Friday, May 27, 2016

Vincent Enyeama extends contract with Lille

Former Nigeria Captain Vincent Enyeama has extended his contract with French club Lille till 2019, suggesting that the shot-stopper plans to see out the rest of his career at the French club.

Enyeama has made just under 200 appearances for Lille after joining from Israeli club Hapoel Tel Aviv in 2011.

The Nigerian, before now, had been linked with a move away from Lille, but this renewal outs an end to any transfer rumours.

“LOSC is pleased and proud to announce the extension of Vincent Enyeama contract for two more seasons. The Nigerian goalkeeper, 33 years, will continue to defend the post of LOSC until 2019,” Lille OSC announced on their official website on Thursday.

The French club further explained that they have decided to agree a renewal with Enyeama because he is a big influence in their dressing room in terms of “his experience in international games, his leadership, and of course, his immense talent”.

Lille OSC training centre director, Jean-Michel Vandamme, believes that keeping Enyeama at the club is “fantastic” news considering his quality.

“Vincent is an exceptional lad both on the field, and also outside. Continuing to work with a player of his calibre and a man of his quality is something fantastic for the club. He still has a bright future and showed that again this season. He is happy at LOSC and feels like home (for him),” said Vandamme.

Enyeama kept 17 clean sheets this season in the league for Lille, making 93 saves including 53 from inside the box.

United Airlines canceling flights to Nigeria

Chicago-based United Airlines is the latest casualty of Nigeria’s economic slowdown as the company has announced that it will stop flights to the country after June 30th. A United spokesman cited a “downturn in the energy sector” as well as difficulties with repatriation of its dollar profits amid tight foreign currency controls by the Nigerian government.

United, the third largest US carrier by revenue, currently flied from Houston to Lagos everyday.

Since the turn of the year, Nigeria has struggled with dwindling foreign reserves as a result of a drop in the price of oil, its main revenue source. To curtail outflow of foreign exchange, the government put in place strict controls, including limiting repatriation of dollars out of the country. Airlines operating in the country have been badly hit by the policy which has left Nigeria owing airlines, including United, around $575 million according to International Air Transport Association.

The airline’s decision to cut flights in a market where government’s policies, including currency controls, have affected its business is not without precedent. In 2014, United reduced its Venezuelan operations by 43% in similar market conditions. The airline’s withdrawal from Nigeria weakens the countries strength as an aviation hub in Africa as it is now left with only Delta Air as the remaining major international carrier flying direct to Nigeria from the United States.

The news is also likely do more harm to Nigeria’s poor reputation as a conducive business environment. It already ranks 20 places from bottom in the World Bank’s most recent Ease of Doing Business report.

The effect of president Muhammadu Buhari’s economic policies will once again be questioned as he closes in on completing his first year in office this weekend. The president’s firm refusal to devalue the Nigerian naira, despite a steep fall in value against the dollar, plus bans on imports of several items has seen investors grow increasingly cautious about operating in the country. The impact of the policies was particularly felt in the first quarter of 2016, as the economy shrank for the first time in two decades with analysts warning of an impending recession.

How Nigeria has changed under the Buhari regime


President Muhammadu Buhari came to power promising Nigerians "change". Novelist and writer Adaobi Tricia Nwaubani gives five examples of what has changed in Nigeria since 29 May 2015 when he was sworn in.

1. Are we safer?

Those of us who travel regularly in Nigeria's north-east had become used to what should be a 15-minute journey turning into an hour-long ordeal.

You had to stop dozens of times at roadblocks and disembark, while heavily armed soldiers inspected your vehicle for traces of the Islamist militant group, Boko Haram.

Today, the number of checkpoints has fallen significantly - even on the road to Chibok - thanks to enhanced confidence in the security of the entire region.

The army has regained swathes of territory that the Islamist militants had occupied as part of their so-called caliphate.

Boko Haram has been considerably weakened, resigned to attacking soft targets using suicide bombers.

Thousands of women and girls kidnapped by the group have also been rescued, including one of the 219 schoolgirls from Chibok abducted in April 2014.

But while there is progress in the north-east, trouble in the Niger Delta, the country's oil-producing region, is resurfacing.

Recent attacks on oil facilities have caused a drop in production and helped push up the global price of crude oil.

2. Where's my money?


In the months preceding last year's elections, the popular chant on the streets was "Sai Buhari, Sai Buhari", which means "Only Buhari" in Hausa - the most widely-spoken language in the north where the president originates.

"Sai Buhari" became an almost magical greeting, capable of earning you a discount from the sweaty chap pushing a wheelbarrow of tiger nuts or sugar cane.

It could even elicit a smile followed by permission to move along, from the miscellaneous airport officials who usually ensure that your passage through Nigerian customs and immigration is fraught with agonising delays.

A year later, the chant has changed to "Buhariya", which roughly translates to "Buhari's way" or "Buhari's time".

The slogan is now used to explain every unpleasant evidence of Nigeria's troubled economy and a time of austerity.

Q: "A basket of tomatoes has gone up from 3,000 naira ($15) to 18,000 naira?"

A: It's "Buhariya!"

Q: "How come the naira is plummeting against the dollar on the black market?"

A: It's "Buhariya!"

3. Where's our money?

This time last year, friendship with Sambo Dasuki, the former national security adviser, could have altered your economic circumstances forever.

He would have been besieged with invitation cards to be the chief guest at various events.

When he entered a room, almost everyone would stand in respect.

Today, he sits in an Abuja jail, awaiting trial for the alleged mismanagement of billions of dollars meant for the war against Boko Haram - charges he denies.

Several other big men, previous untouchables, such as former service chiefs, top politicians and government officials, are also sitting in jail awaiting corruption trials, or out on bail.

And, if you're looking for a second-hand luxury car to buy, now may be the time.

A number of people formerly linked to the government are desperate for cash and selling off their fleets.

It would seem as though the leaking taps that gushed dollars to be spent carelessly have stopped flowing since President Buhari came to power.

4. Where are the women?

Ensuring women's participation at all levels in political, economic and public life is one of the targets of the UN's sustainable development goals (SDGs).

But oly six out of Mr Buhari's cabinet of 37 are women, a meagre 16% and way down on the previous administration's 31%.

The president's wife, Aisha, is also the most silent first lady Nigeria has had in decades, barely seen or heard - except maybe when she is visiting unkempt children in a refugee camp or donating food items to victims of Boko Haram. She appears as the stereotypical good African wife.

Her invisibility is suspicious when you consider that President Buhari, during his election campaign, said he would abolish the office of the first lady - but then retracted the suggestion when challenged by feminist voters.

5. What are we wearing?

In Abuja the government in power influences the style of dress throughout the administration.

Staff of the government, friends of the government and aspiring friends of the government all aim to dress like the person at the top.

Northerners ruled Nigeria for most of the country's first three decades after independence from the UK in 1960.

Over time, their traditional outfits, babarigas (flowing gowns) and kaftans, became firmly entrenched - even when a non-northerner was elected in 1999.

Olusegun Obasanjo is an ethnic Yoruba from the south but throughout his eight-year presidential tenure, he mostly wore babarigas.

Cartoons depicting a typical Nigerian "big man" will usually feature him dressed in the flowing robes, his potbelly distorting the layers of cloth.

All this changed in 2011, with the election of Goodluck Jonathan.

He was Nigeria's first president from one of the country's smaller ethnic groups, and also the first from the oil-producing Niger Delta, in the south.

Mr Jonathan preferred the long shirt and trouser outfit that is traditional among his Ijaw community.

Suddenly, the babariga was nowhere to be seen.

Government offices and hotel lobbies began to feature an inordinate number of men dressed in the presidential style of the time.

Some even went as far as the fedora hats and walking sticks that go with the outfit.

Eventually, the style gained its own special nickname - "resource control" - in reference to the fact that most people who wore it seemed to be the ones controlling Nigeria's oil resources.

Indeed, it seemed to be the preferred outfit of many of Nigeria's newest millionaires.

Not any more. Within a year of Mr Buhari, "resource control" outfits have almost completely vanished from view. The babariga is back.

Beyond these five areas, there are many more profound changes that Nigerians are expecting from our government, but those will take time.

The structure of corruption and mismanagement which previous governments left behind must first be dismantled before a new foundation of progress can be laid.

And President Buhari is no modern-day Hercules.

Cleaning Nigeria's equivalent of the fantastically filthy Augean stables of Greek myth is certainly not a one-year job.

Thursday, May 26, 2016

Video - Nigeria to issue Islamic bond to address gap




Nigeria plans to generate nearly 5 billion dollars to help fund a budget deficit through issuing the country's first sovereign Sukuk or Islamic bonds this year. The budget gap is a result of a slump in oil revenue.

Nigeria owes airlines $575 million in fares

Nigeria owes airlines more than half a billion dollars in outstanding air fares as the oil-price slump depletes reserves of the U.S. currency and prompts the government to limit the amount of money that can be moved abroad.

Some $575 million was due to carriers as of March 31, according to the International Air Transport Association, even after the Central Bank of Nigeria released funds to pay off part of the backlog.

Nigerian Vice President Yemi Osinbajo told IATA Chief Executive Officer Tony Tyler this week that airlines must agree “a realistic and achievable payment schedule,” the trade body said. Carriers could begin severing links if the issue isn’t resolved, damaging Lagos’s standing as an aviation hub, IATA said.

The Nigerian economy contracted for the first time since 2004 in the first quarter as the drop in crude prices eroded the value of oil exports. Foreign-currency reserves have slipped to $26.5 billion, the lowest in more a decade, prompting the limits on dollar repatriation.

Carriers including United Airlines, Delta Air Lines Inc. and American Airlines Group Inc. pulled capacity from Venezuela during a similar dispute in 2014 as a 61 percent inflation rate limited the state’s access to dollars. Airlines had the equivalent of $3.9 billion trapped in Venezuelan bolivars, IATA estimated.

British Airways parent IAG SA and Air France-KLM Group said in March they were unable to access ticket proceeds in Egypt as political instability there eroded foreign exchange reserves, and demand for the Egyptian pound faded.

IATA said Wednesday it’s still “optimistic that a solution will be found.”