March 25, 2019

*EFCC To Arraign Suswam Over N3.1bn Fraud Allegation *Lagos fire: Residents count losses

*EFCC To Arraign Suswam Over N3.1bn Fraud Allegation *Lagos fire: Residents count losses


EFCC To Arraign Suswam Over N3.1bn Fraud Allegation

After several days of extended interrogations, the Economic and Financial Crimes Commission will today arraign the former Benue State Governor, Mr. Gabriel Suswam, for money laundering and embezzlement.

The arraignment of Suswam, who ruled Benue State from 2007 to 2015, follows the filing of a nine-count charge largely bordering on money laundering to the tune of N3.1 billion against him at the Federal High Court Abuja on October 2. Read more

Lagos fire: Residents count losses

No fewer‎ than 300 rooms were burnt to ashes in a fire outbreak at Coast Street, Ebute Meta of Lagos State.

It was learnt that the fire incident started a few minutes past 5pm on Tuesday. When our correspondent got to the scene of the outbreak at about 5.30pm, residents were seen trying to salvage whatever they could. According to some eyewitnesses, the outbreak  was from a power generating set. Read more

You Didn’t Follow Due Process On Stanbic IBTC, Emefiele Tells FRC

Days after the October 26, 2015 regulatory sanction meted out on principal officers of Stanbic IBTC Holdings Plc, the Central Bank of Nigeria (CBN) said Tuesday that it would not accede to the request to punish the Nigerian arm of South Africa’s Standard Bank Group for poor disclosure.

A letter reacting to the punishment, written by Godwin Emefiele, the CBN Governor, argued that the FRC did not follow due process in the matter, just as it rushed to conclusion and failed to carry the apex bank along. Read more

Nigeria’s Non-Oil Export Earnings Drop In Q2

Nigeria’s non-oil exports earnings have dropped by $261 million (N52.2 billion) in the second quarter of this year, the Nigerian Export Promotion Council has said.

It said the non-oil export dipped to N78.2 billion ($391 million) in the second quarter of 2015 from N130.4 billion ($652 million) recorded in the second quarter of 2014, representing 39.25 per cent decrease. Read more

FG’s Indebtedness To Oil Marketers Now N470bn

The Federal Government’s outstanding indebtedness to oil marketers has risen to N470 billion, arising from a backlog of unpaid subsidy claims since August 1, 2014 till date.

This is even as the marketers say they require in excess of $2 billion dollars to pay off their foreign suppliers, otherwise they will not be able to continue to import more petroleum products into the country. Read more

South African Lawmakers to Question MTN on Nigeria Fine

South African lawmakers plan to summon MTN Group Ltd. officials to explain why the company was fined $5.2 billion by Nigeria’s industry regulator for failing to disconnect customers with unregistered phone cards.

The fine is “a worrying issue,” Nkhensani Kubayi, chairwoman of Parliament’s telecommunications committee, said by phone from Cape Town on Wednesday. The panel also intends summoning the South African industry regulator to determine whether MTN is compliant with local rules, with hearings likely to take place next year, she said. Read more

Islamic State claims deadly attack on Sinai police

At least three Egyptian policemen were killed when a suicide bomber rammed his vehicle into a police club in the Sinai Penisula on Wednesday, state media reported, as the Islamic State (IS) group claimed the attack.

State television said there were also wounded in the bombing in North Sinai provincial capital El-Arish. Read more

‘Scores dead’ in South Sudan plane crash

A plane has crashed shortly after taking off from an airport in South Sudan, killing more than 40 people, officials said. Three passengers reportedly survived.

The tail fin of the Russian-built plane and other parts were seen scattered along the banks of the White Nile river near the airport in Juba, the capital, on Wednesday. Read more

Kogi: Opposition desperate for power – Obalemo

Pastor Femi Obalemo is an ordained Minister of God and a Fellow of the Institute of Chartered Accountants and Institute of Chartered Taxation of Nigeria. Until his appointment as Economic Adviser to the Governor of Kogi State in 2007, he was the Northern Regional Manager of Associated Discount House. He served as Senior Special Assistant on Due Process for four years before his current position as Senior Special Assistant on Debt Management. He is an Alumni of the prestigious Lagos Business School. In this interview,Pastor Femi Obalemo speaks about his politics and the forthcoming governorship election in Kogi State. Read more

First refugees leave Greece under migrant quota plan

The first refugees were leaving Greece on Wednesday under a relocation plan to ease pressure on countries bearing the brunt of Europe’s migrant crisis, with 30 Syrians and Iraqis heading to start new lives in Luxembourg. Read more

South Sudan army, rebels agree joint troop deployment in capital

South Sudan’s army and rebel forces have agreed to deploy joint military units in the capital, a key stage of a peace deal aimed to end nearly two years of war.

Both sides have repeatedly traded blame for breaking an August 26 peace deal, the eighth such agreement. Despite continued fighting, the rivals signed a deal in neighbouring Ethiopia to fix key military sections of the deal, including how many troops each side will have in the capital Juba. Read more

Uganda approves Museveni and Mbabazi for presidential polls

Uganda’s veteran leader Yoweri Museveni and opposition challenger Amama Mbabazi have been approved by the electoral commission to run in presidential polls next year, reports said Wednesday.

The formal nomination kickstarts campaigning ahead of polls slated for February 2016, the third decade in power for Museveni, who has led the east African nation since 1986. Read more

Dollar retreats against emerging currencies as concerns fade

The US dollar fell against emerging market currencies in Asia on Wednesday as worries over China’s economy faded and investors awaited fresh input from the Federal Reserve on its timeline for an interest rate hike. Read more

Romania PM resigns over nightclub fire

Romanian Prime Minister Victor Ponta has announced his resignation after mass protests in the wake of a nightclub fire that killed more than 30 people last week.

“I’m handing in my mandate, I’m resigning, and implicitly my government too.” Read more















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