Sabinews Morning News Update for December 14, 2015
I didn’t collect N100m from Yuguda — Bode George
Former Deputy National Chairman of Peoples Demcoratic Party, PDP, Chief Olabode George, has denied collecting N100 million from former Minister of Finance (State), Mr Bashir Yuguda, saying it is another blatant falsehood, stripped of any iota of truth.
George, who is also the Atona Oodua of Yorubaland, described the claim as “mischievous and deliberately fraudulent.” Read more
Buhari set up military panel against me –Fayose
Ekiti State Governor, Ayodele Fayose, has said the Major General Adeniyi Oyebode’s military panel set up to look at the role of the military during the last general election in his state was a hatchet job targeted to bring down his administration.
Fayose, who made this disclosure in Lagos, yesterday, however, warned: “Any attempt at wishing away the people’s mandate as willingly given to me in Ekiti on June 21, 2014 will spell doom for President Muhammadu Buhari’s administration.” Read more
EFCC docks Dasuki, Yuguda, others on fresh charges today
The Economic and Financial Crimes Commission, EFCC, will today arraign the embattled former National Security Adviser, NSA, Col. Sambo Dasuki (retd), before an Abuja High Court on fresh charges bordering on alleged illegal diversion of public funds.
The commission has already secured leave of court to compel Dasuki and eight others, including a former Minister under President Goodluck Jonathan, to enter their plea today before trial Justice Hussein Baba Yusuf of the FCT High Court sitting at Maitama. Read more
Alleged N13bn land scam: Okerenkoko community asks EFCC to probe Tompolo
The leaders and people of Okerenkoko, Gbaramatu Kingdom, in Warri South-West Local Government Area, Delta State, have given their total support to the Economic and Finance Crimes Commission, EFCC, in its probe of Chief Government Ekpemupolo, alias Tompolo, over the alleged N13 billion paid by Federal Government for the acquisition of the Maritime University land in the community.
The leaders, who spoke through Chief Micheal Johnny, yesterday in Warri, said now that Tompolo had admitted that the alleged N13 billion was approved by the Federal Executive Council, FEC and Bureau of Public Procurement, BPP, Federal Ministry of Lands and Survey, Federal Ministry of Transport, NIMASA, the EFCC should ask Tompolo why Okerenkoko was paid only N360 million for the land. Read more
Army, Shi’ite Showdown: Army Arrests Sheikh Zakzaky, Kills Wife, Son, Mahmud Turi
The ongoing clash between the Nigeria Army and the Islamic Movement of Nigeria, popularly known as the Shi’ite movement, took a more dangerous dimension as soldiers yesterday raided the residence of the Shi’ite leader, Sheik Ibrahim El-Zakzaky and arrested him.
Insiders within the Islamic sect told LEADERSHIP that Zakzaky’s wife, Malama Zeenat; his son, Sayyid Aliyu, and over 300 members of the Shi’ite, including senior members, were killed by the soldiers. Read more
Rerun Election: I’ll Win Convincingly Again – Mark
Immediate past president of the Senate, Senator David Mark has for the umpteenth time told his constituents to rise to the challenge and defend their votes freely given to him on March 28, 2015 senatorial election.
Senator Mark said the annulment of his election by the Benue Appeal Tribunal on account of disagreement in the date signed by the returning officer for no fault of his is a challenge to his constituents to come out en masse and demonstrate that they did not make any mistake in electing him on March 28. Read more
Woman burnt alive by suspected assassins
A 77-year-old woman, Elder Mrs. Grace Orizu was roasted alive on Saturday afternoon when her son’s five-room bungalow at Little Wood Estate, Obosi in Idemili North Local Government Area of Anambra state was allegedly set ablaze by suspected arsonists.
Her nine year old house help, Progress Nwachukwu , miraculously escaped death as neighbours who thronged the scene managed to rescue him alive from the kitchen where he had hidden as the fire raged. Read more
S’East govs meet in Enugu behind closed doors
Governors of the South East met in Enugu yesterday behind closed doors in continuation of previous meetings, which reportedly centred around addressing economic and infrastructure development of the region.
Although the governors did not address newsmen nor issue a communique at the end of the meeting, the forum was believed to have considered the best ways the states could pool resources to move the region forward. Read more
Special audit for WAEC, NECO, others
The Federal Government has ordered a “special sudit” of the books of some government funded agencies to get a clearer picture of their expenses.
The Nation gathered that President Muhammadu Buhari approved the special audit of the agencies when some irregularities were discovered in their books. Read more
CBN halts branch operations by bureaux de change
The Central Bank of Nigeria, CBN has ordered bureaux de change (BDCs) to close all branches within 90 days, saying branch operations is no longer allowed in the subsector. This directive was contained in the revised guidelines for BDCs released on Friday by the apex bank. According to the guidelines, issued via a circular titled: ‘Revised Operational Guidelines for Bureaux De Change in Nigeria’, “Bureau De Change is Licenced as a unit institution.” Read more
Money Market Awaits N890 Billion Liquidity Inflow
A total inflow of about N890 billion is expected to hit the money market from the various maturing government securities and Federation Account Allocation Committee (FAAC) this month, a report by FSDH Merchant Bank Limited has revealed.
On the other hand, the report stated that expected outflows from the various sources such as government securities and statutory withdrawals this month are estimated at N577 billion, leading to a net inflow of about N312 billion. Read more
ALGON, NULGE Lose N500m Annually to Illegal Tax Collectors
A detailed investigation into the revenue collection process, by the Association of Local Government of Nigeria (ALGON), and the National Union of Local Government Employee (NULGE), has revealed that local councils lose about N500 million annually through activities of illegal tax collectors.
To this end, ALGON and NULGE have signed a Memorandum of Understanding (MoU) with the Joint Mobile Advertising Agency of Nigeria, and Mobile Advertisers Association of Nigeria (JMOAN/MOAN) to put an end to the exploitation of Local Governments (LGs) by unauthorised agents or associations. Read more
Nigeria, South Africa e-Commerce Boosting International Trade, Experts Say
A leading e-commerce payment gateway, PayU Nigeria, has stated that e-commerce in Nigeria and South Africa is increasing trade across nation’s borders and opening more people to active trade in the two nations and beyond.
According to PayU Nigeria’s Country Manager, Juliet Nwanguma, the e-commerce payment landscape in Nigeria is sophisticated and unique with intense competition, cooperation and innovation among market participants at all levels. Read more
Equities Market Slips Back into Bear Territory
The Nigerian equities market failed to sustain the rebound it witnessed the previous week as it slipped back into bears’ territory last week. The Nigerian Stock Exchange (NSE) All-Share Index went down by 1.3 per cent unlike a positive close recorded in the preceding week.
A two-day rally had halted a bear run that led the equities market to hit a three-year low two weeks ago as investors moved in to take advantage of highly discounted stocks. Read more
Concerns as Naira Slides Further
The naira continued its downswing on the parallel market segment of the foreign exchange market last week as it traded between N257 and N259 to a dollar in some areas in Lagos, from N252 to a dollar the preceding week. This is just as scarcity of the greenback persisted.
THISDAY learnt that as a result of the decision of the Central Bank of Nigeria (CBN) to shut out some bureau de change (BDC) operators from its forex window, some of the currency dealers that were fortunate to purchase the greenback have since resorted to hoarding the foreign currency. Read more
CBN to Sell N1.2trn Treasury Bills in Q1 2016
The Central Bank of Nigeria (CBN) plans to raise a total of N1.22 trillion from treasury bills sale in the first quarter of 2016.
The central bank said it would auction N245.77 billion worth of 91-day bills and N238.51 billion worth of 182-day paper between December 17 this year and March 3, 2016. In addition, it would sell N735.54 billion worth of 364-day treasury bills in the same first quarter of next year. Read more
MTN’s credit rating cut by Fitch on risks in Nigeria, S’ Africa
MTN Group Limited’s credit rating was cut one level by Fitch Ratings Ltd. because of the increased risk that Africa’s largest phone company faces in its two biggest markets, Nigeria and South Africa.
The rating was cut to BBB-, Fitch Ratings said in a statement on Thursday. The outlook was raised to stable from negative. Read more
Forex restriction cripples import community
THE June 23, 2015 foreign exchange restriction slammed on 41 imported items by the Central Bank of Nigeria (CBN) may have eventually consumed several business concerns as predicted by some economic experts.
The casualties, mostly importers and Customs agents, said they saw their volume of import falling to a point of no redemption due to the CBN restriction. They could not access forex from the CBN to operate any more. Read more
Financial stocks lift NSE’s turnover by N5.1 billion
Last week, the financial services industry (measured by volume) dominated in volume terms on the activity chart, with 827.653 million shares valued at N5.108 billion traded in 8,266 deals.
The volume of shares traded in the sector contributed 70.49 per cent and 36.89per cent to the total equity turnover volume and value respectively. Read more
Oil and Gas
Delayed passage of PIB frustrating economic growth
The Director General of Bureau of Public Enterprises (BPE), Mr. Benjamin Ezra Dikki, has warned that the non-passage of Petroleum Industrial Bill (PIB) is locking out investments that could grow the economy and create jobs.
Dikki stated this while receiving a team from the World Bank, led by Guillemette Jaffrin, who paid him a courtesy visit. Read more
Court orders Navy to pay N200m over illegal detention of vessel
A Federal High Court sitting in Lagos has ordered the Nigerian Navy and the Chief of Naval Staff, jointly and severally, to pay an oil company, Mercury Oil Limited, the sum of N200 million as damages for illegally detaining its vessel M T SAPPHIRE 1 and siphoning 280,000 litres of Automated Gas Oil contained in the said vessel.
Trial judge, Justice Chukwujekwu Aneke said: “The present case has brought to the fore once again, the arrogant, brutal, callous and capricious manner our law enforcement agencies commonly adopt in the exercise of their functions to the consternation and embarrassment of any discerning and decent mind around. We are in a democracy and must do everything to enthrone and nurture democratic ethos for the good of the society.” Read more
Leveraging gas to power Nigeria
In order for any country to experience sustainable growth, there is an underlying need for consistent, affordable, and environmentally-friendly energy. Electricity plays a fundamental role in the socio-economic progress and development of every nation. It facilitates the provision of basic amenities, essential health care, food, communication and transport. It is also responsible for powering industries; from manufacturing to mining to agriculture to e-commerce to real estate and much more.
The Nigerian energy industry is arguably one of the most inefficient in meeting the energy needs of its consumers. The persisting energy crisis has weakened the progress of industrialization, hindered development, and contributed negatively to the quality of life in a country where majority of the populace live on less than $2 a day. Read more
Privatisation: Purveyor of improved power supply in Nigeria, says Oxford Group
The privatisation of Nigeria’s power generation and distribution assets has paved the way for an increase in electrification, although ongoing issues with gas supply and distribution are proving a challenge, the Oxford Business Group (OBG) has said in its latest report on the economy.
The noted that as government is looking for greater private sector involvement to boost investment in the sector, it needs some $65billion worth of capital expenditure to reach the country’s target of 40,000 MW of generation capacity by 2020, according to Nigerian Bulk Electricity Trading. Read more
Buhari extols victorious Dream Team VI
President Muhammadu Buhari has extolled the winning spirit of Nigeria’s Under-23 team for gallantly defeating Algeria in the finals of the Under-23 Africa Nations Cup championship played Saturday in Senegal.
A press statement issued yesterday by the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu said Buhari noted with delight that this was the first time that Nigeria attained the soccer glory in this particular category. Read more
Siasia thrilled with trophy
Head coach of Nigeria’s U-23 football team, Samson Siasia has spoken about his happiness following his side’s triumph at the just-concluded 2015 Africa U-23 Cup of Nations (Afcon) in Senegal.
A double from tournament top scorer, Ogenekaro Etebo sealed a 2-1 win for Nigeria over Algeria in Dakar in the showpiece game on Saturday. Read more
Champions League Draw: Enyimba, Wolves express hope
The 2016 Caf Champions League draws made in Senegal over the weekend offer Nigerian clubs, Enyimba and Warri Wolves hope of going further than this year.
Enyimba are one of two Nigerian hopefuls for a second successive year and seek to atone for a last-32 exit this season. Read more
Burundi is unsafe for travel, Canadian officials say
Government officials are advising Canadians to avoid any travel to the east-African nation of Burundi due to a recent spike in violence.
The warning is due to “ongoing political tensions, civil unrest and daily armed violence,” Global Affairs Canada said in an advisory published Sunday. Read more
Kenya beefs up security ahead of WTO conference
Kenyan authorities announced that elaborate security measures have been put in place to ensure that the four-day World Trade Organization (WTO) Ministerial Conference, which will kick off in Nairobi on Tuesday, is incident-free.
Nairobi Police Commandant Japheth Koome said security has been enhanced in Nairobi and its environs, noting that some roads will be closed to ensure that the meeting is not disrupted by militants from Somalia or criminals from Kenya. Read more
Tribal clashes kill at least 17, injure 30 in Sudan’s Darfur
At least 17 people were killed and around 30 others injured in bloody tribal clashes in Sudan’s South Darfur State, Sudan Tribune reported Sunday.
“Violent clashes broke out between Rizeigat and Miseria tribes in South Darfur state which resulted in the killing of at least 17 people and injuring of around 30 others, some of them in serious conditions,” the report said. Read more
At least 10 killed in fighting in central Somalia
At least 10 people were killed and more than 25 others, mostly civilians, injured after a fierce fighting broke out in Beledweyne town, the capital of Hiiraan region in central Somalia on Sunday, locals and medical officials said.
Residents said the fighting broke out between two heavily armed clan militias who were using machine guns and artillery weapons at Hawl-wadag neigbourhood in the center of the town. Read more
South Africa: David van Rooyen fired and Pravin Gordhan hired
South African President Jacob Zuma has replaced newly appointed Finance Minister David van Rooyen with the more experienced Pravin Gordhan in a surprise Sunday night announcement.
On Wednesday, the president sacked Nhlanhla Nene in a move that sent the rand to record lows and sparked a sell-off in bank shares. Read more
Twitter warns some users of possible state-sponsored cyber attack
Twitter Inc issued an alert to some users warning them that state-sponsored hackers may have tried to obtain sensitive data from their accounts, the company said, the first such warning by the micro blogging site.
The notice said there was no indication the hackers obtained sensitive information from what it said were a “small group of accounts” targeted. Read more
Sydney woman found cash ‘meant for Islamic State’ in son’s shorts
A Sydney youth, who was allegedly given US$9,000 to send to Islamic State, failed to transfer the money after his mother found the cash in his shorts while cleaning his bedroom.
The male, whose name has been suppressed, has agreed to testify against the two men accused of giving him the money, a court heard on Monday. Read more
Chinese rights lawyer stands trial over social media posts
Prominent rights lawyer Pu Zhiqiang has gone on trial over charges of provoking trouble with commentaries on social media that were critical of China’s ruling Communist Party.
Police pushed journalists away from the entrance of the Beijing 2nd Intermediate People’s Court as Pu stood trial in a case that international rights groups have criticised as political persecution. Read more
New Airbus A350 aborts takeoff and screeches to halt at end of runway
The inaugural flight of Qatar Airways new Airbus A350 from New York will be remembered for a long time by the travel journalists invited to enjoy the next generation of ultra modern planes.
Not so much for their capacious business class seats and champagne, but for the way the plane accelerated to more than 100mph before coming to a screeching halt as the onboard computers aborted take-off. Read more