March 23, 2019

*Female suicide bomber kills 10, injures 31 others in Damaturu market* *Stock Market Loses N800bn in Five Days*

*Female suicide bomber kills 10, injures 31 others in Damaturu market* *Stock Market Loses N800bn in Five Days*

 Sabinews Daily Morning News Update for February 16, 2015MORNING NEWS


National News


Female suicide bomber kills 10, injures 31 others in Damaturu market

The Nigerian Air Force, NAF, said yesterday that it had succeeded in disrupting the Boko Haram sect’s communication supply line in the North eastern part of the country, stating that efforts had been intensified to ensure that the war against insurgents comes to an end in six weeks.

The Chief of Air Staff, Air Marshal Adesola Amosu, disclosed this at the National Air Defence Corps, NADC, while flagging off a military operation exercise just as a female suicide bomber launched an attack at a motor park in Damaturu, Yobe State capital killing 10 persons while 31 others were injured. Read more

JUSUN suspends strike

The Kwara State chapter of the Judiciary Staff Union of Nigeria has called off its over one month-old strike. JUSUN commenced its nationwide strike on Friday, January 11.

It will be recalled that the Federal High Court, presided over by Justice A.F.A. Ademola, in January 2014 delivered a ruling in a suit filed by JUSUN in relation to the funding of the judiciary. Read more

Jonathan Decries Criticism of Security Forces

President Goodluck Jonathan has expressed his displeasure over the fact that several Nigerians do not value the sacrifices of the Nigerian military in securing the country and are losing their (soldeiers) lives in the process.
According to News Agency of Nigeria (NAN), Jonathan who spoke at the weekend, during the inaugural presidential dinner for wives and relatives of military men who have died on the battlefield against Boko Haram, vowed  that the government would take good care of families of fallen heroes, particularly by adopting the Victims Support Fund as a policy for the military. Read more

FG nominates Navy to lead maritime fusion center

The Nigerian Navy is being tipped to be the lead agency in the Federal Government’s quest to automate and link up all government agencies in the maritime sector.

The project will involve the satellite coverage of the entire Nigeria’s maritime space, linking all agencies, including Nigeria Maritime Administration and Safety Agency (NIMASA), Nigeria Ports Authority (NPA), Nigerian Shippers’ Council (NSC), Nigeria Customs Service (NCS), Standards Organisation of Nigeria (SON), NAFDAC and indeed all concessionaires of the ports. Read more

Botched NLC election: Maritime workers, Falana demand thorough investigation

Maritime Workers Union of Nigeria, MWUN, and Lagos Lawyer and human rights activist, Mr. Femi Falana, SAN, weekend described as unacceptable and a big embarrassment, the circumstances that led to the botched election of Nigeria Labour Congress, NLC, in Abuja last Thursday. In a statement by the President-General of MWUN, Comrade Emmanuel Tony Nted, the union demanded for a thorough investigation into the alleged printing of multiple ballot papers with different serial numbers among others. Read more

Police kill two Boko Haram fighters in Kano

The Police in Kano on Sunday confirmed the killing of two gunmen suspected to be Boko Haram members in the Kibiya Local Government Area of the state, the News Agency of Nigeria reports.

The Kano State Police Command’s Public Relations Officer, Magaji Majiya, confirmed the incident in an interview with the NAN. Read more

FG tasked on N76bn Abuja CCTV project

All Progressives Congress Presidential Campaign Organisation, APCPCO, has decried how the failed $470 million (N76 billion) National Public Security Communications System Project, NPSCSP, in Abuja, otherwise known as CCTV Camera Project, which was supposed to shore-up Nigeria’s security, has remained shrouded in mystery, wastage and embezzlement of scarce national resources.

APCPCO Director of Media and Publicity, Garba Shehu, in a statement in Abuja yesterday lamented the shoddy and inadequate delivery of the project, which was designed to cover Abuja, Lagos, Ibadan, Bayelsa, Kaduna and Kano states in its pilot phase. Read more

Our democracy polluted by sentiments, says Lamido

Jigawa State Governor Sule Lamido has expressed concern about the nation’s democracy being polluted by sentiments.

The governor, who spoke at the weekend in Dutse, the state capital, while fielding questions from reporters, regretted that lack of patriotism was threatening the country’s democratic growth. Read more

Elumelu foundation appoints chief executive

The Board of Trustees of the Tony Elumelu Foundation has announced the appointment of Prof. Reid E. Whitlock as its chief executive.

Prof. Whitlock’s appointment followed Dr. Wiebe Boer’s movement as director of Strategy at Heirs Holdings, Mr. Elumelu’s pan-African proprietary investment company. Read more

How NLC election’s fiasco was planned, by union leader

President of the Medical and Health Workers Union of Nigeria (MHWUN), Dr. Ayuba Wabba, has said that plans to frustrate the workers from electing a new leadership was hatched long before the beginning of the delegates’ conference.

Ayuba, who was one of the presidential candidates in the election, said the plan was put in place early in the year by a group of union leaders who wanted the presidency of the congress ceded to unions in the private sector through undemocratic means. Read more

Fayose admits voice in rigging audio clip

Ekiti State Governor Ayo Fayose has admitted that his voice was one of the voices heard in the rigging audio clip.

An Army officer, Capt Sagir Koli, recorded the voices of Fayose, former Minister of State for Defence Musiliu Obanikoro, Police Affairs Minister Jelili Adesiyan, Osun State PDP governorship candidate Iyiola Omisore and Brig.-Gen. Aliyu Momoh allegedly strategising on how to use soldiers to manipulate the election. Read more

Plot to discredit Ambode uncovered

A group, Eko Liberation Movement (ELM), has alerted to a plan to procure and tender a fake medical report to discredit the governorship candidate of the All Progressives Congress (APC) in Lagos State, Akinwumi Ambode.

In a statement by its convener, Gbolahan Agboola, the group said: “A faceless group is set to procure a fake medical report to discredit Mr. Akinwunmi Ambode, as being unsound in mind, body and spirit. Read more




NAICOM to Tighten Regulatory Oversight on Foreign Investors

Deputy Commissioner (Finance and Administration), National Insurance Commission (NAICOM), Mr. George Onekhena, has said the commission would strengthen its regulatory oversight to ensure that foreign insurance companies operating in the country do not take undue advantage of the cash potentials in the sector.

Speaking in an interview with THISDAY, he noted that a situation whereby portfolio investors would want to take advantage of the monetary benefits of the insurance sector without adding value to the system was becoming a critical issue which the regulator would not lose sight of. Read more

Borno Declares Monday Public Holiday for Buhari’s Rally

The Borno State Government Sunday declared today a work-free day for the visit of the All Progressives Congress (APC) presidential candidate, General Muhammadu Buhari (rtd), to the state.

The Secretary to the State Government, (SSG) Ambassador Baba Ahmed Jidda, stated this in a statement issued to journalists, saying the gesture was to enable residents welcome Buhari to the state for the presidential rally. Read more

Nigeria still investment destination, despite challenges — Dangote

President of Dangote Group and Chairman of Dangote Cement Plc, Aliko Dangote, has advised Nigerians to see the current economic challenges being faced by the country as a wakeup call for all to re dedicate themselves to the task of building the nation through production activities. Dangote, who has always expressed his faith in Nigeria as an economically viable nation, told a delegation of cement distributors from across the country who paid him a visit in his office in Lagos that Nigeria still remained the destination of choice for investments despite the economic and security challenges. Read more

Nigerian Banks Brace up for Slower Revenue Growth

As the market awaits the 2014 full year financial results of deposit money banks, a financial market analyst has predicted slower revenue growth for the industry as a result of the unease about the economy.

The Nigerian economy has been severely affected by the fall in crude oil price. Read more

‘Inconsistency of Forex Guidelines Fuelling Speculation’

The seeming inconsistency of forex guidelines by the Central Bank of Nigeria (CBN) may be one of the factors fuelling speculation in the forex market, analysts at Afrinvest West Africa Limited have argued.

They also highlighted the uncertainty traced to non-review of the mid-point of the exchange rate target band in the reality of a fundamental reprising as another factor that may be affecting the performance of the naira against the dollar. Read more

Ecobank Capital hosts maiden Investment Banking Conference

Ecobank Capital, the Investment Banking subsidiary of Ecobank Transnational Incorporated (‘ETI’) hosted its maiden Conference recently in Lagos, Nigeria. The Conference themed “Nigerian Economy -Navigating the headwinds of Oil prices” brought together business and industry thought leaders to discuss the Nigerian Economy and how to navigate through the current headwinds.

The event was attended by domestic and international investors, with the panel speakers including representatives from Helios Capital, Dangote Cement, Nedbank, Qatar National Bank and First-EPDC. Read more

Overnight lending rate soars to 95%

The overnight lending rates climbed to near record highs on Friday after the Central Bank of Nigeria (CBN) sold Treasury bills to mop up liquidity and enforced a cash reserve requirement for lenders, dealers said.

Amid a squeeze on the naira, the rate commercial banks charge other banks for borrowing on the interbank market jumped to 95 percent, from 20 per cent on Thursday. Read more

‘PZ Wilmar invests N12.4bn in vegetable oil production plant

PZ Wilmar Nigeria Limited, a subsidiary of PZ Nigeria Plc, a quoted company on the Nigeria Stock Exchange, NSE said it invested about N12.4billion ($75 million) in its vegetable oil production plant , as it expects 100 percent local content input in five years. The Managing Director of the company, Santosh Pillai disclosed this at the reward ceremony of Devon Kings vegetable oil ‘Cruise promo,’ where its trade partners   were rewarded with prizes worth over N30 million, which included cars and cash prizes in the Lagos zone of the promo for their performance in the 2014 financial trading year. Read more

Industry leaders move against mandatory listing on NSE

Industry Leaders in the country are making frantic efforts to halt passage of the Private Companies Conversion and Listing Bill into law by the National Assembly. They said the bill being sponsored by the Deputy Chairman of the House of Representatives Committee on Capital market, Hon. Chris Emeka Azubogu, would not help the business climate in Nigeria and should be withdrawn. Read more

Stock Market Loses N800bn in Five Days

In a week that was bearish, investors in the Nigerian equities market suffered massive losses triggered by huge sell-offs following negative reactions to the postponement of the general elections.

The equities market dipped by N801 billion as investors applied cautious trading, holding on to more investments as the await the general elections which have been shifted to March 28 and April 11, 2015. Read more


Oil and Gas


Falling crude price: Nigeria risks losing Asian market to Arab producers

Nigeria’s share of the Asian market is now seriously being threatened by the ongoing price war among the big Arab oil producers. Asia became Nigeria’s safe haven after the loss of the American market, but this may not be sustained for much longer, a development that has made oil industry experts to urge the Federal Government to form alliances with the Asian customers to cushion the effects.

The Arab producers, who have always been on constant price war last week even pushed the notch higher because of the sliding crude oil prices, by offering discounts as high as above $4 per barrel, the highest in over a decade in order to retain their respective market shares. Bloomberg recently reported that Iraq, Kuwait and Iran have joined Saudi Arabia in cutting their March crude prices for Asia, signaling the battle for a share of OPEC’s largest market is intensifying. Read more

Oil price slump: Uncertainties loom over JV projects

Uncertainties loom   over several Joint   Venture (JV) projects that international oil companies (IOCs) are executing with the Nigerian National Petroleum Corporation (NNPC).

They are planning to scale down the projects that are either in their planning or advanced stages. No thanks to the slump in oil price. Read more


Seplat to defer oil projects, boost gas to beat plunge

Seplat Petroleum Development Co., a Nigerian oil producer that bought assets from Chevron Corp., plans to defer some oil investments while expanding gas output to survive low crude prices, company Chairman Ambroise Orjiako said.

“We’re looking very strongly to compensate for the revenue drop by increasing gas production,” Orjiako said in an interview with Bloomberg TV Africa broadcast Thursday. There will also be “a lot of tightening” with the company deferring “non-essential” capital projects, he said. Read more


World News


Hong Kong ‘parallel trade’ protests

Angry protests have taken place in a shopping centre in Hong Kong against mainlanders who visit the territory to shop.

Hong Kong residents have long complained about mainlanders buying up goods at lower tax rates and then selling them on at home at a profit, so-called parallel trading. Read more

No drone delivery under new US aviation authority rules

The government proposed long-awaited rules on Sunday to usher in an era of commercial drones zipping through US skies, but packages from these unmanned aircraft will not be landing on doorsteps any time soon.

The Federal Aviation Administration proposed requirements that commercial operators must meet, such as passing a knowledge test administered by the agency as well as a federal security check, in order to fly small drones, defined as weighing less than 55 pounds. Read more

Satellites track snail disease risk

Scientists are tracking snails from space in a bid to combat the spread of parasitic disease in Africa.

The satellite information is being used to predict where infections are likely to occur, enabling health agencies to better target their resources. Read more

More than 2000 migrants from Libya rescued by Italian coastguard

The Italian coastguard launched a massive operation Sunday to rescue more than 2,000 migrants in difficulty between the Italian island of Lampedusa and the Libyan coast, local media said.

The emergency rescue came on the same day Italy said it was evacuating staff from its embassy in Libya and suspending operations there, highlighting the worsening security situation in the violence-plagued country. Read more




NERC licenses firm to build N1.2tn power plants

The Nigerian Electricity Regulatory Commission has issued on-grid generation licences to Zuma Energy Nigeria Limited to construct four units of 300 megawatts coal-to-power plants in Kogi State at a total cost of $5bn (N1.2tn).

According to NERC, the firm was initially issued an on-grid licence on September 20, 2011 to enable it to operate a 1,200MW independent power plant. Read more



11th AJC: Golden Eaglets silences hosts, win 2 -0

Nigeria’s Golden Eaglets heeded the charge of head coach Emmanuel Amuneke to go all out for victory against host Ni­ger Republic on Sunday as the boys began their campaign with a 2 – 0 win.

After both sides had sized up each other in the early minutes of the game, it was the Nigerian side that broke the deadlock in the 18th minute of the game with a goal, courtesy of Striker Victor Osimhen. Read more

Enyimba beat Buffle du Borgou

Nigeria Federations Cup champions, Enyimba FC of Aba, on Sunday began their CAF Champions League campaign on a winning note as they defeated Republic of Benin league champions, Buffles du Borgou 3-0 at the Enyimba International Stadium in Aba.

Goals from Daniel Etor, Kingsley Sokari and Nonso Okonkwo, gave the two-time African champions a foothold going into the second leg. The return game will hold on the weekend of February 28 and March 1 at the Stade Municipal de Parakou, Benin Republic. Read more

Brown Ideye wants to emulate fellow Nigerian and mentor, Kanu, in FA Cup

West Bromwich Albion striker Brown Ideye has described his fellow Nigerian, Kanu, as a mentor.

Ideye netted twice for the Baggies in their 4-0 win over West Ham United to help his side progress to the FA Cup quarter-finals, and he now hopes to go and play at Wembley and emulate Kanu. Read more

CAF League: Nigerian clubs in bright start

Nigerian clubs, Enyimba of Aba and Kano Pillars, campaigning for honours in the 2015 CAF Champions League, started on a brighter note at the weekend winning their first leg preliminary round matches.

While Enyimba defeated Buffles du Borgou FC of Benin Republic 3-0 at the Aba Township Stadium on Sunday, Kano Pillars recorded a 2-0 away victory over Al Malakia of South Sudan on Saturday. Read more

Quadri seeded for Qatar Open

Having put the disappointment of the Kuwait Open behind him, Nigeria’s Aruna Quadri will return to the table this week at the International Table Tennis Federation (ITTF) World Tour tagged ‘Qatar Open’ as the ITTF Star Player has been seeded among the top 16 players of the tournament.

With Germany’s Dimitrij Ovtcharov seeded number one by the organisers, Quadri, the only African player in the competition, is seeded number 13 and he is expected to kick-start his campaign from the main draw of the men’s singles event. Read more

Yobo tips Flying Eagles for glory

Former Nigeria skipper Joseph Yobo has urged the Flying Eagles to work harder so they could be bigger stars than he and his contemporaries were.

Yobo met up with the Nigeria U-20s at the Murtala Mohammed Airport in Lagos on their way to Ghana for two test matches against their Ghanaian counterparts. Read more



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