SABINEWS MORNING NEWS UPDATE FOR APRIL 25, 2016
Nigeria’ll be highest exporter of cement by 2018 – Dangote
The President, Dangote Group, Alhaji Aliko Dangote, has said that Nigeria will be the highest exporter of cement by the year 2018.
Dangote stated this while receiving The Guardian Man of The Year 2015 award in Lagos. “The only way we can help the continent is to be self-sufficient and also export. What we have been able to achieve is that in the next two years, Nigeria will be the highest exporter of cement,” he stated. Read more
PH, Warri refineries now producing petrol – Kachikwu
The Minister of State for Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has announced that the Port Harcourt Refining Company and the Warri Refining and Petrochemical Company are now producing a combined volume of seven million litres of petrol daily.
According to him, the PHRC now produces five million litres of Premium Motor Spirit, popularly known as petrol, while the WRPC produces two million litres of the product daily. Read more
Ajimobi Gives Conditions for Return of Mission Schools
The Oyo State Governor, Senator Abiola Ajimobi, has promised to hand over mission schools to owners who have genuine proposal for the development of such schools and proven commitment to education advancement.
The governor made the promise in his address at the archdiocesan reception for the 34th council of Bishops at the Bishop Ayo Ladigbolu House, Molete, Ibadan, at the weekend which was attended by bishops and archbishops of the Methodist Church across the country. Read more
Ambode Mourns Passage of Former Lagos Deputy Gov, Jafojo
The Lagos State Governor, Mr. Akinwunmi Ambode, yesterday expressed sadness over the passage of the former Deputy Governor of the state, Alhaji Rafiu Jafojo.
Jafojo, who was Deputy Governor during the administration of former governor, Alhaji Lateef Jakande, during the Second Republic, died on Saturday in his Lagos residence at the age of 80. Read more
Amnesty: The Lunch is over, IYC Tells Niger Delta Youths
The Ijaw Youth Council (IYC), the influential umbrella body of all youths of Ijaw descent, yesterday called on the Niger Delta region to prepare for a future without the federal government’s amnesty programme, which is gradually winding down. Read more
Atiku Charges USOSA on Education for all, Congratulates Odinkalu, Others
Former Vice President, Alhaji Atiku Abubakar, has expressed his commitment to the newly-elected executives of USOSA, the umbrella association of Unity Schools alumni, under the leadership of Professor Chidi Odinkalu, who was voted as President-General in Abuja at the weekend.
In a congratulatory message released by his media office, the Turaki Adamawa noted that his confidence in Odinkalu’s leadership was as a result of his long term awareness of the professor’s passion for education. Read more
NCAA to Partner Police in Prosecuting Unruly Passengers
The Nigerian Civil Aviation Authority (NCAA) has said henceforth it would partner with the Nigerian Police to prosecute any passenger or airport user whose action or behaviour goes against the regulations that guide proceedings at the airports. Read more
Youth Group Accuses Presidency of Persecuting Saraki
Youths under the aegis of Congress of Nigeria Youth Leaders (CONYL) have accused the presidency and some forces in the ruling All Progressives Congress (APC) of prosecuting the Senate President, Dr. Bukola Saraki. Read more
States’ debt deferral won’t harm creditors – FG
The Federal Government on Sunday said its decision to defer the debts owed by states from the bailout they received last year would not have any negative impact on creditors and bondholders.
The Minister of Finance, Mrs. Kemi Adeosun, who made the clarification in a statement, said all debt repayments due to creditors of the states would be fully paid despite the deferral. Read more
Lagos invites IG to probe Disu’s killing
The Lagos State Government has agreed to invite the Inspector-General of Police, Mr. Solomon Arase, to take over investigations into the killing of the Managing Director of Lekki Worldwide Limited, Alhaji Tajudeen Disu.
The decision was contained in a White Paper on recommendations of the tribunal of inquiry into causes of civil disturbances at the Lekki Free Trade Zone, where Disu was killed. Read more
NHRC wants suspects’ detention beyond 48 hours stopped
The National Human Rights Commission has said it “is determined to put a stop” to the incessant cases of pre-trial detention of suspects beyond the 48-hour limit allowed by law.
“This will no longer be tolerated given its affront to human dignity and fundamental human rights,” the NHRC’s Executive Secretary, Prof. Bem Angwe, was quoted as saying in a statement by the commission on Sunday. Read more
Abducted Osun officials regain freedom
The three officials of the Osun State Government abducted by gunmen in Kogi State last Friday have been released.
Our correspondent gathered that the three civil servants released on Sunday evening were still with security operatives in Kogi State and they might not return to Osogbo, the Osun State capital, until Monday (today). Read more
APC change programme: The slogan and the reality
Buhari came into office with an agenda for change. This was a compelling and ultimately victorious slogan….” Vice President Yemi Osinbajo, at the NATION’s Forum on the Economy, Thursday, 8 April 2016. Read more
Bayelsa moves against salary cartel
BAYELSA State Government has accused top serving and retired civil servants of truncating efforts by the Governor Seriake Dickson-led administration to meet up with payment of workers’ salary.
The state government, in a statement through the Commissioner for Information and Orientation, Mr. Jonathan Obuebite, said though the state had embarked on verification exercises to determine genuine workers and reduce its huge wage bill of N4 billion, the efforts were truncated by some criminal elements at all levels of the civil service in the state. Read more
Defence Chiefs Identify 10 Security Threats in N’Delta
Following a recent pronouncement by President Muhammadu Buhari to treat oil pipelines vandalism in the Niger Delta region like Boko Haram terrorists, Nigeria’s security chiefs yesterday visited the region and vowed to carry out the president’s order to the letter.
The visit also took place on a day the Joint Task Force (JTF) in an operation codenamed Operation Pulo Shield, warned Niger Delta Avengers, a new militant group which has claimed responsibility for the destruction of oil platforms in the region, to stay off its track or get crushed. Read more
Multiple woes hit outdoor advert sector
Operators of outdoor advertising business in Nigeria say their survival is under threat if government fails to come to their aid, as they accuse the Lagos State government of owing them over N1 billion.
EY stresses need for increased transparency
The EY, a global professional services firm, has highlighted the need for enhanced transparency at a time of increased geopolitical tensions and heightened volatility in the financial markets in a bid to curb fraud, bribery and corruption.
The firm, in its 14th Global Fraud Survey 2016, said increasing global cooperation in enforcement against corruption raised the stakes for companies and their executives. Read more
NAICOM releases list of 300 certified insurance brokers
Determined to checkmate activities of unregistered insurance brokers in the insurance industry, the National Insurance Commission (NAICOM) has released the list of 300 insurance brokers it has given approval to undertake brokerage business in the industry.
The names of the approved insurance brokers are published on the website of the commission. The commission in December 2015, had published the names of 108 insurance brokers for their failure to meet the regulatory requirements especially failure to renew their licenses. Read more
FMDQ partners PenCom on regulatory supervision
FMDQ OTC Securities Exchange has formalised partnership with the National Pension Commission through the co-signing of a regulatory supervision collaboration agreement at a brief ceremony at the commission’s office in Abuja.
In her address, PenCom DG, Mrs. Chinelo Anohu-Amazu, acknowledged and commended FMDQ on its positive impact and giant strides in the development of the Nigerian financial system, and noted that this Regulatory Supervision Collaboration Agreement executed with the Exchange will serve to enable the realisation of PenCom’s investment objectives of safety of pension assets and maintenance of fair returns on investment. Read more
Naira to remain flat against dollar on slow growth
The naira is expected not to rise or fall significantly at the parallel and official foreign exchange market as the economy slows and demand for foreign exchange eases after President Muhammadu Buhari’s delayed signing of the 2016 budget.
The local currency was trading around 322 against the dollar at the parallel market on Friday, the same level as last week, and held steady around the official peg of 197. Read more
Profit taking: NSE All-Share Index down by 0.24%
Investors on the Nigerian Stock Exchange on Friday embarked on profit taking, reversing the three-day growth recorded by the market indices.
The News Agency of Nigeria reported that the All-Share Index lost 59.77 points at 0.24 per cent to close at 24,850.11, compared with 24,909.88 achieved on Thursday.
Similarly, the market capitalisation, which opened at N8.568 trillion, lost N21 billion or 0.25 per cent to close at N8.547 trillion. Read more
First half economic outlook appears hazy despite oil price rebound – Analysts
Amidst dramatic positive turn in oil prices in the international market some economy analysts have indicated that a positive rub-off on Nigerian economy would not come in the short term. Economists at the Financial Derivatives Company Limited, said the inflationary pressures which had sustained over thirteen months consecutively, would remain in the months ahead, due to the persistent scarcity of petroleum products, among other key factors. Read more
President’s trade mission to China
The template for public expectation from President Muhammed Buhari’s recent visit to China was formally defined by Femi Adesina, in the President’s Media Adviser’s press release, which was published a day before Nigeria’s star-studded delegation departed Abuja in April. However, the Finance Minister, Kemi Adeosun had told Reuters and London’s Financial Times, just before the China trip that Nigeria was actually in negotiation for a $2.5bn World Bank loan to partly fund the 2016 budget, because of the more favourable terms. Read more
Volatile Exchange Rate Hurts Total Oil Earnings
Despite expectations that the trend would be reversed with the arrival of the earnings season, the emergence of fourth quarter 2015 and first-quarter 2016 earnings reports, which turned to be disappointing, have generally contributed to the volatile environment. This is owing to the fact that most companies operating in the country were faced with difficult operating environment due to the slowdown in economic growth across Africa, as a result of lower commodity prices. These developments have affected both households and businesses.
Low oil prices remain a drag on energy companies, whereas the stronger United States dollar is taking its toll on the multinational companies in the country. Read more
Absence of PIB crippling oil, gas industry –Experts
OIL and gas experts have identified the delay in the passage of the Petroleum Industry Bill (PIB) before the National Assembly as being responsible for the present state of the industry.
They also decried the state of the industry, insisting that urgent action needs to be taken to resuscitate it for sustainable development. Read more
Fall in oil Price offers opportunity for growth – Ambode
Lagos State Governor, Mr. Akinwunmi Ambode, at the weekend in far away United Kingdom, said the massive fall in oil prices in the international market is a blessing in disguise for Nigeria, just as he said the development is a tipping point not just for positive change but also to achieve inclusive growth and sustainable development.
Governor Ambode, who spoke on the theme: “Nigeria – Rising Above Crude Realities,” at the 3rd Annual London School of Economics Africa Summit, said if honestly handled, the fall in oil prices had actually offered the country the opportunity to deliver real growth, as the high price of oil which the nation hitherto enjoyed created a distorted economic structure. Read more
Sirius Petroleum provides Nigerian operations update
Sirius Petroleum (AIM: SRSP), the investing company focused on oil and gas exploration and development opportunities in Nigeria, is pleased to provide the following update: the commissioning of a Competent Persons Report (“CPR”); updated volumetrics associated with the Ororo field and formulation of a gas commercialisation strategy; and update on DPR/other agreements and permits. Read more
SacOil JV looks to purchase and resell Nigerian crude oil
SacOil, a South African based independent African oil and gas company and EER entered into a MOU to seek investment opportunities in the business activities of the NNPC within the Nigerian oil and gas sector. The Republic of Nigeria is one of the most prolific oil and gas countries in Africa, with significant investment opportunities available in the current economic climate. The Partners have been evaluating a number of opportunities that could provide sustainable revenue returns. Read more
Ramalan Tasks FG on National Carrier, Crude Oil Lifting
The former Chairman of the Board of the Nigerian Maritime Administration and Safety Agency (NIMASA), Alhaji Ahmed Tijani Ramalan has tasked the Federal Government on the establishment of a national shipping carrier thatr would address the present challenges in the in the shipping sector of the economy as well as trhe oil and gas industry.
Ramalan who stated this in a chat with journalists in Lagos stated that the re-establishment of a national carrier is an imperative for the realisation of the objective of Local Content Act and reinvigoration of the nation’s maritime sector. Read more
10,000MW power target threatened as gas assets slide by $5.7bn
The investments’ drought rocking the Nigeria’s gas sector hit 10 years at the weekend, posing a fresh threat to the 10,000 Mega Watt (MW) additional power generation target set by President Muhammadu Buhari. The gas projects’ assets, which started to witness a decline in April 2006, investigation by New Telegraph revealed, worsened with the deferment of works on major gas projects to after 2016. Read more
Blend of gas, coal, solar’ll solve Nigeria’s power crisis – Omotowa
Managing Director, Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Babs Omotowa, in this interview with ADEOLA YUSUF, speaks on critical issues on the economy, his company’s financials, plans to have Final Investment Decision (FID) on trains seven and eight before the end of 2019 and how the lingering brawl with the Nigerian Maritime Administration and Safety Agency (NIMASA) over tax holiday is being resolved. Excerpts:
How has the Nigerian economy benefitted from NLNG? Read more
NFF Crisis Won’t Destroy Nigerian Football – Dosu
Joseph Dosu, ex-international, believes that Amaju Pinnick, the Nigeria Football Federation (NFF) President, and Chris Giwa, the factional president would not destroy the game of football in the country.
He said that much as it was unfortunate that crisis has overtaken the Glass House, he believes that both parties would not undo the game. Dosu said: “Pinnick and Giwa cannot destroy the game in Nigeria, that I can assure you,” he said. Read more
I’M NOT EAGLES COACH –AMODU
Technical Director of Nigeria Football Federation, Shaibu Amodu, has expressed surprise at being appointed interim Head of the Super Eagles’ technical crew ahead of the friendly matches against Mali and Luxemburg next month. Amodu, who quit the Eagles’ job about in 2010, told National Mirror at the weekend in Abuja that the new assignment would heap what he called job pressure on him. Read more
Kano Pillars Stars’ Houses Burgled During 3SC Match!
Theives broke into the houses of Jamiu Alimi and Prince Aggreh while the Kano Pillars pair were in action for their club in the 6-0 Nigeria Professional Football League bashing of Shooting Stars on Sunday, Completesportsnigeria.com reports.
While they were in action, the burglars broke in and stole their appliances, jewellery and watches worth hundreds of thousands of naira, Alimi told Completesportsnigeria.com late on Sunday night. Read more
Sergio Aguero the world’s third best player, says Neil Custis
Sergio Aguero is the third best player in the world, according to The Sun’snorthern football correspondent Neil Custis.
The City striker scored his 23rd Premier League goal of the season in the club’s 4-0 victory over Stoke on Saturday, putting him second in the league’s goalscoring chart behind Tottenham’s Harry Kane. Read more
Death toll rises in Mexico petrochemical plant blast
Mexico’s state oil company says that searchers have recovered four more bodies from a petrochemical plant wrecked by a huge explosion on the country’s Gulf coast, raising the death toll to 32.
Petroleos Mexicanos said in a statement Sunday that rescuers with dogs had reached some of the area’s most affected by Wednesday’s blast and had located more bodies. It said all the workers in the plant that day have been located. Read more
Republicans Cruz, Kasich reach ‘stop-Trump’ deal
Republican White House rivals Ted Cruz and John Kasich announced a deal on Sunday to stay out of each other’s way in some upcoming state primaries in hopes of blocking front-runner Donald Trump from winning the party’s presidential nomination.
Cruz’s campaign said in a statement he would focus on the Indiana and give Kasich a clearer shot in Oregon and New Mexico, states where the Ohio governor expects to do well. Kasich, in turn, agreed to shift resources west and away from Indiana. Read more
India Has Revoked Kingfisher Billionaire Vijay Mallya’s Passport In Connection With Huge Debts
India on Sunday revoked the passport of liquor baron Vijay Mallya, currently believed to be in the United Kingdom.
A spokesman for India’s Ministry of External Affairs said authorities have every intention of bringing Mallya back to the country to prosecute him in connection with over $1 billion in debt to various banks, the Indian Expressnewspaper reports. Read more
For ordinary Cubans, Obama’s historic visit is already fading and the future looks sadly familiar
Before the 1959 revolution, the tiny town of Soroa in a rainforest-covered valley in Artemisa province was one of the American mafia’s favourite playgrounds. They built a kitschy Hawaiian-style hotel and pool in the middle of nowhere – but Fidel Castro and friends interrupted the party before work on the casino was finished, taking over the resort in the interests of the state. Read more
Mexican Police Accused of Torturing Suspects in Missing Students’ Case
There is strong evidence that Mexican police tortured some of the key suspects arrested in the disappearance of 43 students, according to a report released Sunday by an outside group of experts.
The Inter-American Commission on Human Rights expert group says that a study of 17 of the approximately 123 suspects arrested in the case showed signs of beatings, including, in some cases, dozens of bruises, cuts and scrapes. Read more
North Korea claims successful test of submarine-fired missile
North Korea said Sunday that it successfully test-fired a ballistic missile from a submarine and warned of its growing ability to cut down its enemies with a “dagger of destruction.” South Korea couldn’t immediately confirm the claim of success in what marks Pyongyang’s latest effort to expand its military might in face of pressure by its neighbors and Washington. Read more