By Sumaila Ogbaje

The Military Pensions Board (MPB) says it is yet to fix date for verification of military pensioners urging them to disregard the publication which said the exercise would commence on Nov. 26.

The Public Relations Officer of the board, Flt.-Lt. Abdullahi Gambo, said this in a statement on Monday in Abuja.

Gambo described the information as fake, saying that it did not emanate from the board.

He clarified that the purported story was lifted from the website of a popular newspaper which was published in 2017 during the preparation for the 2017 verification exercise.

Although, the board is working towards conducting a verification exercise of military pensioners on its payroll, the board will adequately inform military pensioners of the date and time when all preparation for the exercise are concluded.

Accordingly, our esteemed military retirees are please urged to remain calm and patient.

Finally, all military pensioners are advised to always rely on established official means of communication provided by the board to source their information.

Pensioners can call the Board on 09087447782 or 09087994694 or send an email to [email protected] in order to confirm any issue that concerns them, he added.

He said the board appreciated the retirees for their usual support and understanding. (NAN) (www.nannews.ng)

Edited by Maharazu Ahmed

Source: NAN News

By Abbas Bamalli

The Management of Katsina United Football Club has invited 120 indigenous players across 34 local government areas of the state for talent hunt and screening.

The spokesperson of the club, Mr Nasir Gide, disclosed this in a statement issued to newsmen in Katsina.

According to him, the screening is scheduled to hold between Sept. 28 and Oct. 6 at Muhammadu Dikko Stadium Katsina.

He explained that participants were expected to arrive at the venue by 10 a.m on Wednesday.

The exercise is meant to revamp the team and also to give more chances and playing time to the home based players, he said.

According to him, the clubs Director of Football Development, Mr Saleh Yusuf, said the slots for the players were given, depending on the profession of the active football teams in the local governments areas.

Katsina local government, being the centre, carried 20 slots with some of the players from the Junior Katsina United FC.

The director stated that feeding and accommodations will be provided to all the invited players.

The invited players are therefore urged to exhibit sportsmanship and discipline during the screening and assured that fairness and just consideration will be done to whoever deserves to be registered with the club.

The management expressed gratitude to the state sports Commissioner, Dr Bishir Gambo-Saulawa, for giving the state home based players a chance to exhibit their talents.

Gide reported Yusuf as saying this would greatly improve the performance of the players and the development of football in general. (NAN)

Edited by Idris Abdulrahman

Source: NAN News

By Kadiri Abdulrahman

As the Central Bank of Nigeria (CBN) holds its Monetary Policy Committee (MPC) meeting on Monday, some stakeholders project a hike in policy rates.

This is against the backdrop of global monetary policy trend, which has seen the American Central Bank (The Fed), and the Bank of England increasing Monetary Policy Rates (MPR).

The News Agency of Nigeria (NAN) reports that the MPR is the benchmark interest rate that guides all other rates in the financial market.

The MPC had raised the MPR by 100 basis points from 13 per cent to 14 per cent in its last meeting in July.

The July increase represented the second consecutive hike in the MPR within two months.

The committee had in May, and for the first time since September 2020, increased MPR by 150 basis points from 11.5 per cent to 13 per cent.

According to Prof. Umhe Uwaleke, an economist, the MPC is likely to increase the MPR again by at least 50 basis points.

Uwaleke, a Professor of Economics from Nasarawa State University, said that his projection was informed by rising inflation rates as well as the trend in the some developed countries.

Judging from the recent shift in monetary policy stance from accommodative to contractionary in deference to the CBNs primary mandate of price stability.

And against the backdrop of rising inflation, the MPC is most likely to increase the MPR by at least 50 basis points.

Aside inflationary pressure and the need to tame it, the MPC will be considering current global monetary developments such as the hike in policy rates by central banks in developed countries.

For example, the U.S. Federal Reserve recently increased the benchmark rate by 75 basis points while the Bank of England increased by 50 basis points, he said.

Uwaleke said that these monetary tightening by central banks of U.S. and the UK continued to trigger capital outflows from Nigeria with negative implications on the exchange rate.

So, the MPC will equally consider this as justification for increasing MPR, he said.

The economist, however, urged the MPC to hold the prevailing rates constant as tightening may not tame inflationary trend.

Be that as it may, if I were a member of the MPC, I would vote for a hold position. In other words, I would advise that the policy rates be held.

This is because the major drivers of inflation in Nigeria today are cost-push related rather than demand-pull.

Further policy tightening may not really tame inflationary pressures that are stemming more from high cost of energy and negative impact of insecurity on food output.

Furthermore, any hike in rate at this time will hurt output growth through higher cost of lending to SMEs.

In view of the current tepid real GDP growth, I will advise the MPC to maintain the status quo and give more time to the current CBN monetary policy to permeate the economy, he said.

Dr Tope Fasua, an economist, also urged the MPC to retain the subsisting rates as past rates increase had not tamed inflation.

Though I expect that they may further raise rates, my advice to the MPC will be that they hold rates.

We have raised rates by 250 basis points in the last two meetings but inflation has surged further.

This means that our own inflation is not tightly linked with interest rates and may recede in its own time.

Ours is a bit of a carryover from the COVID-19 era of production shut down and imported inflation because our economy is dependent on foreign ones battling inflation presently, he said.

According to Fasua, raising rates further will only be a continuation of punishment for local industries that borrow locally and are struggling to achieve previous levels of productivity post COVID-19.

Banks are always quick to raise lending rates anyway. The CBN had to recently force them to increase savings rates.

Their margins are always so high, so the committee and CBN must be careful about raising rates, he said.

A financial expert, Mr Okechukwu Unegbu, urged fiscal and monetary authorities to look beyond the MPC and work together to save the economy from negative external influence.

Unegbu is a past President of the Chattered Institute of Bankers of Nigeria (CIBN).

He particularly decried the negative effect of the Russian-Ukrainian conflict on the Nigerian economy and called for policies decisions that could insulate the Nigerian economy from such incidents. (NAN)

Edited by Ese E. Eniola Williams

Source: NAN News

China has achieved initial success in new infrastructure construction, which has greatly facilitated the countrys social and economic development over the past decade, officials said on Monday.

Zhang Zhihua, an official with the National Development and Reform Commission said at a news conference that China had quickened its steps in upgrading information infrastructure as well as advancing infrastructure integration and innovation.

Zhang said that the length of Chinas optical fiber network had increased 2.7 times over the past decade, and the number of data centre racks has topped 5.9 million.

According to him, smart devices are being integrated into various industries and businesses such as transport, energy supply, and industrial production, as well as facilities concerning peoples wellbeing like e-commerce, telemedicine, and online education.

In terms of innovation, Zhang said up to 32 of Chinas planned 77 major national science and technology infrastructure projects had been put into operation.

He said centres on engineering research, enterprise technology, and industrial innovations were being set up across the country.

According to him, new infrastructure has greatly empowered Chinas economic and social development by offering sustained support to new technology exploration, effectively backing the development of the digital economy and fully facilitating the improvement of peoples wellbeing.

While each round of scientific and technological revolution introduces new infrastructure, each round of infrastructure construction will bring in an upgrade in economic transformation, he said.

Also speaking,Song Wen, an official with the National Energy Administration, said that with the energy sector seeking a faster shift to digital, internet-based, and smart-tech models, progress had been made.

In fields such as smart grid, mining, and power generation, as well as energy storage, he said.

Wen said that the coverage rate of Chinas power distribution automation system had exceeded 90 per cent by 2021.

He said that the country had seen the completion of more than 800 smart mining sites and a number of 5G plus smart thermal power plants. (Xinhua/NAN)

Edited by Ese E. Eniola Williams

Source: NAN News

The central parity rate of the Chinese currency renminbi, or the Yuan weakened 378 pips to 7.0298 against the dollar on Monday.

This is according to the China Foreign Exchange Trade System.

In Chinas spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)

Edited by Remi Koleoso/Ese E. Eniola Williams

Source: NAN News

By Jessica Dogo

The Nigeria National Christian Coalition (NNCC) says no tribe or religion can build the country alone, adding that nation-building is a collective responsibility.

NNCC said this in a communiqu at the end of the annual Meet the Church summit by its Convener, Pastor Titi Oluwadare, on Sunday in Abuja.

According to Oluwadare, working together and investing wisdom are key to nation-building.

The News Agency of Nigeria (NAN) reports that the programme, which had more than 700 participants, had the theme: The Role of the Church in Nation Building.

Oluwadare called on the Church to fight for justice for everyone, including Christians and adherents of other religions.

She said that the indivisibility of justice, and being vigilant to protect the rights of humans as enshrined in the constitution would go a long way.

No tribe or religion can build the country alone, thus all must work together and invest wisdom which is the application of the right knowledge.

Equal opportunities and access to wealth to every Nigerian and inclusion of youth and women in all national calculations must be treated with the sense of urgency that it deserves.

There should be counterpart equity in all policies that will be passed into law.

The banking sector, sharing of political and government offices or ambassadorial positions must recognise all interests identified in Nigeria, she said.

She called for selfless and visionary leadership, and a trans-generational process of producing leaders with requisite character, competence and conscious of the consequences of their actions and inactions.

She said the creation and development of strong institutions, structures, policies and strategies were applicable to everyone, adding that there was the need to realise previous mistakes and usher in a new Nigeria.

To establish credible elections, the Federal Government must derive their governance from the governed.

It is of utmost importance that there is a national vision, a national dream and nationhood premised on national shared core values.

Furthermore, we need to put in place, a national strategic purpose and the national will to pursue and enforce the purpose, she said.

According to the former Deputy Governor of Taraba State, Dr Danjuma Gani, the decisions made today and the actions that follow will greatly affect Nigeria and Nigerians.

Gani called on Christians to participate in electoral processes come 2023.

A nation is built upon the vision and values of the founding fathers which, more often than not, are a God-given ideal to see to the business of nation building, national transformation and prosperity.

Whatever we do must be accomplished with a clear vision, strong value systems rational thinking with a critical mass of information populace fully engaged in the project of nation building, he said.

NAN also reports that the summit comprised three plenary sessions and four interactive group sessions.

The conversations were aimed at identifying the role of the Church in nation building and charting a new course for credible elections with the critical inclusion of all stakeholders in the nation. (NAN)(www.nannews.ng)

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Edited by Kadiri Abdulrahman/Idris Abdulrahman

Source: NAN News

By Philip Yatai

Good Deeds, a global movement of people dedicated to doing good, is to sensitise Abakpa community of Kaduna metropolis on how to convert waste to wealth.

The coordinator of the group in Kaduna State, Mrs Itama Okhuelegbe, stated this during the evacuation of refuse dump, located close to Government Junior Secondary School, Abakpa, in Kaduna on Saturday.

The News Agency of Nigeria (NAN) reports that the refuse evacuation was organised in collaboration with the Kaduna Capital Territory Authority (KCTA), community leaders and other stakeholders.

Okhuelegbe expressed concern that the community members were dumping refuse and other household waste close to a school and exposing the students and the community to environmental hazards.

According to her, the waste, if properly managed, will keep the environment clean and be a source of wealth to the community members.

She said that the sensitisation would involve all community stakeholders; traditional and religious leaders, youth and women groups, government officials and other partners.

She added that Good Deed would reach out to the KCTA to provide a designated location where the community would be dumping their waste.

This will solve the problem of indiscriminate dumping of refuse in drainages and other public buildings, particularly schools who were the worst affected.

The gesture is part of our support to keeping the environment clean.

We are support changemakers who desire living in a better world with inspiration and motivation to take impactful action for the good of their communities.

This is because we believe that every person has the power to create positive change in his or her community and our world, she said.

The Village Head of the community, Alhaji Rabiu Dansani, commended Good Deeds for supporting the community to evacuate the refuse, adding that this would improve sanitation.

The group has put its resources, time, and energy in supporting us to clear and evacuate the refuse dump.

This will not only keep our environment clean, but also prevent the outbreak of cholera, malaria and other preventable diseases linked to improper waste disposal.

The village head appealed to the state government to provide a designated location or facility for households to dispose of their waste to avoid further dumping.

Also speaking Dr Umar Hairau, acting Director, Municipal Waste Management, KCTA, said that the authority was collaborating with non-governmental organisations to manage refuse and other environmental menace.

Hairau said that the KCTA has provided refuse receptacles, a metal or plastic container for the disposal of refuse, in strategic locations across the four metropolitan Local Government Areas (LGAs).

He identified the four metropolitan LGAs as Kaduna South, Kaduna North, Chikun and Igabi, adding that the authority had also engaged 13 private service providers.

He said that the service providers were contracted to manage waste collection and disposal in the state.

He said that the Abakpa community would be provided with a refuse receptacle to prevent dumping of refuse close to school and ensure proper management of waste in the community. (NAN)(www.nannews.ng)

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Edited by Ismail Abdulaziz

Source: NAN News

By Emmanuel Oloniruha

A chieftain of the Peoples Democratic Party(PDP) says the partys Presidential Candidate, Alhaji Atiku Abubakar, will get 65 per cent of Benue State votes.

Mr Abraham Chila, who is a grassroots mobiliser expressed the optimism while speaking with newsmen on Sunday in Abuja.

He said that in spite Gov. Samuel Ortoms support for his Rivers counterpart, Gov. Nyesom Wike, in the power tussle within the PDP, Atiku would garner 65 per cent of the state votes.

Ortom had said that unless Wike was appeased, PDP would risk losing the state votes during the 2023 presidential election.

Chila said regardless of whatever action Ortom would take, during next years general elections, PDP and Atiku would always win elections in the state.

He said that from 1999 to date PDP has become very entrenched in Benue.

He added that for the fact that PDP National Chairman, Dr Iyorchia Ayu is from Benue, it made it imperative that nothing could change the voting pattern in the state.

You may wish to know that my governor, Ortom, is also a candidate for the senatorial election in next years election. Interestingly, the presidential election and that of National Assembly come up the same day.

So, with Gov. Ortoms fate tied to that of Vice President Atiku Abubakar, it is impossible for PDP to get less than 65 per cent of the state total votes cast.

And with our son, Dr Ayu as the national chairman, PDP has the bragging rights for the maximum votes from Benue State, Chila noted.

Chila, who contested the partys ticket for Kwande/Ushongo federal constituency, explained that being a predominantly agrarian state with more population in the rural communities, no other political party could achieve rural penetration more than PDP.

He expressed confident that with the security and economy challenges facing the country, including Benue, the state would vote for Abubakar who has the capacity to address the challenges.

We need stability and security and Benue State voters know that the only man that can pull Nigeria back from the precipice is Abubakar.

The former Vice President is not coming to the Presidency as a learner, but will bring his wealth of experience to bear on national reconstruction.

On the calls by some PDP stakeholders on Ayu to resign, Chila said those making the calls were either mistaken or mischievous, saying Ayu emerged through a foolproof process that was not controverted.

He said that telling Ayu to quit when he had not committed any impeachable offence amounts to questioning the very rudiments of democracy.

Ayu has not committed any offence. Therefore, anybody asking him to leave office is indirectly calling for the proscription of PDP, which is not attainable in a democracy.

People should look beyond Ayu as an individual, he represents that party on account of the mandate freely given to him.

If I may add, what would be the compensation for the North Central if Ayu resigns?

The North Central has been making sacrifices for the growth and stability of PDP.

Do we have to wait for 24 years before being considered for the presidential ticket, why must we throw away the consolation prize of national chairman? Chila asked. (NAN)(www.nannews.ng)

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Edited by Obike Ukoh

Source: NAN News

By Ginika Okoye

The Securities and Exchange Commission (SEC) says the passage of the Investments and Securities Bill (ISB) will facilitate the growth of the economy.

The SEC Director-General, Mr Lamido Yuguda, said this in a statement on Sunday in Abuja.

Yuguda said the passage of the bill would also facilitate effective functioning of the capital market to make it more competitive.

The director-general said the passage would also help in the on-going economic diversification in the country.

He appealed for the buy-in of key stakeholders to make the passage of the bill, a reality.

Yuguda said the bill expanded the categories of issuers, as a key step toward the introduction of new innovations and offerings such as crowd-funding.

Importantly, the bill introduces an express prohibition of ponzi/pyramid schemes as well as other illegal investment schemes.

The bill also prescribes a jail-term of not less than 10 years for promoters of such schemes.

It expands the definition of a Collective Investment Scheme to include schemes offered privately to qualified investors.

Minor reviews on various sections of the extant law have been carried to provide greater clarity, he said.

Yuguda said that a recommendation was made in the bill for the inclusion of the National Pension Commission (PenCom) on the SEC Board for increased collaboration between the agencies.

He said the collaboration would encourage greater investment of pension funds in capital market products and instruments. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

Source: NAN News

By Abiemwense Moru

John Cardinal Onaiyekan, Archbishop Emeritus of Abuja, has called for better care and welfare of the poor in the country.

Onaiyekan who made the call in his Sunday Homily at the Catholic Church of Assumption in Abuja, said that the rich should always accommodate and catered for the poor.

A man with many mansions can only sleep on one bed, so help the poor people around you to improve their living conditions.

He maintained that if the rich carried the poor along, the country would be good for everybody.

Onaiyekan also called for the structuring of the systems by making sure that the countrys education system worked as it ought to be.

He said there was a need for the healthcare system to function properly for easy access to healthcare.

The cleric further called on all Nigerians to pray for the country and also participate actively in politics.

Make sure that those who represent you fulfil all promises made during campaigns and also ask question when they are not meeting up with their promises, he said. (NAN)(www.nannews.ng)

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Edited by Joseph Edeh

Source: NAN News