Wednesday, June 15, 2016

New Foreign Exchange Regime.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), on Wednesday unfolded the new foreign exchange regime. Here are the highlights of his address.

1. Foreign reserves fell by 60% in 30 months: The fall in oil revenue has led to a drastic fall in foreign reserves, from about US$42.8 billion in January 2014 to about US$26.7 billion as of June 10, 2016.

2. Monthly FX earnings now less than $1 billion: CBN’s foreign exchange earnings have fallen from about US$3.2 billion monthly to current levels of below a billion dollars per month during the same period. This is attributable to low oil prices and attacks on oil installations, which reduced crude export.

3. Some needs still met: Despite the shortage of forex, CBN managed to meet some of its obligations regarding the following — matured LCs from commercial banks; importation of raw materials, plants, and equipment; importation of petroleum products; and payments for school fees, BTA, PTA, and related expenses.

4. Our reserves can still meet import needs: Despite having fallen, the FX reserve is still robust and able to cover about five months of Nigeria’s imports as against the international benchmark of three months. Domestic production of items restricted from the FX market is picking up nationwide, Emefiele said.

5. There will be only one FX market: The “new” market shall operate as a single market structure through the inter-bank/autonomous window. The CBN would participate in the market through periodic interventions to either buy or sell FX as the need arises. In other words, the CBN rate of $197 is gone for good.

6. The exchange rate would be purely market-driven: This will be done through the Thomson-Reuters Order Matching System as well as the Conversational Dealing Book.

7. There will be registered primary dealers: To improve the dynamics of the market, we will introduce FX Primary Dealers (FXPD) who would be registered by the CBN to deal directly with the Bank for large trade sizes on a two-way quotes basis. These Primary Dealers shall operate with other dealers in the Inter-bank market, amongst other obligations that will be stipulated in the Foreign Exchange Primary Dealers (FXPD) Guidelines, which would also be released immediately after this Press Briefing.

8. The “41 items” remain excluded: The 41 items classified as “Not Valid for Foreign Exchange” as detailed in a previous CBN circular shall remain inadmissible in the Nigerian FX market. Therefore, they would source from parallel market.

9. The CBN shall introduce non-deliverable OTCs: The over-the-counter (OTC) naira-settled futures, with daily rates on the CBN-approved FMDQ Trading and Reporting System, will be introduced. This is an entirely new product in the Nigerian FX market, which Emefiele says would help moderate volatility in the exchange rate by moving non-urgent FX demand from the spot to the futures market;

10. Authorised dealers to purchase “repatriations”: Proceeds of foreign investment inflows and international money transfers shall be purchased by authorised dealers at the Daily Inter-Bank Rate; and non-oil exporters are now allowed unfettered access to their FX proceeds, which shall be sold in the inter-bank market.

11. FX dealers to know themselves by Friday. The selected FX primary dealers will be notified by Friday June 17, 2016, according to Emefiele. All other non-primary dealers would remain valid and eligible to participate in the market. Inter-bank trading under the new guidelines will begin on Monday June 20, 2016. Source: thecableng

Opinion: Single exchange rate driven by market forces, would eliminate the rates given preferentially by CBN. May be we are seeing the elimination of black market.

C.V.Akuta Media UK

Over 200 Muslims Gathered To Pray For Orlando Victims.

Over 200 Muslims gathered to pray for the victims of the deadly Orlando shooting and break their fasts for the month of Ramadan. World Post.

Opinion: Time for genuine Muslims to rise and fight against the few elements, tarnishing the name of their religion.

C.V.Akuta Media UK.


Team Nigeria Can't Pay For Visa Fees.

The ‘poor’ preparation by Team Nigeria for this year’s Rio Olympic Games has taken a new dimension if the revelation by an official of the Athletics Federation of Nigeria (AFN) yesterday is anything to go by.



Nigerian athletes are expected to jet out to Durban South Africa later this week for the African Senior Athletics Championship. Two years ago in Marrakech, Morocco, the country finished second behind South Africa, but this year, the AFN claims it has the team to reclaim its number one position in African track and field.

However, the trip to Durban may not materialise because, according to one AFN official yesterday, the sports ministry in Abuja has failed to release money for the trip.

“It is so bad now that we can’t even raise money to pay visa fees for the athletes,” the official told The Guardian. “Our preparation for the Olympic Games had never taken this bad shape. Athletics is one of the sports Team Nigeria is hoping to get medals in Rio. We intend to use this trip to Durban to give the athletes the final brush up since there is no money to organise the usual overseas training camp for them. If the athletes failed in Rio, Nigerians should know who to blame because the AFN and the athletes have done their parts. The Presidency has to do something very fast,” the official said.

On Monday, the AFN said Team Nigeria would send a strong team to South Africa with the aim of beating the host and defending champion, South Africa, on home soil. Source: Guardian 

Opinion: Not surprised at the above. The country is broke. However it would be a national disgrace if Nigeria couldn't attend this international tournament due to unavailability of cash. 

C.V.Akuta Media UK.

Fake Doctor Was Incharge of Hospital For 10 Years.

Investigations by the Medical and Dental Council of Nigeria (MDCN) led to police arresting a man who ran a private hospital for 10 years in Gwarimpa area of Abuja, where he offered surgeries and antenatal care, using forged certificates.

Victor Moffat Akpan was the owner of Luna Maternity & Surgery, an outfit he opened in 2006 as a “surgeon” using a forged practice licence—four years after MDCN refused to grant him licence to practice as a homeopath.

He's understood to have delivered by caesarean section a set of conjoined twins who later died at National Hospital in 2013. Source: www.dailytrust.com.ng


Opinion: Who knows how many people he had killed. Medical Council should device a means of checking health centre's practice licences. Hope he will face justice.

C.V.Akuta Media UK

Monday, June 13, 2016

Niger Delta Avengers Agrees to Talk With Federal Government.

WARRI- THE Niger Delta Avengers NDA, Monday, agreed to dialogue with the Federal Government, suspending its “Operation Red Economy”, which saw the militant group almost crippling the oil industry since February when it commenced bombing of oil and gas installations in the Niger Delta region. Source: www.vanguardngr.com

Opinion: This is best approach to channel your grievances. Violence has never solved any problem in the world. Every conflict ends on a round table.

C.V.Akuta Media UK.

Afenifere Renewal Group Demands Official Release of June 12 Result.

The Afenifere Renewal Group Saturday demanded that the federal government should officially release the result of the June 12, 1993 Presidential Election acclaimed to have been won by late Chief M.K.O Abiola.

The ARG, a pan-Yoruba socio-political and economic organisation, justified the need to officially release the election result because the Official Secrets Act “can no longer be binding on the document.”

It made the demand in a statement signed by its National Chairman, Hon. Olawale Oshun, to mark the 23rd anniversary of the June 12 election adjudged to be the freest and fairest in Nigeria’s history, though it was annulled by former Military President, Gen. Ibrahim Babangida.

In a one-page statement, Oshun said President Muhammadu Buhari, as the beneficiary of a ballot revolution that mostly mirrored that of 1993, owed the citizens of Nigeria across the geo-political divides the duty of declassifying the election result, particularly now that 23 years had elapsed.

The group’s national chairman explained that the Official Secrets Act “can no longer be binding on the document. We believe this will reverse the stigma occasioned by the foolish act of canceling that election, adjudged to be the most peaceful in the history of Nigeria.”

He added that the official release of the June 12 election result “will open up the hypocrisy of military rule and help project democracy as a better form of governance. June 12 is no longer a struggle but now an obligation. The people have played their own part.

“It is now the obligation of the beneficiaries of that struggle to set the country on a truly democratic path by deliberately replacing every stamp of military rule on Nigeria’s nationhood, including the imposed governance structure and constitution, through democratic rights and tenets.”

Oshun argued that there “is no alternative way to deepen democracy in Nigeria. Let nobody be deceived. Until the federal government takes conscious steps to restructure Nigeria, the country will continue to wobble from one crisis of nationhood to another.

“To continue to ignore this necessity is a tacit support by elected officials for everything that transpired during the military era and this is why military rule has transited to ‘do or die’ politics and citizens now believed they have a right to take up arms against their country.”

He thus called President Buhari to see himself as best poised “to help Nigeria make this transition. This can be his best legacy and the starting point, we dare say, is to release the June 12 presidential election result and its winner appropriately recognised and honoured.”

In a phone conversation on Friday, Oshun lamented that it was tragic that no government “has given Chief MKO Abiola, the acclaimed winner of the June 12 election due recognition. It is a common knowledge that he won the election. The records are still there as proofs of Abiola’s electoral victory.

“It is injustice, and the injustice will continue as long as Abiola’s posthumous victory is not recognised. Buhari has opportunity to recognise Abiola’s electoral victory because sufficient time has already passed. The healing process of Nigeria will not have taken this long time if this injustice has been addressed. “This therefore calls for the need to look at the political structure of Nigeria. We need to restructure Nigeria in a way that devolves more powers and responsibilities to the sub-national governments,” he said.​ Source: Thisday.

Opinion: They should consider to approach the court using the freedom of information act. Only if they had tried it under Obasanjo and Jonathan, may be they would have secured it's release. None the less, they can try under this government.

C.V.Akuta Media UK.

Sunday, June 12, 2016

Home Grown Terrorist and Self Radicalized: Over 50 Killed in America.

ORLANDO, Fla. — A gunman who pledged allegiance to the Islamic State killed 50 people and wounded 53 in a crowded gay nightclub early Sunday. The gunman, identified as Omar Mateen, had been investigated twice by the F.B.I. for possible connections to terrorism, the bureau said, but no ties could be confirmed.

Mr. Mateen, 29, an American citizen whose parents were from Afghanistan, called 911 and talked about the Islamic State shortly before the massacre at the Pulse nightclub, the worst mass shooting in American history, Ronald Hopper, an assistant agent in charge of the F.B.I.’s Tampa Division, said at a news conference. Other federal officials said more explicitly that he declared allegiance to the group.



“The F.B.I. first became aware of him in 2013 when he made inflammatory comments to co-workers alleging possible terrorist ties,” but could not find any incriminating evidence, Agent Hopper said. In 2014, the bureau investigated him again, for possible ties to Moner Mohammad Abusalha, an American who grew up in Florida but went to Syria to fight for an extremist group and detonated a suicide bomb; Agent Hopper said the bureau concluded that the contact between the two men was minimal, and that Mr. Mateen “did not constitute a substantive threat at that time.”

The suspicions did not prevent Mr. Mateen from working as a security guard, or from buying guns. The federal Bureau of Alcohol, Tobacco, Firearms and Explosives said Mr. Mateen legally bought a long gun and a pistol in the last week or two, though it was not clear whether those were the weapons used in the assault.

Hours after the attack, the Islamic State claimed responsibility in a statement released over an encrypted phone app used by the group, stating that the attack “was carried out by an Islamic State fighter,” according to a transcript provided by the SITE Intelligence Group, which tracks jihadist propaganda.

But officials cautioned that even if Mr. Mateen, who court records show was born in New York and had been married and divorced, had been inspired by the group, there was no indication that it had trained or instructed him, or had any direct connection with him. The pair who killed 14 people in San Bernardino, Calif., in December also proclaimed allegiance to the Islamic State, but investigators do not believe they had any contact with the group.

“The F.B.I. is appropriately investigating this as an act of terror,” President Obama said from the White House. He said that the gunman clearly had been ”filled with hatred” and that investigators were seeking to determine any ties to overseas terrorist groups.

“In the face of hate and violence, we will love one another,” he said. “We will not give in to fear or turn against each other. Instead, we will stand united as Americans to protect our people and defend our nation, and to take action against those who threaten us.”

As he had after previous mass shootings, the president said the shooting demonstrated again the need for what he called “common sense” gun measures.

“This massacre is therefore a further reminder of how easy it is for someone to get their hands on a weapon that lets them shoot people in a school or a house of worship or a movie theater or a nightclub,” Mr. Obama said. “We have to decide if that’s the kind of country we want to be. To actively do nothing is a decision as well.”

The killer stormed the Pulse nightclub armed with an AR-15-style assault rifle and a handgun at about 2 a.m., while more than 300 people were inside dancing and drinking, John Mina, the Orlando police chief, said. Mr. Mateen shot about one-third of the people in the packed club, mowing down patrons while many others, some of them bleeding, fled down the darkened streets of the surrounding neighborhood.

The result was the worst terrorist attack on American soil since Sept. 11, 2001, and the deadliest attack in the nation’s history on a specifically gay gathering. The F.B.I. set up a hotline for tips.

The gunman holed up inside with dozens of people effectively held hostage, some of them hiding in a restroom frantically calling for help, until about 5 a.m., when a police SWAT team, using an armored vehicle and stun grenades, raided the building and killed him. Officials said that 11 law enforcement officers exchanged fire with the gunman.

In that assault, an officer was wounded, his life saved by a Kevlar helmet that deflected a bullet, and at least 30 people were rescued, Chief Mina said. Some survivors escaped under cover of what the police called two “discretionary explosions."

Law enforcement officials in Santa Monica, Calif., on Sunday confirmed the arrest of a heavily armed man who said he was in the area for West Hollywood’s gay pride parade. The authorities, however, said they did not know of any connection between the arrest and the Orlando shooting.

Some terrorist attacks, like the San Bernardino killings in December, were carried out in the name of Islam by people, some of them born and raised in the West, who were “self-radicalized.”

The Islamic State in particular has encouraged “lone wolf” attacks in the West, a point reinforced recently by a spokesman for the group, Abu Muhammad al-Adnani, in his annual speech just before the holy month of Ramadan. In past years, the Islamic State and Al Qaeda ramped up attacks during Ramadan.

“Make it, Allah permitting, a month of hurt on the infidels everywhere,” Mr. Adnani said, according to a translation provided by the SITE Intelligence Group. Noting that some supporters have lamented that they cannot strike at military targets, he took pains to explain why killing civilians in the land of the infidel is not just permitted but encouraged.

Rasha Mubarak, the Orlando regional coordinator of the Council on American-Islamic Relations, released a statement saying: “We condemn this monstrous attack and offer our heartfelt condolences to the families and loved ones of all those killed or injured. The Muslim community joins our fellow Americans in repudiating anyone or any group that would claim to justify or excuse such an appalling act of violence.”

A member of the Orange County sheriff’s department at the scene of a shooting in Orlando, Fla., on Sunday.

The toll of the dead and injured far exceeded those of the 2007 shooting at Virginia Tech, where 32 people were killed, and the 2012 shooting at an elementary school in Newtown, Conn., where 26 people were killed.



Pulse, which calls itself “Orlando’s Latin Hotspot,” was holding its weekly “Upscale Latin Saturdays” party with three D.J.s and a midnight show. Witnesses described a scene of chaos and confusion, and some said it was hard at first to realize that the gunshots were not part of the loud, pulsing dance music.

“We were dancing by the hip-hop area when I heard shots, bam, bam, bam, and the only thing I could think of was to duck, but I ran out instead,” said Joel Figueroa, 19, of Orlando, who had been inside. “Everybody was screaming and running toward the front door. I didn’t get to see the shooter.”

He said a friend of his had been shot three times and taken to a hospital.

Ray Rivera, a D.J. at the club, was playing reggae music in the patio area when the shooting started, while Latin music played inside the building.

“I heard shots, so I lower the volume of the music to hear better because I wasn’t sure of what I just heard,” Mr. Rivera said. “I thought it was firecrackers, then I realized that someone is shooting at people in the club.

“I heard like 40 shots coming from the main area of the club,” he continued. “I ran away through a side gate. I saw bodies on the floor, people on the floor everywhere. It was a chaos, everybody trying to get out.”

Mr. Rivera, 42, who has worked at Pulse for years, said: “This is a nice club, decent, people come from all over to dance and have a good time. Young people. A lot of young people were there last night. This is crazy.”

The club posted a message on its Facebook page about 3 a.m.: “Everyone get out of pulse and keep running.”

People streamed out of the club into a chaotic situation with little idea of where to go. “Cops were saying, ‘Go, go, clear the area,’” Christopher Hansen told an Orlando TV station. “You don’t know who’s what and who’s where.”

Witnesses and police officers carried bleeding people down the streets, sometimes loading them into police vehicles for the drive to hospitals rather than waiting for ambulances. The club is three blocks down South Orange Avenue from Orlando Regional Medical Center, the region’s primary trauma center, and two other hospitals also took in victims.

Police officers in Orlando, Fla., directing people away from a nightclub where a gunman opened fire early Sunday.

“Please keep everyone in your prayers as we work through this tragic event,”the nightclub’s post said. “Thank you for your thoughts and love.”

The Gay Lesbian, Bisexual, Transgender Community Center of Central Florida said it was offering grief counseling to victims and survivors.

Officials at Orlando Regional Medical Center asked members of the families of victims and missing people to gather at the north entrance, where they would be escorted inside.

The slaughter at Pulse occurred a day after the singer Christina Grimmie, a star of YouTube and the reality TV show “The Voice,” was shot down after a concert in Orlando. The police said she had been killed by a St. Petersburg, Fla., man who drove to Orlando with the specific intention to kill Ms. Grimmie. The man, Kevin James Loibl, killed himself moments later.

Chief Mina said Mr. Loibl had traveled to Orlando with two handguns, several loaded magazines and a hunting knife. Police officials were examining his telephone and computer to try to determine a motive. Source: New York Times.

Opinion: Very sad. Worst was that it happened during the holy month of Ramadan for the Moslems, and less than two days after Muhammed Ali was buried. These people have given Islam a very bad image all over the world.

C.V.Akuta Media UK.