DSS invades Lagos APC data centre again, says party spokesman
All Progressives Congress, APC, has described as the height of lawlessness and an orchestrated provocation the second raid that was carried out on the party’s data centre in Ikeja, Lagos, by Department of State Services, DSS, officials, Monday night, saying the agency must urgently be called to order.
“The raid by over 40 armed DSS officers, despite a court order restraining the service from such action, shows that DSS considers itself to be above the laws of the land, and this is totally condemnable,” the party said in a statement in Abuja, yesterday, by its National Publicity Secretary, Alhaji Lai Mohammed. Read more
Police arrest 2 soldiers for illegal duty
Two soldiers, allegedly on illegal duty, have been arrested by the Elemoro Police Division in Oko-Olomi Village in Ibeju-Lekki Local Government Area of Lagos State.
It was gathered that the soldiers were arrested following complaints by members of the community that they were collecting money and harassing passers-by in the community. Read more
Troops kill over 40 Boko Haram in Konduga
Luck ran out for some Boko Haram militants on Tuesday night when about 40 of them were allegedly killed by the Nigerian troops in an encounter in Konduga Local Government area of Borno State.
The insurgents, according to investigations, who stormed the town in the midnight in a long convoy of vans loaded with sophisticated weapons, could not carry out their mission due to the quick of the troops, which resulted into exchange of fire that lasted for hours before they were repelled. Read more
Court Sacks Ebonyi Council Chairmen, Councillors
A Federal High Court sitting in Abakaliki yesterday sacked all the 13 local government chairmen, vice chairmen and all the councillors elected in last year’s council elections in the state.
The court in a judgment delivered on the suit filed by one of the aspirants in the election, Mr Alieze Nweka of Ohaukwu Local Government Area ruled that the open ballot system used in the conduct of the exercise was inconsistent with the electoral law of the Federal Republic of Nigeria. Read more
Sheikh Dahiru Bauchi Condemns Attack, Calls for Self Defence
A Bauchi-based Islamic Scholar, Sheikh Dahiru Bauchi, has condemned the Friday Kano Central Mosque bomb blast and killings, and called on the people to defend themselves.
Bauchi made the assertion on Tuesday in Bauchi while offering special prayer for the repose of the souls of the victims of the Kano attack in Bauchi. Read more
Violence mars Lagos APC primaries
Four people were feared dead in the primaries held by the Lagos State chapter of All Progressives Congress (APC) at Arena, in Ebute-Metta, Lagos Mainland Constituency 1.
Incumbent member of the state House of Assembly, Honourable Bashiru Oloto and another aspirant, Oladele Adekanye, contested over who becomes the party’s standard-bearer in the state House of Assembly poll for 2015. Read more
Soyinka Faults Jonathan, IG
Nobel Laureate, Prof Wole Soyinka has lampooned President Goodluck Jonathan over increasing rate of impunity by his government, saying the nation’s leader is worse than neo-Babylonian king, Nebuchadnezzar.
The Literary icon who said this at a press briefing in Lagos yesterday also accused President Jonathan of fueling the crisis at the National Assembly in which lawmakers resorted to scaling the gate of the Assembly complex in order to gain access to their chambers after been prevented by the police. Read more
Forte Oil, Dangote Cement bag Pearl awards
Forte Oil Plc has emerged winner of ‘the overall highest award’ at the 2014 edition of the PEARL awards in addition to winning the Oil & Gas (petroleum products) sectoral award and share Price appreciation Market Excellence Award.
This is as Dangote Cement Plc also won the Industrial Goods (building material) Award under the Sectoral Leadership Award, while Continental Re-Insurance Plc emerged winner in the Financial Services (Insurance) category. Read more
Curfew Imposed on Damaturu
As the military continues a clampdown on the insurgents who attacked Damaturu, the Yobe State capital, on Monday, the state governor, Alhaji Ibrahim Gaidam, has imposed a 12-hour curfew on the town.
The curfew is between 6p.m. and 7a.m. till further notice. Read more
Naira Rebounds on Central Bank’s Intervention
The naira rose sharply against the dollar yesterday as the Central Bank of Nigeria (CBN) intervened three times to lift the nation’s currency from yet another record intra-day low, some dealers revealed.
The naira closed at N181 against the dollar yesterday, up by 3.6 per cent, from its early session low of N187.55 to a dollar, Reuters revealed.
The currency had closed at N184.10 the previous day. Read more
Banks unwilling to lend from N220bn SMEs fund – CBN
Central Bank of Nigeria, CBN yesterday said that banks in the country are unwilling to lend from the N220billion micro, small and medium scale enterprises, MSMEs development fund due to its low volume and small margins.
Acting Director, Development Finance Department of CBN, Mudashir Olaitan disclosed this in his paper entitled: ‘’Framework for the N220 billion Micro, Small and Medium Enterprises Development Fund” at the on-going Nigeria Deposit Insurance Corporation, NDIC 2014 workshop organised for business editors and finance correspondents association of Nigeria, FICAN in Katsina State. Read more
Banks deposit N368b with CBN to meet policy demand
Banks have deposited N368 billion with the Central Bank of Nigeria (CBN) in fulfilment of the requirement of the 20 per cent cash reserve ratio (CRR).
The CBN raised the CRR on private sector deposits from 15 to 20 per cent last week.
CRR is a portion of banks’ deposits kept with the CBN to enable it effectively manage liquidity. Read more
Rand Merchant Bank Supports Creative Art Sector
Rand Merchant Bank (RMB) Limited has pledged its commitment to the development of the Nigerian creative art sector.
The bank’s Chief Executive Officer, Mr. Michael Larbie, said this while speaking at “A Night at the Theatre: Digging for Gold,” a stage drama sponsored by the financial institution that took place in Lagos recently. Read more
BoI Pledges More Investment as Vehicle Importation Dips by 20%
The nation’s industrial development finance institution, Bank of Industry (BoI), has stated that it is fully convinced about the feasibility of automobile manufacturing in Nigeria and is ready to inject more funds to boost the industry.
The bank said it was impressed with Nigeria’s determination to join the league of industrialised nations like Germany, Britain, United States, China, Japan with the unveiling of the first ever truly made-in-Nigeria cars by the Innoson Vehicle Manufacturing (IVM) Company Ltd, in Nnewi, Anambra State. Read more
Oil and Gas
FG to engage stakeholders in addressing perennial gas shortage
The Federal Government said it is engaging stakeholders in the power sector to boost power supply. Government recently signed a Memorandum of Understanding (MoU) with stakeholders to boost power supply. The oil companies involved in the agreement signed in Abuja were Agip, Oando, Pan Ocean, Chevron, Shell Petroleum Development Company, SPDC, Nigeria Petroleum Development Company, SEPLAT Petroleum and Total.
Representing the Federal Government were the Ministers of Power and that of Petroleum Resources, the Group Managing Director of NNPC, Governor of Central Bank of Nigeria (CBN), and Chairman of Nigeria Electricity Regulatory Commission (NERC). Read more
NUPENG Bemoans Drop in Refineries Production Capacity
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has expressed worry over the drop in output of the refineries to 16 per cent of its capacity.
This was contained in a statement signed by the NUPENG president, Comrade Igwe Achese yesterday. Read more
Oil spill: Impacted communities urge FG to emulate Obama
Residents of the shoreline communities in Bayelsa, Delta and Ondo states have made a passionate appeal to the Federal Government to ensure the payment of compensation by Shell Nigeria Exploration and Production Company (SNEPCO) for the oil spill at its Bonga oil facility in 2011
In a statement signed by Taiwo Aiyedatiwa, general secretary of Abereke Communities in Mahin Land, Ilaje Local Giovernment and field coordinator Communities Environmental Protection Committee (CEPCOM) of Ilaje Land Ondo State, the affected communities asked the federal government to take a cue from how US President, Barack Obama handled the British Petroleum (BP) oil spill which occurred in Gulf of Mexico in April 2010. According to them, not only the oil company compensated the residents, it was also made to do a proper clean up of the area. Read more
Drop in Oil Price May Hamper Loans Repayment in Banking Sector
The continuous slide in the price of crude oil, which has led to lower revenues to Nigeria, may also result in strains in the credit repayment ability of upstream oil companies, a report has stated.
The situation may also lead to delay in payments to contractors as well as a possible cancellation or delay of contracts or planned projects in the country. Read more
Falling oil prices hit Russia much harder than Western sanctions
Plummeting oil prices are doing to the Kremlin what sanctions could not: forcing a grim rethinking of Russia’s economic future.
Nine months into the worst relations between the West and Russia since the Cold War, the plunging price of oil is causing deeper and swifter pain than the Western sanctions that have targeted key areas of Russia’s economy. Russian leaders said Tuesday for the first time that their economy will head into recession next year. In a nation where oil and gas exports largely determine the bottom line, lawmakers are slashing spending promises. And the ruble is hitting historic lows every day. Read more
French National Assembly Votes To Recognise Palestinian State
France’s National Assembly voted by 339 to 159 yesterday to call on the government to recognise Palestine as a state.
The lower house vote is not binding but sparked fury in Israel, whose PM Benjamin Netanyahu warned that it would be a “grave mistake.” Read more
Sweden faces government crisis as far-right party vows to block budget
Sweden’s minority, centre-left government teetered on the brink of collapse on Tuesday after just two months in office when a far-right party announced it would vote against the 2015 budget, effectively dooming it to defeat.
The anti-immigration Sweden Democrat party, which holds the balance of power in parliament, said it would support an alternative budget proposed by the centre-right Alliance opposition bloc, leaving the government isolated. Read more
Iran bombs Isis in Iraq, says Pentagon
Iran has launched air strikes against Islamic State militants in eastern Iraq, according to the Pentagon.
Rear Admiral John Kirby said the US believed it may be the first time Tehran had launched manned aircraft from inside Iran to strike Isis targets in Iraq. Read more
China and Turkey fall behind in global corruption index
Turkey and China’s rating on perceived corruption has fallen steeply, according to Transparency International (TI), and the global watchdog called for closer international cooperation to root out graft and abuses of power.
Transparency International issues an annual report measuring perceptions of graft rather than actual levels given the secrecy surrounding most corrupt dealings. It uses a scale where 100 stands for the most clean and 0 for the most corrupt. Read more
Tariff Hike for Inadequate Power?
At his 2014 Ministerial Platform in Abuja recently, minister of Power, Prof Chinedu Nebo, denied any plan by government to increase electricity tariff. Nebo’s denial became necessary due to speculations that yet another tariff hike may be introduced from December 1 without commensurate improvement in electricity supply.
The speculation is not totally erroneous as it follows logical deduction; one which was further strengthened by the vice chairman of the National Electricity Regulatory Commission (NERC), Mr Mohammed Lawal Bello, when he stated that the price of gas, inflation, foreign exchange rate and power generation capacity were some of the factors considered before proposing a tariff review. With NERC recently approving a $3.30 price for gas supply to power plants effective from December 1, and the Naira’s record slump against the dollar, the fear of possibly paying more for electricity is far from misplaced. Read more
Adeleke Clinches CBN Governor’s Cup
Banjo Adeleke coasted to victory at the weekend when he carded 70 net to win the 8th edition of the Central Bank of Nigeria Governor’s Golf Cup held at IBB International Golf and Country Club, Abuja. The player, who plied in category 1, dominated a field comprising 200 golfers to emerge the overall winner.
Rachael Danjuma rallied to victory in the ladies category 1 with a net score of 80 in the handicap 0-20 flight. Read more
Bullet Energy Drink donates N100, 000 to Olympian Peters
Bullet Energy Drink and a boxing NGO, the Nigerian Boxing League, have donated N100, 000 to Olympian Ayodele Peters, to help rehabilitate the ex-Nigerian boxer.
Peters, who represented Nigeria at the 1980 Olympic Games, had been living in an uncompleted building for several years in Ayobo, Lagos, after he retired as a boxer. Read more
Nigeria pair Congo in ITTF World Juniors
The four Nigerian representatives at the ongoing 2014 Wisdom Junior Table Tennis Championships in Shanghai, China will pair with boys from Congo as the mixed doubles event of the competition serves off on Wednesday.
Nigeria’s boys did not qualify for the competition having lost out in the continental qualifiers while the Congolese girls also failed to make the cut for the competition, which began on November 30. Read more
Nigeria Football Coaches Congress Holds in Abuja
The leadership of the Nigeria Football Coaches Association (NFCA) has announced that the 2014 Annual General Congress of the Association will hold on 29th December, in Abuja. According to release signed by the General Secretary of the Association Solomon Ogbeide, two delegates are expected to represent each state and FCT. Read more
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