Nigeria Stalls Chad
When battle-hardened Chadian troops overran a Boko Haram camp in northern Nigeria last week, they wanted to press deep into territory controlled by the Islamist group but Nigeria refused to let them.
Having defeated al-Qaeda in Mali two years ago, Chad’s military believes it could finish off Boko Haram insurgents alone. It has notched up victories that have pushed the Nigerian militants back from the Cameroonian border. Read more
Jega must not go —Reps
The House of Representatives, on Tuesday, vowed to initiate court action in Nigeria and at the International Criminal Court, over alleged plots to remove the Independent National Electoral Commission (INEC) chairman, Professor Attahiru Jega and further shift of the March 28 and April 11 election dates.
The House resolution was sequel to a motion “on threat to further tamper with the status quo arrangements for the 2015 general election” moved by Honourable Ali Ahmad. Read more
PDP Accuses APC of Not Being Happy with Nigeria’s Economic Progress
The war of words between the Peoples Democratic Party (PDP) and the All Progressives Congress (APC) continued on Tuesday as the PDP described as sadistic and unfortunate the APC’s relentless attacks on President Goodluck Jonathan’s strategic policies put in place to plug leakages in the nation’s economy.
This came as the APC said it was working on fresh strategies to try and neutralise whatever in-roads President Jonathan and the PDP campaigns might have recorded in the last few days. Read more
We Are Avoiding Civilian Casualties, Rights Abuses in Boko Haram Onslaught
President Goodluck Jonathan has said very careful steps are being taken by Nigerian troops to avoid collateral damage to the lives and properties of civilians, as the military intensifies its ongoing offensive against Islamist terror group Boko Haram.
The president disclosed this when he received the new South Korean Ambassador to Nigeria, Mr. Noh Kyu-Duk. Read more
Boko Haram May Resort to Guerrilla Warfare, Lawmaker Warns
A member representing Jos South/Jos East Federal Constituency in the House of Representatives, Hon. Bitrus Kaze, has commended President Goodluck Jonathan and the Nigerian military over their recent successes in the fight against Boko Haram insurgents, describing it as a rekindled hope for Nigerians.
Kaze, however, warned that the terrorists might have resorted to guerrilla warfare tactics now that they are overpowered. Read more
APC dares NIMASA, threatens to open can of worms
The war of words between the All Progressives Congress, APC and the Nigerian Maritime Administration and Safety Agency, NIMASA, over a disputed sponsorship of hate campaign against General Muhammed Buhari, the presidential flag-bearer of the party, has taken a dramatic twist as the party has threatened to open a Pandora box if NIMASA fulfills its threat of approaching the court on this matter.
Recall that the APC had accused NIMASA of funding hate campaigns against its presidential candidate in a popular Television station based in the Lagos, an allegation the agency’s Director General, Dr. Patrick Akpobolokemi, swiftly debunked at a world press conference in Lagos, penultimate Sunday, giving the APC an ultimatum of 72 hours to withdraw their accusation. Read more
MTN may suffer 180 fibre cable cut in 2015
Mobile network operator, MTN Nigeria may suffer 180 cuts on its fibre optic cable that transmit voice and data across the country when several local, states and the federal government commence road construction work.
Investigation by the National Mirror revealed that last year a major damage was done to MTN fibre optic cable in Akute, Ifo local government area of Ogun State by a Chinese company, Central South Construction Company, that was working on the 35-kilometres Ogun State suburb road that stretches from Sango through Ijoko, Agbado, Oke-Aro, Lambe, Akute and some parts of Ojodu, in Lagos State. Read more
1.65m Nigerians Displaced By Boko Haram – FG
The federal government said yesterday that about 650,000 persons from the north-eastern parts of the country have been displaced by the terrorist activities of the Boko Haram sect since the insurgents started their gory activities.
Attorney-general of the federation and minister of justice, Mr Mohammed Adoke (SAN) stated this while speaking at a high-level segment of the 28th session of the United Nations Human Rights Council held in Geneva, Switzerland. Read more
A’Court dismisses suit challenging Jonathan’s eligibility
The Court of Appeal, Abuja Division, on Tuesday, dismissed an appeal challenging the eligibility of President Goodluck Jonathan to contest the March 28 presidential election.
The appellant, Cyriacus Njoku, had appealed the judgment delivered by Justice Mudashiru Oniyangi (as he then was) of an Abuja High Court, which had dismissed his suit challenging the eligibility of Jonathan to contest the forthcoming presidential election. Read more
Blame naira devaluation, CBN policies for fuel scarcity –Marketers
As the fuel supply situation across the country entered its third day today, fuel marketing companies, yesterday, heaped the blame on the Central Bank of Nigeria (CBN), saying its devaluation of the naira was responsible for the long queues currently being witnessed in filling stations.
According to a cross-section of marketers who spoke to Daily Sun, naira devaluation, coupled with some other policies of CBN have further compounded the woes of the petroleum marketing sector. Read more
Fuel Scarcity: Payment of Subsidy To Marketers Begins Today – Okonjo-Iweala
The federal government has given the assurance that it would commence payment of the outstanding N185 billion owed to fuel marketers. It also stressed that there was no reason for fuel queues to surface in the first place.
Minister of finance and coordinating minister for the economy, Dr Ngozi Okonjo-Iweala, who gave this assurance yesterday in Abuja, also gave the assurance that fuel would be available within 48 hours, as supplies were being expected. Read more
Auto Policy: FG, Stakeholders Plan Implementation
The federal government, vehicle manufacturers, dealers and licenced customs agents, among other stakeholders, have agreed to leave no stone unturned in their bid to ensure that the ongoing implementation of the National Automotive Industry Development Plan is sustained in line with global best practices. Read more
NAFDAC threatens table water producers with sanctions
The National Agency for Food, Drug Administration and Control, NAFDAC, has threatened to sanction water producers in Anambra State, who failed to participate in the ongoing water testing exercise.
The Zonal Co-ordinator of NAFDAC in Anambra State, Dr Christiana Esenwah, gave the warning during the commencement of the two-week NAFDAC Quality Water Monitoring Exercise held at Tonimas Table Water, yesterday. Read more
Agbaje, Ambode, Akele, others for Lagos gov gender dialogue
Governorship candidates of the Peoples Democratic Party, PDP, Jimi Agbaje, and his All Progressive Congress, APC counterpart, Akinwunmi Ambode will today field questions from the women of Lagos State at the first Lagos governorship Gender Dialogue holding at the Sheraton Hotel, Ikeja.
They will be joined by gubernatorial flag bearers of the National Conscience Party, NCP, Ayodele Akele; KOWA Party, Victor Adeniji; and Alliance for Democracy, AD, Bolaji Ogunseye. Read more
Tinubu Asks NBC to Sanction AIT
Former Lagos State governor, Senator Bola Tinubu, has asked the National Broadcasting Commission (NBC), to sanction the Africa Independent Television (AIT) for airing malicious documentary against his person.
In a petition titled: ‘Petition on Libelous Documentary on Bola Tinubu on African Independent Television on Sunday, March 1, 2015’ and addressed to the NBC Director General, Mr. Emeka Mba, by his solicitor, Mr. Tunji Abayomi, Tinubu alleged that the broadcast station erred on the part of ethics in the documentary. Read more
Synagogue: Court Adjourns Ruling on Coroner’s Jurisdiction till March 6
Justice Lateefa Okunnu of an Ikeja High Court, on Tuesday, adjourned the ruling on an application filed by the Synagogue Church of All Nations (SCOAN) against the Coroner’s Inquest investigating the collapse of a six-storey building belonging to the church till March 6. Read more
Firm Pays N88m Ransom to Free Greek Crew
At least $400,000 (about N88million), was reportedly paid as ransom to secure the release of three seafarers kidnapped from the Greek VLCC Kalamos, off the Nigerian coast on February 3, AFP has disclosed.
The seafarers, two Greeks and a Pakistani, were taken hostage three weeks ago off the coast of Nigeria in a bloody attack on the Greek oil tanker. Aeolos management, owner of the Maltese-flagged VLCC Kalamos, said in a statement recently that pending medical examinations, the three men would be flown home to recover from their “traumatic experience.” Read more
US firm to invest $1bn in Nigeria’s housing scheme
An American firm, Cantor Fitzgerald, plans to invest over $1 billion into the Nigerian housing project with a view to reducing its over 17 million housing deficit.
Cantor Fitzgerald reputed to have a controlling portion of the US mortgage market, specialises in mortgage-backed securities and has already concluded plans to build 10,000 houses in Kaduna, Lagos, Enugu and Abuja within the next one year. Read more
Pioneer goes into food partnership in Nigeria
Pioneer Foods, the maker of ProNutro and Weet-Bix breakfast cereal, on Tuesday announced its first major foray into Nigeria.
In what is deemed as a low-risk, route-to-market opportunity to expand its basket, Pioneer will pay $7m as it invests in a majority stake of newly formed company Food Concepts Pioneer (FCPL), with Lagos-based partner Food Concepts plc. Read more
Nigeria’s past leaders failed to measure economic growth – FG
The Federal Government, ON Tuesday, said various administrations in the last twenty-three years failed to measure the size of the country’s economy, which the present administration has been able to achieve.
Finance Minister and the Supervising Minister of the Economy, Ngozi Okonjo-Iweala, said this in Abuja during a town hall conversation with community leaders and market women organised by the National Orientation Agency (NOA). Read more
Nestle Nigeria cuts expenditure as consumers feel devaluation of naira
Nestle Nigeria’s Chief Executive expects the firm’s capital expenditure to slow to its lowest level in five years after a currency devaluation dampened customer spending in Africa’s biggest economy.
Dharnesh Gordhon told Reuters Africa Investment Summit that consumers in Nigeria were suffering from the devaluation triggered by a sharp drop in the price of oil. A raging Islamist insurgency in the north had also limited the company’s product distribution plans. Read more
NEPC, USAID strategise on alternative funding for export devt
The enormous responsibility on the Nigerian Export Promotion Council, NEPC, to diversify the production base of the economy from oil to non-oil and the need for alternative funding sources to develop exportable products and enhance market opportunities for existing ones have again been brought to the front burner by stakeholders in the non-oil export sector.
Executive Director/CEO of NEPC, Mr. Olusegun Awolowo, while receiving the new Chief of Party, USAID/Nigeria Expanded Trade and Transport, NEXTT, Mr. Marc Shiman, in his office in Abuja, said that the council was making effort to access international funds for product development, market research, capacity building for exporters among other technical support that would help enhance the quality of exportable products from Nigeria from development partners such as USAID/NEXTT. Read more
SEC, NFIU to Collaborate against Money Laundering
The Securities and Exchange Commission (SEC) is to collaborate with the Nigerian Financial Intelligence Unit (NFIU) of the Economic and Financial Crimes Commission (EFCC) and other relevant government agencies to ensure strict enforcement of all laws against money laundering in the Nigerian capital market.
The acting Director General of SEC, Mounir Gwarzo, disclosed this when he received the Director of NFIU, Usani Francis in his office in Abuja on Tuesday. Read more
CBN approved BDCs hit 2,586
The Central Bank of Nigeria (CBN) has given approval to additional 42 Bureau De Change (BDC) operators, bringing the total approved operators to 2,586 since the recapitalisation deadline elapsed in July, 2014.
The CBN had last January, published a list of 2,544 licensed BDC firms which it said had complied with its new capital requirements of N35 million as at July 31, 2014. Read more
Oil and Gas
Oando Energy Resources announces the optimisation of its crude oil hedge program
Oando Energy Resources Inc. (“OER” or the “Company”) (TSX: OER), a company focused on oil and gas exploration and production in Nigeria, today announced a $238 Million prepayment of certain loan facilities, which it utilized for the $1.5 Billion acquisition of the ConocoPhillips Nigerian Oil and Gas Business in July, 2014.
The company successfully realized $234 Million by resetting its crude oil hedge floor price from an average of $95.35per barrel to $65.00 per barrel on 10,615 bbls/day for the next 18 months and another 1,553 bbls/day for a further 18 months until January 2019. Read more
Govt owing marketers N185bn, says Okonjo-Iweala
Against the backdrop of allegations by the Independent Petroleum Marketers Association of Nigeria (IPMAN) that the Federal Government was owing them N250 billion, government yesterday said it was owing only N185 billion.
Speaking yesterday on the fuel scarcity, Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the government has paid marketers a total of N320.8 billion from the Excess Crude Account (ECA) in two instalments in December last year. Read more
Wike Promises to Find Solution to Soku Oil Well Conflict
The governorship candidate of the Peoples Democratic Party (PDP) in Rivers State, Chief Nyesom Wike, has said he would find a political solution to the crisis surrounding the ceding of Soku oil wells to Bayelsa State.
This came as the state Governor, Hon. Chibuike Amaechi, urged the people of Kalabari to vote out the PDP in the forthcoming elections for plunging the nation into economic hardship. Read more
Shell facility’s oil leak pollutes Ogboinbiri River in Bayelsa
An oil leak from Seibou Deep facility owned by Shell Petroleum Development Company, SPDC, has reportedly polluted Ogboinbiri River in Southern Ijaw Local Government Area of Bayelsa State.
Though the cause of the leakage could not be immediately ascertained, community sources described the leak as massive. Read more
‘Nigeria loses N433.62bn to oil theft yearly’
The Nigerian Navy has said that the country is losing about 100, 000 barrel of crude oil estimated at N1.18bn everyday to oil thieves who take the advantage of poor law enforcement on the nation’s territorial waters.
The Chief of Naval Staff, Rear Admiral Usman Jibrin, who stated this in his presentation while defending the 2015 budget of the Navy before the Senate Committee on Defence (Navy) on Tuesday, said the development was making Nigeria to lose N433.62bn annually. Read more
South Korea’s Asiana settles U.S. court claims by 72 passengers in San Francisco jet crash
South Korea’s Asiana Airlines Inc 020560.KS has settled compensation claims filed in U.S. courts by 72 people who were passengers on a flight that crashed at San Francisco’s main airport in 2013, without disclosing financial terms.
A spokesman for the carrier on Wednesday confirmed the settlement, disclosed in a court document. The plane’s manufacturer, Boeing Co BA.N, and Air Cruisers Co, which made the evacuation slides, also settled claims, according to the document, filed by attorneys in U.S. District Court for the Northern District of California. Read more
Final results of Lesotho polls reveal no clear winner
The final results of southern African kingdom Lesotho’s general elections revealed no outright winner as the ruling All Basotho Congress party narrowly edged out its nearest rivals in the weekend poll, data on the website of country’s electoral commission showed on Wednesday. Read more
Official says China to boost military budget 10%
China’s military budget will grow by about 10% in the coming year, a legislative spokeswoman said Wednesday, despite slowing economic growth that fell to 7.4% last year and is expected to further decline in 2015.
It would be a slightly smaller rise than last year, but would reflect the fifth year in a row of double-digit increases, bringing the total military budget to about $145 billion. The Pentagon and global arms bodies estimate actual spending may be anywhere from 40 to 50% more because the budget doesn’t include the costs of high-tech weapons imports, research and development, and other key programs. Read more
Australia Clamps Down on Illegal Foreign Housing Investment
Australian authorities are clamping down on wealthy foreigners illegally buying real estate, ordering a Chinese billionaire to sell a Sydney mansion he recently bought for $30 million, a minister said on Wednesday.
The billionaire, Hui Ka Yan, 56, is chairman of Hong Kong-listed real estate developer Evergrande Real Estate Group, which is based in Guangzhou, China. He is listed by Forbes as China’s 15 wealthiest person with a fortune of $6.4 billion. Read more
Myanmar police vow to take action against students blocking
Police formed a human chain across a road leading to Myanmar’s biggest city Wednesday, telling hundreds of student protesters that authorities would “take action” unless they dispersed.
The standoff in front of a monastery in Letpadan, 140 kilometers (90 miles) from Yangon, entered its third day, with no sign either side was ready to back down. Students — determined to march to Yangon to push demands for education reform — responded defiantly shouted “This is our cause! We will win!” Read more
Electricity Charges: NERC, MAN Meet to Avert Closure of Industries
Barely one week after disclosing the hard choices to either close shops or retrench workers in its production outfits because of the hike in electricity charges, the Manufacturers Association of Nigeria (MAN) on Tuesday met with the Nigerian Electricity Regulatory Commission (NERC) over their complaints.
Again, MAN in its meeting with NERC in Abuja, made it clear to the regulatory commission that the new tariff charged for electricity supplies to their production facilities remain unfair and inimical to the overall growth of Nigeria’s manufacturing sector. Read more
Kaduna Disco’ Strides in Improving Power Supply
With the privatisation of Power Holding Company of Nigeria and the subsequent handing over to the firms that successfully won their bids, Nigerians have been expecting to see a remarkable improvement in power supply.
However what they may not have realised is the deep level of rot and dilapidation of infrastructure in the industry that especially the distribution companies have had to deal with to ensure efficient distribution of electricity. Read more
Political Rally May Stop Broadcast Of League Opener
The 2014/2015 Nigeria league opener on Saturday between Heartland and Kano Pillars at the Dan Anyiam Stadium in Owerri may not be broadcast live due to a political rally scheduled to the match venue a day before.
According to Heartland media officer, Cajetan Nwokpara, the club officials were shocked when they were informed by the stadium authority on Tuesday that a political rally is to take place 24 hours before the Heartland vs Pillars game at the match venue. Read more
South Africa Denies Nigeria Friendly
The South African Football Association (SAFA) has denied media reports that Bafana Bafana will take on Nigeria on March 29. Goal investigates
Media reports in Nigeria suggest that the Super Eagles have agreed to a friendly game with South Africa later this month after it was confirmed that Argentina and Uruguay had turned down the 1996 AFCON champions. Read more
Kojo berates NFF, slams Keshi
Former boss of the Nigeria Football Federation (NFF) Anthony Kojo-Williams has slammed the current board members of the NFF for not having the guts to do away with Coach Stephen Keshi, who is holding out for a fresh contract to coach the Super Eagles.
Keshi’s contract with the Super Eagles elapsed at the end of the 2014 FIFA World Cup, which saw Nigeria crashing out in the second round stage, after losing 2-0 to France. Despite being told to handle Nigeria’s qualification matches for the 2015 African Nations Cup by the Sports Minister, Dr. Tamuno Danagogo on an interim basis, Keshi bungled the chance to warm his way back into the hearts of angry Nigerian fans, when he failed to qualify for the tournament held in Equatorial Guinea and won by Ivory Coast last month. Read more
Injury Knocks out Mikel from Nigeria, Bolivia Clash
Nigeria and Chelsea of England midfielder, John Mikel Obi has been sidelined for the next one month after undergoing minor knee surgery.
The surgery has also meant that the Super Eagles stalwart will not be available for Nigeria’s international friendly against Bolivia on March 26 in Uyo. Read more
NSC, NFF to meet over Eagles coach
The lingering impasse in the selection of a substantive coach for the Super Eagles has forced a scheduled meeting between the National Sports Commission and the Nigeria Football Federation.
The national team has been without a coach since the contract of Stephen Keshi ran out with the 2014 World Cup held in Brazil and the negotiation between the coach and his employers has dragged on. Read more
I’ll resign if NFF employs Keshi – Bassey
AS Nigerians await the verdict of the Nigeria Football Federation on whether to give a fresh contract to Stephen Keshi or not, a member of the NFF Technical and Development Committee, Paul Bassey has vowed to resign if Keshi gets the nod to lead the Super Eagles again.
Keshi led the Eagles to win the African Cup of Nations in 2013 and also led the Eagles to miss out on defending the trophy in Equatorial Guinea. Read more
Flying Eagles off to Senegal for 2015 AYC today
Nigeria’s Flying Eagles will depart for the 2015 African Youth Championship in Senegal today, officials have announced.
The Flying Eagles Secretary, Aliyu Ibrahim Awal disclosed that the team would fly out of Abuja via Lagos and Banjul, Gambia, to Dakar. Read more
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