Sabinews Morning News Update for November 27, 2015
CBN dismisses allegation of banking distress
The Central Bank of Nigeria (CBN), yesterday, dismissed allegation that some banks are experiencing distress.
In a statement, yesterday, Director Corporate Communication, CBN, Alhaji Ibrahim Mu’azu, said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a fictitious online publication purporting that some deposit money banks in Nigeria are ‘experiencing stress.’ Read more
Igbo didn’t start civil war –Iwuanyanwu
A chieftain of the PeoplesDemocratic Party (PDP), Chief Emmanuel Iwuanyanwu, has said contrary to insinuations in some quarters, Igbo did not start the civil war, which engulfed the country from 1967 to 1970.
He said rather, those who felt that the Igbo in the military carried out the 1966 coup started the war, and then went on a mindless killing of Igbo. Read more
Ondo council of Obas condemns Eze Ndigbo title in S-West
The Council of Obas in Ondo State has said that the title of Eze Ndigbo in the South-West is a calculated attempt to embarrass the Yoruba traditional rulers and desecrate their traditional institution.
A communiqué issued by the council in Akure after its monthly meeting described the trend as “an affront on the state traditional rulers.” Read more
Illegal Possession Of Firearms: Kwarapoly Suspends 3 Students
The management of Kwara State Polytechnic, Ilorin, has suspended three students of the institution over alleged unlawful possession of live cartridges and charms.
The management said the offences allegedly committed by the students run fowl of the rules and regulations of the Polytechnic. Read more
Yakubu moves to depoliticise INEC
Apparently peeved by the recent partisan debates regarding his appointment, Chairman, Independent National Electoral Commission INEC, Prof. Mahmood Yakubu has expressed his resolve to depoliticize the commission”so that INEC will no longer be an issue in our elections”.
He said he has witnessed elections in other climes where the identity of the chief electoral officer was not a subject of partisan debate, saying the time has come for Nigeria to join the league of advanced democracies. Read more
NACA Uncovers 3500 Male Sex Workers In Abuja
The National Agency for the Control of AIDS (NACA) yesterday has said it recently discovered and identified about 3500 male sex workers within the Abuja city centre.
The agency added that it is worried by these figures because over 60 per cent of these men are married, raising the concern of spouse HIV transmission. Read more
FG sets up $25bn Infrastructure Investment Fund
Federal Government yesterday set up a $25 billion infrastructure investment fund with a view to closing the nation’s huge infrastructure gap.
Speaking at the inauguration of the Capital Market Master Plan Implementation Council (CAMMIC), National Investor Protection Fund (NIPF) and the launch of the Corporate Governance Scorecard for quoted companies by the Securities and Exchange Commission (SEC) in Lagos Thursday, the Minister of Finance, Mrs. Kemi Adeosun, said that in the current environment of significant revenue squeeze and other budgetary constraints, these investments will clearly not come from government coffers alone. Read more
Nigeria to raise N129b in T-Bills Dec. 2
There were indications that Nigeria would raise N129.17 billion ($649.10 million) worth of local currency denominated Treasury Bills (T-Bills), with varying maturities of three months and one year on December 2.
The debt instrument, according to Central Bank of Nigeria, will be made up of N17.85 billion for the three-month paper; N18 billion in the six-month paper; and N93.32 billion in the one year bill, through the Dutch Auction System. Read more
Oil and Gas
We Lost N50bn To Oil Thieves In 9 Months – NNPC
The Nigerian National Petroleum Corporation (NNPC) has announced that a total of 531 million litres of petrol valued at over N50 billion was lost to pipeline vandals between January and September, 2015, at the problematic System 2B Pipeline network which stretches from the Atlas Cove in Lagos to Ilorin.
In a presentation to the Senate Committee on Petroleum Downstream yesterday, Managing Director of the Pipelines and Product Marketing Company (PPMC), a subsidiary of the NNPC, Mrs. Esther Nnamdi-Ogbue, stated that the losses which mostly accrued from the incessant hacking of the pipeline at the notorious Arepo to Mosimi axis of the pipeline artery has made the task of providing seamless flow of petroleum products to retail outlets more burdensome. Read more
NIMASA shuts Obat Oil’s jetty over violation of ISPS code
The Nigerian Maritime Administration and Safety Agency (NIMASA) has shut down Obat Oil and Petroleum Limited Jetty at Ibafon over alleged non-compliance with the provisions of the code.
In a statement, NIMASA said the decision was pursuant to its mandate as the Designated Authority (DA) for the implementation of the International Ship and Port Facility Security (ISPS) Code. Read more
Nigeria requires $7.5bn for transmission upgrade
The Transmission Company of Nigeria (TCN) would require about $7.5 billion to improve on its ageing transmission infrastructure across the country. Managing Director, Niger Delta Power Holding Company Limited (NDPHC), Mr. James Abiodun Olutu, stated this at the PwC Annual Power and Utilities Roundtable with the theme, ‘‘The Challenges with Transforming the Nigerian Power Landscape’’ held in Lagos yesterday.
Olotu in his presentation entitled, ‘‘Improving Power Delivery Across the Generation: Transmission-Distribution Value Chain,” lamented that obsolete and weak transmission lines was militating against the delivery of generated power, thus worsening the country’s power situation. Read more
Power generation drops to 4,451 Megawatts
Power generation, which hit a new record high of 4,883MW on Monday, has dropped to 4,451.05MW by the next day, Tuesday. The Transmission Company of Nigeria (TCN) has attributed the drop to the disruption of tower no 62, along the Okpai-Onitsha 330kV double circuit transmission line, evacuating power from the Okpai Power Station in Delta State. It has been vandalised.
TCN had announced the achievement of a new record peak generation of 4883.9MW and the highest maximum daily energy delivery of 106,288.48MWH on Monday 23rd, November, 2015. Read more
SENEGAL 2015: Dream Team holds first training session in Senegal
Nigeria’s U-23 national team, the Dream Team yesterday had their first training session ahead of their opening Group B game against Mali on sunday in M’ bour, Senegal.
The team which landed at the Leopold Senghor International Airport, Dakar at 1.00am local time aboard an Arik Airline flight and were received by the head of chancery Embassy of the federal republic of Nigeria, Haruna Musa on behalf of the ambassador were in no mood for jokes. Read more
We Have Not Sacked Any Player Yet – Heartland
The acting general manager of Heartland FC of Owerri, Oscar Keke has refuted reports in some sections of the media (not LEADERSHIP) that the club will be retaining only 15 players from the team that partook in the 2014/2015 season.
Keke also told LEADERSHIP Sports that “no player has been axed by the Naze Millionaires”. Read more
Boko Haram attack in Niger kills 18
Eighteen people have been killed and 100 homes torched in a Boko Haram attack on a Niger village in the dead of night.
“The toll is 18 dead, 11 hurt, almost 100 homes burned down” in the village of Wogom late on Wednesday (local time), the mayor of the nearby town of Bosso, Bako Mamadou, told AFP. Read more
Euro declines against major peers
The euro is set for its longest stretch of weekly declines versus the yen since the common currency’s creation in 1999 as anticipation builds that the European Central Bank will surprise some investors with the size of its stimulus next week.
The 19-nation currency is also headed for its biggest monthly loss since March versus the greenback, notching up declines against all but the Danish krone among 16 major peers. Reports on Friday are forecast to show industrial confidence in the region deteriorated in November, while annual price pressures in Spain remained negative. Read more
Oil trades below $43 in Asia
Oil prices traded below $43 in Asia on Friday as US markets took a break for Thanksgiving and Russia ruled out a military strike against Turkey for shooting down one of its warplanes.
At around 03h15 GMT, US benchmark West Texas Intermediate for delivery in January was 52 cents lower at $42.52 and Brent crude was up one cent to $45.47 in volatile trade that saw the contract swing between positive and negative territory for most of the morning. Read more
Pope Francis arrives in Uganda on Friday
Pope Francis will arrive in Uganda on Friday, in the second leg of his visit to east Africa. The Pope has spent three days in Kenya, where he encouraged reconciliation between Christians and Muslims.
Billboards of a smiling Pope Francis are lining the streets of the city. Ugandans are looking forward to welcoming him but in some places it is a race against time to ensure all is ready. Read more
China navy holds first joint anti-piracy drill with NATO
Chinese naval forces involved in anti-piracy patrols in the Gulf of Aden have held their first joint drill with NATO ships carrying out the same mission, China’s Defence Ministry said on Friday, as China seeks a greater global security role.
The exercise happened on Wednesday, the ministry said in a statement, showing pictures of Chinese and NATO officers chatting on the bridge of a ship and simulating a commando raid. Read more
Boeing 737 makes crash-landing at Mexico City airport
The landing gear collapsed on a Boeing 737 as it landed at Mexico City’s international airport, authorities have said.
Emergency crews rushed to the runway after the plane’s left-side wheel strut apparently buckled as it touched down. Read more
Chinese rights activist jailed for 6 years
A prominent Chinese rights activist, Guo Feixiong, was sentenced to six years imprisonment on Friday by a court in southern China, amid a continuing crackdown on human rights advocates across the country, his lawyer said on Friday.
Two other activists, Liu Yuandong and Sun Desheng, were sentenced to three years and two-and-a-half years respectively, according to Guo’s lawyer, Zhang Lei. Read more
Paris attacks: France to hold service two weeks after massacre
France is to hold a national memorial service for the 130 people who died in the Paris attacks two weeks ago.
Friday’s service in central Paris will bring together 1,000 people, including President Francois Hollande as well as survivors and victims’ families. Read more