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Wednesday, 22 May 2019

May 22, 2019

ANTONIO CONTE ON THE VERGE OF INTER JOB



Antonio Conte is on the verge of being appointed Inter Milan manager, according to Sky in Italy.
The Italian has been away from management since being sacked by Chelsea in July 2018.
Luciano Spalletti's Inter are fourth in Serie A with one game remaining, needing a win at home to Empoli on Sunday to guarantee Champions League football next season.
Conte spent 13 seasons at Serie A champions Juventus as a player, before becoming manager in 2011, winning three league titles in his three seasons in Turin. But the 49-year-old said he would not be averse to managing other top teams in Italy's top flight.
In March 2013, Conte said: "In football, we coaches are professionals, so never say never in any situation.
"I reiterate a clear concept: I am a Juventus fan and I am Juve's coach, but if I had to manage Inter or Milan, then I would become the first fan of Inter or Milan, or of Rome and Lazio. I will always be the first fan of the team I manage."

Tuesday, 21 May 2019

May 21, 2019

PETER CECH SET TO REJOIN CHELSEA AS DIRECTOR



Petr Cech will return to Chelsea this summer in a new sporting director role at the club, Sky Sports News has learnt.
The Arsenal goalkeeper, who turned 37 on Monday, announced he will retire from playing after next Wednesday's Europa League final in Azerbaijan against his former - and future - employers at Stamford Bridge.
Chelsea have been without a technical director since Michael Emenalo's resignation in November 2017, as director Marina Granovskaia has taken on the majority of his old duties since he departed the club.
It is not clear at this stage exactly what responsibilities Cech will have, but he could share some of the burden in terms of recruitment and bridging the gap between the board and the manager.
Cech remained coy on social media, reiterating that he will make a decision after the Europa League final in Baku.
"Despite the news today as I had already said to everybody before, I'll make a decision about my future after the last game. Now my sole focus is to win the Europa League with Arsenal," Cech tweeted.
The club have made little secret of their desire to welcome back the 'golden generation' which included the likes of John Terry, Frank Lampard and Cech.
The goalkeeper enjoys legendary status at Stamford Bridge after 11 trophy-laden seasons with the club, including four Premier League titles and a Champions League in 2012.
He could be set to work with a brand new manager - as a host of Italian clubs, including Juventus and Roma, are targeting current boss Maurizio SarriSky Sports News understands.

May 21, 2019

NCC CONFRIMS MTN's PAYMENT OF N235bn OUT OF N330bn FINE


The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Danbatta, has disclosed that MTN Nigeria Communications Plc has paid a total N235 billion out of the N330 billion fine imposed on it by the industry regulator.
Danbatta disclosed this during an interview with some newsmen in Abuja. According to him, the telecom operator has so far been making efforts to meet up with the mandate that resulted from the sim registration dispute between the telco and NCC.
Danbatta further disclosed that not only has the telco paid N235 billion out of the N330 billion fine, Nigerians now have the opportunity to co-own part of the mobile telecommunications network, following its recent public listing on the Nigerian Stock Exchange (NSE).
“WE HAVE SUCCEEDED IN EMPOWERING NIGERIANS TO OWN, CONTROL AND MANAGE ONE OF THE DOMINANT TELECOMMUNICATIONS COMPANIES IN THE COUNTRY BY MTN LISTING ON THE NIGERIAN STOCK EXCHANGE.
“THIS IS ARISING FROM THE SETTLEMENT AGREEMENT REACHED WITH MTN THROUGH THE PAYMENT OF N330BN TO THE GOVERNMENT COFFERS OF WHICH THEY HAVE PAID N235BN THEREBY REMAINING THE LAST TRANCHE.
“MTN HAS BEEN LISTED ON THE NSE AND NIGERIANS CAN NOW BUY SHARES AND THROUGH THIS NIGERIANS WILL BE FINANCIALLY EMPOWERED AND SOCIALLY TRANSFORMED.” -DANBATTA
It would be recalled that in August 2015, NCCimposed a fine of N1.04 trillion on MTN as a result of irregular registration of some 5.2 million subscribers.
Following a series of negotiations between the telco, the regulatory agency, and the Federal Government, the MTN fine was eventually reduced to N330 billion.
About the company: MTN Nigeria Communications Plc remains the leader in the Nigerian telecoms industry. As of February 2019, the company recorded the highest number of mobile internet subscribers. The company’s subscriber base increased by 41% to 46.5 million.
MTN Nigeria Communications Plc’s shares are currently trading at N131.70, a major jump compared to its N90 listing price just last week.

May 21, 2019

GANDUGE TO DISSOLVE CABINET WEDNESDAY




Barely seven days to his inauguration for a second term, Kano State governor Abdullahi Umar Ganduje is set to dissolve his 13-member state executive council.
The dissolution is expected to be effected on Wednesday when the cabinet meets for the final executive council meeting, The Guardian authoritatively gathered.
However, the Head of Service Alhaji Mohammad Auwal Naiya and Secretary to the State Government (SSG) Alhaji Usman Alhaji may not be affected by the dissolution.
The Guardian learnt some outgoing commissioners with strong influence maybe reappointed when a new term begins on May 29.
Governor Ganduje will take the oath of office on May 29, 2019, for the second term in office after emerging victorious in the last general elections.
The Governor had recently revealed that his cabinet will be dissolved on or before the 29th May 2019 inauguration just has he pledged all political appointees will undergo a drug test before considering worthy of the public office.

May 21, 2019

REPS TO CRIMINALISE USE OF PLASTIC BAGS



The House of Representatives has adopted a report on an a Bill for an Act to, among other things, prohibit the use, manufacture and importation of plastic bags for commercial and household packaging.
The report was adopted on Tuesday at the Committee of Whole presided over by the Deputy Speaker, Rep. Yussuf Lassun (APC-Osun).
The bill seeks to address the harmful effects of plastic bags on the oceans, rivers, lakes, forests, wildlife as well as human beings when passed into law.
The bill which has been passed by the Senate was presented to the house by Rep. Mohammed Monguno (APC-Borno)
The report recommended that retailers of goods shall offer paper bags to customers at the point of sale in place of plastic bags or be guilty of an offence when the bill is passed into law.
It stated that a person who manufacture plastic bags for the purpose of selling would be guilty of an offence.
The report also stated that a person who import plastic bag for sale or carryout bag is equally guilty of an offence.
“Any body person found guilty shall be liable upon conviction to a fine of not exceeding N500,000 or a jail term not exceeding three years or both,” it recommended.
The report says that any organisation found guilty shall be liable upon conviction to a fine not more than N5 million.
Presenting the report, Monguno said that the bill seeks to relieve pressure on landfills and waste management.
He said that the use of plastic bags is rampant and that the bags are not bio degradable.
Monguno said that the bags stay in the environment for hundreds of years and affect arable land, water bodies and wildlife.
Lassun who presided over the meeting observed that the bill should create room for recycling of plastic bags.
He said that the bill as it stands, when passed would mean that plastic bags would not be seen again in the country.
The bill would now be listed for third reading on a later date after which it would be sent to the President for assent.

May 21, 2019

ZIMBABWE HIKES FUEL PRICES AGAIN AS CRISIS DEEPENS



Zimbabwe on Tuesday announced a fresh increase in fuel prices, months after a price hike triggered nationwide protests and a brutal security crackdown as the country’s economy woes deepen further.
Upping prices by about 46 percent, the Zimbabwe Energy Regulatory Authority (ZERA) said petrol would cost 4.97 a litre in the local RTGS dollar currency ($1.42/1.27 euro) and diesel would cost 4.89 RTGS dollars.
RTGS dollars are a local electronic currency introduced as Zimbabwe struggles with a shortage of the US dollar notes that have recently functioned as its national currency.
ZERA said the move followed new measures by the central bank removing a subsidy and a preferable exchange rate for fuel importers.
“Operators may sell petroleum products at prices below the cap,” ZERA acting CEO Edinton Mazambani said.
In January, President Emmerson Mnangagwa announced a more than 100 percent increase in fuel prices to tackle supply shortages as huge queues formed outside garages.
The price increase sparked nationwide protests which left at least 17 people dead after soldiers opened fire.
Zimbabwe’s economy has been on a downturn for years with cash shortages, high unemployment and a scarcity of basic staples like bread and cooking oil.
Mnangagwa, who took power when long-time leader Robert Mugabe was ousted in 2017, has vowed to attract investment and create jobs, with little success.
Inflation in April rose to over 75 percent.
Zimbabwe plans to re-introduce local currency within a year after using the US dollar since its hyperinflation crisis a decade ago.

May 21, 2019

MHKITARYAN SET TO MISS EUROPA LEAGUE FINAL



Arsenal midfielder Henrikh Mkhitaryan will miss the Europa League final against Chelsea after opting against travelling to Baku.
There were doubts around the Armenian's status for the final in Azerbaijan due to non-existent diplomatic relations between the two Caucasus states.
In spite of assurances over his safety from Azerbaijan's UK ambassador, Mkhitaryan took the "personal decision" not to travel after discussing the matter with his family, says Arsenal head coach Unai Emery.
"I spoke this morning with Mkhitaryan and it is a very personal decision. He wants to play and to help us, but he spoke with his family and decided not to go," said Emery.
"I don't understand the political problems but I must respect his decision.
"I came from the Basque country and we had a big political in our country, finishing five or six years ago and I can understand. I cannot push him to come with us.
"For me it is very important if he is with us for the match to help us with his quality, but this issue is out of my hands and I respect it 100 per cent."
Arsenal are "disappointed" by the situation and "have written to UEFA expressing our deepest concern".
UEFA say the highest authorities assured the player's safety in Azerbaijan and that a security plan was devised and given to the club, adding that they "respect the personal decision not to travel".
The Azerbaijan FA say Mkhitaryan's decision not to take part in the Europa League final will not affect the "quality and attraction of this great match".
A statement issued on Tuesday read: "We are disappointed to see the statement from Arsenal that Henrikh Mkhitaryan will not be travelling with his team to Baku to participate at the Europa League final against Chelsea next Wednesday.
"We very much regret this unwarranted decision taken, as we understand, collectively by Arsenal, the player and his family.
"Whilst we recognise the right to make a personal decision not to travel, we would like to reiterate that as the host country Azerbaijan has provided all the necessary guarantees required by UEFA to ensure the personal safety of Mr Mkhitaryan.
"There is no reason whatsoever to put in question the seriousness of these guarantees provided by Azerbaijan. Over the past decade a large number of Armenian athletes have taken part in various international sports events in Azerbaijan without any issues.
"Finally, we believe that this regretful decision will not affect in any manner the quality and the attraction of this great match. We look forward to welcoming both teams in Baku shortly."

May 21, 2019

JAMES AGREES PERSONAL TERMS WITH MAN UTD



Swansea winger Daniel James has agreed personal terms with Manchester United, Sky Sports News understands.
The two clubs are yet to agree a deal, contrary to reports, but talks are continuing and James is set to become United's first signing of the summer
It is understood United are close to agreeing a £15m fee with the Championship club for James, who has one year left on his contract.
James, 21, came close to joining Leeds in January, but the deal fell through on Deadline Day.
Sky Sports News understands James underwent a medical but the Welsh side pulled the plug on the move just hours before the window shut.
James was named in Ryan Giggs' Wales squad for their Portugal training camp ahead of next month's Euro 2020 qualifying round matches against Croatia and Hungary.

Monday, 20 May 2019

May 20, 2019

NINE FACTS ABOUT NAIRA MARLEY'S ARREST

Nigerian musician, Azeez Fashola, aka Naira Marley, was arrested on May 10, 2019 alongside rapper, Zlatan Ibile, Rahman Jago, Guccy Branch and one other.
· He was arrested for alleged money laundering.
Marley, known for his single “Issa Goal”, was slammed with 11- count charges.
· Marley stands risk of spending 7 years in jail if found guilty in accordance with Section 33 (2) of the Cyber Crimes (Prohibition, Prevention, etc) Act, 2015.

 Naira Marley who claimed to have been arrested 124 times in the UK appeared before a Lagos high court today, May 20, 2019.
· Some of the counts in the charges filed against Naira Marley includes, “That you, Azeez Adeshina Fashola, aka Naira Marley, and Raze (still at large), on or about the 11th day of December 2018, within the jurisdiction of this honorable court, conspired amongst yourselves to use Access card 42658840359191132 issued to persons other than you in a bid to obtain gain and you thereby committed an offense contrary to Section 27(1)(b) of the Cyber Crimes (Prohibition, Prevention, etc) Act 2015 and punishable under Section 33(2) of the Same Act.
· “That you, Azeez Adeshina Fashola, aka Naira Marley, and Raze (still at large), on or about the 10th day of May 2019, within the jurisdiction of this honorable court, with intent to defraud possessed, counterfeit card 4921819410257431 issued to Timea Fedorne Tatar and you thereby committed an offense contrary to and punishable under Section 33(9) of Cyber Crimes (Prohibition, Prevention, etc) Act 2015.”
· Naira Marley pleaded not guilty before Justice Nicolas Oweibo.
· The judge adjourned until May 30 for hearing of his bail application.

Justice Oweibo ordered that the musician be remanded in prison custody until his bail application is determined.

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May 20, 2019

[DOWNLOAD AUDIO] MEENARK – AGIDI

Here is A New Song from Kaduna Based Artist Meenark titled “Agidi”.
The 19yr old has always wanted to be an independent artist this is his first debut single under his own label melma the track is an all through afro melodic track that will get you vibing to it all day long “AGIDI” 
Liked by Nigeria,Ghana,south Africa  and 69 other countries.

Produced by HK beats enjoy.

Download Agidi by Meenark:



What do you about this song? 

Drop ur comments below.. 

May 20, 2019

BREAKING!! NAIRA MARLEY IS STILL IN IKOYI PRISON – EFCC

EFCC has accused some friends of singer Naira Marley of releasing some propaganda videos in their “desperation” to launder his image.
According to the anti-graft agency in an interview with SaharaReporters, contrary to the viral videos showing the musician going into a private  car,  he is still very much remanded in Ikoyi prison.
The Federal High Court sitting in Ikoyi, Lagos, had, on Monday, ordered Naira Marley to be remanded in prison until May 30th when the hearing of his bail application will take place.

May 20, 2019

[DOWNLOAD AUDIO] LOUIZ OMAJA – A LITTLE BIT

Konfidential Entertainment frontline act, Onyeka Peter popularly known as Louiz Omaja liberates first single of the year entitled “ A Little bit ” expertly mastered by Jay Stunt
This tune, “A Little Bit” vividly showcases Omaja‘s ability in a way that differs from his normal style, which comes across in a tune expertly mastered by Jay Stunt . It also showcases yet another side of the talented entertainer and looks set to cement his place as a mainstay on the Nigerian entertainment scene.
Listen & Download ” Louiz Omaja – Below;
Watch  Lyrics Video below:


What do you think  about this song? 

Drop ur comments below... 

May 20, 2019

WHAT YOU SHOULD ALWAYS LOOK OUT FOR IN A MUTUAL FUND



In what seems to have become a custom, I received yet another email from one of my readers, asking me what money market fund I would recommend for a newbie. After reading the email which said “Thankx (sic) for the post pls which one do you recommend for newbies?”, I wished I had the magic wand to know and recommend which money market/mutual fund that will make investors the greatest amount of money.
Ever since Nostradamus died centuries ago, it has become increasingly difficult to see tomorrow from today. This is even more difficult in the stock market where beating the market has become a mirage. Be that as it may, there are a few analysts, both on the fundamental and technical sides, that have managed to pick up stocks or mutual funds that have turned out to beat the market. The likes of Buffet or Soros have done it, not because they have magic wands in their pockets or because Nostradamus left his garment with them as Elijah left his with Elisha. Instead, they did that because they knew what to look for in a financial product, to discover under and/or overvaluations.
They know what to look for to uncover hidden alpha. Therefore, I may not be in a position to recommend any fund to you. However, I’ve chosen in this article to take you through what you need to look for in a mutual fund, be it money market fund, equity-oriented fund or bond/fixed income fund.
Fund Objectives or Style: Mutual fund investments are not usually for the short term. So, when choosing a fund, be prepared for the long hall. Having said that, one of the things that should determine the fund of your choice should be the investment objective of the fund. Try to choose funds with objectives that align with yours. If your objective is to generate income while preserving your capital, a money market fund will be more ideal. However, if you are investing for growth, then an equity fund will be better. For someone with an objective that falls in between those two extremes, it will be better served by a balanced fund that is a mixture of fixed income and equity funds.
Performance History: It is often said in the arena of investing that past performance does not guarantee future performance. Although this is true, it often helps to examine the past performances of funds that you are interested in investing in. The longer the performance period, the better. If the data are available, looking at 5 to 15-year performance history is recommended. Where possible, compare the performance of the fund you are investigating and interested in with the performance of its underlying index.
Fund Manager Experience and Track Record: A mutual fund is as good as the fund manager that manages the fund’s asset allocation and rebalancing. Therefore, find out about the fund manager’s experience, how long he has been managing the fund or similar funds, what his track record has been, how many years the fund has been up since he started managing the fund as well as his academic and professional qualifications. Is he CFA certified, is he a CAIA. The longer a fund manager has been on a fund the better, but if a new fund manager is bringing past experience gathered from managing a similar fund in the past or elsewhere, that is a plus.
Fund Fee/Expense Ratio: I have already written exhaustively on mutual fund fees. In choosing a mutual fund, pay attention to the fees being charged on the fund. Different funds have different fees and no matter how small the difference, it adds up at the end of the day.
Investment Strategy: Take a look at the investment strategy of the fund paying attention to the sectors of the economy that the fund invests in. Depending on your objective and risk tolerance, you will uncover from such a look if the fund is concentrated in the financial sector, for example, or if diversified. In most cases, a diversified fund is better from a risk point of view.
A fund worth Looking Closely at: Though I said earlier in this article that I do not have any crystal ball or magic wand in my pocket as to know what fund to recommend and that I am not in the business of recommending funds for people, there is one fund that has caught my eye. I am not invested in this fund but if I have to invest in any Nigerian mutual fund, it will be this fund. That fund is Stanbic IBTC Absolute fund. Stanbic IBTC Absolute Fund has been one of, if not the most consistent mutual fund in Nigeria in terms of performance. Since January 2013 when analysts at Quantitative Financial Analytics started tracking the fund, Stanbic IBTC Absolute Fund has made positive returns month after month except in June 2013 when it recorded a forgivable 0.58% negative gain. The fund made a return of 10.01% in 2013, 12.61% in 2014  13.19% in 2015,11.50% in 2016, and 18.48% and 14.28% in 2017 and 2018 respectively, according to records by Quantitative Financial Analytics. That comes to a total return of 79.49% since 2013. So far in 2019, the fund has made 4.70% putting it in a position to repeat its 2018 performance, all things being equal. Though the fund, like most funds in Nigeria charges a management fee and other fees, the consistent positive return could be enticing.

May 20, 2019

FG CONCLUDES PLAN TO DEMOLISH LAGOS AIRPORT, RECONSTRUCT WITH N14bn


The Federal Government of Nigeria (FG) has revealed that plans have been perfected to demolish the Murtala Muhammed International Airport, Lagos, in order to reconstruct it. This was disclosed by the Minister of State for Aviation, Hadii Sirika, at the 2019 Stakeholders’ Forum in Lagos
The Minister disclosed that the reconstruction of Murtala Muhammed International Airport has become important due to the poor state of the terminal, which has outlived its usefulness. According to Sirika, The terminal was built to handle 300,000 at inception but the passengers it handles have grown to 8 million in the past three years.
Cost of Reconstruction: The Minister stated that the reconstruction would gulp N14bn in order to give the busy Airport a befitting facelift. Recall, that the Airport recorded the highest traffic of travelers in Nigeria so far in the first quarter of 2019. In the meantime, before the reconstruction begins, Airlines will be moved to the new terminal being reconstructed to continue operations.
“WE HAVE CONCLUDED ON PLANS TO RELOCATE AIRLINES FROM THEIR ORIGINAL PLACE TO THE NEW TERMINAL WE ARE BUILDING. WE HAVE ARE GOING TO REBUILD THE MMIA TERMINAL AND THE CONTRACT WILL BE AWARDED TO JULIUS BERGER AT ROUGHLY N14 BILLION.”
The Managing Director of the Federal Airport Authority of Nigeria (FAAN) also disclosed that Airlines will be moved to the new terminal under construction which is expected to be completed before the end of this year.
Enugu runways to be shut down: The Minister further revealed plans have also been concluded to downgrade the Akanu Ibiam International Airport, Enugu or shut it down for runway rehabilitation. Sirika explained that the decision to shut down the airport was taken to enable the FG to work on the airport runway to avoid any major incident.
“WE MAY DOWNGRADE ENUGU AIRPORT IN TERMS OF ITS STATUS AS AN INTERNATIONAL AIRPORT. THE RUNWAY IS TERRIBLE. I HAVE BEEN THERE THREE TIMES, SEEN THE GOVERNOR OF THE STATE AND TOLD THEM WHAT TO DO BUT NOTHING HAS HAPPENED.
“THERE ARE A MARKET AND AN ABATTOIR AT THE SIDE OF THE RUNWAY AND THESE ATTRACT BIRDS. OF RECENT, AIR PEACE SUFFERED A BIRD STRIKE AND THIS AFFECTED THE AIRLINE, THANK GOD THERE WAS NO MAJOR INCIDENT.
“WHEN THE GOVERNMENT WANTED TO EXPAND THE RUNWAY TO 60 METRES LONG AND 71 METRES WIDE, THERE WERE FEW HOUSES THERE AND WE WERE PROMISED THAT THEY WOULD BE DEMOLISHED AND THE OWNERS COMPENSATED SO WE CAN HAVE THE IMPROVEMENT BUT NOW THEY HAVE BUILT MORE HOUSES. ENUGU WOULD HAVE TO BE CLOSED DOWN; THAT IS THE HONEST TRUTH.”
 Upshots: The Muritala Mohammed International Airport is believed to be have been modeled after Amsterdam’s Schipol. Unfortunately, it has been described as having outlived its usefulness, no thanks to bad management by the authorities involved. In the meantime, the facelifting of the airport is a long overdue and welcome development.
On the other hand, it has been revealed that the dilapidated state of Enugu Airport has become a source of concern to pilots. Last year, it was reported that some pilots operating flights to the Enugu airport called the attention of concerned authorities to the dilapidated nature of the runway, which they described as a death trap. Later in the year, the South-East Governors Forum (SEGF) raised alarm over the bad condition of facilities at the airport, declaring it unsafe.

May 20, 2019

HOW TO GET THE CENTRAL BANK OF NIGERIA TO CREDIT YOUR ACCOUNT



Doesn’t it feel good to be a lender of money? Yes, especially if you know the borrower is creditworthy and would repay you with interest as at when due. There isn’t a better feeling than seeing a credit alert on your phone, especially so at a point in time when you are in need of cash.
The Federal Government of Nigeria (through the Central Bank of Nigeria and Debt Management Office) could always borrow money from you and repay you when the time is due.
Why is that? There are several reasons;
  1. To control inflation by regulating the money supply (amount of money in circulation).
  2. To raise short term funds to balance periodic mismatches between government receipts and expenditures i.e. use of the borrowed funds in managing short-term liquidity needs.
You may think the Nigerian Government is rich. Well, maybe it is; who knows?! However, sometimes the Government does not have a steady inflow of taxes or revenues with which it can fund its expenditures. So, something must be done about it.
What do all these have to do with the CBN crediting your account? It has a lot to do with it because the Government often has to borrow money in order to attain the above objectives. It does this by issuing securities to the public soliciting for funds.
Two ways you as a retail investor can get the CBN to credit your account is by purchasing the securities listed below;
FGN Savings Bond: The savings bond was introduced to enhance the savings culture among Nigerians irrespective of your income level whilst contributing to National development.
There are tons of articles on this site explaining what the savings bond is all about and I wouldn’t dive into all of that, however, the fact is that you the bondholder will enjoy coupon/interest on a quarterly basis which will be paid directly into your bank account by the DMO.
For example, if you subscribed to the latest 2 years FGN Savings Bond issue on the 15th of May 2019, you will receive your next coupon (interest) on 15th August 2019 and the next 15th Nov 2019, this will go on and on till 15th May 2021.
So let’s assume you have N1million to invest for the 2-year savings bond at an interest rate of 12.745%, you will be credited with the sum of N32,124.28 by 15th August 2019.
How is this calculated?
The difference between the last coupon date (16-May-2019) and the present coupon date (16-Aug-2019) is 92 days
No of days this year is 365
The coupon rate is 12.745%
Face Value is N1,000,000.00
Coupon cash value = 92/365*12.745%*1,000,000 which will equal N32,124.38
Nigerian Treasury Bills: Treasury bills is a short-term borrowing instrument sold at a discount and redeemed at par. The Federal Government of Nigeria through the CBN issues T-bills to provide short-term funding for government budget deficit.
For example, if you purchase a N1,000,000 T-bill maturing 15-Feb-2020 with an interest rate of 10%, the CBN will debit your account with N900,000 and credit your account with N1,000,000 at maturity.
Treasury bills are usually for 91, 182 and 364 days when newly issued, but the days to maturity can be different from these if you buy from the secondary market.

May 20, 2019

SWINE FEVER SENDING PORK PRICES HIGHER



In a cruel irony in the Chinese Year of the Pig, outbreaks of African Swine Fever are forcing huge culls that could send pork prices to levels never seen before.
According to the UN’s Food and Agricultural Organization, pork prices “have begun to soar”, rising by up to 50 percent both in China and on the Chicago futures exchange.
In Europe, the rise has been 18 percent since the beginning of March as Japan and South Korea, two major importing nations, have started to build up reserves in cases of disruptions to supplies, according to commodities markets research firm Cyclope.
In France and Germany, pork prices have “risen by 30 percent since the start of year due to China,” said Jean-Paul Simier, an agricultural market analyst at French bank Credit Agricole who authored the meat section of the latest Cyclope annual report.
Home to nearly half of the world’s pigs, China is both the world’s largest consumer and producer of pork, which is a staple of its cuisine.
African Swine Fever, a virus that is not dangerous to humans but fatal to pigs and wild boar, began sweeping across China last year.
Chinese officials have said hundreds of thousands of pigs were culled in a bid to stop its spread — an effort that has also seen restrictions placed on moving pigs from affected areas.
Despite the measures, African Swine Fever continued to spread, eventually hitting China’s major pig farming area in Sichuan province.
Record prices? 
Cyclope said that since the start of the year 20 Chinese provinces have been hit, leading authorities to cull one million pigs, and removing them from the food chain.
It has continued to spread further, approaching the border with Laos in the south of the country and to the tropical island of Hainan, according to a map produced by the FAO.
Cambodia, Mongolia and Vietnam have also been hit, with nearly 100,000 pigs culled in the three countries.
The culls mean that China must now begin importing pork massively to compensate for lost production, said Jean-Paul Simier.
“China is the decisive market for pork, you need to understand that 700 million pigs live in China, compared to 20 million in France for example,” he said.
“The outbreak of African Swine Fever (ASF) in East Asia is likely to have a noticeable impact on meat and feed markets worldwide,” said the FAO in its latest semi-annual report on food markets that came out earlier this month.
It warned of “challenges to maintaining adequate meat supplies in affected countries,” saying that based on reports by government officials, industry sources and news media that the extent of the cull may have reached 20 percent of China’s pig herd.
Simier has a more conservative forecast of a drop in Chinese pork production of 10 percent this year, or nearly 6 million tonnes.
“That is already enormous because the international meat trade is only some 10 million tonnes per year,” he said.
“If the disease situation gets out of control, pork could hit prices never seen before,” he added.
While that is bad news for consumers, it means good business ahead for pig farmers in regions that haven’t been touched by African Swine Fever.
But farmers who raise feed grains for pigs, particularly soybeans, could be hurt by a drop in Chinese demand.

May 20, 2019

ACTIVIST PETITIONS EFCC OVER NEW PONZI SCHEME



Nigerian human rights activist, Comrade Deji Adeyanju has petitioned the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, over a new Ponzi scheme called Loom.
The scheme, which recently started in Nigeria, promises a return of N8,000 for N1,000 and N104,000 for N13,000 in 48 hours.
Loom was first reported in the UK, then by the Australian Broadcasting Corporation as a scam after it had gone viral in Australia.
The first step of the process is being invited to join a WhatsApp group chat, usually by a friend or relative. Then you are asked to ‘invest’ N1,000, N2,000 or N13,000 with a promise that you will make eight times the amount back once you recruit new entrants.
After you have paid in the money, you are asked to invite at least one person to join the system. There are four levels in Loom Nigeria – Purple, Blue, Orange and Red.
Each time eight people join the loom, the person in the centre (Red) will get the target amount and leave the group.
The loom will then split into two groups. The top half and the bottom half become the new looms and everyone moves into the next level (Purple Level – into Blue Level – into Orange Level) and the cycle begins again. The more people you manage to add to the circle, the quicker the movement of it, and thus, the easier it will be for you to make your chunk of ‘easy money’.
The basics are that you get eight times the amount you “invest.” If you invest N1,000, you get N8,000; if you invest N2,000, you get N16,000; and if you invest N13,000 you will get N104,000.
Unlike MMM, where there is a website and its founder, Sergey Mavrodi, is well known, the promoters of Loom are elusive while the pyramid scheme operates via closed groups mainly on Facebook and Whatsapp.
Recall that the Nigerian Deposit Insurance Corporation (NDIC) reported that three million Nigerians lost N18 billion to Mavrodi Mundial Movement, simply known as MMM when the scheme froze in 2017.
On December 13, shortly after celebrating its first anniversary, MMM Nigeria announced the freezing of all members’ accounts due to what it called “systems overload and the negative attention brought on by the Government and mass media”. This led to widespread panic in the nation and even attempted suicides.
Adeyanju, in his petition made available to The Guardian, said Loom is another means devised by fraudsters to swindle unsuspecting Nigerians through a Ponzi Scheme.
“I am deeply concerned about this dangerous trend that has enveloped the minds of young Nigerians who believe that LOOM is an investment opportunity through which they can make easy money. This new Ponzi scheme is an investment fraud that pays existing investors from new investors which may likely lose their investments if the chain discontinues.
“Consequently, I call on the commission to immediately launch an investigation into this very matter by unmasking the brains behind this new Ponzi Scheme in our various Social media platforms.
“It is pertinent to note that this unrealistic investment opportunity has led many unsuspecting Nigerians into investing their hard-earned money into a scheme that does not guarantee a return for their investment.
“The Commission must as a matter of urgency swing into action and nip this fraudulent scheme in the bud before Nigerians get deeply involved.
“I am equally appealing to the commission to create an awareness campaign to sensitize Nigerians on the risks involved in participating in fraudulent schemes such as this.
“The EFCC must ensure that all perpetrators and originators of this scheme be arrested and brought to justice. If we don’t rid our society of these dangerous schemes that are capable of driving Nigerians into depression as a result of a likely loss of investment.”