Sabinews Daily Morning News Update for September 8, 2014
National News
APC alleges fresh rigging plot
A presidential directive that the Nigerian Security Printing and Minting Company (NSPMC) should print all electoral materials has pitched the opposition All Progressives Congress (APC) against the Federal Government.
The APC believed if the order is carried out, it will threaten the ability of the Independent National Electoral Commission (INEC) to conduct a free, fair and credible elections. Read more
I Don’t Know When Jonathan Will Declare … Abati
Dr Abati stated this during an exclusive interview with ITV’s “This Morning on Itv” crew.
The presidential spokesman who insisted that the group remains faceless also added that government is doing everything to halt the increasing attacks of the insurgents.
According to Dr Abati, the door of dialogue is still open for members of the Boko Haram Islamist Sect. Read more
Jonathan in Chad for talks on terrorism
To forge stronger alliance against terrorism and violent extremism in the region, President Goodluck Jonathan will today in Ndjamena, Chad hold talks with his Chadian counterpart, President Idriss Deby.
The talks in Ndjamena, according to a statement by Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, is a follow up to their discussions in Nairobi last week on the sidelines of the African Union Peace and Security Council Summit. Read more
Diete-Spiff: Hold Shettima Responsible for Chibok Girls
Elder statesman and former Governor of the old Rivers State, Alfred Diete-Spiff, yesterday said the ultimatum given by the Northern Elders’ Forum (NEF) to President Goodluck Jonathan to bring back the Chibok girls before he could run in 2015 presidential election was all politics.
Diete-Spiff instead said the Governor of Borno State, Kashim Shettima, should be held responsible for the abduction of the schoolgirls. Read more
Edo Lawmakers to Resume on Monday
Members of the Edo state House of Assembly who have the intention of contesting various positions in the coming 2015 elections may have a major hurdle to cross.
This is because some of the residents of the state are not happy with the way they have conducted themselves in the business of law-making in recent times and have resolved not to vote for them again. Read more
Adamawa Guber Elections: Atiku Calls For Meeting Of Stakeholders
Former Vice President and chieftain of the All Progressive Congress (APC), Atiku Abubakar has called for an urgent meeting of critical stakeholders in Adamawa State to ensure a free and fair governorship election in the state on October 11.
The former Vice President made the call against the backdrop of the need to maintain security in the state and fears being expressed about the probable suffocation of the sovereignty of the people by the prevailing emergency rule in the state. Read more
Seplat Petroleum Donates Funds for Eradication of Ebola
Seplat Petroleum Development Company Plc, operator of the joint venture between the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) and Seplat, has joined other well-meaning Nigerian corporates in donating to the cause of eradication of the Ebola Virus Disease (EVD).
Head of Corporate Communications at Seplat, Mr. Emmanuel Otokhine said in a statement at the weekend that the company had donated N30 million to First Consultants Medical Centre, Lagos and N20 million to the Lagos Isolation Centre. Read more
Don’t be discouraged we’re addressing security challenges –Jonathan
President Goodluck Jonathan has assured Nigerians that his administration is doing every thing possible to tackle the security challenge in the country, urging them not to lose faith.
The president’s appeal came on the heels of report of Boko Haram sect making in road into the country and allegedly capturing some towns in Borno, Yobe and Adamawa states. Read more
Professionals task FG, states on due process in procurement
The Federal Government and the states have been enjoined to ensure due process in their procurement exercises.
The Procurement Professionals Association of Nigeria made the call at the stakeholders’ workshop on public procurement in Abuja. Read more
Kogi Govt stands on FG earlier directive on school resumption
In spite of the reversed decision by the Federal Government that all public and private schools across the country be reopen on September 22, 2014, the government of Kogi State has maintained that no resumption of schools till the October 13 as earlier directed by the Federal Government.
The state Commissioner for Education, Mrs. Agnes Okai, who issued the directive, said henceforth all schools must abide by school calendar provided by the Federal Government of Nigeria, warning that no private school should embark on mid-term or holiday outside the timetables stipulated for it as in public schools. Read more
Oil Firm Donates 400 Stalls to Communities in Akwa Ibom
Moni Pulo Limited, an indigenous oil company, has donated 400 market stalls to two communities of Enwang and Udesi in Mbo Local Government Area, Akwa Ibom State.
The company had established similar projects in Ebughu and Uda, all in Mbo council, the host communities of the company, two years ago. Read more
Sabinews News Update on Economy
FG Pools over $1bn to Float Development Bank Before Year End
After a successful launch of the Nigeria Mortgage Refinance Company (NMRC) and in a bold move to bolster the real estate sector, the federal government appears set to actualise its proposed wholesale development bank.
The sector has been largely hampered by the twin challenges of lack of access to long-term financing and high interest rate regime. Read more
Manufacturing GDP to grow on back of auto industry investment
The proposed investments in assembly operations by Peugeot Automobiles of Nigeria (PAN), Innoson Vehicle Manufacturers, VON Nigeria, among other automobile dealerships in Nigeria, are expected to push up the manufacturing sector’s contribution to the country’s Gross Domestic Product (GDP), BusinessDay has learnt.
The implication of this is that motor vehicles and assembly’s current contribution of 0.8 percent to the manufacturing sector will increase significantly, going by the volume of ongoing and proposed investments in the sub-sector. Read more
‘MFBs generated N125bn in 7 years’
The National Association of Micro Finance Banks (NAMB) said its members generated about N125 billion in their operations between 2005 when micro-finance banks were established in the country and 2012.
The president of the association, Mr Valentine Whensu, made this disclosure when he appeared on the News Agency of Nigeria (NAN) forum on Sunday in Abuja. Read more
Late passage of 2014 budget stalls business growth
The organised private sector has condemned the late passage of 2014’s budget, stressing that it has adversely impacted on business operation in the country.
Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) at its half-year review of the economy said it was disheartening that the budget christened, “Budget of Job Creation and Growth,” was not passed by the National Assembly until May this year and still awaiting the President’s assent. Read more
CBN, IFC plan collateral registry for SME explosion in December
In another move to enhance financial inclusion and improve the flow of credit to the Micro Small and Medium Enterprise (MSME) sector, the Central Bank of Nigeria (CBN), in collaboration with the International Finance Corporation (IFC), is set to kick off the collateral registry for moveable assets in December.
The MSME sector in Nigeria accounts for about 90 million jobs in the economy. However, less than 15 percent of MSMEs have access to finance. Lack of access to financing, most notably working-capital financing, has led to the crimping of sector growth and a loss in latent innovation, creativity and productivity. This is in spite of the abundant amount of credit made available via government and CBN schemes. Read more
Nigerian economy rises on non-oil sector growth
Data from the National Bureau of Statistics (NBS), yesterday, showed that the nation’s economy grew at a faster rate in the second quarter this year than the previous three months as a result of a stronger performance in the non-oil sector, particularly pharmaceuticals.
The Gross Domestic Product (GDP) has grown to 6.54percent in the second quarter of 2014 (4.18 percent quarter-on-quarter), higher than 5.40percent recorded in the corresponding quarter of 2013, and also the 6.21 percent recorded in the first quarter of 2014. Read more
Remittances from diaspora Nigerians as lubricant for the economy
Undeterred by the security challenges the country is presently wading through, Nigerians in the Diaspora continued to remit billions of dollars into their motherland on yearly basis.
Next to petrodollars, the second biggest source of foreign exchange earnings for Nigeria is remittance from Nigerians from abroad. Read more
Economy increased by 6.54% in Quarter 2 according to NBS
The National Bureau of Statistics (NBS) on Sunday launched the nation’s Gross Domestic Product figure for this year’s 2nd quarter, saying that the economy in actual terms increased by 6.54 %.
The bureau, in the report, said the 6.54 per cent growth rate, was higher than the 5.40 per cent recorded in the corresponding quarter of 2013 and also higher than the 6.21 per cent recorded in the first half of 2014. Read more
CBN May Tighten Monetary Policy Over Rising Inflation
Analysts have said the Central Bank of Nigeria (CBN) may have to further tighten monetary policy if the inflation figure for August rises despite the resolve of Godwin Emefiele, its governor, to work towards lowering rates.
Inflation has been on the rise since March this year and is inching closer to the nine per cent ceiling that the CBN set for this year, standing at 8.3 per cent in July. The Monetary Policy Committee of the apex bank has consistently held lending rate at 12 per cent since October 2012, although it had tinkered with cash reserve requirement as a measure to reduce liquidity. The CBN governor, Godwin Emefiele, had in his maiden speech in June, stated his resolve to ease monetary policy. Read more
Sabinews News Update on Oil and Gas
How IOCs Fleeced Nigeria of Billions of Dollars in M&A Fees, Taxes
Nigeria reportedly lost about $10 billion in revenue which should have accrued to the country from mergers and acquisitions (M&As) by multinational oil companies over 10 years ago. Read more
Damaged Nigerian gas pipeline pushes Ghana into load shedding
The Ministry of Energy and Petroleum has confirmed to Citi Business News that the current nationwide load shedding exercise is due to the damage to a major gas pipeline from Nigeria.
This coupled with maintenance works on the country’s power plants, low levels of water in the Akosombo and Bui dams have compounded the power generation challenge in the country. Read more
World News
US air strikes push Isis back from strategic Iraqi dam
US warplanes have carried out five strikes on Islamist insurgents menacing Iraq’s Haditha dam, witnesses and officials said, widening what President Barack Obama called a campaign to curb and ultimately defeat the militants.
Obama has branded Islamic State (Isis) forces an acute threat to the west as well as the Middle East and said that key Nato allies stood ready to back Washington in action against the group, which has seized expanses of northern Iraq and eastern Syria and declared a border-blurring religious caliphate. Read more
Saudi jails six for going abroad to fight
Saudi Arabia’s Specialised Criminal Court jailed six people for up to six years for security offences including travelling abroad to fight, adopting militant ideology and “breaking obedience to the ruler”, state media reported late on Sunday.
The kingdom imprisoned dozens of people last month in security trials amid fears that the conflicts in Iraq and Syria will radicalise a new generation of young Saudis. Read more
China exports up 9.4 percent, imports shrink again
China’s exports grew more than forecast in August while imports shrank unexpectedly for the second month in a row, a reminder of the fragile recovery in the world’s No. 2 economy, customs data showed Monday.
Exports rose 9.4 percent last month, down from a 14.5 percent expansion in July but higher than many economists had been forecasting. Read more
Meteorite hits Nicaraguan capital
A mysterious boom heard in the Nicaraguan capital Managua was made by a meteorite that left a crater in a wooded area near the airport.
Local residents reported hearing a loud boom on Saturday night, but said they did not see anything strange in the sky. Read more
China kills over 5,000 dogs after rabies killed five people
As rabies sweeps across dog populations in China’s southwest Yunnan province almost 5,000 canines have been culled in an anti- rabies campaign.
With 5 human deaths in the past three months, the municipal government in Baoshan City is carrying out a campaign to stop the threat, with more than 4,900 dogs killed and 100,000 vaccinated. Read more
Bikers, cyclist in road rage attack
In a shocking case of road rage, two motorcyclists allegedly assaulted a cyclist moments after one of them had knocked him down outside Wapadrand, east of the city.
Siphiwe Khumalo, the cyclist, was allegedly kicked and punched while lying on the gravel verge of Lynnwood Road by a pair of motorcyclists on Friday. Read more
Arab League chief says confront IS
The head of the Arab League has urged its members to confront Islamic State (IS) extremists “militarily and politically”.
The apparent call to arms came as President Barack Obama prepares to go to politicians and the American public with his own plan to stop the militants. Read more
Sabinews News Update on Energy
NERC opens office to resolve BEDC’s customer disputes
The National Electricity Regulatory Commission (NERC) has opened a forum office in Benin, the Edo State capital, to facilitate closer interface with consumers in addressing unresolved electricity issues between the Benin Electricity Distribution Company (BEDC) and its customers.
Minister of Power, Prof. Chinedu Nebo, who commissioned the office, said the initiative would enhance NERC’s mandate of protecting the right of consumers. Read more
FG sets aside N200bn for power sector liabilities
The Federal Government has set aside N200bn for the payment of outstanding market liabilities and financial obligations in the power sector.
The Chairman, Presidential Task Force on Power, Mr. Reynolds Dagogo-Jack, said this in Uyo, Akwa Ibom on Friday while on an inspection tour of power projects in the state as well as Cross River State. Read more
Nigeria Power Generation Hits Two-Year High
Nigeria’s electricity generation is getting a steady climb reaching a two-year high of 4,044 megawatts (MW), though it is still below the peak generation level achieved two years ago.
The country’s power generation capacity currently stands at 6,000 MWs and is to the expected to grow to 40,000 MW by 2020. Read more
Gas Supply Challenges Frustrate Takeoff of 563MW NIPP Plant
But for the unexpected lack of commitment to agreements signed by the Niger Delta Power Holding Company (NDPHC) Plc with Addax Petroleum to supply gas to the 563 megawatts (MW) Calabar National Integrated Power Plant (NIPP), the new power plant would have been active and contributing to Nigeria’s electricity generation profile by now. Read more
