Sabinews Morning News Update for April 29, 2015
National News
Agony as fuel scarcity hits Lagos
It was a hellish experience for Lagosians on Tuesday as many residents, commercial buses and car owners besieged filling stations in search of Premium Motor Spirit (PMS) otherwise known as petrol.
Entrances to filling stations in Lagos remained shut while black marketers flooded the streets with various shades of jerry cans advertising their products to those who are desperately in need of the scarce commodity. Read more
OPC Appoints New President
The Oodua People’s Congress (OPC) on Tuesday disclosed that it had removed the group’s founder, Dr. Fredrick Fasheun, as its president, saying he had been in charge for two decades without keeping to the vision that led to the formation of the group.
The congress also announced Mr. Dare Adesope as its new president, noting that the organisation was not established “to run monarchical system of government. How can one person be directing its affairs for 20 consecutive years?” Read more
Okada Riders Raze Students Hostel in Gwagwalada
Commercial motorcycle operators, popularly called Okada drivers, yesterday, razed students’ quarters, Zion hostel, behind NITEL office in Gwagwalada area council following a disagreement between the students and an operator.
Speaking to LEADERSHIP, an eye witness, Innocent Oguejiofor, a final year student of the University of Abuja (Unibuja), said a student staying in the hostel had a minor disagreement with an okada operator over change, saying the bike man went back and called his friend to set their hostel on fire. Read more
German, Canadian envoys visit Buhari, pledge support for Nigeria
As a sign of growing confidence in Nigeria’s economy, the German Chancellor, Angela Merkel and her French counterpart, Francois Hollande, have extended invitations to the President-elect, Muhammadu Buhari, to visit their countries.
Merkel currently heads the G7 economic block of industrialised countries- Germany, Canada, France, Japan, United States of America, Britain and Italy. Read more
TAN Moves to Tackle Unemployment, Create Industrial Parks
The Transformation Ambassadors of Nigeria (TAN) has concluded plans to establish industrial parks across the country in a bid to provide job opportunities for teeming Nigerian youths.
TAN in a statement signed by its Director of Media, Afam Ilounoh, explained that Nigerians would see TAN in other aspects of its mandate beyond the 2015 general election where the organisation carried out a public advocacy. Read more
FG says 90% electric bulbs in Nigeria meet quality standard
Minister of Trade, Industry and Investment, Olusegun Aganga, has said before the appointment of the Director General of the Standards Organisation of Nigeria [SON] that only 30 per cent of electric bulbs used in Nigeria met international quality standards. But there has been a significant improvement as 90 per cent of bulbs being used in the country now meets international quality standards, he said. Read more
Envoy seeks Nigeria, Egypt pact against corruption
The Egyptian Ambassador to Nigeria, Ashraf Abdel Kader Salama, on Tuesday said his country and his host nation, Nigeria, must work together to serve as good examples to other African countries, especially in the fight against corruption.
Salama said this during a visit to the Chairman of the Independent Corrupt Practices and other Related Offences Commission, Mr. Ekpo Nta, at the commission’s headquarters in Abuja. Read more
NGE election: Mark, govs, NUJ, others congratulate Adesina
Congratulatory messages have continued to pour in for the Managing Director of The Sun Publishing Limited, Mr. Femi Adesina, on his re-election as president of Nigerian Guild of Editors (NGE). He is to pilot the affairs of the guild for another two years.
The Senate President, David Mark; Governor of Imo State, Rochas Okorocha; Governor Kashim Shettima of Borno State, and their Ogun and Kogi states counterparts, Senator Ibiukunle Amosun and Idris Wada respectively, among others, hailed Adesina for the confidence reposed in him by his colleagues to lead the NGE for another term. Read more
NLC threatens govs over unpaid salaries
Nigeria Labour Congress (NLC) yesterday warned state governors owing workers to pay on or before May 29 or face total industrial crisis in their respective states.
The union said it had already directed its members in the affected states to commence mass protests from May 1 when the Workers Day would be observed worldwide till May 29 when the outgoing governors would hand-over to a new administration. Read more
Jonathan suspends permanent secretary
The Permanent Secretary, Ministry of Foreign Affairs, Ambassador Danjuma Sheni, has been suspended for his alleged role in the controversy over the invitation of Nigeria’s envoys from South Africa.
Media reports at the weekend claimed that Nigeria had recalled its envoys from South Africa over the xenophobic attacks in the country. Read more
Lagos records 45% Q1 increase in smuggling
Smuggling activities increased by 45 percent in Lagos area, indication heightened importers non-compliance to import regulations.
In its first quarter anti-smuggling report, the Federal Operations Unit (FOU) Zone A, Ikeja of the Nigeria Customs Service, said it made 482 different seizures valued at N228,906,100 with a payable duty of N65,538,209, and a duty paid value (DPV) of N294,444,309. Read more
INEC conducted worst election in Imo –Iheanacho
Governorship candidate of the All Progressives Grand Alliance (APGA) in Imo State, Captain Emmanuel Iheancho, has accused the Independent National Electoral Commission (INEC) of conducting the worst election in the annals of the state.
He alleged that the commission aided fraudulent practices during the governorship and state Assembly elections in which the wishes of the people of the state were not allowed to stand. Read more
Xenophobia: ICC to probe Zuma, Zulu King
Following a petition from Socio-Economic Rights and Accountability Project (SERAP), the Office of the Prosecutor of the International Criminal Court has decided to probe the xenophobic attacks against Nigerians and other African citizens in South Africa.
This was disclosed in a statement yesterday by SERAP’s Executive Director, Adetokunbo Mumuni. Read more
Police take custody of 5-year-old boy dumped in church
The police in Ogun State have rescued a five-year-old boy, Abraham Adeyemi suspected to have been kidnapped by unknown persons who dumped him in a church in Mowe, Obafemi-Owode Local Government Area on Sunday.
Police spokesman, Muyiwa Adejobi, a Deputy Superintendent, told reporters that the pastor of the Foursquare Gospel Church, Imedu-Nla in Mowe where Adeyemi was dumped, alerted the police. Read more
Economy
Bearish sentiments drag NSE index down 0.54%
The slide that had characterized trading on the floor of the Nigerian bourse continued on Tuesday when corporate performance indicators of the Nigerian Stock Exchange (NSE) went down by 0.54 percent, thereby strengthening the hold of the bears further on the equities sector.
At the close of transactions on Tuesday, the All-share index closed lower at 34,129.88 points, down from 34,317.72 points recorded on Monday, while market capitalisation dropped by N63.836 billion from N11.663 trillion to N11.599 trillion. Read more
Nigeria imports N125b worth of fish annually
Nigeria is currently importing an estimated 1.9 million metric tonnes of fish valued at N125bn per annum, the Minister of Agriculture and Rural Development, Dr Akinwumi Adesina has disclosed.
The minister, who received the board and management of Triton, a Nigerian fisheries conglomerate with foreign investment, in his office at Abuja on Tuesday, also disclosed that Nigeria is still struggling to meet the national fish demand put at 2.1 million metric tonnes per year despite the 800,000 metric tonnes per year addition from domestic production. Read more
Compliance with ECOWAS protocol key to industrial growth’
As Nigeria looks forward to expanding its export market, the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), has tasked government on the need to ensure compliance of ECOWAS member countries to signed trade protocols as part of measures to address dumping of goods from developed countries in the region.
Indeed, NACCIMA noted that the commencement of the ECOWAS Common External Tariff (CET) within the West African region has necessitated the need to reiterate compliance to all protocols signed by ECOWAS to eliminate dumping of goods in the region if Nigeriaís growing industries would survive. Read more
Zenith Bank handles challenges
Zenith International Bank Plc had to roll up its sleeves to contend with the untoward macroeconomic, regulatory and market specific challenges that faced the banking industry in Nigeria last year. The tumbling oil prices, cascading exchange rates, the regulator’s policy on dividend payment coupled with the uncertainty in the economy, amongst others are enough to unnerve a well capitalized and structured company. Read more
Policy inconsistency, poor implementation bane of Nigeria’s industrial growth
Government plays a central role in economic development by making good policies and that creating enabling environment for businesses to thrive. However, such efforts may be jeopardized if the policies are not in the right direction or are not properly implemented.
In every economy, policy stands as the major instrumental to fast-track development and growth, it serves as the guideline to shape the economy of the nation. It might also constitute a constraint to economic development if such policy is not properly made or not implemented for the purpose it is made by government. Read more
Gross Capital Inflows to Nigeria Decline by $1.82bn
Following fears about the possible outcome of the just concluded general elections and reversed economic growth due to dwindling oil prices, aggregate capital inflow into Nigeria fell considerably by $1.82 billion in 2014.
The Central Bank of Nigeria (CBN) External Sector Development Report for Q4 2014 showed that aggregate capital inflows (gross) stood at $2.64 billion, a sharp decline from $6.79 billion in the previous quarter and $4.46 billion in the corresponding period in 2013. Read more
Oil and Gas
Seplat Suffers N110bn Capital Depreciation One Year after Listing
One year after its listing on the Nigerian Stock Exchange (NSE), the worth of Seplat Petroleum Development Company Plc on the bourse has depreciated by N110 billion. Seplat, the only indigenous oil exploration and production firm on the NSE, got listed in April both on the Nigerian bourse and London Stock Exchange (LSE) after a successful $500 million initial public offering (IPO).
The stock was listed at N576 per share with a market capitalisation of N319 billion. Read more
Dangote Group unveils massive gas supply plan
Aliko Dangote, Africa’s richest man, plans to quadruple the supply of gas to Nigeria by building pipelines that may be backed by Carlyle Group LP and Blackstone Group LP, the world’s two biggest private-equity firms.
Dangote, who has a net worth of $15 billion, according to the Bloomberg Billionaires Index, will invest $2.2 billion to $2.5 billion in two sub-sea 550-kilometer (341-mile) pipelines running from the Niger Delta to the commercial hub of Lagos, Dangote, 58, said in an interview with Bloomberg. Read more
Power
Group insists on electricity metering to checkmate Discos
Despite move by the Nigerian Electricity Regulatory Commission (NERC) to empower consumers in the electricity market, the National Coordinator of Electricity Consumer Enlightenment Initiative, Mr. Ganiyu Makanjuola has insisted that provision of meters would work best for consumers.
NERC on Monday established the Nigerian Electricity Consumer Advocacy Network (NECAN) to consumers’ strong voice and power to counter the growing influence of operators over government institutions and policies in the electricity sector. Read more
Sports
FG honours Yekini, Ajunwa, Power Mike, Amokachi , Others
Late World Heavy weight Wrestling Champion, Mike Okpala a.k.a Power Mike, Late Super Eagles striker, Rashidi Yekini and Nigeria’s first Olympic gold medal winner, Chioma Ajunwa, were among distinguished Nigerians honoured on Tuesday by the Federal government, through the Federal Capital Territory Administration (FCTA).
Designated streets in the federal capital were named after them for the sterling part they played in bringing honour to their fatherland through sports. Read more
ITTF tourney: Toriola, Quadri crash out
Nigeria’s journey at the Men and Women’s Singles event of the ongoing International Table Tennis Federation World Championship ended on Tuesday when the country’s three representatives in the event crashed out in the first round of the main draw.
Segun Toriola and Aruna Quadri lost in the Men’s Singles while Funke Oshonaike lost in the Women’s Singles on Tuesday. Read more
NFF admits Puma rejected Eagles
The Nigeria Football Federation has admitted that major kit manufacturers, Puma, rejected several overtures made to them to kit the Super Eagles before the Nike deal was finally achieved.
A member of the federation’s board, Emeka Inyama, confirmed to Africanfootball.comthat Puma turned down the chance to kit the three-time African champions after Adidas decided not to renew their contract with Nigeria. Read more
World News
Fire Threatens To Spread Chernobyl Radiation
Firefighters in Ukraine are trying to prevent the country’s largest forest fire in decades from spreading towards the abandoned Chernobyl nuclear power plant.
A 19-mile (30km) exclusion zone remains in place around the plant, where in 1986 a reactor fire led to the world’s worst nuclear disaster. Read more
Yemen’s Houthis to investigate public figures, including Nobel laureate
Yemen’s Houthi rulers have launched an investigation against dozens of public figures, including Nobel Peace Prize laureate Tawakul Karman, state news agency Saba said late on Tuesday, following a complaint that could amount to treason.
Saba said a non-governmental organisation had filed a complaint with the public prosecutor claiming that 39 prominent figures, including many living in exile, had compromised the country’s independence, unity and territorial integrity. Read more
Saudi King Salman dismisses crown prince replacing him with nephew in major reshuffle
Saudi King Salman bin Abdulaziz has dismissed Crown Prince Moqren bin Abulaziz bin Saud and replaced him with his nephew Muhammad bin Nayef as the new heir to the throne.
In a major cabinet reshuffle, the king has removed the existing crown prince through a royal decree via the state-run Saudi Press Agency. Read more
Obama faces up to policy limits on U.S. urban ills
Despite his recognition that the violence in Baltimore is rooted in economic desperation, Barack Obama has been unable to enact substantial policies to tackle inner city problems, facing limits imposed by Congress and his own identity as the first black president.
As images of looting, rioting and fires from the east coast city transfixed the nation, Obama acknowledged on Tuesday he would be unable to win support for the kind of broad economic and criminal-justice reforms needed to transform urban neighborhoods. Read more
Follow us @sabinewsnaija
