Lagos Launches N5bn Contract As EKO Rice Hits Market

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June 21, 2023

Rice produced from the Lagos State-owned 32-metric tonnes per hour Imota Rice Mill in Ikorodu has now hit the market, with the listing of the commodity for trade in Lagos Commodities and Futures Exchange (LCFE) on Tuesday.

This was followed by a formal launch of N5 billion Eko Rice Forward Contract Programme by Governor Babajide Sanwo-Olu on the floor of the commodities exchange market, UAC Building in Marina, on Wednesday, marking a significant milestone in the State Government’s efforts to promote agriculture and enhance food security in Lagos.

The Forward Contract, which is a joint initiative of the Government-owned Lagos State Rice Company (LASRICO) and Commodities Tradenet Limited, is the first series of N30 billion Private Commodity Notes Issuance Programme facilitated by Lagos State Government to ensure undisrupted paddy supply, enhance quality management, transaction efficiency and transparency.

Forward Contract for Eko Rice became the first to be listed and traded in Nigeria’s commodities exchange ecosystem.

The private listing of the Lagos rice excited commodity brokers, farmers and investors in the commodities market, as first 5,000 contracts issued on the exchange floor were traded at the value of N195 million.

The offer for 50kg of Eko Rice opened on June 13 at the rate of N33,000 per Note, with the commodity being expected to be traded till next Monday, June 26, 2023. Tenor of the Note is 60 days.

Commodity brokers said the encouraging performance recorded by Eko Rice at first trading in the Commodities Exchange was due to its well-cleaned grains and high-grade texture, which positioned the crop for fair competition with imported rice in the market.

Eko Rice is laboratory-tested to have less than 2 per cent impurity and 14 per cent moisture content.

Sanwo-Olu said the Eko Rice Contract Programme was a game-changer launched with the objective to make Lagos a hub for agricultural production and processing in the country.

Rice, the Governor noted, is a regular staple consumed by over 80 per cent of Lagos population, stressing that the Forward Contract was a key goal in the food security plan of the Government to guarantee availability of the commodity at affordable price.

He said: “The N5 billion Series of N30 billion Eko Rice Contracts Programme being launched today is part of our efforts to ensure a sustainable supply of rice paddy for the smooth running of Lagos Rice Mill in Imota. The exchange market is a public-private partnership programme that will provide a platform for farmers, processors, and traders to buy and sell rice contracts at a fair price.

“The programme will also provide a guarantee for the quality and quantity of rice produced, which will enhance the confidence of buyers and sellers in the market. Leveraging the Lagos Commodities and Futures Exchange is a critical component of our plan to create a transparent and efficient market for the trading of agricultural commodities and derivatives. The Exchange has the potential to transform the agriculture sector by providing a reliable and efficient market for farmers, processors, and traders.”

To ensure the supply chain is not disrupted, Sanwo-Olu said the State Government embarked on the development of rice value chain through capacity building for farmers, and provision of inputs and infrastructure in rice production centres across Lagos.

This effort, the Governor said, has scaled up local paddy production by 63.5 per cent, while creating over 2,620 direct and indirect jobs. Sanwo-Olu said the intervention had also stimulated economic activities and facilitated improved livelihood in rice producing communities.

He said the Lagos-owned Imota Rice Mill required 200,000 tonnes of paddy yearly, stressing that the Commodities Exchange would create a steady market for the 2.5 million bags of 50kg rice that would be turned out from the mill annually.

“Today’s Bell Ringing is to herald the listing of rice paddy contracts for the Lagos Rice Mill, Imota for open transactions. This highlights the opportunities available in rice processing and other value chains of the Lagos Agricultural sector. It will draw attention of local and foreign investors to the Lagos Rice Mill forwards contract, and project the role of the Capital Market in driving development in Lagos commodities ecosystem. We are committed to expanding the programme to cover other commodities, such as cassava, maize, and vegetables,” Sanwo-Olu said.

LCFE Managing Director, Mr. Akinsola Akeredolu-Ale, said rice was among the 13 crops approved by Securities and Exchange Commission (SEC) for trading at the commodities exchange market, stressing that the listing of Eko Rice was a watershed moment in the capital market.

Akeredolu-Ale said collaboration with the Lagos State Government would drive paddy supply to the Imota Rice Mill, integrate stakeholders in rice value chain across the country and standardise of head rice and paddy rice in Lagos.

He said: “LCFE will provide an opportunity for investment in the rice value chain through the creation, onboarding and listing of commodities instruments for paddy aggregation and trading, while also providing opportunities for rice distributors and stakeholders to trade on the Exchange through capital market operators. There is no credit risk associated with the issuer of the Notes, as the underlying commodity assures return on investment.”

Sanwo-Olu tolled the open bell, signifying the formal commencement of trading of the contracts for the commodity. The Governor was joined by his deputy, Dr. Obafemi Hamzat, and other top government functionaries.

Johnvents Industries Limited, an agro-processing firm, became the first investor to procure 5,000 Forward Contracts worth N195 million on the Exchange floor.

LCFE chairman of Board of Directors, Chief Onyenwechukwu Ezeagu, said the partnership complemented the objectives of the Exchange in transforming the commodities market by redefining practice norms and catalysing economic growth in the country.

General Elections: Jonathan Arrives Sierra Leone

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Rhoda Onuzulike

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June 21, 2023

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Former President, Dr. Goodluck Jonathan has arrived Freetown, Sierra Leone ahead Saturday’s general elections in the West African country.

Jonathan posted photos of his arrival in Freetown on his Twitter handle, adding that he is leading the team from the West Africa Elders Forum (WAEF) Election Mission to Sierra Leone ahead of the election.

According to him, WEAF would work with other stakeholders here to help encourage and support a peaceful and credible poll.

Violence Flares In Sierra Leone Ahead Of Presidential Vote

He thanked the government and the people of Sierra Leone and staff of the Nigeria High Commission in Freetown for their warm reception.

In his words: “Just arrived in Freetown, where I am leading the team from the West Africa Elders Forum (WAEF) Election Mission to Sierra Leone ahead of the country’s general elections scheduled for this weekend.

“WEAF will work with other stakeholders here to help encourage and support a peaceful and credible poll.

“I thank the Government and the people of Sierra Leone and staff of the Nigeria High Commission in Freetown for their warm reception.”

Violence Flares In Sierra Leone Ahead Of Presidential Vote

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Elizabeth Williams

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June 21, 2023

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Violence broke out around Sierra Leone’s main opposition party headquarters on Wednesday, killing at least one person, days before an election in which President Julius Maada Bio is seeking a second and final term.

Sidi Yahya Tunis, a spokesperson for the opposition All People’s Congress (APC) said one of its supporters was killed by police. A police spokesperson declined to comment, saying there would be a news conference later.

“We had asked our supporters to converge at our party headquarters. When they started coming the police advanced and tried to disperse them,” said Tunis.

Videos shared on Twitter showed civilians carrying an unconscious man, who appeared to have been shot in the neck. Reuters has not verified the footage.

A mortuary in the city centre of the capital Freetown said it had picked up one body from the area with gunshot wounds.

There have been concerns of unrest in the run-up to the poll, similar to deadly anti-government protests that broke out last August. But in a Tuesday evening address to the nation, Bio had pledged to act decisively against any violence.

F.G Moves to Network With International Finance Corporations at Paris Summit

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Elizabeth Williams

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June 21, 2023

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The Federal Government has disclosed moves to network with international finance Corporations, institutions, and countries that are well-heeled that would facilitate direct foreign investment into Nigeria.
This was disclosed in an interview session with the Special Adviser, Special Duties, Communication and Strategy to the President, Dele Alake after President Tinubu’s closed-door meeting with top Government officials on the trip to Paris prior to the Financial Pact summit.
The Special Adviser, Special Duties, Communication, and Strategy to the President, Dele Alake said the essence of the Financial Pact Summit is to ensure necessary networking as much as feasible and practical to create an enabling environment to encourage foreign investors adding that the Government is also working on the unification of the multiple exchange rates, which has caused very positive multiplier effect.
He further said that apart from the immediate, short, and long-term positive effects of the currency unification policy, there is a need for an injection of direct foreign exchange into the economy to shore up the value of the naira while market forces stabilize and complement the domestic policies.
With the recent policies of President Tinubu’s Government in the last three weeks, Alake said it has encouraged foreign nations including France and investors to become more interested in the affairs of Nigeria.

British High Commissioner Hails Tinubu’s Subsidy Removal, Forex Reforms

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Elizabeth Williams

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June 21, 2023

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The British High Commissioner to Nigeria, Richard Montgomery says Ministers and Businesses in the United Kingdom are “responding very positively” to the first policies of the President Bola Tinubu administration new economic Policy which includes fuel subsidy removal and unification of foreign exchange rates.
The British High Commissioner stated this on Wednesday after he met with Kashim Shettima Vice President of Nigeria at the State House, Abuja.
In a chat with State House correspondents, the British High Commissioner said the meeting with the Nigerian Vice President was fruitful, as it focused on how to ramp up bilateral relations between the two countries, particularly in the area of boosting economic engagements.
He said the removal of petrol subsidy and the exchange rate reforms by the new government are “big economic decisions” being notices around the world and they are important to attract investments into Nigeria.
The British High Commissioner said he discussed with the Vice-President on the measures to cushion the effect of the President’s first policies like subsidy removal.

American Medical Association Says BMI Not An Accurate Tool

By

faith Jegede

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June 21, 2023

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Delegates at the Annual Meeting of the American Medical Association (AMA) House of Delegates adopted a policy aimed at clarifying how body mass index (BMI) can be used as a measure in medicine.

The new policy was part of the AMA Council on Science and Public Health report which evaluated the problematic history with BMI and explored alternatives.

The report also outlined the harms and benefits of using BMI and pointed to BMI as an imperfect way to measure body fat in multiple groups given that it does not account for differences across race/ethnic groups, sexes, genders, and age span. Given the report’s findings, the new policy supports AMA in educating physicians on the issues with BMI and alternative measures for diagnosing obesity.

Under the newly adopted policy, the AMA recognizes issues with using BMI as a measurement due to its historical harm, its use for racist exclusion, and because BMI is based primarily on data collected from previous generations of non-Hispanic white populations.

Due to significant limitations associated with the widespread use of BMI in clinical settings, the AMA suggests that it be used in conjunction with other valid measures of risk such as, but not limited to, measurements of visceral fat, body adiposity index, body composition, relative fat mass, waist circumference and genetic/metabolic factors.

The policy noted that BMI is significantly correlated with the amount of fat mass in the general population but loses predictability when applied on the individual level. The AMA also recognizes that relative body shape and composition differences across race/ethnic groups, sexes, genders, and age-span is essential to consider when applying BMI as a measure of adiposity and that BMI should not be used as a sole criterion to deny appropriate insurance reimbursement.

“There are numerous concerns with the way BMI has been used to measure body fat and diagnose obesity, yet some physicians find it to be a helpful measure in certain scenarios,” said AMA Immediate Past President Jack Resneck, Jr. M.D. “It is important for physicians to understand the benefits and limitations of using BMI in clinical settings to determine the best care for their patients.” Body mass index (BMI), devised by a white man considering white bodies, is measured by dividing a person’s weight in kilograms or pounds by the square of height in meters or feet, and it has been deeply ingrained in the medical system as a way to measure population health more broadly

Former Sokoto State Governor Calls For Establishment Of Private Hospitals

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Olasunbo Okoromi

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June 21, 2023

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A former governor of Sokoto State, Senator Aliyu Wamakko, has called for the provision of more private hospitals, to help improve the health sector in the state. He stated this while commissioning a private hospital named ‘Foresight Premier Hospitals,” founded by an indigene of the state, Dr. Shamsu Aliyu.

The governor, who was the special guest of honour at the occasion, commended the founder for his foresight and urged other well-meaning individuals in the state to emulate him.

Wamakko said providing private hospitals in the state will bring healthcare services closer to the people. He called on the people of the state to patronise the hospital so as to encourage the establishment of more private health facilities in the state.

Wamakko, however, confirmed that he also built a private hospital in the state, which will soon be unveiled as part of efforts to provide effective health service delivery.

He also commended Dr. Mansur Isah Buhari and Dr. Bashir Muhammad Achida, both from the Usmanu Danfodiyo University, Sokoto, on the roles they have played in enlightening the general public to know their rights at all times.

Speaking earlier, the founder of the health facility, Dr. Aliyu, explained that plans are underway to establish more hospitals in the zone and the nation at large. This, he said, was his way of bringing succour to the indigent people in the state.

Dr. Buhari, on his part, described the health facility as an ultra-modern, world-class hospital with state-of-the-art facilities. He explained that the 24-bed capacity hospital has an operating room, pharmacy, labour room, intensive care unit, male and female wards, and a recovery room, among other facilities needed for a hospital to be effective. This according to him, will provide about 300 job opportunities for the people of the state.

Group Task Stakeholders On Quality Health Service Delivery

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Olasunbo Okoromi

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June 21, 2023

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Medical Laboratory Science Council of Nigeria (MLSCN) has called on stakeholders to join hands with the agency to deliver quality medical laboratory services. Dr Tosan Erhabor, Registrar of the council who made the call in Abuja said that the services would be in line with global best practices as envisioned in Act 11, 2003. According to him, this will be the best way to justify the confidence reposed in the leadership of the council by the Federal Government.

Mrs Fidelia Ginikanwa, Head Corporate Affairs, Public Relations in the council, in a statement said that he made the call while responding to goodwill messages from stakeholders to mark his second term in office.

The registrar, while expressing gratitude to the presidency and the Ministry of Health for finding him worthy of a new term in office, urged the top management staff to remain steadfast.

He said: “I need their support as no single individual could actualise the mandate of the council alone. It is humbling that our efforts over the past few years were recognised by the government but it is also in my view a call to do more, as the job is not done yet. I appreciate the support of the stakeholders including the top management and staff of the council. I urge you all to remain committed to the cause by doubling your efforts in the new dispensation,” he added.

Erhabor also reiterated that the council’s commitment to build a safe, effective, and efficient health laboratory system that Nigerians can be proud of. “That is the essence of my re-appointment as the Registrar and Chief Executive Officer of the Council.”

Earlier, the Chairman of the Guild of Private Medical Laboratory Directors, Dr Elochukwu Adibo, said that it would continue to collaborate with the council to strengthen the health laboratory system. Adibo added that the re-appointment was a well-deserved recognition of his leadership attributes.

Also, Dr Lawrena Okoro, Deputy Registrar, Mentoring, Inspection and Molecular Laboratories, assured the registrar of their commitment to reforms introduced during his first term. Okoro pledged that all hands would be on deck to make his second term more successful than the first.

Nigerian Sells Off Students Networking App To Indian Tech Guru

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faith Jegede

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June 21, 2023

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Nigerian technology entrepreneur, Muili Seun has sold his student networking app, named Gocampus To Indian Tech Guru Vickram Sybri.

The young Nigerian sold the thriving campus networking platform, which successfully connects College students on campuses and had garnered over 370,000 users across three countries in just four months after negotiating the sale, marking a significant milestone in his entrepreneurial journey.

GoCampus quickly gained popularity among college students, revolutionizing interactions. The platform was said to serve as a virtual hub for students to engage in meaningful conversations, exchange ideas, and foster valuable connections due to its interface and unique features.

However, due to limitations in the platform’s infrastructure, it experiences occasional downtime during periods of high traffic and activity.

Recognising the need for a more robust infrastructure to support GoCampus and its growing user base, Muili made the difficult decision to sell off the platform.

Seun eventually sold GoCampus for a sum of $71,000 USD.

While the financial aspect is significant, the primary motivation behind the sale was to ensure that GoCampus could continue to thrive under the guidance of a technologically advanced team.

Speaking on the development, Muili Seun stated that, “It was a difficult decision to part ways with GoCampus, but I wanted to ensure its continued success and growth. The platform faced challenges due to infrastructure limitations, resulting in occasional downtime during peak periods. By selling the platform to an established tech guru, I am confident that the platform will receive the necessary support and resources to overcome these obstacles.”

Seun expressed gratitude to the entire GoCampus community for their unwavering support throughout the platform’s journey. He expressed his sincere appreciation, saying, “I want to express my heartfelt gratitude to the users of GoCampus who embraced the platform and made it what it is today. Your enthusiasm and engagement have been the driving force behind GoCampus, and I am confident that its future is bright.”

Ministry Charges Women On Family Nutrition

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Olasunbo Okoromi

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June 21, 2023

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The Lagos State Ministry of Women Affairs and Poverty Alleviation (WAPA) has charged women to take charge of the nutrition of their families to enhance the health and well-being of the family. The Permanent Secretary of the ministry, Mrs Oluyemi Kalesanwo, gave the charge at a Health Nutrition Programme organised for women in Somolu, Lagos.

Kalesanwo stated surveys shows that women are generally responsible for the nutrition of the home and a lot of Nigerians are not taking adequate nutritional food, Women should take charge of their family nutrition to ensure their children eat well instead of giving them junk food. Food doesn’t have to be very expensive but rather it should be a good balance diet when the right proportion is taken. She further said The Lagos State Government has decided to reach out to women through WAPA to coordinate good nutritional food.

She said the ministry started the programme in 2021 to commemorate the maiden edition of the World Nutrition Day celebration. “We started this programme in 2021 as part of plans to alleviate poverty while over 2,000 women that reside in Lagos were sensitised on good dietary habits using staple edibles.”

Mrs Tinuola Afeniforo, who was the resource person, advised participants at the event to inculcate good eating habits to maintain good health and well-being. Afeniforo said they should include more fruits and vegetables in their daily consumption and shun unhealthy food.