Economy
Economic Slump: Melaye Wants Adeosun, Emefiele Sacked
By Modupe Gbadeyanka
Lawmaker representing Kogi West Senatorial district, Senator Dino Melaye, has called on President Muhammadu Buhari to sack Minister of Finance, Mrs Kemi Adeosun; National Planning, Mr Udoma Udo Udoma; and Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
Mr Melaye, in a statement entitled ‘Buhari-The barking is over, it’s time to bite’, pointed out that the present economic recession in the country has brought untold hardship to citizens.
He urged the President sack the above persons and reconstitute a new economic team that will revamp the country’s dying economy.
Mr Melaye, who is the Chairman of Senate Committee on the Federal Capital Territory (FCT) and Founder of Anti-Corruption Network, also accused some members of the President’s cabinet of gross incompetence, inexcusable ineptitude and a distressing lack of capacity to deliver on the mandate of their ministries/agencies.
He said Mrs Adeosun lacks the basic expertise to run a critical sector of the Nigerian economy like the Finance Ministry.
“At the moment, it must be crystal clear to all discerning minds that the President’s widely-acclaimed magical body language has lost its presumed aura and efficacy. His no-nonsense demeanour is equally neither instilling fear nor commanding respect and loyalty from amongst his cabinet members.
“It is therefore obvious that the time for barking is over, now is the time to bite and boot out all those who have demonstrated, in the past several months, a crass lack of capacity to effectively carry out the functions of their office.
“The Finance Minister has not only displayed gross incompetence on the Job, she also lacks the basic and rudimentary grasp of economic fundamentals necessary to run a critical sector of the Nigerian economy like the Finance Ministry.
“It is time for her to go now and pave way for a qualified and experienced person to steer the Nigerian economy away from the dark woods it has sunk presently under her stewardship.
“To be sure, Senator Udoma Udo Udoma is a very charismatic man, an accomplished lawyer, and a quintessential gentleman with a fairly untainted reputation.
“In everyday parlance, he is a good man. But the critical job of Budget and National Planning Minister for a huge country like Nigeria, with her prevailing economic challenges requires much more than being a good man with a great personality.
“It is for someone with the relevant qualification, professional knowledge and experience in public sector finance, development economics, strategic thinking, budgetary planning and management. As a lawyer, accomplished in this field as he is, Udoma’s appointment to that position is nepotism taken to very ridiculous heights; and a classic case of putting round pegs in square holes-it will, and can never fit. It is akin to saddling a carpenter with a tailor’s responsibility.
“The outcome under the circumstances, as has become evidently clear, is bound to be catastrophic for the economy. President Buhari must therefore do the needful now by relieving Udoma of this huge burden that is constituting a clog to the revival of the Nigerian economy,” Mr Melaye said in the statement.
According to the Senator, Emefiele’s policies have not helped the economy.
He accused the CBN Governor of policy flip-flops, summersaults and inconsistencies as clear evidence of gross incompetence in the management of the nation’s fiscal and monetary policies.
The net effect of this inconceivable ineptitude on the part of Emefiele, according to Melaye, is “the free fall in the value of the naira and the total loss of faith and confidence by the international community on the Nigerian economy.”
“We have these qualified Nigerians in abundance, and the President must beam his searchlight to find them to help him, the Nigerian economy as well as the suffering Nigerian masses,” he said.
He also called on the President to immediately discountenance the Economic Team currently under the supervision of the Vice President, Prof. Yemi Osibanjo “as their decisions will not be; and has never been respected by the economic managers and the bureaucracy in Nigeria.”
Instead, Melaye urged the President to constitute an “Emergency Ad hoc Economic Team” made up of all former Ministers of Finance, Budget and National Planning, CBN Governors as well as members drawn from the academia with “deep knowledge of developmental economics to drive the economic revival programme.”
“The President must immediately transit from mere rhetoric to drastic but positive action to save the economy and Nigeria from total collapse. The hunger in the land is real, pervasive, widespread and debilitating for the poor masses. As I walk the streets of my constituency these days, I constantly harbour a foreboding that I could be stoned by my angry constituents for the failure of Mr President to fulfill his campaign promises and expectations to Nigerians”, he said.
“Nigeria is tottering on a dangerous precipice, sliding perilously to a certain catastrophe if the current economic malaise is not halted immediately”, he declared, even as he said his criticism is borne out of an altruistic fervour, and not a product of sour grapes akin to some traditional critics of “Every Government in Power (EGIP)”, he added.
Nigerians and Buhari, he said, should be able to recall with little difficulty that “I was a permanent fixture at the All Progressive Congress (APC’s) Presidential campaign rallies and events, functioning mostly as the Master of Ceremonies (MC).
He said, “I am a proud APC member, a party bonafide with a great stake in the success or failure of this administration, so no one can accuse me of sour grapes or meddlesomeness. I am a truly concerned stakeholder presently bothered by the imminent, clear and present danger of a still-birth of a Change Agenda that held so much hope and promise for Nigerians a little over a year ago.
“While there is a lot of hunger, anger, anguish and despair currently in the land, I have a firm belief that the situation is not beyond redemption for Mr President, hence my call for urgent and drastic remedial action now.”
By Adedapo Adesanya
Securities of four companies on the NASD Over-the-Counter (OTC) Securities Exchange lifted the platform by 0.41 per cent on Monday, April 28.
FrieslandCampina Wamco Nigeria Plc increased its price by N2.78 during the trading day to N38.15 per share from N35.37 per share, Lagos Building Investment Company (LBIC) Plc added 28 Kobo to its previous value of N2.80 per unit to close at N3.08 per unit, Geo-Fluids Plc gained 18 Kobo to settle at N1.98 per share versus N1.80 per share, and UBN Property Plc rose by 10 Kobo to N2.20 per unit compared with last Friday’s N2.10 per unit.
However, the price of Mass Telecom Innovation Plc was marginally down yesterday by 1 Kobo to 40 Kobo per share from 41 Kobo per share.
At the close of trades, the market capitalisation of the platform increased by N7.83 billion to N1.922 trillion from N1.914 trillion and the NASD Unlisted Security Index (NSI) grew by 13.36 points o 3,282.42 points from 3,269.06 points.
There was a 99.9 per cent slump in the volume of securities traded during the session to 692,885 units from 3.7 billion units, there was also a decline of 99.98 per cent in the value of transactions to N22.6 million from N9.5 billion, and but the number of deals went up by 90 per cent to 38 deals from 20 deals.
When the market closed for the trading session, Impresit Bakolori Plc remained the most traded stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, Geo-Fluids Plc occupied the second spot with 259.3 million units valued at N440.9 million, and the third spot was taken by Okitipupa Plc with 153.6 million units sold for N4.9 billion.
Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with 16.2 million units sold for N620.6 million, and Impresit Bakolori Plc with 533.9 million units worth N520.9 million.
In online trading, speed is king. Below, the experts at Octa, a regulated and trusted broker since 2011, break down the aspects of trading where speed matters most and offer an accessible way to accelerate your trading progress.
The modern world revolves around speed and solutions that solve problems faster than their predecessors. Speed advantage determines success in many industries and areas of life: information delivery, financial transactions, manufacturing, sports, and many more. This is especially true about all things digital, particularly online trading, where delays are considered a serious red flag by the modern consumer.
Why modern trading is all about speed
For modern traders, the broker’s ability to provide efficient order execution, fast withdrawals, and timely customer service are the key requirements for building trust. Without speed, a broker can hardly expect to establish long-term client relationships. Moreover, in the financial sector, speed comes in many forms.
The e-brokerage industry entirely depends on high-speed data feeds and information transfers executed with millisecond precision. Retail traders who operate from their desktops or mobile devices find navigating the markets proportionately easier if they are fast enough where and when it counts.
In online trading, especially in scalping or intraday trading with lesser timeframes, a breakout, reversal, or reaction to a news release can happen in seconds. Delayed order execution, a stuttering trading platform, or suspended reaction due to incomplete information can easily turn a low-risk, high-probability trade into a risky venture with an uncertain outcome.
Where in trading speed makes the most difference
Traders emphasise the importance of strategy, but it is the execution that often separates a positive outcome from a negative one. Choosing the right price movement direction is useless unless you do it on time. Fast execution means less slippage, better prices, tighter spreads, and more control over your risks.
Another speed-related factor that determines a positive trading experience and is, therefore, highly valued by traders is withdrawal speed. Octa broker’s recent survey shows that the ability to withdraw their funds without hiccups is one of the main reasons traders choose one broker over another.
Octa broker uses its global reach to establish close cooperation with various payment providers and systems. This way, Octa offers some of the fastest withdrawals on the market while avoiding any hidden charges. All the broker’s fees are reflected in its terms and conditions and can be reviewed in advance.
CFDs: a perfect instrument for modern-day trading
Contracts for difference, or CFDs, are well-known for speed and flexibility. With CFDs, you’re not buying an asset or a futures contract with delivery obligations—you’re trading price movement, and that makes the entire transaction faster and more direct.
CFDs allow you to profit from upward and downward market movements without restrictions. You don’t have to waste time waiting for a market surge or borrowing from an exchange if you are going short, as is often the case with crypto trading. This flexibility is especially advantageous in fast-moving markets, where direction can reverse in seconds.
Another advantage of CFDs is tight spreads and direct market access, which means the prices you see are among the best available in the market. On top of that, your trades are executed without interference. This eliminates delays and improves your chances of getting filled at or near your intended price.
Last but not least, CFDs provide multiple leverage options, which, if used wisely, can significantly increase your potential, albeit at the cost of increased exposure. Leverage allows traders to capitalise on short bursts of volatility instead of waiting for a major directional move to turn a profit.
Conclusion
Modern trading is driven by speed, efficiency, and transparency. Brokers build trust by allowing traders to operate efficiently in a high-frequency environment and act on volatility without delay. By ensuring fast withdrawals and a transparent, clearly communicated fee structure, brokers facilitate a seamless trading journey for their clients, contributing to their success in a vibrant environment where speed reigns supreme.
Trading involves risks and may not be suitable for all investors. Use your expertise wisely and evaluate all associated risks before making an investment decision.
Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.
The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.
Since its foundation, Octa has won more than 100 awards, including the ‘Most Reliable Broker Global 2024’ award from Global Forex Awards and the ‘Best Mobile Trading Platform 2024’ award from Global Brand Magazine.
By Adedapo Adesanya
The Naira witnessed a 0.12 per cent or N1.96 depreciation against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 28, trading at N1,601.38/$1 compared with the N1,599.42/$1 it was transacted at the previous session, last Friday.
Similarly, the local currency depreciated against the Pound Sterling in the official market during the session by N56.21 to close at N2,186.65/£1, in contrast to the preceding session’s rate of N2,130.44/£1 and lost N29 Kobo on the Euro to sell for N1,818.82/€1 versus the previous trading day’s rate of N1,818.53/€1.
In the same vein, the domestic currency weakened against the Dollar in the black market yesterday by N5 to quote at N1,610/$1 compared with the preceding session’s value of N1,605/$1.
Market analysts have raise worries about the continued secondary effect of a trade war between the US and China on Nigeria and other nations’ economies.
For Nigeria, which is heavily dependent on crude oil for FX earnings, the impact of the beef between the two biggest economies is affecting prices, leading to weaker forex.
This is happening despite constant promise by the Central Bank of Nigeria (CBN) to continue propping up the local currency.
As for the cryptocurrency market, it was mixed on Monday amid signals from weak economic data just as rising tensions between India and Pakistan added to worries.
Amid macroeconomic uncertainty caused by the US-China trade tensions, the Dallas Fed Manufacturing Index, a typically little-noticed economic data point, plunged to -35.8 from -16.3 last month — making it the worst performance since COVID upended the world economy.
Hostilities between India and Pakistan might also have added to market jitters, with Pakistani Defense Minister Khawaja Muhammad Asif claiming that an Indian military incursion into Pakistan was imminent.
According to reports, last week 26 people were killed in a terrorist attack in Pahalgam, a popular tourist destination in Indian-controlled Kashmir. The two countries have exchanged fire since.
Ethereum (ETH) gained 0.6 per cent to settle at $1,815.97, Binance Coin (BNB) improved by 0.5 per cent to $609.82, and Bitcoin (BTC) rose by 0.1 per cent to end at $94,626.01, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
However, Solana (SOL) dipped by 0.9 per cent to trade at $147.90, Cardano (ADA) slumped by 1.0 per cent to $0.7102, Dogecoin (DOGE) depreciated by 0.9 per cent to $0.1792, Litecoin (LTC) shrank by 0.5 per cent to $86.55, and Ripple (XRP) went down by 0.3 per cent to $2.28.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN