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FG Signs Agreement with Egyptian Company on Gold Mining

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The federal government has signed an expression of interest agreement with leading luxembourg incorporated private gold development and mining company in cairo, egypt. The agreement signed between the ministry of mines and steel development and the company messrs la mancha incorporated is for the investment in gold mining in nigeria. Minister of state, mines and steel development, uchechukwu ogah, stated that with the signing of the expression of interest by la mancha, efforts to attract big investors into the sector have started yielding the desired result. He added this will boost the diversification of the economy through the minerals and metals sector. Director of press for the ministry etore thomas, in a statement, said nigeria as the largest economy in africa and with its vast and mostly untapped solid mineral resources has the potential for industrialization through the mineral sector.

The Federal government has signed an expression of interest agreement with leading Luxembourg incorporated private gold development and mining company in Cairo, Egypt.

The agreement signed between the Ministry of mines and steel development and the company Messrs la Mancha incorporated is for the investment in gold mining in Nigeria.

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Minister of state, mines and steel development, Uchechukwu Ogah, stated that with the signing of the expression of interest by la Mancha, efforts to attract big investors into the sector have started yielding the desired result.

He added this will boost the diversification of the economy through the minerals and metals sector.

Director of press for the Ministry Etore Thomas, in a statement, said Nigeria as the largest economy in Africa and with its vast and mostly untapped solid mineral resources has the potential for industrialization through the mineral sector.

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Finance

Nigeria’s Misery Index Rises as Inflation Reaches 15.75%

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Inflation Reaches 15.75%

The misery index, otherwise known as the economic discomfort index, is used to measure overall hardship in an economy.
During rare instances unemployment and inflation increase together. In fact, it is no coincidence that the misery index came into popular use during the 1970s, an era of high unemployment and inflation known as “stagflation.”
Nigeria’s inflation rate increased by 15.75% (year-on-year) in December 2020, the highest rate recorded in 3 years.
This was the highest inflation rate since November of 2017, based on increasing prices in food (19.56 percent vs 18.3 percent), despite President Muhammadu Buhari’s recent order to reopen the country’s borders to trade.

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According to the latest consumer price index report, released by the National Bureau of Statistics (NBS), Nigeria Consumer Price Index (CPI) growth was measured at 15.8% YoY in Dec 2020, compared with a rate of 14.9 % in the previous month.

The rise in the consumer price index indicates that consumers spent more in the month of December compared to the previous month.
This recorded high inflation rate could be attributed to:
Dollar shortages
Surging unknown gunmen attacks in farming areas.
Lingering disruptions from the COVID-19 pandemic.

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Finance

Finance Act 2020: Unclaimed Dividends & Dormant Bank Accounts

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Finance Act 2020: Unclaimed Dividends & Dormant Bank Accounts

According to the Finance Act 2020 recently signed into law by President Buhari, the unclaimed dividends and deposits in dormant bank accounts will be available as special credit to the Nigerian government through the Unclaimed Funds Trust Fund
The trust fund will be a sub-fund of the Crisis Intervention Fund.
The trust fund will be managed by the Debt Management Office (DMO).
The DMO’s responsibility also includes payment of claims for such dividend and the accompanying compensation for accrued interest.

The Act states that the monies transferred to the trust fund will be a “special debt owed by the Federal Government to shareholders and dormant bank account holders”.

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It also said that the original owners of the money can claim it at any time.
Major Reason for FG’s decision:
To mitigate Nigeria’s fiscal frailties (weakness) and the economic crunch caused by the emergence of Covid-19.
In 2016, the Securities and Exchange Commission (SEC) issued a rule which stated that:
“Companies and Registrars in custody of dividends which remain unclaimed by shareholders 12 years after the date of declaration or subsequently attain the 12 years threshold shall upon the coming into effect of this Rule transfer such monies into the Nigerian Capital Market Development Fund (NCMDF)”.

As at the end of 2019 from 2002, the total value of unclaimed dividends stood at 158.44bn.
What this means that,
• Importantly, with these funds, it is expected that the government would have more financial capacity to handle cost-intensive projects and infrastructural developments that would directly impact the well beings of Nigerians if the funds are well utilized.
• The era of unclaimed dividends and dormant bank account balances is over.

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Finance

Elon Musk Becomes Richest Person in the World

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Elon Musk

Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.

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On Thursday, Tesla’s share price increased and it pushed Musk past former richest person, Jeff Bezos.
Musk started 2020 worth about $27 billion.

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#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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