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Infantino re-elected unopposed as FIFA president

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Infantino re-elected unopposed as FIFA president

 Gianni Infantino has been re-elected as the president of the Federation of International Football Association (FIFA).

The election was held on Thursday during the 73rd Congress in Kigali, as Infantino stood unopposed, making his re-election as head of football’s governing body a formality.

Controversies surrounding him include the treatment of migrant workers in the run-up to last year’s World Cup in Qatar and a failed plan to play the tournament every two years.

Infantino, however, promised record revenues in the next four-year cycle of $11 billion as he called for more football to be played around the world.

“It is an incredible honour and privilege, and a great responsibility.

“I promise to continue serving FIFA and football around the world.

“To those that love me, and I know there are many, and those who hate me, I love you all,” Infantino said.

Infantino confirmed FIFA’s income hit record levels in the last cycle from 2019-2022, but promised to substantially raise this again on the back of expanded men’s and women’s World Cup tournaments and the introduction of a 32-team Club World Cup.

“Revenues rose to a record $7.5 billion (to 2022) in a period that was hit by COVID-19.

“When I arrived, FIFA reserves stood at around $1 billion, today they are at almost $4 billion,” Infantino said.

“We promise new record revenues for the next cycle of $11 billion, and the new Club World Cup is not included in that figure, so it could increase by a couple of billion (more).”

Infantino said FIFA would continue to review the transfer system to “improve transparency” and suggested the organisation might discuss a salary cap.

“We must improve our regulations and the FIFA statutes. We will continue to evolve our good governance principles and look at the transfer system, and maybe have a discussion to improve transparency of transfer fees and salaries.

“It might be necessary to introduce a cap, we have to think how we can do that. We will look at it with all stakeholders and see what we can do.”

Amid the financial success of his seven years in office, Infantino has also courted controversy that has made him unpopular with some member associations.

He accused critics of hosting Qatar’s human rights record of hypocrisy and racism at the World Cup.

The tournament in the desert state led to a significant amount of political discussion around the host’s treatment of migrant labour, its approach to LGBT rights and FIFA’s threats to penalise players for political statements.

This included the banning of the anti-discrimination “One Love” armband which drew anger from a number of quarters.

FIFA has previously spoken about setting up a legacy fund to assist and compensate migrant workers who helped build the stadiums and other infrastructure for the World Cup.

But the FIFA boss made no mention of it in his address since no concrete plans have been revealed.

He did suggest that FIFA had cleaned up its act with regards to governance.

“Every single dollar that is being invested in projects and associations will undergo an independent audit. Money just doesn’t get lost anymore.

“That is why the institutions have regained their trust in FIFA. The Department of Justice of the United States has given us more than $200 million back that was stolen by corrupt officials. We have re-invested that in football.”

Player welfare groups have questioned FIFA’s decision to expand the men’s World Cup from 64 to 104 games, but Infantino said there was need to be more football played around the world.

“When I hear there is too much football, yes, maybe in some places, but not everywhere. In fact, in most parts of the world, there is not enough football played.

“We need way more and not fewer competitions, we want football to develop worldwide.

“We are discussing organising a women’s Club World Cup and a FIFA World Series in March every two years when teams are free from playing qualifiers.”

Infantino was first elected in an Extraordinary Congress in 2016 following the resignation of his predecessor Sepp Blatter and retained his position unopposed three years later.

But this counts as his second term of office and he would therefore be available for a third and final term in four years’ time. 

– Reuters

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Super Eagles beat hosts Guinea Bissau, to reclaim Group ‘A’ leadership

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Super Eagles beat hosts Guinea Bissau, to reclaim Group 'A' leadership

The Super Eagles on Monday in Bissau beat hosts Guinea Bissau 1-0 to reclaim leadership of Group A in the 2023 Africa Cup of Nations (AFCON) qualifiers.

Moses Simon’s penalty kick after 29 minutes gave the Nigerian senior men’s football team the needed win to move to nine points after four matches.

They have now upstaged from the apex position Guinea Bissau who toppled them on Friday in Abuja with a 1-0 win.

Guinea Bissau is with seven points from four matches and in second place, ahead of Sierra Leone who has five points from four matches.

Nigeria is expected to now face the Leone Stars of Sierra Leone in a Match Day 5 fixture.

 Details later  

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Banking & Finance

NGX: Investors Lose N622bn, as NCR Nigeria, Unity Bank lead Losers’ chart

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NGX: Investors Lose N622bn, as NCR Nigeria, Unity Bank lead Losers’ chart

The domestic stock market on Nigeria Exchange Ltd. (NGX) continued on a negative note as the market capitalisation on Monday dropped by N622 billion amid sustained profit-taking activities.

Accordingly, investors lost N622 billion in value as market capitalisation declined to  N29.281 trillion from N29.903 trillion recorded at the previous session.

The All-Share Index (ASI) fell by 1,141.76 points, representing a decline of 2.08 percent, to close at 53,750.77 points as against the 54,892.53 posted on Friday.

Consequently, the ASI’s year-to-date (YTD) return fell to 4.88 percent.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Airtel Africa, Seplat Energy, MTN Nigeria Communications (MTNN), Nigerian Breweries and Lafarge Africa.

“We expect risk-on sentiments to be sustained in the equities markets even as the depressed interest rate environment will continue to favour the local bourse in line with our expectations for Q1, 2023.

“Taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season remains the choice strategy.

“However, we see room for extended profit-taking activities,” Analysts at United Capital Plc said.

The market breadth was negative as 21 stocks lost relative to five gainers.

Courteville Business Solutions recorded the highest price gain of 6.67 percent to close at 48k per share.

NPF Microfinance Bank followed with a gain of 2.7 percent to close at N1.90 and AIICO Insurance up by 1.75 percent to close at 58k per share.

FBN Holdings (FBNH) rose by 0.92 percent to close at N11, while Zenith Bank gained 0. 2 percent to close at N25 per share.

Conversely, NCR Nigeria led the losers’ chart by 9.79 percent to close at N2.12, per share.

Unity Bank followed with a decline of 9.43 percent to close at 48k, while Prestige Assurance declined by 8.89 percent to close at 41k, per share.

SUNU Assurance declined 8.33 percent to close at 44k, while Multiverse Mining and Exploration and Airtel Africa shed 8.31 percent each to close at N2.98 and N1,420 respectively per share.

Also, the total volume traded decreased by 26.66 percent to 100.883 million units, valued at N4.342 billion and exchanged in 3,279 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 12.836 million shares valued at N318.513 million.

Zenith Bank followed with 11.920 million shares worth N297.982 million, while United Bank for Africa (UBA) traded 10.038 million shares valued at N80.242 million.

MTNN traded 8.264 million shares valued at N1.927 billion, while FBNH transacted 7.719 million shares worth N84.577.

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MARITIME SAFETY: NIMASA, NCC Close Ranks On Submarine Cable Regulation In Nigeria

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MARITIME SAFETY: NIMASA, NCC Close Ranks On Submarine Cable Regulation In Nigeria

…Jamoh reiterates  commitment to Ease of Doing Business 

The Nigerian Maritime Administration and Safety Agency, NIMASA, and the Nigerian Communications Commission (NCC) have agreed to work closely with relevant stakeholders as the Agency inches closer to developing a regulatory framework to provide operational guidelines for Submarine Cable and Pipeline Operators in Nigeria. 

Officials of both organs of Government in Lagos reached this agreement at a pre Audit meeting on submarine cable regulation.

The Director General of NIMASA Dr. Bashir Jamoh, OFR, who chaired the meeting, which also had the Director General of Bureau of Public Service Reforms (BPSR) Mr. Dasuki Arabi in attendance, noted that the Agency is committed to the Ease of doing Business while implementing International Conventions which Nigeria has ratified and domesticated. 

He noted that with Nigeria now a destination for global communication players, the time has come to prevent unregulated underwater cable laying, which might become hazardous to shipping.

According to him, “It is worthy to note that marine cable laying has been ongoing for over two decades in Nigerian waters. Our focus is to ensure safety of navigation of shipping in Nigerian waters with all these underwater cables being laid.

NIMASA is actually developing the guidelines to regulate submarine cable operators in line with the provisions of the United Nations Convention on the Law of the Sea, UNCLOS; which we have ratified and NIMASA is the Agency of Government in Nigeria responsible for its implementation. We do not just implement laws; we consult. Where the responsibility of an Agency stops, that is where the responsibilities of another Agency start. Collaboration is a key component of ease of doing business in the best interest of the country and we will work closely with the NCC to achieve this”.

On his part, the Executive Vice Chairman of the NCC, Professor Umar Garba Danbatta who was represented by the Director, Compliance Monitoring and Enforcement, Efosa Idehen noted that the stakeholders’ dialogue strategy adopted by NIMASA in developing the guidelines would ensure a win-win situation urging NIMASA management to include the Ministry of Justice, a request NIMASA DG immediately granted.

Also speaking at the meeting was the Director General of the Bureau of Public Service Reforms Mr. Dasuki Arabi, who commended NIMASA and NCC for adopting effective Inter-Agency collaboration to avert a potential challenge for the country in the future.

NIMASA had notified submarine and cable operators in Nigeria of a soon-to-be-implemented regulatory guideline for submarine cables and pipelines in Nigeria, in line with the provisions of UNCLOS. NIMASA and the NCC agreed to identify and resolve areas of likely regulatory overlaps, ensuring a regulatory framework based on consultation to engender the attainment of Nigeria’s digital economy transformation.

Officials of the Federal Ministry of Environment and representatives of Submarine Cable operators in Nigeria were also at the meeting.

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