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Edo First Lady tasks legislators’ wives on collaboration

By Simon Ebegbulem BENIN—FIRST lady of Edo State, Mrs. Betsy Obaseki, has urged wives of members of the state House of Assembly to collaborate with their husbands in the determination of the administration to move Edo to the next level. Betsy Obaseki She gave the advice when spouses of the state’s lawmakers paid her a courtesy visit at Government House, Benin City, weekend. She said: “There is need for you to be friends to each other, as your friendship will enable you provide support to your spouses in discharge of their roles as husbands, fathers and law makers in the state. I encourage you to be formidable as a group, which helps sustain the unity required to develop the state. “Ensure that you work together in complementing the roles of your husbands, not minding w...

2019: Supporters seek second term in office for Ambode

By Olasunkanmi Akoni lagos—A cross section of supporters of Govenor Akinwumi Ambode of Lagos State, on the aegis of Akin Ambode Campaign Group, AACG, has called on Governor Ambode to seek reelection in 2019 to complete the projects he has started. AMBODE Alhaji Moruf Soremekun, the state chairman of AACG,  weekend, at Agege, during the 4th Anniversary, lecture, awards and investiture ceremony of the group,  claimed  the dynamic administration of Governor Ambode had brought about unprecedented progress to  all and sundry, noting that his six cardinal policies on security, health, food sufficiency, massive infrastructure, employment opportunity had stood tall. According to him, on the area of Internally Generated Revenue, IGR, of all 36 states, Lagos had been receiving c...

Portfolio managers task SEC, NSE on investors’ protection

By Nkiruka Nnorom THE Association of Investment Advisers and Portfolio Managers, IAMP, have called on the regulatory agencies in the capital market to be more proactive in investigating reported cases of infraction among market operators in order to safeguard investors’ interest. Speaking at the 2017 Investment Advisers and Portfolio Managers Forum in Lagos, Mr. Yinka Sanni, Chief Executive Officer, Stanbic IBTC Holdings Plc, called on operators in the market to promote the highest standard of ethical practice in their businesses to boost investors’ confidence. The floor of Stock exchange Sanni, who was represented Bunmi Dayo-Olagunji, CEO, Stanbic IBTC Asset Management, argued that a lot needs to be done to improve investors’ confidence, saying that a 2016/2017 Global...

FSS 2020: Milestones and roadmap for the future

By Babajide Komolafe IT is two years to the end of the time frame for achieving the vision to make Nigeria’s  financial system to be the safest and most diversified  financial system among emerging markets supporting the real economy. This time frame was set in 2006 when regulators and government agencies in the financial system, led by the Central Bank of Nigeria (CBN), developed the Financial System Strategy 2020 (FSS 2020). The Central Bank of Nigeria head office in Abuja. The FSS 2020 vision was prompted by the prediction of Goldman Sachs that Nigeria is among 11 emerging countries that have the potential to be among the 20 largest economies  by year 2020. The overriding objective was to develop and transform Nigeria’s financial sector into a growth catalyst and en...

Cost of funds nosedives as CBN halts liquidity mop-up operations

Investors inject $3bn in I & E in 4 weeks By Babajide Komolafe COST of funds in the interbank money market fell sharply last week, as the Central Bank of Nigeria (CBN), for the first time this year, suspended its weekly liquidity mop-up operations signalling relaxation of its tight money policy. Average short term interest rates nose-dived by  2, 174 basis points (bpts), while interest rate on Collateralised lending fell by 2,066 bpts. Since the beginning of the year, the CBN had been issuing secondary market treasury bills (TBs) also known as Open Market Operations (OMO) bills to mop-up excess liquidity in the interbank money market. Aside the regular OMO TBs which are issued based on a quarterly issuance calendar, the apex bank also issues special OMO bills worth...

Fund transfer: Between NIP and NEFT

By Elizabeth Adegbesan THERE are different types of funds transfer services and it is important for bank customers to understand the differences and implications. Fund transfer is when you send  money to person or persons from your bank account using a transfer channel. You can transfer funds to people living within and outside the country using various transfer channel Types of Fund Transfer Manual funds transfer: This is performed in the banking hall. The sender visit the bank of the receiver,  fill out a fund transfer form which specifies the account number of the receiver and the amount to be  transferred. Electronic funds transfer: Electronic funds transfer is the transfer of money from your bank account to another bank account through computer-based systems. Such...

Money raised in capital market hits N1.55trn in Sept—SEC

By Peter Egwuatu LAGOS—THE Securities and Exchange Commission, SEC, yesterday, revealed that the total issuances, both of debts and equities in the capital   market as at September 2017 stood at N1.55 trillion, while assuring its commitment to the maintenance of investor confidence. Acting Director General, SEC. Dr. Abdul Zubair, during his maiden interactions with the press at a workshop for capital market correspondents in Lagos, weekend ,said: “the Commission wishes to assure the investing public and all stakeholders of its commitment to ensuring an uninterrupted and orderly operation of the market and the regulations thereof. The floor of Stock exchange “Accordingly, the Commission is poised to continue to ensure the stability of the Nigerian capital   market  and ...

Buhari, to attend summit on climate change financing in Paris

By Johnbosco Agbakwuru ABUJA—PRESIDENT Muhammadu Buhari is expected to join 50 other world leaders  tomorrow  in the One Planet Summit in Paris, France. The summit, jointly organised by the United Nations, the World Bank Group, and the French government, in partnership with non-governmental organisations concerned about reversing the negative effects of climate change, such as Bloomberg Philanthropies, holds at the eco-friendly La Seine Musicale, situated on the picturesque Seguin Island in western Paris. President Buhari A statement signed by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, explained that the main focus of the summit, with the theme, “Climate Change Financing,”  according to the organisers, will be to innovatively pool pu...

Youths key to corruption-free Nigeria—Minister

LAGOS—THE Minister of Information and Culture, Alhaji Lai Mohammed, has rallied Nigerian youths to be in the vanguard of the fight against corruption, saying unbridled corruption was robbing them of their future. Speaking at the launch of the Creative Youth Initiative Against Corruption, CYIAC, in Lagos weekend, the Minister said there was no better way of tackling the menace of corruption than to involve the youths, who are the leaders of tomorrow. The Minister of Information and Culture, Alhaji Lai Mohammed, He said the fight against corruption would be more effective if the youths were involved, especially because they constitute the largest chunk of the country’s population. According to him, youths represent a critical mass that can be effectively leveraged to fig...

Minister, shipowners at war over N100bn CVFF disbursement

By Godfrey Bivbere LAGOS—THE Minister of Transportation, Rotimi Amaechi, and shipowners, under the aegis of Ship Owners Association of Nigeria, SOAN, are at daggers drawn  over the disbursement of the N100 billion Cabotage Vessel Financing Fund, CVFF. While the minister has refused to disburse the fund, shipowners, on the other hand, have warned that unless the fund was disbursed, local cabotage fleet might be completely depleted. The CVFF is a two per cent contribution by indigenous shipowners for every contract they execute and is meant for the development of the cabotage fleet and local shipping capacity. Rotimi Amaechi The minister had told shipowners at their end of year workshop and dinner, saying “I will not disburse the CVFF funds.” He explained further that he...

HIV/AIDS kills 41.5m persons worldwide in 2017—WHO

BAUCHI—No fewer than 41.5 million persons have died as a result of HIV and AIDS epidemic in 2017 worldwide, the World Health Organization, WHO, has said. A representative of WHO, Akim Bursali, stated this  at yesterday’s commemoration of 2017 World AIDS Day, with the theme, “Right to health-making it happen”, organized by wife of  Bauchi State governor in collaboration with Bauchi State Agency for the control of HIV/AIDs, Tuberculosis/Leprosy and Malaria, BACATMA, in Bauchi. WHO Bursali said an estimated 36.7 million persons were currently living with HIV, making it one of the most important global public health issues recorded in history. He added that the death rate of the epidemic has decreased since it peaked in 2005 with one million deaths in 2016, compared to 1.9...

Anambra election: Truly free and fair?

By Chamberlain Njoku MY perception about the future of this country took a drastic turnaround after watching and listening to the former governor of Anambra State, Mr. Peter Obi on Channels Television appearances in October of 2016 and May of 2017. Those intelligence-parked speeches based on very practical analysis, particularly as it concerns cutting costs of governance, permeated into the marrows of every Nigerian adult. Obi told us very clearly that all our travails as a nation were and are still being created by us – Nigerians. In those speeches you could see a man who loves humanity. A friend of the masses of dear country who have long lost hope. A patriot who has been eight years as governor and clearly understands the appropriate indices of a healthy nation.  A ...