Chibok Community Laments Abandonment
The chairman of Chibok community in Abuja, Tsambido Hosea-Abana has lamented the abandonment of the Chibok community by the federal government and its emergency agency, National Emergency Management Agency (NEMA), saying they failed to offer assistance to the community since the current insecurity, which has greatly affected the community began. Read more
‘All pending bills will be passed next year’
Senate leader, Victor Ndoma-Egba, has assured that all critical bills still pending in the National Assembly will be passed before the next legislative year.
According to him, critical bills like the Petroleum Industrial Bill (PIB) and the appropriation bill have been prioritised and will be passed before the next dispensation. Read more
$9.3m cash: Jonathan, Oritsejafor sued
Five Nigerians yesterday approached the Federal High court No 1 sitting in Kano to compel President Goodluck Jonathan, and President of the Christian Association of Nigeria, Pastor Ayo Oritsejafor, to unravel the mystery surrounding the $9.3 million (N1.5 bn)confiscated by the South African government.
The plaintiffs, led by Dr Saidu Ahmed Dukawa who instituted the matter, are seeking to compel President Jonathan to explain the rationale behind the alleged transaction that culminated into the seizure of the money by the South African authorities. Read more
Minister Seeks Increased Telecoms Infrastructure to Curb Poor Service Quality
The Minister of Communications Technology, Dr. Omobola Johnson has decried the low level of telecoms infrastructure in the country, and enjoined operators to increase the number of installed infrastructure so as to address the issue of poor service quality.
Johnson, who gave the directive during a recent visit to Lagos, said: “There is a link between infrastructure and quality of service, but most people do not understand this. We do not have enough telecoms infrastructure in the country.” Read more
Labour Party Insists on Holding Convention in Akure
The leadership of the Labour Party (LP) has vowed to go ahead with its national convention scheduled for Saturday in Akure, the Ondo State capital, despite opposition from two key stakeholders of the party, the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).
An official of the TUC had on Tuesday said the labour movement has taken over the LP and called on delegates of the party to the scheduled national convention not to attend. Read more
Ebola: Don’t Rest on Your Oars, NLC Urges Health Ministry
The Nigeria Labour Congress (NLC) has urged the Federal Ministry of Health to continue in its active roles and intensify actions in dealing with the dreaded Ebola Virus Disease (EVD) until the ECOWAS sub-region is certified Ebola free.
This is as it called on the International Labour Organisation (ILO) not to shy away from responding to the EVD outbreak in West Africa, as it did with the outbreak of SARS and Avian-Influenza in Asia a few years ago. Read more
Sabinews News Update on Economy
Kano Unveils eCommerce Project
Kano State Governor, Rabiu Musa Kwankwaso, the Emir of Kano State, Mallam Muhammad Sanusi II and other Northern leaders, gathered at the government house in Kano to unveil the state’s eCommerce project, which marked a turning point in the history of commerce in Kano state and the Northern region.
Launched in collaboration with eTranzact International, provider of mobile banking and payments services, and Bizi Mobile, the Kano State eCommerce business improvement and empowerment project is a dream of the present administration. Read more
Companies successfully test Nigeria’s IPO waters
A stock market psycological barrier that kept companies playing a game of wait-and-see in the Initial Public Offering (IPO) market appears to have been broken with the successes recorded by a number of Nigerian companies who have raised N120 billion in 2014 alone.
The psycological barrier followed in the wake of a 2008 market crash that saw many investors bruised and kept them away creating concern among firms that the market would not be receptive to an IPO and could lead to failure. But that story is changing, say analysts who follow trends and behaviour of the market. Read more
Suspension of EEG stifling non-oil export growth
Nigeria’s quest for economic diversification may be imperilled by the continuing suspension of the Export Expansion Grant (EEG),with current backlog of Negotiable Duty Customs Certificate, (NDCC) put at over N117 billion, stakeholders say.
The implication is that currently, the certificates which serve as means of payment have not been claimed by non-oil exporters, thus frustrating many of them who took loans from banks to do export, with the hope of getting the grants, according to the Manufacturers Association of Nigeria Export Group (MANEG). Read more
AFFCON to Consolidate on N200 billion Annual Income
With an estimated annual revenue of 200 billion and employment of over 5,00,000 people at the processing and retailing levels, the organised Nigerian Fast food industry is set to further open up the industry to remain a key contributor to the economy.
Addressing journalists on the forthcoming 2014 annual conference of Fast Food Confectioners of Nigeria (AFFCON), the president of the association, Mrs. Bose Ayeni, said the association was poised to sustain the contribution of the organised fast food industry to the economy in the last few years. Read more
Nigerian Economy Can Record $11.6bn From Biotechnology – MONSANTO
Nigeria’s economy stands to record an economic output of about $11.6billion if it embraced biotechnology in its agriculture. Vice president, International Row Crops and Global Vegetable Business, Mr Mike Frank, has said.
Frank said at a news conference in Abuja that with the technology, the country’s smallholder farmers would ultimately be able to have access to ‘another tool in their toolbox’ to make planting decisions and make important contributions to increase food security. Read more
Sustaining ATA Through Growth Enhancement Scheme
The Growth Enhancement Support (GES), a programme on the platform of the Agricultural Transformation Agenda (ATA), was created in 2012 with the sole aim of providing subsidised seeds and fertilisers to farmers while at the same time tackling the massive corruption practised in the system for over 40 years.
Today, the revolution in the seed and fertiliser sector is creating a revival that has never been seen in the sector. Read more
Standard Chartered Bank Launches Consumer Price Tracker
Standard Chartered bank has launched the standard chartered premise consumer price tracker (SC-PCPT) in its effort to improve data collection in Nigeria.
This data collection will focus primarily on general price trend of food prices across the country with information gathered from Lagos, Kano and Abuja. Read more
Fitch Predicts Drop in Profits for Banks
European rating agency, Fitch Ratings, has predicted a drop in profits for Nigerian banks due to the Central Bank of Nigeria’s policies which are aimed at protecting the economy and the banking system.
Quoting Fitch’s rating yesterday, Bloomberg stated: “Nigerian banks’ asset growth and earnings will fall in the next 18 months because of the central bank’s moves to protect the economy and banking customers. All these moves led to weaker profitability and stemmed credit growth in the first half of 2014. Read more
Sabinews News Update on Oil and Gas
Lower oil prices put pressure on Nigerian economy
With insurgency in parts of the North still taking a toll on agriculture and other economic activities in the region, the fall in the global oil prices, which began in June, is posing further threat to the country’s economy.
Oil prices have declined by 12 per cent from $105 per barrel a few months ago to about $92 currently. The price of OPEC basket of 12 crudes, which include Nigeria’s Bonny Light, stood at $90.33 per barrel on Friday, compared with $90.40 the previous day, according to the Organization of the Petroleum Exporting Countries’ secretariat calculations. Read more
Total E&P Egina oil field signals milestone achievement
Total Exploration and Production Nigeria has said that a lot of milestones have been achieved towards the realisation of the completion of the development of Egina in 2017.
According to the company, such milesstones achieved in the past few months include the procurement of the drilling tubulars, the gas export and water injection line pipes, the first wellheads set, the steel cutting in-country for living quarters and subsea manifolds, and finally last week, the sail away of the Drilling Rig West Jupiter to Nigeria. Read more
JTF Confirms Arrest Of 22 Illegal Bunkering Vessels In Bayelsa
Authorities of the Joint Military Task Force (JTF) code-named ‘Operation Pulo Shield’ yesterday declared victory in the security actions against illegal crude oil bunkering, oil theft and violent crimes along the waterways and creeks of Niger Delta.
According to the JTF, the security actions launched by the JTF in the coastal communities, hideouts of sea pirates and kidnappers and illegal bunkering sites have led to the arrest of suspected sea pirates and 22 illegal bunkering vessels involved in crude oil theft. Read more
Zero Imports of Nigeria’s Crude Expose US Refineries to Dangers of Lighter Shale Oil
The decision of the United States to stop the importation of Nigeria’s light blend of crude oil due to the shale oil boom has exposed the US refineries to the dangers associated with the processing of lighter shale oil.
As a result of the increased domestic production of shale oil, the US has slashed crude oil imports from a peak of almost 14 million barrels per day in 2006, to slightly above 7 million barrels per day.
Crude oil import from Nigeria, one of the principal sources of light crude, was also slashed from more than 1 million barrels per day in 2010 to zero in July 2014. Read more
US Expands Ebola Checks As Sick Officer Tested
The US has announced an expansion of ebola testing at airports – as a second suspected patient was rushed to hospital in Texas.
The latest case is a sheriff’s deputy who entered the Dallas apartment of victim Thomas Eric Duncan, apparently without wearing protective clothing. Read more
Gaza Farmers Struggle In War Aftermath
Only days after a ceasefire was declared in Gaza, ending a 51-day bombardment by Israel, hundreds of farmers showed up at a distribution center in al-Zawayda outside Deir al-Balah in central Gaza to receive sacks of fodder.
“We are distributing fodder and barley for all the sheep and goats in Gaza,” said Ciro Fiorillo, local head of the UN Food and Agriculture Organisation (FAO), to the crowd of assembled farmers. “For every herding family, we will be able to give the fodder needed to feed each animal for a month and a half.” Read more
Sabinews News Update on Energy
NERC and meter fees
At a breakfast meeting organised by the Nigerian-British Chamber of Commerce in Lagos on Thursday, September 25, 2014 the Chairman of the Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi, said consumers were not supposed to pay for pre-paid meters. Read more