Business News
NECA seeks unemployed Nigerians’ data to effect FG’s stipend payment
NECA has expressed its concerns over calls for a sustainable unemployment fund for the payment of living stipends to unemployed Nigerians.
Barely days after the Senate asked the Federal Government to initiate a sustainable unemployment fund for the payment of living stipends to unemployed Nigerians until such persons secure employment, the Nigeria Employers’ Consultative Association (NECA) has expressed its concerns.
While the Director-General of NECA, Timothy Olawale said that the resolutions seemed possible and workable because it would help unemployed youths by giving them disposable income, he also noted that it is pertinent that the government addresses some fundamental issues before the implementation of the policy.
Olawale called for the accurate data of the number of Nigerians qualified to benefit from such social security gesture. He said that since this plan has the potential of changing the general hopeless state that has taken over the youths, it is important to guard it so that it will benefit the actual unemployed people without any form of dubious transaction.
[READ MORE: Unemployment to hit 33.5% in 2020, NECA warns]
Speaking further, The NECA DG hoped that this time, the intervention would be impactive because so far, all the social intervention programmes had been cosmetics and short-term in nature without potential to solve the real issues of unemployment.
Olawale’s words: “It is important to know the number of Nigerians that are actually unemployed to forestall the programme becoming another scheme bedevilled with patronage.
“Also of importance is the funding and administration of the project. The project was not captured in the already passed 2020 Appropriation Bill, thus it is worrisome where the funds to bankroll it will come from. It is hoped that government will not further burden the already overtaxed private businesses.
[READ MORE: Unemployment to hit 33.5% in 2020, NECA warns]
“Government at all levels must take a more than cursory look at the private sector. More deliberate effort should be put in place to support the organised private sector to grow and create employment by ensuring a favourable operating environment.
“Businesses are currently overburdened with different forms of taxes and levies, inadequate infrastructures and unfriendly regulatory environment. Herein lies the solution to the teething unemployment scourge of our nation,” he told Punch.
Economy & Politics
Godwin Obaseki wins Edo State governorship election
Incumbent governor, Godwin Obaseki emerged winner in the Edo State gubernatorial election.
Independent National Electoral Commission(INEC) has declared Godwin Obaseki the winner of the Edo State gubernatorial election today.
Mr. Obaseki will return as the Governor of the state for a second term.
The results were declared by INEC on Sunday afternoon after the results were counted from all LGA’s on Saturday.
Obaseki had 307,955 votes, which was enough to be declared a clear winner over Ize-Iyamu’s 223,619 votes.
Obaseki took to his Twitter handle to thank the people of Edo State for their votes. He stated,
“Words fail me in saluting our teeming supporters who displayed immense courage in the face of threats, intimidation and brutalization. The collective will of Edo people made it possible for us to triumph over godfatherism. Congratulations to all Edo people. This is our victory!”
Words fail me in saluting our teeming supporters who displayed immense courage in the face of threats, intimidation and brutalization. The collective will of Edo people made it possible for us to triumph over godfatherism. Congratulations to all Edo people. This is our victory! pic.twitter.com/4X4Lfk3wMb
— Godwin Obaseki (GGO) (@GovernorObaseki) September 20, 2020
Tech News
TikTok’s owner seeks $60 billion valuation in US deal as Oracle, Walmart take stakes
Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global.
TikTok’s parent company, ByteDance is seeking a valuation of $60 billion for its video-sharing app, as Oracle Corp and Walmart Inc take stakes in the technology firm’s US operations to address the security concerns of the Trump administration.
According to a report from Bloomberg, Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that has gotten the approval of President Donald Trump.
The duo US firms would be paying a combined amount of $12 billion for their stakes if they reach an agreement with TikTok for the asking price of $60 billion.
READ: Oracle wins bid to acquire TikTok’s US operations after Microsoft offer was rejected
The final valuation had not been set as the parties worked out the equity and measures for data security.
It was also stated that China is yet to approve the deal, although regulators are said to have expressed support for any transaction in which BtyeDance still maintains control of its valuable recommendation algorithms and other proprietary technology.
It would be recalled that President Donald Trump, had threatened to ban the ByteDance owned TikTok, over national security concerns, but which some analysts see as part of the row between US and China. This pressured ByteDance into the deal as they looked to avoid the ban by the US government.
READ: ByteDance, Tiktok’s parent company, now worth over $100 billion
The US officials had expressed concern that the personal data of as many as 100 million Americans that use the app were being passed on to the Chinese government.
ByteDance turned down the proposal of a full buyout from Microsoft Corp but rather agreed to Oracle’s offer in which the Chinese parent company will still maintain a majority stake in the technology firm.
Trump told reporters on Saturday, ‘’I approve the deal in concept. If they get it done, that’s great. If they don’t, that’s ok too.’’
READ: President Trump dumps plan to force foreign students to leave the US
Trump’s new stance appears to conflict with his earlier executive order for China’s ByteDance to divest from the video-sharing app’s operations in the United States.
ByteDance is in a race to avoid a ban on TikTok after the US Commerce Department said on Friday that it would block new downloads and updates to the app from Sunday.
According to market researcher, CB Insights, ByteDance is the most valued private start-up in the world at $140 billion. Under the proposed deal, ByteDance may end up owning as much as 80% of TikTok Global, which include the app’s operations in the US and the rest of the world excluding China. Venture firms like Sequoia Capital and General Atlantic may also acquire equity in the new business.
Business
Lagos to shut Ojota’s axis of main carriage way of Ikorodu road for 3 months
The Commissioner advised all motorists to utilize alternative routes suggested during the stipulated time.
The Lagos State Government has announced the shutdown of the entire length of the main carriageway of Ikorodu Road from Ojota interchange to Ojota Second Pedestrian Bridge from Monday, September 21, 2020, for a duration of 3 months.
This is development is part of the next phase ongoing rehabilitation work on Ikorodu Road which is set to commence from the Ojota Interchange to Ojota Second Pedestrian Bridge and the Service lane inbound Lagos.
READ: FG, Lagos State collaborate to address declining infrastructure in Festac Town
While making the disclosure, the Lagos State Commissioner for Transportation, Dr Frederick Oladeinde, advised all motorists to utilize alternative routes suggested during the stipulated time for the repairs following the closure of the entire length of the main carriageway for reconstruction work.
Oladeinde in his statement said, “Vehicles coming from Maryland will be diverted at Odoyalaro into the Service lane and the BRT Corridor to link back the main carriageway at Ketu bus stop and Demurin junction respectively.’’
READ: Lagos allows cinemas, gyms, others to reopen
The commissioner gave an assurance that the Lagos State Traffic Management Authority (LASTMA) and other law enforcement agencies will be available to direct traffic for free vehicular movement during the entire period of construction work.
While soliciting for the cooperation and support of residents and motorists that ply the axis, the Commissioner stated that the project is aimed at finding a lasting solution to the ever-busy road as well as to achieve the present administration’s traffic management and transportation policy objectives.
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The Lagos State Government is set to commence the next phase of repairs from Ojota Interchange to Ojota Second Pedestrian Bridge and the Service lane inbound Lagos, from Monday 21st of September, 2020 for a duration of three months.@jidesanwoolu @dr_oladeinde#ForAGreaterLagos pic.twitter.com/8mzYGauqpi
— The Lagos State Govt (@followlasg) September 18, 2020
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