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Financial economist advocates partial privatisation of government assets

Nnenna Okoronkwo
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The Nigerian government has been advised to partially privatise government assets as part of efforts to revive the economy, post COVID-19.

A Financial Economist and a Professor of Capital Market at the Nasarawa State University Keffi, Uche Uwaleke, said the government should privatise assets such as the Nigerian National Petroleum Corporation through the Nigerian Stock Exchange (NSE).

He advised the Federal Government to deploy proceeds from the sales to recapitalise development financial institutions such as the Bank of Industry (BoI) and Bank of Agriculture (BoA).

Uwaleke stated this in a presentation delivered at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2020 workshop tagged: “The Capital Market in Post COVID-19 Nigerian Economy”.

Uwaleke also advocated the partial privatisation of the Nigerian Commodity Exchange (NCX) and called on government to put in place policies to support the commodity trading ecosystem.

Uwaleke, who canvassed provision of fiscal incentives for companies listed on the Securities Exchanges, urged the Federal Government to pursue aggressive export-based diversification to reduce vulnerabilities to external shocks and boost the external reserves.

On infrastructural development, the don called on the government to address infrastructure gaps through Public Private Participation, issue more infrastructure bonds such as Sukuk and Green Bonds which are tied to self-liquidating projects.

While charging the government to tackle insecurity and continuously improve the ease of doing business, Uwaleke called on the Central Bank of Nigeria (CBN) to continue to deploy policies favourable to stock market growth and which support economic recovery.

“The CBN should consider scaling up its development finance efforts especially as they relate to the agriculture value chain,” he said.

On the way forward for the Securities and Exchange Commission and Self Regulatory Organisations, Uwaleke called for the strict enforcement of the corporate governance codes for listed companies to boost investor confidence, leverage RegTech and Research to proactively stay ahead of the market, leverage FinTech to innovate and improve service delivery, upskill market intermediaries/Capital market operators, expand product offerings to increase captive market and continuously engender the market confidence through zero tolerance for infractions.

Speaking on the outlook in the post-COVID-era, Uwaleke said Joe Biden’s victory in the US presidential election and COVID vaccine prospects have positive implications for global capital markets.

“In Nigeria, the containment of COVID-19 and the unlikely possibility of another lockdown will further boost the market. Exchange rate unification will likely improve foreign investments and foreign exchange market liquidity,” he said.

Uwaleke added that the ongoing Nigerian Stock Exchange demutualisation would improve capital raising ability for infrastructure modernisation.

“The Finance Bill 2021 provision on unclaimed dividends (S.39) has the potential to address the issue and boost market confidence, the planned reopening of the borders will reduce inflation rate, while the planned introduction of financial derivatives in the capital market to mitigate volatility,” he said.

Corroborating him, the President, Institute of Capital Market Registrars (ICMR), Mr Seyi Owoturo, advised the Federal Government to chart new ways of moderating or balancing the effect of inflation on real returns of investments in the capital market.

Also speaking, the Vice President, Market Architecture, FMDQ Securities Exchange,  Ms Jumoke Olaniyan, noted thatt government needs to do all it can to ensure the recovery of the economy by first quarter (Q1)  of 2021 is feasible.

“What we have seen in recent times is that we have seen that the Nigerian economy can be very resilient and which is very critical or the foundation of any capital market.

“It is a situation whereby a capital market can be created to absorb the shock that it goes through and always recover quickly. 

“Therefore, it is very good that there are indicators that we will recover in the first quarter of 2021 and that is testament to the resilience of the economy itself.

“This means we have a very strong foundation but we really need to put building blocks to make sure that we achieve that quick recovery and maintain that quick recovery in all facets of the economy”, Olaniyan said.

Nnenna.O

Trade Fair is strategic to economic development – FIRS

Nnenna Okoronkwo
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The Federal Inland Revenue Service in Nigeria says the decision to hold the 2020 Lagos International Trade fair amidst the various challenges this year shows the strategic role the fair has to play in the development of the nation’s economy.

The Chairman of the service, Mr. Muhammad Nami represented by the Connecting Director, Enforcement Support group of the Service, Mr. Israel Zuberu said the key motivating factor for this year’s fair were partnership and stakeholders engagement.

Mr. Zuberu said, “in spite of covid, in spite of the endsars protest, we have to keep moving, we have to leave whatever might have been the setbacks and continue to move ahead”.

He said the Service would use the opportunity of the fair to engage stakeholders to make them understand much more about the concept of taxation and how they can contribute to the Commonwealth of Nigeria.

“We’re still exploring means of ensuring that things are much easier for them”, Zuberu said.

The Lagos International Trade fair which is scheduled to close on the 13th of December is on its third day.

Nnenna.O

Nigerian Comedian welcomes second child with wife

Aisha John-Mark
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Nigerian comedian, Seyi Law has welcomed a second child with his wife, Stacey Aletile.

The comedian took to his Instagram page on Sunday, December 6, 2020, where he announced the big news.

 

View this post on Instagram

 

A post shared by SEYI LAW (@seyilaw1)

He also went on to reveal the name of his daughter.

 

View this post on Instagram

 

A post shared by SEYI LAW (@seyilaw1)

Controversial Appointment: Kano Governor Demands Apology From US Varsity

Nnenna Okoronkwo
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Kano state government has demanded an unequivocal apology from the management of East Carolina University over a controversial appointment offered to Governor Abdullahi Umar Ganduje into the position of Senior Mentoring Scholar and Visiting Full Professor of e-governance and International Affairs in the university on November 30, 2020.

Secretary to the Kano State Government (SSG), Usman Alhaji in a statement also called for “disciplinary action against the faculty member that stirred up the controversy which attempted to embarrass the governor and the good people of Kano state.*

He said that while the governor or any official of his government has no reason to doubt the veracity of the letter sent by one of its faculty members, which was communicated using the university’s instrument of office, it equally did not at any time solicit for such appointment.

‘’We are deeply saddened by the uproar stirred up by this controversial appointment that attempted to embarrass the person of the governor and the good people of Kano state,“ said Usman.

Alhaji Usman pointed out that Governor Ganduje obtained a National Certificate in Education (NCE) 1972, a Bachelor’s Degree in Science Education from Ahmadu Bello University (ABU), Zaria, 1975; two Master’s Degrees in Applied Educational Psychology from Bayero University, Kano (BUK) 1979; and Public Administration also from ABU 1985, as well as a Ph.D. which he obtained nearly three decades ago from the University of Ibadan in southwest Nigeria.

The SSG said that given this background as an academician of refuting, the Governor would be the last person on earth to have neither solicit nor accept fraudulently appointment into academic position in any university or institution of higher learning within and outside Nigeria.

While wishing the university the best of luck, the statement expressed deep shock over the content of the letter from the Office of the Provost and Senior Vice Chancellor for Academic Affairs of the University, admitting an error in conveying the message notifying the appointment.

 

Nnenna.O

Nigeria to benefit from $50m Start-Up investment

Aisha John-Mark
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The Nigerian Government says about 50 million dollars foreign investments already attracted into the economy for the support of various start-ups in the country through its digital economy and innovations policy.

The Minister of Communications and Digital Economy, Dr. Isa Pantami disclosed this while speaking with journalist in Dubai, United Arab Emirates, at the 40th Gulf Information Technology Exhibition, GITEX 2020.

 

The Minister noted that the journey of start-ups is a tough one but urged them to be consistent and steadfast as the breakthroughs might come after several years.

 

According to him, Nigeria was not lacking in terms of innovative ideas, stating that it is the plan of the government to identify the challenges confronting the start-ups and see how government can assist them.

 

The Minister pointed out that start-ups in Lagos and Abuja have really made Nigeria proud as they keep attracting foreign investments into the country.

 

“The start-ups need to be mentored, any start-ups without mentorship cannot be successful on the platter of gold,  you need to be patient, and consistent. 

You have to be steadfast and partake in critical thinking as well as be analytic. The main challenge is not about funding but mentoring. That is why our focus now is on mentoring our young start-ups”

 

“We are also providing the enabling environment for them to strive, so you discover that in the proposed finance bill 2020, there is reduction in small and medium enterprises taxes. If we are able to implement this plan in the next five years, our start-ups are going to be celebrated not only in Nigeria, but globally,” He stated.

 

Dr. Pantami added that Amazon became a global brand with huge profit today after several years of trials and failures, expressing confidence that Nigeria start-ups which attracted the 50 million dollars investments give hope that the future would be bright for the country.

 

On his part, the Director General of the National Information Technology Development Agency, Kashifu Inuwa said 10 Nigerian start-ups would be showcasing their innovations in Dubai this year.

 

He reiterated the commitment of NITDA to continue encouraging all Nigerians to invest and participate in efforts that would boost innovation and digital economy in the country.

Ghana holds tight presidential poll as old rivals square-up

Aisha John-Mark
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In what is expected to be a tight race between incumbent Nana Akufo-Addo and his predecessor, John Mahama, voters in Ghana will head to the polls on Monday to pick the country’s next president,

The two longtime rivals, who are meeting at the polls for the third straight time as they seek a second and final term in office, are widely seen as the two frontrunners in an election of twelve presidential candidates.

With the heightened political tensions, the two leading candidates on Friday signed a pact for good conduct and peaceful elections at a ceremony in the capital, Accra, which was attended by traditional and religious leaders, as well as international observers.

This election will be the eighth since Ghana’s first step towards multiparty democracy in 1992.

Chief of Army staff Golf Tournament ends in Abuja

Aisha John-Mark
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The inaugural edition of the Chief of Army Staff Golf Club tournament tagged “Chief of Army Staff Professional and Amateur Golf Competition” has come to an end on Sunday with various prices won in different categories.

The three-day tournament held at the TY Buratai International Golf Resort and Country Club is in commemoration of the groundbreaking and official launch of the Golf Club performed by the Chief of Army Staff, Lieutenant General Tukur Buratai.

The Army Chief, who was represented at the closing ceremony by the Chief of Policy and Plans Army, Lieutenant General Lamidi Adeosun, who is also the Chairman of the TY Buratai Club, said very soon the development of the resort will be visible for all to see and will be one of the best.

“It will eventually develop to a level that will compete with any other international golf resort and country club in the world in the years to come” said General Adeosun.

In his opening remarks, Captain of the TY Buratai Golf Resort and Country Club, Brigadier General Adekunle Ariyibi said 127 professionals participated in the tournament.

General Aribiyi said: “The club itself is fully owned by members of the Nigerian armed forces both serving and retired with resources coming mainly from members, cooperate bodies, friends and well-wishers of the club.”

 



It would be recalled that the Chief of Army Staff, Lieutenant General Tukur Buratai on Saturday, 5th December 2020 laid the foundation for the TYB International Golf Resort and Country Club at the Shehu Yaradua Barracks.

The competition is now an annual event and will be part of the army’s annual budget.

U20 AFCON QUALIFIERS:Flying Eagles held 1-1 by Cote d’Ivoire

Nnenna Okoronkwo
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Ten-man Flying Eagles were today held to a 1-1 draw by Cote d’Ivoire in their opening Group B match of the U20 AFCON qualifiers in Porto Novo, Benin Republic.

Defender Chris Nwaeze gave Nigeria the lead on 61 minutes, when he headed home a free kick taken by Wisdom Ubani.

Nwaeze turned from hero to zero when he was sent off for a second booking in the 69th minute.

With numerical advantage, the Ivorians drew level on the dot of full time.

The Nigeria U20s created chances but failed to out them away particularly in the first period.

The Flying Eagles will now be under pressure to win their final group game against perennial rivals Ghana on Wednesday at the same venue.

AfCFTA Summit: Nigeria calls for probity and transparency

Aisha John-Mark
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Nigeria has urged the other African countries to work assiduously to encourage probity, transparency and promote a shared and inclusive prosperity for all Africans in a bid to defend and preserve the agreed rules in place to ensure the success of the African Continental Free Trade Area (AfCFTA) Agreement.

Nigeria’s President, Muhammadu Buhari, who made this known at the 13th Extra-Ordinary Summit of the African Union Assembly of Heads of State and Government, added that Nigeria is keenly aware of her role in deepening intra-Africa trade and making it a success.

The President was represented by the Minister of Foreign Affairs, Geoffrey Onyeama, at the online summit held at Addis Ababa, Ethiopia.

 

Nigeria also pledged to remain open to transparent and work with other countries across the continent, in the spirit of cooperation to deepen continental integration through the free movement of goods and persons across the continent.

According to President Buhari, “we must remain strident and committed in our support for the instrument while timeously addressing actions that could lead to breakdown of the rules-based African Continental Free Trade Area.”

“The successful commencement of trade in January 2021 is indeed the fulfillment of the collective dreams of our founding fathers, for a better, united, peaceful and prosperous Africa.

“Let us therefore keep in mind that any form of abuse of the rules that undermine our borders and affect our markets could be a recipe for strained trade relations, disorder, regional and geopolitical tensions and reduced economic growth.

While noting that the trade rules require trust and constant updates, President Buhari stated that AU member countries must continue to work to address and close noticeable gaps, in particular the challenges occasioned by ravages of COVID-19 pandemic and other critical issues affecting the continent.

The President who disclosed that Nigeria has taken bold and definitive steps to ratify the African Continental Free Trade Area Agreement (AfCFTA), said: “In view of Nigeria’s strategic role in our collective effort to build the “Africa we want”, the Nigerian Government has taken bold and definitive steps to ratify the African Continental Free Trade Area Agreement.

“Nigeria is keenly aware of her role in deepening intra-Africa trade and making it a success.

“We remain open to transparent work with our brothers and sisters across Africa, in the spirit of cooperation to deepen continental integration through the free movement of goods, natural and legal persons across the continent.”

“We must remain focused to ensure we do not derail in our quest for Africa’s integration,” he ended.

President Buhari assured the African Union Assembly that Nigeria is taking all the necessary steps to be fully prepared for the effective start of trading on 1st January 2021.

 

Son, Kane goals return Spurs to the top

Nnenna Okoronkwo
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0

Harry Kane believes both he and attacking partner, Son Heung-min, are entering the prime of their careers after their goals helped Tottenham overcome arch-rivals, Arsenal to return Spurs to the top of the Premier League table.

The deadly double act were at the heart of another impressive win and both were on the scoresheet as Jose Mourinho’s side took control of the game by the interval.

Son and Kane have now combined for 31 Premier League goals, the second most of any duo behind former Chelsea players Didier Drogba and Frank Lampard 36.

Spurs fans were back inside their vast stadium for the first time in 277 days and were celebrating after only 13 minutes when Son took Kane’s pass, advancing on the retreating Arsenal defence before curling a magnificent right-foot finish beyond diving Arsenal keeper Bernd Leno from 25 yards.

Arsenal dominated possession in the first half but it was Spurs who had the ruthless, clinical edge as they caught the Gunners on the break in stoppage time, Son repaying the compliment by playing in Kane for an unstoppable finish off the underside of the crossbar for his 11th north London derby goal and the 250th of his career for clubs and country.

Mikel Arteta’s side, who lost Thomas Partey to injury right on half-time, showed a little more threat after the break but Spurs closed out the win with relative ease to return to the Premier League summit.

Wilfred Zaha again underlined his importance to Crystal Palace as they took advantage of the controversial dismissal of Matheus Pereira to claim their first points in three games with a rout at West Brom.

Wilfried Zaha returned to inspire Crystal Palace to a 5-1 demolition of 10-man West Brom.

The star forward grabbed a brace on his comeback after recovering from Coronavirus, as Palace scored five away from home in the Premier League for the first time.

Christian Benteke also netted twice after Darnell Furlong’s own goal put the visitors ahead at The Hawthorns.

Conor Gallagher levelled in the first half before Matheus Pereira’s controversial first-half red card allowed the Eagles to take control.

They climbed to 11th but inflicted more Premier League misery on the Baggies, who remain in the bottom three.

Eberechi Eze got an assist in the game why Semi Ajayi could do little to safe his side from the humiliation.

Jamie Vardy struck a 90th-minute winner to grab Leicester a 2-1 victory at Sheffield United, leaving Chris Wilder’s men in all sorts of trouble in the Premier League

Ayoze Perez fired Leicester in front (24) after seizing upon a deflected shot by Marc Albrighton but Oli McBurnie scored his first goal of the season minutes later (26), heading in from a corner.

Leicester’s performance tailed off in the second period but they could have had the game wrapped up as both Vardy and James Maddison hit the post in the first half.

The Blades were minutes away from their second point of the season but Vardy, who grew up a Sheffield Wednesday fan, raced clear from a Maddison pass with one of the last attacks of the game and grabbed maximum points for the Foxes.

Wilfred Ndidi and Kelechi Iheanacho were introduced for the Foxes in the 69th minute.

Liverpool moved level on points with Tottenham at the top of the Premier League as they put on a show at Anfield for their returning supporters with a 4-0 victory over Wolves.

The lucky fans in the ground on Sunday evening saw the champions played in the flesh for the first time since their Premier League title win in June, and they weren’t disappointed.

Mohamed Salah pounced on Conor Coady’s error to open the scoring in the first half before goals from Georginio Wijnaldum (58), Joel Matip (67) and a Nelson Semedo own goal sealed the emphatic victory and extended their unbeaten league home record to 65 games.

The three points saw Liverpool, who handed a Premier League debut to goalkeeper Caoimhin Kelleher in the absence of Alisson Becker, move back up to second in the table, level on 24 points with Spurs, who beat north London rivals Arsenal earlier in the day.

Meanwhile, Wolves stay 10th after suffering a fourth league defeat of the season.

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