May 24, 2018

*NNPC Says there’s Enough Petrol* *Atiku’s Firm Objects to N1.3bn Suit*

*NNPC Says there’s Enough Petrol* *Atiku’s Firm Objects to N1.3bn Suit*

 Sabinews Morning News Update for July 1, 2015


NNPC Says there’s Enough Petrol

The Nigerian National Petroleum Corporation (NNPC) Tuesday said it had stepped up efforts to maintain stability in the supply and distribution of petroleum products nationwide.

The corporation disclosed in statement that it has enough stock of petrol to service the country for 25 days at a national consumption rate of 40 million litres per day even as it has stepped up product distribution to petroleum marketers and NNPC retail outlets across the country. Read more


Atiku’s Firm Objects to N1.3bn Suit

A firm, Ports and Terminal Operators Nigeria Limited (PTOL), has accused the federal government of breaching a concession agreement they signed on May 11, 2006 over a terminal at Onne Port in Rivers State.

It sued the Nigerian Ports Authority (NPA) and the Attorney General of the Federation (AGF) at the Federal High Court in Lagos, alleging that the defendants are granting “monopolistic benefits” to INTELS, owned by a former Vice-President, Atiku Abubakar. Read more

Ambode seeks navy’s support to tackle robberies

Governor Akinwunmi Ambode of Lagos State says the Nigerian Navy, like other stakeholders, should be part of the efforts to rid the state of crime.

The governor, according to a statement on Tuesday, spoke during a courtesy visit to the Chief of Naval Staff, Admiral Usman Jibrin, at the Defence Headquarters, Abuja. Read more

NDLEA to educate 140 million on drugs

The National Drug Law Enforcement Agency says it is set to provide drug education to over 140 million active telephone subscribers, as well as internet users.

The agency said the move was part of its Multi-Media Drug Control Initiative, which was meant to educate and provide help to victims of drug abuse. Read more

We don’t have a leader yet – Celestial Church

The Celestial Church of Christ has said it does not have an ordained head at the moment as it is working on a new constitution to usher in a new leader.

The CCC said this through its Board of Trustees at a press conference on Tuesday in Yaba, Lagos State. Read more

Innoson, GTBank Battle over N560m Excess Charges, Others

Innoson Nigeria Limited and Guaranty Trust Bank Plc (GTBank) are currently at loggerheads over allegations of excess and unlawful charges of N560 million imposed on the former’s account by the bank.

As a result of this, Innoson is demanding that the bank pays the alleged sum as well as the accrued interest. Read more

Boko Haram: 22 Trained Female Bombers Deradicalised – NSA

The office of the National Security Adviser (NSA) yesterday told President Muhammadu Buhari, that no fewer than 22 women and girls, recruited as suicide bombers by the Boko Haram sect and another 47 former sect members were now undergoing rehabilitation after voluntarily embracing a de-radicalization programme of the office under the Countering Violent Extremism (CVE) programme.
According to a statement by presidential spokesman, Mr Femi Adesina, one of the objectives of the CVE is to reform terrorists and prevent others from joining terrorist organisations and violent sects. Read more

13 Dormant Education Agencies Got N37.7bn

Some government agencies in the Federal Ministry of Education seem to be dormant, yet they are collecting yearly allocation from the federal government.

Investigation by LEADERSHIP shows that 13 agencies in the ministry have collected N36.77 billion in the last two years with nothing tangible to show for it. Read more

Edo NLC Threatens Strike over Unpaid Salaries of LG Workers

Nigeria Labour Congress (NLC) in Edo State has given both the state government and the local government councils two weeks ultimatum to pay the outstanding salaries owed local government workers in the state or it will shutdown the entire activities of government.

The state NLC gave the ultimatum when thousands of aggrieved local government employees marched to the union’s state secretariat along James Watts Street, off Mission Road in the Benin City, the state capital. Read more

Army Dismisses Soldier for Armed Robbery, Hands Him over to Police

The 14 Brigade of the Nigerian Army, Ohafia, Abia State, Tuesday said it had dismissed a soldier, one Lance Corporal Itugbu Augustine Omorodion, who snatched the sum of N250,000 from a civilian at the Aba area of the state.

Omorodion, was alleged to have attacked his victim, simply identified as Ebuka, with a dagger and robbed him of the money which he was going to deposit for his boss in one of the commercial banks along Faulks Road. Read more

Protest Rocks Ekwulobia over Alleged Relocation of Boko Haram Prisoners

Economic activities were paralysed in Ekwulobia, Aguata Local Government Area of Anambra State On Tuesday  when residents in the community protested the alleged relocation of Boko Haram prisoners to the federal prison in the area.

About 47 of the captured Boko Haram prisoners were said to have been relocated to the Ekwulobia prison facility from the North-east. Read more

Businessman held for “active role” in Boko Haram’s abduction of schoolgirls

Nigerian troops have arrested a businessman accused of “participating actively” in Boko Haram’s mass abduction of nearly 300 schoolgirls from the north-eastern town of Chibok last year, Nigeria’s Defence Ministry has said.

Spokesman Maj Gen Chris Olukolade said on Tuesday that Babuji Ya’ari headed a “terrorists’ intelligence cell” for the Islamic extremists while masquerading as a member of the self-defence Youth Vigilante Group. That confirms suspicions that the vigilantes have been infiltrated by Boko Haram. Read more

N207bn Scam: EFCC to Re-Arraign Former President of NLNG Cooperatives, Others Sept 15

The Economic and Financial Crimes Commission (EFCC) will on September 15, 2015 re-arraign Julius Ola Peters, Emeka Iloegbunam, Ijeoma David Alanza, Jonathan Wallang and Dinijocs Nigeria Limited before Justice Ishaq U. Bello of Federal Capital Territory High Court Maitama on a 12-count charge bordering on forgery and obtaining money under false pretences to the tune of N207, 000,000,000.

Ola Peters and Iloegbunam, former President and Vice-President respectively of the NLNG Staff Bonny Co-operative Investment and Credit Society Limited, alongside Ijeoma David Alanza and Dinijocs Nigeria Limited, fleeced members of the Cooperatives under various guises. Read more


Nigerian Stock Market Records 3.4% in Six Months

The Nigerian Stock Exchange (NSE) All-Share Index, which  measures the aggregate growth of the stock market declined by 3.46 per cent  in the first half of the year as investors maintained cautious trading. The ASI, which opened the year at 34,657.15 closed at  33,456.83 on Tuesday. However, the market capitalisation which is the worth of equities, recorded a lower decline of 0.5 per cent or N58 billion. The market capitalisation fell from N11.478 trillion at the beginning of the year to close at N11.42 trillion yesterday. Read more

NSE Targets Sale of Apple, LVMH, Other Foreign Shares on Local Bourse

Nigerians will soon be able to invest in companies such as Apple Inc, LVMH Moet Hennessy and Louis Vuitton SE in their local currency at their local bourse.

Although these global companies are looking to sell shares in the African nation yet. The Nigerian Stock Exchange (NSE) plans to get custodian firms to issue depositary receipts against their stocks and offer them for trading in Lagos. Read more

BVN: CBN To Issue Guideline For Diaspora Customers

Barely 12 hours after insisting it would not extend the deadline for bank customers to register and obtain the Bank Verification Number (BVN), the Central Bank of Nigeria (CBN), on Tuesday, reversed itself, extending the deadline by four months to October 31, 2015.

The CBN in a circular to all deposit money banks on Tuesday said the decision was as a result of the hardship Nigerians are facing in their bid to get registered in the last two days as bank customers besieged bank branches to beat the deadline. Read more

Made-in-Nigeria Goods on the Front Burner

The exclusion of some items from the Central Bank of Nigeria’s foreign exchange window will in the long-run help to revive the country’s ailing industries.

The Central Bank of Nigeria (CBN) last week announced the restriction of importers of 41 products from accessing forex at the official foreign exchange market. Read more

Ladipo Market Demolished

Some armed men and officials suspected to be working for Mushin Local Government in Lagos and supported by a team of policemen on Tuesday morning invaded Ladipo Auto Spare Parts Market and demolished shops in the market.

During the demolition exercise, the traders were barred from entering the market in Mushin to remove their goods from the shops. Read more

Olam Reinforces Position As Largest Local Rice Investor

Olam Nigeria has said that its Nigerian rice brand has been well accepted in the country.

The company said its Mama’s Pride and Chef’s Choice brands of rice dominated its one day event at the Rice Trade Fair, held in Kano recently, saying that the brands were so well received that they sold over 125 bags at the one-day fair. Read more

Oil and Gas

Oil Sector Reforms: PMB May Scrap Some Govt Agencies

There are indications that some agencies under the Nigerian National Petroleum Corporation (NNPC) may be scrapped as part of the reforms being initiated by President Muhammadu Buhari.
The president hinted this yesterday when he listed the removal of bureaucratic bottlenecks created by multiple government agencies as one of the reforms to be undertaken by his administration.  Read more

Oando Targets N54bn From Sale Of 60% Downstream Operations

Oando Plc, an integrated oil and gas company, has entered into agreement with HV Investments II B.V. (HVI) and The Vitol Group to acquire 51 percent of the voting rights and 60 percent of the economic rights in Oando’s downstream businesses.
The deal has been brokered at $276 million, conditional upon the receipt of regulatory approvals and subject to customary purchase price adjustments, including working capital. Read more

OPEC Crude Oil Production Hits Three-year High

Despite the clamour by the poorer members of the Organisation of Petroleum Exporting Countries (OPEC) for the cartel to reduce crude oil production due to the drop in prices, OPEC’s daily output climbed to a three-year high in June.

Saudi Arabia and Iraq hit record or near-record output, despite the clamour by the poorer members, as well as outages in Nigeria and Libya that reduced exports. Read more

PENGASSAN Tasks FG, NLNG Shareholders on Train 7

Oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have urged the federal government and shareholders of the Nigerian Liquefied Natural Gas (NLNG) to take the final investment decision (FID) for the company’s planned Train 7 project and ensure its completion without further delay.

According to the oil workers, the completion of the Train 7 project will help position the company and Nigeria in the competitive gas global market. Read more


NERC May Stop Disco Charges for Unmetered Electricity Consumers

The Nigerian Electricity Regulatory Commission (NERC) Tuesday disclosed that it will likely excuse electricity consumers who have not been metered by their distribution networks from paying electricity rates soon.

NERC stated in Abuja that its intention to exempt unmetered customers from paying electricity rates was due to alleged reluctance of distribution companies (Discos) to fully carry out their metering plans but prefer to continue with estimated charges as is currently obtained in the sector. Read more


Keshi left out by Ivory Coast

Nigeria coach Stephen Keshi has been left out of the five-man shortlist for the vacant Ivory Coast post, the Ivorien federation has announced.

The Ivory Coast Football Federation on Tuesday listed the coaches being considered to succeed Herve Renard, without the Super Eagles coach as one of them. Keshi was listed in the initial list released about a fortnight ago. Read more

Oshoala tops Falcons 35-man list for Olympic qualifier

Super Falcons coach, Christopher Danjuma, has invited 35 players, including Liverpool Ladies star, Asisat Oshoala, for camping as the team prepare to host Equatorial Guinea in the 2016 Olympic qualifiers scheduled for July 18.

The Nigeria Football Federation said on its website that the players are expected to report for camping on Wednesday ahead of the team’s departure to Port Harcourt for the first leg fixture. Read more

Udoji extends Enyimba contract

Enyimba captain, Chinedu Udoji, has extended his contract with the Nigeria Professional Football League side for another two years.

The club announced on their official Facebook page on Tuesday that the defender will now be with them till 2018. Read more

… As Amodu, Pinnick disagree on Eagles’ coach

Following his official assumption as the National Technical Director of the Nigeria Football Federation, former Nigeria coach Amodu Shuaibu has contradicted his employers by insisting he will not be interfering with the selection of players for the Super Eagles.

NFF President Amaju Pinnick had a couple of weeks ago, stated that henceforth, Stephen Keshi would no longer be solely responsible for selecting players for the Super Eagles and would have to liaise with both the technical study group and the Technical Director, but Amodu, a former Super Eagles coach himself, disagrees with that, and insists only Keshi will be responsible for his team selections. Read more

Flying Eagles Nwobodo Off To Qatar For Knee Op

Flying Eagles midfielder Obinna Nwobodo will depart Nigeria for Doha, Qatar, later today for surgery on a major knee injury.

The Nigeria Football Federation (NFF) in concert with the National Sports Commission (NSC) made this surgery possible after the Enugu Rangers ace suffered a career-threatening knee injury in the final of the African Youth Championship in Senegal in March. Read more

World News

Liberia quarantines an area where new Ebola case appeared

Liberian authorities on Tuesday quarantined two households after a 17-year-old boy died of Ebola, sparking fears the West African country could face another outbreak of the disease nearly two months after being declared Ebola-free.

‘‘Liberia has got a reinfection of Ebola,’’ Tolbert Nyenswah, deputy health minister and head of Liberia’s Ebola response team, said. Read more

Kenya slums boosted by ‘water ATMs’

Around the world, people use bank machines to access cash – but in the Kenyan capital’s crowded slums, people now use similar machines to access an even more basic requirement – clean water.

In a bid to boost access to clean water, four water dispensing machines have been installed in Nairobi slums that operate like cash machines – with customers able to buy affordable water using smart cards. Read more

Ghana needs $4m for All Africa Games

The government is expected to cough up about $4 million (GH¢2.5m and $3.5m) as the total budget to cover cost of expenses for the about 350 athletes scheduled to compete in this year’s All Africa Games in Brazzaville, Congo.

Additionally, a sponsorship committee formed to raise additional funding for Ghana’s participation in the Games has embarked on an aggressive outreach to solicit for funds from corporate bodies to support what government would approve for the Games. Read more

Burundi ruling party sure of win in election as 10,000 flee

Burundi election officials finished vote-counting on Tuesday, a day after internationally condemned polls boycotted by the opposition, with the ruling party expected to win a sweeping victory.

“The counting is completed in all the polling stations throughout Burundi,” election commission spokesman Prosper Ntahorwamiye told AFP, with those votes now being collated and taken to larger centres for final tallies before results can be announced. Read more

Lesotho warning to SA

The warning by an international governance analyst follows President Jacob Zuma, who described the security situation as “explosive”, dispatching his deputy, Cyril Ramaphosa, to Lesotho to meet that country’s political leaders.

Ramaphosa’s mission follows a fact-finding visit by Defence Minister Nosiviwe Mapisa-Nqakula to Lesotho over the weekend after the killings of several high-ranking opposition politicians over the last week. Read more

Egypt pledges faster executions as top prosecutor killed 

Egypt will speed up the executions of those on death row, Egyptian President Abdel Fattah el-Sissi told reporters at the funeral of Hisham Barakat Tuesday, the country’s top prosecutor who was killed in a car bombing Monday. Barakat had been a key government figure in orchestrating the crackdown on the Muslim Brotherhood party.

“The arm of justice is chained by the law. We’re not going to wait for this. We’re going to amend the law to allow us to implement justice as soon as possible,” an angry Sissi said in a televised speech surrounded by Barakat’s mourning relatives.  Read more

‘Charging Zuma not my call’

The DA has accused the former acting head of the National Prosecuting Authority, Mokotedi Mpshe, of ducking and diving on the corruption charges President Jacob Zuma faces.

In a 13-page supplementary affidavit filed yesterday, Mpshe denied that he decided to delay the prosecution of Zuma on more than 700 charges. Read more

Indonesia to review ageing air force fleet after deadly crash

Indonesia’s president promised a review of the country’s ageing air force fleet and a defence modernisation drive on Wednesday, as the death toll from the crash of a military transport plane in the north of the country climbed past 140.

The C-130B Hercules aircraft, which went into service half a century ago, ploughed into a residential area of the city of Medan on Tuesday, throwing a renewed spotlight on Indonesia’s woeful air safety record. Read more

Eurozone Ministers Set to Weigh Greece’s Latest Proposal

Eurozone finance ministers were set to weigh Greece’s latest proposal for aid Wednesday, hours after the country’s international bailout expired without a deal, cutting it off from vital financing and deepening fears over whether it will be able to remain in the eurozone.

With its failure to repay the roughly 1.6 billion euros ($1.8 billion) to the IMF, Greece became the first developed country to fall into arrears on payments to the fund. The last country to do so was Zimbabwe in 2001. Read more

World Bank Urges China to Embrace Basic Financial Reforms

The World Bank has urged China to carry out fundamental reform of its state-dominated financial system to keep economic growth on track.

The bank said Wednesday that the communist government needs to address wasteful investment, over-indebtedness and weak regulation of its shadow banking system. It said failure to do that could “deflect the economic trajectory” of the country. Read more

Indonesia plane crash: death toll rises to 144 as investigation begins

The death toll from the crash of an Indonesian military transport plane that careered into the side of a building in Medan on Tuesday has risen to 141.

Names of the 12 crew on board the C-130 Hercules plane have been released and authorities have confirmed that more than 100 passengers were also on board. Read more

US and Cuba to open embassies after landmark deal breaking 54-year blackout

The US and Cuba have announced a breakthrough deal to reopen embassies after a 50-year blackout between the Cold War enemies.

The announcement follows months of negotiations between US President Barack Obama and his Cuban counterpart Raul Castro. Read more

Nike co-founder Phil Knight will step down after 47 years

Nike co-founder Phil Knight, who turned a business selling shoes out of the back of his car into the world’s most valuable sports brand, has announced plans to step down as company chairman.

Business visionary Knight, 77, was a middle distance runner in college who began the company in a handshake deal with Oregon coach Bill Bowerman in 1964, with each putting up $500. Read more

Asian share markets cautious after Greece misses IMF loan payment

Asian share markets were in a guarded mood on Wednesday as Greece became the first developed economy to default on a loan with the IMF, setting the scene for another day of uneasy action.

Although an unwelcome milestone for Athens, it came as no surprise to investors after weeks of stop-start talks, and the euro faded only a little, to $1.1136. Read more


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