Sabinews Morning News Update for May 4, 2016
Buhari orders clampdown on armed Fulani herdsmen
President Muhammadu Buhari has given a clear order to military authorities to deal decisively with armed herdsmen terrorising various communities in the country. The president spoke on Monday night when he met with members of the Catholic Bishops Conference of Nigeria (CBCN) at the presidential villa, Abuja. Buhari said his administration would stop the killings allegedly perpetrated by Fulani herdsmen. According to the president, all heads of security agencies have been ordered to take necessary action to apprehend and expose those behind the heinous attacks. Read more
Death toll in Nasarawa killings rises to 30
The death toll in the attacks by suspected Agatu gunmen on Adayi and Loko in Nasarawa Local Government Area of Nasarawa State has risen to 30, a witness said.
The witness, who spoke with New Telegraph on telephone, said that more corpses had been recovered within the scene of the incident that occurred on Saturday. New Telegraph report revealed that no fewer than 20 people and 83 cows were reported to have been killed during the Saturday attack by gunmen suspected to be Agatu militia. Read more
Buhari receives Cameroonian President, Biya
President Muhammadu Buhari yesterday received the President of the Republic of Cameroon Paul Biya at the presidential villa, Abuja.
Biya who was on a twoday state visit to Nigeria arrived the villa about 2:15pm alongside his wife Chantal, and senior Cameroonian government officials on the visit and was treated to a ceremonial parade by officers and men of the Brigade of Guard. Buhari was joined to receive the visiting Cameroonian leader by his wife Aisha. Read more
Six days after abduction, Anisulowo regains freedom
Police yesterday rescued former Minister of State for Education, Senator Iyabo Anisulowo, six days after she was abducted. Two suspects were also arrested in connection with her abduction.
Anisulowo, 65, was kidnapped last Wednesday while returning from her farm at Sawonjo in Yewa North Local Government Area of Ogun State. Her Toyota Sport Utility Vehicle (SUV) with registration number LSD 115 AM was recovered by the police shortly after the incident. Read more
Thugs invade Edo Assembly amidst sporadic shooting
Mayhem. That was the situation yesterday at the Anthony Enahoro Legislative Complex in Benin, Edo State, when armed thugs invaded the House of Assembly.
The thugs had invaded the house, following the impeachment of the Speaker, Mr. Victor Edoror and his deputy, Mr. Bright Osayande. Read more
Arms deal: Again, FG fails to produce Dasuki in court
Again, the Federal Government, yesterday, failed to produce former National Security Adviser (NSA), Colonel Sambo Dasuki (rtd) before an Abuja High Court where he is standing trial over alleged diversion of N6 billion meant for the purchase of arms.
The Department of State Services (DSS) has held Dasuki in custody since December 2015. When the matter came up yesterday, prosecuting counsel, Oluwaleke Atolagbe informed the trial judge, Justice Baba Yusuf, that he had made serious efforts through the Economic and Financial Crimes Commission (EFCC) to contact the DSS to produce the first defendant (Dasuki) in court and regretted that as at the time the court was sitting, his efforts did not yield fruitful result. Read more
Lagos records first successful bone bridge surgery
The Lagos State University Teaching Hospital (LASUTH) has said yesterday that it carried out the first successful Bone Bridge Surgery in West Africa in December 2015, as well as successful Cochlear Implant surgeries on three deaf patients without the support of foreign doctors.
This came as the government said it would soon embark on the renovation of its primary and secondary health facilities to provide quality services and decongest the tertiary health facility. Read more
El Rufai redeploys four commissioners
Barely a year after assuming office, Governor Nasir El Rufai of Kaduna State has effected a minor cabinet reshuffle as three commissioners were re-assigned to other ministries while one has moved to a Federal Government agency.
In a statement issued by the governor’s Special Assistant on Media, Mr Samuel Aruwan, yesterday, El Rufai redeployed Professor Andrew Nok from the Ministry of Health and Human Services to become Commissioner of Education, Science and Technology. Read more
Ondo health workers protest five months unpaid salaries
Activities at all government health facilities in Ondo city were yesterday paralysed as health workers in the service of the state government thronged the streets to protest the non-payment of their five months’ salaries.
The workers comprising doctors, nurses, pharmacists, laboratory attendants, and records officers, gathered as early as 8.00am at the Specialist Hospital, Ondo, with different placards and leaves chanting anti-government songs. Read more
Customs: Seized contraband moved to IDP
Trucks have moved 90 per cent of seized contraband at the Nigeria Customs Service (NCS) Warehouse in Ikeja to Internally Displaced Persons (IDP) camps in Borno State in line with the Presidential directive. The contraband includes bags of rice, shoes, vegetable oil and clothing materials among others.
In its interim report, NCS said that only 10 per cent of the seizures at the government warehouse in Ikeja, were consumed by fire that razed its training school on Friday night. Read more
Kaduna Govt Arraigns another 91 Shiites, Seeks Death Sentence
The Kaduna State Government on Tuesday arraigned another batch of 91 members of the Islamic Movement in Nigeria (IMN) before the state High Court, seeking death sentence for the accused.
The government had on April 21 arraigned 50 members of the sect on similar charges.
They were among the 266 sect members arrested during the Shiite/Army clash between Dec. 12 and Dec 14, 2015 in Zaria. Read more
FG Orders Doctors to Treat Gunshot Victims without Restraints
The federal government yesterday issued a directive to medical doctors across the country to henceforth treat all patients and victims with gunshot without any form of restrain.
The Minister of Health, Prof. Isaac Adewole, gave the order at induction ceremony of foreign graduate organised the Medical and Dental Council of Nigeria (MDCN). Read more
Economic Crunch May Affect Demand for New Minimum Wage, Says Oyegun
The National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, has said the dire economic situation which the country is present grappling with will no doubt be a determining factor in the clamour for increase in wage by the labour movement.
He also said any demand for new minimum wage should be in line with the abilities of the federal and state governments to pay which would seek to meet with reasonable demand of workers for improved conditions of service. Read more
Why Ebola virus flares up in W’Africa, by scientists
Two new, but independent, studies published in Nature have provided clues about the repeated Ebola Virus Disease (EVD) flare-ups in West Africa and how aerial spraying to combat mosquitos is linked to increased risk of autism in children.
According to one of the researches, also published online in the journal Science Advances, Ebola virus samples taken from patients in Liberia in June 2015 are strikingly similar in their genetic makeup to other Ebola virus sequences from Western Africa. Read more
CBN’s PMI declines in April
Data from the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) – Manufacturing and Non- Manufacturing – for the month of April 2016 released yesterday showed a decline in the manufacturing and nonmanufacturing PMI.
While the manufacturing PMI declined to 43.7 per cent in April 2016, compared to 45.9 per cent in the preceding month, the non-manufacturing PMI dropped to 44.3 per cent from the 45.4 points registered in the preceding month. Read more
Consumer goods stocks down by N473bn
Consumer goods companies listed on the Nigerian Stock Exchange (NSE) recorded a loss of N473 billion between January and April 2016 following sell pressure that had pervaded the equities market.
Investigation by New Telegraph showed that the subsector, which opened at the beginning of the year at N2.624 trillion, closed at N2.151 trillion as at the time of filing this report last Monday. Read more
Uncertainty over Yuan deal as naira’s weakness persists
There is growing uncertainty in financial circles over the currency swap deal signed between the Central Bank of Nigeria (CBN) and the Industrial and Commercial Bank of China Ltd (ICBC). Findings by New Telegraph revealed that doubts over the transaction have heightened following the Federal Government’s non release of comprehensive details on the pact more than three weeks after it was announced. Read more
To weather storm, banks focus on retail banking
In a report released last January, entitled, “The Year Ahead-2016,” analysts at Diamond Bank Plc predicted that competition for retail deposits would intensify across the banking industry in 2016, as competitive frontier shifts to efficiency and margin.
As the analysts put it, “Banks will compete aggressively in the retail front in 2016 in a bid to optimise net interest margin with cheaper retail deposits. Product development and marketing campaigns strategies will be more of “customer orientation”, rather than “product orientation”. Read more
CBN’s anchor borrower fast-tracks diversification
Before the discovery of crude oil, Nigeria was 100 per cent agrarian country.
Agriculture was the country’s economy mainstay. And because it was the occupation of the majority, enough foods were not only produced to feed the massive population, surpluses were exported for income generation to take care of the government expenditures. But when oil was discovered the tide changed. Read more
Nigerian stocks hit 5-week high on MSCI index
Nigerian stocks climbed to a fiveweek high yesterday after index provider MSCI said it would not change the status of Nigerian securities on its frontier index. MSCI, which has invited investor feedback on the ease of access to Nigerian stock markets in the wake of currency controls imposed last year, put out a statement late last Friday saying the country would receive “special treatment” in its upcoming semi-annual index review in May. Read more
Dangote Sugar Towers above Operational Challenges
When the Chairman of Dangote Sugar Refinery (DSR) Plc, Alhaji Aliko Dangote assured shareholders recently that the company remained committed to delivering superior returns, many stakeholders might not have taken the assurance seriously.
Dangote gave that assurance during the annual general meeting (AGM) of the company in Lagos. The company paid N6 billion dividend for the year ended December 31, 2015. Read more
FG Moves to Address Poor Performance of Insurance
The federal government is taking steps to address the current poor performance of insurance in the country, the Minister of Finance, Mrs. Kemi Adeosun, has said.
She disclosed this at the just concluded West African Insurance Companies Association (WAICA) in Lagos, stressing that in line with the move to diversify and develop the economy, government believes insurance is a strategic tool that should be effectively utilised towards the attainment of the goal. Read more
Investors Stake N183bn on 47bn Shares in Four Months
Investors invested about N182.845 billion in 46.758 billion between January and April 2016. Statistics obtained by THISDAY showed that investors staked N99 billion on 18.336 billion shares in January and February and N83.845 billion on 28.433 billion shares in March and April 2016.
An analysis of the performance showed that February accounted for the highest value of investment. Investors traded N57.145 billion on 12.166 billion shares in February compared to N42.05 billion staked on 5.668 billion shares valued at N42.05 billion in January. Read more
External Reserves Fall by $753 Million
Nigeria’s external reserves diminished by a total of $753 million to close at $27.123 billion as at April 28th, compared with the $27.859 billion it was as at April 1.
The current position of the reserves, which are derived mainly from the proceeds of crude oil earnings represented a decline by $1.855 billion or 6.4 per cent, as against the $28.978 billion it stood at the beginning of this year, according figures gathered from the Central Bank of Nigeria (CBN). Read more
Moody’s Downgrades Nigeria’s Sovereign Issuer Rating to ‘B1’
Moody’s Investors Service has downgraded Nigeria’s long-term issuer ratings to B1 from Ba3 and has assigned a stable outlook, concluding the review for the downgrade that was initiated on March 4th 2016.
The key drivers of the rating action were increased external vulnerability brought about by the prospect of lower-for-longer oil prices; execution risk in the transition to a less oil-dependent federal budget, and the implications for the government’s balance sheet should it not achieve its aims; and an elevated interest burden over the next two years while the government grows its non-oil tax receipts. Read more
IMF: Policy Reset Urgently Needed in Nigeria, Others to Secure Growth
In order for Nigeria and other economies in Africa to harness their strong potential, the International Monetary Fund (IMF) has stressed the “critical need” for a substantial policy reset by policy makers in the countries, adding that their response to date has generally been insufficient.
The IMF stated this in its latest Regional Economic Outlook for sub-Saharan Africa released on Tuesday. Read more
UBA Looks to Africa for Growth
In furtherance of its strategic vision to grow its revenue and franchise across the African continent, the United Bank for Africa (UBA) Group has announced plans to extend its banking operations to 25 countries on the continent.
Currently, UBA subsidiaries operate in 18 African countries, which at the end of the first quarter of 2016, contributed up to 28 per cent of the group’s operating revenue. Read more
Oil and Gas
FG mulls incentives for oil firms
The Federal Government plans to extend fiscal incentives, including tariff cuts, for all investors with oil and gas facilities close to rural oil producing communities. These inducements came on a day the savings in the Oil and Gas Local Content Development Funds hit all-time high of N120 billion ($600 million) in three years. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, revealed the planned cut in tariff for investors at the Offshore Technology Conference (OTC) in Houston, Texas, USA. Read more
Navy Impounds Marine Tanker for Illegal Oil Bunkering
Operatives of the Nigerian Navy have arrested a marine tanker codenamed ‘Mt Marina’ for suspected illegal bunkering activities.
The Director of Information (DINFO), Commodore Christian Ezekobe, in a statement yesterday, said as at the time of the arrest on April 28, 2016, the vessel was laden with 100 metric tons (MT) of suspected illegal refined diesel. Read more
Oil Producing Communities Reject PIB Without 10% Host Fund
The Petroleum Industry Governance Bill (PIB) before the National Assembly continued to receive knocks from oil-bearing areas in the Niger Delta yesterday as residents of Ikarama and Okordia communities of Bayelsa State, rejected what they alleged was a doctored document.
The communities called for the reintroduction of the 10 per cent host community fund in the new version of the PIB before its passage into law by the lawmakers. Read more
FG Slams N1.3tn Claim on Shell for Bonga Spill
President Muhammadu Buhari has authorised the Attorney General of Federation (AGF) and Minister for Justice and National Oil Spill Detection and Response Agency (NOSDRA) to commence legal action against Shell Nigeria Exploration and Production Company on behalf of 350 communities in Delta and Bayelsa States affected by Bonga Oil spills of 20 December 2011.
The country is demanding N784billion as compensation for oil spill that destroyed the affected communities. Read more
Lagos modular refinery to begin production next year
The Integrated Oil and Gas Limited has confirmed that its 20,000 bpd modular refinery is on course and will be coming on stream in 2017.
Manager, Media Relations/Corporate Affairs, Enyeribe Anyanwu, in a statement said: “The modular refinery which is located at Tomaro Island off the coast of Apapa port zone is expected to come on stream next year.” Read more
Nigeria’s oil exports drop, 20 cargoes remain unsold
Indications have emerged that Nigeria will export about 52 cargoes of crude oil in June, representing a drop from 55 cargoes slated for May in the futures market.
The preliminary loading schedule showed that the nation will be exporting about 1.57 million barrels per day (bpd) during the period as against 1.6 million bpd recorded in May. Read more
DPR warns marketers against adulteration, selling above pump price
The Department of Petroleum Resources (DPR) has vowed to continue to clamp down on the depots and filling stations selling Premium Motor Spirit (PMS) otherwise known as petrol above regulated price of N86.50 per litre.
DPR has also warned petroleum products depots, filling stations and other stakeholders to desist from unwholesome activities of adulteration, hoarding, diversion and pump manipulation. Read more
NERC: EEDC has 70% unmetered customers
The National Electricity Regulatory Commission, NERC has revealed that the Enugu Electricity Distribution Companies, EEDC, has about 70 percent of unmetered customers, as the acting Chairman of the Commission, Dr. Anthony Akah decried the complaints of estimated billing against EEDC.
A statement by the acting Head, Media Unit of NERC, Christie Iliya, quoted Akah as saying at the inauguration of the Abakaliki Forum Office of the commission in Ebonyi State, that the Commission was closely monitoring EEDC and other distribution companies to ensure that the metering gap in the Nigerian Electricity Supply Industry, NESI estimated at about fifty per cent should be eliminated within the shortest possible time. Read more
Geometric Power and the Nigerian Electricity Market
Recently the Minister of Power, Works and Housing, Mr. Babatunde Fashola, brokered a peace deal that resolves the issue of which company should supply electricity to the commercial city of Aba and its environs between Geometric Power Limited and Interstate Electric. The development should cheer every Nigerian.
There had been a three-year feud between Geometric Power Limited with its main promoter as former Minister of Power Prof. Bart Nnaji, and a rival Interstate Electric said to have businessman and politician Sir Emeka Offor as its main promoter. Read more
Power sector records four system collapses in four weeks
The nation’s power sector is apparently characterised with numerous challenges that have continued to halt power evacuation and supply to the yearning consumers. Indeed, the transmission grid has recorded no fewer than four system collapses in four weeks.
The Minister of Power, Works and Housing, Babatunde Fashola, has however blamed the low generation on shortage of gas supply to the thermal plants. Read more
Ranieri: Winning the EPL title, amazing feeling
Leicester City manager Claudio Ranieri said it was an “amazing feeling” to have steered the club to the first top-flight title in their history. The Foxes emerged Premier League champions on Monday, when nearest rivals Tottenham drew 2-2 at Chelsea.
Former Chelsea manager Ranieri, who took charge at the King Power Stadium in July 2015, said: “I’m so proud. “The players have been fantastic. Their focus, their determination, their spirit has made this possible.” Read more
Rio 2016: Siasia goes tough
Head Coach of the Nigeria U-23, Samson Siasia, has declared that from May 9, he will no longer release invited players in camp to play for their clubs during Nigeria Professional Football League midweek matches.
He also revealed exclusively to our correspondent that the number of players in camp would be reduced to allow clubs have full access to their players. Read more
Olympics camp opens in Abuja
Nigeria’s preparations for this year’s Olympic Games will commence on Thursday, May 5, as the homebased athletes shortlisted for the event have been directed by the Ministry of Youth and Sports to report to the High Performance Hostel in Package B of the National Stadium, Abuja.
According to the directive from the office of the Director of the Federations and Elite Athletes Department, Ministry of Sports Hauwa- Kulu Akinyemi, the athletes from the Athletic Federation of Nigeria, the Nigeria Basketball Federation, the Wrestling Federation of Nigeria and the Weightlifting Federation are expected to begin another round of camping exercise. Read more
4th Okpekpe race dedicated to late Benin Oba
Organisers of the annual Okpekpe 10-km Road Race slated to take place on May 7 have dedicated the fourth edition of the competition to the memory of the most revered Omo N’Oba N’Edo, Oba Erediauwa, (CFR).
The late Oba was a passionate follower of sports in the country, as epitomized in his hosting of distinguished sports men and women who won laurels for the country. Read more
Nwakali, Osimhen inspire F’ Eagles to 3-1 win
Flying Eagles skipper Kelechi Nwakali and Victor Osimhen hit targets in a 3-1 win over Federal Road Safety FC of Abuja Tuesday.
The other score for the Flying Eagles was Orji Okonkwo. Read more
Is the rand a commodity currency?
It is probably fair to say that the exchange rate of the rand, specifically against the US dollar, is the economic indicator that attracts the most interest among South Africans on an almost daily basis. Changes in the exchange rate tend to be simplistically ascribed to purely domestic factors, including political events.
The real world of foreign exchange of course looks rather different, with currencies being continuously buffeted by a panoply of forces from across the globe of which some will be of a short-term, passing nature, while others will be more fundamental in nature and exert their influence over a long period of time. Read more
Eight schools set alight in Vuwani
Eight schools have now been torched by protesting residents at Vuwani and Livubu in Limpopo.
They want the Municipal Demarcation Board to reverse a decision to incorporate them into a new municipality. Read more
Donald Trump wins Indiana
Take the back entrance into Trump Tower and you’ll spy the orange slogan painted down both sides of the short white corridor. “There is no finish line,” it says. The message is courtesy of an athletic footwear store next door, but on this night it might have been meant only for the man with big hair.
As he strode out into the main foyer of his signature skyscraper that boasts his name to bask, once more, in the glow of victory, Mr Trump nonetheless had the look of a marathon runner who had, in fact, not only found the finishing line but also crossed it. Read more
Bernie Sanders wins in Indiana, but Clinton remains on course
Yet again, Bernie Sanders has vastly outperformed expectations – and yet again, cold hard maths makes it all but impossible for him to become the Democratic presidential nominee. The Vermont Senator overcame a seven-point poll deficit to beat Hillary Clinton in the Indiana primary last night, by a margin of more than five points.
But while his victory in the Hoosier State should provide the necessary momentum to propel his campaign as far as the California primary on 7 June, it was insufficient to significantly diminish Ms Clinton’s commanding delegate lead. Read more
Chanel stages fashion show in Cuba
French fashion house Chanel has staged its show in the Cuban capital Havana – the first international fashion show since the 1959 communist revolution.
World celebrities gathered at a leafy promenade turned into a catwalk for the firm’s Cruise collection, even though Chanel goods are not sold in Cuba. Read more
China to release last prisoner jailed over Tiananmen Square protests
The last prisoner being held in China in connection with the 1989 Tiananmen protests is set to be released later this year after nearly three decades behind bars.
Miao Deshun, who was 25 at the time of the mass pro-democracy demonstrations, was one of about 1,600 Chinese people jailed following a brutal military crackdown on 4 June 1989 in which hundreds of lives are believed to have been lost. Read more