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Daily Stock Market Scorecard, 31st March 2020

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What a quarter! The year commenced on a high with NSE ASI recording stellar performances to top global markets as best performing index for weeks back to back.

The market benefited from a liquidity surge arising from poor T-bill rates that positioned the equities market as the only destination for real returns.

Then came a ‘liquidity burst’, the CBN turned up on 24th January to arrest over N800 billion from the system with an increase in CRR from 22.5% to 27.5%. The increase stifled the flow of cheap funds into the equities market, leading to eight consecutive trade days of losses.

Then came Corona … what a quarter!

Today, the All Share-Index (ASI) declined by0.14%to nail its first-quarter performance at -20.65%.

Market Breadth: Investors continue to take bullish positions in the shares of healthcare companies in anticipation of the impact of CBN’s intervention package dedicated to the sector. See the list of top gainers or losers below:
Market Turnover: Turnover declined by 9.62% in volume and 10.81% in value. See top 10 traded stocks below:

President Buhari’s Directive On States And The Extent of Its Survival Under Nigeria Quarantine Act 1926

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2018 Nigeria Budget

A SYNOPTIC OVERVIEW OF THE QUARANTINE ACT; THE PRESIDENT’S DIRECTIVE ON STATES AND THE EXTENT OF ITS SURVIVAL UNDER THE QUARANTINE ACT 1926 

BY A. EDWIN

1.0 INTRODUCTION

The president of the Federal Republic of Nigeria on the 29th day of March, 2020, has invoked the provisions of the Quarantine Act on Lagos state, Abuja and Ogun State, by declaring the localities mentioned above as Dangerous Infectious Areas, since the said places did qualify as “Dangerous Infected Local Places” according to the Act.

The Quarantine Act as a matter of antecedent was enacted in 1926. The Act is made up of eight sections that form the primary legislation and a list of numerous others as part of its subsidiary legislation.However, prior to this time, it has been a law in dead letters for ages because no condition whatsoever as a matter of exigency called for its enforcement. However, this era of the global pandemic of COVID-19 has called for its invocation.

Nonetheless, it is the writer’s intention to elucidate the extent to which the directive issued by the president is one that can be qualified as an exercise of his executive power under this Act. It is also worthy to recall that the power of the Nigerian president to a great extent is unchecked in numerous ways, however that is not the purport of this work and as such it will only amount to a wide goose chase if we embark on such a journey at this point of our national interests. Hence, this article shall be divided into three parts. While the first part will be concerned with appraising the Act, the second part underscores the extent to which the president’s directive on states shall survive if put to test and the third part shall proffer recommendations and finally a conclusion.

2.0 A GENERAL OVERVIEW OF THE QUARANTINE ACT, 1926.

Although it has been vividly stated by the U.S Court in the case of Jacobson V. Massachusetts that “a preamble is not part of legislation, hence it is a common introductory note inserted by its framers to ignite or express their own intention,” the Act began with a preamble which I humbly seek your leave to reproduce:

“An Act to provide for and regulate the imposition of quarantine and to make other provisions for preventing the introduction into and spread in Nigeria, and the transmission from Nigeria, of dangerous infectious diseases.”

Furthermore, by the Provisions of Sections 2, 3, 4, 5 and 8 of the Act, which I shall also reproduce hereunder;

Section 2: Interpretation

In this Act, unless the context otherwise requires-

“dangerous infectious disease” means cholera, plague, yellow fever, smallpox and typhus, and includes any disease of an infectious or contagious nature which the President may, by notice, declare to be a dangerous infectious disease within the meaning of this Act;

“local area” means a well-defined area, such as a local government area, a department, a canton, an island, a commune, a town, a quarter of a town, a village, a port, an agglomeration, whatever may be the extent and population of such areas.

Section 3: Power to declare any place an infected local area

The President may, by notice, declare any place whether within or without Nigeria to be an infected local area and thereupon such place shall be an infected local area within the meaning of this Act.

Section 4: Regulations

The President may make regulations for all or any of the following purposes-

  1. prescribing the steps to be taken within Nigeria upon any place, whether within or without Nigeria, being declared to be an infected local area;
  2. prescribing the introduction of any dangerous infectious disease into Nigeria or any part thereof from any place without Nigeria, whether such place is an infected local area or not;
  3. preventing the spread of any dangerous infectious disease from any place within Nigeria, whether an infected local area or not, to any other place withinNigeria;
  4. preventing the transmission of any dangerous infectious disease from Nigeria or from any place within Nigeria, whether an infected local area or not, to anyplace without Nigeria;
  5. prescribing the powers and duties of such officers as may be charged with carrying out such regulations;
  6. fixing the fees and charges to be paid for any matter or thing to be done under such regulations, and prescribing the persons by whom such fees and charges shall be paid, and the persons by whom the expenses of carrying out any such regulations shall be borne, and the persons from whom any such expenses incurred by the Government may be recovered;
  7. generally for carrying out the purposes and provisions of this Act.

Section 5: Penalties

Any person contravening any of the regulations made under this Act shall be liable to a fine of N200 or to imprisonment for a term of six months or to both.

Section 6: Provision of sanitary stations

The President and within each State, the Governor thereof, may provide such sanitary stations, buildings and equipment, and appoint such sanitary anchorages as he may think necessary for the purposes of this Act

Section 8: State quarantine and powers

If and to the extent that any declaration under section 2 or 3 or this Act has not been made, and to the extent that regulations under section 4 of this Act have not been made by the President, power to make any such declaration and to make such regulations may be exercised in respect of a State, by the Governor thereof as fully as such power may be exercised by the President, and subject to the same conditions and limitations.

As perfect as the provisions of the Act may seem, it may be worthy to mention that it may likely not settle into the mole hole of modern realities. This is because, the Act was enacted at a period when the nation has not been robbed in the garb of Independence and has not gained the status of a Republic, hereby making it impossible to envisage that Nigeria at a latter period of her existence will be divided into states in its interpretative section, because what was invoked during the pre-independence era were local areas and regions.

Also, the Act went further by virtue of Section 5 to prescribe penalties of two hundred naira or imprisonment for six months or both for individuals that would disregard and disobey such directives once issued. However, it is pertinent to understand that, the penalty for the 200 naira was intended by the draftsmen at a time when the Nigerian currency was to an extent valuable in going by economic standards. This is due to the reasoning that, if the Act had intended the penalty of two hundred Naira with regard to modern realities, then it would only have amounted to an exercise in futility, as a huge number of the Nigerian population would have preferred to be liable than staying indoors, achieving nothing. More so, it was further stated in clear terms, that there shall be production of sanitary stations or anchorages in all states as may be appointed by the president, for the purposes of enforcing the provisions of this Act. Although, the Act in its definitive section was unable to give a clue on what is the meaning of a “sanitary station.” A sanitary station in our contemporary society can be described as a place solely dedicated for health and medical purposes. However, it is grossly unfortunate that at such a time like this, the nation can only boast of six centers dedicated to fight a threatening pandemic that is ravaging and wrecking the global community.

By virtue of Section 8 of the Act, powers were conferred on the Governors of the then regions to declare such places as infectious localities, where the president was unable or unwilling to Act. It is relevant to state that as at the time when this Act was enacted, Nigeria as a British colony hadno president but was only ruled by a representative of the throne (the Queen). The intendment of the draftsmen was that such power shall be exercised by the Governors who were natives of Nigeria.

Furthermore, the Act did not provide for the requirement and training of medical and health workers or remuneration or at least a compensation scheme, for those whose lives may be lost in the circumstances. Thus, it is my humble submission on the grounds above that the Quarantine Act with all intents and purposes is due for amendment, and such must not only be done effectively, but must also be achieved with efficiency and specialty.

3.0 TO WHAT EXTENT WOULD THE PRESIDENT’S DIRECTIVES TO THE STATES INVOLVED SURVIVE?

During his address, President Muhammadu Buhari issued a directive, that the states (Lagos, and Ogun) as well as the Federal Capital Territory are hereby pronounced as “Infectious Local Areas” and there should be a cessation of movement for fourteen days.However, it is clear that the validity or survival of such directives in line with this Act can be argued from both sides of the coin, being the ideological divides of constitutional zealotry and conventional realism. On the one hand, one may be tempted to submit that the directives issued by the president, if founded upon the Provisions of this Act, will amount to an act in futility. This is because, the provisions of this Act can only be invoked in cases of dangerous infectious diseases like cholera, smallpox, yellow fever, typhus, etcetera, and according to the rules of construction, and as encapsulated in the Latin Maxim “expresiounis est exclusio alterius (the express mention of one (thing) is the exclusion of another). In Udoh V O.H.M.B , the Supreme Court held: “it is well settled principle of construction, that where a section names specific things among many other possible alternative, the intention is that those not named are not intended to be included.” Thus, one can humbly submit that, the pronouncement issued on Lagos state, Ogun state and Abuja does not qualify as the exercise of an executive power under the Act. However, this argument no matter how sound to the other school of thought, may not survive even on the basis of the Quarantine Act. This is because, by virtue of Section 2 of the Act, “the president may by notice declare any disease of an infectious or contagious nature within the provisions of this Act.” Thus, placing reliance on the Ejusdem Generis rule, they have strongly opined that, by the express provisions of the Act, the directive can survive because the president by the provisions of the same Act declare any disease as “dangerously Infectious” hereby making such pronouncement valid in law.

More so, it is also argued by the first school of thought that, assuming without considering the fact that the president can pronounce a disease to be “dangerously Infectious” he has no power to declare state of emergency without following due process as laid down in the Constitution of the Federal Republic of Nigeria. The President has not followed any of the stipulations of the law: he has not published in any Official Gazette in this respect neither has the National Assembly ratified it. They have also argued that an executive fiat is not the same as an Official Gazette publication and would equally not take the place of ratification of the National Assembly. Interestingly, the President has not issued any regulation in the form of subsidiary legislation as provided for under section 4 of the Quarantine Act and in both the realms constitutional and administrative law, executive fiats cannot take the place of statutory notices and regulations. However, this argument according to the other school can be jettisoned on the grounds of necessity because necessity is not birthed by law. Thus, extreme situations demand extreme measures and that is what the president has done. They further argued that, the pronouncement was not an exercise of executive fiat but a statutory right adorned on the president, thus, the argument of it being an executive fiat holds no water in law, and the statute did not stipulate that such a regulation should be made subject to ratification by the National Assembly.

Thirdly, the constitutional zealots have further argued that assuming without conceding that the exercise of such power is one that is prescribed by the Act, they have submitted that the power was rather exercised too late, in that the Governors of the affected states and the minister of the Federal Capital Territory have acted timeously, thus, placing the president in a position where such an exercise would be futile or better put, in want of his executive responsibility.For instance, the Lagos State House of Assembly has even enacted a law that will enable the Executive Governor of the state contain the dreaded COVID-19. Also, Ogun State and almost all states in the federation have locked up their respective borders. Hence, leaving them to ask, what the value of the directives is issued by the President during his address yesterday, since it mostly amounts to a repetition of existing directives. However, the argument on the other side of the divide (conventional realism)seems to have discountenanced the validity of this school, because according to the them, they opined that the action of the President does not derive validity from the pronouncements of the state Governors and that the states have acted timeously does not in anyway rip the president of his power to make regulations in accordance to the Act. Hence, placing reliance on the “Doctrine of covering the field” and finally submitted that the declaration of the President will take precedence.

4.0 RECOMMENDATIONS AND CONCLUSION

With respect to the overview, the following steps are hereby recommended to enable the country arrive in a state of preparedness to fight against the Coronavirus pandemic:

  1. The Quarantine Act 1926 should be amended with immediate effect since it does not cover the relevant actions to be taken at such a time as this. And this must be done by putting together all the necessary sectors in concern.
  2. That, if an amendment is not possible, the National Assembly should follow the stride of the British parliament and enact a law that will fit into modern realities.
  3. That, provisions for grabbing and equipping medical personnel, building of new infrastructure or renovation of the ones in the country to International standards should be incorporated in the Act.
  4. Create and dedicate more than six centers nationwide for the fight against the COVID-19 pandemic.
  5. And any other further steps that will enable the country emerge triumphantly in this battle against the COVID-19 pandemic.

In conclusion, I share the same view with the conventional realist, that this is not a point in our national lives where we should test every actions by its legality, but that all hands must come together as one nation, one hope and one people to do everything necessary to ensure that we emerge victorious, because at the end, what counts is the peace of a nation and not the legality of an act that was birthed by a law that did not foresee the manifold situations that may arise in the future.

Enroll Today – Begin Your Journey on Cybersecurity and Forensics

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First Atlantic Cybersecurity Institute (Facyber) offers the following online cybersecurity programs: policy, technology, management, intelligence & digital forensics. Our Certificate program takes 12 weeks and costs $90 (N33,000 naira); diploma which requires Certificate prereq takes 12 weeks and costs $100.

We invite you to click and register;  we are giving a 20% discount till April 30, 2020.

NB: If you have registered or plan to register for Tekedia Mini-MBA edition 2, before April 30, our team will give you access to any Facyber Certificate program for free.

[Register] Facyber Cybersecurity Training (Policy, Management, Tech, Forensics)

Open Letter to Nigerian Telcos for Aid to Remote Learning for Nigerians

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A major fall out of the global lock down due to the pandemic caused by COVID-19 is that students across the world cannot study within classroom walls. This is not so much of a challenge in advanced countries like the US and most countries in Europe where remote learning has substituted traditional in-class learning since the beginning of this crisis. The contrast is the case in Africa, and especially, in Nigeria where the schools are close to in-person and other forms of learning. 

This does not have to be the case as with your help, we can solve this problem and get the Nigerian youths learning again using existing online platforms from the comforts of their homes. As students in an American University, we have free access to online learning platforms paid for by our University. 

Some of these platforms have become free to a global audience in response to this global pandemic. We can, with your help get some of these access to all homes in Nigeria as soon as possible. All we must do is provide unlimited access to these platforms that we have listed below.

  1. https://www.khanacademy.org/: free all-time on-line platform for learning math, science, engineering, economics, finance and arts. Covers elementary to college education.
  2. https://www.jove.com/: Acronym for “Journal of Visual Experimentation”. Provides free access for all science education videos until June 15 to assist with COVID-19. It covers research methods and experimental techniques from both the physical and life sciences with 13 sections covering: Biology, Developmental Biology, Neuroscience, Immunology and Infection, Medicine, Bioengineering, Engineering, Chemistry, Behavior, Environment, Biochemistry, Cancer Research, and Genetics.
  3. https://www.coursera.org/: Provides access to over 3,800 courses from leading universities and companies across the globe. Also provides free access till September 2020 because of COVID-19.
  4. https://www.codecademy.com/: teaches millions of learners web development, mobile development, and data science skills. Also offering 10,000 global scholarships due to COVID-19.

We laud the outstanding commitment of individuals and the organized private sector in this joint fight against this ravaging pandemic. It is a war that we must all join to fight and win while keeping a laser focus on our collective future as a nation. With this in mind, we see an urgent need to provide online solution to making educational materials accessible to a wide reach of Nigeria’s youthful population. 

Through a partnership of National Communications Commission and all telecommunication service providers in Nigeria, we can leverage on these opportunities and activate a mechanism by which students have unlimited access to these websites to aid their learning. By this we are simply making a request for telecom giants to make access to educational contents (videos, files, etc.) on selected online platforms free of charge in the duration of this forced shut down.

We hereby call on MTN Nigeria, Global Communications, 9Mobile, Airtel, Spectranet, Swift, Smile, Ntel and Mainone to please voluntarily step up in help for our nation by providing access to world class education to them from the comfort of their homes in this dire time of need. 

Together, we can set the stage for an unprecedented future for our great nation. We look forward to hearing from you soon.

Written by;

  • Damilola Adeoye & Tunde Blessed Shonde,
  • Graduate Students & Teaching Assistants,
  • Department of Chemistry & Biochemistry,
  • Florida States University,
  • Tallahassee, FL, USA.

You Will Not Be Remembered for Your Looks

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It was my turn after standing on the queue for a while, then she raised her head and our eyes met. For the umpteenth time I was stunned by her beauty. “You are very beautiful”, I said. She froze momentarily because she was poised to receive my order and instead, her auditory receptors transmitted a different signal to her brain for processing. When she regained her composure, her face lit up with a smile under twinkling eyes; she said: “No one has ever said that to me here, thank you”.

No man is so powerful to resist the charm of a beautiful woman. The beauty of a woman has caused even angels to fall: “Now it came to pass, when men began to multiply on the face of the earth, and daughters were born to them, that the sons of God (angels) saw the daughters of men, that they were beautiful; and they took wives for themselves of all whom they choose. Genesis 6v1-2

As the male folks are easily captivated by good looking women, so also are women fascinated by handsome men: “Now Joseph was handsome in form and appearance.  And it came to pass after these things that his master’s wife cast longing eyes on Joseph…” Genesis 39v6b

Looking good is good because of its power to attract good things to the carrier. This quality has gone beyond facial appearance to include dress sense, good smell, social etiquette, swag, cars, etc. Anything that will increase our attractiveness we expend on just to satisfy our longing of being appreciated. But at the end of our lives, will our looks count? In other words, will you be remembered for your beauty or handsomeness, fragrance, choice of cars, shoes, designer brands…? What will come out if your name was Google? What will be peoples’ testimony about your life?

Compliments will soon be forgotten after its feel good effect. I am sure the lady I talked about in the beginning might not remember that event any more. Beauty is ephemeral. There is/was/will be someone more good looking than you today, yesterday, and tomorrow. Why then do we place so much value on vanity? You post several pictures of yourself everyday on social media but you are not adding value to your community. World population today is over seven billion with several more billions that have lived before with no record that they ever existed.

Isn’t it pathetic that you live in this digital and information age but you are just a statistics? How can the internet remember a man who lived before the creation of the World Wide Web but doesn’t know you? Many of these men never got their pictures preserved; some have just one to a few. What distinguished these men were what they lived for. They created value not vanity. They concerned themselves with solving real society problems compared to you craving for likes and comments on your pictures that look more fictional than real on social media. If you die today your memory dies with you. You are always having the latest i-phone and don’t know who Graham Bell or Steve Jobs were. You love taking pictures but don’t know who Johann Zahn, Joseph Nicephore and George Eastman were. You use the toilet but don’t know who Sir John Harington was. You travel (or wish to travel) by flight but don’t know who the Wright Brothers were. You commute by train but don’t know James Watt, the inventor of the first steam engine. You shop in the malls but don’t know Victor David Gruen, the creator. Your life is so dependent on electricity but don’t know Michael Faraday. The list is endless. If these men lived lives of vanities, the world would not have transited the Stone Age.

Where is your own product? Where is your own solution to the troubles of the world today? How are you helping to end Covid-19, for example? Don’t be just a statistic. Will your name be a household name tomorrow? Will the world be better because you lived? Remember that our lives are better today because some men knew that finding purpose is more important than good looks. Don’t die with the solution you are meant to bequeath to the world. Posterity is hoping you will play your role so that they can achieve their destinies. Don’t make the grave richer. Die empty. Stop wasting your time and money on the vanity of good looks and give yourself to something worthwhile.

Be valuable!