SABINEWS MORNING NEWS UPDATE FOR APRIL 9, 2016
Nigeria targets sale of 40% of new NPC
Nigeria plans to split state oil company, Nigerian National Petroleum Corporation, NNPC into two to help ease a planned stake sale and wants to sell at least 40 percent of a newly created National Petroleum Company (NPC) in coming years, according to a draft of a long-awaited oil bill. The bill envisages the sale of at least 10 percent of NPC over five years and is targeting 40 percent or more over 10 years, as Africa’s top oil exporter seeks to fix a cash shortage that is hampering investment at NNPC and end graft. Read more
Bayelsa Stands Still for Alamieyeseigha, Jonathan Pays Tribute
The burial rites of former governor of Bayelsa State, Diepreye Alamieyeseigha commenced yesterday with former President Goodluck Jonathan paying tribute to the late Ijaw leader who was governor of the state while he was deputy. Read more
FEC Meets, Reviews Budget Details
Vice President Yemi Osinbajo yesterday presided over the emergency meeting of the Federal Executive Council (FEC) to scrutinise the 2016 budget details forwarded to the Presidency by the National Assembly on Thursday. President Muhammadu Buhari who had earlier summoned the meeting was however conspicuosly absent. Read more
UNILAG Shut Following Lingering Fuel, Electricity Crisis
As the current fuel scarcity in the country lingers, affecting all facets of the economy, coupled with epileptic power supply, the management of University of Lagos (UNILAG), yesterday suspended all academic activities and shut the institution with immediate effect.
The closure of UNILAG followed a protest by the students on Thursday over the unavailability of water and electricity in their hostels; they also boycotted lectures to draw the management’s attention to their plight. Read more
Court Adjourns Synagogue Collapsed Building Trial Again
Justice Lateef Lawal-Akapo of an Ikeja High Court has adjourned till April 19, the trial of the Synagogue Board of Trustees, the engineers that constructed the collapsed building and their companies. The court fixed the date yesterday, to rule on separate applications filed by the defendants through their counsel, seeking to stay proceedings of the High Court pending their appeal at the Court of Appeal. Read more
Ugwuanyi, Fulani Herdsmen Sign Pact to End Violence
Governor Ifeanyi Ugwuanyi of Enugu State and Fulani herdsmen operating in parts of the state, under the aegis of Miyetti Allah Cattle Breeders Association of Nigeria, South East zone yesterday initiated moves aimed at ending the lingering violent clashes between the herdsmen and members of their host communities in the state.
Specifically, the herdsmen and the state government after a closed-door meeting at the Government House, Enugu agreed to set up a joint standing committee so as to entrench a lasting peace and harmony between the host communities and the herdsmen and also to curb criminalities suspected to be perpetrated by the herdsmen. Read more
NDLEA Arrests 24 Suspected Drug Traffickers in Bayelsa
Nigeria’s anti-narcotics agency, the National Drug Law Enforcement Agency, NDLEA, Bayelsa State Command, on Friday disclosed that it had arrested 24 suspected drug traffickers in Bayelsa State. Spokesman of the NDLEA in the state, Mr. Ikenna Osakwe, said in a statement in Yenagoa yesterday that the suspects, 20 males and four females, were intercepted within the metropolis and on the popular East-West Road. Read more
Senator Adeyemi, Supporters Defect to APC; Says Buhari Means Well for Nigeria
Senator Smart Adeyemi, the senator who represented the Kogi West Senatorial District in the 6th and 7th Senate, and his supporters, yesterday formally defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC). Read more
Fulani camp razed over murder of farmer in Edo
The camp housing some Fulani herdsmen in Okada community in Ovia North East local government area of Edo State has been razed following the killing of a 64-year farmer, identified as Alex.
However, all the inhabitants of the camp have fled to an unknown destination with their cattle before the unidentified persons razed the camp. Read more
Cross River, UNICEF, USAID seek end to violence against children
As part of the measures to end violence against children in Cross River State, a two-day multi-sector workshop is being organized in Calabar, the state capital.
The workshop was organized the state Ministry of Women Affairs and Social Welfare in collaboration with the United States Agency for International Development and the United Nation’s Children’s Emergency Fund (UNICEF). Read more
Rivers rerun: Tears as slain corps member is buried
Tears flowed freely yesterday as the remains of the corps member who was killed during the re-run election in Rivers State, Samuel Chukwudumebi Okonta, was laid to rest in his hometown, Illah in Oshimili North council area of Delta State .
Relatives, friends, corps members and officials the National Youth Service Corps (NYSC) sobbed uncontrollably when the remains of the late graduate of political science were lowered into the grave. Read more
Gunmen kill police officer, injure NSCDC operative in Ebonyi
Unidentified gunmen on Friday shot and killed a policeman and wounded an operative of the Nigerian Security and Civil Defense Corps (NSCDC) in Ebonyi State.
The Nation learnt that the gunmen, who were said to be returning from a robbery operation along Abakaliki-Enugu expressway, started shooting indiscriminately on citing the police team. Read more
Morgan Stanley Index May Exclude Nigeria from Emerging Markets over Capital Controls
Index provider, Morgan Stanley Capital International (MSCI) is seeking feedback from investors on the ease of access to the Nigerian equity market, a move that could lead to the country being excluded from MSCI’s Frontier Markets index. Read more
More jobs coming from sugar cane production,says CBN governor
Financial support coming from the Central Bank of Nigeria could help the sugarcane industry create over 100,000 direct jobs, of which more than 50,000 linked to sugarcane growing.
Speaking while inspecting Sunti Golden Sugar Estate,which comprises a 16 hectare farm in Sunti,Niger State,the Central Bank Governor,Mr Godwin Emefiele said a lot of investments have been made by indigenous companies under the sugar master plan that will create jobs for farmers and help the nation achieved increased sugar production. Read more
Buhari’s Irritable ‘16 Years of Waste’ Mantra
Iam always depressed and very angry any time President Muhammadu Buhari blames the previous regimes for Nigeria’s existing economic woes and the deficiencies of his 11-month administration. Our president has spent the last 11 months telling us stories about how the country was badly managed in the past 16 years. Read more
Foreign airlines groan over Buhari’s policies
Many have always asked: why is it difficult or almost impossible for economic principles that work in other places to work or be applicable in Nigeria? Once prices of goods or services go up, they never come down. Market forces hardly apply or are not allowed to apply. Despite fall in the price of crude oil which consequently led to the fall of the price of aviation fuel in the international market, foreign airlines who have always used the high cost of aviation fuel as excuse to charge high fares, continue to charge Nigerians going to Europe, or any destination, astronomical fares compared to what these same airlines charge travelers in other parts of the world. Read more
Fuel crisis is hurting Nigeria’s economy, NIM laments
The Nigerian Institute of Management, NIM, yesterday, lamented that the unending fuel crisis witnessed across the country is having a negative impact on the economy, while he disclosed that the crisis is mainly a management issue. Read more
Oil And The Gulf States: A Big Lesson For Nigeria
This article is taken verbatim from the Economist magazine of March 26th to April 1st, 2016. It is a direct reflection of Nigeria’s economic future.
“FAST cars whizz around, malls are full of expensive luxuries and cranes dominate the skyline. But scratch the shimmering surface of the Gulf and you soon find countries hurting from the low oil price, currently around $38 a barrel. Growth is slowing and unemployment is rising. Policymakers even dare utter a three-letter “t” word until recently taboo: tax. Read more
Nigeria risks FIFA ban … As Jos court sacks Pinnick-led NFF board
Nigeria may be risking another ban from the world football governing body, FIFA, after a Federal High Court sitting in Jos on Friday annulled the September 30, 2014 election that brought in the present executive board of the Nigeria Football Federation led by Amaju Pinnick.
Justice Musa Kurya of the Jos High Court, re-listed the earlier withdrawn case filed by the plaintiffs, Senator Obinna Ogba and Yahaya Adama on Friday after both men had approached the court to re-list the earlier withdrawn case against the NFF. Read more
‘Nigerian female wrestlers stronger than male counterparts’
The Nigerian wrestling team attained a great feat in Algeria last week winning six Olympic slots – four women and two men. What did it take to achieve that?
It took a long process of preparations. This year, we started early. The President, Nigeria Wrestling Federation, Dr. Daniel Igali, called us to camp in January. We trained in his private gym in Yenagoa, Bayelsa State. We spent time training; working on the areas we were not good at; scouting our opponents; watching them in video clips to identify their weak points. In summary, we started early and the result came out good. Read more
Nwosu rejects foreign coach for Eagles
Former Nigeria international, Henry Nwosu, believes the hiring of a foreign coach for the Super Eagles is not the best decision for the team.
The Nigeria Football Federation are in search of a new coach for the Eagles after the team’s ouster at from the 2017 Africa Cup of Nations qualifiers. The new coach will replace erstwhile coach, Sunday Oliseh, who resigned in February. Read more
Malcolm Turnbull signals tax changes and frugality in budget
The Turnbull government’s first federal budget will be prudent and responsible, and will not hand out a “fistful of dollars”.
The prime minister began on Saturday the task of managing public expectations before the May budget, warning it would focus on living “within our means”. Read more
Obama says Trump, Cruz doing Democrats a ‘favor’ in election campaign
President Barack Obama on Friday told donors that Republican presidential candidates Donald Trump and Ted Cruz were doing Democrats a “favor” by exposing extreme views within their party on issues such as immigration and national security.
“I actually think that Donald Trump and Ted Cruz have done us a favor,” Obama said, referring to policy positions that would restrict Muslims and Mexicans from entering the country. Read more
Dennis Hastert ‘paid hush money to cover up sex abuse’
Prosecutors are seeking a six-month jail sentence for disgraced former US House Speaker Dennis Hastert, who is alleged to have paid hush money to cover up sex abuse.
Court documents say Hastert agreed to pay $3.5m (£2.5m) to a person he sexually abused when the victim was aged 14 and Hastert was working as a teacher and wrestling coach. Read more
NWA join Rock and Roll Hall of Fame
The ground-breaking quintet, who helped define the rough streets of Los Angeles in the late 1980s, were inducted at Brooklyn’s Barclays Centre alongside 1970s-era rock acts Cheap Trick, Chicago, Deep Purple and Steve Miller.
NWA’s work tilted the balance toward West Coast rap in the late 1980s on songs like F*** tha Police, Boyz-N-The Hood and Straight Outta Compton. Read more