Nigerian Economy Records ‘Worst Week’ Since 2008 - The Cable

In 2008, the world experienced an economic recession, which had devastating effect on millions.

One year after, the economy began to take shape, with that of Nigeria experiencing a steady gross domestic product (GDP) growth, which went as high as six percent in 2014.

But with low GDP forecast, controversial foreign exchange policy, subsidy weight and strange sanctions, it is glaring that the feat cannot be repeated in 2015.

Activities which took place in the business sector of the largest economy in Africa between October 26 and October 30 may lead to the conclusion that this is the worst week in Nigeria’s business history since 2008.

MTN GROUP VS NCC N1.04TR FINE

On Monday, the Nigerian Communications Commission (NCC) imposed a fine of N1.04tr on MTN Nigeria, the largest telecommunication network in the country, for failure to disconnect 5.1 million unregistered SIM cards.

The sanction, which is the strictest in the history of the country’s telecom industry, is capable of scaring investors, considering the fact that the fine is more than MTN’s annual profit – even during its peak periods.

MTN Nigeria

“It’s the last thing Nigeria needs, given the economic and political struggles it’s contending with at the moment. It’s concerning for MTN and in terms of the wider implications for foreign investment,” David McIlroy, chief investment officer at Alquity, said.

Though talks are ongoing between South African government and the NCC, the sanction is having effect on MTN as its stock is fast declining, losing over 19 percent of its share value on the Johannesburg Stock Exchange (JSE) in just three days.

LOSSES OF SHELL, OANDO AND JULIUS BERGER

With an exception of distressed banks, Oando recorded the largest loss by any company listed on the Nigerian stock exchange.

Result released at the close of business last week revealed that the oil firm lost N184 billion in the 2014 fiscal year.

The losing streak continued on Monday as the company’s first half loss stood at N35 billion and its Q3 results revealed a N127 billion ($63.5m) loss after tax.

On Wednesday, Royal Dutch Shell, which has massive business interest in Nigeria, posted a N1.48tr ($7.4b) loss for Q3.

Wale Tinubu, chief executive officer of Oando, blieves that apart from the dwindling oil prices, the weakness of the naira also contributed to the loss.



In like manner, Julius Berger had 72.6 percent decline in profit, with Total (Oil) losing 19.47 percent in the same quarter.

FEDERAL REVENUE, FOREIGN RESERVES HIT RECORD LOW

Speaking of naira weakness, Nigeria’s revenue generation, this week, fell to a record low since President Muhammadu Buhari took over power at the federal level.

The allocations shared by the three tier of government fell from N409 billion in June, N412 billion in September to N398 billion in October as revenues continued on a nosedive.

About the same time in October 2014, the tiers of government shared N593.3 billion made up of statutory revenue of N484.32 billion, N35.55 billion Subsidy Reinvestment and Empowerment Programme (SURE-P) funds and N6.33 billion refunded by the Nigerian National Petroleum Corporation (NNPC).

This brutal week did not spare the foreign reserves, as they also fell to a three-month-low, hitting $30.13 billion on Tuesday, leading the CBN to weaken the naira on the interbank market.

TSA FINE ON UBA AND FIRST BANK

It wasn’t also a good week for United Bank for Africa (UBA) and First Bank Nigeria Limited – two giant commercial banks in the Nigerian commercial space – as a fine of N4.8 billion fine was slammed on both financial institutions for breaching the treasury single account policy of the current administration.

First Bank

While First bank has confirmed payment of N1.8 billion, its own share of the fine, it is unclear if UBA had fulfilled its own obligation as at the close of business for the week.

STANBIC IBTC VS FRC

On Monday, the Financial Reporting Council (FRC) suspended four directors of Stanbic IBTC, with a request that the CBN and the Economic and Financial Crime Commission (EFCC) investigate the bank and KPMG for “financial misstatements”.

The four directors suspended are Atedo Peterside, Sola David-Borha (pictured below), Arthur Oginga and Dare Owei.

The bank responded by criticising the council for making “inaccurate and unfortunate” allegations and breaching the procedural guidelines laid down in the law.





The allegations were not without its consequences as Stanbic’s share price fell by 17 percent just after the sanctions were handed down, closing at N19.20 on Wednesday.

The bank also posted a Q3 result, with a 46.31 percent decline in profit.

INFLATION, NAIRA DEVALUTION AND THE MANY DEBATES

Respite not in sight as business leaders remain divided over Nigeria’s policy direction.

Five months after the new government took power, inflation has risen month-on-month by at least 0.1 percent, hitting an-eleven-month-high in October at 9.4 percent.

Muhammad Sanusi II, emir of Kano and former governor of the CBN, wants the government to end subsidy and review its foreign exchange policy.

“The president needs help on the economy and it is extremely important to understand that even if you have security, even if you fight corruption, you still need to have jobs, power, you still need to build agriculture, attract investments and that cannot be done if we continue dismissing the view of investors and foreigners who want to bring money into this country,” he said at a programme in Lagos, last week.



Vice-President Yemi Osinbajo, who is head of the Buhari’s economic team, has reiterated the country’s stance on the economy, saying there will not be further devaluation of the naira.

DAYS AHEAD

In the course of the week, Bismarck Rewane, CEO of Financial Derivatives, said “the naira is only misaligned temporarily”, suggesting that the current policy will have positive effect on the economy in the long run.

Osinbajo’s thoughts are in like manner, insisting that the government is adequately preparing for the 2016 recession forecast but Sanusi begs to differ, certainly the days ahead would be the judge.

Nigerians can only pray that the drivers of the economy are right with their economic policies, else, October 2015 would end up not being the worst economic month in the Buhari-led government.
Nigerian Economy Records ‘Worst Week’ Since 2008 - The Cable

MY AURA OF PROFUNDITY (a write up from a Nigerian chess prodigy)

My name is Abimbola osunfuyi. many consider me as highly intelligent and more reserved than the rest of the general population. I’m more reserved  because my taciturnity correlates to esotericism. The word esoteric means internally directed. I’m more focused on my inner world of thoughts and mental perceptions than the outer world of events maybe that’s why am more contemplative, intuitive and thoughtful and most especially  I’m highly misunderstood by those who are unlike me.

Sometimes People in general tend to tell me that I’m too serious, or ask if I’m okay. Some regard me as aloof or even arrogant and rude and there are those who try to draw me out thinking there is something wrong with me not being so friendly, social or external. Sometimes I usually get annoyed especially when others think such stupid things about me because their nature is different from mine. I find it hard to socialize and interact with the masses because others do not share my interests and ways of doing things, maybe that’s why I’m normally uncomfortable with social interactions and prefer to keep to myself, than converse with those that would bore the hell out of me. I love deep and long one on one conversation that explore profound thoughts or fascinating ideas instead of shallow or small talks in groups that’s why I would always remain as Tigran Spinoza and live in a world where the only one I trust is myself.

I’m a chess aficionado and an actuary.There is certain intellectual aura about chess. The game of chess is generally considered to be cerebral in tone, and is viewed as a game for scholars and geniuses. Most people think of chess as being extremely difficult to learn, to grasp and to play. Grasping a sophisticated game such as chess which initially appears to be extremely difficult if not impossible to learn creates a positive attitude, increased confidence and a heightened sense of control whereas Actuarial science is a profession for determined people, it is a profession for those who are strong and can endure pressure. Actuarial science entails computation (math and statistics) that is why anybody venturing into it must be somebody who loves figures and is ready for challenges involving them. ACS is a profession which uses the governed knowledge of mathematics and statistics with a profound knowledge on how to analyze past events, assess the present risks involved and model what could happen in the future. It also involves the calculation of insurance risk and premium. Mathematical methods, chaos theory and mutual methods have been amongst the methods recently employed by actuaries. An articulation of actuarial methodology provides a starting point for understanding the methods used by actuaries and of ensuring methodological consistency where such methods are used in combination. My career and a game of chess have more in common. Both require smart strategy and a confident sense of leadership to reach successful end goals. While most people know me as an actuary, they may not know that I’ve been playing chess for as long as a decade back. Thanks to the teachings of my chess instructor Mr. Boyo Paul kehinde; I ended up playing competitive tournament chess throughout my childhood and teen years. While I may have been considered a geek growing up, chess has defined my career path. My decisions are strategic, my end goal is well-planned and my moves are well calculated.

Over time , I’ve come to accept the concept that knowledge is power. In theory, when we have more knowledge, we can make better decisions. But for many of us, there can be a disconnection between knowing something and acting wisely on that knowledge.When it comes to knowledge there are different

kinds of knowledge and different ways of acquiring each kind. On one side is theory and on the other side is the practical application of theory. Both types

of knowledge are important and both make you better at whatever you do.

I think those who advance the furthest in life tend to be those who acquire knowledge at both ends of the spectrum and acquire it in a variety of ways. Theoretical knowledge — teaches the why. It helps you understand why one technique works where another fails. It shows you the whole forest, builds the context , and helps you set strategy. Theoretical knowledge can often lead to a deeper Understanding of a concept through seeing it in context of a greater whole and understanding the why behind it..Practical knowledge — helps you acquire the Specific techniques that become the tools of your Career. It sits much closer to your actual day-to-day;

Improvement and perfection. There are some things you can only learn through doing and experiencing. Where theory is often taught in the ideal of a vacuum, the practical

is learned through the reality of life.Practical knowledge can often lead to a deeper

understanding of a concept through the act of doing and personal experience.

Both of the above are important. You won’t survive in any career unless you can bring results and to do that you need practical knowledge. There’s no avoiding it.

At the same time learning how to solve a specific problem only teaches you how to solve that same problem again. Practice can only take you so far. Since all problems are precarious , solution to one problem brings you face to face with another problem.

Theory helps you apply what you learned solving one problem to different problems. The true masters of any career or discipline understand both ends of the spectrum. They put in the hours to acquire the practical techniques while also putting in the time to understand how those techniques fit into a larger context and tradition and why they work.Whether or not you go to school or jump directly into a career is a personal decision.However, focusing only on one side while ignoring the other will limit you in ways you maynever even realize. Finding the perfect career is perhaps life's greatest challenge .people are going to judge you no matter which path you choose. This is the age of millennia. There are 3 ways to be successful in this era of mine. Its either through education  , sports and entertainment. Education comes first and its a launch pad to the other two paths. Please do make your decisions in life and

feel confident that they are right.However, if fate is involved, feel just as

Confident even if they aren’t.

Abimbola osunfuyi et tigran Spinoza

First South west zonal (open) Championships

Nigerian Chess Federation 1st South west zonal (open) Championships scheduled for 23rd to 26th October 2015 at Liberty Stadium , Ibadan Oyo state. The Tournament would be FIDE rated  The Championship is open to states, schools, affiliated clubs and individuals. The playing categories and entry fees are as follows :

Categories                             Entry fees
Opens                                    #3000
Under -16                              #1000
Note that all Ladies entered into the tournament will play in the Open Category  but will receive prizes separately .  Time control   90 MIN + 30 SEC ADDED FROM MOVE 1
Registration closes on Thursday 22nd October 2015, at 4 P.M, this is to give the technical officials enough time to prepare the entries and start the Competition as scheduled . No entries will be accepted after the first round of the completion, The Tournament Venue is Liberty Stadium ,Ibadan Oyo State.
Event Schedule: 
Arrival        Friday 23rd October 2015
Competition   24th- 25th October 2015
Time             9am daily
Closing ceremony      5p.m 25th October 2015
Departure      Monday 26th October 2015
FIVE ROUNDS TOURNAMENT

The Nigerian Chess federation  will cater for Accommodation and feeding  of Participants from the evening of Friday 23rd October 2015 to the afternoon of Sunday 25th 2015  However all participants shall be responsible for their transportation.
The free accommodation shall be provided at the Hostel Liberty stadium , Participants are to come along with their Chess clocks.

DRESS CODE :

All players, officials and guest are expected to dress decently and smartly to the tournament venue , sleeveless wears will not be allowed please note that only flat sandals /shoes or canvas will be allowed into the tournament hall. no high heels/steel heel shoes please

1st South West Zonal Chess championship Registration procedure: pay into the following account detail
Bank -  Access Bank Account Name:Propoint Nig Ltd
Account no: 0049986491
current account
proof of payment should sent a text to Boyo Paul on 08059300131 for registration and the teller brought to the venue for proof and there will be free bus from Lagos to Ibadan also from Ibadan Back to Lagos

1st SOUTH WEST ZONAL (OPEN) CHESS CHAMPIONSHIP 23rd - 26th OCTOBER, 2015 LIBERTY STADIUM IBADAN
PRIZES OPEN SECTION
1st =N= 50,000.00
2nd =N= 30,000.00
3rd =N= 20,000.00
4th =N= 10,000.00
5th to 10th =N= 5,000.00 each
BEST LADIES 
1ST =N= 20,000.00
2nd =N= 10,000.00
3rd =N= 5,000.00
UNDER 16 CATEGORY 1st Chess set and Chess clock 2nd chess clock 3rd to 10th chess set

                                                                   

38th Nigerian Breweries National Chess championship announced for 9th-16th November 2015

The 38th edition of the Nigerian Breweries National chess championship (NBL 2015) has been fixed  for 9th - 16th of November 2015, at Sir Molade Okoya indoor sports hall of the Teslim Balogun Stadium , Surulere , Lagos.State Chess teams , affiliated Chess clubs and individuals are invited to participate at the Championship.this event is going to have a total prize fund of 4 million naira , the highest so for in recent times and =N=1000,000 (1 million naira prize money for the First prize in masters Category. ALL CATEGORIES SHALL BE FIDE RATED !!


The playing Categories are as follows :
CATEGORIES                             Entry fees    ( NCF registered)   (Non NCF reg)
Masters (FIDE rating(ELO 2000+))                            5000                   7000 
Open      (FIDE rating (ELO 1800 – 2000)                   4000                   6000
Amateur (FIDE rating ELO 1600)                               3000                   5000
Ladies (FIDE rating 1700+)                                          3000                   5000
Under 14 Boys & Girls                                                  1000                    2000

ACCOUNT DETAILS FOR  NBL
For NBL pay into
BANK: Zenith bank
Account no :1004103601
Account name: GANIYU_OPOLO CHRISTIANA ABIDEMI

Keep your tellers safe and always bring it along with you.
Note that all ladies entered in the tournament will play in the open and amateur according to their rated strength but will receive their prizes as a separate category , registration for all categories will close on Friday 6th November , 2015 at 4 P.M. This is to give the technical Officials enough time to prepare the entries and start the competition as scheduled , Entries after round one attracts a penalty of =N= 2000;00  and forfeit round 1 (one).
COMPETITION VENUE
Indoor sports hall, Teslim Balogun stadium , Surulere Lagos
Event -

Arrival -  Monday 9th, November 2015
Competition - 10th - 15th November 2015
Time - 9 A.M daily
closing ceremony - 15th November 2015
Departure - Monday 15th 2015
All participants will be responsible for their transportation, feeding, accommodation and all their welfare during the competition.
Participants are expected to come to the tournament hall with their chess clocks only , State chess association , Educational institution , and chess clubs are free to enter any number of players, into the events, please ensure that every player for the competition have a copy of the attached registration form , Submission of of entry form and payment of entry fee is mandatory, each form must be accompanied with a recent passport photograph the forms should reach the secretariat of  of the Nigerian chess federation via Email abidemiopologaniyu@yahoo.com on or before 6th november 2015. you can make photocopies of the form and share with other intending participants.
DRESS CODE :
All players, officials and guest are expected to dress decently and smartly to the tournament venue , sleeveless wears will not be allowed please note that only flat sandals /shoes or canvas will be allowed into the tournament hall. no high heels/steel heel shoes please

PRIZES
1. MASTERS (ELO 2000+)
1ST =N= 1,000,000.00 
2ND =N= 500,000.00 
3RD =N= 250,000.00
4TH =N= 100,000.00
5TH =N= 50,000.00
6TH - 10TH =N= 20,000.00 EACH
2. OPENS SECTION (ELO 1800 – 2000)
1ST =N= 250,000.00
2ND =N= 100,000.00
3RD =N= 50,000.00
4TH =N= 30,000.00
5TH =N= 20,000.00
6TH – 10TH =N= 15,000.00 EACH
3. AMATEUR SECTION (ELO 1600)
1ST =N= 100,000.00
2ND =N= 60,000.00
3RD =N= 40,000.00
4TH =N= 25,000.00
5TH =N= 15,000.00
BEST LADIES PRIZES
1st 100,000
2nd 50,000
3rd 30,000
4th 20,000
5th 10,000

6th - 10th 5k each.
WEEKENDER (NO RATING BAND)
1ST =N= 50,000.00
2ND =N= 30,000.00
3RD =N= 20,000.00
4TH =N= 15,000.00
5TH =N= 10,000.00
6TH – 10TH =N= 5,000.00 EACH
UNDER 14 BOYS WILL PLAY FRIDAY AND SATURDAY ONLY
1ST =N= 25,000.00
2ND =N= 20,000.00
3RD =N= 15,000.00
4TH =N= 10,000.00
5TH =N= 10,000.00
5TH – 10TH CHESS SET
UNDER 14 GIRLS WILL PLAY FRIDAY AND SATURDAY ONLY
1ST =N= 25,000.00
2ND =N= 20,000.00
3RD =N= 15,000.00
4TH =N= 10,000.00
5TH =N= 10,000.00
5TH – 10TH CHESS SET
INVITATIONAL VIP(10 PERSONS ONLY)
EACH INVITED PERSONS WILL RECIVE A COMPLEMENTRY =N= 10,000.00  

NOTE- 
An unrated player can play in any Category from Amateur to even masters Category, A rated player can chose to play above his rating band but can not go below it, you can step up above you but can not step below your rating Band if rated.   
                  TOURNAMENT SCHEDULE FOR MASTERS AND OPENS CATEGORIES
REGISTRATION CLOSES ON MONDAY 09/11/2015 BY 4PM
DATE TIME EVENT
Tuesday Nov 10th 2015 9.00 a.m ROUND ONE
3.00 p.m ROUND TWO
Wednesday Nov 11th 2015 9.00 a.m. ROUND THREE
3.00 p.m ROUND FOUR
Thursday Nov 12th 2015 9.00 a.m. ROUND FIVE
3.00 p.m ROUND SIX
Friday
Nov 13th 2015 9.00 a.m. ROUND SEVEN
3.00 p.m ROUND EIGHT
Saturday Nov 14th 2015 FREE DAY
Sunday 
Nov 15th 2015 9.00 a.m ROUND NINE
4.00 p.m 
CLOSING CEREMONY/ PRESENTATION OF AWARDS
TIME CONTROL-1 hour 30 mins for the first 40 moves+30 mins to finish+30 seconds added from move one.
Tie Break - Bucholz
TOURNAMENT SCHEDULE FOR AMATEUR CATEGORY
REGISTRATION CLOSES BY TUESDAY 10/11/2015 BY 4PM
DATE TIME EVENT
Wednesday Nov 11th 2015 9.00 a.m. ROUND ONE
3.00 p.m ROUND TWO
Thursday Nov 12th 2015 9.00 a.m. ROUND THREE
3.00 p.m ROUND FOUR
Friday
Nov 13th 2015 9.00 a.m. ROUND FIVE
3.00p.m ROUND SIX
Saturday Nov 14th 2015 FREE DAY
Sunday 
Nov 15th 2015 9.00 a.m ROUND SEVEN
4.00 p.m 
CLOSING CEREMONY/PRESENTATION OF AWARDS
TIME CONTROL - 1 hour 30 mins to finish + 30 seconds increment from move 1
TIE BREAK- BUCHOLZ
TOURNAMENT SCHEDULE FOR WEEKENDERS CATEGORY
REGISTRATION CLOSES BY THURSDAY 12/11/2015 BY 4PM
DATE TIME EVENT
Friday
Nov 13th 2015 4.00 p.m. ROUND ONE
Saturday Nov 14th 2015 9.00 a.m .ROUND TWO
12 p.m ROUND THREE
3.00 p.m ROUND FOUR
Sunday 
Nov 15th 2015 9.00 a.m ROUND FIVE
12 p.m ROUND SIX
4.00 p.m
CLOSING CEREMONY/PRESENTATION OF AWARDS
TIME CONTROL - 1 hour 30 minutes with 30 seconds increment from move 1
TIE BREAK - BUCHOLZ
TOURNAMENT SCHEDULE FOR U-14 CATEGORY
REGISTRATION CLOSES BY THURSDAY 12/11/2015 BY 4PM
DATE TIME EVENT
Friday
Nov 13th 2015 9.00 a.m. ROUND ONE
11.00 a.m. ROUND TWO
Saturday Nov 14th 2015 9.00 a.m. ROUND THREE
11 a.m. ROUND FOUR
1.00 p.m ROUND FIVE
3.30 p.m. AWARDS/ PRESENTATION            
                                                                                                                                   

Nigerian Chess players storms second Millionaire chess tournament in Las Vegas, U.S.A

Here is what i call the  ultimate chess hustle  , the tournament is scheduled for October 8- 12 , 2015
WHO WANTS TO BE A MILLIONAIRE PLAYING CHESS ?!  Millionaire Chess  tournament will be kicking off  in Las Vegas , U.S.A .in different categories of play , and a number of Nigerian players will be in the ultimate combat in the categories ,  IM Olubunmi, Olape(2291) ,CM Balogun, Oluwafemi(2234) ,Anwuli, Daniel(2208), Akingbade, Oluwagbemiga  will be playing in the Open Category Odeh, Kenneth (2174),Obiamiwe, Paul (1970) Dasaolu, Rotimi(2077), Adekola, Aderemi , Nwoye, Nnamdi (2035) in U2200 category, Adewole, Adeyinka ,George, Lolomari (1937)  in U2000 category ,
The Open Category has 51 Grand masters registered and Super GMs like GM Caruana, Fabiano (2844) GM Nakamura, Hikaru,(2816) last year Million Dollar winner GM So, Wesley,(2788), GM Yu, Yangyi (2736) , GM Kamsky, Gata (2721), GM Le, Liem (2712)

PRIZE FUND MC#2
One player in the second Millionaire Chess Open will have a one in sixty four  chance to walk away a millionaire!The player will be one of the thirty six who make it to Millionaire Monday, the final day of competition. The Millionaire Square Prize is in addition to the million-dollar prize fund that up to 1,200 players from over FORTY countries will be competing to win.

Here’s how it will work: Of the 36 players who make it to the final day, nine winners representing each rating division will emerge from the competition. Those nine players will match wits in a fast-paced game of strategy (details to be revealed later) to determine who moves on to get a shot at the Millionaire Square Prize. The winner will then pick from 64 envelopes filled with cash and other prizes randomly placed on a giant chessboard. If the lucky envelope is picked, the winner will walk away an instant millionaire!
MIXED DOUBLES

Millionaire Chess would like to announce the Mixed Doubles Prize at the Millionaire Chess Open. One team of two players – one male and one female – will take home a $2,000 prize for the top score at the tournament. The teams may include players from different sections, and the average team rating must be less than 2200. Teams must be submitted to contact@millionairechess.com.  May the best team win!
PRIZES
To summarize, all five sections will have guaranteed prizes down to 20th place. In addition, the Open section will have prizes for the top four places for those players rated 2400 – 2549 and for players rated under 2400. Those are not two separate sections — they are part of the Open Section and those prizes are in addition to the top 20 places. Those four places will also be decided on Millionaire Monday.

The U2200, U2000, and U1800 are three separate sections. The top four places in these sections will be decided in the Semifinals and Finals on Millionaire Monday.

The U1600 is one big section for all players rated below 1600 (Unrated players and Provisionally rated players are only allowed in the Open and Unrated/Provisional section). There are prizes for U1400 and U1200 as well, making it three different divisions within the same section (much like the Open section). The top four in all three divisions will play on Millionaire Monday to decide who takes home the the first four places. There will be no tie for first, second, third or fourth in any section of the Millionaire Chess Open.


OPEN
1st place 100,000
2nd place 50,000
3rd place 25,000
4th 16,000
5th 10,000
6th 8,000
7th to 10th 5,000 each
11th to 20th 3,500 each
Sub-total 264,000
 
Top 2400-2549
1st place 40,000
2nd place 20,000
3rd place 13,000
4th place 8,000
5th place 5,000
Sub-total 86,000
 
Top Under 2400
1st place 38,000
2nd place 19,000
3rd place 11,000
4th place 7,000
5th place 4,000
Sub-total 79,000
 
Total for OPEN 429,000
 
 
U2200
1st place 38,000
2nd place 19,000
3rd place 10,000
4th place 8,000
5th place 6,000
6th place 5,000
7th to 10th 4,000 each
11th to 20th 3,000 each
Sub-total 132,000
 
U2000
1st place 36,000
2nd place 18,000
3rd place 9,000
4th place 7,000
5th place 5,000
6th place 4,000
7th to 10th 3,000 each
11th to 20th 2,500 each
Sub-total 116,000
 
U1800
1st place 34,000
2nd place 17,000
3rd place 8,500
4th place 6,500
5th place 5,000
6th place 4,000
7th to 10th 3,000 each
11th to 20th 2,500 each
Sub-total 112,000
 
Total for U2200, U2000, U1800 360,000
 
U1600
1st place 30,000
2nd place 16,000
3rd place 8,000
4th place 6,000
5th place 4,000
6th place 3,000
7th to 10th 2,500 each
11th to 20th 2,280 each
Sub-total 99,800
 
Top Under 1400
1st place 24,000
2nd place 12,000
3rd place 6,000
4th place 4,000
Sub-total 46,000
 
Top Under 1200
1st place 20,000
2nd place 10,000
3rd place 6,000
4th place 4,000
Sub-total 40,000
 
Total for U1600 185,800
 
 
UNRATED / PROVISIONAL ($100 EF)
1st place 3,000
2nd place 2,000
3rd place 1,000
Sub-total 6,000
 
Special Prizes
Biggest upset prize 1,000
Tie Break Consolation 6,000
Mixed Double 2,000
Best dress for man 100 per day x 4 days
Best dress for woman 100 per day x 4 days
Best dress for child under 18 100 per day x 4 days
Top female Prize (OPEN) 1,000
Top female Prize (U2200) 500
Top female Prize (U2000) 500
Top female Prize (U1800) 500
Top female Prize (U1600) 500
Top senior prize (65+) - OPEN 1,000
Top senior prize (65+) - U2200 500
Top senior prize (65+) - U2000 500
Top senior prize (65+) - U1800 500
Top senior prize (65+) - U1600 500
Best child under 13 yrs old (OPEN) 1,000
Best child under 13 yrs old (U2200) 500
Best child under 13 yrs old (U2000) 500
Best child under 13 yrs old (U1800) 500
Best child under 13 yrs old (U1600) 500
Sub-total 19,200
 
Total 25,200
 
Total PRIZE FUND 1,000,000

Central Bank of Nigeria (CBN) sets new deadline for BVN , now October 31, 2015

The Central Bank of Nigeria (CBN) in conjunction with the Bankers Committee  launched the Biometric Identification Project to provide a single biometric database for all banks’ customers nationwide. Part of the requirements within this initiative is that customers enroll with their banks to get their unique Bank Verification Numbers (BVN), without which customers will not be able to transact in any bank after the  deadline as announced by CBN on or before June 30, 2015. but the deadline for BVN enrollment by banks' customers is October 31, 2015 and customers are adviced to avoid  last minute rush by visiting their banks as soon as possible to register  for everything you need to know about the BVN number click on All You Need To Know About Bank Verification Number (Nigeria)

Ondo State Government has announces the appointment new Chairmen and Members of Boards, Parastatals and Agencies of government as well as SSAs and SAs

The Ondo State Government has announced the appointment of new Chairmen and Members of Boards, Parastatals and Agencies of government as well as SSAs and SAs.

They are;

ONDO STATE PROPERTY DEVELOPMENT COMPANY
Omolafe Ifedayo – Chairman
Akindoyeni Folukemi – Part Time Member

ONDO STATE WASTE MANAGEMENT BOARD
Sina Fadamitan – Chairman
Olumide Saporu – Full Time Member
Falohun Layo - Full Time Member
Ajamah Omimine - Full Time Member

ONDO STATE SPORTS COUNCIL
Mafo Ola John – Chairman
Mary Bakare – Full Time Member
Tope Ogunleye - Full Time Member
Tony Adetoye - Full Time Member

STATE UNIVERSAL BASIC EDUCATION BOARD (SUBEB)
Rotimi Olasogba – Chairman
Dr. Dapo Iwala - Full Time Member
Dapo Filani - Full Time Member
Akinwale Ojo - Full Time Member

STATE WATER CORPORATION
Engr. Steve Giwa – Chairman
Ronke Akinkuowo - Full Time Member
Rev Kola Adeyemi - Full Time Member

HOSPITAL MANAGEMENT BOARD
Dr Niran Okunrinboye – Chairman
Dr Femi Ayodele - Full Time Member
Tuned Adegbomire - Full Time Member
Margaret Akinsuroju - Full Time Member

TESCOM
Dr. Francis Igbasan – Chairman
Alhaji Abdulazeez Momoh - Full Time Member
Dr Ikuemelo - Full Time Member
John Akindutire - Full Time Member

AGRICULTURAL INPUTS SUPPLY COMPANY
Hon Niyi Adebusoye - Chairman
Femi Adeoye - Full Time Member
Chief Boro Eniola - Full Time Member
Seye Adegboye - Full Time Member

LOCAL GOVERNMENT SERVICE COMMISSION
Taiye Akinyele – Chairman
Alhaja S.O.K Ogunmodede - Full Time Member
Bayo Omotoye - Full Time Member

SENIOR SPECIAL ASSISTANTS
Otito Atikase
Ebenezer Alabi
Kunle Agunbiade

SPECIAL ASSISTANTS
Esther Ebiwonjumi
Lawrence Fagbolagun
Alana Adeyanju
Ife Ifedayo
Ogundele Bola
Ademola Adeyemi

Chris Esheku Chess sequence championship

Sports Colony international presents, Chris Esheku, Chess sequence 10 chess championship scheduled to hold on the 17th day of October , 2015 at 9 AM prompt  at Pioneer educational center 2, sparta lane, off Owoseni street     New Benin,  Benin city, Edo state, Playing Categories are: Opens, Ladies, Under 16, 14, 10 and 5. Prizes will be posted soon.