Sabinews Daily Morning News Update for December 9, 2014MORNING NEWS


National News


Ribadu, Agbaje, Okowa, Ihedioha, Wike, Others Get PDP Guber Ticket

The shape and character of the 2015 general election got clearer on Monday with the emergence of Peoples Democratic Party (PDP) governorship candidates in most of the states across the country. In a few other states, the results were not ready as at the time of going to the press last night.

Some notable political and sometimes controversial figures emerged yesterday in some states. While some of them fulfilled political predictions, some others sprang a surprise by upturning book predictions. Read more

Obasanjo in New Book, Says He Planted Moles in His VP’s Camp

In his latest book titled My Watch scheduled to be launched in Lagos this morning, former President Olusegun Obasanjo has chronicled the genesis of the uneasy relationship between him and his former deputy, Alhaji Atiku Abubakar, as well as how his aides planted moles within Atiku’s camp to monitor him.

Obasanjo, who denied ever seeking Third Term in office, blamed Atiku for what he described as a campaign of calumny against him on the issue after buying up the media. Read more

FG Orders Release of Seized French Antonov Aircraft

The federal government has ordered the release of the controversial Russia-made but French owned Antonov aircraft, which was impounded on Saturday at Aminu Kano International Airport, Kano, Nigeria, enroute to N’Djamena, Chad.

The Chief of Air Staff (CAS), Air Marshall Adesola Amosu, disclosed this on Monday at the NAF Headquarters, Abuja, during a joint press conference with the French Defence Attaché (DA) to Nigeria, Col. Marc Humbert. Read more

S’Court to hear Jonathan’s eligibility suit December 16

The Supreme Court, on Monday, fixed December 16 for hearing of an appeal filed by a Peoples Democratic Party (PDP) chieftain, Umar Ardo, challenging the judgement of the Court of Appeal, Abuja division, which refused to join him as a party in an appeal filed by one Cyriacus Njoku.

The appeal by Njoku is challenging the eligibility of President Goodluck Jonathan to contest the 2015 presidential elections having taking the oath of office twice. Read more

Normalcy Restored in Recaptured Towns Of Adamawa

Normalcy has gradually returned to Gombi, Hong, Maiha towns and the commercial border town, Mubi that were recently recaptured by Nigerian troops from Boko Haram insurgents. Read more

Minna jail break: 108 inmates recaptured

Security operatives have recaptured 108 of the 275 prisoners who escaped from the Minna Medium Security Prison, last Saturday, it was learnt yesterday.

One hundred and sixty-six inmates are still at large. Read more




Naira devaluation: CBN withdraws N300bn from circulation

The Central Bank of Nigeria (CBN) has withdrawn N300 billion from the banking system to support the naira, which has been hit by falling oil prices.

The development made the overnight rate to spike to 30 per cent on Friday, up from 12 per cent last week. Read more

Okonjo-Iweala puts total banking assets at N24trn

Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, yesterday, disclosed that Nigeria’s total banking assets have grown to over  N24 trillion (about $150 billion).

This, according to her, would not have been possible without the 2005 banking sector reforms. Speaking at the opening of the National Insurance Summit 2014, in Abuja, the Minister said that before the reforms in the banking sector, the largest banks were only a fraction of the size of the top-five banks in South Africa with no Nigerian bank in the top-20 banks in Africa. Read more

Overnight Lending Rate Hits 70%

The overnight lending rate more than doubled to a record high of 70 per cent monday, amid a cash squeeze after the Central Bank of Nigeria (CBN) last week soaked up naira liquidity to support the ailing currency.

The central bank has continued to intervene to support the naira which has been under pressure in the past few months as falling oil prices shook confidence in the assets of Africa’s leading energy producer. Oil hit a five-year low on Monday. Read more

London Stock Exchange, GTI to Partner on Capital Market Development

The London Stock Exchange Group (LSEG) and GTI Capital Group have agreed to work together with the aim of deepening the nation’s capital market capital. The understanding was reached when a team from LSEG visited GTI Group in Lagos recently.  GTI Capital Group, one of the leading Nigerian investment banking firms. GTI is the first to   establish  aprivate   securities  trading  floor.

Speaking during the  visit, the  Chief of Staff and Head, International Development, LSEG, Mr. Nikhil Rathi, said  the company’s  vision of setting up the securities floor  would lead to a  seamless facilitation of capital flow and investments between Nigerian and global financial markets. Read more

Lafarge Africa Moves to Buy Out Minority Shareholders in Ashaka Cement

Lafarge Africa, a subsidiary of French leading building materials firm, Lafarge, has offered to buy out minority shareholders in Ashaka Cement Plc.  The offer, which will be made to shareholders of Ashaka Cement effective tuesday, is coming as a result of  the merger Lafarge Africa’s Nigerian and South Africa businesses.

In a notification to the Nigerian Stock Exchange (NSE), Lafarge Africa Plc  said   its acquisition of  Lafarge Nigeria(UK) Limited’s share in Ashaka Cement   has brought its holding in the Gombe State  based cement firm  to 58.61 per cent. Read more



Oil and Gas


Crude Oil Drops $2 to Five-year Low on OPEC Decision

The decision of the Organisation of Petroleum Exporting Countries (OPEC) not to cut crude oil production so as to curb the glut in the market has continued to take its toll on the price of the commodity as Brent crude oil fell further than $2 per barrel on Monday to a new five-year low on predictions that excess supply would keep building until 2015.

This is coming as a United States investment bank, Morgan Stanley, said in a report released at the weekend that oil prices could fall as low as $43 a barrel next year. Read more

NEITI recovers $430bn from oil firms

The Nigeria Extractive Industry Transparency Initiative, NEITI, yesterday said that it had recovered about $2.4bn ($430bn) from oil and gas companies in unpaid taxes as captured in the audit report conducted on the sector covering the 2004-2009 operating period.

Giving this hint at a media interaction organised by the Civil Society Legislative Advocacy Centre, CISLAC with support from Oxfam Nigeria in Abuja on Remediation and Inter-Ministerial Task Team’s, IMTT’s, activities, NEITI’s Executive Secretary, Hajia Zainab Shamsuna, said the amount represented the total recoveries as at August this year. Read more

Independents account for gas reserve portfolio of 46trn — DPR

Nigerian independents oil companies account for the nation’s gas reserve portfolio of 46 trillion cubic feet, TCF, the Director, Department of Petroleum Resources, Mr. George Osahon said.

Osahon stated this at the Lagos Oil Club Question and Answer session held in Lagos. The DPR boss, who was represented by the Deputy Director, Upstream, Mr. Emmanuel Bekee, also said that indigenous blocks account for 45 TCF, while marginal fields account for one TCF. Read more

Nigerdock Delivers Meren Jacket, Associated Decks for Chevron’s Gas Projects

Nigerdock Plc has successfully fabricated and delivered the jacket and associated decks for the Domestic Supply Obligation ( DSO), Meren Gas Gathering Compression Platform (GGCP) and Sonam NWP project, belonging to Chevron Nigeria  Limited.

Speaking at the recent load-out ceremony held at the Snake Island base of Nigerdock in Lagos, the chairman of  Jagal Group, owners of Nigerdock, Mr. Anwar Jarmakani said the success of the fabrication work was an accomplishment of the Nigerian Content policy in the oil and gas sector. Read more

Oando Energy announces completion of Umugini pipeline

Oando Energy has announced the completion of the 45,000 bpd, 51 km Umugini pipeline. The pipeline will provide an alternative evacuation route for crude oil produced from the Ebendo field through the Trans Forcados export pipeline.

Following the successful drilling of Ebendo wells 5, 6, and 7 over the past 12 months, oil production capacity within OML 56 has grown to 7,140 boed gross for OER and Energia, the operator of the asset (3,052 boed net to OER). Read more


World News


Hong Kong protesters given Thursday deadline to clear sites

Hong Kong’s High Court has ordered the main protest sites that have choked the financial city for more than two months to be cleared, building up to a final showdown on Thursday between pro-democracy activists and authorities backed by Beijing.

A local bus company, which was granted an injunction against street blockades at the site in Admiralty, home to government offices and next to the main Central business district, has received an official clearance order from the High Court, according to notices posted in local papers on Tuesday. Read more

U.N. to widen Libya peace talks by including rival parliament

The United Nations will widen a new round of talks aimed at ending Libya’s escalating political crisis by including a rival assembly challenging the recognised government, its special envoy said on Monday.

Libya has had two governments and parliaments competing for legitimacy since a group called Libya Dawn seized Tripoli in August, installing its cabinet and forcing the recognised Prime Minister Abdullah al-Thinni to the east. Read more

Sierra Leone slams Britain over management of Ebola centre

Sierra Leone on Monday accused the British government of handing over a new Ebola treatment centre to a charity with too little experience to run it, with the result that most of its beds are still empty.

Save The Children was contracted by the British government to manage the 80-bed Kerry Town Ebola centre, built by the British military as part of international efforts to contain the worst outbreak of Ebola on record. Read more




NERC Wants NAPTIN to Extend Specialised Training programmes

The Nigerian Electricity Regulatory Commission (NERC) has asked the National Power Training Institute of Nigeria (NAPTIN) to extend its training ventures in Nigeria’s Electricity Supply Industry (NESI) to help build capacities in risk engineering and electricity financial experts.

Chairman of NERC, Dr. Sam Amadi in his remarks at the recent presentation of certificates of completion to 310 engineers that were trained in the 2013 phase of NAPTIN’s Graduate Skills Development Programme (NGSDP), stated that NESI at this stage of its development will need such specialised personnel to man critical aspects of its operations. Read more

Subsidising Darkness without a Choice

Persistent consumers’ complaints of operational ineptitude and fraudulent dealings by electricity distribution companies across Nigeria do not suggest that the improvement in electricity supply expected from the privatisation of the country’s electricity assets by the federal government a year ago is being recorded as pledged in the run-off to the controversial process.

Before the privatisation of Power Holding Company of Nigeria (PHCN), electricity consumers in Nigeria were frequently left at the mercy of bureaucratic bottleneck that characterised the conduct of officials of the state-owned electricity utility. Read more




UBA Wins 2014 Nigeria Bankers Games

Cyprian Onyekachi may have scored the match winner for UBA to end Skye Bank’s four year’s dominance of the football event of the Nigeria Bankers Games (NBG) but the tournament hero for Africa’s famed largest bank was goalkeeper Shola Thomas. A late second half goal decided the match in favour of UBA who reclaimed the trophy they lost in 2011 to Skye Bank.

The final day of the NBG which had only the football event began with a novelty match between NBG Hall of Fame members and online shopping giant, Jumia and the Bankers Games All Stars proved their mettle winning by a lone goal. Read more

Group of death’ll bring best out of Falcons – Okon

Coach Edwin Okon has assured Nigerians not to lose sleep over the Super Falcons’ chance in next year’s FIFA Women’s World Cup billed for Canada, following last week’s draw ceremony that pitched Nigeria against former champion, USA, and top female football nation, Sweden, as well as Australia, in what has been variously described as ‘the group of death’.

According to the confident coach, playing against the big names would rather bring the best out of his girls. Read more

AFCON 2015 Duties for Edibi in Equatorial Guinea

Nigeria’s foremost football referee, Peter Edibi, has been invited to officiate during the 30th Orange Africa Cup of Nations taking place between January 17 and February 8 in Equatorial Guinea.

A CAF invitation letter dated December 8, addressed to the General Secretary of the Nigeria Football Association (NFF), carried the information, requesting Mr Edibi to report in Bata by January 7 2015 at the latest to take part in the fitness test scheduled for January 9, followed by the refresher course for those who will scale the fitness hurdle. 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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