IFEANYI UBAH SWIPES ON EXCHANGE RATES AND NAIRA APPRECIATES AGAINST DOLLAR

Popular Nigerian Nnewi business man Dr. Ifeanyi Patrick Ubah, had on Sunday February 21, 2016 extended an open invitation to the Nigerian Federal Government on Channels Television. 

According to the Capital Oil boss (Dr. Ifeanyi Ubah), if consulted by the Nigerian government in a month he can cause the appreciation of the value of the Nigerian Naira to trade for 200 Naira to an American dollar. At the time he made this offer the Nigerian Naira was trading at about 400 Naira to a dollar.

Just about three days after the offer made by the Capital Oil boss, the Nigerian Naira appreciated considerably against the dollar and according to sources was trading at about 250 Naira to a dollar at the close of business at the Nigerian Stock exchange on Thursday 25 February, 2016.

Against the backdrop of the sudden appreciation of the Naira, after his offer, Dr. Ifeanyi Ubah has been reported to have warned the Nigerian Government that; the sudden appreciation of the Nigerian Naira against the Naira was artificial, and that there are saboteurs responsible for the decline in the value of the Naira.

The Capital Oil boss further stated and was reported to have warned the Nigerian government on; Thursday February 25, 2016 that, there is a time limit within which he can prevent speculators from causing more damage to the value of the Nigerian currency.

Dr. Ifeanyi Ubah in a live programme on Ray Power FM have been reported by the Daily Post to have said:

"I have been getting threats from certain individuals using unknown numbers. The issue is this; I sincerely believe that one with God is majority. If Government is sincere with the masses, let them look into what we are saying. Let them look into what Nigerians are saying. We cannot keep this thing for long. They might still go back to their old business and the dollar will go up...".

The Capital Oil boss further said that the Central Bank of Nigeria (CBN) lacked the right approach and political will to secure the Naira, that; "some of the policies CBN has are academic policies. It's not a market- square policy. It's not a policy that touches people. They have academic policy and there is no enforcement...".

However, It has been gathered from sources that President Buhari has extended invitation to Dr. Patrick Ifeanyi Ubah. According to information from sources close to the Presidency; President Buhari has directed Vice President Osibanjo to conduct a check on Dr. Ifeanyi Ubah so that the current administration can benefit from his commitment and vibrancy.

From information; President Buhari developed an interest on Ifeanyi Ubah, the moment he intervened to crush the cabal induced petrol scarcity days leading to the historic handover from former President Goodluck Jonathan to President Mohammadu Buhari. The Capital Oil boss as of then was able to flood the market with PMS that literarily stepped down the fuel scarcity.

It is gathered that on his twitter account Dr. Ifeanyi Ubah had on February 23, 2016 admitted that the Nigerian government had partially reached out to him. This was after he made the proposal to openly crush the dollar rates to 200 Naira on Channels Television just two days before coupled with the refusal of President Muhammadu Buhari stance and strong warning that he wasn't going to allow the further devaluation of the Naira.

CONSUMER PROTECTION COUNCIL(CPC) NIGERIA SLAMS DIRECTIVES ON DSTV FOR COMPENSATION OF DSTV SUBSCRIBERS

The Consumer Protection Council (CPC) has issued far-reaching directives to MultiChoice Nigeria Limited, owners of the Digital Satellite Broadcast Television (DStv), to among other things, make compensations to its subscribers within 90 days, after the council established allegations of violations of consumer rights against the broadcaster.

Specifically, the council ordered DStv to henceforth put services on hold whenever consumers are away and also release of free-to-air channels even at the expiration of subscription.

DStv had often refused to release the free to air channels, which should include local television stations whenever current subscription expired.

Sources had told THISDAY that pay television stations are under obligations to unlock the free to air channels as part of broadcasting agreement signed. But this had often been in breach.

However, the CPC further ordered compensation across board to consumers for lost viewing time and introduction of local toll free lines as well as reasonable equitable spread of popular sports channels, among others.

Also, the council directed the multinational pay-tv company to present written assurances in line with Section 10 of the council’s enabling law that it will not engage in any conduct which is detrimental to the interest of consumers.

The CPC, in an unprecedented regulatory onslaught, further directed DStv to subject its processes to the Council’s inspection for 18 months from the date of the orders to ensure compliance with the directives contained in the orders.

The directions followed various allegations of viewing rights violations by consumers.

The council said investigations into the allegations were substantiated.

The CPC, in a statement signed by its spokesman, Abiodun Obimuyiwa, a copy which was made available to THISDAY explained that “During the course of the investigation, the Council observed that the company’s billing system, whereby billing is not contemporaneous with the provision of service, was not in the best interest of consumers” and therefore ordered “MultiChoice to install a billing system that ensures billing starts with the provision of service.”

It further ordered DStv to within 180 days, adopt a “technology that supports suspension of service when subscribers are otherwise unable to enjoy their service on account of being away for a limited period of time”.

It noted however, that such a request for suspension of service must be effected for a period of between 7 to 14 days and not more than twice in a year with a 72-hour notice to MultiChoice.

The pay-television company was also ordered to within 90 days provide across board compensation to its subscribers, considering the fact that many of them have over time lost legitimate and paid viewing time by its conduct of not restoring service contemporaneously after payment as well as other instances of disruptions.

The council’s Director General, Mrs. Dupe Atoki, expressed optimism that compliance with these reforms would bring about a new dawn for Nigerian consumers, who would henceforth enjoy value for money in their engagement with the company.

She further reiterated the council’s commitment towards sanitising the nation’s market-place for the benefit of consumers, assuring that no stone would be left un-turned to ensure it is no longer business as usual and that shoddy service delivery becomes a thing of the past in the country.

Meanwhile, on the non-availability of popular channels in certain bouquets, the CPC ordered the firm to within 90 days ensure “a reasonably equitable spread of popular sports and other channels hitherto concentrated in its premium bouquet over all available bouquets”.

MultiChoice was ordered to keep local and free-to-air channels open so that subscribers would have the opportunity of watching these channels, even when their subscriptions have expired.

In order to aid easy and fast access to the company by subscribers who wish to make complaints or enquiries, CPC also directed MultiChoice not only to maintain local toll-free telephone access lines for its call centres, but should also ensure the call centres operate for longer hours during public holidays and weekends.

MultiChoice was also directed to formulate within 90 days a written compensation policy which should “outline amongst other things, the procedure for compensating subscribers for injury they suffer on account of MultiChoice conduct and take into consideration not just viewing time lost, but inconveniences suffered by subscribers”.

The regulatory agency, amng other things, also directed MultiChoice to “develop a Customer Care Manual which shall contain mechanisms to address customer complaints in an accurate, friendly, timely, efficient, courteous and honest manner”.

On the DStv firm’s agreements with its subscribers, the council disclosed that several provisions of the Service Level Agreement and the Terms and Conditions of Subscription signed on by subscribers were found to be grossly unfair, unjust and one-sided, directing that such provisions should be expunged, re-drafted and submitted to the council.

Source: Thisday

UBULU-UKU COMMUNITY INSTALLS 15 YEAR OLD AS NEW KING

Ubulu-Uku community in Aniocha South local government area of Delta State has recently installed it's new kung amidst wild jubilation in the kingdom about 45 days after the community’s monarch was abducted and subsequently murdered by suspected fulani herdsmen.

The new king who is 15- year old secondary school student, is the first son of the late king, Obi Ofulue lll and he was installed as Obi m [Agbogidi] Chukwuka Noah Akaeze I.

 

The installation of Obi Chukwuka Noah Akaeze I, followed the recent demise of his father, Obi Edward Ofulue III in the
hands of persons suspected to be Fulani herdsmen who abducted him on January 5th along Igbodo- Obior road.

On the installation of the Obi,the Palace Secretary, Joseph Obaze, said it was in line with the custom and tradition of the people of Ubulu-Uku that a king is said to be dead only when a new one is installed and his first son crowned as king.

See photos of the coronation ceremony  and the new king:

PHOTOS: PRESIDENT OBAMA'S GREAT MOMENTS WITH KIDS

It's obvious that President Obama knows that, a vital aspect of governance is having time for public relations even with the youngest of citizens.

With President Obama public relations is not just about making great speeches, interacting with politicians, technocrats or deliberating with other country leaders, it also involves having a good time and taking photos with kids.

See photos of President Obama's great with kids:

TARFA ALLEDGES THAT N225000 WAS FOR FUNERAL OF JUDGE'S FATHER-IN-LAW

Recently embattled Nigerian Senior lawyer with the Economics and Financial Crimes Commission  (EFCC) Rickey Tarfa (SAN) in a Suit before the Federal High Court, Lagos has denied the bribery allegation by the EFCC of the Payment of the sum of N225,000 (Two Hundred and Twenty-Five Thousand Naira) by the Lawyer to Justice Mohammed Yunusa as alleged by the EFCC.

The EFCC has alleged that Mr. Tarfa made phone contacts with Justice Yunusa in a case before the judge. The Commission provided phone numbers of Mr. Tarfa, the Judge and bank documents detailing money transferred from the Lawyer to Justice Yunusa.

The EFCC has alleged that based on investigations and data analysis of Mr. Rickey Tarfa's calls, startling revelations about secret, unhealthy communications between the Applicant and Judicial Officers emerged.

The Commission had arraigned Mr. Tarfa before a Lagos High Court for allegedly obstructing two of it's officers from arresting 'Gnanhooue Sourdu' and 'Nazaire Odeste', the owners of Rana Prestige Industries.

In response, Mr. Tarfa filled a N2.5 billion Naira fundamental Rights Enforcement Suit against the EFCC protesting his arrest and detention by the Commission. In addition to seeking N2.5 billion Naira as damages, Mr. Tarfa is also seeking a public apology from the EFCC for his alleged arrest and detention.

In the suit with the EFCC as reported Mr. Rickey Tarfa stated in an affidavit before the Federal High Court Lagos that; the N225,000 Naira which he paid to Justice Mohammed Yunusa towards the funeral rites of the judge's father-in-law, Audi Damasa.

Source: Premium Times