March 22, 2019



Sabinews Daily Morning News Update for October 29, 2014MORNING NEWS


National News


Chibok Girls: Ezekwesili Gives FG 24-hour Ultimatum for Tangible Results

Tired of waiting endlessly for the release of the  over 200 Chibok schoolgirls who were abducted over six months ago, the co-Convener of the #BringBackOurGirls (BBOG) group and former Minister of Education, Mrs. Oby Ezekwesili, on Tuesday gave  the federal government a 24-hour ultimatum to secure the girls’ release.

In continuation of the daily tweets she reels out on twitter through her handle, @obyezeks, she said the federal government should not allow another 24 hours to pass without any tangible result on the rescue the girls. Read more

Boko Haram ceasefire not deadlocked —FG

The Federal Government said yesterday the ceasefire deal with the Boko Haram insurgents is on course.

The Attorney-General of the Federation and Minister of Justice, Mohammed Bello Adoke, told State House journalists after a National Security Council meeting that the ceasefire was not in a deadlock. Read more

Nigeria’s high corruption index worries accountants

Association of National Accountants of Nigeria (ANAN) yesterday decried the alarming rate of corruption in the country, wondering why all efforts aimed at curbing the menace have not yielded fruits.

Speaking at the 19th Annual Conference of Certified National Accountants in Abuja, the president of the association, Alhaji Sakirudeen Tunji Labode, said that the issue of corruption had assumed an alarming dimension in the polity and that all Nigerians need increased and pragmatic effort to fight the menace that has hampered rapid economic development in the country over the years. Read more

Jonathan Approves Nweze’s Appointment as Supreme Court Justice

President Goodluck Jonathan has approved the appointment of Justice Chima Centus Nweze as a Justice of the Supreme Court after his confirmation by the Senate.

The appointment is in accordance with the provisions of Section 231 (2) of the 1999 constitution. Read more

Jonathan Promises More Transformation Projects in Lagos

President Goodluck Jonathan yesterday said his administration will build more projects in Lagos State to enhance its mega city status.

The president, who said this at the 45th annual conference of the Nigerian Institute Of Town Planners (NITP) at the Golden Tulip Hotel, Lagos added that his administration recognises the fact that the state once served as the nation’s capital and had attained a mega city status. Read more

Imposition of Candidates Kills Free, Fair Polls – Kukah

The Catholic Bishop of Sokoto Diocese, Bishop Matthew Kukah has said that the imposition of candidates by godfathers or the incumbent simply heats up the polity and kills free and fair elections in the country.

Kukah made this comment at the National Stakeholders’ Forum on Elections, organized by the Civil Society Situation Room with the theme, “Achieving the Implementation of Credible 2015 General Elections” held in Abuja. Read more

FRC Has No Power to Probe Banking, M&As, Says Court

A Federal High Court in Lagos has stopped the Financial Reporting Council (FRC) from investigating Access Bank Plc over the acquisition of the defunct Intercontinental Bank Plc, declaring that the council has no power to probe banking activities nor mergers and acquisition processes in the financial services industry. The court said those are the exclusive preserves of the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC). Read more


Sabinews News Update on Economy


Stakeholders look beyond 59% local content to cut job, foreign exchange losses

Stakeholders in the Nigerian economic project are looking forward to a ramping up of the current local raw material sourcing capacity, which stands at 58.58 percent, to reduce job and foreign exchange losses arising from importation of these inputs from other countries.

The stakeholders, including manufacturers, intermediate firms, the Federal Ministry of Science and Technology, the Raw Materials Research and Development Council (RMRDC), the Bank of Industry (BoI) and the Organised Private Sector, among others, say improving the quality of local raw materials, as well as increasing awareness of their availability to manufacturers, would also improve the quality of products manufactured locally, while closing the wide gap between resource potential and economic performance. Read more

Diamond Bank Empowers Women

Diamond Bank Plc has said it recently developed the entrepreneurial skills of businesswomen in a training session.

The training, according to the bank, was part of its support to develop women and rightly position them to contribute significantly to the growth of the economy. Read more

Singapore best country for business, Nigeria ranked 170th

Small and well-run Singapore, New Zealand and Hong Kong are the world’s easiest places to run a business, while global giants China, Brazil and India remain far down the list, according the World Bank.

Three small but hot Pacific economies led the Bank’s annual “Doing Business” report, released Wednesday, which focuses on where businesses are best helped and least hindered by government. Read more

States’ Frenzied Rush For Bonds

Seven months to the end of some administrations at the state level, the rate at which governors are approaching the State Houses of Assembly for approval to draw from reserves or to scout for funds in the capital market is alarming. For instance, only last week, Rivers State governor, Rotimi Amaechi, got the nod to access N19billion from the state’s reserved funds, even as Kwara’s Abdulfatah Ahmed was also authorised to pull out N2billion in bond. Read more

Over 250 Dutch investors storm Nigeria/Netherlands Economic Forum, Hague

The profile of Nigeria as the biggest economy in Africa was accentuated and profiled properly at the first Nigeria-Netherlands Economic Forum facilitated by Netherlands-African Business Council, NABC at Hotel Novohotel, World Trade Centre , The Hague, Netherlands recently. Read more


Sabinews News Update on Oil and Gas


‘$78 oil benchmark not realistic for 2015’

Chairman Senate Committee on Environment and Ecology, Senator Bukola Saraki, yesterday described the proposed oil benchmark for the 2015 budget as unrealistic.

Saraki in a statement in Abuja, yesterday,  said the Executive cannot afford to pretend that all is well, following the 25 per cent drop in oil prices at the international market. Read more

Oando Renews Moves to List Subsidiary on Nigerian Bourse

Oando Plc is renewing moves to list its downstream subsidiary, Oando Marketing Limited (OML), as a separate entity on the Nigerian Stock Exchange (NSE). This follows the approval given by the shareholders of the company at the annual general meeting held in Lagos last Monday.

Oando had in 2011 received the approval of the Nigerian Stock Exchange (NSE) to list  OML in the fourth quarter of that same year. However, the plan was shelved due to the inauspicious prevailing environment at that time. Read more

External Reserves Hit by Falling Crude Oil Prices

Findings on Monday showed that the foreign reserves, which have been declining gradually since last month, have shed a total of $601 million to $39.003 billion on October 24, from the $39.604 billion as at September 23, according to figures provided by the Central Bank of Nigeria (CBN).

Nigeria’s external reserves are derived mainly from the proceeds of crude oil earnings. Crude oil prices have been on the decline in the past few weeks. Read more


World News


Unease Lingers in the Bronx Despite a Boy’s Negative Ebola Test

Fliers about Ebola, given out by city health workers, were crumpled and left on the floor in the hallways of the tan, brick building at East 172nd Street in the Bronx, a reminder of the scare Monday when a 5-year-old boy on the fourth floor became ill.

After a day of rising panic in the neighborhood, his test for the disease came back negative on Monday evening. Read more

Obama defends U.S. Ebola guidelines, backs American volunteers in Africa

As the second of two nurses infected while treating an Ebola patient left an Atlanta hospital, President Barack Obama on Tuesday said policies adopted in the United States should not discourage Americans willing to fight West Africa’s outbreak.

Obama weighed in for the first time since states including New York and New Jersey imposed automatic 21-day quarantines on doctors and nurses returning from the three countries at the heart of the outbreak – rules that go beyond federal guidelines. Read more

Zambian President Michael Sata dies in London aged 77

Zambian President Michael Sata has died in London aged 77, a government source has told Reuters

“It is true. We lost the President. The acting president will make a statement soon,” the source said. Reuters

Thai Court Dismisses Case Against British Activist

A Thai court on Wednesday dismissed the first of four criminal and civil defamation cases filed against a British human rights activist by a Thai fruit processing company accused of mistreating migrant workers.

The activist, Andy Hall, still faces charges in three other separate cases. The next trial begins Thursday. Read more


Sabinews News Update on Energy


NERC boss says 118 power projects will stabilize energy supply

Nigerians have again been assured that power problem will soon be over, with 118 power projects at different stages of completion in different parts of the country. This was disclosed by the Chairman of Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi at a monthly breakfast meeting organized by Nigerian-British Chamber of Commerce (NBCC) in Lagos. Read more

Ministry’s reports want EMSL as electricity inspector

The proposed private member’s bill seeking to establish the Nigerian Electricity Management Services Authority (NEMSA) as a technical regulator in the electricity sector on Tuesday received discordant tunes again in the Senate.

At the resumed joint hearing on the bill by the Senate Committee on Power and Judiciary in Abuja, stakeholders who were invited to make presentations argued against the bill. Read more

Power: Nigeria loses 1,476MW to gas, water shortage

The recent dip in power supply in the country, rather than show signs of improvement, has gone worse with the loss of over 1,476 megawatts due to shrinking water level, shortage in gas supply and high frequency.

The country is said to be losing over 1,181MW to gas supply constraints, with six gas-fired power plants said to be affected. Read more


Sabinews News Update on Sports


NFF Congress – FA Chairmen to Sue for Forgery

Some State Football Association Chairmen have vowed to sue those behind the current football crisis for impersonation and forgery. Their story started this way:

On August 26, 2014, a congress of the Nigeria Football Federation was called in Chidah Hotel, Abuja.

The extra ordinary congress was expected to draw a road-map and fix the date for elective congress. Read more

FIFA Gives Nigeria Reprieve

Nigeria yesterday received a reprieve from world soccer-governing body, FIFA, which has moved the deadline for the nation’s ban to Friday, October 31, 2014 at midday Nigerian time.

The grace according to FIFA’s Secretary-General Jerome Valcke in a letter addressed to the President of the Nigeria Football Federation, Amaju Pinnick was in order to give Nigerian football a last opportunity to avoid a lengthy suspension. Read more

Eagles on course for AFCON 2015 ticket – Lawal

Nigeria international Raheem Lawal is confident that the Super Eagles will qualify for the 2015 Africa Cup of Nations in Morocco.

The Africa Champions face Congo in a make or break encounter in Pointe-Noire on November 15. Read more


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