Lagos Key to Economic Reconstruction of Nigeria

Lagos State Governor, Mr. Akinwunmi Ambode has noted that the state was critical to the economic reconstruction of Nigeria, a role he said it had started to play as Africa's fifth largest economy.

Ambode added that Nigeria should channel her diversification efforts to basically promote Micro, Small and Medium Scale Enterprises (MSMEs), which he described as the engine of economic growth.

He made the remark at the 2016 Lagos International Trade Fair held at the Tafawa Balewa Square, Onikan recently, where he said the MSMEs "is a gold mine waiting to be fully explored in the country."

Ambode, who was represented by the Deputy Governor, Dr. Oluranti Adebule, addressed the fair alongside President of the Lagos Chamber of Commerce and Industry (LCCI), Chief Nike Akande, and the Commissioner for Commerce, Industry & Cooperatives, Mr. Rotimi Ogunleye.

He said the state government "will not stop being a pathfinder in the drive for Nigeria's economic reconstruction. With a population of 22 million, Lagos State has, over the years, amassed great public trust and investors' confidence as indicated in several world economic reports."

MMM: CBN denies approving scheme

The Central Bank of Nigeria, CBN, has again asked Nigerians to dismiss reports that it has approved the operation of Russian ponzi scheme, The Mavrodi Mondial Movement, otherwise known as MMM.

The movement is a scheme that assures up to 30% interest of money invested.

A new report circulating online claimed that participants are challenging Nigerian authorities for “poking their nose into the affairs of well meaning foreigners that have come to rescue them from money issues.

It claimed that, “CBN governor has allayed the fears of skeptical Nigerians and disclosed that thorough checks carried out on the organisation shows that it is a legitimate investment facility.

It also claimed that “A top official at the Ministry of Finance said even the federal government has invested the sum of N100b in MMM so that the interest of N30b can be reinvested in capital projects across the nation.”

Reacting, Isaac Okorafor, Acting Director, CBN Corporate Communications, told DAILY POST on Thursday that, “There’s nothing like that.”

“Nigerians should ignore any report claiming the we approved financial institutions that don’t even exist.”

Okorafor added: “I repeat, Nigerians should ignore questionable schemes”.

Recall that the Economic and Financial Crimes Commission early in the week told DAILY POST that it was carrying out surveillance on the MMM investment scheme.

Nigeria: FG to Spend N56.3 Billion On Rural Electrification

The Federal Government has said it would spend N56.3 billion ($150 million) on rural electrification in the country.

The Minister of Power, Works and Housing, Mr. Babtunde Fashola, disclosed this yesterday at a business forum on "Financing Opportunities in the Nigerian Power Sector" in Lagos.

Fashola, who promised to uphold all contractual obligations entered into by the government, said the N56.3 billion would be spent, using 44 tertiary institutions and the small hydro dams in the rural areas of the country as anchors for the programme.

The Minister said: "Any talk of cancellation of the privatization was a negative signal to investors that Nigeria has no respect for contracts and would not support that.

"If revisiting means that the operators should allow more investors into the business I am for it but with the caveat that it has to be done within the Rules of Contract, negotiation and possible arbitration".

He said government would use 44 tertiary institutions and small hydro dams in the rural areas as anchors for the electrification programme.

Fashola said the money would be deployed towards providing Independent Power Plants to supply electricity to tertiary institutions and rural communities.

Trump: Nigeria may get less grants, aids from U.S

The President, Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs, says the United States of America may reduce support in terms of grants and aids to Nigeria considering the conservative orientation of the Republicans. Jacobs told newsmen on Wednesday in Abuja that it was rather early to predict what the economic outlook of Nigeria would be in respect to the U.S. election.

“It is likely that the country may receive less material, moral and political support. “Policies and programmes of the Republican government might also not be favourable to some Nigerian illegal immigrants, based on the campaign speeches of the President-elect, “Jacobs said. Jacobs said that such immigrants, especially nonprofessionals, would be a burden on the country when they return. 


According to him, Nigerians have contributed to the building of the American economy over the years, adding that Nigerian professionals had been making waves in the US. “If such professionals return to Nigeria, they will help to develop the country in various professions. “Their activities may also help to salvage the nation from the current recession and build a virile economy, ” he added. During his campaign, U.S. President-elect, Donald Trump, had taken a swipe at political leaders in Africa on account of the level of corruption and economic backwardness on the continent. 

Trump said African leaders were bad examples for leadership and recommended that the continent be re-colonised. “In my opinion, most of these African countries ought to be recolonised for another 100 years, because they know nothing about leadership and self governance.

Facts about Boko Haram and Nigeria's missing Chibok schoolgirls

The first of more than 200 abducted Chibok schoolgirls to be rescued from Boko Haram after two years in captivity in northeast Nigeria said on Tuesday that she just wants to go home.

In her first interview, Amina Ali spoke to the Thomson Reuters Foundation in the capital of Abuja, where she and her baby daughter have been held by since her rescue in May for what the government has called a "restoration process".

Ali said was not sure whether she would return to education and that she did not know when she would be able to go home.

Here are 10 key facts about the Chibok schoolgirls and the Islamist militant group Boko Haram:

Since 2009, Boko Haram has waged an insurgency to carve out an Islamic state in northeast Nigeria that has killed some 15,000 people and displaced more than two million.

The most high-profile attack took place on April 14, 2014, when Boko Haram kidnapped 276 school girls, from a secondary school in Chibok in northeast Borno state. About 50 of the girls escaped in the initial melee but 219 were captured.

Nigeria's government and military, then under the command of former president Goodluck Jonathan, faced heavy criticism for their handling of the incident, with towns and cities across the nation witnessing protests.

The kidnappings prompted a strong social media reaction, with the phrase #bringbackourgirls tweeted around 3.3 million times by mid-May 2014, and the campaign which followed backed by U.S. First Lady Michelle Obama.

Hope for the girls was briefly raised in April 2015 when the Nigerian military announced it had rescued 200 girls and 93 women from the Sambisa forest, northeast of Chibok. It was later revealed that the Chibok girls were not among them.

One of the Chibok girls, Amina Ali, was rescued in May. Held for months by the Nigerian government, she told her mother that the girls were starved and resorted to eating raw maize, and that some had died in captivity, suffered broken legs or gone deaf after being too close to explosions.

Boko Haram on Sunday published a video apparently showing recent footage of dozens of the Chibok girls, and a masked man saying some of their classmates had been killed in air strikes. In the video, unidentified bodies could be seen on the ground.

About 2,000 girls and boys have been kidnapped by Boko Haram since the beginning of 2014, according to Amnesty International, which says they are used as cooks, sex slaves, fighters and even suicide bombers.

Boko Haram used 44 children to carry out suicide attacks in West Africa last year, up from four in 2014, with some as young as eight, mostly girls, detonating bombs in schools and markets, according to the U.N. children's agency UNICEF.

Boko Haram, which last year pledged allegiance to Islamic State, controlled a swathe of land in northeast Nigeria, around the size of Belgium, at the start of 2015 but was pushed out by Nigerian and regional troops, which are now in a final push to defeat the militants.

(Writing By Kieran Guilbert, Editing by Katie Nguyen.; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, corruption and climate change. Visit news.trust.org)

MoneyGram Recognized as Trusted Money Transfer Provider in Nigeria

 MoneyGram (NASDAQ: MGI) announced the continuity of its operations inNigeria. The commitment follows recent market developments as the Central Bank of Nigeria (CBN) changed its policy on how remittance companies (including MoneyGram) can continue to provide money transfer services in Nigeria.

MoneyGram offers its customers in Nigeria the ability to send and receive money from family and friends throughout the world within minutes. Customers can either send or collect the funds from a MoneyGram agent location or receive them directly to their personal account.

"Remittances play an important role in the Nigerian economy. Nigerians living abroad sent more than $21 billion back to their country in 2015 alone," explained Grant Lines, chief revenue officer, AMEAP, Russia and CIS. "MoneyGram recognizes and supports the Central Bank of Nigeria in its efforts to ensure these inflows are brought into Nigeria for the benefit of consumers as well as the economy at large. Being recognized by the CBN as a legitimate money transmitter is a testimony to our commitment to compliance and willingness to continue working with the CBN in the best interests of the economy."

"MoneyGram's relationship with Nigeria is strong," said Kemi Okusanya, head, MoneyGram Anglophone Africa. "Lagos has been chosen to serve as MoneyGram's hub for Anglophone Africa operations. In addition, we have invested millions of dollars to improve product delivery for remittances to Nigeria. We know the needs of our customers vary and we are always striving to provide them with a solution that is most convenient for them. For example, our cash-to-account service allows Nigerians to receive funds directly to the customer's personal bank account."

Remittances are the second largest source of foreign exchange in Nigeria after the oil sector. According to the World Bank data,Nigeria accounts for nearly two-thirds of total remittance inflow to Sub-Saharan Africa. In 2015, an estimated $21 billion flowed into the country, including $5.7 billion sent from the United States and about $3.7 billion from the United Kingdom. #moneygramnews

About MoneyGram International, Inc. MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.