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‘How mutual funds create wealth, support infrastructure’

mutual funds

Investments in mutual funds have been described as a veritable tool to the creation of wealth, expansion of business operations and needed capital for the development of critical infrastructure in Nigeria.

Besides making liquidity available in the system, mutual funds offer a range of benefits to investors, including portfolio diversification and lower transaction costs, while increasing returns.

A mutual fund is a pool of funds brought together by a professional fund manager from several investors to invest in selected underlying securities.

The Head of Research at FSDH Merchant Bank Limited, Ayodele Akinwunmi, in a note to The Guardian, affirmed that proceeds of mutual fund can be channelled to address critical infrastructure either directly or indirectly.

“This would promote the competitiveness of the economy, enabling businesses to expand operations and employ more people, and would assist government at all levels in generating more tax revenue,” he said.

However, analysis by FSDH Research observed that mutual funds need more support than is currently available from the government, regulators and operators in investment management, to enable potential investors to fulfil their wealth creation and developmental roles.

“Government could offer tax incentives to investors who are committed to a regular investment plan in mutual funds. It could also create an enabling environment that will lead to job creation in the country in order to increase savings and investable funds.

“Regulators could promote innovative legislation to increase investment in mutual funds and expand investment channels to increase returns on the funds invested.

“The existence of a Trustee and Custodian to a mutual fund ensures the safety of investments. As the Trustee ensures that the fund is managed in line with approved investment guidelines, the Custodian holds the fund assets,” the research noted.

According to the research, Fund Managers Association of Nigeria (FMAN), should intensify public awareness on the benefits of mutual funds to generate adequate interest from the investing public.

It noted that the mutual fund assets in Nigeria have grown significantly in the last five years, an indication of the growing interest in this class of investment, adding that there is significant room for growth in mutual fund assets, as the ratio to the Gross Domestic Product is estimated at paltry 0.51 per cent.

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Saraki, Atiku react to death of two pilots, three others in Air Force helicopter crash

Senate President, Bukola Saraki has reacted to the death of two Nigerian Air Force pilot and three others in a military helicopter crash on January 2, in Damasak, Borno State.

DAILY POST had reported that Air Commodore, Ibikunle Daramola, on Thursday, said the 5 crew members, who were on board the Nigerian Air Force (NAF) Mi-35M  Helicopter which crashed in combat yesterday, 2 January 2019, died while providing close air support to troops of 145 Battalion, Damasak in Borno State.

Reacting, Saraki in a tweet on his official Twitter Page commiserated with the family of the deceased.

He said, “My prayers are with the families of Flight Lieutenant Perowei Jacob; Flight Lieutenant Kaltho Paul Kilyofas; Sergeant Auwal Ibrahim; Lance Corporal Adamu Nura; and Aircraftman Meshack Ishmael on the loss of these great men.”

Also, reacting , the Presidential candidate of the Peoples Democratic Party, PDP, Alhaji Atiku Abubakar, prayed that the fallen heroes rest in peace.

He tweeted, “I condole with the families & the Air Force over the death of 5 gallant NAF officials in a helicopter crash. May the souls of Fl. Lt. Perowei Jacob, Fl. Lt. Kaltho Kilyofas, Sgt. Auwal Ibrahim, L. Cpl Adamu Nura & Aircraftman Meshack, rest in peace.”

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We won’t negotiate 2023 Igbo presidency, S-East APC chieftains tell Obasanjo

ENUGU—THE All Progressives Congress, APC, chieftains in the South-East, have told a former President of Nigeria, Chief Olusegun Obasanjo  to “give Ndigbo a break,  because 2023 is the turn of Igbo extraction to produce the President of Nigeria.”

Osita Okechukwu

Director General of Voice of Nigeria, VON, Mr. Osita Okechukwu made the assertion, while speaking alongside the APC national vice chairman, South East, Emma Eneukwu and Minister of Science and Technology, Dr Ogbonnaya Onu, during the South-East APC stakeholders meeting. They argued that  it was only Ndigbo that had not occupied Aso Presidential Villa.

Okechukwu said: “Let me thank our elder statesman, Chief Olusegun Obasanjo for  urging Nigerians to give Ndigbo a chance and for recognising the fact that  out of the three major  ethnic nationalities, only Ndigbo had not occupied Aso Presidential Villa.

This being the case, he should give us a break. 2023 is our turn to produce the President as the  equity, natural justice and good conscience hinted by Obasanjo is to our advantage.

“The only reinforcement Ndigbo need to compliment this immeasurable equity, natural justice and good conscience is to vote for President Muhammadu Buhari. Voting for Buhari will elicit support from his cult followership. Buhari I know will not embark on 3rd Term like Obasanjo. The truism is that Buhari’s remaining 4 years post 2019   is cast in constitutional stone; unlike Atiku’s own which is at best a pledge, hence creates fluid 8 years for Obi and by extension Ndigbo”, He said.

Also speaking, the  APC  national vice chairman, South East, Emma Eneukwu who appealed to south-easterners to massively vote for Buhari in the forthcoming election to justify 2023 presidency, pointed out that the president has only four years to stay in office as the constitution stipulated.

He said: “We are here to prepare for 2019 election which will hold in the next few weeks to elect President Muhammadu Buhari so we can have a chance in 2023. The problems of Nigeria will stop when an Igbo person becomes the president of this country.

“We have to  show  interest in the Presidential race in 2023 by uniting ourselves with one voice.”

In an address, the Minister of Science and Technology, Dr Ogbonnaya Onu  disclosed that APC has taken over the whole South East and would deliver Buhari in 2019.

Onu disclosed that APC got more votes in 2015 and would be better in 2019, adding that the party has mobilised more members to vote massively for the party.

He appealed to South-East leaders to watch the political dimension and support Buhari who has only 4 years to stay in office.

“We want to show the country in 2019 that APC has taken over the south-east. The stakeholders of the party played an important role in 2015 and we are mobilising more people to vote massively for the party in 2019”, Onu said.

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Manchester City End Liverpool’s Unbeaten Run To Reignite Title Race

Manchester City’s striker Sergio Aguero (3rd R) celebrates with teammates after scoring the opening goal of their clash against Liverpool at the Etihad Stadium in Manchester… on January 3, 2019. Photo: Paul ELLIS / AFP

Manchester City inflicted Liverpool’s first Premier League defeat of the season to breathe new life into their title defence with a 2-1 victory at the Etihad on Thursday.

City now trail Jurgen Klopp’s men by just four points thanks to Leroy Sane’s winner 18 minutes from time after Roberto Firmino had cancelled out Sergio Aguero’s first-half opener for the hosts.

A run of nine straight league wins had given Liverpool a commanding lead at the top of the table as they edged towards a first top-flight title since 1989/90, particularly after City suffered back-to-back shock defeats to Crystal Palace and Leicester to begin the festive season.

With no more league meetings between the sides to come, Liverpool’s destiny is still in their own hands, but they will now have the pressure of having a City side that romped to the title with a record 100 points last season on their tails.

Jurgen Klopp had predicted a “thunderstorm” of a start from the champions to match the Champions League quarter-final second leg between the sides last season when City roared into an early lead before Liverpool fought back to win 2-1 on the night and 5-1 on aggregate.

However, despite City’s dominance of possession, it was Liverpool who looked the more assured in the early stages.

And only the finest of margins denied the visitors the lead on 19 minutes when Sadio Mane burst onto Mohamed Salah’s pass and saw his shot come back off the inside of the post.

John Stones then smacked his panicked clearance into City goalkeeper Ederson but the England international redeemed himself by clearing just before all of the ball had crossed the line.

City were also handed a reprieve by referee Anthony Taylor when captain Vincent Kompany only saw a yellow card for a wild two-footed lunge on Salah.

At the other end Virgil van Dijk was again justifying his tag as the world’s most expensive defender to keep City’s array of attacking talent quiet with he Dutchman standing tall to block David Silva’s effort.

However, a Liverpool defence that had not conceded twice in the same game all season in the league before kick-off was breached when City managed to free Aguero from Van Dijk’s shackles.

Sane threatened first with a pacey burst down the left and rising drive that Alisson Becker parried.

But City recycled possession and Aguero beat Dejan Lovren to Bernardo Silva’s cross before firing into the roof of the net to score for the seventh time in seven home league games against Liverpool.

Despite a combination of nerves and fatigue at the end of a gruelling festive period, the game truly came to life in a pulsating second-half.

City had claims for a penalty waived away when Raheem Sterling tumbled under a challenge from Andy Robertson before the Scot was to play a vital part Liverpool’s equaliser.

One Liverpool full-back picked out another as Trent Alexander-Arnold’s cross was met perfectly by Robertson to square for Firmino to head into an empty net.

Pep Guardiola had his head in his hands when a slack pass from Sane set Liverpool free on the counter-attack moments later, but within seconds the German showed what he is capable of as he latched on Sterling’s pass before firing in off the far post.

Alisson demonstrated why Liverpool spent a then world record £67 million for a goalkeeper in July to bolster their title chances with a brilliant save from Aguero as the Argentine tried to round him at the end of a blistering City counter-attack.

Seconds later it was the turn of his understudy in the Brazil side to make a huge save as Ederson denied Salah as tempers flared with Guardiola furious a free-kick wasn’t awarded City’s way before the Egyptian broke clear.

Sterling then wasted a great chance to ensure City didn’t have to see out a tense five minutes of stoppage time, but the hosts held out to put the title back up for grabs.

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Actress Uchenna Nnanna Maduka Celebrates Her Birthday With Stunning Photos

Uchenna Nnanna Maduka

Nollywood actress Uchenna Nnanna Maduka velebrates her birthday with beautiful photos.

Uchenna Maduka is a talented Nollywood actress who has featured in so many movies due to her actions and hardworking in the industry.

She is happily married with kids.

See more images:

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Escape Lion Kills Female Zoo Intern Just 10-days After She Started Work

A lion has killed a worker at a North Carolina zoological park after it escaped a locked enclosure during a routine cleaning.

Alexandra Black, a 22-year-old recent graduate of Indiana State University, had been an intern at the Conservators Center in Burlington, west of Durham, for about two weeks when she was attacked and killed, the Caswell County Sheriff’s Office said.

A statement by the Black’s family said she had died “following her passion.”

“Alex loved animals. Our beautiful, intelligent, passionate Alex had worked, unpaid, at several animal-related ventures, most recently at Wolf Park in Battleground, Indiana. This was her fourth internship, because she really wanted to make a career of working with animals,”
they said.

Black was a native of New Palestine, Indiana, according to the sheriff’s office. She had started working at the Conservators Center her first out-of-state internship 10 days ago, her family said. “She was a beautiful young woman who had just started her career, there was a terrible accident, and we are mourning,” the family said.

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Breaking: Panic As 18-seater Bus Catches Fire In Osogbo

A 18-seater bus is currently burning along Ede/Osogbo, opposite Osun state House of Assembly.

According to an eyewitness who spoke with Triotinaija, he said the bus heading outward Osogbo got flamed up while on motion. While the cause of the inferno is unknown, casualty figures cant be ascertain at report time.

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Davido’s Mom Spoke To Me And She’s Not Happy With Her Son – Kemi Olunloyo

Controversial journalist, Kemi Olunloyo has shared how Davido’s mom, appeared to her in a dream, and she’s claimed that she told him she’s not proud of her son, David.

The singer who is currently enmeshed in an assault controversy, is always at loggerheads Kemi, who had predicted something spectacular would happen at his concert in Lagos.

Kemi who claimed to be a prophet, had claimed most of the prophecies/predictions she made in the past have come to pass.

She wrote on Davido’s mum:

“#ProphetKOO. As a prophetic Investigative Journalist, I found my tweet and archived it. A week ago I predicted this.

I watched Daniel Anidugbe grow up and was really surprised when he collaborated with Davido a reckless mannerless young boy.”

“I even told you the song #OneTicket was cryptic. Sadly the phenomenal event was violent. In my dream Davido’s mom Vero said to me that her son has not made her proud.

At her funeral, I remember David was 10yo going on 11yo with a blank expression on his face.”

“I worry when young ppl lose parents.The same way many of us in the industry are watching on Jesse and D’Lila, Kim’s twins and of course Christian and Quincy. Justin, Chance and of course Diddy will guide them all.”

“Nobody is guiding Davido. Money is guiding him and Money can never buy real character. The list of apologies grows.”

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Tsunami kills 62 in Indonesia

Bodies of victims recovered along Carita beach are placed in body bags on December 23, 2018, after the area was hit by a tsunami on December 22 following an eruption of the Anak Krakatoa volcano. – A tsunami following a volcanic eruption killed 62 people and injured hundreds more as it slammed without warning into tourist beaches and coastal areas around Indonesia’s Sunda Strait on the night of December 22, sending panicked holidaymakers and residents fleeing. (Photo by Semi / AFP)

A tsunami following a volcanic eruption killed 62 people and injured hundreds more as it slammed without warning into tourist beaches around Indonesia’s Sunda Strait on Saturday night, sending panicked holidaymakers and residents fleeing.

Hundreds of buildings were destroyed by the wave, which hit the coast of southern Sumatra and the western tip of Java about 9.30 pm (1430 GMT) following the eruption of a volcano known as the “child” of the legendary Krakatoa, national disaster agency spokesman Sutopo Purwo Nugroho said.

Search and rescue teams were scouring rubble for survivors, with at least 584 people injured and twenty reported missing across three regions.

Dramatic video posted on social media showed a wall of water suddenly crashing into an open-air concert by pop group “Seventeen” — hurling band members off the stage and then flooding into the audience.

In a tearful Instagram post, frontman Riefian Fajarsyah said the band’s bassist and road manager had been killed.

Images of the aftermath of the tsunami in coastal areas show a trail of uprooted trees and debris strewn across beaches. A tangled mess of corrugated steel roofing, timber and rubble was dragged inland at Carita beach, a popular day-tripping spot on the west coast of Java.

Muhammad Bintang, who was at Carita beach when the wave hit, described a sudden surge of water that plunged the tourist spot into darkness.

“We arrived at 9pm for our holiday and suddenly the water came — it went dark, the electricity is off,” the 15-year-old told AFP.

“It’s messy outside and we still cannot access the road.”

In Lampung province, on the other side of the strait, Lutfi Al Rasyid said he fled the beach in Kalianda city in fear for his life.

“I could not start my motorbike so I left it and I ran… I just prayed and ran as far as I could,” the 23-year-old told AFP.

Initial error 
Authorities say the tsunami may have been triggered by an abnormal tidal surge due to a new moon and an underwater landslide following the eruption of Anak Krakatoa, which forms a small island in the Sunda Strait between Java and Sumatra.

“The combination caused a sudden tsunami that hit the coast,” Nugroho said, but added that Indonesia’s geological agency was working to ascertain exactly how it happened.

He added that the death toll would likely increase.

Video footage posted to social media by Nugroho showed panicked residents clutching flashlights and fleeing for higher ground.

Indonesian authorities initially claimed the wave was not a tsunami, but instead a tidal surge and urged the public not to panic.

Nugroho later apologised for the mistake on Twitter, saying because there was no earthquake it had been difficult to ascertain the cause of the incident early on.

“If there is an initial error we’re sorry,” he wrote.

The wave swamped parts of the coast around the Sunda Strait, but was most damaging in Pandeglang district, on Java’s western tip, where at least 33 people died and 491 people were injured.

Three people died further north in Serang, while seven were killed in South Lampung, on Sumatra island.

Heavy equipment was being transported to badly-hit areas to help search for victims, Nugroho said, adding evacuation posts and public kitchens were being set up for evacuees.

Abu Salim, a member of the Tagana disaster volunteer group, said he helped evacuate victims in Banten province.

“We evacuated the victims who died and were injured, we took them to health clinics … Most of them suffered from broken bones,” he said, adding he feared more were missing.

Although relatively rare, submarine volcanic eruptions can cause tsunamis due to the sudden displacement of water or slope failure, according to the International Tsunami Information Centre.

Anak Krakatoa is a small volcanic island that emerged from the ocean half a century after Krakatoa’s deadly 1883 eruption which killed more than 36,000 people.

According to Indonesia’s geological agency, Anak Krakatoa had been showing signs of heightened activity for days, spewing plumes of ash thousands of metres into the air.

The volcano erupted again just after 9pm on Saturday, the agency said.

An eruption just before 4pm on Saturday lasted around 13 minutes and sent plumes of ash soaring hundreds of meters into the sky.

Indonesia, one of the most disaster-prone nations on earth, straddles the so-called Pacific ‘Ring of Fire’, where tectonic plates collide and a large portion of the world’s volcanic eruptions and earthquakes occur.

Most recently in the city of Palu on Sulawesi island a quake and tsunami killed thousands of people.

In 2004 a tsunami triggered by a magnitude 9.3 undersea earthquake off the coast of Sumatra in western Indonesia killed 220,000 people in countries around the Indian Ocean, including 168,000 in Indonesia.

Anak Krakatoa is one of 127 active volcanoes which run the length of the archipelago.

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Kwam1’s Son, 8 Others Arrested Over $2m Fraud In The U.S .

Kwam 1 and his son

Nine Nigerians, including the son of veteran Fuji musician, Kwam 1, have been arrested in the U.S and Nigeria as part of an international investigation into online “romance scams” and “mystery shopper” schemes that made victims lose at least $2 million over the past two years.

During the Chicago-based investigation, dubbed “Operation Gold Phish,” law enforcement identified a variety of cyber-enabled fraud schemes allegedly carried out by conspirators in the U.S. and Nigeria.

A criminal complaint filed Dec. 4, 2018, in U.S. District Court in Chicago charged nine defendants with conspiracy to commit wire fraud.  Arrests were recently carried out in Illinois, Texas, and Nigeria, and all of the defendants are now in law enforcement custody.

The Nigerian EFCC is conducting a related investigation of other individuals in Nigeria. 

Arrested on the U.S. charges in Illinois were Daniel Samuel Eta, 35, Babatunde Ladehinde Labiyi, 20, Barnabas Oghenerukevwe Edjieh, 29, Kwam 1’s son, Sultan Omogbadebo Anifowoshe, 26, aka Ayinde; Babatunde Ibraheem Akarigidi, 39, Miracle Ayokunle Okunola, 21, Olurotimi Akitunde Idowu, 55.

Adewale Anthony Adewumi, 27, was arrested in Texas, and Olaniyi Adeleye Ogungbaiye, 26, aka DonChiChi, was arrested in Lagos, Nigeria.

Once the group got the money, they funneled the proceeds into their personal bank accounts or overseas, often Nigeria, the affidavit said. 

At least three times, the money was used to pay for vehicles on behalf of a Nigerian car company owned by one of the defendants. The charge in the complaint carries a maximum sentence of 20 years in prison.