*Buhari Laments Empty Treasury* *Innoson Sues GT Bank for N30b*

*Buhari Laments Empty Treasury* *Innoson Sues GT Bank for N30b*

Sabinews Morning News Update for June 23, 2015


Buhari Laments Empty Treasury

President Muhammadu Buhari monday paid a courtesy call on State House correspondents at the Press Gallery, during which he lamented the near empty treasury left behind by his predecessor, former President Goodluck Jonathan.

Buhari’s meeting with the State House Press Corps was a clear departure from his predecessor who never met with State House correspondents throughout his over five years as president. Read more

Innoson Sues GT Bank for N30b

In a bid to seek legal redress for alleged economic misfortune suffered as a result of their accounts frozen in 15 different banks by means of unjustifiable court order obtained by Guaranty Trust Bank Plc, four limited liability companies, Innoson Nigeria Ltd, Innoson Technical and Industrial Company, Innoson Vehicle Manufacturing Company and Innoson Autoparts Manufacturing Company have slammed a N30billion lawsuit on the bank. Read more

Crisis Hits APC in Bayelsa as Factions Trade Words

A faction of the All Progressives Congress (APC) in Bayelsa State  monday claimed that it has expelled the state Chairman, Chief Tiwei Orunimighe, and his deputy, Eddie Julius, over allegations of anti-party activities.

But Orunimighe yesterday swiftly dismissed the faction, saying they have been expelled and suspended from the party by the state APC leadership. Read more

Vandalism: NSCDC to Build Command and Control Centre in Bayelsa

The Nigeria Security and Civil Defence Corps (NSCDC), having come to terms with the fact that the conventional means of tackling the problem of vandalism and illegal oil bunkering in the country is now less effective, has resolved to build a Command and Control Centre in Yenogoa, the Bayesla State capital.

The Commandant General of the corps, Dr. Ade Abolurin, disclosed in Abuja yesterday, that to ensure diligent execution of surveillance as well as arrest, new technology is required. Read more

Wike to Pay Civil Servants’ Salary Arrears

Rivers  State  Governor,  Nyesom Wike, has declared that  his administration  would  work towards paying off all salary arrears owed by the  immediate  past  administration  in  the  state led by Rotimi Amaechi.

He also assured civil servants that his administration would not victimise any of them on account of their political inclinations, but added that they should desist from playing partisan politics. Read more

Ikpeazu Cuts Own Salary, Allowances by Half over Workers’ Unpaid Salaries

Abia State Governor, Dr. Okezie Ikpeazu, monday decided to make personal sacrifice by placing himself on half salary because of the pains workers were passing through over unpaid salaries.

He also announced a 50 per cent cut in his travel allowances, saying that he was feeling as much pain as the workers, who have been enduring months of unpaid salaries. Read more

Court Strikes out N25.7bn Theft Charge against Atuche, Others

An Ikeja High Court monday struck out the N25.7 billion theft charge filed against former Managing Director of the defunct Bank PHB, Mr. Francis Atuche, by the Economic and Financial Crimes Commission (EFCC).

Atuche, his wife, Elizabeth, and a former Chief Financial Officer of Bank PHB, Mr. Ugo Anyanwu, had filed applications asking the court to quash the charge, arguing that like Nwosu’s case, the state high court had no jurisdiction to entertain the matter. Read more

MEND Threatens to Resume Hostilities over Lawmakers’ Wages

The Movement for the Emancipation of the Niger Delta (MEND) has threatened to resume hostilities in the region in protest of the huge salaries and allowances of federal lawmakers.

Last week, media reports had alleged that federal lawmakers would receive N9 billion wardrobe allowance this week. But Bukola Saraki, senate president, refuted the reports, stating that each lawmaker would only get a wardrobe allowance of N506, 600 per annum in line with the stipulation of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). Read more

PDP Govs Harmonise Position Ahead of Meeting with Buhari

The governors elected on the platform of the Peoples Democratic Party (PDP) met last night where they harmonised their agenda ahead of their meeting with President Muhammadu Buhari today on the state of the economy and the bailout to enable state governments pay outstanding salaries to workers.

As part of  agenda for the meeting, the Director General of the Nigeria Governors’ Forum, Asishaana Bayo Okauru, briefed the PDP governors on the agenda for the meeting. Read more


Miners Query Use of N350bn Natural Resources Fund

Miners across the country have demanded an explanation on the utilisation of the Natural Resources Fund (NRF) which was put at about N350 billion by the end of 2014.

The miners, who spoke under the aegis of the Miners’ Association of Nigeria (MAN), also urged the President Muhammadu Buhari-led government to look into redirecting the Fund as a financing window for the development of the solid minerals sector. Read more

Chinese Firm to Invest in Nigeria

A leading company in China, New Hope Liuhe Company Ltd., has expressed interests in investing in the development of some sectors in Nigeria, especially the agribusiness to boost the nation’s economy.
Management members of the company, led by their vice president, Mr. Dang ZhiMin dropped the hint when they had a business meeting with the Executive Secretary, Nigerian Investment Promotion Commission, NIPC, Mrs. Uju Hassan-Baba at the commission’s headquarters in Abuja.
ZhiMin, who said they were in Nigeria for the first time on a business tour of the country, promised to invest in other sectors like manufacturing, processing and selling feeds, raw material additives, milk products, and agricultural bye products, among others. Read more

Billfinger divests 33.4% stake in Julius Berger

Bilfinger SE, a minority shareholder with a holding of 33.4 per cent in Julius Berger Nigeria Plc (JBN) has expressed its decision to divest its stake to Nigerian investors. In a statement, the construction giant said Billfinger has notified the Board of Julius Berger of its decision to dispose of its remaining stake in JBN to long term Nigerian investors on or before the end of June 2015.

JBN states that this proposed transaction will lead to the exit of the representative of Bilfinger SE from the Board of JBN. The Company added that the decision is based on Bilfinger’s strategic realignment from a construction company to an engineering and services group in the last decade which saw Bilfinger SE divest totally from its construction activities. Read more

Oil and Gas

Marketers Still Sell Petrol above Official Pump Prices

Despite the improved supply of petrol after the suspension of the strike action embarked upon on May 18, 2015 by the Petroleum Tanker Drivers’ (PTD) sector of the Nigerian Union of Petroleum and Natural Gas workers (NUPENG), with support of the National Association of Road Transport Owners (NARTO), the marketers are yet to sell at the official ex-depot and pump prices, THISDAY has learnt.

It was gathered at the weekend that while most of the major and independent marketers were selling at the pump price of N100 and above, against the government-approved pump price of N87 per litre, the depot owners were selling for N83 and above, compared to the N77.60 per litre approved by the government. Read more

Petrol Subsidy Hits N1.9b Daily

The Petroleum Products Pricing Regulatory Agency (PPPRA), on Monday, released a new template for Premium Motor Spirit (petrol) which puts its open market price at N134.60 per litre.

With the new price, the Federal Government now spends N47.60 per litre on petrol subsidy, amounting to N1.90 billion daily, at current consumption volume estimated at 40 million litres daily nationwide. Read more

Nigeria spends N4.5tr on fuel subsidy in seven years

Facts have emerged that the Federal Government has spent about N4.5 trillion in the last seven years as subsidy on petroleum products imported into the country.

The Executive Secretary, Nigerian Extractive Transparency Initiative (NEITI) Zainab Ahmed, who disclosed this in a statement recently, noted the huge amount is good enough to repair the faulty refineries and build new ones. Read more

Military Takes over Surveillance of NNPC Pipelines in Lagos

The Nigerian Army has said that it had taken over the security of the NNPC pipelines in the Lagos area.

According to a report by the News Agency of Nigeria (NAN), the Director, Army Public Relations, 81 Division of the Nigerian Army, Col. Mustapha Anka, who disclosed this on Sunday, said the provision of security on the pipelines would be in collaboration with the Nigerian Navy. Read more

World Oil Demand Increases after Price Slump

Nigeria and other oil producing nations are expected to bounce back to an increase in oil prices if the latest report of the International Energy Agency (IEA) is anything to go by.

World oil demand will rise much more than expected this year, the IEA said in its release, in the latest sign that the collapse in oil prices is helping to boost fuel use. Read more

Chevron to Sell Two More Oil Blocks

The current wave of divestments of oil and gas assets by the international oil companies (IOCs) to increase indigenous participation in the industry has received a boost as Chevron has unfolded its plan to offer two more oil blocks to prospective investors, THISDAY has learnt.

The US oil major, it was learnt, plans to divest 40 per cent from Oil Mining Leases (OMLs) 86 and 88, both located in shallow waters off Bayelsa State, bringing to seven the number of oil blocks sold by Chevron since 2013. Read more

NPDC workers go on strike

At least 115,000 barrels of crude oil per day, estimated at $6.9 million, may have been shut-in as Nigerian Petroleum Development Company (NPDC) workers, an arm of the Nigerian National Petroleum Corporation (NNPC), begin an indefinite strike.

The action is aimed at stalling the planned transfer of operatorship of oil blocks divested by Shell Petroleum Development Company Limited to private sector investors that bought the assets. Read more

Why subsidy should be removed – NACCIMA, LCCI, others

The organised private sector has thrown its weight behind the call on the Federal Government to remove fuel subsidy.

National Vice President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Mr. Billy Harry, yesterday, supported the scrapping of subsidy on petroleum products, saying subsidy has failed to benefit ordinary Nigerians over the years. Read more


Nigeria Still Gives Power to Niger, Republic of Benin, Says Nnaji

Despite the acute power deficit in Nigeria, the country still gives undisclosed quantity of electricity to Niger and Republic of Benin, as part of the government-to-government efforts to boost regional integration in the West African sub-region.

Speaking at a special session of a just-concluded power conference in Lagos, a former Minister of Power, Professor Barth Nnaji, who confirmed this development, stated that progress was being made in both western and southern Africa in the areas of integrating power supply. Read more

Schneider Electric Restates Commitment to Nigeria’s Power Reforms

As it celebrates 10 years of operations in Nigeria, Schneider Electric, the global specialist in energy management, has restated its commitment to continue to partner the Federal Government in the implementation of the power reforms.

Speaking at the special recognition and award event for employees, in commemoration of its 10 years of operations, the Country President, Schneider Electric Nigeria, Mr. Walid Sheta said the company would remain a willing partner of the country’s power reforms. Read more

FG to Build 2,400MW Nuclear Plants in Kogi, A’ Ibom States

Nigeria’s first ever nuclear power plants with capacity to generate 2,400 megawatts (MW) will be sited at Geregu, Kogi and Itu, Akwa Ibom States by the Federal Government, the Nigeria Atomic Energy Commission (NAEC) has said.

NAEC stated recently in Abuja that both sites had been selected for the construction of the two nuclear power plants after due considerations, adding that the areas were accepted fit to host the nuclear power facilities. Read more


S’Eagles Made Up Of Cliques –Pinnick

President of the Nigeria Football Federation (NFF), Amaju Pinnick, has revealed that there are cliques in the Super Eagles, saying the players are not only unfriendly but lacked discipline.

Pinnick, who touched on a wide-range of issues in a television programme on Monday, said, “I noticed that the players are not friends, there are various cliques and all of these stuff. Read more

FIFA Appoints Malian, Angolan Refs for Falcons, E’Guinea Tie

FIFA has appointed Malian and Angolan referees for the Rio Olympics qualifying match between Super Falcons of Nigeria and its Equatorial Guinea counterpart.

This was contained in a statement on the NFF website on Monday. Read more

Esperance sign Flying Eagles star from Enyimba

Flying Eagles midfielder, Kingsley Sokari, on Monday joined Tunisian club Esperance on a three-year deal.

Esperance said on their official website they had agreed a fee of $400, 000 with Enyimba for the services of the player. Read more

Applying for another Job is Normal, Says Keshi

Super Eagles Head Coach, Stephen Keshi, has dismissed as inconsequential, the basis for which he was being harassed by officials of the Nigeria Football Federation (NFF), stressing that those after him may have other mission than was being portrayed to the Nigerian public.

Keshi was listed among coaches that applied to coach the Elephants of Côte d’ Ivoire, prompting NFF to issue him a query even after his agent had denied the allegations. Read more

NFF goofed over Enyeama –Ex-players

Former Nigerian footballers Ambrose Duru and Segun Oguns have said the Nigeria Football Federation erred in the way they have handled an issue involving Super Eagles captain Vincent Enyeama.

The goalkeeper faces the football body’s disciplinary committee on Tuesday (today), after raising concerns over the safety of Kaduna for their 2017 Africa Cup of Nations qualifier against Chad on June 13. Read more

World News

Ethiopia’s ruling party takes 100 percent of parliamentary seats

Ethiopia’s ruling party was reported to have won a massive victory in the country’s May 24 elections, taking 99.8 percent of the vote.

Prime Minister Hailemariam Desalegn’s Ethiopian People’s Revolutionary Democratic Front (EPRDF) and its allies were confirmed to have taken 546 seats in parliament. The result for one seat remained officially uncertain. The previous parliament had only featured one opposition Member of Parliament, however, some of the election monitors present had predicted that the EPRDF was likely to even take the one remaining seat in this election. Read more

Nasdaq hits new record

US stocks ended higher on Monday, with the Nasdaq closing at a record as hopes grew that a deal would be reached to prevent Greece from defaulting on loans.

Equities have been largely driven by the situation in Greece of late, with investors concerned that if the country defaults on its loans, it may have to leave the euro or the European Union, potentially shaking the region’s economic foundations. Read more

First UN Mandela prize awarded to ex-Portuguese leader, Namibian eye doctor

Portugal’s former leftist president Jorge Sampaio and Namibian eye specialist Helena Ndume were awarded the first UN Nelson Mandela Prize on Monday for their work to better humanity.

The UN General Assembly decided last year to establish the prize as a tribute to Mandela’s legacy of reconciliation and peaceful political transition as South Africa’s first black president. Read more

Moroccan Youth Offer Flowers to Sub-Saharan Immigrants

Upon its creation, the YFDC, a Moroccan non-governmental organization, pledged to fight for the rights of immigrants originating from Sub-Saharan-African countries and those fleeing the civil war in Syria today.

The young activists took to the streets of Rabat this past weekend to offer a symbolic flower to immigrants they encountered on their way. Chanting, “Moroccan, remember! You, too, are an African,” their slogan and their kind gesture symbolized hospitality, love and tolerance. Read more

Rwandan intelligence chief Karenzi Karake arrested in London

Rwanda’s intelligence chief Karenzi Karake has been arrested in London over war crimes committed during the 1994 genocide.

According to BBC, spy chief in President Paul Kagame’s administration is wanted in Spain for war crimes. Read more

Shame as Kibera residents burn Waiguru projects

The government was on Tuesday counting losses following massive destruction of property in Kibera where youths set ablaze projects initiated by Devolution CS Ann Waiguru.

They torched clinics, toilets put up by the National Youth Service (NYS) and vandalized water tanks and pipes, in what is linked to woes facing the Devolution CS. Read more

Cape Town warned of traffic chaos as city fights tolls

National roads agency Sanral said delays to tolls needed to fund a planned R10bn upgrade of Cape Town’s freeways will intensify traffic jams in South Africa’s most-congested city.

The warning comes after the city asked the High Court to prevent Sanral from signing a deal with the Protea Parkway Consortium to use road tolls to pay for the redevelopment of freeways. Read more

Taliban attack Afghanistan’s parliament, seize second district in north

A Taliban suicide bomber and six gunmen attacked the Afghan parliament on Monday as lawmakers met to consider a new defence minister, and another district in the volatile north fell to the militants as they intensified a summer offensive.

The brazen assault on the symbolic centre of power, along with territorial gains elsewhere, highlight how NATO-trained Afghan security forces are struggling to cope with worsening militant violence. Read more

El Salvador: Women dye hair dark following rumours they’ll be shot by gang members

Women in El Salvador are rushing to dye their hair dark after rumours started that redheads and blondes who are not dating gang members could be murdered. The women are also allegedly banned from wearing red and yellow clothing.

While the country’s gangs are denying the rumours, citizens are reporting that they are in fact true. Claudia Castellanos, a beautician at an upscale salon, told reporters that women cannot wear yellow or red clothing. “Can you believe it? They’ve already attacked a woman on a bus for wearing yellow,” Castellanos said. Read more

Diddy arrested on university campus

Hip-hop music mogul Diddy was arrested on a US university campus on a charge of assault with a deadly weapon.

The 45-year-old, whose real name is Sean Combs, was arrested yesterday at t he University of California, Los Angeles, where his son plays for the American football team. Read more

Armenian police disperse protest against electricity tariff rise

Armenian police used water cannon to disperse a rally on Tuesday in the capital city of Yerevan that was protesting against a recent decision to raise public electricity prices.

Several protesters were taken away by police while a number of injured were taken to hospital in ambulances, a Reuters reporter said. Read more

Oscar-winning ‘Titanic’ composer James Horner feared dead in plane crash

A small plane registered to the Oscar-winning composer behind the Titanic film score has crashed, killing the pilot.

It is believed the man in the cockpit of the single-engined plane was 61-year-old composer James Horner, who has not been seen or heard from since the crash. Read more

Reports of homes damaged, people hurt in apparent Chicago-area tornado

An apparent tornado damaged and destroyed numerous homes in a community near Chicago on Monday night, with emergency personnel on the scene reporting people injured and trapped in the area, weather and emergency management officials said.

Emergency responders in the small town of Coal City, about 60 miles (100 km) south of Chicago, had reported that homes were destroyed by the storm, according to Joe Schroeder, director of the Grundy County Emergency Management Agency. 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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