Jonathan extends state of emergency in 3 states
President Goodluck Jonathan has extended the state of emergency imposed on Borno, Yobe and Adamawa states in the North-East of the country, following more deadly attacks perpetrated by the Boko Haram insurgents in the area.
The decision to extend the measure was taken at a meeting of the National Defence Council (NDC) at the Presidential Villa, Abuja, on Monday. Read more
Health Workers Strike Paralyse Activities in Federal Government Hospitals
Activities across Federal Government hospitals in Lagos on Monday remained grounded as the Joint Health Sector Union (JOHESU)insisted on having their demands met before coming bck to work.
The union had on Nov. 13 embarked on an indefinite strike to press home their demands.
Some of their demands include immediate release of circular on adjustment of salary since January 2014 and immediate payment of at least two months arrears. Read more
Cement Price Cut Not For Monopoly – Dangote
As stakeholders across the country continue to hail Dangote Group over the price slash in cement, the company yesterday stated that the measure was not meant to promote monopolistic tendencies.
The federal government, stakeholders in the cement sector as well as shareholders had hailed Dangote Cement for the huge investments in cement as well as the recent slash in the price of the commodity, describing it as unprecedented. However, a few industry watchers have expressed concern that the move could hand the company monopolistic advantages in the market. Read more
Boko Haram Scare Causes Panic as Area Boys Clash in Minna
Street urchins, known as ‘Area Boys’, in Minna caused panic in the town on Monday, making residents to scamper for safety, mistaking their activities for that of the terrorists group, Boko Haram.
The two groups went to Limawa Primary and Secondary School to fight, while pupils were still in school and on sighting the area boys fighting with weapons, students and teachers took to their heels, thinking it was Boko Haram. Read more
Jonathan launches $50m Venture Capital Fund, YouWin Batch 4
President Goodluck Jonathan yesterday launched a $50 million Venture Capital Fund also known as the YouWin Small and Medium Enterprise Fund. He also launched the fourth round of the Youth Enterprise With Innovation in Nigeria (YouWin) programme, which is expected to create additional 1,500 entrepreneurs.
President Jonathan said the new enterprise fund would enable those who have won previous grants from the YouWin programme take their businesses to the next level. Read more
2015: US mobilises Lagos youths against electoral violence
The Consulate of the United States of America yesterday appealed to hundreds of youths from various districts in Lagos State to stand against electoral violence in the forthcoming general elections in the country.
The Public Affairs Officer of the Consulate, Dehab Ghebreob, said the US remained keenly interested in free and fair elections in the country, noting that the embassy had been meeting with aspirants to ensure a hitch-free election. Read more
Police Raises Alarm over Illegal Arms in Ogun
The Ogun State Command of the Nigeria Police Force has raised the alarm over thge build up of arms and ammunitions in the state by some individuals and groups ahead of the 2015 elections.
The state Commissioner of Police, Ikemefuna Okoye, made the disclosure at a press briefing in Abeokuta, on Monday. Read more
Telecoms sector ends Q3 with 49.6m inactive lines
The telecoms sector ended third quarter (Q3) with a total of 49,641,091 inactive phone lines while it recorded 134.5 million active telephone lines. It also grew teledensity to 96.08 per cent, latest data released by the Nigerian Communications Commission (NCC) has shown.
Online free encyclopedia, Wikipedia, defined telephone density or teledensity ‘as the number of telephone connections for every hundred individuals living within an area. It varies widely across the nations and also between urban and rural areas within a country. Telephone density has significant correlation with the per capita (GDP) of the area. It is also used as an indicator of economic development of the country or specific region.’ Read more
Investors’ business plans thwarted as FG suspends 2.6GHz auction
Federal Government’s decision to postpone the proposed 2.6GHz frequency spectrum auction earlier planned for December to a much more suitable date, is frustrating the business plans of prospective investors seeking to play critical roles in Nigeria’s emerging broadband market, market observers have said.
The Nigerian Communications Commission (NCC), on behalf of the Federal Government placed an advertorial in some national dailies, on Wednesday, to announce the postponement of proposed spectrum auction. This development, according to market observers, is not sitting well with prospective investors and mobile operators, who will however have to rejig their respective business plans and projections to meet current realities. Read more
Naira Drops To N173/$1 Despite CBN Intervention
The value of the naira dropped by 1.21 per cent to N173.20 to the dollar on the interbank market yesterday despite the intervention of the Central Bank of Nigeria (CBN).
The CBN has been intervening at the foreign exchange market asides its twice weekly Retail Dutch Auctions which holds on Mondays and Wednesdays as part of measures to support the naira. Read more
CBN grants N2bn for SMEs in Delta
Central Bank of Nigeria, CBN, yesterday, rolled out a N2 billion Micro, Small and Medium Enterprises, MSMEs, Development Fund in Delta State as part of its effort to alleviate poverty in the state.
Speaking at the ceremony in Asaba, the CBN governor, Mr Godwin Emefieli, said that the Small and Medium Enterprises, SMEs, credit funds were recognised worldwide as a catalyst for poverty alleviation, job creation and all-inclusive economic growth. Read more
CBN approves maritime microfinance bank
Dockworkers, freight forwarders, truckers, port workers, staff of private companies and government organizations that mostly have challenges accessing small loans can now be upbeat. This follows the Central Bank of Nigeria (CBN’s), approval for operation of a new financial institution, the Maritime Microfinance Bank (MFB).
The Maritime MFB, which will formally commence operation on Monday December 1, 2014, is the first financial institution fully dedicated to servicing the maritime industry in Nigeria. It will be added to the 795 microfinance banks already listed by the Central Bank. Read more
Oil and Gas
Oil & Gas: FG to designate seven states free trade zones
If a bill, which seeks to amend and thereby create oil and gas free trade zones and sub-zones eventually gets the nod of the National Assembly and the President’s assent, then, Nigeria’s economy in at least, seven states may get the needed boost after all.
The proposed free trade and sub zones are contained in a bill for an Act to amend the oil and gas export free zone authority Act Cap 05 Laws of the Federation of Nigeria, 2011. Read more
Sliding Oil Prices: NEITI Seeks Urgent Passage of PIB
With the global challenge posed by sliding oil prices and its expected impact on the Nigerian economy, the Nigeria Extractive Industries Transparency Initiative (NEITI) has reiterated the call on the need to urgently pass the Petroleum Industry Bill (PIB) into law.
The call was made yesterday in Abuja by the Chairman of the NEITI Board, Ledum Mitee, on the sidelines of a workshop with the theme: “Communicating the EITI in Nigeria,” a programme support by German agency, GIZ. Read more
Fuel subsidy to reduce by N600bn
On the flip side of the decline in crude oil prices, which has affected the country’s revenue from oil exports, analysts expect the Federal Government’s spending on fuel subsidy to reduce by up to N600bn this year.
But the reduction in fuel subsidy, according to the analysts, would not be enough to offset the revenue shortfall arising from low oil prices since the country depends largely on earnings from crude oil exports. Read more
Oil prices fail to rally in Asia
Oil prices extended their losses in Asia Tuesday after Japan’s economy slumped to recession, while prospects for an OPEC output cut dimmed, analysts said.
US benchmark West Texas Intermediate for December delivery fell 32 cents to $75.32 while Brent crude for January was down 43 cents to $78.88 in late-morning trade. Read more
Oil price: Nigeria to lose N680bn in 2015
If the revised budget benchmark of $73 per barrel of crude oil, as against the initial $78 provided for in the Medium Term Economic Framework (MTEF) and proposed for 2015 budget is approved by the National Assembly, then Nigeria will be losing a whopping $4 billion (about N680 billion) as revenue next year.
Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, who briefed reporters in Abuja on Sunday, explained that the development was in the face of the continuous slide in oil prices. The new benchmark price is to be submitted to the National Assembly. Read more
Surgeon dies after ‘false negative’ Ebola test
A surgeon who had tested negative for the deadly Ebola virus in Sierra Leone before testing positive days later died Monday in Omaha, Nebraska Medical Center announced.
Martin Salia, whose family lives in Maryland, was flown to Omaha from Sierra Leone on Saturday and rushed to the medical center’s specialized biocontainment unit. Read more
British stars gather to record Band Aid single for Ebola
Boy band One Direction and U2 lead singer Bono joined some of the biggest names in British pop and rock music on Saturday to record a new version of the Band Aid charity song to raise money to combat Ebola in Africa.
The single, “Do They Know It’s Christmas?”, was first recorded 30 years ago after musician and philanthropist Bob Geldof inspired a host of stars to come together under the Band Aid name to help those affected by famine in Ethiopia. Read more
Woman dies of bird flu in Egypt
A woman who was diagnosed with bird flu has died in Egypt, the second fatality from the H5N1 virus this year in the country.
Egypt has reported seven bird flu cases so far in 2014. Most victims have been women and children who are traditionally tasked with caring for domestic poultry. Read more
Indonesia Cuts Subsidies and Hikes Fuel Prices by 30%
Indonesia has increased fuel prices by more than 30% in a long-expected move, with a view to saving a significant amount for the ailing economy in subsidies.
The country, which has one of the cheapest fuel prices in the world, increased prices by 2,000 rupiah ($0.16, £0.10, €0.13) per litre to 8,500 rupiah for gasoline and 7,500 rupiah for diesel. Read more
NFF Bill: Pinnick’s Plaudits for Gumba, Senate Committee
President of Nigeria Football Federation, (NFF), Mr. Amaju Melvin Pinnick, has expressed deep appreciation of the federation, and the Nigeria football family as a whole, to the Chairman of the Senate Committee on Sports, Senator Adamu Gumba and Committee members for passage of the NFF Bill.
During a ‘Thank You’ visit to the distinguished personality in Pointe Noire, Congo on Friday evening, Pinnick said the accomplishment is one that would make for easy enthronement of the vision of the new NFF and ultimately fast –track the development of Nigeria football. Read more
Why I Deserve BBC Player of the Year Award, By Enyeama
BBC African Footballer of the Year nominee, Vincent Enyeama, has thrown light on why he deserves to be handed the title to join ex international, Austin Jay Jay Okocha who last won it for Nigeria in 2004.
Speaking on BBC yesterday Enyeama who saved Thievy Bifouma of Congo penalty to revive Nigeria’s 2015 Africa Cup of Nations hope last Saturday said the award would be a fitting way to crown his blissful football season. Read more
Nigeria, S’Africa Clash Kick off Moved
Officials of the Nigeria Football Federation (NFF) yesterday confirmed that tomorrow’s 2015 Africa Cup of Nations (AFCON) showdown between Nigeria and South Africa will now kick off at 6pm, an hour behind the time earlier scheduled.
“We got information that the match will now kick off at 6pm, and not 5pm as earlier slated,” NFF Head of International department, Bola Oyeyode, told reporters in Uyo. Read more
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