Conflicting Reports Trail Bama Attack
The current status of Bama, following the heavy gun battle between soldiers and Boko Haram fighters on Monday is now a subject of confusion due to the conflicting reports flowing from the area.
While the civilian Joint Task Force (JTF) addressed the press yesterday saying that Boko Haram didn’t capture Bama, a Senator representing the area, Khalifa Zanna, said that the insurgent group, Tuesday overran Bama, his hometown and local government area. Read more
Trouble brews in INEC over N9bn ballot papers contract
Crisis is brewing at the headquarters of the Independent National Electoral Commission, INEC, in Abuja, following the decision of the Commission to contract the printing of the ballot papers to be used for the presidential and governorship elections to a foreign firm at the cost of N6 billion.
Although the Commission is yet to award the controversial contract to any of the foreign firms, it has, however, set in motion the process that will lead to the award of the pricey job to either an American or European firm any moment from now. Read more
FG Decentralises Labour Administration
As part of efforts to reposition the labour ministry and check the increasing spate of industrial crisis in the country, the federal government has decentralised labour administration.
To this end, the government has approved the upgrading of six zonal labour offices in the geopolitical zones of the country and establishment of labour desk offices for industrial dispute-prone ministries, departments and agencies (MDAs) in the federal public service. Read more
Three Ebola suspected cases recorded in Kaduna
A 300 level law student at the Ahmadu Bello University (ABU), Zaria is has been hospitalised at teaching hospital of the university for showing symptoms similar to Ebola Virus Disease.
Even though the Public Relations Officer of the hospital, Bilyaminu Umar told our Correspondent that, he was out of town, he had told an online media that, the student showed some symptoms associated with Ebola Virus Disease. Read more
FG restates commitment to reformation of obsolete Nigerian laws
The Attorney-General of the Federation (AGF)and Minister of Justice, Mr Mohammed Bello Adoke (SAN), on Tuesday, said the Federal Government was committed to the reformation of the various obsolete laws in the country, especially those that promoted the growth and development of the nation’s economy.
Speaking at a workshop on the Sale of Goods Act in Nigeria, organised by the Nigerian Law Reform Commission (NLRC) and the presentation of the 2013 Law Reform journal in Abuja on Tuesday, Adoke said the Sale of Goods Acts, 1893, regulating sale of goods in Nigeria, was introduced into the country by the colonial masters. Read more
Collection of illegal taxes on highways
The resort of some state and local government officials to the mounting of roadblocks on the nation’s highways for the purpose of collecting sundry illegal taxes and levies from travellers has drawn the ire of the National Economic Council (NEC). At the end of its recent meeting in Abuja, the Council adopted the report of the Ministerial Implementation Committee on Harmonisation of Taxes, which roundly indicted some state governments for setting up Task Forces that have been collecting taxes and levies that are not provided for in the nation’s laws. The committee was set up following complaints by the Manufacturers Association of Nigeria (MAN) that its members were being subjected to multiple taxation in different parts of the country. Read more
Senate: Oduah, Okadigbo, Emordi, Igbeke battle over Anambra North
There may not be many aspirants in the race for the Anambra North senatorial race for now, although it is still too early to jump into conclusion as to who is aspiring to Nigeria’s upper legislative chamber or not in the Senatorial zone even when the primaries are almost three months away.
But the reason for not many aspirants making their intentions known for now may be that many politicians are learning the rope of politics very fast as democracy deepens; not to dance themselves lame when the time for real dance has not yet come or even waste money by playing to the gallery when they are not sure that the coast is clear. Read more
FG won’t renege on ASUP, COEASU’s demands
The Federal Government, on Tuesday, assured that concrete efforts are being made to address the various demands of the Academic Staff Union of Polytechnics and its College of Education Academic Staff Union counterpart, which had led to protracted industrial action by the unions.
Minister of Education, Mallam Ibrahim Shekarau, reiterated the Federal Government’s commitment to end crisis and restore industrial peace to the nation’s tertiary institution at a meeting with the committee of chairmen of the governing councils of federal polytechnics in Abuja. Read more
Alao-Akala to declare gov ambition Thursday
The campaign group for the return of the former governor of Oyo State, Chief Adebayo Alao-Akala, Team Akala 2015 Project, on Tuesday, unveils the campaign programme of the Ogbomosho-born politician towards the 2015 election.
The coordinator of the group, Prince Niran Adeyoju, said the former governor would formally declare his intention to run for the governorship again under the platform of the Peoples Democratic Party (PDP), on Thursday, at the party secretariat, in Ibadan, and will be received at the Watershed Event Centre, Sawmill, Old Ife road, Ibadan. Read more
Cameroon army ‘kills 40 Boko Haram fighters’
Cameroon’s army claimed on Tuesday to have killed more than 40 Boko Haram fighters who tried to storm a strategic border crossing from Nigeria.
Heavily armed fighters “attempted to cross the bridge at Fotokol” in the extreme north of the country and opened fire on Cameroonian soldiers, the ministry of defence told state radio. Read more
Sabinews News Update on Economy
Nigeria’s cement production hits 39.5mt -FG
The Federal Government has said that owing to its Backward Integration Policy, the country now has an installed capacity of 39.5 million metric tons of cement production.
This was made known by President Goodluck Ebele Jonathan on Tuesday at the Line II Ground-Breaking ceremony of UNICEM Cement Factory, Mfamosing, Calabar, Cross River State. Read more
Key into FG’s job creation programmes, presidency urges youths
Presidency, on Tuesday, appealed to Nigerian youths to take advantage of the Federal Government’s employment generation activities to get themselves out of unemployment market, by keying into any of its various programmes designed for that purpose.
Special Assistant to the President on Job Creation, Mrs Josephine A. Washima, made the plea on Tuesday, while briefing newsmen shortly after her visit to national secretariat of the ruling Peoples Democratic Party (PDP) national secretariat, in Abuja. Read more
Half-year remittances by Nigerians in Diaspora hit $10.4b
On the first half of this year, $10.40 billion was remitted to the country by Nigerians abroad. These huge money include contributions through remittances to their families, friends, communities, medical missions and provision of scholarships, the Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala has said.
According to a statement endorsed by her Special Adviser, Paul Nwabuikwu, this emereged during meeting with Nigerians in Diaspora by a high level Executive-Legislative team. Read more
Lagos-Calabar railway underway —Jonathan
The Federal Government will soon commence construction work on the railway from Lagos to Calabar, President Goodluck Jonathan has stated.
President Jonathan who made the disclosure in Calabar on Tuesday, during ground-breaking ceremony of the United Nigeria Cement Company (UNICEM) 2.5 million metric tonness cement plant in Akamkpa Local Government Area of the state, said the railway, when completed,would contribute in no small measure to easing the problem of transportation as well as accelerate economic development in the country. Read more
NACCIMA Tackles CBN over Soaring Interest Rate
The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) yesterday held the Central Bank of Nigeria (CBN) responsible for the hike in interest rate in the country and the attendant consequence of paucity of fund to the real sector.
NACCIMA noted that the 12 per cent Monetary Policy Rate (MPR) fixed by the apex bank was responsible for the rising cost of fund in the country and urged the federal government to intervene to make conditions better for operators of the private sector. Read more
Credit to Private Sector Rises to N17.252tn
Credit by banks to the private sector increased year-on-year by N288 billion to N17.252 trillion as at the end of July 2014, compared to the N16.964 trillion it stood at the end of June 2014.
The current value showed that banking system credit to the private sector has risen by a total of N483 billion in the last two months, compared to the N16.769 trillion it was as at the end of May 2014. Read more
Zenith, GTBank Snapping at Each Other’s Heels
Obinna Chima in this report, assesses the performances of Guaranty Trust Bank Plc and Zenith Bank Plc based on their half-year results
With the financial results of all the banks listed on the Nigerian Stock Exchange (NSE) for the period ended June 30, 2014 made public, a clear picture of the banking industry leaders has emerged.
Although the results reflected the effects of a prolonged tight monetary policy regime as well as other regulatory measures on the industry, the competition in the industry has heightened. Read more
Breather for banking industry as CBN tightens noose on HoldCo
One thing, among others that is glaring in the recent guidelines released by the Central Bank of Nigeria (CBN) on the operations on the Holding Companies is the fact that the apex bank has resolved to enhance transparency in their operations, through stringent guidelines.
Analysts believe that these guidelines, when they are followed strictly by the organisations, will bring respite to the banking sector. Read more
European Shipowners Increase Freight Rates On Nigeria-Bound Cargoes
Following the out-break of the deadly Ebola Virus Disease in West Africa, European ship-owners have increased freight rates on cargoes and imposed surcharge on crew and vessels coming to Nigeria and other countries battling to contain the virus.
Disclosing this at the Nigerian Chamber of Shipping, NCS, in Lagos, President of the Chamber, Chief Adebayo Sarumi, said Nigerian importers expressed fears over a likely increase in the freight rate of cargoes to Nigeria as a result of the presence of Ebola virus in the country. Read more
Caverton unfolds two-year marine business expansion agenda
The management of Caverton Offshore Support Group (COSG) has concluded plans to increase its marine business units in the next two years.
COSG, is a key player in the marine, aviation and logistics services industry especially to local and international oil and gas companies in Nigeria. Read more
Naira gains on dollar sale by Shell
The Nigerian naira firmed against the U.S. dollar on Monday, supported by dollar sales by the local unit of Royal Dutch Shell, dealers said.
The local unit closed at 162.40 naira to the dollar, firmer than 162.55 naira it closed at on Friday. Read more
Weak public finance, lower oil exports dim Nigeria’s global competitiveness
Nigeria, now Africa’s largest economy, continued its downward trend and fell by seven places to 127th this year on the latest World Economic Forum (WEF) Global Competitiveness report 2014-2015, largely on the back of weakened public finances as a result of lower oil exports.
According to the report, Nigerian institutions remain weak (129th) with insufficiently protected property rights, high corruption, and undue influence. Read more
Nigeria, Angola, S’Africa Lead in Non-oil Export to U.S.
Nigeria, Angola and South Africa were the three leading exporters to the United States in 2013 within the provisions of the African Growth and Opportunity Act (AGOA), according to data from the Nigerian Export Promotion Council (NEPC).
The data showed that Nigeria’s non-oil exports amounted to $3.0 billion (N486 billion) in 2013, representing a 15.9 per cent increase from the preceding year. Read more
Investor-confidence grows as Sona Agro Allied Foods expands production facility
As a demonstration of confidence in the Nigerian economy, part of efforts to respond to growing demand, and strategy to deepen its market share, Sona Agro Allied Foods, a leading manufacturer of biscuits, cream wafer, seasoned puff corn, multi cereal bars in Nigeria, recently boosted its biscuits production capacity with the installation of a new soft and hard biscuits production lines from Europe. Read more
Sabinews News Update on Oil and Gas
Nigeria flaring billions of dollars?
Nigeria currently sits on over 187 trillion cubic feet of proven gas reserves which ordinarily would have made it a gas-driven economy and not crude oil based economy. However, poor policy and inadequate funding have been responsible for continuous gas flaring in Nigeria. Read more
C.A.R. Elections Likely to Be Delayed by Turmoil
Elections set for February in Central African Republic to consummate a democratic transition after a March 2013 coup will probably be delayed because of persisting insecurity, the deputy head of the interim parliament said on Tuesday.
The northern half of the country is occupied by the mostly Muslim Seleka rebel alliance, which briefly seized power last year. The Seleka withdrew from the capital and the rest of the south early this year in the face of attacks by Christian militia. Read more
35 Taliban militants killed, 18 others injured in Afghan operations
At least 35 Taliban militants were killed and 18 others were injured during military operations by Afghan national security forces in the past 24 hours.
Interior ministry following a statement said Monday that the operations were jointly conducted by Afghan National Police (ANP), Afghan National Army (ANA) and Afghan Intelligence – National Directorate of Security (NDS) operatives. Read more
Youth Forum lobbies govt on jobs
Dubbed “From concern to Action”, the campaign aims at drawing the attention of government and other stakeholders to important policy considerations that will help create jobs and other economic opportunities for young people in the country. Read more
Japan PM Selects 5 Women in New Cabinet
Japan’s prime minister picked a record-matching five women for his Cabinet Wednesday, sending the strongest message yet about his determination to revive the economy by getting women on board as workers and leaders.
Prime Minister Shinzo Abe has set a goal of having women in 30 percent of leadership positions by 2020, and proved he is out to practice what he preaches in his selection for the 18-member Cabinet, which includes Yuko Obuchi, daughter of a former prime minister, as the trade and economy minister. Read more
Sabinews News Update on Sports
NFF Lists Candidates for Executive Committee Elections
The reconstituted Electoral Committee of the Nigeria Football Federation (NFF), yesterday released the list of eligible candidates to contest its rescheduled elections into the executive committee of the federation slated to hold tomorrow.
According to the list published on the website of the committee last night, immediate past president of the NFF, Alhaji Aminu Maigari, was not one of the candidates to contest the top most office in the administration of the game in the country. Read more
Meeting with Giwa-led faction will determine NFA elections, says Gaiya
The Chairman, House of Representatives Committee on Sports, Godfrey Gaiya, has said that the meeting with Chris Giwa-led Nigeria Football Association will determine if it will hold another election.
Gaiya said this after the committee’s closed door meeting with the Minister of Sports, Tammy Danagogo, on the crisis in Nigeria’s football house in Abuja on Tuesday. Read more
Odemwingie to undergo knee surgery
Nigeria forward, Peter Odemwingie, has revealed that a surgery is now “required” for his injured cruciate knee ligament.
Odemwingie is now expected to miss a larger period of the current season following the injury he sustained in Stoke City’s 1-0 win at Manchester City on Saturday. Read more
Uzbekistan bars Nigeria from wrestling championships
Uzbekistan, through the world wrestling body FILA, has decided to bar Nigeria and four other African countries from featuring in the 2014 Senior World Wrestling Championships holding in Tashkent, Uzbekistan due to the reported cases of the Ebola Virus Disease in the affected countries. Read more
How Nigerians fared in transfer window
Below are the transfers involving some Nigerian players in Europe
Kenneth Omeruo (Chelsea to Middlesbrough)
Nigeria defender Omeruo returned to Championship side Middlesbrough for a second consecutive loan spell from Chelsea.
The 20-year-old, who featured for the Super Eagles at the World Cup, was expected to remain in the English Premier League following his impressive display at the World Cup but Jose Mourinho had other ideas. Read more
Nigeria to report Schalke to FIFA over Obasi
Nigeria will report Schalke to Fifa after the Germans refused to release striker Chinedu Obasi for this month’s 2015 African Cup of Nations qualifiers.
Schalke blamed the issue on Obasi’s passport being held at an embassy while a visa application is processed ahead of their Champions League matches. Read more
Don’t crucify Keshi if Eagles fail against Congo –Taribo
Former Nigeria defender, Taribo West, says Super Eagles coach, Stephen Keshi, should not be crucified if the national team put up a poor performance against Congo in their 2015 Africa Cup of Nations qualifier against Congo on Saturday in Calabar. Read more
Sabinews News Update on Energy
NACCIMA decries high electricity fixed charge to consumers, industries
The Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA) Tuesday, expressed concerns over the high electricity tariff fixed charge to consumers and industries in the country.
The President, NACCIMA, Alhaji Mohammed Abubakar explained that despite the face of epileptic power supply in the country, the fixed charge of between N750 and N1500 based on MYTO2 retail tariffs to residential houses is considered too high for the average Nigerian. Read more
NERC, EMS lock horns over power sector technical inspections, certification
The question over who has the final authority and mandate to do other technical inspections and certification in the power sector was Tuesday reechoed, as two government agencies battled for supremacy over the issue.
While the regulator, the Nigerian Electricity Regulatory Commission (NERC) insists that it is empowered by the Electric Sector Reform Act of 2005, the Electric Management Services Limited (EMS) insists that Electricity Inspectorate Services (EIS) of the Ministry of Power was transferred to it in 2013, thereby giving it the powers of technical inspections and certification. Read more
Of indigenous firms leading the gas-to-power charge
On August 14, 2014, President Goodluck Jonathan commissioned the Uquo Gas Processing Facility, one of the biggest projects of its nature undertaken by independent indigenous partners in sub-Saharan Africa.
Crucial to Nigeria’s aspiration to boost power supply to businesses and homes is natural gas, and the country boasts over 180 trillion cubic feet (Tcf) of discovered reserves and up to 600 Tcf of undiscovered gas reserves, but requires massive investment to unlock the value in the resource. Read more
New legal framework to boost investors’ confidence –NERC
The Nigerian Electricity Regulatory Commission, NERC, has said the new regulations on procedure for tariff reviews would provide a legal frame work in the Nigerian Electricity Supply Industry, NESI, to boost confidence of investors and consumers in the sector.
The chairman of NERC, Dr. Sam Amadi who gave the assurance in Abuja recently noted that there are on-going plans to ensure investors in the power sector recoup their investments. Read more
NERC, Stakeholders brainstorm on draft electricity regulations
Nigerian Electricity Regulatory Commission (NERC) yesterday conducted public hearing on the draft Nigerian Electricity Supply and Installations Standards (NESIS) in fulfillment of its mandate to ensure effective technical regulation for reliability and safety in the system. Read more