Sabinews Morning News Update for May 4, 2015
Terrorists’ fuel, food supplier nabbed
The Defence Headquarters, yesterday, said the man who specialised in supplying fuel and food to terrorists was nabbed in the early hours of Sunday at Daban Shata in the suburbs of Baga Borno State.
It said military intelligence had been trailing him till he was eventually trapped. He is presently undergoing interrogation in a military facility. Read more
House Committee Faults Forensic Audit of NNPC
The chairman of the House of Representatives Standing Committee on Public Accounts, Solomon Olamilekan Adeola, has called on the incoming government of General Muhammadu Buhari to sanction the global renowned auditing firm, PriceWaterCoopers (PwC), for allegedly carrying out a shoddy forensic audit on the Nigerian National Petroleum Corporation (NNPC) regarding the alleged missing $20 billion from the corporation’s coffers. Read more
214 ‘Rescued’ Girls, Women Pregnant –UNFPA
The United Nations Populations Fund (UNFPA), on Sunday said about 214 of the 687 women and girls so far rescued by the Nigerian Army from the dreaded Sambisa Forest in Borno State are at various stages of pregnancy.
The Army had last Tuesday announced the rescue of 293 girls and women from the forest which covers about 60,000sqm, followed by another 160 and 234 on Friday, who were expected to begin the process of profiling to determine their true identity, amidst initial hopes that some could be among the 219 girls abducted from Government Secondary School, Chibok. Read more
Armed Men Kill Dozens in Kardako, Plateau State
Dozens of people were feared killed in Three Taroh villages of Kadarko, Kurmi and Wadata all in Wase Local Government Area of Plateau State when armed militia men in Nigerian Army camouflage stormed the villages, shooting any human being they sight.
Daily Independent gathered that armed men who arrived in over 40 trucks were said to have stormed the villages on Saturday following report of alleged killing of four soldiers at Angwan Nanmi, Karin Lamido Local Government Area of Taraba State. Read more
FG engages consultants to reconcile airlines’ debts
Managing Director, Nigerian Airspace Management Agency ,NAMA, Engr Ibrahim Abdulsalam weekend disclosed that the Federal government has engaged the services of financial consultant to reconcile the indebtedness of domestic airlines operating in Nigeria to the aviation agencies , namely, Nigerian Airspace Management Agency ,NAMA, Federal Airports Authority of Nigeria, FAAN, and the Nigerian Civil Aviation Authority, NCAA. Read more
Power Tussle Looms among Nasarawa Lawmakers-Elect
Power tussle is looming among Nasarawa State lawmakers-elect over who becomes Speaker as PDP House Members who are minority in the just concluded election in the state are warming up serious to still maintaining the speakership in Nasarawa State House Assembly Daily Independent learnt.
Anthony Obande, PDP House Member-elect representing Doma central constituency, stated that, there is in-house rule and law from National Assembly that only ranking members are allowing to contest for principal offices in the House. Read more
Nigerian Witch Doctor Sentenced to 14 Years Imprisonment in the US
Fifty-eight-year-old Nigerian man, Christopher Omigie, who is a self-acclaimed witch doctor, has been sentenced to 14 years in a US federal prison for providing drug traffickers with magical and “supernatural” protection.
At a court hearing on April 30, prosecutors told the presiding judge, Judge Marcia Crone, that Omigie presented himself to drug traffickers as a witch doctor who had the powers to prevent them from being arrested while they smuggled banned drugs and was paid “hundreds of thousands of dollars” to give supernatural protection from law enforcement. Read more
Heritage Bank appoints three directors
Heritage Bank Limited has appointed three top bankers as directors in a move to pursue and consolidate its emergence as one of the leading banks in the country.
The three new directors are Mrs. Adaeze Udensi, appointed as Executive Director, South Directorate; Mr. Ola Olabinjo, Executive Director, Lagos, South-West and Corporate Banking Directorate; and Mr. Jude Monye, Executive Director, Risk Management/Chief Risk Officer. Read more
Bank worker on trial for aiding N241m fraud
A Federal High Court in Lagos, last week Thursday, ordered the prison remand of a female member of staff of Diamond Bank Plc, Eniola Morondiya, who allegedly aided some fraudsters to process N241m said to be proceeds of a criminal act.
Morondiya, a teller on contract employment with Diamond Bank, was remanded along with the four alleged fraudsters, Suleiman Mohammed, Ibrahim Danazumi, Roland Aroko and Francis Akpabio, all males. Read more
Eko Atlantic City ready for occupation 2016
The first set of office buildings at the Eko Atlantic City will be ready for occupation by 2016, says the Lagos State Commissioner for Waterfront Infrastructure, Segun Oniru.
The commissioner added that project concessionaires had already offered for sale some facilities that would serve as offices. Read more
Lagos agencies recycle campaign posters
The Lagos State Signage and Advertisement Agency says the agency and the Lagos State Waste Management Authority have agreed to work together to recycle the waste generated from the 2015 campaign posters.
LASAA’s Managing Director, Mr. George Noah, on Sunday, said the partnership would not only aid the agency’s cleanup exercise, but it would help rid the state of an estimated 1.5 million campaign posters. Read more
RMAFC Commends NIPC for Its Reform Programmes
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commended the Nigeria Investment Promotion Council (NIPC) for its reform programmes aimed at transforming the council into a world-class investment promotion agency, enforcing the rule of law and minimising leakages in the activities of the NIPC. Read more
Weak Fiscal Buffers to Confront Incoming Administration
Nigeria’s weak fiscal buffers and election spending have created a fiscal gap that must be bridged to enable the incoming government perform its duties effectively.
To this end, analysts have advised the incoming administration of Major General Muhammadu Buhari (rtd) to block fiscal leakages and ensure that Nigeria’s tax system is strengthened. Read more
South African groups to double Nigeria investments
As xenophobia diplomatic tension between Nigeria and South Africa dies down, South African companies are taking bullish positions on the Nigerian economy, apparently crowding out local competition. Two of the South African companies have, Pepkor and Shoprite, amongst many others have announced expansion program that would more than double their stakes in the Nigerian economy.
Pepkor Ltd., the South African clothing retailer bought by Steinhoff International Holdings Ltd. for $5.7 billion in 2014, plans to double its presence in Nigeria with 10 store openings per year through 2018. Read more
US projects $1trn mark for Nigeria’s economy
Despite its current fiscal challenges, Nigeria’s economy has been predicted to hit the $1 trillion mark by 2030 by the U.S. Department of Agriculture, thereby making the economy the first African country to achieve such remarkable growth feat by the target date.
It also projected that South Africa economy would come closest to Nigeria’s economy with a projected GDP of $810.6 billion, followed by Egypt as the continent’s third largest economy with $471.5 billion GDP. Read more
SIFAX Group joins MNM African Shipping, targets non-oil exports
MNM African Shipping Lines Services has appointed the SIFAX Group, a fully Nigerian company with interest in maritime and shipping, aviation and oil and gas operations its representative in Nigeria to handle its shipments comprising both imports and exports in the largest economy in the African continent.
SIFAX Group is also a parent company to Ports and Cargo Handling Services Limited, which is the concessionaire in charge of terminal C of the Tin Can Island Ports Complex, Apapa. Read more
Haastrup: Why Rice is Still Smuggled Across Nigerian Borders
Chairman, Seaport Terminal Operators Association of Nigeria (STOAN) (STOAN), Mrs. Victoria Haastrup has given reasons why rice is still smuggled across Nigerian borders in spite of the numerous policies put in place by the federal government to discourage it over the years.
Haastrup, who is also the Executive Vice Chairman, ENL Consortium Limited, the operator of Terminal C, Lagos Port Complex (LPC), Apapa revealed that rice remained the only commodity being diverted to other neighbouring countries as a result of its prohibition in Nigeria. Read more
Rice Importers Take on Customs over N20bn Import Duty Payment
Rice importers have taken on the Nigeria Customs Service (NCS) over its resolve to collect the N20 billion import duty they allegedly evaded paying into the coffers of the federal government.
Following the reluctance of the rice importers to pay the import duty, the Customs High Command had issued a public notice in selected national newspapers giving the importers or their agents an ultimatum to pay on or before April 14, 2015. Read more
Dangote Sugar Records N22bn Revenue in First Quarter
Dangote Sugar Refinery Plc last week reported a revenue of N22.4 billion for the first quarter (Q1) ended March 31, 2015 and a profit before tax (PBT) of N3.8 billion, as against N25 billion and N5.8 billion respectively in the corresponding period of 2014. Profit after tax decreased to N2.4 billion, from N3.8 billion in 2014.
Commenting on the Q1 results, Group Managing Director of Dangote Sugar, Graham Clark, said: “As anticipated, the Q1 of 2015 proved challenging in terms of our operating environment, with sales volume being constrained by depressed market conditions. Sugar production slowed to match sales demand and stocks were built up in the period. Good advantage was taken of lower raw sugar prices, as the world sugar market continue to trend lower. Read more
Vitafoam Declares N246m Dividend, Issues Bonus
Despite the harsh operating environment, a frontline manufacturer of flexible, reconstituted and rigid foam, Vitafoam Nigeria Plc, a manufacturer of flexible, reconstituted and rigid foam, has proposed a dividend of N246 million, translating into 30 kobo per share, despite the operating environment. In addition to the cash dividend, the shareholders are to receive a bonus share of one for every five shares already held as rewards from the company’s improved performance in 2014.
According to the company’s financial performance, it posted an after tax profit of N659 million in 2014, up from N395 million recorded in the previous year, an increase of 67 per cent. Read more
Union Assurance pays out N290 million claims in Q1
Union Assurance Company PLC. appears to be doing quite well in balancing the dynamics of a post-acquisition restructuring programme with ongoing business operations as they have executed claims orders in excess of =N=290m in the first quarter alone.
According to Douglas Machuki, the Chief Underwriting Officer (CUO): whilst there remains a flurry of activities internally aimed at restructuring and repositioning the business, the firm stays committed to upholding service excellence. “Ours is an unwavering commitment to correcting the anomalies of the past in the quest for a brighter future for all our stakeholders. This commitment therefore starts with our customers. Read more
Dangote Cement Expends N217bn Pan-African Expansion
Dangote Cement Plc has invested N217 billion on its expansion programme across African countries during the 2014 financial year. The countries are Nigeria, Senegal, Cameroun, Congo, Ghana, Cote d’Iviore, Sierra Leone, South Africa, Ethiopia, Tanzania and Zambia.
The amount shows an increase of 55 per cent above the N140 billion invested in projects and normal capital expenditure in 2013. Read more
Stock Market Closes Higher Despite Weak Sentiments
Despite three days of consistent losses, investors in the Nigerian equities market smiled home last week as the market closed positively helped by increased naira votes.
At the beginning of the week, the market witnessed a mixture of poor sentiment towards and profit taking by anxious investors who were afraid the post -election rally may not be sustainable. Read more
Oil and Gas
Union Bank Finances N4bn Gas Plant Project
Union Bank of Nigeria Plc has signed a N4 billion agreement to finance Egboama Gas Plant owned by PNG Gas Limited.
A statement from the bank explained that the facility will provide the required funding for the refurbishment and upgrade of gas plant located in Delta State. Read more
Subsidy: Oil marketers insist on payment plan for N200bn balance
Following the Federal Government’s release of N154.2bn to settle a part of the subsidy arrears owed petrol marketers, the marketers have insisted that government should liquidate the subsidy balance of N200.2bn.
The marketers, who had requested for a meeting with the Federal Government, will be meeting with the Minister of Finance to find a lasting solution to the problem. Read more
Pinnick to Meet Blatter Today
Nigeria Football Federation (NFF) President, Amaju Pinnick is set to meet with FIFA president Sepp Blatter on today in Zurich.
Pinnick will meet with the world football governing boss on Monday towards enhancing the growth of Nigeria football. Read more
NBBF Throws D’Tigers Coaching Job Open
The Nigeria Basketball Federation (NBBF), has thrown open the vacant head coach position of the senior national basketball, the D’Tigers.
Rising from its board meeting yesterday, the NBBF unanimously agreed to welcome application from any coach interested to lead the D’Tigers to the defence of the All African Games title as well as qualify the country for the 2015 FIBA Africa Basketball Championship in Tunisia. Read more
Okagbare Leads Team Nigeria to Gold in Bahamas
Team Nigeria’s women’s 4x200m relay quartet of Blessing Okagbare, Regina George, Dominique Duncan and Christy Udoh made the country proud at the weekend, winning the gold of the event and a new national and African record on the first day of the 2015 IAAF/BTC World Relays in Bahamas
Pre-event favourites USA looked to be on course to successfully defend the title from last year, but a poor final baton exchange between Jeneba Tarmoh and Olympic 200m champion, Allyson Felix cost the Americans the gold. Efforts of the other duo of Shalonda Solomon and Kimberlyn Duncan ended in vain with the poor baton exchange Read more
Flying Eagles Land in Germany
Upbeat Flying Eagles of Nigeria landed in Germany yesterday morning after a six-hour flight from Abuja the previous night.
The African champions made up of 26 players and 10 officials touched down at the Frankfurt Airport by 6am local time, which is an hour ahead of Nigerian time. Read more
India soldiers die in Nagaland rebel attack
Indian police say eight soldiers have been ambushed and killed by rebels in the north-eastern state of Nagaland.
Reports said the attackers opened fire on Sunday when troops stopped to fetch water from a stream. The soldiers shot back, killing one of the gunmen. Read more
Three rescued eight days after Nepal quake as U.S. Marines arrive
Three people were pulled alive from the rubble of their home eight days after Nepal’s devastating earthquake, as a supply logjam threatened to hamper disaster relief efforts bolstered by the arrival of U.S. aircraft and troops.
The small-scale rescue, announced on Sunday by a home ministry official, brought fresh hope to a badly-hit district northeast of the capital Kathmandu, but about 50 bodies were also discovered on a northern trekking route obliterated by an avalanche that the April 25 quake triggered. Read more
Magnitude-5.6 quake jolts New Zealand; no major damage
A magnitude-5.6 earthquake jolted the South Island of New Zealand Monday afternoon, but there were no initial reports of major damage or injuries.
The United States Geological Survey put the center of the temblor at 30 kilometers (19 miles) northwest of the town of Wanaka. Read more
China says climate change threatens major projects
Climate change threatens some of China’s most important infrastructure projects, China’s top meteorologist warned in a state newspaper, adding the country’s rate of warming was higher than the global average.
Zheng Guoguang, head of China’s Meteorological Administration, told the weekly newspaper the Study Times that the uptick in recent weather disasters such as floods, typhoons, droughts and heatwaves had a “big connection” to climate change. Read more
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