U.N Criticises Russia For Withdrawing From Grain Deal

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September 12, 2023

The United Nations (U.N) rights chief has blamed Russia’s exit from the Black Sea grain deal as well as its attacks on agricultural facilities for higher food prices.

“The Russian Federation’s withdrawal from the Black Sea Grain Initiative in July, and attacks on grain facilities in Odesa and elsewhere, have again forced prices sky-high in many developing Countries taking the right to food far out of reach for many people,” Volker Turk said at the opening of the Human Rights Council session in Geneva, referring specifically to high malnutrition rates in Somalia amid drought.

Russia quit the U.N brokered grain deal, aimed at easing a global food crisis, in July.

Russian Cruise Ship Astoria Grande Leaves Black Sea Port Of Batumi

Ukraine has accused Russia of intentionally striking grain terminals and infrastructure in the Black Sea port of Odesa and elsewhere. In some cases, Russian State media have claimed the facilities were housing mercenaries and military hardware, without providing evidence.

In the same speech evoking human rights crises around the world, Turk referred to a series of incidents of Quran burning in Sweden and elsewhere “repugnant”.

He also called for “strong remedial action” from China in response to a report from his predecessor a year ago that highlighted possible crimes against humanity committed in Xinjiang.

CBN Stops Banks From Utilising FX Revaluation Gains

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Rhoda Onuzulike

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September 12, 2023

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The Central Bank of Nigeria (CBN) on Monday instructed commercial banks not to utilise the foreign exchange (FX) revaluation gains to pay dividends or for other operational expenses.

This was seen in a circular to all banks dated September 11. 2023 and signed by Haruna Mustafa, director, of the banking supervision department.

Instead the CBN advised the banks to save the money made from FX to hedge against any future volatility.

“Banks are required to exercise utmost prudence and set aside the foreign currency (FCY) revaluation gains as a counter-cychcal buffer to cushion any future adverse movements in the FX rate in this regard, banks shall not utilize such FX revaluation gains to pay dividend or meet operating expenses”, the circular reads.

According to the CBN, banks that inadvertently breach the Single Obligor limit (SOL) due to the FX policy will be granted forbearance upon application to the CBN.

The forbearance shall apply only to existing facilities as at the effective date of this policy. Such banks shall be exempted from the regulatory deductions on the excess above the SOL limit in their capital adequacy ratio (CAR) computation.

Ex-CBN Director Faults New FX Measures, As Naira Losing Strength

The CBN said banks that exceed the Net Open Position (NOP) Limit prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application to the CBN.

“Existing prudential regulations on capital adequacy. dividend payments and FCY borrowing limits shall continue to apply.”

The apex encouraged the barks to build capital buffers to increase resilience against potential volatility and/or economic shocks.

“The CBN will continue to monitor emerging vulnerabilities and take appropriate regulatory action,” the circular stated.

The CBN emphasized that banks should utilize these revaluation gains to reinforce their capital reserves, thus enhancing the banking sector’s capacity to endure volatility and economic shocks.

Afreximbank Invests all-time High $36bn in Nigeria

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Rhoda Onuzulike

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September 12, 2023

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The African Export-Import Bank (Afreximbank) has invested over $36 billion into the Nigerian economy since its creation in 1993 through trade and project financing.

This comes as the bank targets $43 billion in trade and investment deals at the Intra-African Trade Fair (IATF2023) holding in Cairo, Egypt in November 2023.

Nigeria directly benefited from trade and investment deals worth over $18 billion in the previous IATF.

The bank’s executive vice president, intra-African trade bank, Kanayo Awani disclosed this on Monday at the Nigeria Intra-African Trade Fair (IATF2023) high-level business road show in Lagos. She said the support has covered a range of sectors and industries, including, among others, energy, transport, financial services, healthcare, manufacturing, and trade infrastructure.

“In addition, Afreximbank remains committed to contributing to Nigeria’s economic growth as evident in several flagship projects underway such as the $300m 500-bed Africa Medical Centre of Excellence (AMCE) ongoing in Abuja in partnership with King’s College, London, Afreximbank Africa Trade Centre (AATC), also in Abuja, and the Africa Quality Assurance Centre (AQAC) in Shagamu, Ogun State, which is already operational,” she said.

Afreximbank Targets SMEs with US$400mn Loan

As part of the development of the auto sector, she said the Bank has also provided a grant to support the development of the Nigerian automotive policy that will help ensure a competitive and vibrant auto sector in Nigeria.

“The inaugural trade fair held in Cairo, Egypt in 2018 was a resounding success. This was followed by an even more successful IATF2021 hosted in Durban, South Africa in 2021,” she said.

Awani said the two editions of the IATF collected participants from 130 countries globally, with more than 2,500 exhibitors from 77 countries.

The two previous editions generated over $74 billion in trade and investment deals, providing a glimpse of the immense potential that exists for intra-African trade and investment, she said.

Reps Committee Cancels Probe Over Kyari, Others Absence

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Rhoda Onuzulike

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September 12, 2023

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The House of Representatives Ad hoc Committee to Investigate the Circumstances surrounding the acquisition of OVH Energy Marketing by the Nigeria National Petroleum Cooperation, NNPCL, has halted its probe due to the absence of Chief Executive Officers of the companies involved.

The Group Chief Executive Officer of the NNPCL, Mele Kyari, and the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, MMDPRA, Farouk Ahmed, were absent during the probe of irregularities and alleged corruption in the NNPCL.

As the hearing commenced, the chairman of the Ad hoc Committee, Honourable Abubakar Nalaraba, frowned that both CEOs sent representatives.

Ad-Hoc Committee On Mass-Transit Scheme Summons Minister, Others

The NNPCL sent its Executive Vice President (Downstream), Yemi Adetunji while the NMDPRA was represented by its Director Of Operations, Soji Soloye.

They said their various Chief Executives could not attend the hearing because they were attending to other things.

When the Chairman of the Ad hoc Committee inquired if they could represent their principals at the probe, they said they could not.

Nalaraba said it was unfortunate because the committee was far behind schedule in the discharge of its assignment.

“This is an ad hoc committee on the need to investigate the irregularities and alleged corruption in the Nigeria energy security provider, the NNPC Limited, and the acquisition of OVH Energy Marketing”.

“The House resolved to set up this Ad hoc committee to investigate the circumstances surrounding the acquisition of OVH Energy by NNPCL and report within four weeks”.

“The time allocated to conclude and submit this report within four weeks. Unfortunately, we are far behind schedule despite the extension of the House recess, we still feel the need to continue or to progress with this investigation,” he said.

The hearing dissolved into an executive session for the panel to decide an appropriate time for the Chief Executives to appear.

Tinubu Meets UAE President, Secures Landmark Deals

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Rhoda Onuzulike

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September 12, 2023

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President Bola Ahmed Tinubu and the President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, have finalized a historic agreement, which has resulted in the immediate cessation of the visa ban placed on Nigerian travelers.

By this historic agreement, both Etihad Airlines and Emirates Airlines are to immediately resume flight schedules into and out of Nigeria, without any further delay.

Pres. Tinubu Heads to Abu Dhabi for Diplomatic Talks

These were made known in a statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

The statement added that the immediate restoration of flight activities, through the two airlines and between the two countries, does not involve any immediate payment by the Nigerian government.

The two leaders have also agreed to a framework which will involve several billions of U.S. dollars, worth of new investments into the Nigerian economy across multiple sectors, including defence, agriculture and others, by the investment arms of the Government of the United Arab Emirates.

“This is in recognition of President Tinubu’s economic development diplomacy drive and proposals made on Monday, 11th of September, as Presented by the Nigerian leader, President Tinubu to his counterpart.” The statement added.

Furthermore, President Tinubu also successfully negotiated a joint, new foreign exchange liquidity programme between the two Governments, which will be announced in detail in the coming weeks.

The Nigerian leader however commended the UAE President, Mohamed bin Zayed Al Nahyan, for his unalloyed friendship and his determined effort to join hands with him to fully normalize and reset to excellence, the standard of relations between the two countries.

Exploring The Natural Bridge In The United States Of America

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Angel Gimalo

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September 11, 2023

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The Natural Bridge is a geological formation in the shape of a bridge, carved out from the Cedar Creek River in the State of Virginia, USA.

This simple named, yet unnamed, natural bridge is in the mountainous limestone terrain, forming a natural arch which 66 meters (215 feet) high and a span of 27 meters (90 feet).

In the past, the Natural Bridge was worshiped by the Monacan Indians, and once it was one of the most famous and most visited natural wonders in the States.

Today the Natural Bridge stands tall as a National Historic Landmark and the gateway to the historic and beautiful Cedar Creek Trail, and the Monacan Indian Living History Village.

Furthermore, the Natural Bridge Caverns, museums, a hotel & conference center, and restaurants surround the nature park.

In the past, the Natural Bridge and parts of the area, belonged to many people, which changed ownership, until 2014 when Governor Terry McAuliffe officially accepted the deed to the Natural Bridge, transferring its ownership to the Commonwealth of Virginia.

With some hope, the site should become a state park in the following years.

Many tourists visit it today, and to see it they must purchase tickets. There is a trail under the bridge which provides access to other attractions.

Nigeria’s Foremost Account, Akintola Willams, Passes On At 104

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Angel Gimalo

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September 11, 2023

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The doyen of the accounting profession, Pa Akintola Williams, has passed away at the age of 104 years old.

The foremost accountant celebrated his 104th birthday on August 9.

Pa Williams is the first Nigerian to qualify as a chartered accountant.

LIFE
Williams began his education at Olowogbowo Methodist Primary School, Bankole street, Apongbon, Lagos Island, Lagos, in the early 1930s; the same primary school his late junior brother Chief Rotimi Williams attended.

His youngest brother Rev James Kehinde Williams was a pastor in the same church. Olowogbowo Methodist Church.

His firm founded in 1952, later grew organically and through mergers to become the largest professional services firm in Nigeria by 2004.

Williams participated in founding the Nigerian Stock Exchange and the Institute of Chartered Accountants of Nigeria. During a long career, he received many honours.

He turned 100 in August 2019 and died on 11 September 2023, at the age of 104 in his Lagos home.

Nigeria Needs N21trn to Bridge Housing Deficit- Shettima

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Rhoda Onuzulike

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September 11, 2023

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Vice President Kashim Shettima, on Sunday, projected that Nigeria’s housing deficit- will require about N21 trillion to bridge the housing deficit.

Shettima noted that the nation needs to construct about 28 million urgently, but the gap remains huge despite several interventions.

Shettima made this known in Sokoto at the groundbreaking for the construction of a 500-unit Housing Estate by the State government.

According to the VP, “Nigeria has a deficit of 28 million houses, and we will need N21 trillion to meet our housing needs.

He, however, commended Governor Ahmed Aliyu of Sokoto state, whose efforts he said ” is highly commendable and worthy of emulation by other State governments.”

“The Governor has started well by completing the roads and flyovers he inherited,” he added.

Earlier in his remarks, Governor Aliyu said the housing estate would be for civil servants and would be sold to them when completed on an owner-occupier basis.

“This is a project initiated by the former Governor of the State, Magatakarda Wamakko, but was later abandoned by the immediate past administration, but we are determined to complete it for the benefit of our workers and the general public,” he said.

The Governor disclosed that the project at Wamakko Local Government Area of the State will cost the State government N7.3 billion.

The event, which was to mark 100 days in office by the administration, was attended by the Former Governor of Sokoto State, Wamakko; Minister of Agriculture and Food Security, Abubakar Kyari; Minister of State, Water Resources and Sanitation, Bello Goronyo; and Former Deputy Governor of Sokoto State, Mukhtari Shagari, among others.

Storm Daniel: Over 2, 000 Dead In Eastern Part Of Libya

By

Angel Gimalo

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September 11, 2023

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More than 2,000 people in Libya are feared dead in severe flooding, according to a Libyan leader, as Storm Daniel swept through the eastern part of the country.

The head of Libya’s eastern parliament-backed government, Osama Hamad, announced the death toll on Monday, according to a report from state news organization Libyan News Agency.

“Osama Hamad said in press statements that residential neighborhoods disappeared after the torrents swept them into the sea along with thousands of their residents, and the situation is catastrophic and unprecedented in Libya,”.

It has not been independently verified the number of deaths, and Hamad did not give a source for the number of dead and missing.

Footage shared on social media shows submerged cars, collapsed buildings and torrents of water rushing through streets.

Hamad called on medical personnel and medical assistants to go to the badly affected city of Derna in eastern Libya to provide assistance immediately.

Phone lines were down in Derna and pictures shared by the Red Crescent showed severely flooded streets.

The Red Crescent in Benghazi said on Monday they estimate 150 to 250 people are dead in the city of Derna.

Hospitals in the eastern city of Bayda were evacuated after severe flooding from rainfall caused by a heavy storm, videos shared by the Medical Center of Bayda

Naira Steadies at N930 per Dollar on Monday

By

Rhoda Onuzulike

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September 11, 2023

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Naira on Monday remained stable at N930 per dollar at the parallel market, popularly known as black market.

This is due to moderation in the demand for dollars.

Naira Ends Week on Negative Note

At the Investors and Exporters (I&E) forex window, naira remained at N736.62/$1 and is expected to either appreciate or depreciate after trading on Monday.