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NIGERIA CAN BUILD ROBUST, INCLUSIVE PAYMENT ECOSYSTEM WITH ACTIVE COLLABORATION

  The Nigeria Communication Commission (NCC) has stated that Nigeria can build a robust and inclusive digital payment ecosystem with active collaboration among key stakeholders Vice Chairman of NCC, Prof Umar Danbatta, while speaking at the 2023 yearly conference of the Finance Correspondent Association of Nigeria (FICAN) with the theme “Strengthening Digital Infrastructure for Efficient Innovative Payment System in Nigeria, held on Saturday in Lagos, said for Nigeria to advance its payment system, there is need for stakeholders to adopt a multidimensional collaboration in the system. According to the NCC boss, who was represented by a Deputy Director at the commission, Engr Anthony Ikemefuna, to strenghten digital infrastructure for efficient payment system is a long-term exercise that requires active involvement of key stakeholders in attracting huge investment needed to achieve the desired result. He categorically stressed the need to improve collaboration between the NCC and fi...
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PETER OBI WON ON SOCIAL MEDIA BUT LOST PRESIDENTIAL POLL – REMI OLATUBORA (SAN)

  In an interview, a former Commissioner for Education in Ondo State, Dr. Remi Olatubora(SAN), analyses the judgment of the Presidential Election Petition Tribunal and how it will enrich the nation’s jurisprudence You  are aware of the judgment of the Presidential Election Petition Tribunal. What are the lessons to be learnt by candidates as Nigeria prepares for future elections? One thing I will say straight away is that whoever as candidate intends to approach the law court, or election tribunal, for perceived injustice in the conduct of election or redress of perceived injustice, must be prepared very well. The petitioner must be prepared, even before the election, to look into the possibility of ending up the race in post-election court, that is election tribunal, and that will mean that from the moment you are assigning your polling agents to the various units, you give the necessary training of what to look for and the note to take. And then you must also be prepared tha...
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$14.1b forex deals attract investors

Foreign investors’ confidence in the economy is rising. The feat is attributed to the $14.1 billion combined foreign exchange (forex) deals from the Investors’ & Exporters’ FX Window – I&E FX Window- and the Central Bank of Nigeria’s (CBN’s) weekly dollar interventions,  The Nation  has learnt. The I&E FX Window has since April attracted $7.6 billion foreign investors’ cash into the economy. The CBN has injected nearly $6.5 billion into the economy within the period to settle forex obligations mainly at the retail end of the market. Last week, the CBN, in its drive to sustain the improved dollar liquidity, injected $100 million into the Secondary Market Intervention Sales (SMIS) for spot and short tenored forwards not exceeding 60 days. The forex rates across all segments traded within a tight band. At the official market, the naira opened at N305.70/$1 and closed at N305.80/$1 due to daily interventions by the CBN. Similarly, the domestic currency traded...
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Gordon Campbell on the current US moves against North Korea

If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict. Even if the worst case scenario comes true and North Korea does eventually become a fully fledged nuclear state… that would still make it only the ninth nuclear state on the planet, behind the US, Russia, China, the UK, France, India, Pakistan and Israel. No doubt, it is undesirable that the nuclear club should expand; but is it really worth risking a massively devastating war merely in order to prevent the likelihood of such expansion? To compound the absurdity of the logic involved, there is plenty of evidence that – despite its bellicose rhetoric – North Korea sees its nuclear status as primarily defensive. The relevant example that everyone cites in this respect is that of Muammur Ghaddafi. In the 1980s, Ghaddafi dutifully agreed to axe his nuclear programme in return for the benefits of being welcomed into the inter...
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Concerned Imo leaders want Okorocha to resign or impeached

Alleges incompetence, serial blunder A cross section of leaders from Imo state resident in Abuja under the auspices of Concerned Imo state Leaders on Tuesday asked the state governor, Owelle Rochas Okorocha to immediately resign as a result of what they described as “clearly established leadership incompetence and serial blunder on the most elementary duties of governance”. Addressing a news conference, the group also asked the state House of Assembly to activate the impeachment clause to unseat the governor if he fails to resign over his constant disregard for the court order and the recent demolition of the Ekeukwu market in Owerri, the state capital. Spokesman of the group, Chief Sam Obaji accused the government of embarking on an unlawful, reckless and unprofitable demolition of the market, leaving four people, including a 10-year-old boy, Somtochukwu Igboanusi dead and several others wounded. While also asking the state government to refrain from further violation of t...
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Senate gives NPA four days for information on 282 missing vessels

The Senate on Thursday, gave the Managing Director, Nigerian Ports Authority (NPA), Hadiza Usman, four days to explain the whereabouts of over 282 vessels allegedly missing from the sea ports. Sen. Hope Uzodinma, Chairman, Senate’s Joint Committee on Customs, Excise and Tariff and Marine Transport, gave the ultimatum in Abuja, at an investigative hearing on N30 trillion lost through leakages in Customs and other agencies. Uzodinma, who expressed displeasure with the managing director for not honouring the committee’s two previous invitations, said the information on the vessels was imperative and must be available within four days. He threatened that the senate may be compelled to pursue a financial crime case against Usman should he fail to heed the committee’s directive. “We are looking for these vessels. We have the date of arrival, the ports of discharge and manifest. “Everything is with us but in information available to us, no money was collected by Customs, the ...
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Govt shouldn’t allow foreign airlines to take us for a ride

Three years after he established Peace Airlines, Chief Allen Onyema has learn the ropes the hard way. In this interview with Kelvin Osa Okunbor, he talks about the ups and downs of running an airline. What  is your evaluation of the travel market vis-a-vis the performance of Air Peace? The industry is not where it should be, but it is growing. The industry needs a lot of improvement. When I was coming in, I was warned about the harsh environment under which domestic airlines operate. I dismissed such warnings with a wave of the hand, but now I have seen it all. Air Peace will be three on October 24. In less than three years I have received my own baptism of fire. I have gone to the school of Nigerian aviation, I have seen it all and I make bold to say that there is a lot to be desired. However, Air Peace, as I promised during our launching on October 21, 2014, was coming to revolutionise the way the scheduled flight operations are done . We have lived up to that promise we mad...

NIMC chief faults identification system

NATIONAL Identity Management Commission (NIMC)  Director-General, Aliyu Aziz, has faulted the identification system, arguing that it cannot foster economic growth. To him, only the National Identification Number (NIN) has the key to the realisation of the Economic Growth and Recovery Plan (EGRP) of the government. He said the NIN will help the government to effectively deliver  services, adding that the government’s plan to strengthen fiscal management and promote good governance and transparency required  identifying citizens, this can be achieved only with the NIN, Aziz said. He spoke on:   Innovative Developments Supporting Evolving Digital Economy   at the 2017 INDO – AFRICA ICT Expo, organised by the Telecom Equipment & Services Export Promotion Council (TEPC) in Lagos. According to him, Nigeria’s fragmented identity ecosystem has remained a deterrent to the growth of basic amenities required to realise a reasonable standard of living fo...

Impact of $3b bond on debt ’ll be modest

T he Federal Government’s plan to issue USD3 billion worth of foreign bonds of up to three years maturity to refinance maturing naira-denominated treasury bills, if approved, will have a modest impact on broad debt sustainability indicators, experts at PricewaterhouseCoopers (PwC Nigeria) have said. In line with Federal Government’s debt management strategy to rebalance its debt portfolio for domestic and foreign debt, from the current 69 per cent: 3 1 per cent to a targeted 60per cent: 40 per cent, the Federal Executive Council (FEC) recently approved a plan to issue USD3 billion worth of foreign bonds of up to three years maturity to refinance maturing naira-denominated treasury bills. Although, the National Assembly is yet to approve this plan, Partner & Chief Economist Andrew S Nevin and Senior Manager & Economist Adedayo Akinbiyi, both at PwC Nigeria, said in their latest economic alert accessed by  The Nation  that the impact of Nigeria’s refinancing plan on...
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$2.1b arms scandal: Fleeing ex-governor loses choice hotel in Singapore to mistress

A run-away former governor has lost a choice hotel in Singapore to the latter day wife he used to launder his loot. The ex-governor is currently under investigation by the Economic and Financial Crimes Commission (EFCC) for allegedly benefitting from the $2.1billion arms scandal. Also hanging on his neck is an allegation that he mismanaged N19.8billion public funds while in office. He has refused to honour EFCC invitation CR: 3000/EFCC/ABJ/ASO/TM5/VOL.5/596. The Nation gathered that the ex-governor used to frequent Dubai, Singapore, Hong Kong and Malaysia. But following the recent signing of six agreements by Nigeria and the United Arab Emirates (UAE), he reportedly left Dubai for Singapore. A highly placed source familiar with the  ongoing probe of the ex-governor, said the suspect entered into a marriage of convenience with the woman  in Singapore with a view to  protecting the investment of his laundered funds in the  choice hotel. He reportedl...
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