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Home Blog Page 3894

Army seizes power in Gabon [video]

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This video grab taken from Gabon 24 shows Gabonese soldiers appearing on television on August 30, 2023 announcing they were "putting an end to the current regime" and the cancellation of an election that, according to official results, President Ali Bongo Ondimba won. - During the announcement, AFP journalists heard gunfire ring out in the Gabonese capital, Libreville. While announcing the cancellation of the results one of the soldiers announced the dissolution of "all the institutions of the republic". "We have decided to defend peace by putting an end to the current regime", one of the soldiers said on TV channel Gabon 24, adding that he was speaking on behalf of the "Committee for the Transition and Restoration of Institutions". "To this end, the general elections of 26 August 2023 and the truncated results are cancelled," he added. "All the institutions of the republic are dissolved: the government, the Senate, the National Assembly and the Constitutional Court," he added, announcing the closure of the country's borders "until further notice". Among the soldiers were members of the Republican Guard as well as soldiers of the regular army and police officers. (Photo by - / Gabon 24 / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / GABON 24" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS - RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / GABON 24" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS /

Gabon bows to the men on khakis. We condemn this coup just like others in Africa. The lesson here is clear: politicians MUST not rig elections, because an election rigging is a coup, with pencils and papers, and could be as devastating as using guns!

According to BBC, it does seem like Saturday’s election, in which President Ali Bongo was declared the winner, may not have been free and fair. 

And the revelation: in all these coups, the citizens jubilate because for most, whether it is democracy or military rule, humans are humans, and if the quality of life is not improved under democracy, it loses the core meaning. And this does imply that politicians must put efforts to improve societies through better governance to ensure the people are with them.

We reject coups and we call the boys to return to barracks. A new election could be organized. Africa is now in a severe crisis and its destiny looks foggy.

Twelve soldiers appeared on television early on Wednesday morning, announcing they were cancelling the results of the election and dissolving “all the institutions of the republic”.

They added that the country’s borders had been closed “until further notice”.

If confirmed, this would be the eighth coup in former French colonies in Africa in the past three years.

However, most of the others have been further north, in the Sahel region where an Islamist insurgency has led to rising complaints that the democratically elected governments were failing to protect the civilian populations.

French Prime Minister Elisabeth Borne said her country was following the situation closely, while the European Union’s foreign policy chief said a military takeover would increase instability in Africa.

“This is a big issue for Europe,” said Josep Borrell.

Meanwhile, French mining group Eramet, which employs thousands of people in Gabon, said it had stopped all work in the country for security reasons.

Comment on Feed

Comment 1: Definitely not the way forward, but this is what happens when the way forward is leading backwards as hypothesized and proven by African leaders.

Comment 2: In one of your posts on coups, I posed the question: are the military not people too?

It is only in countries where the military cadre has joined in the rape and subjugation of the will of the masses will they stand akimbo and let illegitimate governments rule because they’ll participate in the loot.

“The military are people too.”

Comment 3: Condemnations will rain in from different directions as usual, not addressing the real issues.

In truth, slave trade never ended in Africa, it was largely reformed. The African ruling class are slave traders, and their trading partners are still the same. They represent the interests of their colonial masters and not the people they purport to rule!

If you weaponise poverty and ignorance against a people, no matter how long it takes, a generation will rise up against their oppressors and demand their freedom!

We can keep condemning the men in Khaki, but the real criminals are the ones in Agbadas backed by their colonial masters.

Comment 4: You told the people that democracy gives them the opportunity to choose their leaders, and they believed. The process of choosing leaders is called election, but each time the people gather to make that choice, you either shift the goalposts or stop them entirely. So, what should the people do? Wailing and complaining don’t bring change, actions do.

The people preaching democracy are incapable of conducting decent elections, and there can be no democracy without elections. This thing is not meant to be hard or complicated, but we have proven over and over that we cannot conduct elections according the stated and agreed terms.

There’s no guarantee that the military can perform better, but politicians have consistently proved one thing: that they are utterly irresponsible. This is why the rejected keep claiming that they want to serve, and that the people want them, without proof of course.

The first question to answer is, why is conducting a credible and transparent election so difficult?

The second question to answer is, why is political governance so difficult, given that the politicians campaign on certain things and get elected to do those things?

Our honest and robust answers to these two questions will set the stage.

Comment 5: Prof …. Africans want a better life . They don’t care about your democracy. They care about good governance. They are tired of travelling through the desert for a better life . They deserve a good life.

I SUPPORT THE COUP 100% …. But for this Gabon coup I am still observing. If a coup is meant to continue to be subdued under the French rule , I disagree but if it is to put France out , I support .

Comment 6: Thank you for sharing Prof.!

Coup is never an option!

It is important that as our leaders condemn coup, they should also address the root cause – election rigging.

As they kick-against the negative end-results, they should also do the needful to ensure a free, fair, and transparent PROCESS.

Comment 7: o you believe that the unemployment rate in Nigeria is now 4.10% with millions of people still unemployed? Now, the politicians are busy dancing to these statistics implying they have done well in office in less than a few months since they assumed office which is very untrue. Honestly, I started praying for a military coup in Nigeria immediately. The lies, betrayals and dishonesty are becoming unbearable. If the military is the solution so be it, at least all of us will be calculated in the unemployment statistics which they claimed…

Comment 8:  I like the part of your post that states ‘ The lesson is clear: politicians MUST not rig elections, because an election rigging is a coup, with pencils and papers, and could be as devastating as using guns’. However, I do not subscribe to organizing new elections because election comes with huge costs usually in billions of naira which could be used to fix others issues plaguing the nations. I would rather propose that as the military seize the power, they should work out how to transfer the power to the candidate the citizens voted for. I guess this is not a rocket science. The coup will definitely continue across Africa until the politicians stop imposing themselves on the citizens. Which country is the next?? I stand for true democracy where the rule of law prevails at all times.

Comment 8: The people of Africa are happy! The politicians have embarrassed Africa and ridiculed her people for decades. May be, let there be a reset on the continent.

Comment 9: Another devastating blow to the efforts of good people in the continent of Africa. It is unfortunate that politicians have refused to read the room and understand that the people are sick and tired of their rigmaroles across the continent with nothing to show for it.

Africa is so blessed, but yet so badly governed and there comes a time they’ll be push backs just like the Arab revolution. These are human beings and not animals that you’re dealing with. Until everyone respects the constitution and abides by the rules of their elections this will keep happening.

A Thought on Progress, Potential and Purpose

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In the pursuit of our goals, we often encounter critics who fail to understand the true depth of our potential. It’s essential to remember that their limited perspective may not encompass the grand tapestry that is our journey. As we navigate the complexities of life, it’s worth acknowledging that there exists a force far greater than human comprehension – the divine plan set forth by a higher power.

In this journey of progress and achievement, it’s important to recognize that only God holds the complete understanding of His intricate designs for each of us. We, in our finite wisdom, can only grasp fragments of His intentions. When critics cast doubt on our pace or progress, they may not be aware of the celestial roadmap laid out for us.

God’s intention often lies in the revelation of our accomplishments at the most unexpected junctures. These moments catch even the most discerning critics off guard. This strategic unfolding serves a dual purpose – not only does it showcase our capabilities in full bloom but it also prevents those who once doubted us from conveniently seeking our aid when we’ve overcome the odds.

Consider the narrative: After years of neglect, those who once dismissed us need our expertise. Yet, the careful orchestration of our journey has left them unprepared to approach us for assistance. This subtle yet profound strategy underscores the notion that our resilience and accomplishments are not meant to merely impress those who doubted us but to empower us with the realization of our potential.

As we navigate this path, we must heed our instincts and traverse the marketplace that resonates with our inner calling. While doing so, let us remember the significance of adhering to established guidelines that pave the way for manifesting monumental achievements. The fusion of intuition and structure creates a balanced approach that propels us toward our goals.

Ultimately, our lives are canvases awaiting the strokes of our own hands. They are not moulded by external opinions or visions but shaped by our individual aspirations, dreams, and the divine purpose that courses through us. As we progress, let us find solace in the knowledge that the depths of our potential are known only to the Creator, and our journey is a testament to His intricate plans for us.

In the grand tapestry of life, embracing the unseen path and recognizing that our accomplishments are not for others, but for our own empowerment, can lead us to a place of profound growth and fulfillment. Let us navigate our journey with courage, grace, and the unwavering belief that, guided by a higher purpose, we can surpass even the loftiest of expectations.

Nigerian Capital Market Hits 15-Year High As Investors Gain N510bn

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On Tuesday, the Nigerian capital market experienced a gain of N510 billion, closing at N39.69 trillion, a notable increase from Monday’s N36.21 trillion.

This led to a growth of 0.51 percent in market capitalization, propelling the market to achieve a 15-year peak.

Furthermore, the Nigerian Exchange Ltd.’s (NGX) All-Share Index (ASI) saw a 0.51 percent upswing, reaching 66,490.34 points from Monday’s 66,151.38. This exceeded the previous peak of 66,371.20 points registered on March 5, 2008.

This notable achievement was partially credited to the uptick in banking stocks, as investors tactically positioned themselves to capitalize on the impressive earnings recently reported by banks.

Within the array of sectoral indices, the NGX Banking Index exhibited the most substantial daily growth, rising by 1.63 percent. Trailing closely were the NGX Consumer Goods Index, marking a 0.99 percent upsurge, and the NGX Industrial Index, registering a 0.21 percent increase.

However, the NGX Oil and Gas Index experienced a minor decline of 0.09 percent, while the NGX Insurance Index underwent a notable reduction of 1.56 percent, both attributed to investors reshuffling their investments.

An examination of the day’s market activities showed a notable surge in trade turnover compared to the previous session, witnessing transaction values rising by an impressive 79.18 percent.

Consequently, the cumulative volume of traded stocks reached 436.95 million units, with a value of N7.02 billion, executed through 7,933 deals.

This marked a significant boost from the 311.12 million units valued at N3.92 billion traded in 7,193 deals on Monday.

At the forefront of the activity chart was FBN Holdings, accounting for 55.15 million units valued at N911.21 million. Following closely was Japaul Gold, selling 33.11 million units worth N29.92 million, while UBA executed 30.17 million units valued at N41.21 million.

Market breadth concluded on a positive note, with 35 stocks witnessing appreciation in value, while 32 stocks experienced depreciation.

Champion Breweries led the group of gainers with a notable 10 percent augmentation in stock value. Conversely, Linkage Assurance headed the cluster of 32 declining securities, with a 10 percent decrease in stock value.

Experts evaluating the market’s performance attributed the robust showing to a blend of factors. These factors encompassed investor sentiment influenced by macroeconomic events, including the establishment and inauguration of the economic cabinet by President Bola Tinubu.

Furthermore, fluctuations in yields within the fixed income market contributed to shaping market dynamics.

They underscored the significance of strategically positioning investments in fundamentally sturdy stocks, considering the ongoing challenges posed by the feeble macroeconomic environment on corporate earnings.

And hopefully, one day we could attract companies like PDD in NGX.

Shares in PDD Holdings, the parent of shopping networks Pinduoduo and Temu, surged over 15% in New York trading on Tuesday after the company reported a 47% jump in net income. Executives are bullish on Chinese consumers despite the country’s broad economic slowdown, with co-CEO Zhao Jiazhen noting “consumers’ increasing willingness to shop.” The company did not share details on Temu, its buzzy service that was the top shopping app in the U.S. over the last three months. (Fortune newsletter)

Nigeria’s National Bureau of Statistics’ 4.1% Unemployment Rate Doesn’t Make Sense – Yemi Kale

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Dr. Yemi Kale, who previously served as the Statistician-General of the Federation and Chief Executive Officer of the National Bureau of Statistics (NBS), has expressed his concerns about the methodology employed to calculate Nigeria’s weekly unemployment rate.

His concern follows an avalanche of criticism on the new methodology applied by the NBS in its latest unemployment rate report, which reduced the employment time from 20 hours to just one hour.

The bureau released its report last week, reducing the unemployment rate to 4.1 percent from 33.1%. The drastic reduction, which comes after about three years of no unemployment report from the NBS, has generated a lot of controversy. The 33.1% unemployment rate was recorded in 2020 under Kale.

In its latest report, the NBS said that “unemployment stood at 5.3 percent in Q4 2022 and 4.1 percent in Q1 2023.” The bureau explained that the methodology that yielded those figures has been applicable in other developing countries – “where work, even if only for a few hours and in low-productivity jobs, is essential to make ends meet, particularly in the absence of any social protection for the unemployed.”

But like several other experts who have voiced their concern about the methodology adopted by the NBS, Kale said it would deceive policymakers. Kale, who now serves as Chief Economist at KPMG Nigeria, said he resisted the urge to change the country’s unemployment data-gathering methodology during his time as head of the NBS.

The KPMG chief, who during his time as the NBS head, revealed that was under pressure from the government to publish incorrect figures, spoke on Monday during an interview on Arise Television’s Global Business Report.

He stated that the committee responsible for reassessing the minimum count of work hours for classification as employed believed that attributing just one hour per week did not hold merit, as the income earned during such a short duration might not be sufficient for sustenance.

“I resisted (to change the model for unemployment methodology) for 10 years because it did not make any sense in terms of providing the information that our policymakers need.

“So the 20 hours was set because the committee that was set up, which included the ILO, presented their findings and they decided that one hour did not make sense because the income you will generate on an average from one hour’s work was not going to work.

“The 20 hours was decided on because it was agreed that if you work for that duration, you might be able to generate enough income that might sort of equate to what working one hour in the US is. Then you have a bit more comparison.

“If the policy and data are to match, policymakers need to come out to say that all they are promising Nigerians is one hour of employment, then the methodology works. But if the methodology is focused on one hour and policymakers are trying to look for full-time employment, the data won’t help them. And is only there for textbooks, researchers, and international comparison, and there is nothing wrong with that.

“But policymakers can’t use it, and I must repeat that the most important use of data is to provide information for policy not for international comparison,” he said.

Going by Nigeria’s monthly minimum wage of N30,000, an hourly wage will yield less than N100. This, experts believe, makes the 4.1% unemployment rate figure published by the NBS unrealistic, as the value of the earning doesn’t cover any household need.

Which is Better: Hiring a web Designer or Using a Website Builder?

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In today’s world, the internet is an inseparable part of our life, that is a fact and there is no denying it. Now, in light of this statement, it is obvious that having your website, be it a commercial website or a personal blog, is of paramount importance Internet can be considered analogous to a marketplace and a website a store, so the need of a website need not be stated more.

You can acquire a website in two ways:

1) Build it Yourself, 2) Hire someone to build it for you.

For non-design Professionals, a web builder kit is a very effective and necessary tool in creating a website. A web builder kit is a very versatile tool that has multiple modules and templates that have “drag and paste” features enabling you to create your website without having to learn to code.

A website designer is an IT professional that creates a visually appealing, creative, and fully functional website. Their many skills include the creation and maintenance of a website, interface design, search engine optimization, and designing an intuitive user experience. They just don’t make a website, what a good web designer does can be considered modern art.

Remember having an outstanding website is not the central objective. It certainly helps in achieving it but is still a secondary or tertiary priority. A compelling product or service is needed irrespective of if it is hosted by a dazzling custom-made website or on a simplistic self-made website.

So, you have decided that you need a website. As stated above, you can either make your websites or hire Professional web Designers. Each of these options has its advantages and disadvantages that can make that particular option non-viable to you.

So, what to choose? Well, here is how it works:

Hiring a web designer is the premium option for acquiring a website. They will understand your vision and bring it to life.

Web designers have a human element that is absent in Web building tools and thus is more versatile and malleable to your needs.

The attention to detail, consistent updates and improvements, and a customized website that stands above and beyond your competitions are a few advantages of hiring a web designer.

Now, in comparison to hiring a web designer that will cost thousands of dollars and will take months to be made, using web building tools is an inexpensive and relatively time-saving option.

A new and upcoming business with a new and yet unproven concept is suited more for web building tools rather than a custom website.

For a hobbyist or a blogger, a web-building tool is an optimal solution for creating a website. If your blog catches on or your audience grows, you can always make a custom website later.

At the end of the day, it comes down to costs and expenses. Ask yourself, is a custom website worth your time and investment? Do you lose money not having a custom website while your competitors do? Do you even need a custom website? Can you make a suitable website on your own? Can a self-made website fulfill your needs?

Your answer to these questions will determine whether you should go for a custom website or make one yourself. More so, there are many digital services where you can pick some great templates to improve your design.  We are in the digital age and having a solid online presence is very strategic and catalytic for any mission.