four to five years, the freshness will increase our nutritional level.

“And therefore, we should expect Nigeria to stop the importation of rice within the next five years.’’

Cue out audio

According to him, imported rice is usually produced and kept for long periods before it is exported to other countries including Nigeria.

Okuneye, who is also a consultant to the World Bank, therefore, urged more farmers to engage in rice production, stressing that prompt release of farm inputs by relevant authorities to farmers would boost production. (NAN)

MZM/LAB/YEE

Edited by Lydia Beshel/Emmanuel Yashim

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NAN-HE-3
Assets
By Chinyere Joel-Nwokeoma
Lagos, Nov. 7, 2016 (NAN) The Nigerian Stock Exchange (NSE) on Monday said the Assets Under Management (AUM) of the eight listed Exchange Traded Fund (ETF) stood at N4.26 billion as at September, 2016.

Mr Oscar Onyema, NSE Chief Executive Officer, spoke at the ETF 2016 workshop organised by NSE in partnership with Stanbic IBTC Asset Management, Lotus Capital and Vetiva Fund Managers Ltd. in Lagos.

The News Agency of Nigeria (NAN) reports that an ETF is an investment vehicle that tracks an index, a basket of assets, or a commodity, but trades like regular shares on a stock exchange.

These investment vehicles allow investors a convenient way to purchase a broad basket of securities in a single transaction.

Onyema said that the figure represented a growth of 1,900 per cent when compared with AUM of N287.5 million in 2011 when ETF was introduced on the Exchange.

“As at today, we have recorded about 1,900 per cent growth in our ETF market with total AUM of about N4.24 billion as at September 2016 on eight ETFs currently listed and traded on the Exchange,” Onyema said.

He said that ETFs were introduced on the NSE in December 2011 with cross listing of Newgold ETF with AUM of N287.5 million to provide investors with new opportunities to diversify their portfolios and access the market.

According to him, the eight ETFs in the market are Newgold ETF, Vetiva Griffin 30 ETF, StanbicIBTC ETF 30, Lotus Halal Equity ETF, Vetiva Sector Series
ETFs- Banking, Consumer Goods and Industrial, and Vetiva S&P Nigerian Sovereign Bond ETF.

Onyema explained that the Exchange had six equity backed ETF, one commodity ETF and one bond ETF.

He said that global ETF AUM had grown to three trillion dollars within five year in April, 2016 from 1.4 trillion dollars in December 2010, representing a growth of over 102 per cent.

“Experts have predicted the continued growth of the ETF industry, estimating that global AUM will reach at least seven trillion dollars by 2021,” Onyema said.

The NSE chief said that currently, there were about 506 ETF investors in the market.

He, however, expressed optimism that “the growth of ETFs in Nigeria has only just begun with the support of market
intermediaries, stakeholders and our regulator”.

Onyema said that the existence of ETFs in the Nigeria market was beneficial to retail and institutional investors, as ETFs offer a direct and inexpensive way to attain diversified exposure to an index, commodity, sector or region.

He said ETFs also offer additional benefits of low expense ratio compared to mutual funds, increased liquidity.

Onyema said that this could be used to execute different investment strategies asides from diversification and tradability.

He further said that the workshop was organised to create awareness of the product, address its challenges and promote the opportunities in Nigeria and
Africa.

“The Exchange remains committed to partnering with all market stakeholders,
to continue to build and develop the Nigerian capital market, while offering a wide range of investment vehicles for all investors,” Onyema said.

Also, Mr Gareth Allison, the Executive Director/Head, Sub-Saharan Africa Client Coverage Team, MSCI, said that ETF aids investors to diversify their diversification.

Allison said that MSCI would aid the Exchange to develop and transform its ETF market.

“We want to help investors to utilise opportunity in the market and make maximum return,” he said.

On the Fundamental of Market Indices, Allison said that investors need to understand the underlying assets before investing in any market.

He said that indices were very important in investment decision, and as well used as policy benchmark.

“Market is revolving, investors are revolving too, and we are faced with behavioural investors,” he said.

In her comments, Ms Nerina Visser, ETF Strategist and Advisor from South Africa, said that market regulators needed to know the type of ETFs to develop to ensure investors patronage.

Visser said that market markers were needed to act as liquidity boosters for ETF to thrive in any market.

She said that South Africa had the highest market for the product with 74 Exchange Traded Products across all asset classes.

Visser added that market should come out with specific investors’ needs in the establishment of ETF.

She also said that regulators should consider reducing trading fees for ETF to increase patronage. (NAN)
JNC/GOK
Edited by Olagoke Olatoye

NAN-ELS-3
Election
Los Angeles, Nov.7, 2016 (Reuters/NAN) The Hollywood awards season began on Sunday with A-list stars using the occasion to make political points two days ahead of the U.S. presidential election.
Robert De Niro urged viewers of the Hollywood Film Awards to vote for Hillary Clinton as he said the current political climate resembled a film from the Marx Brothers where “lunatics rule the world”.

De Niro, who has previously called Republican candidate Donald Trump “totally nuts” picked up the Hollywood Comedy Award for “The Comedian” in which he plays an aging comic.

In the ceremony, launched in 1997 and marking the start of the awards season that culminates with the Oscars, the top actor and actress prizes went to films based on real-life events.

Tom Hanks won the Hollywood Actor Award for “Sully” in which he plays the airline pilot who made an emergency landing in the Hudson River in 2009.

Natalie Portman took the Hollywood Actress Award for her role as Jacqueline Kennedy in “Jackie”.

Nicole Kidman won the Hollywood Supporting Actress Award for the drama “Lion” and Hugh Grant took the supporting actor prize for “Florence Foster Jenkins”.

Eddie Murphy was presented with the Hollywood Career Achievement Award.

“It makes you feel old … because it’s a career achievement (award) and they’re looking at all of your stuff,” Murphy said on the red carpet. (Reuters/NAN)
ERO/SN
Edited by Emmanuel Okara/Silas Nwoha

NAN-H-37
Trial
By Sandra Umeh
Lagos, Nov. 7, 2016 (NAN) Mr Wale Akoni (SAN), the counsel to Calistus Obi who is standing trial on a N136 million fraud charge,  says he will file a no-case submission against the charge.

Akoni made the declaration on Monday at the Federal High Court in Lagos after the Economic and Financial Crimes Commission (EFCC) closed its case against Obi, a former acting Director General of Nigerian Maritime Administration and Safety Agency (NIMASA).

Obi, who was also an Executive Director of NIMASA was charged alongside one Alu Dismas, a former personal assistant to the former director general of the agency, Patrick Akpobolokemi.

They are standing trial on eight counts bordering fraud.

They, however, pleaded not guilty to the charges and were admitted to bail in the sum of N5 million each.

The prosecutor, Mr Nkereuwem Anana, closed the case for the prosecution after the defence had concluded cross examination of the eighth prosecution witness, Mr Chukwuma Orji, an an investigation officer with the EFCC.

On his part, Mr Joseph Nwobike (SAN), the counsel to Alus Dismas, told the court that he would review the evidences already given in order to ascertain whether to agree with Akoni.

The trial judge, Justice Mojisola Olatoregun, said the court had limited time and would only avail parties one month to sort themselves out.

She adjourned the case till Dec. 15 for parties to adopt their processes.

The judge said that on the adjourned date, Nwobike should be prepared to either move a no- case submission or open his defence.

At the resumed hearing of the case , Akoni had commenced cross examination of Orji.

Under cross examination, Akoni showed the witness an exhibit representing a mandate card on intelligence gathering and asked him to identify if the first accused was a signatory.

In response, the witness said that the exhibit was only a part of the mandate card and did not represent the entire document.

When asked to restrict himself to the portion given to him, the witness replied: “in this part of the mandate, his name is not one of the signatories, but I insist that this is not the entire mandate.”

Akoni also urged the witness to take a look at exhibit X1 which represents a document from NIMASA to Access bank on account opening and asked the witness if the first accused was a signatory thereto.

To this, Orji replied: ” This is also part of a document, and from this part, the first accused is not a signatory to the account, but the mandate card bears his picture.”

On the distinction between NIMASA Operation Account and Committee account, the witness replied:

“The Operations account are for NIMASA’s operation while the committee account are strictly for the committee.’’

Referring the witness to counts one to four of the charge, Akoni asked if any part of the N111 million mentioned therein was traced to the account of the first accused.

Orji answered: “I traced the monies to the two accused in the dock.”

The witness added that a bureau de change operator handed the money to Dismas (second accused) who in turn handed the money to the first accused.

Responding to a request for documentary evidence to substantiate his testimony, the witness retorted: “My lord, exhibit T8 clearly shows how the said amount of money left NIMASA under the instruction of the accused.”

The accused were said to have committed the offence on Aug. 5 2014.

They were said to have conspired to convert the said sum which is the property of NIMASA and knowing same to be proceeds of stealing.

The offence was said to have contravened the provisions of sections 15 and 18(a) of the Money Laundering Prohibition (Amendment) Act, 2012. (NAN)
UNS/AOS/OJO
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(Edited by Bayo Sekoni/Mufutau Ojo)

Oil companies in Niger Delta neglect their environment – Commissioner
NAN-AE-6
Environment
By Ebere Agozie
Abuja, Nov. 7, 2016 (NAN) Prof. Roseline Konya, the Rivers Commissioner for Environment, says oil companies in the Niger Delta Region are not taking care of the environment in which they operated.

Konya told the News Agency of Nigeria (NAN) on Monday in Abuja that the oil companies had to do exactly what they did in other developed countries.

“The environment in the Niger Delta has been neglected for several decades by oil firms and the much talked about diversification into agriculture will remain a mirage unless the environment is cleaned and restored.

“This is what we are telling them but they do not listen but we are praying that they will listen from now onwards, knowing that some places are already degraded.

“And this is why Rivers has been at the forefront of addressing stakeholders on the need to save our environment and urging them not to cause any problem in the environment because we have had enough.’’

She said that although the oil companies were not living up to expectations, some citizens still caused problems in the environment by sabotaging and vandalising the oil pipelines.

“We are doing our best to tell them that is not the best.

“We recognise that the environment of the Rivers people and Niger Delta as a whole is suffering, so we are intensifying the environmental campaign, especially with the Ogoni Cleanup campaign.

“The pollution level has gone so high that the environment can no longer support fishing and farming. It has eroded the livelihoods of our people who depend on the environment for sustenance.

“We are full of expectations that the cleanup will cause us to start breathing fresh air without pollution in Rivers,’’ the commissioner said.

She said that, in addition to the Ogoni Cleanup campaign, the Rivers Government was working with other environmental campaigns like “Waste to Wealth Management’’ which would soon be commissioned.

Konya urged stakeholders to work together and take deliberate steps to restore the Niger Delta environment to its natural state.

NAN reports that the Federal Government had on June 2, 2016 launched the Ogoni cleanup campaign in the area.

Also, Konya is the only Commissioner for Environment that received a Fellowship Award at the just concluded 26th Annual General Meeting and National Conference of the Nigerian Environmental Society (NES). (NAN)
EPA/COF/AFA
Edited by Oluyinka Fadare/Felix Ajide
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NAN-HG-9

Autism

By Talatu Maiwada

Abuja, Nov.7, 2016 (NAN) Thoughtful House Autism Center, an NGO, has called for laws that will provide social security for unemployed autistic citizens in the country.

Oluwakemi Barrow, Director of the foundation told the News Agency of Nigeria (NAN), in Abuja on Monday, that the call was based on the constitutional rights to life and good living that every autistic child deserved as a citizen.

She stated that people on the autism spectrum were disadvantaged and the growing incidence of the disability was alarming hence the need for a social security.

“We need serious action to protect and support children, adults and families coping with autism.

“We proffer few areas where this legislation should focus if we are to give that significant part of our population a shot at having fulfilled lives.

“We need laws that provide a social security net for autistic adults who are unable to find jobs, and for our children to have a chance like everyone else.

“The government can offer stipends that can cover their living expenses and continuous treatment as may be necessary,’’ Barrow said.

She called legislation that guaranteed high quality special needs education for all children on the autism spectrum.

Barrow said such action should be supported by providing subsidies to private educational institutions that catered for children whose programmes met certain standards.

She said parents with autistic children in private educational institutions should also receive subsidy from government to cater for capital intensive needs for their children.

Barrow advocated for legislation that would make bullying and unfair treatment of autistic children and adults a crime alongside other forms of discrimination in the society.

“To support this law, we need a lot of education and enlightenment on autism provided in schools, hospitals, social and work groups.

“This would encourage people act responsibly and treat autistic people and their families fairly with respect’’, she said.

Barrow said that health plans provided under National Health Insurance Scheme and other private health plans could cover medical tests and treatments needed by the children.

She urged the government, organisations and individuals to support efforts in alleviating challenges confronting autistic children and their families. (NAN)

TIM/ORO/IEA
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Edited by Razak Owolabi/Idahosa Asowata

NAN-ELS-1

Youths

By Constance Athekame

Abuja, Nov. 7, 2016 (NAN) Mr Kingsley Fred, a Gospel Artiste has advised youths in the country to identify and pursue their talents in order to excel in their careers.

Fred a choir member of the Living Church Lugbe, Abuja made the call in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.

He made this known to NAN shortly after he released his Album titled “the Lion of Judah’’.

The gospel singer emphasised the need for youths to give special attention to   their careers in order to make a difference in their chosen careers.

“What I will say is that youths  should not give up or relent in their efforts to pursue their chosen careers,  when you begin, it will seems as if nothing is happening.

“You should not give up and in doing this more people will recognise them and get interested in whatever they are doing,’’ he said.

He advised them to participate actively in the Youth Ministry of their various churches, adding that the people that supported him were from the youth choir of his Church.

Fred said that the release of the album was a vision that had been a burden in his heart since when he was young.

He said that he started singing as a young child not because his mother was a musician but he had a passion for it.

“It has been in my heart to be a musician, so I started writing my music at a tender age and I kept on joining choirs learning songs and doing backup.

“But in 2011, I won the talent hunt competition at the Living Faith Church Goshen in Nasarawa State, and then it became very clear that I love music.

“So, I took it seriously, I started attending music lectures and rehearsals and I got a clear vision of what to do.’’ (NAN)

COA/MO

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Edited by Morayo Omolade

NAN-H-34

Election

By Mohammed Mamman

Damaturu, Nov. 7, 2016 (NAN) The Yobe State Independent Electoral Commission (YSIEC) has scheduled election into the 17 Local Government Council Areas of the state for Feb. 11, 2017.

This is coming after the commission released timetable for the election on Monday.

The Chairman of the commission, Alhaji Muhammad Jauro, said at a stakeholders’ meeting in Damaturu.

Jauro stated that the timetable is in conformity with the 90 days’ notice for the conduct of the local government election as provided in the constitution.

He said the improved security situation in the state motivated the commission to release the timetable for the election.

The chairman of the commission said the commission had acquired an updated version of the state’s voter register from the Independent National Electoral Commission to ensure that no eligible voter was disenfranchised.

“The commission is committed to conducting a free, fair and credible election into the local government councils.

“We seek the support of all stakeholders to achieve this,’’ Jauro said.

The News Agency of Nigeria (NAN) reports that all the 12 political parties at the meeting indicated their willingness to participate in the election.

Going by the election timetable, political parties are to conduct primary elections between Nov. 8 and Nov. 17.

The parties are also expected to collect nomination forms from Nov. 21 to Dec. 1.

Submission of the nomination forms by the political parties is expected to be on Dec. 12 – that is 60 days to the election, while replacement of candidates can be made on Jan. 10, 2017.

According to the timetable, compilation, verification, release of list of candidates and substitution of candidates will be held from Jan 17 to Jan. 23, 2017 just before the election on Feb. 11, 2017.

The state Inter Party Advisory Council (IPAC) and representatives of political parties praised the the commission for giving them a sense of belonging in the electoral process.

The Chairman of the council, Alhaji Umar Kukuri, said, “The political parties under the umbrella of IPAC are carried along through the meeting of the stakeholders, which allows for participatory and collective decision in the electoral process.’’ (NAN)

MM/DEB/YEE

Edited by Debo Oshundun/Emmanuel Yashim

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NAN-H-16
Empowerment
By Bushrah Yusuf-Badmus
Ilorin, Nov. 7, 2016 (NAN) The Kwara State Government had begun distribution of soft loans as empowerment for women across the 16 Local Government Areas of the state.

The State Commissioner for Women Affairs and Social Development, Mrs Asiat Saka, told newsmen in Ilorin on Monday, that the programme was in line with the change mantra of the Federal Government.

“In line with the Change mantra of the current administration, the ministry has started the distribution of women empowerment form for both State and Federal Government scheme to all women in the state.

“Cash transfer for the poor has already kicked off in 12 local governments with 30 communities and 17,230 people as beneficiaries.

“The empowerment programmes are targeted at women, who are into Small and Micro Enterprises to enhance their businesses,’’ Saka said.

She said that the ministry had started skill acquisition, vocational training programmes for youths and other people from the state in different skills.

Saka urged interested persons to register with the ministry for the skills acquisition programme and the SMEs loans. (NAN)
BAY/KOLE/AJA
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(Edited by Remi Koleoso/Adeleye Ajayi)

Synergos to assist farmers move from subsistence to core agribusiness

NAN-AE-4
Farmers
By Kudirat Ogunyemi
Abuja, Nov. 7, 2016 (NAN) The Synergos Nigeria says it will upgrade farmers from subsistence level to core agribusiness through its project called State Partnership for Agriculture (SPA).

Mr Victor Adejor, Project Leader, Kogi, gave the assurance in Abuja on Monday during an interview with the News Agency of Nigeria (NAN).

He expressed the hope that the success of its last workshop on visual facilitation would help farmers to increase their agricultural activities.

He said that project which started with three states of Kaduna, Benue and Kogi, would impact and increase the earnings of rural dwellers.

“The project will be a success because it is basically on converting waste to wealth by turning the cassava peels, which had be wasted in the past to livestock feed.

“The life of farmers will be changed by increasing their productivity, standard of living, job creation and it will serve as poverty reduction projects.

“Our farmers will not just produce, for only family consumption alone, but for commercial purposes which will make them see agriculture as real business and embrace more youths to participants, “ he said.

He added that Synergos has enhanced the capacity building of its facilitators on graphic, map, chart and pictures to communicate with the farmers in a simple manner.

“We have acquired the knowledge and skills that will help us organise, facilitate meeting, partnership and collaboration with state governments, private sector and any organisation in the country.

“We have been able to come out clearly to know who the key stakeholders that are ready to share our vision of moving farmers from subsistence farming to agribusiness.

“The project will continue training stakeholders as well as policy development, gender balance in the allocation of the resources among others,“ he stated.

Mr Michael Agon, Project Leader, Benue, said that Synergos has drafted work plans which comprise farmers’challenges, success story and ways to change farmers` conditions of living for better.

“The project will identify satellite clusters to supply raw material, support them to run as business and influence policy on land tenure system.

“We are going to do everything according to the Synergos goals which is capacity building for both farmers and stakeholders in those three states.

“We have prototype which is the use of cassava peels for livestock feed and encourage our farmers in producing healthy livestock, “ Agon added.

He promised farmers under its project that Synergos would make sure they have access to inputs, land, bush clearing and funds, to increase their activities. (NAN)
ROK/MOL/AFA
Edited by Mustapha Lamidi/Felix Ajide
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