CBN suspends intervention loan repayment for one year

The Central Bank of Nigeria has said it is giving one-year moratorium on all principal repayments for COVID-19 intervention loans through its participating Other Financial Institutions with effect from March 1, 2020.

The apex bank said this in a circular signed by the Director, Financial Policy and Regulation Department, Kevin Amugo, on Wednesday.

It also stated that as part of its continued efforts to mitigate the impact of coronavirus on households, businesses and regulated institutions, it had reduced interest rates on its facilities through the participating OFIs from nine per cent to five per cent per annum for one year effective March 1, 2020.

“The CBN intervention facilities obtained through participating OFIs will be given a further one-year moratorium on all principal repayments, also effective March 1, 2020,” it stated.

According to the circular, the OFIs have also been granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses affected by COVID-19, subject to the recently issued guidelines for restructuring affected credit facilities in the OFI subsector.

The Director, Corporate Communications Department at the CBN, Isaac Okorafor, said the management’s approval for the restructuring of credit facilities in the OFI subsector was in line with the bank’s desire to alleviate strain on households, businesses and regulated institutions triggered by the lockdown due to COVID-19.

He explained that the CBN would also continue to monitor developments and implement appropriate measures to ensure financial stability and support stakeholders impacted by the COVID-19 pandemic.

The statement added that the Monetary Policy Committee meeting of the CBN for the month of May 2020 would hold on Thursday.

Nigerian breweries, Stanbic lead as market gain N9bn

The local bourse on Tuesday opened the trading week on the positive trajectory after two-day Sallah holiday declared by the Federal Government.

The major performance measures, the NSE ASI and market capitalisation, rose further by 0.07 per cent each as the equity market sustained positive sentiment.

Consequently, the All-Share Index rose by 10.66 basis points or 0.07 per cent to close at 25,221.23 index points as against 25,204.75 recorded last Friday while market capitalisation of equities appreciated by N9bn or 0.07 per cent to close higher at N13.144tn from N13.135tn as market sentiment remained on the green territory.

A turnover of 581.61 million shares in 7,759 deals was recorded in the day’s trading.

Premium subsector was the most active (measured by turnover volume), with 292.34 million shares exchanged by investors in 3,170 deals.

Volume in the subsector was driven by activities in the shares of Zenith Bank Plc and FBNH Plc.

Banking subsector boosted by the activities in the shares of GTB Plc and Wema Bank Plc followed with a turnover of 119.19 million shares in 1,167 deals.

The number of gainers at the close of trading session was 32 while decliners closed at 11.

A further analysis of the day’s trading showed that Nigerian Breweries Plc led  the gainers’ table with 10 per cent to close at N43.45 per share while Stanbic IBTC Bank Plc followed with 9.98 per cent to close at N35.80 per share and May and Baker Plc with a gain of 9.96 per cent to close at N3.09 per share.

On the flip side, Ardova Plc (formerly Forte Oil Plc) led the losers’ chart with a drop of 10 per cent to close at N14.40 per share. Regency Alliance Insurance Plc followed with a loss of 8.70 per cent to close at 21 kobo per share while Afromedia Plc dropped by 7.14 per cent to close at 26 kobo per share.

Ondo State lifts ban on religious activities

Ondo State Governor Rotimi Akeredolu has lifted the ban on religious gatherings in the state.

Akeredolu placed a  ban on religious gatherings as part of an effort to contain coronavirus spread in the state.

Akeredolu said at a  press conference at  Government House, Alagbaka, Akure on Wednesday religious gatherings would be in line with  the preventive measures on  COVID-19.

According to him, the state government discussed with religious leaders before lifting the ban. He said,

“As agreed with religious leaders, in specific terms, worship centres are to commence their main activities with effect from  Friday.

Only weekly Friday Jumat services and Sunday church services will commence in the first instance. Other daily programmes within the week are not yet approved for takeoff.

Religious leaders and administrators must ensure strict compliance with the   physical distancing rules  in places of worship. In the case of churches, not more than three people are expected to sit on a pew while the equivalent applies to the sitting positions in the mosques and other worship centres.

Water and soap must be provided at all entries into the centres or halls of worship. All worshipers must be made to wash their hands in the pattern approved and practised since the beginning of the pandemic.

Hand sanitisers must be provided and used by each worshipper at every entry point and at other convenient points on the premises. All worshippers and workers inside the centres and on the premises must wear face masks properly during  the duration of the service.

Churches, mosques and other religious centres must regularly decontaminate and sanitise their  premises, facilities and equipment before and after the services.”

Akeredolu warned that any religious centres that  failed to follow the stipulated guidelines would be shut down immediately. He also announced that four more coronavirus cases had been recorded in the state.

Kogi state records first COVID-19 case

Kogi state has joined the list of states with coronavirus cases following the announcement of 389 new cases in Nigeria.

The state recorded its index case three months after the first case was confirmed in Lagos.

The new cases announced by the Nigeria Centre for Disease Control, (NCDC) on Wednesday, May 27, 2020, raised the total number of the outbreak in Nigeria to 8,733.

The NCDC in its daily update also announced the release of 166 more patients, who have successfully recovered from the virus.

According to the agency, the new cases were recorded in 22 states.

As usual, the bulk of the cases were detected in Lagos with 256 more cases. This brings the total of coronavirus cases in Nigeria’s economic capital to 4,012.

In Katsina, 23 more cases were confirmed followed by Edo (22), Rivers (14) and Kano (13)

While 11 cases were recorded in Adamawa and Akwa Ibom, seven were detected in Kaduna and six each in Kwara and Nasarawa state.

In Gombe, Plateau, Abia, Delta, Benue, Niger, Kogi, and Oyo state, two cases each were recorded while one each was confirmed in Imo, Borno, Ogun and Anambra.

The NCDC’s updates on Wednesday also showed that five deaths were recorded and that brought the total of coronavirus fatalities in Nigeria to 254.

Also, a total of 2,501 patients have recovered from coronavirus in Nigeria following the announcement of 116 recovery cases on Wednesday.

With Kogi recording its index cases, Cross River is now the only state where a case of the pandemic has not been confirmed.

Legalise cannabis - Daddy Showkey tells Federal Government

Nigerian music icon, Daddy Showkey wants the federal government to seriously consider legalise the use of Cannabis for medicinal purposes.

In an almost 3 minutes video shared via his Instagram page on Wednesday, May 27, 2020, the music star wondered why the government has never given medicinal Cannabis a thought. He said,

"Where our brains go? Now many countries dey survive on Cannabis wen una dey call Igbo. The thing wen una nor understand be say, Igbo nor be only to smoke am, Igbo get many medicinal purposes.

Although some people go misuse am but make we think about the medicinal side. There are a lot of things it can help us with. I have never smoked Indian hemp in my life but I can tell you it can help the youths to get jobs, it can be refined into a cream.

Go and do your research on Cannabis, it has one of the best oils in the world...America don legalise, Holland don legalise am, UK don legalise am."

Daddy Showkey joins the growing list of celebrities who have advocated for the legalisation of cannabis farming in Nigeria.

Teenager, 5 others arraigned for cultism, murder and robbery

On Wednesday, a teenager, Mariam Adesewa and 60 year old Mukaila Raji appeared alongside four others before an Osun State Chief Magistrates’ Court sitting in Osogbo for alleged membership of an unlawful society and murder of two persons in Ede.

The other suspects are Kasali Serifu, Alabi Sefiu, Nureni Tirimisiyu and Taiwo Kareem, who were also accused of being members of a secret society, the Apete-Isagba cult.

They were arraigned before Magistrate Olusegun Ayilara on 13 counts bordering on conspiracy, armed robbery, murder, cultism and malicious damage.

The prosecutor, Elisa Olusegun, said Serifu, Sefiu, Tirimisiyu, Kareem and Raji shot dead one Omoniyi Olukunle and Tajudeen Lukman at different times in Ede.

He added that the accused also attempted to kill Surajudeen Kareem and Yinusa Sherif when they shot at them.

Olusegun also said five of the accused dispossessed Olukunle of his Bajaj motorcycle and the sum of N5,000 before they killed him.

The teenager, Mariam was alleged to be a member of the Apete-Isagba group.

The offences were said to be contrary to and punishable under Section 324 of the Criminal Code, Cap. 34, Vol. II, Laws of Osun State of Nigeria, 2002.

The plea of the accused was taken for malicious damage and membership of a cult group, while the court declined taking their plea for murder and armed robbery.

Okobe Nagite and Kehinde Adepoju announced appearances for the accused and applied for their bail.

Ruling on the application, Ayilara said the counsel should file a formal bail application.

The magistrate remanded the six accused persons in the Ilesha Correctional Centre and adjourned the matter till July 8, 2020.

In a related development, an Ekiti State Chief Magistrates’ Court sitting in Ado Ekiti, on Wednesday, remanded a 24-year-old man, Adetomiwa Ogunleye, in police custody for being a cultist and having in his possession weeds suspected to be Indian hemp.

Chief Magistrate Abdulhamid Lawal ordered that the defendant be remanded pending advice from the office of the Director of Public Prosecutions.

He adjourned the case till June 3, 2020, for mention.

Ogunleye is standing trial on two counts of membership of the Eiye Confraternity and being in possession of weeds suspected to be Indian hemp.

The police prosecutor, Inspector Caleb Leranmo, said the defendant committed the offences on May 24, 2020, in Ikole-Ekiti. He said, 

“The defendant confessed that he was a member of the Eiye Confraternity. Weeds suspected to be Indian hemp were also found in the possession of the defendant.

The offences contravene sections 4 (i) of the Secret Cult Abolition Law, 2017 and 5 (b) of the Indian Hemp Act.”

South East Governors, IGP reach agreement on community policing

The Inspector-General of Police (IGP), Mohammed Adamu, and the five South East governors have agreed on modalities for the communal policing of the zone. 

Chairman of the South East Governors’ Forum and chief executive of Ebonyi State, David Umahi, told reporters in Abakaliki after a virtual meeting of the body that they had agreed with the police chief on a three phased implementation policy, accusing Mohammed of “frustrating an earlier agreement.”

“For the past two hours, we have been having meeting with the Inspector General of Police alongside the President-General of Ohanaeze Ndigbo, Chief Nnia Nwodo, traditional rulers and some stakeholders from the zone.

There is no longer a disagreement between the governors and leaders of the zone with IGP Mohammed Adamu", he said.

He stated that after the meeting, the police chief agreed that the security apparatuses at the communities should be deployed.

According to the Ebonyi governor, part of the agreement was the training of community members by the force, while the beneficiaries, would in turn, secure their settlements.

The governor clarified that the advisory committee would be headed by the traditional ruler of that community, adding that other select stakeholders were to act as members of the panel. 

According to him, “this is at the community level, and it is well accepted by the and other leaders of the zone.”

He said the IGP and the commissioners of police in the area admitted making a mistake, as the selection process was faulted. He said it was entirely for the governors and stakeholders to pick members of the panel to enforce the community policing.

Ibadan Poly manufactures ventilator, hand washer

As part of efforts geared towards combating the COVID-19 pandemic, the Department of Mechatronics Engineering of The Ibadan Polytechnic has manufactured a ventilator and smart hand-washer

The Rector of the institution, Prof. Kazeem Adebiyi showcased the machines to newsmen in Ibadan on Thursday.

According to him, the feat was possible with the support of the government of Oyo State that released an accreditation grant for the institution.

He said the last time the institution got fund to develop its programmes and made meaningful contributions to technology development in the country was in 2009. Adebiyi said: 

“When we received the letter of accreditation that we passed all our programmes for accreditation. It was a joyful thing. It was an accreditation for 13 programmes and we passed all.

Also, we did three professional accreditations which we passed and that looked like magic to anybody. How are we able to achieve that? they wondered."

Check out official photos from the Fani-Kayodes birthday celebration

It can be recalled that former beauty Queen and wife of Femi Fani-Kayode, Precious Fani-Kayode and their triplet boys celebrated their birthdays on the 25th of May.

While the beautiful mother, Precious turned 31, her boys clocked two years old. They splashed very adorable photos of themselves all over social media to mark the special day and they left a lot of people 'awwwwwing'.

Now, they have released official pictures from the proper birthday celebration. Enjoy the slides!

The Federal Government has said that it would give priority to evacuees in China when evacuation flights eventually resume.

Minister of Foreign Affairs, Geoffrey Onyeama, disclosed this during a briefing by the Presidential Task Force on COVID-19 in Abuja.

He said that the government was aware of the harsh climate against nationals in China, noting that they would be repatriated as soon as new modalities were put in place. He said, 

“We are very hopeful that maybe by next week, we should be able to commence evacuation. There is a large number of Nigerians still wanting to be evacuated. In addition to the UK, there are Nigerians in China, this is something we are not happy about.

It is a real priority for us to bring all the evacuees back home but we know those in China are facing very essential challenges and as soon this mechanism is put in place, I’d like to assure them that we’ll do everything possible to prioritise their return.

In regards to compensation to Nigerians who were caught up in the crisis in Guangzhou, China due to the discrimination on the basis of nationality and race, I spoke to the Consular General in Guangzhou who was in direct contact with the Nigerians there to provide details of any loss they may have suffered. We will now engage on that basis, with the Chinese Government.

When I summoned the Chinese Ambassador, Mr Zhou Pingjian, he also made these commitments, that they will be very interested to receive the details of any complaints or loss, and I must say to date that nothing has come in formally from our Consulate in Guangzhou.”