SABINEWS MORNING NEWS UPDATE FOR OCTOBER 18, 2016
Nigeria seals $15 billion oil, gas deal with India
The negotiated deal would require the Indian government to make an upfront payment for crude purchase to Nigeria, to be repaid on the basis of firm term crude contracts over some years.
In the deal too is consideration for Indian public sector companies collaborating in the refining sector as well as exploration and production activities on a government-to-government basis by Indian public sector companies. Read more
US Embassy owes Reps apologies
THE long-awaited report of the Hon. Nicholas Ossai-led House of Representatives Committee on Ethics and Privileges probing the alleged sexual misconduct of three members of the House while on an official assignment to Cleveland, Ohio in the United States of America in April this year, has come out with a verdict of not guilty.
Godogodo death toll hits 40, as mob hacks 14 herdsmen dead
The death toll from the invasion of Godogodo in Jema’a Local Government Area of Kaduna State, between last Saturday and Sunday, has risen from 20 to 40, according to sources from Southern Kaduna Peoples Unions, SOKAPU, the umbrella body of the 67 tribal groupings of Southern Kaduna.
CIA blames Nigeria’s woes on inefficient administration
THE President of Chartered Institute of Administration, CIA, Dr. G. U. K. Chima, has attributed the debilitating problem of recession, graft and failures in the public and private sectors to inefficient administration.
Fayose, like Wike stops suspect’s arrest
Governor Ayo Fayose of Ekiti state today stopped the arrest of a woman who tried to withdraw money from an account already red-flagged by the Economic and Financial Crimes Commission.
Oshodi-Apapa Still In Grip Of Traffic Chaos: As tankers, trailers return
The dislodgement of tankers and container-carrying trailers from the Mile 2 to Tin Can axis of the Apapa/Oshodi Expressway in Lagos by the Task Force on Port Reforms and other state agencies, elicited much needed sighs of relief and excitement from Lagosians. Read more
Enugu commissioner faults nullification of teachers’ recruitment
The Enugu State Commissioner for Education, Uche Eze has faulted the nullification of the on-going teachers’ recruitment by the state House of Assembly.
Eze said there was no justification in the position taken by the lawmakers, especially when the state government approved the exercise, which his Ministry monitored. Read more
Orbih alleges complicity by Inec, security agents, in Edo election
CHAIRMAN of Edo State chapter of the Peoples Democratic Party, PDP, Chief Dan Orbih, has said that Nigerians would be surprised at the level of complicity and involvement of officials of Independent National Electoral Commission, INEC, in the just concluded governorship election in the state in their determination to subvert the will of the people. Read more
NUC Scraps Diplomas In Varsities
The National Universities Commission (NUC) has scrapped sub-degree diploma programmes in the Nigerian University System (NUS), with a call on universities running them to begin the process of winding them down. Read more
‘Ambode not against the poor’
The Senior Special Assistant on Media and Strategy to the Lagos State Governor, Mr. Idowu Ajanaku, has faulted those criticising the state government over the demolition of shanties and criminals’ hideouts in some parts of the state. Read more
Minors in govt detention —SHI’ITES
The Islamic Movement in Nigeria, IMN, yesterday, accused Plateau State Government of detaining scores of Shi’ite minors, including a four-year-old girl, Salamatu Yunusa. However, Plateau State Commissioner of Police, Peter Ogunyanwo, said 45 Shi’ite members were arrested, but 44 are remanded at an undisclosed destination. Read more
Two Judges in EFCC Net over Bribes from Lawyers
As the crackdown on corruption in the judiciary continues, the Economic and Financial Crimes Commission (EFCC) monday commenced the interrogation of two judges of the Federal High Court, Justice Mohammed Nasir Yunusa and Justice Hyeladzira Ajiya Nganjiwa, for allegedly receiving bribes from two senior lawyers, Rickey Tarfa (SAN) and Joseph Nwobike (SAN).
The two judges were summoned to the Lagos office of the commission, where they were quizzed by top operatives. Read more
Senate orders CBN to submit report on states’ bailout
The Senate Committee on Banking, Insurance and other Financial Institutions has directed the Central Bank of Nigeria (CBN), to submit detailed report on all the bail out funding to states for its scrutiny.
The committee’s Chairman, Rafiu Adebayo, while speaking during an oversight visit to the apex bank recently expressed satisfaction with its operations, but insisted it has to furnish his committee with the documents for the scheme. Read more
Plateau Trade Fair opens today 300 exhibitors, 70,000 visitors expected
President of the Plateau Chamber of Commerce, Industry, Mines and Agriculture (PLACCIMA), Da Bulus Dareng, has said that this year’s Trade Fair in the state will take place from 18th to 29th October, at the Jos Polo Field from 8am daily.
Daring said the chamber was grateful to Governor Simon Lalong, for having worked hard to create the enabling environment for the Trade Fair to take place. Read more
Osun, DFID, sign MoU to boost small, medium enterprises
Osun State Governor, Rauf Aregbesola, has signed a Memorandum of Understanding (MoU) with the Growth and Employment in States 4th Scheme (GEMS4) to fast-track the development of small and medium scale industries in the state.
Aregbesola said at the signing of the MOU that his administration has been able to endure the harsh economic challenges in the country because of the government’s huge investments in human capital development. Read more
‘Nigeria’s GDP may hit $1.45 trillion by 2030 on reduced corruption, effective policies’
Notwithstanding the prevailing economic challenges which the country is undergoing, latest report by PricewaterhouseCoopers (PwC) on the nation’s future has projected that Nigeria’s Gross Domestic Product (GDP) may hit $1.45 trillion by 2030 if corruption is reduced and effective policies are implemented. Read more
Government needs to change its politics – Dangote
PRESIDENT of the Dangote Group, Alhaji Aliko Dangote, has vowed to crash the price of fertilizer before the end of next year, in order to boost agricultural production and guarantee food security in the country.
Interbank lending rate jumps to record high
The overnight interbank lending rate soared to a record high of 128 per cent on Monday on naira cash shortages after commercial banks funded their account with the Central Bank of Nigeria to participate in last Friday’s currency forward auction. Read more
Crude oil price dips as IEA reports supply increase
GLOBAL crude oil supplies increased by 600,000 barrels per day, primarily due to a rise of half a million barrels a day from Russia and Kazakhstan, the International Energy Agency (IEA) stated in its monthly Oil Market Report for September just released.
China overtakes U.S. again as world’s top crude importer
CHINA imported record volumes of crude oil in September, eclipsing the United States as the world’s top buyer.
China’s September crude oil imports rose 18 percent from a year earlier to 33.06 million tonnes or 8.04 million barrels per day (bpd), customs data showed. Read more
Oando Marketing changes name to OVH Energy Marketing
Oando Marketing Limited, Nigeria’s leading oil and marketing retailer, has announced a change of the company’s brand name to OVH Energy Marketing Limited to reflect the recent recapitalisation and corporate restructuring aimed at admitting new shareholders.
Power generation dips to 4,157.8 MW
THE 4,358.2 megawatts (MW) of electricity that was generated on Sunday, dropped further yesterday depleted to 4,157.80MW, resulting in 200.4MW.
The Nigerian Electricity System Operator of the Transmission Company of Nigeria, TCN, stated this in its website. It explained that lowest energy generation recorded was 3,186MW, while peak generation was 4,358.2MW
Consumers And Electricity Bills
Despite power outages that can last, in some cases, for months, the high bills have not stopped coming and consumers have often complained without redress about being short-changed by the power companies. Finding avenues through which to vent their complaints have often not been easy maybe because the consumers have not found a way to organise and mobilise themselves to fight for their rights. Read more
Geometrics $530m Aba IPP to switch on in April 2017
After about three years after completion of the Geometric Power Ltd, Aba, Abia State, one of the Independent Power Plants (IPP) licensed by the Nigerian Government, the Plant is set to switch on around April next year, according to the Chairman and Chief Executive Officer, and former Minister of Power, Prof. Barth Nnaji. Read more
African Markets – Factors to watch on Oct 18
The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.
– – – – – EVENTS: * UGANDA – Central bank monetary policy committee expected to announce rate decision . * SOUTH AFRICA – Treasury auctions 2.35 billion rand worth of 2040, 2044 and 2048 bonds. GLOBAL MARKETS Asian stocks crept up on Tuesday thanks to a rebound in oil prices and the dollar consolidated recent gains although underlying risk appetite was cautious on concerns over capital outflows and weak data, especially from China. Read more
Zimbabwe meltdown from street to gallery
Zimbabwean-born multimedia artist Gareth Nyandoro is making waves in the art world and this has been recognised in the awarding of the 2016’s Financial Times-Oppenheimer Fund Emerging Voices award to him. Read more
Yemen ceasefire set to last for 72 hours
A 72-hour ceasefire between opposing forces in Yemen is set to begin this week.
Ismail Ould Cheikh Ahmed, United Nations Special Envoy for Yemen, announced that a break from fighting between a pro-Yemeni coalition led by Saudi forces and Houthi rebels would begin just before midnight Wednesday — at 23:59 local time. Read more
Melania Trump dismisses Donald Trump’s sexual assault comments as ‘boys talk’
Melania Trump came to her husband’s defence in her first interview since the leak of a 2005 tape that captured what she referred to as “boys talk”, where the Republican presidential nominee boasted this his celebrity status let him sexually assault women. Read more
US grilled for remarks on Turkey’s operation in Mosul
The US was grilled Monday for its remarks about Turkey’s role in supporting an offensive to liberate the Iraqi city of Mosul from Daesh.
“Since when is it the position of the US that any foreign military action in Iraq must have the consent of the Iraqi government?,” State Department spokesman Mark Toner was asked during a press briefing. Read more
Tyson Gay is joined by thousands of mourners at candlelit vigil for slain daughter
A candlelit vigil was held on Monday evening for the 15-year-old daughter of Olympic sprinter Tyson Gay after she was killed in a parking lot shootout this weekend.
Trinity Gay died in the early hours of Sunday after being caught in the crossfire at a Cook Out fast-food restaurant in Lexington, Kentucky at 4am. A candlelit vigil was held on Monday evening for the 15-year-old daughter of Olympic sprinter Tyson Gay after she was killed in a parking lot shootout this weekend. Read more