March 20, 2019

*Chibok Girls Will Be Recovered – Jonathan* *Banks in trouble*

*Chibok Girls Will Be Recovered – Jonathan* *Banks in trouble*

Sabinews Daily Morning News Update for March 6, 2015MORNING NEWS


National News


Chibok Girls Will Be Recovered – Jonathan

Almost one year after over 200 schoolgirls were kidnapped from Government Secondary School, Chibok, Borno State, and possibly encouraged by the inroads the Nigerian military has made in recovering some territories from Boko Haram, President Goodluck Jonathan has again promised that his government is not relenting in its efforts to rescue them and reunite them with their families.

The president, who spoke when he appeared on the African Independent Television (AIT) programme Kaakaki, expressed optimism that as the military continues to narrow the area of territory held by Boko Haram in the North-east, the kidnapped girls were still alive and would be recovered. Read more

Banks in trouble

Nigeria’s banking sector is currently witnessing a shockwave, following economic decline caused by reduced oil revenue, investigations have revealed.

This is coming at a time when an estimated $25billion (about N4.95 trillion) in foreign portfolio investments have been lost over the last few months, following rising political tension across the country, ahead of the March 28 and April 11 general elections. Read more

NBC, APCON Promoting Violence, Hate, Says APC Campaign

The APC Presidential Campaign Organisation (APCPCO) has warned that the National Broadcasting Commission (NBC) and Advertising Practitioners Council of Nigeria (APCON), two regulatory agencies of broadcasting and print advertising respectively, are by default promoting violence and hate following their inability to sanction erring radio and television stations, industry players and groups who continuously breach extant laws and regulations governing activities of the agencies. Read more

NNPP adopts Jonathan as presidential candidate

The New Nigeria Peoples Party on Thursday adopted the Peoples Democratic Party presidential candidate, Dr. Goodluck Jonathan, as its candidate for the March 28 presidential election.

The development comes four days after the Peoples Party of Nigeria presidential candidate, Mr. Kelvin Allagoa, stepped down for Jonathan. Read more

NNPP Calls for Extension of PVC Collection

New Nigeria Peoples Party (NNPP) has demanded the extension of the collection of the Permanent Voters Cards (PVCs) by the Independent National Electoral Commission (INEC).

At a press briefing in Lagos on Thursday, the party posited that the extension has become necessary taking into consideration the number of voters that have not been able to collect their PVCs. Read more

Protest in Enugu over NLC election impasse

Coalition of Southeast/ South-South Workers Forum of the Nigeria Labour Congress, NLC, yesterday invaded the streets of Enugu, protesting “undue interference” in the botched NLC election.

The protesters alleged intimidation and victimisation by leadership of some industrial unions in the country. Read more

Senate accuses SEC of spending N9bn without approval

The Senate Committee on Capital Market yesterday queried the Acting Director General of Nigeria Stock Exchange, Munir Gwarzo, over spending of N9 billion without approval of the National Assembly.

The query came during the budget defence of the Commission for 2014 and 2015, which was held at the National Assembly, during which the lawmakers also regretted that the Commission only comes to the National Assembly when it is convenient for it. Read more

University Feeds 270,000 Taking Refuge from Boko Haram

The kidnapping of schoolgirls in Chibok in Nigeria by Boko Haram caught the attention of the world. Some of the girls who escaped are being taught at a school run by the American University of Nigeria.
The university now finds itself helping to feed 270,000 displaced people, pushed out of their own homes by violence. The university’s president decried the humanitarian crisis unfolding around her. Read more

Boko Haram Kills 68 Villagers In Borno

At least 68 corpses of villagers killed by suspected Boko Haram terrorists are still left rotting away three days after they were attacked in Njaba community under Konduga local government area of Borno State, witnesses said.

Njaba is a rural community 60km west of Gwoza and about 20km east of Damboa. Read more

Finger smart ATMs coming your way

NExt time you go to the Hyosung brand of  ATM to withdraw cash or do other transactions, the machine would know you. This gives you more confidence and added security to your funds in the bank. The champion of this technology development in Nigeria is a foremost ICT infrastructure and solutions provider, Inlaks Computers. Read more

2 Killed In Fresh Taraba Communal Crisis

Two persons were reportedly killed, many injured with several houses razed in a fresh outbreak of hostilities in Tella town, Gassol, local government area of Taraba.

A resident of the area told LEADERSHIP Friday that problem started Wednesday evening following an argument between a Jukun youth and an Hausa-Fulani youth. Read more

INEC to conduct mock election in Nasarawa

Independent National Electoral Commission, INEC, yesterday said Nasarawa State has been chosen as one of the two states in the North-Central geo-political zone where it will conduct mock election.

Consequently, Kokona Local Government Area of the state has been selected for the exercise and Garaku registration area (ward) of the council area would be the venue for the mock election slated for March 7. Read more




IMF Endorses CBN’s Unification of Foreign Exchange Markets

The International Monetary Fund (IMF) has embraced the recent decision of the Central Bank of Nigeria (CBN) to stop the bi-weekly sale of foreign exchange through the Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS).

According to the IMF, unifying the RDAS and interbank forex markets would help cushion external shocks from dwindling commodity prices. Read more

As manufacturers gasp for breath over Naira devaluation

The recent shut down, with immediate effect, of two foreign exchange windows; Retail Dutch Auction System (rDAS) and Wholesale Dutch Auction System (wDAS) windows by the Central Bank of Nigeria (CBN), in order to halt the continued sharp decline of the Naira has started to take a toll  on the nation’s manufacturers.

The CBN in a statement on the action said, all demands for foreign exchange will be handled at the Interbank Foreign Exchange Market. Read more

CBN disburses N1.4bn to MSMEs in C’River

The Cross River State Government, in collaboration with the Central Bank of Nigeria (CBN), yesterday launched and disbursed the Micro, Small and Medium Enterprise Development Fund (MSMEDF) to 700 enterprises in the state.

The disbursement exercise, which was held in Calabar, the state capital, through the Cross River State Micro-finance and Enterprise Development Agency (MEDA) was the Phase I of the scheme, which saw beneficiaries access a total of N1.4 billion of the N2 billion fund. Read more

Dwindling import revenue worsens Nigeria’s economic plight

When the Federal Government late last year, mooted the idea of introducing some austerity measures, as part of measures to address the dwindling national revenue occasioned by the sharp decline in the price of crude oil, many port stakeholders most likely did not envisage the current magnitude of effect it has on the industry today.

It was in line with these measures that the Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo- Iweala, announced that the government would place high tariff on luxury and expensive items such as private jets, expensive cars and drinks. Read more

Delayed PIB passage derails foreign investments to Nigeria

The State Chairman, Trade Union Congress of Nigeria(TUC) Rivers State, Comrade Chika Onuegbu has warned government and politicians to stop politicizing the passage of the Petroleum Industry Bill (PIB) into law as this has derailed foreign investment in the sector that accounts for over 90 per cent of the nation’s foreign exchange earnings.

Onuegbu , who made the declaration at a media chat with select journalists in Lagos noted that investors have continued to adopt a wait and see attitude, refraining from making any new investment pending the passage of the PIB into Law. Read more

West African Capital Markets Set for Integration

The Chairman, Board of the Securities and Exchange Commission (SEC), Mr. Suleyman Ndanusa on Thursday hinted that all capital markets within the West African sub-region would be integrated by the first quarter of 2016.

Speaking in Abuja at the opening of the 5th meeting of the West African Capital Markets Integration Council (WACMIC), he expressed satisfaction with the progress so far made in the integration process, noting that significant achievement had been recorded in two out of the three integration phases required. Read more

NSE Index drops 0.81 per cent

There was a halt on Thursday to the bullish trend that had dominated trading on The Nigerian Stock Exchange (NSE)  as the two major indicators, the All Share Index and market capitalisation, closed in the red with a loss of  0.81 per cent each.

Market capitalisation dropped N83.374 billion to close at N10.131 trillion as against N10.215 trillion recorded on Wednesday, while the All Share Index declined by 249.88 basis points or 0.81 per cent to close at 30,365.05 points as against 30,614.93 points recorded in the previous trading day. Read more


Oil and Gas


Ogonis Divided over Resuming Oil Production

Oil once flowed in Ogoniland, as it does from wells throughout the creeks and swamps of Nigeria’s Niger Delta region.

But in 1993, the Ogoni people said enough. Leaking pipelines were polluting the fields they farmed and the waterways they fished. Read more

ExxonMobil CEO: Crude Oil Prices to Remain Low

The Chief Executive Officer of ExxonMobil Corporation, Mr. Rex Tillerson, has asked oil producers to get used to lower oil prices over the next two years because of ample global supplies and relatively weak economic growth.

In a presentation at the company’s annual investor conference in New York, Tillerson outlined the company’s business plans through 2017, where he used a benchmark of $55 per barrel for global crude. Read more

NUPENG: Apapa Traffic Gridlock Affecting Loading of Petroleum Products

The National Union of Petroleum and Natural Gas Workers (NUPENG) has said  the gridlock along Apapa-Wharf Road is impeding the loading  of petroleum products from the Apapa depots.

The Chairman, South-west chapter of the union, Mr. Tokunbo Korodo, made the assertion in an interview the News Agency of Nigeria (NAN) on Thursday in Lagos. Read more

Minister, Oil Marketers in Closed-door Meeting over Aviation Fuel Crisis

The Minister of Aviation, Mr. Osita Chidoka, on Thursday in Abuja met with major oil marketers over the lingering fuel distribution crisis, especially as it impacts the aviation sector.

Shortly after the meeting began, Journalists were abruptly asked to take their leave of the jam-packed hall, ostensibly because of the sensibility of the issue meant to resolve  the lingering bottlenecks that have affected the effective  distribution of aviation fuel popularly referred to as Premium Motor Spirit (PMS), to the airline operators. Read more


World News


Liberia discharges last confirmed Ebola patient

Liberia discharged the last confirmed Ebola patient on Thursday from a Chinese-run Ebola Treatment Unit (ETU).

There are now no confirmed Ebola cases in all of Liberia’s nineteen ETUs across the whole country. Read more

Harrison Ford praised for crash landing stricken plane away from homes

Harrison Ford, who made his name flying the Millennium Falcon in Star Wars, was hailed for his real life piloting skills as he survived a plane crash and averted a disaster by steering his aircraft clear of houses .

Mr Ford, 72, was flying a vintage Second World War trainer when the engine failed moments after takeoff sending him plummeting to the ground in a residential area of Los Angeles. Read more

China knife attack suspect shot dead after wounding nine people

At least two assailants armed with knives have attacked people at a train station in southern China, injuring nine before police fatally shot one of the suspects, officials said.

The second suspect was captured, police in the city of Guangzhou said in a statement. The incident was still under investigation and a motive had not been determined, police said. Read more

Myanmar police crack down on protesters for third day

Police cracked down on student protesters opposing Myanmar’s new education law Friday, roughly grabbing demonstrators and loading them onto trucks in the third such clampdown in as many days.

An Associated Press photographer and other witnesses in Letpadan, 140 kilometers (90 miles) north of the country’s main city Yangon, said the incident happened when about 20 students broke off from a larger group of protesters gathering at a nearby monastery. Read more

MH 370: For Chinese Families, Fading Hope and Little Help

One year on, the relatives of Chinese passengers face plenty of harassment and grief, but few answers

Just under a year ago, in the parking lot of Beijing’s Metropark Lido Hotel, I met a woman wild with grief. It had been 19 days since Malaysia Airlines Flight 370 disappeared and she was looking, hysterically, for her missing son. A relative took her arm and offered water. “Rest,” they told her. “Nothing is certain yet.” Read more




‘Nigeria’s Power Industry Held Back by Lack of Credit, Gas’

Nigeria’s electricity industry is being hindered by producers’ inability to raise finance and natural-gas shortages, curbing companies’ ability to boost INVESTMENT in output as the country suffers from daily blackouts, the country’s energy regulator has said.

Peak electricity output of Africa’s biggest economy is about 3,800 megawatts, with another 1,500 megawatts unavailable because of gas shortages, Bloomberg quoted the Chairman of the Nigerian Electricity Regulatory Commission, Sam Amadi to have said. Read more




Bafana Battle Super Eagles Again

South Africa will later on Friday confirm a high-profile friendly against Nigeria for March 29, has learnt.

Earlier this week officials denied such a match was in the offing. Read more

Fireworks as Nigerian league kicks off

Amidst the unfortunate robbery attack on Kano Pillars players that have resulted in the rescheduling of the season’s opener between Heartland of Owerri and champions Kano Pillars, the Nigeria Premier Football League will begin this weekend across the country with mouth-watering fixtures.

The Heartland/Pillars encounter was meant to kick-start the season on Saturday. The two double headers in Port Harcourt featuring Sharks vs Sunshine of Akure and Dolphins vs Kwara United will now be the star matches on Saturday. Read more

Supersand Eagles to play Ghana today

Nigeria’s Supersand Eagles will play Ghana’s Beach Soccer National Team on Friday in their first outing at the Power Horse Invitational Tournament in Durban, South Africa.

The Nigeria delegation, led by NFF 1st Vice President, Seyi Akinwunmi, arrived in Durban on Wednesday morning. The 2011 FIFA Beach Soccer World Cup quarter-finalists will file out against the Ghanaians at 3.30pm South Africa time (2.30pm Nigeria time) on Friday. Read more

Reps ask NFF to account for $9m W/Cup windfall

The Nigeria Football Federation (NFF) will have to explain to the National Assembly how it is spending $9million (about N2.02billion) it received from FIFA for Nigeria’s participation in the Brazil 2014 World Cup when the Ministry of Sports, National Sports Commission (NSC) and their Federations return next week to defend their 2015 Budget.

Absence of the Minister of Sports, Dr. Tammy Danagogo and NSC Director-General, Hon. Gbenga Elegbeleye, on Wednesday, stalled the budget defence of the sports bodies at the House of Representatives. Read more


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