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Business News

36 states invest $250 million in NSIA

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The 36 state governments have invested $250 million in the Nigerian Sovereign Investment Authority (NSIA). MD of the fund Mr Uche Orji disclosed this recently. The investment was made from the 2016 Nigerian Liquified Natural Gas (NLNG) dividends that accrued to the states. The NSIA is Nigeria’s Sovereign Wealth Fund (SWF). A sovereign wealth fund is a pool of money derived from a country’s reserves set aside for investment purposes to benefit a country’s citizens.

Why the states are investing in the NSIA

Most of the states are largely dependent on FAAC allocations to fund their budgets. The drop in the oil price, lead to a huge fall in the allocations, leaving states owing pensions and salary arrears. The Federal government had to step in and provide bail-out funds. Investing in the NSIA, is thus a means of diversifying their revenue base. Investments made by the NSIA, are unlikely to be concentrated in risky assets, and would be subject to stiff oversight. The fund has also made fantastic returns since its inception. Profit made by the NSIA jumped from N0.5 billion in 2013 to N11 billion in 2015. In 2016, the NSIA made net profits of N149.8 billion.

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More funds for the NSIA

The investment by the states gives the NSIA a bigger pool of funds to operate with. Nigeria’s SWF was founded in 2011, with a start-up capital of $1.5 billion is and one of the smallest Sovereign Wealth Funds (SWFs) owned by oil-producing nations. Norway’s SWF was established in 1990 and had $958 billion in assets as at June 2017. The NSIA has about $1.4 billion in assets. Saudi has the largest SWF among OPEC nations with over $500 billion in assets under management.

Patricia

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 8th of July 2020, 460 new confirmed cases and 15 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 30,249 confirmed cases.

On the 8th of July 2020, 460 new confirmed cases and 15 deaths were recorded in Nigeria, having carried out a total test of 169,629 samples across the country.

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To date, 30,249 cases have been confirmed, 12,373 cases have been discharged and 684 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 169,629 tests have been carried out as of July 6th, 2020 compared to 152,952 tests a day earlier.

COVID-19 Case Updates- 8th July 2020,

  • Total Number of Cases – 30,249
  • Total Number Discharged – 12,373
  • Total Deaths – 684
  • Total Tests Carried out – 169,629

According to the NCDC, the 460 new cases were reported from 21 states- Lagos (150), Rivers (49), Oyo (43), Delta (38), FCT (26), Anambra (20), Kano (20), Plateau (18), Edo (14), Bayelsa (13), Enugu (13), Osun (12), Kwara (10), Borno (8), Ogun (7), Kaduna (6), Imo (4), Bauchi (3), Gombe (3), Niger (2), Adamawa (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 11,670, followed by Abuja (2,348), Oyo (1,573), Edo (1,503), Delta (1,323), Kano (1,291), Rivers (1,284), Ogun (1,057),  Kaduna (889), Katsina (628), Borno (563), Ondo (550), Gombe (524), Bauchi (519), Ebonyi (503), Plateau (478), Enugu (431), Abia (400),  Imo (356), Jigawa (318).

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Kwara state has recorded 307 cases, Bayelsa (282), Nasarawa (234), Osun (210), Sokoto (153),  Niger (124), Benue (121), Akwa Ibom (112), Adamawa (100), Anambra (93), Kebbi (86), Zamfara (76), Yobe (61), Ekiti (45), Taraba (27), while Kogi and Cross River state have recorded 5 cases each.

 

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Coronavirus

Update: FG suspends reopening of schools, students won’t write 2020 WAEC exams

The Minister of Education, Adamu Adamu, said that WAEC should suspend exams.

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The Federal Government has just announced that schools under its control will not be reopening for the forthcoming West African Examination Council (WAEC) exams.

This was disclosed in a tweet post by the aide to President Muhammadu Buhari on New Media, Tolu Ogunlesi from his official Twitter handle on Wednesday, July 8, 2020.

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According to Ogunlesi, the Minister of Education, Adamu Adamu, said that WAEC should suspend exams and also urges State Governments to toe the line of the Federal Government as this is not the right time to reopen.

According to the tweet post, ‘’Minister of Education has just announced that schools under control of the Federal Government will not be reopening for the forthcoming WAEC exams. Says WAEC should suspend exams and urges State Governments to toe Federal Government line. This is not the right time to reopen,’’

Adamu, while addressing state house correspondents after the virtual Federal Executive Council meeting on Wednesday, July 8, 2020, said that none of the schools under the control of his ministry will resume until schools are considered safe enough

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The Minister appealed to the State Governments that have already announced the resumption of schools to reconsider that as it is not safe and the students should be protected. He said that he would prefer that students lose an academic year than expose them to dangers.

He also debunked an earlier report that claimed that the Minister of State for Education, Emeka Nwajiuba, announced that schools will be resuming on August 4, 2020. Adamu said that the Minister of State must have been misquoted as the schools under the supervision of the ministry will not be opening on August 4 or anytime soon.

Going further, Adamu pointed out that WAEC will not determine what Nigeria will do as he will rather have the country lose a school year than exposing the students to danger.

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Tech News

Tizeti reinstates Kendall Ananyi as CEO after investigation into alleged sexual misconduct

The investigations into the allegations could not establish a case of sexual harassment, .  

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Tizeti, MainOne extend partnership to expand highspeed WiFi services in Africa, Tizeti reinstates Kendall Ananyi as CEO after investigation into alleged rape

Following the conclusion of the independent special investigation, Tizeti Board of directors have reinstated Kendall Ananyi as Chief Executive Officer.

With this development, the interim Co-CEOs Ifeanyi Okonkwo and Patricia Aiyedun, will return to their respective positions as Chief Operating Officer, and Chief Financial Officer.

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According to a statement published on its website, the company stated that investigations into the allegations of sexual harassment could not establish a case of sexual harassment.

The board had on June 7 appointed an Independent Special Investigation Committee of its Board of Directors to investigate allegations of sexual harassment made against Kendall Ananyi, the embattled CEO.

To ensure the independence of the committee, the CEO stepped down and was walled off from communications with the Independent Special Investigation Committee and any matters related to the investigation, the statement read.

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READ MORE: Segun Agbaje elected into PepsiCo Board of directors

After a month of investigations, the committee led by Senior Advocate of Nigeria Olumide Sofowora, SAN, C.Arb. of Olumide Sofowora Chambers, stated that no clear case of sexual harassment had been established, and recommended that the CEO be reinstated.

According to the statement, the committee researched “what actions would constitute sexual harassment, gathered relevant information from a number of sources in both Nigeria and Ghana, and conducted a number of interviews, including separately interviewing both the accuser and Mr. Ananyi”.

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It was based on this that the independent legal counsel concluded that a clear case of sexual harassment had not been established.

The company promised that a sexual harassment policy would be put in place going forward.

“Tizeti remains fully committed to high ethical standards, gender equality, providing a workplace that is free from sexual harassment and ensuring that its diverse team feels comfortable and safe at all times.

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“Tizeti wants to ensure that it has best in class policies and procedures going forward.  As a result, Tizeti will be updating its code of conduct and putting in place a sexual harassment policy that is in line with best practices and encourages the reporting of any potential incidents,” it said.

 

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Patricia
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