Tuesday, February 7, 2017
Video - Nigerian banks under pressure as naira is forecast to lose more value
In Nigeria, rising non-performing loans and an imminent fall in the naira's value have put banks in a precarious position. They need to raise fresh capital amid a distressed economy. Checks show that the Capital Adequacy Ratio of a number of mid- and large-tier banks is at the threshold stipulated by the Central Bank of Nigeria. This means that in the absence of additional capital, a slight depletion in capital will force a number of the banks to fall below the minimum measures prescribed. This comes amid predictions by economic and financial experts that the naira will hit between 350 and 400 to the U.S. dollar this year, compared with the current rate of 305.
Ban extended by FIFA on top Nigerian officials
World football’s governing body FIFA on Tuesday said it had extended a ban on five officials who have been involved in a leadership battle for control of the game in Nigeria.
FIFA said its disciplinary committee had “decided to extend the five-year ban from taking part in any kind of football-related activity” on Chris Giwa and four others.
The ban would apply worldwide, it said in a statement on its website.
Giwa, the former owner of Giwa FC in the central city of Jos, has insisted since August 2014 that he was elected as the rightful president of the Nigeria Football Federation (NFF).
But the result of the ballot was disputed and prompted FIFA to threaten to ban Nigeria from international competition unless the election was re-run.
Amaju Pinnick was duly elected as NFF boss but Giwa has since dragged the federation to court to challenge its legitimacy.
In May last year the NFF banned him and his supporters for impersonation and breaching FIFA rules by taking football matters to a civil court.
The Confederation of African Football (CAF) also confirmed the ban.
FIFA said its disciplinary committee had “decided to extend the five-year ban from taking part in any kind of football-related activity” on Chris Giwa and four others.
The ban would apply worldwide, it said in a statement on its website.
Giwa, the former owner of Giwa FC in the central city of Jos, has insisted since August 2014 that he was elected as the rightful president of the Nigeria Football Federation (NFF).
But the result of the ballot was disputed and prompted FIFA to threaten to ban Nigeria from international competition unless the election was re-run.
Amaju Pinnick was duly elected as NFF boss but Giwa has since dragged the federation to court to challenge its legitimacy.
In May last year the NFF banned him and his supporters for impersonation and breaching FIFA rules by taking football matters to a civil court.
The Confederation of African Football (CAF) also confirmed the ban.
Arsenal Football Club to partner with MTN Nigeria
MTN has become the official Nigerian mobile telecommunications partner for English top-tier soccer team Arsenal.
Fans of the Premier League club in Nigeria will have access to a range of exclusive benefits, while the telecommunications company will provide exclusive content to its subscribers, including match highlights, clubs news, and interviews. In addition, MTN and Arsenal will partner on a series of promotional and marketing activities, and specialist coaching sessions in the west African country.
"This partnership with MTN will really help us engage with these passionate fans on a regular and personal basis," said Vinai Venkatesham, Arsenal's chief commercial officer. "We are expecting MTN's Arsenal exclusive content to be very popular among our supporters, as well as followers of football generally."
MTN's consumer marketing general manager, Richard Iweanoge, added: "We are excited to announce our partnership with Arsenal and look forward to engaging with sports enthusiasts beyond the current traditional broadcast of matches. Not only this but also digitally with access to exclusive contents that will be delivered via our network."
Arsenal have long enjoyed significant support within Africa's most populous nation. Nigeria currently provides the club's largest website traffic outside of the UK and the team's second highest digital members.
Fans of the Premier League club in Nigeria will have access to a range of exclusive benefits, while the telecommunications company will provide exclusive content to its subscribers, including match highlights, clubs news, and interviews. In addition, MTN and Arsenal will partner on a series of promotional and marketing activities, and specialist coaching sessions in the west African country.
"This partnership with MTN will really help us engage with these passionate fans on a regular and personal basis," said Vinai Venkatesham, Arsenal's chief commercial officer. "We are expecting MTN's Arsenal exclusive content to be very popular among our supporters, as well as followers of football generally."
MTN's consumer marketing general manager, Richard Iweanoge, added: "We are excited to announce our partnership with Arsenal and look forward to engaging with sports enthusiasts beyond the current traditional broadcast of matches. Not only this but also digitally with access to exclusive contents that will be delivered via our network."
Arsenal have long enjoyed significant support within Africa's most populous nation. Nigeria currently provides the club's largest website traffic outside of the UK and the team's second highest digital members.
Monday, February 6, 2017
President Muhammadu Buhari extends medical leave in the Uk
Nigeria's President Muhammadu Buhari has asked the parliament to extend his medical leave in the UK, amid concerns that his health may be worse than officials are publicly saying.
The 74-year-old leader, who has been out of the country for two weeks, was expected to return to Abuja on Sunday.
An official statement said he had been advised by doctors to await the results of a series of tests.
However, it did not say how much extra time would be needed.
There was also no mention of what the medical checks were for.
Analysts say that Mr Buhari's extended absence could further erode confidence in his administration which is already under pressure due to a weak economy and the conflict with Boko Haram Islamist militants in the north-east of the country.
The country is currently suffering from its worst economic crisis in years, following a sharp in the price of oil, its major export.
Businesses and investors complain that the government's handling of the currency exchange rate has made a bad situation even worse, and there have been demonstrations against the lack of jobs and high inflation.
Vice-president Yemi Osinbajo is taking on presidential responsibilities while the president is abroad.
'Medical tourism'
It is the second time in less than a year that Mr Buhari has sought medical assistance overseas. Last June, he spent nearly two weeks, again in London, for treatment for an ear infection.
The trip to the UK appears to roll back on the commitment to tighten up on government officials seeking medical attention abroad.
Speaking on the president's behalf at last year's Nigeria Medical Association General Conference (NMA) in Sokoto, Health Minister Isaac Adewole said the Buhari administration would not encourage spending Nigeria's hard earned resources on any government official seeking medical care abroad, especially when there was evidence of expertise in Nigeria.
The president has been heavily criticised for seeming to renege on his promise to restrict "medical tourism".
After the first visit to London, leading Nigerian doctor Osahon Enabulele, vice-president of the Commonwealth Medical Association, said it was a "national shame" that Mr Buhari went to the UK for treatment when Nigeria had more than 250 ear, nose and throat (ENT) specialists, as well as a National Ear Centre.
He said also that Mr Buhari should lead by example in using Nigerian doctors and facilities, and ensure government officials do not go abroad on "frivolous" medical trips.
In the past, President Buhari has said that Nigeria loses about $1bn a year to medical tourism.
The 74-year-old leader, who has been out of the country for two weeks, was expected to return to Abuja on Sunday.
An official statement said he had been advised by doctors to await the results of a series of tests.
However, it did not say how much extra time would be needed.
There was also no mention of what the medical checks were for.
Analysts say that Mr Buhari's extended absence could further erode confidence in his administration which is already under pressure due to a weak economy and the conflict with Boko Haram Islamist militants in the north-east of the country.
The country is currently suffering from its worst economic crisis in years, following a sharp in the price of oil, its major export.
Businesses and investors complain that the government's handling of the currency exchange rate has made a bad situation even worse, and there have been demonstrations against the lack of jobs and high inflation.
Vice-president Yemi Osinbajo is taking on presidential responsibilities while the president is abroad.
'Medical tourism'
It is the second time in less than a year that Mr Buhari has sought medical assistance overseas. Last June, he spent nearly two weeks, again in London, for treatment for an ear infection.
The trip to the UK appears to roll back on the commitment to tighten up on government officials seeking medical attention abroad.
Speaking on the president's behalf at last year's Nigeria Medical Association General Conference (NMA) in Sokoto, Health Minister Isaac Adewole said the Buhari administration would not encourage spending Nigeria's hard earned resources on any government official seeking medical care abroad, especially when there was evidence of expertise in Nigeria.
The president has been heavily criticised for seeming to renege on his promise to restrict "medical tourism".
After the first visit to London, leading Nigerian doctor Osahon Enabulele, vice-president of the Commonwealth Medical Association, said it was a "national shame" that Mr Buhari went to the UK for treatment when Nigeria had more than 250 ear, nose and throat (ENT) specialists, as well as a National Ear Centre.
He said also that Mr Buhari should lead by example in using Nigerian doctors and facilities, and ensure government officials do not go abroad on "frivolous" medical trips.
In the past, President Buhari has said that Nigeria loses about $1bn a year to medical tourism.
Friday, February 3, 2017
Video - Nigeria orders commercial vehicles be fitted with speed monitors
In Nigeria, the road safety body is mandating all commercial vehicles be fitted with a speed governing device. The country boasts some of the more modernized roads in Africa, but also registers some of the highest numbers of road-related deaths.
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