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2015: We Will Not Allow Election Spending To Affect Nigeria’s Economic Fortunes – CBN Governor

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Central Bank Governor (CBN), Godwin Emefiele, has allayed fears that the 2015 General Elections would affect Nigeria’s economy and deplete the country’s forex reserves.

According to Emefiele, who spoke in New York, Wednesday, at the Africa Business Summit, Nigeria’s economy is doing well and not even the 2015 general elections will be allowed to take it down.

Leading financial services provider Renaissance Capital (RenCap) had in February predicted a decline in foreign exchange reserves, citing sub-par oil production and higher imports due to election-related spending.

However, the CBN has been able to rise above the constraints to peg reserves at $41 billion, $6 billion higher than RenCap’s forecast of $35 billion at this period. Nigeria’s cuurrent reserves, according to Emefiele is the highest in Africa.

“People are generally expecting crude prices to drop and maybe there will be reduction in production and crude prices will fall,” the CBN governor noted, but added that with $41 billion reserve supporting imports and production for the next seven to eight months, “Nigeria’s economy is doing very well and 2015 will not be different.”

Speaking further at the high level international forum on Africa’s investment climate and market, themed “Africa is Rising, There Are Challenges, Still We Rise”, Emefiele doused any doubts investors may have about Nigeria, encouraging them to invest in the country as the GDP is consistently increasing.

“Nigeria’s foreign exchange reserves fell 18 percent year-on-year, although it climbed 3.8 per cent in July to 38.49 billion dollars.

“Investors became nervous after the suspension of former Central Bank Governor, Lamido Sanusi in February, and ahead of presidential elections in February 2015 but I assure you we are in a comfortable position,” Emefiele said.

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Metro News

Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

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 Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

Ondo on map

Kidnappers on Friday abducted the wife of Olugbenga Ale, Chief of Staff to Ondo State Governor, Rotimi Akeredolu.

According to reports, she was kidnapped around Owena after the Joseph Ayo Babalola University while on her way back to Ondo from Lagos State.

Also Read: Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

The police spokesman in the state, ASP Tee-Leo Ikoro, confirmed the news to Channels Television on Friday.

This development is coming about twenty-four hours after a first-class traditional ruler in Ondo State, the Olufon of Ifon in Ose local government, Oba Isreal Adeusi, was murdered by suspected kidnappers.

 

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Tech News

TECNO Stormed Computer Village with BBNaija’s OZO to Wrap up its Black Friday Sales Activities

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The month of November is always known for its intense sales activities because the best deals of the year come
during the Black Friday Period. For TECNO, Africa Number One mobile brand, it was the time to reward its
customers with massive discounts and various gift items while also unveiling some of its new devices.

The brand in collaboration with SLOT stormed computer village as part of the events to wrap up its black Friday
sale activities, hosted BBNaija’s Ozoemena Chukwu to a hangout at SLOT Ikeja.

Fans and customers had a fun time interacting with the handsome celebrity while enjoying discount offers on
TECNO devices. Different deals and gift items were up for grabs as customers who made purchases at the store
enjoyed 50% discounts on Spark 5, Camon 16 Series and 100% cashback on the Spark 5 Pro.

The major highlight of the event was the presentation prizes to lucky winners. Customers who participated in
the spin the wheel game won gifts items such as Bluetooth Speaker; Power Bank and kettle while those who
participated in the Scratch and Win Promo won for themselves different deals ranging from 50% to 100%
cashback.

TECNO also introduced two latest devices-the Spark GO 2020-powered by Google Android 10 Go Edition and a
TECNO POVA. POVA means ‘Powering Optimal Value and Ambitions’ is a rebrand of the popular battery series
formerly known as Pouvoir was inspired by the zeal to deliver budget-friendly smartphones with superior
gaming experience.

The first of its kind 6.8-inch TECNO POVA, is powered by Mediatek Helio G80 octa-core processor and hyper-
engine game technology that transforms gameplay experience giving ultimate stability and a high refresh rate.
Additionally, users will benefit from the “Game Space,” “Game Mode,” and “Game Assistant 2.0” features,
allowing them to switch to the “do not disturb” function, a much-anticipated experience all gamers will
absolutely enjoy.

The TECNO POVA is also equipped with a power-packed multitasking effect ramped up by 6GB RAM and 128GB
of internal memory. The device also has a 6000mAh super big battery, 18W Dual IC Flash charger, a standby
time of 30 days and the ability to play music for 8 days straight, on just a single charge. It’s the perfect
smartphone offering a way to worry less about low battery.

The new devices are available for purchase this November and for the rest of November, customers will enjoy
amazing discounts, instant and mega prizes on TECNO devices.

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Metro News

BREAKING: Court Jails Rep Member For Lying

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BREAKING: Court Jails Rep Member For Lying

Court

A member of the House of Representatives, Victor Mela has been sentenced to one-month imprisonment by a Magistrate Court in Wuse, Zone 6.

The lawmaker who represents Billiri/Balanga federal constituency was, however, given an option of fine.

Also Read: North Is The Worst Place To Live In Nigeria -Sultan of Sokoto

Recall that on November 10 that a magistrate court found the lawmaker guilty of lying under oath while filling the CD001 INEC form prior to the 2019 elections.

The magistrate had, however, set a different date for sentencing of the lawmaker after his lawyer pleaded for leniency.

Mr Mela swore to an affidavit thrice, denying citizenship of another country whereas he has a British passport.

 

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