INSTANT NEWS

In what appears to be the biggest donation by an individual towards stemming the rage of the global pandemic Coronavirus, the Mike Adenuga Foundation (MAF) has donated the sum of N1.5 billion to fight the scourge.

The breakdown of the N1.5 billion donation indicated that N1billion went to the Central Bank of Nigeria (CBN) which is coordinating efforts to raise funds from corporate bodies to support the initiatives aimed at combating the COVID-19 pandemic in Nigeria, while the Lagos State Government which has recorded the majority of the cases got N500 million.

The cheque for the Lagos State Government was presented by the Executive Vice Chairman, Globacom, Mrs. Bella Disu, while representatives of MAF presented the N1billion cheque to CBN Governor, Godwin Emefiele, in Abuja on Monday, March 30th, 2020.

Aside from the cash donation, MAF pledged that it would continue its efforts to assist various bodies and institutions in the country with the supply of essential items such as; Sanitizers, Masks, Test Kits, Personal Prospective Equipment (PPEs), Respirators and other necessary requirements to combat the pandemic.

“We are fully aware that our nation is indeed passing through very challenging times, with unprecedented impact on how we live, survive, stay in touch with each other and conduct our businesses. We feel the pulse of our people, appreciate the pains of those who are sick or have lost loved ones and the anxiety of all of us compelled to live under the shadow of this dreaded pandemic”, the Foundation said.

It further noted that the core values that connect people firmly with one another, including love for family, community and enterprise, seem the most threatened by the COVID-19 pandemic, but enthused that the foundation and its founder, Dr. Adenuga were committed to the protection and promotion of those values.

MAF, therefore, appealed to Nigerians not to allow the pandemic to affect those values adversely while giving kudos to government at the Federal and other levels as well as the relevant agencies for their diligence and commitment so far in the bid to nip the pandemic in the bud.

The Mike Adenuga Foundation enjoined all Nigerians to adhere to prescribed measures by the Nigeria Centre for Disease Control (NCDC) and the World Health Organisation (WHO) to safeguard their health.

“These include regular hand washing and use of alcohol-based hand sanitizers, limiting non-essential travel and ensuring timely medical checkups. Our primary focus at MAF is to ensure that all Nigerians remain safe to support their families and the economy,” it said.

The Central Bank of Nigeria (CBN) on Wednesday offered Nigerian Treasury Bills worth of N95.681 billion as a debt instrument through Primary Market Auction to the public.

The results of the auction seen at the end of trading showed that the fixed income instrument was over-subscribed by 59 per cent, as total demand was put at N161.385 billion. However, the central bank allotted only the total amount it had offered.

A breakdown of the transactions auction showed that for the 91-day bill, whereas the CBN offered a total of N10 billion, total subscription stood at N20.707 billion. Also, for the 182-day bill, while the regulator offered a total of N17.600 billion to investors, total subscription recorded was N28.819 billion.

For the 364-day debt instrument, whereas total subscription stood at N111.859 billion, the regulator offered a total of N86.080 billion.

The stop rates dipped across all tenors. While the 91-day bill closed at 2.20 per cent, lower than the previous rate of 2.6 per cent; the 182-day bill also closed lower at 3.2 per cent, from 3.4 per cent; while the 364-day bill closed at 4.3 per cent, lower than 4.6 per cent.

The AmehNews recall that CBN rose from monetary policy meetings last week to retain the Monetary Policy Rate (MPR), otherwise known as the benchmark interest rate at 13.5 per cent.

The meetings left both the Cash Reserve Ratio (CRR) and Liquidity Ratio unchanged at 27.5 per cent and 30 per cent respectively.

Given reasons to why above-unchanged decisions?, the CBN Governor, Mr. Godwin Emefiele, said the decision to keep all monetary policy tools unchanged was to allow previously announced interventions “time to permeate the economy and allow pandemic to wear out itself.”



“The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.”

Hundreds of travellers coming into Sokoto state have been left stranded at the various interstate entry points into the state as they are denied access into the state, multiple sources have revealed to Vanguard news.
Sokoto state government had earlier ordered the closure of all interstate routes into the state effective from midnight of Friday, 27th March 2020. The ban is part of efforts to curtail further spread of COVID-19 among Nigerians.

The sources said most travellers from the South West region are stranded at the Tambuwal, Alieo-Jega entry point into Sokoto state. While those coming from the Northern states are stopper at the Tureta and Isa entry points by a team of joint security personnel stationed to ensure enforcement of the closure order.
Many residents in Sokoto said they have received distress calls from relations that are stranded at various entrance points into Sokoto who travel out of the state before the ban was effected A banker who doesn’t want his name in print told our correspondents that a family member coming from Osun state was trapped at the entry points in Tambuwal local government area. “She started the journey from Osun on Saturday and arrived Tambuwal on Sunday, she is not aware of the order only to come to Tambuwal and they are not allowed into Sokoto by the security agencies because of the ban. ” I have received more than fifty phone calls from her, she is really worried, the journey is stressful and to make matter worse they are stopped from coming in to come is rest.

A security source told our correspondent that the number of stranded persons at the various entry points is massive and becoming too large to control. “At this end of ours, the crowd is becoming overwhelming, maybe some other measures may be taking to manage this situation to avoid this crowd since we are supposed to discourage large crowd and maintain social distancing.
Meanwhile, activities in Sokoto state is going on normal as religious centres are open for worship but in adherence to the social distancing and hand washing etiquette. Schools are closed and civil servants from Grade Level 12 and below are asked to stay at home for the initial two weeks as authority observed the trend of the virus in the state and country. It could also be observed that clerics in the state are preaching to adherents to obey the precautionary measures in other to curtail the spread of the virus.

Fear of price rises

In the US, the epicentre has been New York City, with 672 deaths so far. Hospital staff have issued desperate pleas for more protective equipment.

Mayor Bill de Blasio said Sunday that his city’s hospitals have enough protective equipment — but not enough of the life-saving ventilators — for only another week.

He said he had made a direct request to President Donald Trump and the US military “to find us immediately more military medical personnel and get them here by next Sunday.”

De Blasio credited federal officials with being “very responsive,” but added, “we’re talking about a sharp escalation ahead.”

From Washington state, where the disease first struck with force, Governor Jay Inslee described “a desperate need for all kinds of equipment.” He said the nation needed to be put on an essential wartime footing.

Inslee pushed back against the notion, advocated earlier by Trump, that the country could begin returning to work by Easter.

“There are some hard realities we have to understand,” he said on CNN. “Unless we continue a very vigorous social distancing program in my state, this will continue to spread like wildfire.”

Governor Gretchen Whitmer of Michigan also described a deteriorating picture, especially in her state’s largest city, Detroit.

“We had a thousand new cases yesterday,” she said. “We know that number will be even higher today… The dire situation in Detroit is getting worse by the minute.”

Whitmer bemoaned a system that has states competing against one another for desperately needed supplies.

“We’re bidding against one another, and in some cases, the federal government is taking priority,” she said.

“It’s really, I think, creating a lot more problems for all of us.”

CASH CRUNCH

The President, Major General Muhammadu Buhari (retd.), has announced total restriction of movement in Lagos and Abuja.

The President also restricted movement in Ogun State because of its proximity to Lagos.

He said this during a nationwide broadcast on Sunday.

According to him, the restriction will last for an initial period of 14 days with effect from 11pm on Monday, 30th of March, 2020.

He, however, said the order will not affect persons delivering health care, manufacturing institutions as well as petroleum distribution firms, private security firms, print, and electronic media staff.

Buhari said, “The few confirmed cases outside Lagos and Abuja are linked to persons who have travelled from these centres. We are therefore working to ensure such inter-state and intercity movements are restricted to prevent further spread.


“Based on the advice of the Federal Ministry of Health and the NCDC, I am directing the cessation of all movements in Lagos and the FCT for an initial period of 14 days with effect from 11pm on Monday, March 30, 2020. This restriction will also apply to Ogun State due to its close proximity to Lagos and the high traffic between the two states.

“Furthermore, commercial establishments such as food processing, distribution and retail companies; petroleum distribution and retail entities; power generation, transmission and distribution companies; and private security companies are also exempted.

“Although these establishments are exempted, access will be restricted and monitored. Workers in telecommunication companies, broadcasters, print and electronic media staff who can prove they are unable to work from home are also exempted.”

Buhari said all seaports would remain operational but changes would be made.

The President stated that all vehicles conveying food and other essential humanitarian items into these locations from other parts of the country would also be screened thoroughly before they are allowed to enter these restricted areas.