SABINEWS MORNING NEWS UPDATE FOR OCTOBER 11, 2016
DSS releases judges on bail, NJC meets today
The seven judges, who were arrested on Friday and Saturday by the Department of State Services, have been released on bail.
A source in the DSS, who confided in The PUNCH on Monday evening, said the judges were released on own recognisance on Sunday. Read more
Rice price’ll fall by Nov. — FG
The Federal Government on Monday declared that the price of rice would start to fall from November this year.
It stated that more Nigerians had returned to their various farms, adding that at the next harvesting season next month, the price of rice would start to crash. Read more
Kidnappers of Lagos pupils give families 48-hour ultimatum
As four pupils, a teacher and a vice-principal of Lagos Junior Model College, Igbonla, Epe, Lagos State, spend five days in captivity, the kidnappers have given their families 48 hours to pay the ransoms placed on them.
This is just as the abductors told the families on Monday that the health condition of the schoolboy, reported to be sick, had worsened. Read more
Many militants are mere extortioners, says Buhari
President Muhammadu Buhari on Monday said the aim of the Niger Delta Avengers who are attacking oil and gas installations in the region was to colonise the country economically.
According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke while granting audience to Germany’s Foreign Minister, Dr. Frank-Walters Steinmeier, at the Presidential Villa, Abuja. Read more
There’s hunger, starvation in the land, northern leaders tell Buhari
Northern leaders gathered on Monday in Kaduna, the Kaduna State capital and told President Muhammadu Buhari to work harder at fixing the nation’s economy because there was hunger and starvation in the land.
The northern leaders, however, said that despite the current economic woes characterising the President Buhari’s administration, their votes for him (Buhari) in the 2015 presidential election were never wasted. Read more
Court strikes out case on OAU VC appointment
The Federal High Court, Osogbo, Osun State has said that it lacks jurisdiction to hear a case challenging alleged irregularities in the appointment of the Vice-Chancellor of the Obafemi Awolowo University, Ile-Ife.
The case was between the OAU Governing Council and workers of the university under the aegis of Non-academic Staff Union of Universities and the Senior Staff Association of Universities. Read more
We got N13m from ransom paid for Emefiele – Soldiers
Two soldiers, Lance Corporals Musa Maidabra and Edwin George, serving at 122D30 Regiment in Maiduguri, Borno State, have been arrested for transporting the ransom that was paid for the release of the wife of the Central Bank Governor, Margaret Emefiele.
Emefiele and three others were abducted along Benin-Agbor Road about two weeks ago and were released 24 hours later after the payment of undisclosed amount to their abductors. Read more
Crackdown on judiciary, threat to democracy –PDP
The Peoples Democratic Party in Akwa Ibom State has urged Nigerians to resist attempts by the All Progressives Congress-led Federal Government to scuttle the nation’s democracy.
The PDP Publicity Secretary in the state, Mr. Ini Ememobong, on Monday in Uyo, described the arrest of judges by the Department of State Services as “burglary and kidnapping.” Read more
Group asks FG to freeze Shiites’ bank accounts
A civil rights organisation, Coalition Against Terrorism and Extremism, has called on the Federal Government to move a step further by placing a nationwide ban on the activities of the Islamic Movement in Nigeria, led by Ibraheem El-Zakzaky.
According to CATE, government should take further the recent order by the Kaduna State Government, which banned the group from operating in the state, “by ordering the immediate freezing of the bank accounts illegally operated by IMN.” Read more
Go after past CBN govs, Falana tells EFCC
A human rights lawyer, Mr. Femi Falana, has said that he will apply for an order of Mandamus to compel the Economic and Financial Crimes Commission to investigate and prosecute the Deposit Money Banks over loans allegedly granted them by former governors of the Central Bank of Nigeria.
Falana, who spoke at a dinner organised by the executives of the Senior Staff Club of the University of Ibadan in honour of members recently appointed by the Federal Government, the loans were given between 2006 and 2011. Read more
Buhari targets locally-made goods to overcome recession
President Muhammadu Buhari on Monday said his greatest desire for the nation’s economy, currently in recession, was to move from import-dependence to self-sufficiency.
Buhari spoke at the 22nd Nigerian Economic Summit with the theme, ‘Made in Nigeria’, which was held in Abuja. Read more
Wike orders payment of LG workers’ salaries
The Rivers State Governor, Chief Nyesom Wike, on Monday directed the State Local Government Service Commission to ensure the payment of outstanding salaries owed to local council workers in the state.
Wike, who gave this directive shortly after swearing in 19 local government caretaker committee chairmen at the Government House in Port Harcourt, said council workers’ salaries must be paid before the release of imprest and security votes to council chiefs. Read more
Herdsmen attacks: TUC boss predicts food scarcity in S’East
The Chairman of the Trade Union Congress in Enugu State, Chukwuma Igbokwe, warned on Monday that herdsmen attacks in the South-East could lead to food scarcity in the zone.
Igbokwe, who spoke with our correspondent in Enugu, noted that the areas herdsmen attacked in the zone were agrarian communities regarded as the ‘food baskets’ of the South-East. Read more
Labour leader tasks FG over unpaid salaries
A labour unions chieftain in Delta State, Comrade Williams Akporeha, yesterday, called for urgent measures by relevant government agencies to offset the unpaid salaries of over five years owed workers of the Delta State Steel Company (DSC), Aladja.
Comrade Akporeha who spoke to journalists in Warri, frowned at the non-payment of the salaries, adding that: “It is said that DSC workers have become the sacrificial objects for the bureaucratic ritual between Asset Management Corporation of Nigeria (AMCON) and the Bureau for Public Enterprise (BPE)”. Read more
ACCA unveils new qualification skills to shape accountancy profession
The Association of Chartered Certified Accountants (ACCA) has added an array of innovations to its Master’s level qualification, tailored to meet the strategic challenges of the 21st century’s disruptive economy.
ACCA’s latest innovations to the top level of its qualification are new Strategic Professional level exams, which will replace the existing Professional level exams in September 2018, and a new Ethics and Professional Skills module, which will be introduced in October 2017. Read more
Ondo Guber Watch: Police read riot act to politicians
Ahead of the November 26 election in Ondo, the state Commissioner of Police, Mrs Hilda Harrison Ibifruro has read the riot acts to politicians in the state.
The Commissioner who addressed a gathering of leaders of all political parties in the state warned that the command would not tolerate any breach of the existing peace in the state before, during and after the election. Read more
Customs gets N25.6 billion from Tincan Port
The Tincan Island command of the Nigerian Customs Service (NCS) has got about N25.6 billion as revenue in the month of September 2016.
The earnings, according to the Area Controller, Comptroller Bashar Yusuf were made possible by the various strategic plans initiated towards enhancing the revenue collecting capacity of the Tincan Island Port. Read more
NIPOST to clamp down on illegal courier operators
THE Nigerian Postal Service, NIPOST, has said that it would commence nationwide clampdown on illegal courier operators across the country.
The area postal manager for the Anambra territory, Mr. Uriah Jaja told reporters in Awka that activities of illegal courier operators were denying NIPOST a lot of revenue, adding that the regulatory arm of the service had already swung into action in the Lagos area to fish out the illegal operators and would soon extend its activities to all the states in the country. Read more
I Lost Over 100 Chiefs To Boko Haram – Shehu Of Borno
The Shehu of Borno, Alhaji Umaru Ibn Garbai Elkanemi has said that he lost over 100 of his local chiefs to Boko Haram insurgents within the seven years of their atrocities .
The royal father also said that it will be a huge task for people to live together with the repentant Boko Haram insurgents after the atrocities they committed against the people of Borno. Read more
SSANU bemoans ownership crisis of Ladoke varsity
The Senior Staff Association of Nigerian Universities (SSANU) has decried the ownership tussle between the indigenes of Oyo and Osun states at the Ladoke Akintola University of Technology, Ogbomoso.
The unions said the struggle is becoming a threat to lives and property of the staff. Read more
Police dismiss, arraign killer cop …family buries undergraduate victim
The Lagos State Police Command has dismissed Sergeant Collins Idom, who allegedly shot dead an undergraduate of a polytechnic in Edo State, Joseph Eidonojie-Ugbeni.
Idom had spent 14 years in the Nigeria Police Force before his dismissal. Read more
Gas shortage cuts off 3,269Mw
The Nigerian Electricity Supply Industry (NESI) yesterday said generation companies (GenCos) could not produce 3,269megawatts (Mw) of electricity as a result of gas shortage to fuel the power plants.
In its October 8 performance report that it posted on its website yesterday, it noted that the power sector lost 371.7Mw due to line constraint and also lost 479.4Mw owing to high frequency constraint. Read more
Oil price hits one-year high at $53
Global oil benchmark, Brent, jumped to a one-year high on Monday, after Russia said it was ready to join the Organisation of Petroleum Exporting Countries in curbing crude output.
The oil price has risen from $45 on September 28 when OPEC decided to cut output for the first time in eight years. Read more
Oil sector exposure poses systemic risks to banking sector – CBN
The Central Bank of Nigeria, CBN, has expressed concerns over the banks’ exposure to the oil and gas sector, stating that the huge exposure was capable of triggering systemic risks in the financial sector.
CBN, in its June 2016 Financial Stability Report, stated that the huge exposure of banks to the oil and gas sector coupled with the low price of crude oil in the international market continued to generate concerns especially regarding the capacity of the obligors to meet their obligations. Read more
Seven banks are undercapitalised, says report
A stress test conducted by a Dubai-based international investment bank, Arqaam Capital, has indicated that seven Nigerian banks are undercapitalised to the tune of N1tn ($3.2bn).
It also reported that two other banks were close to being insolvent. Read more
Development Bank of Nigeria gets $1.3b for SMEs financing
The Federal Government has set aside about $1.3 billion to support Small and Medium Enterprises (SMEs) in the country. The fund will be managed by the Development Bank of Nigeria (DBN), the Minister of Finance, Mrs. Kemi Adeosun, has said.
Mrs. Adeosun, who spoke during a briefing with Nigerian reporters attending the International Monetary Fund (IMF)/World Bank Group meetings in Washington DC, yesterday, said SMEs are part of the engine that will spur the growth of the economy. She added that lending at low rates to SMEs will now be facilitated through the DBN. Read more
Banks in credit crisis, says report
Some banks may have been experiencing a “full-blown financial crisis” due to a cash crunch arising from “failed fiscal and monetary policies”, according to a report.
But the Arqaam Capital report published yesterday by Bloomberg is in conflict with a Central Bank of Nigeria (CBN) statement which last month gave all the 22 commercial banks a clean bill of health. Read more
FG to Spend N350bn Releases to Fund Budget
Amid complaints that Nigerians are not feeling the impact of the economic policies of the present administration, Vice-President Yemi Osinbajo has assured the public that the federal government is bent on revamping the Nigerian economy through its policies designed to diversify the economy.
Osinbajo, who spoke at the Policy Dialogue Forum on the economy at the 22nd Nigerian Economic Summit in Abuja yesterday, said there was need for government to inject more money into circulation to cushion the effects of the recession, and one of the ways through which government could achieve it is to inject the expected N350 billion that was looted by past governments into the Nigerian economy to fund the budget. Read more
Emefiele promises review of forex policy to stimulate real sector
Nigeria’s prostrate industrial sector may soon get some fresh impetus as the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has promised to review some aspects of the bank’s flexible exchange rate policy to allow more manufacturers and other end users more access to foreign exchange, after nearly two years of embargo on importers of 41.
Emefiele, who spoke in Washington DC, USA, after crucial sessions with foreign investors and other stakeholders including the International Monetary Fund (IMF), and the World Bank Group, noted that though the flexible exchange rate policy was commended by several stakeholders at the meetings, there may be need still to review some aspects of it in the months ahead, to boost job creation and manufacturing capacity. The policy change option was coming amidst huge job and capacity losses in the manufacturing and other critical sectors of the economy since its introduction on June 23, 2015. Read more
Our players were afraid of Nigeria stars – Zambia captain
Zambia skipper Rainford Kalaba has admitted some of the players were afraid of Nigeria stars who play in the Premier League and this caused their 2-1 loss to the Super Eagles in their World Cup qualifier on Sunday,AfricanFootball.com reports.
Zambia lost for the first time in Ndola with Premier League stars Alex Iwobi and Kelechi Iheanacho scoring for Nigeria in the first half. Read more
Nwosu urges Rohr to work on defence
Henry Nwosu has said Nigeria coach, Gernot Rohr, needs to work on the Super Eagles’ defence if the team are to do well in the Russia 2018 World Cup qualifiers.
The Eagles began their 2018 World Cup qualifiers with a 2-1 win over Zambia at the Levy Mwanawasa Stadium, Ndola on Sunday, with goals from Kelechi Iheanacho and Alex Iwobi. Read more
Buhari hails Eagles
President Muhammadu Buhari on Monday praised the Super Eagles for their 2-1 victory over Zambia in their 2018 World Cup qualifier on Sunday in Ndola, Zambia.
Buhari, in a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, described the victory as “cheery and soul-lifting”. Read more
Cameroon 2016: Eucharia defends Omagbemi’s list
Former Super Falcons coach, Eucharia Uche, has defended current coach of the team, Florence Omagbemi, over her selection of players for the Cameroon 2016 African Women’s Cup of Nations.
The competition will hold between November 19 and December 3. Read more
Students Clash With Police in South Africa Over the Escalating Cost of Education
Many black students said they are being priced out of higher education
Renewed clashes between police and student protesters erupted Monday outside one of South Africa’s largest universities, with students demanding free education. Read more
Brazil lawmakers pass spending cap in boost to Temer’s austerity drive
Brazil’s lower house of Congress approved a landmark proposal to cap public spending in a first-round vote on Monday, a major victory for President Michel Temer’s efforts to regain market confidence and pull the economy out of its worst recession ever.
After nine hours, lawmakers approved the measure 366-111, well above the 308 votes or three-fifths majority needed for passage. The constitutional amendment that limits spending growth to inflation still needs another super-majority vote in the lower house and two in the Senate for final approval. Read more
China building collapse kills at least 22
Twenty two people have been confirmed dead after a group of residential buildings collapsed in eastern China, state media reports.
The incident on Monday saw four buildings in Wenzhou in Zhejiang province reduced to rubble, reported the Xinhua news agency. Read more
Donald Trump suggests more ‘inappropriate’ tapes may emerge
Donald Trump has hinted there may be more recordings of him making lewd remarks which could surface before election day.
It follows rumours there are further examples of the Republican presidential hopeful using sexist or inappropriate language while filming reality TV shows. Read more