Newly upgraded and equipped Ajayi Crowther Memorial Senior Grammar School library (Photos)

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The Library is now equipped books and modern ICT infrastructure in line with Governor Babajide Sanwo-Olu’s T.H.E.M.E.S agenda of improving Education and Technology in Lagos State and making Lagos a 21st Century Economy.

The upgrade of the Library is under “Project 350 and Access to knowledge”, a long-term strategy and initiative of the Office of The Special Adviser on Education, aimed at equipping all Lagos State Secondary Schools (Junior & Senior), with modern and functioning Library services, including an Information Technology Centre.

Nigeria Records 17% Debt Growth to N26.215trn as at September 2019 – DMO

Nigeria’s total debt grew by almost 17 percent in one year as at September 2019 to stand at N26.2 trillion, the Debt Management Office (DMO) has disclosed.

This disclosure was made in a press release where it was revealed by the Director-General of the DMO, Ms Patience Oniha, in Abuja on Friday during the presentation of public debt data as at September 2019.

“The comparative figure for September 2018 was N25.701 trillion which implies that in the 12 months period to September 2019 the Total Public Debt grew by 16.88 percent,” she said.

The breakdown showed that Total External Debt, across the Federal, States, and Federal Capital Territory (FCT) was N8.3 trillion (13.5 percent); while the Total Domestic Debt was 68.5 percent (Federal Government accruing N13.9 trillion – 53.0 percent with States and FCT amassing N4.0 trillion – 15.4 percent)

The DMO chief said a breakdown of the total public debt as at September 2019 which includes Promissory Notes stood at N812.650 billion and has been issued to settle the FGN’s arrears to Oil Marketing Companies and State Governments under the Promissory Programme approved by the Federal Executive Council (FEC) and the National Assembly.

Speaking on the country borrowing which saw the country out of recession, Ms Oniha said: “Borrowing came in to fund the budget which included capital projects so when you finance capital projects, you create an entire economy around that in terms of employment, in terms of materials that you buy, in terms of what happens in the environment so there are vendors selling all sort of things so that is the description.”

“We are talking about the multiplier effect of borrowing to finance capital infrastructure and what we generate,” she said. Ms Oniha also spoke about government issuing promissory notes to its creditors, stating that “these are arrears so it’s not that they did a contract for us now and then we decided to issue a promissory note. These are arrears from several years prior to 2017.”

“It is voluntary on the part of the creditor you don’t have to take a promissory note. You can wait when the government has money in its budget to pay you.

“There are provisions in the budget just that they are not large so you can’t be sure when you will get it but you can wait there is no compulsion around it,” she added.

Speaking on new borrowings, she stated that: “the level of New Borrowings in the Appropriation Acts declined consistently since Nigeria exited the recession in the year 2017.

“The increase in the New Borrowings in the Appropriations Acts between 2015 and 2017 was due to the need to stimulate growth and create jobs in the economy as contained in the Economic Recovery Growth Plan (ERGP).”

According to her, “whereas the 2019 Appropriation Act provided for a total New Borrowing of N1.605 trillion split equally between Domestic and External, only the domestic component of N802.82 Billion was raised due to the late passage of the 2019 Appropriation Act and the expectation that the implementation of the 2020 Budget would commence on January 1, 2020.”

The Ratio of Domestic Debt to External Debt at 69:31 as at September 2019 she said was an improvement over the Ratio of 71:29 as at September 2018 “compared to the target of 60:40 in the Medium-Term Debt Management Strategy.”

The Ratio of Long Term to Short Term Debt in the Domestic Debt as at September 2019 was 80:20, which shows that the target of 75:25 had been outperformed by September 2019. Furthermore, it was an improvement over the Ratio of 73:23 recorded in September 2018.

Oniha stated that “total Debt as a percentage of GDP was 18.47 percent as at September 2019 was well within the limit of 25 percent and fares better in comparison with the Debt/GDP ratios of countries such as the United States of America, United Kingdom and Canada with ratios of 105 percent, 85 percent and 90 percent respectively for the same period.”

However, because they generate adequate revenues, their Debt Service/Revenue Ratios for the same period were much lower at 12.5 per cent, 7.5 per cent and 7.5 percent respectively when compared to Nigeria’s 51 per cent in 2017.

The low revenue base of Nigeria relative to its GDP is clearly reflected in the high Debt Service to Revenue Ratio and this is very important for the country to generate more revenue.

“The efforts towards increasing and diversifying revenue such as the passage of the Finance Act and Strategic Revenue Growth Initiative of the Federal Ministry of Finance, Budget and National Planning should thus be supported.” She recommended.

The DMO also unveiled its plans for the year 2020, based on the New Borrowings in the 2020 Appropriation Acts, which comprises of N850 billion and N744.99 billion for External and Domestic Borrowings respectively.

The New Domestic Borrowings will be raised through FGN Bonds, Sukuk, FGN savings Bonds and possibly Green Bonds. For External Borrowings the strategy is to first seek out concessionary and semi concessionary loans due to the lower interest rate and longer tenors. The Debt office added that any shortfall thereafter may be raised from commercial sources.

SN STATE DEBT STOCK (N) % Share
1 LAGOS 441,668,732,162.26 10.93%
2 RIVERS 266,936,225,793.65 6.60%
3 AKWA IBOM 237,404,479,750.88 5.87%
4 DELTA 230,574,799,366.01 5.70%
5 CROSS-RIVER 167,967,705,888.45 4.16%
6 IMO 148,900,627,563.76 3.68%
7 OSUN 141,792,935,913.24 3.51%
8 OGUN 140,993,426,875.02 3.49%
9 FCT 137,862,316,926.60 3.41%
10 BAYELSA 127,243,132,172.38 3.15%
11 KOGI 123,436,748,898.43 3.05%
12 KANO 117,339,436,693.47 2.90%
13 PLATEAU 108,967,566,269.06 2.70%
14 BAUCHI 105,197,691,087.92 2.60%
15 BENUE 98,443,680,724.47 2.44%
16 ADAMAWA 95,604,743,892.60 2.37%
17 TARABA 93,490,094,894.28 2.31%
18 OYO 90,592,445,114.47 2.24%
19 KADUNA 90,444,405,270.87 2.24%
20 EKITI 85,694,711,527.42 2.12%
21 BORNO 83,599,771,781.15 2.07%
22 EDO 83,185,543,988.73 2.06%
23 GOMBE 74,464,436,941.81 1.84%
24 ABIA 69,351,518,272.18 1.72%
25 KATSINA 66,164,163,901.64 1.64%
26 KWARA 63,177,349,538.89 1.56%
27 ZAMFARA 63,033,937,202.11 1.56%
28 NIGER 62,539,576,973.27 1.55%
29 ENUGU 60,588,382,464.35 1.50%
30 KEBBI 59,188,080,839.30 1.46%
31 ONDO 56,416,452,086.63 1.40%
32 NASARAWA 54,225,427,154.13 1.34%
33 SOKOTO 49,475,551,713.33 1.22%
34 EBONYI 44,664,873,336.95 1.10%
35 JIGAWA 39,222,346,039.10 0.97%
36 ANAMBRA 34,007,803,458.86 0.84%
37 YOBE 28,533,478,934.83 0.71%
Total 4,042,394,601,412.49 100%

Ghanaian President begs Buhari to open border

GHANAIAN President Nana Akufo-Addo has pleaded with President Muhammadu Buhari to expedite the process of reopening the closed borders because of its effect on the economy of Ghana. President Akufo-Addo made the plea to Buhari during a bilateral discussion they had on the sidelines of the ongoing UK-Africa Investment Summit 2020 in London.

President Akufo-Addo, while showing an understanding of the need for Nigeria to protect her citizens, pleaded for “an expedited process, because the Nigerian market is significant for certain categories of business people in Ghana.” But the Nigerian President, Buhari said that the partial closure of the borders was to stop the proliferation of arms, ammunition and hard drugs.

In a statement by the Special Adviser to the President on Media and Publicity, Chief Femi Adesina, President Buhari said he could not keep his eyes open and watch youths being destroyed through cheap hard drugs, and compromised security caused by the unbridled influx of small arms.

According to him, “When most of the vehicles carrying rice and other food products through our land borders are intercepted, you find cheap hard drugs, and small arms, under the food products. This has terrible consequences for any country.”

Buhari He said it was regrettable that the partial border closure was having “negative economic impact on our neighbours,” but added that “we cannot leave our country, particularly the youths, endangered.”

The President said the Sahel region was awash with small arms, which accounts for severe security challenges in Mali, Chad, Burkina Faso, Niger and Nigeria. “We are in fact the biggest victims,” he lamented.

On time frame for reopening the borders, President Buhari said it would not happen till the final report of a committee set up on the matter was submitted and considered.

He said, “We will get things sorted out. Our farmers, especially those who grow rice, now have a market and are happy, and we are also concerned about hard drugs and weapons. “Once the committee comes up with its recommendations, we will sit and consider them.”

POS Software Annual Spending To Surpass $1.7 Billion By 2024, Driven By Vendor App Integrations

Growth of 63% over the next 5 years

Hampshire, UK – 21st January 2020: New data from Juniper Research forecasts that the total global annual spend on POS software by retail and restaurant businesses will grow to $1.7 billion in 2024 from $1.1 billion in 2019. This growth will be fuelled by the increasing availability of app integrations, such as Shopify and QuickBooks, as vendors expand and seek to augment their capabilities through partnerships and consolidation.

The new research, POS Software: Key Opportunities, Vendor Analysis & Market Forecasts 2020-2024, identified that forging partnerships will enable connections with third-party platforms; allowing vendors to grow their user base. The research urges vendors to leverage cloud-based systems to integrate with eCommerce platforms; enabling retailers to offer seamless omnichannel experiences. The report forecasts that larger POS software vendors will seek to acquire niche POS software innovators to integrate their disruptive services into their portfolios.

For more insights, download free whitepaper: How POS Software Will Change the Retail Landscape.

China Largest Single Market for POS Software

The research forecasts that China will be a key market for software vendors; accounting for 40% of global revenue by 2024. Chinese retail innovation has traditionally occurred in the online area, rather than in traditional ‘bricks and mortar’ retail, a trend which POS software will alter, by offering eCommerce integrations, enabling a highly effective omnichannel experience.

Research author Susannah Hampton explained:China represents a crucial opportunity for POS software vendors to attract smaller businesses, but vendors must quickly seek effective partnerships in the country to gain market share, or risk being bypassed by local POS hardware vendors”.

POS Software will Level the Playing Field in Retail

The new study suggests that POS software can be an important enabler for smaller retailers, by granting access to management tools previously only available to large businesses; by 2024, 81% of all POS software will be used in retail. Monetisation will be a crucial issue for vendors, as many payments companies offer some tools free with payments processing. Vendors must ensure that their propositions are highly tailored, to ensure sufficient user appeal.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

Equatorial Guinea Speeds Up Year of Investment Drive with Nigerian Investors

The delegation from Equatorial Guinea met with several Nigerian executives from the Africa Finance Corporation, Polaris Bank, Sterling Bank, First Bank, UBA and Zenith Bank.

In line with its commitment to attract regional capital investment into the country, H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, met with high-level Nigerian investors, bankers and financiers to discuss the opportunities offered by the country’s Year of Investment initiative.

The delegation from Equatorial Guinea met with several Nigerian executives from the Africa Finance Corporation, Polaris Bank, Sterling Bank, First Bank, UBA and Zenith Bank but also captains of the industry such as Simbi Wabote, Executive Secretary of the Nigerian Content Development and Monitoring Board.

Such discussions with all the leading figures who have been a true engine of growth for the Nigerian economy is essential as Nigeria continues to be Africa’s largest economy. Minister Obiang Lima presented key opportunities for them to expand their portfolio by investing in Equatorial Guinea. The Equatorial Guinea delegation also listened to their expectations on investing in Equatorial Guinea, while advising Nigerian businesses on the latest development and opportunities offered to African investors within the country’s rapidly developing oil and mining sectors.

A clear consensus came out of the discussions that only Africans can fully develop Africa while working with other partners coming from Asia, the Middle East, Europe and North America.

“Equatorial Guinea’s mission is to cut the dependence on foreign imports. It is important to boost local entrepreneurship, energy security and using our products to grow the local economy while engaging the regional market,” declared Minister Obiang Lima.

As such, H.E. Gabriel Mbaga Obiang Lima committed to using Nigerian expertise to develop local content in Equatorial Guinea and also work with Nigeria on gas-related matters, oil market stabilization with OPEC, and industry coordination through APPO. “The great relationship that has existed between H.E. President Muhammadu Buhari and H.E. President Obiang Nguema Mbasogo has really opened many doors for us. We don’t take this engagement lightly and we must deliver. More than before, I am optimistic that we are going to have better collaboration and sign deals that will improve the lives of Nigerians and Equatorial Guineans and ensure our relationship reaches new heights,” added H.E. Gabriel Obiang Lima.

In that regard, Minister Obiang Lima confirmed his participation and attendance at the Nigeria International Petroleum Summit, set to take place in Abuja on February 9-12, 2020.

Bigsam unveiled new character posters for the casts of the movie ‘Dear Affy’

With just 25 days left to the premiere the much-anticipated movie ‘Dear affy’, Movie director, Samuel Olatunji is popularly known as ‘Bigsam’ has unveiled new character posters for the casts of the movie ‘Dear Affy’.’

The new posters which he described as ‘‘bedazzling and captivating in unique ways’’ was revealed through the ‘Dear Affy’s Instagram page on Tuesday, 21st of January 2020 and will immediately subsequently be upon all other social media platforms online.

Much to the excitement of fans and well-wishers of ‘dear affy”, the new posters will feature prominent casts and stars of the movie like the talented musician and entertainer, Teni entertainer, who recently received the award for the best new artist. The ‘billionaire song” crooner plays the role of ‘little angel’ in the movie, ‘dear affy’ much to the delight of her fans and supporters.

Also, the new posters feature famous classy acts like Toyin Abraham who recently got married last year to fellow actor Kola Ajeyemi. The ‘alakada’ diva plays the role of ‘Temi the blogger’. Also featuring in the new posters is famed comedian and actor, Odunlade Adekola who plays the role of ‘Capo skillachi’.

Bigsam also added “The movie ‘dear affy’ is gradually shaping up to be one of the biggest movies of the year in the movie industry and I am proud of all movie casts and how they interpreted their various roles and as for these new posters, they are extremely pleasurable to the eyes and I expect everyone to be as thrilled and excited as I am about these posters! Everyone will love it!’’

Other exciting acts in the newly unveiled character posters include Bimbo Ademoye who plays the role of ‘Tochi’, Enyinna Nwigwe who plays the role of ‘Michael’ and is also one of the lead characters in the movie. Also, Kehinde Bankole who holds the major role features in the posters as ‘affy’

The movie will premiere on the 9th of February,2020 and will hit the cinemas and silver screens on the 14th of February 2020.

Executive Appointment: Tarek El Nahas to Join Mashreq as Head of International Banking

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DUBAI, UAE – EQS Newswire – 20 January
2020 – Mashreq, one of the leading
financial institutions in the UAE, has appointed Tarek El Nahas as its new Head
of International Banking Group.

 

Tarek spent 25 years at Citibank, most recently as the Head of
Corporate and Investment Banking for North Africa, Egypt and Levant, managing teams across 6 countries in the MENA
region. He has held several senior roles in Egypt, Algeria and the UAE
and has extensive experience across a wide range of disciplines, including corporate
finance, investment banking, derivatives and structured products, commercial
banking and corporate banking. Tarek’s wholesale banking experience extended to
working with large corporates, financial institutions, sovereigns and the
public sector. Tarek has a BA in economics and political science from the American
University in Cairo and a MSc in economics from the London School of Economics.

 

Commenting
on the appointment,
Ahmed Abdelaal, CEO, Mashreq Bank, said, “I am delighted to welcome Tarek to the Mashreq family. Our legacy
has been built upon a commitment to developing our leadership capabilities and
as we look to grow our international presence Tarek’s experience will be
invaluable.

 

“Tarek will take over from Jan-Willem Sudmann later this month. Jan
played a pivotal role in the success of Mashreq’s international banking story
for the last 4 years. We wish Jan good luck and gratitude for his service to
Mashreq.”

 

Tarek El Nahas, added: “I am excited to be joining Mashreq. Mashreq is recognized for
innovation and service excellence and with my regional experience, I look
forward to collaborating closely with my new colleagues to enhance the banks customer
experience and creating further inroads to the international business group for
Mashreq.

Image
link: https://imgur.com/Jrtofq4

About Mashreq:

One of the
UAE’s best performing banks for five decades, Mashreq (https://www.Mashreqbank.com/)
is a leading financial institution with an expanding footprint across the
Middle East. We have international offices across Europe, Asia, Africa and the
US, and a strong presence in all the financial capitals of the world.

 

As the oldest
bank in the UAE, our 51-year old journey can be traced back to humble
beginnings in 1967, followed by periods of rapid growth and strategic
expansion. Throughout our history, Mashreq has differentiated itself by
pioneering new-to-market concepts and launching unique products and services.

 

Our
innovative approach sets us truly apart. It also continues to win us
numerous awards and accolades in all the fields of banking we operate in —
Digital, Corporate, Retail, International, Treasury and Islamic, and
across the multiple banking channels we deploy — mobile, digital, online,
traditional and telephony.

 

Mashreq is
proud to be the only institution in the UAE to be awarded the Gallup Great
Workplace Award for six consecutive years from 2014 to 2019.

Sanwo-Olu commiserates with families of Abule-Egba Pipeline Fire Victims

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Lagos State Governor, Mr. Babajide Sanwo-Olu has commiserated with families that lost their loved ones following a pipeline explosion that occurred at Abule Egba on Sunday.

He also sympathised with those that lost property and other valuable items to the inferno.

In a statement by his Chief Press Secretary, Mr. Gboyega Akosile on Monday, Governor Sanwo-Olu said he is heartbroken to hear of the sad incident, which was caused by the nefarious activities of economic saboteurs.

The fire broke out on Sunday evening after suspected hoodlums vandalised petroleum pipelines around the Abule Egba axis.

The Governor urged security agencies to ensure that those behind the unfortunate incident were brought to justice, saying the government would not fold its arms and allow unscrupulous elements in the society to continue to wreak havoc in the State.

Sanwo-Olu also urged the youth to desist from criminal acts such as pipeline vandalism and other sensitive installations across the State, noting that such activities were putting innocent lives at risk. He advised them to instead channel their energy to positive use.

The Governor, however, thanked the first responders; the Lagos State Emergency Service (LASEMA), the Lagos Fire Service and other emergency agencies for acting promptly to avert what may have resulted in the calamity of monumental proportions.

Sanwo-Olu revealed that the Government has done a preliminary assessment of the incident and the situation report has been collated while the full impact assessment is ongoing.

Sanwo-Olu, in the statement, reiterated his call on the residents to be cautious during the period of harmattan.

He said: ”We urge the residents to be very careful in this season. The dryness of the weather is a big attraction to fire. Residents should recall our warning earlier in the month about the need to protect ourselves from any form of the fire disaster.”

Sanwo-Olu prayed for the souls of the victims and also beseeched God to grant the families the fortitude to bear the irreplaceable loss.

Lagos Traffic Radio partners Bus Service Limited

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As part of efforts to promote the Inter-Modal and Integrated Transport System in the State, Lagos Traffic Radio and Lagos State Bus Service Limited (LSBSL) have agreed to foster a relationship in their areas of comparative advantage.

The General Manager, Lagos Traffic Radio 96.1 FM. Mr. Tayo Akanle while receiving a delegation led by the Managing Director, Lagos State Bus Service Limited, Mr. Idowu Oguntona stated that Traffic Radio has an unrivalled passion to report traffic situations to help Lagosians navigate freely across the State as well as partner with organisations that have the passion to achieve the vision of the Lagos State Government’s T.H.E.M.E.S Agenda.

“One of the major reasons, why we would partner with the Lagos State Bus Service Limited, is that our online platform is growing and we intend to push it more to attract more people as well as create more Programmes in different languages that will cut across all residents of the State”, the General Manager said.

Akanle noted that the partnership will add greater value towards the realisation of Lagos Traffic Radio’s vision to be the ‘most reliable radio station providing traffic information in Africa’.

Earlier, the Managing Director of LSBSL, Mr. Idowu Oguntona commended the Station for its consistency in reporting traffic situations, especially its ability to engage listeners with daily reports on the movement of different modes of transportation across the State.

Oguntona hinted that as Lagos evolves into a Smart City, the LSBSL will harness its resources to create a very competitive space in the transport industry where urban mobility guarantees a market for mass transit transport operators with availability and pricing as key decision drivers.

According to him, the partnership will promote communication about the Bus Reforms as an avenue to redefine the public transportation system in Lagos with the injection of modern buses and terminals targeted towards transforming the way residents commute within the State.

“We are also tasked with the responsibility of ensuring the orderliness, proper coordination and progress of the Transport Industry in Lagos. We were launched on April 24, 2019, by President Muhammad Buhari and have been managed by Lagos State Metropolitan Area Transport Authority, LAMATA”, Oguntona added.

He revealed that the Service started with 50 buses, now has 150 buses and operates on seven routes, including, Berger to CMS; Obalende to TBS; Berger to Oshodi; Oshodi to TBS; Ikeja to CMS and TBS; Ikeja to Alausa; and Ikeja to Iyana Ipaja, with priority seating for the physically challenged, the elderly and pregnant women.

Noting that each bus has six emergency exits and are equipped with First Aid kits, free WiFi, Television, USB ports for charging phones as well as seven CCTV cameras, Oguntona averred that all the cameras are linked to a control centre that monitors every activity in the fully air-conditioned buses.

LASG reiterates commitment to Consumer Protection

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The Lagos State Government has again re-emphasised its resolve to ensure that the rights of consumers are protected from all forms of unfair trade practices in the State.

Speaking at a public enlightenment campaign themed “Know Your Rights”, held at the Ikorodu Local Government Area Secretariat, the General Manager, Lagos State Consumer Protection (LASCOPA), Mrs. Kemi Olugbode said the Agency will continue to ensure that the rights of consumers are not only protected but promoted.

The General Manager noted that the sensitisation campaign was initiated by the State government to ensure that consumers are educated on their rights, stressing that “The on-going Divisional Public Enlightenment Campaign, which commenced in the last quarter of the year 2019, had been in Ikeja, Surulere and Epe divisions of the State”.

According to her, the law that enacted the Agency also empowered LASCOPA to prosecute businesses, manufacturers and companies that churned out substandard products or traders who engaged in unfair trade practices.

Continuing, she maintained that LASCOPA requires presence in every Local Government and Local Council Development Area of the State so as to ensure that the rights of consumers, especially at the grassroots are well protected.

The General Manager, while thanking the participants for their support, charged them to take advantage of the existence of LASCOPA to lodge any complaint they might have on infringement of their rights as consumers of goods or services, reiterating that the services of the Agency are free.

She, however, urged the Stakeholders at the meeting to collaborate with the present administration in its bid to make lives easier for them as well as provide office space for the Agency to thrive in their respective Local Governments and Local Council Development Areas.

Earlier, the Chairman of Ikorodu Local Government, Mr. Adesina Wasiu, who was represented by the HOD of Agric, Shitta Kadijat, commended the State Government for setting up the Agency for Lagosians.

Dignitaries in attendance were the of Bale of Gberigbe, Chief Adebayo Awomodu; the Iyaloja-General of Ikorodu Division, Alhaja Taofeekat Allison; the Chairman, Lagos State Council of Tradesman and Artisans, Mr. Raheem Waliu; Chairman, CDC Ikorodu Division, Alhaji Luqman Shonibare and representatives of the Nigeria Youth Council of Nigeria among others.