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Economy & Politics

Buhari appoints new Ag. Chairman of EFCC, gives reason for Magu’s suspension

The statement revealed why Ibrahim Magu, was suspended by the President.

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Ibrahim Magu, Buhari appoints new Ag. Chairman of EFCC, gives reason for Magu's suspension

President Muhammadu Buhari has approved the appointment of Mohammed Umar as the new acting Chairman of the Economic and Financial Crime Commission (EFCC).

Umar who is EFCC’s Director of Operations was asked to take charge and oversee the operations and activities of the anti-corruption agency pending the conclusion of the ongoing investigation on the allegations against Ibrahim Magu and further directives in that regards.

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This was disclosed by the Special Assistant Media and Public Relations to the Attorney General of the Federation and Minister for Justice, Dr Umar Gwandu, in a press statement on Friday, July 10, 2020, in Abuja.

The statement revealed that the former acting Chairman for EFCC, Ibrahim Magu, was suspended by the President in order to allow for an unhindered probe by the Presidential Investigation Panel which is headed by Rtd Justice Ayo Salami under the Tribunal of Inquiry Act and other relevant laws.

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READ ALSO: Senate to probe FG over reduction of MTN’s $8.1 billion fine

The presidential panel was set up to investigate various cases of official misconduct and financial irregularities against Ibrahim Magu, who has been in detention since Monday, July 6, following his invitation for questioning by the panel.

The allegations were made by the Attorney General and Minister for Justice, Abubakar Malami, who demanded for his removal as the acting Chairman of the EFFC in a memo to President Muhammadu Buhari.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Economy & Politics

Nigeria’s unemployment rate jumps to 27.1% as at 2020 Q2

Nigeria’s unemployment rate as at the second quarter of 2020 is 27.1% meaning about 21.7 million Nigerians remain unemployed.

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Nigeria’s unemployment rate as at the second quarter of 2020 is 27.1% indicating that about  21,764,614 (21.7 million) Nigerians remain unemployed.

Nigeria’s unemployment and underemployment rate (28.6%) is a combined 55.7%. This means the total number of Nigerians who are unemployed or underemployed as at 2020 Q2.

This is contained in a recently released unemployment data report published by the National Bureau of Statistics. Nigeria’s unemployment rate was 23.1% in Q3 2018 confirming it increased by 4% points between then and the second quarter of 2020.

READ MORE: Nigeria attracts more Bitcoin interest than any country globally

Key highlights

  • The number of persons in the economically active or working-age population (15 – 64 years of age) during the reference period of the survey, Q2, 2020 was 116,871,186.
  • The number of persons in the labour force (i.e. people within ages 15 -64, who are able and willing to work) was estimated to be 80,291,894. This was 11.3% less than the number persons in Q3, 2018. Of this number, those within the age bracket of 25-34 were highest, with 23,328,460 or 29.1% of the labour force.
  • The total number of people in employment (i.e. people with jobs) during the reference period was dwellers, it rose to 31.5% from 22.8%, while the rate among urban dwellers rose to 23.2% from 58,527,276.
  • Of this number, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were under-employed (i.e. working between 20-29 hours per week). This figure is 15.8% less than the people in employment in Q3, 2020
  • The unemployment rate during the reference period, Q2, 2020 was 27.1%, up from the 23.1% recorded in Q3, 2018. The underemployment rate increased from 20.1% in Q3, 2018 to 28.6%.
  • For the period under review, Q2, 2020, the unemployment rate among young people (15-34years) was 34.9%, up from 29.7%, while the rate of underemployment for the same age group rose to 28.2% from 25.7% in Q3, 2018. These rates were the highest when compared to other age groupings.

The data is coming after nearly two years when the last data was published. The bureau last published jobs data in the third quarter of 2018 citing funding as a major challenge.

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READ MORE: Dangote moves to reduce unemployment rate with investments in agriculture 

Key Take-aways

  • Nigeria’s youth remain the hardest hit by unemployment with over 13.9 million people aged between 15 and 34 years unemployed.
  • The data also shows 7.6 million of this subset did nothing.
  • Women also continue to bear the brunch of bad economy with about 12.2 million out of jobs from the 27 million currently unemployed.
  • Graduates and post graduates combined made up about 2.9 million of the total Nigerians that are unemployed.
  • In a surpising data, out of the 35.5 million Nigerians that are fully employed, 28.8 million of them never attended school (6.29 million) or did not have a tertiary education (22.5).
  • In fact, most fully employed people in Nigeria with SSS (Senior Secondary School certificates) are a whopping 13.2 million.

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Business

NBC slams N5 million fine on Nigeria Info over Mailafia’s inciting comments

This was contained in a press statement which was issued by NBC on Thursday.

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NBC slams N5 million fine on Nigeria Info over Mailafia's inciting comments

The Nigerian Broadcasting Commission (NBC) has slammed a fine of N5m on a radio station, Nigeria Info, over the recent claim by a former Deputy Governor of the Central Bank of Nigeria, Dr Obadiah Mailafia.

Mailafia, in an interview in one of the radio station’s programmes, claimed that some of the repentant Boko Haram militants confessed that one of the northern governors is the commander of Boko Haram in Nigeria.

This was contained in a press statement which was issued by NBC on Thursday, August 13, 2020, titled, ‘’The National Broadcasting Commission fines Nigeria Info 99.3 for Unprofessional Broadcast’’.

READ ALSO: Power: Nigeria’s deal with Siemens – the birth of a new era?

The NBC expressed its displeasure at the radio station for providing its platform to be used to promote unverifiable and inciting views that can lead to crime and public disorder.

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The NBC’s statement reads, ”The National Broadcasting Commission has noted with grave concern, the unprofessional conduct of Nigeria Info 99.3FM, Lagos, in the handling of the Programme, “Morning Cross Fire”, aired on August 10, 2020, between 8.30 am and 9.00 am. The station provided its platform for the guest, Dr Mailafia Obadiah, to promote unverifiable and inciting views that could encourage or incite to crime and lead to public disorder.”

READ MORE: NBC Code: Why video streaming platforms say ‘No’

”The Commission, again, wishes to reiterate that Broadcasters hold Licenses in trust for the people. Therefore, no Broadcast Station should be used, to promote personal or sectional interests at the expense of the people.

NBC noted that Dr Obadiah’s comments on the Southern Kaduna crisis, were devoid of facts and the broadcast of such by Nigeria Info 99.3 violates some sections of the Nigeria Broadcasting Code which include;

  • No broadcast shall encourage or incite to crime, lead to public disorder or hate, be repugnant to public feelings or contain an offensive reference to any person or organisation, alive or dead or generally be disrespectful to human dignity;
  • Broadcasting shall promote human dignity, therefore, hate speech is prohibited;
  • The broadcaster shall ensure that any information given in a programme, in whatever form, is accurate;
  • The Broadcaster shall ensure that all sides to any issue of public interest are equitably presented for fairness and balance;
  • The broadcaster shall ensure that language or scene likely to encourage or incite to crime, or lead to disorder, is not broadcast;
  • No programme contains anything which amounts to subversion of constituted authority or compromises the unity or corporate existence of Nigeria as a sovereign state;
  • The Broadcaster shall not transmit divisive materials that may threaten or compromise the indivisibility and indissolubility of Nigeria as a sovereign state.

The NBC further states, ”Consequent on these provisions and in line with the amendment of the 6th edition of the Nigeria Broadcasting Code, Nigeria Info 99.3FM Lagos, has been fined the sum of N5,000,000.00 (Five Million Naira), only. This is expected to serve as a deterrent to all other broadcast stations in Nigeria who are quick to provide a platform for subversive rhetorics and the expositions of spurious and unverifiable claims, to desist from such.”

The NBC also stated that it will not hesitate to suspend the license of broadcast stations that continue to breach to breach the broadcast code.

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Economy & Politics

FG completes 11 projects to drive Digital Economy

The government has been pushing the Digital Economy in a bid to diversify economic productivity.

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FG completes 11 projects to drive Digital Economy, FG orders NIPOST to stop cash transactions , Pantami moves to ban automatic voicemail service by telcos  , Why Nigeria’s Data woes may not end soon , Pantami reacts to CBN’s ATM fee cut, keeps mute on directive to cut data cost , Pantami condemns FIRS move to collect stamp duty, MTN, Airtel, others disregarding Pantami’s voicemail, data directives on all front , FG warns State governments against RoW charge increase, FG reiterates commitment towards implementing broadband strategy ,FG reiterates commitment to 75% broadband penetration in 5 years 

The Federal Ministry of Communications and Digital Economy announced that it has completed 11 projects to drive its Digital Economy programme.

This was announced by the Minister of Communications and Digital Economy, Dr. Isa Pantami, during the phase 2 commissioning of Nigeria’s Digital Economy drive.

The Nigerian Government has been pushing the Digital Economy in a bid to create growth and diversify economic productivity in the nation, starting with the Digital Economy drive which was added to the portfolio of the Ministry of Communications.

READ MORE: Nigeria’s broadband penetration rises, yet internet remains slowest in the world

Nairametrics reported last month that the Nigerian Communications Commission (NCC) also approved the creation of a Digital Economy Department, which will be responsible for promoting the digital economic agenda of the federal government. The department will renew the commission’s strategy for delivering its programmes and policies, and give the necessary push to promote the national digital economy.

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The projects were launched with the supervision of the Ministry of Communications and Digital Economy and would be operated by the Nigerian Communications Commission (NCC), National Information Technology Development Agency, (NITDA) Nigerian Postal Services (NIPOST ) and The Universal Service Provision Fund (USPF) and would be located nationwide.

READ ALSO: NCC issues 10 new VAS licences in 2019, projects market to hit $500 million 

The 11 projects are:

  1. Emergency Communications Centre (ECC) llorin, Kwara State.
  2. Emergency Communications Centre (ECC) Calabar, Cross River State.
  3. School Knowledge Centre (SKC), Gombe State.
  4. Information Technology Innovation Centre, Kogi State.
  5. Tertiary Institution Knowledge Centre (TIKC), Delta State.
  6. New Neighborhood Post Office, Delta State.
  7. Remodelled National Mail Exchange Centre, Bayelsa State.
  8. e-Health/Data Sharing Centre, Bauchi State.
  9. Virtual Examination Centre, Borno State.
  10. Information Technology Capacity Building Centre, Jigawa State.
  11. Information Technology Capacity Building Centre, Imo State.

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