Sabinews Morning News Update for August 21, 2015
AIB Releases Manifest of Crashed Bristow Helicopter
Eight days after the crash of Bristow S-76 Helicopter at the lagoon in the Oworonshoki area of Lagos with six fatalities, the Accident Investigation Bureau (AIB) yesterday released the manifest of the ill-fated flight.
The helicopter had 10 passengers and two crew members: the pilot and the co-pilot who died in the crash along with four of the passengers. Read more
Flood Takes over Kano Metropolis
The poor drainage system in Kano was yesterday exposed as flood submerged some parts of the city.
The flood, which began immediately after a 45-minute rainfall, started at the time people were rushing to close from their business premises. Read more
Military to Discipline Truant Soldiers
Following recent skirmish between the Nigerian Amy School of Military Engineering (NASME) and residents of North Bank area of Makurdi in which several residents were harassed and beaten up by military men, the army yesterday said severe disciplinary actions would be taken on soldiers who are found culpable in the ugly action. Read more
Oyo Govt Cancels 2015 Hajj Sponsorship
These are indeed hard times in Oyo tate as the state government on Thursday canceled the 2015 annual sponsorship of Muslims to the holy land of Mecca and Medina in Saudi Arabia.
This came barely 24hours after the government of Abiola Ajimobi announced stoppage of payment of fees for West African Examinations Council (WAEC) students across the state public secondary schools. Read more
Aviation Ministry Alleges Airlines Owe Agencies N100 Billion
The Ministry of Aviation has alleged that the debts owed to the aviation agencies by Nigerian airlines have risen to about N100 billion.
These debts are owed to the Federal Airports Authority of Nigeria (FAAN), the Nigerian Airspace Management Agency (NAMA) and the Nigerian Civil Aviation Authority (NCAA). They range from five per cent service charge, landing and parking to en-route navigational charges. Read more
Wada Picks PDP Nomination Form
Kogi State Governor, Captain Idris Wada, has formally announced his intention to vie for his second term in office on the platform of the ruling Peoples Democratic Party (PDP), saying he had to bow to pressure from the party elders and stakeholders in state.
Captain Wada made the speech on Wednesday in Lokoja in a meeting with members of PDP elders and critical stakeholders. Read more
B’Haram: Adamawa varsity reopens, employs 80 hunters
The authorities of Adamawa State University, Mubi, have recruited 80 hunters to ensure the security of the university community.
The News Agency of Nigeria reported that the university’s Vice Chancellor, Prof Joshua Shall, disclosed this to newsmen in Mubi on Thursday, just as the institution resumes academic activities. Read more
SON seizes N20m substandard automobile parts
Apparently not relenting on its efforts to reduce the influx of substandard goods in the country, the Standards Organisation of Nigeria (SON) has seized substandard automobile spare part for heavy duty trucks and trailers worth over N20 million.
The recent move, according to the agency, is to safeguard the lives and properties of innocent Nigerians. Assistant Director, Inspectorate and Compliance Directorate SON, Fred Akingbesote, during an enforcement exercise in search of substandard goods at the ASPAMDA market in Lagos, explained that the goods seized, which include rotor heads and other very vital spare parts for heavy duty vehicles, are responsible for the high rate of broken down vehicles on the nation’s highways thus leading to accidents. Read more
Buhari warns against extortion in police recruitment
President Muhammadu Buhari has restated his zero tolerance for any form of irregularity or extortion from applicants in the coming recruitment into the police.
At a meeting yesterday with officials of the Ministry of Police Affairs and the Police Service Commission,(PSC) in the Presidential Villa, Buhari sad that applicants having to pay bribes before being accepted into the police in the past was totally unacceptable. Read More
CBN Vows to Fight Speculators Betting on Naira Devaluation
Meanwhile, the CBN has vowed to fight off speculators taking bets that the naira will be devalued after Kazakhstan became the latest country to abandon control of its currency.
“We haven’t seen any reason so far to institute a change in the foreign-exchange policies,” Special Adviser, Media, to the CBN Governor, Ugochukwu Okoroafor, told Bloomberg. Read more
Economy can’t sustain subsidy – Kachikwu, NNPC boss
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Emmanuel Kachikwu, and other stakeholders argued, yesterday, that fuel subsidy was an unsustainable drain on the economy and called for speedy deregulation of the nation’s oil and gas sector.
The NNPC, GMD said: “Subsidy creates distortion in government revenue distribution as a result of round-tripping and unnecessary carryover of expenditures every year in a way that is difficult for government to control or sustain.” Read more
FG converts 11 states’ bank debts to bonds
The National Economic Council chaired by Vice- President Yemi Osinbajo was on Thursday told that Federal Government bonds had been issued to 14 banks on behalf of 11 state governments as part of the plan to restructure states’ loans in commercial banks.
As part of the plan, the Federal Government had approved the conversion of states’ loans in commercial banks to Federal Government bonds. Read more
Nigeria can earn N5tn from agriculture –Shonga GM
Nigeria can achieve national food security and earn about N5tn foreign exchange from agricultural exports as well as create massive employment with the adoption of commercial agriculture, the General Manager, Shonga Farm Holdings Limited, Mr. Adebayo Sangobiyi, has said.
In an interview with our correspondent in Ilorin, the Kwara State capital, on Thursday, he said it was imperative to have a well-articulated and strategic agricultural master plan that should be strictly implemented to boost the nation’s agricultural transformation. Read more
Reclassification: SEC to deregister erring stockbroking houses
The Securities and Exchange Commission, SEC, has warned that the registration of capital market operators that fail to meet up with the August 31, 2015 deadline for reclassification/reduction of their function or mergers and acquisitions will be cancelled by October 2, 2015.
The Commission stated in a circular to all capital market operators, termed, “New Minimum capital Requirement: Extension of Notification and Procedure for Reclassification/Reduction of Registered Functions, Mergers and Acquisitions” posted on its website, that deregistered dealing members would have to apply for fresh registration to operate in the market. Read more
Oil and Gas
Nigerian banks risk losing N31.45bn to exposure on Afren’s financing
Nigerian banks involved in syndicate financing of Afren Plc’s onshore and offshore activities are at risk of losing $185 million (N31.45 billion) to exposure following doubt in the company’s ability as a going concern.
Renaissance Capital Research, in its report released yesterday said “Afren is in administration and in this note we explore the possible implications for Nigerian banks. We conclude that Zenith Bank is in the most comfortable position, followed by Access Bank, and then Stanbic IBTC.” Read more
Afren’s insolvency: Bondholders could recover 6% of their principal —Rencap
Renaissance Capital, Rencap has disclosed that Afren Plc has been placed in administration, predicting that bondholders could recover 6 per cent of their principal if the company ceases to exist.
According to Rencap Research “We see little likelihood that Afren can continue as a going concern. We therefore terminate coverage of Afren (previously Sell, TP GBP0.00), and our previous rating, TP and estimates can no longer be relied upon. Read more
Amadi: Poor Project Management Still Hinders Progress of Power Sector
The Chairman of the Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi, has said poor management of scheduled projects in Nigeria’s electricity supply industry has chiefly hampered projected growth of capacity in the sector.
Amadi, who spoke yesterday at the 2015 Electricity Market Summit in Abuja, explained that over the years, the sector has had to contend with real challenges of developing critical capacity to implement projects within explicit timeline and demands. Read more
NERC defends fixed charges for electricity
The Nigerian Electricity Regulatory Commission (NERC) has said that scrapping electricity fixed charges may impact negatively on the market participants who have invested a lot and are continuously making investments in the industry.
In a statement on Wednesday, NERC described electricity fixed charge as a universal practice, which enables operators to recover the capital and fixed cost. Read more
NERC to sanction eight discos over abuse of metering scheme
DISSATISFIED with the level of implementation of the Credited Advance Payment for Metering Implementation (CAPMI), the Nigerian Electricity Regulatory Commission (NERC) said yesterday that it would begin sanction the eight Electricity Distribution Companies (discos) found wanting. In a statement, the NERC Head of Public Affairs,Dr. Usman Arabi, said the agency has issued the discos a seven-day ultimatum to show cause why they would not be sanctioned over non-compliance.
Listing the defaulters as Port Harcourt, Abuja, Yola, Enugu, Ibadan, Ikeja, Eko and Benin discos, the agency said its decision is based on the fact that the discos have violated the terms and conditions of their licenses. Read more
Mikel snubbed me in London – Oliseh
Super Eagles Chief Coach, Sunday Oliseh yesterday explained why he left out Chelsea of England midfielder, John Mikel Obi from his list of players invited for the forthcoming 2017 Africa Cup of Nations (AFCON) qualifier against Tanzania. Oliseh who revealed this at a media parley in Abuja said he made several phone calls including text messages to Obi’s number but he never responded to any. Read more
Okagbare, Ahoure Hold Africa’s Biggest Prospect for Sprint Medal
After winning two medals, a silver in the (long jump) and a bronze in the 200m at the last edition of the IAAF World Championships in Moscow, Russia two years ago, Blessing Okagbare-Ighoteguonor, will this weekend at the Bird’s Nest Stadium in Beijing begin her quest for a gold medal that no Nigerian athlete, male or female has ever achieved.
Interestingly, it was at the same stadium, a rookie Okagbare earned an Olympic long jump bronze medal in her very first outing at the Games held in 2008. Read more
Falconets regroup for Congo DR
Ahead of the 2016 FIFA U-20 Women’s World Cup round qualification series, Nigeria’s Falconets will return to camp to prepare for the battle against Democratic Republic of Congo.
The Canada 2014 World Cup Silver winning team, is expected to return to its Serob Legacy hotel camp in Abuja under the watchful eyes of Head Coach, Peter Dedevbo on saturday, August 22, 2015. Read more
Rangers Face Dolphins in a Tricky Match-up
There were strong indications Wednesday night that in line with the terms of the Share Purchase Agreement (SPA) for the acquisition of Enterprise Bank Limited, Heritage Bank Limited paid the outstanding 80 per cent of the N56 billion it offered for the bridged bank.
THISDAY gathered from a reliable source that Heritage Bank transferred the money into the Asset Management Corporation of Nigeria’s (AMCON’s) escrow account at First Bank of Nigeria Limited, which was created temporarily for the transaction. Read more
Tanzania clash: Ekpo tips home-based players to shine
Ex-international, Friday Ekpo, has said the players invited from the Nigeria Professional Football League would likely do better than their overseas-based counterparts when the Super Eagles face the Taifa Stars in their 2017 Africa Cup of Nations qualifying match on September 5 in Dar es Salam.
The 23 home-based players, who were invited by the Eagles coach, Sunday Oliseh, reported to camp on Monday. Five of them would be chosen to complement the 18 overseas-based players who have also been invited. Read more
Cape teacher stranded in UAE
Stranded far away from home, a South African teacher living in Abu Dhabi in the United Arab Emirates is doing everything he can to return to Cape Town.
Roderick Williams, 62, cannot return home until the government of the UAE returns his passport, taken from him after he was accused of negligence relating to the death of a three-year-old child attending the private school where he served as the principal. Read more
Nairobi becomes first city in Africa to adopt Uber cash, mobile money
Uber officially announced that everyone in Nairobi can now pay using cash and mobile money starting today, after the successful conclusion of a two month payment pilot.
Nairobi is one of the fastest growing cities internationally for Uber following the launch of the cash test pilot. It showed there was huge pent up demand for the Uber service as new rider sign-ups and referrals increased fivefold. Read more
Russia weighs UN arms embargo on South Sudan
Russia said Thursday it needs more time to study a draft UN resolution on imposing an arms embargo and sanctions on South Sudan if President Salva Kiir refuses to sign a peace deal.
The United States presented the draft resolution to the Security Council late Wednesday, hoping to schedule a quick vote, possibly as early as Friday. Read more
Call to teach gay sex in schools
High schools should teach pupils about homosexual sex.
That’s the view of the Sex Workers Education and Advocacy Taskforce’s (Sweat) psycho-social manager, Dr Gordon Isaacs .
Isaacs told the Cape Argus that far too little is being done to educate schoolchildren about other forms of sex that are prevalent in society, aside from the traditional “when a boy loves a girl” narrative that is taught across the country. Read more
Fake medicine vendors mushroom as poverty bites
Bubble-wrapped pills are scattered across the crude table in a busy open air street market beside crumpled boxes of lightening creams and other remedies – movet, diprison, sexpills, paracetamol and anti-fungal powder.
A young man approaches in company of a girl and whispers a few words. The vendor shuffles through the piles of sexual aids that cover the table – generic viagra, dubious-looking condoms -before cutting a section containing two antibiotic capsules off a sheet of pills. Read more
Toxic chemical levels high in Tianjin after blast
High levels of toxic chemicals remained inside the core area in the Chinese city of Tianjin on Friday, more than a week after a massive warehouse explosion that killed at least 114.
Technicians have detected levels of cyanide as much as 356 times the national safe level within the evacuated area, although levels outside the zone show no undue contamination, according to state media reports. Read more
China wants power, not responsibility
Forty-three years after Richard Nixon made his famous visit to China, that country has seemingly decided to take a page from the former US president’s treasury department.
As China lowers the value of the yuan, the country’s economic policy makers are mimicking the blasé attitude of Nixon-era treasury chief John Connally, who dismissed international complaints about US monetary policy with a curt remark: “It’s our currency, but it’s your problem.” Read more
Conservation group in Adani challenge had funding doubled by LNP
The conservation group attacked by the Abbott government after its legal challenge to Australia’s largest proposed coalmine had its taxpayer funding more than doubled by the former Queensland Liberal National party government.
Mackay Conservation Group, whose federal court action led to the commonwealth conceding its approval of Adani’s Carmichael mine was invalid owing to lack of regard for vulnerable snake and skink species, received $150,000 funding over the life of the Newman government between 2012 and 2015, according to figures seen by Guardian Australia. Read more
Obama promises to keep military options open in Iran nuclear deal
President Barack Obama is promising Democratic lawmakers that the US will continue to keep economic pressure on Iran – and keep military options open – if a nuclear deal with Tehran goes ahead.
Obama, in a letter addressed to New York Democratic representative Jerrold Nadler, said that if Iran rushes to build a nuclear weapon, “all of the options available to the United States – including the military option – will remain available”. Read more
In downturn, frackers turn to toilet water in drought-prone Texas
Top shale oil producer Pioneer Natural Resources Co has found an unusual way to both save water and cut costs for its wells: tapping the treated runoff from toilets, sinks and showers in west Texas.
Pioneer has signed an 11-year, $117 million deal with the city of Odessa, Texas that will guarantee it access to millions of gallons of treated municipal wastewater each day, for use in nearby oilfields. Deliveries of the so-called effluent, are expected to start at the end of the year. Read more
New Prime Minister Takes Office in Sri Lanka
Ranil Wickremesinghe was sworn in as Sri Lanka’s new prime minister as the island nation’s two major political parties signed an agreement to work together in the new parliament.
His victory in Monday’s election thwarted a political comeback bid by the country’s former strongman president, Mahinda Rajapaksa, seven months after he lost his presidential re-election bid. Read more
Pakistan cancels meeting over Kashmir feud
Pakistan has cancelled a conference of lawmakers from Commonwealth countries after a feud with India over Kashmir.
India demanded that lawmakers from Indian-administered Kashmir be included at the event, Pakistan National Assembly speaker Ayaz Sadiq said. Read more
North Korea orders troops on war footing after exchange of fire with South
North Korean leader Kim Jong Un ordered his troops onto a war footing from 5 p.m on Friday after Pyongyang issued an ultimatum to Seoul to halt anti-North propaganda broadcasts by Saturday afternoon or face military action.
Tension on the divided peninsula escalated on Thursday when North Korea fired shells into South Korea to protest against the loudspeaker broadcasts from the Korean border. The South responded with its own artillery barrage. Read more