Wednesday, July 27, 2016
Video - University of Lagos' performance put in question
African universities overall have performed poorly in the latest global rankings. No Nigerian university made the top 1000 world universities list, though the country has nearly 80 accreddited institutions of higher learning. CCTV's Deji Badmus spent some time at the University of Lagos to find out more.
Video - FIFA President Gianni Infantino calls for greater focus on development
FIFA President Gianni Infantino says he's unaware of a leadership crisis within Nigerian football. Infantino has ended his visit to the country by urging administrators to focus on developing the game.
Oil militants attack suburb in Lagos, Nigeria
Residents say a boatload of armed oil militants attacked an outlying suburb of Lagos, Nigeria's commercial capital, looting and firing into the air as people fled.
They said police and soldiers responded, using drones to track the attackers while a helicopter hovered overhead. A gunbattle ensued.
The official News Agency of Nigeria quoted police Superintendent Dolapo Badmos as saying gunmen invaded the Igando neighborhood but police "swiftly moved in and foiled the attack."
Residents said at least two police officers were wounded. They spoke on condition of anonymity for fear of reprisals.
It was the second such attack this month in Lagos.
Militants have threatened to attack Lagos and Abuja, Nigeria's capital, to press demands for a greater share of wealth for residents of the oil-producing south suffering oil pollution.
They said police and soldiers responded, using drones to track the attackers while a helicopter hovered overhead. A gunbattle ensued.
The official News Agency of Nigeria quoted police Superintendent Dolapo Badmos as saying gunmen invaded the Igando neighborhood but police "swiftly moved in and foiled the attack."
Residents said at least two police officers were wounded. They spoke on condition of anonymity for fear of reprisals.
It was the second such attack this month in Lagos.
Militants have threatened to attack Lagos and Abuja, Nigeria's capital, to press demands for a greater share of wealth for residents of the oil-producing south suffering oil pollution.
Nigeria's football future is bright - Infantino
Infantino argued that Nigeria’s current position in FIFA ranking, does not reflect the massive pool of talent in the country. He insisted that the future will be better.
“I have seen that Nigerians’ passion and love for football is high, high up there and with the developmental programme the Nigerian football authorities have in place, I see Nigeria moving up to challenge the best in the world,” the FIFA boss stated.
“As World Cup Under-17 defending champions, Nigeria’s future is very bright if the talents are properly monitored and managed. I see a bright future for the game in Nigeria and I also believe the managing of the game is in good hands with the present leadership of Nigerian football”, he added.
Nigerian diplomats fail to recite National anthem during senate screening
Two longstanding Nigerian diplomats nominated by President Muhammadu Buhari on Tuesday failed to recite the country's anthem and pledge, leaving lawmakers and journalists at a senate hearing in laughter.
The recitals are taught in primary schools across the country, and are performed daily by students throughout their secondary school study.
The two diplomats, Vivian Okeke and Ibrahim Isah, were nominated by President Buhari alongside 45 others as prospective envoys to different countries, where they would promote Nigeria's culture, ideals and values.
At a dramatic session Tuesday, members of the Senate Committee on Foreign Affairs, vetting the diplomats' qualifications, unexpectedly asked Mrs. Okeke and Mr. Isah to recite the national anthem and pledge.
While Mrs. Okeke mumbled the words of the anthem, Mr. Isah floundered and could not proceed with the pledge after introducing himself.
Mrs. Okeke was later aided by James Manager, a Senate committee member, as she murmured through the second stanza of the anthem.
Both nominees have been in the Nigeria's Foreign Service since 1983 - already raking in 33 years of experience each.
Mrs. Okeke currently serves at the Nigerian embassy in Washington, United States. In 2013, she was the minister (trade and investment) at the mission. She is from Anambra State.
Mr. Isah, who began his career as Third Secretary in the African Affairs Department of the Ministry of Foreign Affairs, currently serves in Ankara, Turkey, as Charge D'Affairs of Nigerian mission in the country.
He had headed the chancery at the Consulate-General of Nigeria in the U.S. and Saudi Arabia, and was also Chief Airport Protocol Officer responsible for seeing off and receiving foreign leaders who visited Nigeria.
Mr. Isah told the screening committee that Nigeria must block foreign goods from entering the country "like China" to come out recession.
It wasn't the first time a would-be envoy would fail the national anthem test.
In March 2011, Ijoma Bristol failed to recite the anthem and could not also name the capital of Jigawa State during her screening before Jubril Aminu-led Foreign Affairs Committee of seventh Senate.
She was however cleared, with then Senate President, David Mark, saying "her case is a case of poor pass".
The recitals are taught in primary schools across the country, and are performed daily by students throughout their secondary school study.
The two diplomats, Vivian Okeke and Ibrahim Isah, were nominated by President Buhari alongside 45 others as prospective envoys to different countries, where they would promote Nigeria's culture, ideals and values.
At a dramatic session Tuesday, members of the Senate Committee on Foreign Affairs, vetting the diplomats' qualifications, unexpectedly asked Mrs. Okeke and Mr. Isah to recite the national anthem and pledge.
While Mrs. Okeke mumbled the words of the anthem, Mr. Isah floundered and could not proceed with the pledge after introducing himself.
Mrs. Okeke was later aided by James Manager, a Senate committee member, as she murmured through the second stanza of the anthem.
Both nominees have been in the Nigeria's Foreign Service since 1983 - already raking in 33 years of experience each.
Mrs. Okeke currently serves at the Nigerian embassy in Washington, United States. In 2013, she was the minister (trade and investment) at the mission. She is from Anambra State.
Mr. Isah, who began his career as Third Secretary in the African Affairs Department of the Ministry of Foreign Affairs, currently serves in Ankara, Turkey, as Charge D'Affairs of Nigerian mission in the country.
He had headed the chancery at the Consulate-General of Nigeria in the U.S. and Saudi Arabia, and was also Chief Airport Protocol Officer responsible for seeing off and receiving foreign leaders who visited Nigeria.
Mr. Isah told the screening committee that Nigeria must block foreign goods from entering the country "like China" to come out recession.
It wasn't the first time a would-be envoy would fail the national anthem test.
In March 2011, Ijoma Bristol failed to recite the anthem and could not also name the capital of Jigawa State during her screening before Jubril Aminu-led Foreign Affairs Committee of seventh Senate.
She was however cleared, with then Senate President, David Mark, saying "her case is a case of poor pass".
Nigerian bank denies link to failed Turkey coup
One of Nigeria’s top banks has been named in the failed coup attempt in Turkey on July 15.
A report by Yeni Safak, a Turkish daily, claims funds used to finance the coup, pegged at $2 billion, were kept and routed through United Bank for Africa (UBA), a leading Nigerian bank operating in 19 African countries. The paper names a John F. Campbell, a retired US general, as the supposed “organizer” of the coup, with access to the funds.
“The Nigeria branch of the United Bank of Africa (UBA) was the main base for the last six-months of money transactions for the coup plotters,” the report claims. “Campbell also managed more than $2 billion money transactions via UBA Bank in Nigeria by using CIA links to distribute among the pro-coup military personnel in Turkey,” it added. Both UBA and Campbell have vigorously denied the report’s claims.
In its response, UBA, which is controlled by well-known Nigerian tycoon Tony Elumelu, described the the report as “spurious” and said it had “no involvement with or connection to” the coup. UBA is Nigeria’s third largest bank with assets of some $14 billion on Mar. 31.
Banks in Nigeria have hit a rough patch over the past year with declining profits amid tough economic realities in Nigeria, Africa’s biggest economy. But regardless of the current strain, the Central Bank of Nigeria, according to reports, maintains that it is unlikely that UBA was involved in the alleged transactions given regulatory checks in place.
In the aftermath of the failed Turkish coup, authorities have launched a large-scale crackdown. Banks, hospitals and charity organizations have been forced to close while thousands of people have been arrested.
A report by Yeni Safak, a Turkish daily, claims funds used to finance the coup, pegged at $2 billion, were kept and routed through United Bank for Africa (UBA), a leading Nigerian bank operating in 19 African countries. The paper names a John F. Campbell, a retired US general, as the supposed “organizer” of the coup, with access to the funds.
“The Nigeria branch of the United Bank of Africa (UBA) was the main base for the last six-months of money transactions for the coup plotters,” the report claims. “Campbell also managed more than $2 billion money transactions via UBA Bank in Nigeria by using CIA links to distribute among the pro-coup military personnel in Turkey,” it added. Both UBA and Campbell have vigorously denied the report’s claims.
In its response, UBA, which is controlled by well-known Nigerian tycoon Tony Elumelu, described the the report as “spurious” and said it had “no involvement with or connection to” the coup. UBA is Nigeria’s third largest bank with assets of some $14 billion on Mar. 31.
Banks in Nigeria have hit a rough patch over the past year with declining profits amid tough economic realities in Nigeria, Africa’s biggest economy. But regardless of the current strain, the Central Bank of Nigeria, according to reports, maintains that it is unlikely that UBA was involved in the alleged transactions given regulatory checks in place.
In the aftermath of the failed Turkish coup, authorities have launched a large-scale crackdown. Banks, hospitals and charity organizations have been forced to close while thousands of people have been arrested.
Tuesday, July 26, 2016
Video - Nigeria gearing up to promote local industry
Nigeria's the government is gearing for campaign to promote domestic market for locally manufactured products. The campaign dubbed buy Nigeria is part of efforts to boost the economy and reduce hard cash expenditure on imports.
Video - Regional offensive struggling to defeat Boko Haram
Thousands of Nigerian refugees live in Niger. They've been waiting to go home but hope's slowly fading for them. The regional force tasked to tackle Boko Haram militants are struggling in their final push against the militants.
Nigeria cancels plans to build 'Kannywood' village
Nigeria's government has cancelled plans to build a "film village" in the northern state of Kano after opposition from Muslim clerics and social media.
More than $10m (Ј7.6m) had been budgeted to provide state-of-the-art facilities for the Hausa language film industry, known as Kannywood.
The government said the project would create thousands of job opportunities and promote cultural activities.
Muslims clerics have said that the project would promote immorality.
People on social media also called on the government to stop the plan.
Locals have said the project is not a priority - they say the government should instead focus on the revival of dams for agricultural development in the area.
A presidential adviser, Abdurrahaman Kawu Sumaila, announced the cancellation of the project saying that the people have had their say, and the government has heeded them.
A leading Kannywood actor and director, Ali Nuhu, told the BBC that he was confounded by the decision.
Ever since its creation more than 20 years ago, Kannywood has attracted a lot of criticism from the conservative society in the mainly Muslim city.
It has been accused of encouraging teenage girls to run away from home in the hope of becoming actresses.
Kannywood films are produced in the Hausa language and distributed in the Muslim-dominated north.
Most Nigerian films are produced in the south but in English and Pidgin-English.
This film industry, known as Nollywood, is the country's biggest cultural export and has made a name for Nigerian artists across Africa.
More than $10m (Ј7.6m) had been budgeted to provide state-of-the-art facilities for the Hausa language film industry, known as Kannywood.
The government said the project would create thousands of job opportunities and promote cultural activities.
Muslims clerics have said that the project would promote immorality.
People on social media also called on the government to stop the plan.
Locals have said the project is not a priority - they say the government should instead focus on the revival of dams for agricultural development in the area.
A presidential adviser, Abdurrahaman Kawu Sumaila, announced the cancellation of the project saying that the people have had their say, and the government has heeded them.
A leading Kannywood actor and director, Ali Nuhu, told the BBC that he was confounded by the decision.
Ever since its creation more than 20 years ago, Kannywood has attracted a lot of criticism from the conservative society in the mainly Muslim city.
It has been accused of encouraging teenage girls to run away from home in the hope of becoming actresses.
Kannywood films are produced in the Hausa language and distributed in the Muslim-dominated north.
Most Nigerian films are produced in the south but in English and Pidgin-English.
This film industry, known as Nollywood, is the country's biggest cultural export and has made a name for Nigerian artists across Africa.
Stephanie Busari to head CNN’s Multi-Platform Bureau in Nigeria
Leading the operation will be Stephanie Busari, who takes on the role of Supervising Producer, Africa. Busari will work across CNN’s newsgathering and digital operations, and will be the network’s first responder for all platforms.
Deborah Rayner, SVP, Newsgathering at CNN International, said: “This is a truly integrated role, and one that underlines CNN’s commitment to both Nigeria and Africa as a whole. Stephanie will work across our platforms on both news and feature content. In particular, she will head CNN’s Africa content across digital – responding to breaking news and managing our Africa features projects. She will also be central to CNN International’s coverage of the continent on television.”
Speaking on her new role, Busari observes that “To return to Nigeria at such an important time in the country’s history is a proud and exciting moment for me. This is such a vibrant country, full of possibilities, and as well as my broader remit looking at Africa as a whole this role will be about putting the many sides of Nigeria itself into sharper relief for the world.”
Since joining CNN in 2008, Busari has worked across some of the network’s most important African stories. In particular she was central to CNN’s coverage of the Missing Chibok girls, working alongside Senior International Correspondent Nima Elbagir.
A multi-award winning journalist, Busari began her career at the now-defunct London-based newspaper New Nation, which was aimed at the UK’s black and ethnic minority communities. She then moved to the UK’s Daily Mirror, where among other beats she covered Northern Ireland, reporting on some of the worst affected areas of “The Troubles”. While in Belfast she also launched and edited an award-winning lifestyle column for the paper. A native Yoruba speaker, she also speaks fluent French.
Related story: CNN to build multi-platform bureau in Lagos, Nigeria
Pastor who chained up son in Church for weeks arrested
Police say they rescued the boy and arrested Pastor Francis Taiwo after a tip-off in the town of Ota in south-western Ogun State.
Local media are running a photo of the victim, an emaciated young boy in chains, with a padlock around his neck.
State police say that it is one of the worst child abuse cases they have seen.
They say the boy's father admitted keeping him in chains, believing he was "possessed" because of his habit of stealing.
A police statement said that the boy had been held captive "with the help of members" of the local church where the pastor worked.
The case is now being handed over to Nigeria's national anti-trafficking agency (Naptip).
John Mikel Obi joins Nigeria's Olympic team
The 29-year-old Nigeria captain is one of the squad's permitted quota of three players over the age limit of 23.
Watford's Odion Ighalo, Kelechi Iheanacho of Manchester City and Arsenal's Alex Iwobi miss out having not been released by their clubs.
The men's tournament - won by Mexico at London 2012 - begins on 3 August, two days before the opening ceremony.
Those selected for the Games would miss much of the English pre-season and potentially the start of the Premier League and this has proved a sticking point between clubs and country.
With many teams not releasing players goalkeeper Daniel Akpeyi, who plays in South Africa, is the only other overaged player on the Nigeria list for The Games.
However, Mikel is excited by the prospect of playing in Brazil, posting on his Instagram page: "First part of Chelsea pre-season done. Off to Atlanta to join the Nigeria team for the Olympics 2016."
Nigeria, who have been drawn in Group B of the Rio Games alongside Sweden, Colombia and Japan, boast a strong Olympics record.
They made Olympic football history in 1996 by becoming the first African team to win the gold medal. Nigeria also finished runners-up at the 2008 Beijing Olympics, under coach Samson Siasia, who will again take charge in Brazil.
Meanwhile, Siasia's car was broken into over the weekend in Atlanta, Georgia, where the Nigeria team is training, and items including his credit cards, two mobile phones and the phone of his personal assistant Abu Daniel were stolen.
"It's one of the unfortunate things in life but we are focusing on the Olympics." Siasia told BBC Sport.
Nigeria Olympic squad:
Goalkeepers: Daniel Akpeyi (Chippa FC, South Africa), Emmanuel Daniel (Enugu Rangers)
Defenders: Kingsley Madu (AS Trencin, Slovakia), William Troost-Ekong (Haugesund FC, Norway), Ndifreke Udo (Abia Warriors), Saturday Erimuya (Kayseri Erciyespor, Turkey), Abdullahi Shehu (CF Uniao, Portugal), Muenfuh Sincere (Rhapsody FC), Stanley Amuzie (Olhanense FC, Portugal)
Midfielders: John Mikel Obi (Chelsea, England), Okechukwu Azubuike (Yeni Malatyaspor, Turkey), Usman Muhammed (CF Uniao, Portugal), Oghenekaro Etebo (CD Feirense FC, Portugal), Sodiq Saliu (Seraing FC, Belgium)
Forwards: Aminu Umar (Osmalispor, Turkey), Imoh Ezekiel (Al Arabi, Qatar), Sadiq Umar (AS Roma, Italy), Junior Ajayi (CS Sfaxien, Tunisia)
Monday, July 25, 2016
Video - Conflicting priorities among states stall victory against Boko Haram efforts
Though Boko Haram is said to be losing its foothold in the region, conflicting priorities amongst threaten the efforts by west African forces attempting to eliminate the militant group's hold over parts of Nigeria, Chad, Niger and Cameroon.
Video - Some Yorubas in Nigeria holding on to culture of tribal markings
The cultural practice of distinct tribal body marking in Nigeria is becoming less common, but many still find value in this form of art.
Monsanto planning to takeover agriculture in Nigeria
As everyone knows, one American company called Monsanto has been on a determined march to take over agricultural production all over the world and enslave all farmers and countries to their commercial blood sucking logic. They have finally found a bridgehead into Nigeria where a door has been opened to allow them enter and takeover. They have been allowed to initiate so-called experimental farms to produce cotton and maize. Their point of entry has been the irresponsible National Biotechnology Development Agency, which has been compromised by Monsanto to provide an entry point to take over our agriculture.
This week, I write to support the great work currently being carried out by Nnimmo Bassey and his team at the Health of Mother Earth Foundation (HOMEF) to resist the dangerous takeover of our agriculture by Monsanto. The Foundation has exposed the fact that GMOs have been approved to be grown in Nigeria and that the approval was surreptitious. There is an argument whether the approval was for a two-year trial process or for permanent production and for me, both must be opposed. At no time has the Nigerian Government taken a policy decision to approve GMOs and given the health dangers alone of this technology, it is irresponsible to allow this. We cannot allow the National Biosafety Management Agency (NBMA) to sell our future for some temporary inducement they have received from Monsanto. How was it allowed that Monsanto Agriculture Nigeria Ltd would register in the country and start production without explicit approval the Federal Executive Council and the National Assembly?
Burkina Faso, which took the lead on GMO production in Africa, decided this year to abandoned its GMO cotton citing the inferior lint quality of Monsanto products and the enslavement of buying expensive seeds and chemicals from the company each year for an income that is less than what they were having before introducing it. It would be recalled that for a long time, Burkinabé cotton was renowned for its high quality following a highly successful non-GM breeding programme founded by the French government and spanning 70 years.
I therefore call on the Ministers of Agriculture and the Environment to call the National Biosafety Management Agency to order and to withdraw the authorization issued for the production of GMO crops. Given our fragile ecosystems and stressed environment, we must take our biosafety seriously and avoid the path of introducing crops that are dangerous to the health of our people and our environment. Nineteen European countries that care about the health of their people have completely banned genetically modified crops.
This week, I write to support the great work currently being carried out by Nnimmo Bassey and his team at the Health of Mother Earth Foundation (HOMEF) to resist the dangerous takeover of our agriculture by Monsanto. The Foundation has exposed the fact that GMOs have been approved to be grown in Nigeria and that the approval was surreptitious. There is an argument whether the approval was for a two-year trial process or for permanent production and for me, both must be opposed. At no time has the Nigerian Government taken a policy decision to approve GMOs and given the health dangers alone of this technology, it is irresponsible to allow this. We cannot allow the National Biosafety Management Agency (NBMA) to sell our future for some temporary inducement they have received from Monsanto. How was it allowed that Monsanto Agriculture Nigeria Ltd would register in the country and start production without explicit approval the Federal Executive Council and the National Assembly?
Burkina Faso, which took the lead on GMO production in Africa, decided this year to abandoned its GMO cotton citing the inferior lint quality of Monsanto products and the enslavement of buying expensive seeds and chemicals from the company each year for an income that is less than what they were having before introducing it. It would be recalled that for a long time, Burkinabé cotton was renowned for its high quality following a highly successful non-GM breeding programme founded by the French government and spanning 70 years.
The main goal of the breeding programme was to create cultivars that were well adapted to the growing conditions in West Africa and had the desired quality characteristics, such as a high ginning ratio, which is the percentage of the desired cotton fibre per unit weight of cotton delivered to the factory and long staple length. They foolishly decided to abandon the home grown approach and follow the GMO route of Monsanto and after six years of commercial production, they discovered that the quality and world market price of their cotton had plummeted. Cotton is the second-biggest source of revenue for the impoverished West African country after gold. It is this same GMO cotton that failed in Burkina Faso that is now being introduced to Nigeria.
I therefore call on the Ministers of Agriculture and the Environment to call the National Biosafety Management Agency to order and to withdraw the authorization issued for the production of GMO crops. Given our fragile ecosystems and stressed environment, we must take our biosafety seriously and avoid the path of introducing crops that are dangerous to the health of our people and our environment. Nineteen European countries that care about the health of their people have completely banned genetically modified crops.
Even the Russian State Duma last month passed a bill banning all import and production of genetically modified organisms in the country. We must not allow Nigeria to be turned into a dumping ground for what sensible countries have rejected. Sincere scientists have shown evidence that Monsanto’s crops are genetically enhanced to tolerate the use of the herbicide glyphosate which was declared as a possible carcinogen by the World Health Organization’s International Agency for Research on Cancer (IARC). The current Monsanto project to grow glyphosate infused maize in Nigeria is a direct threat to our health. Recent studies have linked glyphosate to health effects such as degeneration of the liver and kidney, and non-Hodgkin lymphoma. It is unfortunate that Bill Gates with his America First mentality is sponsoring Monsanto’s Water Efficient Maize for Africa, a five-year development project led by the Kenyan-based African Agricultural Technology Foundation, which aims to develop a variety of drought-tolerant maize seeds. Why will he not invest in the Institute of Agricultural Research project in Ahmadu Bello University that is developing draught resistant maize that does not have the dangers of what Monsanto is doing?
I have just read Chief Audu Ogbe’s Agriculture Promotion Policy 2016-2020 which outlines an excellent strategic approach to addressing the two key gaps in our agriculture today: an inability to meet domestic food requirements, and an inability to export at quality levels required for market success. The former problem is a productivity challenge driven by an input system and farming model that is largely inefficient. As a result, an aging population of farmers who do not have enough seeds, fertilizers, irrigation, crop protection and related support to be successful. The latter challenge is driven by an equally inefficient system for setting and enforcing food quality standards, as well as poor knowledge of target markets. Insufficient food testing facilities, a weak inspectorate system in the Ministry, and poor coordination among relevant federal agencies serve to compound early stage problems such as poor knowledge of permissible contaminant levels.
The strategy he proposes is to address the challenges of food insecurity and the economic costs of importing $3 to $5 billion worth of food annually, especially wheat, rice, fish and sundry items, including fresh fruits by looking inward. The Ministry of Agriculture is proposing that agricultural research in the country should receive massive support. Our governments would engage its research institutions and bodies at different locations in the country, to conduct research for increased agricultural productivity and to make the research results available to farmers and other actors in the agricultural development of the states. That is the way to go. Was it not just a couple of weeks ago that the Institute of Agricultural Research of Ahmadu Bello University found a cure for the terrible blight of the tomato Ebola disease that wiped out fresh stew from our homes recently. Let’s empower our research institutes for our own good.
Pastor in Ogun state, Nigeria chains up his son in church for weeks
A nine-year-old boy was rescued from a church by police in the Nigerian state of Ogun after the child had been chained up for weeks as punishment for allegedly stealing, police said.
Police and members of the Nigeria Civil Defence Corps (NSCDC) found the boy at the Celestial Church of Christ in Ajibawo after receiving a tip-off from a concerned neighbor.
The child had been chained by the neck to a large log of wood in a room for weeks, police told the Premium Times.
Muyiwa Adejobi, spokesperson for the Ogun State Police Command, said the boy’s father, a pastor in the church, was responsible for chaining up his son and is now on the run.
The child’s stepmother, who had reportedly accused the boy of stealing and reported him to his father, was arrested.
Kareem Olanrewaju of the NSCDC said the boy was punished for repeatedly stealing soup prepared for the family and was chained up for two weeks.
The agency also released images showing the efforts to release the child from chains so that he could be administered medical treatment.
“She [his stepmother] reported to the father who took [this] step by chaining his hands and legs,” Olanrewaju said in a statement. “This situation was on like that until a good samaritan informed NSCDC officials.”
He added that church members led by the boy’s stepmother had tried to stop officials from rescuing the boy.
“The boy was tired and pale, he was not able to talk when he was initially rescued,” Olanrewaju added.
The child was taken away by officials and was given food and medical treatment at a hospital and is responding well to treatment, according to the Daily Post.
New FIFA President Infantino arrives Nigeria
The world football governors were received on arrival at the Nnamdi Azikiwe International Airport by NFF President Amaju Pinnick and General Secretary Mohammed Sanusi, vice presidents Seyi Akinwunmi and Shehu Dikko, and other members of the NFF Executive Committee and Management.
A 10 –year old girl handed the 46 –year old multi –lingual Infantino a bouquet of flowers as the train emerged from the arrival hall, and a cultural troupe entertained in the foreground as Infantino and Samoura walked on the red carpet to waiting cars.
At the Transcorp Hilton Hotel, Pinnick accompanied Infantino to the presidential suite, and meetings between the FIFA President and the NFF Board and with the visiting FA presidents from other African countries, as well as a cocktail dinner were on the programme for the night.
A total of 17 FA presidents from other African countries arrived in Nigeria on Saturday to join the NFF in receiving Infantino. These are Kwesi Nyantakyi (Ghana), Lamin Kaba Bajo (The Gambia), Isha Johansen (Sierra Leone), Musa Bility (Liberia), Juneidi Basha Tilmo (Ethiopia), Nicholas Kithuku (Kenya), Andrew Chamanga (Zambia), Philip Chiyangwa (Zimbabwe), Frans Mbidi (Namibia), Chabur Goc Alei (South Sudan), Walter Nyamilandu (Malawi), Abdiqani Said Arab (Somalia), Vincent Nzamwita (Rwanda), Moses Magogo (Uganda), Jamal Malinzi (Tanzania), Augustin Senghor (Senegal) and Souleman Waberi (Djibouti).
On Monday, Infantino and Samoura, alongside Sports Minister Solomon Dalung, NFF President Pinnick, chairmen of the Senate and House sports committees, NFF General Secretary and other NFF Board members, and the visiting FA presidents from other African countries, will pay a courtesy call on His Excellency, President Muhammadu Buhari at the Aso Rock Presidential Villa. Also on the programme for Monday is an U13 exhibition football match at the National Stadium, visit to the new NFF headquarters and a business dinner with Nigeria’s political heavyweights and captains of industry.
Friday, July 22, 2016
Video - Abuja choking on its own garbage
Nigeria is not only hurting from a rapidly weakening currency. Its capital, Abuja, is a mere shadow of what it was intended to be. Founded in the 1970s during Nigeria's oil boom, planners had a dream of a model city for Africa. But as Nigeria faces a reversal of fortunes with falling oil prices, Abuja is struggling to keep the city clean and stick to its original design.
Video - Naira falls to an all time low
The Nigerian local currency has fallen to an all-time low against the U.S. Dollar. The Naira has passed the 300 mark for the first time. Last month, the central bank lifted its peg on the currency to allow it to trade freely on the interbank market. Nevertheless, the Naira fell 5.4 percent against the greenback to hit a record low of 309 in early trade on Thursday, following dollar supply shortages.
Video - Financial crunch cripples Nigeria's Olympic preparations
Nigeria's Olympic teams have been dogged by controversy with allegations of mismanagement and a lack of finances. As a result, training only got under way a few months ago.
Muslims in Nigeria applaud lifting ban on hijab in Lagos schools
A leading Muslim group in Nigeria has welcomed a court ruling lifting the ban on girls wearing the headscarf in government schools in Lagos state.
The Muslim Rights Concern (MRC) said the Lagos Court of Appeal's ruling was a victory for the rule of law.
The judges said the ban violated the religious rights of Muslim girls, overturning a lower court's ruling.
Girls had been barred from wearing the headscarf, or hijab, because it was not part of school uniforms.
The state government has not yet commented on whether it intends to challenge the ruling at the Supreme Court.
Nigeria's population is roughly divided between Muslims and Christians, with both groups being staunch believers.
The majority of Muslims live in the north and Christians primarily are in the south - though the southern state of Lagos has a more religious mix.
In June, the High Court in the southern state of Osun also lifted the ban on Muslims girls wearing the headscarf.
It caused religious tension in the state, with some Christian boys insisting on wearing church robes to school.
Two Muslim girls challenged the ban in Lagos state, taking their case to its Court of Appeal after the High Court ruled against them in 2013.
"The fact that the judgment was unanimous and only two of the five judges are Muslims leaves a firm stamp of authority on the legality of the use of hijab not only by female Muslim students but also by all Muslim women in the country," it added.
The Muslim Rights Concern (MRC) said the Lagos Court of Appeal's ruling was a victory for the rule of law.
The judges said the ban violated the religious rights of Muslim girls, overturning a lower court's ruling.
Girls had been barred from wearing the headscarf, or hijab, because it was not part of school uniforms.
The state government has not yet commented on whether it intends to challenge the ruling at the Supreme Court.
Nigeria's population is roughly divided between Muslims and Christians, with both groups being staunch believers.
The majority of Muslims live in the north and Christians primarily are in the south - though the southern state of Lagos has a more religious mix.
In June, the High Court in the southern state of Osun also lifted the ban on Muslims girls wearing the headscarf.
It caused religious tension in the state, with some Christian boys insisting on wearing church robes to school.
Two Muslim girls challenged the ban in Lagos state, taking their case to its Court of Appeal after the High Court ruled against them in 2013.
"The fact that the judgment was unanimous and only two of the five judges are Muslims leaves a firm stamp of authority on the legality of the use of hijab not only by female Muslim students but also by all Muslim women in the country," it added.
Reasons Niger Delta Avengers are crippling Nigeria's oil sector
The vast wetlands of the Niger Delta region are home to Nigeria's vast oil resources, but are once again at the centre of a security crisis.
The militants or the "boys" are back in the creeks, destroying pipelines, attacking oil installations, and kidnapping workers.
The violence has slashed Nigeria's oil production by a third.
As we snake our way through the mangrove swamps in a speedboat we are entering a world where outsiders are no longer welcome.
With pipelines and a huge oil export terminal on the horizon, every so often we flash by a fishing community with its wooden huts clustered close to rickety, wooden pier.
The chaos here is dealing a serious blow to the Nigerian government who are dependent upon oil sales for most of its revenues. It has also helped push up the global oil price to almost $50 (Ј38) a barrel.
The renewed militancy was triggered late last year by the cash-strapped government's decision to cancel lucrative security contracts and reduce the budget to pay former militants by 70% .
The payments were part of an amnesty programme agreed upon in 2009 that largely ended the previous bout of militancy, which had crippled the oil industry a decade ago.
As part of the agreement, tens of thousands of militants gave up their arms in return for a monthly stipend worth around $400 at the time and the opportunity to retrain as divers, welders and boat builders at colleges overseas.
Critics regarded the deal as little more than a "bribe for peace".
Now with the payments drying up, many fighters with a grievance and a gun feel they have little to lose.
'Taken for granted'
A group called the Niger Delta Avengers (NDA) says it is behind a series of attacks including one attack on a pipeline that shut down one of Nigeria's main oil export terminals.
One militant leader, who says he fights alongside the NDA, agreed to meet us.
Commander Johnson Biboye, his pseudonym, told me his group were responsible for several recent attacks. He refused to give more details citing operational security.
He said his men had little choice but to return to militancy.
"You cannot sleep in the creeks and have the mosquitoes sucking your blood and say you're happy," he told me.
"But the government needs to know we've been taken for granted for several years, enough is enough."
Mr Biboye says he has 300 fighters under his command. He denies he is holding the government "hostage" or that he leads a "terrorist" organisation.
"We've are demanding our rights," he said.
"We have been slaves for many years. We are doing this so our communities get developed. We want to control the oil resources".
He called on the government to negotiate sincerely with the militant groups and warned that if they did not the situation would only get "worse".
'Broken promises'
Oil was first discovered in the Niger Delta in the 1950s. It should have been a blessing but many locals see it as a curse.
Thousands of oil spills have ruined fishing grounds, contaminated water supplies, and destroyed croplands.
There have been widespread allegations of corruption, with accusations that politicians and local leaders siphon off cash that should be spent on building schools, hospitals and providing electricity.
Locals also complain that the jobs in the oil industry are frequently given to outsiders.
It is hard to ignore the painful irony that communities lying on top of some of the world's richest oil deposits are mostly living in abject poverty.
"The Niger Delta is the goose that lays the golden egg but never benefits from it," Chief Dan Ekpebide told me as we wandered through the village of Kurutie.
We were there to see the temporary site of the Nigerian Maritime University - the first of its kind in the area.
There were a dozen buildings including a large lecture hall, student dormitories, and an enormous 12m diving tank to be used to train divers how to weld under water.
It was designed to give young people an opportunity and an alternative to a life of militancy.
But there are no staff or students and for Mr Ekpebide it is a symbol of broken government promises.
"We feel seriously neglected. It speaks volumes about how the federal government thinks about the people in Delta," he said.
Like many in this part of the country he expresses anger towards the current administration of President Muhammadu Buhari.
Palace in ruins
The largely Christian south of Nigeria warned there could be trouble if President Buhari who is from the predominantly Muslim north of the country, beat Goodluck Jonathan during last year's presidential elections.
The former President was from the Niger Delta and spread his largesse around the region.
The university campus was built by Government Ekpemupolo, a prominent former militant leader turned businessman.
But now Mr Ekpemupolo also known by the alias "Tompolo" is on the run from the authorities accused of massive corruption.
Some Nigerians believe Tompolo is the mastermind behind the recent spate of attacks in the Delta. His supporters deny the accusation.
A short boat ride up the creek, Mr Ekpebide took me to the seat of the traditional Gbaramatu Kingdom, a prominent Ijaw group in the region.
The palace was bombarded during deadly clashes between the army and militants in 2009.
It now lies in ruins: The roofs were ripped off, windows smashed and statues toppled.
Shortly afterwards the amnesty was signed that has largely held until this year.
But Mr Ekpebide told me the palace will not be repaired.
"It is a reminder of what the government did to the people," he said.
Few here are willing to forget the past and the anger felt in the Niger Delta will only divide the country further.
The militants or the "boys" are back in the creeks, destroying pipelines, attacking oil installations, and kidnapping workers.
The violence has slashed Nigeria's oil production by a third.
As we snake our way through the mangrove swamps in a speedboat we are entering a world where outsiders are no longer welcome.
With pipelines and a huge oil export terminal on the horizon, every so often we flash by a fishing community with its wooden huts clustered close to rickety, wooden pier.
The chaos here is dealing a serious blow to the Nigerian government who are dependent upon oil sales for most of its revenues. It has also helped push up the global oil price to almost $50 (Ј38) a barrel.
The renewed militancy was triggered late last year by the cash-strapped government's decision to cancel lucrative security contracts and reduce the budget to pay former militants by 70% .
The payments were part of an amnesty programme agreed upon in 2009 that largely ended the previous bout of militancy, which had crippled the oil industry a decade ago.
As part of the agreement, tens of thousands of militants gave up their arms in return for a monthly stipend worth around $400 at the time and the opportunity to retrain as divers, welders and boat builders at colleges overseas.
Critics regarded the deal as little more than a "bribe for peace".
Now with the payments drying up, many fighters with a grievance and a gun feel they have little to lose.
'Taken for granted'
A group called the Niger Delta Avengers (NDA) says it is behind a series of attacks including one attack on a pipeline that shut down one of Nigeria's main oil export terminals.
One militant leader, who says he fights alongside the NDA, agreed to meet us.
Commander Johnson Biboye, his pseudonym, told me his group were responsible for several recent attacks. He refused to give more details citing operational security.
He said his men had little choice but to return to militancy.
"You cannot sleep in the creeks and have the mosquitoes sucking your blood and say you're happy," he told me.
"But the government needs to know we've been taken for granted for several years, enough is enough."
Mr Biboye says he has 300 fighters under his command. He denies he is holding the government "hostage" or that he leads a "terrorist" organisation.
"We've are demanding our rights," he said.
"We have been slaves for many years. We are doing this so our communities get developed. We want to control the oil resources".
He called on the government to negotiate sincerely with the militant groups and warned that if they did not the situation would only get "worse".
'Broken promises'
Oil was first discovered in the Niger Delta in the 1950s. It should have been a blessing but many locals see it as a curse.
Thousands of oil spills have ruined fishing grounds, contaminated water supplies, and destroyed croplands.
There have been widespread allegations of corruption, with accusations that politicians and local leaders siphon off cash that should be spent on building schools, hospitals and providing electricity.
Locals also complain that the jobs in the oil industry are frequently given to outsiders.
It is hard to ignore the painful irony that communities lying on top of some of the world's richest oil deposits are mostly living in abject poverty.
"The Niger Delta is the goose that lays the golden egg but never benefits from it," Chief Dan Ekpebide told me as we wandered through the village of Kurutie.
We were there to see the temporary site of the Nigerian Maritime University - the first of its kind in the area.
There were a dozen buildings including a large lecture hall, student dormitories, and an enormous 12m diving tank to be used to train divers how to weld under water.
It was designed to give young people an opportunity and an alternative to a life of militancy.
But there are no staff or students and for Mr Ekpebide it is a symbol of broken government promises.
"We feel seriously neglected. It speaks volumes about how the federal government thinks about the people in Delta," he said.
Like many in this part of the country he expresses anger towards the current administration of President Muhammadu Buhari.
Palace in ruins
The largely Christian south of Nigeria warned there could be trouble if President Buhari who is from the predominantly Muslim north of the country, beat Goodluck Jonathan during last year's presidential elections.
The former President was from the Niger Delta and spread his largesse around the region.
The university campus was built by Government Ekpemupolo, a prominent former militant leader turned businessman.
But now Mr Ekpemupolo also known by the alias "Tompolo" is on the run from the authorities accused of massive corruption.
Some Nigerians believe Tompolo is the mastermind behind the recent spate of attacks in the Delta. His supporters deny the accusation.
A short boat ride up the creek, Mr Ekpebide took me to the seat of the traditional Gbaramatu Kingdom, a prominent Ijaw group in the region.
The palace was bombarded during deadly clashes between the army and militants in 2009.
It now lies in ruins: The roofs were ripped off, windows smashed and statues toppled.
Shortly afterwards the amnesty was signed that has largely held until this year.
But Mr Ekpebide told me the palace will not be repaired.
"It is a reminder of what the government did to the people," he said.
Few here are willing to forget the past and the anger felt in the Niger Delta will only divide the country further.
Thursday, July 21, 2016
Nigeria Launches $100 Million Oil Fund
Nigeria’s government has launched a special fund worth US$100 million to take care of securing the credit that the oil industry of the country needs. Called a Nigerian Content Intervention Fund, the vehicle will be managed by the Nigerian Content Development and Monitoring Board and the Bank of Industry.
Until now, Nigerian oil service companies could benefit from a 50 percent interest rebate on loans from commercial banks plus partial security. These were provided by the Nigeria Content Development Fund, which was launched in 2012.
The Acting Executive Secretary of the NCDMB said the new fund was set up in response to difficulties cited by local oil industry players in obtaining borrowed funds for their operations. Patrick Obah added that the board and the Bank of Industry were dedicated to providing assistance to oil services companies that wanted to create more jobs locally, retain their revenues in-country and add value to the economy.
Nigeria’s oil sector has been deeply troubled by falling oil prices, and more recently, by a long string of attacks on oil production and transport infrastructure. Some of these attacks, though not targeting people, have ended with human casualties. The groups taking responsibility for the attacks have stated that their aim is to redirect a bigger portion of state oil revenues from the capital Lagos to the impoverished region of the Niger Delta, where the country’s oil industry is concentrated.
Just the other day, senior government officials from the two southern provinces of Nigeria urged the central government to revise the oil well ownership regulations in such a way as to give Niger Delta communities a bigger share of the profits. “The people of the Niger Delta region should possess at least 65 percent of the oil wells contrary to the present ownership structure where less than 10 percent of the oil blocks belong to our people,” the legislators said.
Until now, Nigerian oil service companies could benefit from a 50 percent interest rebate on loans from commercial banks plus partial security. These were provided by the Nigeria Content Development Fund, which was launched in 2012.
The Acting Executive Secretary of the NCDMB said the new fund was set up in response to difficulties cited by local oil industry players in obtaining borrowed funds for their operations. Patrick Obah added that the board and the Bank of Industry were dedicated to providing assistance to oil services companies that wanted to create more jobs locally, retain their revenues in-country and add value to the economy.
Nigeria’s oil sector has been deeply troubled by falling oil prices, and more recently, by a long string of attacks on oil production and transport infrastructure. Some of these attacks, though not targeting people, have ended with human casualties. The groups taking responsibility for the attacks have stated that their aim is to redirect a bigger portion of state oil revenues from the capital Lagos to the impoverished region of the Niger Delta, where the country’s oil industry is concentrated.
Just the other day, senior government officials from the two southern provinces of Nigeria urged the central government to revise the oil well ownership regulations in such a way as to give Niger Delta communities a bigger share of the profits. “The people of the Niger Delta region should possess at least 65 percent of the oil wells contrary to the present ownership structure where less than 10 percent of the oil blocks belong to our people,” the legislators said.
Nigerian military claim to have rescued 80 women and children from Boko Haram
Nigeria's missing Chibok schoolgirls are the most well-known among the captives of the Boko Haram militant group, but the Nigerian Islamist insurgency has kidnapped thousands during its seven-year-long reign of terror.
Today, Nigeria's military claimed a success in its effort to reduce that number, after it reportedly freed 80 women and children from a far-flung village in the country's northeast.
The 42 women and 38 children were rescued on Tuesday after soldiers infiltrated a Boko Haram meeting in Gangere village, Army spokesman Col. Sani Kukasheka Usman told the Associated Press. More than 40 militants were killed in the operation.
Thursday's operation is just the latest military effort to root out the radical Muslim group entrenched in northern Nigeria, forcing more than 2 million people to flee their homes. In the last two years, a ramped-up military campaign has succeeded in pushing Boko Haram from its strongholds, but fighters remain active in Borno state, as well as neighboring countries like Cameroon.
So far this year, the militants have carried out a string of suicide attacks, including at refugee camps, and deadly village raids. Nigeria has claimed to have saved thousands of captives from the group, but often these figures are impossible to verify and critics have accused the military of exaggerating its successes.
More than two years after Boko Haram abducted 200 girls from Chibok school in Borno state in 2014, the military managed to rescue two of the teenage students this spring. The government also secured video footage of the abducted girls, showing proof of life for the first time since they were captured.
Today, Nigeria's military claimed a success in its effort to reduce that number, after it reportedly freed 80 women and children from a far-flung village in the country's northeast.
The 42 women and 38 children were rescued on Tuesday after soldiers infiltrated a Boko Haram meeting in Gangere village, Army spokesman Col. Sani Kukasheka Usman told the Associated Press. More than 40 militants were killed in the operation.
Thursday's operation is just the latest military effort to root out the radical Muslim group entrenched in northern Nigeria, forcing more than 2 million people to flee their homes. In the last two years, a ramped-up military campaign has succeeded in pushing Boko Haram from its strongholds, but fighters remain active in Borno state, as well as neighboring countries like Cameroon.
So far this year, the militants have carried out a string of suicide attacks, including at refugee camps, and deadly village raids. Nigeria has claimed to have saved thousands of captives from the group, but often these figures are impossible to verify and critics have accused the military of exaggerating its successes.
More than two years after Boko Haram abducted 200 girls from Chibok school in Borno state in 2014, the military managed to rescue two of the teenage students this spring. The government also secured video footage of the abducted girls, showing proof of life for the first time since they were captured.
Wednesday, July 20, 2016
Video - UN warns 49,000 children at risk of death due to malnutrition in Nigeria
The United Nations Children's Fund has warned a quarter of a million children in north-eastern Nigeria, face severe malnourishment as the humanitarian crisis caused by the Boko Haram deepens. The agency added that an estimated 49,000 children will die if they are not receiving immediate treatment. This is a result of its increase engagement in new areas that requires greater resources.
Oil pipeline bombings causing massive spills in Nigeria
Militants bombed a state-run oil pipeline in southern Nigeria on Monday causing massive spills, in the latest attack on the country's oil infrastructure, said an industry official.
"The pipeline is operated by the Pipelines and Products Marketing Company (PPMC) at Batan near Warri. It was blown up early yesterday (Monday)," a senior official of a major oil firm told AFP Tuesday.
PPMC is a subsidiary of the Nigerian National Petroleum Corporation, which runs a joint venture with firms such as Anglo-Dutch giant Shell, US firms Chevron and Exxon, Italy's Eni and France's Total.
The official, who asked not to be identified, said the pipeline was repaired only recently after it was bombed last month.
The latest attack had caused "massive spills of crude in the area", said the official who called on the authorities to launch a clean-up.
The NNPC were not immediately available for comment when contacted by AFP.
No group has claimed responsibility but the Niger Delta Avengers (NDA) has claimed a wave of bombings of oil and gas facilities since the beginning of the year.
The attacks have reduced output at a time when Nigeria is struggling with low global crude prices which have hammered government revenues, weakening the country's naira currency and pushing up inflation to near 11-year highs.
The militants want oil majors to leave the Niger delta, blaming them for contributing to widespread poverty and under-development of the region.
The group also wants self-determination for the oil-producing states in the delta region and political autonomy.
"The pipeline is operated by the Pipelines and Products Marketing Company (PPMC) at Batan near Warri. It was blown up early yesterday (Monday)," a senior official of a major oil firm told AFP Tuesday.
PPMC is a subsidiary of the Nigerian National Petroleum Corporation, which runs a joint venture with firms such as Anglo-Dutch giant Shell, US firms Chevron and Exxon, Italy's Eni and France's Total.
The official, who asked not to be identified, said the pipeline was repaired only recently after it was bombed last month.
The latest attack had caused "massive spills of crude in the area", said the official who called on the authorities to launch a clean-up.
The NNPC were not immediately available for comment when contacted by AFP.
No group has claimed responsibility but the Niger Delta Avengers (NDA) has claimed a wave of bombings of oil and gas facilities since the beginning of the year.
The attacks have reduced output at a time when Nigeria is struggling with low global crude prices which have hammered government revenues, weakening the country's naira currency and pushing up inflation to near 11-year highs.
The militants want oil majors to leave the Niger delta, blaming them for contributing to widespread poverty and under-development of the region.
The group also wants self-determination for the oil-producing states in the delta region and political autonomy.
Video - Paul Le Guen turns down Super Eagles coach because he doesn't want to live in Nigeria
The Nigeria Football Federation says former Paris Saint-Germain manager Paul Le Guen has turned down a contract to become the new national team coach.
The NFF had announced the Frenchman's appointment on Monday pending the finalization of his contract. On Tuesday, however, the NFF confirmed that Le Guen objected to having targets written into the deal and did not want to live in Nigeria.
In a statement, NFF official Suleiman Yahaya-Kwande said: "There is absolutely no issue with Le Guen saying he is not coming. Several highly-qualified persons would be happy to be named manager of the senior national team of Nigeria."
Nigeria has been looking for a new coach since Sunday Oliseh quit in February.
Le Guen has coached Oman and Cameroon since ending a two-year spell at PSG in 2009.
Tuesday, July 19, 2016
Video - Nigeria issues $10 million grant to boost film industry
Nigeria's government is giving the local film industry, Nollywood, a shot in the arm. Finance Minister Kemi Adeosun says the 10-million-dollar grant is to help local producers fight piracy and streamline the distribution of Nollywood movies.
Uber testing UberEats in Nigeria
Uber riders in Nairobi, Mombasa and Nigeria were part of a global campaign were riders in 69 countries and 400 cities will be able to request an ice cream at a push of button.
In Kenya, Uber partnered with Delia’s All Natural Ice Cream to deliver Uber’s uniquely labelled dessert called “Bits and Atoms”. At the tab of a button, riders in Nairobi and Mombasa will be able to request 2 Servings of Delia’s Natural Ice Cream right to their doorstep
“UberIceCream is a global promotion that celebrates what we have in common, and gives us an opportunity to come together. We are thrilled to bring our riders this exciting experience and we hope riders will take a moment and indulge together” said Alon Lits General Manager for Uber Sub Saharan Africa.
UberEats is a food delivery service by Uber set to be launched across its markets. By testing UberIceCream, the firm is nearing the official launch of UberEats across its various markets.
The UberIceCream promotion works simply.
Related stories: Video - Uber expanding in Nigeria
Naira Forwards, Volatility Surge as Nigeria Removes Spread Limit
Naira forwards rose to record highs and volatility surged after the Central Bank of Nigeria removed a limit on bid-offer spreads in the foreign-exchange market, raising expectations the currency is set to extend declines as it trades more freely.
Three-month non-deliverable forward contracts jumped 4.1 percent to a record 329 per dollar by 4:41 p.m. in Lagos, while contracts maturing in a year rose 3.3 percent to 363, also the highest level on a closing basis. One-week historical volatility increased to 27 percent, compared to an average of 8.6 percent over the past year, according to data compiled by Bloomberg.
While the naira weakened 3.5 percent to a record 294.5 versus the dollar in the spot market, having swung between 280.22 and 294.84, little trading took place, according to David Willacy, a currency trader at INTL FCStone Ltd.
On Friday, the central bank ended a rule capping the difference, or spread, between bids and offers in the foreign-exchange interbank market at 50 kobo, according to Kunle Ezun, an analyst at Ecobank Transnational Inc.
“That’s why you are seeing that volatility,” Ezun said by phone from Lagos. “The spread used to make prices move within a defined range, which is not good. The expectation is that central bank will allow the market to trade freely by removing the spread and letting liquidity determine the rate.”
The naira depreciated 29 percent against the dollar last month after the Abuja-based regulator ended a 16-month peg of 197-199 per dollar. That and the capital controls used to defend it led bond and stock investors to flee the country and exacerbated an economic crash caused by the fall in oil prices from mid-2014. The economy contracted in the first quarter and is likely to shrink over the whole of 2016, the International Monetary Fund said on July 8.
Black Market
Few investors have returned to Nigeria’s markets since the devaluation and many think the exchange rate needs to weaken further. Importers of items such as glass, textiles and rice are still banned from using the interbank market to buy hard currency and are forced on to the black market, where the naira trades at about 365 per dollar.
Central bank Governor Godwin Emefiele and Deputy Governor Sarah Alade met investors in the U.S. and London last week to entice them to buy naira assets. Emefiele dismissed suggestions that there was too little foreign-exchange liquidity and said the black market was too small for them to use as a gauge of the naira’s true value, according to two people with attended the private talks and asked not to be identified.
“The market looks to be overvalued as investors are still unwilling to sell dollars into Nigeria,” Willacy at INTL FCStone said by phone from London. “We can imply this by the low trading volumes on the interbank market.”
Three-month non-deliverable forward contracts jumped 4.1 percent to a record 329 per dollar by 4:41 p.m. in Lagos, while contracts maturing in a year rose 3.3 percent to 363, also the highest level on a closing basis. One-week historical volatility increased to 27 percent, compared to an average of 8.6 percent over the past year, according to data compiled by Bloomberg.
While the naira weakened 3.5 percent to a record 294.5 versus the dollar in the spot market, having swung between 280.22 and 294.84, little trading took place, according to David Willacy, a currency trader at INTL FCStone Ltd.
On Friday, the central bank ended a rule capping the difference, or spread, between bids and offers in the foreign-exchange interbank market at 50 kobo, according to Kunle Ezun, an analyst at Ecobank Transnational Inc.
“That’s why you are seeing that volatility,” Ezun said by phone from Lagos. “The spread used to make prices move within a defined range, which is not good. The expectation is that central bank will allow the market to trade freely by removing the spread and letting liquidity determine the rate.”
The naira depreciated 29 percent against the dollar last month after the Abuja-based regulator ended a 16-month peg of 197-199 per dollar. That and the capital controls used to defend it led bond and stock investors to flee the country and exacerbated an economic crash caused by the fall in oil prices from mid-2014. The economy contracted in the first quarter and is likely to shrink over the whole of 2016, the International Monetary Fund said on July 8.
Black Market
Few investors have returned to Nigeria’s markets since the devaluation and many think the exchange rate needs to weaken further. Importers of items such as glass, textiles and rice are still banned from using the interbank market to buy hard currency and are forced on to the black market, where the naira trades at about 365 per dollar.
Central bank Governor Godwin Emefiele and Deputy Governor Sarah Alade met investors in the U.S. and London last week to entice them to buy naira assets. Emefiele dismissed suggestions that there was too little foreign-exchange liquidity and said the black market was too small for them to use as a gauge of the naira’s true value, according to two people with attended the private talks and asked not to be identified.
“The market looks to be overvalued as investors are still unwilling to sell dollars into Nigeria,” Willacy at INTL FCStone said by phone from London. “We can imply this by the low trading volumes on the interbank market.”
Monday, July 18, 2016
Video - Nigeria military denies reports of looming famine in North-east
Nigeria's military is denying reports of an unfolding humanitarian crisis in Northeastern Nigeria. Aid agency Doctors Without Borders (MSF)has warned of a deteriorating situation that some observers believe may require intervention from the United Nations.
Video - Top Five Nigeria National Team Goalscorers
As Nigeria get ready to pick a new national team coach, here's a look at some of the men who have made the Super Eagles one of the best football teams on the continent in the past. This week on the Matchpoint Top Five segment, we're counting down Nigeria's Top Five Goalscorers for the National team.
Pokemon Go craze hits Nigeria
The new smartphone game “Pokemon Go” by Nintendo, which has had tongues wagging all over the world has hit Nigeria’s capital, Lagos by storm.
The new game which is not officially available in Africa but is said to be only available in very few countries like United States, Australia, Japan and New Zealand, has found its way to the West African country.
It is unclear at this stage how users where able to download the app, however, they’ve succesfully bypassed the ‘legal’ way of getting the game and are taking full advantage.
People are going crazy over Pokémon Go, which allows players to join one of three global teams, search for Pokémon monsters using real world elements and battle for territory using GPS.
Nintendo’s shares hit a six year high after the launch of the game. The Japanese game company’s stock climbed 86 per cent since last Thursday on the back of game’s popularity.
The new game which is not officially available in Africa but is said to be only available in very few countries like United States, Australia, Japan and New Zealand, has found its way to the West African country.
It is unclear at this stage how users where able to download the app, however, they’ve succesfully bypassed the ‘legal’ way of getting the game and are taking full advantage.
People are going crazy over Pokémon Go, which allows players to join one of three global teams, search for Pokémon monsters using real world elements and battle for territory using GPS.
Nintendo’s shares hit a six year high after the launch of the game. The Japanese game company’s stock climbed 86 per cent since last Thursday on the back of game’s popularity.
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