PMB AND CHINA SIGNED LOAN AGREEMENT DEAL

A source from the presidency sent us the break down of the agreement between Nigeria and China yesterday after he re-tweeted buhari's post; Currency Deal With China To Crash The Dollar By 70%!

As President Mohammadu Buhari(PMB) and CBN Governor, Emefiele moved closer to actualizing their promise to strengthen the naira against the US dollars by signing a landmark currency deal with the Industrial and Commercial Bank of China Ltd on Tuesday in Beijing, China.

The agreement will allow Nigerian who imports mainly from China conclude their transactions in the Chinese currency instead of the dollar and the new agreement would see Nigeria-China trades, which accounts for over 70 percent of imports into Nigeria, concluded in the Yuan. Before now over 90% of international trades between Nigeria & the world is done in dollars, and in the process putting so much pressure on the naira

Nigeria imports almost all it needs from the West, Middle East and Asia. The CBN is expected to diversify a huge chunk of Nigeria’s foreign reserve from the dollars to the Yuan to perfect the agreement. “It means that the renminbi (Yuan) is free to flow among different banks in Nigeria, & the renminbi(Yuan) has been included in the FXR of Nigeria,” FXR means foreign exchange reserves.

Lin Songtian, director general of the African affairs department of China’s foreign ministry, told reporters in Beijing a few minutes after the agreement was signed between the Governors of the nations’ reserve banks in the presence of President Buhari and President Xi Jingping of China, who is hosting Buhari and top Nigerian officials to a state visit.

Lin said a framework on currency swaps has been agreed with Nigeria, making it easier to settle trade deals in Yuan. China has signed currency swap deals with countries ranging from Kazakhstan to Argentina as it promotes wider use of its Yuan.

Nigeria would become the clearinghouse for Yuan denominated transactions for the whole of Africa following the agreement. Beijing also signed agreements to develop infrastructure in Nigeria, part of a drive to deepen its ties with Africa.

It has offered Nigeria a loan worth $6 billion to fund infrastructure projects. Also, ICBC signed a $2 billion loan deal with Dangote group, to fund two cement plants it plans to build, Lin told Reuters.

China’s official Xinhua news agency cited President Xi as telling Buhari that there was huge potential for economic cooperation, naming Oil, refining and mining.

Nigeria is also considering issuing Panda bonds (mainly Yuan denominated) as against euro bonds because they are cheaper. This is good, better days are ahead for the Nigerian masses especially the importers and manufacturers who bring in some raw materials from China.

Ejigbo Youths Council set to host CDC Football tournament

National Youths Council of Nigeria (NYCN), Ejigbo LCDA Chapter, has commenced the preparation for the host of Football tournament in the local government tagged " Community
Development Committee, CDC Cup".
This was disclosed by the Director of Sports of the body, Mr Gbeleyi Deji, who stated that the football competition is to strategically and further unite the teeming youths of the local government. Deji stressed that the tournament would
intimately bring symbiotic relationship among the youths across the seven zones of the local government.

The tournament will inevitably unite our youths. The disparities between youths in Jakande Estate and those in Ejigbo town would be highly closed. This is a well prepared tournament for our unity", said the Director of Sports. He added further " There is also the commercial benefits of this tournament for our youths and
the people. The two playing grounds would be accessible for commercial activities too, several business activities would occur during the tournament"

Deji stated that the seven zones that would be involved in the tournament are Ifoshi, Oke-Afa, Ailegun, Aigbaka, Ageke, Fadu, and Ilamose. He disclosed that the forms are to be collected by the teams through their CDAs, saying that all the CDAs in the local government would be carried along in the tournament.

The forms would be given to the CDAs where the teams can go and access it. This is going to be a transparent exercise not business as usual", said Deji
"The Officiating officers are not residents of the local government so also observers of the event. There will be novelty match among the leaderships of the CDAs as well, in order to give the event a community acceptance", said Deji.

He however stated that the commencement and the closing dates for form collection will be announced soon, saying that rewards would given
to First, Second and Third winners.
Signed
OKUNADE ADEKUNLE
Director of Media and Publicity
NYCN, Ejigbo LCDA Chapter, Lagos
09093644732

SAVE OLUSHOLA MARTINS

Olusola Martins, born some 36 years ago in Zaria, Kaduna state, Nigeria hails from Oke Ero LGA, in Kwara state; Nigeria. 

He started his professional career in Guarantee Trust Bank (GTB) in 2006 and worked diligently till he left for First City Monument Bank (FCMB) in 2009 where he works till date.   

In August 2015, as fate or mutation would have it, Olusola developed symptoms of severe fever, generalized itching, body swelling and multiple boils. In September 2015, it was discovered he had Chronic Myeloid Leukemia (CML), simply put; a rapidly proliferating Cancer of the White Blood Cells in the Blood. He has been in and out of the hospital for expensive treatments since then.. Prior to this, He never called in sick at work nor went on any sick leave. He had no medical history of any sickness, all through his 10 years of his dedicated & meritorious service at work.   
The only life saving procedure for Leukemia is a Bone Marrow Transplant. He is in dire need of this transplant because of the exponential rate of deterioration of his body regardless of palliative treatments. The Transplant and other expenses have been billed as 8 Million Naira and it is needed as soon as possible to save him from death. He has been saving for the past 5 months but he is not anywhere close as most if not all of his savings go into his treatments which are expensive.   

Olusola is a philanthropist and a selfless patriot-the numerous students he paid for their JAMB examination and saw through University can attest to it. 
He is a Senior Partner & Co-Founder of Sozo Networks,www.sozo.com.ng    which is dedicated to children’s education.   

We, his friends can attest to his kindness and dedication to everything he does. We passionately appeal to well-meaning people to please give him a second chance to life by donating to help him get his transplant done. Nothing is small, absolutely nothing! This is a call to action. A call to save.  You do not want Cancer to take away these qualities all combined in one person. 

You and I can help save his life and restore his hopes and dreams.

Bank: GTBank (Current Account) 
Account Number: 0009380841  
Account Name: MARTINS, TIMOTHY OLUSHOLA

For More Information: 

Call: 08036291965, 07087198036, 08067730991 (+234)

Fayose Writes Chinese Govt To Stop FG’s $2bn Loan Request By Buhari

Governor Ayodele Fayose of Ekiti State has written the Chinese government, seeking the stoppage of the $2 billion loan being sought by the Federal Government, saying that “the government of China should be mindful of the fact that Nigerians, irrespective of their political and religious affiliations are totally opposed to increment of the country’s debt burden, which is already being serviced with 25 per cent of the Federal Government annual budget.”

In the letter dated April 12, 2016, with reference number EK/GOV/28/10, addressed to President Xi Jinping of China and delivered by Chief of Staff to the governor, Barrister Dipo Anisulowo in Abuja on Thursday, through the Chinese Ambassador to Nigeria, Gu Xiaojie, Governor Fayose said some of the projects for which the loan was being sought were not captured in the controversial 2016 budget, which has been sent to the President by the National Assembly for his assent.

Anisulowo, who was accompanied by Deputy Speaker of the State House of Assembly, Hon Segun Adewumi, Chairman House Committee on Information, Gboyega Aribisogan, Chairman House Committee on Health, Dr Samuel Omotosho and Special Assistant to the Governor on Public Communications and New Media, Lere Olayinka, said Governor Fayose, who is in China will also deliver a copy of the letter directly to the Chinese President.

The letter read; “I write as one of the major stakeholders in the project Nigeria, and a governor of one of the federating units making up Nigeria, to draw your attention to report that the Federal Government of Nigeria is on the verge of obtaining a $2 billion loan from the Export-Import Bank of China.

“This $2 billion loan is part of the N1.84 trillion the Federal Government of Nigeria has proposed to borrow to finance the 2016 budget, which is yet to be signed by the President, Muhammadu Buhari, owing to unending controversies between the Executive and Legislative arms of government.

“According to reports, Nigeria desires to raise about $5 billion abroad to cover part of its 2016 budget deficit. This is projected to hit N3 trillion ($15 billion) due to heavy infrastructure spending at a time when the slump in global oil prices has slashed the country’s export revenues.

“While conceding that all nations, especially developing ones need support to be able to grow because no nation is an island, I am constrained to inform you that if the future of Nigeria must be protected, the country does not need any loan at this time.

“The government of China should be mindful of the fact that Nigerians, irrespective of their political and religious affiliations are totally opposed to increment of the country’s debt burden, which is already being serviced with 25 per cent of the Federal Government annual budget.

“It will interest the government of China to know that some of the projects for which the loan is being sought are not captured in the controversial 2016 budget, which has been sent to the President by the National Assembly for his assent. For instance, the Lagos–Calabar Rail project was not included in the budget proposal the President presented to the National Assembly and it was not included in the Appropriation Bill passed by the National Assembly.

“Most importantly, Nigeria is presently servicing debt with about 25 per cent of its annual budget and what will happen to the economy in 2017, when the country will begin to service the additional debt to be incurred this year is better imagined than experienced.

“The Chinese government must also be aware that some western nations approached by the Federal Government for loan diplomatically and cleverly declined.

“This must have been informed by the suspicion in the present government’s capacity to salvage the nation’s economy, as well as the sincerity in the fight against corruption. More so that Nigeria’s Foreign Reserve, which is the only guarantee for foreign loan has declined to a very uncomfortable level.

“For instance, the UK Telegraph Newspaper reported today that hundreds of millions of pounds of British foreign aid given to Nigeria to help combat Boko Haram terrorists is instead being used to fund a witch-hunt against opposition politicians.

“Therefore, like the foreign aid that is reportedly being mismanaged, whatever loan that is granted to the Federal Government of Nigeria by the Chinese Government may be mismanaged too.

“In my opinion, Nigeria needs the collaboration of the Government of China in the area of technology transfer, rather than granting loan that will be mismanaged under the guise of building infrastructure.

“It is also important for the Government of China to note that the Federal Government of Nigeria claimed to have recovered and still recovering trillions of Naira allegedly looted from the treasury. For instance, over $200 billion is expected to be recovered from Dubai, the United Arab Emirate while N3 trillion was said to have been saved from the Treasury Single Account (TSA).

“The Federal Inland Revenue Service (FIRS) has also said that it will generate not less than N4.5 trillion this year. What then is the rationale behind the $2 billion loan from China?

“As a result of the government’s bad economic policies, the middle class has been eliminated, power supply is at its lowest ebb, petrol is not available and by the time fresh loans begin to pile up, 95 per cent of Nigerians will definitely be pauperised.

“Particularly, by the autocratic nature of our president, the Federal Government is not prepared to listen to wise counsel, hence the desperation to take unwarranted loans even if the future of Nigeria and its people will be mortgaged.

“It will also interest Your Excellency that our president’s visit to china will be his 28th trip outside Nigeria since he assumed office 10 months ago and this unnecessary foreign trip is estimated to have cause the country $50 million.

“I therefore appeal to Your Excellency to assist Nigeria and its people in the area of technology transfer so as to limit importation of goods and services, rather than granting the country unnecessary loan.

“In conclusion, I wish to state that this letter and information became necessary for posterity sake and to put it on record that when the future of Nigeria and its people was going to be mortgaged through loan from the People’s Republic of China, I stood up to be counted in defence of our country.”

Nearly A Quarter Of British Muslims Support Areas Of UK Being Run Under Sharia Law

British Muslims disagree with the rest of the country on a range of key issues such as sexuality, freedom of speech and polygamy, according to new research.

A poll carried out by ICM discovered that more than half of Muslims disagree with homosexuality being legal in Britain, while a quarter support Sharia law being introduced into parts of the country instead of British law.

The full findings will feature in a Channel 4 documentary presented by Trevor Phillips, former head of the Equality and Human Rights Commission, on Wednesday.

ICM carried out interviews with 1,801 adults compiled from a random sample who categorised themselves as being Muslim

The full findings will feature in a Channel 4 documentary presented by Trevor Phillips, pictured, former head of the Equality and Human Rights Commission, on Wednesday

Entitled What British Muslims Really Think, the programme will investigate the 'split' between Britons who follow Islam and the rest of the population.

Among the most startling findings by the research was the attitude of Muslim men and women to the treatment of wives.

A third of those polled said it was acceptable for a British Muslim to keep more than one wife, while 39 per cent said wives should always obey their husbands.

Nearly half of those questioned said it was unacceptable for a gay or lesbian person to teach their child, with the majority also opposing gay marriage.

Former equal rights chief Phillips, who speaks to several members of the Muslim community on their views during the documentary, states that 'the integration of Muslims will probably be the hardest task' the country has ever faced.
He told The Sunday Times Magazine: 'I thought Europe's Muslims would gradually blend into the landscape. I should have known better.

'Britain desperately wants us to think of its Muslims as versions of the Great British Bake Off winner Nadiya Hussain, or the cheeky-chappy athlete Mo Farah.

'But thanks to the most detailed and comprehensive survey of British Muslim opinion yet conducted, we know that just isn't how it is.'

More than 80 per cent of Muslims surveyed said they felt British and were happy living here, yet conceded they were more likely to stay within their own communities, especially when it came to relationships.

The ICM figures reported that more than half mix with non-Muslims each day, normally through work or education, but one in five never enter a non-Muslim household.

Phillips, who was head of the equal rights commission from 2006 and 2012, published a report on Islamophobia twenty years ago, in which he underestimated the number of Muslims that would be living in the UK.

Nearly three million Muslims currently call Britain home, half of which were born abroad, while it is projected that at least six million will live in Britain by 2050.

As part of its research, ICM carried out interviews with 1,801 adults compiled from a random sample who categorised themselves as being Muslim.

WHY INCREMENT OF VAT FG - SAYS FAYOSE

Ekiti State Governor, Mr Ayodele Fayose has said that the Federal Government was planning to impose more hardships on Nigerians by increasing Value Added Tax (VAT) from the current five per cent to 10 per cent, describing the move as insensitive to the plight of Nigerians who are suffering from the bad economic policies of the President Mohammadu Buhari led All Progressives Congress (APC) government.
Vice President Yemi Osinbajo had said on Thursday, in Lagos that the current five per cent VAT rate in the country was very low, and went on to add that the Federal Government would increase the taxpayer base this year. Reacting through his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said any increment in VAT or any other tax being paid by Nigerians at this time will further make life unbearable for the people.

“Nigerians are suffering and the little that they have, federal government is planning to take back through VAT increment, this is wickedness! “Under three months, electricity tariff was increased despite epileptic power supply, N50 stamp duty was imposed on bank customers for money received into their accounts via electronic transfer, cash and cheques; petrol is being sold for as high as N400 per litre and now they are talking about increasing VAT to 10 per cent, this is the height of insensitivity to the plight of Nigerians,” he said.

The governor, who lamented the increase in the cost of living of Nigerians, occasioned by the bad economic policies of the Federal Government, said “even recent figures from the National Bureau of Statistics (NBS) revealed that prices of food have hit a record high and inflation is worsening.

“How can government be considering 100 per cent increment in VAT when businesses are folding up, prices of essential commodities have skyrocketed, millions of Nigerians are losing their jobs and those who are still employed are no longer getting paid regularly? “For even contemplating the increment of VAT at this difficult time shows that the Buhari-led government does not care about the welfare of the citizens and only God will save the poor masses from the hands of this government.”

Governor Fayose said rather than imposing more hardships on Nigerians, President Buhari should seek help from experts on how best to revive the country’s economy, adding that; “As at today, the Buhari-led government is yet to show that it has any clue to the revival of the economy.”

Arresting Jonathan Will Spell Doom For Buhari Governmentt

The umbrella body of Ijaw youths, the Ijaw Youth Council Worldwide, has alleged that the Economic and Financial Crimes Commission is laying a foundation for the arrest of former President Goodluck Jonathan.

The IYC, however, advised the anti-graft agency to shelve any plan to “persecute” the former President, insisting that such a move would spell doom for the Muhammadu Buhari administration.

Speaking at a news conference on Saturday to mark the burial of a former Bayelsa State Governor, Chief Diepreye Alamieyeseigha, the IYC President, Mr. Udengs Eradiri, said most of the close allies of Jonathan had been arrested by the EFCC.

He particularly condemned the recent arrest and detention of Jonathan’s cousin and contractor, Mr. Robert Azibaola, over an alleged $40m contract fraud.

Eradiri said Ijaw youths would not allow Azibaola, Jonathan or any rising Ijaw leader to be persecuted by the EFCC, the way the Federal Government dealt with the late Alamieyeseigha.

He said, “They have arrested almost all our people. Azibaola was arrested by the EFCC and we are calling on the EFCC to stop persecuting him further and charge him to court if there are issues.

“They detained him for a long time, forcing him to make statements to indict former President Jonathan. Azibaola is a businessman, a contractor, and has the right, like every other Nigerian, to get contracts. Why will the Niger Delta case be a different one?

“We noticed that the same way they persecuted Alamieyeseigha has continued. After Goodluck Jonathan, our people who contributed to that administration, are being persecuted by this government.

“The recent one is the ploy to arrest Goodluck Jonathan, which is unfolding every day. This must stop. Goodluck Jonathan is the most performing President that Nigeria has ever had. We are proud of him.

“Everyday, there is a calculated attempt to whittle down the achievements of former President Jonathan. We call on Nigerians to mount pressure on the government to focus on leading Nigeria right rather than looking for ways to bring down the achievements of Jonathan.

“Buhari should please focus on governance rather than persecution of people who have added value. We are not happy about it and today, we use Alamieyeseigha’s death as a point of contact. The world has seen that from Alamieyeseigha, it has trickled down to all the Niger Delta people.”

Speaking on the alleged removal of 10 per cent community equity from the new Petroleum Industry Bill, Eradiri asked the government to do the needful.

He added that the Federal Government ought to have known that community ownership would ameliorate the years of crises in the Niger Delta region.

The IYC President added, “For us, we will not beg for it. We will not even lobby anybody. The oil is our oil and we will take it. If they like, they should put it, if they don’t like, they should leave it. We expect that this country should have commonsense by including community participation.

“In the issue of pipeline surveillance, this 10 per cent would have covered pipeline surveillance. Once the people know that they have 10 per cent in this business, they will protect it.”