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We Have Made Our Choice” – Napoli’s Sporting Director Breaks Silence On Osimhen’

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We have made our choice” – Napoli’s Sporting Director breaks silence on Osimhen’s first team ban.

Napoli signed Romelu Lukaku from Chelsea before England’s transfer window closed, but Osimhen remains at the club.

Napoli’s Sporting Director, Giovanni Manna, has spoken about his club’s decision to axe Super Eagles forward, Victor Osimhen, from Antonio Conte’s senior squad, Soccernet.ng reports.

The 25-year-old looked set to join Chelsea on transfer deadline day, but the deal fell through due to a difference in salary expectations from both parties.

Osimhen had not trained with the Napoli senior team since the start of the month, missing their pre-season games in a bid to force an exit from Italy.

However, the move didn’t happen, leaving the Nigerian no choice but to continue his football journey with Napoli.

The manner in which Osimhen handled the situation angered the Napoli hierarchy. As a result, the 2023 Scudetto winners handed Osimhen’s number 9 jersey to Romelu Lukaku and banished the former LOSC Lille man from all first-team appearances.

Speaking in an interview with DAZN, Napoli’s Sporting Director remained composed about his side’s ability to cope without the 2023 CAF Player of the Year.

“We’ve made significant investments; we brought in Lukaku and kept Raspadori and Simeone, which wasn’t guaranteed. Right now, we are sticking to our consistent approach that we’ve had from the start. Victor has expressed his desire not to play for Napoli, and we have made other choices. The market is still open, there are many options, but I don’t think Victor will be going to Saudi Arabia in this transfer window,” Manna said in quotes revealed by Napoli Zone.

Osimhen, having missed yesterday’s Napoli clash against Parma, seems to have lost his place in Conte’s first-team squad. It is unclear if he will be given time to play in the rest of Napoli’s games this year.

FOREX Reserves Dip By $505.68 Million In August, Biggest Drop In Four Months

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Nigeria’s foreign exchange (FX) reserves have dipped by about $505.68 million (1.37%) in August 2024.

This is according to the latest data on the reserves from the Central Bank of Nigeria (CBN).

The marginal decline in the country’s external reserves coincided with the Nigerian government’s issuance of a $500 million domestic dollar bond, which is expected to provide much-needed support to the external reserves.

The CBN reported a reduction of $505.68 million, bringing the reserves down from $36.827 billion on August 1 to $36.321 billion by August 29, 2024.
Data from the CBN indicate a consistent decline throughout August, with a notable dip in the final week.

The reserves, which stood at $36.827 billion at the beginning of the month, gradually decreased as the weeks progressed.

By August 8th, the reserves had decreased to $36.848 billion, and by mid-month, they had further dropped to $36.529 billion on August 15th.

The decline continued steadily, reaching $36.444 billion by August 22nd and then $36.321 billion by the month’s end.

First time in four months

The dip represents the steepest monthly decline in Nigeria’s forex reserves since April 2024.

This persistent decline comes after a four-month period of about $4 billion growth in the external reserves. It also means that the reserves have lost about 12.64% of its four-month gain in August 2024.

It further highlights the struggle faced by Nigeria’s financial authorities in maintaining reserve levels amidst ongoing economic pressures, including the need to meet import demands and debt obligations, as well as manage liquidity for the naira’s stability.

What you should know

In the first week of August, the Central Bank of Nigeria (CBN) sold $876.26 million at N1,495/$1 to 26 qualified banks in its latest Retail Dutch Auction.

According to a statement from the CBN, a total bid of $1.18 billion was received from 32 dealer banks. However, bids from six banks were disqualified, as four banks did not meet up with the deadline while two did not provide bids in their submitted templates.

Amid the decline in FX reserves, the Nigerian official foreign exchange (FX) market experienced a marked decline in turnover in August, despite the initial Retail Dutch Auction conducted by the CBN.

Data obtained from the FMDQ by Nairalytics, the research arm of Nairametrics, reveals a reduction of $1.08 billion, with total turnover falling to $3.25 billion, from $4.34 billion recorded in July 2024.

This decline of 25% highlights the ongoing challenges faced by the official FX market in terms of liquidity and stability.

The average daily FX turnover decreased from $189.42 million in July to $144.71 million in August, reflecting a 23.61% reduction. This decline suggests a significant drop in market activity, indicating increasing difficulties in accessing foreign currency.

On August 19, 2024, the federal government of Nigeria officially issued a $500 million domestic dollar bond.

This bond, part of the government’s financing initiatives, has a 9.75% per annum interest rate and is set to mature in 2029.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the $500m domestic dollar bond will enhance external reserves and help stabilize the foreign exchange situation in the country.

Governor Ododo Flags Off Distribution Of Fertilizer To Kogi Farmers

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Warns against exclusion of genuine farmers

Kogi State Governor, Ahmed Usman Ododo has flagged off the distribution of over 20 trucks of fertilizer to farmers in the 21 local government areas in the state.

Governor Ododo who performed the flag off at a ceremony in Lokoja reiterated his commitment to develop the agricultural sector in the state and described the occasion as a fulfilling moment for him as a leader who is committed to serving the state in the best interest of the people.

The Governor warned against diversion, inequitable distribution and exclusion of genuine farmers, promising to deal decisively with anyone involved in any act of sabotage in the distribution of the fertilizer across the state.

According to Governor Ododo: “Let me warn everyone here today that this must not be politicized.
It must go to the real farmers only.
I will be intentional in tracking these bags of fertilizer to ensure they are in the right places in the right quantity, at the right time and in the hands of our dear farmers.
The era of politicians hijacking fertilizers is over.”

The Governor who described investment in agriculture as a critical step to help in the rebound of the country’s economy noted that the rich and expansive land mass, water bodies and the political will to invest massively in the agricultural sector will enhance the state’s ability to guarantee food security and sufficiency.

Governor Ododo who announced allocation of 50 per cent of the current batch of the state’s supply of fertilizer to farmers in Ibaji and Bassa local government areas where there are more clusters of farmers in the Eastern Senatorial District of the state, promised to extend more patronage to all genuine farmers in the state.

Governor Ododo commended President Bola Ahmed Tinubu for his tireless efforts to reverse the economic challenges faced by the country by increasing incentives for agricultural production in all states of the federation.

While appreciating the continued support for the administration by farmers in Kogi state, he assured the farming communities in the state that his administration will sustain the commitment to ensure food security in the state.

In his remarks, the state commissioner for agriculture and food security, Mr. Timothy Ojomah expressed appreciation to Governor Ododo for his numerous interventions that have positioned Kogi State as a major hub for agricultural production in Nigeria.

Earlier in his welcome address, the Managing Director of Kogi State Agricultural Development Project, Mr. George Ogirima noted that the decision of the federal government to provide trucks of fertilizer for distribution to farmers in the state is in line with the vision of the Kogi State government under Governor Ododo to revamp the agricultural sector in the state.

The Federal Ministry of Agriculture and Food Security provided 25 trucks of fertilizer for distribution to farmers in Kogi State as part of efforts to increase food production in this year’s wet season farming.

Tinubu May Shake Up Cabinet As Pressure Mounts On Ministers

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Strong indications have emerged that President Bola Tinubu is planning to rejig his cabinet to ease out underperforming ministers.

Tinubu has been facing increasing pressure from within and outside his party, the All Progressives Congress, to sack ministers some of whom appeared to have been inactive.

The President had last year set up the Result and Delivery Unit, headed by the Special Adviser to the President on Policy Coordination, Mrs Hadiza Bala-Usman, to measure the performance of ministers and other top government officials serving in his administration. He warned that any minister or aide that underperformed would be sacked.

Last week, Tinubu replaced the directors-general of the National Intelligence Agency and the Department of State Services after the heads of the agencies resigned their appointments.

Sources in the Presidency told Sunday PUNCH that a cabinet reshuffle was imminent.

The officials, who requested anonymity because they were not authorised to discuss the matter, revealed that some ministers would be dismissed, while others would be reassigned to other ministries for improved effectiveness.

However, the sources did not disclose the ministers likely to be affected.

“What I can tell you is some (ministers) will go. A few will swap positions, then new people will be brought on board. But the President will be focused more on capacity now; on people who can easily add value to his government”, a source stated.

Another source disclosed that Tinubu’s close associates agreed that the President required a stronger cabinet to implement his policies effectively.

The source stated, “The general concern among some of his aides, friends, and even the public is that the cabinet can be far better than this. There is a consensus among his (Tinubu) close friends that he needs a stronger cabinet to push through with his policies. It is one thing to announce policies and it is another thing for your ministers to deliver the outcomes you want. Oftentimes, it is the capacity of your cabinet members and heads of agencies that determines how you will deliver on those outcomes.

If you look at the editorial by Financial Times earlier this week, it was not palatable at all. And what they were saying is that, yes, he has taken bold decisions, the reforms are good, but he has a weak cabinet that cannot help him to deliver on those reforms. That is why it appears like we are wobbling. So, he needs to bring in people with more energy and expertise, who are more patriotic and willing to roll up their sleeves and work for Nigeria and turn things around.

“If the past one year has not been eventful, he cannot afford to waste another year. This next one year is very critical. It is the next one year that will define the government.”

‘We expect nothing good from Tinubu, APC’

Meanwhile, opposition political parties have said they are not expecting anything good from the APC-led Federal Government.

Speaking to Sunday PUNCH, Yunusa Tanko, the campaign spokesman for a former Labour Party Presidential candidate, Peter Obi, said the party was more concerned with improved electoral reforms.

He said, “We are not really interested in whether Tinubu changes or sacks his ministers. One of the major areas we thought there would be an improvement in is our demand for electoral reform. If we have an improved electoral reform, it will inevitably give us a good opportunity for credible elections to take place.

“Sacking or replacing your cabinet with new people is an extension of state capture. He will only be replacing them with his loyalists which we know will be a strategy ahead of 2027. But if he is really serious about improving the performance of his governance at the moment, he can start considering reshuffling his cabinet. Quite a number of the ministers are not measuring up to expectations.”

Cleaner Who Returned $10,000 Found In Aircraft Gets Cash Reward, Promotion

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The Nigerian Aviation Handling Company(NAHCO Aviance) has rewarded a staff member of the Company, Mr. Auwal Dankode, who found and returned $10,000 while cleaning an aircraft in Kano.

This is just as the man who was hosted at the Headquarters of the company at the Murtala Muhammed International Airport (MMIA) in Lagos declared that no one in his area had ever worked at the airport.

He expressed his great appreciation of the Management of NAHCO for giving him the opportunity.

He said, ”No one in my area has ever worked at the airport. I am very grateful to NAHCO for the training they gave us and also for the opportunity to work and earn a decent living. I am greatly thankful of the NAHCO Management for the honour and recognition of my effort.”

Daily Trust reports that Dankode was assigned alongside other colleagues, to clean the MS 878 operated by Egypt Air, when he found the money left behind by the passenger on seat No 25H.

He promptly turned the money over to the Airline’s Station Manager.

The Group Managing Director/CEO of the Company, Mr. Indranil Gupta, while commending Dankode for being a true NAHCO ambassador who has put into use the training he received in the Company, announced the handsome cash reward, instant promotion and appointment as NAHCO Brand Ambassador, a statement from the company said.

Gupta, who led the Management Team in appreciating the staff said, “We are truly proud of the exemplary character exhibited by Auwal. He is a true NAHCO ambassador and an embodiment of what NAHCO stands for, honesty, integrity, diligence and hard work.”

The GMD added, “We celebrate your being and we want this to be just the beginning. Let the values which has been instilled by your family, guide you and groom you into ideal leader which everyone will be proud of.”

The CEO pointed out that the majority of NAHCO staff exhibit these values in their everyday work in the Company.

“We urge you to continue working the same with very high integrity, diligently and continue being a good NAHCO ambassador,” Mr. Gupta said.

Also speaking at the occasion, the Chief Financial Officer of NAHCO, Mr. Adeoye Emiloju, commended Dankode on the show of high integrity.

“The integrity you’ve displayed is not something that anyone can pretend to have. You’ve shown that it is something that is innate to you,” Emiloju pointed out.

The COO, Mr. Didier Steullet, also encouraged Dankode to stay on the good path.

Steullet said: “What you have done is very good. You’re the example not only of the week, but probably of the year. My only recommendation is that please keep going on the same way. Remain yourself and don’t get carried away with the adulation that you are receiving on social media. You need to make remain grounded and make a difference in the world. Stay on nice side of the ‘force’ and your life will be good.”

Group Executive Director, Dr. Sola Obabori added, “You’ve become a poster boy of NAHCO not only in Nigeria but all over the world because the internet makes things global. You have done something that makes us proud. In a today’s Nigeria, where the value of dollar is so very high, by returning so many of them, you’ve done something commendable. For you to have seen something as valuable, and give it up, it shows that you’re a man who has purity of heart. This is very commendable and appreciated. Every well-meaning Nigerian will appreciate what you have done.”

Dankode invited some of his relations to the ceremony including, Jafar Maimako, Sadam Tanko, Ibrahim Mu’azu and Yusuf Mohammed.

As brand ambassador, Auwal Dankode would grace all NAHCO major events anywhere in the country, promote its brand and have the chance to travel and interact with top officials and stakeholders of the Company.

Why Police Can’t Track Kidnapper’s Phone Calls

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74-year-old Emir of Gobir in Gawata town of Sokoto state, Alhaji Isah Muhammad Bawa was abducted by bandits on Sabon Birni road last month alongside his biological son on his way to his native town of Sabon Birni, near the border with Niger, after attending a meeting in Sokoto. His abductors demanded N1b ransom while they tortured and dehumanised him.

The traditional ruler, in a viral video, was shown tied up by his abductors, pleading with the state government, his friends, brothers and sisters to pay the ransom to the bandits for his release. When he couldn’t pay the ransom after about three weeks in captivity, his abductors eventually killed him and when his family members requested his corpse, the bandits again demanded N60 million and six motorbikes as ransom.

The incident triggered a nationwide outrage as people expressed shock at the inability of the security agencies to rescue the abducted monarch as negotiation for his ransom was going on until he was eventually killed by his abductors.

According to a concerned citizen whose reaction trended online throughout last week, all these were going on, yet we have, DSS, NIA, EFCC, ICPC, Army, Navy, Air force and other paramilitary agencies, we have ministers of communication, telecommunications, information and others that have access to service providers. In fact, we have Minister Bosun Tijani who they hyped and over-hyped as a computer guru.

The kidnappers were discussing on the phone with the family of the kidnapped emir just as they’ve been doing all over the country. So if we can’t track calls made by kidnappers and know their location in this modern era, what’s the use of communication, telecommunications, information and other nonsense ministries?”

From the north to the South, the east, and the west of the country, the story is the same. Thousands of the citizens have been kidnapped with their abductors communicating with their families using mobile phones to negotiate for ransom. Yet, the security agencies have been unable to track down the kidnappers.

Recently in Delta state, a young man who had gone to his farmland in Onitsah-Ugbo was kidnapped. In this case, Saturday Vanguard gathered that during the interaction between the kidnappers and relatives of the young man, the kidnappers demanded N18 million. Unfortunately, after payment of the ransom, relatives found the abducted man dead at the designated point where they were to pick him up. To date, his abductors are yet to be tracked through the phone used.

Also, on Thursday, August 15, 2024, 20 medical students from the University of Maiduguri and the University of Jos were abducted along the Otukpo-Enugu highway on their way to the Federation of Catholic Medical and Dental Students (FECAMDS) Annual Convention in Enugu State. For several days before their eventual release, the kidnappers were communicating with their relatives, demanding a ransom of N50 million for their release. Although the medical students were released after spending nine days in captivity, with security agents claiming that no ransom was paid, the larger concern remains the apparent lapses in detecting the location of the kidnappers and arresting them.

The fact that the students were held captive for some time without the authorities being able to track down the kidnappers raises serious questions about the effectiveness of the security agencies’ intelligence gathering and response mechanisms. The sheer audacity of the kidnappers, striking in the full glare of other road users, is not only a stark reminder of the utter disregard for human dignity that has become the hallmark of these criminal elements but also an indictment of our security apparatus.. Many Nigerians are of the view that the focus should shift from the ransom aspect to addressing the glaring gaps in the security system that allowed the kidnappers to operate undetected and unchecked.

Launch of the tracking device

The Nigeria Police Force, being the leading security agency in Nigeria, launched Intelligence-led Policing in 2015, with the installation of a tracking device that was installed by the then-Inspector-General of Police office, Solomon Arase.

Real-time tracking devices like GPS trackers or cell phone trackers provide critical information during an investigation, such as the location where a kidnapping occurred or the route taken by the kidnappers. There was also the Operation unit code-named Intelligence Response Team (still in operation) which monitored the kidnappers’ movements in real-time, with the information from the device, thereby helping them stay one step ahead. This device also helped investigators analyze the locations and patterns of calls made by the kidnappers, the routes, and potential safe houses.

In addition, the device provided valuable evidence, such as call records, location data and communication patterns, to build a strong case against the kidnappers.

The device helped in arresting many kidnappers through calls made from their dens while negotiating for ransom. One such arrest was that of the five kidnappers of former Secretary to the Government of the Federation, Chief Olu Falae, who was taken captive by the herdsmen on September 21, 2015, during his 77th birthday. In this case, five of the kidnappers came to pick up the N5 million ransom in Suleja, Niger State.
One of the senior police officers who effected the breakthrough told Saturday Vanguard that; “immediately the kidnappers removed the SIM card used to negotiate, we knew where they were and intercepted them at the last bridge to Minna. The ransom money they collected was still in the boot and the SIM card.

Five of them were arrested. The motorcycle they used to convey Chief Olu Falae was retrieved. The N5 million ransom was marked by the bank. They removed only N100,000 from it. The kidnappers were sentenced to life imprisonment”.

What went wrong

Asked what went wrong with the system put in place to monitor the locations of kidnappers and interception of calls for prompt arrest and rescue of abducted victims, the retired senior officer attributed it to the priority of successive Inspectors General of Police.

His words: “The priority of successive IGPs was quite different. Solomon Arase set up the platform when he was the IGP. It was a technical platform to track calls. It was mounted in the IGP’s office then and only one officer, who is now an AIG, had access to the technical platform. The Intelligence Response Team, IRT was supposed to be the operational wing that would work with the technical platform. When the technical team got information, it would pass it to IRT to go to the location and make an arrest. Drones and vehicles were bought for the operation.

But successive IGPs who were analogues didn’t know what to do. They merged the technical platform and IRT. Instead of the platform being used for crime prevention, it became political. People in the National Assembly and Villa got hold of the platform and used it to track their enemies and mistresses.

For such a platform, you don’t give both the technical and the operational units to just one person who would be compromised by politiciansThat was the beginning of the collapse of the platform. It requires someone with power and intelligence, someone of a strategic level who is keen on that line.

This platform was supposed to be renewed and hooked up with the service provider. But that was never the priority of successive IGPs. They had money to pay for the accumulated subscription but they refused to pay. When you leave such a system for more than one year, it requires recalibration. This technology keeps evolving.

You can’t say something you set up today will be used the same way for 10 years without being upgraded. Before long, the system broke down, and the functionality of the Police tracking equipment began to diminish and subsequently went comatose.

The tracker, particularly, became non-functional due to non-subscription as well as failure to engage the relevant company to carry out required system upgrades. Due to the failure to pay subscription fees for about three years, and after a grace period had expired, the company overseeing its maintenance and upgrade decided to withdraw its services. This made it difficult to track bandits, kidnappers, and other forms of violent crimes”, he stated.

However, Saturday Vanguard gathered that the present IGP, Kayode Egbetokun, reactivated the tracking device. However, despite its reactivation, in addition to the tracking devices of the DSS and Office of the National Security Adviser, ONSA, kidnappers are still having their way without being tracked in many parts of the country. They are still not getting it right.

Lack of Participation

Further findings by Saturday Vanguard on the seeming indifference of security agents in the fight against kidnapping showed that some were deliberately withdrawing even when given directives. Interaction with most of them revealed that they were reluctant to go after the kidnappers because of the significant risks involved and the limited technology available to support their efforts.

Pursuing kidnappers, according to them, often requires venturing into dangerous forests and remote areas, where the risk of ambush, injury, or even death is high. Furthermore, they complained that policemen are often deployed to these high-risk missions without adequate resources, including specialized allowances, vehicles and equipment.

One of them, an Inspector, said: Policemen are frequently forced to spend days in the forest without proper support or infrastructure, relying on basic survival skills and makeshift arrangements to carry out their duties.”

Frustration

Many Rank and Files from different State Police Commands expressed frustration due to what they described as the lack of recognition and rewards for their hard work and dedication in combating kidnappings. They said that unless a policeman has connections with high-ranking officers, their efforts go unnoticed and unrewarded. One of them from the Edo State Police Command who was among those who rounded up kidnappers that attacked a sub-station of the Nigerian Railway Corporation, in Igueben, Edo State, in January 2023, where scores of passengers were abducted, lamented that they were edged out of the recent IGP awards.

He alleged that an officer who never participated in the operation that led to the arrest of the kidnappers and rescue of the victims took the shine off them.

Another Police Inspector from the Enugu State Police Command said, “Kidnapping is being politicized. The federal government should demonstrate the political will to address the issue instead of endangering the lives of security operatives. Its approach to tackling kidnapping has been inadequate and the lives of security personnel are being put at risk due to lack of proper resources and support.

“Response to kidnapping has been influenced by political considerations, with some cases being prioritized over others due to the social status or political connections of the victims”, he said.

Others argue that the politicization of kidnapping has hindered the effectiveness of security operations and has led to the unnecessary loss of lives. Most of them called on the government to take a more comprehensive and apolitical approach to addressing the issue of kidnapping, one that prioritizes the safety and well-being of all citizens and security personnel.

Lack of Motivation

Further interaction with the policemen showed that another major cause for the seeming lack of motivation among policemen to go after kidnappers through tracking of calls is compounded by the fact that investigation demands money, creating a significant barrier to effective crime-solving.

The process of tracking devices, according to police sources, is particularly cumbersome, as the necessary equipment is often only available at the Force headquarters, Abuja, and the Department of State Services (DSS). To confront the reality of the situation, most security agents from various government agencies emphasized to Saturday Vanguard that welfare is a critical concern requiring immediate attention.

A key issue, according to them, is providing adequate support to families of those who die in the line of duty.

To address this, they proposed that children of deceased policemen should receive scholarships for higher education up to the university level, enabling them to achieve academic goals and secure a brighter future. The majority of policemen suggested that children of deceased policemen interested in joining the police force should receive automatic employment.

A Sergeant from the Lagos State Police Command said, “In December 2020, Governor Babajide Sanwo-Olu compensated the families of six police officers killed in the state during EndSARS with N10 million each. This is the type of compensation we need. We heard that an IGP proposed awarding scholarships to children of rank and file, but we haven’t heard anything about it since.”

Kidnappers evade arrest

However, a senior Police officer revealed that kidnappers have devised a new method to evade detection, using their victims’ phones to make calls and communicate with families and friends.

This tactic according to him, has made it increasingly difficult for security agents to track and apprehend the kidnappers, as call tracking devices are no longer effective. The officer emphasized the need for alternative tracking devices and technologies to combat this new strategy, stressing that relying solely on call trackers is insufficient.

He urged for the deployment of more advanced technologies, such as GPS tracking and digital forensics, to stay ahead of the kidnappers and ensure the safe rescue of victims.

Additionally, the officer suggested that security agencies need to invest in other tracking devices that can detect and locate kidnappers through other means, such as IP addresses, social media activity, and online transactions among other devices.

Nigerians are of the view that it is no longer enough to simply react to kidnapping incidents after they have occurred. Rather, the need for security agencies to adopt a more proactive approach by using improved modern-day technology to track and apprehend kidnappers before they strike was echoed from different sectors of society.

This can be achieved through the deployment of advanced surveillance systems, data analytics, and intelligence-gathering techniques that can help identify and locate potential kidnappers.

Furthermore, the Federal Government must demonstrate the political will to tackle the menace of kidnapping headlong, by addressing its root causes such as poverty, unemployment, and social inequality, to prevent the scourge from continuing to ravage the country.

Nigeria’s $1Trillion Economy Target Under Tinubu Impossible – Rewane

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Bismarck Rewane, a popular economist and the Chief Executive Officer of Financial Derivatives has said that Nigeria’s $1 trillion economy target under President Bola Ahmed Tinubu will not be possible in the next four to five years.

Rewane said this recently during an interview on Arise Television.

Speaking on Nigeria’s Gross Domestic Product which grew to 3.19 percent in the second Quarter of 2024, he posited that the growth rate is too slow to achieve the $1 trillion economy target.

He noted that Nigeria’s tax-to-GDP increased from around 4 percent to 9 percent, and there is no noticeable improvement in the well-being of Nigerians.

He added that global economic shocks were impacting Nigeria’s economy negatively.

“What are the broadmark economic goals of this economy? We wanted to be among the top 20 economies in the world, and then we were 26. Today, we are 32 so we have worked our way down the ladder of success.

“Secondly, we now said that we want the economy to be a $1 trillion economy but now we are $384 billion which means we have to have like 200% growth in the next 4 to 5 years, that is not going to happen,” he said.

Recall that in 2023, Tinubu at the Nigerian Economic Summit announced that the $1 trillion economy target is doable in three years.

PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation

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PZ Cussons Nigeria posted its first annual loss since 2020 in the financial year ended 31 May 2024, according to its audited accounts released on Friday.

Details showed that loss after tax rose to N76 billion and foreign currency obligations soared to a record.

The Nigerian operation of the Manchester-based British consumer goods manufacturer PZ Cussons Plc took a hit from a surge of more than 3,000 per cent in its foreign exchange loss from N5 billion to N157.9 billion within the review period.

Nigeria is PZ Cussons’ biggest and most diverse single market, according to the company’s website.

The huge foreign exchange loss further compounds the financial difficulty of the maker of widely-used homecare and body care products like Morning Fresh, Canoe and Premier Cool, which fell into a negative asset position in the second quarter, when its shareholders’ fund turned negative at N23.2 billion.

That figure went 18.7 per cent higher in the period under review.

PZ Cussons Nigeria relies heavily on imports for its raw materials, and transactions with international trade partners, some of which it is indebted to. This increased its current liabilities to N119.3 billion from N94.7 billion a year earlier.

Cristiano Ronaldo Wins UEFA CL Highest Goal Scorer Of All Time

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Honored to receive this award from @ChampionsLeague for being the all-time top scorer of the competition. Grateful for all the support along the way! Thank you!

140 goals in 183 games.

UEFA honor Cristiano Ronaldo with a trophy for being the Champions League’s all-time top scorer 🏆

Chelsea Calls Off Pursuit, Osimhen to remain in Napoli

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BREAKING VICTOR OSIMHEN STAYS IN NAPOLI. HE WON’T JOIN CHELSEA

❗️Unless Saudi club make huge bid for Osimhen before monday. He will stay in Napoli this season

❌Victor Osimhen to Chelsea : deal off

Fabrice Hawkins

Victor #Osimhen stays at @sscnapoli and should be out of the squad. @SkySport

Gianluca DiMarzio

🚨🔵 Deal completely OFF for Victor Osimhen.

No agreement with Chelsea and #CFC delegation now leaving Napoli.

If nothing happens from Saudi next 3 days, Osimhen will stay at Napoli but he’s NOT gonna be part of the first team squad.

Relationship currently completely broken.