- NBC Sanctions 86 Broadcasting Stations
The National Broadcasting Commission (NBC), the broadcast industry regulator has sanctioned 86 broadcasting stations in nine zones of the country for various offenses resulting in contravention of the provisions of the Nigeria Broadcasting Code.
The stations were fined N11.8 million, with each getting up to N100,000 fine.
Head Public Affairs at NBC, Mrs. Maimuna Jimada, who confirmed the sanction, said the contraventions included breaches of the rules on vulgar lyrics, unverifiable claims and hate speech among others.
According to her, “The Commission wishes to re-iterate to all broadcasters that they have a duty to promote the socio-economic well-being of the Nigerian state and abide strictly by the provisions of the Nigeria Broadcasting Code.”
A detailed list of the errant stations and the sanctions applied, showed that NBC investigated 10 zones across the country and discovered that broadcast stations from nine of the 10 zones contravened the Nigerian Broadcasting Code. The zones investigated included Abuja, Benin, Enugu, Ibadan, Jos, Kaduna, Lagos, Maiduguri, Sokoto and Uyo. Among the 10 zones, only one zone, which is the Sokoto zone complied fully with the broadcasting code and was not fined.
While 19 broadcasting stations in Abuja zone were fined a total of N2.4million; four broadcasting stations in Benin zone were fined N500,000; 20 broadcasting stations in Enugu zone were N2.8 million; 12 broadcasting stations in Ibadan zone were fined N1.3 million, and only one station in Jos zone was fined N100,000.
In Kaduna zone, 12 broadcasting stations were fined N1.8 million; three stations fined N1.05 million in Lagos zone; another three stations fined N300,000 in Maiduguri zone, while 12 stations were fined N1.6 million in Uyo zone, totaling N11.8 million from 86 broadcasting stations in all nine zones that were investigated.
Having sanctioned the broadcasting stations, NBC directed them to pay their fines without delay.
The Commission also advised other stations that have complied with the broadcasting code, to continue to do so in the interest of the country, and warned those stations that erred to amend their ways immediately.
The NBC also warned against unprofessional broadcasting that could incite the people against each other, especially as the country is preparing for its 2019 general elections.
The Director General of NBC, Is’haq Modibbo Kawu, had warned broadcasters not to broadcast contents that are not factual and capable of destabilising the Nigerian economy. “Permit me to remind our broadcasters, that as we approach the electioneering period, stations must do everything professional to promote democracy. Broadcasters are reminded that they have a duty to respect all extant laws related to the reportage and coverage of the electoral process. Don’t broadcast campaigns when the period for commencement of campaigns have not commenced.
We are disturbed by the pattern of insensitive and inflammatory broadcasts emanating from some broadcast stations, especially in their coverage of national crises, like the Herdsmen/Farmer crises,” Kawu said recently.
According to him, “We have observed that some stations deliberately and repeatedly air very inciting contents long after the events break. We have warned stations that they must follow the tenets of the Broadcasting Code. Having warned broadcasters, we shall follow up with appropriate sanctions should any station continue to violate the Broadcasting Code.
Gold Hit 26.8% ROI YTD, the Highest Increase in Value Among Top Assets
Gold Delivers 26.8% Return on Investment Year-t-Date
As the world’s earliest form of currency, gold has long been considered a reliable store of value. Unlike banknotes, stock, or other assets, the precious metal managed to preserve the investors’ wealth throughout the years, especially in times of turmoil in the financial markets.
According to data presented by AksjeBloggen, gold hit a 26.8% YTD return on investment, the highest increase in value among top assets.
Gold Return Rate 8.5% Higher than in 2019
Investors tend to focus on gold in times of market volatility, considering it to be a ‘safe haven’ in crises like the coronavirus. In 2019, the value of gold increased by 18.3%, revealed the Blackrock data. The precious metal continued the impressive performance in 2020 with a 26.8% YTD return, 8.5% more than in 2019.
Statistics show that last year, the S&P 500 index increased in value by 31% but was outperformed by Nasdaq, which grew by 35.2%. The MSCI Europe index rose by 26.1% in 2019. China A-shares followed with a 22.3% ROI.
However, the COVID-19 crisis had a massive impact on popular assets, causing a sharp fall in their values during the first half of 2020. The Blackrock data revealed the Nasdaq YTD return hit 23.9%, 11.3% below the 2019 performance. China A stocks reached 10% ROI YTD, much under the 22.3% return in 2019.
Statistics show the S&P 500 index had an 8.4% value increase in the nine months of 2020, almost four times less than in 2019. MSCI Emerging Market Index reached a 4.9% value increase in the same period, compared to 13% in 2019.
The Blackrock data show that crude oil, FTSE 100, and MSCI Europe index witnessed the most significant drop in the nine months of 2020, with their values falling by 34.6%, 22.4%, and 11.5%, respectively.
Global Demand for Investment Gold Surged by 100% YoY
Although many investors value gold as an important portfolio asset, the economic downturn caused by the COVID-19 pandemic led to a surge in global demand for the precious metal.
The World Gold Council data showed the global demand for investment gold increased significantly since the beginning of the year.
In the fourth quarter of 2019, it amounted to 279.2 metric tons. By the end of March, this figure jumped by more than 93% to 539.6 metric tons. The increasing trend continued in the second quarter of the year, with global demand for investment gold hitting 582.9 metric tons, an almost 100% jump year-over-year.
Statistics indicate the global demand for gold for investment purposes hit a record-breaking 1,152 metric tons in the first half of 2020, the highest figure so far.
Oil Prices News: Oil Gains Following Drops in US Crude Inventories
Oil Prices Gain Following Drops in US Crude Inventories and OPEC High Compliance Level
Global oil prices extended their 2 percent gains on Thursday after data showed U.S crude oil inventories declined last week.
The price of Brent crude oil, against which Nigerian oil is measured, gained 0.2 percent or 7 cents to $43.39 a barrel as at 12:10 pm Nigerian time. While the U.S. West Texas Intermediate (WTI) crude appreciated by 8 cent or 0.2 percent to $41.12 barrels.
Oil prices extended their three days gain after the American Petroleum Institute said the U.S crude inventories declined by 5.4 million barrels in the week ended October 9.
The report released after the market closed on Wednesday revealed that distillate stockpiles, which include diesel and heating oil, declined by 3.9 million barrels. Those stated drawdowns almost double analysts’ projections for the week.
“Much of the fall is due to the effects of Hurricane Delta shuttering U.S. production in the Gulf of Mexico, and as such, will be a transitory effect,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.
“Therefore, I am not getting too excited that a turn of direction is upon markets, although both contracts are approaching important technical resistance regions.”
Also, the report that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, referred to as OPEC+ attained 102 percent compliance level with their oil production cuts agreements bolstered global oil outlook. Suggesting that demands for the commodity are likely not growing and could drag down prices in few weeks, especially when one factor in the reopening of Libya’s Sharara oil field, workers returning to operation in Norway and the Gulf of Mexico.
Oil Prices Gain on Tuesday Despite Expected Surge in Global Oil Supplies
Oil Prices Rise Despite Expected Surge in Global Oil Supplies
Oil prices gained on Tuesday despite Libya opening Sharara oil field for production, labour in Norway reaching an agreement with oil firms to return back to work and oil workers in the U.S returning to the Gulf of Mexico region after the Hurrican Delta.
Brent crude oil, against which Nigerian oil price is measured, gained 1.77 percent to $42.46 per barrel as at 11:15 am Nigerian time on Tuesday.
While the US West Texas Intermediate (WTI) crude oil gained 2 percent to close at $40.22 per barrel.
The improvement in prices was after oil prices plunged as much as 3 percent on Monday following a resolution reached by Libyan rebels and government to commence oil production at the nation’s largest oil field, Sharara Oil Field.
This coupled with labour agreement with oil firms in Norway was expected to boost global oil supplies and eventually weighed on prices and disrupt OPEC+ production cuts strategy.
However, prices surged after Nancy Pelosi said she would commence talks on $1.8 trillion stimulus package following President Trump’s return to the White House after he was rushed to hospital following a positive COVID-19 test.
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