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NYSC To Review Camp Registration Process

By
Nzubechukwu Anodo
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The National Youth Service Corps (NYSC) has disclosed plans to review its registration process in its Orientation camps to checkmate attempts by unqualified persons to enroll for national service.

These, according to the scheme, include fake graduates appearing as Prospective Corps Members and persons who, having served previously or issued with an Exemption Certificate, attempt to present themselves again for National Service.

The NYSC Director General, Brigadier General Yushau Ahmed, made the disclosure while presenting his keynote address at the 2023 Batch ‘A’ Pre-Orientation Course in Abuja.

Read Also: Musawa, minister of art, disputes a claim regarding NYSC status

He said the registration process in the Camp must be reviewed and strengthened to checkmate the activities of these fraudulent elements.

He also expressed the scheme’s commitment to Corps Members security, stressing the need for state coordinators and other stakeholders to evaluate the security situations in all Camp locations.

He said there should be proper surveillance of the Camps and adjoining areas before and during the exercise.

He stated that the workshop is aimed at reviewing the conduct of the previous Orientation Courses with a view to strategizing for optimal performance.

Moreover, the next Orientation Course is coming at this time of our renewed focus on the security and general welfare of Corps members.

He said more than ever before, the Management is committed to deepening the impact of the Orientation Course on Corps members, especially to prepare them for nation-building.

Tinubu Reiterates Commitment To Education Sector As Funaab Graduates 3574

By
Nzubechukwu Anodo
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0

President Bola Tinubu has restated his administration’s commitment to the Renewed Hope Agenda through programmes that can enhance service delivery for rapid transformation of the education sector in the country.

He made the disclosure while addressing the 3,574 graduands of the Federal University of Agriculture (FUNAAB), Abeokuta, during the institution’s 31st convocation ceremony, held at the Oluwafemi Balogun Ceremonial Building.

Tinubu, who was represented by the Minister of State for Education, Hon.Yusuf Tanko Sununu, said his government would continue to interface with critical stakeholders in the education sector to share ideas, break frontiers and to provide necessary support for the agricultural sector.

Read Also: Tinubu Appoints New Permanent Secretary Of Education Ministry

He noted that government alone cannot manage the education system without the support of all the university unions.

He charged the unions to avoid strikes in any form or capacity that might ground the academic system, noting that if the academic system is hitch free, it will not be difficult for it to be at par with other education systems in the world.

In his goodwill message, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, represented by Toyin Alade, congratulated the university on its achievements as a foremost agricultural-based institution in Nigeria.

He urged FUNAAB to play an active role in sharing the vision of President Tinubu to combat the rising cost of food and its underlying causes in the country.

He added that the nation was looking up to the graduands to be the torchbearers of agricultural transformation in the nation, urging them to be good ambassadors of the university.

Delivering his address, the Chancellor of the University, Edidem Ekpo Okon expressed joy at the rate with which the university is growing and its sustenance of academic excellence.

The chancellor appreciated the leadership of the university for its keen interest in massive developmental strides, noting that a lot of transformation has taken place within the university system with the last convocation.

He lauded the president for his commitment to the advancement of the education sector since assuming duties as the president, especially on the issue of the Integrated Payroll and Personal Information Scheme (IPPIS).

New British Museum Exhibition Explores Life In Roman Army

By
Koko Lawrence
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From cavalry helmets to panels of goatskin used for military tents, a new exhibition looking at the lives of Roman soldiers opens at the British Museum in London this week.

“Legion: life in the Roman army” features more than 200 objects on display, many of which once belonged to recruits or their families.

Among the highlights are what the museum says is the world’s only intact semi-cylindrical legionary shield from Roman times and the most complete classic Roman segmental armour, unearthed in 2018 from the battlefield at Kalkriese in Germany.

“This is an exhibition about the Roman army but it’s told from the perspective of the ordinary Roman soldiers,” Carolina Rangel de Lima, project curator for the exhibition, said at a press preview on Tuesday.

“The spine of the narrative is the story of this actual soldier, Claudius Terentianus, whose … fragments of his letters home survive and tell us about particularly the beginning of his enlistment and his story.”

The exhibition opens to the public on Thursday and runs until June 23, 2024.

Mosfilm Studio Turns 100 As Russian Cinema Plugs Gap

By
Koko Lawrence
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0

Mosfilm, the state-owned giant of Soviet and Russian cinema that produced classic films such as “Battleship Potemkin” and “Solaris”, marks its centenary on Tuesday, and its director general says it is well set up to prosper in the future.

While some Western movies are still shown in Russian cinemas, often long after their theatrical release elsewhere, domestic movies have become increasingly important to box office earnings.

“It’s a gift for us,” Shakhnazarov told newsmen at the sprawling Mosfilm complex on the outskirts of Moscow, referring to the drop in the number of Western films featuring in Russian cinemas.

“It’s understandable that competition is essential for the film industry, but there are times when we need to raise the level of our film making, and now it’s a good time to do that.”

Box office returns in Russia exceeded 40 billion roubles ($450 million) in 2023, according to Tatiana Golikova, a deputy prime minister who is also in charge of the board of trustees of the Cinema Fund.

She was quoted late last year as saying the revenues were close to pre-pandemic levels when Western films were shown more frequently, and that last year Russian movies accounted for 28 billion roubles of the box office total.

Stock Market Closes January With N1.1 trn Loss

By
Rhoda Onuzulike
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Following losses suffered by many highly capitalised stocks, the Nigerian stock market, Wednesday sustained bearish sentiments, as market capitalisation fell by N1.068 trillion to close trading for the month of January on losses in MTN Nigeria Communications (MTNN) Plc and 56 others.

As a result, the All Share Index (ASI) lost by 1,955.69 points, representing a loss of 1.90 per cent to close at 101,154.46 points. Also, market capitalisation declined by N1.068 trillion to close at N55.358 trillion.

Investors At NGX End Week On Bearish Sentiment

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTNN, Conoil, NASCON Allied Industries, Dangote Sugar Refinery and Guaranty Trust Holding Company (GTCO).

As measured by market breadth, market sentiment was negative, as 11 stocks gained relative to 57 losers. PZ Cussons Nigeria and Tripple Gee and Company recorded the highest price gain of 9.97 per cent each to close at N33.10 and N3.42 respectively, while Geregu Power followed with a gain of 9.69 per cent to close at N568.

McNichols went up by 9.66 per cent to close at N1.59 kobo, while Veritas Kapital Assurance appreciated by 9.09 per cent to close at 60 kobo, per share. On the other hand, Lafarge Africa, May & Baker Nigeria, Royal Exchange, Transnational Corporations (Transcorp), UPDC, Zenith Bank and Sterling Financial Holdings Company led the losers’ chart by 10 per cent each to close at N36.00, N6.21, 72 kobo, N12.96, N1.80, N35.10 and N5.67 respectively, per share.

Conoil followed with a decline of 9.98 per cent to close at N101.00, while Japaul Gold & Ventures depreciated by 9.97 per cent to close at N2.62, per share.

The total volume traded increased by 15.44 per cent to 749.128 million units, valued at N22.492 billion, and exchanged in 14,288 deals. Transactions in the shares of Transcorp topped the activity chart with 79.679 million shares valued at N1.062 billion. United Bank for Africa (UBA) followed with 61.336 million shares worth N1.551 billion, while Zenith Bank traded 61.176 million shares valued at N2.257 billion.

Guaranty Trust Holding Company (GTCO) traded 47.913 million shares valued at N1.839 billion, while Access Holdings sold 43.489 million shares worth N1.044 billion.

Sotheby’s Defeats Russian Oligarch In Art Fraud Case

By
Koko Lawrence
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0

A federal jury on Tuesday ruled in favour of Sotheby’s at a trial in which the Russian billionaire oligarch Dmitry Rybolovlev accused the auction house of defrauding him out of tens of millions of dollars in art sales.

Rybolovlev accused Sotheby’s of conspiring with Swiss art dealer Yves Bouvier to trick him into paying inflated prices for four works.

Sotheby’s, which is privately held, had long maintained that it had no knowledge that Bouvier might have lied, and that it was not liable for his dealings with Rybolovlev.

Bouvier was not a defendant, and has maintained he did nothing wrong.

Rybolovlev, 57, is worth $6.4 billion after building his fortune in potash fertilizer, according to Forbes magazine. He is also majority owner of the AS Monaco soccer team, though has been reported this year to be exploring a sale.

Daniel Kornstein, a lawyer for Rybolovlev, said the case “achieved our goal of shining a light on the lack of transparency that plagues the art market. That secrecy made it difficult to prove a complex aiding and abetting fraud case.”

Sotheby’s said the verdict reaffirmed its commitment to upholding the highest standards of integrity, ethics and professionalism, and reflected a “glaring lack of evidence” that it cheated Rybolovlev.

The case has been among the highest-profile art fraud disputes in recent years, offering a view into an often secretive industry where wealthy buyers sometimes don’t know who they are buying from.

Jurors in Manhattan federal court needed less than a day to reach a verdict, in a trial that lasted about three weeks.

U.S. District Judge Jesse Furman had last March let Rybolovlev pursue fraud-based claims over the da Vinci, and works by Gustav Klimt, Rene Magritte and Amedeo Modigliani.

Rybolovlev originally sued over 15 pieces of world-class art for which he paid more than $1 billion, and accused Bouvier of charging hundreds of millions of dollars in hidden markups.

NBCC Charges FG To Mop Up Excess Cash In Circulation

By
Rhoda Onuzulike
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0

The Nigerian British Chamber of Commerce, NBCC, has charged the federal government to urgently mop up excess cash in circulation as well as curb inflation which closed last year at 28.92 percent.

Speaking at a media briefing in Lagos, President of NBCC,  Ray Atelly, said that a lot of the well-run companies in Nigeria are beginning to struggle to meet their obligations.

“This is quite ominous. Who knows what may happen next. Whatever the solution may be, government must act with urgency like never before.” He added.

Scarcity: CBN Assures of Adequate Cash Supply

According to Atelly, it is time to stop printing Naira and worsening money in circulation, recommending, “Let us instead start mopping up excess cash and start curbing 28.92 percent inflation. How can money supply grow from 53.1 trillion in January 2023 to 78.7 trillion in December of same year without a corresponding increase in Gross Domestic Product, GDP?”

Atelly said the only way to save Nigerians from further agony is by treating the threat posed by hunger and idleness in the country, adding that it is important to provide export incentives so as to start exporting in good numbers and earning forex.

“It is time to Produce. Let us produce with rudimentary tools and upscale as we go along. Produce as a National policy and flood our markets with made in Nigeria manufactured goods. It is time to wake up from the dream that Nigeria is a rich country”.

“It is time we stopped importing tradesmen from Benin Republic, Togo and Ghana while our youths engage in mischief without future direction. It is time we implemented a population policy that can reduce our population growth rate of 2.4 percent far below our GDP growth of 2.5 percent. Real development cannot take place under such a static situation. We can achieve five percent GDP growth if it becomes a national agenda”.

Nigeria’s Inflation Rate To Drop in 2024, 2025 – IMF

By
Rhoda Onuzulike
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0

The International Monetary Fund (IMF) has predicted a decline in Nigeria’s inflation rate to 23 percent in 2024 and 15.5 percent in 2025.

IMF’s Division Chief of Research Department, Daniel Leigh, disclosed this at the Fund’s World Economic Outlook (WEO) update press conference on Tuesday.

Nigeria’s inflation rate stood at 28.92 percent as of December 2023, and has been on the rise for 11 consecutive months.

LCCI Predicts Lower Inflation Rate Come 2024

Reacting to the foreign exchange reforms introduced by the Central Bank of Nigeria (CBN) to curb inflation and the free fall of the Naira, Leigh said the monetary tightening stance of the apex bank would help reduce inflation rate.

Leigh said one of the drivers of inflation is the weak Naira following reforms by the financial regulator.

He stated: Now theres also structural factors behind that high inflation, including, you know, on the fiscal side, financing of the deficit. But this is clearly creating hardship. The perspective that we have is bringing down inflation is top priority.

And the CBN has already raised interest rates significantly over the past year to 18.8 percent. So that is the monetary tightening that is helping in our forecast to bring inflation down from 24.6 percent in 2023 percent, to 23 percent this year, and then closer to single digits into 2025 at 15.5 percent.

According to Leigh, while the monetary tightening to conquer inflation is ongoing, Nigeria should prioritise revenue mobilisation, and widen its tax base to provide social support.

On top of conquering inflation through monetary tightening, theres also a need to provide social support through the budget and creating the space for that is the challenge.

Our perspective is that more revenue mobilisation, strengthening revenue administration, widening the tax base, this is what is going to bring in space for development spending while safeguarding fiscal sustainability, Leigh added.

Group Urges Govt. To Boost Investments In SMEs

By
Rhoda Onuzulike
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0

The President, Crusade for Greater Nigeria on Poverty Eradication and Social Matters (CFGN) Prosper Okafor has urged the Federal and State governments to invest more in Small and Medium Enterprises (SMEs) for job creation and poverty alleviation.

Okafor who made the call in an interview with Journalists in Abuja, Nigeria’s capital, added that an SME driven economy was key to job and food security through sustainable self employment.

Okafor who identified micro-economic growth as the roadmap to macro economic development, said SMEs remain inevitable in job creation and poverty alleviation.

“SMEs have the potential to end insecurity because when everyone is engaged, no matter how little, there will be no time for idleness and crime.

Tinubu Restates Commitment to Promoting Trade For SMEs

“In great economies like China and US, artisans run the economy because they have something doing, which is a function of SMEs,” he said.

Okafor commended the Federal Government for its interventions in tackling poverty and unemployment, but appealed for priority to be given to SMEs.

“My Non-Governmental Organisation has facilitated the workshops and trainings of thousands of youths in different skills just to help them escape poverty and joblessness,” he said.

Okafor explained that only investment in SME could take the millions of unemployed youths out of the streets, thereby relieving government of the burden of employment.

According to him, the country is burdened with youthful bulge which has made many graduates to be roaming the streets without jobs.

He reiterated the need for micro economic growth through SMEs which would rescue the youth from the doldrums of over dependence.

The group president also said he had initiated a programme tagged “War Against Poverty (WAP)”, which was contributing to job creation and poverty alleviation.

“With the support of the federal and state governments, my WAP initiative is capable of taking millions of unemployed people off the streets, hence alleviating hunger and poverty,” he said.

According to the World bank, Poverty rate in Nigeria is 46 per cent, representing 104 million poor Nigerians.

Banks To Sell All Excess Dollars In Their Domains

By
Rhoda Onuzulike
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0

The Central Bank of Nigeria (CBN) has ordered commercial banks in the country to sell all excess dollars within their domains latest today, 1 February 2024.

This is contained in a circular issued by the apex bank to all commercial banks in the country.

The circular said the CBN had noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP).

Scarcity: CBN Assures of Adequate Cash Supply

The NOP measures the difference between a bank’s foreign currency assets (what it owns in foreign currencies) and its foreign currency liabilities (what it owes in foreign currencies).

The CBN said this has created an incentive for banks to hold excess long foreign currency positions, which exposed banks to foreign exchange and other risks.

The circular ordered that the NOP must not exceed 20 per cent short or 0 per cent long of the bank’s shareholders’ funds.

According to the CBN, this calculation must be done using the Gross Aggregate Method, which provides a comprehensive view of the bank’s foreign currency exposure.

It added that banks with current NOPs exceeding these limits were required to adjust their positions to comply with the new regulations latest by February 1, 2024.

The apex bank added that banks must calculate their daily and monthly NOP and Foreign Currency Trading Position (FCT) using specific templates provided by the CBN.

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