Wenger names team that could win title ahead of Arsenal, Man City

By Ifreke Inyang 

Legendary Arsenal manager, Arsene Wenger, has said Tottenham Hotspur could win the Premier League title this season.

Wenger believes that Spurs’ summer signing and the redeployment of Son Heung-min could see the North London side lift the trophy in May.

Despite the departure of Harry Kane in the summer, Ange Postecoglou’s men sit top of the league after 10 fixtures.

“Deeply, I believe Tottenham will be one of the contenders for the league.

“They bought Maddison, who is a great player. He is that link from low midfield to high midfield and added some technical creativity to the team

“They bought Van de Ven, who I find absolutely exceptional. They had weaknesses there and last season [Hugo] Lloris had not the best of seasons as well. And the movement from Son into the middle looks very good,” Wenger said on beIN Sports.

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Nigeria’s record currency slide continues as dollars dry up

Inflation-stoking collapse in naira reaches new extremes

A customer hands over bundles of 1,000 Naira banknotes at a Lagos street market. Inflation in Nigeria last month soared to 26.7 per cent, the highest level in two decades © Bloomberg

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Aanu Adeoye in London

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Nigeria’s currency has tumbled to record lows against the US dollar, putting further pressure on new president Bola Tinubu as he tries to reform Africa’s largest economy.

Tinubu took the reins in May, pledging to break with the policies of his predecessors and attract foreign investment to Nigeria. Allowing the naira to float more freely against the dollar was part of that agenda.

But the currency has been sliding ever since that break from the dollar in June. This week it slumped as low as N880 to the dollar on the official market, according to data from LSEG. This has bumped up the cost of crucial imports and helped to stoke inflation, while investors have yet to be persuaded by the reforms.

One big factor in the naira’s heavy decline is a scarcity of dollars, observers say. The Central Bank of Nigeria’s 2015 ban on certain companies accessing dollars pushed importers to the unofficial market and contributed to a “surplus demand for foreign exchange”, the CBN admitted this month.

The shift has led to dramatically weaker prices quoted on unofficial markets. On abokiFX, an online trading platform, the rate touched N1,290 to the dollar.

“Nigeria is a country in dire need of foreign exchange,” says Wilson Erumebor, a senior economist at the Nigerian Economic Summit Group think-tank.

“The policymakers need a clear-cut policy direction to attract forex into the economy. What’s happening with the currency lately shows how little confidence there is in the naira.”

Under Tinubu’s predecessor, Muhammadu Buhari, importers were barred from accessing dollars from the official market, in an effort to boost local production. Now, under new governor Olayemi Cardoso, a former Citi banker, the central bank is adopting a “willing-buyer and willing-seller” model where prices are determined by market forces.

But eliminating the peg in June led to the biggest single-day fall in the currency’s history. Partly as a result, inflation last month soared to 26.7 per cent, the highest level in two decades.

Charlie Robertson, head of macro strategy at FIM Partners, an asset management firm, said the currency fall made the government’s balancing act more difficult.

To ensure that foreigners and locals who hold dollars are incentivised to stay in Nigeria, they need attractive interest rates, he said. The CBN’s key lending rate is 18.75 per cent, lagging far behind inflation.

Line chart of Naira per US dollar showing Nigeria's currency slides in the wake of radical economic reforms

But raising rates would push up interest costs, he warns. “Allowing naira depreciation without interest rates high enough to make the naira attractive, means the naira is likely to overshoot and become far too cheap and that hurts confidence.”

“Nigerians, let alone foreigners, don’t want to lose money owning naira when they make more in dollars buying Nigerian bank bonds,” he added.

Analysts and economists have warned the local foreign exchange market needs more dollars to calm the naira’s slide.

“There is too much demand but not enough supply,” one parallel market trader said. In the past the central bank may have intervened in the market but has not done so this time, the person, said, forcing everyone to scramble for dollars.

Capital importation into Nigeria fell by 33 per cent to $1.03bn in the second quarter of this year, compared with the same period last year, according to data from Financial Derivatives Company, a Lagos-based consultancy. “The inflow of dollars remains limited due to policy uncertainty and lingering security issues,” it said in a research note.

The average daily value traded in the Nigerian Autonomous Foreign Exchange Market — a central bank facility for investors and exporters to trade currency between themselves — dropped 22 per cent to $101.37mn this month in the second quarter of the year, data from FDC found.

Sources of foreign exchange remain elusive. The country’s largest source of dollars is selling oil but Nigeria is producing less than its daily Opec quota of 1.8mn barrels a day. The country has external reserves of $33.28bn, which has fallen month-on-month despite rising oil prices.

An oil-for-dollars scheme for NNPC, the state oil company, to receive $3bn from the African Export-Import Bank (Afrexim), was announced in August but the money has yet to materialise.

Finance minister Wale Edun said earlier this week the government had a “line of sight” on $10bn of inflows into Nigeria in the coming weeks without providing further details.

Many businesses say they have money stuck in Nigeria, with airlines being hardest hit. Nigeria tops the list of countries with trapped airline funds, according to a June report by the International Air Transport Association, with the west African nation accounting for $812.2mn of the $2.27bn trapped globally.

Erumebor said the weakening naira also showed that Nigeria’s low productivity and focus on oil remains a problem. “A falling naira should make exports competitive,” he said. “Nigeria should be leveraging exports to the rest of the world but it doesn’t make enough of anything to export.”

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I didn’t allow slow reading habit define me – LASU best-graduating dentistry student

Dr. Ibrahim Olaoye, who emerged as the best-graduating student from the Faculty of Dentistry, College of Medicine, Lagos State University, tells Abdullateef Fowewe how he overcame the challenges he faced

What does emerging as the best-graduating student in the Faculty of Dentistry at the College of Medicine mean to you?

I am Dr Ibrahim Olaoye. The best-graduating student of the Faculty of Dentistry at Lagos State University College of Medicine with a record-breaking 12 distinctions. Contrary to popular belief, it is bittersweet. People often presume it was easy or that luck played a role. They would say things like I never had any problems. However, it required a great deal from me. For every exam or assignment, I had to be the best or one of the best. The constant pressure and burden took a toll on me personally and in my relationships. Just imagine, throughout the seven and a half years, we had approximately 70 exams and assignments, and in each one, I was constantly striving for excellence. But in the end, there was this enormous sense of relief!

How did your parents react when they heard the news?

I was extremely happy, but my parents didn’t fully grasp the magnitude of my accomplishment. I had to tell them again that their son had broken all the records. They were very excited and proud of me in the end.

At what point did you see the possibility of graduating with excellent results?

As early as my third year, I started playfully being referred to as the best-graduating student. By the time I reached my fifth year, it was highly unlikely for me not to graduate as the best among my classmates.

Did your upbringing play a significant role in preparing you to excel at the university?

Absolutely! Achieving excellence in any field requires great effort. You must be competitive and have a mindset of excellence, which I developed from my upbringing and life experiences as I grew older. I take my self-development journey very seriously, constantly striving to improve and never settling. I work diligently to identify my weaknesses and strengths, focusing on enhancing my strengths and suppressing my weaknesses. For instance, one of my weaknesses is being a slow reader, which can be a disadvantage in medical school where there are large volumes of materials to cover. However, I utilise my rapid understanding ability to overcome this weakness, among other strategies.

Growing up, my daddy always emphasised the importance of doing things well if they were worth doing at all. This principle of excellence greatly influenced me and played a significant role in my upbringing.

What was the most challenging aspect of your undergraduate experience?

I would say the clinical exams. It is all well and good to study extensively for clinical exams, but anything can happen and you cannot predict the specific case you will be given. For example, you may be asked to perform a tooth extraction on a patient while being evaluated by an external examiner. What if the tooth breaks? There are numerous unpredictable variables in these situations.

Which of the courses you took proved to be challenging?

Singling out a particular course is difficult since I excelled in almost all of them with 12 distinctions. However, there are courses that I may not have enjoyed as much as others, but I strived to maintain consistency throughout.

Did you have any fears about not meeting the general expectations, considering that your classmates thought you would emerge as the best in your third year at the university?

Certainly, I was extremely worried because if you fail the clinical exams, it doesn’t matter how well you did in the written part, you fail everything. In my mind, it felt like failing after all the years of pain and struggles.

As a medical student at LASUCOM who was a slow reader, did you have a study routine?

Having a pattern or routine is always necessary, especially in medical school as it is a long and challenging journey. A routine helps to minimise the need for excessive thinking and planning; you simply follow it. Over time, my study patterns changed in response to the different approaches required for various classes.

Do you plan to replicate that in your future academic endeavours?

Well, it depends. I will plan to adapt it according to the requirements.

As a medical student who needed to study hard, did you have time for other activities, like socialising?

I did manage to make time for leisure activities, as it is crucial for maintaining consistency in the long run. However, I am primarily introverted, so my idea of a good time differs from most. I occasionally go out, but I prefer staying indoors and binge-watching anime.

You speak passionately about Dentistry. What inspired you to study the course?

LASU best graduate

Initially, it was circumstantial. However, I eventually realised that Dentistry, to me, represents the ultimate expression of the sciences, which is what makes it fascinating. In addition to studying Medicine and Surgery, you have to complete courses that usually take four to five years in just a few months, such as Anatomy, Physiology, Biochemistry, and Pharmacology. In my opinion, this course combines various disciplines such as engineering, material science, rheology, and visual and creative art, making it the closest to getting comprehensive knowledge.

With all that, did you not experience exam anxiety?

Yes, I did experience exam anxiety, but I managed to overcome it by being overly prepared. Before taking exams, I followed a routine that involved taking deep breaths for about five minutes to calm my mind. Then, I began with the word, bismillah and with prayers. I believed that praying before an exam would make me rely on God for questions I couldn’t answer, rather than solely relying on my thinking and analysis. After the exam, I prayed again.

Do you have any favourite courses?

I don’t really have specific favourite courses because I needed to excel in all of them to achieve my goals. Each course had its advantages and disadvantages. Although oral and maxillofacial surgery is the most interesting to me; it also tends to be the most stressful. Restorative dentistry is enjoyable as well, although certain aspects may not be as pleasurable as others. I have always had an affinity for oral pathology, as I enjoy the field of pathology in general. However, one downside is that it doesn’t involve a lot of hands-on skills, so I don’t have a particularly favourite aspect.

You said you bagged 12 distinctions. What were the awards or prizes you received at the university?

Yes, I received some during our induction ceremony, and others are pending at the convocation. I also received several awards throughout my academic journey and in other areas. I received the Vice Chancellor’s Scholar Award in 2017. I received the highest score in the first professional Bachelor of Medicine, Bachelor of Surgery/Bachelor of Dental Surgery examination awarded by the Muslim Students’ Society of Nigeria on August 16, 2019, as well as the highest score in the second professional BDS examination awarded by the Muslim Students’ Society of Nigeria on August 16, 2019. I also came in as the first runner-up in the tweezers quiz competition organised by the Lagos State University Association of Dental Students on November 22, 2019. I also achieved the highest score in the fourth professional BDS examination, awarded by the Muslim Students’ Association of Nigeria on August 6, 2022, and I was awarded the highest score in the third professional BDS examination by the Lagos State University Association of Dental Students on November 25, 2022.

Also, I received the Lagos State University Association of Dental Students Award of Service as the Vice President on November 25, 2022, also the Lagos State University College of Medicine Award of Service as the Vice President of Lagos State University Association of Dental Students on December 14, 2022. I bagged the Lagos State University College of Medicine Award for the Best Graduating Student BDS on August 2023, and the Lagos State University Association of Dental Students Award for the Best Graduating Student on August 2023.

What are the important lessons that students can learn from you, considering that not everyone in your class graduated with a distinction?

Students can be inspired by my determination, tenacity, strong work ethic, foresight, depth of thinking, and self-awareness. As for my classmates, I cannot provide a specific answer because they are truly exceptional individuals. I consistently express my admiration for their skills and accomplishments, and I am unable to pinpoint the exact reasons why they did not all bag distinctions.

How are you mentoring younger students or prospective medical students?

I have a lot of experience speaking to students and it is something I am very passionate about. As the former vice president of my department association, student welfare is a priority for me. When I talk to students, I always emphasise the importance of focusing on their strengths and working on improving their weaknesses. In life, consistency holds great significance. It does not mean giving 100 per cent effort every single day, as that is not always feasible. Instead, I believe consistency is about striving to give around 60 to 70 per cent effort consistently daily. I also stress the importance of managing one’s willpower. Contrary to popular belief, willpower is not unlimited. The more tasks and responsibilities that rely on it, the less energy and willpower remain for studying and other important activities. It is crucial to prioritise and determine what one truly wants to excel in academically. But I must also mention that achieving academic excellence requires significant sacrifices.

In medical school, anyone can fail. Some fail due to the lack of seriousness, but for the majority, I believe the system is not tailored to their strengths. However, it is worth noting that getting into medical school in the first place indicates exceptional abilities.

What was your most memorable experience at LASUCOM?

The period of junior operative techniques stands out as my most memorable time. The camaraderie and unity among my classmates during that period were remarkable. We functioned as a team, like a well-coordinated machine, working together towards a common objective. Another was after my second professional exam; I got three distinctions out of three, which added up to a total of six distinctions at that point. This incredible accomplishment filled me with an indescribable sense of joy and confidence. Previously, I had always had doubts about my abilities, despite knowing that I was talented. However, after that moment, I had a deep conviction that I would surpass expectations and set new records. Additionally, as the vice president of a student association, the day the association successfully organised its health week was remarkable. The academic symposium, which fell under my jurisdiction, was particularly outstanding. It was filled with innovative ideas for overcoming challenges, and I felt an immense sense of pride and gratitude towards my team.

Since you graduated, what have you been engaged in?

I have been involved in statistical analysis for research, although it has been challenging due to starting my internship just two days after my induction.

What is the career prospect in dentistry?

In the field of dentistry, job security is not as much of a concern compared to other specialities. However, it remains a daunting reality for many. Nigeria as a country needs to shift its focus from consumption to creation, which I firmly believe will address numerous issues, including job availability.

I would have felt extremely disappointed if I had graduated with an excellent grade as I had set high aspirations for myself. I had been working towards earning the highest grade point average possible since my university years. Receiving distinctions was the final achievement I had calculated and strived for.

There were times I considered giving up, but when I looked at all the sacrifices I had to make, it didn’t seem worth it. However, in the end, it was worth it. Everyone in medical school experiences a love-hate relationship with academic work. It demands so much from you and continues to demand more. You start to question yourself in the 400 level when you see your classmates who completed four-year courses already starting their lives, while you are only halfway through, and COVID-19 still added more than a year to it.

As a young dentist, how do you plan to enhance your skills and make a difference in the sector?

I am already on a path to achieve those goals. Dentistry places great emphasis on practical skills, so I am striving to gain as much hands-on experience as possible during my training. In addition, it is crucial to raise awareness about oral health. I believe this is the most significant impact one can have in the field. Furthermore, I aim to learn advanced procedures and directly apply them to benefit the people of Nigeria.

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Ballon d’Or winners - Complete list

Since its inception in 1956, the prestigious annual football award has been presented to some of the biggest names in the sport. Discover all the winners below, including the Ballon d'Or Feminin.

Lionel Messi holds the record of most Ballon d'or wins.

(2021 Getty Images)

Football legends Johan Cruyff, Eusébio, Gerd Müller, Zinedine Zidane, Ronaldo and Lionel Messi have all won the prestigious Ballon d'Or or ‘Golden Ball’, which honours the best player of the season.

Messi currently holds the record for most Ballon d'Ors with seven, while five-time winner Cristiano Ronaldo has the most nominations with 18.

The Ballon d’Or has been awarded every year since 1956, except 2020 due to the COVID-19 pandemic.

Stanley Matthews of England was the first-ever player to receive the prize, which was created by French news magazine France Football.

In 2018, the Ballon d'Or Féminin was awarded for the first time, with Norway’s Ada Hegerberg being the inaugural recipient.

Find the full list of Ballon d’Or winners below.

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Ballon d’Or winners - Complete list

Year Winner

BALLON d'OR MEN

2022 Karim Benzema (France)

2021 Lionel Messi (Argentian)

2020 Not awarded due to the 2020 COVID-19 pandemic

2019 Lionel Messi (Argentina)

2018 Luka Modric (Croatia)

2017 Cristiano Ronaldo (Portugal)

2016 Cristiano Ronaldo (Portugal)

2015 Lionel Messi (Argentina)

2014 Cristiano Ronaldo (Portugal)

2013 Cristiano Ronaldo (Portugal)

2012 Lionel Messi (Argentina)

2011 Lionel Messi (Argentina)

2010 Lionel Messi (Argentina)

2009 Lionel Messi (Argentina)

2008 Cristiano Ronaldo (Portugal)

2007 Kaká (Brazil)

2006 Fabio Cannavaro (Italy)

2005 Ronaldinho (Brazil)

2004 Andriy Shevchenko (Ukraine)

2003 Pavel Nedvěd (Czechia)

2002 Ronaldo (Brazil)

2001 Michael Owen (England)

2000 Luís Figo (Portugal)

1999 Rivaldo (Brazil)

1998 Zinedine Zidane (France)

1997 Ronaldo (Brazil)

1996 Matthias Sammer (Germany)

1995 George Weah (Liberia)

1994 Hristo Stoichkov (Bulgaria)

1993 Roberto Baggio (Italy)

1992 Marco van Basten (Netherlands)

1991 Jean-Pierre Papin (France)

1990 Lothar Matthäus (Germany)

1989 Marco van Basten (Netherlands)

1988 Marco van Basten (Netherlands)

1987 Ruud Gullit (Netherlands)

1986 Igor Belanov (Soviet Union)

1985 Michel Platini (France)

1984 Michel Platini (France)

1983 Michel Platini (France)

1982 Paolo Rossi (Italy)

1981 Karl-Heinz Rummenigge (West Germany)

1980 Karl-Heinz Rummenigge (West Germany)

1979 Kevin Keegan (England)

1978 Kevin Keegan (England)

1977 Allan Simonsen (Denmark)

1976 Franz Beckenbauer (West Germany)

1975 Oleg Blokhin (Soviet Union)

1974 Johan Cruyff (Netherlands)

1973 Johan Cruyff (Netherlands)

1972 Franz Beckenbauer (West Germany)

1971 Johan Cruyff (Netherlands)

1970 Gerd Müller (West Germany)

1969 Gianni Rivera (Italy)

1968 George Best (Northern Ireland)

1967 Flórián Albert (Hungary)

1966 Bobby Charlton (England)

1965 Eusébio (Portugal)

1964 Denis Law (Scotland)

1963 Lev Yashin (Soviet Union)

1962 Josef Masopust (Czechoslovakia)

1961 Omar Sívori (Italy)

1960 Luis Suárez (Spain)

1959 Alfredo Di Stéfano (Argentina)

1958 Raymond Kopa (France)

1957 Alfredo Di Stéfano (Argentina)

1956 Stanley Matthews (England)

BALLON d'OR WOMEN

2022 (Ballon d'Or Féminin) Alexia Putellas (Spain)

2021 (Ballon d'Or Féminin) Alexia Putellas (Spain)

2020 (Ballon d'Or Féminin) Not awarded due to the 2020 COVID-19 pandemic

2019 (Ballon d'Or Féminin) Megan Rapinoe (United States)

2018 (Ballon d'Or Féminin) Ada Hegerberg (Norway)

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Pochettino to revert to usual setup for Brentford

By Simon Phillips

Chelsea are back in Premier League action this weekend and once again, it’s against a London club.

Brentford make their short trip to Stamford Bridge to face Chelsea for the 12.30pm kick off in front of the TV cameras.

Chelsea are off the back of four games unbeaten, winning three of them – putting themselves into a slightly better league position in 10th.

Brentford have only won one game in their last five and after nine games in, have become the draw specialists drawing the majority, losing three, and winning two.

They are down 14th spot, but just two points below Chelsea.

Chelsea are just four points off top six right now and a win will do wonders.

Chelsea have a big 59% win probability for this game, with Brentford only having 18%.

In their last game, Brentford beat Burnley 3-0 but the visitors did have a player sent off. They’ve lost to Everton and Newcastle this season.

On paper, Chelsea will be considered the favourites for this one, but we must not be taking that for granted because Brentford are a very good team and are more than capable of coming to The Bridge and getting a result on Saturday.

They have a decent manager in Thomas Frank and we know they will arrive very organised, tough to break down, and fully up for the game and ready to match our energy and intensity.

Against Burnley they setup in a 4-3-3 formation, which I expect to match our own formation this weekend.

This fixture probably brings one of the ones with the least amount of history. Chelsea and Brentford have only met 19 times in their history, with Chelsea winning 10 of them and losing 6.

But, it is Brentford who have got the better of Chelsea recently, winning 2-0 at Stamford Bridge back in April, and being unbeaten against Chelsea in the whole of 2022, including a 4-1 win thrashing of Chelsea at The Bridge.

Time to start beating Brentford again, Chelsea!

In terms of Mauricio Pochettino’s starting lineup, it’s now becoming quite hard to call – especially after the surprise lineup he went for against Arsenal; a tactical masterclass that worked a treat and should have seen us win the game.

But will he go for that against Brentford? Or was that just to stop Arsenal controlling the game in the middle of the park? I think it was probably the latter, and I can see something like this from the off on Saturday:

Chelsea XI v Brentford

Chelsea XI v Brentford

There are some very tough calls in here, mostly whether Mykhailo Mudryk starts or Raheem Sterling. Or whether we don’t got with an out and out striker again and get all three of Sterling, Mudryk, and Palmer starting. Part of me thinks we might actually see that again you know? With Palmer playing more centrally, where he is better in my opinion. So I am a bit split, I think we could see that the more I think about it.

The other big call is at the back with either Axel Disasi or Marc Cucurella starting. I think both have been decent in their last few games, so it’s such a tough call to make. I prefer Levi Colwill centrally though so I think I’d use Cucurella at left back. There is even a call that Cucurella has made himself un-droppable right now?

Plenty of big decisions for Pochettino to make and once again, I am glad it is him and not me.

Armando Broja has trained this week and should be available, so there is even a chance that he gets put in.

And the result, and whisper it, I am actually confident of a Chelsea win. I am going for 2-0 to Chelsea!

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Mixed feelings on CBN’s forex ban reversal

By Anozie Egole

Major operators in the Nigerian Maritime sector have argued back and forth over the decision of the new Governor of the Central Bank of Nigeria, Dr Yemi Cardoso, to remove the ban on forex for imports of 43 items into the country. While some are of the opinion that the decision won’t benefit the economy much, others say it is a step in the right direction. ANOZIE EGOLE reports

When the Central Bank of Nigeria, precisely on the 12th of October 2023, announced that it had lifted the ban on the issuance of forex for the importation of rice, vegetable oil, and poultry products among other 43 items, many Nigerians took a deep breath of relief.

At least, they believe that the pronouncement will drive down the price of rice (the commonest food consumed by Nigerians) which has gone as high as N52, 000 per bag (depending on the quality), as at the time the forex ban was lifted.

The PUNCH reported that the Central Bank of Nigeria had lifted the ban on importers of 43 items restricted from accessing foreign exchange on its official platform.

The Apex bank disclosed this in a statement titled: “CBN restates commitment to boost liquidity in forex market”, signed by the Director of Corporate Communications, Isa AbdulMumin, on Thursday.

“Importers of all the 43 items previously restricted by the 2015 circular referenced TED/FEM/FPC/GEN/01/010, and its addendums are now allowed to purchase foreign exchange in the Nigerian foreign exchange market,” the statement said.

The apex bank said it would continue to promote orderliness and professional conduct by all Nigerian foreign exchange market participants to ensure market forces determined exchange rates on a willing buyer – willing seller principle.

It added that “The CBN reiterates that the prevailing foreign exchange rates should be referenced from platforms such as the CBN website, FMDQ, and other recognized or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

“As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian foreign exchange market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.”

The statement said the CBN was committed to accelerating efforts to clear the FX backlog with existing participants and would continue dialogue with stakeholders to address the issue.

It stated, “The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above.”

However, many maritime practitioners are saying that the new move by the apex bank may be of little or no consequence to the sector, if the issues of the exchange rate are not promptly addressed.

What practitioners say

Even though the move was lauded by some maritime practitioners, others are of the opinion that until drastic measures are taken to address the issue of forex, much impact won’t be felt in the sector because of the move.

The founder of the National Council of Managing Directors of Licensed Customs Agents, Mr Lucky Amiwero, said, there may not be much difference with the new directive of the CBN.

“They only ban forex for the items. Bringing it back I do not see much effect in the sector because it has been banned for a very long time. People may not rush to it immediately because of the high exchange rate. The exchange rate is not something that is stable; it is continuously moving high up, so it is going to take some time before it will stabilise. It may not really have a serious effect. Importing still has to contend with the floating exchange rate which is something that has been affecting importation into the country,” he added.

“If exchange rate continues like this, a lot of people may be discouraged from importation,” he warned.

When you look at what is happening in the country, it is going to affect import and the country at large, so the Central Bank has to work hard. Forex that is not stable will affect the importation of these items, especially rice. A lot of people are just watching and there are so many factors that has made it so. If the exchange rate is not stable, people might not go into rice importation.” Amiwero added.

Also speaking, a member of the Association of Nigerian Licensed Customs Agents, Sikiru Remilekun, said that there may not be much-noticed difference with the lifted ban on rice imports.

Remilekun warned that the importers of these commodities may have to face stiff opposition from local manufacturers who won’t be happy with the lifting of the ban.

The president of the trans-border traders association, Nasiru Salami, fingered insecurity among others as the reasons Nigerian farmers aren’t able to produce enough of these agricultural products.

“I think there is something we should understand. It is a very good policy to ban the importation of goods which are produced in the country, but if you don’t have an alternative, it is a problem. Ask yourself, Nigeria-made rice is about N46, 000 per bag of 50kg while imported Indian rice is N43,000 per bag, and there are other imported bags of rice which are about N53,000 per bag. When you look at all the imported rice you find out that they will pay for transportation, they will pay duties in the countries they are coming from. So, when you look at it, you will see that with that, you are enriching some people.

Nobody is happy to encourage the importation of agricultural products as Nigeria has the potential to produce them, but because of the security challenges, most of the farmlands have been destroyed, and now most of them have relocated to the cities. And all these things are making agricultural products become expensive. The lack of infrastructure is the thing that made these products expensive. When you ban goods that you cannot supply, the smugglers will be making money for themselves and the currency will continue to be devaluated. Because those products that you ban will come in through smuggling and they have to look for foreign exchange and when you are not exporting, you rely on importation from the neighboring countries that have already collected their taxes and now they will sell it to you. There is no way you won’t have problems, your money would be devaluated because many people have to move to buy those products outside Nigeria.

Also reacting to the lifting of the forex ban, a former National President of the National Association of Government Approved Freight Forwarders, Eugene Nweke, believed that the move will engender forex flexibility and liquidity.

He said, “It will engender forex flexibility and liquidity because importers specialising in the imports of the listed items who before now reduced their import volume will explore the difference between the rates at the parallel and official markets.”

According to Nweke, “Many investors (foreign manufacturers) will explore the opportunity to reappoint product brand sole distributors or outsource local manufacturing or assembly, implying that a lot of business MOU’s (outsourcing deals will be entered into which will also attract foreign capital) will thrive, thereby increasing commercial activities and in the overall, it will boost forex performance and turnover. It will also increase ship calls to port and cargo throughputs. In addition, other related services, revenue generation, and job creation will thrive as well.”

Way forward

There is a need for the government to urgently address the issue of forex and rising exchange rates in order for the importers to enjoy the full benefits of the CBN’s reversed policy.

A seasoned freight forwarder and the founder of one of the biggest freight forwarding groups in Nigeria, NAGAFF, Dr Boniface Aniebonam, advised that for Nigerians at large and importers, in particular, to be happy, seized bags of rice should be given back to the importers.

In a statement sighted by the PUNCH, Aniebonam said, “A passionate appeal to release rice imports and goods seized by the Nigeria Customs Service, the consequences of ill and inappropriate actions of the former administration of the Central Bank of Nigeria.”

Aniebonam, however, thanked the President, Bola Tinubu, for taking the popular trade-related decision to reverse the policies of the former administration.

He said, “It is already in the public domain that the new CBN governor had made it clear that he will be concentrating on the monetary policy of the apex bank rather than dabbling into fiscal policy trade. We can authoritatively say that a Daniel has come to judgment. Once again congratulations and thanks to Mr. President for making appropriate appointments in line with his mantra of new hope for Nigeria.”

According to him, “And so there were no reasons to confiscate and seize rice imports and the 43 items of innocent traders. Indeed we all know the existence of bills for collection in our foreign trade transactions. Honestly, Nigerians must remain very grateful to the officers and men of the customs, always deploying discretional powers in carrying out their statutory duty. Having said all these to the honorable minister and the comptroller General of Customs, we urge you to approach Mr. President to grant amnesty to all the people whose goods were seized and still within the custody of the NSC to take delivery of their imports. This is because the customs do not have reasons to seize such goods in the first instance. They were not banned and never breached customs laws and or trade policy. We want to believe that the rightful owners will want and be ready to pay appropriate customs duty and any other surcharge thereto and take delivery of their goods. It is even to the advantage of revenue due to the government than the sale of the auction,” he urged.

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'A very clear win': Fabrizio Romano shares who is set to win the Ballon d'Or now - Erling Haaland or Leo Messi

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'A very clear win': Fabrizio Romano shares who is set to win the Ballon d'Or now - Erling Haaland or Leo Messi

Srinivas Sadhanand

It has been revealed whether Erling Haaland or Lionel Messi is set to win the Ballon d’Or during the official ceremony in Paris on Monday.

This comes from Fabrizio Romano’s YouTube channel as there has been a constant debate around who should take home the prestigious award.

Now, whether Erling Haaland or Lionel Messi looks likely to lift the esteemed Ballon d’Or trophy has been revealed.

Fabrizio Romano says Lionel Messi is expected to beat Erling Haaland to ‘clear’ Ballon d’Or win

Recently, Pep Guardiola voiced his support for the Manchester City striker to win the award, after having scored 52 goals in 53 games in all competitions as he also lifted a historic treble.

However, the Spaniard also admitted that the World Cup winner would be a worthy awardee, considering the standards he sets season after season.

Now, Fabrizio Romano has indeed reported that Lionel Messi is set to trump Erling Haaland to win the eighth Ballon d’Or of his career.

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“I told you, if you remember, Leo Messi’s plan for the next months. I told you Messi will be there in Paris. And I can tell you Messi will not be there just to see someone else win. Messi is expected to be there with the Ballon d’Or in his hands because all the expectations and all the indications are very clear, waiting for official confirmation on Monday.”

“But on a very clear win for Leo Messi to be the Ballon d’Or winner, 2023.”

Erling Haaland should feel hard done by

Ultimately, the Norwegian superstar has every right to feel sorry for himself if Lionel Messi does end up winning the Ballon d’Or over him.

While the Argentine’s storied World Cup win deserves applause, when considering the entire calendar year, Haaland outdid him by some distance as he emerged as the best player in the world.

Messi’s club campaign, on the other hand was top-drawer but was not even close to Haaland’s heroics, which would make this reported verdict a rather bizarre one.

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Nigerian Student Breaks Record In SAT

Sochima David Chukwudi, a student of the Nigerian Tulip International College (NTIC), has broken a record in the Scholastic Aptitude Test, also known as the.

By Seun Adeuyi

Sochima David Chukwudi, a student of the Nigerian Tulip International College (NTIC), has broken a record in the Scholastic Aptitude Test, also known as the SAT, where he scored 1590 out of the maximum score of 1600 points.

SAT is taken by high school juniors and seniors applying to colleges and universities. This exam can be taken internationally six times during the year.

This means that an NTIC student now proudly holds the record of the highest scorer in the quite competitive and challenging test.

Speaking after the win, Chukwudi, a scholarship student from Annual National Mathematics Competition (ANMC), an annual national mathematics competition organized by NTIC, said: “There are many preparatory options and materials, but I believe that apart from the great supports from my teachers, self-study is the best way to go.

“There were two major factors that played out in this outstanding score. Firstly it was the grace of GOD that saw me through and secondly was intensive reading, determination and hard work. It took me months of reading, studying, preparing and practicing for this exam. I also used a lot of websites materials to practice and understand what the SAT is all about. I can also say for sure that I had a lot of sleepless nights and I am grateful to GOD that those nights paid off.

“The most important thing in passing this exam (SAT) is focus. I believe that anyone writing the SAT should have it in mind that this outstanding score does not come so easily because it will require your time, focus, determination, setting of goals, resilience, energy, patience, practice and prayers. Preparing for the exam is tiring and stressful especially the sleepless nights but never give up on yourself and do lots of reading rather than engaging in irrelevant things

“I am actually extremely grateful to my NTIC teachers for putting the pieces of me together, especially in my academics. In short NTIC is wow. They are and will remain the best. I really appreciate their effort because my story can’t be complete without them.

Fevzullah Bilgin, managing director of NTIC, said : “It is with immense pride and joy that I announce a monumental achievement within our institution. David Sachomi, a student from NTIC, under our dedicated guidance and nurturing, has achieved an extraordinary SAT score of 1590 out of 1600, marking an outstanding milestone for our school and solidifying its reputation for academic excellence.

“This remarkable feat not only distinguishes our school within Nigeria but also positions it on the global academic stage. A score of 1590 on the SAT is not only one of the best in the country but is a testament to the quality of education we provide and the exceptional talents we are privileged to cultivate.

“David’s achievement is the result of his unwavering dedication, hard work, and the unshakable determination he has demonstrated throughout his academic journey. It is also a testament to the expertise, guidance, and tireless support of our exceptional educators who have played an integral role in his success. Our teachers are at the heart of our school’s mission, and their contributions are invaluable in shaping bright minds like David.”

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