* FG approves N16bn for NDDC Hqtrs, says East-West road designed to fail (ThisDay) * Nigeria loses N7.602trn revenue to foreign oil companies (Telegraph)

*     FG approves N16bn for NDDC Hqtrs, says East-West road designed to fail (ThisDay)   *    Nigeria loses N7.602trn revenue to foreign oil companies (Telegraph)


FG approves N16bn for NDDC Hqtrs, says East-West road designed to fail (ThisDay)

Despite insistence that the country is cash strapped, the federal government yesterday approved N16 billion for the construction of the headquarter of the Niger Delta Development Commission (NDDC) in the South-south region. Briefing journalists at the end of the weekly  meeting presided over by Vice-President Yemi Osinbajo in the State House, Abuja, the Minister of Niger Delta, Pastor Usani Uguru, said the building would be a twin tower with one tower consisting of four floors and the other of 13 floors. Read more

Nigeria loses N7.602trn revenue to foreign oil companies (Telegraph)

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that Nigeria in the past 20 years have lost a total of $21 billion (about N7.602 trillion) in revenue to international oil companies (IOCs) for its failure to implement the Production Sharing Contract (PSC) law. The minister, while briefing State House Correspondents after the Federal Executive Council (FEC) meeting presided over by Vice President, Yemi Osinbajo, at the presidential villa, Abuja, said Council gave approval for his ministry to begin the process of reviewing section 15 of the Act Read more

Kwara traders make brisk businesses ahead Yuletide (DailyTrust)

Traders in Ilorin and its environs in Kwara State are making brisk businesses as customers flock different shopping malls, centres and markets for early shopping ahead of Christmas and New Year celebrations. A correspondent of the News Agency of Nigeria (NAN) who has been monitoring the development reports on Thursday that many customers were seen purchasing materials in various shopping malls, centres and similar outfits. Read more

Driving instructor nabbed for raping, killing NYSC member (Vanguard)

The police in Ogun say they have arrested a 29-year-old driving instructor, name withheld, for allegedly raping and killing one Ms Modupe Taiyese, a National Youth Service Corps (NYSC) member serving in Abeokuta, Ogun. The Commissioner of Police in the state, Mr Ahmed Iliyasu, told journalists at the scene of the crime in Abule Ayo area on Thursday that the suspect had confessed to the crime. Read more

Ibori declares support for Okowa’s second term bid (ThisDay)

Former Delta State governor, Chief James Onanefe Ibori, wednesday called on the people of the state to continue to support the government of Governor Ifeanyi Okowa and pray that God would “sharpen his vision” to govern the state towards greater glory”, saying he and numerous political leaders across the state were solidly behind him to continue as governor beyond 2019. Read more

Market cap dips by N136bn (DailyTrust)

The Equities market of the Nigerian Stock Exchange (NSE) closed yesterday on a negative note, and the market capitalization lost N136 billion to close at N13, 420 trillion as against the N13,556 it closed the previous day. The market capitalization for bond stood at N8.3trillion, while the Exchange traded funds also remained at N6.7 trillion. Read more

Wike’s birthday, a celebration of treachery, fraud, deceit – APC (Vanguard)

The Rivers State Chapter of All Progressives Congress APC in a statement issued on Thursday in Port Harcourt the Rivers State capital described the celebration of the birthday of Governor Nyesom Wike of Rivers State on 13th December as celebration of treachery, deceit and fraud. According to the party, “it is unfortunate and sad that the almighty Governor Nyesom Wike of Rivers State who is today the jewel and pride of the opposition political party, Peoples Democratic Party (PDP) doesn’t know his date of birth.”  Read more

After $21bn loss, FG moves to amend Deep Offshore Act (ThisDay)

Nigeria lost a whopping $21 billion to its failure to implement the premium element governing the country’s oil and gas production sharing contracts (PSCs) as provided under the Deep Offshore and Inland Basin Production Sharing Contracts Act, the Minister of State for Petroleum, Dr. Ibe Kachikwu disclosed wednesday. Accordingly, the federal government has initiated moves to amend the Deep Offshore Act, in order to increase government’s revenue from crude oil sales when prices exceed $20 a barrel. Read more

Reps frown at non-payment of TSA dues (DailyTrust)

A House of Representatives panel has lamented government’s inability to meet its obligations of paying certain amount generated from the Treasury Single Account (TSA) as dues. The panel, which is probing the status of TSA chaired by Rep Abubakar Nuhu Danburam (APC, Kano), said the amount is being owed to SystemSpecs, the firm that developed Remita platform used in transferring funds to TSA. The panel resolved to ensure that all the outstanding dues the government is owing SystemSpecs are paid accordingly. Read more

2019: INEC raises the alarm over low voter registration in Ebonyi (Telegraph)

Independent National Electoral Commission (INEC), Ebonyi State branch, yesterday raised the alarm over non-collection of PVCs by voters in the state. It also raised the alarm over refusal of people to enrol in the on-going third quarter of voter registration in the state. Speaking when he led other top stakeholders of the commission in the state on a courtesy call on Governor Dave Umahi in Abakaliki, the state Resident Electoral Commissioner, Professor Godswill Obioma, regretted that over 50, 000 PVCs are yet to be collected by voters across Read more

How negligence led to deaths of 20 persons in illegal Bayelsa refinery fire (ThisDay)

Fresh facts yesterday emerged as to how at least 20 persons were burnt beyond recognition penultimate Tuesday in an inferno at an illegal crude oil refining site in Kolo Creek, Ogbia Local Government Area, Bayelsa State. Well over a week after the incident, none of the special security outfits deployed to fight illicit oil theft and refining in the Niger Delta region has issued a statement on the incident, but it was learnt yesterday that the agencies may have been aware of the existence of the site but declined to act. Read more

We’ve mandate to fund budgets with tax revenues – Fowler (DailyTrust)

The Executive Chairman of the Federal Inland Revenue Services (FIRS), Mr Babatunde Fowler has disclosed that the agency and that of state tax collecting agencies mandate is to be able to fund budgets at all levels of governance. Fowler made the declaration while addressing Journalists at the training workshop for professionals advising clients on participation in the Voluntary Assets and Income Declaration Scheme (VAIDS) in Lagos. Read more

How Lagos’ll finance N1trn budget –Olowo (Telegraph)

Basically, you should know that we ought to have performed 100 per cent, but we did not get enough revenue from the Federal Government. Also, you should understand that we are just coming out of recession. The price of crude oil is going down in the international market, which is why the revenue from the Federal Government dropped. Also, it is instructive to know we have not covered some areas on taxation as we would like to, but we don’t want to overburden the poor with tax, so we are trying to reorganise our tax system. Read more

We won’t be deterred, says EFCC after attack on Magu’s farmhouse leaves one dead  (ThisDay)

The Economic and Financial Crimes Commission (EFCC) has said that the attack on a farmhouse belonging to commission’s acting chairman, Mr. Ibrahim Magu will not deter it from its resolve to rid Nigeria of corruption. Unidentified armed persons on Tuesday night had attacked an unoccupied residence belonging to Magu, located on a farm in Karshi, a suburb of Abuja. The attackers were reported to have subdued a police officer and another civilian working on the property and tied them up before beating the duo to a pulp. Read more

Lack of cohesion cost S’West PDP’s chairmanship –Oyedokun (Telegraph)

Talking about the feelings of the South-West about the outcome of the national convention, I personally did not see the struggle between the zones. I won’t say it was a struggle between South-West and South-South or South-East and South-West. I see it as a struggle between some individuals who want to protect their interest; doing their things the way they know best. And they have inadvertently turned the situation as if it was a struggle between the zones. I don’t blame them for struggling to have power and influence in the party. Read more

House C’ttee gives Intels 24 hours to declare public funds in its possession (ThisDay)

The House of Representatives Ad hoc Committee on Treasury Single Account (TSA) yesterday gave Intels Nigeria Limited 24 hours to declare the amount of public funds currently in its possession as well as transfer same to the TSA without further delay. It further summoned the Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, to appear before it urgently. Read more

Kogi Poly student stabs roommate to death (Telegraph)

An HND11 student of Kogi State Polytechnic Lokoja, Mr. Akoh Abuh Samuel, was reportedly stabbed to dead by his roommate, suspected to be mentally unstable. The suspect, Agba Victor, an HND 1 student of Accounting Department, was said to have brutally attacked the deceased on Monday in his room for unknown reason. The incident occurred at Felele, near the institution’s convocation ground. Read more

Ambode: Lagos contributed 73% to Nigeria’s ease of doing business rating (ThisDay)

Lagos State alone contributed 73 per cent to the 2018 World Bank’s rating of Nigeria on the ease of doing business, a global competitive index for measuring business regulations, the state governor, Mr. Akinwunmi Ambode, has said. Also, the governor said the state, currently with an estimated population of over 22 million people, has received more foreign direct investments (FDIs) in the last two and half years than it received in the previous 15 years. Read more

FMC Umuahia conducts kidney transplant on patients (Telegraph)

The Federal Medical Centre (FMC) Umuahia Abia State has successfully transplanted Two kidneys on two patients. The feat was performed by a team of FMC doctors and other medical professionals led by Dr. Obi Ekwenna of the University of Toledo Medical Center, Ohio USA in company of Mr. James Ogbuka Umekwe. The First Transplant was performed on Thursday on a 37 year old businessman and native of Ohafia Abia state who was identified simply as Mr. Oji while the second on Friday was on a 68 years old medical doctor and native of Umuahia whose name for short is Dr Charles. Read more

Female cashier docked over N4m fraud in Kwara (ThisDay)

A female cashier of the Iludun-Oro Micro Finance Bank, Irepodun Local Government Area of Kwara State, Mrs. Dupe Abolarin, has been dragged before an Ilorin Magistrate Court for allegedly defrauding the bank of a sum of N4 million. The accused, a 47-year-old married woman, who was dragged before the court after she was reported to the police by the management of the Micro Finance Bank, was a cashier at the Isanlu-Isin branch. Read more

Oboh is youngest player on parade in Mongomo (Nation)

Apart from competing in her first continental tournament, 16-year-old Georgia Oboh is the youngest player among an array of stars competing at the 2017 3e Actuaries Golf Open. Being one of the nine amateur players competing in the tournament, Oboh got a rare privilege during the opening ceremony of the tournament on Wednesday when she was part of the few invited players that got a presidential handshake from the number one citizen of Equatorial Guinea, President Obiang Nguema Mbasogo. Read more

Christmas congestion no excuse – Rodgers (Vanguard)

Celtic manager Brendan Rodgers says his side’s hectic festive fixture list is not an excuse for any dip in performances from the Scottish champions. A clinical first-half performance from the Glasgow giants saw them record a 3-1 win over Hamilton on Wednesday to extend their unbeaten domestic run to 69 matches. But the Hoops, who were playing their fourth game in 11 days, tired in the second half as Hamilton rallied, with Rakish Bingham hitting the post. Read more

Russia’s key issues are infrastructure, education, healthcare – Putin (Reuters)

Russia’s authorities should focus on the development of infrastructure, education and healthcare, President Vladimir Putin said on Thursday. Speaking at an annual press conference, Putin declined to give details of his election manifesto. He is running for a new term in a presidential election scheduled for next year. Read more

Russia’s Putin, on track for easy re-election, laments dearth of rivals (Reuters)

Russian President Vladimir Putin said on Thursday he faced no credible high-profile political opponents as he prepared to run for re-election in March, but would work to try to create a more balanced political system. Putin, whom critics have accused of using state TV, the courts and the police to demonise and marginalise the liberal opposition, said earlier this month he would run for re-election in March 2018 – a contest he seems sure to win comfortably and extend his grip on power into a third decade. Read more

After defeat at home, May urges EU leaders to move on with Brexit (Reuters)

British Prime Minister Theresa May will urge European Union leaders to approve an agreement to move Brexit talks on to a second phase on Thursday, just hours after an embarrassing parliamentary defeat at home that weakens her hand. At the beginning of a dinner in Brussels, May will repeat her case for unlocking talks to unravel more than 40 years of union to allow for the discussion of future trade relations, which she sees as crucial to offering certainty for businesses. 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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