SABINEWS MORNING NEWS UPDATE FOR NOVEMBER 25, 2016
Obasanjo is grandfather of corruption in Nigeria –Reps
For describing the National Assembly as being peopled by a gang of unarmed robbers, the House of Representatives has lashed out at ex-President Olusegun Obasanjo, calling him the grandfather of corruption.
The Reps described Obasanjo as the most corrupt Nigerian that ever held a public office, adding that he, however, saw himself as the only clean human being. Read more
FG, ASUU to end negotiations in three days
The Minister of Education, Mr. Adamu Adamu, assured the Senate on Thursday that the issues that led to the face-off between the Federal Government and the Academic Staff Union of Universities would be resolved in three days.
It was gathered that the minister gave the assurance at the meeting the FG had with ASUU at the instance of the President of the Senate, Dr. Bukola Saraki. Read more
Corruption, not a threat to national security, says Magu
The Economic and Financial Crimes Commission on Thursday punctured the argument of the Department of State Services that corruption was a threat to national security, the reason the latter gave to justify the raids it carried out on the homes of some judges across the country last month.
The stance of the anti-graft agency is a manifestation of the rivalry among security agencies, particularly between the DSS and the current leadership of the EFCC. Read more
SON seizes N100m cooking gas cylinders
The Standards Organisation of Nigeria has impounded six container loads of substandard Liquefied Petroleum Gas products in Lagos.
The Director, Inspectorate and Compliance Directorate of SON, Bede Obayi, an engineer, said this while addressing newsmen on the activities of the organisation on Thursday. Read more
Fayose visits Akure, campaigns for Jegede
The Ekiti State Governor, Ayodele Fayose, on Thursday, asked the people of Ondo State to protect their votes ahead of Saturday’s governorship election in the state.
Fayose spoke in Akure during a rally held at the Democracy Park along the Oba Adesida Road shortly after the governorship candidate of the Peoples Democratic Party, Eyitayo Jegede (SAN), arrived in Akure. Read more
S’East govs, ministers shun inauguration of Enugu FTZ
The governors of Abia, Anambra, Imo and Ebonyi states on Thursday shunned the groundbreaking of the Enugu Free Trade Zone at Emene, near the Akanu Ibiam International Airport, in Enugu.
The Enpower Enugu Free Trade Zone, the first in the South-East, is designed to promote commerce and trade in the zone. Read more
NBA president pledges to weed out bad eggs
The Nigerian Bar Association (NBA) has said that the bar is doing everything possible to weed out bad eggs from the legal profession and the judiciary.
It also reiterated the need for President Muhammadu Buhari to wage his battle against graft with strict adherence to due process and the rule of law. Read more
Amosun, Akande, Ajimobi, Aregbesola meet over APC crisis
The governors of Ogun, Oyo and Osun states on Wednesday night held a closed-door meeting with the former Chairman of the All Progressives Congress, Chief Bisi Akande, at the Government House, Isale-Igbein, Abeokuta.
This came after they left the ‘Tributes Day’ held by the Yoruba socio-cultural group, Afenifere, in honour of the late Sir Olaniwun Ajayi, an Afenifere chieftain, at his Isara-Remo home. Read more
11 feared dead in Enugu car crash
No fewer than eleven persons were feared dead in an auto crash in Enugu.
The spokesman, Enugu State Police Command, Mr. Ebere Amaraizu, who disclosed this in a statement on Thursday, said the accident occurred around 9pm on Wednesday, in Ezeagu, Enugu State, along the Enugu-Onitsha Expressway. Read more
Nnewi is industrial hope of Nigeria, says Osinbajo
The Vice-President, Prof. Yemi Osinbajo, on Thursday described Nnewi, Anambra State as the industrial hope of the country. He stated this during a tour of companies and factories in Nnewi.
Osinbajo, who described the Chairman/Chief Executive Officer of Chicason group, Dr. Chika Okafor, as one of leading industrialists in Africa, assured the people that the Federal Government would address the issue of power and forex to mitigate the harshness the industrialists pass through. Read more
Oke, Akeredolu disagree as Jegede calls for poll delay
The Independent National Electoral Commission has rejected the calls for the postponement of the November 26 governorship poll in Ondo State, saying there is no justifiable reason to delay the election.
The governorship candidate of the Peoples Democratic Party, Eyitayo Jegede (SAN), on Thursday, who visited the state chapter of INEC to lodge a protest, called for the postponement of the election. Read more
Murder trial: A’court grants Rivers ex-LG boss bail
The Port Harcourt Division of the Court of Appeal on Thursday granted a N10m bail to the embattled former Chairman of Asari-Toru Local Government Area of Rivers State, Mr. Ojukaye Amachree, who is facing murder charges.
Amachree, who is a chieftain of the All Progressives Congress, is being prosecuted on two different murder charges before a Rivers State High Court. Read more
Egun men search for wives, children after attack
Days after hoodlums attacked Otodo Gbame, a predominantly Egun community in the Lekki Phase 1 area of Lagos State, some women and children have been declared missing by their relatives.
John Avonah, a 65-year-old Egun man, told PUNCH Metro that he had yet to locate his wife, Alice, and his five-year-old twins, Matilenu and Maseri, since the attack. Read more
Forte Oil, MRS, 222 others bid for crude lifting contracts
Forte Oil, MRS Oil, British Petroleum Oil International, Glencore Energy Services Limited and 220 other foreign and local oil companies on Thursday in Abuja submitted bids for the sale and purchase of Nigeria’s crude oil grades.
This is coming as the Nigerian National Petroleum Corporation stated that the country’s crude oil grades had continued to earn premiums as most of them were being refined in India and Europe, contrary to claims that the nation was finding it tough to sell its crude. Read more
Nigeria to resume sale of crude to U.S.
There are indications that the United States may resume the buying of crude oil from Nigeria.
This is just as India, Thailand and Indonesia have emerged the preferred destination of Nigerian crude oil exports. Read more
CBN sets up financing structure for MSMEs
The Central Bank of Nigeria has moved to increase financing to the Micro, Small and Medium Enterprise sector through the establishment of the National Collateral Registry.
The bank stated this during a three-day workshop with the theme ‘The secured transaction and national collateral registry as a tool for deepening access to finance MSMEs’, which was organised by the Bankers’ Committee’s sub-committee on Economic Development, Sustainability and Gender for MSME desk officers in banks in conjunction with the NCR, International Finance Corporation and World Bank. Read more
World Bank to support Nigeria’s maritime sector with $40m
The Nigerian Shippers Council said the World Bank has indicated its willingness to support Nigeria’s maritime sector with $40million.
The fund is expected to be used to clear the traffic gridlock along ports access roads in Apapa, Lagos. Read more
CBN: Manufacturers, Others Got $867m for Raw Materials in October
In continuation of its resolve to ease foreign exchange (FX) pressure on manufacturers and other strategic players in the Nigerian economy, the Central Bank of Nigeria (CBN) said it met about 7,792 requests for FX valued at $867,834,186.26, through the inter-bank window to enable them source vital raw materials and spare parts for their respective industries.
A summary of the Forex Utilisation for the month of October 2016, from the central bank indicated that the raw materials sector received the highest allotment, as it got access to FX valued at $355,744,861.05 or 40.99 per cent of the total value of FX utilisation for the month under review. Read more
Reserves rise by $589m in one month
The nation’s foreign exchange reserves, the volume of money or other assets held by the Central Bank of Nigeria (CBN), a lender of last resort, which the government uses to offset its liabilities, have recorded an increase of $589 million, after weeks of consistent and gradual gains, despite demand pressure.
The increase now brings the stock of reserves to $24.49 billion, up from $23.91 billion four weeks ago, representing a 2.5 per cent rise. Read more
Economy underperforming due to weak SMEs sector
To address the underperformance of the Small and Medium Enterprises’ (SMEs) sector to the nation’s economy, the Bank of Industry (BoI) has earmarked N300 billion for the development of the sector over the next three years. It said the move was to make funds accessible for entrepreneurs to start up and expand their businesses in the country.
The acting Managing Director, BoI, Waheed Olagunju, explained that the Development Finance Institution (DFI) had so far disbursed about N15 billion to SMEs, creating about 600,000 jobs in the country. Read more
Ambode seeks improved FDIs for local content, job creation
The Lagos State government has sought improved Foreign Direct Investments (FDIs) in the State and country to boost local content and reduce unemployment ratio.
According to the State Governor, Akinwunmi Ambode, Nigeria needs investment such as what Nigerian Breweries Plc has done to complement the efforts of Federal Government in bringing down the double-digit unemployment rate in the country. Read more
NAICOM disowns BPE insurance transactions
The National Insurance Commission (NAICOM), the industry regulator, dissociates self from any complicity with the Bureau of Public Enterprises (BPE), which is currently facing investigations over shady insurance transactions by it.
BPE is responsible for implementing the Federal Government’s policy on privatisation and commercialisation. Read more
Ghana coach unhappy over draw with Nigeria
Ghana coach, Yusif Basigi, has revealed his side wanted to win against Nigeria in Wednesday’s Africa Women Nations Cup Group B match but settled for a 1-1 draw.
The Black Queens conceded first on 19 minutes when Cynthia Adobia turned Asisat Oshoala’s shot into her own net. But Ghana equalized from the spot three minutes from the break through captain Elizabeth Addo, who was fouled by Halimat Ayinde inside the box. Read more
Pastor spent four days on the road just to ‘pray’ for Super Falcons in Cameroon
At a time many Nigerians are holding tight to whatever they have due to the current economic recession, Rev. Ambrose Ezeala sees things differently.
To him, no matter the impact of recession on Nigerians, it will not stop him from rendering his ‘selfless’ services to his fatherland, particularly when the female national team, the Super Falcons, are on African Nations Cup duty. Read more
Reps Member Urges Dalung to Have Confidence in Eagles
House of Representatives member representing Amuwo Odofin federal constituency, Mr. Oghene Egoh has urged the Minister of Sport,
Barrister Solomon Dalung to develop confidence in the new crop of Super Eagles, saying they need to be given more time to blend properly. Read more
COPA Lagos Promotes Tourism with Beach Clean up
Kinetic Sports, organisers of the prestigious annual beach tournament, COPA Lagos at the weekend mobilised Nigerians from all walks of life for a clean-up of Lagos coastal area of the Elegushi Beach in Lekki.
The exercise which has become a part of the yearly COPA Lagos calendar is aimed at conserving the beach. It encourages cleanliness in the environment as a way of preserving marine life. About 150 people took part in this year’s edition of the exercise, including popular celebrities, staff of Kinetic Sports, and top officials from corporate sponsors of COPA Lagos including FCMB, Pepsi and Wakanow and Hero; with SuperSport and Cool Fm as partners.. Read more
Trump’s Crisis Nobody Is Talking About Is in Egypt
Every day Gamal, 48, roams his dirt-track village south of Cairo offering to do odd jobs for a pittance. Amid a deepening economic crisis in Egypt, he has been out of work for over a year and has five children to feed. The former construction worker lives off free handouts from charities and discount government food parcels distributed by the army.
Overnight, as Egypt’s central bank made the shock move earlier this month to float the pound and slash energy subsidies, he saw prices doubled, making it all but impossible to survive. Read more
Death toll in China power plant accident climbs to 74
The death toll in the collapse of a platform under construction at a power plant in eastern China has risen to 74, with two others injured, as China’s chief safety inspector arrived to oversee an investigation, state media said on Friday.
Deadly accidents are relatively common at industrial sites in China, where anger over lax standards is growing. Three decades of swift economic growth have been marred by incidents ranging from mining disasters to factory fires. Read more
Kidnapped Australian surgeon Ken Elliott declared Burkina Faso citizen
An Australian surgeon kidnapped by jihadists in Burkina Faso nearly two years ago, and whose whereabouts remain unknown, has been declared a citizen of the west African nation, an official decree announced on Wednesday.
Ken Elliott was abducted along with his wife Jocelyn, 76, an Australian humanitarian worker, in January 2015 by al-Qaida-linked jihadists from Djibo, a dusty town near the border with Mali and Niger. The couple had run the sole medical clinic there since 1972. Read more
Mike Pence rents swanky five-bedroom $6,000-a-month DC home while Trump stays in Manhattan
He hasn’t been sworn in as Vice-president yet, but Mike Pence has already made the move to Washington DC.
Pence is expected to spend a lot of time in the nation’s capital over the coming weeks, as he has taken on the role of spearheading Donald Trump’s transition team. Read more