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India overtakes Netherlands as Nigeria’s major export trade partner

2018-09-09T01:39:00.001-07:00

India has overtaken the Netherlands as Nigeria’s major export trading partner in the second quarter of 2018, according to the National Bureau of Statistics (NBS).

The NBS had ranked the Netherlands as the country’s leading export trading partner in Q1 2018, having recorded N963.5 billion in value of exported commodities.

But the latest Foreign Trade Statistics by the bureau showed that 16.19 percent of the Nigeria’s Q2 2018 export trade worth N722.6 billion was moved to India against N457.6 billion worth of commodities exported to the Netherlands in the review quarter.

It said other major export destinations of the country include Spain, South Africa and United States with value of commodities at N426.1 billion or 9.6 percent, N359.8 billion or 8.1 percent and N306.5 billion or 6.9 percent respectively.

“In the reviewing quarter, mineral products accounted for N4,275.3 billion or 95.8% of the total export from Nigeria. This category of export was dominated by Crude Oil exports which contributed N3,728.4 billion or 83.5% of total exports,” it added.

According to the statistics bureau, the total value of Nigeria’s merchandise trade dropped from N7.21 trillion in Q1, 2018 to N6.57 trillion in the second quarter of 2018.

It said the contraction of total trade in the reviewing quarter was mainly driven by the decline in both
imports and exports.

“The trade balance in Q2, 2018 was a surplus of N2,356.60 billion, which is an 8.36% increase from the
figure in Q1, 2018 (N2,174.60 billion) and a 399.82% increase from the figure in Q1, 2017 (N471.48 billion),” it said.

“Total Imports value was N2,106.7 billion in Q2, 2018, -16.3% lower than Q1, 2018 (N2,518.26 billion) and –
19.9%% lower than Q1, 2017 (N2,631.65 billion),” the NBS said.

The top five import destinations for Nigeria were China, Netherlands, Belgium, India and United States which respectively accounted for N531.6 billion or 25.2 percent, N181 billion or 8.6 percent, N170.9 billion or 8.1 percent, N145.0 billion or 6.9 percent and N141.5 billion or 6.7 percent.

The bureau further said, “Total export value amounted to N4,463.3 billion in Q2, 2018, representing a contraction of -4.9% over Q1, 2018 (N4,692.86 billion) and a growth of 43.8% over Q2, 2017 (N3,102.14 billion).”

Hackers compromise British Airways account, steal thousands of credit card info

2018-09-07T16:44:00.001-07:00

British Airways has suffered a data breach, with critical information on hundreds of thousands of its users being stolen by hackers.

The company confirmed the breach, saying it was done by a “very sophisticated, malicious criminal”.

In total, 380,000 accounts were compromised, the company said, with hackers stealing names, street and email addresses, credit card numbers and expiry dates, as well as security codes, through the company website and app.

The theft of this information occurred over a two-week period, it was said, starting on August 21, and ending on September 5, when it was finally discovered.

Chief Executive Alex Cruz said the carrier was “deeply sorry” for the disruption.

“There were other methods, very sophisticated efforts, by criminals in obtaining the data,” he told BBC radio. “It was having access to our systems in an illicit way, it was very sophisticated.”

Cruz added that whoever lost out financially would be compensated for their loss.

Paul Farrington, Head of EMEA at app security company CA Veracode also warns that things are different now, with GDPR in force.

“With GDPR now in full force the board at BA will have to consider their exposure to regulatory fines, especially when it took 16 days for the breach to be detected, and if the financial losses will outstrip what it would have cost to prevent the breach in the first place.”

Facebook sues blackberry for stealing voice messaging technology

2018-09-07T16:41:00.000-07:00

Facebook has hit back at BlackBerry with a lawsuit claiming that the company has stolen its voice messaging technology.

This is coming months after BlackBerry sued Facebook and alleged that the social network in addition to WhatsApp and Instagram had infringed on its messaging app patents.

Facebook has filed the lawsuit in a San Francisco federal court, alleging that BlackBerry has infringed on several patents related to voice messaging, tracking and analysis of GPS data, and how graphics are delivered by a mobile device. Facebook is asking for unspecified damages for the infringement of six patents.

This is in response to BlackBerry’s earlier lawsuit against Facebook which claimed that the social media giant was “using a number of the innovative security, user interface, and functionality enhancing features that made BlackBerry’s products such a critical and commercial success in the first place.”

The patents cited in the lawsuit cover a wide range of interface elements such as tagging friends and family in photos, displaying timestamps on messages, and more. No word as yet if both companies will be willing to get together and settle the matter out of court.

Google cracks down on tech support scams

2018-09-07T16:38:00.000-07:00

Google has made the astonishing revelation that in 2017 it took down an average of “100 ads a second” for violating company policies.

Of those, some were scams advertising bogus tech support services where callers ended up handing over large sums of money for “support” they didn’t need.

Ads delivered by Google’s search engine appear at the top of listings and can, in the case of scams, show fake web addresses to trick the user into thinking they’re looking at information for a legitimate service.

Google has, for a long time, had systems in place protecting people from misleading, inappropriate, and harmful ads, but when it detects an increase in scams targeting a specific category, it tries to move swiftly to put more resources into eradicating those ads from its search results.

Facebook, Twitter, Google execs set to testify before US Congress

2018-09-07T16:34:00.001-07:00

Facebook COO Sheryl Sandberg, Twitter CEO Jack Dorsey, and Larry Page, CEO of Google’s parent company Alphabet, have been invited to testify before committees on Capitol Hill Wednesday.

But they’re not there to spread the gospel of free speech, open internet or the wonders of technology. The Senate Select Committee on Intelligence wants to talk about “Foreign influence operations and their use of social media platforms.” The House of Representatives Energy and Commerce Committee, meanwhile, has titled its hearing “Twitter: Transparency and Accountability.”

“When decisions about data and content are made using opaque processes, the American people are right to raise concerns,” House Energy and Commerce Chairman Greg Walden said in a statement. “This committee intends to ask tough questions.”

It’s hard to remember that Silicon Valley was once the darling of American industry, viewed by many as the country’s innovative heartland.

Four years ago, 76 percent of internet users Pew surveyed considered the online social climate to be “mostly kind,” even though harassment was actually a nonstop occurrence. Survey after survey glowed about tech and its impact on the world.

Google CEO refuses invitation by US Congress

2018-09-07T16:31:00.001-07:00

When the Senate Select Committee on Intelligence holds its next hearing on Russian meddling in the 2016 U.S. presidential election, it will hear from two of the top executives in the tech industry: Twitter CEO Jack Dorsey and Facebook COO Sheryl Sandberg.

Beside them on Wednesday could be an empty seat that’s reserved for another high-profile leader. Google CEO Sundar Pichai has so far refused to accept the Senate committee’s invitation to show up.

Instead of Pichai, Google offered its top lawyer, Kent Walker, to testify. Walker, the senior vice president of global affairs, is the same guy who previously testified along with Facebook and Twitter’s lawyers last year, which was a meek effort from all three companies at a time when Congress and the public deserved to hear from top leadership about how their platforms were so badly abused ahead of the elections.

“Chances are there’s going to be an empty chair there,” Sen. Mark Warner, D-Va, told CNBC Wednesday, regarding Google’s snub of the hearings. “And I think there will be a lot more questions raised that could have been actually dealt with if they sent a senior decision-maker and not simply their counsel.”

Warner is the vice chair of the Senate committee.

Google has not said why Pichai or his boss, Alphabet CEO Larry Page, won’t accept the committee’s invitation. The company declined to comment Tuesday.

AFCON: Eagles can’t afford to disappoint Nigerians again – Ezenwa

2018-09-07T16:27:00.001-07:00

Super Eagles goalkeeper, Ikechukwu Ezenwa has described the forthcoming Nations Cup qualifying clash against Seychelles as a must-win game.

He is of the opinion that the national men’s team are ready to do all it takes to seal qualification for the 2019 tournament, as they can not afford to disappoint fans again.

Nigeria missed out in the last two editions of the Africa Cup of Nations (AFCON), and already kick-started the race for next year’s edition with a 2-0 defeat to South Africa in Uyo last year.

The team are currently camping in Victoria, Seychelles, where they will face their hosts in matchday 2 of the 2019 AFCON qualifiers this weekend.

Ezenwa is one of the 20 players in camp ahead of the encounter, and he expects the team to go all out for a win, to revive their hopes of making it to Cameroon 2019.

The Enyimba goalie, speaking to Complete Sports, said: “We know the importance of this game. It’s a win or bust situation for us after what happened against South Africa last year.

“So, you can expect us to go all out from the blast of the whistle and get a win from the game which is the most important thing.

“The fans are looking to us and have high hopes too. We can’t afford to disappoint them again after failing to qualify for the last two AFCON finals.”

The game will take place at the Linite Stadium in Victoria and will kick off by 1.30pm (Nigeria time) on Saturday.

Nigeria men’s Table Tennis team dethrone Egypt as African champions

2018-09-07T16:22:00.000-07:00

Nigeria Men’s Table Tennis team have broken an 8-year-old jinx by dethroning their Egyptian counterparts to emerge champions of the 2018 ITTF African championships.

The Nigerian team, comprising of Quadri Aruna, Bode Abiodun and Segun Toriola defeated Egypt’s Saleh Ahmed, Assar Khalid and El Beiali Mohamed 3-1 in the final of the event in Mauritius.

As a result of the victory, Nigeria will represent Africa at the 2019 ITTF World Team Cup in Tokyo, Japan – a competition they will be competing in for the first time since they last participated in 2010 in Dubai.

Meanwhile, the Nigeria women’s team settled for silver in the women’s category after they fell 3-1 to their Egyptian counterparts in the final.

The trio of Dina Meshref, Farah Abdel-Aziz and Yousra Helmy defeated Nigeria’s trio of Edem Offiong, Olufunke Oshonaike and Janet Effiom to retain their title in the continent.

The Egyptian women continue their dominance in the category at the continental level, and will join the Nigerian men’s team to fly Africa’s flag in Tokyo.

The tournament, scheduled to hold in November next year, is a test run for the Tokyo 2020 Olympics which kicks off in July.

AFCON Qualifier: Golden Eaglets bounce back to thrash Ivory Coast

2018-09-07T16:18:00.001-07:00

Nigeria U-17 men’s football team, the Golden Eaglets, kept hopes alive of qualifying for the 2019 Africa Cup of Nations after thrashing Ivory Coast 5-1 on Thursday.

It was their second Group B game at the regional (WAFU) qualifying tournament in Niger, having lost 3-2 to Burkina Faso in the first game on Monday.

The Nigerian men were 2-0 up in 10 minutes against their Ivorien counterparts.

They scored two more goals before halftime and completed it five in the second half, before Ivory Coast pulled one back later in the game from the spot.

Burkina Faso will take on Ivory Coast in the group’s final game on Sunday.

Meanwhile, in Group A, Niger have drawn their games against Togo and Ghana, as both sides will clash in the group’s final game on Saturday to determine the teams that will advance.

The two top teams from each group will advance to the semifinal, while the winner of the tournament will represent the region at AFCON.

The 2019 U-17 AFCON will hold in Tanzania from May 12th to May 26th.

Of 169 goals, Pavard’s stunner voted best World Cup goal

2018-09-07T15:56:00.001-07:00

Football fans all over the world have voted Benjamin Pavard’s stunning goal as the best of the 2018 FIFA World Cup.

The French defender struck during his country’s 4-3 victory against Argentina in the second round of the just-concluded Russia showpiece.

France went on to win the competition, after going past Uruguay in the last eight, Belgium in the semifinals and Croatia in the final.

Pavard becomes the first European player to win the Goal of the Tournament accolade since its creation in 2006.

Super Eagles’ Ahmed Musa’s second goal against Iceland was also included in the 18 goals shortlist, from which over 3 million online users voted for Pavard’s.

The defender had told FIFA.com after the game: “The ball bounced up as it came to me. I didn’t even think about it. I just tried to get over it and keep it down.

“I was trying to hit it in the direction it came from, which is what the strikers always tell me. I didn’t think it over, and when it went in I just felt so happy.”

Pavard’s stunner came first above second-placed Juan Quintero’s delightful low free-kick for Colombia against Japan and third-placed Luka Modric’s long-range stunner for Croatia against Argentina.

Golden Boot winner and Colombia’s star man, James Rodriguez won the accolade in 2014, after Maxi Rodriguez of Argentina and Diego Forlan of Uruguay had won it in 2006 and 2010 respectively.

Model jailed 18 months for offering policemen threesome as bribe

2018-09-06T11:16:00.002-07:00

An Instagram model, Kira Mayer, who offered a threesome to traffic policemen in order to evade arrest has been sentenced to 18 months in jail.

According to Russian tabloid Komsomolskaya Pravda, Mayer faced two charges of use of violence against a representative of the authorities and breach of a driving ban.

It was reported that Mayer pleaded guilty to attacking a police officer after she was pulled over in her Mercedes in Moscow, Russia. She wanted to snatch an official paper from one of the policemen and inflicted injury on him in the process.

Komsomolskaya Pravda reported that Mayer ran away from a previous accident scene without waiting for police, which earned her a driving ban. When she had an encounter with the police again and they discovered she had breached her driving ban, she offered them a threesome, so they would not arrest her.

It was reported that Mayer did not expect that she would be sent to jail and wept when the sentence was read out.

Kira Mayer’s lawyer said that he would appeal the verdict. He believed that the influencer-status of his client on Instagram would save her from jail.

List of Champions League winners

2018-09-03T03:43:00.001-07:00

Full list of Champions League and European Cup winners ahead of Saturday’s final in Cardiff between Real Madrid and Juventus:

For The Full list click: http://PocketPay.online/?userid=286482

Red card: Rashford’s naive, says Mourinho

2018-09-02T12:38:00.001-07:00

Jose Mourinho labelled Marcus Rashford as “naive” after the Manchester United striker was sent off for a headbutt in his side’s 2-0 win at Burnley on Sunday.

Rashford saw red when Burnley defender Phil Bardsley appeared to kick out at the England international after a challenge.

The 20-year-old reacted by putting his head into Bardsley’s face, earning the dismissal that prompted a critical assessment from United boss Mourinho.

“I don’t know what happened. I would say it was naive. It was a kid and a very experienced man,” Mourinho told the BBC.

“Bardsley’s been in the game for 20 years and Marcus is a naive boy.”

Rashford had earlier won a penalty that was wasted by United midfielder Paul Pogba, who saw his effort saved by Joe Hart.

The miss continued a troubled start to the campaign for French World Cup winner Pogba, who was criticised by Mourinho in the close-season for his erratic effort levels for United.

“I never blame a player for missing penalties. I blame the ones who refuse to go up there. Paul’s scored some good ones for us,” Mourinho said.

It was still a good afternoon for Mourinho despite the unwanted contributions from Rashford and Pogba.

United’s win, secured by two Romelu Lukaku goals, steadied the ship after successive defeats against Brighton and Tottenham had condemned the club to their worst start for 26 years.

On the day United fans flew a banner over Turf Moor that was critical of executive vice-chairman Ed Woodward — who has feuded with Mourinho over transfer policy — this was an encouraging result for the Portuguese coach.

“It was a very, very good performance. They played very well as a team,” Mourinho said.

“The three points were an important thing, the quality of the performance and happiness of the team is an Old Trafford response – the way Old Trafford reacted to the boys in the Spurs defeat was important.

“We should score many more goals. The result shouldn’t have been open until the last minute.

“There were lots of good performances but (Marouane) Fellaini was fundamental, together with (Chris) Smalling and (Victor) Lindelof.”

Soldiers to flood S’East again as Army announces Operation Egwu Eke 3

2018-08-18T02:42:00.001-07:00

The South East part of Nigeria will once again experience heavy presence of soldiers ahead of this year’s Christmas and end of the year festivities.

This was as the Nigerian Army on Thursday said that it will soon commence ‘Operation Python Dance III’, known also as Exercise Egwu Eke III in South East state formations and units under its 82 Division.

The General Officer Commanding (GOC) 82 Division Nigeria Army, Maj. Gen. Emmanuel Boman Kabuk, stated this at the 302 Artillery Regiment, (General Support) Onitsha, Anambra State, when he paid a familiarisation visit to the military cantonment.

The GOC, who only resumed duties in Enugu on August 6, 2018, said, “Exercise Egwu Eke III, is a training exercise for troops of 82 Division of the Nigerian Army and during the training, if there are criminal activities like armed robbery, kidnapping and other criminal activities that distort peace and tranquility of the citizenry along the line, the Army will not close its eyes and watch those criminals activities to thrive.”

Consequently, the army called on all law abiding citizens of the country, especially people of South East to go about their legitimate, lawful and genuine businesses, saying that “those afraid of the exercise are criminal elements that do not want their activities checked and are just being afraid of the consequences of their heinous criminal actions.”

Accompanied by some senior Army officers from 82 Division, Maj. Gen Kabuk was led round the Onitsha military cantonment for inspection of equipment and facilities by the Commander, 302 Artillery Regiment, General Support, Col. Idongesit Akpan.

According to him, the army will not tolerate any distraction or trouble from any group including the pro-Biafra activists and killer herdsmen in the South East, before, during and after the exercise.

Justifying the exercise he said, “The Army trains on daily basis and at times, as a group annually, so Exercise Egwu Eke, from the beginning was Python Dance I. We changed it to Egwu Eke to align with the environment which is the South East, still referring to it as Python Dance II and so, we are now saying that Exercise Egwueke III is going to hold. It is still going to be a training exercise.”

The people of the South East have constantly kicked against the exercise, always accusing the army of using it to harass, and extort the people. They have also wondered why army will be conducting such an exercise in the region where there has been relative peace.

However, Maj. Gen Kabuk, who is not unaware of the opposition of the exercise by the people of the area said, “Whenever Exercise Egwueke is mentioned, people always think the Army has come to do some dangerous things in the South East. It is a wrong impression, it is a training exercise, but I must tell you that the people that get afraid are criminal elements who are looking for cover in their crimes.

“We want to let Nigerians know that if we are training, we are training to defend the territorial integrity of Nigeria. So, the pro Biafra activists and killer herdsmen are also Nigerians who are misguided. We should not allow misguided elements to disturb our peace. What we want is for law abiding citizens to live in peace. If you are not law abiding, the law will take its course. That is all we are saying.”

Court frees 9 men accused of killing PDP chairman

2018-08-18T02:38:00.001-07:00

Nine people standing trial for the murder of the Apapa Local Government Area Chairman of the Peoples Democratic Party (PDP) Adeniyi Aborisade, have been discharged by an Ebute Meta Chief Magistrates’ Court.

The nine suspects were discharged on Friday by Chief Magistrate Alex Komolafe.

The discharged suspects are Rotimi Kujore, 44; Fatai Adele, 62; Ismaila Abiola, 50; Amos Fawole, 65; Victoria Falowo, 42.

Others include Mukaila Odukoya, 54; Isaac Oropo, 55; Muhammed Babangida, 37; and Ugochukwu Nwoke, 50.

They were arraigned alongside the Lagos State Chairman of the PDP, Moshood Salvador, who was earlier discharged and acquitted.

According to Chief Magistrate Komolafe, the accused persons were exonerated of complicity in the murder of the late politician in view of the advice from the office of the Directorate of Public Prosecution.

He ordered the accused persons to be released from Ikoyi prisons.

Police parade rapists, codeine traffickers

2018-08-18T02:34:00.001-07:00

Scores of criminals including rapists and codeine traffickers have been arrested and are being interrogated by the Katsina State Police Command.

Among those being questioned by security operatives in the state include five men accused of raping young girls and they are among 11 suspects who are being grilled by the state Police Command.

The police gave the names of the rapists as Sani Haruna, 30; Nura Ibrahim, 26; Abdulrashid Dalha, 55; Abdullahi Sani, 25 and Jabiru Ahmed, 25.

According to the Commissioner of Police in the state, Muhammed Wakili, a 67-year-old man Steven Yakubu who was parading himself around as a retired Brigadier of the Nigerian Army was also among those arrested.

The state CP said the suspected fraudster who resides at the Old Legislative Quarters, GRA, Katsina, allegedly duped job seekers of N740,000.

“Nemesis caught up with the suspect when he defrauded one Benshima Nguesku of GRA Quarters, Katsina and others, of the sum of N740,000 on the pretext of securing positions for them in the Nigeria Police Force, Nigeria Customs Service, Nigeria Immigration Service and the Nigeria Security and Civil Defence Corps.

“The suspect has confessed to the crime while the case is under investigation,” the CP said.

Nigeria, India trade rises to $12bn —Envoy

2018-08-18T02:31:00.000-07:00

The Indian High Commissioner to Nigeria, Nagabhushana Reddy, said the trade value between India and Nigeria rose to $12 billion between April 2017 to March 2018.

Reddy, who made the disclosure while speaking with newsmen at a flag hoisting ceremony to mark the 72nd Independence of India in Abuja recently, said the current amount represents 26 percent increase from the previous financial year.

“Looking at the bilateral relations, our financial year is from April last year to March this year. We have been able to register $12 billion of bilateral trade which marks an increase of 26 percent from the previous year,” he said.

He said Nigeria was one of India’s major exporter of crude oil, adding that both countries were exploring other areas of bilateral relations as this year also marked 60 years of diplomatic relations between both countries.

India is Nigeria’s second export trading partner after Netherlands, the value of trade with the Asian country accounted for 18.2 percent of the total value of goods exported from Nigeria in the first quarter of 2018, according to the National Bureau of Statistics.

“We are looking at bringing more Indian companies here and looking at not just a buyer-seller arrangement but to do more investments.

“As of today, Indian companies have invested about 10 billion dollars and I think there are about 135 Indian companies in Nigeria.

“I can mention that Indian investments are in the field of pharmaceuticals, electrical manufacturing, assembly lines for automobiles particularly agricultural related,” he added.

CBN directs banks to give loans to agric, manufacturing firms at 9%

2018-08-18T02:27:00.000-07:00

The Central Bank of Nigeria (CBN) said it would support banks that fund projects in agriculture and manufacturing sectors by refunding Cash Reserve Ratio (CRR) at a single interest rate.

The CRR is a percentage of a banks’ total deposits kept with the CBN to sustain liquidity in the banks.

CBN’s Director of Banking Supervision, Abdullahi Ahmad, stated this on Thursday while speaking at the end of the Bankers’ Committee meeting in Lagos.

Ahmad said banks should be able to lend to companies that are doing new capital expenditures and expansions to factories using some of their CRR at nine percent.

He said the loans will only be available for job creation and expansion plans.

“It would probably be the first time in the history of this country where manufacturers would be able to take fixed interest rate loans for seven years which means they would be able to plan.

“The volatility that they fear for all kinds of risks would be taken out and I think these are very laudable steps in improving and growing the economy.

“We can refund the CRR of a bank that has engaged in lending in a new project or an existing one in the agriculture or manufacturing sector as a way of utilising the CRR.

“So, anytime a bank lends to manufacturing or agric at the rate the CBN has prescribed, it would have its CRR refunded up to the amount it has lent,” he said.

In her reaction, the Executive Director, Finance at First City Monument Bank (FCMB, Yemisi Edun, said the CRR that would be loaned out would be targeted at growing the real and agriculture sectors of the economy.

“This is very positive for the economy and also positive for banks because we will be able to access these funds and earn on it. And because it will be coming at single digit rate, it will be positive for the economy,” she said.

Ethiopian Airlines denies media reports, says we’re not frontrunner to manage Nigeria Air

2018-08-17T00:11:00.002-07:00

The Ethiopian Airlines has faulted media reports that its Chief Executive Officer (CEO), Tewolde Gebremariam, said the airline company was the frontrunner to manage Nigeria’s new National Carrier, Nigeria Air.

In a statement on Wednesday, the airline’s spokesman, Biniyan Demssie, said the statement by the company’s CEO was quoted out of context by the media.

“The Group CEO of Ethiopian Airlines was misquoted by the media and never said Ethiopian Airlines is the frontrunner to partner in the Nigeria Air project.

“He said that Ethiopian, as a Pan-African airline, has expressed interest to partner in the project and is among those being considered by Nigerian Government,” the statement read.

Last week, Gebremariam was quoted as saying, “We are among a small group with an interest in establishing a national carrier (in Nigeria)… we do not know the results (of the tender), though we are frontrunners.”

On Tuesday, the Minister of State for Aviation, Hadi Sirika, had said although the airline had tendered an offer to be partner in the project, it was not the favourite to set up and manage the new national carrier for Nigeria.

According to him, discussions were ongoing with prospective partners and investors ranging from development finance institutions, airlines and Original Equipment Manufacturers (OEMs).

Inflation rate drops for 18th consecutive month to 11.41% in July

2018-08-15T07:01:00.000-07:00

Nigeria’s inflation rate has dropped in July for the 18th consecutive time, the National Bureau of Statistics (NBS) has said.

In the July inflation report by the statistics bureau on Wednesday, the nation’s Consumer Price Index (CPI) fell from 11.23 percent year-on-year (YoY) in June 2018 to 11.14 percent YoY in July 2018.

On a month-on-month basis, the index dropped from 1.24 percent recorded in June to 1.13 percent in July.

The CPI measures inflation, the composite changes in the prices of consumer goods and services, such as food, transportation, and medical care, purchased by households, over a period.

Despite the consistent drop in the headline inflation index, the nation’s rate of increase in the prices of good and services still remained above the Central Bank of Nigeria’s acceptable band of 6 percent to 9 percent in the month under review.

The NBS said the food inflation also dropped to 12.85 percent YoY in July down from 12.98 percent recorded in the preceding month, while core inflation, which excludes agricultural produce, stood at 10.2 percent in the review month from 10.4 percent recorded in the previous month.

The urban inflation rate eased to 12.66 percent YoY in July 2018 from 12.68 percent recorded in June, while rural inflation rate remained unchanged at 10.83 percent from the previous month

last week, FSDH Research, it its July inflation watch report, had projected the decline by 22 basis point, it attributed the decrease in the inflation rate to the base effect of the previous year.

FSDH noted that the general decline in the international prices of food coupled with the appreciation in the value of the Naira at the parallel market muted the prices of imported consumer goods in Nigeria between June and July.

A Deputy Governor of the CBN had last week said the apex bank may consider raising its key lending rate for the first time in two years if the inflation rate fails to slow in July.

With the latest development, the bank regulator may retract its earlier position to increase the monetary policy rate from an all-time high of 14 percent.

Again, stock market loses N17bn on sustained profit taking

2018-08-14T09:53:00.001-07:00

Following last week’s bearish performance at the Nigerian Stock Exchange (NSE) which saw the benchmark index of the NSE, the All Share Index, decline by 2.85 percent on week-on-week basis on the heels of recent political tension, the local bourse on Monday extended its losses to open the week.

The ASI of the NSE fell by 13 basis points amid sustained profit taking activity to settle at 35,399.28 points while Year-to-Date loss further dipped to -7.4 percent as market breadth remained negative with 26 losers as against 13 gainers.

Specifically, investors lost N17.33 billion in value as market capitalization fell from N12.94 trillion to N12.92 trillion after the close of business.

Sell offs in highly capitalized stocks like United Bank for Africa which dropped by 3.2 percent, Guinness, 4.3 percent, Guaranty Trust Bank, 0.5 percent, and Zenith Bank by 0.6 percent dragged the market indicators to the red zone.

Activity level was mixed as volume and value of transactions fell by 16.9 percent and 9.0 percent to 160.43 million and N2.2 billion respectively.

Union Diagnostic & Clinical Services and Mutual Benefits Assurance led the laggards’ chart with 9.09 percent to close at 30 Kobo per share. Livestock Feeds followed with 8.70 percent to close at 63 Kobo per share, while Wema Bank shed 7.35 percent to close at 63 Kobo per share.

Secure Electronic Technology depreciated by 6.90 percent to close 27 kobo per share.

On the flip side, Eterna led the gainers’ chart with 9.92 percent to close at N7.20 per share. UACN added 7.69 percent to close N14 per share, while Curteville Business Solutions gained 5 percent to close 21 Kobo per share.

Caverton Offshore Support Group appreciated by 4.74 percent to close at N1.99, while International Breweries garnered 4.53 percent to close N33.45 per share.

As the market recorded bears into the seventh consecutive session, analysts at Afrinvest Securities said, “We expect the bearish performance to be sustained till midweek as investors continue to take profit following some unimpressive H1:2018 releases.”

Barcelona edge Sevilla to win Spanish Super Cup in Morocco

2018-08-14T09:48:00.001-07:00

Barcelona defeated Sevilla 2-1 to win the 2018 Spanish Super Cup played in Tangier, Morocco on Sunday night.

The La Liga champions escaped a late equaliser from their opponents as Marc-Andre ter Stegen, who fouled Aleix Vidal in the box, saved a last-minute penalty to secure win in regular time.

Sevilla had gone ahead by a goal from Pablo Sarabia when the video assistant referee (VAR) gave a goal which had been ruled out for offside.

But Barca levelled just before halftime as Lionel Messi’s free-kick hit the post and the back of goalkeeper Tomas Vaclik before Gerard Pique placed the ball inside the net.

Ousmane Dembele then sealed the game when he lashed a shot home from 20 yards via the underside of the crossbar in the 79th minute.

Barcelona have taken part in nine of the last 10 Super Cups, but this was the first to take place over just one leg and in a foreign country.

The champions – who handed debuts to Clement Lenglet, Arthur and Arturo Vidal – win for the sixth time in nine years.

The Super Cup is a curtain raiser for the new season. La Liga kicks off next weekend, with Girona Fc playing against Real Valladolid on Friday night.

Don’t let anyone deceive you, Nigeria’s problem isn’t ethnicity or religion— Osinbajo

2018-08-13T11:37:00.000-07:00

Acting President Yemi Osinbajo has argued that, contrary to divisive claims based on ethno-religious sentiments, Nigeria’s challenge was neither ethnic nor religious.

He pointed at corruption perpetrated by unpatriotic people as the source of the unfortunate state of the nation.

Osinbajo also criticised religious leaders for failing to support the Federal Government’s anti-corruption war by not preaching against the menace.

Speaking at the 30th National Biennial Conference of the Students Christian Movement of Nigeria holding in Enugu, Osinbajo noted that preachers were preoccupied with preaching prosperity rather than righteousness.

“Very rarely do you hear our preachers talk about corruption from their pulpits. If a nation is not righteous nothing will help it.”

Osinbajo said that corruption had been so entrenched in the country that if you dare challenge it, you will be in the minority.

He challenged the youths to change the narrative and make the difference by opposing the impunity of those that had stolen the resources of the country.

“Our problem in this country is not ethnicity or religion; it is not about Christians or Muslims. Our problems are the same wherever you go in this country.

“The story of our country is about good and evil. It is about those that have left us in this condition by stealing our common resources.

“Do not let anyone deceive you.”

The acting president challenged members of SCM to ensure that the movement becomes one of the tools that will move the country forward.

“You should understand that our country can be delivered by people like you.”

According to him, young Christians have special and distinct roles to play in the transformation of the country which is superior to those of other sets of people.

“All of the great nations of the world were transformed by the gospel of Jesus Christ. It is not a gospel that tickles people’s imaginations or dwells on prosperity.

“It is not a gospel that fits your fancy. It is a gospel that teaches that righteousness exalts a nation.”

Osibanjo appealed to Nigerians to stand against the looting of the nation’s resources, as well as support the anti-corruption initiative of the Federal Government, irrespective of party affiliations.

Earlier in his address, Governor Ifeanyi Ugwuanyi of Enugu State commended the organisers of the event for a successful convention.

Ugwuanyi said that Christians needed such events in order to seek spiritual reformation, considering the situation in the world.

He said that Christians also needed to contribute to the promotion of good living among Nigerians.

Ugwuanyi urged Nigerians to continue to pray for President Muhammadu Buhari and for the peace of the nation.

In an address of welcome, the National President of SCM, Rev. Eric Ighalo, commended Osinbajo for honouring their invitation.

Ighalo said that the conference was about active involvement of youths in reversing the problems that had held the country down through dialogue, collaboration and contention.

ITTF Nigeria Open: Aruna reaches semis; Oshonaike, others fail to make quarters

2018-08-13T09:16:00.000-07:00

Top seed Aruna Quadri is the only Nigerian that advanced to the semifinals of the Singles events after easing past Kazeem Makanjuola and Sipos Rares on Saturday.

Aruna defeated his compatrot Makanjuola 4-0 in their round of 16 match on Saturday morning, before sealing his place in the last four by seeing off Sipos in another four straight sets in the evening.

A total of six Nigerians made it to the round of 16 in both the Men’s and Women’s Singles categories, but Aruna is the only Nigerian player that will feature on the last day of the competition.

Five-time Olympian Olufunke Oshonaike and Cecilia Akpan failed to advance from the second round in the Women’s Singles, seven-time Olympian Segun Toriola and Jamiu Azeez Olugbenga also crashed out in the Men’s Singles round of 16.

Oshonaike was beaten by an unranked Chinese player Fan Siqi 4-1 in their round of 16 match, even as Cecilia could not match up with Hungary’s Pergel Szandra who also won 4-1.

Finland’s Olah Benedek won Toriola in straight sets, while Sot Rumgay Gavin encountered hurdles against Azeez Olugbenga but still won 4-2.

Last man standing, Aruna will take on WISUTMAYTHANGKOON Supanut of Thailand in the semifinals, and if victorious, would battle for the title against Gavin or France’s Hachard Antoine in the final.

The $46,000 prize money competition, which kicked off on Wednesday, will come to an end on Sunday.

The men and women’s doubles finals and the men’s and women’s singles semis will come up on Sunday morning, while the finals of the Singles events will take place on Sunday evening.

Adaora Elonu appointed D’Tigress captain ahead FIBA World Cup

2018-08-13T08:40:00.001-07:00

Adaora Elonu has been appointed as the captain of the Senior Women’s National basketball team ahead of the 2018 FIBA World Cup holding in Spain.

The appointment of the former Perfumerias Avenida Salamanca of Spain player who recently got signed by WNBA side, Atlanta Dreams was announced by D’Tigress new coach, Otis Hughley on Friday.

Otis said the decision was taken in the best interest of the team ahead of the championship,with the belief that Elonu’s maturity and experience will serve the team on and off the court.

Adaora replaces the duo of Aisha Mohammed and Kalu Ezinne-Phelps who captained the team to the 2017 Afrobasket win in Mali.

The Shooting Forward’s appointment was applauded by the players who pledged their total support

Elonu, one of the most experienced and oldest members of the National team was part of the 2015 Afrobasket bronze medal winning team where she was voted as one of the competition’s best five players.

She was in the Nigerian side that won gold at the Afrobasket 2017 championship in Mali.

She averaged 9.1points per game and the team’s high 3.9 assists.