Cellphone

By Hawa Lawal

The free e-learning portals for all students in primary and secondary schools following the closure of schools nationwide to prevent the spread of COVID-19 pandemic is a boost for cellular phone sellers in Abuja, the News Agency of Nigeria (NAN) survey reveals.

At the launching of the portals schoolgate.ng and mobileclassroom.com.ng. in Abuja Minister of State for Education Chukwuemeka Nwajiuba, said that all students in Nigeria had been granted free-access to e-learning.

The platforms are subscription-free for Nigerian students in primary and secondary levels during the period of this lockdown as necessitated by COVID-19 pandemic. E

Following this development, a cellular phone sellers at the GSM village, Abuja, Mr Saint Dozea, observed that sales of smart phones and other accessories have improved.

He said that as many schools, mostly primary schools in Nigerian, began pushing for online coaching, parents were encouraged to buy phones, laptops and other accessories to catch up with their learning.

Mrs Grace Aregbesola, a mother, told NAN that since the lockdown, she had bought four cell phone tablets to ease her childrens learning.

She said that the prices were on the increase, noting that the first two fairly used tablets she bought at N65, 000 is now selling for N80, 000 two weeks after.

Its crazy, my children will always take my tablet to press the buttons and disrupt my workings and I dont have any choice than to look for money and buy their own.

Aregbesola said that she had to buy at a high price due to the overriding importance of the wellbeing, health and safety of her children and for them to catch up with the standard of education.

She, however, expressed concerns that some students were living in homes that might not have access to Wi-Fi or limited access to internet and some parents could not afford the device to use for schoolwork.

Mr Geoffery Azuka, an engineer and also a parent, noted that during COVID-19, most parents had stopped their children from attending lesson classes and most children were now restricted to the use of mobile applications.

I have six children, it has not been so easy but to make them comply; I have to make adequate provision for their needs and it is so unfortunate that most of the traders at the GSM village were exploiting every individual, he said.

He said that in spite of spending so high on the purchase of learning equipment, schools were also charging high fees to provide alternative online learning to ensure continuity in teaching and learning.

I bough four tablets at N70,000 as against N60,000 each that I bought one week ago, there is sudden increase because many parents are patronising GSM village.

The patronage has made the traders to increase their price, for instance the TECNO phone Camon 11 that I bought for N80,000 two weeks ago is now N90,000, where do we go from here, he said.

Azuka said that lack of reduction in data tariffs and offline options on learning platforms had also made it very difficult for some parents with more than two children to cope.

I have to buy the tablets rather than share mine with them because my office period sometimes coincides with their learning period.

The online teaching is very beneficial and should be encouraged during the holiday but government must look into the operations and make it less-expensive by ensuring adequate power supply and reduction in data tariffs, he said.

However, in spite of the schools influence and apparent ability to deliver certain kinds of online learning, parents are alarmed by what they call the unrealistic cost of virtual education.

Mr Badmus Ogunwusi, a teacher in Abuja, said that the COVID-19 period had been a difficult time for schools, teachers, parents, young people and all those involved in education globally.

Ogunwusi said that he had hooked up to the online professional development courses and this had led him to buying tablets to cope with the training.

He said that many of the on line programme had made android mobile phones, laptops and palm tops to be more important now than ever and the prices were on the increase on a daily basis.

Also, Mr Alfred Akinoso, a mobile operator told NAN that most of the functionalities wouldnt be possible without optimum data and it was also good money to mobile operators.

The mobile communications business is showing profits increase during this COVID-19 outbreak compared to when there was no pandemic and the profit improvement is a result of the lockdown and the e-learning portals created by government for students, he said.(NAN)

Source: NAN News

Gabriel Suswam

By Kingsley Okoye

Sen. Gabriel Suswan (PDP-Benue) says the National Assembly directs the Electricity Distribution Companies (DisCos) not to increase electricity tariff because of the current economic challenges occasioned by COVID-19 pandemic across the country.

Suswan, Chairman, Senate Committee on Power, made the disclosure in an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.

He said that the increase in the tariff had to stop for now even when it was obvious that an increase, given the provision of necessary distribution infrastructure in the electricity market, would help the sector to be solvent.

He noted that an increase in electricity tariff in this period would worsen the economic hardship faced by Nigerians, hence the intervention of the National Assembly to prevail on the DisCos to suspend the increase until first quarter of 2021.

Under a normal situation, increase in tariff increase will help the operators to meet their remittances 100 per cent and government will not need to subsidize.

Now government all over the globe are giving palliatives to their citizens; in America for instance, most of the people who fought for palliatives for not being employed receive some stipends weekly.

Now, here we have people who are unable to feed family because of the COVID-19 pandemic and DisCos is saying it will increase tariff at the same time; we are saying yes, cost reflective tariff is the way to go because we need the sector to be solvent, but the timing is not auspicious.

He also explained that the government had also reduced petrol pump price because it did not want to increase burden on Nigerians, observing that it would not make sense if DisCos increased electricity tariff.

In the interim, government will continue to subidize petrol pump price because that is the responsibility of government, no government will want a situation where their citizen would be overburdened with prices of goods.

So, that was why we stepped in and good enough with the decision we took, the president has agreed with us and said they should not activate the increase until certain things are in place, he explained.(NAN)

Source: NAN News

Zenith Bank tops in Nigeria by Tier-1 capital

By Chinyere Joel-Nwokeoma

Zenith Bank Plc has emerged as number one Bank in Nigeria by Tier-one Capital in the 2020 Top 1,000 World Bank Ranking, published by The Banker Magazine.

The bank, in a statement on Thursday in Lagos, said that it climbed a whopping 29 spots from 425 in 2019 to 386 in the 2020 global ranking of banks.

The statement noted that the bank retained its position as the number one Tier-one bank in Nigeria with Tier-one capital of 2.79 billion dollars.

According to the statement, this figure represented an increase of 16.1 per cent when compared with the 2.40 billion dollars achieved in the 2019 ranking.

It noted that the ranking published in July 2020 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-one capital of banks globally.

Commenting, Mr Ebenezer Onyeagwu, the banks Group Managing Director/Chief Executive, said that the ranking had attested to the banks market leadership.

Onyeagwu said the ranking was the outcome of a well-thought-out strategy of always delighting and creating value for its teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology.

Tier-one capital describes the capital adequacy of a bank and it is the core measure of a banks financial strength from a regulators point of view, he stated.

Onyeagwu noted that the bank had clearly distinguished itself in the Nigerian financial services industry through superior quality service, unique customer experience and sound financial indices.

The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels, he said.

The bank, as a testament for its resilience and market leadership, announced a profit after tax of N208.8 billion for the financial year ended Dec. 31, 2019, achieving the feat as the first Nigerian bank to cross the N200 billion mark.

It also, for the first quarter ended March 31, posted gross earnings of N166.8 billion and profit before tax of N58.8 billion. (NAN)

Source: NAN News

Gov. Ben Ayade of Cross River.

By Christian Njoku

The Cross River Government has insisted that it has no COVID-19 case, saying that it has nothing to gain by hiding cases of infections in the state.

Gov. Ben Ayade made this disclosure while briefing journalists and members of the state COVID-19 Response Team at the Government House, Calabar on Thursday.

If you have the virus and pretend not to have it, you will only have mass deaths in your state, he said.

He lauded the Nigeria Centre for Disease Control (NCDC) for insisting that only Polymerase Chain Reaction (PCR) test can confirm a positive case of COVID-19 in spite of pressures from different quarters.

As a state, we were the first to lockdown our boundaries. Records have it that Cross River is the only state that invested over 100 vehicles for effective manning of its boundaries and we even went beyond that by producing facemasks, shields and other Personal Protective Equipment (PPE).

So for some people to doubt the credibility of our COVID-19 free status is to imply that all the efforts of the state were not noticed.

At this point, the state has been handed over to the Federal Government; all our boundaries are now opened, following the lifting of the ban on inter-state movement by the federal government.

Residents of the state must know that we no longer have control over our boundaries, we have surrendered to the supremacy of the federal governmentand opened our boundaries, Ayade said.

He added:Cross River that is COVID-19 free will now have an avalanche of cases, I see it coming, therefore, with this message, it means our response team would be back on the road because as long as our boundaries are opened, our eyes will be open.

So, as a resident of the state, if you think by easing lockdown, you are now safer, no, now you are more in danger, this is the time for you to commence a personal lockdown.

Ayade, however, thanked the Federal Ministry of Health and NCDC for being a great example, playing a professional and technical role and given a world class response to the COVID-19 pandemic in Nigeria.

Dr Betta Edu, Chairman of the state COVID-19 Response Team, thanked all the government appointees who came all out and helped in the fight against COVID-19 pandemic.

Edu also commended officials of the state Garment factory who were exceptional in the production of facemasks, shields and Personal Protective Equipments (PPE).

The News Agency of Nigeria (NAN) reports that the governor also gave a cash donation of N30 million to the state COVID-19 Response Team in appreciation of its efforts in the fight against the virus in the state. (NAN)

Source: NAN News

Gabriel Suswam

By Kingsley Okoye

Sen.Gabriel Suswan (PDP Benue) has advised Federal Government to purchase prepaid meters in bulk as a holder of 40 per cent equity in distribution chain to bridge metering gap in the electricity sector.

Suswan gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday while suggesting possible solution to challenge of poor power supply and distribution of prepaid meters by DisCos in the electricity market.

Suswan, who is the Chairman, Senate Committee on Power, also said that government could also decide to divest its equity in the distribution chain if it wanted.

It is another way out , if government wants to divest part of their equity holding, in this power, so they could introduce new monies into the entities.

Another way is for government , as part of their own obligation, holding 40 per cent, to buy mass meters and then put it before the DisCos and ask them to pay over a period of time.

In that way, government can purchase, say about six million meters, and this will ensure that at least every person is connected to the grid; if not all of them between 80 per cent and 90 per cent of them are metered.

If 90 per cent of people consuming electricity are metered, of course the sector will become solvent, because collection will become easy.

Why are they unable to collect, it is because there is infrastructural deficit which includes that of metering as well, so, once these things are put in place and power supply becomes efficient, you and I will not mind the increase in tariff, he said.

He said there was need for enumeration of people connected to the national grid and get them metered.

There are laws that have to be put in place, they need enumeration of people who are connected to the national grid, those people have to be metered, when you meter people you are sure of collection, all of these have not been done.

From Nigeria Electricity Regulatory Commission, statistics shows that 10 million people are connected to national grid, out of which only four million are metered.

So, how do you get the money if you say cost reflective tariff, because you have six million connected to the national grid that have yet to be metered, he said.(NAN)

Source: NAN News

PPPRA

By Nana Musa

Filling stations across the Federal Capital Territory (FCT) Abuja have started to sell petrol at N143 per litre, as announced by the Federal Government, with effect from July 1.

A survey conducted by the News Agency of Nigeria (NAN) on Thursday in Abuja indicated that major marketers at Wuse, Gwarimpa, Maitama, Wuye, Asokoro and Karmo had adjusted their pump to the new price.

Alhaji Suleiman Yakubu, National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), told NAN that most filling stations had adopted the new price regime, while others would join in due course.

We support the government and its policy, as we also know the government has its citizens welfare at heart. The oil and gas business has been unstable since the pandemic started, Yakubu said.

A manager at a filling station, who pleaded anonymity, described the new price regime as a welcome development.

He said the station recorded some losses when the price of petrol was reduced by government, due to the fall in the price of crude at the international market and the outbreak of the coronavirus.

According to him, the increase in the price of petrol will help the growth of the nations economy.

A taxi driver, Mr Idris Bako, said that the new pricing of petrol was not good for their business, adding that commuters would have to pay more.

During this COVID-19, we carry one passenger at the front and two behind to maintain social distancebut now, the fares will have to increase, Bako said.

NAN reports that since April, the Petroleum Products Pricing Regulatory Agency (PPPRA) had continued to issue monthly pricing directive on premium motor spirit (PMS) to the marketers.

In June, there was a slight reduction as the price was fixed at N121.50 per litre, from N123.50 in May.

The July new price is N20.30 higher than the June price of N121.50 per litre. (NAN)

Source: NAN News

NSE

By Chinyere Joel-Nwokeoma

Uche Uwaleke, Professor of Finance and Capital Market, says the Nigerian Stock Exchange (NSE) will likely close 2020 in red, based on negative real GDP growth rate projections.

Uwaleke, of the Nasarawa State University, expressed the view in an interview with the News Agency of Nigeria (NAN) on Thursday.

He said that the likely outcome was against the backdrop of negative real GDP growth rate projections by the International Monetary Fund (IMF) and the World Bank occasioned by COVID-19.

The NSE All-Share Index is most likely to close the year in the red against the backdrop of negative real GDP growth rate projections by the IMF and the World Bank.

Despite this, I expect to see some bright spots, especially in sectors not severely affected by COVID-19, Uwaleke said.

He said telecommunication stocks would likely outperform the market because of peoples adaptation in the wake of coronavirus.

Uwaleke said that pharmaceutical stocks and insurance companies stocks would offer investors increased returns on their investments.

He cited pharmaceutical stocks such as Niemeth, currently benefitting from government stimulus packages, adding that insurance companies stocks are also usually sought after during periods of uncertainty, as insurance uptake rises for many.

Industrial stocks such as Dangote Cement may not disappoint, especially if the government faithfully implements the Economic Sustainability Plan with a lot of stimulus funds to the housing and construction sectors, Uwaleke said.

According to him, the global response to the negative impact of COVID-19 and how soon the world economy gets started will have an effect on the performance of the market.

A lot will depend on the global response to the negative impact of COVID-19 and how soon the world economy gets restarted, since foreign investors constitute a significant part of activities in the stock market.

Market performance will also depend on the level of both local and foreign investors confidence in the economy reflecting the vagaries in the international crude oil market, given that the economy of Nigeria is substantially powered by the oil sector, he said.

Uwaleke said domestic borrowing by the Federal Government would influence stock market performance generally in thesecond half of the year.

Another factor that will influence stock market performance in H2 2020 will be federal government domestic borrowing with the tendency of portfolio rebalancing in favour of FGN bonds being a safer asset class.

By and large, the performance will be mixed, but more on the bearish side.

Expectedly, any stock market appreciation will witness a decline almost on toe as investors quickly take profit, he said.

Uwaleke said that sell sentiments would likely dominate the rest of the year. (NAN

Source: NAN News

Gabriel Suswam

By Naomi Sharang

Chairman, Senate Committee on Power, Sen. Gabriel Suswam has said that lack of quality data was the basic and most fundamental problem in the power sector.

Suswam, in an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday said that there was no data for planning to ensure adequate supply of electricity to citizens.

When you dont have data how do you plan. We have over 200 million and we are planning for two million.

We cant meet up so we need quality data with integrity. Not just people sitting in their rooms and extrapolatingon what is the data.

Lack of data in the power sector is a problem. Once you have data you can now plan and know how many people are on the national grid; how many people are metered and how many people are not metered so that you can meter them and then you can now know exact quality of power you are sending to them.

So we need to be on the same table to plan ourselves properly otherwise we cannot now say that it is okay we are generating 13, 000 megawatts for 200 million.

He said that part of the committees oversight function was to ensure efficientutilisation of funds appropriated to managers of the value chain in the power sector but however, regulating the agencies effectively was a task that needed to be handled by the National Assembly

The Nigerian Electricity Regulatory Commission (NERC) quote and unquote is suppose to be independent body to regulate the power sector.

But in all developing economies similar regulators have not had the independence that they should have and the reason been political.

Because when it comes to tariff, which is an issue in all developing economies, increase in tariff is what people resist vehemently and so NERC is not completely as independent as it is suppose to be. It has to ponder to the people who appoint them.

That is why to regulate the sector effectively will be difficult because there are interference, for instance, the National Assembly just interfered and is based on the political consequence of their action.

We as politicians look at the political consequence, they are looking at the economic consequence. And so if the polity is unstable of course the economy will not operate as well.

So it is difficult to have an independent regulator in the power sector in a developing economy, he said.(NAN)

Source: NAN News

Construction site of AKK gas pipeline project in Ajaokuta

By Edith Ike-Eboh

Residents of Ajaokuta in Kogi state have expressed joy on the construction of the Ajaokuta Kaduna Kano (AKK) gas pipeline project by the federal government.

Some of residents, who spoke to the News Agency of Nigeria (NAN) in Ajaokuta, said the project would bring about development and boost business in the community.

Mr Ahmad Abdulmumin, a trader said that the project was a laudable one but noted that indigenes must benefit from it.

We are happy that government found our place good to site the project; we will support whatever they are doing to make sure the project is not hindered.

We ask government to give our children jobs in the project because if many of our children join this project, they will make sure that nothing spoils it. We are happy and ready to support government, he said

Also, Mrs Sadiya Aliu, a fish seller said that since the contractor came on site, her business had increased.

I am happy that this project is here. I sell different types of fish, and since this work started, I have been getting plenty patronage from the site workers.

I prepare fish pepper soup and it is in high demand. I thank government for this project, it is helping my business, she said.

Also, Mr Emma Ogbaje another trader said that the community was happy seeing the presence of government around their area.

I hear that gas will be very cheap after the construction of this gas pipeline. I will be happy to start using gas to cook. I want the government to engage our youths in this project especially with security, he said.

Mr Emeka Okwuosa, Chairman Oilserv limited, contractor in charge of the project, told NAN that the company had robust programme for host communities of the various areas the pipeline would traverse.

Oilserv is 100 per cent an indeginous company currently employing 600 staff. With this AKK, probably we go to 1500 to 2000 at the peak of the investment matrix.

We will crank up our employment by more than a thousand and the major part of this 1000 will be indigenes of the areas where we pass, we have a clear programme to develop the areas where we will pass, he said .

NAN also reports that the 2.8 billion dollars gas pipeline project is a 40-inch x 614km pipeline that would originate from Ajaokuta, in Kogi and traverse Abuja (FCT), Niger, Kaduna and terminate at Kano.

It is expected to inject 2.2 billion standard cubic feet of gas per day to the domestic market. (NAN)

Source: NAN News

Engr. Emeka Okwuosa, Chairman, Oilserv Ltd

By Edith Ike-Eboh

Mr Emeka Okwuosa, Chairman Oilserv Ltd., says the Ajaokuta-Kaduna- Kano (AKK), gas pipeline project is commercially viable and can service its loan before the stipulated time frame.

Okwuosa in an interview with the News Agency of Nigeria (NAN) in Ajaokuta said thatthe project, worth 2.8 billion dollars, when concluded would bring about a lot of development in the country.

NAN reports that President Muhammadu Buhari on Tuesday virtually inaugurated the Ground Breaking Ceremony of the AKK gas pipeline project in Ajaokuta.

Oilserv, an indigenous Engineering, Procurement and Construction (EPC), Company won the contract to handle the project.

He said, This project is commercially viable, the facility (Loan) being taken is made to be repaid in 15 years but this project can pay itself in 10 years because this is a commercial venture.

We have injected a Chinese partner to build the Chinese content requirement but the Oilserv is the primary EPC Company, our experience is what will help to drive the process a lot.

We also have Oando in the consortium, Oando is Consortium partner, they are not an EPC company, we have worked together for a long time in other project where Oilserv is the EPC company.

He said that the project was not the type that would require government support to be completed adding that every process in gas generated revenue.

When you pipe this gas, you have gas flowing through. It goes to industries, power plants and there are tariffs to be paid even to transport this gas.

If you understand the mechanism of this gas transportation, for every cubic meter of gas that passes by there is an amount that is paid.

In addition to that, the gas itself that passes by would have to be paid for to be used. So, this is a commercially viable project not the kind of a project that government has to support to survive, Okwuosa said.

On challenges that could hinder the completion of the project he said that with the level of experience of the company it would be able to surmount any that might come along while executing the project.

Okwuosa named some of the challenges to include clearing of virgin forest, passing through rivers, breaking rocks and insecurity.

I will not say I have fears. Every project comes with its challenges.

There are challenges to do a project like this in a virgin forest, to go through rivers, rocks, to deal with security, these are challenges, but I dont have fears because we have the knowledge and experience to deal with it.

We are very ready to deliver the project and on time, he added.

The project will create jobs for Nigerians, especially the host community and a robust programme has been created for communities that the pipeline will traverse.

Oilserv is 100 per cent an indigenous company currently employing 600 people. With this AKK, probably we will go to 1500 to 2000 at the peak of the investment matrix.

We will crank up our employment by more than 1,000 and the major part of this 1,000 will be indigenes of the areas where we pass, we have a clear programme to develop the areas where we will pass, he said .

He commended President Muhammadu Buhari for the opportunity to work on the project adding that it was a clear sign that government was ready to support indigenous companies.

NAN also reports that the 2.8 billion dollars gas pipeline project is a 40-inch x 614km pipeline that would originate from Ajaokuta, in Kogi and traverse Abuja (FCT), Niger, Kaduna and terminate at Kano.

It is expected to inject 2.2 billion standard cubic feet of gas per day to the domestic market. (NAN)

Source: NAN News