20 Killed in Taraba Crisis
No fewer than 20 people were reportedly killed, 85 injured and 50 houses razed down in Nbishu and Wumban villages in Wukari local government area of Taraba State when unknown gunmen invaded the villages.
A resident of Wumban village, Mr Jeshua Maude, who spoke to us on phone, said that the unidentified gunmen numbering over 60 invaded the two villages about 3:25am on Friday and Sunday mornings and engaged in shooting and burning of houses. Read more
Boko Haram proclaims Islamic caliphate in Gwoza
BOKO Haram’s leader, Abubakar Shekau, in a video obtained by AFP, on Sunday, said Gwoza, a town in Borno State, seized by the insurgents earlier this month, has been placed under an Islamic caliphate.
“Thanks be to Allah who gave victory to our brethren in (the town of) Gwoza and made it part of the Islamic caliphate,” he said in the 52-minute video. Read more
NMA Bows to Ebola Threat
Following series of appeals from stakeholders and the health challenges and threats posed by the outbreak of the Ebola Virus Disease, EVD, in the country, the Nigeria Medical Association, NMA, midnight (Saturday) suspended its protracted seven-week old strike it commenced July 1st, 2014.
Consequently, all medical and dental doctors have been directed to resume duty at their working posts with effect from 8.00 hours today, Monday, 25th August, 2014. Read more
Obasanjo compares Jonathan administration to Abacha regime
Former President Olusegun Obasanjo has compared the President Goodluck Jonathan administration to the regime of the former military dictator, Sani Abacha.
Obasanjo made the comments whilst receiving a delegation of 150 persons from the Nigerian Market Traders Council at his Abeokuta hilltop mansion. Read more
I Will Return to My Seat – Nyako
Forty days after being removed from office, Admiral Murtala Nyako (rtd) has expressed hope that he will return to his post since his traducers did not follow the laid down procedure in ousting him.
Nyako, who has already filed an appeal at the Appeal Court against his impeachment, said there were justifiable reasons to prove that he was unjustly sent packing from his office by his opponents, who breached all the rules all in their desperate bid to get him out. Read more
Labour Cautions FG Over Rising Debt Profile
Worried by the country’s rising debt profile, the Trade Union Congress of Nigeria (TUC) has cautioned the Federal Government to check its resort to foreign loans before the future of Nigeria is once again mortgaged to foreign creditors.
The Director-General of the DMO, Dr. Abraham Nwankwo, had put the country’s domestic and foreign debt at $66 billion dollars (over N10 trillion), the external component being $9.38 billion. Read more
FG Orders Sale of Forfeited Vehicles to the Public
The federal government has set up a committee to dispose all forfeited vehicles and items recovered from criminals by the Nigeria Security and Civil Defence Corps (NSCDC).
The committee which was inaugurated by the Attorney General of the Federation and Minister for Justice, Mohammed Adoke (SAN), is headed by the Commandant-General of the NSCDC, Mr. Ade Abolurin. Read more
Lagos Airport gets additional Ebola screening equipment from US government
The Muritala Muhammed International Airport, Lagos, weekend got additional Ebola Virus Disease (EVD) screen equipment from the United States Government to boost screening capacity at the airport. The equipment is worth 5,000 US Dollars.
Making the donation at the Conference Room of the airport, the US Consul-General in Nigeria, Joff Hawkins expressed satisfaction with the timely response of the Nigerian Government to the contagious disease since its importation into the country by Patrick Sawyer, a Liberian a month ago. Read more
Senate, NPHCDA Flag Off Free Health Scheme In Delta
As part of the transformational agenda of the Goodluck Jonathan administration, Senate Committee on Health in conjunction with the National Primary Health Care Development Agency (NPHCDA) has flagged off Free Rural Health scheme in Delta state.
Flagging off the scheme at Idumuje-unor, the Chairman, Senate Committee on Health, Dr. Ifeanyi Arthur Okowa said the programme was initiated by the Senate Committee on health to address the health need of the rural dwellers that do not have opportunity for regular free health care services. Read more
Sabinews News Update on Economy
Arewa Cotton supports FG’s move on cotton production, begins free distribution of seeds
As part of efforts to key into the Federal Government’s Agricultural Transformation Agenda on cotton production, coupled with mission to increase production and the entire development of cotton value chain, Arewa Cotton, Nigerian leading cotton farming, ginning and farming firm has begun free distribution of cotton seeds to farmers in the South West and Edo State. Read more
FG, SMEs To Raise Monthly E-Payment Transactions To N1trn
The federal government, corporate organisations and small and medium enterprises (SMEs) are set to raise the current monthly N500 billion electronic payment transactions to N1 trillion before the end of the year as the financial inclusion strategy of the government gathers momentum. Read more
Nigeria’s Economy Strong Amidst Security Concerns – NIPC
Despite the security problem facing the country, the Nigerian Investment Promotion Commission, NIPC has said the nation’s economy still thrives after all.
The Executive Secretary of the Commission, Mrs. Saratu Umar who stated this in a keynote address entitled: Translating Nigeria’s Foreign Direct Investment, FDI Benefits into a reality, at the Nigerian Economic Summit Group, NESG in Abuja said the country’s economy has shown a strong resilience in spite of the security concerns while stressing that the NIPC is reviewing the Pioneer Incentives currently being granted to investors to cover only critical activities. Read more
Banks Get Authorised Signatories Verification Portal
The Central Bank of Nigeria (CBN), in collaboration with relevant stakeholders, has developed an industry portal for the verification of authorised signatories in the Nigerian banking system.
The banking sector regulator explained that the move was in furtherance of its efforts in developing a safe, reliable and efficient payment system in the country. Read more
How ATM Charge Will Save Nigerian Banking Industry- Experts
The reintroduction of ATM charges last week by the Central Bank of Nigeria was greeted by public outcry, with many lamenting that the move is another ploy by the apex bank and the banks to further impoverish Nigerians. People say the move would discourage customers from using ATMs, thereby threatening the cashless policy.
The reintroduction may not also be unconnected with the three-quarter withdrawal of government deposits in bank vaults by the apex banks, when it raised Cash Reserve Ratio (the percentage of deposits banks must keep with the apex bank at zero interest). Read more
Nigerian Emerges Best Alumni of IP3 Washington DC
The first African winner of the Best Alumnus of the Institute for Public-Private Partnership, IP3, Washington DC, Mr. Joseph Tsavsar, has identified non-payment of taxes by Nigerians as a major hindrance to the socio-economic development of the country.
He lamented that Nigeria was not making appreciable progress in the area of fiscal planning and budget implementation due to the failure of its citizenry to perform their civic responsibility of regularly paying their taxes. Read more
Ecobank Nigeria Mulls additional Capital Raising
Ecobank Nigeria is considering raising additional capital in order to boost its tier-1 capital.
The subsidiary of Ecobank Transnational Incorporated (ETI) recently raised $250 million in tier-2 capital, thereby lifting its capital adequacy ratio (CAR) to 16.5 per cent.
However, under Basel II and III, the bank’s CAR dropped to 14.5 per cent, further highlighting the need for more capital to support growth. Read more
Ebola takes toll on Nigeria’s economy
FRESH facts have emerged that the Ebola virus disease is affecting several sectors of the Nigerian economy, as the nation risks losing over $3.5 billion (N542.5 billion) to the epidemic by December, if nothing is done to contain the spread.
Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, who stated this in the firm’s latest report, said the fear of the disease had affected economic activities significantly. Read more
Business Summit to Boost Job Creation, Made-in-Nigeria Products
The federal government is organising a two-day business summit to encourage the patronage of made-in-Nigeria products as well as boost the manufacturing sector of the economy.
The Chief Executive, Business in Nigeria and Co-organiser of The summit, Mr. Udechukwu Christian, told journalists in Abuja that the summit expected to hold between October 9 and 10, seeks to support the production of goods and services in the country as well as support manufacturing and patronage of locally produced goods and services. Read more
Sabinews News Update on Oil and Gas
Oando Energy reduces debt by US$98m
OANDO Energy Resources has announced the conversion to equity of principal and interest in the amount of US$ 98 million, outstanding under the US$ 1.2 billion facility agreement dated 10 February, 2014 with Oando Plc.
This is contained in a statement issued by the Nigerian Stock Exchange (NSE) at the weekend. Read more
Oando Converts $98m Loan to Equity in Subsidiary
Oando Plc has converted $98 million loan to its subsidiary listed in Toronto Stock Exchange (TSX), Oando Energy Resources (OER) to equity, increasing its stake from 93.2 per cent to 93.8 per cent. Oando, in notification to the Nigerian Stock Exchange (NSE) on Friday said the loan is part of the $1.2billion facility it gave to OER for the, explaining that $ 41 million of principal remains outstanding under the Oando Loan and an aggregate principal amount of approximately $ 292 million remains available to be drawn. Read more
EFCC Challenges Lashann Energy to Provide Evidence of Sale of Stolen Crude Oil
Following reports by the Wall Street Journal (WSJ) regarding investigation by the United States Government into the alleged sale of stolen crude oil from Nigeria to a Ghana-based company, the Economic and Financial Crimes Commission (EFCC) has challenged claims by Lashann International Energy Corporation to provide evidence of the commission’s involvement in the said deals. Read more
Total Bemoans High Cost of Oil and Gas Projects in Nigeria
A French oil major, Total, has bemoaned the high cost of projects in Nigeria’s oil and gas industry, identifying long contracting cycle, security and community issues as factors that prompt contractors to inflate the cost of projects in the country.
The company has also called on the federal government to ensure that the Petroleum Industry Bill (PIB) reduces the duration for getting approvals for projects, saying the number of agencies involved in granting approvals for projects are also responsible for the high cost of projects due to the delay in getting approvals. Read more
US Beams Searchlight on Ghana’s Saltpond Platform over Stolen Crude
The United States government has launched investigation into crude oil shipments from Saltpond platform, a small oil facility off the coast of Ghana, due to strong suspicion that some of Nigeria’s stolen oil may be exported through the facility.
The majority owner of the platform, Lushann International Energy Corporation, a private company based in Houston, has agreed that some of the oil it loads into tankers come from Nigeria but insisted that it purchases the crude legally from the Economic and Financial Crimes Commission (EFCC), which has the primary responsibility of cracking down on oil smuggling. Read more
Sabinews News Update on Sports
NFF congress moved to Abuja, no elections
The General Assembly of the Nigeria Football Federation will meet in Abuja on Tuesday to draw up a new roadmap leading to the conduct of NFF elections, it was agreed on Sunday evening.
The decision came after a serious disagreement over the schedule as the sports minister had asked that the election be held along with general assembly on the same day contrary to the position of the world football governing body, FIFA. Read more
Germany Nips Falconets
The Nigeria U20 women’s football team, the Super Falconets on Sunday lost 0-1 to Germany in the final of the world cup in Canada.
The Falconets were heavy favourites going into the game decided at the Olympic Stadium, Montreal but it was the Germans that tore the form books to shreds. Read more
Strife-torn Libya withdraw as 2017 CAN hosts
The decision was not surprising amid intense fighting between Islamist and nationalist fighters in the oil-rich North African state.
Rival militia are battling for power in a vacuum created after the collapse three years ago of the Moamer Kadhafi dictatorship. Read more
Sierra Leone makes harboring Ebola victims a crime
Sierra Leone’s parliament has made the harboring of Ebola victims a crime drawing a two-year prison sentence in an attempt to stop the spread of the deadly virus, the justice minister said on Saturday. Read more
Mozambique rivals agree ceasefire ahead of elections
The government of Mozambique has signed a ceasefire with the Renamo opposition party in a bid to end hostilities ahead of elections in October.
The deal follows two years of low-level clashes between armed members of Renamo and government forces. Read more
Israel targets Hamas official’s home
Gaza officials say Israel has carried out a new round of airstrikes and opened tank fire on the coastal strip, killing two Palestinians.
Police say one of the airstrikes struck the home of Omar al-Bursh, a Hamas justice ministry official, while another damaged Gaza’s border crossing with Egypt. Read more
Japan ready to offer flu drug for Ebola treatment
Japan said Monday it is ready to provide a Japanese-developed anti-influenza drug as potential treatment to fight the rapidly expanding Ebola outbreak.
Chief Cabinet Secretary Yoshihide Suga told reporters that Japan can offer the anti-influenza tablet favipiravir, developed by a subsidiary of Fujifilm Holdings Corp., any time at the request of the World Health Organization. Read more
Britain says it’s close to identifying beheading suspect
Britain is close to identifying a suspected British national shown beheading American journalist James Foley in a video released by Islamic State militants last week, the British ambassador to the United States said on Sunday.
With Islamic State fighters now in control of vast areas of northern Iraq, the country’s prime minister-designate, Haider al-Abadi, used a meeting with the visiting Iranian foreign minister to call for greater international efforts to destroy the Islamist group. Read more
DR Congo Cases Test Positive For Different Strain of Virus
Two Ebola deaths have been confirmed in the Democratic Republic of Congo where 13 others have died recently, prompting the health minister to declare an Ebola epidemic in one of the affected regions of the central African country.
Minister Felix Kabange Numbi said that two of eight samples from the northwest Equateur province came back positive for Ebola, reports AP. Read more
Liberia Loses 2nd Doctor to Ebola
Dr. Abraham Borbor, Deputy Chief Medical Doctor at Liberia’s leading medical institution, the John F. Kennedy Medical Center and one of three doctors recently injected with the Anti-Ebola trial drug, ZMAPP has died.
In confirming Dr. Borbor’s death to FrontPageAfrica late Sunday night, Information Minister Lewis Brown, said the news came as a shock because the veteran doctor had been improving since the drug was administered. Read more
Sabinews News Update on Energy
Power supply decline in industrial zones takes centre stage
The poor power supply situation in many industrial zones is biting hard on local manufacturers who keep asking the new electricity managers when the proverbial ‘light at the end of the tunnel’ will move from mirage to reality.
The Manufacturers Association of Nigeria (MAN) recently reported in its July to December 2013 Economic Review that power outage in industrial zones rose to 8.3 hours per day in the second quarter of 2013 (H2 2013), from 7.8 hours per day reported in the first half of the year (H1 2013). Read more
How to resolve lingering gas-power crisis – NERC boss
Dr. Sam Amadi is the Chairman and Chief Executive Officer of the Nigerian Electricity Regulatory Commission (NERC). He obtained various degrees from various institutions, which includes University of Calabar (LLB), Harvard Law School (LLM & SJD), and Kennedy School of Government, Harvard University (MPA). He was a fellow at the Carr Center for Human Rights Policy, the Edward Mason Fellowship in Public Policy and Management, Kennedy school of Government, Harvard and also Reginald Laws Fellow at the Harvard Law School. He has served in a wide array of governmental and non-governmental institutions which includes: US-Nigeria Bi-National Commission, Presidential Committee on Review of Reform Processes in the Public Service in Nigeria, USAID and OSIWA. Read more