Blog

NAN-HE-7
Loans
By Chinyere Joel-Nwokeoma
Lagos, Oct. 26, 2016 (NAN) A financial expert, Alhaji Rasheed Yussuf, on Wednesday advised the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to re-introduce margin loans in the capital market.
Yussuf, a former President, Association of Stock-broking Houses of Nigeria (ASHON), gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.
According to him, the current liquidity challenge in the Nigeria Stock Exchange (NSE) can only be solved with the reintroduction of margin loans.
A margin or investment loan is a form of arrangement that allows an investor to borrow to invest in approved shares or managed funds using existing cash, shares or managed funds as security.
The amount to be borrowed is determined by the securities in the investor’s portfolio and a credit limit based on an assessment of your financial position, among other criteria.
He said that the apex bank and SEC should collaborate with market operators on the modalities for reintroduction of margin loans in the market.
Yussuf attributed failure of margin loans in the past to lack of monitoring by banks.
The expert said that the commercial banks were overwhelmed and failed to monitor investors to access their margin loans portfolio.
Yussuf, who is also the Managing Director, Trust Yields Securities Ltd., said that the fundamental problem of the NSE, apart from structural issues, was liquidity.
He said that the market would not witness any meaningful growth until the issue of liquidity was resolved.
“Until we solve the liquidity problem, no matter what we create in terms of product, the market will not wake up,’’ Yussuf said.
He said that foreign investors, the major players in the market, had developed a ‘wait and see’ attitude due to current economic policies.
The expert said that lack of liquidity was affecting the volume and value of shares being traded on the exchange.
He said that “margin loan is used in every market to create the needed liquidity, even in New York.’’
Yussuf said that the market needed a scheme like margin loan to revive and not an intervention being clamoured for by some operators. (NAN)
JNC/AOM/TA
Edited by Abdullahi Mohammed/Tajudeen Atitebi

NAN-ELS-7

Culture

Abuja, Oct. 26, 2016 (NAN) A Tourism Consultant, Alhaji Yahaya Ndu says that the effective utilisation of Nigeria’s diverse cultures will ensure national integration, peace, unity and development.

Ndu made this known in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.

According to him, cultural diversity is a phrase generally used in describing a society with people of different ethnic roots, manifesting in their languages, mode of dressing, and the arts among others.

“Traditional practices of cultural diversity in Nigeria are highly valued and held in high esteem among ethnic groups, though some of the practices are either similar or distinctive to each group.’’

“I am not happy over the inadequate utilisation of Nigeria’s culture for national integration, peace, unity and development.

“Nigeria as a country is rich and its abundant cultural resources are yet to be fully tapped.’’

He decried the attitude of some Nigerians who were being cajoled to accept views of some unpatriotic politicians who practice tribalism.

“Education is therefore critical for cross-culture understanding, which would in turn promote greater peace and national harmony.

“Government should get involved here by instituting activities that promote peaceful co-existence in our schools.

“The school is a good place to start if we must instill the age long critical values of honesty, tolerance and loyalty in the young ones.’’

Ndu, however, urged Nigerians to take advantage of the diverse cultures to foster “Unity in Diversity,” instead of manipulating the diversity against the unity of the various societies for selfish purposes.

“The Federal Government recently launched a new philosophy of national re-awakening with the slogan, “Change Begins with Me’’, and Nigerians can key into it.

“This should be the bedrock for a new approach to cultural cohesion which acknowledges our individual cultural identities.

“We can use mutual respect to form a national movement that basically makes every Nigerian his or her brother’s keeper,’’ he said. (NAN)

EPA/BOLA/EEE

============

Edited by Bola Akingbehin/Ese E. Ekama

NAN-H-55
Sentence
By Ugochi Ugochukwu

Abuja, Oct. 26, 2016 (NAN) A Karmo Grade 1 Area Court in Abuja on Wednesday sentenced a teenage scavenger who attempted to steal a unit air condition from a hospital.

The Area Court Judge, Mr Abubakar Sadiq, sentenced 18-year-old Sanusi Abdullah to two months imprisonment with an option of N5,000 fine.

Sadiq convicted Abdullah on a two-count charge of criminal trespass and attempted stealing.

The teenager had pleaded guilty to the offences, and prayed for leniency.

The prosecutor, Dalhatu Zannah, had told the court that the teenager trespassed into a hospital on 3^rd Ave., Gwarinpa Estate, Abuja and attempted to steal the air conditioner.

Zannah said that the scavenger, who does not have a fixed address, committed the offences on Oct. 10 at 5.00a.m.

The prosecutor submitted that the air conditioner belonged to the hospital’s management.

He noted that the offences contravened the provisions of Sections 348 and 287 of the Penal Code. (NAN)

UGO/IGO
========

Edited by Ijeoma Popoola

NAN-H-50
Health
By Beki Abdulfatah
Ilorin, Oct. 26, 2016 (NAN) Many members of the Nigeria Medical Association (NMA), Kwara branch, on Wednesday joined their counterparts all over the country on a sensitisation walk on the implementation of the National Health Act.

The National Health Act was passed into law by the National Assembly in 2014 and had received presidential assent during the tenure of former President Goodluck Jonathan.

The sensitisation walk which is part of the activities commemorating the 2016 Physicians Week of the Association in Kwara was led by the Deputy Chairman of the Kwara NMA, Dr Habeeb Omokanye.

Medical Practitioners from various Government and Private Health lnstitutions in the state carried placards with inscriptions demanding for the immediate and full implementation of the National Health Act.

The NMA members began the walk at the association’s secretariat in the Ilorin GRA, through some streets in the GRA, to the headquaters of the state Ministry of Health.

At the state Ministry of Health, the Deputy Chairman of the state NMA, Dr Habeeb Omokanye, who represented the Chairman, Dr Kunle Olawepo, presented a letter from the National President of the Association, Dr Mike Ogirima, requesting for the immediate implementation of the Act.

Receiving the letter on behalf of the Commissioner for Health, the ministry’s Director of Medical Services, Hajia Zeenat Saad, assured the NMA that the letter would be delivered to the commissioner.

She expressed optimism that the implementation of the Act would be discussed at the Governors’ Forum, to help in solving the Health problems facing Nigerians.

Speaking with the News Agency of Nigeria (NAN) after the walk, the Deputy Chairman of the association said the Act, when implemented, will put an end to some of the lingering Health problems faced by the less-privileged in the country.

He said that the Act, when fully implemented, was capable of solving various problems in the nation’s Health sector.

“We don’t want the National Health Act, as passed by the National Assembly and signed into law, to continue to be in the cooler, as we need its immediate implementation,” Omokanye said.

The theme of 2016 Physicians Week is “Health Care in the Economy, Challenges and the Way forward”. (NAN)
BEKI/PIO/PIO
===========

Edited by Idonije Obakhedo
====================

Tainjin, Oct. 26, 2016 (Xinhua/NAN)  China will have 42 million disabled senior citizens by 2020, and that number will more than double by 2050, according to an official with the China National Working Commission on Aging.

Report says China has seen a rapid rise in numbers of senior citizens who are unable to care for themselves, live alone or are aged over 80, with all such groups in dire need of care services, said Li Zhihong, deputy head of the commission’s policy research office.

He made the observation at an elderly care forum held in northern China’s Tianjin City on Wednesday.

It is estimated that the country will have 97.5 million disabled elderly people by 2050, Li said.

The number of people in the country aged above 80 will hit 29 million by 2020 and 108 million by 2050.

In addition, the number of elderly people who live alone or without their children’s care is expected to total 118 million by 2020 and 262 million by 2050.

Li said the aging population brings great opportunities for China’s elderly care industry, adding that technology is increasingly applied in the area.  (Xinhua/ NAN)

Edited by Julius Enehikhuere

NAN-H-54
Flights
By Solomon Asowata
Lagos, Oct. 26, 2016 (NAN) A former President of the Aviation Round Table (ART), Capt. Dele Ore, on Wednesday said the reduction of flight operations in Nigeria by some foreign airlines was a blessing in disguise.

Ore, who made the assertion in an interview with the News Agency of Nigeria (NAN) in Lagos, urged indigenous airlines to take advantage of the move to secure a greater share of the market.

NAN reports that two foreign airlines, Emirates Airlines and Kenya Airways recently announced the suspension of their flights to the Nnamdi Azikiwe International Airport, Abuja.

While Emirates Airlines said it would stop the flights to Abuja effective Oct. 22, Kenya Airways said its flights to the nation’s capital would be suspended from Nov. 15.

Both airlines had attributed their decisions to the economic downturn in the country, foreign exchange scarcity and the shrinking passenger traffic on international routes.

However, Ore said the restriction on foreign exchange by the Federal Government had exposed the antics of some foreign airlines in the country.

He said: “How many Nigerians are employed by them? It’s all capital flight. If the government didn’t do that, we will not know how much money is leaving our economy but now it is obvious.

“The ones who feel that because they cannot repatriate their funds are free to go back to their countries.

“This is what will encourage the Nigerian government to support indigenous airlines’’.

Ore also called for the review of the Bi-lateral Air Service Agreement (BASAs) entered by Nigeria with some countries which had been having a negative effect on domestic airlines.

“Today, we have no share of the market. Foreign carriers have 97 per cent of the passenger traffic in this country, while Nigerian carriers have only three per cent.

“So, it is difficult for Nigerian airlines to survive except government reviews some of its policies, especially the BASAs which allows for multiple entries for foreign airlines.

“In the past, foreign carriers were only allowed one entry into the country which helped to strengthen the operations of domestic airlines.

“But now, a foreign airline is allowed to go to Lagos, Abuja, Enugu, Kano and Port Harcourt with 21 frequencies and modern aircraft, so, it is difficult for Nigerian carriers to compete.

“For them to do that, they will require nothing less than 50 modern aircraft, so the policy from government must change first and foremost,’’ he said. (NAN)
ASO/ENN/PDE
===========
(Edited by Edwin Nwachukwu/Peter Ejiofor)

NAN-H-51
Murder
By Teniola Ibitola
Lagos, Oct. 26, 2016 (NAN) Two men — Yahaya Adamu and Abubakar Umoru — who allegedly tortured their colleague to death, were on Wednesday hauled up before an Ebute Meta Chief Magistrates’ Court, Lagos.

The accused — Adamu, 21, and Umoru, 25 — are being tried by Magistrate A.O. Ajibade on a two-count charge of conspiracy and murder.

She ordered the accused to be remanded at Ikoyi Prisons pending legal advice from the State Director of Public Prosecutions (DPP).

The Prosecutor, Sgt. Maria Dauda said the accused committed the offences on Oct. 8 at Adamawa Village, Festac Town.

The duo conspired and tortured Suleiman Adbultella, 30, to death over an undisclosed issue, she told the court.

The offences contravened Sections 221 and 231 of the Criminal Law of Lagos State, 2011.

The magistrate adjourned the case to Nov. 25. (NAN)
OAT/DA
======

Edited by Dele Akinsola

NAN-HE-12

Liquidity

By Kingsley Okoye

Abuja, Oct. 26, 2016 (NAN) The Senate Committee on Power has expressed concern over the liquidity crunch in the power sector.

It has also expressed doubt over the financial and technical competence of the private investors in the sector.

The Chairman of the committee, Sen Enyinnaya Abaribe, expressed the concern in a statement by Dr Usman Arabi, the Head of Public Affairs Department, Nigeria Electricity Regulatory Commission (NERC) on Wednesday.

The statement said that the committee members, who were on oversight visit to the commission, queried the reduction in cash collection, which they claimed was N15billion before privatisation, but had now reduced to about N5billion.

The statement said the committee members were unhappy at the inability of the Distribution Companies (DISCOs) to meter customers and their use of the estimated billing system.

It quoted Abaribe as saying: “Are you sure the privatisation of the power sector is producing the needed result with the under-performance by the new investors.”

It said Abaribe assured NERC of the committee’s readiness to empower the commission to enable it to perform its regulatory functions effectively.

The statement also quoted the acting Chairman of NERC, Dr Anthony Akah, as saying that the commission is doing all it could to ensure that the operators in the power sector value chain played by the rules.

It stated that the strict applications of rules and regulations will help remove obstacles militating against the optimal performance of licensed operators in the sector.

He said sanctions had been meted out to erring operators in nine different instances in the last four months.

He said the gesture is an indication of the change in regulatory tactics, even though some of the sanctions were being appealed.

“The operators are hiding behind judicial proceedings to prevent posting of letter of credit and possibility of escrowing their account,” the statement quoted him as saying.

According to the statement, this is frustrating strict compliance with contractual obligations and causing liquidity problems in the sector.

It said Akah assured that some of the DISCOs that initiated the court proceedings were beginning to see the futility of their exercise and might soon withdraw the suits they instituted.

He said the commission, through its regulatory initiative facilitated the increased of 40 megawatts by Paras Energy.

The statement said he advised the lawmakers to prevail on their respective state governments to take interest in investing in the power sector.

The statement also quoted him as saying that what was being experienced in Nigeria was not different from developed countries experienced within five years of privatising their power sectors.

He said Nigerians should begin to treat electricity as a product with its own cost of production. (NAN)

KC/YEE

Edited by Emmanuel Yashim

======================

Court fixes Dec. 7 for Patience Jonathan’s suit against EFCC

NAN-H-45
Jonathan
By Sandra Umeh
Lagos, Oct. 26, 2016 (NAN) A Federal High Court in Lagos on Wednesday fixed Dec. 7 to hear a suit by ex-First Lady, Mrs Patience Jonathan, against the Economic and Financial Crime Commission (EFCC),seeking to unfreeze her account.

Apart from the EFCC, other respondents are Skye Bank and a former Special Assistant to ex-President Goodluck Jonathan, Waripama-Owei Dudafa.

Also joined in the suit are Pluto Property and Investment company Ltd, Seagate Property Development and Investment Company Ltd, Transocean Property and Investment Company Ltd and Globus Integrarted Service Ltd.

The ex-first lady is demanding the sum of 200 million dollars from the commission as damages for infringing on her rights.

She is also urging the court to issue an order discharging the freezing order and restrain the EFCC and its agent from further placing a freezing order on the said accounts.

When the case was called on Wednesday, Mr Rotimi Oyedepo, announced appearance for the EFCC, while Mr Granville Abibo (SAN) appeared for Jonathan.

Addressing the court, Oyedepo informed the judge that the case was coming up for the first time, adding that some of the respondents had yet to be served with the court’s processes.

He said the case was not yet “ripe for hearing”, having been served with the processes on Oct. 19 and is yet to file a response.

His submission was, however, not contested by counsel to the plaintiff.

Consequently, Justice Babs Kuewumi fixed Dec. 7 for hearing.

In an affidavit in support deposed to by Mr Sammie Somiari, a lawyer, he averred that on March 22, 2010, she (Jonathan) had opened five different accounts with Skye Bank with the assistance of one Damola Bolodeoku and Dipo Oshodi.

He averred that the account mandate forms were duly completed and signed by her.

According to him, Jonathan subsequently discovered that apart from one of the accounts that bore her name, the other four accounts were opened in the name of four companies which were companies belonging to Dudafa.

He said she also observed that the ATM cards of the said accounts were issued in the names of the companies, adding that she complained to Dudafa, who promised to effect the necessary changes.

He said Dipo Oshodi also promised to effect the necessary changes.

Somiari averred that Jonathan is not a director, shareholder or participant in these companies and the funds in the said accounts were solely owned and operated by her.

“Dudafa does not own any part of the funds in the said accounts.”

According to the deponent, the Skye Bank official, (Oshodi), did not effect the instructions of the plaintiff to change the name of the said accounts to her name, in spite of repeated request.

He stated that notwithstanding the refusal of the bank to effect the necessary changes, she had been using the said ATM cards without any interference.

The deponent averred that sometime in July, Jonathan discovered that the ATM cards were not functioning, and immediately contacted the bank, who informed her that a “No debit/freezing order” had been placed on the accounts.

“On further enquiry, the bank informed her that the accounts were frozen on the directive of EFCC as a result of ongoing investigation in relation to Dudafa.”

Jonathan, therefore, contended that she was never arrested or invited by the EFCC prior to the freezing order placed on the accounts.

She further contends that the freezing order on her funds on the directive of EFCC without an order of the court is unlawful and illegal.

Consequently, Jonathan is seeking an order of court, directing the unfreezing of her account forthwith and also wants an order restraining the EFCC from taking further steps in relation to the said account pending the determination of the suit. (NAN)
UNS/DA
======
Edited by Dele Akinsola

Man, 56, docked over alleged N4m rent fraud
NAN-H-19
Duplex
By Chinyere Omeire
Lagos, Oct. 26, 2016 (NAN) A 56-year-old man, Adegoke Sanusi, who allegedly obtained N4 million from accommodation seeker under the guise of renting out an apartment was on Wednesday docked before an Igbosere Magistrates’ Court, Lagos.
Sanusi, whose address was not given, is standing trial on a three-count charge of fraud, stealing and unlawful breaking of house.
The Prosecutor, Insp. Haruna Ibrahim, told the court that the accused committed the offences between January 2010 and January 2015 at No. 23, Sadatu St., Oregun, Ikeja.
He said that the accused unlawfully broke into the house of one Karimot Sanusi under pretext of being the owner of the premises.
Ibrahim said that the accused obtained the N4 million from an unsuspecting accommodation seeker under guise of renting out the apartment.
The prosecutor said that the apartment was a five bedroom duplex with a boys’ quarter, property of Karimot.
Ibrahim said the offences contravened Sections 285, 306 and 312 of the Criminal Law of Lagos State, 2011.
The accused pleaded not guilty.
The Magistrate, Mrs O. M. Ajayi, granted him bail in the sum of N500, 000 with two sureties in like sum.
She said that the sureties must show evidence of payment of tax and one of them must be a blood relation of the accused.
Ajayi said that the sureties must be gainfully employed and adjourned the case till Nov. 14 for mention. (NAN)
OCC/ENN/TA
========
Edited by Edwin Nwachukwu/Tajudeen Atitebi