2 Female Bombers Kill 8 in Potiskum as FG Faces N1.9tn Funding Gap in 2015 Budget

2 Female Bombers Kill 8 in Potiskum as FG Faces N1.9tn Funding Gap in 2015 Budget

Sabinews Daily Morning News Update for January 12, 2015MORNING NEWS


National News

2 Female Bombers Kill 8 in Potiskum

Twin explosions carried out by two female Boko Haram bombers yesterday killed at least eight people while 46 were injured in Potiskum, Yobe State. Hospital sources said five bodies were deposited and 46 injured persons admitted after the terrorists who rode in a tricycle, detonated explosive devices in a GSM market.

Witnesses said the two ladies rode into the GSM market at about 3.30pm yesterday with nobody suspecting any­thing. “Some of us saw them, but never thought they were bombers”, one of the eyewitnesses, who did not want her name in print, told Daily Sun on phone. Read more

FG faces N1.9tn funding gap in 2015 budget

The Federal Government faces about N1.935tn funding gap in the N4.3tn budget proposed for the 2015 fiscal year, a new report has found.

This represents a 45 per cent shortfall in the budget revenue. Read more

Detroit auto show roars to life

Luxury and performance vehicles look set to steal the headlines at the first major international auto show of the year in Detroit, further proof the industry is back to its boisterous best after near-collapse.

The world’s top vehicle manufacturers were Sunday putting their finishing touches to their extravagant display stands and there was no mistaking the prevailing sense of optimism and anticipation. Read more

Hepatitis Ravages Boko Haram Transit Camp

As insurgency in north-east­ern Nigeria continues unabated, the number of people rendered homeless escalates everyday with over 28,000 refugees in Cameroun and some internally displaced persons (IDPs) in Bauchi, Yola, Taraba, Numan, Jos Karu and Abuja.
A visit by Daily Times to an IDP camp, set up by Stefano’s Founda­tion for the resettlement of most vulnerable families showed that many people in the camp have been diagnosed to be hyperten­sive, 40 are Hepatitis B positive, while some of the children have pneumonia. Read more

Human Rights Abuses: Baga Massacre Has Vindicated the Military, Says DHQ

The Defence Headquarters (DHQ) has said recent reports from the foreign media and Amnesty International, which have relied on information from prominent Borno politicians about the recent massacre of over 2,000 civilians in Baga town, have absolved the Nigerian military of human rights abuses and barbaric killings previously attributed to it by the same groups.

The Director of Defence Information (DDI), Maj-Gen. Chris Olukolade, while responding to THISDAY inquiries on Sunday, said the human rights bodies, northern and foreign groups have finally been confronted with the atrocities of the Boko Haram terrorists. Read more

‘Fraudsters Penetrate Pension Scheme’

When the federal government observed some lapses in the 2004 Pension Act, the intention was to lace pension administration with rigid security features to protect pensioners’ money.

It, therefore, reviewed the law to further strengthen the industry regulator, the National Pension Commission (PenCom). Read more

Moves to plug $3.3bn metal imports gather momentum

The metal industry is beginning to receive positive signals as the Federal Government intensifies plans to reduce annual import of basic metal (including aluminium), iron and steel, which is valued at $3.3 billion.

The Federal Government is spearheading a move to bring in investors that will develop bauxite, iron ore and other essential minerals that serve as raw materials in the industry. The move is aimed at increasing access to raw materials for the local industry and reducing overdependence on imported materials in the sub-sector. It is also targeted at increasing capacity utilisation in the industry, which currently stands at 52.3 percent, Real Sector Watch has gathered. Read more

Ports council raises alarm over shortage of seafarers

The Port Consultative Council (PCC) has ex­pressed worry over the global decline in the number of active seafarers, saying the trend portends threat to shipping sector development.

Chairperson of the ports’ foremost advisory body, Otunba Kunle Folarin, in an interactive session with re­porters in Lagos, noted that although the development is a global issue, the Nigerian situation might have reached an alarming stage that requires urgent action. Read more




‘Nigeria’s earnings to drop on oil fall’

Nigeria’s earnings from overseas will drop hugely this year due to the falling global oil prices.Olusegun Aganga, the Minister of Industry, Trade and Investments, gave this hint, weekend, when he inspected Secure ID and its subsidiary, Secure Card Manufacturing Limited in Lagos. The Minister noted that the falling oil prices will affect the country’s balance of payments with the rest of the world. Read more

UBS Top Executives, Edmond de Rothschild, GTBank to Showcase Nigeria’s Economy in Switzerland

Nigeria’s economic potentials will come under focus in Geneva Switzerland a day before the commencement of World Economic Forum in Davos, Switzerland.

Scheduled to offer positive rhythm towards sound economic growth, investment attraction to shape the country’s infrastructure and power deficits, design forward looking strategy towards navigating Nigeria’s mono-economic posture to a well diversified economy beyond oil and gas,  African Wealth Report (AWR),  the Executive Summit on Nigeria’s Economy as Africa’s Largest with the theme, “Sustaining Nigeria’s Economy Beyond 2015”, would play host to global leaders, thinkers, and shapers in Geneva on January 20, at the President Wilson Hotel by Lake Geneva. Read more

Nigeria Slips 22 Places in Prosperity Index

The Legatum Research Institute, London, has placed Nigeria on 125th position out of 142 countries worldwide based on its 2014 Prosperity Index (PI) ranking just released.

Nigeria occupied 89th position in the 2009 PI annual ranking. Read more

Experts Predict Prolonged Tight Monetary Policy

Analysts at BGL Securities Limited have estimated that the Central Bank of Nigeria (CBN) will maintain its restrictive monetary policy stance in 2015.
The investment firm stated this in its recent economic outlook for 2015. Read more

2,544 BDCs make CBN list

The Central Bank of Nigeria (CBN) has given   approval to additional 102 Bureau De Change (BDC) operators, bringing the total to 2,544 since the recapitalisation deadline lapsed in July.

The CBN had last August, published a list of 2,442 licensed BDC firms, which it said, had complied with its new capital requirements of N35 million as at July 31, last year. Read more


Oil and Gas


Analysts warn of pain ahead for oil and gas contractors

Oil services companies are bracing themselves for pain as a result of the dramatic fall in the oil price, with analysts warning contractors and suppliers are set to come under significant pressure as producers seek to slash costs and delay investments.

MMA Offshore Limited managing director Jeffrey Weber said the oil services sector is grappling with uncertainty at how low oil prices might fall and for how long. Read more


World News


Asylum seeker on hunger strike sent to hospital after condition deteriorates

A 33-year-old man held in Darwin detention centre who restarted a hunger strike has been admitted to hospital.

The asylum seeker has gone more than two weeks without food since restarting a hunger strike three days after his lawyers and advocates persuaded him to take food shortly before Christmas. Read more

Divers recover one AirAsia black box, one to go

Divers have retrieved one of the black boxes from the AirAsia flight that crashed more than two weeks ago into the Java Sea and continue to search for the second, an Indonesia official says.

Henry Bambang Soelistyo, chief of Indonesia’s search and rescue agency, told reporters the flight data recorder was brought to the surface by four divers early Monday morning. Read more

South Korea’s President Will Hold Talks with the North Without Conditions

South Korean President Park Geun-hye announced during a nationally televised address on Monday that she’s willing to hold a summit with North Korean strongman Kim Jong Un without any pre-conditions.

“My position is that to ease the pain of division and to accomplish peaceful unification, I am willing to meet with anyone,” said Park. “If it is helpful, I am up for a summit meeting with the North. There is no pre-condition.” Read more




All Power Producers to Pay New Gas Price

Contrary to the concern raised that the recent increase in the price of domestic gas from $1.5 per thousand cubic feet (mcf) to $2.5 per mcf would not apply to existing long term Gas Supply Agreements (GSAs), investigation has revealed that both existing and future GSAs are affected by the new price.

In what it described as a “pragmatic and creative” short term approach to address the issue of inadequate gas supply to thermal generation plants across the country, the federal government, through the Nigerian Electricity Regulatory Commission (NERC) had approved a new gas-to-power pricing benchmark of $2.50/mcf and $0.80/mcf as transportation costs for new capacity. Read more




Emordi blames local league for Eagles’ woes

Kano Pillars coach Okey Emordi has blamed the current woes of Nigeria football on the poor state of the domestic professional league.

The CAF Champions League-winning coach said until the Nigerian Professional Football League is drastically improved upon, the country would continue to get poor performance from Super Eagles. Read more

Spurs make offer for Emenike

Barclays English Premier League club, Tottenham Hotspur have tabled an £8m bid for Nigeria international striker, Emmanuel Emenike.

Last week, Emenike’s agent, Edem Konyar revealed that the attacker was attracting interest from a host of clubs including Tottenham, AC Milan and Fiorentina. Read more



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About The Author

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

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