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Nigeria Signs Oil Deal To Unlock $10 Bn Investment

Nigeria has signed an offshore oil deal with Shell, Exxon, Total and Eni, that the state says will generate millions, settle disputes and open the way to a $10 billion investment.

The “Execution of Oil Mining Lease (OML) 118 (Bonga) Agreements” was signed Tuesday by the local subsidiaries of the four oil majors and the Nigerian National Petroleum Corporation (NNPC).

Nigeria, Africa’s largest oil producer and exporter, has been hit hard by a combination of falling crude prices and the global pandemic.

“This marks a watershed in the administration of deepwater operations in Nigeria,” the NNPC said on Twitter.

“Over $10bn of investment will be unlocked as a result of this development.”

The offshore oil block OML 118 situated 120 kilometres (75 miles) off the coast includes Bonga, the largest deep-water project to commence production in Nigeria.

Bonga produced 90,000 barrels per day in February, below its maximum capacity of 225,000 bpd, and the new deal could lead to an expansion of the field’s capacity.

The agreement also brings “immediate income for government in the excess of $780 million”, NNPC head Mele Kyari said, and an opportunity to resolve a $9 billion which he did not specify.

Kyari said in a speech that he hoped the agreement would be an “opportunity for investors to see that this country is open for business.”

OPEC-member Nigeria draws only a fraction of oil and gas investments in Africa as it struggles with a reputation for inefficiency, corruption and high operating costs.

But officials hope a long-awaited Petroleum Industry Bill currently in the National Assembly will encourage more investment with amendments to regulations, royalties and taxes.

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Miguel Gonzalez Takes Over From Bordalas As Getafe Coach

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Spaniard Miguel Gonzalez, known as “Michel”, will take over from Jose Bordalas as coach of Getafe for a second time, the Madrid club announced Thursday.

Michel, capped 66 times by Spain as a player, signed a two-year contract with the club that has just finished 15th in La Liga.

The former Real Madrid midfielder previously coached Getafe from 2009-11, before moving on to Sevilla, Olympiacos in Greece, Marseille, Malaga and UNAM in Mexico.

Getafe Club de Fútbol, or simply Getafe, is a professional Spanish football club based in Getafe, a city in the south of the Community of Madrid.

The team competes in La Liga, the highest tier of the Spanish football system.

Zinedine Zidane Resigns As Real Madrid Coach

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Zinedine Zidane has resigned as Real Madrid manager with immediate effect, the Spanish club said Thursday just days after they were beaten to the La Liga title by Atletico Madrid.

The Frenchman’s departure comes at the end of a disappointing campaign for the 13-time European champions, who also lost to Chelsea in the Champions League semi-finals, as they failed to win a trophy for the first time in 11 seasons.

“We must now respect his decision and express our gratitude for his professionalism, dedication and passion over the years and what he means to Real Madrid,” a club statement said.

“Zidane is one of Real Madrid’s great icons and his legacy extends beyond what he has achieved as a coach and player at our club.”

Only 10 days ago Zidane, who has a contract until 2022, denied press speculation he had already told his players he would be leaving at the end of the season.

“How am I going to tell my players that I am going now? It’s a lie,” he said after a 1-0 win at Athletic Bilbao.

“I’m focused on this season. There is a game left and we are going to give everything. I only care what happens in this finale,” he said at the time.

But, perhaps tellingly, he added: “The rest, we will see at the end of the season.”

The announcement marks the end of Zidane’s second spell in charge of the Spanish giants.

The 1998 World Cup winner first took the helm in January 2016 and guided Real to the 2017 La Liga title and an unprecedented hat-trick of Champions League titles before abruptly quitting on May 31, 2018, saying the club needed “a different voice”.

He returned in 2019 after Julen Lopetegui and Santiago Solari were sacked as managers in quick succession.

Anambra Based Escrow Platform Wins $100m Business Grant

Nigeria’s escrow company, EscrowLock has won a $100 million global business grant from the world’s largest social media company, Facebook Incorporated.

The local escrow platform based in Anambra State is a trusted third-party that receives and “locks” transaction payments from buyers and only releases payment to the intended seller when the seller has delivered the necessary goods or services in the agreed condition.

The middleman service helps to protect both buyers and sellers from online fraud, thereby boosting eCommerce activities and helping more people earn a decent livelihood.

According to the Director of EscrowLock, Elochukwu Eze, the information was contained in a statement issued by Facebook and made available to EscrowLock’s office in Agbiligba Nanka, Anambra State., Nigeria’s South-East.

He also said escrowlock Marketplace engages over 1,000 Nigerians as affiliates.

A Senior Executive of the firm, Mr Deji Akinbode, revealed that the firm will by next month begin to accept applications from Nigerians who are interested in working as online affiliates for its marketplace.

EsrowLock’s Strategy Lead, Ms Sandra Iheanaetu, said the company would soon provide micro-grants and visibility to small businesses run by online individuals across the 36 states of Nigeria and the FCT. The challenge is designed to hold, at least, every quarter of the year.

Anambra Based Escrow Platform Wins $100m Business Grant

Nigeria’s escrow company, EscrowLock has won a $100 million global business grant from the world’s largest social media company, Facebook Incorporated.

The local escrow platform based in Anambra State is a trusted third-party that receives and “locks” transaction payments from buyers and only releases payment to the intended seller when the seller has delivered the necessary goods or services in the agreed condition.

The middleman service helps to protect both buyers and sellers from online fraud, thereby boosting eCommerce activities and helping more people earn a decent livelihood.

According to the Director of EscrowLock, Elochukwu Eze, the information was contained in a statement issued by Facebook and made available to EscrowLock’s office in Agbiligba Nanka, Anambra State., Nigeria’s South-East.

He also said escrowlock Marketplace engages over 1,000 Nigerians as affiliates.

A Senior Executive of the firm, Mr Deji Akinbode, revealed that the firm will by next month begin to accept applications from Nigerians who are interested in working as online affiliates for its marketplace.

EsrowLock’s Strategy Lead, Ms Sandra Iheanaetu, said the company would soon provide micro-grants and visibility to small businesses run by online individuals across the 36 states of Nigeria and the FCT. The challenge is designed to hold, at least, every quarter of the year.

Nigeria’s Apex Bank Sets N410.25 As Official Exchange Rate to Dollar

The Central Bank of Nigeria has officially made the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.

It confirmed this new official rate on its website on Monday night, after it had removed N379/$ earlier in May.

“In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$,” he said.

It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.

The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

Institute of Chartered Accountants of Nigeria Secures Licence For University

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In the course of its contributions to capacity building in Nigeria, the Institute of Chartered Accountants of Nigeria, ICAN, has made significant progress in securing the National Universities Commission’s (NUC) licence for the establishment of the ICAN University

President of ICAN, Mrs. Onome Adewuyi, revealed this at the foundation stone-laying ceremony at the University’s proposed site in Kwali, Abuja. She said “the university would start with postgraduate courses in the Social and Management Sciences such as Accounting, Economics, Business Administration, Finance etc.

The ceremony was witnessed by prominent men and women in Abuja including members from the NUC, traditional and religious leaders.

While speaking at the 67th induction ceremony of new members in Lagos, Mrs. Onome Adewuyi admonished newly inducted members, she added, “We expect that the inductees of today would continue to aspire for both professional and academic relevance in the market and I encourage you to take advantage of this window of opportunity by ICAN to add to your academic qualifications by enrolling for postgraduate courses at the proposed university in any field of interest to you.

“We also request that you would be our advocate in projecting the university, when operational, to your friends, colleagues and associates.”

Meanwhile, Adewuyi frowned at any form of professional misconduct, affirming that ICAN has appropriate disciplinary mechanisms to deal with erring members.

She stated, “We frown at any form of professional misconduct and the Institute has appropriate disciplinary mechanisms to deal with erring members.”She noted that induction into the profession, qualifies the inductees to becoming part of the over three million accountants across the world under the umbrella of the International Federation of Accountants (IFAC).

Adewuyi said the professionals are faced with a situation that interestingly creates both threats and opportunities globally, adding that there are threats for organisations and professionals who fail to adjust to emerging developments and opportunities.

To the new members, she said: “As you begin this journey, you should set yourself apart from the masses by utilising the rich professional guidance and technical resources from the Institute and the various organisations we are affiliated with. Opportunities for knowledge transfer are now broad and the channels to quench your thirst for knowledge are now expanded.”

Katsina Governor Masari Backs Ban On Open Grazing By Southern Governors

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Katsina Governor Aminu Masari has thrown his weight behind Southern Governors on ban of open grazing, describing the practice, which encourages herders to move from one location to another as ‘’un-Islamic’’

Masari, who spoke to select reporters at Government House Katsina as part of activities to mark second year of his second term in office, argued necessary infrastructure on livestock farming should be provided in States for ranching as against open grazing.

He said: “This is something we have to do through development, provide necessary infrastructure that will make the herders not to move. Why should herders from Katsina move?

‘’The herders’ movement is essentially in search of two things: water and fodder. If we can provide these two items why should they move?

‘’This roaming about I don’t think. For us its un-Islamic and is not the best. It is part of the problem we are having today. I don’t support that we should continue with the way open grazing is’’.

On devolution of power through restructuring, he argued States urgently need resources to implement what should have been implemented at the Federal level

According to him: ‘’ I support devolution totally, the federal government is trying. But the states need to have resource to implement what should have been implemented by the Federal Government.

‘’If today the States will support the Police, the Police system will go up. If the states withdraw their support to security agencies, they won’t be able to move from here to there.

‘’So, I absolutely support devolution in totality. So as a Government of Katsina we should be allowed by the Constitution, within the Constitution to decide on many things that are peculiar to us’’.

‘’The Federal Government should have a benchmark and people should not operate beyond this mark. Lagos State is generating up toN4bn and something billion, while Katsina State is just generating N2bn.

“I expect with proper restructuring, states should own the reflective of what they earns from within their State.”

Mali President, PM Resign After Arrest By Military Junta

Mali’s interim president and prime minister resigned on Wednesday, a top junta aide said, two days after they were detained and stripped of their powers in what appeared to amount to the country’s second coup in nine months.

President Bah Ndaw and Prime Minister Moctar Ouane, tasked with steering the return to civilian rule after a coup last August, resigned in the presence of mediators visiting the military base where they were being held, said Baba Cisse, special advisor to junta boss Assimi Goita.

However a member of the Economic Community of West African States (ECOWAS), African Union and UN mission MINUSMA mediation mission told reporters that the leaders had in fact resigned before they arrived.

The delegation then went to speak to Goita — who holds the rank of vice president in the transitional government — again after seeing him late Tuesday.

“We saw the vice president again to express our dissent,” the member told reporters on condition of anonymity.

Cisse said negotiations were under way for the pair’s release and the formation of a new government in the poor Sahel country.

Their detentions triggered widespread international condemnation and the threat of sanctions.

The UN Security Council was set to hold an emergency meeting later Wednesday at the request of former colonial power France and others.

The ECOWAS mediators met with Ndaw and Ouane at the Kati military camp around 15 kilometres (nine miles) from the capital Bamako.

A member of the delegation headed by former Nigerian president Goodluck Jonathan had warned that ECOWAS “could quickly announce sanctions” if the crisis is not resolved.

France was also prepared to impose “targeted sanctions”, French President Emmanuel Macron said after a European Union summit.

And Washington said it would “consider targeted measures against political and military leaders who impede Mali’s civilian-led transition to democratic governance”.

“We stand with the people of Mali in their aspirations to achieve democracy, peace, development, and respect for human rights,” State Department spokesman Ned Price said in a statement.

The statement also said the United States had suspended assistance for Mali’s security forces.

  • ‘Unacceptable coup’ –
    Macron, whose country has committed more than 5,000 troops to Mali’s fight against jihadism in the Sahel, condemned the arrest of Ndaw and Ouane as a “coup d’etat in an unacceptable coup d’etat”.

On Monday, the United Nations, African Union, ECOWAS, the EU and United States issued a rare joint statement, attacking the detention and demanding the pair be released.

That demand was echoed on Tuesday by Britain and Germany.

A member of Goita’s team said that during the talks with the ECOWAS mediators, they had “explained their reasons” for pushing Ndaw and Ouane out, and insisted that elections would still be held next year.

Young military officers ousted president Ibrahim Boubacar Keita last August after weeks of demonstrations over perceived government corruption and his handling of the jihadist insurgency.

ECOWAS, a 15-nation regional bloc, threatened sanctions, prompting the junta to hand power to a caretaker government that pledged to reform the constitution.

Ndaw and Ouane had been heading that interim government with the declared aim of restoring full civilian rule within 18 months.

But recently there had been signs of public discontent, with the opposition M5 movement demanding a “more legitimate” body.

On May 14, the government said it would appoint a new “broad-based” cabinet.

The reshuffle saw the military keep the strategic portfolios it controlled during the previous administration.

But two other coup leaders — ex-defence minister Sadio Camara and ex-security minister Colonel Modibo Kone — were replaced, prompting officers to detain the president and prime minister.

  • ‘Intent to sabotage transition’ –
    Goita, who holds the rank of vice president in the transitional government, accused Ndaw and Ouane of failing to consult him on the reshuffle.

“This kind of step testifies to the clear desire of the transitional president and prime minister to seek to breach the transitional charter,” he said, decrying a “demonstrable intent to sabotage the transition”.

The transitional charter, a document largely drawn up by the colonels, sets down principles for underpinning Mali’s return to civilian rule.

“The scheduled elections will be held in 2022,” Goita added.

But many have doubted whether the military-dominated government had the will — or the ability — to stage reforms on a short timescale.

Anambra Based Escrow Platform Wins $100m Business Grant

Nigeria’s escrow company, EscrowLock has won a $100 million global business grant from the world’s largest social media company, Facebook Incorporated.

The local escrow platform based in Anambra State is a trusted third-party that receives and “locks” transaction payments from buyers and only releases payment to the intended seller when the seller has delivered the necessary goods or services in the agreed condition.

The middleman service helps to protect both buyers and sellers from online fraud, thereby boosting eCommerce activities and helping more people earn a decent livelihood.

According to the Director of EscrowLock, Elochukwu Eze, the information was contained in a statement issued by Facebook and made available to EscrowLock’s office in Agbiligba Nanka, Anambra State., Nigeria’s South-East.

He also said escrowlock Marketplace engages over 1,000 Nigerians as affiliates.

A Senior Executive of the firm, Mr Deji Akinbode, revealed that the firm will by next month begin to accept applications from Nigerians who are interested in working as online affiliates for its marketplace.

EsrowLock’s Strategy Lead, Ms Sandra Iheanaetu, said the company would soon provide micro-grants and visibility to small businesses run by online individuals across the 36 states of Nigeria and the FCT. The challenge is designed to hold, at least, every quarter of the year.