571,000 tonnes of rice were stopped by the FG from entering Nigeria

On Monday, the Federal Government announced that 571,000 tonnes of foreign rice warehoused in neighbouring countries were being targeted for the Nigerian market for the Christmas and New Year season, but vowed to stop their entry.
It also stated that Nigeria recently took delivery of 110 rice mills in its bid to enhance local production so as to commence the exportation of white rice from next year.
The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who disclosed these in Abuja, stated that some of Nigeria’s neighbours, particularly the Republic of Benin, were not moving goods within the region as required by relevant treaties.
He, however, stated that the Federal Government would henceforth check all illegal movements of food and non-food items into Nigeria from the neighbouring countries.
Ogbeh said, “What they do is that they import goods, station themselves at our borders and then smuggle them into Nigeria. For instance, the Republic of Benin doesn’t eat parboiled rice. They eat white rice. But all the rice that comes from the borders into Nigeria is parboiled.
“I have a list now of all the ships that left Thailand in the last seven weeks and they’ve arrived; 571,000 tonnes of rice waiting to enter Nigeria for Christmas. But we won’t allow that. We have to review the treaty in the region, because we are at the losing end. Why are we doing this? It is because this rice is not definitely grown in the Republic of Benin.”
He added, “They bring tomato paste and chicken not produced in the Republic of Benin and because the Nigerian market is so huge, that they want to exploit it. But no economy out of sympathy should damage our own and we should not out of sentiment allow anybody to do things to us, which we can’t do to them.
“When Dangote was trying to ship his cement through the Republic of Benin to Togo, it took him one year to persuade them.”
Ogbeh reiterated that the country would start exporting rice from next year, as he stated that 110 mills had been acquired to make this a reality.
He said, “We can make it happen. We have just brought in 110 rice mills of different capacities. Some can do 100 tonnes, others 50, 40, 20 and 10 tonnes. We are going to give them to cooperative organisations and rice millers all over the country to enhance their milling capacities.
“We have another 12 rice mills to come in maybe next year so that the milling capacity is strong enough for us and we too will begin to export white rice to West Africa.”
On the issue of possible famine in Nigeria from January next year, the minister stated that the government was prepared and promised that the country would not experience such.
The minister stated, “We want to put it quite clearly that there is no danger of famine in the country, because the government will not allow that to happen. We are already taking steps to make sure that Nigerians don’t go through any such harrowing experience. There has been some panic over the massive purchase of grains from many of the big grain producing fields in some parts of the country.
“This fear was heightened by emirs and chiefs in the North, who met with us on Tuesday last week and raised the same anxiety. It is true that for the first time in our history, we are witnessing an extra-ordinary purchase of our grains from the West, North and Central Africa. We are even getting demands from as far as Namibia; they are asking for grains in large quantities of up to 37,000 tonnes of maize.”

Adeosun, Emefiele back BoI scrapping, bank kicks

The Bank of Industry has kicked against the current move by the Senate to scrap it and establish the National Development Bank in its place.

The Acting Managing Director, BoI, Mr. Waheed Olagunju, made this known on Monday at a public hearing organised by the Senate Committee on Banking, Insurance and Other Financial Institutions on the establishment of the NDB.

The Minister of Finance, Mrs. Kemi Adeosun; and the Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, however, backed the Senate on the move.

A bill seeking to establish the NDB had passed second reading in the Senate on October 12.

Titled: ‘A Bill for an Act to establish the National Development Bank, 2015’, and sponsored by Senator Ibrahim Gobir, it seeks to repeal the BoI, the Bank for Commerce and Industry Act and the National Economic Reconstruction Fund Act.

The bill further seeks to bring the total assets of the organisations under one body to be called the National Development Bank.

Olagunju, in his presentation, insisted that the BoI was already fulfilling the mandate of the proposed development bank.

The BoI boss stated that what was needed was more funding of the bank by the Federal Government so as to increase its support to the real sector rather than duplicate functions with the establishment of another bank with a similar purpose.

Olagunju said, “We are of the opinion that the BoI, as presently constituted, is fulfilling the mandate envisaged in the proposed legislation by supporting genuine entrepreneurs. Therefore, it should be left to continue its operations as it is. The merger envisaged in the proposed bill has already taken place.

“The BoI should be provided with more capital to be able to further support the real sector instead of duplicating functions by creating new development finance institutions, bearing in mind the failure of similar DFIs in the past, such as the NBCI, NERFUND, People’s Bank, Community Banks, etc.”

He added, “We advise that the National Assembly should support industrialisation by enacting legislation that will help create an enabling environment for business to thrive, such as an amendment to the Land Use Act, tax incentives for SMEs and establishment of industrial parks.

“This will substantially address the demand challenges of finance for SMEs in Nigeria, as vagaries of the business environment have been making the sector unattractive to private and public lenders.”

However, Adeosun, who was represented by a director in Ministry of Finance, Christopher Gabriel, said the ministry strongly supported the bill, adding that the proposal was in tandem with the economic reconstruction efforts of the Federal Government.

Punch

Trump Chooses Ben Carson to Lead HUD

Ben Carson endorsed Donald J. Trump at Mr. Trump’s Mar-a-Lago estate in Palm Beach, Fla., in March. Credit Todd Heisler/The New York Times

Ben Carson, who took Donald J. Trump on a tour of blighted neighborhoods in Detroit during the presidential campaign, including his boyhood home, has been chosen by Mr. Trump to oversee one of the government’s main efforts to lift American cities as secretary of the Department of Housing and Urban Development.

Mr. Carson, a retired neurosurgeon, was an early endorser of Mr. Trump after ending his own presidential bid.

“Ben Carson has a brilliant mind and is passionate about strengthening communities and families within those communities,” Mr. Trump said in a statement Monday morning. “We have talked at length about my urban renewal agenda and our message of economic revival, very much including our inner cities.”

“Ben shares my optimism about the future of our country and is part of ensuring that this is a presidency representing all Americans,” he added. “He is a tough competitor and never gives up.”

With no experience in government or running a large bureaucracy, Mr. Carson, 65, publicly waffled over whether to join the administration. He will oversee an agency with a $47 billion budget, bringing to the job a philosophical opposition to government programs that encourage what he calls “dependency” and engage in “social engineering.”

He has no expertise in housing policy, but he did spend part of his childhood in public housing, said a close friend, Armstrong Williams, and he was raised by a dauntless mother with a grammar-school education. In his autobiography he stressed that individual effort, not government programs, were the key to overcoming poverty.

The Department of Housing and Urban Development oversees programs that provide vouchers and other rental assistance for five million low-income families, fights urban blight and helps struggling homeowners stave off foreclosures.

Housing policy was rarely mentioned on the campaign trail by candidates in either party. When Mr. Trump spoke of “inner cities,” he painted with a broad brush to describe the lives of poor blacks and Hispanics as “a disaster,” pleading for their votes by asking, “What do you have to lose?”

In an opinion article in 2015 for The Washington Times, Mr. Carson compared an Obama administration housing regulation to “the failure of school busing” because it would place affordable housing “primarily in wealthier neighborhoods with few current minority residents.”

The rule, known as Affirmatively Furthering Fair Housing, was years in the making and designed to end decades-old segregation by offering affluent areas incentives to build affordable housing. Critics, including Mr. Carson, called it government overreach.

Barbara Sard, a former official at the housing department during President Obama’s first term, said Mr. Carson’s view was a misunderstanding of the regulation and its origin in the 1968 Fair Housing Act. The rule also included development funds for poor neighborhoods.

“He doesn’t seem to understand that extending access to opportunity includes improving conditions in racially concentrated neighborhoods,” said Ms. Sard, now vice president for housing policy at the Center on Budget and Policy Priorities.

In a recent television interview, Mr. Carson said that he was prepared to lead the agency because he grew up “in the inner city” and because as a physician in Baltimore he has “dealt with a lot of patients from that area.”

“We cannot have a strong nation if we have weak inner cities,” Mr. Carson told Fox News. “We have to get beyond the promises and start really doing something. The amount of corruption and graft and things, shell games that are played — we need to get rid of all that stuff.”

Born into poverty, Mr. Carson was awarded a scholarship to Yale, and by age 33 he was named director of pediatric neurosurgery at Johns Hopkins Hospital.

He became an author, a philanthropist supporting scholarships for young students, and a conservative star after attacking Mr. Obama’s health care law.

During his campaign, he expressed a sweeping opposition to many government programs devised to end poverty, which he said had replaced church-based and other community initiatives.

“We the people have the responsibility to take care of the indigent in our society,” he said at a Republican town hall-style event in February. “It’s not the government’s job.”

When he gained on Mr. Trump in polls last year, Mr. Trump attacked his rags-to-riches biography. Mr. Trump ridiculed his rival’s account of how he nearly committed a stabbing as a youth, a pivotal moment in Mr. Carson’s life story that led to prayer and a calmer temper. “How stupid are the people of the country to believe this crap?” Mr. Trump asked at a rally in Iowa.

But after Mr. Carson dropped out of the race in March, he reconciled with Mr. Trump and became a frequent surrogate on television for him. A key moment of building trust, Mr. Williams said, was at a debate in February when Mr. Carson missed his cue to take the stage, and Mr. Trump walked out with him to ease the awkwardness.

“They both have grown,” Mr. Williams said. “Dr. Carson has tremendous respect for this man.”

“These guys have been friends, like brothers, forever,” he added.

Weeks ago, as Mr. Carson seemed reluctant to join the administration, Mr. Williams was quoted as saying his longtime friend did not want to get in over his head.

“Dr. Carson feels he has no government experience; he’s never run a federal agency,” Mr. Williams told The Hill, which covers the federal government.

Mr. Carson said on Facebook at the time that he had told Mr. Trump that “I preferred to work outside of government as an adviser,” but that if asked, he would serve. He signaled the day before Thanksgiving that he was ready to take on the Department of Housing and Urban Development. The announcement was delayed as Mr. Carson, who once had planned to learn to play the organ in retirement, gave himself several days to mull it over.

NYT

Ivanka Trump to meet with Al Gore to discuss ‘climate issues’

Ivanka Trump walks through the lobby of Trump Tower in New York City on Nov. 21. (Spencer Platt/Getty Images)

President-elect Donald Trump's daughter Ivanka Trump is scheduled to meet Monday with Al Gore, the former Democratic vice president who has become a leading activist in the fight against global warming, to discuss “climate issues,” according to the president-elect's spokesman.

Donald Trump has repeatedly called climate change a “hoax” and has even accused the Chinese government of creating this fake problem to steal manufacturing jobs from the United States. But Trump seemed to soften that position during a meeting with the New York Times late last month, saying that he would keep an “open mind” on the issue and acknowledged that human activity might be connected to changes in the climate.

Ivanka Trump, who is not registered with a political party, is one of the most influential people in Trump's life, and has already pushed her father to adopt positions usually promoted by Democrats, including making child care more affordable to women. Although Ivanka Trump has said she does not plan to take an active role in her father's administration, she is a member of his transition team. Her husband, Jared Kushner, is one of Trump's most trusted aides. The couple is reportedly house-hunting in Washington.

Gore arrived at Trump Tower in New York late Monday morning and did not answer questions from reporters. Jason Miller, a spokesman for Trump, said on a morning briefing call with reporters that the president-elect does not plan to meet with Gore, and he did not provide any additional details about the meeting with Ivanka Trump. When asked if Trump and her father disagree on the issue of climate change, Miller said that he does not have any information to provide at this time.

While Gore was not personally close to Hillary Clinton — their relationship became strained in the wake of President Bill Clinton's impeachment and as they both vied for Democratic donors' support during their respective political bids in 2000 — the former vice president campaigned on her behalf late in this year's presidential campaign.

Speaking to an audience at Miami Dade College in October, Gore warned that Trump, “based on the ideas that he has presented, would take us toward a climate catastrophe.” Appealing directly to millennials, he alluded to his own narrow loss to George W. Bush in 2000 in Florida and said young people could not afford to vote for anyone other than Clinton.

“The world is on the cusp of either building on the progress and solving the climate crisis, or stepping back, washing our hands of America’s traditional role as the leader of the world and letting the big polluters call the shots,” Gore said. “The choice is that clear. It’s that stark.”

But while national environmental groups and many scientists have already fired shots across the bow at Donald Trump, suggesting he needs to respect scientific integrity and refrain from appointing advisers who would gut existing environmental and public health safeguards, some prominent activists have been exploring ways to influence the incoming administration. The most obvious target has been Ivanka Trump and her husband, since they are seen as the least conservative members of Trump's family.

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Actor Leonardo DiCaprio, for example, recently gave her a copy of his new National Geographic documentary on climate change, “Before the Flood.” DiCaprio aired the documentary in October on the White House's South Lawn, before which he appeared onstage with President Obama and atmospheric scientist Katharine Hayhoe.

DiCaprio, who campaigned on Clinton's behalf and aired the film on college campuses in Florida and elsewhere, did not mention Trump by name but alluded to him at the event.

“We must empower leaders who not only believe in climate change but are willing to do something about it,” he said. “The scientific consensus is in, and the argument is now over. If you do not believe in climate change, you do not believe in facts, or in science, or empirical truths, and therefore, in my humble opinion, should not be allowed to hold public office.”

WP

Ivanka Trump and Jared Kushner plan move to DC

CNN has learned has Ivanka Trump and her husband, Jared Kushner, are house hunting in Washington as they look to move from New York City to D.C.

The couple's planned move with their three children reflects the expectation that Kushner will serve as an adviser to President-elect Donald Trump in some capacity, though the precise role -- potentially complicated by nepotism laws -- remains to be seen.

"I think Jared Kushner, obviously [Trump's] son-in-law is going to be very involved in decision-making," White House chief of staff Reince Priebus said on NBC's "Today" show the week after the election.

Kushner was also present with Trump when he first visited the White House after his victory, and was seen walking through the White House grounds and talking with current White House chief of staff Denis McDonough.

Donald Trump's wife, Melania, and youngest son, Barron, plan to continue living at Trump Tower, at least until the school year ends in the spring.

Kushner played a significant behind-the-scenes role during the campaign, building up the Trump team's data operation and crafting its messaging, which he discussed in an interview with Forbes -- the only time Kushner has spoken publicly about Trump's victory since the win. He has also helped lead the Trump transition effort, and was reportedly at the center of a fierce internal conflict weeks ago that led to the ouster of Chris Christie and his allies, who had previously headed the transition.

Kushner also has significant business interests in New York City -- a real estate developer like his father-in-law, he owns a prized skyscraper on 666 Fifth Avenue which was acquired in a troublesome deal, and owns other valuable properties in the New Jersey and New York property markets.

Ivanka Trump, who likewise wields significant influence in the Trump world, was thought to be a contender for an advisory role in a potential administration during the campaign. She delivered a well-received speech on her father's behalf at the Republican National Convention in July, helped shepherd the campaign's rollout of a childcare tax credit policy, and was a fixture of the Trump campaign's tight-knit circle of advisors.

But the president-elect has signaled that he may look to put his adult children in charge of managing his sprawling business empire while he serves as president. Trump is planning a December 15 news conference to provide details about his plan for his businesses.

Still, such a plan -- which the Trump team has portrayed as a "blind trust" -- would do little to preclude conflicts of interest from arising, since Trump insists he will maintain close contact with his kids while they manage the family's international network of business interests, even as he steers US foreign policy. 

 

(CNN)

Comparison and Contrast of the Short Story and Oral Narrative. By Henry Kwaghkule.

The short story and oral narrative are subgenres of prose fiction. The short story refers to a literary text with a considerable small length that can be read within a day which discusses one major issue. It is usually less than a novel in size and treats one major issue using few characters,a concise and condensed language and straight plot. It has abrupt starting, a single setting, singleness of event among others as its basic features. According to Edgar Allan Poe as cited in The substance of Literature by Tyoor Victor, "short story is enough to be read in one sitting and constructed to create a single effect" This means a story writer has one particular issue to tackle. Oral narrative on the other hand, is an aspect of oral literature that refer to moonlight stories told with the chief aim of teaching moral lessons especially the younger ones. Oral narrative usually has a lively beginning known as opening glee and state its lessons at the end. In African continent, the trickster's story features a wise and crafty animals often finding itself in terrible situation but amazingly using it craftiness and wisdom to escape as in the Heir in Tiv KwaghLom and the Tortoise in Yoruba Ijapa, all are brief examples of common oral narrative in African setting. A striking feature that contrast the short story and oral narrative is that, the short story neither requires an opening glee nor ending that States the lesson derivable from the story. The tradition of oral narrative is to teach moral lessons to younger generation hence the narrator is expected to state the lesson learnable from the story. Also it is dramatic in nature, the oral narrative begins with an opening glee that invites the already sited audience in the story. The case with the short story is different. Even though it is possible to derive a lesson from a short story the author does not state in his or her narration what he or she considers to be the lessons but allow the readers to judge on their own. Also the beginning of a short story does not include an opening glee at all but rather begins with an action that is so arresting to attract the readers. Because of its advance nature, the short story uses narrative techniques that the oral narrative may not care to use such as suspense, Flash back media res etc. These techniques enable the author to tell a long story in a narratively short time. Media res , for instance is a technique employ by the short story writer to writers in which part of the story is left untold thus the narration begins to the climax. In a layman explanation, a short story has a copy that one can touch but one can't touch a copy of oral narrative as is done orally. Although comparatively, they are aimed at entertaining, educating and informing the society etc. Another point of comparison and contrast is that every short story has a legitimate authorship that creates and makes public the creativity of his ideas for consumption by reading the story. A story of a man who revenge to kill some one base on the primary of insult that occurred for 50 years ago title "The cask of Amontillado" is authored by Edgar Allan Poe and he is known as the owner of the story anywhere in the world. In oral narrative people cannot claimed authorship because the stories are handed down from generation to generation. More so, oral narrative can be move from one place to another with slight modification either by the narrators or their sources. To crown it all in a brief conclusion, oral narrative and short story are sub- genres of prose fiction that works in similar ways because they both need a narration to be realized, they are intended to create a single effect, etc . However they can also be contrasted in the sense that, short stories have authors. While oral narratives do not have authors but are handed down from generation to generation But aims to inform, entertaining, educate and correct things. 

Henry Kwaghkule A short story writer and a script writer. Kwaghkulehenry@gmail.com 08064795340

Law student who was denied entry to campus because her 'skirt was too short'

“…Apparently, skirts like mine attract the boys and men that we study with and bar them from concentrating.”

When Joaninne Nanyange, a law student studying in Kampala, Uganda, showed up to the Law Development Centre to attend classes, two uniformed police women reportedly stopped her and  asked her to pull down her skirt “to see how far down it could go.”

Bewildered, Nanyange told the women that her knee-length skirt couldn’t be pulled down any further. At this point, she was allegedly told that she couldn’t enter the campus to attend class. 

Today, dressed like this, I went to the Law Development Centre to attend classes. Unlike all other days, I saw two women seated right outside the Centre's gate, one dressed in a Khaki Police uniform. It was an unusual sight and I thought there was something or someone epic on campus. I got off the boda boda and walked towards the gate. The uniformed woman flagged me down and being the law abiding citizen that I am, I stopped. She asked me to

Nanyange talks about the incident in a Facebook post that has now gone viral:

“The other woman, ever with a very satisfied grin, told me I could not access the campus because my skirt was not long enough for LDC standards,” wrote Nanyange. “I was shocked. Yes. Shocked. Seeing the bewilderment on my face, the two women laboured to explain. Apparently, skirts like mine attract the boys and men that we study with and bar them from concentrating. So they could not be allowed!!!!!!”

Nanyange believes that patriarchy has been so widely institutionalized that some feel the need to  create “de facto” dress codes and pass rules controlling women’s bodies. In an interview with BBC’s “World Have Your Say” Nanyange reiterated that her skirt wasn’t even that short, even for legal professional standards.

“…The reason they gave me, it wasn’t about the fact that maybe your profession requires you to have this length of skirt, it was about the fact that if you go with this length of skirt, you’re going to distract the men and boys that you’re studying with in class. That is really what I found most shocking and more infuriating because I think we can do better than that.”

In her Facebook message, she ponders why she should miss her classes “because men cannot control their sexual urges.”

Comments on her post were in Nanyange’s favor, including, “I was about to laugh but the thought that this is actually real filled my eyes with tears. This is blatant humiliation, and the most trivial aspect of anything an institution should deal with.”

“I work hard, and I manage to pay the…required (amount) for LDC’s tuition. But I can’t access the campus to attend my classes because when ‘my brothers’ look at my knees and legs, they will get erections,” she poignantly concludes.

Euro falls to 20-month low after Italian PM resigns

The euro fell to a 20-month low on Monday and investors fled riskier assets after Italian Prime Minister Matteo Renzi said he would resign following a stinging defeat on constitutional reform that could destabilise the country's shaky banking system.

European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.

Financial spreadbetter IG Markets expects the EuroSTOXX 50 to open down 0.6 percent, and Germany's DAX and Britain's FTSE to start the day 0.4 percent lower.

Renzi's failure deals a body blow to a European Union already reeling under anti-establishment anger that led to the shock exit of the UK from the club in June.

"It’s not very hard to see a new election on the horizon, and it’s not very hard to see the (opposition) 5-Star Movement taking power with stated aims to either leave the EU, drop the euro, or both,” said Mark Wills, head of State Street Global Advisors' investment solutions group for the Asia Pacific.

"For Italy, establishing stable governance and a plan to guide the nation is of critical importance given the fragility of the economy, challenging policies and the liquidity problems in the banking system."

The single currency slumped as much as 1.4 percent to $1.0505, before recovering a bit to $1.0563.

The drop to its session low was the sharpest since June and opened the way to a retest of the March 2015 trough around $1.0457.

Analysts at RBCCM argued that, based on what happened in 2012 at the height of the Greek crisis, the risk of a euro zone crisis could see the euro trade as low as $0.8000.

"It may sound extreme, but if a second euro zone crisis were to hit, with the U.S. dollar at a much stronger starting point, EUR/USD could arguably trade lower still," they wrote.

The euro slid as much as 2.05 percent to 118.71 yen, but pared some of the losses to trade down 1.1 percent at 119.85 yen.

The dollar was supported by expectations of a U.S. rate increase this month and more to come next year. The dollar index,, which tracks the greenback against a basket of six global peers, jumped 0.6 percent to 101.37.

Against the yen, the U.S. currency, which rose earlier to as high as 113.85, pulled back 0.1 percent to 113.41 yen.

The New Zealand dollar, which earlier weakened almost 1 percent to $0.707 after Prime Minister John Key unexpectedly announced his resignation on Monday, recovered a little to trade at $0.7106.

New Zealand stocks ended the day 0.7 percent lower.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.6 percent, while E-mini futures for the S&P 500 narrowed losses to 0.3 percent.

Japan's Nikkei closed down 0.8 percent.

Even as the long-awaited opening of a scheme to connect the Shenzhen and Hong Kong stock markets went live on Monday, China's blue-chip index slumped the most in six months after the nation's top securities regulator warned against "barbaric" share acquisitions, although small caps remained firm.

China's CSI 300 index tumbled 1.7 percent. Hong Kong's Hang Seng index retreated 0.7 percent.

The link between China's booming Shenzhen stock market and neighbouring Hong Kong allows foreign investors access for the first time to some of the fastest growing technology companies in the world's second-biggest economy.

Back in Europe, dealers said Italian bonds were set to come under pressure as top-rated U.S. Treasuries and German bunds gained.

U.S. 10-year Treasury yields fell to 2.3435 percent from 2.39 percent at Friday's close.

Investors and European politicians fear the 'No' camp's victory in Italy could cause political instability and renewed turmoil for the nation's banking sector, which has been hit by concerns over its huge exposure to bad loans built up during years of economic downturn.

"Forming a stable government in Italy may be difficult, the resuscitation of (ailing lender) Monte Dei Pashci may be impacted, there is some potential that this may create an opening for a secessionist political party," said Angus Gluskie, managing director of White Funds Management in Sydney.

The prime minister's resignation represents a fresh blow to the European Union, which is struggling to overcome a raft of crises, and was eager for Renzi to continue his reform push.

Markets had earlier taken some encouragement when Austria's far-right presidential candidate was soundly defeated by a pro-European contender, confounding forecasts of a tight election.

The European Central Bank meets Thursday amid much speculation it will announce a six-month extension of its asset buying program and widen the type of bonds it can purchase.

"There has been some speculation that the ECB would step and front load purchases of Italian bonds if markets became unsettled by a 'No' result, so perhaps it is the thoughts of a central bank liquidity sugar pill driving things again," said ANZ economist Jo Masters.

OIL PULLS BACK

In the last trading session before the referendum, the Italian benchmark posted a 0.2 percent decline.

The pan-European STOXX 50 closed down 0.4 percent.

Wall Street ended Friday on a cautious note, with the Dow off 0.11 percent, while the S&P 500 rose 0.04 percent and the Nasdaq gained 0.09 percent.

While the U.S. November payroll report on Friday was firm enough to cement expectations of a rate hike by the Federal Reserve this month, a surprise pullback in wages helped bonds pare a little of their recent losses.

In commodity markets, oil ran into risk aversion and some profit-taking after recording its best week in at least five years following OPEC's decision to cut crude output.

Markets are now focused on the implementation and impact of OPEC's first output cuts since 2008, to be joined by Russia and possibly other non-OPEC producers.

Brent crude was down 58 cents at $53.92 a barrel, while U.S. crude lost 53 cents to $51.15.

(Reuters)

We’re not allocating dollars, says CBN

The Central Bank of Nigeria says it is not allocating United States dollars as it has set up an interbank foreign exchange market for anyone interested in buying the greenback through Deposit Money Banks.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said this in an emailed statement on Sunday.

Though Okoroafor did not state the object of his reaction, the Emir of Kano, Sanusi Muhammad II, had on Friday said the country’s foreign exchange management lacked credibility.

“There is one rate for petroleum marketers, there is inter-bank rate, there is another for money market operators such as Western Union and MoneyGram, there is the Bureau De Change rate, and there is a special rate that you get when you call the CBN for a transaction,” he said.

Sanusi, a former Governor of the CBN, spoke at a policy dialogue forum organised by Savannah Centre for Diplomacy, Democracy and Development in Abuja.

“It is not true that the CBN allocates dollars. There is nowhere in the world that the central bank sits by and allows vicious speculators to solely distort the value of its currency endlessly,” Okoroafor said.

According to him, all central banks intervene to buy or sell in the market to ensure that local currencies are protected from dubious attacks.

Okorafor said, “The channels for advice and contribution of ideas on the current economic situation by all patriotic Nigerians are open. It is rather unfortunate that some people have chosen to play to the gallery and to make statements to disparage those in leadership at this time in total insensitivity to the larger interests of the Nigerian economy.

“We should not forget that the seed of our current economic crisis was planted by the failure of those who occupied public offices in the past but failed to act in the long-term interest of the Nigerian economy. It is easy to criticise from outside.”

He said the CBN would continue to explore reasonable avenues to find solutions to the current economic situation.

Okorafor said, “The challenge we face today is a choice between pandering to the established interest in Nigeria’s speculative economy and the protection of the wages of the real stakeholders who work hard on fixed incomes and are the core victims of naira depreciation.

“Already, Nigerians are waking up to the call to be more productive and look inwards, and to be less dependent on the importation of foreign goods and services.

(PUNCH)

PDP helped Buhari become President – Lamido

A former governor of Jigawa State, Alhaji Sule Lamido, has appraised the internal wrangling in the Peoples Democratic Party, PDP, and has come to the conclusion that President Muhammadu Buhari is the greatest beneficiary of the crisis in the Peoples Democratic Party, PDP.

The PDP founding father, who argued that there was no way Buhari could have been given an opportunity to contest for presidency at the outset of the present dispensation in 1998/99, claimed that the President was able to come to power in 2015 because of the efforts of the PDP in reconciling and stabilizing the country.

Lamido, who spoke in his Bamaina hometown at the weekend, stated that all the leaders, including himself, are to be blamed for the party’s woes, but maintained that the PDP is beyond any personality, and that it belongs to Nigerians so cannot be appropriated by anybody.

Speaking about the crisis in the party, he said, “It is not about one’s own personality or one’s ego, but it is about this party called PDP which carries the Nigerian hope which was able to get Nigerians stabilised in spite of the vilification and propaganda and prepared the ground fully for Buhari to come in and become a president because if there is any great beneficiary of PDP in Nigeria, it is Buhari.”

The former Jigawa governor continued, “between 1998 and 1999, there was no way Buhari could have gotten the opportunity to contest, he can’t contest I don’t mean to insult him, but it is simply a historical fact that all those that are now calling the shots, is all, thanks to PDP because the country has been stabilised and reconciled.

“So, anybody in the Villa or Government Houses or wherever they are, who are now enjoying this APC thing are simply because PDP was able to restore the country and made it possible for them,” he stated.

“But today, no matter how big you are as a thief, if you go to APC, they would accept you, look at those going to APC in the last two to three weeks, these are people who are literally on trial by the EFCC,” he declared.

“Maybe because the PDP couldn’t stand up for them, that’s why they are going there or maybe APC has no qualms about fraud by accepting them with the intention of cleaning them,” Lamido added.

Expect more policies – CBN tells banking industry

The Central Bank of Nigeria (CBN) has said it will be churning out more policies in the banking industry to drive the nation towards economic recovery even as it affirmed that there is no love lost between the fiscal and monetary authorities.

Governor of the CBN, Godwin Emefiele said while the two authorities are working together in addressing the economic challenges of the country, the fiscal authority is being constrained by bureaucracy.

Citing the example of the $30 billion bond which the federal government is seeking legislative approval to raise and which has met hiccups, Emefiele said the CBN is not held back by such constraints. Consequently, he said operators in the financial industry should be prepared to see more policy issuance that would be geared towards reviving the economy.

Emefiele who was represented at the quarterly meeting of the Chief Audit Executives of Banks held in Lagos at the weekend by his Special Assistant on financial markets, Emmanuel Ukeje, said, “in this era of change and challenge, you will notice and should continue to expect a stream of policy initiatives from the CBN. Our objective is to use monetary policy tools, sectoral preferences in resource allocation and other forms of intervention to drive our national economic recovery.”

The CBN governor in his keynote address on “Changing Business Environment: The Role of Internal Auditors” said Deposit Money Banks are critical players for the realization of the overall thrust of the Government and CBN, and as such are expected to faithfully implement apex bank’s policies and guidelines.

Emefiele who urged bank audit executives to play their own role towards ensuring that Nigerian banks remain healthy and stress-free so that they can absorb any unexpected shocks, said, “as is the case in all systems and climes, some people including bankers and customers, may be tempted to take undue advantage of the occasional loopholes that may arise in the course of the expected policy readjustments. As internal auditors, you must not allow or encourage this. I encourage you to insist that your banks, as institutions, comply fully with all CBN Guidelines; and raise a warning flag when they fail to do so.”

He noted that at this crucial point in Nigeria’s financial history when money is scarce and there is a noticeable decline in the purchasing power of the people, there was need for stakeholders in the economy to collaborate in order to turn the current situation into future prosperity.

He outlined areas that should engage the attention of the executives over the next couple of years, stressing that banks must maintain good internal control, ethical practice and sound risk management, adding that Nigerians expect this, especially at a time of challenging operating environment.

“Therefore all the necessary measures for capital adequacy and indices of sound risk management must be in place and fully enforced. As internal auditors, you must all be proactive, look out for any factors that could destabilize the system, quickly identify and deal with them. You must pay particular attention to banks and customers operating in risk-prone and highly volatile sectors of the economy,’’ he said.

The CBN governor also urged audit executives to be very vigilant and guard against fraud, because as internet penetration continues to gather steam in Nigeria, greater volumes of transactions will be consummated online; and on various electronic formats and platforms.

NLNG forecasts 32% annual growth for Nigeria’s LPG market

A market study conducted by the Nigeria LNG Limited has showed that given the right conditions, the Liquefied Petroleum Gas (LPG) market in Nigeria can grow its penetration and market share by 32 per cent from 400,000 metric tonnes per annum (MTPA) to 3 million MTPA within five years.

Speaking recently in Abuja during the LPG stakeholders meeting, the Managing Director of NLNG, Mr. Tony Attah, stated that the study by the company also projected that within the five year period, the country can improve her per capita consumption of LPG from approximately 2 kilogramme (kg) to 12kg.

He noted that Nigeria’s LPG per capita consumption was the lowest in Africa and that increased adoption of LPG could yield a lot of socio-economic benefits to the country.

Attah said the NLNG had taken up the drive to improve LPG usage in Nigeria but that its efforts would need to be complemented by certain government actions to ensure the market peaks in line with the market estimate its study revealed.

“It is expected that an aggressive and well-coordinated market expansion strategy should lead to the growth of the Nigerian LPG market at annual rates of up to 32 per cent from the current level of over 400,000MTPA to over 3 million MTPA in five years with a potential increase in per capita consumption from approximately 2kg to over 12kg, well above the sub-Saharan average of 3.5kp per capita,” Attah said.

He however explained: “There are still other bottlenecks beyond our control which frustrates the full-fledged development of the market including the dearth of investments in LPG reception facilities and supply infrastructure, throughput challenges, as well as onerous fiscal regime and regulatory environment, such as the imposition of VAT on LPG produced in the country while the volumes imported are granted VAT waivers; all these continue to hinder overall step change growth in the industry.”

He added that unlocking the potentials of the industry will require a public-private sector partnership.

According to him: “The government needs to intervene by removing fiscal and regulatory bottlenecks necessary for creation of a conducive business environment for private sector investment in all segments of the value chain.”

“The removal of VAT on LPG as well as taxes and duties concessions for LPG equipment and cylinders must be at the top of the priority list for the government.

“On the other hand, the private sector must deepen the market to create efficiency and provide quality services at lower costs whilst ensuring that highest safety standard are adhered to across the entire value chain especially in LPG plant operations, transportation and cylinder quality/recertification,” he explained.

Nigeria is angry with Igbo’s growth, development – Nebo

The former Minister of Power, Professor Chinedu Nebo, has said that there would be no Nigeria without Igboman, who were made special people by God to build economy of the country.

He said that other ethnic nationalities in the country envy the Igbo nation because of their resourcefulness, dignity of labour and rich cultural heritage.

Professor Nebo who was also the former Vice Chancellor of the University of Nigeria, Nsukka, made this known while speaking to newsmen at the South East Development and Leadership Initiative (SELDI) 2016 in Enugu with the theme “Integrating the Southeast Economy for Sustainable Growth and Development”.

He urged all Igbo sons and daughters from different walks of life to return home and invest with a view of making our homeland great again.

“Nigeria is angry with the Igbo’s growth and development. It is obvious. It is only in Nigeria that a traditional ruler will open his mouth and say that if you do not vote for this person, then we will drown you and throw you into the lagoon. A traditional ruler who is suppose to be the promoter of peace and custodian of the people’s culture and tradition”.

“It is high time we woke up and believed in ourselves. The Igbos are great people all over the world. About 80% of Igbo wealth is in the Diaspora. We invest outside the country without coming back home. We need to adopt the “think home philosophy”, come back home and develop our land.

“We need to build and develop love for one another. The philosophy of “igwebuike” (togetherness) is still there. There shall be capacity for mentorship for our younger generation.

The former Minister, who described the summit as timely and apt, also advocated for an improved educational system that will ensure that capable individuals are produced from institutions of learning.

“We need to build an educational system that is relevant. It is not just enough to churn out graduates into the labour market. We need to develop our education system and curriculum in science, innovation and mathematics”, he said.

In an address, the Lead Promoter of SELDI, Mr Ikenna Modebelu, said “SELDI’s vision recognizes the challenges of the southeast region and aims to tackle them by promoting leadership that will foster development in areas of investment, infrastructure development, economic growth, value re-orientation, emerging market opportunities and youth empowerment through intensive advocacy campaigns”.

“The promoters of SELDI believe that there is leadership deficit across all classes in the region including elites who have failed to lead by example. SELDI is committed to the “Think home, build home” philosophy and believes that time has come for the southeasterners to come together and join hands in developing the region for the good of present and future generations”, his address read.

Lionel Messi, Taylor Swift, Rihanna and The 30 Highest-Paid Celebrities Under 30 In 2016

Taylor Alison Swift was born on Dec. 13, 1989 in Reading, Pennsylvania. Thanks to her album and tour named after the year of her birth, the 26-year-old pop superstar banked $170 million in a year, which makes her the top-earning celebrity in the world.

Swift’s 1989 tour grossed $200 million in North America, demolishing the Rolling Stones’ record, and went on to gross a quarter of a billion dollars in total for her world tour. The album of the same name sold more than 9 million copies worldwide and placed in the top 10 of the Billboard 200 for an entire year. 1989 also made Swift the first woman ever to win the Best Album of the Year Grammy twice. She also padded her paycheck with endorsement deals with Apple, Diet Coke, Keds and other brands. With all these ventures, Swift is the youngest member of FORBES list of America's Richest Female Entertainers with an estimated net worth of $250 million.

 

Design: Bailey Brautigan, FORBES staff. Images via Getty/AP.

Though Swift is one of the younger members of our international top-earning celebrities list, the Celeb 100, she is in good company. She is one of the 30 twenty-something celebrities that banked over $28.5 million from June 1, 2015 to June 1, 2016. Collectively, these top-earning celebrities under 30 raked in approximately $1.5 billion in 12 months, before taxes and fees.

The youngest member of the list is 22-year-old Justin Bieber (No. 6, $56 million), narrowly beating One Direction’s Harry Styles by one month. Tennis legend Rafael Nadal (No. 18, $37.5 million) just barely made the cut since his 30th birthday was two days after the end of our scoring period. Drake (No. 17, $38 million) and Usain Bolt (No. 27, $32.5 million) have also turned 30 since June 1.

Last year, Swift was second to British boy band One Direction, whose members range in age from 22-24. Now they have traded places, with the top-earning boy band of all time in the runner-up spot with a $110 million take. Though the band is on hiatus and sans Zayn Malik, the end of their On The Road Again tour keeps their earnings higher than any active band.

The world’s second highest-paid athlete, Lionel Messi, rounds the top three. The five-time FIFA player of the year winner made nearly $30 million off the pitch with endorsements from Adidas, Gatorade and more. Messi and his father, Jorge, were found guilty of tax fraud in July 2015, but have since appealed the verdict and the case is still pending.

The list comprises one actress, nine music acts (including two boy bands) and 10 athletes. The age factor is undoubtedly a factor in the preponderance of athletes. Though youth is a virtue across the entertainment industry, it is most applicable to professional sports. The average age of the 100 highest-paid athletes is 31. In contrast, almost half the world’s highest-paid women in music are over 45, the 15 highest-paid TV actresses are all over 30 years old and 45% of the highest-paid Hollywood actors are over 50.

Out of the 37 individuals in the under 30 crowd, which includes two bands with four and five members respectively, nearly one-third (35.1%) hail from countries other than the U.S. This reflects the broader makeup of our Celeb 100 list, which is 37% non-American.

K-pop boy band Bigbang (No. 13, $44 million), whose five members range in age from 25 to 29, account for almost half of the international twenty-somethings on this list. When told that the band took home more than any active American all-male arena pop group, Jiyong, 27, was stunned. “We made more than Maroon 5?” said front man Kwon “G-Dragon” Jiyong, 27, through a translator. “Did not know that. My mom is in charge of my earnings.” Fortunately the group’s finances are in the capable hands of their manager, former K-pop idol Yang “YG” Hyun Suk.

Unfortunately, the under 30 list’s gender gap is also on par with the Celeb 100 list. Our of the 37 individuals, only four are women. This includes three singer-songwriters as well as Jennifer Lawrence (No. 12, $46 million), who is Hollywood’s highest-paid actress. Nearly 90% of these top-earning celebrities under 30 are men, slightly higher than the Celeb 100’s depressing 85%. Though the list was dominated by athletes, the highest-paid female athlete under 30, 29-year-old Maria Sharapova, banked $21.9 million in our 12-month scoring period, which did not meet our $28.5 million threshold.

That said, the female entertainers who are open about their brand and being businesswomen are a reason for optimism. "I'm proud of my position as a boss, as person that runs my own company," Katy Perry told FORBES in 2015. Last year Perry was the top-earning musician last year with $135.5 million and this year ranks 63rd with $41 million. "I'm an entrepreneur... I don't want to shy away from it. I actually want to kind of grab it by its balls."

Our list measures earnings before subtracting management fees and taxes between June 1, 2015 and June 1, 2016. Figures are based on data from Nielsen, Pollstar, IMDB, Box Office Mojo and other sources, as well as interviews with agents, managers, lawyers, industry insiders and the stars themselves.