*I never said economy was beyond Buhari’s control – Minister* *Drugs peddlers invade Borno IDPs camps *

*I never said economy was beyond Buhari’s control – Minister* *Drugs peddlers invade Borno IDPs camps *

Sabinews Morning News Update for March 14, 2016


I never said economy was beyond Buhari’s control – Minister

The Minister of Information and Culture, Alhaji Lai Mohammed, on Sunday denied saying the Nigerian economy had gone out of the control of the President Muhammadu Buhari administration, the News Agency of Nigeria reports.

Mohammed was quoted as making the comment (on the state of the country’s economy) on a radio show on Saturday. Read more

Drugs peddlers invade Borno IDPs camps 

Nigeria Drug Law Enforcement Agency, NDLEA, Borno Command, has arrested two men for allegedly peddling cocaine in the Internally Displaced Persons, IDPs’ camp in Dikwa. Commander of the Borno Command, Mr. Ona Ogilegwu, who disclosed this in Maiduguri yesterday, said one of the suspects, a 48-year-old man, was arrested on February 27 in the camp. Read more

Buhari visits Malabo, signs agreement on N’Delta

President Muhammadu Buhari will on Monday leave Abuja for Malabo, Equatorial Guinea, in continuation of the Federal Government’s efforts to achieve greater security of lives, resources and investments in all parts of Nigeria and its sub-region.

According to a statement on Sunday by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President will, during his visit to Malabo, hold talks with President Obiang Nguema Mbasogo of Equatorial Guinea on further measures to protect the people and resources of the Niger Delta and Gulf of Guinea. Read more

FG declares war on fuel, power saboteurs

Federal Government yesterday promised decisive action against saboteurs responsible for the ongoing fuel scarcity and drop in power generation. Government had said pipeline vandalism and sabotage of power infrastructure had drastically reduced power generation/transmission as well as fuel supplies in recent times, thus inflicting untold hardship on Nigerians. It warned of dire consequences for those involved in the sabotage. Minister of Information and Culture, Alhaji Lai Mohammed, who issued the threat yesterday, in a statement by his Special Adviser on Media, Mr Segun Adeyemi, warned that the Federal Government would deal ruthlessly with those engaged in pipeline vandalism and the sabotage of power infrastructure in the country. Mohammed said repeated attacks on oil and gas pipelines and the willful shut down of power facilities by protesters amounted to economic sabotage, which no government would tolerate. Read more

Gani Adams dragged before EFCC over financial malpractice

Members of the Oodua People’s Congress, OPC, have dragged the national coordinator of the group, Otunba Gani Adams, before the Economic and Financial Crimes Commission, EFCC, over what they described as financial malpractices.

National Mirror learnt that the three-page petition signed by 26 members of the national coordinating council, NCC, of the group, was received at the Lagos office of the commission last Friday. The signatories to the petition include Rasak Arogundade, Monsuru Akande, Adesina Akinpelu, Kehinde Ogunyale, Adeola Adeagbo, Ranti Akande, Gbenga Egunlusi, Lateef Oshodi, ‘Layiwola Ogunsolu, Olusoji Folorunso, Sunday Bankole, ‘Segun Olusanya and Sunday Adebayo. Read more

Ekiti suspends 16 teachers for using students as labourers 

Worried by the report that teachers use their students as child labourers in their private farms during school hours, Ekiti state government has ordered a full scale investigation into the situation. Fayose No fewer than 16 of such teachers at Elo High School, Ayetoro-Ekiti have been suspended pending the outcome of investigation of the matter. Read more

$2.1bn arms deals: N1.5bn traced to ex-minister’s son

A bureau de change operator has told the Economic and Financial Crimes Commission (EFCC)   that N1.5billion was paid into his account for the son of a former Minister of Finance.

Salisu Umaru said he did not know what the minister’s son used the cash for. The former minister and his son were not named “so as not to jeopardise the investigation”. The cash is believed to be part of the $2.1 billion “phoney” arms deals funds. Read more


Investors Exchange N13.9trn on FMDQ OTC Exchange in Two Months

Investors staked a total of N13.92 trillion on securities in the Nigerian fixed income and currency markets in January and February of 2016. The transactions were facilitated by FMDQ OTC Securities Exchange in the two months. The FMDQ OTC Securities Exchange was licensed by the Securities and Exchange Commission (SEC) in 2013 as an over-the-counter (OTC) securities exchange and self-regulatory organisation to run the fixed income trading platform and organise the market to international standards. Read more

Nigerian Ship Owners Join Forces to Form One Body

In a concerted effort to speak with one voice and move the shipping sector of the economy forward, Nigerian ship owners have joined forces to form a forum.
The joining of forces by indigenous ship owners is coming on the heels of divergent views and rancour among Nigerian ship owners who belong to various ship owners associations in the maritime industry. Read more

Manufacturers Decry CBN, BoI’s 9% Cost of Borrowing

The National President of the Manufacturers Association of Nigeria (MAN), Dr. Frank Udemba Jacobs, has decried the Central Bank of Nigeria (CBN) and Bank of Industry’s (BoI) nine per cent cost of borrowing policy from commercial banks to manufacturers.

He appealed to government to urgently fast track the commencement of operations by the recently established Development Bank of Nigeria, dedicated to industrial development. Read more

Governors to invest in mineral resources, agriculture

In their bid to boost internally generated revenue to augment dwindling allocations from the Federation Account, NorthWest zone governors plan massive investment in exploration of their mineral resources and development of agriculture.

The governors,’ under the ageis of North-West governors’ forum, made the declaration at the end of their meeting in Katsina. Read more

CBN to sell N1trn treasury bills in Q-2 2016 

The Central Bank of Nigeria (CBN) yesterday said it will sell treasury bills of N1.73 trillion in the second quarter of the year. The apex bank stated this in its Nigeria Treasury Bills Issue programme released on Thursday. Read more

Stock Market Sustains Momentum Despite Profit Warnings

Despite profit warnings by Computer Warehouse Group Plc Diamond Bank Plc, the Nigerian equities market closed last week in the green, sustaining the previous week’s momentum.

The positive response to the earnings and dividend expectations in the market by investors the week before was felt in most days of the week as investors took position for possible gains. Read more

Oil and Gas

China seeks more crude oil export from Nigeria

China is seeking more crude oil exports from Nigeria in spite of the recent changes in oil prices, the Chinese Embassy’s Economic and Commercial Counsellor, Mr Zao  Ling Xiang, said at the weekend

“The total amount of export to China is only about one million barrels in 2015 that was just 1.3 per cent of Nigerian annual oil export. Read more

Oil Price: 15 Countries Meet In Moscow Over Output Freeze

No fewer than 15 countries have already been confirmed to participate in the meeting between Organisation of Petroleum Exporting Countries (OPEC) members and other oil producers in Russia, scheduled for Moscow on March 20.

LEADERSHIP learnt that among the participating countries are representatives from Russia, Saudi Arabia, Venezuela, Iran and Nigeria. Read more

Hope Rises as Oil Prices Stage Recovery

There appears to be a glimmer of hope for Nigeria with the evidence that oil prices are stabilising and could even begin to rise again.

According to the International Energy Agency (IEA), lower oil output in the US and other countries was helping to curb the glut in the supply of crude oil. Read more


Power Generation Gets Boost as GE Supports Bresson’s 500MW Plant

Global Energy giant, General Electric said it would provide support for Bresson AS’ plans to provide 500megawatts of electricity to the national grid by next year.

The Managing Director of Gaspower Systems, Mr. Mohammed Mijindadi disclosed this over the weekend at a Bresson AS working visit to the Vice-President, Mr. Yemi Osinbajo, adding that financing the project had become a priority. Read more

Discos Defy Court Order, Begin Implementation of New Electricity Tariffs

Despite subsisting court order and the resolution of the Senate against the implementation of the new electricity tariffs across the country, the electricity distribution companies have commenced billing customers with the new rates, THISDAY has learnt.

THISDAY also gathered that the new tariffs, which took effect on February 1, 2016, have been reflected in March 2016 electricity bills. Read more


Osimhen Arrives Abuja ahead of Brazil Clash

FIFA Under-17 World Cup highest goal scorer ever, Victor Osimhen, has arrived the camp of the U-23 national team, Dream Team VI, ahead of the international friendly game against Brazil later this month.

The ganging striker who arrived the Star View Palace Hotel camp of the Dream Team at about 1pm yesterday was received by interim Head Coach, Fatai Amao. Read more

World News

Egyptian minister sacked over blasphemy

Egypt’s prime minister sacked Justice Minister Ahmed al-Zend on Sunday after he was criticised for blasphemous remarks.

Zend’s comments came in a televised interview on Friday. Read more

Al-Qaeda take responsibility for Ivory Coast attack

Militants linked to al-Qaeda said they led an attack that killed at least 16 people in Ivory Coast, the third assault on a West African hotel since November.

Al Qaeda in the Islamic Maghreb (AQIM) claimed responsibility, Mauritanian newspaper al-Akhbar said, citing sources close to the Islamist fighters. The groups use the paper to publish claims of responsibility. At least 14 civilians and two soldiers were killed, AFP reported, citing President Alassane Ouattara. At least six militants were killed, the Government said in an e-mailed statement. Read more

Malawi President attacks TB Joshua

Malawian President Peter Mutharika yesterday attacked Pastor Temitope Balogun. Joshua of  the Synagogue Church of All Nations (SCOAN), over an alleged prophecy that he would die before April 1, Malawi state television reported yesterday.

“I’m told there is a man in Nigeria called Joshua and he is saying that Zimbabwe President Robert Mugabe and Peter Mutharika will die before April 1,” he said, adding: “Let me tell you, Joshua… you will fail. What you did in 2012 will not happen again this year,” the president told a rally in the capital Lilongwe. Read more

Around one million Moroccans are protesting in Rabat over the vast mineral-rich contested Western Sahara territory.

Up to one million Moroccans have marched through their capital to protest the UN secretary-general’s remarks about the contested Western Sahara territory.

It was an unusually massive show of public anger for Morocco, and was encouraged by leading political parties. Read more

Fresh xenophobic attacks reported in S. Africa

Foreign shops were looted on Sunday in an informal settlement near Natalspruit in eastern Johannesburg following the deaths of two local residents, police said.

The looting took place after local residents were chasing away foreign nationals in retaliation for the killing of two local residents, allegedly by a Pakistani national earlier this week, according to police. Read more

Angola probes death of two VN citizens

Angolan relevant agencies are investigating the killing of two Vietnamese nationals in the country, Foreign Ministry Deputy Spokesperson Phạm Thu Hằng said yesterday.

According to the host’s relevant agencies, Đặng Quốc Nghĩa was robbed and killed by two native employees in Luanda capital on March 3, while Nguyễn Viết Hậu was murdered in Ugie province on March 5. Read more

Stuck in SA, Mos Def reinvents himself

US rapper Mos Def is not letting his immigration woes stifle his flair for fashion – and ironically it is his international travels positioning him on the local style map.

Mos Def, who now goes by the name Yasiin Bey, was dealing with legal problems last month when he was appointed creative director of the Cape Town and New York-based fashion label Unknown Union. Read more

Lassa fever diagnosis confirmed for Emory patient, CDC says

A Lassa fever diagnosis has been confirmed for a patient at Emory University Hospital, a CDC spokesman told CNN on Sunday.

Test results for the patient “were positive for Lassa fever,” Centers for Disease Control and Prevention spokesman Benjamin Hayes said. Read more

4 dead, 3 vendors hurt after plane hits market in Bolivia

Police in Bolivia say a small plane crashed into a market in a town in the country’s north, killing all four people in the aircraft and injuring three vendors on the ground.

The Cessna 206 smashed down near the entrance to the market in Santana de Yacuma, a town about 310 miles north of La Paz. Read more

Australia ‘deeply concerned’ over arrest of journalists in Malaysia

Australia is deeply concerned over the arrest of two Australian journalists in Malaysia after they attempted to question Malaysian Prime Minister Najib Razak over corruption allegations, Foreign Minister Julie Bishop said on Monday.

The journalists from the Australian Broadcasting Corporation’s (ABC) flagship investigative journalism programme, Four Corners, were arrested in the Borneo state of Sarawak on Saturday night after approaching Najib outside a mosque. Read more

Thousands of coal miners protest over unpaid wages in China

Thousands of miners marched through the streets of a coal town in north-eastern China over the weekend protesting against unpaid wages, as the country grapples with rising unemployment due to overcapacity in heavy industries.

The protesters are employees at Shuangyashan Mine, owned by Longmay Group. During the march they held up banners saying: “We want to live, we want to eat,” according to photographs posted on social media. Read more

Indonesian FM denied entry into West Bank, appoints envoy in Jordan

Israeli authorities reportedly barred the Indonesian Foreign Minister from crossing into Palestinian territory on Sunday to inaugurate an Indonesian consulate in the West Bank.

According to several news reports, the minister, Retno Marsudi was denied entry to meet with Palestinian officials to appoint Indonesian envoy Maha Abu-Shusheh. Read more

Star Wars actor Oscar Isaac reveals Obi Wan letter

Sir Alec Guinness branded co-star Harrison Ford a “languid young man” in a letter read by Star Wars actor Oscar Isaac at a performance in London.

Writing during filming of the 1977 film Star Wars: A New Hope, Sir Alec said: “Can’t say I’m enjoying the film.” Read more


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