Sabinews Daily Morning News Update for September 22, 2014MORNING NEWS


National News


Boko Haram: ‘Shekau’ Killed, 5 Others Surrender – DHQ

Defencce Headquarters on Sunday said they might have scored a strategic victory in the current battle against the Boko Haram terrorists operating in the North East.

According to senior military and intelligence sources, “It is getting more certain that, on September 17, during a desperate attempt to capture Konduga, in Borno state, in the insurgents’ delusion to eventually marching on and capture Maiduguri, terrorists’ commander who had been mimicking the late Abubakar Shekau in recent videos might have been finally killed”, it stated. Read more

FG yet to pay 30,000 right-sized workers, 7 years after

The Federal Government is yet to pay the claims and entitlements to about 30,000 of its staff that were right-sized between 2006 and 2007.

Nigerian Tribune gathered that the Federal Civil Service Commission has been inundated with requests for payment of the outstanding claims. Read more

FG has no budget for online registration —NYSC

In reaction to the controversies trailing the N4,000 levy placed on the National Youth Service Corps (NYSC) online registration, the scheme’s governing board, at the weekend, stated that the Federal Government has no budget for this purpose.

This came as the board gave its support for the online registration initiative. Read more

Tension in Osun as hoodlums attack PDP facility

There was heightened tension at Oke Omiru, Ilesa, Osun State, on Friday, when a building serving as Peoples Democratic Party (PDP) secretariat and campaign office for Osun East senatorial aspirant, Chief Francis Fadahunsi, was attacked by suspected political thugs.

Credible sources in the area informed the Nigerian Tribune that the building was attacked by hoodlums, numbering about 15, who vandalised the frontage of the one-storey building. Read more

S’Court to decide Obiano, Ngige’s fate

Monday, the legal battle over the victory of the candidate of the All Progressives Grand Alliance (APGA) in the November 16, 2013 Anambra State governorship election, Willie Obiano, will be put to rest as the Supreme Court delivers judgment in an appeal seeking his removal from office.

Obiano had defeated the candidate of the Peoples Democratic Party (PDP), Tony Nwoye, and Senator Chris Ngige of the All Progressives Congress (APC), among others in the election. Read more


Sabinews News Update on Economy


CBN hinges N100m and above deals on BVN compliance

Transactions valued at the N100million and above would only be allowed by customers with the Bank verification number (BVN), the Central Bank of Nigeria (CBN) has said.

These transactions include, but not limited to money transfers, loans, contingencies, by March 2015. The apex bank also set June 2015 deadline for all bank customers to have gotten the BVN, stressing that any customer who does not have it by that date is deemed to have inadequate KYC – Know Your Customer Checks. Read more

Nigeria is conducive for investment, NIPC tells Polish investors

Executive Secretary of the Nigerian Investment Promotion Commission, NIPC, Mrs. Saratu Umar has called on the Polish investment community to take advantage of Nigerian conducive investment climate and the rebased economy to invest in the country.
Mrs. Umar, while receiving the Polish Deputy Minister of Economy, Mr. Andrzej Dycha in Abuja over the weekend, noted that Nigeria is the best investment destination in Africa where there were lots of investment opportunities that are yet to be fully exploited. Read more

More Nigerian Firms Eye Listing on London Stock Exchange

More Nigerian firms are planning to list on the London Stock Exchange (LSE) following the listing  of Seplat Petroleum Development Company Plc  last April. Head, Equity Primary Markets, Africa, India and Middle East at the LSE, Mr. Ibukun Adebayo, disclosed this to THISDAY in an interview in London last week.

Seplat made history  by listing on the main board of the LSE and the Nigerian Stock Exchange (NSE) after successfully raising $500 million from the  international market. Read more

Bakers, agric ministry move to accelerate cassava flour usage

Minister of Agriculture and Rural Development, Dr Akinnwum Adesina, at the weekend, stressed the need for bakers to abide by the use of cassava flour in production of bread to boost cassava production, which, according to him, would assist in employment generation and creation of wealth

He said this at the second bakery, catering and confectionery trade fair organised by Global Exhibition Resources Nigeria Limited (GERN), themed ‘Emerging Opportunities in the Bakers and Caterers’ World,’ in collaboration with the National Agency for Food, Drugs Administration and Control, (NAFDAC). Read more

The excesses of regulatory agencies

The role of an effective regulatory regime in promoting economic growth and development has generated considerable interest among researchers and practitioners in recent years. According to experts, the ability of the state to provide effective regulatory institutions can be expected to be a determinant of how well markets and the economy perform; and the impact of regulatory institutions on economic growth will depend on both the efficiency of the regulatory policies and instruments that are used and the quality of the governance processes that are practised by the regulatory authorities. Read more

Senate Backs Plan To Produce Made In Nigeria Cars, Tyres

A bill seeking production of cars and tyres in Nigeria narrowly scaled through second reading in the Senate last week. JONATHAN NDA – ISAIAH, in this report, takes a look at the importance of the bill.

Nigeria is one of the major car importers in the world. According to a Senate report, Nigeria spent N600 billion on car importation in 2012, a testimony to the fact that the country is one of the major car markets in the world. Read more

FG Assures Investors of Adequate Protection from Harsh Policies

Minister of State for Finance, Alhaji Basir Yuguda has promised that the federal government would protect every investor in the Nigerian economy against policies, which may harm their businesses.

Speaking in Abuja while receiving the a delegation from the Polish Government led by Deputy Minister for the Economy, Mr. Andrecj Dycha, Yuguda said Nigeria has developed a rich bouquet of incentives including tax concessions for investors in and reassured them of protection from harassment. Read more

CBN sets June 2015 deadline for uniform account numbers

The Central Bank of Nigeria (CBN) has set June 2015 as deadline for bank customers to enrol on the Bank Verification Number (BVN) platform.

The BVN enrolment, which involves capturing customers’ physiological or behavioural attributes – fingerprint, signature, among others, is ongoing in some banks’ headquarters in Lagos. Read more


Sabinews News Update on Oil and Gas


Forte Oil, Aiteo Group jostle to acquire Oando’s downstream assets

The race to acquire the downstream assets of Oando, one of Nigeria’s major indigenous player in the oil & gas industry, has reached its final stage.

It was reliably gathered by our correspondent during the weekend that Chef Femi Otedola’s led Forte Oil Plc and Chief Benny Peters’ Aiteo Group are among the bidders that indicated interest in acquiring the downstream assets after Oando Plc offered it for sale to enable it concentrate mainly on the upstream sector. Read more

Siemens buys US oil and gas firm Dresser-Rand

Siemens is buying US firm Dresser-Rand in a $7.6bn (£4.6bn) deal which will help the German conglomerate boost its oil and gas business in North America.

The American firm makes oilfield equipment and, under the deal, it will become “the platform for oil and gas equipment solutions within Siemens”.

The German firm said its $83-a-share bid had been unanimously supported by Dresser-Rand’s board of directors. Read more

Why Nigeria’s oil sector’s not growing – Abazie

Mr. Moritz Abazie is the Manag­ing Director Strides Energy and Maritime Limited, an indig­enous petroleum engineering services company.

He recently spoke on wide ranging issues bothering on Nigeria’s oil and gas industry that accounts for over 80 percent of the coun­try’s foreign exchange earning but regret­ted that the sector is really not growing as expected. Read more

Oil falls on sluggish demand and ample supply

Brent crude fell below $98 a barrel on Monday, down for the third session in four, as sluggish demand and ample supply outweighed a possible cut in oil output from the Organisation of Petroleum Exporting Countries (Opec).

Comments from Opec’s secretary-general last week that the group could cut output next year buoyed Brent on Friday, but investors’ attention turned back to the gloomy economic outlook in Europe and China, which has curbed oil demand.

A cut in Libya’s oil production also had limited effect on prices. Read more


World News


EBOLA: Fresh attacks on health-care workers in Sierra Leone

Health-care workers in a village east of Freetown, the capital of Sierra Leone, came under attack Saturday while attempting to bury five victims of the deadly Ebola virus disease, according to a police official cited by the Associated Press. Nevertheless, the attacks in the village of Waterloo did not derail a government effort to contain the virus through house-to-house inspections. Volunteers carrying out the inspections have reported that, by and large, most Sierra Leoneans have obeyed government orders to remain at home through Sunday evening. Sierra Leone, a small, impoverished West African nation seeking to emerge from decades of war and instability, has been among the countries most badly affected by the virus: Ebola has caused 560 deaths in the country, roughly one-fifth of the 2,600 fatalities registered in the region, as AP reported. Read more

Syria refugee flood hits 100,000

The number of Syrians who have flooded into Turkey to escape Islamic State (IS) militants has reached 100,000.

Most of them are Kurds, and t heir arrival since Thursday has pushed the conflict close to the Turkish border.

IS is the al Qaida breakaway group which has established a caliphate, ruled by its harsh version of Islamic law, in territory it captured straddling the Syria-Iraq border. Read more

Israel-Hamas Talks, Abbas at UN

It’s a busy week in Mideast diplomacy, book-ended by the launch of Israel-Hamas talks about a border deal for blockaded Gaza and the Palestinian president’s U.N. speech about a new strategy for dealing with Israel.

The talks about Gaza’s future seem to be a long shot, and failure could set the stage for another Israel-Hamas war, even if neither side wants it. In another obstacle to an agreement, tensions are mounting between Palestinian rivals Hamas and Fatah, the movement of Western-backed Palestinian President Mahmoud Abbas, over who will run Gaza. Read more


Sabinews News Update on Energy


Prepaid meter: Why we’re yet to patronise local manufacturers –Ibadan Disco

The Ibadan Electricity Distribution Compa­ny (IBEDC), which controls distribution ac­tivities in Oyo, Osun, Ogun, Kwara and part of Kogi, has given reasons why the com­pany is yet to patronise local manufacturers of prepaid meters, explaining it was still in the process of studying the best technology that would support its business model.

Deputy Managing Director of the company, Mr. John Dar­lington, made the disclosure during an interactive session with the media at the first year anniversary pre-event press conference held in Ibadan at the weekend. Read more

‘Consumers To Repay CBN’s N213bn Electricity Bailout Fund’

The N213 billion facility arranged by the Central Bank of Nigeria (CBN) to bailout the electricity sector will be repaid by electricity consumers over a period of 10 years, the Nigerian Electricity Regulatory Commission (NERC) has said.

The CBN bailout fund which is meant to cover shortfalls in the Nigerian electricity market will be repaid through electricity tariff to be paid by consumers over the period, NERC chairman, Dr Sam Amadi, said. Read more


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