Sabinews Daily Morning News Update for November 26, 2014MORNING NEWS


National News


Health Workers Strike Again

Just a couple of months after the Nigerian Medical Association, NMA, arm of the public sector health workers ended its protracted strike, the National Union of Allied Health Professionals, NUAHP, and the Joint Health Sector Unions, JOHESU, again, withdrew their services. You have a right to wonder how often they are at work in a year. The fresh strike followed even after the Federal Government approved their demand to be allowed to become consultants, just as their peers, the medical doctors. Read more

Emergency Extension: Military mounts pressure on senate

The Senate yesterday grilled the Chief of Army Staff, Lt. General Kenneth Minimah, Chief of Air Staff, Air Marshal Adesola Amosun and The Director of Department of State Service, Mr. Ekpenyong Ita for eight hours over the security situation in the North.

The senate also disclosed that the Nigeria military was mounting pressure on them for the extension of emergency rule in the three North Eastern states of Adamawa, Borno and Yobe for them to be able to conduct operations in a manner that will bring insurgency to a quick resolution. Read more

UNIJOS shut after students protest

Authorities of the University of Jos have closed down the institution indefinitely. The closure followed the continuation of students protest on Tuesday. The students began their protest since Monday to demand a reduction in their school fees and abolition of development and other levies.

The protest turned violent on Tuesday with the students blocking the highway thus preventing motorists from passing through the campus. Read more

Jonathan, Adeyeye eulogise HID Awolowo at 99

President Goodluck Jonathan and the Minister of State for Works, Prince Adedayo Adeyeye, have   congratulated Chief Hannah Awolowo as she clocked 99 on Tuesday.

Jonathan’s congratulatory message was contained in a statement by his Special Adviser on Media and Publicity, Dr. Reuben Abati. Read more

Violence persists in Ibadan, as thugs take over

The orgy of violence that reared its ugly head in Ibadan, the Oyo State capital last week, continued again in the city on Tuesday, as hoodlums stormed Iyana-Idikan, Agbaje, Ayeye communities and unleashed terror on the residents and traders in the area.

Overnight, residents of the area were victims of the rise in violence as the identity of the hoodlums could not be ascertained. Read more

Canada Earmarks $45m for Healthcare Projects in Bauchi, Cross River

As part of its international development commitment, the Canadian government on Tuesday launched a $45 million project for enhancing the ability of frontline health workers to improve health in Nigeria.

The Canadian High Commissioner to Nigeria, Perry Calderwood, said the project showcased Canada’s effort to improve maternal, newborn and child health in Bauchi and Cross River states. Read more




In a Strong, Decisive Action, CBN Calms the Markets

The Nigerian stock market closed in positive territory on Tuesday as the All Share Index (ASI) appreciated by 0.71 per cent to close at 34,115.84 from 33,875.26 on Monday, while market capitalisation increased to 11.26 trillion from 11.18 trillion the previous day, on the back of news that the Central Bank of Nigeria (CBN) had taken strong, decisive action to restore investors’ confidence and calm the currency and equities markets.

Arising from a meeting of its Monetary Policy Committee (MPC), the central bank yesterday effected an 8.38 per cent devaluation of the naira, pegging the official exchange rate at N168 to the US dollar from N155 in an effort to contain pressure on the local currency, brought on by the oil price slump. Read more

Carlyle Group Holds 18% Stake in Diamond Bank

Following the investment of $147 million in Diamond Bank Plc by the Carlyle Group, the Washington-based financial institution currently has 18 per cent stake in the Nigerian commercial bank, a report revealed Tuesday.

The investment was made possible through the company’s purchase of Diamond Bank’s recent rights issue. Read more

World Bank Controls 62% of Nigeria’s Public External Debt

Data released by the Debt Management Office (DMO) has revealed that the World Bank Group controls a total of 62 per cent of Nigeria’s public external debt at end-September this year.

Analysis of the data also revealed that the international capital market (ICM), where the federal government raised $1billion Eurobond has 16 per cent. Read more

NSE CEO Elected President of African Securities Exchanges Association

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar N. Onyema, has been elected President of African Securities Exchanges Association (ASEA).

This decision was reached at the Executive Committee meeting of ASEA after its 18th annual general meeting held in Diana, Kenya. Read more

Stocks Cheap on Foreign Investors’ Exit

Foreign investors fleeing Nigeria as oil prices plunge are leaving stocks undervalued in Africa’s biggest economy, the bourse’s chief executive officer, Mr. Oscar Onyema has said.

The benchmark index’s 18 per cent decline this year isn’t justified by economic changes and as a result Nigerian equities are “effectively on sale,” Oscar Onyema said in an interview with Bloomberg in Diani, Kenya. Read more


Oil and Gas


OPEC Faces Test, Meets Thursday on Oil Prices

The Organisation of the Petroleum Exporting Countries (OPEC) is set to hold a very crucial meeting on Thursday to decide on new production cuts for member countries, as the cartel seeks to lift crude oil prices which have plunged by about one-third in value since June to about $80 a barrel.

If OPEC doesn’t curb production, the price of crude is likely to drop into the $60 per barrel range and possibly lower. Read more

FCMB Restates Commitment to Oil, Gas Reserves Growth

FCMB Capital Markets Limited, the investment banking arm of FCMB Group Plc has restated its commitment to enabling the realisation of Nigeria’s oil and gas reserves growth agenda by actively supporting indigenous operators.

A statement from the firm yesterday quoted the Executive Director, FCMB Capital Markets Limited, Mr. Tolu Osinibi to have stated this at the Oil Council World Assembly 2014 conference that took place in London recently. Read more


World News


South Korea makes $500 million oil payment to Iran – sources

South Korea has transferred $500 million (318 million pounds) to Iran to pay for crude oil imports under an interim nuclear deal that provides limited relief from sanctions, two sources with direct knowledge of the matter said.

The interim accord between Iran, the United States, China, France, Germany, Britain and Russia was extended on Monday for seven months to allow for more talks to reach a full deal after the six powers failed again to resolve their 12-year stand-off over Tehran’s nuclear ambitions. Read more

24 Chinese coal miners dead in underground fire

Twenty-four coal miners have died in China following an underground fire, according to state media.

Another 52 people were injured in the disaster at a mine in Liaoning province in the north-east of the country, Xinhua News Agency said.

The mine is said to be run by the state-owned Fuxin Coal Corporation. Read more

Hong Kong police start clearing activists from protest site

Riot police began clearing a major pro-democracy protest site in Hong Kong on Wednesday, following street clashes overnight, and scuffles broke out as some protesters tried to resist attempts to force them off the streets, Reuters witnesses said.

Hundreds of protesters remained on Nathan Road, at the heart of the protest site in the gritty Mong Kok district, brandishing yellow banners and chanting for “full democracy” in the former British colony, but were pushed back by the large number of police. Read more

Hit-and-run driver smashes through crowd of Ferguson protesters

This is the sickening moment a hit-and-run driver smashed into a crowd of Ferguson protesters in Minnesota, before dragging a woman 20 feet under his front wheel and running over her leg.

The motorist, who has not been identified, was captured on video speeding toward the group in a dark-colored Subaru Outback during a march and rally in Minneapolis on Tuesday afternoon. Read more

Argentina president, back after sick leave, vows to fight hedge funds

Argentina’s President Cristina Fernandez returned to the public stage in fighting form on Tuesday after a 3-week break due to an infection, declaring in a speech to businessmen she would not be held ransom by hedge funds suing the country.

The 61-year-old, two-term president who has had various health problems in recent years was discharged from hospital on Nov. 9 after treatment for bacterial infection of the colon and ordered by her doctors to rest. Read more




NPFL clubs face CAF hurdles

The Confederation of African Football (CAF) has set out critiria clubs should meet ahead of next year’s Champions League and Confederation Cup.

CAF in a letter to its affiliate federations last October said the first condition is that clubs must obtain their licenses from their federations prior to their participation in those competitions.” Read more

Keshi: NFF waits on Presidency

The Nigeria Football Federation members are at a loss over how to handle their practically hanging relationship with Super Eagles coach Stephen Keshi.

A member of the Federation confessed to our correspondent that a lot of discussion and persuasion have to be done with higher authorities to get out of the logjam where they have found themselves with Keshi’s return as the coach of Nigeria. Read more

CAF Appoints Pinnick into AFCON Organising Committee

The Confederation of African Football (CAF) has appointed the President of Nigeria Football Federation (NFF), Mr. Amaju Pinnick, as a member of the Organising Committee for the Africa Cup of Nations.
The Organising Committee for the Africa Cup of Nations is CAF’s top organising body. 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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