Day: October 28, 2017

BREXIT CAN ENCOURAGE STRONGER TRADE RELATIONS BETWEEN THE UK AND NIGERIA – PRITI PATEL

The UK is a global leader in enterprise, free markets and trade – and the City of London is one of our great success stories.

This was the opening line of the speech delivered by the UK Overseas Development Minister, Priti Patel at the recently concluded LSE/NSE Capital Market Conference, co-hosted by London Stock Exchange and The Nigerian Stock Exchange in London.

 

 

Declaring the conference open, MrsPatel said “Combined with Britain’s proud history of fighting poverty, it is clear that London can – and indeed should – be the leading financial centre for the developing world.

I am opening the London Stock Exchange this morning at the heart of the world’s financial services powerhouse, where I will be addressing leading Nigerian investors as London welcomes the first African convertible bond on to the LSE’s International Securities Market”

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Cross section of dignitaries at the Market Open ceremony of London Stock Exchange to kick start the 3rd edition of the conference. 

Speaking on the prospects and potentials of Nigeria as a growing economic giant, she said  “Nigeria is home to Africa’s largest population and largest economy, and the UK has long and enduring business links with this country. One fifth of FTSE 100 companies have a presence in Nigeria, and bilateral trade between our countries is worth £4bn a year”

Brexit will enable us to strengthen these links by removing current EU barriers to trade and replacing them with free and fair trade, providing a unique opportunity to redefine and build on the relationship between London and Lagos – with huge economic benefit for us all.

As a frequent visitor to Nigeria, it is clear to me that our support to this emerging economy is crucial. The Nigerian population is set to double by 2050. Its potential has no limits but it also faces some serious challenges.

I believe that trade, investment and free markets provide the route out of poverty, and I am committed to helping countries to stand on their own two feet. No country can defeat poverty without sustained economic growth.

That’s why I am urging the private sector to rise to the challenge of supporting jobs and growth that prevent people from falling further into the grinding poverty that fuels global migration and instability – problems with consequences for us at home, as well as abroad.

I want to see more British companies working and investing in Nigeria – and more Nigerian companies succeeding here. Ending aid dependency and creating new markets for trade, investment, and inclusive growth will lead to a more prosperous world for us all.

Let us not underestimate the opportunities to be gained from revitalising our partnership with Nigeria – a growing African economic power and a Commonwealth country with a $23bn annual market for consumer products and services.


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Yet despite the clear mutual benefits, the full potential of the private sector in Nigeria has not been maximised. The country’s economic transformation will require an extra £50bn a year in additional investment.

The UK government is leading by example – earlier this month at the World Bank Annual Meetings, I confirmed my department’s continued commitment to the Commonwealth Development Corporation (CDC). CDC invests much-needed capital into thousands of African businesses, creating millions of jobs and generating vital tax revenues.

As part of this, CDC will open a new office in Lagos, allowing them to provide greater investment and expertise to Nigerian businesses.

CDC’s investments include EcoBank, which now serves 13.7m customers across 36 African countries, and today is able to raise $150m of additional investment by issuing the first African convertible bond on the London Stock Exchange.

This is a significant step in helping African companies tap into new sources of investment.

Make no mistake, there is enormous potential to strengthen the relationship between Nigeria and Britain – and finance, the private sector, trade, and investment between our economies are essential to securing a shared and prosperous future.

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Oscar Onyema – CEO Nigerian stock Exchange

The Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyema speaking on the event said “the Nigerian Capital Markets & Banking Conference presented the opportunity to renew discussions that continue to contribute towards shaping views for the short to midterm regarding investment and dual listing opportunities across our markets. We have synchronized a lot of backend to ease dual listing between London and Lagos”

 

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SIMON COWELL RUSHED TO HOSPITAL AFTER BAD FALL

Simon Cowell was rushed to the hospital on Friday after the TV personality took a bad fall at his home in London, his rep confirmed to The Hollywood Reporter.

The 58-year-old X Factor UKAmerica’s Got Talent and former American Idol judge was put in a neck brace as he was taken to the hospital, the rep said.

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Cowell remains in the hospital for tests, it is unclear exactly which ones. His rep declined to comment on the severity of the fall, other than to say it was “bad.” Cowell was feeling under the weather before the fall occurred.

A timetable for Cowell’s release from the hospital was not given, but the mstar does have a live X Factor UK show Saturday on ITV.

It is unclear if he will miss the show.

NIGERIAN MAN BUYS MERCEDES-BENZ G CLASS AS APOLOGY FOR HIS PREGNANT SOUTH AFRICAN LOVER’S HUSBAND

A Nigerian man living in South Africa has bought a luxury Mercedes-Benz G-class to a South African man as a token to apologise for impregnating his wife with whom he was having a sexual affair.

TheJohannesburg based man identified only as John says he did not regret the extravagant gift but describes it as the least he could do for “taking” the man’s wife.

“I know what I did is wrong but I feel better he has accepted my gift. He accepted that his wife, my girlfriend, is pregnant and will soon give birth to my son. He was angry at first but when I presented the car to him his anger vanished,” said John.

A source close to the family of the pregnant woman says she knew about the affair but never imagined she would allow herself get pregnant.

She also expressed her disappointed in the husband who chose to accept the Mercedes-Benz from the Nigerian national.

“Nigerian men will never take our men seriously. What kind of a man accepts a gift from a man who impregnated his wife? He will impregnate her again and buy the stupid husband another car. I am so disappointed,” she said.

When approached for a comment the husband said “it is wrong to say I am stupid. The point of the matter is we cannot reverse what happened. We sat down as men and sorted the issue. The Bible says we must forgive and forget. I have always dreamed of driving a G-wagon. Christmas came early for me and my family,” said the husband who didn’t want to be named.

“The baby will be born and I’ll take care of him as my own. If the father wants to take him to Nigeria I wouldn’t mind. I will give my wife the support she needs always. That is what marriage is all about. I love my wife and will not leave her because of a mere pregnancy,” he added.

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