Blog Archive

Wednesday, August 31, 2016

Nigeria officially in recession as GDP drops to -2.06%

Nigeria's Economy has officially slid into recession. This is going by the new report from the National Bureau of Statistics on the Gross Domestic Product figures for the second quarter of 2016 released today. According to the report which was shared via the twitter handle of the Staistician General of the Federation, Yemi Kale, Nigeria's GDP growth rate dropped from -0.36 per cent in the first quarter to -2.06 per cent.

This makes it clear that Nigeria is indeed in recession. A recession is defined as a significant decline in activities across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale retail trade. The report adds that Nigeria's Capital Importation for the second quarter of the year dropped to $647.1m(lowest quarterly on record) from $710.9 m in the first quarter.

http://www.nigerianstat.gov.ng/

Nigeria's recession sends bonds to lowest in more than two weeks

Hours after the National Bureau of Statistics released facts showing that Nigeria is in recession, the dollar bonds fell across the curve to their lowest level in more than two weeks.

The 2023 issue chalked up the biggest losses, down 0.728 cents to trade at 99.417 cents in the dollar - its lowest since Aug. 15, according to Tradeweb data. The 2021 bond slipped by 0.489 cents to 102.156 cents while the 2018 issue lost 0.603 cents to trade at 101.167 cents. Source: Reuters

Photo: EFCC quizzes FUNAAB Pro Chancellor over alleged misappropriation of funds

Senator Adeseye Ogunewe, the Pro Chancellor, Federal University of Agriculture Abeokuta, FUNAAB is being quizzed at the Iyaganku office of the EFCC, Ibadan today August 31, 2016 in respect of an alleged case of abuse of office and misappropriation of funds reported against the University Pro Chancellor, Vice Chancellor, Professor Olusola Oyewole, management and some members of the Governing Council.

According to a petition submitted to the EFCC by the Concerned Stakeholders of the Federal University of Agriculture, it was alleged that the Pro Chancellor and the Vice Chancellor engaged in an “unbridled corruption and betrayal of public trust”. Ogunewe is still being interrogated by the EFCC operatives of the Commission.

Photos: Onitsha mechanic crushed to death by truck at his workshop

A mechanic was crushed to death yesterday along 3-3 Onitsha, Anambra State. The trailer reportedly lost its break and rammed into the man while he was working on a vehicle at his repair workshop. Quite a sad sight to see. See the graphic pics after the cut...*viewer discretion advised*

Chris Brown released on $250k bail, Lawyer insists the allegations are false

Singer Chris Brown was arrested on suspicion of assault with a deadly weapon after a guest at his Los Angeles residence, Baylee Curran, called for help from the police around 3 a.m. on Tuesday morning. According to Curran, he pointed a gun at her face after he became angry when she complimented another man's diamond necklace. A search warrant was obtained by the police and after a nearly 14-hour standoff, he was taken into custody.

Chris has however been released on $250,000 bail. His lawyer Mark Garagos is insisting that the allegations made against the singer are false. More interestingly, the woman claiming Chris pulled a gun on her is wanted in New York for questioning in connection with criminal theft.


Donald Trump tells NFL player Colin Kaepernick 'Go find another country' after his decision to sit during US national Anthem

US Presidential candidate Donald Trump has told NFL's San Francisco 49er quarterback Colin Kaepernick to "find a country that works better for him" after the player refused standing up to sing the U.S national anthem on Friday before the San Francisco 49ers played the Green Bay Packers in an exhibition game.

Colin, said he will continue to sit down whenever the national anthem is played as a protest, until there's an improvement in what he deems as racial injustice in the United States.

According to the Billionaire business mogul, Colin's decision is a 'terrible thing'
"I have followed it and I think it's personally not a good thing. I think it's a terrible thing, and you know, maybe he should find a country that works better for him, let him try, it's not gonna happen," Trump told The Dori Monson Show on Monday, per Buzzfeed.

Kaepernick has refused to stand during the national anthem during the Niners' three preseason games this summer, telling NFL Media's Steve Wyche that his decision is based on perceived societal wrongdoings against African-Americans and minorities in the U.S.

"I am not going to stand up to show pride in a flag for a country that oppresses black people and people of color," Kaepernick told Wyche Friday night. "To me, this is bigger than football and it would be selfish on my part to look the other way. There are bodies in the street and people getting paid leave and getting away with murder."

Colin reiterated his stand on Sunday night saying;
"I think the two presidential candidates that we currently have also represent the issues that we have in this country right now," Kaepernick said. "You have Hillary who's called black teens or black kids super predators. You have Donald Trump who is openly racist. We have a presidential candidate who deleted emails and done things illegally and is a presidential candidate. That doesn't make sense to me. Because if that was any other person, you'd be in prison. So what is this country really standing for?"

Basketball legend, actor and writer Kareem Abdul-Jabbar wrote in the Washington Post that the NFL player deserved plaudits for his patriotism.

"What should horrify Americans is not Kaepernick's choice to remain seated during the national anthem, but that nearly 50 years after [Muhammad] Ali was banned from boxing for his stance and Tommie Smith and John Carlos's raised fists caused public ostracisation and numerous death threats, we still need to call attention to the same racial inequities."

CBN issues license to 11 new Int’l money transfer operators

Central Bank of Nigeria CBN has issued license to 11 new International Money Transfer Operators (IMTOs). This was disclosed in a statement released by the apex bank's Acting Director, Corporate Communications, Isaac Okorafor yesterday August 30th. The new entrants are joining Western Union, MoneyGram and Ria, which had been cleared by the CBN.

The new operators are Trans-Fast Remittance LLC; WorldRemit Limited, UAE Exchange Centre LLC; Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited and Weblink International Limited. Others are Cash Pot Limited, DT&T Corporation Limited, Fiem Group LLC DBA Ping Express and CP Express Limited. According to the CBN, the new entrants were licensed as part of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users.

Part of the statement reads

“The CBN wishes to state, unequivocally, that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria. Therefore, interested applicants are required to forward their requests for licensing to the Director, Trade and Exchange Department of the CBN, in line with the CBN Guidelines on International Money Transfer Services in Nigeria (2014), which among other things, specifies the minimum technical and business requirements for various participants in the international money transfer services industry in Nigeria. The CBN remains committed to providing an enabling environment for international money transfer services in Nigeria. It is, however, important to emphasise that a prospective player shall first obtain the requisite licence to operate in Nigeria as an IMTO. The CBN wishes to advise Nigerians at home and in the Diaspora to beware of the unwholesome activities of some unlicensed IMTOs in Nigeria. This warning has become necessary because of the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy".

Boko Haram is ready for peace, to make an announcement about Chibok in the next 24hrs- Aisha Wakil says

Lawyer with the National Human Rights Commission and wife of a Judge in Borno State judiciary, Aisha Wakil, who was recently declared wanted by the Nigerian Army for her close links with Boko Haram members, says the terrorist group is ready for peace now and may make a big announcement about the kidnapped Chibok school girls within the next 24 hours.


This comes few days after President Buhari said his government was ready to negotiate with genuine Boko Haram leaders for the release of the missing school girls.

According to the Nation, Wakil in an interview said after she has been cleared by the Nigerian Army and that she has been persuading the leader of the sect group to negotiate with the Nigerian government for the release of the girls that have been in their captivity for over two years now
“Since I came back, I have been on their neck. They have now agreed to come out and discuss with the government and bring back the girls. I am for the Chibok girls and all the captives. They are ready for peace. This is what they told me. I think they might post some information on YouTube within 24 hours”she said

Photos of Stephaine Coker's engagement bling

Media Personality, Stephanie Coker's man Olumide proposed to her last night...