July 26, 2017

*Buhari Extends Medical Leave Indefinitely *Ibori Meets with Okowa, Uduaghan, Others

*Buhari Extends Medical Leave Indefinitely *Ibori Meets with Okowa, Uduaghan, Others

SABINEWS MORNING NEWS UPDATE FOR FEBRUARY 6, 2017

 

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NATIONAL           

Buhari Extends Medical Leave Indefinitely

The social media went into overdrive sunday once got word got out that President Muhammadu Buhari had written yet another letter to the National Assembly notifying it that he was extending his leave in the United Kingdom in order to complete and get the results of the medical tests recommended by his physicians.

From his well wishers and “prayer warriors” to the downright wacky commentators and conspiracy theorists, the satirists and his critics, several Nigerians had something to say about the extension of Buhari’s vacation in the UK. Read more

Ibori Meets with Okowa, Uduaghan, Others

A new phase of politics in Delta State and the Niger Delta region as whole may be unfolding as the former governor of Delta State, Chief James Onanefe Ibori yesterday held closed-door meetings with several politicians from within and outside Delta State.

Amongst the prominent politicians that met with Ibori at his country home in Oghara included the incumbent governor of Delta State, Senator Ifeanyi Okowa and his predecessor, Dr. Emmanuel Uduaghan. Read more

My return to engender peace, harmony in Delta, says James Ibori

Returnee former governor of Delta, Chief James Onanefe Ibori, has said his comeback would engender peace and harmony in the state.Giving the assurance yesterday during a visit to the Ovie of Oghara, HRM Nobel Oyibo Eshemitan in his palace, Ibori thanked his kinsmen and women for their steadfast love while his incarceration in the United Kingdom lasted. He noted that the visit was prompted by the high regard he had for the monarch and his people. Read more

Fashola: FG to Address Power Problems with 2017 Census

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the 2017 sector-specific census will help the federal government to address the shortage of electricity supply in the country.

Fashola who spoke with journalists in Awka, Anambra State, yesterday said his ministry had mapped out a three-pronged strategy to deal with power problems in the country, saying the strategy has been divided into short, medium and long term strategies. Read more

NEMA Calls on Traders to Observe Minimum Safety Requirements

In order to prevent instances of fire disaster in our markets, the National Emergency Management Agency (NEMA), has called on traders to always observe the minimum safety measures.

The Director General of the agency, Muhammad Sani Sidi, gave this advice at the weekend while presenting food items and building materials to victims of fire disaster at a market in Nguru, Yobe State. Read more

Lawmaker proposes 75% lump sum for pensioners bill

A bill seeking the provision of 75 per cent as pension lump sum for retirees has been proposed before the Senate, The Guardian has exclusively learnt.The bill, which was sponsored by Senator Aliyu Magatakada Wamako, seeks adjustment of some sections of the Pension Reform Act, to accommodate new provisions that could provide succour to retirees given the delays and other difficulties they are encountering in withdrawing their savings from retirement accounts. Read more

Pastor Adeboye seeks better funding for security

The General Overseer of Redeemed Christian Church of God (RCCG) worldwide, Pastor Enoch Adejare Adeboye, has called on government to increase funding for security with a view to securing Nigerians and their properties better.

Making the appeal yesterday during a prayer session with the military, para-military and their families titled, “Lord of Hosts” in Lagos, Adeboye urged the officers to always look up to God for constant victory, reminding them that their might was limited. Read more

Between Law school and NOUN Law graduates

THE sudden transfer of Hon. Justice B.O. Quadri of the Federal High Court in Port Harcourt to Abuja Judicial Division after fixing a date for judgment on the Nigerian Law School admission tussle between the students of National Open University of Nigeria (NOUN) and the Council of Legal Education (CLE),  leaves much to be desired. The preliminary objection alone lingered in the court for over a year but finally was ruled in favour of the students prior to commencement of the substantive matters. Read more

Man prosecuted for assaulting LASTMA official

A man, Benjamin Archibong, has been arraigned before a Lagos Magistrate’s Court sitting in Ogba for allegedly beating up an official of the Lagos State Traffic Management Agency (LASTMA).

The victim, Omomoyesan Olumide, was said to be on duty around Lekki-Ajah area when he was allegedly attacked by the accused, who was arrested and charged to court by operatives of the Lagos State Task Force, for assault, obstruction and conduct likely to cause breach of peace. Read more

9 killed as Ebonyi, Cross River communities renew hostilities

Nine persons have been reportedly killed in a renewed violence between Azuofida-Edda and Ogurude communities of Ebonyi and Cross River states respectively.

This is coming at a time the General Officer Commanding (GOC) 82 Division, Maj. Gen Adamu Abubarkar, has visited the warring communities and  called for ceasefire. The boundary dispute, which broke out last month, has claimed over 20 lives with property worth millions of naira destroyed. Read more

2017 budget: Works ministry votes N1.58bn to buy cars – Senator

CHAIRMAN of the Senate Committee on Poverty Alleviation, Ali Wakili has  revealed that the Ministry of Works, Power and Housing has budgetted N1.580 billion to procure vehicles this year.

The lawmaker from Bauchi State lamented that this wass against  Senators and members of the House of Representatives getting car loans only once in four years.

Wakili  also said that emolument of lawmakers is fixed by the National Salaries, Incomes and Wages Commission and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). Read more

Army establishes operations base in Southern Kaduna

The Nigerian Army has established a base in Southern Kaduna with the Chief of Army Staff, Lt.-Gen. Tukur Buratai laying the foundation stone of the Forward Operation Base (FOB) of 2 Battalion in Zango Kataf Local Government Council at the weekend.

According to reports by the News Agency of Nigeria (NAN), Buratai stressed the need to find lasting solution to frequent clashes between herdsmen and farmers in the area necessitated the setting up of the base. Read more

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Darker days ahead: As gas producers, Gencos tango over N200bn debt

Business owners in the country may continue to pay more to power their operations as gas producers have threatened to declare force majure over the inability of Generation Companies (Gencos) to settle outstanding arrears of over N200 billion for gas supplied to power plants.

Force majeure is a contractual and legal announcement, used to declare the inability of a party to meet a contractual obligation with another party in business. Read more

Inside Nigeria’s booming light weapons’ market

On Monday, January 30, the Comptroller General of Customs, Colonel Hameed Ibrahim Ali (retd.), raised the alarm over the  interception of  661 pump action rifles imported into the country from China. This concern came in view of the fragile security situation in Nigeria.

Ali, said that the rifles are under absolute prohibition and so their importation is illegal and contravenes the law. Read more

We won’t spare wonder bank operators –Ibrahim, NDIC boss

Umaru Ibrahim, the Managing Director/Chief Executive of the Nigerian Deposit Insurance Corporation (NDIC) is determined to ensure Nigerians do not burn their fingers by succumbing to the temptation of patronising wonder banks that lure them with juicy but ridiculous returns on investment.

Explains that the NDIC, established to protect depositors and guarantee payment of insured funds in the event of failure of insured institutions, will always cooperate with an existing committee comprising security agencies, the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) to continuously sensitise the public on the effects of investing hard-earned money in wonder banks that end up bolting with people’s earnings.  Read more

BUSINESS/ECONOMY

Nigeria’s rising Misery Index ranking

THE economic recession in the country has started to manifest one of its most predictable outcomes as it has pushed Nigeria’s ranking on the global Misery Index to a record 49.5 percent. Recent figures from the National Bureau of Statistics (NBS) indicate that Nigeria occupies the fourth position on the index, which shows the misery levels of citizens in different countries of the world. By this position, Nigerians can be said to be fourth in the global ranking of citizens living in misery.       Read more

Addressing Nigeria’s infrastructure deficit

Infrastructure  development is critical to achieving human capital development in any society. The economic impact that infrastructure improvement has on nation building cannot be over-emphasised. The growth of any country’s economy hugely depends on the status of its infrastructure. The dearth of needed infrastructure in a given society places serious limitation on human capital development. Read more

Nigeria’s rising Misery Index ranking

THE economic recession in the country has started to manifest one of its most predictable outcomes as it has pushed Nigeria’s ranking on the global Misery Index to a record 49.5 percent. Recent figures from the National Bureau of Statistics (NBS) indicate that Nigeria occupies the fourth position on the index, which shows the misery levels of citizens in different countries of the world. By this position, Nigerians can be said to be fourth in the global ranking of citizens living in misery.       Read more

Perishable cargo freight: Untapped goldmine

Do you want to airfreight goods out of Nigeria? If yes then, it is imperative to know that export of goods outside Nigeria, especially perishable goods, could be a veritable source of income for hundreds of Nigerians grappling with the ongoing economic recession.

The perishable cargo export industry has been likened to an untapped goldmine given the financial benefits it could offer to investors. Nigeria is richly endowed with lots of fresh goods currently in demand in Europe, which investors in the business can easily export and make money from. Products like pumpkin leaves, fresh ginger and garlic, white and red sweet potatoes, washed bitter leaf, water leaf, plantain, okra are in demand outside Nigeria. And airfreight appears to be the safest means of exporting these perishable goods.  Read more

The ugly truth: Public finances on a precipice

On the basis of the most recent data available, Nigeria’s total public debt level appeared normal in 2015. The sum of both domestic and external debt of the federal government (the latter including the foreign-currency loans of the states guaranteed by the FGN) results in a debt burden representing 13.0% of GDP; this is relatively healthy by global standards. However, the ratio has likely increased since. Read more

Stabilising Monetary Policies For Economic Growth

The debate on whether the Central Bank of Nigeria’s current monetary policies are producing the desired result has sharply divided economic experts along parallel views. But they are united on the agreement that time has come to put an end to thoughtless action and fanciful policies resulting in tragic consequences. It has even become more important as the consequences are on the high scale and have become unbearable.

The apex bank, in the last few months, has demonstrated through its monetary policies that economic growth through impactful policies is the right way to go. Read more

In Cotonou, economy bleeds over FG’s car, rice import ban

Few weeks after the implementation of the ban on the importation of vehicles through the land borders, Seme, which used to be a commercial  border town between Nigeria and Benin Republic, has lost its glamour.

Apart from the major business of car importation that has been hurt, ancillary businesses in the town including eateries, parallel market (forex) among others have closed down or are running at fits and start, giving way to huge  joblessness, hopelessness  and idleness, a  situation,  the Chairman of the Association of Nigeria Licensed Customs Agents (ANLCA, Seme chapter), Alhaji Bisiryu Lasis Fanu, said could lead to an explosion of crime in both Nigeria and Benin Republic. Read more

Report: Economic Recovery Will Be Slow, Painful

As Nigeria continues to search for the right policy prescriptions to lift her economy out of recession, the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane has stated that economic recovery in the country would be slow and painful.

Rewane stated this in the February 2017 edition of the Lagos Business School’s executive breakfast session titled: “Economic Reform: Resist Now and Regret Later,” obtained at the weekend. Read more

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CBN Mops up N391bn through TB Sales

The central bank sold N82 billion in 181-day treasury bills at 18 per cent and N309 billion at 18.6 percent, mopping up liquidity from the money market and pushing up the cost of borrowing among commercial lenders.

“We have some major placers quoting about 20 per cent for overnight placement, but most takers are not willing to borrow at that rate,” one dealer told Reuters, adding that the rate eventually settled around between 10 percent and 12 percent. Read more

SPORTS

Cameroon grab fifth African title

Vincent Aboubakar came off the bench to score a late goal to steer  Cameroon  to a 2-1 victory over Egypt in the final of the Gabon  2017  Africa Cup of Nations in Libreville on Sunday.

The victory  helped the  Indomitable Lions seal a fifth African title, having won the tournament in 1984, 1988, 2000, 2002. Cameroon,   who denied  the  Egyptians a chance to win  their eighth African  title, will host the 2019 edition of the finals. The reigning champions also qualified for the 2017 FIFA Confederations Cup in Russia following  their victory over Egypt at Stade de l’Amitie in Libreville. Read more

MFM Shocks Sunshine, Plateau Stay Top

Plateau United and MFM FC continue to set the pace early in the season in the Nigeria Professional Football League (NPFL) as both teams posted good results yesterday night.

Table-topping Plateau United played out a scoreless draw at Nasarawa United in a Middle Belt derby at the Lafia City Stadium though the host team will be pained by the fact that they failed to take their scoring chances. Read more

Rohr assures Ighalo of Eagles place

Despite the transfer of Super Eagles striker, Odion Ighalo to Chinese side Changchun Yatai, Nigeria’s manager, Gernot Rohr has declared that the striker is still in his plans.

Rohr, who worked as pundit at the just concluded African Cup of Nations in Gabon is known to be very strict with players when it comes to national team assignment, preferring them to play in European league. Read more

Rivers United Coach, Eguma: 3SC Deserved Their Win
Rivers United Technical Adviser Stanley Eguma has admitted that his side were below par against the rampaging Shooting Stars Sports Club of Ibadan on Sunday in a Ngerian Professional Football League matchday-6 game in Ibadan, Oyo State reports Completesportsnigeria.com.

Eguma who left out six first team players from his starting line up for the game, saw his side stumbled to a 2-1 defeat at the Lekan Salami Stadium Ibadan. Read more

Leicester City Boss Explains Why Musa Was Substituted Vs Manchester United

Leicester City manager Claudio Ranieri has cleared the air on why he had to be substitute Super Eagles assistant skipper Ahmed Musa before the start of the second half in their 3-0 loss to Manchester United. The Italian gaffer has suggested that Musa making way for midfielder Andy King was only a tactical substitution as the Red Devils had more men in midfield. Read more
Stat shows Caballero should be Man City’s first-choice

Pep Guardiola hasn’t really had things go his own way at Manchester City during his first season in the Premier League and the Catalan boss has come under intense scrutiny for one particular decision made during his tenure.

Electing to oust fan-favourite Joe Hart at the start of the season, sending him on-loan to Torino, Guardiola moved to bring Claudio Bravo in from Barcelona but the Chilean has failed to impress in English football. Read more

Struggling Leicester falls to Manchester United

Relegation is looming as a genuine prospect for stuttering Premier League champion Leicester.

It’s been 79 years since a defending champion was relegated from England’s top division — the last being Manchester City in 1938 — but Leicester is heading that way after a 3-0 home loss to Manchester United on Sunday. Read more

Premier League: Jose Mourinho Taunts Chelsea In Style Wars
Jose Mourinho took a swipe at his old club Chelsea as the Manchester United boss accused the Premier League leaders of lacking style.

Mourinho’s side cruised to a 3-0 victory at Leicester on Sunday and he was quick to highlight the difference between the dominant United display and what he perceives as the more prosaic efforts of Antonio Conte’s men. Read more

WORLD

Gaga steals show before greatest comeback in NFL history

The New England Patriots made history by coming back from an 18 point deficit to clinch their fifth Super Bowl with a touchdown in extra-time.

The four times winners sealed their fifth title 34-28 in a match of extraordinary drama. No team has ever recovered to win American football’s marquee event from a 10 point deficit, but the Patriots, guided by Tom Brady, stormed back with 19 unanswered points to tie the game 28-28 with 57 seconds to play. Read more

Truck and bus crash in Honduras leaves at least 15 people dead

Fire department spokesman Oscar Triminio said the death toll might rise because some passengers were still trapped in the wreckage.

He said the injured have been taken to University Teaching Hospital in Tegucigalpa, the capital of Honduras. Read more

Trump faces uphill battle to overcome court’s hold on ‘muslim ban’

US President Donald Trump faces an uphill battle to overcome a federal judge’s temporary hold on his travel ban on seven mainly Muslim countries, but the outcome of a ruling on the executive order’s ultimate legality is less certain.

Any appeals of decisions by US District Court Judge James Robart in Seattle face a regional court dominated by liberal-leaning judges who might not be sympathetic to Trump’s rationale for the ban, and a currently shorthanded Supreme Court split 4-4 between liberals and conservatives. Read more

Samsung’s Conclusions on Galaxy Note 7 Recall Backed Up by Regulator

South Korea’s product safety watchdog has concluded that overheating in Samsung Electronics Co.’s Galaxy Note 7 smartphones was caused by problems with battery structure and manufacturing processes, following the smartphone maker’s embarrassing recall of 3 million devices. Read more

 

 

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