Robbers Unleash Terror In Lagos, Ogun State, As Residents Stay Awake

By

-

April 12, 2020

By Akinwale Kasali

For bad boys, the stay-at-home order does not matter. And Security personnel who harrass citizens, even during the hours of reprieve, as stipulated by Government, are either helpless, or asleep.

It was a day of terror, pain, anguish and sadness for residents of Lagos and Ogun State as armed robbers stormed the Abule Egba, Kola, Alakuko, Ajah, Badore, Jankara, Sango, Adiyan-Gasline, Langbasa, Clem Road, Agbado, Adura, Fagba and other environs within Lagos State, dispossessing residents of their properties, money, food stuffs and valuables.

The robbers, who came in a large number, numbering over 40 stormed these areas in broad day light, brandishing deadly weapons to scare residents.

The boys unleashing this mayhem are said to be of a Cult Groups called ‘Awawa, Millions Boys and Kesari Boys’. They went from house to house in these areas robbing residents.

In the process, two landlords were killed in Kola, Alakuko area, forcing the youths in the areas to team up to lay ambush, for the rampaging robbers.

They overpowered the robbers who ran for safety after dispossessing some residents of money and other valuables.

Unfortunately for the thieves, four of them were caught and beaten to a pulp, before men of the Lagos State Police Command and officers of the Lagos Neighborhood Corps, LSNC, arrived the scene, whisking the criminals away.

It was a different ball game entirely in Ajah, as residents of Langbasa, Badore, Illaje area were robbed by hoodlums and armed bandits who stormed the houses of residents, robbing them of their valuables and money.

The robbers said to be numbering over 20, took to different streets in the area, moving from one house to the other perpetrating their heinous crime.

In another twist of event in Ajah on Saturday, pandemonium erupted as hoodlums unleashed terror on the riverine community burning buildings and shops.

The magazine gathered that the crisis which started like a friendly disagreement was between Ajah indigenes and Ilaje settlers over the control of dredging sites.

No fewer than 70 shops were reported to have been set ablaze by the gangsters who brandished sophisticated weapons and ammunition.

Due to the Coronavirus-induced lockdown that crippled business activities, touts selling tickets for motorcyclists and tricyclists, working in consonant with some gangsters, are terrorizing the community.

“It’s not today this started. We live amongst them with fear. The police too know them. And they are very notorious”, a resident confided in the magazine.

It is alleged that the bandits usually kill people after dispossessing them of money and their valuables. They also throw members of rival groups into the lagoon when there is a rift or face off among them.

The intervention of Policemen attached to Area J Police Command brought sanity to the area after making several arrests.

In Ogun State, which shares border with Lagos State, it was the same story, as fierce looking robbers stormed the State, unleashing terror on residents.

For days now, it has been sleepless nights for residents of Aderemi and Kokumo streets, Olambe Community, Adiyan, Adiyan-Gasline, Ola-Ogun, Randle, Ijeja, Agbado Crossing, Ifo Local Government Area, as armed robbers have been terrorizing the areas.

But in averting the situation, a wakeup call has come from the night guard at about 12:15am on Sunday causing residents of the streets to troop out in their numbers and keep watch.

Sounds of gunshots had rented the air as the armed men plundered these areas ready to wreak havoc again, but this time around, the residents were battle ready for a face-off with the criminals.

The residents came out with clubs, machetes, sticks, stones and other objects that could be used as defensive weapons and kept watch till 4:30am, just like in areas affected in Lagos, as individual families ran helter-skelter looking for where to hide their valuables.

There have been overwhelming complaints by residents of Owode, Ilepa, Ifo, Arigbajo, Itori, Dalemo, Ijoko, Ogba Ayo, Mosa, Joju, Sango, Ota, Oniyale among other communities in Ifo and Ado-Odo Ota local government areas of Ogun State over how armed men have taken over the streets, attacking them day and night and taking their valuables.

These robbers allegedly move from community to community terrorising residents and causing unrest. Members of these communities have resorted to keeping group watch, lighting bonfires and patrolling day and night.

Some residents in Lagos and Ogun State have described the present situation as a total security meltdown.

“It’s a total security meltdown. My house is close to the epicentre of the bad boys’ bloody crimes. Even today, broad daylight, from around 11am to 2pm, starting from Agbado station, to Ope-Ilu, Almoruf, Ola-Ogun, Abule, Lemode, Ibaragun, Ijoko, Adiyan-Gasline, the boys in their numbers on bikes attacked residents and robbed them.

“They were armed with dangerous weapons and, surprising, POS machines. If you don’t have cash, you are compelled to submit your ATM card to them at gunpoint while your account is emptied. Reprieve only came when residents summoned courage, mobilised and launched a counterattack to repel them.

We don’t sleep at nights, now we don’t have peace in the day.

I am a direct witness of the scary scenarios.” Femi Adebesin told the magazine.

Modupe Darasayo who shared her experience on Facebook said she was scared and fed up with the developments.

She said “Armed robbers had been parading this area for days now. They came just last week to rob and when two of them were gunned down they brought letter just to warn ahead that they are coming back. Just this afternoon my neighbour warned us not to go out that he got an info they were already in my Estate. I read on Facebook that these armed men were100 in number moving from house to house. From Abule Egba to Ifo, this is no false, it’s true…. I’m scared and tired. They’ve been disturbing my Mum’s area too, she confirmed this when i called her. I don’t know for how long this will end, but I’m scared”

The Lagos State Police Public Relations Officer, Bala Elkanah said the police was aware of the developments and had intensified its patrol of the locked shops. He said that police also had started to embark on chopper surveillance to ensure safety of lives and properties of citizens.

The social media has been awash with images of residents of Lagos and Ogun State devising security mechanism to protect themselves by making bonfire as they stayed up all night to protect their neighbourhoods in different areas of the States while lamenting the pathetic state of things.

“We had to stay up all night and be our own security…this lock down is really causing lot of problems for us. #OgunUnrestMore#adiyan #ogununrest” tweeted someone named Omo Ijebu

Amid worries about the possibility of an indefinite extension of the total lockdown order on Lagos, Ogun and Abuja by President Muhammadu Buhari, residents of the two states continue to hope that the security efforts would be intensified and the armed men, apprehended.

Boko Haram: Tension As Chad Withdraws From Joint Military Force

By

Bayo Bernard

-

April 12, 2020

0

By Fola James

President Idris Deby of Chad has withdrawn from the Multinational Joint Task Force, MJTF set up by Nigeria and four other countries, in a move security analysts say could draw back gains made in the last four years against insurgency.

The move, they say is also capable of raising tension between Nigeria and her closest neighbor.

The insurgents could also be emboldened as a result of the crack among members of the coalition, according to keen watchers of events in the region.

Apart from Nigeria, Chad, Niger, Benin and Cameroon are members of the coalition forces established few years ago to combat insurgency in the Sahel region.

The development came on the heels of relocation of Nigerian Army Command Post from Abuja to Borno state, the epicenter of the war against Boko Haram.

The Chief of Army Staff, COAS, Lieutenant Tukur Burutai said last week he was moving to Borno state to ratchet up the battle against the terrorists, whom last month killed over 40 Nigerian soldiers.

Deby has trenchantly criticized other members of the coalition for not doing much to drive out Boko Haram and ISWAP from the region.

Few days ago the Chadian leader, again lamented the unseriousness on the part four other nations to contain the insurgents.

He said his soldiers have paid a steep price for fighting the insurgents, sometimes moving into territories outside his country to fight the killer terrorists.

This will no longer happen, the former rebel leader said.

Deby said “Our troops have died for Lake Chad and the Sahel. From today, no Chadian soldiers will take part in a military mission outside Chad,” Al-Jazeera quoted him as telling Chadian national TV.

Chad is alone in shouldering all the burden of the war against Boko Haram,” Deby told Al-Jazeera hours ago.

The decision to withdraw his troops from the multinational force, analysts say may not be unconnected with recent casualties suffered by his men from Boko Haram, who are currently occupying a swathe of land in at least three states in Nigeria’s north east region.

Last month, the Abubakar Shwkau-led terrorists invaded some villages in Chad killing many of its military commanders.

Over 90 soldiers, Deby was quoted as saying at the time, were killed by the insurgents during the onslaught.

Even though Chad has retaliated, the magazine leant that the authority of that country is not happy that its forces are the most visible in the war against Boko Haram and their ISWAP allies.

In a counter onslaught penultimate week, President Deby led his troops to kill at least 1000 insurgents, aside capturing the group’s largest arms depot in the Sabisa forest.

Idris Deby — Deby Pulls Out Of Joint Force With Nigeria

The forest is a Nigerian territory but has remained the hideout for Boko Haram and other criminals waging war against the country.

On one occasion, the Chad leader had lamented Nigeria Army’s refusal to take over some territories his troops recovered from the insurgents.

Deby, two weeks ago said 90 percent of the war to defeat the insurgents has been accomplished by his troops, challenging Nigerian and other Task Force nations to finally route the insurgents, who he claimed are now on the run.

He had earlier in 2016 condemned the Nigerian Armed Forces from drawing back in the war to chase the insurgents away from the region.

COVID-19: Buhari To Extend Lockdown

By

The Source

-

April 12, 2020

0

By Akinwale Kasali

With few days to the end of the 14-day lockdown and restriction of movement by the Federal Government in Lagos and Ogun States as well as the Federal Capital Territory, Abuja, to curtail the spread of the deadly Coronavirus, the President Muhammadu Buhari administration is set to extend the Stay At Home Order.

The decision to extend the lockdown is due to warnings by experts that an extension pf the lockdown will further curtail its spread.

Aside the two States and the FCT, some state governments had also restricted movement of persons to ensure social distancing.

In a statement, Garba Shehu, the Senior Special Assistant to President Buhari on Media and Publicity, said that the extension on the lockdown is imminent.

He acknowledged the efforts of Nigerians as well as the sacrifices made during the stay at home period.

“We realize that today, there will be sons and daughters unable to visit their parents, and elders that are isolated from young ones. And there will be those who live day-to-day, eating as they earn, who face real and present suffering,” he said.

“No elected government could ask more of the citizens of the country that elected them than today we ask of you. But we must ask you – once more – to observe restrictions on movement where they are in place, and follow the instructions of our scientists and medical advisers: stay home, wash your hands, save lives.

“The freedoms we ask you to willingly forsake today will only last as long as our scientific advisers declare they are necessary. But they are essential – world over – to halt and defeat the spread of this virus.”

He also spoke about palliatives, asking people to get updates on how to be beneficiaries from the media.

The president said no vaccine has been found to cure the virus, adding that the defeat of coronavirus in the country lies in the hands of Nigerians.

“For those who suffer most egregiously, the Government has announced multiple measures to assist: 70,000 tonnes of grain is being released from the National Strategic Grain Reserves for distribution to those in most need; distribution of small cash payments are also being made, and will continue to be made by the federal government in the states and local government areas,” he said.

“We ask you to listen and follow public announcements via the mass media for instructions as to how to receive this government support – and learn of more public assistance in the coming days.

“All that the Government is asking you to endure is because nowhere in the world today is there any known way of defeating this pandemic. There is no vaccine. And that means there are choices to be made: between continuing as usual, or accepting the restrictions even when they come with unintended consequences.

“But at this darkest hour, it remains our duty to offer you the full and unvarnished truth: This is a global pandemic. 210 countries and territories across the globe are affected. We cannot expect others to come to our assistance. No one is coming to defeat this virus for us.

“Instead, the defeat of the virus in our country will be in our hands, alone. We cannot wait for others. We can only depend on ourselves now. And so we must – and we will – end this outbreak ourselves as Nigerians, together”.

COVID-19: Vendors Supply Adulterated Rice To Osun As Palliative

By

The Source

-

April 11, 2020

0

By Akinwale Kasali

Governor Adegboyega Oyetola of Osun State has inaugurated a panel to investigate, and bring to book those contracted to supply 6,000 bags of rice as palliative measures to the poor in the state.

They supplied adulterated rice which was distributed by the Osun State Government to the people. The government is angry. And had vowed to punish the culprits.

Osun State Commissioner for Information and Civic Orientation, Funke Egbemode, in a statement stressed that the government had received complaints that some of the distributed bags of rice may not have met the expected quality.

She said: “The State of Osun, under the leadership of Governor Adegboyega Oyetola, is particularly pained by this development, considering the fact that it has never compromised quality in its provision of economic stimulus for the people of Osun in spite of its limited resources.

“Governor Adegboyega Oyetola administration is a very responsible and responsive government that places premium on the well-being of its people and would not do anything to jeopardize its citizens’ health.

“Upon receipt of the complaints, the State Government has immediately begun investigations to establish the source of the few bags that appear not to have met the quality expected.”

Egbemode further disclosed that as part of the investigation, the State government has invited all suppliers and vendors from whom the relief materials were purchased, for questioning in order to identify the source of the problem.

“We assure our citizens that upon unraveling what went wrong , the State Government will take necessary punitive measures against the erring Supplier(s) or Vendor(s), including de-listing such vendors from the Government’s directory and even proclaiming a disclaimer to that effect,” she added.

Egbemode also revealed that all the over 6000 bags of rice were purchased from dealers in Osun, which she said was part of government’s efforts to empower its people and also stimulate the local economy.

“If the over 6,020 bags were gotten from Lagos or Abuja, we would have denied our market traders the opportunity to supply and to compensate them for the lockdown,” she added.

The Commissioner restated the commitment of the State government toward protecting its citizens from potential and actual threats, stressing that the “development would not deter the State from dedicatedly seeking to improve the welfare of the people of Osun, especially the vulnerable group, during the time of the State-wide lockdown.”

COVID-19: Sen. Adeola Breaks Silence Over N50Million Palliative Measures, Says It Is Not Political Motivated

By

The Source

-

April 11, 2020

0

By Akinwale Kasali

Senator Olamilekan Adeola, popularly known as ‘Yayi’, representing Lagos West Senatorial District, has finally broken his silence over his N50 million largesse given to the 10 Local Government Area and 18 Local Council Development Area in his Senatorial District to purchase food stuff. The money, he says, is a palliative step to his constituents in this critical period of lockdown and restriction of movement due to the deadly Pandemic Coronavirus.

The largesse set the social media on fire, generating mixed feelings.

Some criticised him for exploiting a sad situation for politicking and preparing for 2023 elections. Others, however, heaped praises on the Ogun State born Senator.

The conventional media has also been enmeshed in controversy over the said amount, as different publications dismissed it as fake.

However, a press statement released by his Media aide said:

“The attention of Senator Solomon Adeola (APC, Lagos West), and chairman Senate Committee on Finance, has been drawn to stories on some blogs, conventional media and social media of purported fraud allegation on the disbursement of his N50million donation as palliative for poor and vulnerable persons, families and groups during the COVID-19 lockdown in Lagos West.

“The Senator will not be dragged into the blatant falsehood contained in the sponsored write-ups, however, regrets the shameful attempt to politicize the issue of palliatives during a preventive lockdown for the containment of the global pandemic that is ravaging humanity on the altar of local petty politics stressing that the identity of the brain behind the campaign of calumny and his fraudulent antecedents are known as no amount of subterfuge by his minions and faceless group can wipe the trail of their huge financial inducement for the hatchet write ups publication.

“For the records my donation was not a political campaign gambit as there is no election anytime soon and neither is it a reward for party members or voters in the largest senatorial district of some 12 million people. It is a relief package targeted mostly at the poor and vulnerable individuals, families and groups for sustenance during the ongoing COVID-19 lockdown.

“I decided on cash donation in cognizance of the precautionary measures for the containment of the pandemic and for beneficiaries to address their specific needs on their own during the lockdown. And from the pictorial and video evidences I am seeing on the social media I am satisfy that the palliative is achieving its goal on targeted persons, families and group without any controversy” he stated.

Senator Adeola said the ongoing disbursement which enters its 5th day is being implemented by a Six–member Committee in each of the 10 LGAs and 18 LCDAs of Lagos West with replication at the ward levels adding that beneficiaries cut across individuals, families and groups like market women associations and League of Imams with sums ranging from N2,500 for individuals and graduating upwards from N5000 to N250,000 for families and groups based on need.

Maltreatment of Nigerians: Gbajabiamila Summons Chinese Ambassador

By

The Source

-

April 11, 2020

0

By Akinwale Kasali

The Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila has shown his displeasure over the viral video of Nigerians being maltreated in China following the outbreak of the Pandemic, Covid-19.

A furious and disappointed Gbajabiamila demanded an explanation from the Chinese government over the allegation of maltreatment.

The Speaker said the action of the Chinese nationals will not be tolerated.

The Speaker, therefore, summoned the Chinese Ambassador to Nigeria, Zhou Pingjian, to a meeting with the leadership of the House on Friday in Abuja.

In attendance were the Minority Leader, Rep. Ndudi Elumelu and Deputy Minority Leader, Rep. Toby Okechukwu.

Gbajabiamila, who confronted the Ambassador with the protest video of an incident where a Nigerian was seen challenging Chinese officials over the unhealthy treatment meted out to Nigerians in China, stated that the inhuman acts on Nigerians must be addressed forthwith.

The Speaker on his Twitter Handle, @femigbaja wrote “Today I met with the Chinese Ambassador to Nigeria on the disturbing allegation of ill treatment of Nigerian citizens in China. I showed him the video clip that had made the rounds. He promised to look into it and get back to my office on Tuesday.

Gbajabiamila stressed that media reports/videos from Beijing, China, which had gone viral showed Nigerians being forced out of their houses and hotels, rounded up and their passports seized by the Chinese police.

The videos also showed that some Nigerians were being forced into another 14-day quarantine after the initial 14 days they spent for same purpose over the Covid-19 pandemic in China.

To this end, Gbajabiamila demanded an official explanation from the ambassador on whether he had reached his home country on the matter.

He said: “The diplomatic relationships between our two countries are for the mutual benefits of our citizens, then there must be respect for our citizens, and we should not compromise it.

“As a government, we will not allow Chinese or other nationals to be maltreated just as we will not allow Nigerians to be maltreated in other countries.

“The way you treat your citizens, we expect that’s how you’ll treat others. We will not tolerate our citizens breaking your laws, but the crime of one citizen cannot be used to stigmatize the whole country.

“It appears that’s what happened in this case. You can’t use one brush to smear the whole wall. Whatever the reason, it cannot be used and taken out on the entire community in China”.

Gbajabiamila said the House will expect a feedback from the Ambassador as soon as possible.

“We are glad you are looking into it but we are hoping to have it at least by Tuesday.

“It is better we nip it in the bud so that it doesn’t escalate to another level. So, by Tuesday, if you have the information to give us, if steps have been taken, let’s talk about it and let’s see the way forward”, he said.

The Speaker also sought to understand the specific mandate of the Chinese medical team that arrived Nigeria on Wednesday and their current state.

Responding to the allegations, Ambassador Pingjian said though he has not been officially informed about the details of the incidence, he would take it up with the home government.

“We take our relationship with Nigeria very seriously. Until we receive a full report from back home, I cannot act, but I can assure you it is not a policy issue.

“We treat everyone equally, but during the implementation of the COVID-19 measures in China, it is possible for some incidents; all I do is to take it back home, today I will, ” he said.

On the visiting medical personnel, the Ambassador also said they were in full quarantine and ready to observe all protocols as stipulated by Nigeria.

“They are on 100 percent quarantine. The NCDC has been there twice; they have to follow the protocol. They are here to deliver medical supplies and on advisory role only, that is a prevention working group on Covid-19. They will do nothing like practicing as doctors,” Pingjian said.

Segun Oni Spits Fire, Says APC Will Regret Barage Of Attack On Him

By

The Source

-

April 11, 2020

0

By Akinwale Kasali

Former All Progressive Congress, APC, stalwart and former Governor of Ekiti State, Segun Oni, says the ruling APC will suffer from the consequences of maligning his person.

Oni rejoined the Peoples Democratic Party, PDP, which he had earlier left to join forces with APC after the 2015 general elections. He was a one term governor of Ekiti State under the flag of the PDP.

An angry Oni said that the Ekiti State Chapter of the APC will regret the barrage of attacks on him following his decision to return to the PDP.

The ex-governor, who was, also, the former National Vice Chairman of APC (South), took exception to the recent newspaper comment credited to the APC Chairman in Ekiti State, Paul Omotosho who described Oni as a nominal member of the party as not only reckless but unexpected.

In a statement issued in Ado-Ekiti, the Ekiti State capital, the Director General of Oni’s Political Organisation, Atunse Ekiti Movement, Dr Ife Arowosoge, said his Principal was disappointed and took exception to the comments made by the APC.

“Was it appropriate for Paul Omotoso to describe Oni, a former Governor, a foundation member of APC, and the very first Deputy National Chairman, who always stood in as Acting National Chairman whenever the Chairman was not around, as a nominal member of APC?

He wondered why Omotoso would accuse him of not being impactful as a Deputy National Chairman by not assisting people with contracts and appointments, saying the power of the office as spelt out in Article 14 (2) of the Constitution of APC does not include the award of contracts or lobbying for appointments.

“The same pomposity was demonstrated when Senator Opeyemi Bamidele was forced out of the Action Congress of Nigeria, ACN, in 2013 and what was the result of the Fayemi’s 2014 governorship election? It was calamitous, disgraceful and shameful leading to a 16-0 loss. The same episode will repeat itself in 2022,” he vowed.

Oni said he decided to leave APC owing to Fayemi’s perceived abhorrence of his political followers and not for sefish pursuit.

“The nepotism and clannishness witnessed in government’s appointments into federal and state positions, the inhuman treatment meted out to all Atunse Ekiti members, and all people linked to Oni, the fact that due process was not followed in establishing party executives by not conducting congresses at the ward, local government and state levels forced us out of APC.”

Oni said Fayemi lost to Ayodele Fayose in that poll owing to alleged arrogance displayed by the APC against Senator Opeyemi Bamidele, who left the party.

“Added to that was the fact that appointments to government positions both at the Federal, State and Local Government levels were limited to the family members of Governor Fayemi and no member of Atunse Ekiti Movement was considered for any appointment, either at the Federal, State or Local Government level.

“Again, many members of Atunse Ekiti Movement are being threatened with expulsion and suspension and many had been suspended for phantom anti-party activities. This was responsible for why I left”, Omotoso said.

He, however, stated that no amount of blackmail would make him waiver on his resolve to restore sanity to Ekiti in 2022, by joining hands with the citizens to install a governor they can trust.

Videos Of Chinese Maltreatment of Nigerians Go Viral

By

Uche Mbah

-

April 10, 2020

0

By Uche Mbah
Videos have emerged on how Chinese authorities maltreat Nigerians in China while disdaining officials from the Nigerian embassy in Beijing.
It has emerged that the Chinese authorities were seizing the Nigerian Passports without bothering to contact the Nigerian embassy, apart from subjecting anyone that comes from Nigeria to double quarantine of 28 days. They are also said to be evicting Nigerians from their houses for no identifiable reasons.
In one of the videos, the embassy official was on the offensive, accusing the Chinese officials of seizing the property of the federal republic of Nigeria.
The Nigerian government has not officially reacted to the allegation, though unconfirmed reports indicate that the Nigerian government has summoned the Chinese Ambassador over the issue.
The Nigerian government, against all expert advice, had invited Chinese experts to help fight coronavirus. These have not been certified by relevant authorities. This Magazine once reported how China releases its prisoners to Africa, allowing them to work in their construction companies as African supervisors. There allegedly many of them currently in Nigeria. The time they serve in Nigeria is adjudged part of their jail terms
Recently, some countries are kicking out Chinese from their countries. In fact, a twitter trend, with hashtag #DeportRacistChinese has been trending, showing how some African countries are reacting to the Chinese invasion.
Critics believe that China has systematically become Nigeria’s new colonial Masters.
Meanwhile, the Nigerian Military is said to have taken delivery of equipment from China meant for the fight against Boko Haram, which is currently being defeated by the Chadian president. Reports also indicate that Chad is claiming to have finally killed Abubakar Shekau, the leader of Boko haram that the Nigerian government has claimed to have killed several times.
Chad has never pardoned nor rehabilitated any Repentant Boko Haram member, nor absorbed them into their military, which Nigeria does as a matter of course.
The fourteen Chinese experts are to be quarantined for two weeks.
Meanwhile, the former Minister of Aviation , Femi Fani Kayode, has reacted to the trending video.
“After our Consul-Gen. in China complained about the way in which Nigerians are being treated by the Chinese authorities they assaulted him & threatened his life. This is reckless, dangerous, unacceptable and provocative behavior on the part of the Chinese and it must stop!
“If not for the fact that we have a weak, corrupt, incompetent & cowardly FG who do not give a damn about our people this would not be happening. Under Buhari, Nigerians were sold into slavery in Libya, killed in South Africa, vilified in Britain and treated like scum in China”, he twitted.

COVID 19: Banks’ Shares To Fall, FG Borrows N4 Trn

By

Bayo Bernard

-

April 10, 2020

0

By Tosin Olatokunbo

Bode Agusto, former Director General of the Nigerian Budget Office has disclosed that commercial banks in the country will struggle to survive this year in the face of the novel corona virus pandemic.

The financial analyst also stated that the federal government will borrow more than N4 trillion this year, the highest ever, to balance the 2020 budget and cushion the effects of virus on the economy.

The analyst has now joined others who already predicted a gloomy future for some commercial banks in the country.

Deposit Money Banks, DMBs profitability will slump to an abysmal level, and banks with the capacity to raise local and foreign equity will survive the impact of COVID 19 on the economy, the Founder, Agusto & Co, said during an online presentation titled: How Will COVID-19 Impact the Economy.

He said many banks will also lose the value of their stocks at the Nigerian Stocks Exchange, NSE as a result of economy downturn.

Agusto said “The banking industry will continue to deliver sub-optimal returns sub-optimal returns in 2020. In fact, ROE will drop further due to higher loan impairment charges.

This will continue to impair the valuation of banks listed on the Nigerian Stock Exchange.”

According to him many Nigerians are likely to lose their purchasing power and will buy less of foreign goods as focus will be turned on essentials goods to survive, as the realities of COVID 19 sink in.

In 2019, Agusto said Nigerians imported goods worth $49 billion, that figure will drop significantly to $25 billion.

The financial analyst projected a drop in the importation of goods from $49 billion in 2019, to $25 billion in 2020, adding that the focus of imports was likely going to be on necessaries, while import duties on such items may be at concessionary rates.

According to Agusto, currency depreciation would boost naira equivalent of import duties.

He said“We estimate federal government revenue of N3.2 trillion.

We also estimate that the federal government will borrow about N4 trillion, some in foreign currency and others in local currency.”

The federal government has never borrowed so much to finance a budget deficit, he said

“Historically, the level of borrowing that they have been able to raise historically has been about N3 trillion yearly.

So, we are even pushing it further a bit to say that they are going to borrow N4 trillion.

So, we expect an aggregate spending of N7.3 trillion. Let’s note that the government has always promised large amount of spending, but they have been able to finance between 60 and 70 per cent of it historically. So, this year is not going to be different,” he said.

A large portion of the borrowing will be used for debt servicing and other loan repayment obligations, he stated.

Agusto said “But what would they be spending money on? There are some obligatory payments that the government has to make. What are these payments?

They pay interest on their loans, salaries and pensions of their workers and statutory transfers, that is, what they are obliged by law to transfer to other tiers of government.”

The federal government, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said has applied for $7 billion from the International Monetary Fund, IMF and the World Bank, to fight the virus.

The magazine learnt that the President Muhammadu Buhari – administration is likely to approach other international partners for more loans and aids due to the fall of crude oil prices in the international market, which analysts say has reduced drastically revenues accruing to the federal government.

COVID 19: Sanwo-Olu Orders Search For Patients

By

Bayo Bernard

-

April 10, 2020

0

By Fola James

Worried by the rising number of corona virus positive persons, the Lagos state government has flagged off a process to reduce community infection of the dreaded disease.

The state’s commissioner for Health Professor Akin Abayomi said health workers from the state have been commissioned to begin house-to-house search for persons that are already carrying the virus or showing symptoms for the novel virus.

Prof. Abayomi disclosed this during a joint ministerial press briefing on COVID-19 intervention in Lagos State held on Thursday in Alausa, Ikeja.

Abayomi said the COVID-19 case identification campaign tagged the ‘Community Active Case Search’ will run for two weeks, with a possible extension.

He stressed that the officials carrying out the exercise can be identified with the COVID-19 outbreak response tags and letter from the Local Government.

Abayomi stated that “In the coming days, some of our health workers will be moving around in pairs to administer an electronic questionnaire at homes and healthcare facilities to make enquiries about symptoms of cough, cold and fever.

This is in a bid to intensify our search for possible cases of COVID-19 in different communities across the state.

I implore you to give them your maximum support by providing accurate information that would help in containing this pandemic quickly.”

The state is the epicenter of the COVID 19 pandemic having recorded the highest of national cases.

There are 276 confirmed coronavirus cases and six deaths in Nigeria, while 44 people in the country have recovered after contracting Covid-19.

The total number of confirmed coronavirus cases worldwide at the above time stood at 1,582,904. In total, 94,807 people have died from Covid-19, while 351,201 have recovered from the disease, WHO said

Abayomi said the government needs to move fast to stop the virus from further spreading in the state.