The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, on Tuesday, warned that the implementation of the new minimum wage would affect Nigeria except if the country’s means of income is increased.

To avert this, Primate Ayodele advised the government to expand the country’s means of income by partnering with states that have resources to help the economy.

In a statement by his Media Aide, Oluwatosin Osho, Ayodele said: ‘’There are some states that should be resourceful for Nigeria because if we are not careful, our economy will become worse. Let’s utilize states that have resources to increase our income.

 

“The minimum wage we are celebrating may still cause us to cry if we are not careful, it will add to the instability in our country except our means of income receives an addition.”

The clergyman also noted that the fight against corruption in Nigeria isn’t real and effective.

Primate Ayodele said several pastors, politicians, businessmen, and individuals will be jailed if Nigeria wants to effectively fight corruption.

He noted that corruption is one of the greatest killers of the Nigerian economy because people in the system are after accumulating wealth in dubious ways.

According to Ayodele, it is the reason the economy of Nigeria will continue to go down the drain.

He said: ‘’To end corruption, so many things will happen, a lot of people including politicians, businessmen, individuals, even pastors will be jailed if indeed Nigeria wants to fight corruption as it ought to be.

“The fight against corruption in Nigeria is sentimental. The country is living beyond Her income and the expectation is too high. Nobody wants to build anymore, people just want to wake up to riches.

‘’Until people stop accumulating wealth, we will continue to have issues in this country, our economy will still not be anything to write home about because of corruption.’’

Last modified on Tuesday, 13 August 2024 15:31

The University of Ibadan says it has received the sum of N201,114,650 from the Nigerian Education Loan Fund (NELFUND) for 1,370 students of the institution for the 2023/2024 academic session.

The university’s Director of Public Relations, Mrs Joke Akinpelu, confirmed this to the News Agency of Nigeria on Tuesday in Ibadan.

An internal memo, dated Aug. 9 but seen by NAN on Tuesday, stated that the money was paid into the institution’s account to cover the fees of the 1,370 students who applied for the loan.

The memo, signed by the institution’s Registrar, Mr Ganiyu Saliu, and addressed to the Dean of Students, said that the bursary department was currently processing the fund to enable the concerned students to obtain ‘smart receipt’.

“Any student who is a beneficiary of the NELFUND loan and has already paid levies for the session fee is entitled to a refund.

“To apply for a refund, the student must write through the Dean of Students to the Deputy Vice-Chancellor Academics, providing their account details for the refund.

“A photocopy of the original payment receipt must be attached to each application,” the memo, entitled: ‘Re: Nigerian Education Loan Fund (NELFUND)’, stated.

According to the registrar, the information is only for those who applied for the NELFUND loan and whose applications were approved.

An incident of alleged rape has been reported in Alakuko, Lagos, where a 14-year-old girl was reportedly raped by the son of her landlord.

The incident occurred yesterday, according to an anonymous X user, who tweets anonymously as #Rhwaley, who shared videos of the victim.

Rhwaley added that when the family confronted the landlord about the incident, he dismissed their concerns, saying “Nothing will happen”.

Sharing videos of the victim #Rhwaley wrote, “?? – A 14yrs old girl was raped yesterday by her landlord’s son in Alakuko Lagos. The parents and family of the girl are helpless. The landlord said nothing will happen!!

 

 

Jubril Gawat, Senior Special Assistant on New Media to the Lagos State Governor, assured that no one is helpless in the matter and urged the family to contact the Lagos State Domestic and Sexual Violence Response Team for assistance.

Reacting to the post, Gawat, wrote, “Helpless ke …. Nobody is helpless on this matter in this State. Call #Lagosdsva SHARPLY”

Media

Former Chief Security Officer to the late military head of state, General Sani Abacha, Major Hamza Al-Mustapha (retd), has called on Nigerian youths to use their voter cards to unseat bad leaders.

Al-Mustapha spoke in Abuja on Monday at the commemoration of the International Youth Day Celebration 2024 by the Social Democratic Party, SDP.

Al-Mustapha accused politicians of being disconnected from the people.

He said: “They’re not connected to the villages and do not know how the councils and local governments functioned before and that is why the LG system was crippled.

“This is part of the crisis the federal government is trying to handle today. If the LGs were functioning, we would not have the food supply chain cut off because the foods are being produced at the community and LG levels.

“Today, insecurity, kidnapping, barbarism and the failure of leadership have crippled our communities. They cannot even farm. The crop of leaders from 1999 who are not career politicians queued in and hijacked the system and this is the only reason a governor will tell you that the state resources belong to him and say, ‘It’s my money’.

"This situation, we have the capacity to change it and we can change it through only one way. In a democracy, the day of the election is the day of coup and the weapon for coup is your fingers. You change bad leaders by voting them out, not with guns.

“And then, all of you here, you have your weapons, you have your guns – your fingers. Now, if you don’t use it, who would you blame? People rig elections where they’re not popular. Nobody will rig if you cast your votes and work together to protect them. I’m happy that the era of rigging is gone.

"If you see millions of youths on the streets, you will assume that the world is coming to an end. You can’t afford the injustices in Nigeria that have kept us where we are today.

"I read the recent report released by the MBS; our judges are the most corrupt judges in the world. Get your PVC. That is your greatest weapon. Don’t be deterred. Don’t let anyone intimidate you. This is our country.”

A man simply identified as Musa has been apprehended in the Amuloko area of Ibadan, Oyo State capital, with a fresh human skull of an unidentified woman.

Residents, suspicious of his unusual behaviour, confronted him and demanded to see the contents of a sack he was carrying.

Upon inspection, they discovered a human skull inside.

Sharing the video of the suspect on X.com on Monday, OyoAffairs wrote, “Man caught with a fresh human head earlier today in Amuloko area of Ibadan. He has been handed over to the police.”

During questioning, Musa revealed that he is part of a syndicate that deals in the sale of human body parts.

He has been handed over to the police for further investigation and prosecution.

 

Media

Last modified on Tuesday, 13 August 2024 13:36

The Ewi of Ado Ekiti, Oba Rufus Adejugbe, has cancelled various traders’ associations in markets in Ado Ekiti, the Ekiti State capital, intending to remove their undue control of prices and ensure farmers have direct access to traders.

Oba Adejugbe, who also ordered traders in the markets not to sell their foodstuff beyond stipulated prices, said the steps were necessary to regulate the high prices of foodstuff in the state capital.

The monarch, leading the Ewi-in-Council, gave the directive in Ado Ekiti on Monday during a meeting with the leadership and some members of the market women association, warned of sanctions for anybody who flouted the directives.

The Ewi-in-Council, which noted with dismay the reports from members of the public on the heartless attitudes of most of the traders leading to high food prices, said the directives were to correct the trend.

The Council, at the meeting, directed that henceforth “vegetables should not be sold more than N50; pepper, pepper N100; garri N700; while kilogramme of meat should be reduced to N4,500.”

Oba Adejugbe said, “Reports have it that traders, under the aegis of the associations, hide under middlemen to inflate the prices of goods such as tomatoes, pepper, vegetable, palm oil, locust beans, meat, garri, among others by dictating prices to the farmers that brought them to the markets for sale.

“We have taken these steps to make life bearable for residents of the town. I hereby direct the leadership of traders in the market to effect the directives. Chiefs will continue to monitor marketplaces to ensure strict implementation and sanction defaulters.

Last modified on Tuesday, 13 August 2024 15:30

Catholic Bishops Conference of Nigeria, CBCN, has appealed to the federal government to listen to the yearnings of the masses and take a holistic review of it’s economic policies and programmes to take Nigerians out of the multi-dimensional poverty situation they are currently enmeshed in.


President of CBCN, Most Rev. Lucius Iwejuru Ugorji, who made the appeal while delivering a homily during the ordination of 11 priests at Maria Assumpta Cathedral, Owerri, linked the depressing poverty level in the land to the withdrawal of fuel subsidy and floatation of the naira.

He said: “The President of any country ought to be a listening and compassionate leader. I don’t want to talk about the hunger protest in detail but we cannot continue to keep quiet.

“Credible reports have it that the protest has claimed so many lives and caused properties worth millions of naira, to be destroyed or looted. We do not know how many people that will die in the days ahead, if the protest continues.

“In protesting, the people were just exercising their constitutional right by assembling and expressing their feelings of anger and concern over bad governance in the country.

“It is obvious that people do not only march on the streets to express their anger, but also engage in other actions. Indeed, it remains a truism that action speaks louder than words.

“Despite all petitions and pleas, our young people decided to go to the streets to say they are dying of hunger and hardship. It is a very serious matter and government should see it as such. The protesters, by their actions, also demanded attentive listening to what they are saying.

“To listen to what the youngsters are saying, government should rely on the prevailing amount of rising prices of everything needed for living.”

Taking a critical look at the free fall of the nation’s currency, Archbishop Ugorji said: “This is another of President Tinubu’s economic policy that has sadly degenerated to hyperinflation.

“Floating of the nation’s currency amounts to devaluation of the naira. The President removed fuel subsidy and surreptitiously devalued the naira.

“He devalued the currency used in paying workers and still want the workers to continue to work at the same amount that was agreed when the naira had a higher value.

“When the President removed petroleum subsidy, he should have been aware that it will come with ugly consequences because everything revolves around transportation.

“Government ought to have known that production of goods and services largely relies on fuel. Currently, the prices of everything have risen astronomically and people have been reduced to multi-dimensional poverty. Simply explained, poverty means not having access to what you need to survive each day.”

Stretching the argument further, the CBCN President opined that “food may be available but definitely not affordable.”


He said: “In this day and age, people can no longer afford things they are used to and the standard of living has drastically reduced to zero per cent.

“I am adding my voice to the voices of those who have already called on the President to address the demands of the young people, for peace to reign.

“If government says they are listening to the people, then it should immediately address these problems.

“We are also told that government is trying to cushion the effect of the current hardship by distributing palliatives and remittance of money into people’s bank accounts. I don’t know how many people that have received it.”

The family of late Nigerian singer, Ilerioluwa Oladimeji Aloba, popularly known as Mohbad, has kicked against plans to mark the anniversary of the late musician.

Mohbad died on September 12, 2023, at the age of 27, with the circumstances surrounding his death still lingering.

 

A statement signed by a member of the family’s legal team, Monisola Odumosu, urged organisations and individuals planning to celebrate Mohbad’s first anniversary to suspend the ideas.

The family said they would rather mourn Mohbad in peace as it does not seek to reopen old wounds.

According to the family, some individuals and organisations might plan to use Mohbad’s memory for commercial purposes.

The statement reads, “It has come to the attention of the Aloba family that some organisations have been planning to celebrate the first anniversary of the death of our late son and singer, Ilerioluwa Oladimeji Aloba (Mohbad). The Aloba family wishes to appeal to such interest groups to suspend such ideas.

“It is no longer news that some individuals and organisations have been planning to carry out events to commemorate the late singer’s death.

“We will appeal to such persons and organisations to seek proper approval from the family before going on with such plans. The Aloba family would not wish the goodwill of their illustrious son to be employed for commercial purposes.”

Last modified on Tuesday, 13 August 2024 15:31

The Nigerian stock market is up roughly 31% this year and is in a bull run despite the country’s tough economic climate.

Thanks to technology, investing in Nigerian stocks is more accessible and transparent. 

A dozen or so listed businesses on the NGX have a market capitalization of at least N1 trillion, including Airtel Africa, BUA Cement, Dangote Cement, FBN Holdings, MTN Nigeria, BUA Foods, Seplat, GTBank, Zenith, UBA, Transpower, and Geregu. 

 

NGX data also confirms that the wealthiest men in Nigeria—Aliko Dangote, Femi Otedola, Mike Adenuga, Jim Ovia, Abdul Samad Rabiu, and Tony Elumelu—have significant exposure to the Nigerian stock market. 

Investing is key to growing wealth and keeping up with high inflation and the devaluation of the naira. Oando, priced at N5 a year ago due to regulatory issues and high debt, gained more than 70% this month to close above N44. Investors have made at least N15 trillion this year from their exposure to Nigerian equities. 

The bullish momentum in Nigerian stocks is attributed to favorable financial outcomes and noteworthy policy decisions, including the elimination of fuel subsidies, the unification of exchange rates, the Central Bank of Nigeria (CBN) recapitalization policy, and the cessation of fund allocations to Bureau De Changes (BDCs). 

How to Begin the Journey of Stock Investing in Nigeria 

Brokers are designated to carry out buying or selling orders on behalf of investors. A licensed stockbroker is usually registered with the Nigerian Securities and Exchange Commission (SEC) and is a member of the Nigerian stock market. 

When selecting a stock brokerage firm, it’s important to consider accessibility, affordability (as some require a minimum deposit to open an account), integrity and reputation, and the company’s status (active or inactive) with the SEC. 

You will need an investor account. Retail investors are the only ones who can open personal accounts linked to their names. You will need to submit proof of identity, banking details (such as the BVN), a picture of your passport, the account holder’s signature, and, if it’s a personal account, the contact details of your relatives. 

If you have a bank account, opening one takes less than a day. You can trade with some brokers online without visiting their physical offices because they have online trading platforms. Visit their app or portal of interest for additional information. 

Holding Nigerian stocks under a regulated custodian is safe, though you should have a CSCS account attached to an investment account. If a regulated stock brokerage firm goes bankrupt, select another registered stockbroking firm to authorize them to take over your CSCS account. 

Continue to Learn 

Investing in the stock market requires perseverance, long-term planning, and in-depth knowledge of the NGX market cycle. Keep up with Nigerian political and economic developments that could affect the market. Profitability is not guaranteed. 

Experts advise investing money you can afford to lose and being prepared for market swings. Keep learning as much as possible about the markets to advance your investment skills. 

The Nigerian stock market has a shorter market cycle than the American stock market. You can’t just throw money in and expect miracles; that’s why knowledge is critical. Developing analytical skills and emotional intelligence is essential for long-term success. Diversification is a fundamental component of investing. 

Diversification entails distributing your investments among various industries and businesses. Investments can be made in different economic sectors including consumer goods, healthcare, telecommunications, and finance. 

A novice investor should consider the company’s market value. Although large-cap stocks, such as blue-chip stocks and Nigerian banks, are easily bought and sold, mid-cap and small-cap stocks have the potential for higher returns. 

It is highly recommended to read books and other financial news-related materials, such as Bloomberg and Nairametrics, to learn more about Nigerian stocks and stay updated on market developments. Understanding market movements is easier if you know when and how they occur. Your strategy must incorporate risk mitigation techniques like negative balance protection. 

Fundamental and technical analysis can also improve trading profits through informed investment decisions. You can determine the best time to exit a position and the degree of risk involved by knowing when earnings will hit the market. Check the stock chart two to three weeks before the anticipated earnings release date to see if the price is trending higher or recovering from a recent decline. 

Here, you can decide how much to pay and, by taking a cautious stance, determine how many shares to purchase. Invest early and watch the price rise as the expectedly good earnings report brings about an increase in value. Monitor the daily movement of prices. 

In conclusion, both novice and seasoned investors can find substantial investment opportunities in the Nigerian stock market. Making educated investment decisions can be achieved by learning the fundamentals of how the market works, understanding key players, exploring your options, and being aware of the risks. Never forget that it’s a good idea to do extensive research, consult with qualified/licensed experts, and keep up with industry developments. 

[Nairametrics]

Former Deputy Governor of Central Bank of Nigeria (CBN), Kingsley Moghalu, has told President Bola Tinubu he cannot fix Nigeria’s economic challenges without a new constitution.

Professor Kingsley Moghalu said Tinubu’s response to leadership and members of The Patriots that he would look at their request to give the country a new constitution addressing the economic issues of the country was wrong.

 

Moghalu said only fiscal federalism which is lacking in the current 1999 Constitution (as amended) can solve economic issues of the country.

In a statement, on his X handle of Monday, he argued that the country has yet to be a nation, adding that Nigeria lacks unity of purpose.

I respectfully disagree with President Bola Tinubu‘s response to the visit to him by The Patriots, led by former Commonwealth Secretary-General Chief Emeka Anyaoku, during which the group (of which I am a member) pressed for a new Constitution for Nigeria as a matter of urgency, and recommending specific steps to achieve this.

“While PBAT received the eminent elder statesman and his colleagues with the appropriate dignity and protocols, the President asserted that economic reform (and the crisis that it has created in the country) is his priority right now, but that his government would, of course, study the recommendations of The Patriots and respond.

“What Nigeria’s leaders fail to understand is that it will be extremely difficult, if not impossible, to bring a fundamental fix to Nigeria’s economy in the absence of a new constitution that is anchored on real federalism, and preferably anchored on a regional structure of 6-12 regions. The reason is that Nigeria is a country but not yet a nation,” he said.

The President of Institute for Governance and Economic Transformation Africa noted that Nigeria’s economy has remained natural resource-driven and unproductive because its leaders have more interest in capturing political power than harnessing the pluralistic nature of the country for economic development.

He explained that the longer the topic of a new constitution for the country is delayed because of political interests, the longer the country’s economy gets affected.

There is no unity of purpose, no cohering worldview. And this is because the country means different things to different groups.

“As examples of economically successful nations all over the world show, real nationhood is a fundamental requirement for an economic rise based on productivity-driven transformation.

“The longer this matter is delayed (presumably because it is a sensitive and politically challenging matter) the more we will continue to struggle.

“Nigeria’s economy has remained a natural-resource driven, unproductive, and rent-seeking one for decades because the absence of stable nationhood means that the contention for political power by essentially narrow groups and vested interests is for the purpose of state capture of economic rents, and not anchored on a shared vision of a common future and destination.

“For as long as this motive is the driving force in Nigerian politics, the economy cannot be transformed,” Moghalu argued.

[NaijaNews]