Stock market index depreciates further by 1.08 per cent

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The bears strengthened its hold on the equity sector of the Nigerian Stock Exchange (NSE), as the market extended losing streak at the close of yesterday’s trading, causing the All-share index to plummet by 1.08 per cent.

Specifically, at the close of transactions yesterday, the All -Share Index (ASI) depreciated by 422.10 absolute points, representing a loss of 1.08 per cent to close at 38,606.41 points from 39,028.51 recorded on Monday.

Similarly, the market capitalisation shed N153 billion from N14.137 trillion to N13.984 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nestle, Nigerian Breweries, International Breweries, Dangote Cement and Wapco.

The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion said that: “We expect selling pressure to moderate and volatility to continue as end of the month trading account balancing and portfolio reshuffling ahead of March account full year earnings report in June.”

Market breadth closed negative but improved when compared to previous trading day, with 23 gainers versus 25 losers.

Consolidated Hallmark Insurance recorded the highest price gain of 6.25 per cent, to close at 34 kobo per share. FCMB Groups gained five per cent to close at N2.10, while Flour Mills Nigeria appreciated by 4.98 per cent to close at N31.60 per share.

Fidson Healthcare appreciated by 4.87 per cent to close at N6.24, while Dangote Flour gained 4.68 per cent to close at N8.95 per share.

On the other hand, Ikeja Hotel led the losers’ chart by 7.04 per cent, to close at N2.51 per share. AG Leventis shed 6.78 per cent to close at 55 kobo, while GlaxoSmithKline depreciated by 4.95 per cent to close at N19.20 per share.

Wapco declined by 4.94 per cent to close at N36.60 and International Breweries also shed 4.92 per cent to close at N49.25 per share.

However, the total volume traded appreciated by 53.86 per cent to 342.05 million shares, worth N4.74 billion, and traded in 5,057 deals.

Davido presents his dad with his music achievement plaques.

downloadPopular musician Davido has achieved quite a lot in his music career. He has won countless awards as well as performed at a lot of countries all over the world. Most recently, his songs If and Fall went diamond and platinum respectively. According to the Recording Industry Association of America (RIAA), this means If has been sold or streamed one million times and Fall has reached ten million record sales worldwide.

He took the commemorative plaques he got to his father in the United States of America. With his second daughter Hailey in tow, he thanked his father for his support as he presented the plaques to him.

Writing via his Instagram page, Davido thanked everyone who supported him when he was initially given the plaques at the beginning of the year. “IF is officially Diamond and ‘FALL’ is officially Platinum in sales!!! My trophies finally came in as well! GOD IS REAL! Thank you Guys for making this happen!! Just getting started!!! Bless to my team.

Investors’ wealth depreciates further by N181 billion in bearish trading


The reign of the bears continued unabated to the last trading day of the month of May, as most highly capitalised stocks depreciated in price market, causing market capitalization to plunge further by N181 billion.

Precisely, at the close of trading yesterday, the All- Share Index shed 501.87 absolute points or 1.30 per cent to close at 38,104.54 points its lowest in five months, resulting to a negative year-to-date performance of 0.36 per cent. Also, the market capitalisation declined by N181 billion to close at N13.803 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Okomu Oil, International Breweries, Forte Oil and Dangote Cement.

Analysts at APT Securities and Funds Limited said that “as negative sentiment foods the market, it pose a good buy on stocks that have shed weight most especially big capitalised stocks in Industrial Goods and Consumer Goods sector.”

Market breadth closed negative, with 21 gainers versus 26 losers. Cement Company of Northern Nigeria (CCNN) recorded the highest price gain of 10.12 per cent, to close at N26.65 per share. FCMB Groups followed with a gain of 8.10 per cent to close at N2.27, while FBN Holdings appreciated by 5.73 per cent to close at N10.15 per share.Unilever Nigeria rose by five per cent to close at N51.45, while Fidelity Bank gained 4.97 per cent to close at N1.90 per share.

On the other hand, International Breweries led the losers’ chart by 9.64 per cent, to close at N44.50 per share. Forte Oil shed 9.09 per cent to close at N37, while Okomu Oil depreciated by 5.88 per cent to close at N80 per share. Livestock declined by 4.94 per cent to close at 77 kobo and Caverton also shed 4.93 per cent to close at N2.12 per share.

The total volume traded appreciated by 376 per cent to 1.62 billion shares, worth N71.2 billion, and traded in 5,166 deals. Transactions in the shares of Stanbic IBTC Holdings topped the activity chart with 1.15 billion shares valued at N61.64 billion, accounted for 89 per cent of the total market value traded following news on a share acquisition by its parent company, Stanbic Africa Holdings, which would increase its shareholding in the Nigerian bank to 64.4 per cent.Zenith Bank followed with 127.19 million shares worth N3.26 billion, while Guaranty Trust Bank traded 74 million shares valued at N3.01 billion.

UBA traded 65.56 million shares valued at N700.76 million, while Sterling Bank transacted 29.8 million shares worth N36.33 million.

Scott Disick gets handsy with unknown girl

SCOTT DISICK AT KANYES ALBUM LAUNCH  courtesy of TMZ

Scott Disick was interestingly without Sofia Richie at Kanye‘s Thursday night’s album release party, but he was more than friendly with a mystery chick … and he was telling people he and Sofia are history.

Disick — who many at the event say appeared wasted — had his arms wrapped around a dirty blonde, green-eyed girl while Kanye premiered his new album. We’re told Disick and the chick were flirty and touching each other during at least two of Kanye’s songs.

Scott showed up the Wyoming album release party with a few friends and security. Our sources say he was rarely without a drink in hand and was, at one point, overheard saying he was single.

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MOUNTAIN PARTY

19-year-old Richie posted from Nobu in Malibu, some 1,000 miles away from Kanye’s party as it was happening.

The possible sudden split seems surprising given Richie was just recently on vacation with Scott.

NNPC: petrol landing cost exceeds N171 per litre

The Nigerian National Petroleum Corporation (NNPC) yesterday cried out over the increase in the landing cost of petrol. The state-run oil firm lamented that the cost has exceeded N171 per liter while the pump price remained regulated at the maximum of N145 per liter.

The last known landing cost of the product was N171 per liter which is an indication of N26 per liter under-recovery cost.

The prices of crude oil had recently risen to about $80 per barrel, which has a direct effect on the landing cost of petroleum products.

But in December last year when the price was $64.37 per barrel, the NNPC Group Managing Director, Dr. Maikanti Baru said the landing cost, which include product cost, insurance and freight was $620 per metric ton. He said the country’s daily consumption had risen above 50million liters per day too.

Meanwhile, its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, who spoke with The Nation on phone, rejected the description of the payment of under-recovery as subsidy.

He said: “As you rightly pointed out in your question, once the prices of crude oil go up in the international market, it affects the prices of product in the international market.

“And equally it affects the landing cost. The gap has really widened but the real figures I don’t have here because I am not here in the office.”

But the spokesman later told this correspondent on phone that “it is only the PPPRA (Petroleum Product Pricing Regulatory Agency) that can give you the figure.”

Upon visit to the website of the PPPRA, the pricing template space was blank.

Asked to state why the space was blank, agency’s General Manager, Corporate Affairs, Mr. Agie Apollo, said management has directed the department to revive and update it on daily basis.

The PPPRA spokesman was reticent on the under-recovery cost of petrol. He however said:  “The website is like almost as dead. In short, we need to upgrade and update it on daily basis. I just finished talking to the person who is in charge of the updating of the website.”

But according to Ughamadu, it is only the National Assembly that can appropriate subsidy. He explained that the NNPC has only said it is not recovering the full amount for the petrol it sells to the public.

“We have never said we are operating a regime of subsidy. Once you mention subsidy, it is only National Assembly that can appropriate for subsidy. What we have been saying is that we are operating a regime of under-recovery. In other words, we are not recovering the full amount we sell to the public.”

From all indication, the NNPC was evading the question by referring The Nation to the PPPRA since it is the sole importer of petrol and only it knows how much it spends on importation.

Trump says he’ll meet with Kim Jong Un

Washington –  After months of trading insults and threats of nuclear annihilation, US President Donald Trump agreed to meet with North Korean leader Kim Jong Un by May to negotiate an end to Pyongyang’s nuclear weapons programme, South Korean and US officials said Thursday. No American president has ever met with a North Korea leader.

The South Korean national security director, Chung Eui-yong, told reporters outside the White House of the planned summit, after briefing Trump and other top US officials about a rare meeting with Kim in the North Korean capital on Monday.

The meeting would be unprecedented during seven decades of animosity between the US and North Korea. The countries do not even have formal diplomatic relations. They remain in a state of war because the 1950-53 Korean War ended with an armistice and not a peace treaty.

Chung said he had told Trump that Kim says he’s committed to “denuclearization” and has pledged that North Korea will refrain from any further nuclear or missile tests – providing a rare diplomatic opening after a year of escalating tensions over the North’s tests. The rival Koreas have already agreed to hold a leadership summit in late April.

“He (Kim) expressed his eagerness to meet President Trump as soon as possible,” Chung said. “President Trump appreciated the briefing and said he would meet Kim Jong Un by May to achieve permanent denuclearization.”

Chung did not say where Trump would meet with Kim. The White House said Trump’s meeting with Kim would take place “at a place and time to be determined.”

South Korean national security director Chung Eui-yong, center, speaks to reporters at the White House in Washington. Picture: Susan Walsh/AP

Trump took office vowing to stop North Korea from attaining a nuclear-tipped missile that could reach the U.S. mainland. He’s oscillated between threats and insults directed at Kim, and more conciliatory rhetoric. His more bellicose talk, and Kim’s nuclear and missile tests, have fueled fears of war.

Trump, who has ramped up economic sanctions on North Korea to force it to negotiate on giving up its nukes, has threatened the pariah nation with “fire and fury” if its threats against the U.S. and its allies continued. He has derided Kim by referring to him as “Little Rocket Man.”

After Kim repeated threats against the U.S. in a New Year’s address and mentioned the “nuclear button” on his office desk, Trump responded by tweeting that he has a nuclear button, too, “but it is a much bigger & more powerful one than his, and my Button works!”

On Tuesday after leaving Pyongyang, Chung had publicised that North Korea was offering talks with the United States on denuclearization and normalising ties, but the proposal for a summit still came as a huge surprise, and will raise questions about whether the two sides are ready for such a high-level meeting.

Chung, who credited Trump’s “maximum pressure” campaign for the diplomatic opening, said Kim understands that routine U.S.-South Korea military drills “must continue.”

The drills were suspended during the Winter Olympics recently hosted by South Korea, which provided impetus for the inter-Korea rapprochement. The drills are expected to resume next month. North Korea has long protested the military maneuvers south of the divided Korean Peninsula as a rehearsal for invading the North.

Trump had made a surprise visit to the White House press briefing room on Thursday afternoon to alert reporters to the South Korean announcement. When asked whether the announcement would be about talks with North Korea, he told ABC reporter Jon Karl: “It’s almost beyond that. Hopefully, you will give me credit.”

On Tuesday, Trump had expressed both hope and skepticism about the reported offer of talks, which has yet to be confirmed, at least publicly, by the isolated North Korean government. While the path to a diplomatic resolution over the North’s nuclear arsenal would be long and difficult, talks could dampen fears of war breaking out over what represents an emerging threat to the US mainland.

Just a few hours earlier, US Secretary of State Rex Tillerson, who is traveling in Africa, had said the adversaries were still a long way from holding negotiations.

Nikki and John cena these two are giving love another Try.

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Nikki’s rep responded to rumors about their relationship status by confirming that the couple is working things out. “Nikki Bella and John Cena are working on their relationship and taking it day by day. They appreciate all of their fans and their continued support,” the statement read.

According to Us Weekly, the Total Bellas star called off the wedding so she could figure out what she wanted in life. “Calling off the wedding was the right decision at the moment and their relationship only grew from it,” a source revealed, adding that there was never any love lost. “They both have realized that they love each other and want to be with one another.”

john cena nikki bella

Other sources tell People that John and Nikki “were always going to find their way back to each other” and that “it was never going to be permanent.” If there’s one thing we never doubted, it’s how much John and Nikki love each other. Even after their breakup, the two had nothing but amazing things to say about one another. Nikki called him the love of her life on more than one occasion and the actor publicly professed his love for his ex on Today. “I love her, I want to be with her, I want to make her my wife, I want to be the father of her children. I just want us to work,” he said.

During last week’s episode of Total Bellas, Nikki didn’t seem to be taking the breakup too well. “I feel such a huge piece is just missing from me,” she told her sister Brie Bella with tears in her eyes. “It was just weird. First morning in six years not to talk to him, you know?”

Ugh, doesn’t that break your heart? But news of their reconciliation could mean that John did mean what he said about wanting to get married and having kids. If you follow Nikki’s reality show, then you know that those topics were always an issue for the couple, which would mean that at least one of them had a change of heart. We know how much Nikki wants children so we can only assume it’s John.

Up until now, both Nikki and John have been silent on social media about reports that they’re back together. We’ll have to wait for them to confirm the details of their reunion, but all we can say right now is that we’re rooting for them.

FITC CEO harps on role of banks in economy

The Financial Institutions Training Centre (FITC) has said the growth of the economy depends on the strength and success of its banking sector.

The FITC Managing Director/CEO, Lucy Newman, said in a statement that the implementation of guidelines and effective policies in the banking system would strengthen the system and facilitate sustained economic growth.

Speaking at the FITC Thought Leadership Discussion Series in Lagos, Newman said the discussions in the series and the outcome of the forum would trigger significant insights into how to strengthen the financial sector.

She said the discussion series were in line with the mandate of the FITC to protect, promote and advance the knowledge and practice of banking and finance in Nigeria and Africa.

Also speaking, the Director-General, Zambia Development Agency, Patrick Chisanga, who spoke on how to strengthen the banking system and facilitating sustained economic growth, said the success of the banking sector could not be achieved without addressing the issue of corporate governance.

He said corporate governance and the government were inseparable.  He added that his submission was informed by his experience of how investor confidence in the Zambian economy increased and resulted in higher Foreign Direct Investment inflow because of demonstrated commitment to political stability and corporate governance.

According to Chisanga, it is safe to conclude that corporate governance is a beacon to attract foreign investment and create effective, efficient and sustainable business enterprise. He described corporate governance as an immutable factor in the enthronement of efficiency and prosperity in any system.

European stocks bounce on Italy deal, Spanish prime minister exit

 

European stock markets rallied on Friday after Italy reached a new coalition deal, with investors brushing aside trade war fears as they awaited key US jobs data.

In midday deals, Milan’s stock market was up 2.6 percent, helping to pull up other European bourses and the euro.

Madrid’s main index climbed 1.8 percent, as Spain’s parliament on Friday ousted Prime Minister Mariano Rajoy in a no-confidence vote sparked by fury over his party’s corruption woes — with his Socialist arch-rival Pedro Sanchez automatically taking over.

“It’s been quite a week for investors which has been reflected by a spike in volatility, with politics being the main driver of the unrest,” noted Craig Erlam, senior market analyst at Oanda trading group.

“On the economy we have a rather significant set of data out today that rarely takes a back seat to other things but that has certainly been the case this week.

“The US jobs report is one of the most highly anticipated releases we get as it provides important insight into the strength of the US economy, labour market and potential inflationary pressures,” Erlam added.

Elsewhere Friday, Asian stock markets dropped as fears of a trade war returned to the fore after US President Donald Trump imposed stiff tariffs on European, Mexican and Canadian steel and aluminium.

The move sparked immediate countermeasures by Mexico and Canada, while the European Union threatened a similar response, throwing up the prospect of a painful conflict between some of the world’s biggest economies.

French President Emmanuel Macron labelled as “illegal” the move that followed US warnings that tariffs on some Chinese goods were still up in the air.

European investors meanwhile took their lead Friday from Italy, whose populist parties reached a deal to revive a coalition government and avoid a snap election that many had feared could be used as a referendum on the country’s euro membership.

“While markets overreacted to the Italian mess a couple of days back, it strikes me they might be under-reacting to… this trade skirmish developing into a trade war,” said Greg McKenna, chief market strategist at AxiTrader.

“My guess is that many traders and investors see this as another negotiating tactic from the Trump Administration,” he said.

McKenna warned that Trump was at risk of being overwhelmed as he fights several battles at once, with North Korea, Iran and the Russia investigation at home among the other pressing issues demanding his attention.

Beyond Friday’s US jobs data, Group of Seven finance ministers are meeting at the weekend, with analysts looking for a possible fracture as Trump embarks on a unilateral “America First” agenda.

– Key figures around 1015 GMT –
Milan – FTSE MIB: UP 2.6 percent at 22,339.29 points

Madrid: IBEX 35: UP 1.8 percent at 9,636.5

London – FTSE 100: UP 0.8 percent at 7,740.99

Paris – CAC 40: UP 1.3 percent at 5,466.32

Frankfurt – DAX 30: UP 1.0 percent at 12,736.43

EURO STOXX 50: UP 1.6 percent at 3,459.88

Tokyo – Nikkei 225: DOWN 0.1 percent at 22,171.35 (close)

Hong Kong – Hang Seng: UP 0.1 percent at 30,492.91 (close)

Shanghai – Composite: DOWN 0.7 percent at 3,075.14 (close)

New York – Dow Jones: DOWN 1.0 percent at 24,415.84 (close)

Euro/dollar: UP at $1.1700 from $1.1695 at 2100 GMT

Pound/dollar: UP at $1.3299 from $1.3293

Dollar/yen: UP at 109.24 yen from 108.81 yen

Oil – Brent Crude: UP three cents at $77.59 per barrel

Oil – West Texas Intermediate: DOWN 10 cents at $66.94

Lets tell you about Drakes rumored BABY and baby mama

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Have you heard? Rumor has it that Drake, alleged Nice Guy, has a secret child. In a new diss track “The Story of Adidon,” Pusha-T escalated his feud with the Toronto-born rapper when he outed Drake’s alleged child in the following verse:

Sophie knows better, ask your baby mother

Cleaned her up for IG, but the stench is on her

A baby’s involved, it’s deeper than rap

We talkin’ character, let me keep with the facts

You are hiding a child, let that boy come home

Deadbeat mothafucka playin’ border patrol, ooh

Adonis is your son

And he deserves more than an Adidas press run, that’s real

Love that baby, respect that girl

Forget she’s a pornstar, let her be your world (yuugh)

While this wasn’t our first time hearing this rumor, Pusha certainly stirred the pot by adding new details into the mix. Below, here’s everything we know so far about this alleged baby.

When did this rumor start circulating?

TMZ published the first report about Drake’s alleged baby, way back in May 2017.

Do we know the alleged mother?

We think so! In “The Story of Adidon,” Pusha mentions a “porn star” named Sophie, which seems to be a reference to former adult-film star Sophie Brussaux. The two were first spotted together in January 2017, when they had dinner together at a restaurant in Amsterdam. Then, when the TMZ report came out four months later, Brussaux said she had texts from the rapper asking her to get an abortion.

While she has since made her Instagram private, Vulture grabbed a photo from her account @sophieknowsbetter, in which she’s pretty damn pregnant.

There also’s a report that Drake has been providing financial support to Brussaux and the baby since the late stages of her pregnancy, but Drake has not confirmed this.

Sophie, the alleged mother of Drake's baby.
Photo: Sophie B/Instagram

And what do we know about this baby?

In “The Story of Adidon,” Pusha says, “your son is Adonis.” And, according to Brussaux, Adonis is a little under 1 year old — she claims he was conceived in January 2017, right around the time she and the rapper dined together in Amsterdam.

Has Drake responded?

Not since the story broke last year. In May 2017, one of Drake’s reps made the following statement to TMZ: “This woman has a very questionable background. She has admitted to having multiple relationships. We understand she may have problems getting into the United States. She’s one of many women claiming he got them pregnant. If it is in fact Drake’s child, which he does not believe, he would do the right thing by the child.”

But apparently, according to Pusha-T, Drake is going to unveil a new line with Adidas called “Adidon,” named after his rumored son. So perhaps he had plans to come forward about his paternity? Who’s to say.

How is the public reacting to the allegation?

All eyes are on Drake’s next move.

NPA: $40m equipment coming to Calabar Port

The Nigerian Ports Authority (NPA) has concluded plans to deploy equipment worth over $40 million to Calabar port, in Cross  River State, its Managing Director, Ms Hadiza Bala Usman, said yesterday.

The measure, it was gathered, is being taken  to boost efficiency, security and make the port attractive for business.

Speaking at a stakeholders’ meeting organised by NPA at Calabar port complex, Ms Usman, who was represented by the General Manager Marine and Operations,  Mr Joshua Asanga, said some tug boats, pilot cutters and other equipment worth several millions of dollars would be deployed to boost efficiency at the port.

Although, Ms Usman did not state the amount of the equipment, but sources at Calabar port said it would cost  the agency more than $40million to deploy the sofisticated equipment and operational vehicles.

The NPA chief said the four consultants engaged by the agency for the bathymetric survey of the channel leading to Calabar port have concluded their assignment so that the dredging of the channel will commence.

She condemned indiscriminate abandoning of wrecks on the channel leading to the port warning owners to remove them or face sanctions.

She urged investors to take advantage of the strategic location of the Calabar port to boost export and assured them of Federal Government’s commitment to dredging the channel to meet their expectations.

Ms Usman assured the stakeholders and investors that adequate depth of the channel leading to the port would be dredged  to accommodate big ocean going vessels and adequate security provided.

She urged government agencies at the port to collaborate to key into the Federal Government policy on ease of doing business, boost cargo clearance and facilitate trade.

 

Cavan man jailed for 15 years for sexually abusing stepdaughter and two other children

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Cavan man jailed for 15 years for sexually abusing stepdaughter and two other children

In a victim impact statement, his stepdaughter said her teenage years were ones of “sadness, isolation and depression”.

A CAVAN BUS driver has been jailed for 15 years for sexually abusing three children including his stepdaughter.

Former soldier Shane Costello (49), with an address at Hillview, Ballyhaise, Cavan, was convicted after a trial last March of rape, oral rape and attempted oral rape of his teenage stepdaughter.

He had pleaded not guilty at the Central Criminal Court to two counts of rape, one of oral rape and three of attempted oral rape on dates in 2012 when the teenager was aged between 13 and 14 years.

After the jury’s verdicts, Costello later pleaded guilty to sexually assaulting two other children on dates between 2001 and 2013.

He has two previous assault causing harm convictions from 1998.

Garda Joanne Carolan told Mary Rose Gearty SC, prosecuting, that Costello denied all the allegations on his arrest.

His stepdaughter, now aged 19 and who has waived her right to anonymity, read her victim impact statement in court. She said that the attacks robbed her of her youth, innocence and dignity.

She described how she has been suicidal and that her life revolves around coping with Post-Traumatic Stress Disorder, as she is “so easily triggered” with daily flashbacks.

She said her teenage years were ones of “sadness, isolation and depression” and that she hates being a victim.

She told the court that words can’t describe the physical and mental pain she has endured from the rapes and that no amount of counselling will help her forget what happened.

“The past will never change, the pain will never leave, but I’m trying to make my future better”, she stated.

She described how Costello manipulated and intimidated her for years and that she finally feels safe after the jury’s guilty verdicts.

Ms Justice Ní Raifeartaigh commended this young woman after she read her statement for showing “great strength and great dignity” while giving her evidence during the trial.

She imposed nine years and nine months in jail for his stepdaughter’s abuse and consecutive sentences for the other offences, which brought the full prison term to 15 years.

Costello first raped his now 19-year-old stepdaughter on a mattress at a location in Cavan. He had bought her alcohol beforehand and that she cried all night after the attack.

She told the trial that he made no reference to the attack the following day.

Costello raped and orally raped his stepdaughter when he was home alone with her on a subsequent date. The woman recalled how he laughed after forcing his penis into her mouth. She said he attempted to orally rape her a few times after this attack.

Ms Justice Ní Raifeartaigh told the court that it was a “crude” exercise trying to “translate human suffering into figures” and that she hoped the victims in the case could move on with their lives.

Patrick Gageby SC, defending, submitted to the judge that his client had an “exemplary” career in the Irish defence forces until 1999.

He handed in testimonials and a letter of apology written by Costello, in which Costello said he was sorry and wished to undo the past. Gageby said Costello also wanted to state publicly that his victims were blameless and that he accepted the jury’s verdict.

Stakeholders fault FG’s stance on power supply

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• Power generation stagnates at 4,600MWStakeholders in the Nigeria’s power sector have faulted the Federal Government’s claims regarding regular power supply in the country. According to them, the increase in electricity supply has remained insignificant to have impact on consumers.

Meanwhile, Nigeria’s electricity generation plummets from the regular 3,500 Mega Watts (MW) to 4,600MW as at May 28, 2018, while its lowest generation on the same day stood at 3,354.6MW.

This new feat is far below the country’s installed capacity of 11,165.40MW and available capacity of 7,139.60MW.For stakeholders in the Nigeria’s power sector, this latest development is not enough to meet the ever increasing need of electricity in the country.

President Buhari had said in his Democracy Day speech that Nigerians from all parts of the country continue to report better power supply and less use of generators.He added that this underscores the effectiveness of the methodical plan to deliver incremental and uninterrupted power supply to our homes, markets, offices and factories.

Reacting to the president’s speech on increase in power generation, President, Nigerians for Super Energy, Joseph Bassey Inyang, who confirmed that there has been slight increase in power supply, noted that consumers were yet to enjoy the benefits due to increase in population.He said that the current generation capacity was not capable of meeting the electricity demand in the country. “A few years ago, we were about a 100 million and the population has increased to about 180 million. There may be increase in generation, but there has not been increase in the electricity supply to households. This is because the amount of power the country is generating is not enough to overcome the increasing electricity demand on a daily basis.

“People run their businesses on generators. Last week, residents of Lekki axis in Lagos, had a meeting with Eko Electricity Distribution Company because the community has been without electricity in the last three months.He stressed the need for the Federal Government to encourage Solar Energy. “But the issue with this is that, the Federal Government is now charging tariff on Solar Power,” he said.

Also, National Secretary, Electricity Consumers’ Rights Enlightenment Organisation of Nigeria, Akinbodunse Shedrack said though, there has been slight increase in power generation, distribution continued to pose serious challenge in the country.

According to him, the existing infrastructure is not capable of taking the power generated from the source to the consumers.He said that excessive billings have made it impossible for consumers to enjoy what he described as ‘insignificant’ rise in power generation. “We had a meeting recently with management of Ibadan Electricity Distribution over excessive billing. The Discos are cheating consumers and this is not good at all for power supply.”

He stressed the need for the Federal Government to embrace decentralized form of power generation. “This present system whereby power is transmitted from one state to the other should be discouraged.”

We have rivers in every State in Nigeria. Hydro Power is one of the cheapest forms of power generation. Government should also force the Discos to stop estimated billings by criminalizing the scheme,” he said.

The Chairman, Economic Policy Committee, Manufacturers Association of Nigeria (MAN), Mr. Reginald Odiah, said that manufacturers were still using generators for production despite claim by the president over increase in power generation and supply.

According to him, electricity generation is now better than it used to be, but not enough for the manufacturing process.He said: “There has been slight improvement in supply, but is still not enough for the manufacturing sector to do away with their generators. We still rely on generators because power supply from the main grid is not reliable.”

Temple Management Company launches full-service talent agency

The Temple Management Company (TMC), has announced the formation of a 360 management company which is poised to bridge the gap between the Nigerian corporate space and the burgeoning creative and entertainment sector.

At a time of rising global recognition and demand for the work of Nigerian creative talents, the perennial challenge has been that to compete properly with their international counterparts, Nigerian creatives need better branding, access and positioning. Industry experts have also pointed out that brands have failed to maximise their potential because of of the sub-par representation they currently get.

TMC, which began operations in March 2016, primarily in the entertainment, sports, media and art sectors, is set to change all that, and bring Nigerian talents to the same table with their international counterparts. Incorporated in Nigeria with strong international affiliations across Africa, North America, and Europe, TMC was founded by serial investor and art aficionado Idris Olorunnimbe.

The company set out with a mission ‘to continually improve on content, bridge the gulf between local talents and their foreign counterparts in line with international best practices’. With a formidable team parading some of the brightest young professionals in entertainment, fashion, arts, finance, law and media, TMC is fully prepped to deliver its objective to raise the profile of local talents.

Mr. Olorunnimbe, who also serves as Chief Executive Officer, sums up the TMC vision this way, “With the constant expansion of the entertainment industry and growth of sporting activities, our vision is to remain the leading African talent and event management outfit, representing the biggest talents in entertainment, sports, media, the arts and other relevant areas.”

Mr. Olorunnimbe added, “Our focus is now to expand the recruitment of agents to create a new enduring institution in this country.”

According to him, TMC will focus on the core functions of talent representation but will, allied with corporate organisations, also provide a wide range of financial and advisory services, manage endorsement portfolios, and package bespoke events for domestic and international markets.

Within a short spell, TMC has already sent shock-waves into the industry by signing management deals with some of Nigeria’s biggest talents, including Nigeria’s biggest record label Mavin Records, renowned disc jockey DJ Jimmy Jatt, award-winning visual artist and writer Victor Ehikhamenor, media personality Bunmi Davies, artist/jeweller Mode Aderinokun and the doyenne of Nigerian broadcast media, Funmi Iyanda.

After signing the deal with TMC a few weeks ago, Mavin Records CEO, Don Jazzy, said, “We are stepping into the future with The Temple Management Company as they redefine creative talent management in Nigeria.”FullSizeRender-1024x1010

The TMC board includes luminaries of Nigerian industry and enterprise such as Mr. Tunde Folawiyo and Mr. Ajibola Abudu. The diversity of the Executive team includes individuals who have worked with Nigeria’s leading law firm, Zenith Bank, Samsung, McDonalds, Nestle UK, Eurosport, the English Football Association, 234Next, the Lagos State Government and in the music industry, with LA Reid, Pharrell, Jamie Foxx and Sean ‘P Diddy’ Combs.

Trump says June 12 summit with North Korea will go ahead

People watch a TV screen showing file footage of US President Donald Trump, left, and North Korean leader Kim Jong Un during a news program at the Seoul Railway Station. picture: Ahn Young-joon/AP

Washington – President Donald Trump said on Friday an unprecedented nuclear arms summit with North Korean leader Kim Jong Un that the United States pulled out of will now go ahead as scheduled on June 12 in Singapore, adding another twist to a high-stakes diplomatic dance.

“I think it’s probably going to be a very successful, ultimately a successful process,” Trump told reporters on the White House lawn after meeting with a senior North Korean official in the Oval Office.

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Kim Yong Chol, a close aide to the North Korean leader, delivered a letter from Kim Jong Un to Trump. The envoy was the highest level figure from the secretive state to hold talks at the White House since a senior envoy visited former President Bill Clinton in 2000.

Trump first told reporters the letter from Kim was “a very nice letter … a very interesting letter” but then said he had not opened it.

Trump appeared to significantly lower expectations for the outcome of the historic summit, frequently describing it as the start of a process and not the place where the two leaders were likely to sign any agreement. He said a number of summits might be required.

“Frankly, I said, ‘Take your time,'” Trump said.

It was a extraordinary softening of tone toward North Korea from a president who last year threatened to rain “fire and fury” on the country because of the threat its nuclear weapons and long-range missiles pose to the United States.

After exchanging threats and insults since Trump became president last year, the United States and North Korea have been trying to set up the summit between their leaders. Trump wants to use the meeting to pressure Pyongyang into giving up its nuclear weapons.

Wall Street took word from Trump that the summit was back on in stride. The S&P 500 added slightly to what were already healthy gains, then slipped back a few points to remain up 0.9 percent in afternoon trade. The U.S. dollar index added modestly to a gain.

North Korea, whose nuclear ambitions have been a source of tension for decades, has made advances in missile technology in recent years but Trump has sworn not to allow it to develop nuclear missiles that could hit the United States.

He wants North Korea to “denuclearize,” meaning to get rid of its nuclear arms, in return for relief from economic sanctions but the leadership in Pyongyang is believed to regard nuclear weapons as crucial to its survival and has rejected unilaterally disarming.

“I look forward to the day when I can take the sanctions off of North Korea,” Trump said.

Trump had called off the summit late last month, citing North Korea’s “tremendous anger and open hostility.”

Oil output dips on Nigeria’s, Venezuela’s outages

The oil output of the Organisation of Petroleum Exporting Countries (OPEC) fell to a 13-month low in May due to  Nigerian outages, declining Venezuelan production, and strong compliance with a supply-cutting deal, it was learnt yesterday.

OPEC pumped 32.00 million barrels per day (bpd) in May, the survey found, down 70,000 bpd from April’s revised figure. The May total is the lowest since April 2017, according to Reuters surveys.

OPEC is reducing output by about 1.2 million bpd as part of a deal with Russia and other non-OPEC producers to get rid of excess supply. The deal began in January 2017 and, in theory, runs until the end of 2018.

With the supply glut largely cleared and oil topping $80 a barrel this month for the first time since 2014, OPEC and Russia are now shifting policy and discussing pumping more, although analysts expect any boost to be cautious.

“OPEC’s bias to err on the side of tightening remains intact,” said Konstantinos Venetis, senior economist at TS Lombard. “Easing the restrictions just means that its ‘line in the sand’ moves slightly back.”

For now though, adherence by producers in the deal to agreed levels remains strong. Compliance slipped to 163 percent of agreed cuts in May from 166 percent in April, the survey found, meaning they are still cutting far more than agreed.

The biggest decrease in supply came from Nigeria due to unplanned outages. Royal Dutch Shell’s Nigerian venture declared force majeure on Bonny Light crude exports, while loadings of   another crude, Forcados, are facing delays.

The second-biggest decline came from Venezuela, where the oil industry is starved of funds because of economic crisis. Output dropped to 1.45 million bpd in May, the survey found, a new long-term low.

Production in Libya, which remains unstable due to unrest, edged lower because AGOCO, an eastern Libyan producer, had to curb output as unusually hot weather led to power problems.

Iranian output, expected to decline as the U.S. re-imposition of sanctions discourages companies from buying the country’s oil, edged lower in May but there was no evidence yet of a sizeable drop, sources in the survey said.

OPEC’s two largest producers, Saudi Arabia and Iraq, both pumped slightly more in May but not enough to offset the declines elsewhere.

Saudi Arabia’s output edged up due to more crude being used in domestic power plants, sources in the survey said, but remained below the kingdom’s OPEC target.

Iraq, the second-largest, pumped more because of an increase in exports from the south, the outlet for most of the country’s crude, following a decline in April.

Output in the country holding the OPEC presidency this year, the United Arab Emirates, was steady in May as it continues to show higher compliance than in 2017, sources close to the matter said. Kuwait also maintained full compliance.

Nigeria and Libya were originally exempt from cutting supply because their output had been curbed by conflict and unrest. For 2018, both told OPEC that output would not exceed 2017 levels.

OPEC has an implied production target for 2018 of 32.73 million bpd, based on cutbacks detailed in late 2016 and taking into account changes of membership since, plus Nigeria and Libya’s expectations of 2018 output.

According to the survey, OPEC pumped about 730,000 bpd below this implied target in May, not least because of the decline in Venezuela and a similar involuntary drop in Angola, where the survey found output was flat in May.

The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data and information provided by sources at oil companies, OPEC and consulting firms.

Anne-Marie opens up about her experience with mental health

It’s important to speak about our mental wellbeing

Anne-Marie has joined the Where’s Your Head At? campaign, alongside Love Island’s Kem Cetinay and Geordie Shore’s Charlotte Crosby.

Where’s Your Head At? is a campaign that will improve the mental health of the nation by ensuring employers look after the wellbeing of their workforce. We want to make it easy for you to talk about your mental health at work, by ensuring that there are trained colleagues on-site who know how to point you in the direction of any help you might need.

Speaking about mental health, Anne-Marie said: “It’s really good to look after your body and your physical fitness but it’s also so important to think of how this [your mind] is doing up here.

And that is why I support the petition to have a mental health first aider in every school and workplace.”

Anne-Marie revealed that her go-to person for emotional support is “my best friend Claire, she’s really great. She’s a little bit older than me so I feel like she knows more than me and she’s been through a lot more so she’s always there to make me feel better.”

Update: Neighbors recount how teacher who stabbed husband to death in self defense, was constantly maltreated by him

Update: Neighbors recount how teacher who stabbed husband to death in self defense, was constantly maltreated by him

Journalist, Azuka Jebrose, who this morning launched a campaign for freedom for Mrs Olamide Bose Akinbobola, the teacher who stabbed her husband to death in Ikorodu, has given an update on the situation.

 

According to Jebrose, his close associates went to the compound of the woman today and what they gathered is quite appaling.

 

According to Azuka, the neighbors told stories of how the deceased was a lazy man who never wanted to work. The wife gave birth to their last child two months ago and was forced to bear the financial burden. The teacher had to take up side businesses such as home teaching, hawking of peanuts, braiding of hair and others to feed herself and her family. Yet, the unemployed husband still comes home to beat her.

 

Read what Azuka wrote on his Facebook page below…

This morning, Mrs. Jennifer Chioma Owolabi, a partner in this quest for Justice for Domestic violence victim, Mrs. Olamide Bose Akinbobola, went to her residence in Ikorodu, seeking her family and additional information. What she found was a tale of misery, a support group of friends unafraid to testify on behalf of this lady that accidentally fatally stabbed her husband midweek. From the two videos posted herein, watch and listen to their stories as witnesses to how the late husband horribly abused, enslaved and neglected his wife and children.

Their last child was born two months ago, she recently finished paying the hospital bills for the birth of the baby. According to these witnesses which included her employer, Olamide’s husband was lazy, always sleeping, unable to seek employment. Despite her teacher’s job, she also engaged in small businesses such as after-school tutorials for neighborhood children, hawking of roasted peanuts and hair braiding for additional income to sustain the family. In hard moments,she would approach her neighbors to loan her few change to survive the week with her family.

The witnesses demonstrated how and where Olamide had been bruised from beatings and violent assaults by her husband.

Sometimes we see her with lacerations, swollen bodies, scarred face and black eyes and when we asked her, she would lie to us that she fell and got bruised. But we knew the truth. We saw him severally abused her physically. She ran away while she was pregnant but recently returned to birth her new baby. She wanted him to be a part of their second child birthing experience, as her husband and father. But he didnt give a damn. She doesn’t deserve this. She is a kind hard working woman that cared for her husband and their children. He brought nothing to support the home. She was always engaged in small business hustles and would surrender whatever profits she made to him as head of household.”

Chioma’s finding included the shock and awe state of the family’s residence. Olamide’s mother was a single mother. She died years ago

Chioma narrates:

“The husband was so abusive that the family of the husband doesn’t want to have anything to do with him. They seem not interested in this matter.My understanding from family and friends in her neighborhood was his family did not want to be part his violence against his wife: according to them, he always beat her. Olamide and her husband and children initially lived with husband’s family but when he would not stop beating her,  the family threw them out. I spoke to Olamide’s aunt. She said she has not visited her at the police station because she is afraid of being arrested. I told her it was wrong not to have gone to check on her or take food to her. She has nobody….She doesn’t know her dad; the aunt assumes he lives in Ibadan. What is painful is that this young girl just gave birth two months ago.. The new baby was recently circumcised. Everybody I spoke to confirmed she was being physically and mentally abused by the bastard. You need to see where they live; oh my God”

 

 

Bobrisky and TV host, Hero Daniels come for each other on IG over Toyin Lawani’s car gift to Nina

Bobrisky and TV host, Hero Daniels come for each other on IG over Toyin LawaniBobrisky and LITV host, Hero Daniels, took a swipe at each other over Toyin Lawani’s car gift to ex-BBNaija housemate, Nina.

Hero had insinuated that the car gift was a shade to Bobrisky. The male barbie wasted no time to call out Hero who has also replied. See their exchanges below

Bobrisky and TV host, Hero Daniels come for each other on IG over Toyin Lawani

Hero’s reply below

One week after it was cancelled, President Trump says summit with North Korea is back on

One week after it was cancelled, President Trump says summit with North Korea is back on

US President, Donald Trump’s summit with Kim Jong-un in Singapore on 12 June is back on a week after it was scrapped.

 

Trump made the announcement after talks with a senior North Korean envoy at the White House today. He also said that North Korea “wanted to do denuclearisation”, although the North did not confirm this.

 

The envoy, Gen Kim Yong-chol, hand-delivered a letter from the North Korean leader to President Trump. Trump said it was “a very interesting letter and at some point it may be appropriate” to share it.

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