SABINEWS MORNING NEWS UPDATE FOR MAY 23, 2016
Kaduna Refinery stops production
The Kaduna Refining and Petrochemical Company (KRPC) has stop production following renewed activities of Niger Delta militants.
Our Correspondent gathered that the Kaduna refinery stopped production last week Tuesday over what a source attributed to lack of crude oil. Read more
Osinbajo to inaugurate projects in Lagos
Vice President Yemi Osinbajo will inaugurate some projects undertaken by the Lagos State Government today on behalf of President Muhammadu Buhari.
The President, who had been slated to make a two-day official visit today and tomorrow, will no longer make the trip. Read more
PDP Crisis Deepens, Police Seal Off National Secretariat
Police yesterday sealed off the national secretariat of the Peoples Democratic Party (PDP) just as more revelations emerged over why the embattled national chairman of the party, Senator Ali Modu Sheriff, was rejected by the governors of the party.
Stern-looking mobile and regular policemen turned back visitors to the secretariat yesterday, insisting that nobody was allowed entry. Read more
Kashamu’s dollars can’t buy PDP leadership — Bode George
CHIEF Olabode Goerge, a former Deputy National Chairman of the People’s Democratic Party, PDP, in this interview, calls on the warring factions in the party to sheathe their swords. He identified personal interest and lack of commitment as factors responsible for the squabble in the party. He opines how the crisis can be resolved. Excerpts Read more
Court orders Okonjo-Iweala, Fed Govt to account for ‘missing N30tr’
A Federal High Court sitting in Lagos has ordered former Minister of Finance Dr. Ngozi Okonjo-Iweala and the Federal Government to provide information on how N30 trillion was spent.
The cash represents some accruable income to the Federal Government during the last four years of the administration of former President Goodluck Jonathan. Read more
Buhari’s archaic approach to Niger Delta problems
TWO Nigerians from Katsina State have been Presidents of Nigeria in the past ten years. The first was Alhaji Umaru Musa Yar’Adua, who assumed power on May 29th 2007. He was an academic from a Fulani elite family. The core of his government comprised mainly Northerners because unlike his late elder brother, Major General Shehu Yar’Adua, he never really had much opportunity to interact with the wider Nigerian society before he joined politics. Read more
Chibok girl Amina for rehab
Mohammad Hayyatu, the self-acclaimed husband of a rescued Chibok girl, Amina Ali Nkeki, has been taken into military custody for interrogation, The Nation learnt yesterday.
The young mother will be sent to a special rehabilitation centre. Read more
Kidnappers tortured us over expired ATM card ─Victim
A businessman identified as Fortune, who was kidnapped alongside his childhood friend, Jane, on May 11, 2016, said they were tortured for giving their captors expired ATM card.
Fortune, who was rescued alongside with Jane by operatives of the Nigerian Security and Civil Defence Corps in Rivers State, said they were kidnapped after his stolen car was recovered by the police. Read more
NIESV calls for redevelopment of Lagos Island
The Nigerian Institution of Estate Surveyors and Valuers, Lagos Branch, has said that most parts of Lagos Island, which form major urban centres in the metropolis, still have rural characteristics and need to be redeveloped.
The Chairman, NIESV, Lagos Branch, Mr. Offiong Ukpong, stated this when he led members of the institution on a courtesy visit to the palace of the Oba of Lagos, Rilwan Akiolu. Read more
FG Urged to Set Clear Roadmap for Agric Revolution
The federal government has been advised to set a clear roadmap for agricultural revolution to enable the sector contribute effectively to Nigeria’s economic revival. President of Poultry Association of Nigeria (PAN), Dr. Ayoola Oduntan stated this during the 2016 PAN summit with the theme: “The Role of Poultry Industry in the Economic Revival of Nigeria.” He said the federal government was committed to diversifying the economy away from oil and revive the agricultural sector to boost the economy.” Read more
Suspect arrested as militants vandalise another pipeline in Bayelsa
Massive fire and thick smoke raged at Ikienghenbiri community in Southern Ijaw Local Government Area, Bayelsa State, yesterday, following another attack on a pipeline belonging to the Nigerian Agip Oil Company (NAOC).
Militants suspected to have been led by persons within the community were said to have vandalised the pipeline. Read more
Shun witch hunt in corruption fight, Onaiyekan advises govt
The Federal Government has been advised to ensure fairness and transparency in the anti-corruption battle.
Catholic Archbishop of Abuja, John Cardinal Onaiyekan, at the weekend, agreed that there was an intolerable level of corruption to which something should be done about. He however urged caution. Read more
Lagos assures retirees of better life
The Commissioner, Establishment, Training and Pensions, Dr. Benson Akintola, has assured retirees of the state of better life in retirement.
He stated this in Lagos during the 10th retirement seminar for government employees due to retire between July and December this year. Read more
Challenges and strictures of 2016 budget
AN out-and-out constancy in Nigeria’s politics and governance is elite shifts and policy changes; which is well-documented in Joe Garba’s 1995 book, Fractured History. Another utter constancy is Nigeria’s budgetary process; the ambiguities, reoccurring sub-heads, unimplemented projects, padding, underperformance of budgets and lost opportunities. Hardly discussed, is the linkage between Nigeria’s underdevelopment and its failure to use the budget as a national development tool. Public budgeting, which ought to be a service-delivery and good governance tool is no longer a means of promoting public interest. Read more
Dangote Flour Reopens Kano Plant, Saves 3,000 Jobs
Dangote Flour Mills has reopened its plant in Kano, saving the jobs of 3,000 workers who depend on the firm for their sustenance.
The plant was shut down by Tiger Branded Consumer Goods of South Africa following its acquisition of the flour mill. Read more
Falling GDP, MPC meeting’ll strain market — Analysts
Investors in the country’s capital market are likely going to exhibit negative sentiments following the drop in Nigeria’s Gross Domestic Product in the first quarter of 2016 and fears over the possible outcome of the Monetary Policy Committee meeting, analysts have said.
The National Bureau of Statistics had, on Friday, released the 2016 first quarter real GDP report, which showed a 0.36 per cent year-on-year contraction in output. Read more
FBN Capital seeks growth of African stock exchanges
FBN Capital has described African stock exchanges as a very critical element and important facilitator of economic growth in sub-Saharan Africa.
The firm, therefore, called on operators in the various markets in Africa to ensure that their bourses have the potential to stimulate the needed growth in their economies. Read more
FBN Capital seeks collaborative efforts in building African Stock Exchanges
FBN capital has called for a supportive knowledge and capacity building initiatives which will empower and remove impediments that impact the ability of African exchanges to handle sizeable capital inflows is the collective responsibility of all players in the industry. Read more
Global markets in negative sentiment over Brexit talks, FOMC
As the meeting of the Federal Open Market Committee (FOMC), the branch of the Federal Reserve board that determines the direction of monetary policy, in June draws closer, there have been increased speculations as regards the possibility of a rate hike or maintenance of status quo with investors on both sides of the divide. Read more
Economical Insurance to acquire largest insurer in Canada
Economical Mutual Insurance Company, one of Canada’s leading property and casualty insurance companies, today announced its intention to acquire Desjardins Group’s pet insurance business, Western Financial Insurance Company (WFIC) and its flagship brand Petsecure. Read more
Union Bank’s new brand wins two international awards
Union Bank’s new brand identity which was unveiled in October 2015 has won two Gold awards at the Transform Awards MENA 2016, which held at the Waldorf Astoria Hotel in Dubai on Thursday, May 18, 2016.
The Bank won the award for ‘Best Brand Development To Reflect Changed Mission / Vision / Positioning’ beating Abu Dhabi Sports Council, Bank Al Bilad, Bahrain Finance Company, Commercial Bank of Dubai, Industry Gulf Finance and VOX. It also, won the ‘Best Visual Identity From The Financial Services Sector’ edging out Bank ABC, ADCB, Commercial Bank of Dubai, Industry Gulf Finance and MAF Finance. Read more
Six years after, NAICOM enforces corporate governance code
The National Insurance Commission (NAICOM) has commenced the implementation of guidelines on Code of Good Corporate Governance for insurance industry six years after initial resistance by operators.
Sign of the underwriting companies compliance with the regulatory requirements emerged when three insurance companies in the market held their yearly general meeting recently and the chairmen announced their retirement from the board of these companies. Read more
Sterling Bank upgrades IT infrastructure
Sterling Bank said it has concluded the upgrade of its Information Technology (IT) infrastructure, in line with its mandate to ensure customer satisfaction through efficient and prompt delivery of banking services.
The upgrade of the bank’s core and subsidiary systems, which project, which started about 24 months ago, was aimed at transiting to a more robust, agile and flexible platforms that are more adaptable to the dynamic banking needs of customers, as well as position the bank for long term sustainable growth. Read more
GTBank Redeems $500m Eurobond
Guaranty Trust Bank plc (GTBank) has announced the redemption of the outstanding portion of its $500,000,000.00 Eurobond Notes that was due May 19, 2016.
The bank had in February 2016, successfully issued a Cash Tender Offer to repurchase any and all the outstanding $500 million 7.5 per cent Eurobond Notes as part of its effective liability management strategy. Read more
How NSE’s N1trn market capitalisation bid flopped
Fresh facts have emerged why the Nigerian Stock Exchange, NSE rescinded its N1 trillion market capitalisation target by 2016. Lack of liquidity , low capacity building, unfavourable economic policies have been adduced as major constraints militating against the growth of the market in the past fours years. Read more
NSE records N13.1 billion turnover in one week
Volume of shares traded on the equities sector of the Nigerian Stock Exchange (NSE) soared significantly last week, as a turnover of 2.446 billion shares worth N13.145 billion was recorded in 23,680 deals.
This volume of shares recorded was however, higher than a total of 1.826 billion shares valued at N14.468 billion that changed hands in 20,058 deals during the preceding week. Read more
NNPC’s cash call debts hit $7b
Nigerian National Petroleum Corporation’s (NNPC’s ) debt overhang in cash calls to multinational and indigenous oil companies it operates Joint Venture (JV) project with, has reached about $7billion, it was learnt at the weekend.
Cash calls is the counterpart funding the NNPC pays yearly for the 60 per cent equity shareholding it owns in various oil and gas fields operated by International Oil Companies (IOCs) and indigenous oil firms (independents). Read more
Iran Keeps Oil Exports Open Ahead Of OPEC Meeting
Iran is keeping its oil exports open ahead of the Organisation of the Petroleum Exporting Countries’ meeting in June.
The Iranian government yesterday said the country had no plans to freeze the level of its oil production and exports soon. Read more
Shell, Exxon are IOCs most exposed to Nigeria militant attacks
According to energy consultants, Rystad Energy; Royal Dutch Shell Plc and Exxon Mobil Corp. are the international oil companies most exposed to violence in the Niger Delta that has cut Nigeria’s output and fueled a rally in global crude prices, Bloomberg reports.
Shell and Exxon have the most production in vulnerable parts of the oil-rich region — onshore or near the coast, according to Per Magnus Nysveen, senior partner and head of analysis at the Oslo-based consultant. Shell is losing almost all of the 50,000 barrels a day it pumped in the delta last year, he said. That’s about a quarter of its output in the country. Read more
Oando to leverage on deregulation, deepen downstream business activities
On May 11th 2016, the Nigerian Federal Government announced its decision to remove petroleum subsidy, thus driving the price of petrol up to a cap of N145 per litre from the previously subsidized price of N86.5 per litre. Oando, as one of Nigeria’s premier downstream oil companies, has recognized the need to educate our stakeholders on the impact of this decision on Nigeria’s downstream oil and gas sector and the Oando downstream business. Read more
Agip oil pipeline bombed in Bayelsa
Gunmen suspected to be militants have attacked an oil pipeline belonging to the Nigerian Agip Oil Company at Ikienghenbiri community in the Southern Ijaw Local Government Area of Bayelsa State.
The attack on the pipeline was said to have been spearheaded by some armed youths from the community. Read more
Shrinking profit worries marketers as crude prices rise
The rise in crude oil prices coupled with the challenge of difficult access to foreign exchange is bound to reduce petrol imports into Nigeria by marketers, OKECHUKWU NNODIM writes
The gradual rise in crude oil prices and the challenge in the foreign exchange markets do not go down well with marketers of Premium Motor Spirt, popularly known as petrol. They are worried that the development may erode the gains from the partial deregulation of the downstream oil sector. Read more
Oil Supply Cuts From Nigeria to Canada Renew Bets on Price Rally
Investors have some sad reasons to be optimistic about oil prices.
Outbreaks of violence in Nigeria, export troubles in a divided Libya and wildfires ripping across the Canadian oil sands are reviving wagers that crude markets will tighten. Speculators’ net-long position in benchmark U.S. crude, a measure of how bets on a price increase outnumber bearish ones, climbed by the most contracts since March, according to data from the Commodity Futures Trading Commission. Read more
Nigerdock Delivers First Fabricated Structures for Total’s $16bn Egina Project
Nigerdock, a leading indigenous Nigerian oil services company and a member of Jagal Energy, has announced that it has successfully completed fabrication and the sail away of the Flare Tower for Total’s $16 billion Egina Deepwater project.
The Flare Tower will be installed in Egina’s Floating Production Storage and Offloading (FPSO) Project for Total. Read more
BEDC Moves to Boost Electricity Access, Signs MoU with USAID Today
Benin Electricity Distribution Plc. (BEDC) will on today, sign a Memorandum of Understanding (MOU) with United States Agency for International Development (USAID) as part of efforts to boost access to electricity and improve services to customers in its franchise.
The event will enable USAID through the Power Africa Project to officially commence its support for the development of Nigeria’s power sector through credit enhancement, grants, technical assistance and investment promotion efforts. Read more
Power firms got 57% of intervention fund – Emefiele
The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, says power firms and other players in the electricity industry have received 57 per cent of the N213bn Nigerian Electricity Market Stabilisation Facility.
He specifically said the central bank had so far disbursed N120.2bn to players in the power sector. Read more
Burundi Tie, Good Test For Flying Eagles – Amuneke
Emmanuel Amuneke, coach of Nigeria’s U-20 football team, the Flying Eagles, has said that the under-age Cup of Nations qualifier away to Burundi was a good test for his wards.
The Flying Eagles defeated host, Burundi, 1-0 in Bujumbura on Saturday in the qualifier with the reverse fixture fixed for the U J Esuene Stadium in Calabar on June 11. Amuneke remarked after the game that he was impressed with the performance of his boys, but praised the host country for giving Nigeria a good test. Read more
Infantino Salutes Yobo On Testimonial Game
Gianni Infantino, the president of FIFA, has congratulated Joseph Yobo, former Nigerian captain, on his testimonial slated for Friday May 27, in Port Harcourt.
FIFA, in a letter personally signed by Infantino and addressed to NFF president, wrote: “Many thanks for your letter dated 17 May 2016 and informing us of the testimonial match in honour of former international player and Nigeria Captain Joseph Yobo. Read more
Manchester United reportedly keeping Louis van Gaal in the the dark
As BBC Sport reports, Louis van Gaal has not been told that former Chelsea manager,Jose Mourinho is set to take over Manchester United next season.
Although van Gaal did guide United to a FA Cup final win against Crystal Palace over the weekend, missing out on Champions League football has proved to be the final nail in the coffin for the Dutchman. Read more
Arsenal and Liverpool rocked after Man City agree £20m deal
The Borussia Dortmund star’s future has been the subject of growing speculation after he refused to sign a new deal. Dortmund boss Thomas Tuchel had recently admitted he was hoping Gundogan would stay.
Mount Everest: Thirty climbers sick on Everest after two deaths
About 30 climbers have suffered frostbite or become ill on Mount Everest, after two more died from apparent altitude sickness.
Two Indian climbers have also been reported missing in the mountain’s so-called “death zone” near the summit. Despite the danger, the mountain’s most successful female climber reached the summit for the seventh time on Friday. Read more
Thailand school dormitory fire kills 17 schoolgirls
At least 17 girls have been killed by a fire which swept through their school dormitory in northern Thailand.
Police said the fire broke out on Sunday evening when many of the girls, aged between five and 13, were asleep. One local official told AFP news agency that 38 students had been in the dorm at Pithakkiart Witthaya school at the time – another two girls are missing and five were injured. Read more
FBI evidence to be used against alleged Isis nurse Adam Brookman
Counter-terrorism intelligence from other countries will be used in the case against a Melbourne nurse who returned to Australia after allegedly working with Islamic State in Syria, a court has heard.
Japanese pop star in critical condition after being stabbed by fan
AJapanese pop star is in a critical condition after being stabbed repeatedly by an obsessed fan at an event in Tokyo.
Mayu Tomita, 20, has not regained consciousness since she was reportedly stabbed nearly two dozen times in the neck and chest after refusing a gift from a fan. Read more
U.S. Secretary of State John Kerry Urges Further Reforms in Burma
U.S. Secretary of State John Kerry on Sunday urged Burma’s new civilian-led government to complete the Southeast Asian nation’s transition to democracy by implementing further reforms to enshrine free markets, development and human rights.
Speaking with Burma’s foreign minister and de facto leader, Aung San Suu Kyi, after talks in the capital of Naypyidaw, Kerry pledged continuing U.S. support for the country and hailed progress it has made since Suu Kyi’s political party took office in late March after winning historic elections that ended decades of military control. Read more