NYSC

By Franca Ofili

Director-General of National Youth Service Corps (NYSC), Brig.-Gen. Shuaibu Ibrahim, has promised strict compliance with the COVID-19 protocols endorsed by the Presidential Task Force (PTF) on the pandemic and the Nigeria Centre for Disease Control (NCDC) in all its orientation camps in the country.

The information is in a statement by Mrs Adenike Adeyemi, the Director, Press and Public Relations of the scheme on Thursday in Abuja.

Adeyemi stated that the NYSC boss made the promise during the 2020 Batch B pre-orientation workshop held in Jos on Thursday with the theme Evolving a Dynamic Operational Strategy in the Management of Camps in the context of COVID-19.

She quoted Ibrahim as saying since the outbreak of the virus in the country, the scheme did not record any case among corps members or staff.

He added that the management of the corps would continue to evaluate the conduct of the orientation course, as well as restrategise toward enhancing its success due to its critical role as launch pad for the service year.

He explained that though the pandemic posed challenges to socio-economic activities in the country and the rest of the world, the scheme, being a dynamic organisation remained visible, especially through complementary contributions of corps members at containing the pandemic.

He said management is committed to ensuring that no camp records outbreak of the virus.

The 2020 Batch A Stream one orientation course was suspended abruptly on March, 18, 2020 to avoid the outbreak of COVID-19 in the orientation camps.

In line with the current realities, our approach to the conduct of the forthcoming orientation course will focus on proper induction of corps members on core ideals of the scheme, with equal attention to the approved safety protocols.

Ibrahim urged the workshop participants to fashion out strategies for successful conduct of the forthcoming orientation course.

He said there is no gainsaying the fact that an environment that is conducive is crucial to the success of the orientation programme, and indeed the entire service year.

Management considers as highly commendable, the improvements in camp development in some states.

He appealed to state governments to discharge their statutory responsibilities of upgrading and expanding camp facilities to adequately serve the increasing corps population. (NAN)

Source: NAN News

Air Force drone on surveillance

By Ishaq Zaki

TheNigerian Air Force (NAF) says it is deployingUnmanned Aerial Vehicles (UAVs), otherwise known as drones, aircrafts to Zamfara to enhance its air operations in the state.

The Chief of Air Staff, Air Marshal Saddique Abubakar, disclosed this when he visited Zamfara on Thursday.

Abubakar said he was in the state to further assess infrastructure gap in view of the decision of the Federal Government to deploy additional Air Platforms to support the ongoing operation in the state.

He said that the measure was to enhance air operations not only in Zamfara but in the whole of the north western parts of the country.

We are expecting four UAVs that will operate from Gusau hereto cover Zamfara, Katsina, Sokoto, Kebbi and Kaduna states.

Apart from Zamfara other UAVs would be operating in Gombe and Borno States. We are also here to solicit the support of the state governmentto ensure effective air operations, Abubakar said.

Very soon, we are going to commence construction of a runway for the aircrafts to operate here in Zamfara.

We are requesting land from the state government for the additional facilities and for the accommodation for the additional personnel to be deployed.

We are now expecting 17 new Combat Aircrafts out of which 12 are coming from the United States.

You know, our officers and men have already been to the U.S. for training. So far we have 195 personnel in nine countries across the world for various training to manage our aircrafts, he added.

He commended the support and cooperation from traditional and religious leaders especially in the areas of intelligence gathering and other community support.

In his remark, Gov. Bello Matawalle commendedPresident Muhammad Buhari for the support given to the state in combating security challenges.

Matawalle said that, as we all know that last week, I was in Abuja, where I solicited urgent support from Mr President to current security challenges.

We thank the FG for giving a quick response to security challenges facing the state. This visit by the Chief of Air Staff is one of the take home from my visit to Abuja.

The issue of security is not dependent on security personnel alone; I am therefore calling on our people to continue to give necessary support to the Nigerian Air Force and other security agenciesto succeed in their operations.

We are using a kinetic and non-kinetic approach to deal with any insecurity that has been bedeviling the state, the governor said.

Matawalle appreciated the security agencies for doing their best and assured them of all necessary support to succeed while carrying out their operations.

The News Agency of Nigeria (NAN) reports that the Air Chief during the visit met with security stakeholders including religious and traditional leaders.

He also inspected the newly constructed Mosque and Churches in the NAF 207 Quick Response Group Headquarters Gusau. (NAN)

Source: NAN News

L-R: Kaduna State Governor, Malam Nasir El-Rufai and Lagos State Governor, Mr Babajide Sanwo-Olu during El-Rufais commiseration visit over the recent incident in Lagos, at the Government House, Marina, on Thursday, Nov. 5, 2020.

By Florence Onuegbu

Gov. Nasir El- Rufai of Kaduna State on Thursday visited Gov. Babajide Sanwo-Olu of Lagos State to commiserate with him and the residents of the stateover the mayhem that followed the EndSARS protests.

El-Rufai, while speaking at Lagos House, Marina, decried the level of the destruction of public and private property in the state, describing it as pure evil.

He said that Sanwo-Olu did all that needed to be done to prevent the recent youth protest against police brutality from degenerating to violence.

The Kaduna governor, however, said that those who thrive in violence infiltrated the protest to achieve their agenda of wreaking a large-scale destruction on public assets and infrastructure in Lagos.

El-Rufai said that Lagos, which accounted for one-third of the national GDP, does not deserve to suffer such pain.

According to him, the young people who carried out the violence intentionally engaged in an act of self-destruction, as the repercussion of the action will be felt by them.

I have spent time to see some of the pictures of the destruction done on public properties in Lagos and I nearly shed tears.

Anyone who cares about development and progress will cry after seeing what has been done to public facilities and peoples investments that provided jobs to youths.

While expressing anger on police brutality may be right, destroying public properties, which will have to be rebuilt using money that is needed to invest in other public infrastructure, under the guise of protest is nothing but self-destruction.

The Government of Lagos and the Federal Government will have to re-invest scarce resources that could have been used for other things to rebuild the vandalised facilities.

I want to assure you that we will support you getting Lagos back on track.

We will do whatever support Lagos needs from us to get back better, he said.

El-Rufai said that the youth protest against the police was not out of order, but it was wrong for the protesters to call for disbandment of the entire police force because of the action of a few bad eggs.

He sympathised with the police and those who lost loved ones in Lagos in the wake of the violence.

The governor said that the Federal Government must not allow wanton destruction of public assets to happen again.

Responding, Sanwo-Olu said that Lagos had started to look forward and engage in new partnerships toward restoring the lost assets.

The Lagos governor vowed to make the state uncomfortable for those who had the intention to destroy the states economy and heritage.

Sanwo-Olu said that the state government remained committed to getting justice for those who were brutalised by the disbanded Special Anti-Robbery Squad (SARS) of the police.

He thanked El-Rufai for the extension of support toward rebuilding the state, welcoming all forms of assistance that could be rendered to keep businesses flourishing.

Sanwo-Olu said that the state government was doing what it could to support those whose businesses were destroyed, and create ambience for commercial activities to get back stronger. (NAN)

Source: NAN News

Former President Olusegun Obasanjo

By Akeem Abas

Why Ladoja was impeached, removed as Oyo governor Obasanjo

Former President Olusegun Obasanjo has said that former Gov. Rashidi Ladoja was impeached and removed as governor of Oyo State for being ungrateful to Chief Lamidi Adedibu and Chief Yekinni Adeojo.

He made the disclosure on Thursday during the launching of former Gov. Adebayo Alao-Akalas autobiography titled Amazing Grace in Ibadan.

The News Agency of Nigeria (NAN) reports that Alao-Akala, an APC Chieftain, is a former governor of Oyo State on the platform of PDP from 2007 to 2011.

NAN reports that Alao-Akala was the deputy governor of the state from 2003- 2007 when Ladoja was impeached.

Obasanjo said that Ladoja was impeached when all efforts to reconcile him with the late Adedibu and Adeojo failed.

He said that Ladoja had turned deaf ears to his entreaties and he paid heavily for it.

You pointed out on page 140 that Ladoja picked up a quarrel with me for the reason of a non-existent third term.

I didnt know that Ladoja picked up a quarrel that his becoming governor was due to the grace of God and major contributions of the two people.

I pleaded with him to make accommodation for them both. He told me that they were all Ibadan people and they knew how to deal with themselves.

He subsequently proved himself right as they dealt with themselves and he, Ladoja, came out the worse for it, he said.

On his part, Alao-Alala said that he was a product of grace, saying God paved his way to greatness.

The former governor said that the title of his autobiography was not a happenstance, but a providence to bring him out of the dungeon of a hopeless tomorrow to the fulfillment of destiny.

He narrated how his long anticipated desire was fulfilled, notwithstanding the threat to achieving the dream.

The tragic death of my father in a road accident in 1952 single-handedly threatened my dream of getting to the cusp of my life aspirations.

But providence miraculously found for me a path to the top, he said.

Alao-Akala said that the 140-page book contained how he attained his desire and changed the lives of the people in the state.

How I became governor of Oyo State is also documented which serves as a reminder to those who may be prone to being quickly swept off by the amnesia of history that God used me.

He said that it showed how myself and my team of dependable colleagues at that period in time changed the lives of the people in the state. (NAN)

Source: NAN News

Military

By Kingsley Okoye

The Military Pension Board (MPB) has appealed to the Senate to increase its budgetary allocation to enable it to meet payment of benefits of retirees of the Nigerian Armed Forces.

The Chairman of the MPB, Commodore Saburi Lawal, made the call in Abuja when he appeared before Senate Committee on Defence, to defend MPB 2021 budgetary estimates.

He said: We apeal to your committee to favourably consider the MPB 2021 budget estimates.

We apeal to your committee to kindly increase the amount recommended by the Budget Office of the Federation for the pensions, gratuities, death benefits and allied costs to the figures proposed by the board.

We apeal to your committee to kindly increase the military pensions board overhead and capital cost allocations to accommodate the rising inflationary trend in the society and to enhance infrastructure development of the board.

According to him, MPB is charged with the responsibility of administering pensions of military retirees, payment of death benefits to next-of-kins of deceasesd personnels of the Armed Forces of Nigeria through funds allocated to it by the National Assembly .

He said the annual budgetary allocations to the MPB are divided into pensions, gratuities, death benefits, allied cost, overhead cost and capital expenditure.

Giving a breakdown of 2020 budget performance of MPB, Lawal said:

In 2020, the sum of N270,593,565,984. was appropriated to the board for payment of pensions, gratitues, death benefits and payment of outstanding arrears to retired personnel.

As at date the sum N163,195,174,488 only has been released to the board representing 75 per cent of the appropriated figure.

For 2020 capital budget performance, Lawal said that the sum of N187 million was appropriated for the MPB.

He said that N93,901,500 representing 50 per cent of the approved capital budget has been released to the board.

The sum of N96,459,482 was appropriated as overhead cost, while N56 million, representing 58 per cent has been released.

He said the capital and overhead cost allocations for the MPB were negligible, noting that the amount allocated was the same figure in the last three years.

All efforts to ensure that the allocation goes up has not yeilded any effort.

We urge the committee to assist in increasing the allocation as the MPB has hospitals housing complex, road networks to maintain, among other services for the smooth running of the MPB.

For 2021 budget estimates, he said that N216,48,604,822 was proposed to carter for pensions, gratitutues, death benefits and allied matters.

He, however, said that the Budget Office of the Federation recommended to the National Assembly the sum of N183,748,495,159.

This, Lawal said, had a short fall of almost N27 billion of what the MPB proposed initially for 2021.

We know what is going on in the North East, there is increased number of casualties.

We are now having higher number of our personnel retiring and those with arrears that have been captured on the payroll need to be paid.

So I am apealing to the distinguished committee to kindly help us grant the actual proposal that we had forwarded, so as to discharge our duties to our father land.

For 2021 capital estimates, he said the board proposed N309,151,880.

He said the amount was based on the budget cealing allocated to MPB by Ministry of Defence.

He, however, said the amount was too megre to handle the MPB capital expenditure needs, noting that many of the MPB personnel did not have official accommodations.

For 2021 overhead cost, Lawal said the sum of N96 milion was proposed, noting that the figure was grossly inadequate.

Responding, the Chairman of the Committee, Sen. Aliyu Wammakko (APC-Sokoto), said the Committee would critically look into the issues raised by the MPB. (NAN)

Source: NAN News

Nigerias Senate under Ahmed Lawan

By Naomi Sharang

To strengthen the confidence of investors in the capital market, the Senate on Wednesday tasked stakeholders on the need to revive the Nigerian economy.

Chairman, Senate Committee on Capital Market, Sen. Ibikunle Amosun, gave the task during an interactive session with agencies in the sector.

He said that as stakeholders, they must come together with a view to reviving the economy and strengthening the confidence of the much needed investors in the capital market.

As stakeholders in the capital market, I urge you all to see this interactive session as an avenue for us to brainstorm on ways we can collaborate to meaningfully strengthen the capital market.

This is so that it can continue to function as the gateway to economic development of our nation.

This interactive meeting is very apt, especially coming at a time like this when concerted efforts are required to revive our economy which has been negatively affected due to the outbreak of COVID-19 and the recent EndSARS protest.

This is the most crucial moment for our economy as Nigeria and indeed the whole world continue to grapple with economic hardships such that has not been witnessed before.

He noted that the Senate was not unaware of some of the challenges facing the Nigerian Capital Market.

Amosun, however, said that it was the desire of the committee to support the agencies with necessary legislation to propel the market into greatness.

Please be assured that we will expedite action on the passage of relevant laws, amend and enact new laws where necessary.

The capital market needs to re-activate our alternate Market and bring on board unlisted multinational companies in order to develop a robust capital market.

These informal sectors as we are all aware, is a driving force that will dominate our nations economy, he said.

Director-General Security and Exchange Commission (SEC) Lamido Yuguda said that the market had not fully recovered from the market crash in the sector.

The market performance has been volatile since two years but however, it is slowly recovering after the COVID-19 pandemic.

Yuguda, who lamented that SEC was not getting funding from the Federal Government but relied on transaction charges, called for support from the Senate.(NAN)

Source: NAN News

Timo Werner on spot as Chelsea beats Rennes

Chelsea eased to a 3-0 win over Rennes in the UEFA Champions League Group E on Wednesday.

It was all due to two first half penalty kicks hammered home by striker Timo Werner and a tap-in by Tammy Abraham.

The match swung the way of the Londoners with the two penalty kick decisions which both went against Rennes defender Dalbert Henrique, on loan from Inter Milan.

The Brazilian was shown a second yellow card and sent off in the 40th minute.

This was after a long VAR check, when the ball ricocheted from his calf to his arm, having earned his first caution for tripping Werner in the penalty box after 10 minutes.

Werner converted both penalty kicks emphatically, taking the role of Chelseas penalty kick-taker from Jorginho who missed two earlier this season.

I am happy. I am happy Jorginho is cool with it. It is another point that speaks for our team. We are not selfish. We all go in one direction, which is good, Werner said afterwards.

Abraham made it 3-0 five minutes into the second half with a short-range finish after an inch-perfect cross by Reece James.

The comfortable victory left Chelsea top of Group E, ahead of Sevilla of Spain on goal difference, with three of the six games played.

It also represented a fifth clean sheet in a row for the Blues.

They appear to have fixed the defensive frailties which dogged them last season and in the opening games of this campaign.

We had a very good game today, Werner said. Also good for me is we had one more player on the pitch and could control it from behind.

Chelsea goalkeeper Edouard Mendy, bought from Rennes in September to replace the out-of-form Kepa Arrizabalaga, had little to do against his former team mates.

That was until the 84th minute when he parried a shot by Clement Grenier.

OK, the referee gave the second penalty kick, but I think the red card was tough because he didnt do it on purpose.

We continued to work hard but that was tough for us, Rennes midfielder Benjamin Bourigeaud said.

Source: NAN News

Dr Chikwe Ikekweazu NCDC Boss

By Abujah Racheal

children.

Source: NAN News

Joe Biden

Joe Biden, the Democratic candidate for the U.S. President, has launched an official transition website, www.buildbackbetter.com.

The move comes as votes are still being counted in many states and the presidential race still undecided.

On the www.buildbackbetter.com website is a short statement that reiterates Bidens earlier assertion that it is the American people that will decide who becomes the next U.S. president.

Votes are still being counted in several states around the country.

The crises facing the country are severe from a pandemic to an economic recession, climate change to racial injustice.

The transition team will continue preparing at full speed so that the BidenHarris Administration can hit the ground running on Day One, the statement says.

Earlier in a speech, Biden, who is also a former U.S. Vice President, said it was clear that he had won enough states to reach 270 electoral votes to win the presidency.

Im not here to declare that weve won, but I am here to report when the count is finished, we believe we will be the winners, he said. (NAN)

Source: NAN News

Mr Olatunde Amolegbe, President of CIS

By Itohan Abara-Laserian

Some stakeholders in the capital market ecosystem have advocated amendment of some sections of the new Company and Allied Matters Act (CAMA) 2020 to trigger more growth in the Capital Market.

The stakeholders stated this in separate presentations at the 24th stockbrokers conference in Lagos.

The News Agency of Nigeria (NAN) reports that the conference was organised by the Chartered Institute of Stockbrokers (CIS) with the theme,
Navigating through the Storms-Reenergizing the Economy through the Capital Market.

A participant, Mr Asue Ighodalo, Co-founder, Banwo and Ighodalo, spoke on Rebirth of CAMA: Implications for the Capital Market Ecosystem.

He said that though the new law contained sections that encouraged growth and development of the capital market, it still needed review to trigger more growth.

Ighodalo, Chairman of Sterling Bank Plc, said that certain inclusions made its outlook over-regulated.

Some of these excessive regulatory provisions actually impede transactions in the market.

Section 142 of the Act provides that a company shall not in any event allot newly issued shares unless they are offered in the first instance to all existing shareholders of the class being issued in proportion as nearly as may be to their existing holdings.

The applicability of this provision does not distinguish private and public companies.

The implementation of this provision will pose significant problems for public companies seeking to raise capital by the issuance of new shares.

In undertaking such capital raising transactions, public companies would not be able to make public offers or undertake private placements without first making an offer to all their shareholders.

This amendment has raised concern amongst operators, corporates and investors, and is a significant deviation from the provision of the repealed Act which only specified preemptive rights for private companies, he said.

Ighodalo, who agreed with such concerns, noted that the provision was restrictive.

This provision may restrict public companies intending to undertake equity capital raise and restrict, or at best, delay the admission of strategic investors, because the offensive provision implies that companies will not be able to undertake public offer transactions or private placements without first going through the process of formally making an offer to their shareholders.

The sections on dematerialization of shares and share certificates, powers of companies to allot shares and proscription of irredeemable preference shares have dire consequences on the market growth and should be reviewed, he said.

In an address of welcome, Mr Olatunde Amolegbe, President of CIS said the objective of the conference was to explore avenues of resolving the countrys economic problems.

Amolegbe noted that Nigerian Stockbrokers had skills and the required competence to assist the government in providing solutions to infrastructure deficit.

I should, at this juncture, inform the general public that the scope of stockbroking, or the skill content of Chartered Stockbrokers, goes far beyond the traditional and popular securities trading activity typically associated with them.

Stockbrokers are all-round investment experts. The institute has also made it possible for our students to specialize in specific areas of the profession if they so desire.

So, our young entrants today can choose to focus on Fixed Income Dealing, Commodity Trading, Custodianship, Equity Dealing or Financial Advisory Services.

They of course, still have the option of combining everything and becoming omnibus Stockbrokers. CIS is fully recognized by our counterparts worldwide.

Our working agreements with the Chartered Institute for Securities and Investment, United Kingdom (CISI UK) and the Association of Certified International Investment Analysts (ACIIA) ensure that our members can practice in more than 35 countries around the world, he said.

Addressing the participants, a lawmaker, Mr Babangida Ibrahim, Chairman, House Committee on Capital Market, explained that the Conference would add value to the search for an economic template that would bring about sustainable growth and development of Nigeria.

Another key speaker, Mr Bola Ajomale, Managing Director, NASD PLC, spoke extensively on Alternative Investment: How to Invest when Traditional Options Taper.

He listed the benefits and drawbacks of alternative investments.

Dr Jumoke Oduwole, Senior Special Adviser to President Muhammadu Buhari on Ease of Doing Business, said that discussions with stakeholders were ongoing on the Act.

Oduwole, however, said that capital market had benefited immensely from the amended Act, as the netting provision enabled various means of raising capital and transfer of shares.

She said that the Act could still be amended in future.

Also, stakeholders in the academia also lent their voices on governance that would stimulate economic growth and deepen market participation.

Others who gave goodwill messages were: Osun Governor, Mr Gbeyoga Oyetola; Chairman, Senate Committee on Capital Market, Sen. Ibikunle Amosu; Director-General, Securities and Exchange Commission (SEC), Dr Lamido Yuguda; and The President, Nigeria Stock Exchange, Otunba Abimbola Ogunbanjo. (NAN)

Source: NAN News