Border closure: Trouble for poor Nigerians …Yuletide approaches without rice, turkey, chicken …Prices skyrocket as demand overshoots supply AMAKA ANAGOR-EWUZIE
L-R: Andrew S. Nevin, advisory partner/chief economist, PWC West Africa; Kayode Falowo, chairman, Greenwich Registrars and Data Solutions; Oby Chiki-Ijegbulem, acting managing director, Greenwich Registrars and Data Solutions and Steffen Damborg, digital transformation strategist, Copenhagen, Denmark, at the Greenwich Registrars and Data Solutions Colloquium held in Lagos.
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arely 11 weeks to yuletide season, there are indications that poor Nigerians, whose living standards are presently below the middle class level, may end up celebrating the festive season without rice and complementary proteins like turkey or chicken to eat.
This is because the market prices of both imported foreign parboiled and locally manufactured brands have continued to skyrocket following the outright closure of the nation’s land borders, the routes through which these contraband food items are smuggled into the Nigerian markets. High demand for rice and proteins Continues on page 4
BDSUNDAY BUSINESS DAY
www.businessday.ng Sunday 06 October 2019
Governors, FG in face off over N614bn bailout deductions inside Olojo Festival: Spotlight on Ile-Ife culture p. 23
NASS to make laws for improved teachers’ welfare
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Road to nowhere
...How abandoned, broken roads hurt small businesses in South-East Nigeria ODINAKA ANUDU
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conomic prosperity of any nation cannot be divorced from the quality of infrastructure on ground. Nigeria is said to lag peers today on account of poor infrastructure. Whereas businesses continue to thrive in other parts of the Africa, they are struggling to survive in Nigeria. Apart from the challenge of power (epileptic or non-existent electricity supply), poor road infrastructure has done and has continued to do incalculable harm to Nigeria’s overall development; investigation has shown.
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Industrialisation will ?? Beta Glass to consolidate market reduce insecurity in Niger leadership with $30m capacity expansion p.40 Delta – Fubara p.30 p 41.
Indiscriminate SIM registration threatens Nigeria’s fragile security ...as operators battle for subscribers …concerns mount over weak regulations
James Kwen, Abuja
peaker of the House of Representatives, Femi Gbajabiamila has said that the 9th National Assembly would ensure that the welfare of Nigerian teachers is well taken care of through adequate legislation and relevant resolutions. Gbajabiamila called for an im-
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Obinna Emelike and Jumoke Akiyode-Lawanson
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n March this year, a family went to a telecom company’s office in Abuja pleading with the firm to help track the kidnappers of their father as police hunt for the abductors did not yield the expected result. James, the first son of the abducted man, said resorting to the telecom company to track the calls and location of the criminals was the only option as the kidnappers have been exchanging calls with the family on ransom to free the abducted man. Again, in April the police command in the Federal Capital Territory Abuja was shocked when the news broke that gunmen abducted two officers who were on their way home from a funeral at Shere community in the outskirt of Abuja. The intrigue of the abduction is that despite paying the N1.4 million ransom, raised partly by the family members of the abducted, though the police refuted such claims, the kidnappers refused to release their captives. The worse, according to a family member, was that “When they were contacted on the phone, the kidnappers said they had travelled, promising to release the men when they returned, but we do not under-
L-R: Idoko Kadiri, son-in-law; Ajaire Kadiri, daughter; Orevaoghene Odu, daughter; Patience Odu, wife; Oghenekome Odu, daughter; Womano Kadiri, granddaughter, and Ehemena Odu, daughter, at the service of songs for the late Cyril Akporuere Odu, chairman, Union Bank plc. Pic by David Apara stand what they meant by that.” Aside the two case studies, kidnappers seem to be on rampage, abducting people almost every day across the country and collecting ransom in millions, while a few of them have been caught. While kidnappers are using
phone calls to negotiate ransom, SIM swap seems the easiest way to defraud people. Sometime ago, Tunde Daramola, a business man, was having issues with his phone number, thinking it was a network issue. By the time Daramola discov-
ered what was happening, over N1 million had been fraudulently taken out of his bank account through the registered phone number using USSD codes. Someone with criminal inten-
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