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Alibaba’s Shares Surge As Jack Ma Reappears

Shares in internet giant Alibaba soared more than eight percent Wednesday after billionaire founder Jack Ma made his first public appearance since November, ending weeks of speculation about his whereabouts after the company took a kicking from Chinese regulators.

Ma — one of Asia’s richest people with a fortune estimated at around $58 billion — disappeared from the public eye after he was hauled in front of regulators for an October speech critical of China’s financial system.

Shortly afterwards, the record-breaking $37 billion IPO of his financial group Ant was spiked at the last minute by mainland officials in a shock move that some saw as retaliation for Ma’s outspokenness.

China’s finance authorities have since ordered Ant to change its business model and hack back its lending, insurance and wealth management services, while Alibaba is also the subject of an anti-monopoly probe.

The disappearance of Ma from the public eye set tongues wagging on his whereabouts.

But a video clip released by Chinese financial news outlets Wednesday showed him in a recording giving a speech to rural teachers as part of an awards ceremony organised by his charity.

Shares in Alibaba soared 8.5 percent to HK$265.00 in Hong Kong.

In the speech, Ma praised China’s poverty alleviation efforts, a central target of the Communist leadership, and vowed to dedicate more efforts towards helping rural teachers.

“My colleagues and I… are even more determined to devote ourselves to education and public welfare,” he said, according to a transcript of his speech published by news site Tianmu News.

“China has… entered a new stage of development, and is moving towards common prosperity.”

A spokesperson for the Jack Ma Foundation, his charitable arm, confirmed he “participated in the online ceremony of the annual Rural Teacher Initiative event”.

Both Alibaba and Ant said they will cooperate with regulatory requests.

Ma, a charismatic former teacher turned internet entrepreneur, retired as chairman of Alibaba in 2019 but has long attracted attention for his outspokenness and flamboyant antics, performing as a rockstar at company conferences.

The continued squeeze on one of China’s most influential companies is the latest sign that the leadership is ready to deflate the ambitions of big tech firms in a runaway internet sector.

Beijing has a history of disappearing, investigating and imprisoning financial tycoons who do not toe the party line.

Last year, outspoken real estate tycoon Ren Zhiqiang was jailed for 18 years on alleged corruption charges, months after penning an essay critical of the Communist Party. (Thenigerialawyer)

Buhari Govt Emotionally Attached To Fulani Herdsmen – Ondo Govt Fires Back At Presidency

Says Only unregistered Fulani herdsmen were asked to leave our forests

The Ondo State Government has declared that the presidency is emotionally attached to Fulani herdsmen.

The State Commissioner for Information and Orientation, Donald Ojogo was reacting to the statement by the Presidency against the directive of the State government banning the operation of unregistered Fulani herdsmen in its forest.

President Muhammadu Buhari’s Senior Special Assistant on Media and Publicity, Garba Shehu had condemned the directive by the Ondo State government.

However, Ojogo insisted that Shehu’s comment was inimical to the existence of Nigeria.

Ojogo, in a statement, said Shehu had stated “unambiguously, the position of the Federal Government.

“The Ondo State Government did not ask Fulani to leave the state.

“The governor said herdsmen who are unregistered should leave our forests.

“The statement from Garba Shehu is brazen display of emotional attachments and it’s very inimical to the corporate existence of Nigeria.

“We need clearly defined actions on the part of the Federal Government to decimate the erroneous impression that the inspiration of these criminal elements masquerading as herdsmen is that of power.

“Our unity is threatened, no doubt.

“It (statement) states in a breath that the governor fights crime with passion while it is prevaricating on the atrocities.

“The question is, are the herdsmen who are perpetrating murder, kidnapping and robbery more important than government and even the Federal Government in this case?

“Ethnic nationality and activism on the part of anyone hiding under the Presidency or federal government is an ill wind.”

Similarly, the former Aviation Minister, Femi Fani Kayode have also attacked the Presidency over its position.

Fani Kayode in a tweet on Wednesday said that the assertion by Garba Shehu that herdsmen have a right to reside in the forests of Ondo and South West was ‘insulting, provocative, asinine and absurd.’

According to him, “Quit notices cannot be given to law-abiding citizens in any part of Nigeria but must be given to those that kill, steal and seek to destroy the lives of others. Murderous terrorists and bloodthirsty and evil men that hide in the forest to ambush, kidnap, kill and destroy innocent and hardworking men and women have no constitutional rights.

“It is the duty of Governnent to not only flush them out from whichever hole they are hiding but also to despatch them to hell where they belong.

“Akeredolu has done and said the right thing and I urge every single SW Governor to do the same. Fulanis, Hausas, Igbos, Ijaws and all Nigerians are welcome in the SW but terrorists, bandits, killers and unhinged, bloodlusting and bloodthirsty psychopaths and sociopaths are not.”

“Buhari do your job and stop the killings. Stop turning a blind eye simply because they come from your tribe. Stop brushing this under the carpet and treating them with kid gloves simply because they are your footsoldiers. Stop protecting them and stop encouraging them,” he added. (Thenigerialawyer)

INEC Plans To Make NIN Compulsory For Voter Registration

The Independent National Electoral Commission is considering making the National Identity Number a precondition for registering voters when the continuous voter registration exercise commences in a few weeks, The PUNCH reports.

A national commissioner at INEC disclosed this during an interview with the newspaper on Tuesday.

He said the NIN would help tackle underage voting challenges, alien voting and other challenges associated with registration.

The national commissioner, who wished to remain anonymous because he was not authorised to speak, said a final decision would soon be reached.

The INEC official explained that the permanent voter card was only supposed to be in use for a maximum of 10 years, adding that most countries rely on a national database and not the Permanent Voter Card for voting.

He said, “The NIN is the ideal. When we want to begin the continuous voter registration, we may consider it because a national identity card should be used for voting. When the PVC was introduced, it was meant to be in use for ten years, and the assumption was that within those ten years, the national identity card would be in use by a majority of Nigerians.

“I can tell you that the NIN will be one of the preconditions for registration when the CVR starts. We are trying to harmonise all databases.”

When contacted on the telephone, the Director, Voter Education and Publicity, INEC, Nick Dazang, said he could not say if the NIN would be a precondition for registration, adding that meetings were still ongoing.

He said once a final decision had been made, INEC would officially inform Nigerians.

When asked if the NIN would be made compulsory for new registrants, Dazang said, “When we reach the bridge, we will cross it. For now, we have not announced the date for the registration exercise to begin and the conditionality. When we are ready, the commission will announce the procedure for the continuous voter registration, so the commission has not decided in respect of that.”

The INEC director said the commission was also looking at ensuring that the registration is done amid the raging COVID-19 pandemic.

INEC has not registered any Nigerian in over two years, a development which civil society groups have criticised.

In November, the commission announced that the registration exercise would begin in the first quarter of 2021. (Thenigerialawyer)

We Did Not Give Money, Hilux Vans To Repentant Bandits — Zamfara Govt

Zamfara State government has debunked an online story that it had donated millions of naira and 15 Hilux vans to repentant bandits who are now are using the booty to torment communities in the state.

A statement issued by the Special Adviser on Public Enlightenment, Media and Communication, Zailani Bappa on Tuesday noted that the said reports was just a figment of the writer’s imagination.

He said: “Either due to carelessness, quackery or sheer mischief, the medium went ahead to publish this story, obviously sourced from the enemies of peace in the state without balancing from the side of the government.”

The statement said for the avoidance of doubt, the state government had expanded over N200m to purchase Hilux vans.

“These vehicles were duly distributed to all security agencies in the state under the supervision of the Inspector-General of the Nigeria Police.

“The beneficiaries included the military, the police, the customs and excise, the immigration services, the NDLEA, the NSCDC, the FRSC, among others.”

The statement disclosed further, that as part of the government initiative for peace and ensure that repentant bandits settle down, the state government is currently building a modern Rugga for them at Maradun with two more coming up in the near future.

“In fact, the state government is grateful to these so-called repentant bandits who are daily assisting the government in negotiating with those who refuse to surrender and in apprehending those who refuse to surrender.

“With all the programmes of the government towards peace in the state, at no time did the state gave vehicles or money to the so-called repentant bandits because there was no agreement to such.

“This is thus, a wicked allegation and simply a figment of the writer’s imagination or an intended machination to discredit the administration of His Excellency Governor Bello Muhammad and undermine the peace effort in the state.” ( thenigerialawyer)

Group task government over rise in prices of food items

WFC, Namibia Juni 2014
  • NBA condemns constant disregard to rule of law governing right to food

As clashes between herdsmen and farmers persist, a Non Governmental Organisation, NGO in Abuja has said Nigerians will face untold suffering as prices of food items will likely soar.

Noting that these clashes have largely gone unchecked, Executive Director of the NGO, Abundance of Hope Initiative, Mr Taiye Sasona, disclosed that more farmers were pulling out of farming for fear of being attacked.

Meanwhile, the Nigerian Bar Association (NBA) in Abuja has said “hunger and malnutrition persists for lack of a rights-based policy environment that empowers the people to ask questions and hold government accountable.”

The Association in a communique issued after a recent Human Rights Summit held in Abuja further held that: “The constant disregard to the rule of law governing right to food like non-observance of constitutional division of labor and the sidelining of critical
laws to avoid food as a human right pervades the economy.”

Meanwhile, expressing deep concern over the clashes, Mr Taiye Sasona said: “The effect is what we are seeing in the market today as the prices of food items have to go up.

“Many farmers want to quit farming because of activities of herdsmen, so you can imagine, rather than putting more farmers to work on the land, we are losing more farmers.

“The spillover effect of herders and farmers clashes is all over in the north and in the south. Farmers are complaining everywhere but unfortunately it is under reported.

“Farmers can no longer go to farm, forget about the insurgency in the north, in other parts of the country herdsmen are not allowing farmers go to farm.

“Last week I was in
Karishi where I tried to encourage some farmers but they will tell you that they cannot gamble their lives because their farmlands are under attack.

“If this continues in 2021, it will be worse than 2020 because even our national reserve has been depleted and there is nothing to fall back on,’’ Sasona said.

According to the National Bureau of Statistics (NBS)’ report on inflation, the composite food index rose by 19.56 per cent in Dec. 2020 compared to 18.30 percent in Nov. 2020.

The report noted that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils and fats.

“On month-on-month basis, the food sub-index increased by 2.05 per cent in Dec. 2020, up by 0.01 per cent points from 2.04 percent recorded in Nov. 2020,’’ it added.

In a survey conducted by NAN in Abuja in December, a 50kg bag of rice was sold between N38,000 and N40,000 against N35,000 in October while 25kg bag was N20,000.

Prices of local varieties of rice, millet and sorghum indicate similar hike, as 100kg bag of rice is sold at N55,000, millet, N18,000 and sorghum, N19, 000 against old prices of N50,000, N15,000 and N14,000 respectively.

Additional reports from NAN

Lockdown lifted at US Capitol Building after brief security scare

WASHINGTON, DC - JANUARY 17: The U.S. Capitol dome is seen beyond a security fence on January 17, 2021 in Washington, DC. After last week's riots at the U.S. Capitol Building, the FBI has warned of additional threats in the nation's capital and in all 50 states. According to reports, as many as 25,000 National Guard soldiers will be guarding the city as preparations are made for the inauguration of Joe Biden as the 46th U.S. President. (Photo by Michael M. Santiago/Getty Images)

A small fire at an apparent homeless encampment less than a mile away from the US Capitol Building on Monday prompted Capitol Police to put the building on lockdown for over an hour “out of an abundance of caution,” a reflection of the heightened state of alarm at the complex.The incident involved a tent near the Capitol Building, DC Fire and EMS spokesman Vito Maggiolo said. The fire was on the 100 block of H St SE, authorities said, and was reported extinguished around 10:30 a.m. ET. One person suffered a non-life threatening injury, city authorities said, but the US Secret Service said there was “no threat to the public.

As the fire was checked out, US Capitol Police, citing an “external security threat,” advised lawmakers and staff to shelter in place. Capitol Police instructed the complex to “return to normal operations” shortly after 11:30 a.m.The response underlines the immense sense of alert in Washington, DC, this week. It comes less than two weeks after the deadly siege at the Capitol left five dead and two days ahead of President-elect Joe Biden’s inauguration, which has turned the city’s downtown into an armed police zone.

There are currently hundreds of National Guard troops on the east front of the Capitol. Another alert at one point urged people to stay inside, to not leave and to stay away from windows and doors.Capitol authorities evacuated the west front of the building as well as the first-floor crypt.

“I just tried to leave (the Longworth House Office Building) after getting my Covid test, only to be told that the building is now on lockdown. Apparently some external threat. Propane tanks under some bridge. Stuck in my office,” a Democratic congressman told CNN shortly after the incident was reported.

CNN

Civil Defence: Kelechi Madu emerges acting Commandant General

The Deputy Commandant General of Commandant-General (DCG) Operation, Nigeria Security and Civil Defence Corps (NSCDC), DCG Hilary Kelechi Madu has been appointed acting Commandant General of the corps.

Madu took over from the former Commandant General Abdullahi Gana whose extended tenure of six months expired Monday (January 18, 2021).

PRNigeria gathered that Mr Gana officially handed over to Madu who is the most senior officer in the corps at a brief ceremony in the Abuja office.

Meanwhile, the Minister of State for the Federal Capital Territory (FCT), Ramatu Tijjani Aliyu, has felicitated the outgone Commandant-General (CG), Abdullahi Gana on his 58th birthday.

Aliyu in a birthday message to Gana, on Monday, commended him for his invaluable contributions to the peace and safety of the country.

“I am pleased to join other family and friends in felicitating with you on your birthday.

“Your reign as the Commandant-General, Nigeria Security and Civil Defence Corps has witnessed a lot of growth and progress within the NSCDC, especially at a time when the nation needs it most.

“Your invaluable contributions to the peace and safety of our country Nigeria cannot be underestimated.

“May the Almighty Allah continue to grant you wisdom, guidance and good health to discharge your duties,’’ Aliyu prayed.

PRNigeria

NEMA DG charges procurement officers on accountability, diligence in discharge of agency’s mandate

Retired Air Vice Marshal Muhammadu Muhammed, Director-General, National Emergency Management Agency (NEMA) has called on procurement officers of the agency to be accountable and diligent in the discharge of their duties.

He said this at a one-day workshop organised for directors, procurement officers and tender board members of the agency on Monday in Abuja.

Muhammed said the workshop was organised to encourage public accountability, as officers carry out the mandates of the agency.

“I consider it necessary for us to have this workshop especially at the beginning of the year because there are so many things we have been doing in practice.

“Though, we have done very well but there is a disconnect between the traditional process and knowledge based application.

“This training has exposed these things to us, in terms of the execution of contracts, generation of contracts and review of contracts.

“Whether you are just an official of NEMA or member of procurement planning committee or the Tenders Board, you have a responsibility.

“You have to link your requirements with objectives of the agency and when it gets to the procurement planning committee, you have to do your duties with diligence.

“Anything short of that will throw the agency into disrepute or unnecessary delays in the execution of the things we need to do,” he said.

Mr Mufutau Oloyede, facilitator at the workshop, added that the training was expected to expose all procurement committee members to the basic knowledge of procurement activities.

Oloyede, a former director of public procurement at the Ministry of Water Resources, added that a good procurement process in any government organisation must be open, precise, timely, transparent, must achieve value for money and be concluded on time.

“If you do not do proper planning from the beginning, you will have failed contracts and failed procurements, because you did not go through the process,” he said.

Oloyede also charged the officers to get acquainted with the Procurement Act of the country and have the fear of God as they discharge their duties.

NAN

Tobore Ovuorie v. Ebonylife TV: Why Mo Abudu is Most Likely Liable for Copyright Infringement

I’ve been asked by many of you to comment on the Tobore Ovuorie v. Ebonylife Media(EbonyLife)claim of copyright infringement. I have watched the interview Tobore granted to Pulse TV, and the pre-recorded statement Mo’Abudu (Mo) published denying any wrongdoing and that she infringed on Tobore’s copyright right in releasing EbonyLife’s new movie “Oloture.” Finally, I have read letters between their lawyers (those publicly available), and read subsequent responses by both parties as to their positions.

The following is my take. Based on all documentation and statements, including a copy of the employment letter which I have reviewed, my conclusion is that Ebonylife is most likely liable for copyright infringement of Tobore’s work. Specifically, at issue is the derivative/adaptation rights of Tobore’s 2014 investigative journalism piece, “Investigation: Inside Nigeria’s Ruthless Human Trafficking Mafia.” The discussion and analysis is quite nuanced and could flip the other way depending on further facts and documentation that may be presented, hence me saying is “most likely” liable.

Read on to find out how I arrive at my conclusion.

First, there are many legal theories and claims present in this case from contracts, employment, copyright, trademark to tort laws (this includes the right to privacy laws that also affect the discussion on life rights). However, to cut straight to the chase, I am zooming in only on employment/contract and copyright laws since that is where the parties are focused on.

THE FACTS

The reported facts are that Tobore, a journalist at the time in Nigeria, pitched an idea for an investigative piece on human trafficking to Zam Magazine, a publication based in the Netherlands. She pitched the story as a freelance journalist but by the time she completed the assignment, she had signed an employment agreement and was a full-time Senior Reporter in the editorial department of Premium Times Newspaper, Nigeria. See Employment Agreement Below.

During the course of writing her investigative piece, she went undercover for several years investigating the human trafficking story (specific to Nigeria) and in the process was unfortunately assaulted and battered (raped). In addition, she witnessed similar assault and battery on these trafficked victims, and in a few instances murder.

On January 22, 2014, Zam Magazine, with consent from Premium Times, since Tobore was under contract with the latter, published her true life experience. Premium Times republished the same story later in the same year. This is where it gets interesting. About five years later, EbonyLife, a production company whose owner has been said to be the “Oprah of Africa,” decided to create a movie on the topic of human trafficking. According to Ebonylife, in conducting research for the movie, they ran into Tobore’s story. In September 2020, Ebonylife wrapped production and released a trailer titled “Oloture”. By the first week of October 2020, “Oloture” the movie was released on Netflix. Tobore claims she received notice of the release on Netxflix, watched and believed it was a direct adaptation of her story published in 2014 in both Zam and Premium Times. She also claims the published movie triggered flashbacks and a re-traumatization of the assault and battery committed against her and others. She shared her experience of depression, medication, and ongoing therapy. She says what made it worse was that the movie was released without her consent.

Ebonylife tells a different story. Mo’ Abudu, the founder and CEO, in speaking on behalf of her company, says and provides documentation that before the trailer release in September 2020, they obtained clearance rights for the adaptation of the work as a movie from Premium Times. She also claims that Premium Times, who she argues is the sole copyright owner of the work, granted her the consent/license for “Oloture.”

Mo agrees that Tobore wrote the original story of which “Oloture” is at least, in part, based on but claims Tobore did so during the course of her employment with Premium Times, therefore Premium Times, per Mo and Premium Times’ interpretation of Nigerian copyright law, owns the work.

Mo further argues that she is not legally liable because “Oloture” is a universal story and a “work of fiction.” This is despite the fact that EbonyLife’s marketing and promotions of “Oloture” in October 2020 stated the work is “inspired by a true story.” In addition, Mo says despite the fact that they do not own Tobore anything and did not infringe on her rights, on May 30, 2019, she wrote to Tobore and pledged to give her 5% of the net proceeds of the theatrical run of the movie to Tobore’s NGO because of her commitment to help curb/eradicate human trafficking.

Mo also points out that the proceeds from “Oloture” will be used to create awareness for the tragic realities of human trafficking. In addition, Mo claims she agreed to give Tobore screen credit in Oloture “in acknowledging her contribution to the fight against human trafficking in Nigeria,” and that she fulfilled her agreement. She said Tobore signed a contract accepting the 5% net proceeds. She also says that despite the fact that the COVID pandemic derailed the theatrical release, once she concluded plans to stream “Oloture” on Netflix, she still pledged the same 5% net proceeds to Tobore. In addition, she provided a private screening of the film for Tobore to watch.

Tobore responded to Mo’s public statements and continues to insist that her copyright was infringed upon. She has also asked, through her lawyers, for:

  • 5 Million U.S. dollars in compensation; and
  • open and end credits that make it clear the film is largely based on her life and is an adaptation of her 2014 story in Zam Magazine and later Premium Times.

So who is right? Well, let’s look at the law.

THE LAW

Broadly speaking, Nigerian copyright law, like the U.S., grants an author of a work copyright protection where a work has originality, creativity (minimum creativity required) and is fixed in a concrete form of expression. Literary works i.e. newspaper articles like the one Tobore wrote are works eligible for copyright protection under the Nigerian Copyright Act. Further, an author of a work under the Act has both economic and moral rights.

The economic rights are the author’s exclusive right to:

  • reproduce the work,
  • adapt or translate it,
  • distribute it to the public,
  • display the work publicly, or
  • perform the work publicly.

The moral right is an exclusive right that an author has to receive attribution (credit) for the work when it is used, among other things.

At issue here is the adaptation right. Under the Nigerian Copyright Act, an adaptation of a work means modifying a pre-existing work from one genre of work to another. In music, think of your samples and remixes. In film, think of this exact case we are talking about where an article is adapted as a screenplay and becomes a movie.

Based on the law above, it would seem Tobore owns the article she wrote in 2014. However, she worked for Premium Times as a full-time employee, and in fact signed an employment agreement in 2013, so how does that come into play?

Under the same Copyright Act, it specifically addresses copyright ownership in the employment context. The applicable law is section 10 of the Act.  Section 10 covers the concept of who has the First Ownership of Copyright.

  • Under section 10 (1), the author is the first owner of a work. However, note that this depends on the category of work. So under literary, artistic, and musical work, the rule above applies but changes when we talk about sound recordings (master), for example.

Further, there is a specific exception carved out for the media. Section 10 (3) covers the media and this is how the rule works:

  1. If a media house employs an employee to create literary, artistic, or musical works intended for use in the media house’s publication e.g., its magazine, newspaper, or similar periodical, then as to the copyright, the first ownership of copyright belongs to that employer, the media house.
  2. The only way the employer does not own that specific work created for its publication is if there is a contract stating that it does not.
  3. HOWEVER, (and it’s a big however) the copyright granted to the employer must relate to the publication of the work in any magazine, newspaper, or similar periodical;
  4. or if it is reproduced it must be reproduced with the intent that it is published for use in a newspaper, magazine, or similar periodical.
  5. However, if the work is to be used for anything outside of the above, then the author of the work is the first owner of the copyright in the work.

In more basic English, this means Premium Times has copyrights in Tobore’s work in a limited capacity as her employer to be used strictly in its newspaper, magazine or similar periodical. It can also grant permission to Zam Magazine, a foreign entity, to publish the work in Zam’s own newspaper, magazine or similar periodical. Any other use outside of that, it does not have the legal right to grant and should send whoever wants to use Tobore’s original story to Tobore for permission. You can read the language of the statute at the end of this article.

Well, Ms. Uduak What About the Contract Tobore Signed for Theatrical Release?

That is a fair point because even if Tobore argues that she never gave consent to Ebonylife for the use of her work, there is no denying that she later received the letter from Mo for the theatrical run, and signed an agreement to receive 5% of the net proceeds. She also received attribution in the end credit of the movie, even if it isn’t exactly in the language she may have liked it. Arguably, she had a chance to tell Mo since May 2019 how she would have wanted her credit read but she did not. She waited until October 2020 to have an issue. So, it is a fair point. But I think ultimately, the pendulum still swings to Tobore because it can easily be argued and convincingly so that the scope of the copyrights Tobore granted was limited ONLY to theatrical release. If Mo needed a more expansive right to include SVOD, VOD, etc. she needed to return and negotiate those rights with Tobore, she did not. Therefore either way you slice it, Mo Abudu needs to go back to the drawing table, renegotiate this deal and end the unnecessary PR crisis so the larger big picture of an important story can be told with the blessings of the person whose life story it is based on, even if it is loosely based.

A FINAL WORD ON CRISIS MANAGEMENT

I say this often whether discussing the music, fashion or film business and the law with you. The fact of the matter is that the industry is relatively new and a lot of these legal concepts are foreign to most creators in Nigeria. However, what we must do better is learn how to really work our issues out without making every single problem a social media headline and crisis. Both parties could have handled the PR aspect of this case much better. But then again, perhaps we won’t all get a chance to learn and grow collectively. So, I guess maybe something good can come out of it for other creatives. But ultimately, for Mo and Tobore, we cannot lose sight of the fact that our girls are suffering and the intended spirit of this story and movie was to shed light on the plight of our girls and women who are victims of sex/human trafficking.

Tobore gave a voice to our sisters. Mo is amplifying that voice. It is a unified front and both ladies can find a way to iron out this mess amicably and get back to the business at hand. We have a lot of work to do in that regard and we haven’t even scratched the surface.

AML fam, leave your thoughts and let me know what you think about my take on the issues presented.

~Ms. Uduak

First ownership of copyright.

Africamusiclaw

Consortium: CBN provides N10bn intervention funds to Kano to revive industries

Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development (LINKS) and Manufacturers Association of Nigeria (MAN) has secured a N10 billion intervention fund from the Central Bank of Nigeria (CBN) to revive companies impacted by the Covid-19 pandemic.

Speaking at the sensitization meeting on Kano Turnaround Project, on Monday, in Kano, the Director-General of KanInvest & Diaspora, Hajiya Hama Ali, said the programme, which was designed to revive companies that had been affected by COVID-19 pandemic, would target at least 50 companies.

She explained that the CBN initially donated N10 billion to the agency, for the project’s take-off, saying that the apex bank had agreed to also increase the fund.

Ali added that the agency would interface with the affected industries, to collect the needed information and determine ways to support them.

“We and our development partners came up with this initiative in order to support our affected industries, because it is worrisome to see our industries in this condition.

“Our agency has produced an Expression of Interest (EoI) form for interested companies, and that the deadline for the submission of applications is February, 25.

“Our doors will be open to any company, until the application reached at least fifty, from then we will see if they can exhaust the N10 billion or not,” she explained.

The President of MAN, Mansur Ahmed, tasked the state government and other stakeholders to bring back the lost glory of Kano in industrialization, saying that about 50 percent of industries in Kano had either reduced their production capacity or closed down completely due to COVID-19 and other issues.

He, therefore, called for collaborative efforts to revive the industries in Kano, noting that it would be an effective way to provide job opportunities for the youth in the state, as well as bring peace and harmony.

Earlier, Gov. Abdullahi Ganduje expressed happiness about the project, stressing that his administration had come up with various programmes aimed at boosting small scale industries in the state.

He pointed out that industries in Kano were crippled by the activities of smugglers, and technology advancement, in which the country was lagging behind.

NAN

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