Sabinews Morning News Update for January 28, 2016
Bank staff says Metuh ran 5 accounts
An official of Diamond Bank Plc, Eno-Mfon Effiong, yesterday, told the Federal High Court sitting in Abuja that the National Publicity Secretary of Peoples Democratic Party, PDP, Chief Olisa Metuh, who is facing trial over alleged N400 million fraud, ran five separate accounts with the bank.
Effiong, who told the court that she was the account officer to Metuh’s firm, Destra Investment Limited, explained that the company already had a balance of N6,676,576 in its account, prior to the date the Office of the National Security Adviser, ONSA, credited it with N400 million on November 24, 2014. Read more
Buhari sends money laundering, criminal activities bills to Senate
President Muhammadu Buhari, yesterday, sent his first two executive bills to the Senate, seeking to prohibit money laundering and criminal activities in the country.
The bills are:”The Money Laundering (Prevention and Prohibition) Bill, 2016″ and “The Mutual Legal Assistance in Criminal Matters Bill, 2016.” Read more
Obasanjo writes Saraki, Dogara, accuses NASS members of corruption, greed, impunity
Former President, Chief Olusegun Obasanjo, has lambasted members of both arms of the National Assembly, accusing them of greed, impunity and corruption.
Obasanjo, whose accusation was contained in a January 13, 2016, letter addressed to the Senate President, Bukola Saraki, and speaker of the House of Representatives, Yakubu Dogara, lamented that the lawmakers had failed to show understanding, in view of the present economic situation in the country, caused by a crash in the price of crude oil in the international market. Read more
Woman flees with fiancé’s N295.5m after drugging him
A 46-year-old woman, Victoria Alaegbu, has been accused of using charm on her fiancé, Prince Hillary Unachukwu and running away with his $1.5 million (N295.5 million).
Alaegbu was said to have administered a noxious chemical substance on Unachukwu last December in Ikoyi, Lagos. The substance knocked him out between 8pm and midnight and gave Alaegbu time to steal the money and lock Unachukwu inside the house. Read more
Orubebe’s trial suffers setback
The Federal Government, yesterday, failed to open its case against former Minister of Niger Delta Affairs, Elder Godsday Orubebe, who is facing corruption charges before the Code of Conduct Tribunal, CCT.
Orubebe was in the charge, alleged to have falsely declared his assets while in office as a public officer. Read more
Drama As Gulak Storms PDP Hqtrs, Claims Party Chairmanship
There was drama yesterday as former a political adviser to President Goodluck Jonathan, Ahmed Gulak, stormed the national secretariat of the Peoples Democratic Party (PDP), declaring himself chairman of the party.
But the National Working Committee, NWC of the PDP in a swift reaction told Gulak that he cannot become national chairman of the party through the backdoor. It described him as a fifth columnist working for the All Progressives Congress (APC). Read more
Lassa Fever: 1 dies, 26 under surveillance in Jigawa
Jigawa State Government has confirmed the death of one person as a result of Lassa fever outbreak and 26 others persons who had contact with the decease were at present under surveillance.
Confirming the development, Commissioner of Health, Dr Abba Zakar, said the victim who resided at Gujubaki village in Dutse Local Government area of the state had just returned from Port Harcourt in Rivers State and reported to Dutse General Hospital with signs and symptoms suggestive to Lassa fever. Read more
We’ll consider MTN’s plea for out-of-court settlement –NCC
Executive Vice Chairman, of the Nigerian C o m m u n i c a t i o n s Commission (NCC), Prof. Umar Garba Danbatta, has said that the Commission may consider MTN Nigeria plea to settle its dispute out of court.
Speaking at an international press conference in Lagos,yesterday, Danbatta explained that NCC’s counsels were already talking with MTN’s counsels on the issue of out of court deal. Read more
Jaiz Foundation Pays N4m Fine For Release Of 65 Kano Prison Inmates
Jaiz Foundation has paid over N4m to secure the release of 58 male prisoners and seven females, including two nursing mothers incacerated at the Kurmawa and Goron Dutse federal prisons.
LEADERSHIP exclusively published a report in its edition of January 11, 2016 titled, “Untold Story of Nursing Mothers In 100 Year Old Kurmawa Prison”, which revealed the ordeal of nursing mothers and their infants at the Kurmawa city prison. It is believed that the report may have initiated the move by the foundation. Read more
EU commits $35m to fight corruption
Ambassador of European Union Delegation to Nigeria and Economic Community of West African States, Michel Arrion, said yesterday that the EU has committed about $35 million to the country’s anti-curruption agencies.
Ambassador Arrion made this disclosure while briefing the press ahead of President Muhammadu Buhari’s visit to Strasbourg, France to address members of the European Union on terrorism and anti-graft war. Read more
Bank Of Industry Gets Moody’s Ba3 Rating
Moody’s Investors Service has assigned first-time ratings of Ba3 to Nigeria’s Bank of Industry (BoI), while affirming the development finance institution’s rating as stable.
According to Moody’s, the ratings are underpinned by a b2 standalone credit profile and two notches of uplift due to Moody’s government support assumptions. Read more
Stamp duty: Brokers seek capital market exemption
As a strategy to beat down the high cost of doing business at the capital market, stakeholders have called on the Federal Government to exempt all transactions in the market from the Stamp Duty regime due to be full enforced across the country just as they clamoured for the injection of the N90billion unclaimed dividend as bailout.
Addressing the press on the parlous state of the market Wednesday in Lagos, the coalition of the Chartered Institute of Stockbrokers (CIS), Association of Stockbroking Houses of Nigeria (ASHON) and Association of Issuing Houses of Nigeria (AIHN), under the aegis of Capital Market Alliance, lamented that the stamp duty implementation would not help the capital market and should therefore be excluded in its enforcement. Read more
MAN rejects CBN’s 11% interest rate Says 3-5% sustainable
In apparent reaction to the decision of the Central Bank of Nigeria (CBN) to keep the benchmark of interest rate at 11 percent, the Manufacturers Association of Nigeria (MAN), warned that the rate is still high and not sustainable for the members of the Organised Private Sector (OPS).
The President of MAN, Dr. Franks Jacob, at an annual briefing in Lagos, noted that no local manufacturer can be able to survive with any loan above single digit interest rate in the face of the economic challenges in the country. Read more
Value of Nigeria’s external trade falls to N4.1tr in Q3
The total value of Nigeria’s merchandise trade at the end of third quarter of 2015 was ₦N4.1 trillion, representing a N7.8 per drop from the ₦N4.4 trillion recorded in the preceding quarter.
This development arose from a decrease of ₦320.6 billion or N12.1 per cent, in the value of exports, combined with a marginal decline of ₦N17.4 billion or one per cent, in the value of imports against the levels recorded in the preceding quarter. Read more
Oil and Gas
FG directs depots to sell kerosene at N73.37k per litre
Nigeria may be headed for another round of Kerosene crisis as the Federal Government has directed petroleum depots to sell the Dual Purpose Kerosene (DPK) at N73.37k per litre from the initial price of N40.90k per litre it had set earlier.
At the former price of N40.90k per litre, only Nigerian National Petroleum Corporation (NNPC) outlets sold at the recommended price of N50 .00. while other filling stations sold at between N120.00 and N150.00. Read more
Fears of massive job loss grip oil industry
The persistent weakness in the price of crude oil in the international market has raised the prospect of massive job losses in the Nigerian oil and gas industry, our correspondent has gathered.
Oil prices have fallen in the last few days to their lowest levels since 2003, trading around $27 per barrel last week, before rallying to about $32. Read more
Why power contribution to GDP is low
Infrastructural bottlenecks, such as obsolete gas pipelines, vandalism, inability of the turbines to access gas for production, dismal state of hydro power equipment, and irregular power supply, have hindered job creation in the electricity and other sectors.This is also affecting the industry’s contribution to the nation’s Gross Domestic Product (GDP), the Head, Oil and Gas Department, Ecobank Nigeria Plc, Mrs. Olufunke Jones has said.
She mentioned other issues to include poor funding of the sector occasioned by the reluctance of banks to lend to the power firms, and faulty distribution equipment, adding that the output of the sector has remained low, despite its privitisation a few years ago. Read more
NNPC/Chevron gas project to improve power
To improve power supply and support government’s effort to reduce gas flaring, the Nigeria National Petroleum Corporation, and Chevron Nigeria Limited, NNPC/CNL Joint Venture, have announced the completion and load-out of the topside module of the SONAM N on-Associated Gas, NAG, Wellhead Platform project.
The initiative will enable the delivery of up to 420 million cubic feet per day (MMCF/d) of gas from SONAM to the Escravos Gas Plant. Read more
Williams reaches Australian final in straight sets
Serena Williams continued to power her way through the Australian Open, routing Agnieszka Radwanska of Poland 6-0, 6-4 in the semifinals Thursday.
Williams, the top seed and defending champion, has yet to lose a set in six matches in Melbourne the past two weeks. She has dropped only 26 games — an average of 4.3 per match. Read more
CHAN 2016: Oliseh under pressure to quit Eagles
Super Eagles coach, Sunday Oliseh has said he is under pressure to quit Nigeria coaching job following the dismal performance of the team at the African Nations championship in Rwanda.
Oliseh, according to ripples.com.ng yesterday revealed that he was receiving pressure from friends and family to quit the job and focus on his health, stressing that he hoped to meet and discuss with his family before taking his final decision. Read more
More Eagle apologies for Chan ouster
As the Super Eagles elimination from the 2016 African Nations Championship continues to sink into the mindset of Nigerians, some of the players have asked Nigerians to forgive them for the first round ouster.
Nigeria were eliminated from the tournament after losing her last game to 1-0 Guinea on Tuesday, which effectively meant the Super Eagles will play no further part in the competition. Read more
Sudan: President Opens Border With South Sudan
President Omar Hassan al-Bashir ordered the opening of Sudan’s border with South Sudan for the first time since the south’s secession in 2011, the state news agency SUNA reported Wednesday. The border was closed in 2011 when relations deteriorated after the south seceded after a civil war. The two countries failed to agree on borders and the status of several regions that both sides claim sovereignty over, and they accuse each other of backing armed rebellions against the other’s governments. Read more
All eyes on trial of Ivory Coast’s fallen strongman Gbagbo
Former Ivorian president Laurent Gbagbo goes on trial Thursday charged with crimes against humanity, as five years after 3,000 people died in post-election unrest his supporters and foes hope to finally uncover the truth behind the crisis.
In his highly-anticipated trial which has been beset by several delays, Gbagbo becomes the first ex-head of state to stand in the dock at the International Criminal Court (ICC) in The Hague. Read more
Zambia bans incandescent bulbs and energy inefficient lighting devices.
Government has announced a ban on local manufacturing and importation of incandescent bulbs and energy inefficient lighting devices in Zambia.
Ministry of Energy and Water Development Permanent Secretary Emelda Chola said the ban will be implemented gradually starting with the ban on the importation of such products effective 1 January 2016. Read more
Taiwan president visits island in disputed South China Sea
President Ma Ying-jeou is visiting Taiwan’s largest island holding in the South China Sea, defying criticism from his country’s biggest ally, the United States.
Ma departed the capital Taipei early Thursday aboard an air force C-130 cargo plane bound for Taiping Island, also known as Itu Aba. Read more
Zika virus could become ‘explosive pandemic’
US scientists have urged the World Health Organisation to take urgent action over the Zika virus, which they say has “explosive pandemic potential”.
Writing in a US medical journal, they called on the WHO to heed lessons from the Ebola outbreak and convene an emergency committee of disease experts. Read more
Sweden Intends to Deport Up to 80,000 Rejected Asylum-Seekers
The Swedish government announced on Wednesday that it plans to deport up to 80,000 migrants whose applications for asylum have been denied.
Interior minister Anders Ygeman said the migrants will be flown out of the country on charter flights over the next several years, according to the BBC. Read more
Perpetrator of 1985 Air India Bombings, Which Killed 331, Freed From Jail
It was the deadliest terrorist strike involving an aircraft until the September 11 attacks
The only convicted perpetrator of the 1985 Air India bombings was released from a Canadian prison on Wednesday, the Times of India reports. Read more
Donald Trump refuses Fox plea to back down on debate snub
Donald Trump has publicly rejected an appeal by Fox News to reverse his decision to boycott the cable channel’s final Republican presidential debateon Thursday evening.
Less than 24 hours before the final candidate’s set-piece before Monday’s Iowa caucuses, Mr Trump stuck rigidly to his guns in a confrontational interview with Bill O’Reilly, one of Fox’s leading presenters. Read more
World’s 50 most dangerous cities revealed
Venezuelan capital Caracas has been revealed as the most violent city in the world – with 119.87 homicides for every 100,000 residents in 2015.
Published by the Mexico Citizens Council for Public Security, new research listed the 50 cities across the globe that suffer the most violence. Read more
North Korea weapons test: Communist state may preparing to fire long-range missile, source claims
North Korea appears to be preparing to fire a long-range missile, according to a government source in Japan.
Photographs taken by satellite showed what looked like preparations to launch a missile, Japan’s Kyodo news agency reported. Read more