Month: August 2023

Windhoek-based outfits Trustsco United and Wanderers will clash in the final of the 2023 Namibia Rugby Union (NRU) Premier League final after overcoming tough competitions from their rivals in the semi-finals on Saturday.

The NRU held its semi-finals for the different league divisions at the Hage Geingob Stadium on Saturday.

The match between United, and Walvis Bay-based Kudus saw the coastal outfit firing on all cylinders and kept fans on their toes throughout the match which ended 28-27 in United’s favour.

United opened the scoring early in the match through Hanreco van Zyl and Reinhold Benade made no mistake with the conversion as he gave the home team the lead. Kudus was determined to see themselves in the final, therefore, bounced back with a penalty through Aurelio Plato.

PJ Walters scored Kudus’s first try of the match and Plato converted for Kudus to take the lead for the first time in the game. Minutes later Lloyd Jacobs scored Kudus’s second try, which Plato converted to extend their lead to 17-07 before the halftime break.

United were awarded a penalty just before the halftime break, but Benade did not have his scoring boots on the day as he missed that penalty to end the first half 17-07. Kudus led the game with a 10 points difference.

In the second half, Kudus scored one more try, which was converted as well as a penalty, while United had a better second half and ran in three tries, a penalty goal, and a drop ball. All three conversions were missed.

Meanwhile, in the second Premier League semi-finals defending champions Wanderers overcame Rehoboth with a 32-20 scoreline to book themselves a slot in the final against their biggest arch-rivals United.

In the reserve league, Grootfontein and Kudus book themselves a showdown after Grootfontein overcame Wanderers 33-31 while Kudus overcame United 41-40.

The women league will see United Gemsbokkies take on UNAM Steenbokkies in the final scheduled for 26 August 2023 at the Hage Geingob Stadium in Olympia.

All the finals will form part of the build-up to the main match between the Namibian men’s senior rugby team, the Welwitschias, and the Blue Bulls from South Africa.

Source: The Namibian Press Agency

The University of Lagos (UNILAG) has dismissed reports insinuating that the institution had made additional increase in school fees on the one it made in July.

This is contained in a statement by Mrs Adejoke Alaga-Ibraheem, Head, Communication Unit of the institution, issued to newsmen on Friday night in Lagos.

According to her, the information is false and misleading and a misrepresentation of facts.

She noted that the institution was not unmindful of the prevailing economic realities, adding that it had not issued any other notice of increment in fees.

“UNILAG wishes to explicitly refute unsubstantiated claims making the rounds that the institution has slammed additional unauthorised charges to its earlier increments.

“This is a completely untrue and misleading claim and a misrepresentation of facts, aimed at misinforming the public into believing that there has been another adjustment of fees.

“Apart from the recently adjusted obligatory fees for new students and returning undergraduates published in the university’s Information Flash news bulletin, there has been no other increase in fees,” she said.

The News Agency of Nigeria (NAN) recalls that the institution had in July, announced adjustment in fees which was expected to take effect from the first semester of the 2023/2024 academic session.

UNILAG explained that the move was in line with the prevailing economic realities and the need for the university to be able to meet its obligation to its students, staff and municipal service providers among others.

A breakdown of the fees showed that the mandatory charges for one academic session for new undergraduate students was N126,325, for courses without laboratory/studio fees.

The university further fixed N176,325 as mandatory charges for one academic session for courses with laboratory and studio.

A further breakdown of the approved mandatory charges for one academic session for returning students showed that they would pay N100,750 for courses without laboratory and studio, while those needing laboratory and studio would pay N140,250, among others.

Source: News Agency of Nigeria

The Iranian Government has expressed its readiness to collaborate in developing Nigeria’s oil and gas downstream sector.

The Iranian Ambassador to Nigeria, Muhammad Alibak, made this known when he hosted Rep. Ikenga Ugochinyere (PDP-Imo), Chairman, House Committee on Downstream Petroleum and Rep. Aliyu Mustapha (PDP-Kaduna state) in Abuja.

The ambassador explained that the assistance would include in refineries and other related infrastructure.

He said that Iran was ready to support the Nigerian Government in addressing its energy challenges through collaborative investment and cooperation.

The ambassador expressed Iran’s enthusiasm to bolster Nigeria’s oil and gas sector and explore alternative energy sources.

Alibak also said that areas of collaboration included Compressed Natural Gas (CNG) projects, refinery improvements, petrochemical ventures, and impactful exploration initiatives.

He expressed the unwavering commitment of Iran, exemplified through a Memorandum of Understanding (MoU), previously signed by the former Minister of Petroleum Resources, Mr Timpre Slyva.

The ambassador also highlighted subsequent correspondence from Iran’s current Oil Minister, demonstrating their determination to collaborate closely with Nigeria.

In his remarks, Ugochinyere said that the purpose of their visit was to solidify deeper cooperation based on Iran’s long-standing willingness to contribute to Nigeria’s growth and expansion in the downstream sector.

He said sequel to the enacted Petroleum Industry Act (PlA), “there are many opportunities within the downstream and midstream oil domains.”

The lawmaker sought enhanced investment collaboration with Iran in terms of technology transfer that would fortify the ongoing evolution in the oil and gas sector.

Ugochinyere underscored the significance of refining alternative energy sources, advancing the CNG project, accelerating petrochemical initiatives, and boosting profitable exploration endeavours.

The chairman commended Iran’s successful utilisation of gas resources, leading to widespread connectivity to refined gas and enabling economic growth.

He commended Iran’s resilience in maintaining local petroleum refining and expanding refining capacity amidst global economic sanctions.

Ugochinyere said that closer collaboration with Iran, a country that successfully overcame challenges including global sanctions, could strengthen Nigeria’s energy security, exploration activities, local refining, and overall industry growth.

The chairman assured that the Nigerian Parliament would vigilantly oversee the implementation of the PlA, ensuring its intentions so upheld with unwavering consistency.

He encouraged Iranian investors and oil companies to capitalise on the transparent and competitive market environment, leveraging the newfound stability in Nigeria’s oil and gas sector and invest heavily.

Also speaking, Mustapha expressed the urgent need for Nigeria to transition from exporting crude materials to refining locally.

“This transformation would pave the way for job creation, forex generation, energy security, and greater economic stability.

“This is further made possible given the removal of subsidies and the resulting volatility of Nigeria’s oil and gas sector and the potential opportunities presented by the PIA,” he said.

Source: News Agency of Nigeria

The Nigeria Electronic Fraud Forum (NEFF) has called on stakeholders in the financial sector to collectively address and mitigate risks posed by electronic fraud.

Mr Musa Jimoh, Director, Payment Systems Management of the Central Bank of Nigeria (CBN), made the call at the company’ third quarter 2023 general meeting on Friday in Lagos.

The News Agency of Nigeria (NAN) reports that the meeting has “New Strategies for Combating e-Fraud in a Cashless Environment,” as its theme.

Jimoh, who is also the Chairman, NEFF, noted that the criminals in the cyber world had increased and that if not addressed could increase individuals and organisations exposure to financial losses.

He said, “Today, we are here to look at the new strategies by which we can combat fraud; If we don’t combat the cyber criminals; they will weigh us down and breed the entire system.

“So, we all need to work together to see how we can make life extremely difficult for the cyber criminals.

“You know like the popular saying today; they say you should let the poor breath, but we shouldn’t let this criminals breath.

“We should actually suffocate them to death because our hard earned money is what these guys are forcibly taking away from us,” he said.

The Chief Executive Officer, Ignis Solutions Ltd., Simon Martin, while speaking on the topic, “e-Fraud in a Cashless Environment: Trends, Threats, Emerging Typologies and International Standards for Regulators”, urged stakeholders to pay more attention to building capacity to be able to combat e-Fraud.

She said, “I think it’s important that we build our capacity; I think it’s important that we pay attention to possible emerging threats that could hamper our developments in digital payments and moving toward a cashless society.

“I think education is definitely important, not only for our systems and for people, but for our individual self and it’s one of the reasons why I identify myself as an unconventional regulator.

“It’s important that we apply design thinking in our lives as we go forward. Things are evolving, and so too, we must evolve as well.”

Martin, therefore, urged individuals and organisations to protect, properly store and manage their data to avoid bad actors leverage on it.

Mr Premier Oiwoh, Managing Director, Nigeria Inter-Bank Settlement Systems (NIBSS), urged stakeholders to pay more attention on mobile channels, saying it was the most significant point used for defrauding.

Oiwoh, represented by Mr Temidayo Adekanye, spoke on the topic, “The Current and Emerging e-fraud Landscape in Nigeria: Data Analytic”.

Oiwoh said, “So, I will advise that everyone focuses on mobile channels as the most significant point used for these fraudulent actions.

“But what we see most importantly is the fact that the primary channels are the betting platforms.

“So, once the money leaves the betting platform; Wallet account, or in some cases PoS agents; once it is cashed out, it is a black hole. There is no way you can recover that money.

“Literally we’re talking about potentially five per cent recovery rate across the industry.

“So, we all have to identify those betting Wallet accounts, PoS agents, cryptocurrency accounts, and in some cases purchases,” he said.

NAN reports that the goal of NEFF is not only to identify the latest fraud trends but also to craft dynamic and effective countermeasures.

The forum serves as a catalyst for stimulating dialogue, enhancing collaboration, and fostering partnerships that will result in practical solutions to combat e-fraud.

The major highlight of the meeting was the unveiling of the NEFF website (neffng.com/site/new-home) to share information that is fit for public consumption.

Source: News Agency of Nigeria

The Chartered Institute of Bankers of Nigeria (CIBN) has commended President Bola Tinubu for unifying the Naira exchange rate to save the country from financial crisis.

The President/ Chairman of Council of CIBN, Dr Ken Opara, said this at the 2023 Lagos Bankers Night with the theme, ” Exchange Rate Unification: Glocal Implications, Organisation’s and the Country “, on Friday night in Lagos.

According to him, the institute has always advocated transparency and a free market that would allow the interplay of supply and demand.

He said, “The Chartered Institute of Bankers of Nigeria totally supports the Central Bank of Nigeria’s reform as it relates to the unification of the exchange rate and other measures basically taken to ensure the true value of the Naira.

“As a matter of fact, we have been advocating for this and during the week, Dr ‘Biodun Adedipe, leading other scholars, and Mr Laoye Jaiyeola of the Nigeria Economic Summit Group, gathered at the Bankers House to applaud the reform, especially as it relates to the unification of the exchange rate.

“We have seen that the effort that the Central Bank of Nigeria has initiated is already yielding dividend.

“We can see that the exchange rate between the Naira and the dollar has started coming down which means it is a good initiative that is well thought out.”

Opara said that the institute recently organised a half year economic review, where captains of industries also spoke in support of the reform.

He urged Nigerians to take advantage of the good opportunities that the reform had presented, saying wherever there are challenges lie in opportunities.

The CIBN president pledged the institutes continued commitment to making contributions and suggestions relating to what should be done to support and grow the country.

He said, “As it is the concept of the industry; we played this role very well when the industry was facing challenges and we will continue to do that because we believe that the banking industry is very solid, stable and efficient.”

He described the payment system in Nigeria as “the best” all over the world, stressing that it is a system that one could consummate transactions on an online real-time basis.

Opara said this showed that the banking industry and its regulator had done well in stabilising what an effective payment system.

He debunked media reports that its Lagos branch was not in support of the exchange rate unification, describing as “untrue”, but calculated to cause panic.

Chief Consultant of B. Adedipe Associates Ltd. (BAA Consult), Dr ‘Biodun Adedipe, said that the exchange rate unification, which was not new in Nigeria, had gone through the route before with different appellations.

“Let me trade very quickly what I brand as Nigeria’s journey to exchange rate unification.

“Nigeria has gone through this route before but with different appellations like devaluation, correction, alignment, depreciation, all of which are matter of semantics.

“The simple interpretation of this is to remove the premium on the official rate and the parallel market or road side market.

“Of course, this is a typical Bretton Woods recipe; keep premium within five per cent to decentivise round tripping and then find liquidity to sustain it.

“This is the easy way out; but, it never brings enduring solution to the persistent crisis in the external sector of the Nigerian economy.”.

According to him, there are 54 evidence-based research documents to establish that free float is not always the most appropriate for all economics.

Giving historical illustrations, the expert noted that exchange rate movements had a more significant impact on all other prices more than interest rates adjustment.

He said the only period that Nigeria experienced a successful and stable rate convergence in the country was when it had a significant external reserve.

Adedipe said it took the country an average of two to six weeks for the parallel market rates to diverge from the official exchange rate during each episode of premium removal.

He added that speculative attack on the currency occured each time there was no clear sight to a stable and enduring supply.

NAN recalls that President Bola Tinubu, had during his inauguration on May 29, said his administration would seek to bring the different exchange rate regimes being operated across the country’s foreign exchange channels under a single regime.

However, in June, Tinubu through the Special Adviser on Special Duties, Communications, and Strategy, Dele Alake, announced the implementation of a unified exchange rate to save the country from a financial crisis.

He emphasised that his decision to implement a managed float, similar to his approach to fuel subsidy removal, was in the best interest of Nigeria.

Source: News Agency of Nigeria

The Permanent Secretary, Federal Capital Territory Administration (FCTA), Mr Olusade Adesola, has enjoined youth corps members posted to the territory to impact residents through their activities.

He gave the advice on Friday in Abuja at the swearing-in ceremony of the 2023 Batch ‘B’, Stream Two National Youth Service Corps (NYSC) orientation course.

Adesola said: “One of the best ways the residents of Abuja can feel your presence and indelible impacts is by your individual performance and outstanding contributions in the Community Development Service (CDS).

“To this end therefore, you must strive to identify areas of needs in your respective host communities and work towards bridging such gaps.’’

He also urged them to maximise the one-year service national engagement by identifying and acquiring industry-oriented skills that would enable them successfully shape their future career.

The permanent secretary added that this was necessary as the labour market was saturated with trained graduates seeking office employment.

Adesola said that NYSC was established by the Federal Government in 1976 to engender national unity, cohesion and to promote nation building between and amongst Nigerian youths.

“The deployment policy of the NYSC ensures that young Nigerians are posted to states other than their own.

“This is expected to provide corps members the rare opportunity of appreciating and exploring the nation’s deep cultural, social, religious as well as ethnic diversities.

“I believe every one of you will be willing to take advantage of this golden platform to build social and professional contacts within your service year,” he said.

The NYSC FCT Coordinator, Mrs Winifred Shokpeka, said so far, a total number of 2,580 corps members comprising 1,752 females and 828 males had been duly registered for the orientation course.

She assured them that during their stay at the camp, they would be treated with dignity and respect.

Shokpeka advised them to comport themselves in a disciplined and orderly manner, as any form of negative behaviour such as drug abuse and other anti-social acts would not be tolerated.

“You are enjoined to key into the NYSC Skills Acquisition and Entrepreneurship Development (SAED) programme.

“Avail yourself of this rare opportunity which is aimed at transforming your lives after the service year to be job creators rather than job seekers,’’ he said.

The oath of allegiance was administered by the Chief Judge of the FCT, Justice Hussein Yusuf, who was represented by Justice Ikeolu Adelaja.

The News Agency of Nigeria (NAN) reports that the orientation course which commenced on Tuesday would end on Sept. 5.

Source: News Agency of Nigeria