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Jonathan Seeks $1Bn Loan to Fight Boko Haram

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President Goodluck Jonathan has forwarded to the National Assembly, request for urgent approval of $1billion external loan to forcefully confront the Boko Haram insurgency in the country.

This is coming as the federal government also inaugurated a 26-member Victims Support Fund Committee headed by Gen. Theophilus Yakubu Danjuma (rtd), former minister of Defence.

In the letter dated July 15, 2014, and read on the floor of the Senate by David Mark,  Senate president, yesterday, Jonathan explained that the external loan was urgently needed to upgrade the equipment, training and logistics of the Armed Forces and security services to enable them confront the insurgents more forcefully.

The letter titled: “Tackling Ongoing Security Challenges: Need for Urgent Action”, reads in part: “You are, no doubt, cognizant of the ongoing and serious security challenges which the nation is facing, as typified by the Boko Haram terrorist threat. This is an issue that we have discussed at various times.

“I would like to bring to your attention the urgent need to upgrade the equipment, training and logistics of our Armed Forces and Security Services to enable them more forcefully confront this serious threat.

“For this reason, I seek the concurrence of the National Assembly for external borrowing of not more than $1billion including government to government arrangements for this upgrade…”.

The National Assembly had in the N4.6trillion 2014 Budget provisions, appropriated N968.127billion for Defence on account of the Boko Haram insurgency.

The request may be considered today on account of its urgency because both chambers of the National Assembly may embark on their annual long recess today till the end of September this year.

Meanwhile, General Danjuma, chairman of the newly inaugurated Victims Support Fund Committee has tasked the president to take decisive action to end the insurgency, citing that they (Boko Haram) appear to be having upper hand in the fight.

Danjuma who was responding on behalf of other members of his Committee, further in a lighter mood, told President Jonathan that apart from carrying out the Committee’s terms of reference, they would not go to Sambisa Forest except he (Jonathan) leads them as the Commander in Chief.

According to Gen. Danjuma, “One thing we will not do is to go to Sambisa forest. The Commander-In-Chief will lead and we will follow”.

He, however, lamented the menace of the insurgents, saying the war must be brought to an end. “We must win this war immediately, it is taking too long. I called it civil war when it began people say its insurgency.

“The insurgents appear to be having an upper hand at this very moment. They pick and choose where to strike; they are even holding positions and displacing us. We must win this war, Mr. President. We must do so immediately.

“We will raise the funds, we will disburse it, I promise you we will do so diligently and transparently. But we must win this war Mr. President.”


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NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

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Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


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Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

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Tizeti announced that it selected Nokia’s Fastmile Long Term Evolution (LTE) technology to enable usprovide superior internet services to over 1 Million subscribers in Port Harcourt, Edo and Ogun in Nigeria.

Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

Tizeti will deploy Nokia’s AirScale Base Station TDD-LTE and FastmileFixed Wireless Access (FWA) gatewaysto deliver premium internet and Virtual Private Network (VPN) services to Residential, Small and Medium Enterprises (SMEs).

The solution will also enable Tizeti’sto deliver a more robust, high-speedinternet service to subscribers and the flexibility to seamlessly evolve to 5G Fixed Wireless Access when needed.

Nokia’s FWA solution enables Tizeti to fast-track broadband access and provide a best-in-class broadband experience to its subscribers.

Nokia’sAirScale Base Stations ensure high-quality connectivity and coverage and enablesTizeti to evolve the network in line with customer demand.

Nokia’sFastmilegateways connect wirelessly to the existing network to createa fastbroadband connection and enhanced Wi-Fi experience in the home.

The Nokia Network Services Platform will help Tizeti to simplify operations and quickly respond to changing market demands.

Kendall Ananyi, Tizeti, said:“We are committed to providing the best-in-class network experience to our subscribers. We are confident that Nokia’s proven technology and expertise will help us differentiate our services based on quality. This a crucial project for us as it introduces LTE in our networks and allows us to bring new and innovative services to our subscribers.”

Eniola Balogun, Nokia, said:“We are thrilled to work with Tizeti on the initiative to upgrade their network to bring the latest products and services to its subscribers. Nokia Fastmile will help Tizeti to cost-effectively enhance the customer experience.

The project will also enable them to delight their subscribers by providing more reliable data services.

On the other hand, Tizeti will benefit by adding new revenue streams.”

 

 


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Risk Assets Push Higher on Vaccine Hopes; Eyes on the Fed

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By Hussein Sayed, Chief Market Strategist at FXTM,

After two consecutive weeks of back-to-back declines, global stocks kicked off Monday with solid gains amid a surge in M&A activity and positive signs towards vaccine developments. Currency markets were little changed ahead of a busy week of monetary policy announcements, while Oil and Gold ticked slightly higher.

The two big deals announced over the weekend were Softbank’s plan to sell chipmaker ARM to Nvidia for more than $40 billion and Gilead Sciences to acquire Immunomedics for a price tag of $21 billion. Meanwhile, on the vaccine front, AstraZeneca resumed its phase-3 trial on Covid-19 after being suspended last week following a neurological illness developed in one participant, and Pfizer announced that its vaccine could be distributed before year-end if found safe and effective.

 

Central Banks will take centre stage this week with the Federal Reserve, Bank of England and Bank of Japan all due to announce policy decisions. Out of the three meetings, the Fed is likely to be the most watched following its historic shift towards average inflation targeting. The big question remains how will the FOMC put this policy into action?

 

From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won’t translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target. The dot plot will be the key guide for investors and traders alike. If inflation projections remain at 2% or below for the foreseeable future, this will solidify market expectations for a low rate environment for many years to come. That said, Jay Powell would still have to explain in more detail how the new framework will be translated into policy action.

 

In June’s economic projections, the Fed anticipated unemployment would be at 9.3% by year-end, but, in August, unemployment was well below that forecast at 8.4%. Many other economic data surprised to the upside during the June – August period in a clear sign that most economists were overly pessimistic towards the strength of the recovery. However, there is still a considerable amount of uncertainty given the latest surge in Covid-19 cases worldwide and the US, especially as we get closer into the winter season. A second wave will undoubtedly put the recovery at risk in the final quarter of the year and it will be interesting to see the Fed’s view on that issue.

 

As for the market selloff over the past two weeks, the Fed isn’t likely to show any signs of concern. In fact, policymakers should be satisfied with the pullback as the risk of a bubble in several assets has been growing due to the Fed’s extremely accommodative policies. Unless we see another 10 -15% drop, do not expect the Fed to intervene.


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