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Home Blog Page 6401

The Governor’s Statewide Broadcast

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Coronavirus – just go away. I have confidence that biological fatalities from the virus would be minimal. Initially, I was scared but right now, our healthcare professionals are doing medical miracles as positive indices are turning negative.  My concern now is that this virus is breeding something else. Yes, partisan and economic fatalities may be huge. The speech given by Governor Wike of Rivers State asking why Lagos got N10 billion when his state, and other states, got zero, is a concern: Lagos is Nigeria’s commercial hub but Rivers as oil hub “produces a greater percentage of the nation’s wealth” and should be supported, he reasoned.

I do think there are blames everywhere: the federal government needs to support Lagos but must also provide support to other states to build up defenses. If that is not happening, it has to be upgraded. For Governor Wike, going on a statewide broadcast with this logic is simply breaking the nation. I do not think it is necessary; he could have made this case through the channels.

Nigeria needs a solid comprehensive plan that will ensure we do not put 100% of resources in Lagos while leaving Kaduna, Osun, Rivers, Abia and others vulnerable. Imagine if the federal government had sent each state N1 billion to build defences at the point of wiring N10 billion to Lagos.  No one will want our governors to activate coronavirus in order to get its own N10 billion! You get the idea? So, you need to plan ahead.

Rivers State governor, Nyesom Wike, has criticised the federal government for giving a N10 billion grant to Lagos State to fight the novel coronavirus while “abandoning” other states of the federation.

The confirmed cases of coronavirus infection in Nigeria stood at 232 as of Sunday evening. Lagos has 120, which is the highest in the country, while Rivers state has one confirmed case.

Mr Wike, in a statewide broadcast on Sunday, accused President Buhari’s administration of “politicising” the nation’s effort to halt the spread of the virus.

Mr Wike said Lagos is Nigeria’s commercial hub, but that Rivers, as the nation’s oil and gas hub, “produces a greater percentage of the nation’s wealth” and therefore deserves federal support.

“One wonders why Federal Government should single out a state out of 36 States to give support. Does it mean that support will come when a State has a record of over 50 infected persons?

Tekedia Mini-MBA Is Seeking Partners; Office Hours for Current Learners

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Two things:

Office Hours: Starting next week, our team would be available to engage deeper with our members on professional and business related areas based on what we have learnt. If you want to schedule a time, email us with a subject Tekedia Mini-MBA Office Hour including your question. We will determine if we can respond via email or ask our faculty to speak with you.

Partners: We are scaling Tekedia Mini-MBA across communities and organizations. If you want to become a partner, email us. You will help us reach more schools, companies, trade associations, business clubs, etc while Tekedia handles the content delivery. You will be compensated via commission. Tekedia Mini-MBA is a four-month self-paced online management program. It uses videos, written materials, flash cases, etc to train. It costs $140 per person. Registration for the next edition is ongoing https://www.tekedia.com/mini-mba-2/

 

Team Tekedia

tekedia@fasmicro.com

 

TrustBanc Daily Stock Market Scorecard, 6th April 2020

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“I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close,” words of Kirill Dmitriev, CEO of the Russian Direct Investment Fund.

The meeting scheduled to agree a deal today has now been moved to Thursday. Oil prices took a hit for the postponement as Brent and WTI nosedived.

Banking stocks dominated the gainers’ and turnover chart but could not rescue the All Share-Index (ASI) from the Bears. The ASI lost 2.02% to increase the year-to-date loss of the market to 23.00%. Except for the ASI, all other market indicators closed in green. See the image below for a complete snapshot of market performance.

Market Breadth: The breadth of the market was very strong today as positive sentiments dominated the first day of trade in the new week. ACCESS led the chart of 21 gainers and NAHCO lost 10% to lead the chart of 13 losers. See the list of top gainers or losers below:

Market Turnover: market activities almost doubled in volume and grew by 38.6% in value to set the new week off to a positive start. Investors were heavily involved in the shares of GTB, striking decent bargains at N18.02. See top 10 traded stocks below:

Have a good evening.

The Doctors’ Letter

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Nigeria is a fascinating place. Yes, the government is bringing in Chinese medical doctors to help us fight coronavirus in the nation. China makes our chewing sticks, our phones, and are now on the path to help our citizens on their medical needs. 

Sure, there is nothing wrong when doctors move around to help, co-learn or support colleagues. Yet, we need to understand that this one is different: the government did not inform the Nigerian Medical Association (NMA). That is typical with successive Nigerian governments – we never appreciate anything at home or from home. Simply, the best is always “abroad” or “foreign”. 

Recently, the World Health Organization (WHO) commended Nigerian doctors for how they are managing this pandemic. They have recorded the least fatalities per number of admitted patients when benchmarked globally. They have worked with donors to set up facilities. In short, Nigeria holds the record of being the “fastest operator” on turning a stadium into an isolation center!

Then, one afternoon, out of nowhere and despite good progress on the grounds, and  without any consultation, you are bringing in outsiders to tell the same people that outsiders are always better. We need to apologize to our doctors; NMA President had spoken well:  “It is a thing of embarrassment to the membership of the Association and other health workers who are giving their best in the fight against Covid-19 pandemic under deplorable working conditions, and a fragile health system to be subjected to the ignominy of not being carried along in arriving at such a decision.”

Read the Full Statement Below

(1) The Nigerian Medical Association (NMA) received the news of the intention of the Federal Government of Nigeria to invite Chinese doctors into the country at this time of a global pandemic with great dismay and utter disappointment.

(2) It is a thing of embarrassment to the membership of the Association and other health workers who are giving their best in the fight against Covid-19 pandemic under deplorable working conditions, and a fragile health system to be subjected to the ignominy of not being carried along in arriving at such a decision.

(3) The lack of Personal Protective Equipment (PPE), grossly inadequate test kits and test centres across the country, and the absolute lack of any form of insurance for the workforce are primordial issues begging for attention at this time.

(4) We are therefore profoundly dismayed to learn that the Federal Government is instead inviting the Chinese who from available accounts are not out of the woods themselves. The spike in cases and the death toll from COVID -19 in Italy coincided with the arrival of the Chinese in the guise of offering assistance. Even the United Nations has only just recently commended the efforts of Nigeria so far.

(5) The Association notes with grave concern that the Government did not take into consideration the extant laws regulating the practice of medicine in Nigeria as enshrined in the Medical and Dental Council Act. This is one such circumstance where the Medical and Dental Council of Nigerian should be consulted to grant necessary approvals to foreigners to interact with Nigerian patients.

(6) The Association appreciates the commendable work done by doctors and health workers at the Nigerian Centre for Disease Control (NCDC) and the various isolation centres across the country. It expects the Government to show appreciation by channelling the available resources and donations to improving testing facilities to detect more cases and ramp up capacity to train more workers.

(7) The Association is aware of a large pool of General Medical and Specialist Practitioners who are either unemployed or underemployed that can be engaged instead of bringing foreigners who aside from national security concerns may not be conversant with our culture, terrain and peculiar challenges.

(8) The Association believes that this invitation is ill-timed and of no overbearing significance considering that whatever experiences the Chinese have can be shared by digital technology through conferencing bearing in mind that Dr Chikwe Ihekweazu has only just returned from China. We are not averse to the donation of equipment and supplies because we can always do with such support as even the developed countries receive support.

(9) In rejecting the invitation of the Chinese doctors, the NMA would instead urge the Federal Government to review and approve better welfare incentives to the frontline medical personnel. The provision of adequate personal protective equipment, opening and properly equipping more isolation centres and health facilities across the country is an excellent first step. Deploying more resources to facilitate testing as we are beginning to witness community transmission of COVID 19 is equally a better application of scarce resources.

(10) The Government should declare a state of emergency in the Health sector and use the opportunity to fix our health institutions as a matter of urgency in a bid to stem the rot.

(11) The NMA urges the Government to expand the Presidential Task Force to include other critical stakeholders including journalists and the civil society to ensure more robust engagement especially as the decisions of the task force has implications for the health, wealth and security of our country.

(12) It is a great disservice to the morale of the long-suffering frontline health workforce if the Government goes ahead to invite these Chinese doctors. The invitation demeans their sacrifices so far in this pandemic. We fail to see how the 18 man team would impact the current efforts in any significant way.

(13) The Association, however, expects that the Government would rescind the decision in the overall interest of the country.

(14) The NMA would loathe reviewing her participation in the fight against COVID-19 considering the grave implications and the risk to the lives of her members should the Government go ahead with this ill-thought-out invitation at this time.

(15) The Association remains committed to the Nigerian people and the Government. We support the efforts of our frontline health workers in the fight against the COVID-19 pandemic, and we expect reciprocal trust from the Government.

Signed: Dr. Francis A. Faduyile
NMA PRESIDENT.

Economy, Finance And Business News Headlines: 6th April 2020

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COVID-19 Update:

COVID-19 has now sickened more than 1,200,000 people, a growth of 20% from Friday’s 1 million. As of Monday morning, at least 68,841 people have died, and the virus has been detected in at least 171 countries as China reports 39 new coronavirus cases.

In the U.S., the growth remains double-digit though it’s now in a slowdown mode. The number of infections grew by 38.18% and deaths by 56.64% to 9,655 from 6,164 reported on Friday.

As at 09:30 pm 5th April there are 232 confirmed cases of #COVID19 reported in Nigeria. Thirty-three have been discharged with five deaths.

Oil Market Update:

In anticipation of today’s meeting (before it was postponed to 9th April), prices of different oil grades rose sharply last week, with brent seeing over 30% surge and Nigeria’s bonny light gained over 20%.

The decision of OPEC+ group and major oil producers will determine the faith of oil prices in the coming days and possibly months. Unlike in the past, where supply cut agreement was sufficient to move prices in their favour. This time, they are dealing with unprecedented demand disruption and destruction, close to half of the population of the world is locked down at home.

Their decision may reverse supply but there is very little it can do with demand. It cannot reverse factory shutdowns, restricted commuter travels and grounded flights, and with prolonged weak demand comes gloomy future for oil-producing countries like Nigeria.

JUST IN: A new report by Fitch has downgraded Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to a ‘B’ rating. According to Fitch, the rating is reflective of the current pressure on Nigeria’s external reserves due to the Coronavirus pandemic as well as the recent plunge in global oil prices.

Stock Market Update:

Nigeria’s equity market is currently up by 0.26%, FTSE (UK) – up by 2.22%, DAX (Germany) – up by 4.42% and CAC of France up by 3.62%.

Headlines:

Pressures mount on Naira as external reserves heads below $34bn in April

The downward trend in the fortunes of the Naira last month is expected to persist this month even as the nation’s external reserves is expected to trend below $34 billion for the first time since September 2017. Read more

Report Forecasts 20% Drop in Diaspora Remittances
A Pan-African credit rating agency, Agusto & Co, has predicted a 20 per cent drop in Diaspora remittances to Nigeria from $25 billion recorded last year to $20 billion this year. However, the Central Bank of Nigeria (CBN) had said that it did not have any record of remittances exceeding $3 billion, implying that the figures contained in several reports, including the latest by Agusto & Co must be based on other data sources. Read More

Diesel, kerosene prices fail to drop despite oil crash

The pump prices of diesel and kerosene in Nigeria have yet to reflect the collapse of global crude oil prices despite the deregulation of the products by the Federal Government.Following the sharp drop in oil prices, the pump price of petrol, which is still being regulated by the government, was reduced to N125 per litre from N145 per litre on March 18, 2020.Read more

Air Peace delivers FG’s medical supplies from Turkey

The Federal Government has taken delivery of medical supplies from Istanbul, Turkey, to fight the coronavirus pandemic.The supplies were delivered by an Air Peace aircraft, a Boeing 777 with registration number, 5N-BWI, which arrived at the Nnamdi Azikiwe International Airport, Abuja on Saturday night.Read more

China sees rise in asymptomatic coronavirus cases

Mainland China reported 39 new coronavirus cases as of Sunday, up from 30 a day earlier, and the number of asymptomatic cases also surged, as Beijing continued to struggle to extinguish the outbreak despite drastic containment efforts. Read more

Nigeria Confirms Eight New COVID-19 Infections, Total Cases Rise To 232

A total of eight new cases of coronavirus (COVID-19) have been recorded in the country, the Nigeria Centre for Disease Control (NCDC) has confirmed.In a tweet on Sunday evening, the health agency says the new infections bring the total number of confirmed cases in Nigeria to 232.The tweet came hours after the NCDC confirmed 10 cases – Lagos (six), Edo (two), FCT (two).Read more

Sterling falls after PM Johnson enters hospital over coronavirus symptoms

The pound fell against the dollar and euro on Monday after British Prime Minister Boris Johnson was admitted to hospital for tests after showing persistent symptoms of the coronavirus.The yen fell against the dollar and the antipodean currencies after Japanese media reported Prime Minister Shinzo Abe may declare a state of emergency as early as Tuesday to curb an alarming acceleration in coronavirus infections.Read more

European stock index futures jump as coronavirus death toll slows

European stock index futures jumped more than 4% on Monday as a slowdown in coronavirus death toll in France and Italy raised hopes that lockdown measures were starting to show results.Euro Stoxx 50 futures STXEc1 were up 4.1% at 0600 GMT, with German DAX futures FDXc1 and French CAC futures FCEc1 gaining 4.5% and 4%, respectively.Read more

Gold Bugs Finally See Their Predictions of Doom Coming True

As the coronavirus brings economies around the world to a standstill, gold is rivaling Treasuries and the dollar as the best-performing major asset this year. The metal proved its haven status with a 6% rally as almost $16 trillion was wiped off global stock markets and oil plunged.Read more

FG Grants Three-Year Tax Holiday To 25 Companies
The Federal Government has granted a three-year tax incentive to 25 companies under the Industrial Development Income Tax Act. A pioneer status is an incentive from the Federal Government, which exempts companies from basic income tax. Read More