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South African Rand Gains Against U.S. Dollar

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The South African rand edged up against a weaker dollar in early trade on Monday, at the start of a packed week for local economic data.

At 0645 GMT, the rand traded at 18.5750 against the dollar, about 0.2% stronger than its closing level on Friday.

The dollar last traded around 0.2% weaker against a basket of global currencies.

The rand gained roughly 2% last week, mainly taking its cue from offshore factors.

“The rand is, unfortunately, merely a passenger in the global current of macro developments,” Rand Merchant Bank analysts said in a research note.

He said the currency would probably stay volatile in the months ahead “as the (U.S. Federal Reserve) dictates terms for global asset prices via the dollar”.

South Africa’s benchmark 2030 government bond was slightly stronger in early deals, with the yield down 2.5 basis points to 10.185%.

OAU Stipulates Students Dress Code, SU Fights Back

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The University of Ife also known as the Obafemi Awolowo University has joined the list of government-owned tertiary institutions, updating their codes of conduct to include a strict dress code, whose violation is punishable under the university constitution.

The university released an internal memo with a list of offences and punishments side by side.

The student union of the university, one of the oldest and most prestigious universities in the country, in response, sent out a memo, titled “Review Of The Code Of Conduct For The University Community And Other Policies In The University”, castigating the universities decision.

The document read in part,

“As a union, we differ with the plan of management to regulate students’ mode of dressing which is a violation of their right to freedom of expression as guaranteed in all known laws. we must state unequivocally that the university campus is not a prison and that the use of uniforms is really backward and archaic as it does not in any way contribute to the learning process.

‘”OAU as an institution has grown to become a model of law and orderliness amongst the comity of higher institutions in the country…it is, therefore, a deviation of what OAU is known with and stands for to start regulating the dressing pattern of students.

The union went further to say that “In clear terms, dictating how students should dress is simply an attempt to enslave them and we are not in support of such. Students’ mode of dressing does not in any way constitute any threat to the university community and does not lessen the greatness of the university. We find it embarrassing and an attempt to justify the sexual harassment students face at the hands of paedophile lecturers by categorizing wears as being “provocative”.

“We expect that with the happenings in our ivory towers, the management of OAU will be compelled to provide a safe learning environment by preventing sexual harassment by enforcing anti-sexual harassment policies.”

France Bans Muslim Students From Wearing Abayas’ In State Schools

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Children in French state schools will no longer be allowed to wear the abaya, a long loose-fitting dress worn by some Muslim women.

The French education minister announced the ban ahead of the school term starting at the beginning of September.
According to the education minister Gabriel Attal you shouldn’t be able to identify the pupils’ religion when you walk into a classroom, just by looking at them.
France has had a strict ban on religious symbols in state schools and has banned pupils from wearing headscarves since 2004 but the question of whether the abaya is a sacred symbol is the subject of debate.

Late last year, former education minister Pap Ndiaye identified the abaya as a garment that can “take on a possible religious character” even if it is not an explicitly religious symbol.

France’s Council of Muslim Worship said the abaya is “mistaken” by some as a Muslim religious sign.
“Any item of clothing is not a religious sign in itself,” the group said in a statement in June.

“You only have to travel through Muslim-majority countries to realize that the citizens of these countries, of all faiths, are indistinguishable based on the clothes they wear,” it added.

Read Also : France Uncovers Cybersecurity Breaches Linked To Russian Hackers

In 2010, France banned full-face veils in public, angering some in its five million-strong Muslim community.

The country is governed by strong rules on secularity that mean no displays of religion in public institutions.

In schools, the laws were originally aimed at removing any traditional Catholic influence from public education, but have been updated over time to include other religions.

Jewish kippah, “oversized” crosses and other religious symbols are also banned from state schools.

President Tinubu To Preside Over Inaugural FEC Meeting today

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President Bola Tinubu is expected to preside over his first Federal Executive Council meeting as the Nigerian President. The meeting is scheduled for Monday at the Council Chambers of the Presidential Villa, Abuja by 12 noon.

According to sources at the presidential villa, the meeting will feature all the new ministers recently appointed by the President.

Recall that President Tinubu recently assigned portfolios to 45 of the appointees, before organising an elaborate inauguration ceremony to swear them in.

Shortly after their inauguration, most of the ministers proceeded to the office of the Secretary to the Government of the Federation, under Senator George Akume’s purview to collect their appointment letters.

Ln247 has confirmed that most of the ministers have reported to their respective ministries to familiarise themselves with their new working environment, with some already carrying out site visits.

Among the prominent ministers are former governor of Rivers State, Nyesom Wike, assigned to the FCT Minister, former governor of Plateau State, Simon Lalong, assigned to the Ministry of Labour and Employment, former governor of Kebbi State, Atiku Bagudu among others.

Tinubu was sworn in as Nigeria’s President on May 29th, 2023 and has unveiled a number of economic policies some of which involved the removal of subsidy on fuel among others.

Senate vows to create enabling environment for domestic industries

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The Senate has vowed to create the enabling environment for domestic industries in the country to thrive and foster economic growth. It also promised to leave no stone unturned as the country was embarking on trans-formative journey of renewed economic prosperity by embracing innovation, transparency, and untiring dedication.

Chairman of the Senate Committee on Finance, Senator Sani Musa, APC, Niger East, who made the vow in a statement yesterday, said that the Senate would fasten its commitment to prudent revenue sourcing and ensure every income earned was accounted in order to promote Nigeria’s priorities and development goals.

The statement read: “I wish to extend my heartfelt congratulations to the recently appointment Ministers of the Federal Republic of Nigeria, especially the Minister of Finance and Coordinating Minister of the Economy, Mr Adebayo Olawale Edun, a position that carries with it a profound responsibility for shaping Nigeria’s economic trajectory.

“In my capacity as the Chairman, Senate Committee on Finance, I’m very much aware and in the know of the economic and developmental challenges our country is going through, including the escalating debt burden, low revenue profile and fiscal irresponsibility by some MDAs.

”In this pursuit, I pledge to lead the committee with diligence, innovation, and a steadfast focus on securing our nation’s economic prosperity.

“It is a known fact that the Nigerian economy stands at a critical juncture, navigating through a complex web of economic challenges that necessitate strategic and informed policy responses.

”With a backdrop of low GDP growth which the NBS put at 2.51%, in the second quarter of 2023 lower than 3.54 % of second quarter of 2022, persistent inflation, high unemployment, a mounting debt profile, and a limited revenue base, the economic landscape demands concerted efforts to address structural imbalances and foster sustainable growth.

“The recent removal of fuel subsidies has added to the burden felt by many citizens, underlining the urgency for comprehensive measures that not only stabilise the economy, but also ensure equitable access to basic necessities and opportunities for all segments of society.”

“The country is faced with dual challenges of rising debt and insufficient revenue which demand our immediate attention. The Senate finance committee under my leadership commitment will embark on a mission to amplify our revenue streams, drive economic growth that is not only robust but also resilient through legislative means, manage our debt judiciously, explore avenues for favourable terms and sustainable repayment simultaneously.

“Also, of importance, the Senate finance committee will seriously look at the informal sector which constitutes about 80% of the Nigerian economy. The committee will look in to empowering the informal sector with spotlight on mining.

“The informal sector, particularly the mining industry, is a hidden gem in our revenue potential. This was corroborated by Ministry of Mines and Steel Development, MMSD, that the solid minerals have the capacity to generate about 2-3 billion US dollars annually. We will dedicate our efforts to understanding and nurturing this sector with appropriate legislation with emphasis on formalising artisanal and medium-scale mining activities.

“This strategic move will bring economic benefits while promoting safer and more responsible practices. We will harness and raise revenue sources from both the Blue Marine and the Creative Economies, by setting targets. The committee will legislate to encourage regulations of consumption and production, and facilitate an enabling environment through legislation for domestic Industries to develop and stimulate economic growth through direct foreign investment inflow.

 “Upholding fiscal discipline is pivotal to our financial health. As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing, ensuring that every income earned is been accounted for so that our nation’s priorities and development goals can be addressed.

“The committee will ensure that the annual budget aligns with the Medium-Term Expenditure Framework and fiscal strategy paper to ensure a coherent roadmap, bridging medium-term aspirations with concrete fiscal plans, and fostering accountability in the efficient utilisation of resources.

“The Senate Finance Committee will extend unwavering support to the Presidential Committee on Fiscal Policy and Tax Reform in its ambitious endeavour to address the substantial annual revenue gap of N20 trillion from non-oil sources and also to achieve 18% tax-to-GDP ratio.”

Musawa, minister of art, disputes a claim regarding NYSC status

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The minister of Art, Culture and Creative Economy, Barr. Hannatu Musawa has denied issuing statement on her NYSC status as a serving Minister, which is circulating in the media.

In a statement signed by the Deputy Director, Press Federal Ministry of Information and National Orientation, the minister said she has not released any official statement regarding the aforementioned matter and asked the public to be cautious of unverified information.

She expressed appreciation to the support, solidarity, and understanding of Nigerians in these times, and insisted that she had not issued any statement on the issue.

The statement reads in parts: “The attention of Barrister Hannatu Musa Musawa, Hon. Minister of Art, Culture and Creative Economy, has been drawn to a recently circulating piece titled:

“MY PERSONAL STATEMENT ON MY NYSC STATUS AS A SERVING MINISTER. The piece is inaccurately associated with her in relation to the current NYSC discussion.

“The Hon. Minister clarifies that she has not released any official statement regarding the aforementioned matter and kindly asks the public to be cautious of unverified information.

“I deeply value and appreciate the support, solidarity, and understanding of Nigerians in these times. For clarity, I wish to state that I have not issued any statement on the current issue.”

Edo Politics: Shaibu’s return today raises uncertainty

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Politicians, leaders, aides and other watchers of political activities in Edo State, watch with uncertainty as the Deputy Governor of Edo State, Mr. Philip Shaibu resumes today, after a one-month leave. The decision of the deputy governor to institute a suit against his principal, Governor Godwin Obaseki, the state House of Assembly, and others to stop a purported impeachment plan had generated controversy in the state in the past three weeks.

The governor and several political groups and leaders have condemned the move with the governor likening it to his deputy planning a coup. Political watchers have waited for today to come and Shaibu’s Chief Press Secretary, Musa Ebomhiana, yesterday, confirmed to Vanguard that his boss would resume today.

Shaibu had earlier in the day attended the thanksgiving service to celebrate 60 years of the referendum that led to the creation of Midwest Region, which later became Midwest State, Bendel State and now Edo and Delta states.

However, a source close to the governor said Obaseki was still in shock over the action of his deputy despite efforts by some political leaders to resolve it and may create a new office outside the Government House, where he is expected to attend to official matters.

It is, however, not clear if the governor would also hold exco meetings in the new office, which is about 1,500 metres from the rarely used emergency gate of the Government House.

The governor would today host his Delta State counterpart, Sheriff Oborevwori, and other stakeholders from Delta and Edo states at a colloquium to celebrate the 60th anniversary of the Midwest Referendum.

A statement by the Chief Press Secretary to the govermor, Andrew Okungbowa, said the colloquium being organised by the state government was among other activities lined up to celebrate the diamond anniversary of the referendum, bringing together leaders from the two states among other stakeholders to chart a path forward.

Nigerian governors attend UNDP Leadership Retreat

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Nigerian Governors were treated to a dinner by the Rwandan President, Paul Kagame, in Kigali on Saturday. The Governors were in that country for a three-day Executive Leadership Retreat sponsored by the United Nations Development Programme (UNDP) in collaboration with the Nigeria Governors Forum (NGF).

The theme of the retreat was, “Leadership in Shaping the Future of Pan-Africanism and Integration in a Changing World.” A press statement by the Zamfara Governor’s spokesperson, Sulaiman Bala Idris, noted that President Paul Kagame participated in the closing session of the programme.

The statement said, “During the retreat, the governors were engaged in sessions that explored Rwanda’s successful investment destination transformation in digital technology, urban planning, and socio-economic transformation, capping off with a candid private dialogue with President Kagame.

“To honour the visiting Governors from Nigeria, His Excellency, the President of Rwanda, Paul Kagame hosted them to a closing dinner. “The dinner served as an avenue to strengthen relationships and collaborations between the government of Rwanda and Nigerian Government at the subnational level.”

Sanwo-Olu’s cabinet: Group threatens to protest

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The Humanity Services Project, HSP, yesterday, urged the Lagos State House of Assembly to reconsider and approve the names of the commissioner-nominees forwarded to them by Governor Babajide Sanwo-Olu.

Those rejected include Mrs Folashade Adefisayo, Prof. Akin Abayomi, Mr Yomi Oluyomi, Mrs Folashade Ambrose, Ms Barakat Bakare, Mr Gbenga Omotosho, Engr. Olalere Odusote, Dr Rotimi Fashola, Mrs Bolaji Dada, Mr Sam Egube, Mr Olalekan Fatodu, Mrs Solape Hammond, Mr Mosopefolu George, Engr. Aramide Adeyoye, Mr Seun Osiyemi, Mr Rotimi Ogunwuyi, Dr Olumide Oluyinka.

The HSP, in its reaction, expressed worries that the majority of those dropped are good hands that assisted the governor to perform in his first term in office, adding that they must have been tested and trusted.

Convener of the organization, Mr Linus Okoroji, in a statement, said the governor is “in the best position to know who has satisfied him in his first term among those he wants to return.”

He, however, warned that any attempt to force the governor to change his mind would amount to “arm-twisting that may not augur well for the polity.”

Okoroji also urged the governor to represent the names to the Assembly in the interest of the state.

He said: “We want to remind the House of the importance of the better second term the governor has promised. All hands are supposed to be on deck for him to achieve his promise as a man who always walks his talk. We appeal to the lawmakers to strive hard to ensure that the executive/legislative synergy is sustained and strengthened for the good of the people.

“We, therefore, warn that, if the needful is not done to the satisfaction of the group and the generality of the good people of the state, a huge peaceful protest could not then be ruled out because we would not fold our arms and allow anybody to play politics with the fate of the people.”

Lagos government to withhold unlicensed vehicles

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The Lagos State Government, yesterday, directed law enforcement agencies to apprehend motorists with defective vehicle registration number plates and those without any number fixed on their vehicles. In a chat with newsmen, the Permanent Secretary, Ministry of Transportation, Mr Abdulhafiz Toriola, noted that the wrongful use of number plates has become rampant.

Toriola, who cited Section 16 of the Lagos State Transport Sector Reform Law of 2018, stated that a vehicle without a number can be used to commit crimes that may never be tracked. He said: “The purpose of using number plate is for proper identification and security as it is personalized for each vehicle.

“The law enforcement agencies have been mandated to apprehend defaulters. I urge vehicle owners to comply with the State Government to strengthen the security architecture already put in place.”