Sabinews Daily Morning News Update for October 8, 2014MORNING NEWS


National News


Ex-Anambra Gov. Obi, Joins PDP

The former Governor of Anambra State, Mr. Peter Obi, tuesday declared his membership of the ruling Peoples Democratic Party (PDP) when he played host to who-is-who in the party in the South-east at his Onitsha home.

Prominent among them were the Deputy Senate President, Senator Ike Ekweremadu; Deputy Speaker, House of Representatives, Hon. Emeka Ihedioha; Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim; and the Chairman of the South-east Governors’ Forum, Governor Theodore Orji of Abia State. Read more

Rivers factional speaker petitions IGP, DSS over Amaechi

Factional Speaker of the Rivers State House of Assembly, Honourable Evans Bipi, has petitioned the Inspector General of Police, Alhaji Suleiman Abba and the Director of the Department of Security Service, Mr Ita Ekpenyong, to commence immediate investigation into the incessant verbal attacks by the state governor, Honourable Rotimi Amaechi against President Goodluck Jonathan.

The governor recently attacked the president at the commissioning of the Tonye Harry 8,000-capacity stadium complex, Degema, in Degema Local Government Area of the state, at the weekend, asking the people of the state to vote out the Peoples Democratic Party (PDP) in the 2015 elections. Read more

Maku, others to exit Jonathan’s cabinet Oct 20

Ministers angling to govern their states are likely to exit President Goodluck Jonathan’s cabinet next week.

Minister of Information, Mr Labaran Maku, who is taking a shot at Nasarawa State governorship seat on the platform of the Peoples Democratic Party (PDP), is one of those certain to exit before October 20. Read more

Over 1,000 unemployed graduates scramble for SURE-P job in Enugu

More than 1,000 unemployed graduates gathered at the Modotels Hotel in Enugu yesterday, to try their luck in a job fair put together by SURE-P under the Graduate Internship Scheme. Under the programme, successful candidates will be employed by private firms but paid by the government for a period of one year.

Principal consultant for Mercy Ferg-sons Consults, Joel Eneogwe, whose company is handling the Enugu match-making between firms and the job seekers, explained:  “What we are doing today is called job fair, which is an opportunity offered to unemployed graduates to get employment under the Federal Government SURE-P scheme. Read more

Reps query N363m erosion project in Anambra

The House of Representatives Committee on Environment has questioned the spending of N363 million on an erosion control work at Ifitedunu in Dunukofia Local Government Area of Anambra State.

This came just as the committee commended President Goodluck Jonathan for the projects the Federal Government was executing in various communities across the country, which positively affected the lives of the people. Read more

Borno spends N500m on pilgrims’ welfare

The Borno State Government has spent about N500m on accommodation and welfare of its citizens that participated in this year’s hajj, the Deputy Governor of the state, Alhaji Zannah Umar Mustapha, disclosed on Tuesday.

The deputy governor, who is the leader of the state delegation to the holy pilgrimage (Amirul Hajj), said the state government had to spend this much in other to make available suitable accommodation for the pilgrims and to enhance their welfare. Read more

Citibank promotes professional journalism in Nigeria

Citibank Nigeria Limited, in continuation of its support for professional journalism in Nigeria, hosted the annual Citi Financial Journalists Training, recently. The event covered topics on financial markets as well as macroeconomics. The programme drew 23 journalists from major print and electronic media houses. The seminar was facilitated by Citibank Nigeria’s chief operating officer, Akin Dawodu; country treasurer, Bayo Adeyemo; managing director of SDI/Ruyi Communications, Soni Irabor, and managing director of Teambuilding Nigeria, Yinka Olugbodi. Read more

Ebonyi gov race: Abakiliki Central/North adopt health minister

Ahead of the 2015 general election in the country,  Minister of Health, Professor Onyebuchi Chukwu, has been unanimously adopted and endorsed  by the  people of Abakaliki,  comprising the central and northern zones of the state, as the consensus candidate for the governorship seat  of  Ebonyi  State.

The adoption was made  after an in-depth  search in a meeting that cuts across party affiliations,  presided over by the state governor, Martin Elechi and attended by all political stakeholders from the area in Abakaliki, the state capital. Read more

Lagos 2015: Senator Solomon declares

Minority Whip of the Senate, Senator Ganiyu Olarenwaju Solomon (GOS), yesterday declared his intention to run for the governorship of Lagos State in the 2015 general elections.

Solomon, amid ovation from well-wishers, party chieftains and supporters reeled out his programmes for the people during the declaration which took place at Ikorodu Town Hall in Ikorodu where he was subsequently adopted by the traditional chiefs and leaders of All Progressives Party (APC) from the local government. Read more

Supreme Court to Hear States’ Case on Fuel Subsidy Financing Dec 8

The Supreme Court will on December 8 hear the suit filed by the 36 states of the federation challenging the alleged irregularities in the methods adopted by the federal government, acting through the Nigerian National Petroleum Corporation (NNPC), in deducting fuel subsidy funds.

The states alleged that the federal government has been cheating them through the ways and manner the subsidy claims were paid. Read more

Nigeria-Cameroun Boundary: Owan-Enoh Disagrees with Senate Leader,CNPP Chairman

The Chairman of the House of Representatives Committee on Appropriation, Mr. John Owan-Enoh, has disagreed with the Senate Leader, Victor Ndoma-Egba (SAN), and the Cross River State Chairman of the Conference of Nigerian Political Parties (CNPP), Mr. Cletus Obun, over claims that there was the possibility of ceding some communities in the central part of the state to Cameroun.

Recently, there was an alarm from Biajua and Danare communities that the current boundary demarcation between Nigeria and Cameroun in some parts of the state would result in the ceding of communities in the central senatorial district to Cameroun. Read more



Sabinews News Update on Economy


Revamping Ajaokuta Steel Plant

To commence full-scale production of liquid steel and other associated materials in Ajaokuta Steel Company, its management recently signed series of Memorandum of Understanding with reputable firms around the world. Timothy Ajiboye who was on a facility tour of the company writes about the efforts to revamp it

In 2011, during his working visit to Kogi State, President Goodluck Jonathan gave the people of the state and indeed all Nigerians cheering news that Ajaokuta steel plant was dear to his heart and that during his tenure the steel plant will commence full production. Read more

FG Grants N25.8bn Waivers, Exemptions in Five Months

The Federal Government of Nigeria has granted a total of N25.81 billion in waivers and exemptions to several organisations between January and May this year.  The beneficiary organisations include agencies, non-profit institutions and private businesses. Read more

Offshore Investments in Nigeria’s Fixed Income Market Hit $13.5bn

The total value of offshore investors’ stake in Nigeria’s fixed income securities as at July 2014 has been put at $13.5 billion. This is largely made up of treasury bills held by the foreign investors.

CSL Stockbrokers Limited stated this in its latest report titled: “FX Rate – surviving 2014 and beyond.” Read more

We are Not Owing AMCON, Bi-Courtney Insists

Bi-Courtney Limited yesterday insisted that the company was not indebted to the Assets Management Corporation of Nigeria (AMCON).

AMCON had claimed that Bi-Courtney was indebted to it to the tune of N50 billion. Read more

Why Nigeria’s ranking in World Bank Doing Business report may slump

The state-level Ease of Doing Business for Nigeria has just been released by the World Bank. The ranking, which measures the economic competitiveness of Nigeria’s 36 states and the Federal Capital Territory (FCT), is a more detailed version of the national level ease of doing business.

A high ranking on the ease of doing business index means the regulatory environment is more conducive for starting and operating local businesses. Read more

Addressing risk management issues in PMBs

The efforts of Nigeria Deposit Insurance Corporation (NDIC) in addressing the challenges of Primary Mortgage Banks (PMBs) can only be successful if the operators can embrace good corporate governance and sound risk management practices, according to Umaru Ibrahim, managing director/CEO of NDIC. Read more


Sabinews News Update on Oil and Gas


Samsung, Ladol, a Partnership that Boosts Local Content

Apparently excited by the huge success recorded in execution of certain categories of projects in the Nigerian oil and gas industry by Nigerians, under the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, the federal government, in March 2012, unveiled plans to ensure that future integration of fabricated steel structures into Floating Production Storage Offloading (FPSO) vessels was done locally. Read more

Navy Impounds 2,000 Gallons Of Petroleum Products

The Nigerian Navy yesterday in Lagos said it impounded over 2,000 gallons of petroleum products from some suspected vandals’ hideout at Majidun in Ikorodu, Lagos State.

The products, which were concealed in 50 litres jerry cans were lifted from the hideout by the Navy. Read more

ExxonMobil, Tenoil Petroleum Commence Ata Field Drilling?

Tenoil Petroleum & Energy Services (Tenoil), a subsidiary of Heirs Holdings tuesday announced that it had reached an agreement with Mobil Producing Nigeria Unlimited (MPN), an ExxonMobil subsidiary, for the drilling of an appraisal well on the Ata Field.

The Ata Field was discovered in 1964 by MPN, the operator of its joint venture with the Nigerian National Petroleum Corporation (NNPC), and is located in block OML68, which borders Tenoil’s block OPL 2008. Read more

Controversial Total’s Egina $3.5b FPSO project begins

The construction of the Total’s Egina field’s floating production, storage and offloading (FPSO) vessel, has begun, two years behind the scheduled time due to conflict between the principal contractor, Samsung Heavy Industries (SHI) and Lagos Deep Offshore Logistic Base (LADOL), a sub-contractor and one of the local vehicles to the FPSO project.

The ground breaking ceremony to mark the commencement of execution of the project was performed in Lagos by all the representatives of the relevant stakeholders including Samsung, LADOL Integrated Logistics Enterprise, National Petroleum Investment Management Services (NAPIMS), Total Upstream Nigeria Limited, Nigerian Content Development and Monitoring Board (NCDMB), Nigerian Export and Processing Zones Authority and the Nigerian Ports Authority. Read more


World News


Court To Decide If Chimpanzees Are ‘Persons’

A New York court is set to decide whether chimpanzees are entitled to “legal personhood” and the protections that go with it.

The case, which experts say is the first of its kind, revolves around Tommy the chimp, who is currently being kept by his owner in a cage in upstate New York. Read more

North Korea admits using labour camps

A North Korean official has publicly acknowledged to the international community the existence of his country’s “reform through labour” camps, apparently in response to a highly critical UN human rights report.

Diplomats for the regime also told reporters that a top North Korea official had visited the headquarters of the European Union and expressed interest in dialogue, with discussions on human rights expected next year. Read more

Chaos as earthquake strikes China

A strong, shallow earthquake has hit south-western China, killing at least one person, damaging buildings and prompting thousands to camp outside as aftershocks continued to strike the area.

The earthquake with a magnitude of at least 6.0 hit the Weiyuan city area of Yunnan province at 9.49pm local time, when most would have been in their homes. At least 324 people also were injured, eight of them seriously, the Yunnan provincial government said. Read more

Hong Kong protests dwindle

Hong Kong pro-democracy protests that brought tens of thousands on to the streets last week dwindled to a few hundred on Wednesday after activist leaders agreed to talks with the government which are all but certain to go nowhere.

The student-led protests have calmed since clashes with police more than a week ago and the number of protesters calling for universal suffrage has fallen dramatically since violent scuffles broke out at the weekend between demonstrators and pro-Beijing opponents. Read more

UN Security Council slams deadly attack in Mali

The UN Security Council on Tuesday condemned an attack on a UN peacekeepers’ camp in northern Mali’s Kidal in which a Senegalese peacekeeper was killed.

It “condemned in the strongest terms the targeted attack against an United Nations Multidimensional Integrated Stabilization Mission in Mali (MINUSMA) camp in Kidal, Mali, on 7 October 2014, in which one Senegalese peacekeeper of MINUSMA was killed,” a council statement said referring to the UN peacekeeping mission in Mali. Read more


Sabinews News Update on Energy


Fed Govt will acheive 20,000Mw target soon’

The Federal Government is planning to achieve a target of 20,000 megawatts (Mw) of electricity before 2020, despite gas and other infrastructural problems facing the sector, the Director-General, National Power Training Institute of Nigeria (NAPTIN), Rueben Okeke, has said.

The government is targeting 20,000 megawatts of electricity, as part of efforts to become one of the best economies in the world by 2020. The initiative, contained in the Financial Strategy Services (FSS) blueprints introduced to identify and further develop sectors that are key to the realisation of the dream, has seen government expecting 20,000 megawatts from power. Read more


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