Saturday 14 July 2018

Nigeria’s inflation rate to rise in second half of 2018 - IMF

IMF: Nigeria’s inflation rate to rise in second half of 2018
The International Monetary Fund (IMF) says inflation rates will rise in the second half of 2018 as consumer spending increases and agricultural output drops.
Lucie Fouda, IMF’s Africa press officer, said a delegation led by Amine Mati, senior resident representative and mission chief for Nigeria, between June 27 and July 9.
According to Mati, even though crude oil prices are higher, the rise in inflation coupled with reduced oil and non-oil output would put significant pressure on Nigeria’s macro-economic environment, making it vulnerable to shocks.
“Inflation would pick up in the second half of 2018 as base effects dissipate and higher spending and supply constraints in agriculture put pressure on prices,” the Bretton Wood institution said.
“Under current policies, the outlook remains challenging. Growth would pick up to about two per cent in 2018, weighed down by lower than expected oil production and relatively weak agriculture growth.
“Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging.
“International reserves remained stable at about $47 billion, supported by some convergence in existing foreign exchange windows, and despite some reversal of foreign inflows since April.
“However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.
“Increased oil exports would keep the current account in surplus, helping stabilise gross international reserves even if the current pace of foreign portfolio outflows continues.”
The multilateral institution said the government should come up with policies that would reduce vulnerabilities and increase growth over the medium term.
“This includes specific and sustainable measures to increase the currently low tax revenue – including through avoiding new tax exemptions.
“This process should be supported by keeping monetary policy tight through appropriate monetary policy tools that will help contain inflationary pressures and support a move towards a uniform market-determined exchange rate.”
Nigeria’s economy had slipped into a recession in 2016 with inflation rate almost doubling to 18% as at January 2017. - TheCable

12 feared dead in Ogun flood as victims count losses

flood


More than twelve people are reportedly dead following a ravaging flood that hit Abeokuta, the Ogun state capital and its environs after a torrential rain on Friday.

Of those feared dead, three of them (Mrs Alirah Akintobi, Shuaib and Abideen, comprising mother and her two sons) have been confirmed dead at Ilawo area of Abeokuta.
The kiosk where Mrs Akintobi runs her petty store was swept away on Friday evening by the flood,  but while trying to escape with her children, she fell and got drowned along with the two boys in the flood that reached lintel level of houses in some affected areas.

Their remains were buried on Saturday morning amid tears by residents of Ilawo neighborhood, The Nation was told when our correspondent visited the scene of the incident.
Scores of residents were sacked from their homes and shops in many locations in Abeokuta and its environs whose apartments were either submerged or brought down by the flood.

Household items, goods and other valuables were destroyed. The Nation sighted many families in Ijeja, Ijaiye, Gbangban, Amolasho, Kuto, Olomore  areas still battling to salvage what was left of their properties.

In Ago Ijesha area,  eye witnesses , at different times, told The Nation that a mother and her toddler – daughter were  swept away by the flood.
However, the remains of the daughter were picked up on Saturday morning by the edge of a canal which coursed through many communities and two Local Government areas before opening into the Odo – Ogun(Ogun River). The search for the mother persisted is still on.
 
A source in Ijeja area where the flood damaged the bridge linking it with other parts of the state capital, said families of missing persons were sighted following the canal path and searching for their beloved ones suspected to have been washed away in the flood.
Prince  Obalanlege Joseph, Chairman, Red Cross Society of Nigeria, Ogun State chapter, described the flood as “devastating with many loss of lives.”
Obalanlege said feelers from the Emergency First Aid Team (EFAT) unit of the Red Cross Society hinted that about eight people have died in the flood and that their remains were deposited at the morgue of the state hospital, Ijaiye.
He advised Abeokuta residents to desist from obstructing the water ways by dumping refuse inside the drainage system and also called on the state government to enforce the physical environment and building regulations of the state which bars people from erecting structures on drainage pathways and flood planes.

According to him, indiscriminate dumping of refuse on water channels as well as building on flood planes are the  contributory factors to the devastating flood experienced by residents on Friday evening.
“It is quite  devastating, so many lives have been lost, we are rushing down to Ijaye general hospital because we have a report that about eight bodies have been deposited at the mortuary from different areas.
“We are going to create awareness, appealing to the government, the Ogun State government is trying but still,  many more have to be done, the community has to be sensitised on dumping their refuse.
 
” And we have to appeal to the town planning authority, there are some houses that are too close to the canals here and that is why we have so many people affected,” he said.
The Commissioner of Police in Ogun State, Ahmed Iliyasu, told Nation that he was on the field to assess the situation, identify with people and share in the feelings but declined to give casualty figure.

The State Commissioner for Works, Arc. Olamilekan Adegbite, and officials of the State Emergency Management Agency(SEMA) were also sighted making assessment of the devastation done to both private and public properties.
In Amolasho and Kuto, major commercial areas of Abeokuta, goods and structures worth tens of millions of naira were swept away and emptied into a canal by the Isabo state High court area where the flood was most fiercest.

Thirty – five year old Ms Somuyiwa Bisola Farida, proprietress of Bisola Stores had her stores and warehouse for assorted goods and beverages ruined by the flood which, she said, she saw coming towards her shop with fury but could not dare to venture rescue anything lest she gets submerged.
Farida told The Nation that preliminary checks have revealed she has lost over N5m worth of goods, lamenting that the latest incident is about the fourth time her goods had gone down the drain following Amolasho’s  perennial flooding.

It is not only goods and household items that were destroyed, dozens of vehicles packed by the roadsides were also submerged with some of them dragged into gullies and pits.
The Nation sighted some youths battling to dig up one Toyota car buried near the Holy Cross Hospital, Ijaye, Abeokuta, by the flood.
Areas most hard hit are Ijaye, Amolasho, Kuto,  Isale Egbein, Olomore, Leme, Adigbe among others.

The Archdiocesan Headquarters of the Celestial Church of Christ, Ijaye, Abeokuta was also severely hit with about a dozen vehicles submerged along with worship and musical equipment. The flood also flattened parts of the church’s perimeter fence.
 Residential buildings and shops numbering 15 within the area were affected as some of the structures  either collapsed, tilt or got weakened as to make them unsafe for habitation.

The rain which started around 4:30pm on Friday evening caught Abeokuta residents  unaware, brought in in its trail flood and devastation.
Thousands were also locked down for hours following the massive flood that took over all access roads.

The Assistant Chief Planning Officer, , National Emergency Management Agency(NEMA), Southwest, Babatunde Olowookere , said the agency got information about the flood at about 2am on Saturday, adding that the agency’s official were on ground to assess the situation and how to render assistance.
The Commissioner for Environment, Bolaji Oyeleye, the state government got the information before hand that there would be heavy rain leading to flooding in many places, saying that informed why the government embarked upon drainage clearing across the state.

Oyeleye blamed the flood in parts on indiscriminate dumping of refuse on waterways and building of structures on flood planes and canals by residents.
He advised people to henceforth, desist from obstructing water course with refuse or erecting structures on them. - The Nation

Man bags 2 years in prison for forging ICAN certificate


An FCT High Court sitting in Jabi on Friday sentenced Lebi-Ayodele James, a staff of the office of the Auditor General of the Federation to two years in prison for forging the Institute of Chartered Accountant of Nigeria (ICAN) certificate.

The judge, Justice Yusuf Halilu, who did not give the convict an option to pay a fine, ordered him to pay N100,000 in restitution.
The Judge said that the convict would have risen to the position of the Auditor General of the Federation with a forged certificate in the nearest future if the forgery had not been discovered.
According to Halilu, the sentence will serve as a lesson to the convict and others who procure fake certificates and those who might intend to engage in such an act in the future.
“The convict knew very well that he never had ICAN certificate. He forged the certificate and eventually got elevated from Executive officer to a Senior Auditor.
“In a country where securing government employment is a huge challenge, and with the army of graduates who have truly earned better certificate but remained unemployed.
“Government should scrutinise all employees in her pay role to ensure only those who deserve to be gainfully employed are employed.
” The convict shall serve his term in Keffi Prison, ” Halilu ordered.
James was arraigned on three count offences by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on March 26.
The offences are: Forgery of certificate contrary to section 25(1)(a) and punishable under section 25(1)(b) of the ICPC Act 2000 and being in possession of a forged document contrary to section 368 of the Penal code CAP 532, Laws of the FCT Nigeria 2006.
He was also charged with giving false information, an offence contrary and punishable under section 140 of the penal code CAP 53, Laws of the FCT Nigeria 2006.
The prosecution, Mr Agbili Ezenwa, in March, presented the forged certificate and the application letter to the Director of Admin and Human Resources in the Auditor General’s office as evidence.
Ezenwa said that the convict wrote the application letter requesting to be converted and upgraded from the position of an Executive officer to that of a Senior Auditor. - Daily Post

Lagos Assembly member, two others arrested over illegal firearms


The Lagos State Police Command has arrested a member of the Lagos State House of Assembly and two others over alleged unlawful possession of firearms.

The spokesman of the command, CSP Chike Oti, in a statement on Saturday said the suspects were undergoing interrogations.
“The first and second suspect, Wale Oye (37) and Ganiyu Ajiboluwa (47), were arrested on July 12, at about 5.45 p.m. by a team of Inspector-General of Police X-Squad operatives on patrol at Apple Junction, along Festac extension, Amuwo Odofin.
“A single barrel Mossverg pump action rifle with identification No. B/NO D512429, one Zirve Magnum pump action rifle with No. B/NO 45639 and two live cartridges were recovered from the suspects.
“However, during interrogation, the suspects claimed the guns were given to them by one Mr Dipo Olorunrinu, 47 years, a member of the Peoples Democratic Party (PDP) in the Lagos State House of Assembly, to escort him to a political rally,” Oti said in the statement.
The spokesman said that the lawmaker was arrested and admitted ownership of the guns.
“To further prove that the weapons were his, he produced expired licences dated 2015 and 2016, respectively.
“He could not justify his refusal to surrender the guns during the window period offered in the last nationwide mop up of illegal firearms and ammunition exercise.
“Investigation is in progress and further findings on the matter will be communicated to the general public as usual,” he said. - Daily Post