How happy are you today?
In the world’s happiness ranking, Nigeria is ranked 85th happiest country out of 156 countries; and second happiest in sub-Saharan Africa.
Are you happier this weekend than you were this time last year when Nigeria was ranked 91st?
What does it take to reclaim the stolen mandate?
Answer: PDP goes to court with 20 Senior Advocates of Nigeria (SAN) and over 400 witnesses to challenge the presidential election results. Now that’s a lot, but would it be enough to change the status quo?
Why does this matter?
Peter Obi says “By challenging the fraud, we have decided to deepen democracy the civilised way; as a party and as a people who truly believe in the rule of law”.
Nobody likes it when the prices of goods and services increase. Nobody likes inflation; things become more expensive and there’s a shortage of basic items; think fuel scarcity. Well, the National Bureau of Statistics (NBS) says we are on a roll, as the consumer price index (CPI) which measures inflation has reduced for the third month consequently. Yay! Things are getting better.
What is CPI?
At the end of a period, say monthly or quarterly, the average prices of a collection of consumer goods and services such as Housing, Apparel, Food & Beverages, Transportation, Medical care, etc. are calculated to arrive at the Consumer Price index. Inflation is measured by a change in the Consumer Price Index.
Why does it matter?
The CPI gives the government, businesses and citizens an idea about prices change in the economy, and can act as a guide in order to make informed decisions about the economy.
High inflation, distorts consumer behaviour. It can also destabilise markets by creating unnecessary shortages.
INEC wasn’t satisfied with the elections conducted in 6 states and decided elections should happen again today. Interestingly, the main opposition party PDP, was clearly in the lead in five of the six states affected. So, with the scores at 13 for APC and 9 for PDP, the end results of today’s elections could swing either way.
In addition, the election in Rivers State which was initially suspended indefinitely has been scheduled to happen on the 2nd of April.
Why does this matter?
The elections in Adamawa, Sokoto, Benue, Bauchi, Kano and Plateau States were inconclusive because the margins between the two main contending parties were too small. The largest margin being Adamawa with 32,476 votes and the smallest margin being Sokoto with 3,413 votes.
Did we hear you say your vote doesn’t count? 🙄
Just in case you dino know (couldn’t resist), your fave senator—Dino Melaye— and others are back in the Senate. Here’s how the political parties shared the 109 seats:
All Progressives Congress (APC) – 63 seats
Peoples Democratic Party (PDP) – 37 seats.
Young Progressive Party (YPP) – 1 seat
Yes, YPP we hear you, it’s lonely at the top 😢 but we’re stoked you made it to the top 🙌
Gentle Reminder: The Senate has a total of 109 seats with 3 Senators from each of the 36 states plus one from the Federal Capital Territory (FCT).
Why does it matter?
Now might be a good time to know the senator representing you.
But before you dash off to go check for yours, know this. if you’re from Imo west senatorial district, we’d help you out for free. Yours might be Rochas Okorocha—the outgoing governor of Imo state —who is caught in a fix. Basically, INEC has withheld his certificate because the returning officer (the person responsible for overseeing elections in one or more constituencies) for Imo West senatorial district election, said he declared Governor Okorocha as the winner “under duress”.
The case against the Chief Justice of Nigeria (CJN) Walter Onnoghen has been closed. After a bit of back and forth, it appears no ‘substantial evidence’ was found.
What really happened?
The Chief Justice of Nigeria was accused of failing to disclose some of his assets in the forms he lodged with the Code of Conduct Bureau—the anti-corruption agency responsible for checking corrupt practices in the Nigerian Public service. In the process of investigating, the CJN was suspended, which caused more controversy, as there were questions around who has the power to suspend him and whether it was a political move.
Shady! That’s one word that summarises this whole story.
We are glad it’s all over now and we can all eat our dinner in peace.
Farm Crowdy, a company that matches indigenous farmers with sponsors and at the end of the farm cycle and shares the proceeds between farmers and sponsors, has just raised an additional $1m in funding.
Why does it matter?
This funding provides external validation for the agro-tech company to expand across Nigeria; to cover 50% of all 36 states in the country over the next 12 months. We expect a tsunami of food soon. 🌊
If happiness is when your neighbour’s wifi isn’t protected, then you would definitely want a neighbour like Google station.
Who doesn’t love free wifi?
While you might not be familiar with this, Google offers free wifi in Lagos and Abuja. That being said, some weeks ago, the Nigerian Communications Commission (NCC) accused Google of operating illegally via it’s Google station —a free public WiFi initiative launched in Lagos and Abuja last year. Here’s what NCC has to say:
“Google is operating in Nigeria without being licensed by the commission with the implications that it does not pay applicable fees, levies and taxes that are paid by other players in the telecommunication sector’.
Google is said to be resolving the issue, but just in case you wake up and see that your fave neighbour Google station has moved away, this might be the reason.
At this time of the year, Nigerian banks start telling us how much they made from us last year, Its reporting season and here’s an overview of how your favourite banks performed.
We’d focus on Profit after Tax (PAT); how profitable the bank is and the growth rate from the previous year.
Why should I care?
Well, we just thought it’d be nice to know how much your bank made. At least you can brag about it to your friends or in case you’re considering investing.
Zenith Bank made N193.4bn (US$529.9m), up by 11% from 2017.
Guaranty Trust Bank made N184.6bn (US$512.8m), grew by 10% from 2017.
Access Bank made N95bn (US$ 263.9m), up by 58% from 2017.
United Bank of Africa (UBA) made N78.6 billion (US$218.3m) up by 1.4% from 2017.
Stanbic IBTC made N74.4bn (US$207.4m), up by 54% from 2017.
Didn’t see your favourite bank? Well, they are yet to tell us how much they made.
James Green Bond 😎
Access Bank has issued the first climate bond in Africa. That’s N15bn available for financing new loans and refinancing existing loans in accordance with the bank’s green bond framework.
What is a Green Bond?
A Green bond or climate bond is a loan specifically allocated to be used for climate and environmental projects such as renewable energy, pollution prevention, and energy efficiency.
Why it matters?
Climate change is real, and a good way to combat it, is by supporting people embarking on related projects by giving them loans with better terms.
Source: African Exchange
We can’t see any company from last week here, here’s a list of the companies that made the top gainers and top losers list as at the end of the trading week.
How did the stock market fair in general?
The equities market recorded mixed performance – the listed equities market recorded -0.01% loss compared to last week while the NASD OTC went up by +2.25%.
Minimum Wage: Here’s another reason to be happy, the Senate on Tuesday approvedN30,000 as the new national minimum wage. A 66.7% Increase, sounds like progress.
But someone has to pay for this increase right? It appears the government intends to fund it via increasing value-added tax (VAT) by 50%. Hmmm, Would this work? 🤔
Levi’s IPO: For the first time in a very long time, traders on the floor of the New York Stock Exchange were allowed to wear denim.
Why? Blue jeans giant Levi Strauss & Co the 150-year-old jeans maker returned to the stock market.
EU fined Google $1.7 billion for limiting how some websites could display ads sold by its rivals. Ouch! That’s a lot, about 615,128,000,000 Naira.
Brexit: The EU extended the deadline for the U.K. to leave the block from next Friday until May 22, provided that U.K. Prime Minister—Theresa May—can get Parliament to back her plan. If not (and she’s 0-2 already), April 12 is the new Brexit deadline.