Labour threatens strike in Federal Govt. Colleges
The Organised Labour has threatened that all the 104 Federal Government Colleges will not open for academic session on September 22 as proposed by the Federal Government.
The Association of Senior Civil Servants of Nigeria (ASCSN) said it has concluded arrangement to call its members in the Federal Ministry of Education, including those in the 104 unity schools and inspectorate departments, out on strike over the refusal by the management to honour the agreement reached with the officials of the association. Read more
Don’t go on strike, Jonathan appeals to NUT
President Goodluck Jonathan, yesterday appealed to the Nigeria Union of Teachers, NUT to shelve its planned industrial action over the controversy surrounding the September 22, 2014 resumption date for primary and secondary schools.
The union had yesterday directed its members to stay at home from Monday next week if the Federal Government goes ahead with its decision to reopen the schools, arguing that the country needed to be completely free from the Ebola virus before children are allowed to return to school. Read more
Boko Haram installs emirs in Gwoza, Dambua
Boko Haram has installed emirs in Gwoza and Dambua, Borno State, the two towns that fell to the Islamist sect two weeks ago, Senator Ali Dume told his colleagues as Senate resumed from its two-month recess yesterday.This is even as the Upper Chamber urged President Goodluck Jonathan to declare total war on the insurgents, advising him to mobilise all resources and efforts to that effect.
Senator Ndume, who represents southern Borno, told lawmakers that Boko Haram has literally sacked two emirs and installed their own on Monday. Read more
“Rivers to hold LG poll in 2015”
Rivers State governor and Chairman, Nigeria Governors’ Forum, Chibuike Amaechi, yesterday said the state local government elections will hold after next year’s national polls.
While canvassing that only democratically elected council chairmen should run the councils, he noted that corruption in Nigeria was getting worse, stressing that public funds were being diverted for private use with impunity. Read more
Jonathan meets security chiefs over seized $9.3m
President Goodluck Jonathan met yesterday with some security chiefs over the $9.3m arms deal that went away in South Africa, a source said.
Jonathan reportedly demanded “full briefing” on how South African security agents impounded the cash from two Nigerian and an Israeli in Pretoria after it was flown in by a private jet. Read more
Businessmen, Investors Seek End to Insurgency in Nigeria
Nigerian businessmen and other investors have sent a delegation to Chad to negotiate with Boko Haram to put an end to the insurgency that has led to the death of over 13,000 Nigerians and depleted the economy of the country.
This was disclosed yesterday in Lagos by the former governor of Abia State, Chief Orji Uzor Kalu, who said that the President of Chad, Idris Deby, representatives from Cameroun, Niger and the former governor of Borno State, Ali Modu-Sheriff, are in intense negotiation to end the insurgency in the country. Read more
Guinness boss lists benefits of good governance
Managing Director and Chief Executive Officer of Guinness Nigeria, Mr Seni Adetu, has said that good governance and integrity will help boost Nigeria’s economic growth and development. He stated this while speaking at the 2nd Annual Christopher Kolade Lecture on Business Integrity organized by Convention of Business Integrity while speaking on “Business Case for Business Integrity” the Guinness Example.
According to him, good corporate governance practices along with Guinness Nigeria’s code of business conduct builds trust and entrenches integrity and transparency in business. Read more
Atiku kicks against automatic ticket for Buhari
Former Vice President Atiku Abubakar has said the All Progressives Congress as presently constituted, cannot do without holding an elective party primary to choose its flag bearer for the 2015 presidential election.
Atiku said this in an interview with journalists, in Abuja, on Monday. He was reacting to the clamour by the Gen. Muhammadu Buhari campaign team for an automatic ticket for the retired general. Read more
Pastor Oritsejafor confirms link with aircraft
Christian Association of Nigerian (CAN) President Pastor Ayo Oritsejafor, yesterday explained his link with the Bombardier Challengers 600 jet which smuggled $9.3m cash into South Africa.
In a statement Pastor Oritsejafor admitted having an interest in Eagle Air Company that owns the Bombardier jet. He however said he had not been operating it. Read more
CAN, firms absolve Oritsejafor of involvement in $9.3m dea
The Christian Association of Nigeria and the firms operating the aircraft that was used to smuggle $9.3m cash from Nigeria to South Africa have absolved the CAN National President, Pastor Ayo Oritsejafor, of involvement in the deal.
They argued that although the man of God had interest in Eagle Air Company, the owner of the aircraft used to take the money to South Africa, the firm had been leased to Green Coast Produce Limited since August 2, 2014. Read more
President Names Usman NCAA DG, Nwezeh Supreme Court Justice
President Goodluck Jonathan yesterday named Captain Muktar Usman as the Director General of the Nigeria Civil Aviation Authority (NCAA).
He also appointed Justice Chima Nweze as a justice of the Supreme Court and Dr. Jonah Madugu as a member of Federal Civil Service Commission. Read more
Sabinews News Update on Economy
FG records N28.67bn drop in revenue
The Federal Government on Tuesday said the country recorded N28.67bn decline in gross federally collected revenue from N630.32bn received in the month of July to N601.65bn in August.
The Minister of State for Finance, Ambassador Bashir Yuguda, said this while briefing journalists shortly after this month’s Federation Accounts Allocation Committee meeting, which was held at the headquarters of the Ministry of Finance, Abuja. Read more
FG, states share N611billion, Nigeria’s earnings drop
Nigeria’s Federation Account Allocation Committee (FAAC) on Tuesday shared N611.77 billion to the Federal, states and local governments for the month of August.
The Minister of State for Finance, Mr Bashir Yuguda, who announced this after the FAAC meeting in Abuja, said that the country recorded a N28.67 billion decline in gross federally-collected revenue during the period. Read more
NTDC, Israel to grow tourism in Nigeria
NIGERIA’S tourism industry is poised to receiving a huge boost as the Nigerian Tourism Development Corporation (NTDC) and the government of Israel have agreed to work on the development and promotion of the industry.
This followed the courtesy call of the Ambassador of Israel, Uriel Palti, to the Director-General of NTDC, Mrs Sally Mbanefo at the corporation’s headquarters in Abuja. Read more
Fish farmers list contribution to Ogun economy
Fish farmers in Ogun State have disclosed that the state Gross Domestic Product (GDP) and economy generally have improved in recent years through the activities of fish farming.
The farmers, under the aegis of Ijebu Development Initiative on Poverty Reduction (IDIPR), Ijebu-Ode, said the integrated farming systems run by the association had really boosted fish production. Read more
FG moves to protect Nigerian investments in W’Africa
Nigerian investors making foray into the West African market are now to enjoy greater support and protection to kick-start their business and stablise them as the Federal Government seeks to deepen Nigerian investments within the sub-region and boost its balance of trade with neighbouring countries.
Investment outflow from Nigeria to the ECOWAS sub-region has risen steadily by about 40 per cent in the last 15 years following the country’s return to democratic rule. Read more
Can FG’s Intervention Save SMEs?
After several efforts in the past by successive governments in Nigeria to propel growth in the small and medium enterprises sector, Eromosele Abiodun in this report, wonders if the disbursement of the Central Bank of Nigeria’s N220 billion fund can make the difference
All over the world, micro, small and medium enterprises (MSMEs) have been known to be engines of economic growth and contributors to employment generation, wealth creation, poverty alleviation and food security. Read more
CBN Intervenes to Halt Naira Fall
The Central Bank of Nigeria (CBN) intervened to support the naira yesterday after the local currency shed 0.57 per cent at the beginning of the day’s trade to N163.85 to a dollar.
The naira opened at N162.95 before it weakened on strong dollar demand. However, it recovered to N162.90 to a dollar after the intervention. Read more
Access Bank Plans N68bn Rights Issue
Access Bank Plc has said it will next month seek shareholders’ approval to raise additional equity capital of up to N68 billion through a rights issue.
The bank, in a notice for an extraordinary general meeting expected to hold in Lagos, also said with shareholders’ approval, the rights issue may be underwritten on terms to be determined by its directors, subject to obtaining approvals from the relevant regulatory authorities. Read more
Sabinews News Update on Oil and Gas
Nigeria fiscal risks increase as oil nears break-even price
Nigeria’s fiscal risks have become elevated as the retreat of oil prices is bringing them closer to the break-even point at which the Federal and State government budgets become untenable.
“Nigeria’s low levels of accumulated oil windfall savings imply that its oil-price vulnerability kicks in at a much higher threshold than the official oil price benchmark suggests,” said Standard Chartered analysts led by Samir Gadio, head of the bank’s Africa Strategy and FICC Research, in a recent report. Read more
FG Reviews Implementation Framework for UNEP Report on Ogoniland
The federal government has said that it is now ready to fully execute the cleanup of Ogoniland as recommended in the environmental assessment report submitted to it by the United Nations Environment Programme (UNEP).
Coming almost three years after receiving the report from UNEP, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, said yesterday in Abuja that the government in its renewed commitment to the environmental restoration effort, would review extant frameworks setup to undertake the process. Read more
Monthly Oil Revenue Declines Further to N601.64 in August
Again, production challenges including a force majeure declared by Shell and series of shutdown of trunk lines and pipelines at various terminals impacted negatively on monthly receipts as gross revenue for August further dropped by about N28.67 billion to about N601.64 billion compared to about N630.3 billion in July.
The situation becomes worrisome in view of the huge monetary interventions and other initiatives by the federal government to check pipeline vandalism, illegal oil bunkering and other hiccups in order to improve revenue generation in the treasury. Read more
Marketers, Firm on Collision Course over High Cost of Cooking Gas
Marketers of Liquefied Petroleum Gas (LPG) otherwise known as cooking gas, under the aegis of Nigerian Association of LPG Markters (NALPGAM) and ALGASCO LPG Services Limited are heading on a collision over the recent increase in the price of the product at the Apapa gas terminal of Navgas.
ALGASCO markets LPG at its Creek Road terminal in Apapa, Lagos, which is operated by Navgas. Read more
Total Resumes $2.5bn Usan Deepwater Oil Block Sale
France’s Total SA, Europe’s second largest oil company, has put one of its offshore Nigerian oil fields up for sale for the second time, the company said, after a 2012 deal with Sinopec Corp of China failed.
Total has hired BNP Paribas to find buyers for its Usan deepwater oil field located in Oil Mining Lease (OML) 138, which could be worth about $2.5 billion, according to sources familiar with the matter. Read more
Separatists in Quebec, Scotland Share Lessons
Quebec’s separatists are watching closely this week to see if the Scottish independence movement has learned from their failed attempts to break away from Canada. And it could be rejuvenated if Scotland breaks away from the United Kingdom.
The Scottish National Party, which is leading the campaign for Scotland to vote yes in Thursday’s vote on independence, has been advised over the years by separatists in Quebec, a French-speaking province where two referendums on independence failed, though the last “Non” was narrow. Polls suggest the outcome in Scotland will be close. Read more
American man arrested while trying to swim to North Korea
An American man was arrested after being caught trying to swim across a river from South Korea into North Korea, apparently because he wanted to meet Kim Jong Un, officials in Seoul said Wednesday.
South Korean Marines found the man lying on the banks of the Han River, which runs through Seoul but forms the border with North Korea along its western stretch, just before midnight local time on Tuesday, a defense ministry spokesman said. Read more
Lava flows from Philippine volcano; thousands flee
The Philippines’ most active volcano has sent more huge lava fragments rolling down its slopes in an ongoing gentle eruption that has prompted authorities to evacuate thousands of villagers, officials said Wednesday.
The Philippine Institute of Volcanology and Seismology has warned that a “hazardous eruption” of Mount Mayon, located in the eastern Philippines, is possible within weeks. Read more
Sabinews News Update on Energy
Power: NACCIMA calls for cancellation of fixed electricity charge
The Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has called for the cancellation of electricity tariff fixed charge to consumers in the country.
The National President of NACCIMA, Alhaji Badaru Abubakar, made this call in a parley with newsmen on the review of the state of the nation in the year 2014, saying, in the face of present epileptic power supply in the country, the chamber consider the electricity tariff fixed charge of between N750 and N1, 500 based on Multi Year Tariff Order (MYTO)2 Retail Tariffs (Residential) to be too high for the average Nigerians who earn very low income and therefore urged that there should be no fixed charge to consumers. Read more
Sabinews News Update on Sports
Keshi Allays Fears over AFCON Ticket
Super Eagles coach Stephen Keshi has allayed the concern of the Nigeria Football Federation (NFF) by assuring that the team will qualify for the Africa Cup of Nations which holds next January in Morocco despite the team’s far from convincing form.
Talks have progressed between Keshi and officials of the football federation on the possibility of the 52- year old returning as the coach of the national team after leading Nigeria to the round of 16 at the last World Cup campaign in Brazil. Read more