Nigeria’s External Reserves Lost $640m Last Month-CBN

 Nigeria’s external reserves lost $640m in May, falling to $34.24bn on May 28 from $34.88bn as of April 28,according to a report by the Central Bank of Nigeria(CBN)
The  apex bank disclosed  that the reserves had been fluctuating in recent weeks.
In March, the reserves lost $178m after dropping from $34.99bn as of March 1 to $34.82bn as of the end of March 31.
In February, the reserves dropped by $1.1bn, falling from $36.19bn as of February 1 to $35.09bn on February 26.
The CBN, in its January economic report, said, “As a consequence of the lower foreign exchange receipts, the official external reserves declined.
“External reserves stood at $35.44bn at end-January 2021, a decrease of 2.8 per cent and 3.5 per cent from $36.46bn in December 2020 and $36.73bn in January 2020.”
Nigeria Must Stop Borrowing To Finance Consumption- Accountants 

Stop borrowing to finance consumption, accountants urge FG | The Guardian Nigeria News - Nigeria and World NewsNigeria — The Guardian Nigeria News – Nigeria and World News
New President of the Institute of Chartered Accountants of Nigeria  (ICAN), Comfort Eyitayo,has advised Nigeria to stop engaging in borrowing to finance consumption  in the country.
She  gave the advice while speaking during her investiture  as the 57th President of the Institute at the ICAN Special Council Meeting held in the Council Chamber of the Institute in Lagos
She maintained that  borrowing to fund consumption should be discouraged notwithstanding the fact that the debt to gross domestic product (GDP) ratio is within acceptable fiscal and economic limits.
She added:“In any case, what does the gross domestic product mean to the common man when inflation is over 18 percent and he cannot afford three square meals?   We would also liaise with standard setters and regulators to review the nation’s corporate reporting framework such that sustainability metrics are required of listed entities.
Eyitayo asserted that as Professionals and expert risk managers, the institute is aware of the causal relationship between poverty, hunger and crimes.
She expressed disgust over the increasing hunger and anger of the unemployed and poor citizens,  saying they are manifesting in increased crimes and criminality in the country.
She disclosed that the  Institute will collaborate with the government to evolve better strategies that will address the underlying causes of insecurity, than the mere distribution of material and financial palliatives.
She said:“We must teach Nigerian youths how to fish rather than give them fish, for the economy to tide over these challenges in the shortest possible time. To this end, the Institute will engage the government and critical stakeholders with a view to resolving the crucial issues of state and the economic malaise of under development”.
On the recent report by  the Nigerian Bureau of Statistics,which it said that about 23m Nigerian youths are currently unemployed,the ICAN boss said the development would not improve so soon.
According to her:“There is no reason to believe that the situation will improve in the near term neither can we also pretend that chartered accountants are not part of this unemployed army of Nigerian youths. Indeed, many of our young members are unable to secure paid employment not because they are not brilliant but because they cannot find any place to acquire practical training.
“In essence, their competences need to be rejigged. Although the competence framework in our qualifying examinations have been reviewed, the Council under my leadership will create an Entrepreneurship Centre where these young members will be given practical or hands-on training to enable them set up their businesses and become employers of labour.
She implored accountants to  take on the challenge of setting a new agenda for national rebirth which will include achieving sustainable development for this generation without impairing the capacity of future generations to enjoy nature’s abundant resources.
Nigeria Can- And-Must Climb Out Of The Hole Made By Corruption

By Aigboje Aig-Imoukhuede

 

I was 13 years old in 1979, when Nigeria began to slip into a dark, frightening hole that seemed to have appeared overnight, and from which it has yet to emerge: corruption.

 

Until that point, I had walked with a particular adolescent swagger – that of a young citizen of a newly independent nation that really mattered on the world stage; of a country whose voice carried loud and clear in the community of nations. To me, Nigeria was a country that produced wonderful writers, excellent athletes,and brilliant leaders. It was the most populous African nation, one where English was spoken well and whose national IQ was one of the highest in the world. Life in Nigeria, while of course not perfect, was in so many respectsgood. And it was getting better.

 

My secondary school, looking back, provided a reflection of what was happening in Nigeria. In 1977 I was fortunate to attend an elite state-run secondary school, whereby any African standard I had access to first-class teachers, academic resources,and sporting facilities. Then that hole emerged seemingly from nowhere, and into its bowels vanished so much of what was good about Nigeria.

 

Suddenly, my school was no longer a centre of excellence, but an underfunded,overcrowded relic of past glory where standards had plummeted overnight. It was a microcosm of the insidious power of the corruption gripping Nigeria, where good was sucked into that forbidding hole and turned into bad. A nation that had up to that point embraced merit in most things, at least those things my childish mind grasped, had done an abrupt about-turn, and chosen instead to pursue mediocrity.

 

At that time, in 1979, Nigeria had just emerged from military rule, the only system of governance I had known since birth in 1966. Power was again handed to civilian authority – but it was not to last long before the military once again seized power in 1983 (and effectively held it again until the turn of the millennium). In 1982, a year before the military seized power from our civilian government for the second time, I began my four years of university studies. Not much changed; certainly, things were not getting any better.

 

Indeed, if I thought that it was the civilians who could not manage our country properly, what followed when we returned to military rule proved that any civilian government is better than a military one. Dictatorship was not only badsocially and economically, but from a global point of view Nigeria was a pariah nation unable to get its act together, and on its way to joining the club of failed African states.

 

Our military administrations from 1983 on are reckoned by some to have been the most corrupt of all, but perhaps Nigeria was so corrupted already that no one really noticed. Perhaps the hole was now so deep already that it no longer really mattered if it got deeper.

 

Then the miraculous happened, and in 1999 Nigeria returned to civilian rule. For the next eight years, because we had once again embraced meritocracy, our country experienced a renaissance. Nigeria made more progress in that short period than it had in the preceding 25 years. We began to climb out of that terrible hole, the one we had dug for ourselves. But then,just as we got our heads above the ground,we lost our footing and we started slipping back down again. Today, I believe, we are almost in the same position we found ourselves in 1999; we have wasted many of the opportunities and outcomes our eight-year renaissance had afforded us.

 

By now our country should be flying!

 

Consequently, I have found myself asking: does our apparent inability to climb out of the hole we are in mean that we Nigerians have accepted that we cannot do any better? That our lot in life, even though we can compete intellectually with any nation on Earth, is much worse than we had dreamed it would be? That our children are consigned to being third-class citizens of the world (unless they emigrate and find opportunity elsewhere)?

 

Here is another question to ponder. When I was a small boy, our nation was 60-million strong. When that hole yawned open when I was 13, we stood at around 80 million. Today, we have more than 200-million people mired down there, and in 30 years’ time there will be over 400 million in number. Would that not be the very definition of Hell?

 

These are the things I dwell upon, the fears that I have for my beloved Nigeria. But then, I look to the examples of other countries that have climbed out of their own holes of poor performance and, instead of basket cases, have become success stories: countries such as Malaysia, Indonesia, and China.Surely, if they can, we can, too?

 

That is the story that I want for my nation. I certainly do not presume to have all the answers – indeed, I might not have many – but I have resolved to employ the resources I have (financial and otherwise) to do my utmost to change Nigeria’s sad narrative. It is an investment in a brighter future for my country and all who live in it – and it is certainly well worth making.

 

  • Aigboje Aig-Imoukhuede is aninvestor and philanthropist, and the co-founder of The Aig-Imoukhuede Foundation, which aims to transform the performance of African public servants,eliminating inefficiency and corruption, so thatAfrican countries are not left stranded on the third world tarmac.
Ketron Investment Limited Takes Over  Shoprite  Stores

Ketron Investment completes takeover of Shoprite stores in Nigeria - The  NEWS
An indigenous   company, Ketron Investment Limited, has taken over  Shoprite Nigeria from the Retail Supermarkets Nigeria Limited, RSNL, owner and operator of the Shoprite stores in Nigeria.
The divestment by Shoprite International is in line with its strategy to change from an ownership model to a franchise model. This change in ownership has also received the approval of the Nigerian regulator, the Federal Competition and Consumer Protection Commission (FCCPC).
Speaking on the acquisition, Chairman, Ketron Investment Limited, Tayo Amusan,expressed satisfaction over the complete acquisition of Shoprite.
“We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future”.
According to the terms of this acquisition, Ketron acquires 100 percent ownership of Shoprite in Nigeria and will continue operations across all existing outlets.
It also plans to open additional stores and introduce more Nigerian-made products in the stores. This he noted, will also result in more opportunities for Nigerians.
Amusan explained that their vision was to create better fundamental change within Nigeria.
He  added that with benefits from their knowledge of the ever-evolving Nigerian retail marketplace, well-grounded social and economic research, and hands-on experience from their team, they are confident that the acquisition would foster a robust and sustainable business model for the ultimate benefit of all stakeholders” he concluded.
Speaking,the Chief Executive Officer, MBO Capital, Jide Ogundare, said the deal signals an opportunity for Ketron to uphold a thriving business.
“It will be hard work,” he said, “but with the plans we have in place, and with the support of the larger Shoprite family in Nigeria including our staff and every Nigerian shopper that walks through our doors, we are confident of success.”
“Shoprite Holdings is Africa’s largest food retailer, operating 2,843 supermarkets in 15 countries and serving 35 million customers in Africa and the Indian Ocean Islands.At the moment, Shoprite Nigeria’s supply chain includes more than 300 leading Nigerian suppliers and boasts small businesses and farmers among its partners and suppliers”.
 Road Concession: We Will Be Transparent-FG

Road concession: FG to launch portal to guarantee transparency |  Nairametrics
The Federal Government has stated that it is committed to a transparent, fair and competitive bidding process for the 12 Pilot Road corridors earmarked for concession through the Value-Added Concession programme under the Highway Development and Management Initiative (HDMI) Project Life Cycle.
This was stated by the Permanent Secretary Federal Ministry of Works and Housing, Babangida Hussaini during the official virtual Request for Qualification (RfQ) bid opening ceremony held at the Conference Room of the Ministry, Tuesday, June 1, 2021.
According to Boade Akinola
Director Press and Public Relations in a statement, the Request for Qualification Bid Opening Ceremony signaled the commencement of the Value-Added Concession Evaluation Exercise.
The Permanent Secretary said, “The Ministry shall ensure that the procurement process is in line with the Infrastructure Concession Regulatory Commission (ICRC) act and approved Public-Private partnership guidelines.”
At the ceremony, the Value-Added Concession online portal was accessed for the first time since the portal was opened to receive submissions in line with existing guidelines.
It was revealed that 75 companies successfully responded to the RfQ. The names and representatives of all the companies/consortiums were read out and duly recorded.
Hussaini further explained that every proponent who indicated interest at this Request for Qualification stage and meets the basic prequalification criteria would be shortlisted and subsequently invited for the Request for Proposal (RFP) stage.
Speaking on the initiative, the Head of the Public Private Partnership (PPP) of the Ministry, Mrs. Abimbola Asein explained that the Highways Development and Management Initiative was created by the Ministry with the objective to attract sustainable investment and funding in the development of road infrastructure and maximize the use of assets along the right of way.
She explained that the rationale behind the private sector engagement was to provide alternative funding source for road development and management, pointing that the Ministry was working jointly with the Infrastructure Concession Regulatory Commission (ICRC), Federal Ministry of Finance, Budget and National Planning (FMFB&NP) amongst other stakeholders to see to the realization of the project.
“The buy-in of the Federal Executive Council (FEC) and the National Assembly had been obtained, and the nation is looking forward to a robust procurement process that will attract capable concessionaires that will develop and manage these routes.
The 12 corridors under the first phase of the Highway Development and Management Initiative are: Benin – Asaba, Abuja – Lokoja, Onitsha – Aba – Owerri, Shagamu -Benin, Abuja -Keffi – Akwanga, Kano – Maiduguri, Kano- Katsina, Lokoja – Benin, Enugu-Port Harcourt, Ilorin-Jebba, Lagos-Abeokuta, and Lagos-Badagry.
The Ag. Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Mr. Micheal Ohiani said that the (ICRC), as a regulatory commission had issued a Certificate of Compliance to the Federal Ministry of Works and Housing to proceed with the procurement process of the Value-Added concession under the Highway Development and Management Initiative (HDMI).
He assured participants of his commission’s role in ensuring transparency in the process pointing out that the initiative would develop Nigeria’s network of federal highway corridors and boost economic development along the Right of Way.
 Mrs. Shulee John-Mark, representative of NGO-Network who witnessed the process described it as transparent and credible. Over 170 other stakeholders also participated in the bid opening ceremony virtually.
I’m Under Pressure To Release Ibadan  Human Parts Dealer-Amotekun Commandant

Oyo's 1500 Amotekun To Commence Training Nov 4 | PM Parrot
The  Oyo State Commandant of Amotekun Corps Col Olayinka Olayanju,has said that certain personalities have been pressurizing him to release a suspected human parts dealer,Mutiu Abdul-Rasheed,who was arrested by his officials in Ibadan.
The  suspect was investigated for some months before he was nabbed,he said
Olayanju,who said this at a news conference while parading the suspect, did not disclose the names of those pressurizing him to release the human parts dealer.
He said:” Ironically, calls have been coming in and individuals have been pressing for his release.”
He said fresh hands of some persons and other dismembered body parts were parts of the exhibits recovered from him.
Other items also recovered from the suspect included guns, charms, decaying body parts, motorcycle and a car.
Abdul-Rasheed, who hails from Ede in Osun State, said he belongs to a team that has been involved in getting fresh human parts for some people and at the same time exhuming dead bodies of people that they knew their names and parents’ names before their demise. But other members of the gang were said to be at large.
He added:”We only exhume bodies that are known to us because we must know the dead person when he  or she was alive. We must also know his or her name as well as the mother’s name. Knowing the mother’s name of the dead person that we want to sell the body parts attracts extra cost from those that buy the human parts from us. He added.
Council Chairmen Accuse Hamzat Of Disrupting Election

LG Council Poll: Council Chairmen Accuse Hamzat Of Imposing Candidates, Disrupting  Election – Independent Newspaper Nigeria
Three council chairmen in Lagos State have accused Obafemi Hamzat, deputy governor of Lagos State of disrupting the All Progressives Congress (APC) last Saturday’s primary election in the state, and imposing his candidates on the people.
The three chairmen of Epe, Eredo and Ikosi-Ejirin however, insisted that they would retrieve their mandates from the usurpers. In a Facebook post on behalf of his colleagues, the spokesman of the group, Niyi Saliu , who’s also the incumbent chairman of Eredo Local Development Area (LCDA) and an aspirant in the election said that the daylight robbery would not stand.
He said: “I appeal to our supporters to remain calm. We will do everything lawful to reclaim our mandates. We are persuaded that all hope is not lost, given the assurance by our leader, Asiwaju Bola Tinubu who hinted recently during the South-West meeting with governors that he’s not imposing anybody. We are excited that he has through that pronouncement deflated the ego of those dropping his name to perpetuate illegality in our party. Our leaders have also assured us that everything will be resolved amicably.”
According to the group, Hamzat, has been planning his 2023 political ambition of becoming the governor of Lagos State, and has been working with some politicians to impose chairmen that will be loyal to him. They said that there was love lost when the deputy governor alleged that they worked against his political aspiration in 2015.
They accused the deputy governor of hatching plans with his henchmen to scuttle the process once it’s clear that the tide was against them.
Expressing displeasure at the turnout of event, the group noted that instead of conducting another election, Hamzat assured his candidates that it was a done deal. “In Eredo, his coordinator for governorship project in 2015, Ismail Akinloye has received the Lagos State Independent Electoral Commission (LASIEC) form. In Epe, his personal assistant’s elder sister, one Suzan Olayemi Animashahun has been given the ticket, while in Ikosi-Ejirin, Wale Anamo From Ijebu-Ode, craftily added ‘Raji’ to his name to conform with Epe native name, he also received LASIEC form.”
Buhari Government A Trail Blazer -Minister

The Minister of information and culture, Alhaji Lai Mohammed ,has faulted critics over their bad score on the administration of President Muhammadu Buhari
He affirmed that the current government has achieved much in the last six years.
He noted that in spite of best efforts of the Buhari administration, the naysayers have continued to say they have not seen what this Administration has achieved.
“In spite of our best efforts, the naysayers have continued to say they have not seen what this Administration has achieved. They have continued to deny the obvious by pretending that these achievements are not real. Even when they have travelled on the new standard gauge rail from Abuja to Kaduna, Lagos to Ibadan, and Itakpe-Ajaokuta-Warri, they still deny that any progress has been made in modernizing the country’s rail infrastructure. They travel through the ultra-modern airport terminals in Abuja and Enugu, yet they deny any progress has been made in modernizing our airports”.
He spoke at the mid-term report (second term) of the President Muhammadu Buhari administration,
Mohammed said that this year, which marks the half-way point of the second and final term of the Muhammadu Buhari Administration, the administration has decided to once again change our style for more effectiveness.
“Our new strategy is to suffuse the airwaves and the social media with unmistakable video evidence of the various achievements, to such an extent that even the blind can ‘see’ and the deaf can ‘hear’”.
He said the documentary, which will be updated from time to time until the end of the administration’s tenure, covers roads, rail, housing, power, aviation, agriculture, ports, bridges, health, fight against Covid-19, water resources and the economy generally.
“The documentary is ready, and it’s coming to your television sets and your telephones (via Whatsapp, Facebook, Instagram, etc). Because of the sheer enormity of the achievements, the documentary will be aired in three parts, and will run for months.
“When we started, we envisaged a two-part documentary, but in order to accommodate a large chunk of the achievements, we decided to extend it to three parts”.
FUOYE  Suspends Lecturer Over Sexual Harassment

BREAKING: FUOYE suspends lecturer over alleged sexual harassment |  LiveTimes9ja
The Federal University,Oye-Ekiti (FUOYE) has announced the immediate suspension of  one of its staff ,Dr. Desen Jonathan Mbachaga, over allegation of  sexual molestation.
A statement by the media office of FUOYE Vice-Chancellor, Prof. Abayomi Sunday Fasina, and signed by the Chief Information Officer to the Vice-Chancellor, Mr. Foluso Ogunmodede, said Mbachaga was suspended on the  strength  of evidence of sexual harrassment established against him by a panel set up by the Institution’s Faculty of Arts, which investigated the allegation.
Mbachaga was, until his suspension yesterday, an Associate Professor in the institution’s Department of Theatre and Media Arts.
His suspension came after a committee inaugurated by the Institution to investigate the alleged sexual harrassment established a prima facie evidence against Mbachaga.
However, the suspension which was with immediate effect would  pave the way for a five-member Committee set up by the Vice-Chancellor to further probe the allegation with a view to getting to the root of the allegation of sexual harrassment against the embattled lecturer.
  Ogunmodede said :”The Vice-Chancellor of FUOYE, Prof. Abayomi Sunday Fasina, who has zero tolerance for indiscipline and any form of sexual harrassment against students of the Institution, has consequently approved the suspension of Dr. Mbachaga to allow for proper investigation into the matter. The Vice-Chancellor  has also mandated the Dean Faculty of Arts, Prof. Tajudeen Opoola to conduct proper investigation into another allegation of sexual harrassment against another lecture in the same department and submit a report in due time for neccesary actions.”
Senate Threatens To Arrest PPPRA, NSTIF Officials

The Senate Committee on Public Account,has threatened to arrest  officials of Petroleum Product Pricing Regulatory Agency (PPPRA), Nigeria Social Insurance Trust Fund (NSITF)over  their failure to appear for investigative hearing.
The chairman of the committee, Senator Matthew Urhoghide, has directed the committee’s  secretariat to write the agencies involved to appear latest next Tuesday  else the Senate will invoke relevant sections of the constitution against the agencies.
He  noted that NSTIF has over 50 queries to respond to, adding it is obvious that the agency is running away from Investigation.
He said: “We have just directed the Secretariat  of the Committee to write to the erring Ministries, Agencies and Departments of government for the last time, asking them to appear before us as from next week.We are going to invoke Section 89 of the constitution, which is bench warrant of arrest to be issued on them to compel them to appear.
“Why will the Nigeria Social Insurance Trust Fund come to tell us that they have a new management?  For how long do they want the management to be in place before they can appear? They know that government is a continuun? NSTIF has over 50 queries. It is obvious that they are running away,  they don’t want to come and give account. Today,  the Petroleum Product Pricing and Regulatory Agency, and the Rural Electrification Agency and NSITF are all supposed to be here,  bringing the total number of errant agencies to 56.