Army colonel convicted for mutiny
A serving Lieutenant-Colonel in the Nigerian Army has become the first casualty in the fight against Boko Haram.
The court martial set up by the Army to try some officers for offences committed while on internal security operations in the North-East has sentenced him to one year in prison. Read more
$20bn undersea cable investment failing to deliver
Four years after the landing of broadband fibre-optic submarine cables, which are supposed to ease the long standing constraints of internet penetration and bandwidth, the expected upgrading of Nigeria’s e-governance, education and healthcare,and others, continue to suffer on account of poor access, especially in the hinterland.
Four cable systems that landed the country have been virtually stranded on the coastline, unable to deliver service to the hinterland, due to the under-developed distribution networks, including national long distance fibre, metro fibre and lastmile connectivity, required to push internet services in-land. Read more
Jonathan Seeks Private Sector’s Support for Sports
President Goodluck Jonathan has urged the private sector to lend their support to sports by sponsoring more sporting activities in the country.
The president made the call last Saturday in Kaduna during the finals of the National Hockey Super League competition organised by the Nigeria Hockey Federation (NHF). Read more
Interbank rates climb as CBN drains liquidity
Nigeria’s interbank lending rates climbed 25 basis point to an average of 10.75 percent on Friday, after funding for forex purchase and issuance of treasury bills curbed market liquidity.
The Central Bank of Nigeria (CBN) retired about 198 billion ($1.22 billion) of matured open market operations (OMO) bills on Thursday, but rolled over 179 billion as fresh issuance, dealers said. Read more
FG moves to save N3trn annually with processed raw materials
The Federal Government has started mobilising its agencies to ensure effective development of raw materials along value chains in order to save N3 trillion annually, decrying unchecked exports of unprocessed cashew nuts and other agricultural produce.
Walid Jubrin, chairman, governing board, Raw Materials Research and Development Council (RMRDC), who said this at the commissioning of FUNAAB cashew processing factory donated by RMRDC at the weekend, revealed that the Federal Government has started mobilising Raw Materials Research Development Council, Central Bank of Nigeria (CBN), Bank of Industry (BoI), Bank of Agriculture (BoA), Cashew Association of Nigeria, Cocoa Research Institute of Nigeria, among others, to ensure effective development of raw materials along value chains in order for Nigeria to save N3 trillion on improved agricultural production annually. Read more
FG summons emergency meeting for EVD
An emergency National Council on Health, NCH, meeting is holding today in Abuja following the outbreak of Ebola Virus Disease, EVD, outside Lagos.
The meeting will be the third in series since the outbreak of the disease in West Africa. Read more
Brazil records first recession in five years
Brazil’s first recession in more than five years fueled a rally in equities as investors bet President Dilma Rousseff will fail to get re-elected next month.
The Ibovespa extended its best month since January 2012, gaining 1.7 per cent to 61,288.15, Bloomberg News reported. Read more
NSPM Appoints Mr. Joseph Ugbo as Managing Director/Chief Executive Officer
The Board of Directors of the Nigerian Security Printing and Minting Plc has dissolved the Executive Management of the company and directed the current Acting Managing Directed and two Executive Directors to retire with effect from Monday 1 September 2014.
Consequently, the Board has approved the appointment of Mr. Joseph Ugbo as substantive Managing Director/Chief Executive Officer and Alhaji Abbas Umar Masanawa as Executive Director in charge of Finance and Strategy of the company. Read more
Ship owners owe banks $3b
Indigenous shipping firms owe banks a whopping $3billion, the Nigerian Shipowners Association (NISA) has said.
The group said the inclusion of the waivers clause in the Cabotage Act has added to their problems as it has boxed them into a disadvantaged corner. They, therefore, urged the Federal Government to expunge the clause from the Coastal and Inland Shipping Act (Cabotage Act of 2013). Read more
Ecowas Official May Face Manslaughter Charges
The Nigerian diplomat attached to the Economic Community of West African States (ECOWAS), Olubukun Koye who escaped from quarantine in Lagos after testing positive to Ebola virus and travelled to Port Harcourt for treatment, an action that resulted in the death of the doctor who treated him (Iyke Enemuo) may face manslaughter charges.
This is coming on the heels of report that the number of persons under surveillance in the state for Ebola Virus Disease has increased from 100 to 160. Read more
Aide in court for defrauding Danjuma of N2bn
A special assistant to former Defence Minister, Lt. Gen. T. Y. Danjuma (retd), Manasseh Zorto, was on Friday brought before a Federal High Court in Lagos State for allegedly defrauding his boss of N2bn.
The suspect, who was said to be on the run, could not be arraigned before Justice Okon Abang on Friday. Read more
Speaker urges youths’ participation in politics
The Speaker of the Lagos State House of Assembly, Adeyemi Ikuforiji, says more youths across the country must start participating in politics and governance.
He said on Friday that if the youth participate early in governance, there would be enduring change in the running of the federation. Read more