SABINEWS MORNING NEWS UPDATE FOR OCTOBER 28, 2016
Court dismisses Saraki’s appeal against CCT
The Abuja Division of the Court of Appeal has again declared that the Code of Conduct Tribunal (CCT) has prosecutorial power to try Senate President Bukola Saraki on charges of false assets declaration brought against him by the Federal Government. Read more
Senate begins debate on PIB next week
The Senate will next week begin deliberations on the Petroleum Industry (Governance) Bill otherwise known as PIB.
According to the notice paper of the upper chamber of the National Assembly, the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) will also be considered on Wednesday in accordance with the Fiscal Responsibility Act 2007. Read more
$9bn lost to insurgency in N’East –Presidential panel
The Presidential Committee on North-East Initiative has said that about $9bn has been lost to the destructive activities of the Boko Haram insurgents in Borno, Yobe and Adamawa states.
The committee also said that a strategic framework would be inaugurated soon by President Muhammadu Buhari in line with his determination to rebuild the North-East. Read more
National Assembly takes over control of CCB, CCT from Presidency
The National Assembly yesterday transferred the power of the president to control the Code of Conduct Bureau (CCB) and the Code of Conduct Tribunal (CCT) to itself.
At the conclusion of work on the bill to amend the CCB and CCT law, the legislature successfully altered Section 18 (2) to enable it to confer additional powers on the CCB instead of the president. Read more
‘Nigerians responsible for $9.3b in global loss to cybercrime’
Nigeria is responsible for at least $9.3 billion out of the total global loss to the rising cybercrime, according to the President, Cyber Security Experts Association of Nigeria (CSEAN), Remi Afon.
Afon disclosed this at the National Cyber Security Awareness Month organised by the American Embassy in Lagos yesterday. While making reference to a report, he said that somebody’s identity is stolen every three seconds as a result of the menace. Read more
Deputy gov, southern Kaduna people meet to end killings
Worried by the continued attacks by suspected Fulani herdsmen in Southern Kaduna, the Deputy Governor of the state, Barnabas Yusuf-Bala, on Thursday met with the people of the southern part of the state.
The stakeholders’ meeting, which was jointly organised by the office of the Deputy Governor of Kaduna State and the Southern Kaduna Peoples Union, was to find a lasting solution to the security challenges ravaging the region. Read more
We must be tactful with herdsmen in Yorubaland – Ooni Ogunwusi
he Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, has called for careful handling of the threat posed by some herdsmen across the country, especially in the Yoruba region of the country.
Released Chibok girls: FOMWAN lauds govt
THE Federation of Muslim Women’s Associations in Nigeria (FOMWAN) has applauded the Federal Government on the release of 21 of the abducted Chibok girls from the captivity of Boko Haram terrorist group, saying the development was evident of government’s genuine commitment to ensuring security of lives and property in the country.
PMB’s Daughter, Fatima, Weds Today
All roads leads to Daura today, where the daughter of President Muhammadu Buhari, Fatima, is set to wed the former managing director of the Federal Mortgage Bank of Nigeria, Malam Gimba Yau Kumo.
LEADERSHIP Friday learnt that a dinner in honour of the couple is scheduled to hold in Abuja tomorrow. Read more
Transport workers clash over daily levies
Members of the National Union of Road Transport Workers (NURTW) yesterday went berserk as no fewer than 12 persons sustained various degrees of injuries and many motorcycles destroyed during a fierce clash between them and commercial motorcyclists in Igando, on the outskirts of Lagos. Read more
Enugu PDP, court cases and their albatross
It started like a rumour last week that government officials in Enugu State were sneaking out of the state to Abuja over a purported ruling of the Court of Appeal, on a pre-election case filed against Governor Ifeanyi Ugwuanyi by a former Chairman, Senate Committee on Works, Chief Ayogu Eze. Read more
Over 80 Nigerian Soldiers Reportedly Missing in Boko Haram Attack
The Nigerian military has provided conflicting reports in the aftermath of a Boko Haram attack that the Associated Press reported resulted in 83 soldiers missing in action, offering national media significantly lower figures or refusing to publicize an official number. Read more
Buhari to Launch $10bn Niger Delta Reconstruction Fund
The federal government under the watch of President Muhammadu Buhari plans a $10 billion infrastructure development fund for the oil-rich but restive Niger Delta, the Minister of State for Petroleum, Dr. Ibe Kachikwu, said yesterday in Abuja. Read more
Commission rejects request for special promotion for police officers
Arising from its 17th plenary meeting in Abuja yesterday, the Police Service Commission (PSC) rejected the request for special promotion for some senior police officers.
The commission also approved the dismissal of six others and granted the promotion of 113 others, including four Commissioners of Police (CPs). Read more
‘Nigeria moving towards a failed state’
Prominent Nigerians including former governor of Kwara State, Chief Cornelius Adebayo, former governorship candidate of the Peoples Democratic Party (PDP) in Lagos, Mr. Jimi Agbaje, former ambassador to Switzerland, Dr. Humphrey Orjiako and others have stressed the need to restructure the country to true federalism for it to move forward. Read more
Budget: FG has released N2.5tn, say Udoma, Adesoun
The Federal Government on Thursday said it had so far released N2.5tn out of the N6.6tn budgeted for the 2016 fiscal year.
The government also said the proposed external borrowing was for the execution of capital projects. Read more
Redefining capital in the Nigerian context
According to a recent report by TechCrunch on transportation technology in Israel, “there are twelve companies left standing in the global ridesharing market, and nearly half were built in a country of 8 million people and the size of New Jersey.” The question that will cruise through any curious mind is, how does such a “small” country that is relatively lean in natural resources create so much value for the entire globe? Read more
SON to check production of substandard blocks
Worried about the persistent building collapse in the country, the Standards Organisation of Nigeria (SON) has resolved to deploy the use of block testing machines to check production of substandard blocks in the country.
The Director-General of SON, Osita Aboloma, explained that block moulders play a very critical role in economic development, saying that the agency is strengthening its collaboration with block moulders in the country by rolling out these machines in large numbers to give block moulders the opportunity to test their blocks while also complying to standards. Read more
Sweden seeks increase in trade volume with Nigeria
Sweden is seeking opportunities that will increase the trade relations and volumes between it and Nigeria.
Swedish Minister for European Union (EU) Affairs and Trade, Mrs. Ann Linde, who led the Swedish delegation to Nigeria, disclosed this in Lagos on Wednesday, during an interaction with journalists. Read more
Experts hinge public performance on global best practices
Former Accountant-General of the Federation, Kayode Naiyeju has posited that the new trends in value for money audit and risk-based auditing in public sector will aid better performance among public servants and tackle corruption if global best practices are followed.
Naiyeju, who is also the Principal of JK Consulting Company Limited, told The Guardian recently in Akure that constant training which his organisation has been organising for public servants, especially in Ondo State, exposes them to global best practices. Read more
Dangote Cement’s revenue hits N442b in Q3
Cement manufacturer, the Dangote Cement Plc has declared increased revenue of N442.09 billion in the last nine months, the company’s financial report released yesterday at the Nigerian Stock Exchange indicated.
The revenue in the nine month ended September 30, 2016 was 20.97 per cent higher than the figure recorded during the same period in 2015, despite the harsh operating environment, a development attributed to management’s strategy to leverage on its pan-African status. Read more
AfDB reiterates infrastructural needs for sustainable growth
The imperatives of infrastructure development for sustainable growth of African economies have continued to dominate discussions of the African Development Bank (AfDB).
The regional development institution raised the issue again on the second day of the Korea-Africa Economic Cooperation Conference (KOAFEC) in Seoul, South Korea, while discussing the transformation of Africa’s agriculture. Read more
IATA seeks better cooperation against security threats
The International Air Transport Association (IATA) has urged industry and governments to work together in an even stronger partnership to provide durable solutions to aviation’s security challenges. Read more
NSE index rises as 15 stocks appreciate
The Nigerian Stock Exchange All-Share Index advanced by 0.43 per cent on Thursday as 15 stock recorded gains in the course of trading. The positive close at the Nigerian equities market brings the year-to-date return to 4.91 per cent negative. Read more
FG has $500m commitment for $1bn Eurobond – Adeosun
The Federal Government has $500m commitment for the $1bn Eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, the Minister of Finance, Mrs. Kemi Adeosun, has said. Read more
Mimiko to host cocoa industry conference
As part of activities to launch the Akure Commodity Exchange initiated by the Ondo State Governor, Dr. Olusegun Mimiko, the stage is set for the hosting of the first International Cocoa Industry and Investment Conference. Read more
169 new firms join LCCI
The Lagos Chamber of Commerce and Industry says it has admitted additional 169 companies into the organisation.
This brought the total number of companies admitted into the chamber between April and October this year to 243. Read more
CBN meets BDCs as Naira depreciates to N466/$
THE Naira yesterday de preciated further to N466 per dollar in the parallel market prompting the Central Bank of Nigeria (CBN) to meet with Bureaux De Change (BDC) operators and Travelex to evolve measures to halt the persistent slide of the currency. Read more
Reps wade into banks’ N2.473trn debt to AMCON
The House of Representatives, yesterday, moved to save the Asset Management Corporation of Nigeria (AMCON) from collapse over funds owed them by a firm, Obligo.
Obligo is an international management company with an established institutional investor platform and focus on investing in and managing real estate in the Nordic region. Read more
Oil, gas remain critical to economic recovery, says Buhari
Although the Federal Government is committed to diversifying the economy into agriculture, solid minerals and other critical sectors, President Muhammadu Buhari has maintained the critical role of oil and gas in salvaging the country from the current economic crisis.
Buhari, in an address at the launch of the Nigerian Oil and Gas Industry Roadmap tagged “The 7 Big Wins” at the presidential villa yesterday, said Nigeria still needs a virile and efficient oil and gas industry to take care of the nation’s foreign exchange requirements. Read more
Chevron attack: Power supply falls by 600MW
Tuesday’s attack on Chevron’s gas line by militants in the Niger Delta has affected the flow of gas to some power plants, leading to a loss of about 500 to 600 megawatts of electricity, our correspondent has learnt.
A source at the Nigerian National Petroleum Corporation told our correspondent that it was one of the lines transporting untreated gas from the fields to the Escravos gas plant that was attacked and not the export terminal line, as claimed by the militants. Read more
ExxonMobil Announces Major Oil Discovery Offshore Nigeria
Nigeria’s oil sector has received a major boost as American oil major, ExxonMobil Corporation yesterday revealed discovery of significant oil with a potential recoverable resource of between 500 million and 1 billion barrels of oil on the Owowo field offshore Nigeria Read more
Nato chief says alliance ‘does not want new Cold War’
Nato is not seeking confrontation with Russia and does not want another Cold War, Secretary-General Jens Stoltenberg has told the BBC.
The planned deployment of 4,000 extra troops to eastern Europe aims to prevent, not provoke conflict, he said. Read more
Topless selfie student crashes into Houston police car
A 19-year-old student has claimed she was taking a topless selfie to send to her boyfriend when she crashed into the back of a police car in Texas.
According to theeagle.com, a City of Bryan police officer had parked near Texas A&M university about 100 miles northwest of Houston while he investigated a disturbance when Miranda Kay Rader’s car rear-ended his vehicle. Read more
Professor’s death could see Taiwan become first Asian country to allow same-sex marriage
The death of a gay professor could propel Taiwan into becoming the first Asian country to legalise same-sex marriage by the end of next year.
More than 80,000 LGBT activists and supporters are expected to take to the streets of the Taiwanese capital, Taipei, on Saturday for what is expected to be Asia’s largest ever gay pride parade. Read more
China’s President Xi Jinping is Bestowed With ‘Core’ Leader Title
hina’s Communist Party elevated President Xi Jinping to the position of “core” leader on Thursday, underscoring his clout and strengthening his dominance ahead of a reshuffle in the top ranks next year.
A key party meeting this week called on all members to unite around the party leadership with “Comrade Xi Jinping as the core,” according to a communique released by the official Xinhua News Agency. Read more
Hillary Clinton ‘sets sights on Joe Biden for Secretary of State’ if she wins election
Hillary Clinton is already reportedly looking ahead to Cabinet appointments, with Joe Biden said to be her top choice for Secretary of State if she becomes President.
The Democratic presidential nominee, who has a 14-point lead over her Republican rival Donald Trump according to one recent poll, has stressed she is not taking victory on November 8 for granted. Read more