World Bank commends Ekiti developmental strides

The World Bank has commended the Ekiti State Government for emerging the Best Performing State under the National Urban Water Sector Reform Project (NUWSRP) and third Best Performing State under the Community and Social Development Project (CSDP).

The recognition, according to a statement by Yinka Oyebode, the Chief Press Secretary to Governor Kayode Fayemi,  is part of the Nigeria Portfolio Performance Awards for 2019.

He said it was communicated via a letter signed by World Bank’s Country Director for Nigeria and Africa Region, Rachid Banmessaoud.

” The award recognizes the performance of project implementation teams across the states and federal institutions,” he said.

The letter from the World Bank and addressed to Dr. Fayemi read, “This is to congratulate you on your state’s commendable performance which led to winning the award for the Best performing State under the National Urban water Sector Reform Project (NUWSRP 3) and third Best Performing State under the Community and Social Development Project (CSDP).

“We hope to leverage on the gains and outcomes of this event as we look forward to a deepened partnership in your state, ” the letter read.

In a related development, the Progressives Governors Forum (PGF) has also commended Ekiti State government for recording the highest number of initiatives in the Forum’s Development Initiatives tracking for the month of August.

The PGF in a letter signed by Mr Foluso Aluko, for the Director-General, said Ekiti State led with 18 initiatives ahead of Nasarawa and Lagos which recorded 14 and 10 respectively.

The initiatives, according to the letter, spread across empowerment, job creation, health care, education, infrastructure, security, economy, agriculture and justice.

Governor Fayemi has however said that the state would continue to partner with development agencies and relevant institutions in the bid to ensure all-round development in the state.

The Governor, according to Oyebode spoke at a meeting on the sideline of the United Nation’s General Assembly in New York.

He  identified increase in social investments, rural and agricultural development as well as infrastructure and industrial development as some of the areas of focus in his administration’s plan to drive economic development.

Where is Ooni’s ex- wife, Olori Wuraola?

Royalty laced with affluence is sweet, most especially when it’s blessed with opulence and splendor. It soothes body and soul. But for Zaynab Otiti Obanor, the ex wife of HIM Oba Adeyeye Ogunwusi, she is indeed an epitome of royalty with blue blood flowing in her veins.

During her days as the heartthrob of stylish Ife monarch, she commanded respect at all strata of life. Her gait, composure, charming smile and endearing persona, earned her public acceptance. At the sight of her at any public function, paparazzi flashed just to catch a glimpse of her ravishing beauty.

When she announced her breakup with the Ooni of Ife, it generated mixed reactions as different tongue wagged at her over such decision. Many wondered why she decided to leave such glitz and glamour in the house of Oduduwa.

Ever since her divorce from the royal union, the Edo- born Queen has since recoiled into her shell. She has left the societal cynosure with her pet project and foundation abandoned.

Her whereabouts have generated mixed reactions as close associates divulged that “She now shuttle between Dubai, Qatar, Lebanon and Nigeria”.

Some are of the opinion that she left the shores of Nigeria to start a new life. All these are mere speculations as her whereabouts remain a mystery to her fans and well-wishers across the country.

CBN increases charges on withdrawals, deposits

The Central Bank of Nigeria, in a circular to all deposit money banks, yesterday announced the commencement of charges on deposits in addition to already existing charges on withdrawals. According to the circular, the charges, which take effect from today, will attract three percent processing fees for withdrawals and two percent processing fees for lodgements of amounts above N500,000 for individual accounts.

Corporate accounts will attract five percent processing fees for withdrawals and three percent processing fee for lodgements of amounts above N3,000,000.
In a statement by the Director, Payments System Management Department at the bank, Sam Okojere, the CBN said the charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra and Rivers States as well as the Federal Capital Territory. It also stated that the implementation of the cashless policy would take effect from March 31, 2020 nationwide. The statement added: “with effect from September 17, 2019, the CBN has approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.”

South African court rules that Spanking children is unconstitutional

The Constitutional Court has upheld a South Gauteng High Court ruling in 2017 to eliminate the common-law defence of reasonable chastisement when spanking a child, TimesLive reports.

The court said that there are effective ways to discipline a child without needing to resort to corporal punishment. The case arrived at the Constitutional Court after the South Gauteng High Court ruled that reasonable chastisement was unconstitutional in a matter related to a father who was found guilty of assaulting his 13-year old son for watching pornography.

According to IOL, civil society group Freedom of Religion SA (FOR SA), sought to have the high court ruling set aside during, claiming parents should be allowed to practice “reasonable” and “moderate” chastisement on their children, and that there was a difference between administering discipline and abuse.

The ruling now opens the possibility of making spanking illega

MTN plans to raise N100 billion from commercial paper

There are strong indications that MTN Nigeria is planning to raise N100 billion through Commercial Paper (CP).

Although the telco giant is yet to officially announce the plan, an official suggested on Tuesday that the firm would issue the commercial paper through the Nigerian Stock Exchange shortly.

Reacting to reports of the proposed plan on Tuesday, Utoh Ukpanah, the company secretary, said that MTN is exploring every financing option, including the issuance of commercial paper to boost its operations.

Earlier, the Head of Frontier Research at EFG Hermes, Kato Mukuru, had told CNBC in an interview that the company will issue commercial paper through the NSE.

Mr Mukuru said he got reliable information from a staff member of the Nigerian Stock Exchange that MTN was about to issue the N100 billion commercial paper.

On the reason for the plan, Mr Mukuru noted that the company may have opted for the commercial paper because “either it is cheaper than getting bank finances or the banks don’t want to finance it.”

The EFG staff added, however, that that form type of borrowing should ordinarily be secured from the bank.

Commercial paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts payable and inventories and meeting short-term liabilities. Commercial paper is usually traded among large institutions, but individual investors can participate by buying from a broker.

In its statement Tuesday, MTN said that in its Listing by Introduction Memorandum, it already indicated that in the past, MTN financed its expenditure through syndicated banking facilities but it would henceforth explore other financing opportunities, including the issuance of commercial papers.

The company said it will announce the development through the Nigerian Stock Exchange at the appropriate time.

“Shareholders are reminded to exercise caution when reacting to information which has not been released by the company,” the statement said.

EPL: Lampard gives update on Mount’s injury ahead of Chelsea, Liverpool clash

Chelsea manager, Frank Lampard, has provided the latest update on midfielder, Mason Mount’s injury ahead of his side’s Premier League clash against Liverpool this weekend.

Mount sustained an ankle injury on his right leg during Chelsea’s UEFA Champions League 1-0 defeat to Valencia on Tuesday night at Stamford Bridge.

The England international was forced off after just 16 minutes following a strong challenge from former Arsenal star, Francis Coquelin.

“He has got an ankle injury which we don’t know how bad it is,” Lampard told reporters after Chelsea’s defeat against Valencia.

“We are going to have to assess it in the next 24-48 hours to see the scale of the injury, to see how the injury is.

“It’s too soon to say, obviously it was a shame because he was playing so well and started well and we had to make the change early.”

River govt finally reacts to serial killing of young women

The Rivers Security Council is working round the clock to ensure that the recent killings of young women in the state was stopped.

Dr Tammy Danagogo, the Secretary to the State Government, who gave the assurance in a statement on Wednesday, also warned that perpetrators would be made to face the full weight of the law.

He stated that the State Security Council led by Gov. Nyesom Wike had put measures in place to secure the lives of young women targeted by the serial killers.

Danagogo said that security agencies had been mandated to work with the management of hotels to implement security measures to “end the ugly trend.”

The Rivers government, he said, remained committed to security of lives and property.

He gave an assurance that the Wike administration, through relevant agencies, would be embarking on mass sensitisation of the people on security measures.