FMDQ

By Chinyere Joel-Nwokeoma

FMDQ Securities Exchange on Monday said the new Companies and Allied Matters Bill 2020 asserted to by President Muhammadu Buhari would reposition Nigeria as a compelling destination of capital.

Mr Bola Onadele,FMDQ GroupChief Executive Officer, said in Lagos that the countrys financial market and the economy would receive the long-awaited boost to spur economic development with the new CAMA.

The News Agency of Nigeria (NAN) reports that Buhari on Aug. 7 in Abuja assented to the CAMA Bill, 2020 recently passed by the National Assembly.

The Bill, now Companies and Allied Matters Act, 2020, repeals and replaces the extant Companies and Allied Matters Act, 1990, and introduces several corporate legal innovations aimed at enhancing ease of doing business in the country.

Some of such innovation arereduction in filing fee and other reforms to encourage small and medium enterprises;provisions for the establishment of private companies with a single shareholder and limited liability partnerships and limited partnerships, among others.

Onadele said the new CAMA, when implemented, would usher in a new wave of innovative developments in the Nigerian financial market and as well improve the ease of doing business in the country.

With the increasing sophistication of the global financial markets comes the need for domestic markets to develop their architecture and infrastructures to support requisite advancement as well as align with international standards, and the new CAMA 2020 will position Nigeria and its capital market at par with its international counterparts.

Chief of the several impactful provisions in the CAMA 2020, is the inclusion of netting and bankruptcy remoteness provisions which signal the birth of a new financial market in Nigeria.

The CAMA 2020 commendably sets the tone for the actualisation of key innovations in the market, providing enabling legal backing for netting, bankruptcy remoteness and attendant regulatory frameworks for the smooth functioning of financial markets in Nigeria,Onadele said.

He noted thatthese game changing provisions would cure critical legal deficiencies that hitherto affected the development of the financial markets.

Onadele said that the netting provisions in the CAMA would address the credit risk challenges, operational and legal bottlenecks of gross settlement for spot and derivatives transactions.

The Act is instrumental, in no small measure, to the successful takeoff of the derivatives market in Nigeria,a much-desired development, which will provide, amongst others, a wide range of risk management opportunities, he added.

He said the derivatives market wouldenhance market liquidity, improve price discovery, reduce risk capital charges and transaction costs as well as increase financial markets stability.

Onadele said, FMDQ Clear, Nigerians first central clearing house (CCH), is well positioned to providing the much-neededcentral counterpartyservices, upon regulatory approval, and has proactively set aside a default resolution reserve with a near-term target of 20 billion. (NAN)

Source: NAN News

Gov. Ifeanyi Okowa of Delta State

By Ifeanyi Olannye

Bua Group on Monday donated three ambulances to Delta Government to support the fight against the dreaded Coronavirus (COVID-19) pandemic.

Gov. Ifeanyi Okowa, who received the donation in Asaba thanked the group and called for collective effort to check the spread of the virus.

He said that defeating COVID-19 would not be an impossible task if all Nigerians obeyed set health protocols with commitment.

He added that it is important that we work together to beat the virus, because nothing can progress if people continue to disobey the guidelines put forth.

If such continues, then all the battles we are fighting against the virus will just be a waste.

I want to appeal to Deltans and Nigerians in general that we should try to put on face masks in public; its important and it will help a lot in the fight against COVID-19.

You should also learn to wash your hands and make sure that as much as possible, you keep a safe distance from others.

According to him, the virus will continue to fight back if the right thing is not done.

He urged Deltans to obey the rules and ensure that all hands were on deck to fight the battle together.

The governor, who specially thanked the Chairman of Bua Group, Alhaji Abdulsamad Rabiu, for the donation, added that it is a privileged honour that the state has received such a gesture from him.

One very good thing that I must put on note is that we did not make a request; the gesture is how you know those who are philanthropic.

That is how you know people who genuinely from their heart, want to be of assistance to the people, and I am very much aware that the Chairman of BUA Group has done quite a lot.

He is part of the private group leading the Coalition for COVID-19 (CACOVID) and they have done a lot in terms of providing palliatives, in terms of providing equipment, in terms of providing other logistics, he said.

According to him, it is a good gesture; we appreciate this and believe that if Nigeria continues to have more men like him, the country will be a better place.

There is no doubt that the COVID-19 pandemic has come to affect the world in a very unexpected way.

It has affected not only the health of the people, but also come to impact very negatively on the economy of many nations and in Nigeria, it has impacted very badly on our economy.

We need a lot of logistics for movement, to move patients from one point to the other; I think ambulances are very useful as it has come in timely,he said.

Mr Otega Ogre, the Head of Corporate Communications, Bua Group, said that Okowas administration had done a lot in the fight against COVID-19, adding that the ambulances were Bua Groups contributions to assist the state in the fight against the global pandemic.

He then presented the keys of the ambulances to the governor.(NAN).

Source: NAN News

COVID-19: IOM, ICC publish guidelines for protection of migrant workers

By Harrison Arubu

The International Organisation for Migration (IOM) and the International Chamber of Commerce (ICC) have published a set of guidelines to protect migrant workers during the COVID-19 pandemic.

IOM said in a statement on Monday that the guidelines, meant for employers, highlighted the private sectors role in addressing the specific challenges of migrant workers during the COVID-19 pandemic.

It said that the document included a set of general principles for employers such as treating all workers with equality, dignity and respect, regardless of their gender or migratory status.

The agency noted that the guidance was presented in five categories namely, physical and mental health, living and working conditions, economic support, ethical recruitment and supply chain transparency.

Migrant workers are a crucial part of the global workforce, accounting for 3.5 per cent of the worlds population.

Worldwide, micro-, small- and medium-sized enterprises rely on them, including sectors providing essential commodities and services, as well as industries hard-hit by COVID-19.

As the economic and human consequences of COVID-19 continue to shape local communities, businesses can play a decisive role in addressing the unique challenges faced by migrant workers, the UN agency said.

Ms Marina Manke, the Head of IOMs Labour Mobility and Human Development Division, noted that migrant workers continued to be on the front lines of the COVID-19 response.

She said that they were working not only as doctors, nurses and other health care professionals, but as the agricultural, transport and retail workers that keep our cities and towns functioning.

Yet, they are vulnerable to job loss, salary cuts and various health and safety concerns, noted IOM.

Unlike local populations, migrant workers often are far from family support networks.

They face language and, or cultural barriers and often lack social protection. Many suffer from discrimination.

Meanwhile, overseas economies that rely on financial contributions from migrant workers, especially low- and middle-income countries, face a steep decline in cross-border remittances, the organisation said.

ICC Secretary General, Mr John Denton, said COVID-19 had exposed and heightened existing inequalities within our global economic system, including the daily challenges faced by migrant workers around the world.

By establishing inclusive policy responses, businesses can assure the health, well-being and safety of all employees, while at the same time, lay the foundations for a more resilient economic recovery, he added. (NAN)

Source: NAN News

Gov. Babajide Sanwo-Olu

By Florence Onuegbu

Lagos State Governor, Mr Babajide Sanwo-Olu, on Monday congratulated Senator Solomon Adeola, popularly known as Yayi, on his 51st birthday celebration.

Sanwo-Olu, in a statement signed by his Chief Press Secretary, Mr Gboyega Akosile, said that Sen. Adeola, currently representing Lagos West Senatorial District in the Upper Chamber, had contributed immensely to the growth and development of Lagos State.

He said that the senator had contributed immensely, being a two-term member of the Lagos State House of Assembly, member of the House of Representatives and currently a senator since 2015.

The Governor said that Yayi had utilised his vast knowledge in the private and public sectors to make his more than 17 years in legislative business memorable.

He said that Adeola contributed largely to bills that impacted positively on the development of Lagos State and Nigeria.

Senator Solomon Adeola as a two-term member of the Lagos State House of Assembly, representing Alimosho State Constituency II, contributed immensely in the legislative chamber towards the growth and development of Lagos State.

He was instrumental to the enactment of the law that strengthened the Lagos State Internal Revenue Service, a legislation that catapulted the revenue of the state from N5 billion monthly to over N20 billion at that time.

Senator Adeola as a chartered accountant and specialist in tax matters, was also part of the team that passed the Fiscal Responsibility Act and the Public Procurement Act of Lagos State.

He was a good ambassador of Lagos State in the House of Representatives Seventh National Assembly and as a first time member of the House; he served as chairman of the only constitutional committee, the Public Accounts Committee of the House,Sanwo-Olu said.

The governor said that Yayis brilliant representation at the Green Chamber contributed to his elevation into the Red Chamber in 2015.

I hereby join family, friends and political associates of the distinguished senator in celebrating his 51st birthday.

I wish him more prosperous years in excellent health as he continues to serve our dear nation, state and mankind, he said. (NAN)

Source: NAN News

President Muhammadu Buhari

By Ismaila Chafe

President Muhammadu Buhari has reassured that security will be restored to the North-East and the nation at large, following the recent adoption of new strategies, and the acquisition of modern military equipment.

The president gave the reassurance during a meeting with the five North-East State Governors, attended by Vice President Yemi Osinbajo, the Chief of Defence Staff, Service Chiefs, the Inspector-General of Police and the heads of intelligence agencies.

President Buhari said: Things will improve very soon. We are acquiring modern equipment; some are here, some are being cleared, and others still coming.

We need patience with acquisition of equipment. You need to train the trainers for their usage ahead of their deployment to the field.

I have listened to your presentation. I assure you, the Northeast Governors, especially that of Borno, that we go to bed and wake up thinking about you, how to secure our country, that is the responsibility of every government.

Our party campaigned in 2015 on three major objectives, among which is Security. We said the same thing in 2019 and Nigerians believed us.

We are doing our best and we will continue to do even better.

The president noted with concern the impact of the COVID-19 pandemic on the economy, making scarce resources even scarcer, coupled with its severe impact on the supply chain of military equipment and spare parts.

Our government is doing its best on the question of equipment and the military know.

We have equipment coming from some countries. The acquisition of military wares and spares is not easy, especially if you are not the manufacturer, he emphasized.

The Secretary to the Government of the Federation (SGF), the Chief of Staff, the National Security Adviser and all the Service Chiefs who spoke in support of the President, assured that things would get better soon.

They made a strong case for strengthening ties among the military, state governments, traditional institutions and all communities and the residents of the region.

The Chief of Army Staff, Lt. Gen. Tukur Buratai, gave an assessment of the current efforts, stressing that Boko Haram terrorists had been flushed out of all the states in the region, leaving Borno State as the last stop.

He said: There are no Boko Haram terrorists in neighbouring states. They have been pushed out, and now cornered in Borno State.

We are coordinating with civil and traditional authorities, mobilising and reinforcing and all we need is patience. We will not relent.

On his part, the Chief of Air Staff, Air Marshal Sadique Abubakar, briefed the meeting on the acquisition of military aircraft, stressing that the imminent arrival of Unmanned Aerial Vehicles (UAVs), known as drones, with more than 10 hours of flying time, would strongly reinforce the battle front.

Briefs were also received on equipment needs of the police as well as the changing alliances between criminal gangs and terrorist groups in the region from the Intelligence Community.

In their address at the beginning of the meeting, the Northeast Governors noted that the security situation in the region has now greatly improved, compared to the time the President assumed office.

While commending President Buhari for the establishment of the North-East Development Commission and the take-off of Mambila Dam Power Project, they however, called for attention to the condition of most of their roads.

They also warned of the consequences of a War Economy and the need to address the root causes of the insurgency.

According to the governors, a large population in the region, especially in Borno State, have no access to their homes and farmlands.

They, therefore, called for efforts to curtail the increasing trust deficit between the population and the armed forces.(NAN)

Source: NAN News

COVID-19 updates by NCDC

By Abujah Racheal
The Nigeria Centre for Disease Control (NCDC) has confirmed 437 new cases of the coronavirus (COVID-19), bringing the total number of infections in the country to 46,577.

The NCDC made this known on its official twitter handle on Sunday.

The health agency stated that the number of those successfully treated and discharged from various treatment centres across the country also jumped to 33,186, representing an increase of 142 persons.

According to the NCDC, while more people have recovered from the disease, the country reported three new fatalities, raising the number of those who have lost the battle to the virus to 945.

It stated that till date, 46577 cases have been confirmed, 33186 cases have been discharged and 945 deaths have been recorded in 36 states and the Federal Capital Territory.

The NCDC said that of the new cases confirmed, Lagos had the highest number of infections 107, followed by the Federal Capital Territory (FCT) and Plateau which reported 91 and 81 cases, respectively.

Amongst others were Kaduna 32, Ogun 30, Kwara 24, Ebonyi 19, Ekiti 17, Oyo eight, Borno six, Edo six, Kano four, Nasarawa three, Osun three, Taraba three, Gombe two and Bauchi one.

The health agency said that a multi-sectoral national emergency operations centre (EOC), activated at Level 3, have continued to coordinate the national response activities across the country.

The health agency said that a properly worn facemask prevents droplets from landing on surfaces when a person cough or sneeze.

It stated that Nigerians could all TakeResponsibility by wearing a face mask to reduce the spread of COVID-19.

#MaskOnNaija to protect yourself, loved ones and people around from getting infected.

As we continue in the fight against COVID-19 this #WorldMaskWeek2020, wear a mask in public, wear your mask properly, practice other COVID-19 preventive measures and have fun making your own mask, it said.

Source: NAN News

Students in class

By Salisu Sani-Idris
As schools open after months of lockdown following the outbreak of the COVID-19 pandemic, the Nigeria Academy of Education (NAE), has advised government to release adequate funds directly to schools to provide the needed care for students.

The academy gave the advice in a statement jointly signed by its President, Elizabeth Eke, and Publicity Secretary, Owoicho Akpa, a copy of which was made available to newsmen on Sunday in Abuja.

The institution also advised that the training of teachers and improvement of the learning environment should precede the resumption of classes.

The leadership of the academy appealed for public-private arrangements toward raising funds for the schools, stressing that supplementary school feeding was needed at the time of examinations.

According to the academy, COVID-19 has ushered in a new normal for all and there is need for adaptation of fresh mentality for both private and public schools to cope.

It noted that since all the examinations would be taken in the next four months, the total number of students moving around and involved in different examinations would be huge and must be properly catered for.

Parents have the final responsibility to decide whether their children return to school or not, although with all the examinations scheduled, the temptation to follow the tide may be very strong.

Those who decide to send their children should not be deterred from doing so over lack of funds. They should be enabled to follow through with their decision.

School authorities and managements should ensure that the guidelines are followed.

Orientation for teachers and students, no matter how brief, is essential. Students and teachers are expected to be tested.

The schools should be fumigated, social distancing must be observed, especially in the examination arrangements, masks should be made available, with sanitisers, running water and soap provided.

For schools without pipe borne water in the rural areas, tanks ought to be provided. Verification checks and continuous monitoring are necessary, both through self-assessment and with external inspectors.

Schools in areas that are physically insecure, should be provided with armed security.

The academy disclosed that it would host three webinars from August, to discuss comprehensive strategies for dealing with short and long term effects of the Coronavirus.

The academy appreciated governments decision which saved the country the embarrassment of an open fractionalisation of the Nigerian front as some states exercised their concurrency rights in education and decided to send in their students for the WAEC examinations.

Opinions are sharply divided as to whether or not the resumption should take place.

As on the global scene, arguments hinged on balancing the health implications arising from the continuously spreading Covid-19 pandemic, especially in the face of inadequate response strategies and shortcomings in testing, against the need to make progress in education and reopen the economy.

The fear is that the resumption may exacerbate the situation and lead to higher casualty.

Some have even expressed fears about the heightened level of insecurity, the inadequacy of preparation for the examinations and shared concerns about mass failure with attendant consequences.

We, in the NAE, do not wish away the profound arguments, but we have the professional responsibility to accept the resumption and advise on how best to circumvent a worsening situation.

As a people, we must also ensure that this decision turns out to be beneficial to Nigeria and does not lead to regrets.

We note that schools resumption in other climes, like the United States, worsened the spread of the virus. Out of those experiences, precautionary measures have been learnt.

Source: NAN News

Petroleum tankers drivers begin strike

By Esenvosa Izah

Petroleum Tanker Drivers in Lagos State have withdrawn their services as directed bythe Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) beginning from Aug. 10.

The state Chairman, NUPENG, Mr Tayo Aboyeji made the confirmation in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.

Aboyeji said that the strike began in the early hours of Aug. 10, following negotiation breakdown between the state government and the union.

Although, we met with the state government yesterday night (Aug. 9), yet we could not reach an agreement.

So, only the tanker drivers in Lagos State proceeded with the strike, because the environment is not conducive for tankers to operate, he said.

NAN reports that NUPENG had on Aug. 7 directed its members to down tools with effect from Aug. 10.

NUPENGs National President, Mr Williams Akporeha, and General Secretary, Mr Olawale Afolabi had in a joint statement said the directive became necessary due to failure of various authorities in the state to address some pending issues.

The issues include extortion of money from the drivers by various security agents; the menace of containerised trucks at Apapa, Kirikiri and Beach Land axis areas of the state.

Others are harassment and extortion by area boys as well as area god-fathers as part of the challenges. (NAN)

Source: NAN News

NDLEA official

By Ibironke Ariyo

The National Drug Law Enforcement Agency (NDLEA), FCT Command, says it seized 3,546.632 kilograms of hard drugs from January to July.

The NDLEA, FCT Commander, Mr Lawan Hamisu, told the News Agency of Nigeria (NAN) on Monday in Abuja that the drugs seized comprised Cannabis sativa, Cocaine, Tramadol, Exol, Rophynol and Diazepam in a coordinated operation across the Territory.

He said that the operatives of the command within the period also arrested 205 suspects comprising of 180 males and 25 females.

He recalled that April and June was the period of lockdown due to COVID-19 as that clearly slow down the level of operations in the FCT.

He, however, noted that the agency had been working as much as possible to operate within the safety protocol as directed by the Presidential Task Force on COVID-19 and the National Centre for Disease Control (NCDC).

This is actually what account for the number to be this slightly low but it is still a worrisome development, he said.

Hamisu said that the operatives of the command seized 3,295.193kg of cannabis sativa adding that the quantity alone was over three tonnes.

0.061kg of cocaine, 0.842kg of Rophynol, 4.975kg of Diazepam, 2.46kg of Exol and 242.267kg of Tramadol were seized making the total of 3,546.632kg.

Within the corridors of FCT, if this has been allowed to be in circulation, what will have been the catastrophe that it would have resulted.

In the same vein, we have issues of cocaine which is very much pronounced as the most notorious drugs, which I must confess is becoming a very saddening event to most families.

One thing I will like to draw our attention to, including our sister agencies, like NAFDAC for instance, is the increasing abuse of illicit drugs.

Drugs that ordinarily suppose to be medicinal, but now they are being abused. Cough syrup for instance is becoming increasingly abused not only in FCT but in other parts of the country.

This is a very serious issue for NDLEA as we are very much concern. And we have been drawing and will continue to draw the attention of relevant authorities to this, he said.

Hamisu said that total conviction from January to July were 75, adding that June had the highest conviction of 37 out of the 75.

According to him, we referred about 80 out of the number arrested for counselling, while 10 persons walked themselves to the office to submit themselves to the agency.

These 10 really wanted an intervention and we are glad to say that some are with us for three months and six months respectively. They have been discharged because they are working class and they have to return back to their work.

At the moment, we are on the follow up and aftercare monitoring and services. I will say that is how far we have gone with the rehabilitation process in FCT, he said.

Hamisu said that the number of female arrested within the 7 months could be a bit small but it was disturbing, adding that the frightening thing lately was the demography of drug abuse and trafficking.

According to him, the demography changes shape because you have the involvement of students, commercial sex workers, and you equally have even housewives.

The NDLEA commander said that the agency would continue to carry out its duties in line with global best practices to ensure that the territory was free of drug related issues.

He advised parents to pay closer attention to their wards and children to see what they were doing at home, who their close friends are especially now that they are at home. (NAN)

Source: NAN News

Gov.Godwin Obaseki of Edo State

Igbaugba Ehigimetor

Few students in final year classes turned up as schools resume in Edo on Monday after four months of closure.

The News Agency of Nigeria (NAN) correspondent, who went round some of the public and private schools in Benin City, the state capital, observed that the schools enforced COVID-19 guidelines provided by the government for reopening.

As part of the guidelines, the schools are to ensure that the students as well as their teachers wear face mask, provide hand sanitisers and also make provision for regular hand washing.

While the state government provided all the needed items, including face masks for students in public schools, the private schools owners only made provision for hand sanitisers and points for hand washing.

NAN reports that even with these in place, the turn up of students at classes after over four months of closure was not impressive.

At Imaguero Girls College, NAN correspondent reports that as at 8:00 p.m, only a handful of students were available to commence learning.

A senior staff of the School, who pleaded anonymity, said that she had expected that the students would be eager to resume school after a prolonged stay at home.

She, however, said that it was not unexpected as most parents would not be readily disposed to allow their children back in school for fear of contracting the Coronavirus disease.

As you can see for yourself, the teachers are more than the students; the students are scared to come back because of the disease, she said.

Similarly, the Principal of Edokpolor Grammar School, Mr Austin Akenbor, said that though they were complying with COVID-19 guidelines, they expected a more robust turnout in schools from Tuesday.

Mr Jimoh Ijegbai, the State Commissioner for Education, however, expressed confidence that the students turn up will increase appreciably in the days to come.

This is just the first day and am sure that the parents and the students are watching to see what happens today (Monday). Dont also forget that the West African Examinations Council (WAEC) examination starts next Monday.

As safety of these students, the state government has provided all that is required for their safety, including face masks.

The fact that only terminal classes are resuming also makes things easier for us in terms of maintaining social distancing in classes. (NAN)

Source: NAN News