INEC SUSPENDS CREATION OF ADDITIONAL 30,000 POLLING UNITS

INEC SUSPENDS CREATION OF ADDITIONAL 30,000 POLLING UNITS

Sabinews Daily Morning News Update for November 12, 2014MORNING NEWS

 

National News

 

INEC Suspends Creation of Additional 30,000 Polling Units

The Independent National Electoral Commission (INEC) on Tuesday said it has suspended the creation of its controversial 30,000 polling units until after the 2015 general elections.

However, the commission said it would continue with the use of voting points, where necessary, to mitigate population pressure in overcrowded polling units during the forthcoming elections and relocate polling units from unsuitable locations. Read more

Ekiti Assembly Approves N2bn Loan For Fayose

Ekiti State House of Assembly has approved the Central Bank of Nigeria (CBN)’s N2 billion loan for the state government.

The development fund is to be accessed by the state government from N220 billion made available by the apex bank for Micro, Small and Medium Enterprises (SMEs). Read more

Jonathan Accepts NJC’s Recommendation to Appoint Mohammed as CJN

President Goodluck Jonathan has accepted the recommendation of the National Judicial Council (NJC) to appoint Justice Mahmud Mohammed as the next Chief Justice of Nigeria (CJN).

A source at the presidency told THISDAY yesterday the president had communicated his acceptance of Mohammed to the NJC. Read more

SEC Takes Awareness on Capital Market to Schools

Determined to strengthen the gains acruable to citizens in the capital market sector of the nation’s economy, the Securities and Exchange Commission (SEC) on Monday in Ibadan, Oyo state tutored students from across six public schools in the state on the importance of capital market to growing economy.

The 5th edition of such lecture, featured quiz competitions, which saw Graceland High School, emerging as the winner in the ongoing national quiz competition organised by the SEC. Read more

Boko Haram: We Want To Relocate To Cameroon – Fleeing Residents

Displaced residents of five Adamawa local governments under the siege of Boko Haram insurgents have vowed to move to Cameroon should the federal government continue to treat the insurgents who have taken over their territories with kid gloves.

The displaced residents, who were angered by the incessant attacks and killings by the Boko Haram insurgents, expressed dismay at the failure of the federal government to deploy adequate security personnel to checkmate the insurgents, adding that with the increasing attacks, they are left with no alternative than to move to Cameroon. Read more

Ndoma-Egba seeks dissolution of Cross River PDP exco

Senate Majority Leader, Victor Ndoma-Egba, has urged the national leadership of the People’s Democratic Party (PDP) to immediately dissolve the Cross River State working committee of the party and appoint an interim one in its place.

In a petition he wrote to the PDP National Chairman, Ahmed Adamu Mu’azu, the Senate leader also asked that “the National Working Committee (NWC) takes over forthwith all other processes relating to the outstanding aspects of our timetable.” Read more

 

Economy

 

Nigeria Won’t Cut Spending Yet with Oil above Benchmark Peg

Nigeria, Africa’s biggest oil producer, won’t cut spending while crude prices remain above the benchmark used for this year’s budget, Trade and Investment Minister, Olusegun Aganga has said.
“Through a coordinated approach between the monetary and the fiscal side of things, I think we can wade through this,” Aganga said in a recent interview with Bloomberg in Abuja. “I don’t see any immediate cuts in spending because everything is still above the benchmark. Read more

British High Commissioner wants Fiscal PIB passed to save £100bn investment

Andrew Pollock, British High Commissioner in Nigeria, says the passing of the fiscal side of the Petroleum Industry Bill (PIB) would encourage oil companies to move into investment in deepwater, with potential of between £80 billion and £100 billion.

He added that foot-dragging over the bill was costing the country dearly. Read more

Manufacturers Lose N22bn through Shell Gas Cut

The cut in gas supply to about 87 manufacturing companies in the Agbara and Ota industrial belts of Lagos and Ogun States has cost manufacturers about N22 billion in the past 16 days of the crisis.

Four manufacturers that called to complain of the problem lamented that their businesses had witnessed the worst crisis since the incident which they blame on the Shell Petroleum Development Company (SPDC) that supplies the two areas gas for their plants. Read more

CBN Policy on Standing Deposit Facility to Fuel Demand for FGN Bonds

There are indications that auction demand for FGN bonds will hit an all-time high as banks and discount houses now earn only the 10 per cent interest rate under the CBN’s standing deposit facility (SDF) on placements up to N7.5 billion.

The CBN had in a circular last week added the use of interest rates to its policy tools. Consequently, it announced that banks and discount houses will henceforth only be paid the 10 per cent interest rate on the first N7.5 billion under its standing deposit facility (SDF). The apex regulator also stated that larger balances will not be “remunerated.” Read more

CBN Suspends Employees for Alleged Fraud

Some members of staff of the Central Bank of Nigeria (CBN) in Oyo state have been suspended for alleged fraud.

The action by the management of the central bank was aimed at instilling discipline in the staff members as well as to justify its zero tolerance for fraud and corruption. Read more

 

Oil and Gas

 

Oil & Gas firms looking to bonds to fund growth and acquisitions

Nigerian exploration and production firms in the oil and gas industry are looking beyond bank loans and syndicated loans to fund asset acquisitions and growth.

“We are looking to get at least ten-year bonds at competitive rates”, said Layi Fatona, MD, Niger Delta Exploration and Production, at the FBN Capital 2014 Investor Conference. “The five-year term we get from banks is not fit for our infrastructural investments”. Read more

 

World News

 

Liberia, Mali make crucial gains in Ebola fight

Liberian assistant health minister Tolbert Nyenswah said new cases had dropped from a daily peak of more than 500 to around 50, confirming tentative announcements by experts worldwide of an apparent slowdown in the epidemic

“It is not the number of Ebola cases we were reporting two months ago. The numbers of cases are reducing,” he said this week, adding, however, that there were still new cases emerging across the country. Read more

Mali confirms second case of Ebola

The government of Mali confirmed the country’s second case of Ebola late on Tuesday and police deployed outside a clinic in the capital, Bamako, that authorities said had been quarantined.

In a statement via Twitter, Mali’s Information Minister Mahamadou Camara said “prevention measures” were being taken, but gave no details on the case. Local officials and diplomats said the new case was unrelated to the first one last month. Read more

Iraqi forces close in on major oil refinery

Iraqi soldiers battling the Islamic State of Iraq and the Levant (ISIL) have recaptured the heart of the town of Beiji, home to the country’s largest oil refinery, according to state television and a military official.

Retaking Beiji, 250km north of Baghdad, could allow Iraqi forces a base to attack neighbouring Tikrit, taken by ISIL after the group’s advance over the summer. Read more

Blast in Egypt’s Sinai wounds 10 civilians – security sources

A car bomb outside a fast-food restaurant in Egypt’s Sinai Peninsula wounded 10 people late on Tuesday when it exploded as security forces were evacuating a heavily populated area, security and medical sources said.

They said the explosion shook the town of Arish in northern Sinai, a volatile area where security forces have launched a crackdown on militant Islamists they believe were behind attacks that killed 33 of their number last month. Read more

‘Major Milestone’: U.S., China Announce Climate Breakthrough

The U.S. and China, which together account for more than a third of all of the world’s greenhouse gas emissions, have negotiated a sweeping agreement to cut emissions drastically by 2030, a deal that President Barack Obama called a “major milestone” Wednesday at the Asia-Pacific Economic Cooperation summit in Beijing.

The White House said the U.S. would seek by 2025 to reduce greenhouse gas emissions by 26 percent to 28 percent below a baseline level from 2005. At the same time, China said it intended to begin reversing the rise of its carbon emissions by 2030 and to increase the share of nuclear, wind, solar and other zero-emission power to 20 percent of all of its energy consumption by that year. Read more

 

Sports

 

NFF Presidency: Pinnick Knows Fate Today

The Nigeria Football Federation (NFF) electoral appeal committee will decide today whether or not to annul the September 30 NFF’s elective congress that produced Amaju Pinnick as president.

The committee headed by Barrister Okechukwu Ajunwa has already received four petitions against the elections and it is now expected to listen to the defence of those appealed against to allow for fair hearing. Read more

Dike clears air on bonus issue

The Oklahoma State University student wrote in a mail: “I would like to respond to what I have been reading on the internet about rejecting bonuses.

“I am delighted to play for Nigeria whenever called upon. I knew before leaving for the U-20 World Cup that I would not accept any bonuses. Acceptance of prize money is against NCAA regulations (the division 1 collegiate governing body) here in the US, so that is the main reason for rejecting it. Read more

Danagogo promises to strengthen Nigeria/Germany relationship

The Sports Minister and Chairman, National Sports Commission, Dr. Tammy Danagogo has expressed optimism that the bi-lateral relationship existing between Nigeria and Germany will be fostered to ensure that the synergy between the two countries in sports development is maintained as the affiliation in sports is robust.

Danagogo made the assertion when the German Ambassador to Nigeria, His Excellency, Michael Zenner paid him a courtesy call on Monday in Abuja. Read more

Bafana coach wants AFCON ticket before Eagles clash

Shakes Mashaba wants to seal Bafana Bafana’s qualification for the 2015 Africa Cup of Nations finals this weekend to avoid the strain of going away to Nigeria still needing a result.

Bafana will secure qualification with a win against Sudan on Saturday afternoon at Moses Mabhida Stadium, making their trip to the newly-built Akwa Ibom Stadium just a date to fulfill a fixture. Read more

 

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