Sabinews Morning News Update for August 19, 2015
Buhari Dissolves AMCON Mgt Team
President Muhammadu Buhari on Tuesday approved the dissolution of the executive management team of the Asset Management Corporation of Nigeria (AMCON).
A statement by the Special Adviser to the President, Media and Publicity, Mr. Femi Adesina, said Buhari also approved the reconstitution of a new management team for the corporation. Read more
New Bakassi worries over identity 10 years on
Following President Muhammadu Buhari’s recent pronouncement that Nigeria would not revisit the 2005 Green Tree Agreement (GTA) that ceded Bakassi Penninsula to Cameroun, indigenes have called for clarification.
The call for definition of status within the context of Nigeria’s political framework was in response to what Bakassi leaders referred to as hardship and lack of infrastructure 10 years after the agreement, and eight years after the Cross River State Government relocated many of them to Ikang area. Read more
Ilorin Cults Clash: Police Arrest 12 more People as Kwara Poly Says Students Not in Session
Kwara State Police Command Tuesday said it had arrested additional 12 people in connection with the clash of two rival cult groups in Ilorin, the state capital.
Besides, the management of the Kwara State Polytechnic said there was no death and clash of cult groups in the campus of the institution. Read more
Technology is making us ‘stupid’, study finds
Are humans going crazy because of heavy use of mobile phones and social media applications? It is easy to see why some think smartphones are turning us into zombies when you see people walking around aimlessly, eyes glued to their devices.
A new study reported in DailyMail online suggests that heavy internet and mobile phone users are the most likely to lose concentration and forget important information – even when they’re not using the technology. Read more
Court awards N100m damages against police
A Federal High Court, Lagos has awarded N100million damages against the Nigeria Police for the death of a suspect under its detention.
Justice Mohammed Idris said the police are to be held responsible for the death of the deceased who was arrested following a petition against her by the Managing Director of Nigeria Railway Corporation (NRC), Adeseyi Sijuwade on April 25, 2014 and was never granted bail until she died on May 16, 2014 under custody. Read more
Mark closes defence at election tribunal
Former President of the Senate and Senator representing Benue South District, David Mark, yesterday closed his defence in a petition by the All Progressives Congress (APC) candidate, Daniel Onjeh, challenging his victory in the last election. Read more
Boko Haram fear hits Ondo communities
Residents of four local government areas in Akoko, Ondo State, are living in fear, following what has been described as the influx of suspected Boko Haram insurgents.
Akoko is the gateway to the northern part of the country. Read more
NDLEA intercepts N48m
The National Drug Law Enforcement Agency (NDLEA) in Abuja has arrested a 25-five-year old man, John Okafor, with N48,450,000, a few weeks after it intercepted $2.1 million in Lagos.
The money was detected during a routine surveillance on the Abaji-Abuja Expressway. Read more
Court-martial drops cowardice charge against Ransome-Kuti
The General Court Martial sitting in Abuja has struck out the charge of cowardly behaviour preferred against a former Commander of the Multi-National Joint Task Force, Brig. Gen. Enitan Ransome-Kuti,The PUNCH has learnt.
Our correspondent however learnt that Ransome-Kuti’s trial will continue as he has two other charges of failure to perform military duties and miscellaneous offences relating to loss of the army’s armaments still pending against him. Read more
Igbo groups want Junaid Mohammed tried for treason
Frontline Igbo socio-political groups on Wednesday condemned the convener of the Coalition of Northern Politicians, Academics, Professionals and Businessmen, Junaid Mohammed, for asking Ndigbo to break away from Nigeria if they feel marginalised.
One of the groups, Njiko Igbo Forum, said Mohammed’s statement amounted to treasonable felony. Read more
Analysts Predict Rise in External Debt
Analysts at FSDH Merchant Bank Limited are anticipating an increase in federal government’s external debt.
They noted this in their latest monthly economic report for July, 2015, stating that there was an imbalance in the current mix between domestic and external debt. Read more
Dangote Cement: Reaping the Benefits of Expansion
Dangote Cement Plc (DCP) recently inaugurated its new cement plant in Zambia. The event was graced by Vice-President Yemi Osinbajo, Edo State Governor, Adams Oshiomhole; Chairman UBA Plc, Tony Elumelu among other dignitaries from Nigeria and Zambia.
The Zambia plant, the sixth integrated plant outside Nigeria, was in line with the company’s plan to invest massively in Africa bearing in mind the impact it would have on Africans. Read more
CBN bars foreign firms from printing cheques for Nigerian banks
The Central Bank of Nigeria, CBN, has denied accreditation to foreign printers who hitherto printed cheque books for some Nigerian banks.
In a circular released, yesterday, entitled: “Circular to deposit money banks, cheque printers and other stakeholders on the accreditation of cheque printers for 2015/2016″ and signed by Director, Banking and Payment Systems Department, Dipo Fatokun, the apex bank said it has duly notified all accredited printers and issued certificates to them. Read more
Treasury Single Account not punitive, says AGF
The Accountant-General of the Federation (AGF), Alhaji Ahmed Idris, has said the introduction of the Treasury Single Account (TSA) is not a punitive measure targeted at any government establishment.
Idris made this clarification in Abuja while receiving members of the Committee of Vice Chancellors of Federal Universities who were at the Treasury House to discuss the operations of the universities. Read more
‘Forex restriction’ll enhance industrialisation’
For most people in the industrial sector, the Central Bank of Nigeria’s (CBN’s) policy restricting the import of 41 items with funds sourced from the official forex window could boost the country’s industrialisation.
Experts believe the policy has implications on whether or not the country will leapfrog from being a consumption-based economy, to production-based economy, and perhaps, over time, become a net exporter of finished goods. Read more
Oil and Gas
With Oil at Six-year Low, Crude Exporters, Firms Downsize
Other than Nigeria’s plummeting finances, oil companies in the country’s oil and gas sector, as is the case with oil producers worldwide, have been forced to scale down on investments, slash their budgets and lay off staff as plunging oil prices takes a toll on crude oil exporting countries and industry operators.
Brent sold at $45.54 Tuesday afternoon, down 20 cents but still some way from its 2015 low of $45.19, while US crude futures hit an intraday low of $41.43 – close to their lowest since early 2009 – before picking up when they traded at yesterday’s close price of $41.87 a barrel. Read more
Total Suspends Crude Oil Delivery on Onshore Export Pipeline
Nigeria’s oil export has suffered setback as Total E&P Nigeria Limited (TEPNG) has stopped expedition of crude on its Obagi – Rumuekpe 12-inch oil export pipeline in Rivers State.
The stoppage of oil expedition on the pipeline followed what the company described as an abnormal situation which was experienced during crude oil expedition on August 16, 2015. Read more
Global petroleum consumption to grow by 1.3 mbpd
Energy Information Administration (EIA) expects global consumption of petroleum and other liquids to grow by 1.3 million bpd in 2015, unchanged from the previous month’s Short Term Energy Outlook.
EIA said in its report yesterday, that growth in 2016 global consumption was revised upward by 0.1 million b/d compared with last month to an average of 1.5 million bpd. Read more
Oil thieves retreat as Navy smashes 78 illegal refineries
This certainly is not the best of times for operators of illegal refineries in Rivers State as men of the Nigerian Navy Ship, Pathfinder, are already making good their threat of putting them permanently out of business. In fact, in the last two months, 78 illegal refineries have been smashed in various creeks in the State.
According to Commander Shuwa Abdulrahim Mohammed of the Nigerian Navy Ship Pathfinder in the state: “The heat is already on oil thieves and those running illegal refineries in the state. The anti-oil theft war is on, no compromise”. Read more
‘Non-engineers Heading Key Institutions Bane of Power Sector ‘
Council for the Registration of Engineering in Nigeria (COREN) has attributed the “confusion” in the regulation of the power sector and poor implementation of the National Integrated Power Project (NIPP) to the appointment of non-engineers to head sensitive positions.
President of COREN, Kashim Ali, said specific examples were the Nigerian Electricity Regulatory Commission (NERC) and the Niger Delta Power Holding Company (NPDHC) whose chief executives were not engineers. Read more
Sunday Oliseh to pick five local stars for Tanzania game
Super Eagles coach, Sunday Oliseh, has revealed he will pick five players from the domestic league to join the 18 foreign-based stars for the September 5 African Nations Cup qualifier against Tanzania, reports AFricanfootball.com.
Yesterday 23 players from the domestic league began training in Abuja under the supervision of the new coach. Read more
Oliseh decries clubs’ reluctance to release players
Super Eagles Coach Sunday Oliseh yesterday explained why he snubbed the in-form Watford of England forward, Odion Ighalo from his list of invitees for the September 6 Nations Cup qualifier against Tanzania, insisting that the player will have no role to play in the away game.
Briefing the media after training Tuesday evening, Oliseh said the crew issued invitation to two players for each position, adding that for him, Anthony Ujah and Emmanuel Emenike have better potentials to deliver for the national team. He however assured that the power-playing striker is still in his plans. Read more
I’ve a small injury – Moses
Victor Moses was a shock exclusion from Chelsea’s 18 – man squad for their big clash against Manchester City last weekend.
The Nigeria international has revealed that he failed to make Jose Mourinho’s match day squad because he is nursing an injury that should not keep him on the sidelines for too long. Read more
Prince Harry to visit US, South Africa and Lesotho
Prince Harry is to visit the United States, South Africa and Lesotho later this year on official visits, Kensington Palace announced on Tuesday.
The 30-year-old will visit Washington DC in late October, and attend events linked to the Orlando 2016 Invictus Games, a sport contest for wounded veterans Harry inaugurated in London in 2014. Read more
South African minister seeks legal advice over Oscar Pistorius release
A government minister in South Africa has cast doubt on the planned release of Oscar Pistorius from prison on Friday.
Michael Masutha, the justice minister, said he was seeking legal advice on whether the Paralympian – convicted of killing his girlfriend Reeva Steenkamp in 2013 – should switch to a form of house arrest after serving 10 months behind bars. Read more
Spike in refugee arrivals pushes Greek island of Lesbos to ‘breaking point’
An unprecedented spike in refugee arrivals on Greek shores is pushing the resort island of Lesbos to “breaking point”, with some 2,000 people landing there every day, an aid group warned on Tuesday.
The International Rescue Committee (IRC) warned that the sheer volume of the arrivals was overwhelming the already limited support structure on Lesbos. Read more
Isis lost more than 7,000 fighters in past year, says Australian defence chief
The Islamic State group is now more centralised in Iraq and lost more than 7,000 fighters and leaders over the past year, according to an Australian defence chief.
Vice admiral David Johnston, Australia’s chief of joint operations, told reporters in Canberra on Wednesday the situation had changed and progress was being made. Read more
Germans to run Greek regional airports in first wave of bailout privatisations
Greece has agreed to sell to a German company the rights to operate 14 regional airports. The deal is the first in a wave of privatisations the government had until recently opposed but must make to qualify for bailout loans.
The decision, published in the government gazette on Monday night would hand over the airports including several on popular tourist island destinations to Fraport AG, which runs Frankfurt Airport, among others across the world. Read more
Body found in search for daughter of German businessman held by kidnappers for €1.2m ransom
The body of the daughter of a wealthy German businessman kidnapped for a €1.2 million ransom last week has reportedly been found.
Anneli-Marie R, whose last name has not been released for privacy reasons, has not been seen since she left her parents’ house at in Meissen, Saxony at 7:30pm on 13 August. Read more
Saudi-led warplanes hit Yemeni port, aid group sounds alarm
Warplanes from a Saudi-led coalition hit Yemen’s Red Sea port of Hodeida on Tuesday, and officials there said the raids destroyed cranes and warehouses in the main entry point for aid supplies to the north of the country.
Hodeida, controlled by Iranian-allied Houthi forces, has become a focal point of efforts to resupply the impoverished Arab state, battered by five months of war that has killed over 4,300 people. Read more
Shanghai shares fall more than five percent
Shanghai shares fell more than five percent on Wednesday morning, extending their largest daily fall in more than three weeks on concerns of waning government support.
The benchmark Shanghai Composite Index dropped 5.04 percent, or 188.74 points, to 3,559.42 during the morning session. Read more
Vietnam devalues currency by 1 percent after China’s move
Vietnam allowed its currency to weaken by 1 percent Wednesday following the devaluation of the Chinese yuan and with an eye to a possible U.S interest rate hike.
The central bank-set reference rate weakened to 21,890 dong to the U.S. dollar and the trading band at which the dong could be traded above or below was widened to 3 percent from 2 percent, the State Bank of Vietnam said in a statement. Read more