March 21, 2019

FG Pays N166bn Outstanding Subsidy Claims to Petroleum Marketers

FG Pays N166bn Outstanding Subsidy Claims to Petroleum Marketers

Sabinews Daily Morning News Update for December 31, 2014MORNING NEWS


National News


FG Pays N166bn Outstanding Subsidy Claims to Petroleum Marketers

The federal government has approved the payment of about N166 billion to petroleum marketers as reimbursement for outstanding subsidy claims on they petrol they imported into the country.

A statement from the Petroleum Products Pricing and Regulatory Agency (PPPRA) yesterday in Abuja stated that the payment for batch I to part of batch M in the payment schedule has been effected. Read more

INEC lacks power to screen candidates —Jega

The Chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega on Tuesday declared that the Commission lacked power to screen candidates in any election in the country, saying that it was the responsibility of the political parties to screen thoroughly their candidates, which they would  present for elections.

Jega made this statement through his Chief Press Secretary, Mr Kayode Idowu, in Abuja, against the backdrop of the failure of the Presidential Candidate of the All Progressive Congress (APC), General Muhammadu Buhari, to present his academic qualifications as requirement for the contest. Read more

Navy boss urges officers to support INEC for peaceful, successful polls

The outgoing Flag Officer Commanding (FOC) Eastern Naval Command of the Nigerian Navy, Rear Admiral Charles Medani, has called on officers and ratings of the command to give Independent National Electoral Commission (INEC) full support ahead of the 2015 general elections.

He said they could do this by participating actively in ensuring peaceful and successful conduct of next year’s general elections. Read more

Shettima Presents N175bn Budget for 2015 as Benue Budgets N98.5bn

Governor Kashim Shettima of Borno State on Tuesday presented a budget proposal of about N175 billion for the 2015 fiscal year to the state House of Assembly in Maiduguri for approval.

Shettima said the proposal, tagged ‘Budget of Fulfillment,’ comprised N62 billion recurrent and N113 billion capital expenditures. Read more

Senate leader urges Nigerians to pray for country

Senate Leader Senator Victor Ndoma-Egba (PDP, Cross Rivers) has called on Nigerians to pray for the country and also vote for the Peoples Democratic Party (PDP) in next year’s polls.
In a New Year message to Nigerians yesterday, Ndoma-Egba said that he remained a loyal member of the PDP, and would work for its victory in next year’s elections at all levels. Read more

Don’t trade experience with experiment, Fashola tells Lagosians

Thousands of Artisans, tradesmen and farmers in Lagos State joined Governor Babatunde Fashola to receive the governorship candidate of the All Progressives Congress (APC) in the state, Mr Akinwunmi Ambode and vice presidential candidate of the party, Professor Yemi Osinbajo, with the governor advising them not to trade experience in government business for experiment and trial and error that the opposition wants to bank on.

At an interactive town hall meeting at the Agidingbi premises of LTV, the governor said Mr Ambode is better suited for the state’s number one job because of his competence, saying he worked with him for over six years as Accountant General of the state and would start from where he hands over the baton to him. Read more

Budget Office indicts three agencies over project execution

Three Federal Government agencies: Infrastructure Concession Regulatory Commission (ICRC); Police Service Commission (PSC) and the Public Complaints Commission (PCC), have come under the angst of the Budget Office of the Federation for their alleged failure to undertake any execution of their capital budget plans in the second quarter of 2014 as approved in the out-going fiscal plan.
The Budget Office in its 2014 Second Quarter Budget Implementation Report just released said the three agencies failed to carry out implementation of capital budgets even when funds were released to them to do. Read more

NIS recruitment tragedy: FG stands by automatic jobs for victims

The Federal Government has reassured the relatives of the dead and victims of the Nigerian Immigration Service (NIS) recruitment stampede not to lose hope in securing automatic employment into the agency. It blamed the delay on administrative bottleneck.

Minister of Interior, Mr. Abba Moro, who gave the assurance in a chat with journalists in Abuja, said the government was trying to formalise the employment such that it would not constitute any problem to the beneficiaries in the future. Read more

FG Approved Disbursement of N220bn to Universities

The Minister of Education, Malam Ibrahim Shekarau, has disclosed that President Goodluck Jonathan has approved for the disbursement of N220 billion to the federal universities to solve the problems confronting the education sector.

Shekarau, who disclosed this on Monday, stated that the federal government had set up a committee that went round the universities to assess the challenges they are facing, noted that the committee submitted a report on its findings. Read more

Jonathan assures workers on affordable housing

President Goodluck Jonathan has said his administration remained committed to providing affordable houses to Nigerian workers.

He stated this at the official flag off of the Workers Mass Housing Programme at the Tafyi Layout, Apo, in the Federal Capital Territory, Abuja. Read more

Boko Haram: FG plans refugee camps in FCT

Federal Government has said it will establish a refugee camp in the Federal Capital Territory (FCT) following the influx of Internally Displaced Persons (IDPs) to the capital city on daily basis.

Checks revealed that there were currently no fewer than 11 unapproved camps where the victims of insurgency from the North-East were being kept while some had been discovered to be living with their family in the FCT. Read more

4 Months After Gwoza Police College Attack: IGP Vows To Find Missing Officers Dead Or Alive

Over four months after over 35 mobile police operatives were declared missing after Boko Haram insurgents invaded the Mobile Police College in Gwoza, Borno State, killing some operatives and taking others hostage, the inspector-general of Police, IGP Suleiman Abba, has vowed that the Nigeria Police would find the officers dead or alive.

Abba made the vow yesterday during his visit to Nasarawa State where he doled out N7million to 14 women who were wives to some of the missing 35 police officers. Read more




Ejizu, Ayeni, Others Acquire Ascot Offshore for N16bn from AMCON

The Chief Executive Officer/founder of Pan African International (PAI) Group, Mr. Ike Ejizu and the Chairman of Skye Bank Plc, Mr. Tunde Ayeni, among others, have partnered to acquire Ascot Offshore Nigeria Limited for an estimated N16 billion ($95.24 million) from the Asset Management Corporation of Nigeria (AMCON).

PAI is a mechanical engineering and equipment supplies company operating in Nigeria’s oil and gas sector. Read more

NITDA targets women, youths in knowledge-based economy

The National Information Technology Development Agency, NITDA has unveiled a framework to increase the participation of women and youth in the Nigerian ICT sector.

The Director General of the agency, Mr. Peter Jack, said the framework when implemented, has the capacity to leverage development of women and youths thereby stimulating the country’s development. Read more

How non-passage of PIB hurts economy – TUC

THE negative consequences occasioned by the delay in the passage of the Petroleum Industry Bill (PIB) yesterday came to the fore as the Trade Union Congress (TUC) in Rivers State said that since 2009 when the bill was first introduced, no new Final Investment Decision (FID) has been taken on any oil and gas project in the country.
Also, concerned about the gloom economic prospect of the country, the TUC has suggested that the falling crude oil price provides a good opportunity for government at all levels to block all financial leakages in the system, reduce oil theft and the huge cost of governance in Nigeria. Read more

Insurance Industry Attracts $750m Investments on New Banking Model

Despite fears been nursed in some quarters over the future of the Nigerian economy, the nation’s insurance sector has in the last one year attracted  about $750 million in foreign direct investment.

Analysts believe the major driver behind the massive investment in Nigeria has been the decision by the Central Bank of Nigeria (CBN) to reverse universal banking licenses, which forced banks to divest insurance subsidiaries unless they opt for the holding company structure. Read more

Brokers Hail SEC over Extension of Recapitalisation Deadline

Some market operators yesterday hailed the Securities and Exchange Commission (SEC) for extending the deadline  to comply with the new minimum capital requirements by nine months, saying it is  a good development for the market and economy at large.

The compliance date was originally fixed for December 31, 2014(today) but the apex regulator has to move it to September 30, 2015 due to   economic and political uncertainties that has made it difficult for some operators to comply. Read more

Innovation, Retail Lending to Drive Banking

With less focus on profitability, innovation and lending to retail customers are some of the activities expected to shape the banking sector in 2015, writes  Obinna Chima

With about 24 hours to the end of 2014, operators in the banking sector are already strategising ahead of 2015. Read more


Oil and Gas


Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers

Almost half of Nigeria’s cargoes due to be exported in January are still available, Reuters has reported, even as oil prices reach the $50s trough, almost $10 below Nigeria’s benchmark price.

The backlog has pushed Nigerian oil differentials versus Brent to their lowest since at least 2009 BFO-QUA at 65 cents a barrel, down 80 per cent since May, said Reuters. And it is also creating a discount frenzy between African and Gulf oil producers to Asian buyers. Read more

Nigeria’s Crude Export Trapped Amidst Crashing Oil Price

The impact of falling oil prices has stalled almost half of Nigeria’s crude oil cargo due to be exported in January, said a Reuters report.

The situation, according to experts, is further complicated as oil prices plummet to the $50s trough, $15 below Nigeria’s benchmark price. Read more


World News


Venezuela enters recession as Maduro attacks US ‘oil war’

The Venezuelan economy has entered recession, after contracting for the third consecutive quarter.

The Central Bank announced that the economy had shrank by 2.3% in the third quarter of the year. Read more

Nine People Have Been Found Dead in a Mass Murder in Canada

The bodies of nine people, including two children, have been found at three separate crime scenes in the Canadian city of Edmonton, Alberta in what police are calling a “mass murder.”

Seven bodies — including three women, two men and two young children — were found in the same house, the Los Angeles Times reports. Read more

Indonesian sonar shows suspected body of AirAsia plane on sea bed – WSJ

Indonesia’s search-and-rescue agency has obtained a sonar image it says may be the body of the missing AirAsia jet at the bottom of the Java Sea, the Wall Street Journal said on Wednesday.

The newspaper quoted the agency as saying the image appeared to show an airplane upside down in 24-30 meters of water. Read more




Power generation fell to 2,900MW in Q3 —Report

Average power generation declined to 2,900 megawatts per hour in the third quarter of 2014, down from 3,250MW/h recorded in the second quarter of the year.

Despite efforts to increase power generation to at least 5,000MW before the year ends, latest figures from the third quarter economic report of the Central Bank of Nigeria showed that the country lost 350MW/h of generated electricity during the review period. Read more

266 operators submit HSE report to NERC

Two Hundred and Sixty-Six organisations have submitted their health, safety and environment reports to the Nigerian Electricity Regulatory Commission, NERC.

The Commission which expected three hundred and forty eight submissions stated that this represent Seventy Six percent (76%) of the total expected. Read more




Kwara players demand ‘outstanding wages’

Captain of newly promoted NPFL side Kwara United FC of Ilorin, Sherif Jimoh, has revealed the players’ resolve to fight for their entitlement after helpind the club back to the top flight.

Jimoh told National Mirror yesterday that the club’s management did not give the players any mandate, saying the feat was achieved through hard work and dedication. Read more

Oshoala’s picture makes FIFA’s 2014 album

Nigeria’s Asisat Oshoala’s picture took a pride of place among the best of football legends in FIFA’s 2014 events in image.

Her picture while on training at the Canada 2014 FIFA U-20 Women’s World Cup, was displayed in the World football ruling body’s photo gallery for 2014 alongside the likes of Legend, Pele, in a warm embrace with Sepp Blatter,  FIFA Ballon d’Or winner, Cristiano Ronaldo of Portugal and Model Adriana Lima posing with Brazil 2014 World Cup mascot, Fuleco. Read more

Eduok still haunted by Eagles Nations Cup failure

Super Eagles  forward, Emem Eduok, is still in shock over Nigeria’s failure to qualify for the 2015 Africa Cup of Nations saying, “I’m is still surprised the Eagles failed to make it to the tournament as African champions.”

The Super Eagles failed to qualify for the tournament for the second time in three years, after a 2-2 draw against South Africa in Uyo, hence it will not defend the trophy it won as champions in 2013. Read more

2015 Glo-CAF Awards Accreditation Begins

All is set for the 2014 GLO – CAF Awards. Already, Media Accreditation has begun in earnest with local and international journalists expected from different parts of the world to cover the annual soccer event that celebrates the best of African football including footballers, coaches and administrators who have distinguished themselves in playing or managing the game during the year under review. Read more

Ahmed Musa: I’m Not Aware of EPL Interests

Nigeria international Ahmed Musa has told he is not aware of interests from EPL teams, Tottenham Hotspur and West Ham United as reported by the media.

The CSKA Moscow forward, who is currently in Saudi Arabia to perform the lesser Hajj (Umurah), said no one has informed him of these interests. Read more



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