Fear of Inflation Mounts as Buhari Approves New Minimum Wage-Deji Elumoye, Omololu Ogunmade, Shola Oyeyipo

President Muhammadu Buhari receiving report of Tripartite Committee on the Review of National Minimum Wage from Committee Chairman Mrs Amal Pepple at the Presidential Villa, Abuja …yesterday (6th Nov 2018). GODWIN OMOIGUI

To send enabling bill to N’Assembly Transmits three-year MTEF Labour’s CWC meets today

As workers and their unions celebrate the N30,000 new minimum wage approved by President Muhammadu Buhari yesterday, analysts have expressed fear that the fresh wage regime could put inflationary pressure on the already fragile economy.

Those who spoke to THISDAY said the 60 per cent minimum wage increase was likely to lead to a general increase in prices of goods and services in the short-term.

One of them, the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, pointed out that the wage hike would lead to inflationary pressures.

He said, “Productivity growth in Nigeria is still minus 0.7 per cent. So, an increase in the minimum wage and all other increases that would follow and it means that basically inflation is likely to increase.

“Our projection is that inflation will go from 11.5 per cent to around 13 per cent because of the wage increase.

“If you add the election spending and the promissory notes the government has issued for contractor debt of N483 billion; when we add the money supply of the contractor note, the minimum wage and negative productivity, you have an inflation.”

When asked about the likelihood of an interest rate hike, he said, “Not really, because there is a transmission time lag between when money supply rises and when prices rise.

“The transmission time lag is between three and six months.”

Buhari had received the report of the National Minimum Wage Tripartite Committee yesterday in Abuja and approved the new figure, effectively ending the first phase of the workers’ struggle for pay increase.

Receiving the report of the committee from its chairman, Ms Amal Pepple, in the Council Chamber of the Presidential Villa, Buhari told members of the committee, the organised labour and government representatives that henceforth, he would put the machinery in place for the transmission of the new National Minimum Wage Bill to the National Assembly.

The president, who said he was committed to seeing the new wage come into fruition, chronicled all the events leading to the final resolution, saying he was regularly briefed on updates on the negotiations.

Promising that the government would continue to engage the organised labour wherever necessary, Buhari thanked all who participated in the process.

However, he counselled the organised labour not to allow themselves to be used as political weapons by politicians.

He said, “In a way, both arguments are valid. I want to assure you all that we will immediately put in place the necessary machinery that will close out these open areas. Our plan is to transmit the Executive Bill to the National Assembly for passage within the shortest possible time.

“I am fully committed to having a new National Minimum Wage Act in the very near future.

“Let me use this opportunity to recognise the leadership of the organized labour and private sector as well as representatives of State and Federal Governments for all your hard work. The fact that we are here today, is a notable achievement.

“As the executive arm commences its review of your submission, we will continue to engage you all in closing any open areas presented in this report. I therefore would like to ask for your patience and understanding in the coming weeks.

“May I therefore, employ workers and their leaders not to allow themselves to be used as political weapons.’

In her submission, Pepple narrated how the decision to finally peg the minimum wage at N30, 000 was arrived at.

She also reported that the draft of the New Minimum Wage Bill that would be sent to the National Assembly had already been produced.

Pepple explained, “To arrive at our recommendation, the committee carefully weighed the demand of the Nigerian workers, which was predicated on the high cost of living occasioned by unfavourable exchange rate and rising inflation over the past few years, among other factors.

“The committee also considered the overall macro-economic indicators, including the revenue and expenditure profile of government as provided by the Ministers of Budget and National Planning and Finance as well as the minimum wage proposed by some state governments in their memoranda submitted to the committee.

“Consideration was also given to the critical role of the informal sector in employment generation and the need for a realistic minimum wage that will not stifle the growth of the sector and the overall economy.

“After carefully weighing these critical factors and bearing in mind the overriding interest of the economy, the committee, while noting the offer of N24,000 by the federal government, is recommending an increase in the existing minimum wage from N18,000 to N30,000.

“We believe that the implementation of the recommended minimum wage, will, no doubt, boost the purchasing power of workers, increase consumption expenditure and ultimately stimulate business and overall economic growth.

“The committee has also produced a draft national minimum wage bill 2018 for condition by government.

“We strongly believe that the enactment of the draft bill into law is very critical to the operation and future reviews of the national minimum wage.”

National Assembly Receives Three-year MTEF

Meanwhile, the president has submitted a three-year (2019- 2021) Medium-Term Expenditure Framework and Fiscal Strategy Paper to the Senate for approval.

He also submitted the same proposal to the House of Representatives for expeditious consideration.

Buhari had in an October 29 letter titled ‘Submission of 2019-2021 Medium-Term Expenditure Framework And Fiscal Strategy Paper’ addressed to Senate President Bukola Saraki and read at plenary by Saraki yesterday stated that he was sending the fiscal strategy paper based on the provisions of the Fiscal Responsibility Act, 2007.

According to the president, the preparation towards submission of the 2019 budget to the National Assembly is progressing well.

The Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper, the President explained, “were prepared against the backdrop of a generally uncertain global economic environment; as well as fiscal challenges in the domestic economy to ensure that planned spending is set at prudent and sustainable levels and is consistent with government’s overall developmental objectives and inclusive growth”.

While canvassing for an expeditious approval of his proposal, Buhari said, “I hereby forward the 2019-2021 MTEF and FSP to the Distinguished Senate and trust that it would be expeditiously considered in order to bring the 2019 FGN budget preparation process to timely closure.”

At the House of Representatives, Speaker Yakubu Dogara, read a similar letter at yesterday’s plenary

The MTEF, which was approved by the Federal Executive Council (FEC) meeting of Wednesday, October 28, had proposed a $60 oil price benchmark, 2.3 million barrels per day at $305/$1 exchange rate and 3.01 per cent GDP growth rate for the 2019 budget.

The FEC, according to Minister for Budget and National Planning, Senator Udo Udoma, approved a proposed N8.73trillion budget for 2019 fiscal year, which is N400 billion less than the N9.12trillion approved for 2018 fiscal year.

Also yesterday, Saraki read out a letter dated October 24 from Buhari requesting for the confirmation of the appointment of Hon. Abike Dabiri-Erewa, as the Chairman/ Chief Executive Officer of Nigeria Diaspora Commission in compliance with Section 2(1) of the Nigeria Diaspora Commission (Establishment) Act, 2017.

The president also sought Senate confirmation of Mr. Chidi Izuwah as Director-General of Infrastructure Concession Regulatory Commission and the substitution of Chief Olabode Mustapha with Mrs. Ronke Sokefun as Chairman of the Nigerian Deposit Insurance Corporation, (NDIC).

A six- man governing board of the National Bureau of Statistics (NBS), headed by Dr Kabiru Nakuara was also presented to the Senate by the president for confirmation in compliance with Section 8(2) a & j of the Statistics Act, 2010.

The Senate also yesterday approved the establishment of two federal polytechnics and two colleges of education in various parts of the country.

This was sequel to the presentation of the reports of the Chairman of the Senate Committee on Tertiary Institutions and TETFUND, Senator Jibrin Barau (Kano North), calling on the Senate to approve the establishment of the higher institutions.

The institutions include Federal Polytechnic in Aba, Abia State and another one in Selami in Sokoto State.

The others are Federal College of Education in Gumel, Jigawa State and Sabon Birini in Sokoto State.

Culled from Thisday

N1.6 billion church donation claim untrue, EFCC insists

By Joseph Onyekwere

EFCC

The Economic and Financial Crimes Commission (EFCC) yesterday challenged the claim that the N1.6 billion linked to a former aide of ex-President Goodluck Jonathan was a donation to the Anglican Communion in Bayelsa State.
Counsel for the EFCC, Rotimi Oyedepo, challenged the ex-presidential aide, Dr. Waripamo-Owei Dudafa, to show evidence that any part of the money was transferred to the church.But Dudafa replied that only his former principal, Jonathan, could explain that.
The EFCC is prosecuting Dudafa for alleged fraud of N1.6 billion, alongside Joseph Iwuejo, a banker who the EFCC said was his account officer in Heritage Bank.The respondents opened their defence on Monday after the court had dismissed their applications for no-case submission. Dudafa had, while being led in evidence by his counsel, Mr. Gboyega Oyewole (SAN), contended that he was not guilty of any wrongdoing as alleged by the EFCC.
According to him, the N1.6 billion found in the account of Avalon Global Property Development Company Limited, which the EFCC linked to him, is not proceeds of fraud; but part of the money donated to Jonathan’s church in Otuoke to build St. Stephen’s Youth Development Centre.
Dudafa explained that following a fundraiser organised in Lagos, the ex-president instructed him to follow up with Prince Arthur Eze, who pledged $10 million (about N1.8 billion).
He said the Jonathan asked him to look for someone in the private sector who could help to keep the $10 million once Eze redeemed his pledge.As a result, he reportedly got an ex-military man, Somprie Omiebi, who lodged the money in the Heritage Bank account of Avalon Global Property Development Company Limited.
However, under cross-examination by the EFCC counsel yesterday, Dudafa was presented with the statement of account of Avalon and was asked to point out if there was any money transferred from the account to the church.
Responding, Dudafa said: “From Exhibit B (the account statement), no fund was transferred to the Anglican Communion of Otuoke Community. I can’t see it. It couldn’t have been because only the former president could have given directive on what to do.”Asked by Oyedepo to name the Bishop of the Anglican Communion of Otuoke Community, Dudafa said: “I don’t know; I only related with the former president.”
In the course of the cross-examination, Oyedepo asked Dudafa to point out to the court from the statement of account that a sum of N30 million was transferred on November 25, 2013 to The Jakes Fast Food and Restaurant, in which Dudafa had the highest share and often addressed himself as the chairman.
The EFCC counsel also showed Dudafa the statement of account of The Jakes Fast Food and Restaurant with the Guarantee Trust Bank. Oyedepo said: “It is correct that as of today, the funds that are in the account of The Jakes, paid by a Bureau De Change operator, Murtala Bashir, is in excess of N500 million.”

Guardian

Monica Lewinsky ends on-stage interview after being asked Clinton question

Michael Burke

© The Hill Monica Lewinsky.

Monica Lewinsky ended a live discussion and walked off stage at an event in Jerusalem on Monday night after being asked a question involving former President Clinton.
Lewinsky sat for the start of a discussion at the Jerusalem Convention Center when Channel 2 news anchor Yonit Levi brought up Clinton's comments from June when he said he didn't believe he owed Lewinsky an apology.
"Do you still expect that apology? A personal apology?" Levi asked Lewinsky on Monday.
"I'm sorry, I'm not going to be able to do this," Lewinsky responded, before putting down her microphone and walking off stage.
Lewinsky later said in a statement shared on Twitter that she walked off stage because she and Levi had agreed to "clear parameters" for the interview and that she had told Levi that the Clinton question was "off limits."
"When she asked me it on stage, with blatant disregard for our agreement, it became clear to me I had been misled," Lewinsky said. "I left because it is more important than ever for women to stand up for themselves and not allow others to control their narrative."
Channel 2 News said in a statement reported by The Jerusalem Post that it thanked Lewinsky for her appearance and "we respect her sensitivity and wish her luck."
Before the interview, Lewinsky delivered a speech where she spoke about the 1998 scandal involving Clinton while she was a White House intern.
Lewinsky said that when the story broke, she "was shunned from almost every community which I belonged to, including my religious community."
"That led to some very dark times for me," she added, according to the Post.
Clinton came under criticism from members of his own party in June after forcefully defending the fact that he never personally apologized to Lewinsky.
The former president noted in the NBC News interview that he had apologized publicly but said he hasn't apologized to her personally.
"I have never talked to her," he said. "But I did say publicly on more than one occasion that I was sorry. That's very different. The apology was public."

 NBC news in MSN news/The Hill News

CBN Orders MTN to Refund $8.134bn Illegally Repatriated from Nigeria

•   StanChart, Stanbic, Citi, Diamond Bank incur fines for aiding telecoms firm

Ijeoma Nwogwugwu

Three years after facing a record-breaking $5.2 billion fine in Nigeria, South Africa’s telecommunications giant, MTN, is again in trouble with the Nigerian government over the illegal repatriation of $8,134,312,397.63 from the country, in violation of the extant laws and regulations.

According to banking industry sources, who spoke to THISDAY, the Central Bank of Nigeria (CBN), having carried out its investigation into the illegal remittances to MTN’s Johannesburg-based parent company over a nine-year period, wrote to the Nigeria subsidiary on Tuesday demanding that the $8.134 billion be refunded with immediate effect to the CBN.

The illegal foreign exchange remittances to MTN’s parent company in South Africa, said the sources, was done through four Nigerian banks.

The banks – Standard Chartered Bank, Citibank Nigeria Limited, Stanbic IBTC Bank Limited and Diamond Bank Plc – were found to have helped MTN illegally repatriate $8.134 billion between 2007 and 2015, despite the fact that the telecoms giant was in violation of the extant Nigerian foreign exchange and anti-money laundering laws.

The four banks have also been directed by the CBN to refund the $8.134 billion with immediate effect and were respectively fined by the central bank for the various violations regarding the remittances undertaken on behalf of MTN Nigeria.

After the issuance of its operating licence by the Nigerian Communications Commission (NCC) in 2001, the shareholders of MTN Nigeria invested the sum of $402,590,261.03 between 2001 and 2006 to fund its investments in the country by way of inter-company loans and equity investments.

The investments were carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced through the Certificates of Capital Importation (CCIs) issued by the four banks.

The CCIs issued at the time of the investment of $402.6 million showed that $59,436,923.44 was invested by way of a shareholder loan and $343,153,339.56 as equity.

However, this position was contrary to MTN’s financial statement for the year ended December 31, 2007, which showed that $399,594,146 was invested in the firm by way of a shareholder loan and $2,996,117 was invested as equity investment, in accordance with the shareholder’s agreement, but contrary to CCIs issued by StanChart, Citibank and Diamond Bank.

This was deemed as a rendition of false returns by the banks to the CBN.

According to the banking sources, following MTN’s request through StanChart for CBN’s approval to convert the $399.6 million to preference shares, an approval-in-principle was granted by the central bank vide a letter dated November 13, 2017; with the grant of a final approval after MTN must have fulfilled certain conditions.

The conditions were for the implementation of the decision through a board resolution by MTN and the submission of documentary evidence to that effect to the Director, Trade and Exchange Department with the CBN.

The second condition was for the provision of an undertaking that no remittances will be made for either of the interest or the principal repayment would be made to the shareholders from the date of the loan to the date they converted to preference shares.

But the banking sources said that MTN failed to meet the conditions, and despite its non-fulfillment of the conditions, which led to the non-issuance of a final approval by the CBN, the telecoms firm went ahead to convert the shareholders’ loan to preference shares, following which StanChart issued new CCIs in respect of the illegal conversion.

The sources said that the action of the bank, in aiding MTN in the illegal conversion of the shareholder loan and issuance of the new CCIs, was described by StanChart as an “unintended omission” in its submission to the central bank during the latter’s investigation of the illegal remittances.

On account of the illegal conversion of the interest-free shareholder loan of $399.6 million, the sum of $8.134 billion was illegally repatriated on behalf of MTN by the four banks between 2007 and 2015.

Having found MTN and the four banks complicit in the illegal repatriation of the $8.134 billion to South Africa, the central bank on Tuesday wrote MTN demanding that it refund the said sum with immediate effect.

It further warned MTN to be guided by the provisions of the extant laws and regulations of Nigeria in its foreign exchange transactions and to adhere strictly to them, failing which appropriate sanctions, including but not limited to, denial of access to the foreign exchange market will be imposed on the company.

Other findings made by the CBN included the discovery that StanChart issued three CCIs outside the regulatory 24 hours without the approval of the central bank.

StanChart, also in contravention of Memorandum 24(ii) of the Foreign Exchange Manual, which stipulates that CCIs should be transferred based on a customer’s instructions to a bank of the customer’s choice along with the transaction history of the CCI, StanChart provided confirmations to Citibank and Diamond Bank, instead of transferring the CCIs to them as required by the FX Manual.

It was discovered that the two banks, on the strength of StanChart’s confirmation, subsequently remitted various sums as dividend from MTN Nigeria at different times.

Owing to the hefty infractions committed by StanChart, the central bank ordered the bank to refund $3.448 billion with immediate effect to the CBN, being the sum repatriated by the bank on the basis of illegally issued CCIs.
It also fined the bank to the tune of N2,470,604,767.13 for the various violations of the extant laws and regulations in its foreign exchange dealings regarding the remittances on behalf of MTN.

The central bank instructed StanChart to send a cheque in discharge of the N2.470 billion fine to the Director of Banking Supervision with the central bank immediately.

THISDAY also learnt that fines of N1.89 billion, N1.30 billion and N250 million were also imposed on Stanbic IBTC, Citibank and Diamond Bank respectively.

It was however not immediately ascertained how much Stanbic IBTC, Citibank and Diamond Bank were ordered to refund to the CBN for their role in the foreign exchange illegal remittances on behalf of MTN.

Subject to Nigeria’s foreign exchange and anti-money laundering laws, foreign companies are free to bring in any recognised foreign currency into the country. Such funds will have to be brought in through an authorised dealer, usually a bank authorised by the CBN.

The bank through which the funds are imported would need to issue a certificate of capital importation (CCI) to the investor as evidence of the inflow of such fund into Nigeria. In the absence of the CCI, foreign exchange cannot be purchased from the official foreign exchange market for the repatriation of the proceeds of the foreign company’s investment in Nigeria.

Prior to the sanctions imposed by CBN, the Senate had carried out an investigation into the illicit remittances done by MTN through the four banks.

Last year, the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, had also written to the CBN Governor, Mr. Godwin Emefiele, notifying him that it had mandated a firm to carry out a comprehensive audit for the recovery of funds due to the federal government with respect to illegally repatriated export revenue by MTN and the banks.

Culled from Thisday

LEVERAGING ON THE MULTI FUND STRUCTURE- A VIABLE INVESTMENT FOR A HAPPY RETIREMENT-ODUNZE REGINALD C

 

 Images credited to Daily Express

The National Pension Commission recently came up with the multi fund structure, a structure that will tackle the investments need of contributors according to their risk appetite and I quote “The National Pension Commission (“PenCom”) recently Amended Regulation on Investment of Pension Fund Assets for the Pension Industry. The new investment guideline introduces a multi-fund structure, which would replace the “one size fits all” structure that puts all active contributors into one Retirement Savings Account (“RSA”) Fund without consideration for age or risk profile of such contributors”

The Multi-Fund structure is a framework that aims to align the age and risk profile of RSA holders by dividing the RSA Fund into four distinct Funds. The current RSA Fund will be sub-divided into three separate Funds, while the RSA Retirees Fund would be the 4th Fund.

A clear picture of this noted that fund 1 will be exposed up to 75% of variable income instruments, fund 2 up to 55% , fund 3 up to 25% and fund 4 up to 20%. Variable income instruments  are investments that generate income or returns  that cannot be ascertained  from the date the investments were made, not only that the prices of such instruments fluctuate daily, these instruments include ordinary shares, collective investment schemes(CIS), these include mutual fund, Real Estate Investment Trust , Infrastructure Funds and Private Equity Funds . Such investment can generate high returns on the long run but could be risky  as result of uncertainty and unexpected fluctuations in market prices and returns.

So what this portends, it all means that all things being equal there is the possibility of  sustained increased in pension pot folios, investment and a return on investment at the long. Will it give our retirees, a happy retirement ?

Dona Rosato in her article captioned “5 Secrets to a Happy Retirement” noted that Towers Watson happiness survey found that retirees who rely mostly on investments had the highest financial anxiety. Almost a third of retirees who get less than 25% of their income from a pension or annuity were worried about their financial future; of those who receive 50% or more of their income from such a predictable source, just under a quarter expressed the same anxiety”

Continuing Rosato noted that “More money makes you happier. Once you amass a comfortable nest egg, though, the effect weakens, says financial planner Wes Moss. For his recent book, You Can Retire Sooner Than You Think:The 5 Money Secrets of the Happiest Retirees, Moss surveyed 1,400 retirees in 46 states. The happiest ones had the highest net worths, but Moss found that money’s power to boost your mood diminished after $550,000”

According to an article in Yahoo Finance captioned “7 ways to Retire happy” Mandi Woodruff opined that  In a new book, “You Can Retire Sooner Than You Think,” Atlanta-based investment advisor Wes Moss, offers an alternative to the traditional line of thinking. Rather than focus on a dollar amount to reach for, Moss decided to figure out what retirees needed to be truly happy in retirement”
“I wanted to go beyond simple income numbers,” Moss says. “I wondered what it really takes to get somebody to a point where they truly feel they have a cushion and they are also enjoying life.”
“In 2012, Moss conducted an online survey of more than 1,200 workers who had either already retired or were fewer than 10 years away from retirement. He asked them questions about what type of cars they drove, where they shopped, how much their homes were worth, and, of course, how much they had saved for retirement. But he also asked about their passion projects, how often they went on vacation, what types of volunteering they enjoyed, whether or not they were satisfied with their lives, and how much time they put into their retirement planning before calling it quits. (Moss did not ask participants about overall debt levels like student loans and credit cards, but did include questions about their mortgage debt).”
What he found was that more money doesn’t equate to more happiness. The happiest retirees didn’t all drive BMWs or take 12 European cruises a year, either.”

Aristocrat who lives in a castle wins lifetime seat in Parliament after getting SEVEN votes in ridiculous election

Charles Peregrine Courtenay, the 19th Earl of Devon, will be able to vote on your laws and claim £300 a day after his landslide victory in a hereditary peer by-election

Mikey Smith  and Dan Bloom

The 42-year-old Old Etonian lives with his TV actress wife AJ at Powderham Castle (Image: REX/Shutterstock)

An aristocrat who lives in a castle has gained a lifetime seat in the British Parliament after winning SEVEN votes in a bizarre election.
Charles Peregrine Courtenay, the Earl of Devon, will be able to vote on your laws and claim £300 a day until he dies or retires after his landslide victory in a hereditary peer by-election.
The 42-year-old Old Etonian lives with his TV actress wife AJ at Powderham Castle in Devon, which has 3,000 acres, a deer park and a forge.
He was one of 19 candidates, all of whom were only allowed to stand for the House of Lords because they are descended from aristocracy.
Only 31 peers were allowed to vote in this festival of democracy, which will have cost taxpayers around £1,140 to run, and all of them were hereditary crossbench peers already in the Lords.
The Earl won a whopping seven votes in the first round, crushing his rivals Lord Aldington and Lord Ravensdale, who each won four votes.
By the time of the final round his total had notched up to 12 votes.

Charles Peregrine Courtenay, the Earl of Devon, will be able to vote on your laws and claim £300 a day until he dies (Image: REX/Shutterstock)

Powderham Castle in Devon (Image: Getty Images Europe)

Darren Hughes, Chief Executive of the Electoral Reform Society, said before the result: "These so-called by-elections are an undemocratic farce – and make mockery of our democracy.
"The fact we will find out the results of one of these sham elections during 'National Democracy Week' is an irony that can't be ignored."
Labour leader in the Lords Angela Smith told the Mirror: "Hereditary by-elections have had their day and it is clear that the House of Lords wants to see the back of them.
"The only thing standing in the way of change is the government.”
The system is a bizarre hangover from Tony Blair ’s attempts to modernise the House of Lords.

The system is a bizarre hangover from Tony Blair’s attempts to modernise the Lords (Image: AFP)

When the ex-Labour PM mostly abolished inherited peerages in 1999, he agreed to let 92 of them stay in the House of Lords as a compromise. Almost two decades on, the situation has still not been resolved.
That means when one of the hereditary peers dies or retires, the peers that got booted out in 1999 get first refusal on his or (very rarely her) seat.
This time the vacancy was for a crossbench - non-politically-aligned - peer.
Charles Courtenay, the 19th Earl of Devon, was educated at Eton and Cambridge, before studying law.
He’s married to American actress AJ Langer, who is best known for appearing on 90s TV shows Baywatch and My So-Called Life.

The castle has its own deer (Image: Universal Images Group Editorial)

The couple have two children, who were born in LA.
The family now live in his ancestral home of Powderham Castle, parts of which date back to the late 12th century and are open to the public.
Charles can trace his family back to the feudal barons of the 11th century.
The Courtenay line descend from French noblemen, and came to England after the Norman conquest.
Charles' father, Hugh Courtenay, hit the headlines in 2008, when he refused a request from two men who wanted to get married in his castle.
He said it was “objectionable to his Christian religion.”

Charles Courtenay, the 19th Earl of Devon, was educated at Eton and Cambridge (Image: REX/Shutterstock)

Devon County council revoked his licence for hosting civil ceremonies, a move which cost the family up to £200,000 a year in revenue.
The licence was reinstated in 2015.
In his candidacy statement, the Earl of Devon euphemistically referred to his castle as an "800-year-old family SME (small or medium-sized enterprise), incorporating heritage tourism, sustainable land management, and community wellbeing."
The barrister said he is "London-based weekly" and "I head the UK IP-litigation practice of a leading US law firm."
"I would be honoured to champion Devon in this House," he added.

Mirror

PenCom lauds pensions reforms, N8 trillion record -Bankole Orimisa

Stakeholders raise alarm, warn non-remitting organisations
The National Pension Commission (PenCom) has commended the series of reforms in the sector, which has raised accumulations from contributors to N8trillion, as well as brighter hopes to retirees.
It also has attributed the huge accumulation and other successes achieved in the last 14 years of implementation of the Contributory Pension Scheme (CPS) to contributors.
Meanwhile, regulators and stakeholders in the pension industry have again, warned employers in the habit of not remitting pension deductions of the wrath of the law, as it plans raise its searchlight and asks workers to also speak up.
The Acting Director-General, Aisha Dahir-Umar, gave the indications at the pre-retirement workshop for prospective retirees in the contributory pension commission in Lagos.
The PenCom boss, who was represented by the Commission’s Head Benefits and Insurance, Ekanem Aikhomu, called on 
pension contributors across the country to contribute positively towards the growth of the pension reform programme.
In an interview with The Guardian, at the workshop, she noted that the workshop is tailored towards addressing the challenges that prospective retirees might face as they enter retirement life under the CPS.
However, she urged the would-be retirees to feel free to make suggestions during and after the workshops, about issues that may further help to make retirement life more comfortable to them and other future retirees.
“The achievements recorded by the commission since the implementation of the scheme would not have been possible without the support and understanding of all stakeholders, especially our contributors, who are about to retire.
“I therefore urged Nigerians to contribute positively towards the success of the Pension Reform Programme,” she said.
The President, Pension Fund Operators Association of Nigeria (PenOP) Aderonke Adedeji, told The Guardian that the issue of non-compliance to remittance of workers’ pension fund into (RSA) has become very challenging, even as there are provisions in the law on how to handle such.
Adedeji, who is also the Managing Director of Leadway Pensure PFA Limited, noted that “one of these is that when you have an employer who has not been remitting regularly, we are supposed to get the regulator informed about it.
“But before we do that, we try to find out what is responsible for such because the implication of making an official report is that it could lead to one or two things for your customers.
“The law says that seven days after salaries are paid, deduction from employees’ salaries and employers should be remitted. So, when you have a situation where an employer is not making such remittances for two, three, four months and above, we go there to ask why it is so.
“But when we find a situation where employers seem to be non-chalant, careless and things like that, we inform the regulator, and recovery agents to go to such employers to do all that are necessary to recover the debts,” she said.
Also, the Acting Director-General, PenCom, Aisha Dahir-Umar, said that the regulator is displeased with the series of reports of non-remittance of monthly pension, especially by media proprietors.
She promised that very soon, PenCom will begin to beam its searchlight on erring media firms to ensure that they invested in the future of their workers.
Dahir-Umar noted that the essence of the new pension scheme is to ensure that contributors can still enjoy a good life at retirement from their robust RSAs and that means that both the employers and the employees must, on a monthly basis, jointly contribute 18 per cent of their incomes into the RSA of journalists, which would accumulate with time to make them spend their retirement happier.
Aikhomu noted that as part of the commission’s yearly regulatory activities, it has concluded arrangements to commence the verification of prospective retirees, who would be retiring in 2019, from the public service.
The verification exercise, as she explained, is scheduled to be undertaken from June 25 to August 17, 2018, in 15 centers across the country.
Also, she stressed that the impending exercise necessitated the need to undertake adequate sensitisation and public enlightenment to prepare prospective retirees on the steps to take towards a hitch free retirement life.
The prospective retirees received lectures on: Enrolment exercise and documentation requirement from the paper presented by Deputy Zonal Head (South-West Zonal Office), PenCom, Sola Adeseun.

Culled from Guardian Business

These Are the Richest Drug Dealers of All Time

• Jason Rossi

Things are changing in the United States when it comes to drugs. A handful of states with the loosest marijuana laws legalized the drug, and a few more states will have legal marijuana by 2020. Going to prison because of drugs is still a real danger, yet it’s a danger some drug kingpins avoid. Who says crime doesn’t pay? Definitely not these richest drug dealers who made millions and billions of dollars while breaking the law.

Two of the people on our list were the subjects of major Hollywood movies (pages 1 and 3). We think you know who No. 1 on the list is, but you might be shocked seeing the man tied for the top spot (page 19). And since drug kingpins keep their finances off the books, all dollar amounts are estimated.

20. Frank Lucas

Denzel Washington portrayed Frank Lucas in the movie American Gangster. | United States Government/Wikimedia Commons

• Estimated drug money earned: $52 million

It’s OK if you don’t know who Frank Lucas is since, as a drug dealer, he’s a bit off the radar. Do you know who Denzel Washington is? He starred as Lucas in the movie American Gangster, which dramatized his life as a New York City drug dealer in the 1960s and 70s.
Next: One of his nicknames indicates how successful this kingpin is.

18. Jose David Figueroa Agosto (TIE)

Agosto made 90% of the cocaine in Puerto Rico. | U.S. Marshal’s Service

• Estimated drug money earned: $100 million

At one time, Jose David Figueroa Agosto led a drug cartel making 90% of the cocaine in Puerto Rico. If you don’t know him by his proper name, then his nickname should tell you just how good he is at his job. Agosto is also known as the Pablo Escobar of the Caribbean.
Next: Hollywood turned his story into a blockbuster movie.

18. George Jung (TIE)

The movie Blow was based on George Jung’s (L) life. | Nish242/Wikimedia Commons

• Estimated drug money earned: $100 million

The Hollywood movie Blow about George Jung’s life starring Johnny Depp made $83 million around the world. It’s an impressive total, but it’s just a fraction of Jung’s estimated net worth of $100 million, which makes him one of the richest drug dealers of all time.
Next: A man with a very similar career arc to another person on our list.

17. Nicky Barnes

Nicky Barnes made his millions selling heroin in the 1970s. | Blowback Productions

• Estimated drug money earned: $105 million

We met Frank Lucas just a few minutes ago. Nicky Barnes is similar to Lucas in a few ways — a New York drug kingpin dealing heroin in the 1970s — but there are two major differences. Hollywood never made a big-budget about Barnes, and his net worth is about twice that of Lucas.
Next: Our first South American on the list.

16. Paul Lir Alexander

Paul Lir Alexander disappeared in 2010 and hasn’t been seen since. | Sandy Huffaker/Getty Images

• Estimated drug money earned: $170 million

Brazilian Paul Lir Alexander reportedly served in Israel’s Mossad intelligence group and the United States’ Drug Enforcement Agency before a 1993 arrest and prison sentence. He disappeared in 2010 while on release from a Brazilian prison and no one knows where he is.
With a $25 million yacht reportedly part of his riches, he could be sailing around the world spending his $170 million fortune that makes him one of the richest drug dealers of all time.
Next: He started out legitimate…

15. Zhenli Ye Gon

When Zhenli Ye Gon was arrested, authorities found millions of dollars stashed in his home. | Drug Enforcement Administration/Wikimedia Commons

• Estimated drug money earned: $300 million

Zhenli Ye Gon started out as a legitimate drug dealer. His company, Unimed Pharm Chem Mexico, imported ephedrine and pseudoephedrine to make cold medicine. However, those same chemicals also go into methamphetamines, and he was arrested in Maryland in 2007 on conspiracy charges.
At the time of his arrest, Zhenli reportedly had $205 million in cash, 18 million pesos, 200,000 Euros, 113,000 Hong Kong dollars, and 11 pure gold coins at his house. How many legitimate drug dealers have that kind of stash?
Next: Look for him online.

14. “Freeway” Rick Ross

At his peak, “Freeway” Rick Ross was making $1 to $2 milion a day. | Patrick Bastien Photography/Wikimedia Commons

• Estimated drug money earned: $600 million

At the peak of his time as a drug kingpin, “Freeway” Rick Ross made $1 to $2 million per day and roughly $600 million total selling cocaine. He’s definitely one of the richest drug dealers ever, but these days he’s totally legit. He does speaking engagements and has his own website selling branded merchandise.
Next: He made his money before marijuana was mainstream.

13. Rafael Caro Quintero

Quintero is still on the run. | FBI

• Estimated drug money earned: $650 million

As we mentioned, marijuana is mainstream in the United States these days. Quintero made his money smuggling marijuana from Mexico to the U.S. before it was legal. That’s how he made $650 million dealing drugs.
Next: Probably the most famous drug dealer in the 21st century.

12. Joaquin “El Chapo” Guzman Leora

El Chapo is one of the most notorious drug dealers of all time. | Alfredo Estrella/AFP/Getty Images

• Estimated drug money earned: $1 billion

El Chapo is one of the richest criminals of all time, so you know he’s also one of the richest drug dealers we’ve ever seen. He’s also incredibly famous (for a drug dealer) and is something of a myth because of his arrest (2014), escape (2015), and recapture (2016).
Next: Three cities, two countries, and one big fortune.

11. Griselda Blanco

Blanco was a major kingpin. | Metro Dade Police Department/Wikimedia Commons

• Estimated drug money earned: $2 billion

Blanco started her life in Colombia, lived for a time in New York City, and later moved to Miami. No matter where she lived she was a major cocaine kingpin, and she earned roughly $2 billion to be one of the richest drug dealers ever before her 2012 death.
Next: A founding member of the drug cartel that changed the world.

10. Carlos Lehder

Columbian drug kingpin Carlos Lehder got his start stealing cars. | Drug Enforcement Administration/Wikimedia Commons

• Estimated drug money earned: $2.7 billion

Colombian kingpin Carlos Lehder started his life of crime stealing cars and giving them to his dad’s car dealership, but you probably know him better as one of the founders of the Medellin cartel. He came up with the idea of smuggling cocaine to the United States in small, low-flying aircraft, and his success doing it that way helped him build a $2.7 billion fortune.
Next: The man who started the other major Colombian cartel.

9. Gilberto Rodriguez Orejuela

Orejuela founded the Cali cartel. | HO/AFP/Getty Images

• Estimated drug money earned: $3 billion

With help from his brother, Miguel Rodriguez Orejuela, and a friend, Jose Santa Cruz Londono, Gilberto Rodriguez Orejuela founded the Cali cartel, the other major Colombian drug cartel along with the Medellin cartel.
The Cali cartel started trafficking marijuana before switching to cocaine. All three turned out to be some of the richest drug dealers of all time, but Gilberto leads the pack with an estimated $3 billion fortune.
Next: Expanding an empire helped this man make a ton of money.

7. Jose Gonzalo Rodriguez Gacha (TIE)

Gacha was a major player in the Medellin cartel. | U.S. Department of Justice/Wikimedia Commons

• Estimated drug money earned: $5 billion

Up until his death in a police raid in 1989, Jose Gonzalo Rodriguez Gacha was a main player in the Medellin cartel. He reportedly helped extend the cartel’s reach from Colombia to Mexico, Houston, and Los Angeles. His efforts apparently made him a rich man as he died with an estimated $5 billion fortune.
Next: Let’s head to the far east for a minute

7. Khun Sa (TIE)

Khun Sa dominated the opium and heroin trade. | Stephen Rice/Wikimedia Commons

• Estimated drug money earned: $5 billion

With nicknames like “Opium King” and “King of the Golden Triangle,” it almost goes without saying Khun Sa is one of the richest drug dealers of all time. From 1974 to 1994 he dominated the opium and heroin trade in southeast Asia, which helped him build a $5 billion empire before his 1996 capture and 2007 death.
Next: It’s all in the family.

6. Ochoa Vasquez brothers

Jorge Luis Ochoa Vasquez, along with his brothers Fabio (pictured above) and Juan David, was a key fiure in the Medellin cartel. | Pedro Ugarte/AFP/Getty Images

• Estimated drug money earned: $6 billion

Drug trafficking was a family affair for Jorge Luis Ochoa Vasquez, who, along with his brothers Juan David Ochoa Vasquez and Fabio Ochoa Vasquez, was a key figure in the Medellin cartel. Jorge earned an estimated $3 billion fortune, and the three brothers combined for about $6 billion.
Next: A cop’s son is one of the richest drug dealers we’ve ever seen.

5. Dawood Ibrahim Kaskar

Kaskar is a known terrorist and is currently in hiding. | Interpol

• Estimated drug money earned: $6.7 billion

Calling Dawood Ibrahim Kaskar just a drug dealer is like saying Jay Leno’s car collection has a couple nice cars. The son of an Indian police officer, Kaskar has his hand in all kinds of illegal activities including extortion, murder, terrorism, and drug trafficking as the leader of the D-Company crime syndicate.
Next: Four siblings worked together smuggling drugs, and one of them got really rich.

4. Alfredo Beltran Leyva

Leyva founded a Mexican cartel. | Omar Torres/AFP/Getty Images

• Estimated drug money earned: $10 billion

Alfredo Beltran Leyva is the youngest of four brothers who founded the Mexican Beltran Leyva drug cartel. He is also the richest of his siblings. Smuggling multi-ton cocaine shipments helped Alfredo Beltran Leyva amass a $10 billion fortune before his 2008 arrest.
Next: A cut-throat, jet-setting drug dealer.

3. Amado Carrillo Fuentes

Fuentes murdered his own boss. | Susana Gonzalez/Getty Images

• Estimated drug money earned: $25 billion

Amado Carillo Fuentes isn’t a household name, but he was a cut-throat, jet-setting, and very rich drug dealer. He murdered his boss to assume leadership of Mexico’s Juarez Cartel, and he made a fortune by working closely with a man we’ll meet in a minute to fly cocaine into the U.S. using a fleet of jets. You might not know the name, but you should know Fuentes is one of the richest drug dealers who ever lived.
Next: Taking over the family business.

1. Christopher Coke (TIE)

Coke took over his father’s drug business. | U.S. Marshal’s Service/Wikimedia Commons

• Estimated drug money earned: $30 billion

After his father died, Coke took over the family drug business and built it into an empire. From his Jamaican base, he made an estimated $30 billion shipping marijuana and cocaine to the United States, according to The Telegraph.
Next: The man you expected to see all along.

1. Pablo Escobar (TIE)

Escobar may be the most infamous of the bunch. | Colombian National Police/Wikimedia Commons

• Estimated drug money earned: $30 billion

This is the man you expected to see all along, right? No matter how you look at it, Pablo Escobar is one of the richest drug dealers of all time. He made anywhere between $9 and $30 billion as the head of the Medellin Cartel, but we’re going with the bigger number and we feel safe doing so. After all, he was making $420 million each week at his peak before he died, thanks in part to using Amado Carillo Fuentes’ fleet of jets to smuggle drugs.

Culled from wallstreetcheatsheet