Sabinews Midday News Update for August 4, 2015
NLC Plans Nationwide Protest over Corruption
The President of Nigeria Labour Congress (NLC), Ayuba Wabba, monday in Uyo, Akwa Ibom State capital said the congress is planning to embark on a one day protest against the high level of corruption that had been going on in the country.
Wabba, who spoke at the opening of the 2015 NLC Rain School in the state which had as its theme “The Labour Movement and the Politics of Change in Nigeria,” said the protest will be an expression of anger and total condemnation of corruption in the Nigeria. Read more
Govt may privatise four refineries
There are indications that the Federal Government is planning to privatise the nation’s refineries to mitigate the challenge of fuel scarcity in the country.
Nigerian National Petroleum Corporation (NNPC) has four refineries, two in Port Harcourt (PHRC), and one each in Kaduna (KRPC) and Warri (WRPC). The refineries have a combined installed capacity of 445,000 bpd. Read more
NERC, MAN Plan Electricity Cluster For Industries
The Nigerian Electricity Regulatory Commission (NERC) has agreed to work with the Manufacturers Association of Nigeria (MAN) for a framework to create micro electricity grid to service industrial clusters in the country.
At a meeting at the commission’s headquarters in Abuja, the parties set up a committee that would address the “challenges posed to industrial productivity and how to dedicate small grids connected to large distribution grid to industrial clusters.” Read more
Equity price free fall to continue until September
Some capital market operators on Monday said that the free fall of equities in the nation’s bourse would persist because of the absence of a visible government’s policy direction and economic uncertainties.
They said in separate interviews in Lagos that the market was contending with many unsettled factors. Read more
Buhari should overhaul NNPC oil sales – Report
President Muhammadu Buhari should overhaul how the government sells its share of the Nigerian National Petroleum Corporation crude oil output to save billions of dollars in wasted and lost revenues, a report by an international governance watchdog said on Tuesday.
About half of Nigeria’s two million barrel per day (bpd) crude output goes to NNPC, the state-owned oil company, while the corporation sells half that oil to its subsidiary Pipelines and Product Marketing Company for the country’s refineries, Reuters says. Read more
Saraki Visits North-East, Donates N10m To IDPs In Maiduguri
President of the Senate, Bukola Saraki, alongside some senators, on Monday, visited the troubled Borno State.
Saraki assured the people of the North-East that the entire country is solidly behind them in this time of trial. Read more
CPC investigates DSTV owners, MultiChoice over alleged consumer rights violation
The Consumer Protection Council, CPC, on Monday announced commencement of investigative sitting into the operations of MultiChoice Nigeria through its Digital Satellite Television.
The council said the probe became necessary based on alleged consumer rights violation against the pay-television firm. Read more
Armed robbers attack Giwa FC
Armed Robbers on Tuesday attacked players of Giwa FC in Enugu while traveling to honour a Nigeria league Week 21 game against Abia Warriors in Umuahia.
The team official, Sammy Adesoji, told africanFootball.com that the players, who were in their bus, were attacked and lost mobile phones and cash to the hoodlums. Read more
Ondo Joins United Nation’s Deforestation Programme
Ondo state said it has been enlisted on the UN-REDD+ (Reducing Emissions from Deforestation and Forest Degradation) Programme coordinated by the Forest Department of Federal Ministry of Environment Abuja.
The state explained that its inclusion into the programme was as a result of its completion of the scoping mission exercise conducted in the state forest reserves. Read more
Forte Oil to Boost Operations with Fresh Capital Injection
Additional capital will soon be injected into Forte Oil Plc that will significantly shore up shareholders funds and impact its negative working capital. The Group Managing Director of Forte Oil, Mr. Akin Akinfemiwa, who disclosed this yesterday at the company’s facts behind the figures at the Nigerian Stock Exchange(NSE) in Lagos, said the additional funds will be in form of equity and debt.
“There is an ongoing plans and commitment with potential investors to inject additional capital through debt or equity within the next few weeks.This, we believe, would significantly impact our negative working capital and also shore up our shareholders funds,” he said. Read more
ExxonMobil to commit $3bn to gas projects in Nigeria
US oil producing giant, ExxonMobil, says it is committing $3 billion to gas resource development in Nigeria.This sum is $1.2 billion higher than the $1.8 billion investments the company has committed to gas projects in the country in the last three decades, Business Day reports.
Analysts have said this development will significantly boost electricity generation, encourage the sprouting of other anciliary businesses, including fertilizers, petrochemicals and methanol, leading to the creation of hundreds of job opportunities and the reduction of gas flaring. Read more
Militants kill local official in Southern Somalia
Gunmen on Monday night killed Garad Ibrahim Sayid, Mayor of Janale district in lower Shabelle region, southern Somalia, police and witnesses said on Tuesday.
Senior police officer Hussein Tahlil told Xinhua that Al-Shabaab raided Mayor’s home and then they fired at him. Read more
Trade between Zimbabwe and Mozambique grows by 64 percent in two years
Trade between Zimbabwe and Mozambique grew 64 percent to $725 million in two years to 2014, attributed to an operational bilateral trade agreement which gives two countries duty concessions to qualifying products.
Both countries are in the Southern African Development Community — which established a free trade area in 2008 — and the qualifying products enjoy duty free entry into either nation. Read more
Moroccan Banks Reject 186,460 Checks in 2nd Quarter
The second quarter in 2015 has witnessed some economic movement. Moroccan banks have rejected 186,460 checks and 183,250 bills of exchange – all due to non-sufficient funds (NSF).
Interbank transactions and rejections during the second quarter were collected and reported by The Moroccan Retail Payment System (GSIMT). Read more
President Kenyatta receives new envoys
President Uhuru Kenyatta Tuesday at State House, Nairobi, received credentials from six incoming envoys.
The envoys are Ukraine’s Ambassador to Kenya Yevhenii Tsymbaliuk, High Commissioner Brenda Muntemba of Zambia and Ambassador Erasmo Roberto Martinez of Mexico. Read more
Moroccan Student Discovers Security Loophole in WhatsApp
A Moroccan student discovered a loophole in the cross-platform mobile messaging app WhatsApp.
19-year-old Ahmed Lekssays illustrated how WhatsApp messages can be accessed via iOS system, which operates Apple’s phones and tablet devices, if the application file is transferred to a device running on Linux operating system. Read more
Cape Town pile-up causes massive traffic gridlock
Traffic on the N2 inbound to Cape Town’s city centre was severely gridlocked on Tuesday morning after a four-car pile-up near the Bhunga Avenue turnoff near Langa left 24 people injured.
ER24 spokesperson Russel Meiring said paramedics, along with other services, arrived on the scene to find three lanes of the highway blocked by four wrecked vehicle. Debris from the vehicles were spread across the three lanes. Read more
Emaar’s Egyptian arm says H1 net profits rise by 283%
Emaar Misr for Development, the Egyptian unit of the Dubai-based construction giant, said on Tuesday that its net profit for the first half of 2015 rose by 283 percent.
According to the Egyptian Accounting Standards, H1 revenues and net profit were EGP1.56 billion ($199.2 million) and EGP522 million respectively, which also represented a 56 percent rise in revenues. Read more
Philippines to raise South China Sea despite Beijing’s reluctance
The Philippines will back a U.S. call to halt land reclamation in disputed areas of the South China Sea, the country’s foreign minister said on Tuesday, despite China’s insistence that the issue should not be raised at an upcoming meeting.
Foreign Minister Albert Del Rosario said the Philippines was ready to help de-escalate tensions in the disputed region, if China and other claimant states agreed to be bound by the same conditions. Read more
Four killed in Macedonia floods
Four people including a seven-year-old child were killed and one person is still missing after heavy rain caused flash floods and mudslides in several villages in western Macedonia, police said on Tuesday.
Another dozen people were injured but their condition was stable, said a police spokesman in Tetovo, a town in the area that was hardest hit by the flooding. Read more
Major U.S. airlines end trophy hunter shipments after Cecil outcry
Three U.S. airlines have banned the transport of lion, leopard, elephant, rhino or buffalo killed by trophy hunters, in the latest fallout from the killing of Zimbabwe’s Cecil the lion last month.
American Airlines said on Tuesday it would join Delta Airlines and United Airlines in banning the transport of animals known in Africa as the “big five”, coined by hunters because they are the hardest to kill on foot. Read more
Shelling threatens output at Ukraine’s largest coke plant – company
The main coke plant of Ukraine’s largest steel producer, Metinvest, is on the verge of halting output after heavy shelling overnight damaged power lines, the company said on Tuesday.
Three of four high-voltage lines at the Avdiyikva plant in government-held territory in the separatist east were hit in the attack, which also damaged the plant’s rail network, Metinvest said in a statement. Read more
PKK attacks Turkey’s halted Shah Deniz gas pipeline
Kurdish militants attacked Turkey’s Shah Deniz pipeline carrying natural gas from Azerbaijan early on Tuesday, but the blast did not impact supply as flow had already been halted for maintenance, the energy minister said on Tuesday.
The blast came days after another attack by the outlawed Kurdistan Workers’ Party (PKK) halted flows along a pipeline carrying crude oil to Turkey from Iraq. Read more
Follow us @sabinewsnaija