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
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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