Sabinews Daily Morning News Update for September 24, 2014MORNING NEWS


National News


DHQ Refutes Rescue of Chibok Girls

Fifty fleeing members of the Boko Haram sect have been arrested by the military in Biu, a town located in the southern part of Borno State.

Security sources revealed that the insurgents hid in a truck used to convey livestock and were headed for Gombe State when they were apprehended.

News of their arrest coincided with the retraction by the Defence Headquarters (DHQ) on the rescue of some Chibok secondary schoolgirls who were abducted by the terror sect five months ago. Read more

Synagogue Tragedy: TB Joshua Not Welcome in South Africa, ANC Warns

The youth wing of the African National Congress (ANC) yesterday warned the spiritual head of the Synagogue Church of All Nations (SCOAN), Prophet T.B. Joshua, not to visit South Africa in the nearest future.

The ANC members were reacting to Joshua’s announcement of his proposed visit to the country to empathise with the families of the 84 persons who lost their lives in the church’s headquarters in Lagos more than a week ago. Read more

Only 3% Of Nigeria’s Landmass Has Been Duly Registered – FG

The federal overnment yesterday disclosed that Nigeria has only duly documented, land titles for 3 per cent of the total land mass of 923,768 square kilometres.

Secretary to the Federal Government, Senator Anyim Pius Anyim, disclosed this in his keynote address delivered at the South –East Stakeholders’ Workshop on Land Reform held at the Universal Hotel, Enugu. Read more

Atiku to Declare for Presidency Wednesday, S’West APC Endorses Bid

Baring any last minute changes, former Vice-President Atiku Abubakar will wednesday  formally declare his intention to contest for the presidency on the platform of the All Progressives Congress (APC).

The presidential bid by the former vice-president got a boost yesterday with the endorsement of the South-west arm of the APC for his candidacy. Read more

As Reprieve Comes Namadi Sambo’s Way Ahead Of 2015

With the endorsement of President Goodluck Jonathan as sole candidate for 2015 by the Peoples Democratic Party (PDP), the simmering tussle for VP’s Slot was reopened again. CHIBUZO UKAIBE writes on the intrigues and the eventual confirmation of Vice President Mohammed Namadi Sambo by the party, as the president’s running mate.

While the ruling Peoples Democratic Party (PDP) basked in the euphoria of President Goodluck Jonathan’s endorsement as sole candidate of the party at its 66th National Executive Committee (NEC) meeting, its seeming silence on the president’s running mate had created a new drama. Read more

$9.3m scandal: APC Reps storm out of House

Angry All Progressives Congress members in the House of Representatives staged a walkout   on Tuesday in protest against a failed debate on the controversial $9.3m   seized from two Nigerians and an Israeli by the South African authorities on September 5.

The two Nigerians and the Israeli   had flown the money in a Challenger 600 jet from Nigeria to the Lanseria International Airport, Northwest Johannesburg, where the money was uncovered   in three suit cases. Read more


Sabinews News Update on Economy


EU, Nigeria trade volume hits N8.5tn

The value of trade relations between Nigeria and the European Union currently stands at €40.4bn (N8.5tn), the Head, European Union Delegation to Nigeria and the ECOWAS, Ambassador Michel Arrion, has said.

Arrion, who spoke at the EU-Nigeria business forum in Lagos on Tuesday, said the block’s Foreign Direct Investment stock in Nigeria grew from €25.3bn (N5.3tn) in 2011 to €27.2bn (N5.7tn) in 2012. Read more

SON Begins Full Implementation of Cement Standardisation Policy

The Standards Organisation of Nigeria  (SON) yesterday in Lagos began the implementation of the cement standardisation and reclassification scheme with a zonal stakeholders’ forum on blocks and allied products in the South-west.
SON also received directives from the Federal Ministry of Industry Trade and Investment,  to immediately commence the full enforcement of the policy across all segments of the cement and allied products sector. Read more

Rail, energy to emerge next growth enablers post rebasing

If Nigeria could fix its collapsed rail and energy infrastructure, they could provide the next catalyst for rapid growth in the economy, similar to the huge impact that telecoms has made in the last 15 years, as captured by the recent GDP rebasing exercise.

“Rail transportation and Fuel/ Energy are the next growth giants. If we do not fix them, not much else will work, including manufacturing, industrial activity and agriculture,” said Ayo Teriba, CEO of Economic Associates, a risk analysis and research firm, in a presentation on ‘Economic outlook for 2015’, made in Lagos, yesterday. Read more

CBN Seeks Banks’ Support to Strengthen Payment System

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday urged the banking sector to support the move to strengthen the payment system in the country so as to ensure reliability and security.

Speaking at the bankers’ conference in Abuja themed, “Positioning Nigeria’s Payment System for Global Competitiveness,” Emefiele said, the CBN had come a long way in repositioning the country’s payment system. Read more

Alade Seeks Increased Access to Finance by Women

As part of the sustainable banking commitment assented to by the Bankers Committee, banks have been urged to practically develop short and long term objectives towards providing products and services aimed at promoting gender equality and ensure increased access to financial services by women.

Specifically, Nigerian banks were advised to increase access to finance by women to 15 per cent annually. Read more

FMO 7.5m euro investment in LAPO to enhance financial inclusion

Keying into the financial inclusion drive of the Central Bank of Nigeria (CBN), LAPO Microfinance Bank Limited last week signed an agreement with FMO, the Netherlands Development Finance Company, over a local debt facility to the tune of 7.5 million euro.

The loan will have a tenor of five years and will be used for providing funds to micro and small enterprise clients. Read more

Investors Beg S’Court To Affirm Judgement

About 13,741 investors in Nospecto Oil and Gas Ltd have asked the Supreme Court to uphold the judgement of the Court of Appeal in Lagos that ordered the release of their investment worth N22billion seized from the firm by the Security and Exchange Commission (SEC).

The money has been in the custody of the Central Bank of Nigeria (CBN) since the account of the firm was frozen. Read more

FUNAAB starts multiplication scheme on aquaculture

The Federal University of Agriculture, Abeokuta (FUNAAB), has established a scheme on acquaculture aimed at massive production of fingerlings and brood stocks of various species of fish for onward distribution to farmers.

This shows that efforts of the Federal Government targeted towards reduction of fish imports from different countries of the world might have been yielding desired result. This has been made possible through collaborative effort of FUNAAB and West African Agriculture Productivity Programme (WAAPP-Nigeria), an assignment that was carried out as a follow-up to Federal Government Acquaculture Scheme from which farmers get about 500 juveniles and five bags of floating feeds each annually. Read more

Infrastructure, port efficiency top NPA agenda in two yrs

Infrastructure, port efficiency are at the top of reforms transformation which the Nigerian port industry has been witnessing in recent times.

The reform trend, which started in 2006 after the federal government concessioned the cargo handling operations of the port to private terminal operators, has since been consolidated on, such that the port is currently recording improved efficient service delivery to port users. Read more


Sabinews News Update on Oil and Gas


Oando’s expansion drive delivers maximum returns for equity holders

Nigeria’s leading indigenous oil and gas producer, Oando plc, listed on both the Nigeria Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE) has released its H1 2014 results.

Also released yesterday, was the company’s end-of-year statement for 2013 which shows that it posted N1.4billion profit. Read more

Oando declares N8.9bn profit after tax

Oando Plc on Tuesday released its results for the first half of 2014, declaring a profit after tax of N8.980bn.

The figure represented a 110 per cent increase on the N4.271bn it declared in the corresponding period of 2013.

The indigenous oil and gas producer, which is listed on the Nigerian Stock Exchange and Johannesburg Stock Exchange,also announced operating profit of N23.693bn, 145 per cent higher than the N9.689bn it posted in H1, 2013. Read more


World News


Drought worsens China’s long-term water crisis

The corn has grown to only half its normal height on Yan Shuqin’s ranch in the hills of Inner Mongolia this year, as a swath of northern China suffers its worst drought in 60 years.

The ruddy-faced woman said that even before the rains stopped, the groundwater in her region had been sinking, from 20 meters (about 70 feet) below the surface just a few years ago to as much as 80 meters (260 feet) this past summer. While she can still eat and sell the corn, lettuce and other vegetables on her farm, the yield has shrunk. Read more

Australian police shoot suspected terrorist dead

Two Australian counterterrorism police had no choice but to shoot a suspected terrorist when he attacked them in a confrontation in Australia’s second largest city, top police officials said Wednesday.

Some experts suspect Tuesday’s attack, which left the suspect dead, was inspired by the Islamic State group’s call to supporters to wage terror in their home countries. Read more

Vatican puts former envoy under house arrest over sex abuse charges

The Vatican put its former ambassador to the Dominican Republic under house arrest Tuesday after opening a criminal trial against him, the first time a high-ranking Vatican official has ever faced criminal charges for sexually abusing youngsters.

Josef Wesolowski had already been defrocked in June after the Vatican’s canon law court found him guilty of abuse and imposed its toughest penalty under church law: laicization, or returning to life as a layman. Read more

Poor Supports Brazil’s President in Re-Election

Life may still be tough for millions of poor Brazilians — but it’s also never been better.

And that’s the key for President Dilma Rousseff’s re-election bid.

Although Rousseff and top rival Marina Silva are locked in a virtual tie among those in the middle class, the biggest group of voters, the president has a wide edge with Brazil’s poorest people because of generous welfare programs that have helped slash hunger and extreme poverty under the watch of her Workers Party. Read more


Sabinews News Update on Energy


Power firms to get N213bn lifeline in October

The Central Bank of Nigeria, the Deposit Money Banks and the privatised power firms will conclude the N213bn deal meant to support the power sector by October after the concerned stakeholders may have signed the necessary contracts and agreements.

The Chairman, Nigerian Electricity Regulatory Commission, Dr. Sam Amadi, disclosed this to our correspondent in a telephone interview on Monday. Read more


Sabinews News Update on Sports


Keshi hints Eagles return to Abuja

Coach Stephen Keshi has hinted Nigeria may likely return to Abuja for a decisive AFCON qualifier against Sudan next month.

African champions Nigeria lost for the first time in Calabar earlier this month when they fell 3-2 to Congo with players of the Eagles complaining about the poor state of the Calabar pitch. Read more

Eaglets stars suspended for Gabon return clash

Nigeria’s Golden Eaglets will be without striker Victor Osimhen and midfielder Ernest Agenor for this weekend’s final African U17 qualifier against Gabon due to suspensions.

Gabon won the first leg at home 2-1 with the overall winners of this match-up advancing to next year’s African Junior Championship in Niger. Read more


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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