MTN Foundation Donates to Orphanages and Correctional Centres across Nigeria

The MTN Foundation has donated various items to orphanages and correctional centres in Nigeria. This is in furtherance of the Foundation’s effort to make life better for Nigerians at various levels.

In Abuja, wife of former Head of State, Hon. Justice Fati Abubakar, who was present at the handover of items to Halal Children’s Home, commended MTN Foundation for the initiative. Similarly, during the visit to the Juvenile Correctional Institute & Child Care Unit, Ibadan, Oyo, Wife of the Executive Governor, Engr. (Mrs) Tamunominini Makinde joined by Wife of the Deputy Governor, Prof. Bolanle Olaniyan and Commissioner for Women Affairs & Social Inclusion, Alhaja Fausat Joke Sanni, thanked the MTN Foundation for the support.

Speaking at the event in Oyo State, the Acting Executive Secretary, MTN Foundation, Odunayo Sanya stated that the support was part of MTN Foundation’s effort at caring and making life brighter for Nigerians.

In Lagos, Chairman, MTN Foundation, Prince Julius Adelusi-Adeluyi; Chief Operating Officer, MTN Nigeria, Mazen Mroue; President, Rotary Club of Ikeja, Rtn. Olumiyiwa Fagbola and other distinguished members of the Rotary Club of Ikeja led the delegation’s presentation to the Love Home Orphanage.

Handing over the gift items, Prince Adelusi-Adeluyi admonished Nigerians and the government on the need to constantly support the future of the Nigerian society. “When this orphanage was founded, it was created to show care for the disadvantaged, which is why the MTN foundation was commissioned in the first place — to help people who are educationally and financially disadvantaged.”

“These children are the future and we cannot allow any circumstance that the society has created to dim that future. We will continue to support and partner with organizations to ensure we take an active part in their development. I urge the states and federal government to increase their efforts now more than ever,” Prince Adelusi-Adeluyi stated.

Items donated include foodstuff, beverages, detergents, baby diapers, and other utilities.

Over the years, the MTN Foundation has partnered with various organisations in its commitment to brighten lives across Nigeria. The Foundation has visited and donated to over 60 orphanage homes. The Foundation continues to seek ways to improve the quality of life in various areas of human endeavour.

The all-new Mahindra Pik Up S11 Automatic

The highly popular Mahindra Pik Up range has a new flagship and it’s automatic! The Mahindra Pik Up S11 will be available in a couple of months, after completing a year of arduous testing in South African conditions, including extended durability testing at the tough Gerotek test track outside Pretoria.

“South Africa is the first country in the world to officially launch the all-new Pik Up Automatic, which is only fitting since it was the testbed for this model. There has been an overwhelming demand for automatic transmission in our bakkie range, and we believe we have the perfect answer with the S11 and S11 Karoo AT,” says Rajesh Gupta, CEO of Mahindra South Africa.

Smooth-shifting six-speed flagship

The all-new six-speed automatic transmission fitted to the Pik Up is a next-generation transmission used for the first time on this model. It features a sequential self-shifting option and is mated, in 4×4 models, to a new Hill Descent Control (HDC) system that utilises engine and vehicle braking for slow descents on tough, off-road terrain and that can be controlled with the in-built cruise control system.

The transmission has been designed to offer near-imperceptible shifts and to best utilise the 320 Nm of torque delivered by Mahindra’s mHawk turbodiesel engine, while the engine mapping has been fine-tuned to work perfectly with the standard cruise control system, for effortless long-distance cruising.

At first, the new automatic gearbox will only be available in the double cab Pik Up body style. It will be launched with a new, luxury S11 specification level that includes all the luxuries of the S10 and more.

“Our market research shows that customers often prefer an automatic transmission in the double cab lifestyle segment of the bakkie market. We have therefore combined the new automatic transmission with a very high level of luxury equipment so that the customer’s every need is taken care of,” says Rajesh.

S11 – eye-catching design

The new automatic transmission is not the only change to the Pik Up flagship. The new S11 specification level boasts a new grille and bumper, upgraded headlamps and other subtle luxury changes to the design to make sure that it immediately stands out as the top-of-the-range model.

The main design change is the bold and stylish new grille, which replaces the narrower chrome inlays of the S10 model with wider chromed vents that are reminiscent of the range-topping Mahindra Scorpio S11 models.

The grille is flanked by new headlamps, with chrome inserts housed in and behind clear screens. New, chromed fog lamp surrounds in the wide, lower air intake round off the front design changes.

In addition to the new front design, the S11 Automatic Pik Up has colour-coded side mirrors with integrated indicators. At the rear of the new model, there are S11 and Automatic decals as well as the addition of a new reverse camera that has to date not been available on any Pik Up model.

Luxury abounds

To further boost the premium appeal of the all-new S11 Automatic Pik Up, Mahindra has added a host of new luxury features as standard on all models.

Taking centre stage is a brand-new 7″ touch screen infotainment system with a capacitive interface. This new system offers Bluetooth connectivity, a multitude of entertainment and vehicle information screens and full turn-by-turn navigation as standard. The infotainment screen also displays the image of the in-built reverse camera in full colour.

All S11 models will further offer an automatic climate control system in place of the standard manual air-conditioning system, and all models have an adjustable multi-function steering wheel that controls the infotainment, phone and cruise-control systems.

As the most luxurious model in the range, the S11 carries over all the luxury and safety features of the manual S10 models. This includes two airbags, 12V power points for the front and rear occupants, traction control, electric windows with an automatic up/down mode on the front windows and automatically locking doors.

Trusted mHawk power

All S11 models will be fitted with Mahindra’s much-loved mHawk turbodiesel engine of 2.2 litres.

This four-cylinder engine has common rail injection and turbocharging to deliver 103 kW at 3 750 r/min and 320 Nm at a flat band between 1 500 r/min and 2 800 r/min.

The mHawk turbodiesel was designed with a high 16.5:1 compression ratio to offer exceptional performance, while only using 7.9 litres of fuel every 100 km in a combined testing cycle.

The King of Pik Up models – S11 Karoo AT

Mahindra first launched the Karoo Special Edition late in 2018 to celebrate the successful opening of its local assembly facility in Durban, KwaZulu-Natal.

Since its launch, the Karoo has proven to be extremely popular – in both S6 and S10 specification levels – and it has prompted Mahindra to design a special S11 Karoo model with a refreshed design theme and even more equipment as standard. This model will offer all the luxury equipment of the S11 range and add additional styling features and specifications for a truly stand-out special edition model.

Viewed from outside, the all-new S11 Karoo Automatic will feature a unique decal design on the side panels and nudge and styling bars. This model also has a custom-designed and lockable roller deck system for the load box as standard, while all S11 Karoo models will have a rubberised load bay.

Rounding off the new design are special custom-designed off-road-ready alloy wheels that feature a blacked-out design with chrome detailing.

At the same time, Mahindra has made subtle changes to other Karoo models.

On the S6 Karoo, Mahindra has upgraded the decal package to align it more closely with the new design on the S11 Karoo. It has also created new designs for the roll bar, featuring a steel-stamped Karoo decal.

The S10 Karoo will also get updated decals and branding on the steel roll bar, but it will further treat owners with a new tonneau cover and upgraded stylish alloy, all included in the standard selling price.

Built on the Pik Up DNA

While the Pik Up S11 Automatic and S11 Automatic Karoo are the most luxurious models in the range, they share the same tough and durable DNA of their siblings.

All Pik Up double cab models feature a standard ground clearance of 210 mm, an approach angle of 34 degrees and a departure angle of 15 degrees. The high standard ground clearance and narrow-fitting side rails mean that the Pik Up has a very impressive break-over angle of 18 degrees.

Among the many benefits of owning a Pik Up are its heavy-duty cushion suspension system, which allows the 4×2 double cab models to load up to 1 095 kg, while 4×4 models can easily transport up to 995 kg. As on other models, the S11 also offers a double-walled load bay for extra durability.

The Mahindra Pik Up double cab range is certified to tow a braked trailer of up to 2 500 kg, and all double cab models are fitted with Mahindra’s mechanical differential lock (MLD), which is developed in partnership with Eaton and which offers complete lock-up between the rear wheels when there is a loss of traction, such as in challenging off-road conditions.

Lastly, the Pik Up has a comprehensive range of accessories, including approach and recovery bumpers and rock sliders that can be fitted under warranty by any Mahindra dealership or at Mahindra’s newly inaugurated Special Fitment Centre in Gauteng.

VerifyMe secures Series A financing from Consonance Investment Managers

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VerifyMe Nigeria, an ID verification and KYC technology company, announced today it has secured a Series A financing for an undisclosed amount from Consonance Investment Managers.

The funds will be used to expand strategic partnerships and bring new digital ID verification products to market.

“We are delighted to partner with Consonance Investment Managers in our mission to build Africa’s KYC infrastructure. Digital services are a key catalyst for Africa’s economic growth and financial inclusion but they can only be unlocked if there’s a mechanism to verify identity at scale. We strive to transform the digital landscape by providing businesses with KYC-as-a-service tools to verify their client identities,” said Esigie Aguele, VerifyMe Co-founder/CEO.

“Authenticated identity is a critical foundation of digital commerce and financial services; it’s the cornerstone of  trust which is essential for collaboration in economies. We believe that Tunji, Esigie and the VerifyMe team are doing work that is pivotal  to meeting Nigeria’s financial inclusion goals. We are proud to support their vision and journey,” said Mobolaji Adeoye, Managing Partner at Consonance Investment Managers.

VerifyMe plans to expand adoption across Nigeria and grow revenue twenty-fold over the next three years. A company with a social mission, VerifyMe will help unlock financial inclusion and intervention services in rural communities.

LASG gives illegal occupants of Jankara Market two weeks ultimatum

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As Physical Planning Commissioner tours the area ahead of the Lagos Island Renewal

– Seals distressed buildings and School without a permit

The Lagos State government has given two weeks ultimatum to the illegal occupants of the old Jankara market site, earmarked for modern development in line with the plan to regenerate the Lagos Island.

The Commissioner for Physical Planning and Urban Development, Dr Idris Salako gave the ultimatum during the assessment tour of Lagos Island on Monday.

He explained that the Ministry of Physical Planning had served all occupants notices to leave the premises as the government renewal plan for Lagos Island was about to commence.

Salako reiterated that the clearing of the market was in agreement with the T.H.E.M.E.S. agenda of the State Government administration of making Lagos clean and for a total redevelopment of Lagos Island.

The Commissioner said that the redevelopment of the area would usher in infrastructure renewal, adding that the people should expect modern health, recreational and road infrastructure among others.

He urged the illegal mechanics, traders and occupants of illegal settlement on Adeniji Adele street to vacate before Friday while directing the sealing of distressed buildings and schools built without planning permit in the area.

He added that it was inappropriate for residents to violate the State planning laws by not building according to the rules, stressing that it was imperative for the government to do the needful to avert danger to lives and property.

He reiterated that the Lagos State Government would continue to maintain its zero-tolerance policy on illegal building construction and enjoined Lagosians to always build right and by the rules.

In the same vein, Dr Salako also monitored sites of the Coastal road and regional road in Oniru and Lekki axis of the State respectively, where he directed the removal of structures on the alignment of the regional road.

Veloster N Awarded 2020 Most Fun-to-Drive Car of the Year by Cars.com

Today, Cars.com awarded the 2020 Hyundai Veloster N with the 2020 Most Fun-to-Drive Car of the Year award, an accolade given annually to a model that’s defined by how fun it is to drive, on the racetrack or off. The Veloster N was up against an array of fun-to-drive contenders, including the 2020 Ford Mustang and the 2020 Jeep Wrangler.

“Veloster N offers an exhilarating driving experience for drivers of all skill levels,” said Scott Margason, director, product planning, Hyundai Motor America. “We are elated to receive this award as it recognizes the vehicle’s thrilling drivability and performance from the track to winding canyon roads.”

Hyundai’s high-performance N line-up was developed to make the driver’s heartbeat faster whenever they’re behind the wheel. Instead of focusing on outright performance numbers, Hyundai chose to emphasize the N driver’s heartbeats per minute (BPM), rather than revs per minute (RPM). With a fun-to-drive character as a top priority, Veloster N has been developed to deliver thrilling cornering ability coupled with everyday sports car drivability and race track capability.

The Veloster N offers a comprehensive degree of exterior, interior and mechanical features at a competitive price point. Mechanically, the Veloster N offers a 2.0-litre, direct-injected turbocharged powerplant. The engine boasts up to an available 275 horsepower at 6,000 RPM and 260 lb.-ft. of torque from 1,450-4,700 RPM for responsive, thrilling performance at every RPM range. Furthermore, the Veloster N includes a suite of features normally found in higher-priced sports cars, such as Drive Mode Select, Michelin Pilot® Super Sport Tires, rear spoiler and 8” display audio with Bluetooth®, Apple CarPlay and Android capabilities, as well as numerous safety features.

Cars.com’s editorial team of automotive experts performs more than 100 in-depth reviews of new vehicles each year in addition to producing thousands of articles for car shoppers to navigate the purchase process. Each car represented on the Best of Awards list excels in three key criteria: quality, innovation and value.

Thailand’s SEC Grants License to Crypto Exchange Platform Zipmex

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SYDNEY, AUSTRALIA – Media
OutReach
 – 22 January 2020 – Asian cryptocurrency
exchange platform, Zipmex, has gained the license to
provide digital assets and exchange services in Thailand, following a 12-month
wait.

 

Headquartered in Singapore, the trading platform currently
operates in Indonesia and Australia, standing at a current valuation of $18
million after having raised $5 million to date. The bitcoin trading license
follows Zipmex’s $3 million
pre-Series A funding round
 just last September, led
by Infinity Blockchain Holdings.

Zipmex Expands Operations into Thailand, Heating Up Competition

Following reports that only four out of a total of 20
cryptocurrency firms were granted the same license in early 2020, Zipmex now joins
the growing list of firms operating in Thailand. The other four newly licensed
firms are Bitcoin Exchange, Bitkub Online, Satang Corporation, and Huobi
Thailand.

At the same time, it should be noted that two other firms –
Cash2coin and Southeast Asia Digital Exchange – were rejected from
their applications
, due to “inconsistent”
Know-Your-Customer (KYC) and Anti-Money Laundering processes.

Ever since Thailand’s SEC began regulating under its Emergency
Decree in Digital Asset Business B.E. 2561, only a few firms have been granted
the green light following its prudent regulatory requirements.

Having begun the process early in 2019, Zipmex had to meet
several stringent conditions prior to receiving the green light from Thailand’s
Ministry of Finance and SEC. One of them necessitated a shareholder equity of
at least $1.6 million (approximately 50 million baht).

Attaining the regulatory nod from Thailand’s Securities and Exchange
Commission (SEC) puts the young Asian cryptocurrency firm on the global map,
adding credibility to their remarkable growth in present time.

Nothing short of a major achievement for the young
cryptocurrency platform, Co-founder of Zipmex and CEO of the exchange’s
Thailand unit expressed:

“Being licensed and regulated by the SEC was always our main
priority as we believe that being a regulated entity will help provide trust to
newcomers looking to enter the digital assets market.”

 

Growing Popularity of Cryptocurrency in Southeast Asia

The market for cryptocurrency trading and virtual assets is
growing markedly in the Southeast Asia region, with Thailand as one of the first few
countries to enact cryptocurrency legislations
.

Thailand has made significant progress in a bid to encourage
more cryptocurrency trading firms to begin operating in the country. In March
2019, Thailand began development
of its own digital asset platform
 and the SEC approved
the country’s first Initial Coin Offering (ICO) portal
.

Following suit, the Philippines recently issued a regulatory
framework
 to boost investor protection, on top of
regulating the acquisition of crypto assets in the country. Likewise, one of
Singapore’s bigger food court operators, Kopitiam, began accepting
payments in bitcoin and other cryptocurrencies
.

The pivot to digital assets indicates the growing interest and
movement in the crypto space in the Southeast Asia region. All of these
developments are signals to trading exchange platforms, like Zipmex, the
emergence and growth of a highly competitive marketspace.

Oil Falls Despite Major Outage In Libya

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Oilprice.com

Oil prices pared gains in early trading on Tuesday, as a new virus in China raised fears of an economic slowdown. Even substantial oil supply disruptions in Libya couldn’t keep prices up. 

Libya outage pushes oil up. Libya’s oil operations were disrupted at the El Feel and Sharara fields as well as the Zawiya export terminal. Other ports also declared force majeure, including Brega, Ras Lanuf, Hariga, Zueitina and Sidra. Together, the outages may total as much as 800,000 bpd. Libya’s civil war has raged since last April, but the oil outages open up a dangerous new phase. Oil prices originally moved higher on the news but fears of the coronavirus slowing down economic growth have countered that at least temporarily.

Chevron waiver in Venezuela extended. The U.S. government extended a waiver for Chevron (NYSE: CVX) for another three months, allowing the company to continue to operate in Venezuela despite sweeping American sanctions on the country. Venezuela’s oil production has stabilized at lower levels – at a little over 700,000 bpd – despite the ongoing sanctions.

Natural gas drops below $2. Nymex natural gas prices have plunged below $2/MMBtu, a level not seen in years. Prices continued to decline in early trading on Tuesday. Shale gas stocks were deep in the red as a result. For instance, Range Resources (NYSE: RRC) was off by more than 7 percent on Tuesday, Antero Resources (NYSE: AR) was down by more than 5 percent. The gas-focused drillers in the Marcellus shale are under particular pressure because they don’t have crude oil to offset the losses. The gas plunge is also squeezing coal-fired power plants.

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BP pulls out of Kurdistan. BP (NYSE: BP) is withdrawing from Iraqi Kurdistan after its $100 million contracts expired at the end of 2019. The move is a blow to Iraq’s oil sector goals and comes as the country has been rattled by unrest.

IEA: Oil industry at risk of the energy transition. The oil industry is not investing enough in clean energy, and companies are at risk as the world moves on from fossil fuels, the IEA warned in a new report. But large oil and gas companies could play a constructive role in accelerating the deployment of clean energy, the agency said.

Oil major dividends unsustainable. A new IEEFA report finds that the shareholder payouts from the five largest oil majors are unsustainable. The payouts to shareholders exceeded free cash flow by $207 billion over the past decade. The majors took on debt and sold assets to bridge the gap, raising questions about the sustainability of such a strategy.

China to phase out single-use plastics. China is rolling out a ban on plastic bags in all majors cities by the end of 2020 and banned in cities and towns by 2022. “The timely implementation of such an initiative stands to have a sizeable impact on our petchem demand growth outlook, with China accounting on average for around 50% of global growth in our current base case over the next decade,” JBC Energy wrote in a note. “Moreover, this follows a raft of similar bans announced elsewhere in the world – with the EU and Canada two particularly prominent examples – and highlights the growing risk to the petchem demand outlook as a whole.”

Hedge funds sell oil on economic concerns. Renewed concerns about the global economy have led to a selloff in oil futures by hedge funds and other money managers.

The radioactive risk from oil and gas waste. A new investigation from Rolling Stone finds that handling fracking waste carries the risk of radioactive contamination.

U.S. offshore wind revolution. By 2030, the U.S. could have 20 GW of the offshore wind online, with investment exceeding $15 billion by the mid-2020s, according to Rystad Energy. That means that spending on the offshore wind could exceed that of offshore oil and gas in the next few years. “Assuming continued support from the regulators, many more projects will be sanctioned in the coming years and we expect to see yearly investments in the sector exceed $15 billion by the middle of the decade,” says Tim Bjerkelund, Head of Consulting New York at Rystad Energy. “That would certainly signal an energy revolution and offshore suppliers should take note.”

Saudi growth forecast cut by the IMF. The IMF lowered its forecast for Saudi Arabia’s GDP due to the OPEC+ cuts, cutting it to 1.9 percent this year from 2.2 percent. Meanwhile, there have been conflicting reports about when the OPEC+ coalition would meet next. As of now, the cuts expire at the end of March.

Quarter 4, 2019: The NOIPolls Personal Well-Being Index Stood at 60.6

Abuja, Nigeria. January 21st, 2020 – The NOIPolls Personal Well-Being report for Q4, 2019 revealed a marginal decrease of 0.7–point in Q4, 2019 to stand at 60.6-points as against 61.3-points obtained in Q3, 2019. The Personal Well-Being Index (PWBI) is determined by the satisfaction level of Nigerians on various components of their personal lives. Three of the seven factors that comprise the PWBI experienced an increase while the remaining four components experienced a decrease in Q4, 2019. Personal security experienced the highest increase of 1.9-points to stand at 59.6-points in Q4, 2019 from the 57.7-points obtained in Q3, 2019. Also, the achievement in life index experienced a 0.9-point increase to stand at 49.3-points in Q4, 2019 from 48.4 points in Q3, 2019.

In February 2014, NOIPolls Limited introduced its portfolio of indices; the NOIPolls Personal Well-Being Index (PWBI), the NOIPolls Consumer Confidence Index (CCI) and the NOIPolls Eagle 30 Business Confidence Index (EBCI). The NOIPolls Personal Well-Being Index measures factors impacting the lives of everyday Nigerians; thereby producing a complete view of the individual’s personal well-being. The NOIPolls Consumer Confidence Index provides consumer assessments of the economic situation and their intentions and expectations for the future while The NOIPolls Eagle 30 Business Confidence Index measures business leaders’ perceptions and expectations about the Nigerian business environment using the top 30 companies in the country.

Nigerian businesses, financial and government agencies largely depend on the perceptions and micro assessment of consumers’ expectation in making decisions. At best, they draw conclusions on the business environment based on information from their immediate surroundings, while the minorities conduct surveys that are time and money consuming. However, the introduction of these indices provides indicators that will ensure stakeholders can detect and respond to changes in consumer behaviour, the economy and the business environment in Nigeria.

The NOIPolls Personal Well-Being Index (PWBI)

Findings from the Q4, 2019 report revealed a marginal 0.7-points decrease in the PWBI from Q3, 2019 to stand at 60.6-points. Additionally, a breakdown of the seven key indicators that comprise the PWBI showed that Nigerians are mostly satisfied with their Religion (84.4-points), Social interaction (74.2-points), Health (70.9-points) and Security (59.6-points) as they obtained points above average. However, the remaining indices remained below average which may suggest that Nigerians are not satisfied with these indicators; they include Achievement in Life (49.3-points), Standard of living (48.8-points) and Economic situation (38.9-points).

The survey shows that Nigerians are not satisfied with their personal economic situation as it is the lowest-ranked indicator amongst all the seven indices. There is an urgent need for the government to improve the economy as this index may also directly or indirectly affect other indices. For instance, a better economy means a better living standard, and good living standards means a good health condition, social interaction etc. Hence, the government should implement viable policies (such as family welfare, low-income support, child support etc.) that will help boost the well-being of Nigerians. These seven key indicators that comprise the PWBI are highlighted in the chart below.

Personal Standard of Living Index – 48.8

The Personal Standard of Living Index increased by 0.9-points to stand at 48.8-points in Q4, 2019 when compared to 47.9-points obtained in Q3, 2019.

Personal Health Index – 70.9

The Personal Health index decreased by 1.27-points to stand at 70.9-points in Q4, 2019 when compared to 72.2-points obtained in Q3, 2019. This depicts a slight decrease in the level of satisfaction of Nigerians as regards their health conditions.

Personal Achievement Index – 49.3

This index increased by 0.9-points to stand at 49.3-points in Q4, 2019 when compared to 48.4-points found in Q3, 2019.

Personal Security Index – 59.6

The Personal Security index increased by 1.9-points to stand at 59.6-points in Q4, 2019 when compared to the 57.7-points gotten in Q3, 2019.

Personal Social Interaction – 74.2

This index experienced a decrease by 1.9-points to stand at 74.2-points in Q4, 2019 as against 76-points attained in Q3, 2019.

Personal Religion Index – 84.4

The Personal Religion Index has always been the highest index which suggests that Nigerians hold religion in high esteem. However, it experienced a decrease of 2.2-points to stand at 84.4-points in Q4, 2019 as against 86.6-points obtained in Q3, 2019.

Economic Index – 38.94

The Economic index also witnessed a decrease of 1.5-points to stand at 38.9-points in Q4, 2019 when compared to 40.4-points obtained in Q3, 2019. It must be stated here that the economic situation index has always been the lowest index on the PWBI assessment where Nigerians express dissatisfaction the most.

TREND ANALYSIS

Analysis of the results obtained from Q4, 2019 showed that three of the seven key indicators that constitute the PWBI experienced an increase, this includes the standard of living, the achievement of life and personal security sub-indicators while the remaining 4 sub-indications namely Health, Social interaction, Religion and economic situation all experienced decline. NOIPolls PWBI experienced a decrease of 0.7-points to stand at 60.6 in Q4, 2019 as against 61.3-points obtained in Q3,2019.

In conclusion, the poll revealed that the PWBI decrease by 0.7-points to stand at 60.6 in Q4, 2019 as against 61.3-points in Q3, 2019. This shows that there is a decline in the overall wellbeing of Nigerians and it calls for appropriate action from the government. Addressing the current economic challenges in Nigeria will require the government to address critical sectors like infrastructure, health, education and security etc. Therefore, improvement in these areas will have a positive effect throughout the economy including an increase in foreign direct investment. This action will yield sustained and real progress thereby raising the well-being of all Nigerians.

CardinalStone FY 2020 Outlook: Treading Uncharted Waters

CardinalStone Research

Executive Summary
We expect improvement in the domestic economy on the back of the structural changes that began in 2019. Notwithstanding, per capita income is likely to remain frail with scope for further changes in consumption patterns and, possibly, excess capacity for a few companies. Monetary bias could remain largely dovish, with administrative measures set to leave system liquidity at elevated levels and yields mostly lower in H1’20. Bold reforms would be needed to lubricate the proposed implementation of Nigeria’s N10.6 trillion budget to properly stimulate growth.
Below is a summary of our calls on Nigeria’s broad macro-environment.
In equities, we expect investors to take advantage of bargain hunting opportunities in fundamentally strong names. We see scope for capital gains in ZENITH BANK, UBA, GUARANTY, and FBNH in the banking space. The investment case of WAPCO and UACN are also compelling following recent restructuring efforts/plans. The performance of a few other consumer names (such as FLOURMILL and NB) is likely to be buoyed by debt refinancing initiatives. We also like MTNN and DANGCEM, with reduced regulatory tension and strong market positioning set to buoy growth for the respective duo.
On a fixed income, investors are more likely to stay short in view of the expected recovery in the interest rate in coming quarters.
Please click here to read the full report.

The Foreign Policy Events to Watch in 2020

Just around the corner is Meng Wanzhou’s extradition hearing, set to begin on January 20. The deputy chairwoman and CFO of Chinese telecom giant Huawei were arrested at Vancouver airport in 2018, at the request of US authorities, on charges of fraud involving an alleged Huawei subsidiary contravening US sanctions on Iran.

On one level, this is a legal story, involving the United States’ extradition request, Canada’s relevant treaty obligations, as well as issues surrounding the propriety of Meng’s arrest by the Royal Canadian Mounted Police.

On another, perhaps more important, level, this is a political drama and a particularly personalized aspect of current US-China trade tensions. In the months leading up to Meng’s arrest, the Trump administration declared it would be much more aggressive in dealing with what it called China’s financial unlawfulness. And the US has been trying to bar Huawei from Western 5G networks. US President Donald Trump even appeared to confirm critics’ views that Meng is essentially a bargaining chip when he said he could tie Meng’s fate to a favourable trade deal with China.

It is a political drama with huge consequences, not only for Meng but also for both Michael Kovrig and Michael Spavor, the Canadian nationals arrested in China in what many have called retaliatory arrests, and for Canada as a whole. Along with the arrests of Kovrig and Spavor, China has put massive pressure on Canada to free Meng. Canadian producers of canola seeds, soybeans, pork, and beef have taken massive hits as China, a primary customer, dramatically decreased orders of these and other goods in the wake of Meng’s arrest.

The first step in proceedings is to decide “dual criminality” — whether what the US is accusing her of is also a crime in Canada. If the court rules it is and that Meng should be extradited to the US, Canada’s justice minister will have to make the final call, weighing not just the legal merits of the case, but the weight of potential American and Chinese reactions when one or the other doesn’t get the decision it wanted. Canada can only hope, as many have said publicly, that the US soon decides it doesn’t really want to extradite Meng (or perhaps, that Meng could pull a Carlos Ghosn and somehow flee the country).

January 31: Brexit

With the landslide election victory for British Prime Minister Boris Johnson late last year, it is now certain that Brexit is a go. The United Kingdom is set to leave the European Union on January 31. However, that’s where the certainty ends. With the Brexit saga moving past the will-it/won’t-it — and then how-can-it-happen — phases of the last years, it is now entering the part of the story when we ask: what will happen when it finally does go through?

At the most profound level, the question is whether the UK will stay united, and, in Northern Ireland especially, peaceful.

At a more mundane level perhaps, but one no less impactful on people’s everyday lives, the UK will now have to renegotiate all its trade deals. The uncertainty that envelops how Brexit will work is one reason renegotiating these deals will be difficult — no one quite knows how things will look, or what concessions British negotiators might soon be offering.

Canada will want a trade deal similar in terms to the one between Canada and the European Union, the Comprehensive Economic and Trade Agreement — which the Canadian government says may govern trade between the two countries until the end of 2020. Canada has opted for a wait-and-see approach however; the UK has not put a high priority on a trade deal with Canada, and neither is Canada pressing for a return to negotiations. (While the UK is the point country for Canadian exports to Europe, Canada is relatively much less important for British exports compared to the United States, European countries and China.) Still, the watchword from both sides has been “seamless,” as in that’s what both sides have said they want in terms of moving toward a new agreement. 2020 will be the judge of that aspiration.

April 27 – May 22: The Nuclear Non-proliferation Treaty Review Conference

This year will mark the fiftieth anniversary of the Nuclear Non-proliferation Treaty (NPT), which came into force in 1970. Every five years, signatories to the NPT gather under UN auspices for a review conference.

Several issues will confront the more than 190 parties to the treaty when they meet at the end of April and most of May for what one expert has called a “make or break” moment for nuclear non-proliferation. The nuclear deal brokered with Iran is nearly dead. North Korea’s nuclear program is a going concern. The US and Russia have both withdrawn from the Intermediate-Range Nuclear Force Treaty, an agreement signed in 1987 that banned land-based medium-range nuclear missiles. And not only have China, France, Russia, the UK, and the US (the five nuclear-weapon states party to the treaty) failed to make appreciable progress towards complete disarmament — something required by the terms of the treaty — these powers (and their various allies, which includes Canada) have resisted the development of the Treaty on the Prohibition of Nuclear Weapons, a treaty designed, its advocates say, to bolster the NPT’s disarmament framework. The US has, for example, begun framing its approach to non-proliferation in terms of needing a more “realistic dialogue” about why countries possess nuclear weapons in the first place. Critics have argued this rhetorical shift serves merely to create space for framing US nuclear policy as “responding” to nuclear weapon programs in Russia, China, India, Pakistan, and North Korea.

At stake is nothing less than the commitment to the ethos undergirding the NPT — that the nuclear haves will allow the nuclear have-nots to develop peaceful applications of nuclear energy, but not nuclear weapons, and in exchange will themselves work towards complete nuclear disarmament. The outcome of the 2020 review conference will show just how close this ethos is to disintegration.

May 3: Bolivian Presidential Elections

Bolivians will choose a new president (and legislative deputies) on May 3, it was announced earlier this month. This will be the first election since a political crisis enveloped the country following the presidential election in October 2019, when allegations of electoral fraud and ensuing public protests, resulted in long-time president Evo Morales being ousted from power — he left at the “request” of the Bolivian army, quickly accepting asylum in Mexico and then Argentina. Opposition senator Jeanine Áñez declared herself interim president. Morales has since been barred by the Bolivian Congress from standing for (re)election in May and Bolivian authorities have issued a warrant for his arrest.

Morales’s party, the MAS (Movement for Socialism), which still commands significant support in the country, will contest the election and has said it will declare its presidential candidate sometime in January. Recent polls suggest that one potential MAS candidate, 29-year-old Andronico Rodriguez (who Morales himself suggested could assume the leadership of MAS) would beat all other so far declared presidential candidates.

At its simplest, the Bolivian election will determine whether the country continues along the leftist/socialist path of the Morales years, or joins the rise of right-wing governments in South America.

May and July: The Generation Equality Forum

2020 will be the twenty-fifth anniversary of the Beijing Declaration and Platform for Action, the UN resolution on gender equality adopted at the Fourth World Conference on Women, held in China in September 1995.

To mark the occasion and review progress since 1995 — and, more importantly, articulate an updated, forward-looking agenda — UN Women will bring together civil society groups from around the world for the Generation Equality Forum, co-hosted by the Mexican and French governments, to be held May 7-8 in Mexico City and July 7-10 in Paris. The delegates will have the task of incorporating the principles articulated by the Beijing declaration with several more recent and related areas of awareness, including, for example, the consciousness-raising connected to the MeToo movement, the particular impact of climate change on women and girls, and the UN’s Sustainable Development Goals (SDG), of which Goal Five calls for achieving gender equality and the empowerment of all women and girls by 2030.

June 10-12: The G7 Summit in the United States

In June, US President Donald Trump will host the leaders of the world’s seven largest advanced economies — the Group of Seven, or G7 — at the presidential retreat Camp David for their forty-sixth summit. (The summit will not be held at the Trump-owned Doral resort in Florida as Trump had initially wanted. This prospect was forgone after it came under quick scrutiny for being possibly unconstitutional.)

In taking over the presidency of the G7 for 2020, the US administration has said it wants to limit the scope of communiqués and joint statements issued by the group — moves that would, of course, help paper over the fact that these meetings, which have historically articulated consensus statements, have grown much more contentious since Trump came to power. (Recall he abruptly left the 2018 G7 meeting in Charlevoix, Quebec, in a huff.) The US has also said it wants to limit the range of issues the multilateral organization deals with. One might presume this is code for Trump’s pointed rejection of multilateral efforts to deal with climate change — had not the White House explicitly confirmed that the G7 would not be discussing climate change in 2020.

The other major issue is whether Russia will be (re)invited to the summit, and in what capacity. Russia was kicked out of the then-Group of Eight, following Russia’s annexation of Crimea. Trump has repeatedly said he supports Russia being reinstated without condition. Italy and Japan are reportedly keen on the idea, as is France, provided some compromise can be found with regards to Crimea. Canada is against Russia’s readmission.

June: Canada Bids for a UN Security Council Seat

Canada has not sat on the United Nations Security Council since 1999-2000. After the Harper government failed to win a seat on the 15-member Council in 2010 — the first time Canada had ever lost such a bid — Justin Trudeau’s Liberals pledged they would successfully win a place at the table in 2020. The vote will be held in June for a two-year term beginning in 2021. Canada is up against Ireland and Norway.

Contributions to foreign aid and peacekeeping missions are often seen as important to winning bid. So is schmoozing. The Harper government spent over $1 million visiting foreign capitals and charming diplomats during its failed campaign for a seat. Canada spent around $10 million for the 1998 bid, which was the last successful bid.

For those who see Canadian participation at the UN as a taken-for-granted foreign-policy imperative, winning a seat on the Security Council will be its own reward. But apart from a country’s supposedly gaining esteem on the international stage, what are the benefits of winning a term on the council? At a basic level, Security Council members debate and vote on binding resolutions — the highest of the high international politics at the UN. It is, simply put, a seat at the UN’s most important table, and, in a real sense, means belonging to a select club that makes the rules about war and peace.

But in some ways, the Canadian government sees the Security Council as something of a limited institution. Canada is part of a group of 12 countries that want to increase the number of seats on the council to 25 — but without increasing the number of permanent members or giving any new members veto powers. (The Security Council’s five permanent members — China, France, Russia, the UK, and the US — can each veto any proposed Security Council resolution.) Canada’s position is that the veto powers of the five permanent members have effectively hamstrung the institution from the beginning.

No matter how much it invests in a charm offensive, Canada may not get the votes it craves to win a seat — too many countries are against reforming the council in the way Canada has suggested. Several countries, including Brazil and India, have advocated extending both permanent member status and veto power to new middle powers (like Brazil and India) not accounted for in the Security Council’s post-Second World War hierarchy. African countries have also lobbied for a veto to be granted to a rotating representative of that continent. In other words, Canada may be taking a long shot this year.

November 3: US Presidential Elections

Americans head to the polls on November 3 to elect their president. Presumably, US President Donald Trump will be standing for re-election. However, like so much of the conventional wisdom surrounding Trump’s presidency — that he could never become the Republican nominee in 2016, that he could never win the presidential election, that he had obviously colluded with Russia — nothing should be considered certain.

Still, several questions will be answered by the time the election rolls around in November.

First: Will he still be in office? The trial by the Senate for the recently-impeached president has in fact just begun and could last several weeks. Senators will determine whether Trump is guilty of the high crimes and misdemeanours the House of Representatives charged him with in late 2019. Given the Senate is controlled by a Republican Party that seems entirely subordinated to Trump, it is considered a near certainty that Trump will be acquitted.

Second: Who will be the Democratic Party’s nominee? Former Vice President Joe Biden leads almost all polls, and despite a lengthy list of contenders, it is now safe to say the leading group also includes Elizabeth Warren, Bernie Sanders, and perhaps also Michael Bloomberg and Pete Buttigieg. The Democratic Party is going through three processes at the same time: picking a nominee to challenge Trump, picking someone to lead the party, and defining what exactly the party is all about. Though happening simultaneously and in the same place, these processes have been often at odds with each other. While settling all these issues could strengthen the party over the medium-term, the party risks arriving at the November election as not much more than a divergent, disparate, fractious crowd, more or less ambivalently gathered around its nominee and (perhaps) leader.

Third: What might Trump do to win? Here, it must be said, given all that has gone before, all bets are off.

Lastly: Will Trump win? Many seem to think so. As has become well known, it is not necessarily the popular vote that produces wins. In the US, it is the electoral college, and here, the key states are Pennsylvania, Michigan, Wisconsin, Arizona, and Florida. In short, the winner of a combination of these states, and thus the presidency, will be determined by mere slivers of the electorate.

November: COP26 in Scotland

From November 9 to 20, the United Nations will hold its twenty-sixth Conference of the Parties (COP), the preeminent forum for debating and determining state action to combat climate change. This year’s conference will be held in Glasgow, Scotland. Delegates will be faced with tackling issues that turned 2019’s COP25 in Madrid, Spain, into something of a frustrating stalemate — particularly with regards to plans for an international carbon market and agreed-upon targets for cutting greenhouse gas emissions.

Given the populist rejection of climate change science — led by US President Donald Trump, Brazilian president Jair Bolsonaro, and others — and the increasingly urgent calls for climate action from global civil society actors (and along with the increasingly dire headlines connected to climate change), COP26 is bound to be less a forum for multilateral deal-making, and more of another showcase of one of the most significant global ideological divides of our time.

November: End of Canada’s Command of NATO Mission in Iraq

Canada’s command of NATO Mission Iraq — a “non-combat, advisory and training mission” — will come to an end in November. Canada has led this mission, which involves about 250 Canadian Armed Forces members at any given time since it began in 2018. (The CBC recently reported that there were around 500 Canadian military personnel in the country — some of which have been at least temporary moved to Kuwait.) The most obvious question, at the moment, is whether the mission will make it to November. It has recently been suspended following the targeted killing by the US of Iranian General Qassem Soleimani. In response to the killing, Iraqi members of parliament voted — for now, symbolically — to have foreign military personnel leave the country. NATO has since said the mission will “restart” if and when conditions permit.

This is just one of the uncertainties that has followed in the wake of Soleimani’s death. Canada is now largely focused on seeking answers from Iran, following its admission that it downed the Ukrainian International Airlines flight, which killed all onboard including 57 Canadians. With tensions still high, the 2015 nuclear deal hanging on by a thread and uncertainty over the impact on regional stability, including ISIS’ activities, the future of the NATO mission is unclear.

November: The G20 Summit in Saudi Arabia

Saudi Arabia will host the fifteenth Group of Twenty (G20) summit, beginning November 21. In Riyadh, the gathering of the world’s leading economies will have as its inevitable and unpredictable backdrop the geopolitics of the Middle East. But the real headline question will be what sort of legitimacy Saudi Arabia’s leadership of the G20 will confer on the kingdom’s de facto ruler, Crown Prince Mohammed bin Salman.

On the one hand, MBS (as he is widely known) has positioned himself as a reformer, behind, for example, new laws that now permit women to drive, obtain passports to travel outside Saudi Arabia without permission of their (male) “guardians,” and join the workforce in greater numbers. He has made it possible for foreign tourists to visit the country. And he is also leading the diversification of the Saudi economy away from its dependence on oil. In 2019, he oversaw the US$25.6 billion IPO of Saudi Aramco, the world’s largest public offering to date. The offering put a market value of US$1.88 trillion on Saudi Aramco, making it the world’s largest publicly traded company.

On the other hand, MBS has been condemned for increased repression of women’s rights activists, a general crackdown on and the torture of human rights advocates and other dissidents, the brutal war in Yemen, and — most sensationally — the murder and dismemberment of Jamal Khashoggi, a Saudi journalist.

Agnes Callamard, the UN special rapporteur who led the UN inquiry into Khashoggi’s killing, has condemned Saudi Arabia’s hosting of the G20 summit and has said the meeting should be held elsewhere or else be boycotted.

Tellingly perhaps, Canada — one of the most vocal Western countries critical of the Saudi rulers — has no plans to miss the Riyadh summit. Despite an intense diplomatic falling out in 2018 over Canada’s criticism of Saudi Arabia’s treatment of women’s rights activists, the kingdom remains a major buyer of Canadian arms. Overall, it is expected the G20 will cap MBS’s muted return to favour, continuing the trend that began soon after the initial fallout from Khashoggi’s murder had passed.