March 24, 2019

*Obasanjo endorses Buhari* *Court dismisses Gbajabiamila’s N620bn suit against CBN*

*Obasanjo endorses Buhari* *Court dismisses Gbajabiamila’s N620bn suit against CBN*

Sabinews Daily Morning News Update for February 11, 2015MORNING NEWS


National News

Obasanjo endorses Buhari

Former president Olusegun Obasanjo on Tuesday publicly expressed support for the All Progessive Congress Presidential candidate General Muhammadu Buhari.
Until now,Obasanjo has not specifically endorsed Buhari despite his open criticism President Goodluck Jonathan regime. Read more

Court dismisses Gbajabiamila’s N620bn suit against CBN

A Federal High Court in Lagos has entered judgment in favour of the Central Bank of Nigeria in a suit questioning its alleged printing and unilateral spending of N620bn in 2009 without first obtaining the approval of the National Assembly.

The suit marked FHC/L/CS/1125/2009 was instituted by a member of the House of Representatives, Femi Gbajabiamila, who is the Minority Whip of the House. Read more

Group laments victimisation of female students over hijab

The female President of the Muslim Students?‘? Society of Nigeria, Lagos State Area Unit, Hajia Hafsa Badru has warned that members of the group will not rest until molestation of students wearing hijab  is relaxed.

Speaking at the recent commemoration of World Hijab Day in Lagos where over 7, 000 female students in hijab marched from Ikorodu Road to Ojota, Lagos, she said the celebration is to express the groups dissatisfaction over alleged harassment of those who wear the Islamic headscarf. Read more

PDP Accuses APC of Plotting to Denigrate the Military, Cause Crisis in Nigeria

The ruling Peoples’ Democratic Party (PDP) on Tuesday dismissed the claims of the All Progressives Congress (APC) that it interfered and pressurised the Independent National Electoral Commission (INEC) to reschedule the general elections as an attempt to trigger a political crisis in the country and denigrate the esteemed position of the military in maintaining the unity of Nigeria.

The party also accused the APC of acting as an agent of destabilisation. Read more

UN Backs Nigeria’s War against Terrorism

The United Nations (UN) has said it stands firmly behind Nigeria in its legitimate fight against Boko Haram terrorists.

President Goodluck Jonathan also got the assurance of the Secretary General of the UN, Ban Ki-moon, on the multinational force under the Lake Chad Basin Commission to combat the terrorists who committed atrocities in Nigeria’s North-east and in neighbouring territories. Read more

ALGON expresses commitment to ending joint account tussles

The state of uneasiness that characterises the relationship between the local government and the states government will soon be over as the Association of Local Governments of Nigeria (ALGON) has expressed its readiness for amicable resolution of the controversies surrounding the issue of joint accounts involving both tiers of government.

The newly elected national chairman of ALGON Interim Management Committee (IMC) and the present chairman of Abuja Municipal Area Council (AMAC), Hon. Micah Jiba, disclosed this in Abuja when he assumed office at the headquarters of the association. Read more

Police recover 147 bombs from top govt official, others in Borno

The police in Borno State have recovered 147 unexploded bombs suspected to have been kept by Boko Haram in a house and in a remote village near Maiduguri, the state capital. Police Commissioner, Mr Clement Aduda, told journalists yesterday in Maiduguri that the 147 bombs known as Cluster Ordinances (UXOS) were discovered in a house in the capital and at Sumo village, few kilometres from Maiduguri where insurgents had launched a daring attack on the city on January 25 this year. Read more

Boko Haram abducts 20 in Borno village

No fewer than 20 persons, including women and children were, last Sunday abducted by suspected Boko Haram terrorists at a village in Bama local government area of Borno State, security sources said.

The villagers, according to a security source who spoke on phone, said the people were abducted at Akada-Banga village in Bama local government area of Borno State, while traveling to another village in Chad. Read more




Professionals Seek Involvement in Economic Development

For Nigeria to make headway in its bid to become one of the most developed economies in the world, the incoming government must engage more Nigerian professionals, the President of Association of Professional Bodies of Nigeria (APBN), Mr. Foluso Fasoto has said.

Fasoto, who made the call on Tuesday at the quarterly board meeting of the association held in Lagos, stressed that Nigerian professionals across all sectors of the nation’s economy have a lot to contribute to Nigeria’s development. Read more

Naira Continues Plunge as Devaluation Looms

The naira hit a new record low of N202.50 to a dollar at the interbank segment of the foreign exchange market despite the intervention by the Central Bank of Nigeria (CBN), as investors continued to weigh the effect of the polls’ shift on the economy.

Also, the overnight interbank lending rate soared to a record high of 100 per cent yesterday due to dwindling foreign exchange supply in the market. Read more

Foreign investors target Nigeria for investment

Not less than 82 investors have shown interest to grape business opportunities in various aspects of economy available in Nigeria. The investors made their interest known recently at the first Building, Construction and Machinery Exhibition, BUILDMACEX, in Nigeria, organised by Atlantic Exhibition, an International exhibition organizer.

At the exhibition, foreign and local investors were gathered to showcase their products as well as deliberate on how to promote business in Nigeria. Read more

Index Declines Further as Market Extends Losses

The Nigerian equities market extended its losses for the second day this week as investors continued to adopt cautions trading following the shift of general elections by six weeks. The market had dipped the previous day after the shift in the elections, thereby extending anxiety among investors.

At the close trading yesterday, the market recorded another decline with the Nigerian Stock Exchange (NSE) All-Share Index, shedding 0.80 per cent to close at 29,125.69, while market capitalisation shed N78.4 billion to close at N9.718 trillion. Read more


Oil and Gas


FBN Capital Highlights Opportunities in W’African Oil, Gas sector

In spite of the challenges currently being faced within the sub-Saharan African Oil and Gas sector with production of shale oil in the world market, the reduction of oil imports from Nigeria by the USA and the global drop in crude oil prices, there appears to be hope on the horizon for sub-Saharan African producers.

This sentiment was expressed by the Head of Energy and Natural Resources at FBN Capital, Rolake Akinkugbe, while speaking at the 6th Annual West Africa Trade & Export Finance Conference organised by the Global Trade Review magazine in Lagos. Read more

Over $6b lost yearly to oil theft, says labour

Nigeria loses over $6billion yearly to crude oil theft, Chairman, Rivers State chapter of Trade Union Congress of Nigeria (TUC), Comrade Hyginus Chika Onuegbu, has said.

“In fact our concern is that hardly does any day go by in Nigeria, without the story of how large sums of money are stolen by Nigerians who are in positions of trust. Read more


World News


Britain and US shut Yemen embassies

Britons in Yemen have been advised to leave immediately after the British embassy was closed, following a takeover of the country by Shiite rebels.

The Foreign and Commonwealth Office said today diplomatic staff were being withdrawn from the country’s capital Sanaa amid security fears, saying they were at “increased risk”. The US State Department also said it had closed its embassy and evacuated staff. Read more

US warns ‘Russian costs will rise’ without Ukraine peace deal

The White House said President Barack Obama urged Russian President Vladimir Putin in a phone call to agree to a peace deal.

“If Russia continues its aggressive actions in Ukraine, including by sending troops, weapons, and financing to support the separatists, the costs for Russia will rise,” the White House statement added. Read more

Core! Apple sets Wall Street record

Apple has set a record on Wall Street as the first US company to be worth more than 700 billion dollars (£460.5bn) based on the value of its stock at the close of trading – almost twice the value of the next biggest company, oil giant Exxon Mobil.

Apple shares rose nearly 2% last night, closing at 122.02 dollars (£80), which gave the company a market value of more than 710 billion (£467bn). Read more

Brother of China’s premier steps down as deputy head of tobacco monopoly

Chinese Premier Li Keqiang’s brother has stepped down as deputy head of China’s powerful tobacco monopoly, state media said on Wednesday, removing a potential conflict of interest as the world’s largest tobacco user battles a major health crisis.

Li Keming, a vice director at the State Tobacco Monopoly Administration, has “been removed” from his position, Xinhua news agency said in a brief report, listing several other officials who were also stepping down. Read more



New electricity tariff stifling S’East businesses –ECCIMA boss

The recent hike in electricity tariff by the Power Holding Company of Nigeria (PHCN) is strangulating many manufacturing businesses in Nigeria’s South Eastern states, says Ifeanyi Okoye, President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

Okoye, who spoke while on a courtesy call on the management of The Sun Publishing Limited in Apapa, Lagos, yesterday as part of activities lined up for the forthcoming 26th edition of the Enugu International Trade Fair slated for March 13 – 23, lamented the effect of the tariff raise on businesses in the zone. Read more




NFF Makes Arrangement for Eaglets’ Successful Campaign

In its determination to ensure a very successful for the U-17 National Team, Golden Eaglets, at the 11th African U-17 Championship in Niger Republic, the Nigeria Football Federation has been actualizing plans to make the team’s stay in that country comfortable.

As part of this strategy, the NFF Director of Competitions, Dr. Mohammed Sanusi was in Niamey, capital of Niger Republic last week to meet with prominent personalities within the Local Organizing Committee and officials of the Embassy of Nigeria. Read more

Misau Wins Nigerian Unity Cup

Misau Local Government Area at the weekend emerged winners of the Nigerian Unity Cup in Bauchi State.
Misau defeated Bauchi LGA 5-3 on penalties in an explosive final played at the Abubakar Balewa Stadium, Bauchi. Read more

NSC kicks against imposition of Keshi

The National Sports Commission (NSC) has expressed displeasure over attempts by the powers that be to impose Stephen Keshi on the Nigeria Football Federation (NFF) at all cost.

A top staff of the commission hinted on Tuesday that the NSC is not happy over the manner Keshi is forcing himself on the job, referring to the presidential backing he seems to enjoy since winning the Nations Cup two years ago. Read more


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